Pep Boys 2010 Annual Report Download - page 100

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CONSOLIDATED STATEMENTS OF CASH FLOWS
The Pep Boys—Manny, Moe & Jack and Subsidiaries
(dollar amounts in thousands)
Year Ended
January 29, January 30, January 31,
2011 2010 2009
Cash flows from operating activities:
Net earnings (loss) ........................................ $ 36,631 $ 23,036 $ (30,429)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in)
continuing operations:
Net loss from discontinued operations ......................... 540 1,077 1,591
Depreciation and amortization .............................. 74,151 70,529 73,207
Amortization of deferred gain from asset sales .................... (12,602) (12,325) (10,285)
Stock compensation expense ............................... 3,497 2,575 2,743
Loss (gain) from debt retirement ............................ 200 (6,248) (3,460)
Deferred income taxes ................................... 18,572 13,446 (6,258)
Net gain from dispositions of assets ........................... (2,467) (1,213) (9,716)
Loss from asset impairment ................................ 970 2,884 3,427
Other .............................................. (479) 345 537
Changes in operating assets and liabilities:
Decrease in accounts receivable, prepaid expenses and other ........... 7,060 7,175 23,904
(Increase) decrease in merchandise inventories .................... (5,284) 7,039 (3,779)
Increase (decrease) in accounts payable ........................ 7,466 (9,640) (33,083)
Decrease in accrued expenses ............................... (8,394) (13,238) (34,993)
(Decrease) increase in other long-term liabilities ................... (1,200) 2,384 (11,992)
Net cash provided by (used in) continuing operations ................... 118,661 87,826 (38,586)
Net cash used in discontinued operations .......................... (1,466) (603) (921)
Net cash provided by (used in) operating activities ...................... 117,195 87,223 (39,507)
Cash flows from investing activities:
Cash paid for master lease property ........................... — — (117,121)
Cash paid for property and equipment ......................... (70,252) (43,214) (34,762)
Proceeds from dispositions of assets ........................... 7,515 14,776 210,635
Life insurance proceeds received ............................. — — 15,588
Acquisition of Florida Tire, Inc. ............................. (288) (2,695) —
Collateral investment and other ............................. (9,638) (500) —
Net cash (used in) provided by continuing operations ................... (72,663) (31,633) 74,340
Net cash provided by discontinued operations ....................... 569 1,762 4,386
Net cash (used in) provided by investing activities ...................... (72,094) (29,871) 78,726
Cash flows from financing activities:
Borrowings under line of credit agreements ...................... 21,795 249,704 205,162
Payments under line of credit agreements ....................... (21,795) (273,566) (223,345)
Borrowings on trade payable program liability .................... 347,068 192,324 196,680
Payments on trade payable program liability ..................... (324,880) (190,155) (179,004)
Payments for finance issuance costs ........................... — — (6,936)
Proceeds from lease financing .............................. — — 8,661
Long-term debt and capital lease obligation payments ............... (11,279) (11,990) (26,798)
Dividends paid ........................................ (6,323) (6,286) (14,111)
Other .............................................. 1,227 611 878
Net cash provided by (used in) financing activities ...................... 5,813 (39,358) (38,813)
Net increase in cash and cash equivalents ........................... 50,914 17,994 406
Cash and cash equivalents at beginning of year ........................ 39,326 21,332 20,926
Cash and cash equivalents at end of year ............................ $ 90,240 $ 39,326 $ 21,332
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized .................. $ 23,098 $ 24,509 $ 26,548
Cash received from income tax refunds ......................... $ 195 $ 921 $ —
Cash paid for income taxes ................................ $ 890 $ 4,768 $ 1,330
Non-cash investing activities:
Accrued purchases of property and equipment .................... $ 2,926 $ 1,738 $ 1,214
See notes to the consolidated financial statements
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