Pep Boys 2011 Annual Report Download - page 126

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 29, 2011, January 30, 2010 and January 31, 2009
NOTE 20—SUPPLEMENTAL GUARANTOR INFORMATION (Continued)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Subsidiary
(dollar amounts in thousands) Subsidiary Non- Consolidation
January 28, 2012 Pep Boys Guarantors Guarantors Elimination Consolidated
Cash flows from operating activities:
Net earnings (loss) ...................... $ 28,903 $ 71,738 $ 4,841 $(76,579) $ 28,903
Adjustments to reconcile net earnings (loss) to net cash
provided by (used in) continuing operations:
Net loss from discontinued operations . . . . . . . . . . (39) 264 — — 225
Depreciation and amortization ............... 30,026 49,204 685 (373) 79,542
Amortization of deferred gain from asset sales .... (4,199) (8,776) — 373 (12,602)
Stock compensation expense ................ 3,237 — — — 3,237
Equity in earnings of subsidiaries ............. (76,579) — — 76,579 —
Deferred income taxes .................... 2,012 8,091 198 — 10,301
Gain from disposition of assets . . . . . . . . . . . . . . 10 (37) — — (27)
Loss from asset impairments . . . . . . . . . . . . . . . . 237 1,382 — — 1,619
Dividends received from subsidiary ............ 2,507 — — (2,507) —
Other .............................. (429) (144) — — (573)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable, prepaid
expenses and other .................... (2,935) 4,605 (551) 1,272 2,391
Increase in merchandise inventories ........... (16,522) (26,234) — — (42,756)
Increase (decrease) in accounts payable ......... 33,272 (8,401) — — 24,871
(Decrease) in accrued expenses .............. (5,528) (10,989) (956) (1,272) (18,745)
(Decrease) increase in other long-term liabilities . . . (5,963) 3,500 — — (2,463)
Net cash (used in) provided by continuing operations . . (11,990) 84,203 4,217 (2,507) 73,923
Net cash provided by (used in) discontinued operations . 39 (312) — — (273)
Net cash (used in) provided by operating activities . . (11,951) 83,891 4,217 (2,507) 73,650
Cash flows from investing activities:
Cash paid for property and equipment .......... (36,168) (38,578) — — (74,746)
Proceeds from disposition of assets . . . . . . . . . . . . — 515 — — 515
Collateral investments .................... (7,638) — — — (7,638)
Acquisitions, net of cash received. ............ (288) (42,613) — — (42,901)
Other .............................. (837) — — — (837)
Net cash used in Investing Activities ........... (44,931) (80,676) — — (125,607)
Cash flows from financing activities:
Borrowings under line of credit agreements ...... 2,008 3,713 — — 5,721
Payments under line of credit agreements ........ (2,008) (3,713) — — (5,721)
Borrowings on trade payable program liability ..... 144,180 — — — 144,180
Payments on trade payable program liability ...... (115,253) — — — (115,253)
Payments for finance issuance cost ............ (2,441) — — — (2,441)
Debt payments ......................... (1,079) — — — (1,079)
Intercompany borrowings (payments) .......... 21,749 (18,813) (2,936) — —
Dividends paid ......................... (6,344) — (2,507) 2,507 (6,344)
Other .............................. 898 — — — 898
Net cash provided by (used in) financing activities . . 41,710 (18,813) (5,443) 2,507 19,961
Net decrease in cash ..................... (15,172) (15,598) (1,226) — (31,996)
Cash and cash equivalents at beginning of year .... 37,912 42,779 9,549 — 90,240
Cash and cash equivalents at end of year ........ $ 22,740 $ 27,181 $ 8,323 $ — $ 58,244
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