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RITE AID CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended
February 26, February 27, February 28,
2011 2010 2009
(52 Weeks) (52 Weeks) (52 Weeks)
OPERATING ACTIVITIES:
Net loss ......................................... $(555,424) $ (506,676) $(2,915,420)
Adjustments to reconcile to net cash (used in) provided by
operating activities:
Depreciation and amortization ........................ 505,546 534,238 586,208
Goodwill impairment charge ......................... — — 1,810,223
Lease termination and impairment charges ............... 210,893 208,017 293,743
LIFO charges .................................... 44,905 88,450 184,569
(Gain) loss on sale of assets, net ....................... (22,224) (24,137) 11,629
Stock-based compensation expense ..................... 17,336 23,794 31,448
Loss on debt modifications and retirements, net ............ 44,003 993 39,905
Changes in deferred taxes ........................... — — 307,789
Proceeds from insured loss ........................... — 1,380 —
Changes in operating assets and liabilities:
Net (repayments to) proceeds from accounts receivable
securitization ................................. — (555,000) 104,881
Accounts receivable .............................. (10,955) 118,240 33,784
Inventories .................................... 35,111 181,542 196,517
Accounts payable ................................ 156,116 (194,655) (140,258)
Other assets and liabilities, net ...................... (29,458) (201,249) (185,108)
Net cash (used in) provided by operating activities ....... 395,849 (325,063) 359,910
INVESTING ACTIVITIES:
Payments for property, plant and equipment .............. (162,287) (183,858) (460,857)
Intangible assets acquired ........................... (24,233) (9,772) (80,489)
Acquisition of Jean Coutu, USA, net of cash acquired ....... — — (112)
Proceeds from sale-leaseback transactions ................ — 7,967 161,553
Proceeds from dispositions of assets and investments ........ 29,843 65,177 33,547
Net cash used in investing activities ................. (156,677) (120,486) (346,358)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt ................ 650,000 1,303,307 900,629
Net (payments to) proceeds from revolver ................ (52,000) (758,000) (11,000)
Proceeds from financing secured by owned property ......... — — 31,266
Principal payments on long-term debt ................... (779,706) (174,706) (870,054)
Change in zero balance cash accounts ................... (15,657) 86,650 (16,298)
Net proceeds from the issuance of common stock ........... 226 66 1,117
Payments for preferred stock dividends .................. — — (3,466)
Financing fees for early debt redemption ................. (19,666) — —
Deferred financing costs paid ......................... (34,847) (60,209) (49,473)
Net cash provided by (used in) financing activities ....... (251,650) 397,108 (17,279)
Decrease in cash and cash equivalents ...................... (12,478) (48,441) (3,727)
Cash and cash equivalents, beginning of year ................. 103,594 152,035 155,762
Cash and cash equivalents, end of year ..................... $ 91,116 $ 103,594 $ 152,035
The accompanying notes are an integral part of these consolidated financial statements.
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