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RITE AID CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended
March 1, March 2, March 3,
2014 2013 2012
(52 Weeks) (52 Weeks) (53 Weeks)
OPERATING ACTIVITIES:
Net income (loss) ................................... $ 249,414 $ 118,105 $(368,571)
Adjustments to reconcile to net cash provided by operating
activities:
Depreciation and amortization ........................ 403,741 414,111 440,582
Lease termination and impairment charges ............... 41,304 70,859 100,053
Gain from lease termination .......................... (8,750) — —
LIFO charge (credit) ............................... 104,142 (147,882) 188,722
Gain on sale of assets, net ........................... (15,984) (16,776) (8,703)
Stock-based compensation expense ..................... 16,194 17,717 15,861
Loss on debt retirements, net ......................... 62,443 140,502 33,576
Excess tax benefit on stock options and restricted stock ...... (26,665) — —
Changes in operating assets and liabilities:
Accounts receivable .............................. (28,051) 82,721 (48,781)
Inventories .................................... 56,557 130,100 (169,935)
Accounts payable ................................ (100,774) (68) 146,302
Other assets and liabilities, net ...................... (51,525) 10,199 (62,569)
Net cash provided by operating activities .............. 702,046 819,588 266,537
INVESTING ACTIVITIES:
Payments for property, plant and equipment .............. (333,870) (315,846) (215,004)
Intangible assets acquired ........................... (87,353) (67,134) (35,133)
Proceeds from sale-leaseback transactions ................ 3,989 6,355 6,038
Proceeds from dispositions of assets and investments ........ 28,416 30,320 22,930
Proceeds from lease termination ....................... 8,750 — —
Proceeds from insured loss ........................... 15,144 — —
Net cash used in investing activities ................. (364,924) (346,305) (221,169)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt ................ 1,310,000 2,057,263 822,285
Net (repayments to) proceeds from revolver .............. (265,000) 529,000 108,000
Principal payments on long-term debt ................... (1,340,435) (2,920,209) (848,373)
Change in zero balance cash accounts ................... (95) (43,659) (32,838)
Net proceeds from the issuance of common stock ........... 33,217 1,646 914
Payments for the repurchase of preferred stock ............ (21,034) — —
Financing fees paid for early debt redemption ............. (45,636) (75,374) (11,778)
Excess tax benefit on stock options and restricted stock ...... 26,665 — —
Deferred financing costs paid ......................... (17,850) (54,783) (12,409)
Net cash (used in) provided by financing activities ....... (320,168) (506,116) 25,801
Increase (decrease) in cash and cash equivalents ............... 16,954 (32,833) 71,169
Cash and cash equivalents, beginning of year ................. 129,452 162,285 91,116
Cash and cash equivalents, end of year ..................... $ 146,406 $ 129,452 $ 162,285
The accompanying notes are an integral part of these consolidated financial statements.
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