Saks Fifth Avenue 2008 Annual Report Download - page 96

SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED JANUARY 31, 2009
(In Thousands)
SAKS
INCORPORATED
GUARANTOR
SUBSIDIARIES ELIMINATIONS CONSOLIDATED
OPERATING ACTIVITIES
Net loss .................................... $(154,941) $(138,998) $ 138,998 $(154,941)
Loss from discontinued operations ............... (32,179) (32,179) 32,179 (32,179)
Loss from continuing operations ................. (122,762) (106,819) 106,819 (122,762)
Adjustments to reconcile net income to net Cash
(used in) provided by operating activities:
Equity in earnings of subsidiaries ............ 106,819 (106,819)
Depreciation and amortization .............. 134,694 134,694
Equity compensation ...................... 16,395 16,395
Gain on sale of building ................... (3,400) (3,400)
Deferred income taxes ..................... 4,411 (51,621) (47,210)
Impairments and dispositions ............... 11,139 11,139
Changes in operating assets and liabilities,
net .................................. (108,911) 137,225 28,314
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES —
CONTINUING OPERATIONS ...... (104,048) 121,218 — 17,170
NET CASH USED IN OPERATING
ACTIVITIES — DISCONTINUED
OPERATIONS ................... (18,667) (18,667)
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES ........ (104,048) 102,551 — (1,497)
INVESTING ACTIVITIES
Purchases of property and equipment ......... (127,305) (127,305)
Proceeds from sale of property and
equipment ............................ 4,338 4,338
NET CASH USED IN INVESTING
ACTIVITIES — CONTINUING
OPERATIONS ................... — (122,967) — (122,967)
NET CASH USED IN INVESTING
ACTIVITIES — DISCONTINUED
OPERATIONS ................... (1,875) (1,875)
NET CASH USED IN INVESTING
ACTIVITIES ..................... — (124,842) — (124,842)
FINANCING ACTIVITIES
Intercompany borrowings .................. (105,900) 105,900
Payments on long-term debt and capital lease
obligations ............................ — (89,242) (89,242)
Proceeds from revolving credit facility ........ 156,675 156,675
Cash dividends paid ....................... (1,183) (1,183)
Purchase of common stock ................. (34,889) (34,889)
Proceeds from issuance of common stock ..... 4,089 4,089
NET CASH PROVIDED BY
FINANCING ACTIVITIES —
CONTINUING OPERATIONS ...... 18,792 16,658 — 35,450
NET CASH PROVIDED BY
FINANCING ACTIVITIES —
DISCONTINUED OPERATIONS ... — — — —
NET CASH PROVIDED BY
FINANCING ACTIVITIES ......... 18,792 16,658 — 35,450
DECREASE IN CASH AND CASH
EQUIVALENTS .......................... (85,256) (5,633) — (90,889)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR .................... 85,492 15,670 — 101,162
CASH AND CASH EQUIVALENTS AT END OF
YEAR ................................... $ 236 $ 10,037 $ — $ 10,273
F-42