Saks Fifth Avenue 2009 Annual Report Download - page 102

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED FEBRUARY 2, 2008
(In Thousands)
SAKS
INCORPORATED
(Revised)
GUARANTOR
SUBSIDIARIES
(Revised)
ELIMINATIONS
(Revised)
CONSOLIDATED
(Revised)
OPERATING ACTIVITIES
Net income $ 43,882 $ 58,260 $ (58,260) $ 43,882
Loss from discontinued operations (3,214) (3,214) 3,214 (3,214)
Income from continuing operations 47,096 61,474 (61,474) 47,096
Adjustments to reconcile net income to net cash (used in)
provided by operating activities:
Equity in earnings of subsidiaries (61,474) — 61,474 —
Depreciation and amortization 131,737 131,737
Equity Compensation 7,724 7,724
Amortization of discount on convertible senior notes 6,404 6,404
Gain on lease termination (1,669) (1,669)
Gain on sale of building (1,069) (1,069)
Deferred income taxes 1,568 22,220 23,788
Loss on extinguishment of debt 5,634 5,634
Impairments and dispositions 4,279 4,279
liabilities, net 50,201 (206,726) (156,525)
NET CASH PROVIDED BY OPERATING
ACTIVITIES — CONTINUING
OPERATIONS 57,153 10,246 — 67,399
NET CASH PROVIDED BY OPERATING
ACTIVITIES — DISCONTINUED
OPERATIONS 4,080 4,080
NET CASH PROVIDED BY OPERATING
ACTIVITIES 57,153 14,326 — 71,479
INVESTING ACTIVITIES
Purchases of property and equipment (136,726) (136,726)
Proceeds from sale of assets 12,352 12,352
NET CASH USED IN INVESTING
ACTIVITIES— CONTINUING
OPERATIONS — (124,374) — (124,374)
NET CASH USED IN INVESTING
ACTIVITIES — DISCONTINUED
OPERATIONS (4,259) (4,259)
NET CASH USED IN INVESTING
ACTIVITIES — (128,633) — (128,633)
FINANCING ACTIVITIES
Intercompany borrowings (125,750) 125,750
Payments on long-term debt and capital lease obligations (110,832) (8,148) (118,980)
Payment of dividend (7,430) (7,430)
Purchase of common stock (27,464) (27,464)
Proceeds from issuance of stock 34,307 34,307
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES —
CONTINUING OPERATIONS (237,169) 117,602 — (119,567)
NET CASH USED IN FINANCING
ACTIVITIES — DISCONTINUED
OPERATIONS — —
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES (237,169) 117,602 — (119,567)
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (180,016) 3,295 — (176,721)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
YEAR 265,508 12,375 277,883
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 85,492 $ 15,670 $ — $ 101,162
F-46
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠