Saks Fifth Avenue 2009 Annual Report Download - page 62

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended
(In Thousands)
January 30,
2010
January 31,
2009
(Revised)
February 2,
2008
(Revised)
OPERATING ACTIVITIES
Net income (loss) $ (57,919) $ (158,804) $ 43,882
Loss from discontinued operations (257) (32,179) (3,214)
Income (loss) from continuing operations (57,662) (126,625) 47,096
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities:
Loss (gain) on extinguishment of debt (783) — 5,634
Depreciation and amortization 135,162 134,694 131,737
Equity compensation 16,846 16,354 7,724
Amortization of discount on convertible notes 9,819 6,811 6,404
Deferred income taxes (40,585) (49,780) 23,788
Impairments and dispositions 29,348 11,139 4,279
Gain on lease termination — — (1,669)
Gain on sale of property (628) (3,400) (1,069)
Changes in operating assets and liabilities:
Merchandise inventories 79,645 118,539 (71,032)
Other current assets 11,409 20,990 12,495
Accounts payable and accrued liabilities 13,577 (114,577) (119,846)
Other operating assets and liabilities 9,727 3,025 21,858
Net Cash Provided By Operating Activities — Continuing Operations 205,875 17,170 67,399
Net Cash Provided By (Used In) Operating Activities — Discontinued Operations (13,670) (18,667) 4,080
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 192,205 (1,497) 71,479
INVESTING ACTIVITIES
Purchases of property and equipment (74,577) (127,305) (136,726)
Proceeds from sale of property and equipment 643 4,338 12,352
Net Cash Used In Investing Activities — Continuing Operations (73,934) (122,967) (124,374)
Net Cash Used In Investing Activities — Discontinued Operations — (1,875) (4,259)
NET CASH USED IN INVESTING ACTIVITIES (73,934) (124,842) (128,633)
FINANCING ACTIVITIES
Proceeds from issuance of convertible senior notes 120,000 — —
Payments of deferred financing costs (13,105) — —
Proceeds from (payments on) revolving credit facility (156,675) 156,675 —
Payments on long-term debt and capital lease obligations (26,881) (89,242) (118,980)
Cash dividends paid (781) (1,183) (7,430)
Purchases of common stock — (34,889) (27,464)
Net proceeds from issuance of common stock 96,199 4,089 34,307
Net Cash Provided By (Used In) Financing Activities — Continuing Operations 18,757 35,450 (119,567)
Net Cash Used In Financing Activities — Discontinued Operations — — —
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 18,757 35,450 (119,567)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 137,028 (90,889) (176,721)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 10,273 101,162 277,883
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 147,301 $ 10,273 $ 101,162
Non-cash investing and financing activities are further described in the accompanying notes.
The accompanying notes are an integral part of these consolidated financial statements.
F-6
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠