Saks Fifth Avenue 2010 Annual Report Download - page 93

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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 .............................................. $(158,804) $(133,365) $ 133,365 $(158,804)
Loss from discontinued operations ........................ (32,179) (32,179) 32,179 (32,179)
Loss from continuing operations .......................... (126,625) (101,186) 101,186 (126,625)
Adjustments to reconcile net income to net
Cash (used in) provided by operating activities:
Equity in earnings of subsidiaries ................. 101,186 (101,186)
Depreciation and amortization .................... 134,694 134,694
Equity compensation ........................... 16,354 16,354
Amortization of discount on convertible senior
notes ...................................... 6,811 6,811
Gain on sale of building ......................... (3,400) (3,400)
Deferred income taxes .......................... 1,841 (51,621) (49,780)
Impairments and dispositions .................... 11,139 11,139
Changes in operating assets and liabilities, net ....... (109,248) 137,225 27,977
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES—
CONTINUING OPERATIONS ........... (126,035) 143,205 — 17,170
NET CASH USED IN OPERATING
ACTIVITIES—DISCONTINUED
OPERATIONS ......................... (18,667) (18,667)
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES .................................. (126,035) 124,538 — (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 ........................... 656 (656)
Payments on long-term debt and capital lease obligations . . (84,569) (4,673) (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 ............................. 40,779 (5,329) — 35,450
NET CASH PROVIDED BY FINANCING
ACTIVITIES—DISCONTINUED
OPERATIONS ............................. — — — —
NET CASH PROVIDED BY FINANCING
ACTIVITIES .................................. 40,779 (5,329) — 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-43