Saks Fifth Avenue 2011 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 of the 2011 Saks Fifth Avenue annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 91

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91

SAKS INCORPORATED & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Fiscal Year Ended
January 28,
2012
January 29,
2011
January 30,
2010
OPERATING ACTIVITIES
Net income (loss) ...................................................... $ 74,790 $ 47,846 $ (57,919)
Income (loss) from discontinued operations ................................ — 450 (257)
Income (loss) from continuing operations .................................. 74,790 47,396 (57,662)
Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
(Gain) loss on extinguishment of debt ................................... 539 4 (783)
Depreciation and amortization ......................................... 118,540 118,696 135,162
Stock-based compensation ............................................ 15,597 16,766 16,846
Amortization of discount on convertible notes ............................ 12,964 11,910 9,819
Deferred income taxes ............................................... 29,261 17,354 (40,585)
Impairments and dispositions .......................................... 5,190 (2,814) 29,348
Excess tax benefits from stock-based compensation ........................ (1,011) (9,793) —
Gain on sale of property and equipment ................................. (156) (482) (628)
Changes in operating assets and liabilities:
Merchandise inventories ............................................ (50,504) (22,187) 79,645
Other current assets ............................................... 36,263 (13,942) 11,409
Accounts payable and accrued liabilities ............................... 24,775 (13,921) 13,577
Other operating assets and liabilities .................................. 6,449 (24,606) 9,727
Net cash provided by operating activities - continuing operations ............... 272,697 124,381 205,875
Net cash used in operating activities - discontinued operations ................. — (500) (13,670)
NET CASH PROVIDED BY OPERATING ACTIVITIES .............................. 272,697 123,881 192,205
INVESTING ACTIVITIES
Purchases of property and equipment ..................................... (82,097) (55,721) (74,577)
Issuance of note receivable .............................................. (11,915) — —
Collections from note receivable ......................................... 4,485 — —
Proceeds from the sale of property and equipment ........................... 156 548 643
Net cash used in investing activities - continuing operations .................... (89,371) (55,173) (73,934)
Net cash used in investing activities - discontinued operations .................. — — —
NET CASH USED IN INVESTING ACTIVITIES ................................... (89,371) (55,173) (73,934)
FINANCING ACTIVITIES
Proceeds from issuance of convertible senior notes .......................... — — 120,000
Payments on revolving credit facility ...................................... — — (156,675)
Payments of long-term debt ............................................. (143,995) (23,654) (22,208)
Payments of capital lease obligations ...................................... (6,494) (5,481) (4,673)
Repurchase of common stock ............................................ (28,932) — —
Payment of financing fees ............................................... (2,961) — (13,105)
Excess tax benefits from stock-based compensation .......................... 1,011 9,793 —
Cash dividends paid .................................................... (161) (102) (781)
Net proceeds from the issuance of common stock ........................... 516 1,301 96,199
Net cash provided by (used in) financing activities - continuing operations ........ (181,016) (18,143) 18,757
Net cash used in financing activities - discontinued operations .................. — — —
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES ...................... (181,016) (18,143) 18,757
INCREASE IN CASH AND CASH EQUIVALENTS ................................. 2,310 50,565 137,028
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD ...................... 197,866 147,301 10,273
CASH AND CASH EQUIVALENTS AT END OF PERIOD ............................ $ 200,176 $ 197,866 $ 147,301
Supplemental cash flow information and 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