Saks Fifth Avenue 2011 Annual Report Download - page 87

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SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED JANUARY 30, 2010
Saks
Incorporated
Guarantor
Subsidiaries Eliminations Consolidated
OPERATING ACTIVITIES
Net loss ..................................... $ (57,919) $ (32,819) $ 32,819 $ (57,919)
Loss from discontinued operations ................ (257) (257) 257 (257)
Loss from continuing operations .................. (57,662) (32,562) 32,562 (57,662)
Adjustments to reconcile net loss to net cash provided
by (used in) operating activities:
Equity in earnings of subsidiaries ............... 32,562 (32,562) —
Depreciation and amortization ................. 135,162 135,162
Impairments and dispositions .................. 29,348 29,348
Loss on extinguishment of debt ................ (783) (783)
Equity compensation ......................... 16,846 16,846
Amortization of discount on convertible notes .... 9,819 9,819
Deferred income taxes ....................... 1,886 (42,471) (40,585)
Gain on sale of property and equipment ......... (628) (628)
Changes in operating assets and liabilities, net .... (9,142) 123,500 114,358
Net cash provided by (used in) operating activities -
continuing operations ........................ (23,320) 229,195 — 205,875
Net cash used in operating activities - discontinued
operations ................................. (13,670) (13,670)
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES ................................... (23,320) 215,525 — 192,205
INVESTING ACTIVITIES
Purchases of property and equipment ............. — (74,577) — (74,577)
Proceeds from the sale of property and equipment . . 643 643
Net cash used in investing activities - continuing
operations ................................. — (73,934) — (73,934)
Net cash used in investing activities - discontinued
operations ................................. — —
NET CASH USED IN INVESTING ACTIVITIES ......... — (73,934) — (73,934)
FINANCING ACTIVITIES
Intercompany borrowings, contributions and
distributions .................................. 136,001 (136,001) — —
Proceeds from issuance of convertible senior notes . . 120,000 120,000
Proceeds from (payments on) revolving credit
facility ...................................... (156,675) (156,675)
Payments of long-term debt ..................... (22,208) (22,208)
Payments of capital lease obligations .............. (4,673) (4,673)
Payment of debt issuance costs .................. (13,105) (13,105)
Cash dividends paid ............................ (781) (781)
Net proceeds from the issuance of common stock . . . 96,199 96,199
Net cash provided by (used in) financing activities -
continuing operations ........................ 159,431 (140,674) — 18,757
Net cash used in financing activities - discontinued
operations ................................. — —
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES ................................... 159,431 (140,674) — 18,757
INCREASE IN CASH AND CASH EQUIVALENTS ....... 136,111 917 — 137,028
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD ..................................... 236 10,037 — 10,273
CASH AND CASH EQUIVALENTS AT END OF
PERIOD ..................................... $ 136,347 $ 10,954 $ — $ 147,301
F-42