Stein Mart 2009 Annual Report Download - page 29

The accompanying notes are an integral part of these consolidated financial statements.
F-5
Stein Mart, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Year Ended
January 30, 2010
Year Ended
January 31, 2009
Year Ended
February 2, 2008
Cash flows from operating activities:
Net income
(
loss
)
$ 23,553 $
(
71,301
)
$
(
4,530
)
A
d
j
ustments to reconcile net income
(
loss
)
to net cash
p
rovided b
y
o
p
eratin
g
activities:
De
p
reciation and amortization 19,223 25,752 26,068
Im
p
airment of
p
ro
p
ert
y
and other assets 8,429 20,726 4,017
Chan
g
e in valuation allowance for deferred tax assets
(
2,272
)
18,958 -
Deferred income taxes 2,558
(
10,341
)
(
4,492
)
Store closin
g
char
g
es 2,658 4,697 1,145
Share-based com
p
ensation 4,610 4,077 5,502
Tax bene
f
it
(
deficienc
y)
from e
q
uit
y
issuances 221
(
183
)
180
Excess tax benefits from share-based com
p
ensation
(
166
)
(
3
)
(
151
)
Chan
g
es in assets and liabilities:
Trade and other receivables
(
1,167
)
3,361
(
2,208
)
Inventories
(
10,986
)
55,357 28,447
Income taxes receivable 24,439
(
10,336
)
(
14,103
)
Pre
p
aid ex
p
enses and other current assets 977 1,491 951
Other assets 2,461 1,595
(
1,993
)
A
ccounts
p
a
y
able 24,635
(
21,441
)
(
6,119
)
A
ccrued liabilities 5,033
(
481
)
(
2,770
)
Income taxes
p
a
y
able 2,961 -
(
13,091
)
Other liabilities
(
8,838
)
(
2,572
)
990
Net cash provided by operating activities 98,329 19,356 17,843
Cash flows from investing activities:
Ca
p
ital ex
p
enditures
(
7,585
)
(
19,281
)
(
25,898
)
Purchases of short-term investments - -
(
36,580
)
Sales of short-term investments - - 47,415
Net cash used in investing activities (7,585) (19,281) (15,063)
Cash flows from financing activities:
Borrowin
g
s under notes
p
a
y
able to banks 57,300 626,652 365,811
Re
p
a
y
ments of notes
p
a
y
able to banks
(
157,300
)
(
553,785
)
(
338,678
)
Cash dividends
p
aid - -
(
10,263
)
Excess tax benefits from share-based com
p
ensation 166 3 151
Proceeds from exercise of stock o
p
tions 761 31 3,556
Proceeds from em
p
lo
y
ee stock
p
urchase
p
lan 524 800 1,127
Re
p
urchase of common stock
(
123
)
(
18
)
(
26,899
)
Net cash (used in) provided by financing activities (98,672) 73,683 (5,195)
Net
(
decrease
)
increase in cash and cash e
q
uivalents
(
7
,
928
)
73,758
(
2,415
)
Cash and cash e
q
uivalents at be
g
innin
g
of
y
ea
r
88,903 15,145 17,560
Cash and cash equivalents at end of year $ 80,975 $ 88,903 $ 15,145
Supplemental disclosures of cash flow information:
Income taxes
p
aid $ 13,236 $ 2,100 $ 29,854
Interest
p
aid 271 1,906 1,002