Supercuts 2005 Annual Report Download - page 47

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Investing Activities
Net cash used in investing activities was the result of the following:
The company-owned constructed and acquired salons (including 139, 206 and 97 franchise buybacks in fiscal years 2005, 2004 and 2003,
respectively) consisted of the following number of salons in each concept:
Additionally, we acquired 13 and six beauty schools in fiscal year 2005 and 2004, respectively, as well as 42 company-owned and 49
franchise hair restoration centers in fiscal year 2005. During fiscal years 2005, 2004 and 2003, we completed 205, 169 and 179 major
remodeling projects, respectively.
Financing Activities
Net cash provided by or used in financing activities resulted from the following:
46
Investing Cash Flows
For the Years Ended June 30,
2005
2004
2003
(Dollars in thousands)
Salon and school acquisitions
$
(118,915
)
$
(99,734
)
$
(66,880
)
Hair restoration center acquisition
(209,652
)
—
—
Capital expenditures for new salon construction
(48,322
)
(28,542
)
(28,418
)
Capital expenditures for remodels or other additions
(34,737
)
(36,192
)
(32,339
)
Capital expenditures for the corporate office (including all
technology
-
related expenditures)
(18,038
)
(9,342
)
(16,703
)
Proceeds from the sale of assets
846
432
1,273
$(428,818
)
$
(173,378
)
$
(143,067
)
Years Ended June 30,
2005
2004
2003
Constructed
Acquired
Constructed
Acquired
Constructed
Acquired
Regis
39
13
33
4
53
72
MasterCuts
47
2
34
3
47
—
Trade Secret
56
23
26
14
34
10
SmartStyle
194
45
174
61
168
14
Strip Center
167
342
166
295
85
446
International
22
19
19
28
10
13
525
444
452
405
397
555
Financing Cash Flows
For the Years Ended June 30,
2005
2004
2003
(Dollars in thousands)
Net borrowings (payments) of long
-
term debt
$
280,625
$
(12,224
)
$
18,529
Proceeds from the issuance of common stock
17,257
17,347
7,051
Repurchase of common stock
(23,117
)
(22,548
)
(21,694
)
Net (payments) borrowings on revolving credit facilities
(22,650
)
6,625
(32,225
)
Dividend payments
(7,149
)
(6,166
)
(5,202
)
Other
(2,472
)
118
(2,720
)
$242,494
$
(16,848
)
$
(36,261
)