Supercuts 2008 Annual Report Download - page 58

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The company-owned constructed and acquired locations (excluding franchise buybacks) consisted of the following number of locations in
each concept:
Financing Activities
Net cash (used in) or provided by financing activities during the twelve months ended June 30, 2008, 2007 and 2006 were the result of the
following:
During fiscal year 2008, 2007, and 2006, net borrowings were primarily used to fund loans and acquisitions, share repurchases, and
customary income tax payments. Acquisitions funded are discussed in Note 3 to the Consolidated Financial Statements. The proceeds from the
issuance of common stock were related to the exercise of stock options. The excess tax benefit from stock-based employee compensation plans
was recorded in accordance with the provisions of SFAS No. 123R.
New Financing Arrangements
Fiscal Year 2008
During fiscal year 2008, we refinanced our $350.0 million revolving credit facility. Among other changes, this amendment extended the
credit facility's expiration date to July 2012, reduced the interest rate on borrowings under the credit facility and modified certain financial
covenants. Additionally, we borrowed $125.0 million, and amended the fixed charge coverage ratio under our Private Shelf Agreement.
Under the terms of the July 12, 2007 revolving credit agreement, our ratio of earnings before interest, taxes, depreciation, amortization, and
rent expense (EBITDAR) to fixed charges (which
56
Years Ended June 30,
2008
2007
2006
Constructed
Acquired
Constructed
Acquired
Constructed
Acquired
Regis
14
4
17
49
38
14
MasterCuts
7
—
15
—
32
—
Trade Secret
16
65
20
3
33
2
SmartStyle
207
—
242
—
215
—
Promenade
66
138
101
193
180
122
International
15
25
25
12
33
10
Beauty schools
—
—
2
1
2
30
Hair restoration centers
3
—
—
1
1
1
328
232
422
259
534
179
Financing Cash Flows
For the Years Ended June 30,
2008
2007
2006
(Dollars in thousands)
Net (payments) borrowings on revolving credit facilities
$
(8,613
)
$
84,806
$
56,250
Net borrowings (repayments) of long
-
term debt
46,839
(15,888
)
(20,787
)
Proceeds from the issuance of common stock
8,893
14,310
14,410
Repurchase of common stock
(49,957
)
(79,710
)
(20,280
)
Excess tax benefit from stock
-
based compensation plans
1,420
4,536
4,556
Dividend payments
(6,964
)
(7,169
)
(7,256
)
Other
(2,622
)
(7,310
)
1,678
$
(11,004
)
$
(6,425
)
$
28,571