Supercuts 2008 Annual Report Download - page 74

REGIS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
*
Years Ended June 30,
2008
2007
2006
Cash flows from operating activities:
Net income
$
85,204
$
83,170
$
109,578
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
108,673
104,915
95,660
Amortization
11,304
12,412
11,810
Equity in income of affiliated companies
(849
)
—
—
Deferred income taxes
(3,789
)
(6,243
)
7,409
Goodwill impairment
—
23,000
—
Asset impairment
10,471
6,813
12,740
Excess tax benefits from stock
-
based compensation plans
(1,420
)
(4,536
)
(4,556
)
Stock
-
based compensation
6,841
4,911
4,905
Other noncash items affecting earnings
(2,015
)
2,831
316
Changes in operating assets and liabilities*:
Receivables
(709
)
(4,092
)
(4,918
)
Inventories
(5,232
)
2,709
(6,068
)
Other current assets
2,554
(15,818
)
(7,551
)
Other assets
16,184
(9,715
)
(1,027
)
Accounts payable
(9,480
)
11,814
151
Accrued expenses
18,729
14,622
46,773
Other noncurrent liabilities
(14,083
)
15,067
16,463
Net cash provided by operating activities
222,383
241,860
281,685
Cash flows from investing activities:
Capital expenditures
(85,799
)
(90,079
)
(119,914
)
Proceeds from sale of assets
47
97
730
Purchases of salon, school and hair restoration center net assets, net of cash acquired
(132,971
)
(68,747
)
(155,481
)
Proceeds from loans and investments
10,000
5,250
—
Disbursements for loans and investments
(46,400
)
(30,673
)
(6,000
)
Transfer of cash related to contribtion of schools and European franchise salon operations
(10,906
)
—
—
Net investment hedge settlement
—
(
8,897
)
—
Net cash used in investing activities
(266,029
)
(193,049
)
(280,665
)
Cash flows from financing activities:
Borrowings on revolving credit facilities
9,079,917
7,028,556
3,054,730
Payments on revolving credit facilities
(9,088,530
)
(6,943,750
)
(2,998,480
)
Proceeds from issuance of long
-
term debt
125,000
25,000
1,766
Repayments of long
-
term debt and capital lease obligations
(78,161
)
(40,888
)
(22,553
)
Excess tax benefits from stock
-
based compensation plans
1,420
4,536
4,556
Repurchase of common stock
(49,957
)
(79,710
)
(20,280
)
Proceeds from issuance of common stock
8,893
14,310
14,410
Dividends paid
(6,964
)
(7,169
)
(7,256
)
Other
(2,622
)
(7,310
)
1,678
Net cash (used in) provided by financing activities
(11,004
)
(6,425
)
28,571
Effect of exchange rate changes on cash and cash equivalents
(2,508
)
7,002
3,088
(Decrease) increase in cash and cash equivalents
(57,158
)
49,388
32,679
Cash and cash equivalents:
Beginning of year
184,785
135,397
102,718
End of year
127,627
$
184,785
$
135,397
Changes in operating assets and liabilities exclude assets and liabilities assumed through acquisitions
The accompanying notes are an integral part of the Consolidated Financial Statements.
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