Supercuts 2010 Annual Report Download - page 85

Table of Contents
REGIS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
*
Changes in operating assets and liabilities exclude assets acquired and liabilities assumed through acquisitions
The accompanying notes are an integral part of the Consolidated Financial Statements.
81
Years Ended June 30,
2010 2009 2008
Cash flows from operating activities:
Net income (loss)
$
42,740
$
(124,466
)
$
85,204
Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
Depreciation
92,466
105,145
108,673
Amortization
9,870
9,871
11,304
Equity in (income) loss of affiliated companies
(11,942
)
28,940
(849
)
Deferred income taxes
5,115
(3,843
)
(3,789
)
Impairment on discontinued operations
(154
)
183,289
—
Goodwill impairment
35,277
41,661
—
Salon asset impairments
6,428
10,201
10,471
Excess tax benefits from stock
-
based compensation plans
(243
)
(163
)
(1,420
)
Stock
-
based compensation
9,337
7,525
6,841
Amortization of debt discount and financing costs
6,406
—
—
Other noncash items affecting earnings
(3,153
)
(3,405
)
(2,015
)
Changes in operating assets and liabilities*:
Receivables
1,192
(12,104
)
(709
)
Inventories
4,823
7,128
(5,232
)
Income tax receivable
957
(34,652
)
20,605
Other current assets
2,657
(52
)
(18,051
)
Other assets
(12,547
)
(421
)
16,184
Accounts payable
(4,966
)
(3,613
)
(9,480
)
Accrued expenses
6,006
(23,364
)
18,729
Other noncurrent liabilities
1,954
387
(14,083
)
Net cash provided by operating activities
192,223
188,064
222,383
Cash flows from investing activities:
Capital expenditures
(57,821
)
(73,574
)
(85,799
)
Proceeds from sale of assets
70
77
47
Asset acquisitions, net of cash acquired and certain obligations assumed
(3,664
)
(40,051
)
(132,971
)
Proceeds from loans and investments
16,099
19,008
10,000
Disbursements for loans and investments
—
(
20,971
)
(46,400
)
Transfer of cash related to contribution of schools and European franchise salon
operations
—
—
(
10,906
)
Freestanding derivative settlement
736
—
—
Net cash used in investing activities
(44,580
)
(115,511
)
(266,029
)
Cash flows from financing activities:
Borrowings on revolving credit facilities
337,000
6,391,100
9,079,917
Payments on revolving credit facilities
(342,000
)
(6,525,200
)
(9,088,530
)
Proceeds from issuance of long-term debt, net of $5.2 million underwriting
discount
167,325
85,000
125,000
Repayments of long
-
term debt and capital lease obligations
(349,175
)
(92,504
)
(78,161
)
Excess tax benefits from stock
-
based compensation plans
243
163
1,420
Repurchase of common stock
—
—
(
49,957
)
Proceeds from issuance of common stock, net of $7.2 million underwriting
discount
159,498
3,894
8,893
Dividends paid
(9,146
)
(6,912
)
(6,964
)
Other
(2,878
)
(3,848
)
(2,622
)
Net cash used in financing activities
(39,133
)
(148,307
)
(11,004
)
Effect of exchange rate changes on cash and cash equivalents
823
(9,335
)
(2,508
)
Increase (decrease) in cash and cash equivalents
109,333
(85,089
)
(57,158
)
Cash and cash equivalents:
Beginning of year
42,538
127,627
184,785
End of year
$
151,871
$
42,538
$
127,627