TJ Maxx 1997 Annual Report Download - page 3

T h e T J X C o m p a n i e s , I n c .
C O N S O L I D A T E D S T A T E M E N T S O F C A S H F L O W S
Fiscal Year Ended
J a n u a r y 31, J a n u a r y 25, J a n u a r y 27,
In Thousands 1 9 9 8 1 9 9 7 1 9 9 6
(53 weeks)
C a s h f l o w s f r o m o p e r a t i n g a c t i v i t i e s :
Net income $ 304,815 $ 363,123 $ 26,261
Adjustments to reconcile net income to net cash
p rovided by operating activities:
(Income) from discontinued operations,
net of income taxes – ( 2 9 , 3 6 1 ) ( 9 , 7 1 0 )
(Gain) loss on disposal of discontinued operations – ( 1 2 5 , 5 5 6 ) 3 1 , 7 0 0
E x t r a o rd i n a ry charg e 1 , 7 7 7 5 , 6 2 0 3 , 3 3 8
D e p reciation and amort i z a t i o n 1 2 4 , 8 9 1 1 2 6 , 8 3 0 7 9 , 2 3 2
(Gain) on sale of other assets ( 5 , 9 9 2 ) – –
P ro p e rty disposals and asset write-downs 1 8 , 7 7 8 2 5 , 3 9 9 3 , 4 8 9
O t h e r, net 2 , 0 6 4 ( 7 3 2 ) ( 3 8 2 )
Changes in assets and liabilities, net of
e ffect of acquisitions and dispositions:
( I n c rease) in accounts re c e i v a b l e ( 3 , 4 6 0 ) ( 2 , 1 3 1 ) ( 2 3 3 )
( I n c rease) decrease in merchandise inventories ( 1 3 0 , 6 6 5 ) 1 9 8 , 9 8 3 2 1 1 , 1 6 8
( I n c rease) decrease in prepaid expenses ( 1 0 , 9 7 8 ) 2 7 6 , 8 7 2
I n c rease (decrease) in accounts payable 4 8 , 8 4 6 9 5 , 6 7 7 ( 1 4 7 , 0 1 3 )
I n c rease in accrued expenses
and other current liabilities 3 9 , 1 8 4 1 1 , 9 2 8 6 3 , 9 7 5
( D e c rease) in deferred income taxes ( 3 , 7 9 3 ) ( 5 , 3 4 4 ) ( 1 4 , 1 4 3 )
Net cash provided by operating activities 3 8 5 , 4 6 7 6 6 4 , 4 6 3 2 5 4 , 5 5 4
C a s h f l o w s f r o m i n v e s t i n g a c t i v i t i e s :
P ro p e rty additions ( 1 9 2 , 3 8 2 ) ( 1 1 9 , 1 5 3 ) ( 1 0 5 , 8 6 4 )
P roceeds from sale of other assets 1 5 , 6 9 7 – –
Acquisition of Marshalls, net of cash acquire d – ( 4 9 , 3 2 7 ) ( 3 7 8 , 7 3 3 )
Proceeds from (adjustments to) sale
of discontinued operations ( 3 3 , 1 9 0 ) 2 2 2 , 8 0 0 3 , 0 0 0
Net cash provided by (used in) investing activities ( 2 0 9 , 8 7 5 ) 5 4 , 3 2 0 ( 4 8 1 , 5 9 7 )
C a s h f l o w s f r o m f i n a n c i n g a c t i v i t i e s :
Payments on short - t e rm debt – –( 2 0 , 0 0 0 )
P roceeds from borrowings of long-term debt – –5 7 4 , 8 6 1
Principal payments on long-term debt ( 2 7 , 1 7 9 ) ( 4 6 , 5 0 6 ) ( 3 1 , 2 7 1 )
P repayment of long-term debt – ( 4 5 5 , 5 6 0 ) –
Payment of debt issue expenses – –( 1 4 , 7 7 6 )
P roceeds from sale and issuance of common stock, net 1 5 , 4 7 1 3 4 , 3 9 5 1 , 0 4 0
Stock re p u rc h a s e d ( 2 4 5 , 1 9 8 ) – –
Cash dividends paid ( 4 3 , 5 0 0 ) ( 3 5 , 0 1 9 ) ( 4 4 , 8 8 6 )
Net cash provided by (used in) financing activities ( 3 0 0 , 4 0 6 ) ( 5 0 2 , 6 9 0 ) 4 6 4 , 9 6 8
Net cash provided by (used in) continuing operations ( 1 2 4 , 8 1 4 ) 2 1 6 , 0 9 3 2 3 7 , 9 2 5
Net cash provided by (used in) discontinued operations 5 4 , 4 5 1 4 9 , 4 1 3 ( 7 0 , 2 6 8 )
Net increase (decrease) in cash and cash equivalents ( 7 0 , 3 6 3 ) 2 6 5 , 5 0 6 1 6 7 , 6 5 7
Cash and cash equivalents at beginning of year 4 7 4 , 7 3 2 2 0 9 , 2 2 6 4 1 , 5 6 9
Cash and cash equivalents at end of year $ 404,369 $ 474,732 $ 2 0 9 , 2 2 6
The accompanying notes are an integral part of the financial statements.
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