Aarons 2003 Annual Report Download - page 27

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25
Consolidated Statements of Cash Flows
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
(In Thousands) 2003 2002 2001
OPERATING ACTIVITIES
Net Earnings $ 36,426 $ 27,440 $ 12,336
Depreciation & Amortization 215,397 179,040 153,548
Additions to Rental Merchandise (373,874) (351,389) (237,912)
Book Value of Rental Merchandise Sold 167,905 140,435 115,527
Deferred Income Taxes 3,496 29,554 1,168
Gain on Sale of Property, Plant & Equipment (814) (573) (920)
Change in Accounts Payable & Accrued Expenses 16,503 (3,725) 27,320
Change in Accounts Receivable (3,905) (488) (1,657)
Other Changes, Net 5,915 (10,152) (3,357)
Cash Provided by Operating Activities 67,049 10,142 66,053
INVESTING ACTIVITIES
Additions to Property, Plant & Equipment (37,898) (42,913) (34,785)
Proceeds from Sale of Property, Plant & Equipment 8,025 18,296 7,525
Contracts & Other Assets Acquired (44,347) (14,033) (12,125)
Cash Used by Investing Activities (74,220) (38,650) (39,385)
FINANCING ACTIVITIES
Proceeds from Credit Facilities 86,424 139,542 162,219
Repayments on Credit Facilities (80,119) (143,990) (189,275)
Proceeds from Stock Offering 34,078
Dividends Paid (924) (798) (797)
Acquisition of Treasury Stock (1,667)
Issuance of Stock Under Stock Option Plans 1,789 1,346 1,183
Cash Provided (Used) by Financing Activities 7,170 28,511 (26,670)
(Decrease) Increase in Cash (1) 3 (2)
Cash at Beginning of Year 96 93 95
Cash at End of Year $ 95 $ 96 $ 93
Cash Paid (Received) During the Year:
Interest $ 6,759 $ 4,361 $ 6,183
Income Taxes $ 4,987 $ (2,151) $ 3,544
The accompanying notes are an integral part of the Consolidated Financial Statements.