Aarons 2004 Annual Report Download - page 25

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23
Consolidated Statements of Cash Flows
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
(In Thousands) 2004 2003 2002
OPERATING ACTIVITIES
Net Earnings $ 52,616 $ 36,426 $ 27,440
Depreciation & Amortization 277,187 215,397 179,040
Additions to Rental Merchandise (528,255) (384,429) (361,180)
Book Value of Rental Merchandise Sold or Disposed 206,589 178,460 150,226
Deferred Income Taxes 39,919 3,496 29,554
Gain on Marketable Securities (5,481)
Loss (Gain) on Sale of Property, Plant & Equipment 84 (814) (573)
Change in Income Taxes Receivable, Included in
Prepaid Expenses and Other Assets (20,023)
Change in Accounts Payable & Accrued Expenses 4,118 17,275 (6,590)
Change in Accounts Receivable (1,858) (3,905) (488)
Other Changes, Net 9,842 6,630 (8,757)
Cash Provided by Operating Activities 34,738 68,536 8,672
INVESTING ACTIVITIES
Additions to Property, Plant & Equipment (37,723) (37,898) (42,913)
Contracts & Other Assets Acquired (38,497) (44,347) (14,033)
Proceeds from Sale of Marketable Securities 7,592
Investment in Marketable Securities (6,436) (715) (1,395)
Proceeds from Sale of Property, Plant & Equipment 4,760 8,025 18,296
Cash Used by Investing Activities (70,304) (74,935) (40,045)
FINANCING ACTIVITIES
Proceeds from Credit Facilities 287,307 86,424 139,542
Repayments on Credit Facilities (250,222) (80,119) (143,990)
Proceeds from Stock Offering 34,078
Dividends Paid (2,042) (924) (798)
Acquisition of Treasury Stock (1,667)
Issuance of Stock Under Stock Option Plans 1,701 1,789 1,346
Cash Provided by Financing Activities 36,744 7,170 28,511
Increase (Decrease) in Cash 1,178 771 (2,862)
Cash at Beginning of Year 4,687 3,916 6,778
Cash at End of Year $ 5,865 $ 4,687 $ 3,916
Cash Paid (Received) During the Year:
Interest $ 5,361 $ 6,759 $ 4,361
Income Taxes $ 16,783 $ 4,987 $ (2,151)
The accompanying notes are an integral part of the Consolidated Financial Statements.