Aarons 2005 Annual Report Download - page 29

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27
Consolidated Statements of Cash Flows
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
(In Thousands) 2005 2004 2003
OPERATING ACTIVITIES:
Net Earnings $ 57,993 $ 52,616 $ 36,426
Depreciation and Amortization 333,131 277,187 215,397
Additions to Rental Merchandise (647,657) (528,255) (384,429)
Book Value of Rental Merchandise Sold or Disposed 233,861 206,589 178,460
Deferred Income Taxes (20,261) 39,919 3,496
Gain on Marketable Securities (579) (5,481) —
Loss (Gain) on Sale of Property, Plant and Equipment 148 84 (814)
Change in Income Taxes Receivable, Included in
Prepaid Expenses and Other Assets 18,553 (20,023) —
Change in Accounts Payable and Accrued Expenses 17,025 4,118 17,275
Change in Accounts Receivable (10,076) (1,858) (3,905)
Other Changes, Net 11,375 9,842 6,630
Cash (Used by) Provided by Operating Activities (6,487) 34,738 68,536
INVESTING ACTIVITIES:
Additions to Property, Plant and Equipment (61,449) (37,723) (37,898)
Contracts and Other Assets Acquired (46,725) (38,497) (44,347)
Proceeds from Sale of Marketable Securities 6,993 7,592 —
Investment in Marketable Securities — (6,436) (715)
Proceeds from Sale of Property, Plant and Equipment 14,000 4,760 8,025
Cash Used by Investing Activities (87,181) (70,304) (74,935)
FINANCING ACTIVITIES:
Proceeds from Sale of Senior Notes 60,000 — —
Proceeds from Credit Facilities 450,854 287,307 86,424
Repayments on Credit Facilities (415,636) (250,222) (80,119)
Dividends Paid (2,641) (2,042) (924)
Issuance of Stock Under Stock Option Plans 2,199 1,701 1,789
Cash Provided by Financing Activities 94,776 36,744 7,170
Increase in Cash 1,108 1,178 771
Cash at Beginning of Year 5,865 4,687 3,916
Cash at End of Year $ 6,973 $ 5,865 $ 4,687
Cash Paid During the Year:
Interest $ 8,395 $ 5,361 $ 6,759
Income Taxes $ 51,228 $ 16,783 $ 4,987
The accompanying notes are an integral part of the Consolidated Financial Statements.