Aarons 2006 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) 2006 2005 2004
OPERATING ACTIVITIES:
Net Earnings $ 78,635 $ 57,993 $ 52,616
Depreciation and Amortization 395,581 333,131 277,187
Additions to Rental Merchandise (681,716) (647,657) (528,255)
Book Value of Rental Merchandise Sold or Disposed 263,092 233,861 206,589
Change in Deferred Income Taxes 18,490 (20,261) 39,919
Gain on Marketable Securities — (579) (5,481)
Loss on Sale of Property, Plant and Equipment 128 148 84
Gain on Asset Dispositions (7,246) — —
Change in Income Tax Receivable,
Prepaid Expenses and Other Assets (805) 18,553 (20,023)
Change in Accounts Payable and Accrued Expenses 8,381 17,025 4,118
Change in Accounts Receivable (683) (10,076) (1,858)
Excess Tax Benefits from Stock-Based Compensation (3,855) — —
Other Changes, Net 4,959 11,375 9,842
Cash Provided by (Used by) Operating Activities 74,961 (6,487) 34,738
INVESTING ACTIVITIES:
Additions to Property, Plant and Equipment (95,482) (61,449) (37,723)
Contracts and Other Assets Acquired (32,397) (47,907) (40,822)
Proceeds from Sale of Marketable Securities — 6,993 7,592
Investment in Marketable Securities — — (6,436)
Proceeds from Asset Dispositions 16,005 1,182 2,325
Proceeds from Sale of Property, Plant and Equipment 31,281 14,000 4,760
Cash Used by Investing Activities (80,593) (87,181) (70,304)
FINANCING ACTIVITIES:
Proceeds from Sale of Senior Notes — 60,000 —
Proceeds from Credit Facilities 302,587 450,854 287,307
Repayments on Credit Facilities (384,814) (415,636) (250,222)
Proceeds from Stock Offering 83,999 — —
Dividends Paid (2,909) (2,641) (2,042)
Excess Tax Benefits from Stock-Based Compensation 3,855 — —
Issuance of Stock Under Stock Option Plans 4,748 2,199 1,701
Cash Provided by Financing Activities 7,466 94,776 36,744
Increase in Cash 1,834 1,108 1,178
Cash at Beginning of Year 6,973 5,865 4,687
Cash at End of Year $ 8,807 $ 6,973 $ 5,865
Cash Paid During the Year:
Interest $ 10,000 $ 8,395 $ 5,361
Income Taxes 14,273 51,228 16,783
The accompanying notes are an integral part of the Consolidated Financial Statements.