Ace Hardware 2005 Annual Report Download - page 28

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CONSOLIDATED STATEMENTS OF CASH FLOWS
2005 ANNUAL REPORT A REVIEW OF ACE’S STRONG RESULTS
January 1, January 3,
2005 2004
December 31, Revised Revised
2005 See Note 1 See Note 1
For the Periods Ended (52 Weeks) (52 Weeks) (53 Weeks)
(In thousands)
Operating Activities
Income from continuing operations .............................................................. $ 100,419 $ 101,547 $ 100,087
Adjustments to reconcile income from continuing operations
to net cash provided by operating activities:
Depreciation and amortization .............................................................. 30,406 32,103 36,628
Loss on disposal of assets, net ................................................................ 3,842 —)—)
Loss (gain) from non-consolidated affiliates ......................................... 2,301 (275) (763)
Deferred tax provision ........................................................................... (5,930) (21,744) (13)
Changes in assets and liabilities, net of effect of acquisition:
Decrease (increase) in receivables, net ................................................. (9,179) (28,736) 30,744
Increase in inventories ........................................................................... (37,468) (74,406) (22,798)
Increase in notes receivable ................................................................... (4,382) (1,281) (1,041)
Decrease (increase) in other current assets ........................................... (8,168) 8,467 2,562
Change in deferred taxes, net ................................................................ 5,052 24 699
Increase in accounts payable and accrued expenses ............................. 804 74,537 23,298
Increase (decrease) in other long-term liabilities ................................. (6,539) 5,576 (629)
Other ............................................................................................................. (6,093) (873) 7,834
Net Cash Provided by Operating Activities ................................ 65,065 94,939 176,608
Investing Activities
Sale (purchase) of short-term investments ........................................... 524 (3,750) (4,095)
Purchase of property and equipment ..................................................... (28,864) (41,668) (62,170)
Proceeds from sale and leaseback of property ....................................... —)39,619 —)
Proceeds from sale of assets .................................................................... 9,603 —)3,475
Acquisition of business .......................................................................... (4,300) —)—)
Other investing activities ...................................................................... (961))(961) (1,038)
Net Cash Used in Investing Activities ....................................... (23,998) (6,760) (63,828)
Financing Activities
Proceeds (payments) of short-term borrowings ..................................... 53,210 (8,310) (28,800)
Proceeds from issuance of long-term debt ............................................. —)25,000 —)
Principal payments on long-term debt .................................................. (11,512) (4,128) (4,005)
Change in cash overdraft ....................................................................... 5,917 (17,157))(4,590))
Payments of cash portion of patronage dividend .................................. (41,205) (40,783) (39,940)
Payments of patronage refund certificates
and patronage financing deductions .............................................. (24,415) (27,362) (26,322)
Proceeds from sale of stock .................................................................... 941 1,086 1,211
Repurchase of stock ............................................................................... (16,694) (19,547) (13,987)
Net Cash Used in Financing Activities ...................................... (33,758) (91,201) (116,433)
Increase (Decrease) in Cash and Cash Equivalents .................................. 7,309 (3,022) (3,653)
Cash and Cash Equivalents at Beginning of Period ..................................... 14,930 17,952 21,605
Cash and Cash Equivalents at End of Period ............................................ $ 22,239 $ 14,930 $ 17,952
See accompanying notes to consolidated financial statements.