American Eagle Outfitters 2005 Annual Report Download - page 55

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AMERICAN EAGLE OUTFITTERS
PAGE 31
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended
(In thousands)
January 28,
2006
January 29,
2005
January 31,
2004
(Revised) (Revised)
Operating activities:
N
et income $294,153 $213,343 $59,622
(Income) loss from discontinued operations (442) 10,889 23,486
Income from continuing operations 293,711 224,232 83,108
Adjustments to reconcile income from continuing operations to net cash provided by operating
activities:
Depreciation and amortization 74,578 68,273 59,965
Stock compensation 19,620 25,166 1,192
Deferred income taxes 4,752 (17,087) 13,008
Tax benefit from exercise of stock options and restricted stock 35,371 28,800 674
Other adjustments 4,867 2,796 5,999
Changes in assets and liabilities:
Merchandise inventory (39,137) (44,540) 14,452
Accounts and note receivable, including related party 4,638 3,878 (9,344)
Prepaid expenses and other (3,642) 1,918 3,342
Accounts payable 29,366 23,166 13,353
Unredeemed stored value cards and gift certificates 10,137 7,373 2,725
Deferred lease credits 2,784 3,359 5,290
Accrued liabilities 43,374 41,349 21,437
Total adjustments 186,708 144,451 132,093
Net cash
rovided b
o
eratin
activities from continuin
o
erations 480,419 368,683 215,201
Investin
g
activities:
Capital expenditures (81,545) (97,288) (77,544)
Purchase of investments (1,187,556) (508,768) (397,506)
Sale of investments 876,111 330,390 245,640
Other investing activities (74) (14) (1,513)
Net cash used for investin
g
activities from continuin
g
o
p
erations
(
393,064
)
(
275,680
)
(
230,923
)
Financin
g
activities:
Payments on note payable and capital leases (745) (2,655) (5,434)
Retirement of note payable and termination of swap agreement — (16,915) —
Repurchase of common stock as part of publicly announced programs (161,008) — (550)
Repurchase of common stock from employees (10,487) — (139)
Net proceeds from stock options exercised 48,198 57,533 1,139
Cash dividends paid (42,058) (8,841) —
Net cash
(
used for
)p
rovided b
y
financin
g
activities from continuin
g
o
p
erations
(
166,100
)
29,122
(
4,984
)
Effect of exchan
g
e
r
ates on cash 4
,
680 1
,
903 1
,
055
Cash flows of discontinued operations (Revised
–
See Note 2)
Net cash (used for) provided by operating activities (15,214) 3,315 (11,165)
Net cash provided by (used for) investing activities — 5,371 (1,362)
Net cash provided by (used for) financing activities — — —
Effect of exchange rates on cash 436 762 909
Net cash
(
used for
)p
rovided b
y
discontinued o
p
erations
(
14,778
)
9,448
(
11,618
)
Net
(
decrease
)
increase in cash and cash e
q
uivalents
(
88
,
843
)
133
,
476
(
31
,
269
)
Cash and cash equivalents - beginning of period 219,372 85,896 117,165
Cash and cash equivalents - end of period $130,529 $219,372 $85,896
See Notes to Consolidated Financial Statements