Barnes and Noble 1999 Annual Report Download - page 41

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Fiscal Year 1999 1998 1997
(Thousands of dollars)
Cash flows from operating activities:
Net earnings $ 124,498 92,376 53,169
Adjustments to reconcile net earnings to net cash flows
from operating activities:
Depreciation and amortization 112,693 88,721 78,629
Loss on disposal of property and equipment 5,636 3,291 853
Deferred taxes 9,877 14,761 11,598
Extraordinary charge due to early extinguishment
of debt, net of tax benefits -- -- 11,499
Increase in other long-term liabilities for scheduled rent
increases in long-term leases 13,472 14,031 16,350
Cumulative effect of a change in accounting principle, net of taxes 4,500 -- --
Other income (27,337) ( 3,414) ( 1,913)
Gain on formation of Barnes & Noble.com (25,000 ) ( 63,759) --
Equity in net loss of Barnes & Noble.com 42,047 71,334 --
Changes in operating assets and liabilities, net (73,055) ( 39,673) ( 2,884)
Net cash flows from operating activities 187,331 177,668 167,301
Cash flows from investing activities:
Acquisition of consolidated subsidiaries, net of cash received ( 175,760) -- --
Purchases of property and equipment (146,294) ( 141,378) ( 121,903)
Investment in Barnes & Noble.com -- ( 75,394 ) --
Proceeds from formation of Barnes & Noble.com 25,000 75,000 --
Proceeds from the partial sale of Chapters 21,558 -- --
Purchase of investment in iUniverse.com ( 20,000 ) -- --
Net increase in other noncurrent assets ( 9,282 ) ( 119) ( 11,264)
Net cash flows from investing activities ( 304,778 ) ( 141,891) ( 133,167)
Cash flows from financing activities:
Net increase (decrease) in revolving credit facility 182,500 ( 35,700) 244,800
Repayment of long-term debt -- -- ( 290,000)
Proceeds from exercise of common stock options
including related tax benefits 14,910 18,307 22,597
Payment of note premium -- -- ( 11,281 )
Purchase of treasury stock through repurchase program ( 86,797) -- --
Net cash flows from financing activities 110,613 ( 17,393) ( 33,884)
Net increase (decrease) in cash and cash equivalents ( 6,834) 18,384 250
Cash and cash equivalents at beginning of year 31,081 12,697 12,447
Cash and cash equivalents at end of year $ 24,247 31,081 12,697
Changes in operating assets and liabilities, net:
Receivables, net $ 3,795 ( 14,012) 1,700
Merchandise inventories ( 69,059) ( 93,491) ( 119,904)
Prepaid expenses and other current assets ( 8,543 ) ( 1,047) 9,721
Accounts payable and accrued liabilities 752 68,877 105,599
Changes in operating assets and liabilities, net $ ( 73,055) ( 39,673) ( 2,884)
Supplemental cash flow information:
Cash paid during the period for:
Interest $ 24,911 25,243 37,845
Income taxes $ 72,342 18,225 20,282
Supplemental disclosure of subsidiaries acquired:
Assets acquired $ 201,910
Liabilities assumed 26,150
Cash paid $ 175,760
CONSOLIDATED STATEMENTS OF CASH FLOWS
1999 ANNUAL REPORT
40
See accompanying notes to consolidated financial statements.