Barnes and Noble 2000 Annual Report Download - page 47

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43
2000 Annual Report ■Barnes & Noble, Inc.
Fiscal Year 2000 1999 1998
(Thousands of dollars)
Cash flows from operating activities:
Net earnings (loss) $ ( 51,966 ) 124,498 92,376
Adjustments to reconcile net earnings (loss) to net cash
flows from operating activities:
Depreciation and amortization (including amortization
of deferred financing fees) 146,317 112,693 88,721
Loss on disposal of property and equipment 3,313 5,636 3,291
Deferred taxes ( 54,098 ) 9,877 14,761
Impairment charge 106,833 -- --
Increase in other long-term liabilities for scheduled rent
increases in long-term leases 9,417 13,472 14,031
Cumulative effect of a change in accounting principle,
net of taxes -- 4,500 --
Other (income) expense, net 9,346 ( 27,337 ) ( 3,414 )
Gain on formation of Barnes & Noble.com -- ( 25,000 ) ( 63,759 )
Equity in net loss of Barnes & Noble.com 103,936 42,047 71,334
Changes in operating assets and liabilities, net (192,566 ) ( 73,055 ) ( 39,673)
Net cash flows from operating activities 80,532 187,331 177,668
Cash flows from investing activities:
Acquisition of consolidated subsidiaries, net of cash received ( 157,817 ) ( 175,760 ) --
Purchases of property and equipment ( 134,292) ( 146,294 ) ( 141,378 )
Proceeds from the partial sale of iUniverse.com 2,962 -- --
Proceeds from the partial sale of Chapters Inc. -- 21,558 --
Proceeds from formation of Barnes & Noble.com -- 25,000 75,000
Purchase of investments ( 12,802 ) ( 20,000 ) --
Investment in Barnes & Noble.com -- -- ( 75,394 )
Net increase in other noncurrent assets ( 86 ) (9,282 ) ( 119 )
Net cash flows from investing activities ( 302,035) ( 304,778 ) ( 141,891 )
Cash flows from financing activities:
Net increase (decrease) in revolving credit facility 235,300 182,500 ( 35,700 )
Proceeds from exercise of common stock options
including related tax benefits 18,539 14,910 18,307
Purchase of treasury stock through repurchase program (30,580 ) (86,797 ) --
Net cash flows from financing activities 223,259 110,613 ( 17,393)
Net increase (decrease) in cash and cash equivalents 1,756 ( 6,834 ) 18,384
Cash and cash equivalents at beginning of year 24,247 31,081 12,697
Cash and cash equivalents at end of year $ 26,003 24,247 31,081
Changes in operating assets and liabilities, net:
Receivables, net $ ( 29,004 ) 3,795 ( 14,012)
Merchandise inventories ( 103,668 ) ( 69,059 ) ( 93,491 )
Prepaid expenses and other current assets ( 29,972 ) ( 8,543 ) ( 1,047 )
Accounts payable and accrued liabilities (29,922 ) 752 68,877
Changes in operating assets and liabilities, net $ ( 192,566 ) ( 73,055 ) ( 39,673)
Supplemental cash flow information:
Cash paid during the period for:
Interest $ 49,007 24,911 25,243
Income taxes $ 73,371 72,342 18,225
Supplemental disclosure of subsidiaries acquired:
Assets acquired $ 206,105 201,910
Liabilities assumed 48,288 26,150
Cash paid $ 157,817 175,760
CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying notes to consolidated financial statements.