Barnes and Noble 2001 Annual Report Download - page 26

C O N S O L I D A T E D S T A T E M E N T S O F C A S H F L O W S
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Fiscal Year 2001 2000 1999
(Thousands of dollars)
Cash flows from operating activities:
Net earnings (loss) $ 6 3 , 9 67 ( 51 , 9 6 6) 1 24,498
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:
Depreciation and amortization (including amortization of deferred financing fees) 15 0, 1 1 8 14 6 , 3 1 7 1 1 2 ,693
Loss on disposal of property and equipment 4 , 0 1 9 3 , 3 1 3 5 , 6 36
Deferred taxes ( 3 2,131) ( 5 4 , 0 9 8 ) 9 , 8 77
Impairment charge -- 1 0 6, 8 3 3 --
Increase in other long-term liabilities for scheduled rent increases in long-term leases 5 , 8 2 9 9 , 41 7 1 3 , 47 2
Cumulative effect of a change in accounting principle, net of taxes -- -- 4 , 5 0 0
Other (income) expense, net 1 1 ,73 0 9,346 ( 2 7, 3 37 )
Gain on formation of Barnes & Noble.com -- -- (2 5, 0 0 0)
Equity in net loss of Barnes & Noble.com 8 8 , 378 1 0 3, 9 36 4 2 , 0 47
Changes in operating assets and liabilities, net 1 6 5 , 4 8 1 ( 1 9 2 , 5 6 6 ) ( 73 , 0 5 5 )
Net cash flows from operating activities 4 5 7, 3 9 1 8 0 , 5 3 2 1 8 7, 3 3 1
Cash flows from investing activities:
Acquisition of consolidated subsidiaries, net of cash received (1 3 , 41 2 ) (15 7, 8 1 7) ( 1 7 5 ,76 0 )
Purchases of property and equipment ( 1 6 8 ,833) (1 3 4, 2 9 2 ) ( 14 6,294 )
Proceeds from the partial sale of investments 6 , 07 2 2 , 9 62 2 1 , 5 5 8
Proceeds from formation of Barnes & Noble.com -- -- 2 5 , 0 0 0
Purchase of investments ( 5 , 5 8 1 ) ( 1 2 , 8 0 2 ) ( 2 0 , 0 0 0)
Net increase in other noncurrent assets ( 14,648 ) ( 86) ( 9,282 )
Net cash flows from investing activities ( 1 9 6 , 4 0 2) ( 3 0 2, 0 3 5 ) ( 3 0 4 ,7 7 8 )
Cash flows from financing activities:
Net increase (decrease) in revolving credit facility ( 51 7,900 ) 23 5 , 3 0 0 1 8 2, 5 0 0
Proceeds from issuance of long-term debt 3 0 0 , 0 0 0 -- --
Proceeds from exercise of common stock options 3 9,1 2 6 1 8 , 5 3 9 14, 9 1 0
Purchase of treasury stock through repurchase program -- ( 3 0 , 5 8 0 ) ( 8 6 ,7 97 )
Net cash flows from financing activities ( 1 78 , 7 74 ) 223 , 2 5 9 1 1 0, 61 3
Net increase (decrease) in cash and cash equivalents 8 2 , 2 1 5 1 ,7 5 6 (6,834)
Cash and cash equivalents at beginning of year 2 6 , 0 0 3 24 , 2 47 3 1, 0 8 1
Cash and cash equivalents at end of year $ 1 0 8 , 2 1 8 2 6 , 0 0 3 24 , 247
Changes in operating assets and liabilities, net:
Receivables, net $ (14, 0 6 5 ) ( 2 9 , 0 0 4) 3 ,7 9 5
Merchandise inventories ( 4 6 , 3 8 7 ) (1 0 3 , 6 6 8 ) ( 6 9, 0 5 9)
Prepaid expenses and other current assets 6,926 ( 2 9 , 97 2 ) (8,543 )
Accounts payable and accrued liabilities 2 1 9, 0 07 (2 9 , 9 22) 752
Changes in operating assets and liabilities, net $ 1 6 5, 4 8 1 ( 1 9 2, 5 6 6 ) ( 73, 0 5 5 )
Supplemental cash flow information:
Cash paid during the period for:
Interest $ 2 9 , 8 67 4 9 , 0 07 24 , 9 1 1
Income taxes $ 43,646 73, 3 7 1 7 2 ,342
Supplemental disclosure of subsidiaries acquired:
Assets acquired $ 1 3 , 41 2 2 0 6,1 0 5 2 0 1 , 9 1 0
Liabilities assumed -- 4 8 , 2 8 8 2 6 ,1 5 0
Cash paid $ 1 3 , 41 2 1 5 7, 8 1 7 1 7 5 ,76 0
See ac com pan ying notes to consolidated f inancial st a t e m e n t s .