Barnes and Noble 2002 Annual Report Download - page 28

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[CONSOLIDATED STATEMENTS OF CASH FLOWS ]
27
2002 Annual Report Barnes & Noble, Inc.
Fiscal Year 2002 2001 2000
(Thousands of dollars)
Cash flows from operating activities:
Net earnings (loss) $ 99,948 63,967 ( 51,966 )
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:
Depreciation and amortization (including amortization of deferred financing fees) 151,586 150,118 146,317
Loss on disposal of property and equipment 6,690 4,019 3,313
Deferred taxes 7,122 ( 32,131 ) ( 54,098 )
Impairment charge 25,328 -- 106,833
Increase in other long-term liabilities for scheduled rent increases in long-term leases 2,822 5,829 9,417
Other expense, net 16,498 11,730 9,346
Equity in net loss of Barnes & Noble.com 26,795 88,378 103,936
Minority interest 19,142 -- --
Changes in operating assets and liabilities, net ( 26,932 ) 165,481 ( 192,566 )
Net cash flows from operating activities 328,999 457,391 80,532
Cash flows from investing activities:
Acquisition of consolidated subsidiaries, net of cash received ( 122,593 ) ( 13,412 ) ( 157,817 )
Purchases of property and equipment ( 179,545 ) ( 168,833 ) ( 134,292 )
Proceeds from the partial sale of investments -- 6,072 2,962
Purchase of investments (4,209 ) ( 5,581 ) ( 12,802 )
Net increase in other noncurrent assets ( 4,459 ) ( 14,648 ) ( 86 )
Net cash flows from investing activities ( 310,806 ) ( 196,402 ) ( 302,035 )
Cash flows from financing activities:
Proceeds from GameStop initial public offering 346,112 -- --
Net increase (decrease) in revolving credit facility ( 149,000 ) ( 517,900 ) 235,300
Proceeds from issuance of long-term debt -- 300,000 --
Proceeds from exercise of common stock options 8,133 39,126 18,539
Purchase of treasury stock through repurchase program ( 64,014 ) -- ( 30,580 )
Net cash flows from financing activities 141,231 ( 178,774 ) 223,259
Net increase in cash and cash equivalents 159,424 82,215 1,756
Cash and cash equivalents at beginning of year 108,218 26,003 24,247
Cash and cash equivalents at end of year $ 267,642 108,218 26,003
Changes in operating assets and liabilities, net:
Receivables, net $(7,403 ) ( 14,065 ) ( 29,004 )
Merchandise inventories (94,281 ) ( 46,387 ) ( 103,668 )
Prepaid expenses and other current assets ( 4,914 ) 6,926 ( 29,972 )
Accounts payable and accrued liabilities 79,666 219,007 ( 29,922 )
Changes in operating assets and liabilities, net $ ( 26,932 ) 165,481 ( 192,566 )
Supplemental cash flow information:
Cash paid during the period for:
Interest $20,377 29,867 49,007
Income taxes $ 78,525 43,646 73,371
Supplemental disclosure of subsidiaries acquired:
Assets acquired $133,855 13,412 206,105
Liabilities assumed 11,262 -- 48,288
Cash paid $122,593 13,412 157,817
See accompanying notes to consolidated financial statements.