Barnes and Noble 2011 Annual Report Download - page 34

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CONSOLIDATED STATEMENTS OF CASH FLOWS
FISCAL YEAR (In thousands) Fiscal 2011 Fiscal 2010
13 weeks ended
May 2, 2009 Fiscal 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss) $ (73,957) 36,644 (2,723) 75,890
Net earnings (loss) from discontinued operations — — (654) (9,506)
Net earnings (loss) from continuing operations (73,957) 36,644 (2,069) 85,396
Adjustments to reconcile net earnings (loss) from continuing
operations to net cash fl ows provided by (used in) operating
activities:
Depreciation and amortization (including amortization of deferred
fi nancing fees) 244,734 214,464 46,426 174,104
Increase (decrease) in other long-term liabilities (57,256) (35,222) (6,441) 7,590
Changes in operating assets and liabilities, net 59,209 (58,091) (189,811) 72,700
Stock-based compensation expense 20,978 15,723 3,900 20,549
Deferred taxes 1,614 (57,170) 1,306 (430)
Property and equipment impairment charge 2,857 12,102 — 11,715
(Gain) loss on disposal of property and equipment 893 2,388 (29) 4,625
Net cash fl ows provided by (used in) operating activities 199,072 130,838 (146,718) 376,249
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment (110,502) (127,779) (22,822) (192,153)
Net (increase) decrease in other noncurrent assets (1,466) (3,568) 87 (723)
Acquisition of Fictionwise — — (15,729) —
Purchase of non-controlling interest (300) — — —
Acquisition of Barnes & Noble College Booksellers, Inc (net of
cash acquired) — (185,928) — —
Acquisition of Tikatok Inc. (net of cash acquired) — (2,261) — —
Net cash fl ows used in investing activities (112,268) (319,536) (38,464) (192,876)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of short term note payable (100,000) — — —
Payment received for Calendar Club note receivable 6,000 — — —
Net increase in credit facility 52,700 260,400 — —
Financing fees paid related to the Amended Credit Facility
and 2009 Credit Facility (10,180) (37,069) — —
Fictionwise earn-out payments (7,508) (2,612) — —
Cash dividends paid to shareholders (44,783) (57,403) (14,210) (51,581)
Proceeds from exercise of common stock options 17,233 4,363 5,519 9,662
Purchase of treasury stock (1,836) (3,028) (1,799) (201,481)
Excess (reversal) tax benefi t from stock-based compensation 34 (1,582) 312 869
Net cash fl ows provided by (used in) fi nancing activities (88,340) 163,069 (10,178) (242,531)
See accompanying notes to consolidated fi nancial statements.
32 Barnes & Noble, Inc.