Buffalo Wild Wings 2006 Annual Report Download - page 36

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BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal years ended December 31, 2006, December 25, 2005, and December 26, 2004
(Dollar amounts in thousands)
Fiscal years ended
Decembe 31, r
2006
Decembe 25, r
2005
Decembe 26, r
2004
Cash flows from operating activities:
8,880 Net earnings $ 16,273 7,201
Adjustments to reconcile net earnings to cash provided by operations:
11,765 Depreciation 14,492 9,717
Amortization (54) 90 151
Restaurant impairment and closures 1,008 1,991 573
Deferred lease credits 393 362 142
Deferred income taxes (2,228) (1,473) 1,947
Stock-based compensation 3,216 1,700 909
Tax benefit from stock issuance — 409 958
Excess tax benefit from stock issuance (1,153) — —
Change in operating assets and liabilities:
— Purchase of marketable securities (1,288) —
Accounts receivable (1,575) (1,064) (1,023)
Inventory (265) (295) (229)
Prepaid expenses 920 (502) (240)
Other assets (853) (93) (72)
Unearned franchise fees 153 (239) 474
Accounts payable (1,884) 1,163 (166)
Income taxes 1,315 1,829 (1,360)
Accrued expenses 4,561 95 1,772
Net cash provided by operating activities 33,031 24,618 20,754
Cash flows from investing activities:
Acquisition of property and equipment (23,760) (21,865) (22,702)
Purchase of marketable securities (108,328) (91,539) (95,475)
Proceeds of marketable securities 105,259 79,485 58,870
Net cash used in investing activities (26,829) (33,919) (59,307)
Cash flows from financing activities:
1,014 Issuance of common stock 1,101 1,572
Tax payments for restricted stock (686) (284) —
Excess tax benefit from stock issuance 1,153 — —
Net cash provided by financing activities 1,568 730 1,572
Net increase (decrease) in cash and cash
equivalents 7,770 (8,571) (36,981)
Cash and cash equivalents at beginning of year 3,986 12,557 49,538
Cash and cash equivalents at end of year $ 11,756 3,986 12,557
See accompanying notes to consolidated financial statements.
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