Buffalo Wild Wings 2009 Annual Report Download - page 66

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BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal years ended December 27, 2009, December 28, 2008, and December 30, 2007
(Dollar amounts in thousands)
Fiscal years ended
December 27,
2009
December 28,
2008
December 30,
2007
Cash flows from operating activities:
Net earnings $ 30,671 24,435 19,654
Adjustments to reconcile net earnings to cash provided by
operations:
Depreciation 31,993 23,415 16,987
Amortization 612 207 (54)
Loss on asset disposals and impairment 1,928 2,083 987
Deferred lease credits 2,181 1,955 2,374
Deferred income taxes 4,817 6,322 (894)
Stock-based compensation 6,490 4,900 3,755
Excess tax benefit from stock issuance (1,453) (615) (1,007)
Change in operating assets and liabilities, net of effect of
acquisition:
Trading securities (2,051) 23 (302)
Accounts receivable (2,663) 375 (1,183)
Inventory (540) (473) (595)
Prepaid expenses 322 (152) (2,008)
Other assets (490) (608) (600)
Unearned franchise fees 192 198 (31)
Accounts payable 1,150 809 3,683
Income taxes 1,192 890 (1,143)
Accrued expenses 4,935 2,343 3,956
Net cash provided by operating activities 79,286 66,107 43,579
Cash flows from investing activities:
Acquisition of property and equipment (73,748) (67,396) (41,359)
Purchase of marketable securities (57,024) (116,259) (158,170)
Proceeds of marketable securities 51,600 146,592 144,842
Acquisition of franchised restaurants — (23,071) —
Net cash used in investing activities (79,172) (60,134) (54,687)
Cash flows from financing activities:
Issuance of common stock 1,179 1,227 1,446
Excess tax benefit from stock issuance 1,453 615 1,007
Tax payments for restricted stock (1,513) (989) (1,580)
Net cash provided by financing activities 1,119 853 873
Net increase (decrease) in cash and cash
equivalents 1,233 6,826 (10,235)
Cash and cash equivalents at beginning of year 8,347 1,521 11,756
Cash and cash equivalents at end of year $ 9,580 8,347 1,521
See accompanying notes to consolidated financial statements.
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Source: BUFFALO WILD WINGS INC, 10-K, February 26, 2010 Powered by Morningstar® Document Research℠