Cash America 2007 Annual Report Download - page 80

60
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2007 2006 2005
Cash Flows from Operating Activities of Continuing Operations:
Net income ............................................................................................................. $ 79,346 $ 60,940 $ 45,018
Income from discontinued operations .................................................................... ʊ ʊ (197)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization............................................................................ 32,125 27,312 23,417
Cash advance loss provision............................................................................... 155,238 59,563 42,834
Stock-based compensation expense.................................................................... 3,060 2,623 1,677
Foreign currency transaction (gain) loss............................................................. 24 (296) 834
Gain on termination of contract.......................................................................... ʊ (2,167) ʊ
Gain on sale of foreign notes .............................................................................. (6,260) ʊ ʊ
Changes in operating assets and liabilities –
Merchandise held for disposition........................................................................ 1,765 7,128 12,499
Finance and service charges receivable.............................................................. (2,305) (4,579) (1,861)
Other receivables and prepaid expenses ............................................................. (2,216) (4,981) (3,191)
Accounts payable and accrued expenses ............................................................ 8,968 17,969 4,264
Customer deposits, net........................................................................................ 328 696 461
Current income taxes, net ................................................................................... 1,917 6,510 229
Excess income tax benefit from stock-based compensation............................... (853) (5,268) (1,031)
Deferred income taxes, net ................................................................................. 1,936 (3,638) (1,633)
Net cash provided by operating activities of continuing operations ............... 273,073 161,812 123,320
Cash Flows from Investing Activities of Continuing Operations:
Pawn loans made.................................................................................................... (435,046) (395,104) (361,077)
Pawn loans repaid .................................................................................................. 218,920 210,177 202,015
Principal recovered on forfeited loans through dispositions .................................. 194,365 158,568 139,365
Cash advances made, assigned or purchased ......................................................... (1,162,952) (759,822) (624,303)
Cash advances repaid ............................................................................................. 1,001,048 682,473 578,475
Acquisitions, net of cash acquired.......................................................................... (82,557) (64,927) (19,937)
Purchases of property and equipment .................................................................... (70,097) (46,355) (27,255)
Proceeds from sale of foreign notes....................................................................... 16,589 ʊ ʊ
Proceeds from insurance claims............................................................................. 1,416 1,934 530
Proceeds from disposition of assets and termination of contract ........................... ʊ 2,198 486
Net cash used by investing activities of continuing operations .......................... (318,314) (210,858) (111,701)
Cash Flows from Financing Activities of Continuing Operations:
Net borrowings (repayments) under bank line of credit......................................... 90,100 10,540 (21,346)
Issuance of long-term notes ................................................................................... ʊ 60,000 40,000
Debt issuance costs paid......................................................................................... (282) (261) (1,328)
Payments on notes payable and other obligations.................................................. (21,072) (16,786) (19,286)
Payments on notes receivable secured by common stock ...................................... 18 2,470 ʊ
Proceeds from exercise of stock options ................................................................ 761 7,241 2,202
Excess income tax benefit from stock-based compensation .................................. 853 5,268 1,031
Treasury shares purchased ..................................................................................... (24,032) (9,602) (6,240)
Dividends paid ....................................................................................................... (4,128) (2,953) (2,903)
Net cash provided (used) by financing activities of continuing operations........ 42,218 55,917 (7,870)
Effect of exchange rates on cash............................................................................ 25 ʊ ʊ
Net (decrease) increase in cash and cash equivalents................................................ (2,998) 6,871 3,749
Cash and cash equivalents at beginning of year ........................................................ 25,723 18,852 15,103
Cash and cash equivalents at end of year................................................................... $ 22,725 $ 25,723 $ 18,852
See notes to consolidated financial statements.