Chili's 2005 Annual Report Download - page 41

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13
BRINKER INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Fiscal Years
2005 2004 2003
Cash Flows from Operating Activities:
Net income ..................................................... $ 160,219 $ 150,918 $ 166,200
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization .................................. 190,889 178,879 161,071
Restructure charges and other impairments....................... 63,422 74,237 29,744
Deferred income taxes.......................................... (14,852) 1,467 37,743
Gain on sale of assets........................................... (9,278) (2,452 ) —
Gain on extinguishment of debt.................................. (1,750) — —
Amortization of deferred costs .................................. 4,365 9,318 11,721
Changes in assets and liabilities, excluding effects of acquisitions and
dispositions:
Receivables................................................. (5,984) (2,515 ) (8,956)
Inventories.................................................. (12,630) (14,047 ) (2,726)
Prepaid expenses and other................................... (3,804) 2,182 392
Other assets................................................. (3,377) (3,146 ) 2,474
Current income taxes......................................... 1,784 38,864 37,314
Accounts payable............................................ 27,301 (2,273 ) (10,350)
Accrued liabilities............................................ 37,382 34,645 14,603
Other liabilities.............................................. 9,793 23,628 15,114
Net cash provided by operating activities........................ 443,480 489,705 454,344
Cash Flows from Investing Activities:
Payments for property and equipment.............................. (334,911) (314,345 ) (331,998)
Proceeds from sale of assets....................................... 44,484 22,235 —
Proceeds from sale of short-term investments........................ 179,325 74,850 —
Purchases of short-term investments................................ — (254,175 ) —
Net payments (to) from affiliates................................... — (2,252 ) 7,372
Investments in equity method investee.............................. — — (1,750)
Net cash used in investing activities ............................ (111,102) (473,687 ) (326,376)
Cash Flows from Financing Activities:
Payments on long-term debt....................................... (301,364) (17,120 ) (16,890)
Purchases of treasury stock........................................ (170,210) (322,615 ) (64,477)
Proceeds from issuances of treasury stock........................... 71,112 41,587 40,300
Net borrowings (payments) on credit facilities....................... 62,900 — (63,500)
Net proceeds from issuance of debt ................................ — 296,075 —
Net cash used in financing activities............................ (337,562) (2,073 ) (104,567)
Net change in cash and cash equivalents ............................ (5,184) 13,945 23,401
Cash and cash equivalents at beginning of year ...................... 47,437 33,492 10,091
Cash and cash equivalents at end of year............................ $ 42,253 $ 47,437 $ 33,492
See accompanying notes to consolidated financial statements.