Cracker Barrel 2004 Annual Report Download - page 48

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CBRL GROUP, INC.
Consolidated Statement of Cash Flows
(In thousands)
Fiscal years ended
July 30,
2004
August 1,
2003
August 2,
2002
(As Restated,
see Note 2)
(As Restated,
see Note 2)
(As Restated,
see Note 2)
Cash flows from operating activities:
Net income $111,885 $105,108 $90,444
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 63,868 64,376 62,759
Loss (gain) on disposition of property and
equipment 3,334 903 (781)
Accretion on zero-coupon contingently
convertible senior notes 5,408 5,254 1,720
Tax benefit realized upon exercise of
stock options 12,641 13,399 9,991
Changes in assets and liabilities:
Receivables (652) (691) 2,281
Inventories (5,800) (11,327) (8,103)
Prepaid expenses 563 2,792 (2,161)
Other assets (4,863) (3,136) (813)
Accounts payable (28,877) 8,366 17,108
Taxes withheld and accrued 2,436 3,422 (1,153)
Income taxes payable 10,394 (7,349) (3,891)
Accrued employee compensation (687) 6,691 7,169
Accrued employee benefits 508 5,361 7,871
Deferred revenues 3,712 2,673 3,921
Other accrued expenses 6,356 928 1,848
Other long-term obligations 5,755 4,562 6,322
Deferred income taxes 14,384 39,254 1,745
Net cash provided by operating activities 200,365 240,586 196,277
Cash flows from investing activities:
Purchase of property and equipment (144,611) (120,921) (96,692)
Proceeds from sale of property and
equipment 945 1,968 5,813
Net cash used in investing activities (143,666) (118,953) (90,879)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 150,000 353,200 591,756
Proceeds from exercise of stock options 50,210 59,649 53,103
Principal payments under long-term debt
and other long-term obligations (157,125) (366,287) (524,140)
Purchases and retirement of common stock (69,206) (166,632) (216,834)
Deferred financing costs (1) (1,205) (4,853)
Dividends on common stock (16,191) (1,043) (1,163)
Net cash used in financing activities (42,313) (122,318) (102,131)
Net increase (decrease) in cash and cash
equivalents 14,386 (685) 3,267
Cash and cash equivalents, beginning of
year 14,389 15,074 11,807
Cash and cash equivalents, end of year $28,775 $14,389 $15,074
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest $ 1,108 $ 1,604 $ 4,839
Income taxes 26,501 15,229 43,340
See Notes to Consolidated Financial Statements.