Cracker Barrel 2005 Annual Report Download - page 53

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51
CBRL GROUP, INC.
Consolidated Statement of Cash Flows
(In thousands)
Fiscal years ended
July 29, July 30, August 1,
2005 2004 2003
Cash flows from operating activities:
Net income $ 126,640 $ 111,885 $ 105,108
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 67,321 63,868 64,376
Loss on disposition of property and equipment 3,654 3,334 903
Impairment 431 — —
Accretion on zero-coupon contingently convertible senior notes 5,579 5,408 5,254
Tax benefits realized upon exercise of stock options 12,990 12,641 13,399
Changes in assets and liabilities:
Receivables (3,934) (652) (691)
Inventories (984) (5,800) (11,327)
Prepaid expenses 1,131 563 2,792
Other assets (11,465) (4,863) (3,136)
Accounts payable 44,415 (28,877) 8,366
Taxes withheld and accrued 1,857 2,436 3,422
Income taxes payable 3,640 10,394 (7,349)
Accrued employee compensation (183) (687) 6,691
Accrued employee benefits 4,341 508 5,361
Deferred revenues 1,471 3,712 2,673
Other accrued expenses (2,679) 6,356 928
Other long-term obligations 12,396 5,755 4,562
Deferred income taxes 13,282 14,384 39,254
Net cash provided by operating activities 279,903 200,365 240,586
Cash flows from investing activities:
Purchase of property and equipment (171,447) (144,611) (120,921)
Proceeds from sale of property and equipment 1,381 945 1,968
Net cash used in investing activities (170,066) (143,666) (118,953)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 609,700 150,000 353,200
Proceeds from exercise of stock options 39,341 50,210 59,649
Principal payments under long-term debt and other
long-term obligations (588,388) (157,125) (366,287)
Purchases and retirement of common stock (159,328) (69,206) (166,632)
Dividends on common stock (22,764) (16,191) (1,043)
Other — (1) (1,205)
Net cash used in financing activities (121,439) (42,313) (122,318)
Net (decrease) increase in cash and cash equivalents (11,602) 14,386 (685)
Cash and cash equivalents, beginning of year 28,775 14,389 15,074
Cash and cash equivalents, end of year $ 17,173 $ 28,775 $ 14,389
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized $ 1,178 $ 1,108 $ 1,604
Income taxes 37,848 26,501 15,229
See Notes to Consolidated Financial Statements.