Cracker Barrel 2006 Annual Report Download - page 53

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51
CBRL GROUP, INC.
Consolidated Statement of Cash Flows
(In thousands)
Fiscal years ended
July 28, July 29, July 30,
2006 2005 2004
Cash flows from operating activities:
Net income $ 116,291 $ 126,640 $ 111,885
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 72,278 67,321 63,868
Loss on disposition of property and equipment 1,859 3,654 3,334
Impairment 7,662 431 —
Accretion on zero-coupon contingently convertible senior notes 5,747 5,579 5,408
Share-based compensation 13,439 1,261 116
Excess tax benefit from share-based compensation (6,441) 12,990 12,641
Changes in assets and liabilities:
Receivables (893) (3,934) (652)
Inventories 4,628 (984) (5,800)
Prepaid expenses 1,242 1,131 563
Other assets (5,657) (11,465) (4,863)
Accounts payable (13,864) 44,415 (28,877)
Taxes withheld and accrued 1,730 1,857 2,436
Income taxes payable 6,674 3,640 10,394
Accrued employee compensation (565) (183) (687)
Accrued employee benefits (3,061) 4,341 508
Deferred revenues 595 1,471 3,712
Other accrued expenses 8,910 (2,679) 6,356
Other long-term obligations 11,424 12,396 5,755
Deferred income taxes (7,152) 13,282 14,384
Net cash provided by operating activities 214,846 281,164 200,481
Cash flows from investing activities:
Purchase of property and equipment (146,291) (171,447) (144,611)
Proceeds from insurance recoveries of property and equipment 1,365 — —
Proceeds from sale of property and equipment 7,854 1,381 945
Net cash used in investing activities (137,072) (170,066) (143,666)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 1,343,500 609,700 150,000
Proceeds from exercise of stock options 27,283 38,080 50,094
Principal payments under long-term debt and other
long-term obligations (642,232) (588,388) (157,125)
Purchases and retirement of common stock (704,160) (159,328) (69,206)
Dividends on common stock (24,019) (22,764) (16,191)
Excess tax benefit from share-based compensation 6,441 — —
Deferred financing costs (12,198) — (1)
Net cash used in financing activities (5,385) (122,700) (42,429)
Net increase (decrease) in cash and cash equivalents 72,389 (11,602) 14,386
Cash and cash equivalents, beginning of year 17,173 28,775 14,389
Cash and cash equivalents, end of year $ 89,562 $ 17,173 $ 28,775
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized $ 1,755 $ 1,178 $ 1,108
Income taxes 52,703 37,848 26,501
See Notes to Consolidated Financial Statements.