Cracker Barrel 2009 Annual Report Download - page 59

C R A C K E R B A R R E L O L D C O U N T R Y S TO R E , I N C .
Consolidated Statement of Cash Flows
(In thousands)
Fiscal years ended
July 31, August 1, August 3,
2009 2008 2007
Cash flows from operating activities:
Net income $ 65,926 $ 65,553 $162,065
Loss (income) from discontinued operations, net of tax 31 (250) (86,082)
Adjustments to reconcile net income to net cash provided by operating activities
of continuing operations:
Depreciation and amortization 59,286 57,689 56,908
Loss on disposition of property and equipment 4,421 1,195 53
Impairment 2,088 532 —
Accretion on zero-coupon contingently convertible senior notes and new notes — — 5,237
Share-based compensation 6,946 8,491 12,717
Excess tax benefit from share-based compensation (937) — (6,642)
Cash paid for accretion of original issue discount on zero-coupon contingently
convertible senior notes and new notes — — (27,218)
Changes in assets and liabilities:
Accounts receivable 754 (1,725) (325)
Income taxes receivable 3,794 (6,919) —
Inventories 18,530 (11,538) (16,113)
Prepaid expenses and other current assets 1,788 1,648 (8,234)
Other assets 2,009 (3,597) (2,381)
Accounts payable (1,021) 52 22,116
Taxes withheld and accrued 2,622 (2,742) 1,296
Income taxes payable — 990 (6,280)
Accrued employee compensation 3,809 (2,385) 7,988
Accrued employee benefits (1,608) (685) (3,592)
Deferred revenues (90) 1,456 2,315
Accrued interest expense (2,106) 12,321 (11,934)
Other accrued expenses (672) (1,188) 1,537
Other long-term obligations (1,953) 5,462 5,931
Deferred income taxes 554 150 (12,490)
Net cash provided by operating activities of continuing operations 164,171 124,510 96,872
Cash flows from investing activities:
Purchase of property and equipment (68,104) (88,027) (96,538)
Proceeds from insurance recoveries of property and equipment 262 178 91
Proceeds from sale of property and equipment 58,755 5,143 8,726
Net cash used in investing activities of continuing operations (9,087) (82,706) (87,721)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 620,200 797,650 234,100
Proceeds from exercise of share-based compensation awards 4,362 306 33,179
Principal payments under long-term debt and other long-term obligations (762,530) (774,292) (355,089)
Purchases and retirement of common stock — (52,380) (405,531)
Deferred financing costs (768) — —
Dividends on common stock (17,607) (15,743) (15,610)
Excess tax benefit from share-based compensation 937 — 6,642
Net cash used in financing activities of continuing operations (155,406) (44,459) (502,309)
Cash flows from discontinued operations:
Net cash (used in) provided by operating activities of discontinued operations (47) 385 (33,818)
Net cash provided by investing activities of discontinued operations — — 453,394
Net cash (used in) provided by discontinued operations (47) 385 419,576
Net decrease in cash and cash equivalents (369) (2,270) (73,582)
Cash and cash equivalents, beginning of year 11,978 14,248 87,830
Cash and cash equivalents, end of year $ 11,609 $ 11,978 $ 14,248
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, excluding interest rate swap payments, net of amounts capitalized $ 32,344 $ 37,180 $ 62,437
Interest rate swap 19,469 5,578 1,035
Accretion of original issue discount of zero-coupon contingently
convertible senior notes and new notes — — 27,218
Income taxes 23,782 32,030 101,495
Supplemental schedule of non-cash financing activity:
Conversion of zero-coupon contingently convertible senior notes to common stock — — $ 12,136
Change in fair value of interest rate swap $ (21,614) $ (25,938) (6,460)
Change in deferred tax asset for interest rate swap 4,445 7,273 2,001
See Notes to Consolidated Financial Statements.
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