Cracker Barrel 2010 Annual Report Download - page 43

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(In thousands)
Fiscal years ended
July 30, July 31, August 1,
2010 2009 2008
Cash ows from operating activities:
Net income $ 85,258 $ 65,926 $ 65,553
Loss (income) from discontinued operations, net of tax — 31 (250)
Adjustments to reconcile net income to net cash provided by operating activities
of continuing operations:
Depreciation and amortization 61,024 59,286 57,689
Loss on disposition of property and equipment 4,697 4,421 1,195
Impairment 2,672 2,088 532
Share-based compensation 13,193 6,946 8,491
Excess tax benet from share-based compensation (5,063) (937) —
Changes in assets and liabilities:
Accounts receivable (800) 754 (1,725)
Income taxes receivable 4,078 3,794 (6,919)
Inventories (6,655) 18,530 (11,538)
Prepaid expenses and other current assets 584 1,788 1,648
Other assets (5,642) 2,009 (3,597)
Accounts payable 24,050 (1,021) 52
Taxes withheld and accrued 906 2,622 (2,742)
Income taxes payable 12,687 — 990
Accrued employee compensation 9,880 3,809 (2,385)
Accrued employee benets (1,696) (1,608) (685)
Deferred revenues 5,016 (90) 1,456
Accrued interest expense 156 (2,106) 12,321
Other accrued expenses (613) (672) (1,188)
Other long-term obligations 5,002 (1,953) 5,462
Deferred income taxes 3,372 554 150
Net cash provided by operating activities of continuing operations 212,106 164,171 124,510
Cash ows from investing activities:
Purchase of property and equipment (70,132) (68,104) (88,027)
Proceeds from insurance recoveries of property and equipment 241 262 178
Proceeds from sale of property and equipment 265 58,755 5,143
Net cash used in investing activities of continuing operations (69,626) (9,087) (82,706)
Cash ows from nancing activities:
Proceeds from issuance of long-term debt 349,600 620,200 797,650
Proceeds from exercise of share-based compensation awards 37,460 4,362 306
Principal payments under long-term debt and other long-term obligations (414,572) (762,530) (774,292)
Purchases and retirement of common stock (62,487) — (52,380)
Deferred nancing costs (2,908) (768) —
Dividends on common stock (18,545) (17,607) (15,743)
Excess tax benet from share-based compensation 5,063 937 —
Net cash used in nancing activities of continuing operations (106,389) (155,406) (44,459)
Cash ows from discontinued operations:
Net cash (used in) provided by operating activities of discontinued operations — (47) 385
Net cash (used in) provided by discontinued operations — (47) 385
Net increase (decrease) in cash and cash equivalents 36,091 (369) (2,270)
Cash and cash equivalents, beginning of year 11,609 11,978 14,248
Cash and cash equivalents, end of year $ 47,700 $ 11,609 $ 11,978
Supplemental disclosure of cash ow information:
Cash paid during the year for:
Interest, excluding interest rate swap payments, net of amounts capitalized $ 14,598 $ 32,344 $ 37,180
Interest rate swap 30,722 19,469 5,578
Income taxes 20,673 23,782 32,030
Supplemental schedule of non-cash nancing activity:
Change in fair value of interest rate swap $ (5,049) $ (21,614) $ (25,938)
Change in deferred tax asset for interest rate swap 1,022 4,445 7,273
See Notes to Consolidated Financial Statements.
Consolidated Statement Of Cash Flows
CRACKER BARREL OLD COUNTRY STORE, INC.
41