Cracker Barrel 2011 Annual Report Download - page 35

Download and view the complete annual report

Please find page 35 of the 2011 Cracker Barrel annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 56

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56

33
Consolidated Statements Of Cash Flows
CR A CKER BAR REL OLD COUNTRY STORE, INC.
(In thousands)
Fiscal years ended
July 29, July 30, July 31,
2011 2010 2009
Cash flows from operating activities:
Net income $85,208 $85,258 $65,926
Loss from discontinued operations, net of tax — — 31
Adjustments to reconcile net income to net cash provided by operating activities
of continuing operations:
Depreciation and amortization 62,788 61,024 59,286
(Gain) loss on disposition of property and equipment (1,418) 4,697 4,421
Impairment 3,219 2,672 2,088
Share-based compensation 9,796 13,193 6,946
Excess tax benefit from share-based compensation (4,108) (5,063) (937)
Changes in assets and liabilities:
Accounts receivable 1,251 (800) 754
Income taxes receivable (7,898) 4,078 3,794
Inventories2,532 (6,655) 18,530
Prepaid expenses and other current assets (391) 584 1,788
Other assets (803) (5,642) 2,009
Accounts payable (16,539) 24,050 (1,021)
Taxes withheld and accrued(652) 906 2,622
Income taxes payable (3,516) 12,687 —
Accrued employee compensation (10,680) 9,880 3,809
Accrued employee benefits (1,690) (1,696) (1,608)
Deferred revenues5,086 5,016 (90)
Accrued interest expense (2,678) 156 (2,106)
Other accrued expenses (1,669) (613) (672)
Other long-term obligations12,576 5,002 (1,953)
Deferred income taxes7,798 3,372 554
Net cash provided by operating activities of continuing operations138,212 212,106 164,171
Cash flows from investing activities:
Purchase of property and equipment (77,962) (70,132) (68,104)
Proceeds from insurance recoveries of property and equipment 276 241 262
Proceeds from sale of property and equipment 8,197 265 58,755
Net cash used in investing activities of continuing operations(69,489) (69,626) (9,087)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 687,000 349,600 620,200
Proceeds from exercise of share-based compensation awards 20,540 37,460 4,362
Principal payments under long-term debt and other long-term obligations(717,263) (414,572) (762,530)
Purchases and retirement of common stock (33,563) (62,487) —
Deferred financing costs (5,125) (2,908) (768)
Dividends on common stock (19,846) (18,545) (17,607)
Excess tax benefit from share-based compensation 4,108 5,063 937
Net cash used in financing activities of continuing operations(64,149) (106,389) (155,406)
Cash flows from discontinued operations:
Net cash used in operating activities of discontinued operations — — (47)
Net cash used in discontinued operations — — (47)
Net increase (decrease) in cash and cash equivalents 4,574 36,091 (369)
Cash and cash equivalents, beginning of year 47,700 11,609 11,978
Cash and cash equivalents, end of year $ 52,274 $47,700 $11,609
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, excluding interest rate swap payments, net of amounts capitalized $ 15,946 $14,598 $32,344
Interest rate swaps 30,355 30,722 19,469
Income taxes32,248 20,673 23,782
Supplemental schedule of non-cash financing activity:
Change in fair value of interest rate swaps $14,677 $(5,049) $(21,614)
Change in deferred tax asset for interest rate swaps (3,860) 1,022 4,445
See Notes to Consolidated Financial Statements.
B)LQDQFLDOLQGG 30