Dillard's 2012 Annual Report Download - page 40

Store closures during fiscal 2012 were:
Closed Locations—Fiscal 2012 City Square Feet
Hutchinson Mall .................... Hutchinson, Kansas 70,000
Southpark Mall ..................... Colonial Heights, Virginia 85,000
Total closed square footage ........... 155,000
We have also announced the upcoming closure of our Cache Valley Mall location in Logan, Utah
(94,000 square feet). The store is expected to close during the first quarter of fiscal 2013 with minimal
closing costs.
Capital expenditures for fiscal 2013 are expected to be approximately $175 million. These
expenditures are primarily for the construction and remodeling of stores and the purchase of
equipment. There are no planned store openings for fiscal 2013.
During fiscal 2012, 2011 and 2010, we received proceeds from the sale of property and equipment
of $30.9 million, $18.9 million and $17.6 million, respectively, and recorded related gains of $12.4
million, $1.8 million and $5.6 million, respectively.
During fiscal 2010, the Company invested an additional $9.0 million in its Denver, Colorado mall
joint venture. During fiscal 2011, the Company sold its interest in this joint venture for $11.0 million,
resulting in a gain of $2.1 million that was recorded in gain on disposal of assets.
During fiscal 2011, the Company received a distribution of excess cash from a mall joint venture of
$6.7 million and recorded a related gain of $4.2 million in income on (equity in losses of) joint
ventures.
Financing Activities
Our primary source of cash inflows from financing activities is generally our $1.0 billion revolving
credit facility. Financing cash outflows generally include the repayment of borrowings under the
revolving credit facility, the repayment of mortgage notes or long-term debt, the payment of dividends
and the purchase of treasury stock.
Cash used in financing activities decreased to $517.2 million in fiscal 2012 from $536.9 million in
fiscal 2011. This increase in cash flow of $19.7 million was primarily due to a reduction of treasury
stock purchases partially offset by higher cash dividends paid and the purchase and retirement of
common stock related to stock option exercises.
Stock Repurchase. In February 2012, the Company’s Board of Directors authorized the Company
to repurchase up to $250 million of the Company’s Class A Common Stock under an open-ended plan
(‘‘2012 Stock Plan’’). This authorization permits the Company to repurchase its Class A Common Stock
in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under
the Securities Exchange Act of 1934 (‘‘Exchange Act’’) or through privately negotiated transactions.
The 2012 Stock Plan has no expiration date. During fiscal 2012, the Company repurchased 2.4 million
shares for $158.0 million at an average price of $66.39 per share. At February 2, 2013, $92.0 million of
authorization remained under the 2012 Stock Plan.
In May 2011, the Company’s Board of Directors authorized the Company to repurchase up to
$250 million of the Company’s Class A Common Stock under an open-ended plan (‘‘May 2011 Stock
Plan’’). This authorization permitted the Company to repurchase its Class A Common Stock in the
open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the
Exchange Act or through privately negotiated transactions. During fiscal 2011, the Company
repurchased 5.0 million shares for $222.5 million at an average price of $44.77 per share. During fiscal
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