Dillard's 2013 Annual Report Download - page 36

Download and view the complete annual report

Please find page 36 of the 2013 Dillard's 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 80

  • 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
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80

30
Store closures during fiscal 2013 were:
Closed Locations—Fiscal 2013 City Square Feet
Cache Valley Mall . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Logan, Utah 94,000
Randolph Mall . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asheboro, North Carolina 60,000
Euclid Square Mall. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Euclid, Ohio 100,000
Collin Creek Mall. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Plano, Texas 195,000
University Mall . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chapel Hill, North Carolina 64,000
Twin Peaks Mall. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Longmont, Colorado 90,000
Total closed square footage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 603,000
During fiscal 2013, 2012 and 2011, we received proceeds from the sale of property and equipment of $2.5 million,
$30.9 million and $18.9 million, respectively, and recorded related gains of $0.6 million, $12.4 million and $1.8 million,
respectively.
During fiscal 2013, the Company received proceeds of $15.7 million from the sale of its investment in Acumen, resulting
in a gain of $11.7 million that was recorded in gain on disposal of assets.
During fiscal 2011, the Company sold its interest in a mall joint venture located in Denver, Colorado 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 and 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 $312.1 million in fiscal 2013 from $517.2 million in fiscal 2012. This
increase in cash flow of $205.2 million was primarily due to a reduction in cash dividends paid (mainly due to a special, one-
time dividend paid in fiscal 2012) and debt maturities partially offset by an increase in treasury stock purchases.
Stock Repurchase. In November 2013, 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 ("November 2013 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 November 2013 Stock Plan has no expiration date. As of February 1, 2014, $250.0
million of authorization remained under the November 2013 Stock Plan.
In March 2013, 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 ("March 2013 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 Exchange Act or through privately negotiated transactions. The March 2013 Stock Plan
has no expiration date. During fiscal 2013, the Company repurchased 2.7 million shares for $209.6 million at an average price
of $77.93 per share. At February 1, 2014, $40.4 million of authorization remained under the March 2013 Stock Plan.
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"). During fiscal 2012, the Company
repurchased 2.4 million shares for $158.0 million at an average price of $66.39 per share. During fiscal 2013, the Company
repurchased 1.2 million shares for $92.0 million at an average price of $79.14 per share, which completed the authorization
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"). 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 2012, the Company
repurchased 439 thousand shares for $27.5 million at an average price of $62.71 per share, which completed the authorization
under the May 2011 Stock Plan.