Dollar General 2004 Annual Report Download - page 61

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Dollar General Corporation 59
For the Year Ended January 28, 2005
Dollar General
Corporation
Guarantor
Subsidiaries Eliminations
Consolidated
Total
Statements of Cash Flows:
Cash flows from operating activities:
Net income $ 344,190 $ 333,852 $(333,852) $ 344,190
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 17,181 147,297 — 164,478
Deferred income taxes 5,516 20,235 — 25,751
Tax benefit from stock option exercises 9,657 — — 9,657
Equity in subsidiaries’ earnings, net (333,852) — 333,852 —
Change in operating assets and liabilities:
Merchandise inventories — (219,396) — (219,396)
Prepaid expense and other current assets 652 (4,318) — (3,666)
Accounts payable 10,665 11,593 — 22,258
Accrued expenses and other (8,351) 43,399 — 35,048
Income taxes 4,751 19,042 — 23,793
Other (3,126) (9,251) — (12,377)
Net cash provided by operating activities 47,283 342,453 — 389,736
Cash flows from investing activities:
Purchases of property and equipment (20,443) (271,729) — (292,172)
Purchases of short-term investments (220,200) (1,500) — (221,700)
Sales of short-term investments 245,000 2,501 — 247,501
Proceeds from sale of property and equipment 3 3,321 — 3,324
Net cash provided by (used in) investing activities 4,360 (267,407) — (263,047)
Cash flows from financing activities:
Borrowings under revolving credit facility 195,000 — — 195,000
Repayments of borrowings under revolving credit facility (195,000) — — (195,000)
Repayments of long-term obligations (7,847) (4,692) — (12,539)
Payment of cash dividends (52,682) — — (52,682)
Proceeds from exercise of stock options 34,128 — — 34,128
Repurchases of common stock (209,295) — — (209,295)
Changes in intercompany note balances, net 25,586 (25,586) — —
Other financing activities 630 — — 630
Net cash used in financing activities (209,480) (30,278) — (239,758)
Net increase (decrease) in cash and cash equivalents (157,837) 44,768 — (113,069)
Cash and cash equivalents, beginning of year 285,007 60,892 — 345,899
Cash and cash equivalents, end of year $ 127,170 $ 105,660 $ — $ 232,830