Dollar General 2004 Annual Report Download - page 63

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Dollar General Corporation 61
For the Year Ended January 31, 2003 (Restated)
Dollar General
Corporation
Guarantor
Subsidiaries Eliminations
Consolidated
Total
Statements of Cash Flows:
Cash flows from operating activities:
Net income $ 262,351 $ 251,125 $(251,125) $ 262,351
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 15,222 123,368 — 138,590
Deferred income taxes 63,204 17,969 — 81,173
Tax benefit from stock option exercises 2,372 — — 2,372
Litigation settlement (162,000) — — (162,000)
Equity in subsidiaries’ earnings, net (251,125) — 251,125 —
Change in operating assets and liabilities:
Merchandise inventories — 7,992 — 7,992
Prepaid expenses and other current assets (5,605) 6,844 — 1,239
Accounts payable 42,617 (24,197) — 18,420
Accrued expenses and other (20,857) 36,126 — 15,269
Income taxes (10,493) 66,951 — 56,458
Other 27,197 (26,767) — 430
Net cash provided by (used in) operating activities (37,117) 459,411 — 422,294
Cash flows from investing activities:
Purchases of property and equipment (12,949) (120,946) — (133,895)
Purchases of short-term investments — (2,500) — (2,500)
Sales of short-term investments — 2,500 — 2,500
Proceeds from sale of property and equipment 270 211 — 481
Contribution of capital (317,602) — 317,602 —
Net cash used in investing activities (330,281) (120,735) 317,602 (133,414)
Cash flows from financing activities:
Repayments of long-term obligations (73,361) (323,733) — (397,094)
Payment of cash dividends (42,638) — — (42,638)
Proceeds from exercise of stock options 5,021 — — 5,021
Issuance of common stock, net — 317,602 (317,602) —
Changes in intercompany note balances, net 339,338 (339,338) — —
Other financing activities (5,702) — — (5,702)
Net cash provided by (used in) financing activities 222,658 (345,469) (317,602) (440,413)
Net decrease in cash and cash equivalents (144,740) (6,793) — (151,533)
Cash and cash equivalents, beginning of year 217,539 65,778 — 283,317
Cash and cash equivalents, end of year $ 72,799 $ 58,985 $ — $ 131,784