Papa Johns 1998 Annual Report Download - page 36

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33
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) Year Ended
December 27, December 28, December 29,
1998 1997 1996
Operating activities
Net income $ 35,165 $ 26,853 $ 18,614
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 19,925 20,522 14,304
Deferred income taxes (1,443) 528 1,956
Other 903 (601) 430
Changes in operating assets and liabilities:
Accounts receivable (2,218) (2,017) (2,903)
Inventories (507) (2,234) (1,651)
Deferred pre-opening costs 3,827 (5,823) (4,247)
Prepaid expenses and other current assets (2,356) (817) (499)
Other assets (1,259) (827) (3,253)
Accounts payable 2,861 2,043 3,717
Accrued expenses 6,674 5,885 2,630
Unearned franchise and development fees 1,873 1,195 700
Net cash provided by operating activities 63,445 44,707 29,798
Investing activities
Purchase of property and equipment (69,248) (43,135) (28,792)
Purchase of investments (34,107) (41,445) (65,031)
Proceeds from sale or maturity of investments 44,289 46,696 26,572
Loans to franchisees (4,834) (12,348) (7,823)
Loan repayments from franchisees 5,265 2,321 –
Deferred systems development costs (1,208) (1,989) (2,614)
Acquisitions (1,902) (6,168) (30)
Other 402 316 161
Net cash used in investing activities (61,343) (55,752) (77,557)
Financing activities
Payments on long-term debt (1,430) (175) (1,367)
Proceeds from issuance of common stock – – 50,551
Proceeds from exercise of stock options 11,673 3,537 1,431
Tax benefit related to exercise of
non-qualified stock options 2,953 2,339 1,315
Other (6) (27) (12)
Net cash provided by financing activities 13,190 5,674 51,918
Net increase (decrease) in cash and cash equivalents 15,292 (5,371) 4,159
Cash and cash equivalents at beginning of year 18,692 24,063 19,904
Cash and cash equivalents at end of year $ 33,984 $ 18,692 $ 24,063
See accompanying notes.