Papa Johns 1999 Annual Report Download - page 49

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Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) Year Ended
December 26, December 27, December 28,
1999 1998 1997
(Restated – see Note) (Restated – see Note)
Operating activities
Net income $ 47,286 $ 32,361 $ 23,565
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 25,156 21,009 21,141
Deferred income taxes 1,757 (1,443) 528
Other 2,580 903 (601)
Changes in operating assets and liabilities:
Accounts receivable (1,802) (2,125) (2,184)
Inventories (275) (551) (2,292)
Deferred pre-opening costs - 3,827 (5,823)
Prepaid expenses and other current assets (2,343) (2,382) (883)
Other assets and liabilities (1,574) (1,324) (911)
Accounts payable 4,784 2,265 2,243
Accrued expenses 10,406 7,632 5,962
Unearned franchise and development fees (339) 1,873 1,195
Net cash provided by operating activities 85,636 62,045 41,940
Investing activities
Purchase of property and equipment (81,161) (70,861) (44,547)
Purchase of investments (22,908) (34,107) (41,445)
Proceeds from sale or maturity of investments 46,632 44,289 46,696
Loans to franchisees (6,614) (4,834) (8,848)
Loan repayments from franchisees 2,955 5,265 2,321
Deferred systems development costs (1,399) (1,208) (1,989)
Acquisitions (32,703) (1,902) (6,168)
Other (19) 403 316
Net cash used in investing activities (95,217) (62,955) (53,664)
Financing activities
Payments on long-term debt (9,815) (6,450) (3,995)
Proceeds from issuance of long-term debt 2,510 7,720 4,670
Proceeds from exercise of stock options 14,459 11,673 3,537
Tax benefit related to exercise of
non-qualified stock options 3,945 2,953 2,339
Acquisition of treasury stock (31,713) - -
Other 79 (7) (27)
Net cash provided by (used in) financing activities (20,535) 15,889 6,524
Net increase (decrease) in cash and cash equivalents (30,116) 14,979 (5,200)
Cash and cash equivalents at beginning of year 33,814 18,835 24,035
Cash and cash equivalents at end of year $ 3,698 $ 33,814 $ 18,835
Note: The Consolidated Statements of Cash Flows for the years ended December 27, 1998 and December 28, 1997 have been restated to reflect the acquistion of
Minnesota Pizza Company, LLC, a business combination accounted for as a pooling of interests (see “Note 3”of “Notes to Consolidated Financial Statements”).
See accompanying notes. 47