Papa Johns 2001 Annual Report Download - page 43

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39
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) Year Ended
December 30, December 31, December 26,
2001 2000 1999
Operating activities
Net income 47,245$ 31,824$ 47,286$
Adjustments to reconcile net income to net cash
provided by operating activities:
Special charges, net of cash payments - 19,987 4,083
Provision for uncollectible accounts and notes receivable 1,050 5,869 257
Depreciation and amortization 35,176 34,172 25,156
Deferred income taxes 8,414 (5,609) 1,757
Tax benefit related to exercise of non-qualified stock options 580 542 3,945
Other 977 2,037 2,580
Changes in operating assets and liabilities:
Accounts receivable (1,408) (3,296) (2,059)
Inventories 5,366 (7,698) (275)
Prepaid expenses and other current assets (1,715) (611) (2,343)
Other assets and liabilities 5,642 (1,140) (1,574)
Accounts payable 222 (1,439) 4,784
Accrued expenses (2,420) 2,269 6,323
Unearned franchise and development fees (2,741) (189) (339)
Net cash provided by operating activities 96,388 76,718 89,581
Investing activities
Purchase of property and equipment (31,479) (59,437) (82,560)
Purchase of investments (3,424) - (22,908)
Proceeds from sale or maturity of investments 5,397 15,070 46,632
Loans to franchisees and affiliates (8,822) (15,426) (6,614)
Loan repayments from franchisees and affiliates 10,264 6,464 2,955
Acquisitions (1,306) (6,623) (32,703)
Proceeds from divestitures of restaurants 6,732 170 29
Other 381 798 (48)
Net cash used in investing activities (22,257) (58,984) (95,217)
Financing activities
Net proceeds (repayments) from line of credit facility (40,400) 145,000 -
Payments on long-term debt (915) (6,716) (9,815)
Proceeds from issuance of long-term debt - - 2,510
Proceeds from exercise of stock options 8,410 2,162 14,459
Acquisition of treasury stock (29,354) (156,230) (31,713)
Other (124) 794 55
Net cash used in financing activities (62,383) (14,990) (24,504)
Effect of exchange rate changes on cash and cash equivalents (280) (301) 24
Change in cash and cash equivalents 11,468 2,443 (30,116)
Cash and cash equivalents at beginning of year 6,141 3,698 33,814
Cash and cash equivalents at end of year 17,609$ 6,141$ 3,698$
See accompanying notes.