Papa Johns 2002 Annual Report Download - page 44

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43
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) Ye ar Ende d
December 29, December 30, December 31,
2002 2001 2000
Operating activities
Net income 46,797$ 47,245$ 31,824$
Adjustments to reconcile net income to net cash
provided by operating activities:
Special charges, net of cash payments - - 19,987
Provision for uncollectible accounts and notes receivable 3,950 1,050 5,869
Depreciation and amortization 31,741 35,176 34,172
Deferred income taxes (1,018) 8,414 (5,609)
Tax benefit related to exercise of non-qualified stock options 1,047 580 542
Other 4,409 977 2,037
Changes in op erating assets and liabilities:
Accounts receivable 3,001 (1,408) (3,296)
Inventories (3,682) 5,366 (7,698)
Prepaid expenses and other current assets (2,888) (1,715) (611)
Other assets and liabilities 4,217 5,642 (1,140)
Accounts payable (229) 222 (1,439)
Accrued expenses 7,583 (2,420) 2,269
Unearned franchise and development fees 623 (2,741) (189)
Net cash provided by operating activities 95,551 96,388 76,718
Investing activities
Purchase of property and equipment (18,806) (31,479) (59,437)
Purchase of investments (4,318) (3,424) -
Proceeds from sale or maturity of investments - 5,397 15,070
Loans to franchisees and affiliates (764) (8,822) (15,426)
Loan repayments from franchisees and affiliates 4,075 10,264 6,464
Acquisitions (781) (1,306) (6,623)
Proceeds from divestitures of restaurants 130 6,732 170
Other 556 381 798
Net cash used in investing activities (19,908) (22,257) (58,984)
Financing activities
Net proceeds (repayments) on line of credit facility 35,000 (40,400) 145,000
Payments on long-term debt (225) (915) (6,716)
Proceeds from exercise of stock options 9,132 8,410 2,162
Acquisition of treasury stock (128,416) (29,354) (156,230)
Other 485 (124) 794
Net cash used in financing activities (84,024) (62,383) (14,990)
Effect of exchange rate changes on cash and cash equivalents 271 (280) (301)
Change in cash and cash equivalents (8,110) 11,468 2,443
Cash and cash equivalents at beginning of year 17,609 6,141 3,698
Cash and cash equivalents at end of year 9,499$ 17,609$ 6,141$
See accompanying notes.