Papa Johns 2004 Annual Report Download - page 44

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43
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) Year Ended
December 26, December 28, December 29,
2004 2003 2002
Operating activities
Net income 23,221$ 33,563$ 46,797$
Adjustments to reconcile net income to net cash
provided by operating activities:
Restaurant closure, impairment and disposition losses (gains) (203) 5,469 1,051
Provision for uncollectible accounts and notes receivable 3,109 4,822 3,950
Depreciation and amortization 31,159 31,059 31,741
Deferred income taxes (16,280) 1,037 (1,018)
Tax benefit related to exercise of non-qualified stock options 2,869 540 1,047
Other 1,736 904 3,358
Changes in operating assets and liabilities:
Accounts receivable (10,752) (6,258) 3,001
Inventories (5,962) 252 (3,682)
Prepaid expenses and other current assets (3,247) 1,987 (2,888)
Other assets and liabilities (795) 9,570 4,217
Accounts payable 6,082 3,479 (229)
Income and other taxes 5,199 (4,160) 602
Accrued expenses 3,348 581 6,981
Unearned franchise and development fees 2,298 1,996 623
Net cash provided by operating activities 41,782 84,841 95,551
Investing activities
Purchase of property and equipment (20,950) (16,315) (18,806)
Proceeds from sale of property and equipment 3,648 106 556
Purchase of investments (6,049) (738) (4,318)
Proceeds from sale or maturity of investments 5,014 975 -
Loans to franchisees and affiliates (3,648) (1,575) (764)
Loan repayments from franchisees and affiliates 4,144 2,701 4,075
Acquisitions - (150) (781)
Proceeds from divestitures of restaurants 78 910 130
Net cash used in investing activities (17,763) (14,086) (19,908)
Financing activities
Net proceeds (repayments) on line of credit facility 17,500 (78,600) 35,000
Net proceeds from short-term debt - variable interest entities 14,032 - -
Payments on long-term debt (253) (235) (225)
Proceeds from exercise of stock options 18,186 6,619 9,132
Acquisition of treasury stock (68,911) (5,916) (128,416)
Proceeds from formation of joint venture 2,500 - -
Other (31) 316 485
Net cash used in financing activities (16,977) (77,816) (84,024)
Effect of exchange rate changes on cash and cash equivalents 331 387 271
Change in cash and cash equivalents 7,373 (6,674) (8,110)
Cash resulting from consolidation of variable interest entities 254 4,246 -
Cash and cash equivalents at beginning of year 7,071 9,499 17,609
Cash and cash equivalents at end of year 14,698$ 7,071$ 9,499$
See accompanying notes.