Papa Johns 2007 Annual Report Download - page 71

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64
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) Year Ended
December 30, December 31, December 25,
2007 2006 2005
Operating activities
Net income 32,735$ 63,375$ 46,056$
Income from discontinued operations (net of income taxes) - (389) (1,788)
Adjustments to reconcile net income to net cash provided by operating activities:
Restaurant closure, impairment and disposition losses (gains) 1,444 (260) (2,039)
Goodwill impairment - - 1,050
Provision for uncollectible accounts and notes receivable 1,718 3,445 4,367
Depreciation and amortization 31,866 27,208 28,750
Deferred income taxes (10,779) 3,191 4,385
Stock-based compensation expense 4,883 4,707 2,358
Excess tax benefit related to exercise of non-qualified stock options (3,325) (6,533) -
Other 5,927 5,158 6,266
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable (183) (6,020) (231)
Inventories 7,915 (583) (3,811)
Prepaid expenses (3,402) (2,148) 3,124
Other current assets 2,468 (630) (409)
Other assets and liabilities (7,092) (7,211) (2,971)
Accounts payable 1,893 (2,168) (5,860)
Income and other taxes (3,656) (1,726) (408)
Accrued expenses 457 5,465 4,230
Unearned franchise and development fees (1,278) 306 (952)
Net cash provided by operating activities from continuing operations 61,591 85,187 82,117
Operating cash flows from discontinued operations - 414 2,168
Net cash provided by operating activities 61,591 85,601 84,285
Investing activities
Purchase of property and equipment (31,148) (39,352) (17,546)
Purchase of investments (303) (2,014) (8,565)
Proceeds from sale or maturity of investments 731 6,983 10,880
Loans issued (6,541) (6,181) (5,875)
Loan repayments 6,257 9,339 7,434
Acquisitions (24,983) (31,943) (4,475)
Proceeds from divestitures of restaurants 632 1,300 11,000
Other 32 286 61
Net cash from continuing operations used in investing activities (55,323) (61,582) (7,086)
Proceeds from divestiture of discontinued operations - 8,020 -
Net cash used in investing activities (55,323) (53,562) (7,086)
Financing activities
Net proceeds (repayments) from line of credit facility 37,500 47,500 (29,500)
Net proceeds (repayments) from short-term debt - variable interest entities 8,175 (5,575) (7,975)
Proceeds from issuance of common stock - - 1,001
Excess tax benefit related to exercise of non-qualified stock options 3,325 6,533 -
Proceeds from exercise of stock options 12,219 15,214 42,095
Acquisition of Company common stock (72,871) (106,292) (75,325)
Other 1,035 1,293 300
Net cash used in financing activities (10,617) (41,327) (69,404)
Effect of exchange rate changes on cash and cash equivalents 247 169 (395)
Change in cash and cash equivalents (4,102) (9,119) 7,400
Cash and cash equivalents at beginning of year 12,979 22,098 14,698
Cash and cash equivalents at end of year 8,877$ 12,979$ 22,098$
See accompanying notes.