Petsmart 2000 Annual Report Download - page 43

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Net income (los s ) $ (32,422) $ 23,269 $ (34,430)
Adjus tments to reconcile net income (los s ) to net
cash provided by (used in) operating activities —
Depreciation and amortization 40,540 43,778 35,301
Loss on disposal of property and equipment 283 1,795 675
Loss on disposal of subsidiary 31,062 — —
Equity loss in PETsMART.com 29,061 — —
Tax benefit from exercise of s tock options 2,051 542 1,600
Deferred income taxes 27,851 (857) (17,079)
Changes in as sets and liabilities :
Receivables, net (33,190) (13,509) 1,509
Merchandise inventories (67,752) (18,272) (16,952)
Prepaid expens es and other current ass ets (8,408) (715) (2,368)
Other ass ets (854) (4,907) 7,532
Accounts payable and bank overdraft 8,777 34,223 (24,221)
Accrued payroll and employee benefits 10,044 6,240 4,367
Accrued occupancy expenses (678) 5,032 4,242
Accrued merger, business integration and
res tructuring costs (9,420) (13,413) 22,669
Other accrued expenses (23,381) 14,724 (3,876)
Deferred rents and other liabilities 99 (1,571) 3,588
Net cash provided by (us ed in) operating activities (26,337) 76,359 (17,443)
CASH FLOWS PROVIDED BY (USED IN) INVESTING
ACTIVITIES:
Purchases of leas eholds, fixtures and equipment (60,308) (39,724) (59,051)
Purchases of property held for sale and leas eback (518) (5,706) (2,212)
Inves tment in cost holdings (1,217) (1,640) (45)
Inves tment in equity holdings (29,061) — —
Sale of UK subs idiary(1) 37,777 — —
Proceeds from sales of property held for sale and
leaseback 586 12,303 —
Net cash used in inves ting activities (52,741) (34,767) (61,308)
CASH FLOWS PROVIDED BY (USED IN) FINANCING
ACTIVITIES:
Proceeds from issuance of common s tock 3,258 5,396 7,974
Purchase of treas ury stock (25,210) — —
Borrowings from bank credit facility 51,500 — 117,100
Repayment of bank credit facility (51,500) — (142,100)
Is s uance of s ubordinated convertible notes — — 200,000
Payment of debt is s ue cos ts — — (6,346)
Payment on capital leas e obligations (13,503) (16,630) (11,168)
Net cash provided by (us ed in) financing activities (35,455) (11,234) 165,460
FOREIGN CURRENCY TRANSLATION GAINS
(LOSSES) 2,695 (2,104) (1,495)
INCREA SE (DECREASE) IN CASH A ND CA SH
EQUIVALENTS (111,838) 28,254 85,214
CASH AND CASH EQUIVALENTS AT BEGINNING OF
YEAR 153,336 125,082 39,868
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 41,498 $ 153,336 $ 125,082
9/16/2010 www.sec.gov/Archives/edgar/data/86…
sec.gov/…/0000950153-00-000575-d1.… 43/70