Pier 1 2009 Annual Report Download - page 48

Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended
2009 2008 2007
Cash flow from operating activities:
Net loss .................................................. $(129,253) $(96,011) $(227,645)
Adjustments to reconcile to net cash used in operating activities:
Depreciation and amortization ................................. 45,156 55,303 63,496
Loss (gain) on disposal of fixed assets ............................ 41 (2,137) 187
Loss on impairment of fixed assets and other long-lived assets ............ 9,653 5,030 36,369
Stock-based compensation expense .............................. 5,177 5,837 5,464
Deferred compensation ...................................... 4,215 4,157 16,915
Lease termination expense .................................... 6,074 10,440 4,003
Deferred income taxes ...................................... — — 24,576
Amortization of deferred gains ................................. (6,774) (2,533) (981)
Other ................................................. (2,201) 1,543 (2,140)
Change in cash from:
Sale of receivables in exchange for beneficial interest in securitized receivables . — — (15,914)
Purchase of proprietary credit card receivables and other ................ — — (97,740)
Proceeds from the sale of proprietary credit card operations .............. — — 144,622
Inventories .............................................. 95,378 (51,646) 9,757
Other accounts receivable, prepaid expenses and other current assets ........ (5,055) (8,776) (14,428)
Income tax receivable ....................................... 14,486 25,616 (16,955)
Accounts payable and accrued expenses ........................... (65,457) (22,818) (5,388)
Income taxes payable ....................................... (1,620) 2,765 (1,595)
Defined benefit plan liabilities ................................. (118) (6,351) (25,495)
Other noncurrent assets ..................................... 1,209 762 566
Other noncurrent liabilities ................................... (2,545) (4,255) (2,579)
Net cash used in operating activities ............................ (31,634) (83,074) (104,905)
Cash flow from investing activities:
Capital expenditures ......................................... (13,378) (7,153) (28,600)
Proceeds from disposition of properties ............................. 102,478 5,674 173
Proceeds from sale of discontinued operation ......................... — — 11,601
Proceeds from sale of Pier 1 National Bank .......................... — — 10,754
Proceeds from sale of restricted investments .......................... 3,258 6,986 25,707
Purchase of restricted investments ................................ (2,020) (589) (9,712)
Collection of note receivable .................................... 1,500 1,500 —
Collections of principal on beneficial interest in securitized receivables ........ — — 21,907
Net cash provided by investing activities ......................... 91,838 6,418 31,830
Cash flow from financing activities:
Cash dividends ............................................. — — (17,398)
Proceeds from stock options exercised, stock purchase plan and other, net ...... 2,161 3,909 4,719
Notes payable borrowings ...................................... — — 69,000
Repayment of notes payable .................................... — — (69,000)
Debt issuance costs .......................................... — (998) (283)
Net cash provided by (used in) financing activities ................... 2,161 2,911 (12,962)
Change in cash and cash equivalents ................................ 62,365 (73,745) (86,037)
Cash and cash equivalents at beginning of period ........................ 93,433 167,178 253,215
Cash and cash equivalents at end of period ............................ $155,798 $ 93,433 $ 167,178
Supplemental cash flow information:
Interest paid .............................................. $ 14,018 $ 15,743 $ 12,821
Income taxes paid ........................................... $ 2,617 $ 1,124 $ 2,021
The accompanying notes are an integral part of these financial statements.
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