Pier 1 2011 Annual Report Download - page 44

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Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended
2011 2010 2009
Cash flow from operating activities:
Net income (loss) $ 100,125 $ 86,847 $ (129,253)
Adjustments to reconcile to net cash provided by (used in) operating activities:
Depreciation and amortization 33,806 33,335 45,156
(Gain) loss on disposal of fixed assets (1,619) 246 41
Loss on impairment of fixed assets and other long-lived assets 503 - 9,653
Stock-based compensation expense 4,706 3,782 5,177
Deferred compensation 4,237 3,736 4,215
Lease termination expense 1,599 7,693 6,074
Amortization of deferred gains (11,353) (7,777) (6,774)
Gain on retirement of convertible bonds - (49,654) -
Charges related to the conversion of the 9% Convertible Notes - 18,308 -
Other 4,452 3,109 (2,201)
Change in cash from:
Inventories 1,726 2,835 95,378
Accounts receivable, prepaid expenses and other current assets (8,019) 8,294 (5,055)
Income tax receivable (482) 1,588 14,486
Accounts payable and accrued expenses (4,821) (26,537) (65,457)
Income taxes payable (2,966) 533 (1,620)
Defined benefit plan liabilities (2,860) (1,784) (118)
Make whole interest provision - (13,782) -
Proceeds from an adjustment to the proprietary credit card agreement 28,326 - -
Other noncurrent assets 551 (197) 1,209
Other noncurrent liabilities 474 (20) (2,545)
Net cash provided by (used in) operating activities 148,385 70,555 (31,634)
Cash flow from investing activities:
Capital expenditures (31,049) (5,246) (13,378)
Proceeds from disposition of properties 11,146 730 102,478
Proceeds from sale of restricted investments 3,876 3,897 3,258
Purchase of restricted investments (3,944) (3,654) (2,020)
Collection of note receivable 6,250 1,500 1,500
Net cash (used in) provided by investing activities (13,721) (2,773) 91,838
Cash flow from financing activities:
Proceeds from stock options exercised, stock purchase plan and other, net 4,972 333 2,161
Repayment of long-term debt (26,077) - -
Retirement of convertible bonds - (31,593) -
Debt issuance costs - (4,408) -
Net cash (used in) provided by financing activities (21,105) (35,668) 2,161
Change in cash and cash equivalents 113,559 32,114 62,365
Cash and cash equivalents at beginning of period 187,912 155,798 93,433
Cash and cash equivalents at end of period $ 301,471 $ 187,912 $ 155,798
Supplemental cash flow information:
Interest paid (1) $ 6,015 $ 20,557 $ 14,018
Income taxes paid $ 7,342 $ 1,962 $ 2,617
(1) Interest paid in fiscal 2010 includes $13,782 in make-whole interest related to the conversion of the Company’s 9% Senior Convertible
Notes due 2036. See Note 5 of the Notes to Consolidated Financial Statements for further information regarding this payment.
The accompanying notes are an integral part of these financial statements.
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