Pier 1 2012 Annual Report Download - page 43

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Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended
2012 2011 2010
Cash flow from operating activities:
Net income $ 168,938 $ 100,125 $ 86,847
Adjustments to reconcile to net cash provided by (used in) operating activities:
Depreciation and amortization 30,949 33,806 33,335
Loss (gain) on disposal of fixed assets 610 (1,619) 246
Loss on impairment of fixed assets and other long-lived assets - 503 -
Stock-based compensation expense 6,199 4,706 3,782
Deferred compensation 5,612 4,237 3,736
Lease termination expense 1,889 1,599 7,693
Deferred income taxes (41,915) - -
Amortization of credit card deferred revenue (22,706) (2,855) -
Amortization of deferred gains (13,938) (8,498) (7,777)
Gain on retirement of convertible bonds - - (49,654)
Charges related to the conversion of the convertible debt - - 18,308
Other 1,389 4,452 3,109
Change in cash from:
Inventories (10,712) 1,726 2,835
Accounts receivable, prepaid expenses and other assets (8,983) (7,468) 8,097
Income tax receivable 909 (482) 1,588
Proceeds from an adjustment to the proprietary credit card agreement - 28,326 -
Accounts payable and accrued expenses 7,453 (7,207) (28,341)
Accrued income taxes payable 16,527 (2,966) 533
Make whole interest provision - - (13,782)
Net cash provided by operating activities 142,221 148,385 70,555
Cash flow from investing activities:
Capital expenditures (62,316) (31,049) (5,246)
Proceeds from disposition of properties 1,350 11,146 730
Proceeds from sale of restricted investments 471 3,876 3,897
Purchase of restricted investments (1,575) (3,944) (3,654)
Collection of note receivable - 6,250 1,500
Net cash used in investing activities (62,070) (13,721) (2,773)
Cash flow from financing activities:
Purchases of treasury stock (100,000) - -
Proceeds from stock options exercised, stock purchase plan and other, net 9,343 4,972 333
Repayment of long-term debt - (26,077) -
Retirement of convertible bonds - - (31,593)
Debt issuance costs (3,097) - (4,408)
Net cash used in financing activities (93,754) (21,105) (35,668)
Change in cash and cash equivalents (13,603) 113,559 32,114
Cash and cash equivalents at beginning of period 301,471 187,912 155,798
Cash and cash equivalents at end of period $ 287,868 $ 301,471 $ 187,912
Supplemental cash flow information:
Interest paid (1) $ 4,812 $ 6,015 $ 20,557
Income taxes paid $ 18,751 $ 7,342 $ 1,962
(1) Interest paid in fiscal 2010 includes $13,782 in make-whole interest related to the conversion of the Company’s convertible debt. 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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