Red Lobster 1999 Annual Report Download - page 9

Consolidated Statements
of Cash Flows
30
Fiscal Year Ended
(In thousands) May 30, 1999 May 31, 1998 May 25, 1997
Cash Flows – Operating Activities
Net Earnings (loss) $ 140,538)$ 101,714)$ (91,029)
Adjustments to reconcile net earnings (loss) to cash flow:
Depreciation and amortization 125,327)126,289)136,876)
Amortization of unearned compensation and loan costs 4,879)4,682)3,824)
Change in current assets and liabilities 70,924)(6,791) (41,401)
Change in other liabilities 2,682)(48) 323)
(Gain) loss on disposal of land, buildings and equipment (1,798) 3,132)6,358)
Deferred income taxes 13,967)6,496)(52,068)
Non-cash restructuring and asset impairment expense or (credit) (8,461) 226,342)
Other, net 162)651)(22)
Net Cash Provided by Operating Activities $ 348,220)$ 236,125)$ 189,203)
Cash Flows – Investing Activities
Purchases of land, buildings and equipment (123,673) (112,168) (159,688)
Purchases of intangibles (2,203) (1,798) (651)
(Increase) decrease in other assets (8,794) (4,112) 1,844)
Proceeds from disposal of land, buildings and equipment
(including net assets held for disposal) 38,134)24,494)34,017)
Net Cash Used by Investing Activities $ (96,536) $ (93,584) $ (124,478)
Cash Flows – Financing Activities
Proceeds from issuance of common stock 26,310)10,606)1,450)
Income tax benefit credited to equity 9,722)3,808)871)
Dividends paid (10,857) (11,681) (12,385)
Purchases of treasury stock (227,510) (170,692) (44,147)
Loan to ESOP (66,900)
ESOP note receivable repayments 1,800)2,700)19,100)
Increase (decrease) in short-term debt (51,600) 31,700)(29,200)
Proceeds from issuance of long-term debt 9,848)66,900)
Repayment of long-term debt (4,126) (2,704) (5,054)
Payment of loan costs (213)
Proceeds from issuance of equity put options 2,184)1,737)
Net Cash Used by Financing Activities $ (244,229) $ (134,526) $ (69,578)
Increase (Decrease) in Cash and Cash Equivalents 7,455)8,015)(4,853)
Cash and Cash Equivalents – Beginning of Year 33,505)25,490)30,343)
Cash and Cash Equivalents – End of Year $ 40,960)$ 33,505)$ 25,490)
Cash Flow from Changes in Current Assets and Liabilities
Receivables 7,056)(10,979) 8,439)
Refundable income taxes, net 16,968)(16,968)
Inventories 38,284)(50,158) (11,516)
Prepaid expenses and other current assets (1,310) 1,236)2,589)
Accounts payable 11,787)19,851)(15,109)
Accrued payroll 1,025)14,928)4,635)
Accrued income taxes 15,477)1,067)(12,522)
Other accrued taxes 1,793)1,992)3,259)
Other current liabilities (3,188) (1,696) (4,208)
Change in Current Assets and Liabilities $ 70,924)$ (6,791) $ (41,401)
See accompanying notes to consolidated financial statements.