Rue 21 2010 Annual Report Download - page 54

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rue21, inc. and subsidiary
Consolidated Statements of Cash Flows
January 29,
2011
January 30,
2010
January 31,
2009
Fiscal Year Ended
(In thousands)
Operating activities
Net income ............................................. $30,244 $ 22,017 $ 12,639
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ............................. 21,852 16,994 11,624
Loss on fixed asset disposals .............................. 183 — 349
Impairment of long-lived assets ............................ 221 273 219
Deferred taxes ......................................... 664 1,158 1,900
Share based compensation ................................ 2,240 410 —
Excess tax benefits from stock-based award activities ............ (1,509) (276) —
Changes in:
Accounts receivable ................................... (2,899) (1,307) 122
Merchandise inventory, net.............................. (23,358) (5,855) (19,685)
Prepaid expenses and other current assets ................... (3,797) (146) (3,180)
Accounts payable..................................... 22,112 (486) 24,134
Accrued payroll and related taxes . . . ...................... 1,567 2,954 1,433
Accrued expenses and other current liabilities ................ 1,232 3,846 987
Deferred rent and tenant allowances . ...................... 11,768 6,903 6,259
Accrued income and franchise taxes . ...................... 1,107 2,401 —
Other ............................................. 16 (107) 58
Net cash provided by operating activities . ...................... 61,643 48,779 36,859
Investing activities
Acquisition of property and equipment . . ...................... (40,480) (33,630) (26,464)
Net cash used for investing activities .......................... (40,480) (33,630) (26,464)
Financing activities
Borrowings under revolver ................................. — 98,381 125,371
Payments under revolver ................................... — (117,857) (110,726)
Payments on long-term debt ................................ — — (23,326)
Deferred financing costs ................................... — (161) (447)
Excess tax benefits from stock-based award activities .............. 1,509 276 —
Proceeds from initial public offering, net . ...................... — 26,242 —
Proceeds from stock options exercised . . . ...................... 688 110 1
Net cash provided by (used for) financing activities ............... 2,197 6,991 (9,127)
Increase in cash and cash equivalents.......................... 23,360 22,140 1,268
Cash and cash equivalents, beginning of period .................. 26,751 4,611 3,343
Cash and cash equivalents, end of period . ...................... $50,111 $ 26,751 $ 4,611
Supplemental disclosure of cash flow information
Interest paid ............................................ $ 360 $ 417 $ 2,771
Income taxes paid ........................................ $18,052 $ 13,510 $ 7,935
See accompanying notes to the consolidated financial statements.
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