Staples 2004 Annual Report Download - page 97

Download and view the complete annual report

Please find page 97 of the 2004 Staples annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 129

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129

STAPLES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Dollar Amounts in Thousands)
Fiscal Year Ended
January 29, January 31, February 1,
2005 2004 2003
Operating activities:
Net income .................................................. $ 708,388 $ 490,211 $ 446,100
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ................................... 278,845 282,811 267,209
Deferred income tax expense (benefit) ............................. 1,595 (13,725) 226
Other .................................................... 65,771 36,434 35,767
Change in assets and liabilities, net of companies acquired:
(Increase) decrease in receivables ............................... (49,786) (4,218) 62,460
(Increase) decrease in merchandise inventories ..................... (63,747) 147,130 (15,781)
Increase in prepaid expenses and other assets ...................... (8,736) (34) (3,574)
Increase (decrease) in accounts payable ........................... 82,355 (27,266) 49,396
Increase in accrued expenses and other current liabilities .............. 107,608 95,549 63,630
Increase in other long-term obligations ........................... 56,915 12,840 8,917
Net cash provided by operating activities ............................. 1,179,208 1,019,732 914,350
Investing activities:
Acquisition of property and equipment .............................. (335,435) (277,793) (264,692)
Acquisition of businesses, net of cash acquired ......................... (111,657) (2,910) (1,171,187)
Investment in joint venture ....................................... (29,330) — —
Proceeds from the sale of short-term investments ....................... 10,708,696 8,180,025 265,996
Purchase of short-term investments ................................. (10,246,652) (9,014,125) (366,171)
Acquisition of lease rights ....................................... — — (347)
Net cash used in investing activities ................................ (14,378) (1,114,803) (1,536,401)
Financing activities:
Proceeds from the sale of capital stock .............................. — 252,972 —
Proceeds from the exercise of stock options and the sale of stock under employee
stock purchase plans .......................................... 206,394 136,821 78,895
Proceeds from borrowings ....................................... — — 730,897
Payments on borrowings ......................................... (235,081) (325,235) (95,235)
Repayments under receivables securitization agreement ................... — (25,000) —
Cash dividends paid ............................................ (99,527) — —
Purchase of treasury stock, net .................................... (511,730) (4,287) (474)
Net cash (used in) provided by financing activities ...................... (639,944) 35,271 714,083
Effect of exchange rate changes on cash ............................. 14,959 21,376 9,033
Net increase (decrease) in cash and cash equivalents ...................... 539,845 (38,424) 101,065
Cash and cash equivalents at beginning of period ......................... 457,465 495,889 394,824
Cash and cash equivalents at end of period ............................ $ 997,310 $ 457,465 $ 495,889
See notes to consolidated financial statements.
C-6