Stein Mart 2008 Annual Report Download - page 29

The accompanying notes are an integral part of these consolidated financial statements.
F-5
Stein Mart, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Year Ended
January 31, 2009
Year Ended
February 2, 2008
Year Ended
February 3, 2007
Cash flows from operating activities:
Net income
(
loss
)
$
(
71,301
)
$
(
4,530
)
$ 37,176
A
d
j
ustments to reconcile net income
(
loss
)
to net cash
p
rovided b
y
o
p
eratin
g
activities:
De
p
reciation and amortization 25,752 26,068 23,992
Im
p
airment of
p
ro
p
ert
y
and other assets 20,726 4,017 649
Valuation allowance for deferred tax assets 18,958 --
Deferred income taxes
(
10,341
)
(
4,492
)
(
4,536
)
Store closin
g
char
g
es 4,697 1,145 1,973
Share-based com
p
ensation 4,077 5,502 5,505
Tax
(
deficienc
y)
benefit from e
q
uit
y
issuances
(
183
)
180 794
Excess tax benefits from share-based com
p
ensation
(
3
)
(
151
)
(
742
)
Chan
g
es in assets and liabilities:
Trade and other receivables 3,361
(
2,208
)
957
Inventories 55,357 28,447
(
25,155
)
Income taxes receivable
(
10,336
)
(
14,103
)
-
Pre
p
aid ex
p
enses and other current assets 1,491 951
(
859
)
Other assets 1,595
(
1,993
)
(
7,736
)
A
ccounts
p
a
y
able
(
21,441
)
(
6,119
)
(
5,165
)
A
ccrued liabilities
(
481
)
(
2,770
)
(
2,577
)
Income taxes
p
a
y
able -
(
13,091
)
(
2,409
)
Other liabilities
(
2,572
)
990 8,452
Net cash provided by operating activities 19,356 17,843 30,319
Cash flows from investing activities:
Ca
p
ital ex
p
enditures
(
19,281
)
(
25,898
)
(
48,759
)
Purchases of short-term investments -
(
36,580
)
(
641,005
)
Sales of short-term investments -47,415 735,105
Net cash (used in) provided by investing activities (19,281) (15,063) 45,341
Cash flows from financing activities:
Borrowin
g
s under notes
p
a
y
able to banks 626,652 365,811 166,021
Re
p
a
y
ments of notes
p
a
y
able to banks
(
553,785
)
(
338,678
)
(
166,021
)
Cash dividends
p
aid -
(
10,263
)
(
76,285
)
Excess tax benefits from share-based com
p
ensation 3151 742
Proceeds from exercise of stock o
p
tions 31 3,556 2,171
Proceeds from em
p
lo
y
ee stock
p
urchase
p
lan 800 1,127 1,160
Re
p
urchase of common stock
(
18
)
(
26,899
)
(
6,088
)
Net cash provided by (used in) financing activities 73,683 (5,195) (78,300)
Net increase
(
decrease
)
in cash and cash e
q
uivalents 73
,
758
(
2,415
)
(
2,640
)
Cash and cash e
q
uivalents at be
g
innin
g
of
y
ea
r
15,145 17,560 20,200
Cash and cash equivalents at end of year $ 88,903 $ 15,145 $ 17,560
Supplemental disclosures of cash flow information:
Income taxes
p
aid $ 2,100 $ 29,854 $ 25,009
Interest
p
aid 1,906 1,002 434