Stein Mart 2010 Annual Report Download - page 29

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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 29, 2011
Year Ended
January 30, 2010
Year Ended
January 31, 2009
Cash flows from operating activities:
Net income
(
loss
)
$ 48,753 $ 23,553 $
(
71,301
)
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 17,328 19,223 25,752
Im
p
airment of
p
ro
p
ert
y
and othe
r
assets 1,150 8,429 20,726
Chan
g
e in valuation allowance for deferred tax assets
(
16,686
)
(
2,272
)
18,958
Deferred income taxes 10,679 2,558
(
10,341
)
Store closin
g
char
g
es 3,128 2,658 4,697
Share-based com
p
ensation 3,759 4,610 4,077
Tax benefit
(
deficienc
y)
from e
q
uit
y
issuances 6,995 221
(
183
)
Excess tax benefits from share-based com
p
ensation
(
6,937
)
(
166
)
(
3
)
Chan
g
es in assets and liabilities:
Trade and other receivables
(
182
)
(
1,167
)
3,361
Inventories
(
14,170
)
(
10,986
)
55,357
Income taxes receivable
(
2,382
)
24,439
(
10,336
)
Pre
p
aid ex
p
enses and other current assets
(
111
)
977 1,491
Other assets
(
1,743
)
2,461 1,595
A
ccounts
p
a
y
able 15,227 24,635
(
21,441
)
A
ccrued liabilities
(
9,412
)
5,033
(
481
)
Income taxes
p
a
y
able
(
2,961
)
2,961 -
Other liabilities
(
2,803
)
(
8,838
)
(
2,572
)
Net cash provided by operating activities 49,632 98,329 19,356
Cash flows from investing activities:
Capital expenditures (29,550) (7,585) (19,281)
Cash used in investing activities (29,550) (7,585) (19,281)
Cash flows from financing activities:
Borrowin
g
s under notes
p
a
y
able to banks - 57,300 626,652
Re
p
a
y
ments of notes
p
a
y
able to banks -
(
157,300
)
(
553,785
)
Cash dividends
p
aid
(
22,233
)
- -
Excess tax benefits from share-based com
p
ensation 6,937 166 3
Proceeds from exercise of stock o
p
tions 746 761 31
Proceeds from em
p
lo
y
ee stock
p
urchase
p
lan 766 524 800
Re
p
urchase of common stock for em
p
lo
y
ee withholdin
g
s
(
7,102
)
(
123
)
(
18
)
Net cash (used in) provided by financing activities (20,886) (98,672) 73,683
Net
(
decrease
)
increase in cash and cash e
q
uivalents
(
804
)
(
7,928
)
73,758
Cash and cash e
q
uivalents at be
g
innin
g
of
y
ea
r
80,975 88,903 15,145
Cash and cash equivalents at end of year $ 80,171 $ 80,975 $ 88,903
Supplemental disclosures of cash flow information:
Income taxes
p
aid $ 9,580 $ 13,236 $ 2,100
Interest
p
aid 4 271 1,906