Supercuts 2009 Annual Report Download - page 83

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Table of Contents
REGIS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
*
Years Ended June 30,
2009 2008 2007
Cash flows from operating activities:
Net (loss) income
$
(124,466
)
$
85,204
$
83,170
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation
105,145
108,673
104,915
Amortization
9,871
11,304
12,412
Equity in loss (income) of affiliated companies, net of dividends received
28,940
(849
)
—
Deferred income taxes
(3,843
)
(3,789
)
(6,243
)
Impairment related to discontinued operations
183,289
—
—
Goodwill impairment
41,661
—
23,000
Salon asset impairments
10,201
10,471
6,813
Excess tax benefits from stock
-
based compensation plans
(163
)
(1,420
)
(4,536
)
Stock
-
based compensation
7,525
6,841
4,911
Other noncash items affecting earnings
(3,405
)
(2,015
)
2,831
Changes in operating assets and liabilities*:
Receivables
(12,104
)
(709
)
(4,092
)
Inventories
7,128
(5,232
)
2,709
Income tax receivable
(34,652
)
20,605
(29,857
)
Other current assets
(52
)
(18,051
)
14,039
Other assets
(421
)
16,184
(9,715
)
Accounts payable
(3,613
)
(9,480
)
11,814
Accrued expenses
(23,364
)
18,729
14,622
Other noncurrent liabilities
387
(14,083
)
15,067
Net cash provided by operating activities
188,064
222,383
241,860
Cash flows from investing activities:
Capital expenditures
(73,574
)
(85,799
)
(90,079
)
Proceeds from sale of assets
77
47
97
Purchases of salon, school and hair restoration center net assets, net of cash acquired
(40,051
)
(132,971
)
(68,747
)
Proceeds from loans and investments
19,008
10,000
5,250
Disbursements for loans and investments
(20,971
)
(46,400
)
(30,673
)
Transfer of cash related to contribution of schools and European franchise salon operations
—
(
10,906
)
—
Net investment hedge settlement
—
—
(
8,897
)
Net cash used in investing activities
(115,511
)
(266,029
)
(193,049
)
Cash flows from financing activities:
Borrowings on revolving credit facilities
6,391,100
9,079,917
7,028,556
Payments on revolving credit facilities
(6,525,200
)
(9,088,530
)
(6,943,750
)
Proceeds from issuance of long
-
term debt
85,000
125,000
25,000
Repayments of long
-
term debt and capital lease obligations
(92,504
)
(78,161
)
(40,888
)
Excess tax benefits from stock
-
based compensation plans
163
1,420
4,536
Repurchase of common stock
—
(
49,957
)
(79,710
)
Proceeds from issuance of common stock
3,894
8,893
14,310
Dividends paid
(6,912
)
(6,964
)
(7,169
)
Other
(3,848
)
(2,622
)
(7,310
)
Net cash used in financing activities
(148,307
)
(11,004
)
(6,425
)
Effect of exchange rate changes on cash and cash equivalents
(9,335
)
(2,508
)
7,002
(Decrease) increase in cash and cash equivalents
(85,089
)
(57,158
)
49,388
Cash and cash equivalents:
Beginning of year
127,627
184,785
135,397
End of year
$
42,538
$
127,627
$
184,785
Changes in operating assets and liabilities exclude assets acquired and liabilities assumed through acquisitions
The accompanying notes are an integral part of the Consolidated Financial Statements.
81