Supercuts 2010 Annual Report Download - page 66
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Table of Contents
The company-owned constructed and acquired locations (excluding franchise buybacks) consisted of the following number of locations in
each concept:
Financing Activities
Net cash used in financing activities during the twelve months ended June 30, 2010, 2009 and 2008 was the result of the following:
During fiscal year 2010, the primary use of cash within financing activities was for net repayments of long-term debt, partially offset by
the issuance of common stock.
During fiscal year 2009, the primary use of cash within financing activities was for net repayments on revolving credit facilities as
reducing debt levels was one step the Company took to help maintain its compliance with debt covenants. The Company utilized intercompany
borrowings on a short-term basis as allowed by a recently expanded IRS ruling to reduce debt.
During fiscal year 2008, net borrowings were primarily used to fund loans and acquisitions, share repurchases, and customary income tax
payments. Acquisitions funded are discussed in Note 4 to the Consolidated Financial Statements. The proceeds from the issuance of common
stock were related to the exercise of stock options. The excess tax benefit from stock-based employee compensation plans was recorded in
accordance with the provisions of SFAS No. 123R.
64
Years Ended June 30,
2010 2009 2008
Constructed Acquired Constructed Acquired Constructed Acquired
Regis
14
3
20
23
14
4
MasterCuts
15
—
14
—
7
—
Trade Secret(1)
—
—
10
—
16
65
SmartStyle
80
—
71
—
207
—
Supercuts
10
—
27
—
33
3
Promenade
18
—
36
71
33
135
International
2
—
4
—
15
25
Hair restoration
centers
4
—
8
—
3
—
143
3
190
94
328
232
(1) Beginning with the period ended December 31, 2008, the operations of Trade Secret concept within the North American
reportable segment were accounted for as discounted operations. All comparable periods will reflect Trade Secret as
discontinued operations.
Financing Cash Flows
For the Years Ended June 30,
2010 2009 2008
(Dollars in thousands)
Net repayments on revolving credit facilities
$
(5,000
)
$
(134,100
)
$
(8,613
)
Net (repayments) borrowings of long
-
term debt
(181,850
)
(7,504
)
46,839
Proceeds from the issuance of common stock
159,498
3,894
8,893
Repurchase of common stock
—
—
(
49,957
)
Excess tax benefit from stock
-
based compensation plans
243
163
1,420
Dividend payments
(9,146
)
(6,912
)
(6,964
)
Other
(2,878
)
(3,848
)
(2,622
)
$
(39,133
)
$
(148,307
)
$
(11,004
)