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2007 FINANCIAL REPORT | 15
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
December 29, December 30, December 31,
For the Years Ended 2007 2006 2005
Operating activities:
Net margin $ 63,767 $ 72,779 $ 47,555
Adjustments to reconcile net margin to net cash and cash
equivalents from operating activities:
Depreciation and amortization 15,016 14,291 13,616
Provision to/(reduction of) allowance for doubtful accounts (85) 103 (143)
Provision for inventory reserves 6,425 12,141 15,052
(Gain)/loss on sale of assets 173 (1,090) (8,333)
Amortization of deferred gain on sale leaseback (2,778) (2,778) (2,778)
Arbitration and litigation reserves 600 (5,745) 18,200
Write-off of prepaid bank fees – 1,346 –
Asset impairment charge – – 942
Changes in operating assets and liabilities:
Accounts and notes receivable (16,555) 19,364 (28,280)
Inventories (22,513) 24,031 (84,835)
Other current assets 1,019 3,919 (482)
Accounts payable 22,446 (34,541) 18,975
Accrued expenses (248) (9,783) 296
Other adjustments, net (742) (8,534) 1,160
Net cash and cash equivalents provided by/(used for)
operating activities 66,525 85,503 (9,055)
Investing activities:
Additions to property, plant & equipment (17,083) (13,121) (14,643)
Proceeds from sale of properties 33 3,876 22,098
Other (303) – –
Net cash and cash equivalents provided by/(used for)
investing activities (17,353) (9,245) 7,455
Financing activities:
Payment of patronage dividend (14,843) (12,384) (11,939)
Payment of notes, long-term debt and lease obligations (12,252) (11,391) (11,766)
Increase/(decrease) in drafts payable (1,879) (8,660) 541
Proceeds from/(payment of) real estate mortgage (566) (530) 21,600
Increase/(decrease) in revolving credit facility, net (18,700) (47,500) 5,600
Proceeds from sale of Redeemable Class A common stock and
subscriptions receivable 1,091 1,553 2,086
Purchase of Class A and Class B common stock (1,049) (1,023) (1,736)
Increase in non-interest-bearing retail growth notes (1,859) (270) –
Net cash and cash equivalents provided by/(used for)
financing activities (50,057) (80,205) 4,386
Net increase/(decrease) in cash and cash equivalents (885) (3,947) 2,786
Cash and cash equivalents at beginning of year 6,061 10,008 7,222
Cash and cash equivalents at end of year $ 5,176 $ 6,061 $ 10,008
The accompanying notes are an integral part of the Consolidated Financial Statements.