True Value 2008 Annual Report Download - page 35

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14 :: T RUE VALUE COMPA NY
consolidated statement of cash flows
January 3, December 29, December 30,
For the Years Ended 2009 2007 2006
Operating activities:
Net margin $ 64,228 $ 63,767 $ 72,779
Adjustments to reconcile net margin to net cash and cash
equivalents from operating activities:
Depreciation and amortization 14,480 15,016 14,291
Provision to/(reduction of) allowance for doubtful accounts 2,006 (85) 103
Provision for inventory reserves 14,025 6,425 12,141
(Gain)/loss on disposal and sale of assets 503 173 (1,090)
Amortization of deferred gain on sale leaseback (2,778) (2,778) (2,778)
Unfunded arbitration and litigation reserves – – (5,745)
Write-off of prepaid bank fees – – 1,346
Changes in operating assets and liabilities:
Accounts and notes receivable 13,132 (18,425) 19,094
Inventories (3,893) (22,513) 24,031
Other current assets 783 1,019 3,919
Accounts payable (46,659) 22,446 (34,541)
Accrued expenses (11,117) 352 (9,783)
Other adjustments, net (392) (731) (8,534)
Net cash and cash equivalents provided by/(used for)
operating activities 44,318 64,666 85,233
Investing activities:
Additions to property, plant & equipment (13,015) (17,083) (13,121)
Proceeds from sale of properties 43 33 3,876
Other 303 (303) –
Net cash and cash equivalents provided by/(used for)
investing activities (12,669) (17,353) (9,245)
Financing activities:
Payment of patronage dividend (16,145) (14,843) (12,384)
Payment of notes, long-term debt and lease obligations (14,423) (12,818) (11,921)
Decrease in drafts payable (6,511) (1,879) (8,660)
Increase/(decrease) in revolving credit facility, net 6,600 (18,700) (47,500)
Proceeds from sale of Redeemable Class A common stock and
subscriptions receivable 737 1,091 1,553
Purchase of Class A and Class B common stock (1,057) (1,049) (1,023)
Net cash and cash equivalents provided by/(used for)
financing activities (30,799) (48,198) (79,935)
Net increase/(decrease) in cash and cash equivalents 850 (885) (3,947)
Cash and cash equivalents at beginning of year 5,176 6,061 10,008
Cash and cash equivalents at end of year $ 6,026 $ 5,176 $ 6,061
The accompanying notes are an integral part of the Consolidated Financial Statements.
($ in thousands)