True Value 2009 Annual Report Download - page 29

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14 True Value Company
Consolidated Statement of Cash Flows
January 2, January 3, December 29,
For the Years Ended 2010 2009 2007
Operating activities:
Net margin $ 65,446 $ 64,228 $ 63,767
Adjustments to reconcile net margin to net cash and
cash equivalents from operating activities:
Depreciation and amortization 15,082 14,480 15,016
Provision to/(reduction of) allowance for doubtful accounts 4,126 2,006 (85)
Provision for inventory reserves 9,488 14,025 6,425
Loss on disposal and sale of assets 149 503 173
Amortization of deferred gain on sale leaseback (2,778) (2,778) (2,778)
Changes in operating assets and liabilities:
Accounts and notes receivable (4,176) 13,132 (18,425)
Inventories 22,854 (3,893) (22,513)
Other current assets (775) 783 1,019
Accounts payable (7,038) (46,659) 22,446
Accrued expenses 16 (11,117) 352
Pension (7,231) (1,384) (3,295)
Other adjustments, net (842) 992 2,564
Net cash and cash equivalents provided by operating activities 94,321 44,318 64,666
Investing activities:
Additions to property, plant & equipment (6,233) (13,015) (17,083)
Proceeds from sale of properties 38 43 33
Other – 303 (303)
Net cash and cash equivalents used for investing activities (6,195) (12,669) (17,353)
Financing activities:
Payment of patronage dividend (15,799) (16,145) (14,843)
Payment of notes, long-term debt and lease obligations (9,817) (14,423) (12,818)
Decrease in drafts payable (7,740) (6,511) (1,879)
Increase/(decrease) in revolving credit facility, net (34,300) 6,600 (18,700)
Proceeds from sale of Redeemable Class A common stock and
subscriptions receivable 324 737 1,091
Purchase of Class A and Class B common stock (1,126) (1,057) (1,049)
Net cash and cash equivalents used for financing activities (68,458) (30,799) (48,198)
Net increase/(decrease) in cash and cash equivalents 19,668 850 (885)
Cash and cash equivalents at beginning of year 6,026 5,176 6,061
Cash and cash equivalents at end of year $ 25,694 $ 6,026 $ 5,176
The accompanying notes are an integral part of the Consolidated Financial Statements.
($ in thousands)