Note P - Supplemental Condensed Consolidating Financial Statements | 6 Months Ended |
Dec. 03, 2013 |
Disclosure Text Block Supplement [Abstract] | ' |
Condensed Financial Statements [Text Block] | ' |
NOTE P – SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL STATEMENTS |
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As discussed in Note H to the Consolidated Financial Statements, the Senior Notes are a liability of Ruby Tuesday, Inc. (the “Parent”) and are guaranteed on a senior unsecured basis by our existing and future domestic restricted subsidiaries, subject to certain exceptions (the “Guarantors”). Each of the Guarantors is wholly-owned by Ruby Tuesday, Inc. None of the few remaining subsidiaries of Ruby Tuesday, Inc., which were primarily created to hold liquor license assets, guarantee the Senior Notes (the “Non-Guarantors”). Our Non-Guarantor subsidiaries are immaterial and are aggregated within the Parent information disclosed below. |
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The following condensed consolidating financial information, which has been prepared in accordance with the requirements for presentation of Rule 3-10(f) of Regulation S-X promulgated by the Securities and Exchange Commission, presents the condensed consolidating financial information separately for the Parent, the Guarantors, and elimination entries necessary to consolidate the Parent and Guarantors. Investments in wholly-owned subsidiaries are accounted for using the equity method for purposes of the consolidated presentation. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. |
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Condensed Consolidating Balance Sheet |
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As of December 3, 2013 |
|
(In thousands) |
|
| | Parent | | | Guarantors | | | Eliminations | | | Consolidated | |
Assets | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 23,313 | | | $ | 305 | | | – | | | $ | 23,618 | |
Accounts receivable | | | 2,217 | | | | 3,562 | | | – | | | | 5,779 | |
Inventories | | | 19,477 | | | | 7,938 | | | – | | | | 27,415 | |
Income tax receivable | | | 130,721 | | | – | | | | (125,378 | ) | | | 5,343 | |
Deferred income taxes | | | 1,377 | | | | 3,202 | | | – | | | | 4,579 | |
Other current assets | | | 15,237 | | | | 3,488 | | | – | | | | 18,725 | |
Total current assets | | | 192,342 | | | | 18,495 | | | | (125,378 | ) | | | 85,459 | |
| | | | | | | | | | | | | | | | |
Property and equipment, net | | | 611,147 | | | | 213,013 | | | – | | | | 824,160 | |
Investment in subsidiaries | | | 152,303 | | | – | | | | (152,303 | ) | | – | |
Due from/(to) subsidiaries | | | 90,802 | | | | 236,998 | | | | (327,800 | ) | | – | |
Other assets | | | 48,465 | | | | 14,358 | | | – | | | | 62,823 | |
Total assets | | $ | 1,095,059 | | | $ | 482,864 | | | $ | (605,481 | ) | | $ | 972,442 | |
| | | | | | | | | | | | | | | | |
Liabilities & Shareholders’ Equity | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 20,934 | | | $ | 4,330 | | | – | | | $ | 25,264 | |
Accrued and other current liabilities | | | 47,703 | | | | 35,225 | | | – | | | | 82,928 | |
Current maturities of long-term debt, including capital leases | | | (341 | ) | | | 10,179 | | | – | | | | 9,838 | |
Income tax payable | | – | | | | 125,378 | | | | (125,378 | ) | | – | |
Total current liabilities | | | 68,296 | | | | 175,112 | | | | (125,378 | ) | | | 118,030 | |
| | | | | | | | | | | | | | | | |
Long-term debt and capital leases, less current maturities | | | 219,882 | | | | 43,422 | | | – | | | | 263,304 | |
Deferred income taxes | | | (4,192 | ) | | | 6,970 | | | – | | | | 2,778 | |
Due to/(from) subsidiaries | | | 236,998 | | | | 90,802 | | | | (327,800 | ) | | – | |
Other deferred liabilities | | | 107,826 | | | | 14,255 | | | – | | | | 122,081 | |
Total liabilities | | | 628,810 | | | | 330,561 | | | | (453,178 | ) | | | 506,193 | |
| | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | |
Common stock | | | 614 | | | – | | | – | | | | 614 | |
Capital in excess of par value | | | 72,678 | | | – | | | – | | | | 72,678 | |
Retained earnings | | | 402,947 | | | | 152,303 | | | | (152,303 | ) | | | 402,947 | |
Accumulated other comprehensive loss | | | (9,990 | ) | | – | | | – | | | | (9,990 | ) |
Total shareholders’ equity | | | 466,249 | | | | 152,303 | | | | (152,303 | ) | | | 466,249 | |
| | | | | | | | | | | | | | | | |
Total liabilities & shareholders’ equity | | $ | 1,095,059 | | | $ | 482,864 | | | $ | (605,481 | ) | | $ | 972,442 | |
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Condensed Consolidating Balance Sheet |
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As of June 4, 2013 |
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(In thousands) |
|
| | Parent | | | Guarantors | | | Eliminations | | | Consolidated | |
Assets | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 52,635 | | | $ | 272 | | | – | | | $ | 52,907 | |
Accounts receivable | | | 1,854 | | | | 2,980 | | | – | | | | 4,834 | |
Inventories | | | 21,961 | | | | 8,911 | | | – | | | | 30,872 | |
Income tax receivable | | | 118,329 | | | – | | | | (116,429 | ) | | | 1,900 | |
Deferred income taxes | | | 5,372 | | | | 1,924 | | | – | | | | 7,296 | |
Other current assets | | | 19,519 | | | | 3,836 | | | – | | | | 23,355 | |
Total current assets | | | 219,670 | | | | 17,923 | | | | (116,429 | ) | | | 121,164 | |
| | | | | | | | | | | | | | | | |
Property and equipment, net | | | 635,478 | | | | 224,352 | | | – | | | | 859,830 | |
Investment in subsidiaries | | | 167,887 | | | – | | | | (167,887 | ) | | – | |
Due from/(to) subsidiaries | | | 76,485 | | | | 230,583 | | | | (307,068 | ) | | – | |
Other assets | | | 46,812 | | | | 15,377 | | | – | | | | 62,189 | |
Total assets | | $ | 1,146,332 | | | $ | 488,235 | | | $ | (591,384 | ) | | $ | 1,043,183 | |
| | | | | | | | | | | | | | | | |
Liabilities & Shareholders’ Equity | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 11,725 | | | $ | 3,239 | | | – | | | $ | 14,964 | |
Accrued and other current liabilities | | | 47,775 | | | | 34,406 | | | – | | | | 82,181 | |
Current maturities of long-term debt, including capital leases | | | (347 | ) | | | 8,834 | | | | | | | | 8,487 | |
Income tax payable | | – | | | | 116,429 | | | | (116,429 | ) | | – | |
Total current liabilities | | | 59,153 | | | | 162,908 | | | | (116,429 | ) | | | 105,632 | |
| | | | | | | | | | | | | | | | |
Long-term debt and capital leases, less current maturities | | | 232,462 | | | | 58,053 | | | – | | | | 290,515 | |
Deferred income taxes | | | (1,070 | ) | | | 6,823 | | | – | | | | 5,753 | |
Due to/(from) subsidiaries | | | 230,583 | | | | 76,485 | | | | (307,068 | ) | | – | |
Other deferred liabilities | | | 108,369 | | | | 16,079 | | | – | | | | 124,448 | |
Total liabilities | | | 629,497 | | | | 320,348 | | | | (423,497 | ) | | | 526,348 | |
| | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | |
Common stock | | | 612 | | | – | | | – | | | | 612 | |
Capital in excess of par value | | | 67,596 | | | – | | | – | | | | 67,596 | |
Retained earnings | | | 459,572 | | | | 167,887 | | | | (167,887 | ) | | | 459,572 | |
Accumulated other comprehensive loss | | | (10,945 | ) | | – | | | – | | | | (10,945 | ) |
Total shareholders’ equity | | | 516,835 | | | | 167,887 | | | | (167,887 | ) | | | 516,835 | |
| | | | | | | | | | | | | | | | |
Total liabilities & shareholders’ equity | | $ | 1,146,332 | | | $ | 488,235 | | | $ | (591,384 | ) | | $ | 1,043,183 | |
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Condensed Consolidating Statement of Operations and |
|
Comprehensive (Loss)/Income |
|
For the Thirteen Weeks Ended December 3, 2013 |
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(In thousands) |
|
| | Parent | | | Guarantors | | | Eliminations | | | Consolidated | |
Revenue: | | | | | | | | | | | | | | | | |
Restaurant sales and operating revenue | | $ | 198,850 | | | $ | 75,869 | | | – | | | $ | 274,719 | |
Franchise revenue | | | 98 | | | | 1,392 | | | – | | | | 1,490 | |
| | | 198,948 | | | | 77,261 | | | – | | | | 276,209 | |
| | | | | | | | | | | | | | | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | |
Cost of merchandise | | | 56,320 | | | | 21,349 | | | – | | | | 77,669 | |
Payroll and related costs | | | 69,365 | | | | 28,152 | | | – | | | | 97,517 | |
Other restaurant operating costs | | | 46,493 | | | | 18,796 | | | – | | | | 65,289 | |
Depreciation | | | 10,208 | | | | 3,707 | | | – | | | | 13,915 | |
Selling, general, and administrative | | | 25,724 | | | | 11,307 | | | – | | | | 37,031 | |
Intercompany selling, general, and administrative allocations | | | 14,008 | | | | (14,008 | ) | | – | | | – | |
Closures and impairments | | | 8,058 | | | | 6,085 | | | – | | | | 14,143 | |
Equity in earnings of subsidiaries | | | 104 | | | – | | | | (104 | ) | | – | |
Interest expense, net | | | 5,171 | | | | 1,449 | | | – | | | | 6,620 | |
Intercompany interest expense/(income) | | | 3,229 | | | | (3,229 | ) | | – | | | – | |
Loss on extinguishment of debt | | | 672 | | | – | | | – | | | | 672 | |
| | | 239,352 | | | | 73,608 | | | | (104 | ) | | | 312,856 | |
| | | | | | | | | | | | | | | | |
(Loss)/income from continuing operations before income taxes | | | (40,404 | ) | | | 3,653 | | | | 104 | | | | (36,647 | ) |
(Benefit)/provision for income taxes from continuing operations | | | (5,667 | ) | | | 3,757 | | | – | | | | (1,910 | ) |
(Loss)/income from continuing operations | | | (34,737 | ) | | | (104 | ) | | | 104 | | | | (34,737 | ) |
| | | | | | | | | | | | | | | | |
Gain from discontinued operations, net of tax | | | 354 | | | – | | | – | | | | 354 | |
Net (loss)/income | | $ | (34,383 | ) | | $ | (104 | ) | | $ | 104 | | | $ | (34,383 | ) |
| | | | | | | | | | | | | | | | |
Other comprehensive income: | | | | | | | | | | | | | | | | |
Pension liability reclassification, net of tax | | | 477 | | | – | | | – | | | | 477 | |
Total comprehensive (loss)/income | | $ | (33,906 | ) | | $ | (104 | ) | | $ | 104 | | | $ | (33,906 | ) |
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Condensed Consolidating Statement of Operations and |
|
Comprehensive (Loss)/Income |
|
For the Twenty-Six Weeks Ended December 3, 2013 |
|
(In thousands) |
|
| | Parent | | | Guarantors | | | Eliminations | | | Consolidated | |
Revenue: | | | | | | | | | | | | | | | | |
Restaurant sales and operating revenue | | $ | 408,932 | | | $ | 153,879 | | | – | | | $ | 562,811 | |
Franchise revenue | | | 119 | | | | 2,953 | | | – | | | | 3,072 | |
| | | 409,051 | | | | 156,832 | | | – | | | | 565,883 | |
| | | | | | | | | | | | | | | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | |
Cost of merchandise | | | 114,847 | | | | 42,760 | | | – | | | | 157,607 | |
Payroll and related costs | | | 142,891 | | | | 57,359 | | | – | | | | 200,250 | |
Other restaurant operating costs | | | 94,895 | | | | 37,928 | | | – | | | | 132,823 | |
Depreciation | | | 20,572 | | | | 7,552 | | | – | | | | 28,124 | |
Selling, general, and administrative | | | 51,718 | | | | 22,328 | | | – | | | | 74,046 | |
Intercompany selling, general, and administrative allocations | | | 28,771 | | | | (28,771 | ) | | – | | | – | |
Closures and impairments | | | 13,223 | | | | 8,953 | | | – | | | | 22,176 | |
Equity in earnings of subsidiaries | | | (4,421 | ) | | – | | | | 4,421 | | | – | |
Interest expense, net | | | 10,231 | | | | 3,142 | | | – | | | | 13,373 | |
Intercompany interest expense/(income) | | | 6,414 | | | | (6,414 | ) | | – | | | – | |
Loss on extinguishment of debt | | | 1,183 | | | – | | | – | | | | 1,183 | |
| | | 480,324 | | | | 144,837 | | | | 4,421 | | | | 629,582 | |
| | | | | | | | | | | | | | | | |
(Loss)/income from continuing operations before income taxes | | | (71,273 | ) | | | 11,995 | | | | (4,421 | ) | | | (63,699 | ) |
(Benefit)/provision for income taxes from continuing operations | | | (14,637 | ) | | | 7,574 | | | – | | | | (7,063 | ) |
(Loss)/income from continuing operations | | | (56,636 | ) | | | 4,421 | | | | (4,421 | ) | | | (56,636 | ) |
| | | | | | | | | | | | | | | | |
Gain from discontinued operations, net of tax | | | 11 | | | – | | | – | | | | 11 | |
Net (loss)/income | | $ | (56,625 | ) | | $ | 4,421 | | | $ | (4,421 | ) | | $ | (56,625 | ) |
| | | | | | | | | | | | | | | | |
Other comprehensive income: | | | | | | | | | | | | | | | | |
Pension liability reclassification, net of tax | | | 955 | | | – | | | – | | | | 955 | |
Total comprehensive (loss)/income | | $ | (55,670 | ) | | $ | 4,421 | | | $ | (4,421 | ) | | $ | (55,670 | ) |
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Condensed Consolidating Statement of Operations and |
|
Comprehensive (Loss)/Income |
|
For the Thirteen Weeks Ended December 4, 2012 |
|
(In thousands) |
|
| | Parent | | | Guarantors | | | Eliminations | | | Consolidated | |
Revenue: | | | | | | | | | | | | | | | | |
Restaurant sales and operating revenue | | $ | 216,215 | | | $ | 82,382 | | | – | | | $ | 298,597 | |
Franchise revenue | | | 41 | | | | 1,439 | | | – | | | | 1,480 | |
| | | 216,256 | | | | 83,821 | | | – | | | | 300,077 | |
| | | | | | | | | | | | | | | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | |
Cost of merchandise | | | 59,998 | | | | 22,849 | | | – | | | | 82,847 | |
Payroll and related costs | | | 71,486 | | | | 29,245 | | | – | | | | 100,731 | |
Other restaurant operating costs | | | 46,781 | | | | 18,867 | | | – | | | | 65,648 | |
Depreciation | | | 10,773 | | | | 3,904 | | | – | | | | 14,677 | |
Selling, general, and administrative | | | 24,971 | | | | 13,570 | | | – | | | | 38,541 | |
Intercompany selling, general, and administrative allocations | | | 16,442 | | | | (16,442 | ) | | – | | | – | |
Closures and impairments | | | 2,137 | | | | (246 | ) | | – | | | | 1,891 | |
Equity in earnings of subsidiaries | | | (9,434 | ) | | – | | | | 9,434 | | | – | |
Interest expense, net | | | 5,342 | | | | 1,423 | | | – | | | | 6,765 | |
Intercompany interest expense/(income) | | | 3,434 | | | | (3,434 | ) | | – | | | – | |
Gain on extinguishment of debt | | | (155 | ) | | – | | | – | | | | (155 | ) |
| | | 231,775 | | | | 69,736 | | | | 9,434 | | | | 310,945 | |
| | | | | | | | | | | | | | | | |
(Loss)/income from continuing operations before income taxes | | | (15,519 | ) | | | 14,085 | | | | (9,434 | ) | | | (10,868 | ) |
(Benefit)/provision for income taxes from continuing operations | | | (11,315 | ) | | | 4,651 | | | – | | | | (6,664 | ) |
(Loss)/income from continuing operations | | | (4,204 | ) | | | 9,434 | | | | (9,434 | ) | | | (4,204 | ) |
| | | | | | | | | | | | | | | | |
Loss from discontinued operations, net of tax | | | (10,864 | ) | | | (580 | ) | | | 580 | | | | (10,864 | ) |
Net (loss)/income | | $ | (15,068 | ) | | $ | 8,854 | | | $ | (8,854 | ) | | $ | (15,068 | ) |
| | | | | | | | | | | | | | | | |
Other comprehensive income: | | | | | | | | | | | | | | | | |
Pension liability reclassification, net of tax | | | 380 | | | – | | | – | | | | 380 | |
Total comprehensive (loss)/income | | $ | (14,688 | ) | | $ | 8,854 | | | $ | (8,854 | ) | | $ | (14,688 | ) |
|
Condensed Consolidating Statement of Operations and |
|
Comprehensive (Loss)/Income |
|
For the Twenty-Six Weeks Ended December 4, 2012 |
|
(In thousands) |
|
| | Parent | | | Guarantors | | | Eliminations | | | Consolidated | |
Revenue: | | | | | | | | | | | | | | | | |
Restaurant sales and operating revenue | | $ | 454,187 | | | $ | 170,677 | | | – | | | $ | 624,864 | |
Franchise revenue | | | 133 | | | | 3,003 | | | – | | | | 3,136 | |
| | | 454,320 | | | | 173,680 | | | – | | | | 628,000 | |
| | | | | | | | | | | | | | | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | |
Cost of merchandise | | | 124,200 | | | | 46,510 | | | – | | | | 170,710 | |
Payroll and related costs | | | 147,679 | | | | 60,244 | | | – | | | | 207,923 | |
Other restaurant operating costs | | | 93,601 | | | | 37,901 | | | – | | | | 131,502 | |
Depreciation | | | 21,872 | | | | 7,816 | | | – | | | | 29,688 | |
Selling, general, and administrative | | | 53,992 | | | | 27,556 | | | – | | | | 81,548 | |
Intercompany selling, general, and administrative allocations | | | 34,484 | | | | (34,484 | ) | | – | | | – | |
Closures and impairments | | | 2,974 | | | | 4 | | | – | | | | 2,978 | |
Equity in earnings of subsidiaries | | | (21,466 | ) | | – | | | | 21,466 | | | – | |
Interest expense, net | | | 10,641 | | | | 2,914 | | | – | | | | 13,555 | |
Intercompany interest expense/(income) | | | 6,822 | | | | (6,822 | ) | | – | | | – | |
Gain on extinguishment of debt | | | (155 | ) | | – | | | – | | | | (155 | ) |
| | | 474,644 | | | | 141,639 | | | | 21,466 | | | | 637,749 | |
| | | | | | | | | | | | | | | | |
(Loss)/income from continuing operations before income taxes | | | (20,324 | ) | | | 32,041 | | | | (21,466 | ) | | | (9,749 | ) |
(Benefit)/provision for income taxes from continuing operations | | | (19,194 | ) | | | 10,575 | | | – | | | | (8,619 | ) |
(Loss)/income from continuing operations | | | (1,130 | ) | | | 21,466 | | | | (21,466 | ) | | | (1,130 | ) |
| | | | | | | | | | | | | | | | |
Loss from discontinued operations, net of tax | | | (11,339 | ) | | | (652 | ) | | | 652 | | | | (11,339 | ) |
Net (loss)/income | | $ | (12,469 | ) | | $ | 20,814 | | | $ | (20,814 | ) | | $ | (12,469 | ) |
| | | | | | | | | | | | | | | | |
Other comprehensive income: | | | | | | | | | | | | | | | | |
Pension liability reclassification, net of tax | | | 761 | | | – | | | – | | | | 761 | |
Total comprehensive (loss)/income | | $ | (11,708 | ) | | $ | 20,814 | | | $ | (20,814 | ) | | $ | (11,708 | ) |
|
Condensed Consolidating Statement of Cash Flows |
|
For the Twenty-Six Weeks Ended December 3, 2013 |
|
(In thousands) |
|
| | Parent | | | Guarantors | | | Eliminations | | | Consolidated | |
Net cash (used)/provided by operating activities | | $ | (22,630 | ) | | $ | 36,648 | | | $ | (13,590 | ) | | $ | 428 | |
| | | | | | | | | | | | | | | | |
Investing activities: | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | (12,902 | ) | | | (4,795 | ) | | – | | | | (17,697 | ) |
Proceeds from sale-leaseback transactions, net | | | 5,637 | | | – | | | – | | | | 5,637 | |
Proceeds from disposal of assets | | | 7,434 | | | | 1,023 | | | – | | | | 8,457 | |
Other, net | | | 187 | | | – | | | – | | | | 187 | |
Net cash provided/(used) by investing activities | | | 356 | | | | (3,772 | ) | | – | | | | (3,416 | ) |
| | | | | | | | | | | | | | | | |
Financing activities: | | | | | | | | | | | | | | | | |
Principal payments on long-term debt | | | (12,968 | ) | | | (12,838 | ) | | – | | | | (25,806 | ) |
Stock repurchases | | | (540 | ) | | – | | | – | | | | (540 | ) |
Payments for debt issuance costs | | | (1,718 | ) | | – | | | – | | | | (1,718 | ) |
Proceeds from exercise of stock options | | | 1,480 | | | – | | | – | | | | 1,480 | |
Excess tax benefits from share-based compensation | | | 283 | | | – | | | – | | | | 283 | |
Intercompany transactions | | | 6,415 | | | | (20,005 | ) | | | 13,590 | | | – | |
Net cash used by financing activities | | | (7,048 | ) | | | (32,843 | ) | | | 13,590 | | | | (26,301 | ) |
| | | | | | | | | | | | | | | | |
(Decrease)/increase in cash and cash equivalents | | | (29,322 | ) | | | 33 | | | – | | | | (29,289 | ) |
Cash and cash equivalents: | | | | | | | | | | | | | | | | |
Beginning of year | | | 52,635 | | | | 272 | | | – | | | | 52,907 | |
End of quarter | | $ | 23,313 | | | $ | 305 | | | – | | | $ | 23,618 | |
|
Condensed Consolidating Statement of Cash Flows |
|
For the Twenty-Six Weeks Ended December 4, 2012 |
|
(In thousands) |
|
| | Parent | | | Guarantors | | | Eliminations | | | Consolidated | |
Net cash (used)/provided by operating activities | | $ | (15,104 | ) | | $ | 27,846 | | | $ | (12,133 | ) | | $ | 609 | |
| | | | | | | | | | | | | | | | |
Investing activities: | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | (14,936 | ) | | | (3,569 | ) | | – | | | | (18,505 | ) |
Proceeds from sale-leaseback transactions, net | | | 30,408 | | | – | | | – | | | | 30,408 | |
Proceeds from disposal of assets | | | 885 | | | | 1,200 | | | – | | | | 2,085 | |
Other, net | | | 126 | | | – | | | – | | | | 126 | |
Net cash provided/(used) by investing activities | | | 16,483 | | | | (2,369 | ) | | – | | | | 14,114 | |
| | | | | | | | | | | | | | | | |
Financing activities: | | | | | | | | | | | | | | | | |
Principal payments on long-term debt | | | (10,981 | ) | | | (6,504 | ) | | – | | | | (17,485 | ) |
Stock repurchases | | | (20,012 | ) | | – | | | – | | | | (20,012 | ) |
Proceeds from exercise of stock options | | | 173 | | | – | | | – | | | | 173 | |
Excess tax benefits from share-based compensation | | | 11 | | | – | | | – | | | | 11 | |
Intercompany transactions | | | 6,823 | | | | (18,956 | ) | | | 12,133 | | | – | |
Net cash used by financing activities | | | (23,986 | ) | | | (25,460 | ) | | | 12,133 | | | | (37,313 | ) |
| | | | | | | | | | | | | | | | |
(Decrease)/increase in cash and cash equivalents | | | (22,607 | ) | | | 17 | | | – | | | | (22,590 | ) |
Cash and cash equivalents: | | | | | | | | | | | | | | | | |
Beginning of year | | | 47,986 | | | | 198 | | | – | | | | 48,184 | |
End of quarter | | $ | 25,379 | | | $ | 215 | | | – | | | $ | 25,594 | |
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