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This excerpt taken from the GOLF 10-Q filed May 6, 2009. Cash Flows
Operating Activities
Our cash flows from operations are seasonal. Operating activities provided $9.7 million of cash for the three months ended April 4, 2009 and used $15.9 million of cash for the three months ended March 29, 2008. The increase in cash provided by operating activities during the three months ended April 4, 2009, as compared to the three months ended March 29, 2008, primarily reflects a decrease in cash used for inventory purchases consistent with downward sales trends. In addition, we experienced significant improvement in the timing of accounts payable payments in the current year quarter as compared to the prior year quarter as a result of extended vendor payment terms that were negotiated in the fourth quarter of 2008 as part of company-wide initiatives to increase operational efficiencies, in addition to buying closer to need.
Investing Activities
We use cash in investing activities to build new stores and remodel or relocate existing stores. Net cash used in investing activities also includes purchases of information technology and expenditures for distribution facilities and corporate headquarters. Investing activities used $2.2 million of cash for the three months ended April 4, 2009 and $0.7 million of cash for the three months ended March 29, 2008. The increase in cash used during the three months ended April 4, 2009, as compared to the three months ended March 29, 2008 was driven by the opening of one new store in the current year quarter. There were no new store openings in the prior year quarter.
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Financing Activities
Financing activities used $6.5 million of cash for the three months ended April 4, 2009 and provided $14.7 million of cash for the three months ended March 29, 2008. Cash used (provided) in financing activities primarily relates to net principal payments and proceeds on our Amended and Restated Credit Facility.
This excerpt taken from the GOLF 10-Q filed Nov 6, 2008. Cash Flows
Operating Activities
Our cash flows from operations are seasonal. Operating activities provided $13.7 million of cash for the nine months ended September 27, 2008 and $12.4 million of cash for the nine months ended September 29, 2007. The increase in cash provided by operating activities during the nine months ended September 27, 2008, as compared to the nine months ended September 29, 2007, primarily reflects a decrease in cash used for inventory purchases consistent with downward sales trends. Cash used from operations in the prior year was higher due to an increase in cash used for inventory stock purchases as a result of 13 new store openings. The increase in cash provided in the current year period was partially offset by a decrease in cash related to the timing of other working capital activities.
Investing Activities
We use cash in investing activities to build new stores and remodel or relocate existing stores. Net cash used in investing activities also includes purchases of information technology and expenditures for distribution facilities and corporate headquarters. Investing activities used $3.7 million of cash for the nine months ended September 27, 2008 and $12.2 million of cash for the nine months ended September 29, 2007. The decrease in cash used during the nine months ended September 27, 2008 as compared to the nine months ended September 29, 2007 was driven by a large decrease in capital spending, as there have been no new store openings during fiscal 2008 and minimal spending related to the relocation of an existing store. We opened 13 new stores in fiscal 2007.
Financing Activities
Financing activities used $11.3 million of cash for the nine months ended September 27, 2008 and provided $1.1 million of cash for the nine months ended September 29, 2007. Cash used in financing activities during the nine month period ended September 27, 2008 was principally related to net principal payments on the Credit Facility. Cash provided during the nine months ended September 29, 2007 reflects net proceeds from the Credit Facility of $1.0 million, $0.3 million of proceeds from the issuance of stock, and the payment of $0.2 million in debt issue costs.
This excerpt taken from the GOLF 10-Q filed Aug 5, 2008. Cash Flows
Operating activities
Net cash provided by operating activities was $19.6 million for the six-month period ended June 28, 2008, compared to net cash provide by operating activities of $12.6 million for the six-month period ended June 30, 2007. Cash provided by operating activities was principally due to a decrease in cash used for the purchase of inventory of $16.2 million, net of accounts payable and also net income of $3.1 million.
Investing activities
Net cash used in investing activities was $1.9 million for the six-month period ended June 28, 2008, compared to net cash used in investing activities of $11.1 million for the six-month period ended June 30, 2007. The decrease was driven by a large decrease in capital spending. In fiscal 2007, we opened 11 stores in the first six months of fiscal 2007 for which we incurred large capital expenditures in the first six months of fiscal 2007. Our low capital expenditures in the first six months of fiscal 2008 reflects our decision to not open any stores in the first two fiscal quarters of fiscal 2008.
Financing activities
Net cash used in financing activities was $16.1 million for the six-month period ended June 28, 2008, compared to net cash provided by financing activities of $2.9 million for the six-month period ended June 30, 2007. Net cash used in financing activities for the six-month period ended June 28, 2008, was primarily for the purpose of paying down our line of credit.
This excerpt taken from the GOLF 10-Q filed May 7, 2008. Cash Flows
Operating activities
Net cash used in operating activities was $15.9 million in the three months ended March 29, 2008, compared to net cash used in operating activities of $2.9 million in the three months ended March 31, 2007. Cash used in operating activities was principally due to cash used for the purchase of inventory of $10.1 million, net of accounts payable, a net loss of $5.4 million and cash used for general working capital activities of $3.1 million. These decreases in cash used were partially offset by non-cash activities of $2.8 million that are included in the net loss.
Investing activities
Net cash used in investing activities was $0.7 million for the three months ended March 29, 2008, compared to net cash used in investing activities of $4.3 million for the three months ended March 31, 2007. The decrease was driven by a large decrease in capital spending. In fiscal 2007, we opened three stores in the first quarter of fiscal 2007 and eight additional stores during the second quarter of fiscal 2007 which caused large capital expenditures in the first quarter of fiscal 2007. Our low capital expenditures in the first quarter of fiscal 2008 reflects our decision to not open any stores in the first two fiscal quarters of fiscal 2008.
Financing activities
Net cash provided by financing activities was $14.7 million for the three months ended March 29, 2008, compared to net
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cash provided by financing activities of $7.5 million for the three months ended March 31, 2007. Net cash provided by financing activities for the three months ended March 29, 2008, was comprised primarily of proceeds from our line of credit which were used for normal working capital requirements.
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