Year Ended December 31,
( i n t h o u s a n d s )
2 0 0 0
1 9 9 9
1 9 9 8
Cash flows from operating activities:
Net earnings
$ 16,493
$ 51,900
$ 25,111
Adjustments to reconcile net earnings to net cash provided
by operating activities:
Depreciation and amortization of property and equipment
33,311
25,589
22,571
Amortization of other assets
881
1,296
931
Deferred income taxes
(6,729)
(2,150)
(834)
Loss (gain) on disposition of property and equipment
3,340
(5,037)
1,483
Other items, net
1,039
869
(2)
Changes in operating assets and liabilities:
Accounts receivable
5,290
558
3,637
Inventories
(37,596)
(9,155)
2,582
Prepaid expenses and other current assets
(4,307)
(6,369)
15,370
Accounts payable
22,308
19,393
(5,520)
Accrued expenses and other liabilities
(3,858)
10,410
(129)
Net cash provided by operating activities
30,172
87,304
65,200
Cash flows from investing activities:
Purchases of property and equipment, net of lease incentives
(79,134)
(61,957)
(13,306)
Proceeds from the disposition of property and equipment
3,133
7,106
14
Net proceeds (purchases) from the sale of short-term investments
22,850
(14,711)
(11,900)
Acquisition of interest in GUESS? Canada
--
(2,027)
--
Increase in long-term investments
--
(2,357)
842
Acquisition of license
(82)
(1,443)
(741)
Net cash used by investing activities
(53,233)
(75,389)
(25,091)
Cash flows from financing activities:
Proceeds from notes payable and long-term debt
204,661
5,529
102,300
Repayment of notes payable and long-term debt
(177,916)
(20,658)
(144,817)
Issuance of common stock
3,588
3,534
--
Net cash provided by (used in) financing activities
30,333
(11,595)
(42,517)
Effect of exchange rates on cash
(79)
(34)
57
Net increase (decrease) in cash
7,193
286
(2,351)
Cash at beginning of year
6,139
5,853
8,204
Cash at end of year
$ 13,332
$ 6,139
$
5,853
Supplemental disclosures
Cash paid during the year for:
Interest
$ 11,951
$ 10,358
$ 15,095
Income taxes
$ 24,604
$ 37,236
$
3,704
S e e a c c o m p a n y i n g n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s
page
3 5
GUESS?, Inc. and Subsidiaries
C O N S O L I D A T E D S T A T E M E N T S O F C A S H F L O W S
