 |
| For the years September
27, 2002, September 28, 2001 and September 29, 2000 |
| (In thousands) |
|
|
|
2002 |
|
|
2001 |
|
|
2000 |
|
|
 |
|
|
|
|
| Cash flows
from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(28,963) |
|
$ |
(91,177) |
|
$ |
(13,626) |
|
Adjustments
to reconcile net loss to net cash from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
26,170 |
|
|
29,245 |
|
|
19,987 |
|
|
Deferred
income taxes |
|
|
6,125 |
|
|
(53,393) |
|
|
(10,782) |
|
|
Loss
on impairment and disposal of property |
|
|
63,809 |
|
|
16,581 |
|
|
4,174 |
|
|
Gain
on sale of investment |
|
|
- |
|
|
(9,692) |
|
|
- |
|
|
Amortization
of intangible assets |
|
|
1,775 |
|
|
6,788 |
|
|
1,637 |
|
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and investments segregated in compliance with federal
regulations |
|
|
(896,204) |
|
|
(1,828,301) |
|
|
683,871 |
|
|
|
Receivable
from brokers, dealers and clearing organizations |
|
|
(490,776) |
|
|
(134,371) |
|
|
65,311 |
|
|
|
Receivable
from clients and correspondents |
|
|
81,913 |
|
|
1,955,158 |
|
|
(1,400,179) |
|
|
|
Refundable
income taxes |
|
|
- |
|
|
5,082 |
|
|
11,839 |
|
|
|
Other
assets |
|
|
(8,764) |
|
|
21,402 |
|
|
(5,871) |
|
|
|
Payable
to brokers, dealers and clearing organizations |
|
|
692,781 |
|
|
(129,405) |
|
|
48,746 |
|
|
|
Payable
to clients and correspondents |
|
|
616,982 |
|
|
159,759 |
|
|
560,811 |
|
|
|
Accounts
payable and accrued liabilities |
|
|
28,082 |
|
|
5,042 |
|
|
15,809 |
|
|
|
Income
taxes payable |
|
|
(4,167) |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash flows from operating activities |
|
|
88,763 |
|
|
(47,282) |
|
|
(18,273) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Cash flows
from investing activities: |
|
|
|
|
|
|
|
|
|
|
Purchase
of property and equipment |
|
|
(1,871) |
|
|
(23,929) |
|
|
(41,512) |
|
Proceeds
from sale of property and equipment |
|
|
692 |
|
|
4,967 |
|
|
- |
|
Cash acquired
(paid) in business combinations, net |
|
|
111,230 |
|
|
4,018 |
|
|
(5,995) |
|
Proceeds
from sale of investment |
|
|
- |
|
|
16,359 |
|
|
- |
|
Purchase
of investments |
|
|
- |
|
|
(176) |
|
|
(6,936) |
|
|
|
|
|
|
|
|
|
|
Net cash
flows from investing activities |
|
|
110,051 |
|
|
1,239 |
|
|
(54,443) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows
from financing activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds
from notes payable |
|
|
-
|
|
|
74,900 |
|
|
160,000 |
|
Principal
payments on notes payable |
|
|
(22,500) |
|
|
(124,400) |
|
|
(85,000) |
|
Proceeds
from exercise of stock options and other |
|
|
2,692 |
|
|
1,431 |
|
|
531 |
|
Repurchase
of Common Stock |
|
|
(4,830) |
|
|
(1,257) |
|
|
(269) |
|
Issuance
of Common Stock |
|
|
88 |
|
|
152 |
|
|
262 |
|
|
|
|
|
|
|
|
|
|
Net cash
flows from financing activities |
|
|
(24,550) |
|
|
(52,174) |
|
|
75,524 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Net increase
(decrease) in cash and cash equivalents |
|
|
174,264 |
|
|
(98,217) |
|
|
2,808 |
| |
|
|
|
|
|
|
|
|
|
| Cash and
cash equivalents at beginning of period |
|
|
24,134 |
|
|
122,351 |
|
|
119,543 |
|
|
|
|
|
|
|
| Cash and
cash equivalents at end of period |
|
$ |
198,398 |
|
$ |
24,134 |
|
$ |
122,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Supplemental
cash flow information: |
|
|
|
|
|
|
|
|
|
|
Interest
paid |
|
$ |
16,623 |
|
$ |
62,455 |
|
$ |
101,793 |
|
Income
taxes paid (refunds received) |
|
$ |
8,489 |
|
$ |
(6,904 |
) |
$ |
(9,361) |
| |
|
|
|
|
|
|
|
|
|
| Noncash
investing and financing activities: |
|
|
|
|
|
|
|
|
|
|
Tax benefit
on exercise of stock options |
|
$ |
654 |
|
$ |
974 |
|
$ |
1,666 |
|
Issuance
of Common Stock in acquisition of subsidiaries |
|
$ |
770,112 |
|
$ |
224,456 |
|
$ |
21,377 |
|
Conversion
of convertible notes to Class A Common Stock |
|
$ |
- |
|
$ |
152,355 |
|
$ |
- |
|
Deferred
income taxes on debt conversion |
|
$ |
- |
|
$ |
(42,825 |
) |
$ |
- |
| See notes
to consolidated financial statements. |
|
|
