|
THE CHEESECAKE FACTORY INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| |
Fiscal Year |
 |
|
| (In Thousands) |
|
2003 |
|
|
2002 |
|
|
2001 |
|
|
| Cash flows from operating activities: |
| Net income |
$ |
57,836 |
|
$ |
49,075 |
|
$ |
39,309 |
|
| Adjustments to reconcile net income to cash provided |
| by operating activities: |
| Depreciation and amortization |
|
27,960 |
|
|
22,855 |
|
|
17,457 |
|
| Gain on available-for-sale securities |
|
(2,456 |
) |
|
(1,797 |
) |
|
(1,549 |
) |
| Deferred income taxes |
|
11,884 |
|
|
11,358 |
|
|
4,388 |
|
| Tax benefit related to stock options exercised |
|
10,519 |
|
|
25,361 |
|
|
5,527 |
|
| Changes in assets and liabilities: |
| Accounts receivable |
|
(1,870 |
) |
|
255 |
|
|
(868 |
) |
| Other receivables |
|
(4,202 |
) |
|
(7,810 |
) |
|
1,613 |
|
| Inventories |
|
(2,449 |
) |
|
(7,214 |
) |
|
(1,443 |
) |
| Prepaid expenses |
|
(3,353 |
) |
|
(3,976 |
) |
|
(1,663 |
) |
| Trademarks |
|
(106 |
) |
|
(66 |
) |
|
(145 |
) |
| Other |
|
(3,335 |
) |
|
(2,441 |
) |
|
(2,181 |
) |
| Accounts payable |
|
11,157 |
|
|
(4,046 |
) |
|
1,173 |
|
| Income taxes payable |
|
– |
|
|
(2,837 |
) |
|
1,844 |
|
| Other accrued expenses |
|
15,069 |
|
|
14,735 |
|
|
10,963 |
|
|
|
| Cash provided by operating activities |
|
116,654 |
|
|
93,452 |
|
|
74,425 |
|
|
|
| Cash flows from investing activities: |
| Additions to property and equipment |
|
(105,560 |
) |
|
(86,618 |
) |
|
(74,324 |
) |
| Investments in available-for-sale securities |
|
(174,203 |
) |
|
(119,971 |
) |
|
(121,670 |
) |
| Sales of available-for-sale securities |
|
155,435 |
|
|
98,338 |
|
|
96,248 |
|
|
|
| Cash used in investing activities |
|
(124,328 |
) |
|
(108,251 |
) |
|
(99,746 |
) |
|
|
| Cash flows from financing activities: |
| Issuance of common stock |
|
11 |
|
|
24 |
|
|
6 |
|
| Dividends paid for fractional shares |
|
– |
|
|
– |
|
|
(28 |
) |
| Proceeds from exercise of employee stock options |
|
12,644 |
|
|
21,558 |
|
|
5,854 |
|
| Purchase of treasury stock |
|
(847 |
) |
|
(7,059 |
) |
|
(2,198 |
) |
|
|
| Cash provided by financing activities |
|
11,808 |
|
|
14,523 |
|
|
3,634 |
|
|
|
| Net change in cash and cash equivalents |
|
4,134 |
|
|
(276 |
) |
|
(21,687 |
) |
| Cash and cash equivalents at beginning of period |
|
11,033 |
|
|
11,309 |
|
|
32,996 |
|
|
|
| Cash and cash equivalents at end of period |
$ |
15,167 |
|
$ |
11,033 |
|
$ |
11,309 |
|
|
|
See the accompanying notes to the consolidated financial statements.
|
