| Cash Flow for Zale Corp. (ZLC) | | | | | | | Cash Flow | in Thousands of Dollars | | | 07/2008 | 07/2007 | 07/2006 | 07/2005 | 07/2004 | | | Net Income | 10,801 | 59,252 | 53,622 | 106,775 | 106,473 | | Depreciation & Amortization | 60,927 | 62,841 | 59,771 | 59,840 | 56,381 | | Deferred Income Taxes | (20,498) | 7,082 | 1,542 | 12,643 | 30,976 | | Operating Losses | 3,477 | 1,344 | 6,027 | 12,210 | 13,011 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | - | - | - | - | - | | Decrease in Inventories | 71,137 | (112,488) | (43,629) | (20,968) | (24,431) | | Decrease in Other Current Assets | (7,164) | (9,795) | (27,704) | (1,933) | (11,465) | | Increase in Payables | (30,123) | (34,888) | 38,033 | 3,566 | 12,113 | | Increase in Other Current Liabilities | - | - | - | (5,161) | (6,309) | | Decrease in Other Working Capital | 62,128 | 58,378 | (5,864) | - | - | | Other Non-Cash Items | (6,301) | 8,916 | (4,291) | - | - | | Net Cash from Continuing Operations | 144,384 | 40,642 | 79,818 | 168,278 | 178,078 | | Net Cash from Discontinued Operations | (28,677) | - | - | - | - | | Cash from Operating Activities | 115,707 | 40,642 | 79,818 | 168,278 | 178,078 | | | | Sale of Property, Plant, Equipment | - | - | - | 3,971 | - | | Sale of Short Term Investments | 8,251 | 8,127 | 3,311 | 4,440 | 5,751 | | | Purchase of Property, Plant, Equipment | (85,137) | (86,446) | (82,718) | (83,124) | (60,788) | | Acquisitions | - | - | - | - | - | | Purchase of Short Term Investments | (10,448) | (11,281) | (2,149) | (3,480) | (4,980) | | Other Investment Changes, Net | - | - | - | - | - | | Cash from Investing Activities | 137,718 | (89,600) | (81,556) | (78,193) | (60,017) | | | Issuance of Debt | 3,630,800 | 2,960,693 | 1,125,613 | 1,388,900 | 717,400 | | Issuance of Capital Stock | 1,992 | 17,795 | 10,669 | 17,725 | 39,565 | | | Repayment of Debt | (3,531,801) | (2,936,200) | (1,052,600) | (1,456,600) | (704,300) | | Repurchase of Capital Stock | (326,694) | - | (100,000) | (50,000) | (143,358) | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | 53 | 1,432 | 3,380 | - | - | | Cash from Financing Activities | (225,650) | 43,720 | (12,938) | (99,975) | (90,693) | | | | Effect of Exchange Rate Changes | 161 | 287 | 1,824 | 2,212 | 483 | | Net Change in Cash | 27,936 | (4,951) | (12,852) | (7,678) | 27,851 | | | Cash at Beginning of Year | 37,643 | 42,594 | 55,446 | 63,124 | 35,273 | | Cash at End of Period | 65,579 | 37,643 | 42,594 | 55,446 | 63,124 | | | |
