Business Valuation of Polo Ralph Lauren Corporation - Mark Moore ...

54Polo Ralph Lauren Corp.As Reported Annual CashFlow 4/3/2004 3/29/2003 3/30/2002 3/31/2001 4/1/2000Currency USD USD USD USD USDAuditor StatusNotQualifiedNotQualifiedNotQualifiedNotQualifiedNotQualifiedConsolidated Yes Yes Yes Yes YesScale Thousands Thousands Thousands Thousands ThousandsNet income (loss) 170,954 174,235 172,500 59,262 143,497Provision for (benefit from) dfdincome taxes -4,233 8,901 21,216 -23,430 6,761Depreciation & amortization 83,189 78,645 83,919 78,599 66,280Cumulative effect of chng in acctgprinciple - - - - 3,967Provision for losses on accountsreceivable 2,623 1,760 2,920 547 2,734Changes in other non-currentliabilities -18,930 3,087 -15,628 -27,989 3,155Provision for restructuring 19,566 14,443 16,000 98,836 -Foreign currency (gains) losses 1,864 529 -1,820 -5,846 -Other adjs to reconcile net income(loss) 5,565 -1,152 9,173 -9,885 4,770Accounts receivable -55,032 -7,798 -92,314 -68,968 -32,746Inventories 17,227 6,365 82,721 -44,626 53,325Prepaid expenses & other currentassets -32,439 -19,149 24,143 -22,967 1,216Other assets -37,163 2,868 6,142 8,042 -9,801Accounts payable -2,296 -5,080 -11,001 30,683 31,281Income taxes payable 27,658 - - - -Accrued expenses & other currentliabilities 32,053 11,320 -4,213 28,028 -31,750Net cash flows from operatingactiviites 210,606 268,974 293,758 100,286 242,689Purchases of property & equipment,net -123,026 -98,664 -88,008 -105,170 -122,010Investments in marketable securities - - - -50,721 -Acquisitions, net of cash acquired -5,019 -30,326 -23,702 -20,929 -235,144Proceeds from restricted cash for ClbMnc - - - - 44,217Equity interest investments -4,548 -47,631 - - -Purchase of trademark -7,500 - - - -Disposal of property & equipment 7,391 13,452 - - -Cash surrender value-officers' lifeinsurance - -3,100 -4,242 -5,152 -5,385Net cash flows from investingactivities -132,702 -166,269 -115,952 -181,972 -318,322Payment of dividends -14,847 - - - -Repurchases of common stock -1,047 -4,682 -2,067 -13,833 -41,262Proceeds from issuance of commonstock, net - - - 10,297 -Proceeds from exercise of stockoptions 40,414 7,718 24,486 - -Procs fr (repayments of) sht-tmborrows, net - 68,000 -52,166 2,939 -39,400Repayments of long term debt - -7,700 -10,576 -25,289 -37,358Net payments of short-term debt -100,943 -80,000 - - -