|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands
|
9 Months Ended |
|
May 31, 2011
|
May 31, 2010
|
| Operating Activities: |
 |
 |
| Net income |
$ 49,060 |
$ 36,230 |
| Adjustments to reconcile net income to net cash used in operating activities: |
 |
 |
| Depreciation and amortization |
13,675 |
11,191 |
| Allowance for doubtful accounts |
(2) |
(4) |
| Loss on sale of property and equipment |
299 |
254 |
| Gain on sale of excess real estate in Panama |
(1,249) |
0 |
| Deferred income taxes |
2,907 |
2,329 |
| Discontinued operations |
161 |
(40) |
| Excess tax (benefit) deficiency on stock-based compensation |
(876) |
46 |
| Equity in losses of unconsolidated affiliates |
45 |
11 |
| Stock-based compensation |
3,076 |
2,829 |
| Change in operating assets and liabilities: |
 |
 |
| Change in receivables, prepaid expenses and other current assets, accrued salaries and benefits, deferred membership income and other accruals |
(5,280) |
3,267 |
| Merchandise inventories |
(36,497) |
(17,218) |
| Accounts payable |
13,355 |
12,086 |
| Net cash provided by (used in) continuing operating activities |
38,674 |
50,981 |
| Net cash provided by (used in) discontinued operating activities |
108 |
142 |
| Net Cash Provided by (Used in) Operating Activities |
38,782 |
51,123 |
| Investing Activities: |
 |
 |
| Additions to property and equipment |
(34,810) |
(38,162) |
| Proceeds from disposal of property and equipment |
37 |
85 |
| Proceeds on sale of excess real estate in Panama |
7,406 |
0 |
| Purchase of 5% Trinidad noncontrolling interest |
0 |
(3,800) |
| Capital contribution to Panama joint venture |
0 |
(433) |
| Net Cash Provided by (Used in) Investing Activities |
(27,367) |
(42,310) |
| Financing Activities: |
 |
 |
| Proceeds from bank borrowings |
40,066 |
35,460 |
| Repayment of bank borrowings |
(32,176) |
(19,119) |
| Cash dividend payments |
(8,969) |
(7,433) |
| Addition to restricted cash |
(14,920) |
(6,000) |
| Stockholder contribution |
0 |
396 |
| Excess tax benefit (deficiency) on stock-based compensation |
876 |
(46) |
| Purchase of treasury stock |
(2,604) |
(1,388) |
| Proceeds from exercise of stock options |
144 |
836 |
| Net cash provided by (used in) financing activities |
(17,583) |
2,706 |
| Effect of exchange rate changes on cash equivalents |
(1,332) |
(621) |
| Net increase (decrease) in cash and cash equivalents |
(7,500) |
10,898 |
| Cash and cash equivalents at beginning of year |
73,346 |
44,193 |
| Cash and cash equivalents at end of year |
65,846 |
55,091 |
| Supplemental disclosure of cash flow information: |
 |
 |
| Dividends declared but not paid |
8,970 |
7,429 |
| Cash paid during the period for: |
 |
 |
| Interest, net of amounts capitalized |
2,767 |
1,836 |
| Income taxes |
$ 16,130 |
$ 13,661 |