|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Mar. 03, 2015
|
Mar. 04, 2014
|
| Operating activities: |
|
|
| Net loss |
$ (7,477) |
$ (63,932) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Depreciation |
37,601 |
41,451 |
| Amortization of intangibles |
1,718 |
1,933 |
| Deferred income taxes |
(2,736) |
(312) |
| Loss on impairments, including disposition of assets |
6,755 |
20,242 |
| Trademark impairment |
|
855 |
| Loss on extinguishment of debt |
|
1,183 |
| Share-based compensation expense |
5,380 |
5,785 |
| Excess tax benefits from share-based compensation |
(37) |
(284) |
| Lease reserve adjustments |
1,141 |
4,549 |
| Deferred escalating minimum rent |
1,764 |
2,024 |
| Other, net |
1,600 |
4,009 |
| Changes in operating assets and liabilities: |
|
|
| Receivables |
(3) |
(137) |
| Inventories |
(1,770) |
8,132 |
| Income taxes |
(233) |
(2,341) |
| Prepaid and other assets |
(1,419) |
(204) |
| Accounts payable, accrued and other liabilities |
(14,857) |
6,201 |
| Net cash provided by operating activities |
27,427 |
29,154 |
| Investing activities: |
|
|
| Purchases of property and equipment |
(21,134) |
(22,557) |
| Proceeds from sale-leaseback transactions, net |
|
5,637 |
| Proceeds from disposal of assets |
8,696 |
10,949 |
| Insurance proceeds from property claims |
145 |
218 |
| Reductions in Deferred Compensation Plan assets |
1,243 |
770 |
| Other, net |
790 |
(146) |
| Net cash used by investing activities |
(10,260) |
(5,129) |
| Financing activities: |
|
|
| Principal payments on long-term debt and capital leases |
(7,412) |
(31,981) |
| Stock repurchases |
(73) |
(579) |
| Payments for debt issuance costs |
(281) |
(1,758) |
| Proceeds from exercise of stock options |
457 |
1,576 |
| Excess tax benefits from share-based compensation |
37 |
284 |
| Net cash used by financing activities |
(7,272) |
(32,458) |
| Increase/(decrease) in cash and cash equivalents |
9,895 |
(8,433) |
| Cash and cash equivalents: |
|
|
| Beginning of year |
51,326 |
52,907 |
| End of quarter |
61,221 |
44,474 |
| Cash paid for: |
|
|
| Interest, net of amount capitalized |
11,173 |
13,191 |
| Income taxes, net |
1,721 |
1,513 |
| Significant non-cash investing and financing activities: |
|
|
| Retirement of fully depreciated assets |
17,510 |
34,090 |
| Reclassification of properties to assets held for sale |
5,572 |
8,049 |
| Property and equipment purchases included in accounts payable |
|
1,063 |
| Monetization of, and subsequent reinvestment into, life insurance policies |
$ 6,851 |
$ 7,972 |