XML 64 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Nov. 29, 2011
Nov. 30, 2010
Operating activities:    
Net income $ 1,092 $ 16,962
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 32,700 30,741
Amortization of intangibles 1,036 393
Provision for bad debts 17 (318)
Deferred income taxes (211) 1,023
Loss on impairments, including disposition of assets 1,028 1,529
Equity in earnings of unconsolidated franchises 0 (230)
Share-based compensation expense 3,528 5,615
Excess tax benefits from share-based compensation (24) (186)
Gain on franchise partnership acquisitions, net of settlement losses   (1,660)
Other 288 (2)
Changes in operating assets and liabilities:    
Receivables (1,292) 647
Inventories (3,929) (13,218)
Income taxes (601) (3,756)
Prepaid and other assets 2,699 (121)
Accounts payable, accrued and other liabilities 654 (4,626)
Net cash provided by operating activities 36,985 32,793
Investing activities:    
Purchases of property and equipment (20,664) (13,266)
Acquisition of franchise and other entities   (1,832)
Proceeds from disposal of assets 1,527 959
(Increases)/reductions in Deferred Compensation Plan assets (76) 62
Insurance proceeds from property claims 1,548  
Other, net (217) (49)
Net cash used by investing activities (17,882) (14,126)
Financing activities:    
Net proceeds/(payments) on revolving credit facility 5,000 (14,600)
Principal payments on other long-term debt (6,645) (6,420)
Stock repurchases (18,441)  
Proceeds from exercise of stock options 123 796
Excess tax benefits from share-based compensation 24 186
Net cash used by financing activities (19,939) (20,038)
Decrease in cash and short-term investments (836) (1,371)
Cash and short-term investments:    
Beginning of year 9,722 9,569
End of year 8,886 8,198
Cash paid/(received) for:    
Interest, net of amount capitalized 8,640 5,132
Income taxes, net 1,151 6,061
Significant non-cash investing and financing activities:    
Retirement of fully depreciated assets 5,168 5,120
Reclassification of properties to assets held for sale or receivables 2,705 2,464
Assumption of debt and capital leases related to franchise partnership acquisitions 0 22,670
Liability for claim settlements and insurance receivables $ (314) $ (2,171)