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Pep Boys - Manny, Moe & Jack Message Board

  • chfriend03 chfriend03 Dec 8, 2009 2:25 PM Flag

    Cash flowing well

    Net cash flow in the first 39 weeks of the fiscal year is $64.9 million dollars, or $1.2+ per diluted share (for 52+ million common shares).

    The GAAP earnings is artificially depressed by the "depreciatiion and amortization expenses" as PBY owns a lot of real estate, and equipment.

    From the trasncript of the earnings call:

    (In the first 39 weeks of the year) total debt net of cash decreased $65.8 million from year-end 2008, primarily due to the repurchase of $17 million of the company’s outstanding senior subordinated notes, the repayment of $23.8 million of loans outstanding on our revolving credit facility, and an increase of cash of $19.5 million.

    From a cash flow perspective, we generated free cash flow of $64.9 million in the 39 weeks ended October 31, 2009. After paying a dividend of $4.7 million or $0.03 per share, repaying amounts existing under our revolving credit facility and trade payable liability program, combined with the bond repurchase noted earlier and after the company acquired the assets of Florida Tire, a 10-service location operation in Florida for approximately $4.4 million, the company generated approximately $19.5 million in cash in the 39 weeks ended October 31st, 2009.

    At the end of the quarter, we owned 239 properties, including our headquarters, most of our distribution centers, and many of our stores. At the end of the quarter, we also had approximately 160 properties with ground leases.

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