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Chicos FAS INC Analysis of Equity Cash Flows Notes to Financial Information and Other Financial information Report to Scott Edmonds President and CEO Chicos FAS Inc NYSE CHS is a retailer of high-end womens apparel designs sources and retails unique brands of trendy womens sophisticated and casual fashion Chicos started in 1983 after the acquisition of White House Black Market in 2003 they have over 571 stores in 46 states Washington DC Puerto Rico and the Virgin Islands The company competes with giants such as Federated Department stores and similar sized chains such as Ann Taylor and Talbots We examined the companys 2003 10K filing for their fiscal year ending January 31 2004 Our report will analyze the Statement of Cash Flows Statement of Changes in Stockholders Owners Equity Important Notes to Consolidated Financial Statements and Explanations of Other Financial Information We feel the information demonstrates that Chicos has been laying the foundations for a profitable 2004 Statement of Cash Flows The statement of Cash Flows page 18 on attached 10K is divided into three sections Net cash provided by operating activities Net cash used in investing activities and Net cash provided by financing activities From February 1 2003 through January 31 2004 the net increase in cash and cash equivalents increased by nearly 7MM or 79 Net cash provided by operating activities is comprised of Net Income plus adjustments Chicos FAS amounts expressed in thousands Statement of Cash Flows20042003 Change Change Net Income10023066759334715014 Adjustments to reconcile net income to net cash Depreciation CGS197010938778024 Depreciation Other211301505060804040 Deferred Tax expense benefit1336-16512987-18092 Tax benefit of Options Exercised1512622549-7423-3292 Deferred Rent187414823922645 Loss on impairment and disposal of property and equipment37461315243118487 Acquisition Impact Receivables Net-1953-143-1810126573 Inventories-4658-1600211344-7089 Prepaid expenses-1281-1691410-2425 Accounts payable-31759000-12175-13528 Accrued liabilities1103511046-11-010 Total adjustments45150420483102738 Net cash from operating145380108807365733361 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of marketable securities-166855-134918-319372367 Proceeds from sale of marketable securities15344784235692128217 Acquisition net of cash acquired-876360-87636NA Purchases of property and equipment-52300-6474212442-1922 Net
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