Unformatted text preview: The company further noted its credit facility matures in April 2010 and said it is in talks with bankers to modify or replace the bank line during the first half of this year. Penney said its balance sheet benefited from an improvement in cash flow from operating activities less capital expenditures and dividends during 2008, and it expects that metric to further improve and be positive in fiscal 2009. Penney paid a $200 million debt maturity from its cash balances in August. The next one, amounting to about $500 million, will come in March 2010, which the company expects to fund from its cash balances. Following a 52% decline in its fiscal third-quarter profit, Penney in November that said it was controlling expenses and inventory to steel itself for the challenging holiday quarter. Write to Kathy Shwiff at [email protected]...
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- Spring '12