programs from internally generated funds and seasonal borrowings under our credit facilities. The following table compares cash-related information for the years ended January 29, 2005, and January 31, 2004: Year Ended Year Ended  January 29, January 31, (In millions) 2005 2004 Net cash provided by (used in): Operating activities $276.5 $243.7  Investing activities (315.4) (282.4) Financing activities 61.3 (35.5)  The $32.8 million increase in cash provided by operating activities in 2004 was primarily due to increased profitability before non-cash depreciation and amortization expense. Increased non-cash depreciation expense was primarily attributed to our square footage growth in 2004, two new distribution centers in the current year and our continued installation of our  point-of-sale systems and other technology assets. Cash used in investing activities is generally expended to open new stores and to expand or relocate existing stores. The $33.0 million increase in 2004 compared to 2003 was primarily due to the following: In March 2005, our Board of Directors authorized the repurchase of up to $300.0 million of our common stock during the next three years. This new authorization terminated the previous November 2002 authorization. As of the termination date, we had repurchased 5,065,495 shares for approximately $142.0 million under the November 2002 authorization. As of April 13, 2005, we had repurchased 2,048,900 shares for approximately $55.6 million under the March 2005 authorization. At January 29, 2005, our long-term borrowings  were $269.0 million and our capital lease commitments were $12.7 million. We also have a $125.0 million Letter of Credit Reimbursement and Security Agreement, under which approximately $88.9 million was committed to letters of credit issued for routine purchases of imported merchandise. In March 2004, we entered into a five-year $450.0 million Revolving Credit Facility. This facility bears interest at LIBOR, plus 0.475% spread. We used availability under this facility to repay $142.6 million  of variable rate debt related to our variable interest  entity and to invest in certain short-term securities. As  of January 29, 2005, we had $200.0 million available under this facility. In 2004, the average investment per new store, including capital expenditures, initial inventory and pre-opening costs, was approximately $469,000. We expect our cash needs for opening new stores and expanding existing stores in fiscal 2005 to total approximately $138.6 million, which includes capital expenditures and initial inventory and pre-opening costs. Our estimated capital expenditures for fiscal 2005 are between $125.0 and $140.0 million, including planned expenditures for new and expanded stores and investments in technology. We believe that we can adequately fund our working capital Funding Requirements  Overview The $96.8 million change in cash provided by financing activities in 2004 compared to 2003 was primarily the result of the following: 20 DOLLAR TREE STORES, INC. • 2004 ANNUAL REPORT • increased borrowings under our Facility, net of  the repayment of our variable rate debt for our distribution centers; • decreased capital expenditures due to higher expenditures in the prior year on our distribution center projects that were completed in the first  half of 2004. • this increase was partially offset by the acquisition  of Greenbacks for approximately $100.5 million  in 2003; and • increased investment of cash from borrowings under our Facility in the current year; • partially offsetting this increase in cash is a $10.6 million increase in stock repurchases in the current year under a $200.0 million authorization granted by our Board of Directors in November 2002 and $7.1 million decrease in cash proceeds from stock issued under stock-based compensation plans. MANAGEMENT’S DISCUSSION & ANALYSIS OF  FINANCIAL CONDITION AND RESULTS OF OPERATIONS