This increase in the current quarter is primarily driven by reductions in selling, general and administrative expenses. The slight deterioration in the year-to-date amount is the result of fiscal 2007 selling, general and administrative expenses including certain credits related to the reduction in force driven by the store liquidation process.
Third quarter reported debt levels totaled $56.2 million, net of bond issuance discount of $11.1 million. During the quarter, the Company generated over $11.0 million of cash flow from operations. Approximately $2.0 million of this cash flow was utilized for capital spending.
The remainder was put towards the revolver balance. At the end of the third quarter, the Company had over $32 million of availability under its revolving credit facility compared to $21 million availability under its credit facility as of the end of the second quarter. As of December 1, 2008, availability under the revolving credit facility increased to approximately $37 million.
During the first nine months of fiscal 2008, the Company opened one new store, relocated four stores and remodeled 63 stores.