Dish Network 1997 Annual Report Download - page 84

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ECHOSTAR COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – Continued
13. Parent Company Only and Consolidation of Subsidiary Guarantors − Continued
F–37
Consolidating Statements of Cash Flows − Year Ended December 31, 1996 (in millions)
ESBC-
PC C&E
DBS
Corp-
PC C&E
DBS
Corp
ECC -
PC Other C&E
Cash Flows From Operating Activities:
Net income (loss) ................................ ................................ ..... $( 92) $(101) $ 92 $(101) $(102) $101 $(102) $(101) $ –$102 $(101)
Adjustments to reconcile net income (loss) to net cash flows
from operating activities:
Equity in (earnings) losses of subsidiaries ........................ –92 (92) –101 (101) –101 –(101) –
Depreciation and amortization ................................ ........... 27 – – 27 – – 27 –––27
Amortization of subscriber acquisition costs .................... 16 – – 16 – – 16 –––16
Deferred income tax benefit ................................ ............... ( 45) ( 5) –( 50) – – ( 50) –––( 50)
Amortization of debt discount and deferred financing
costs................................ ................................ ................. 34 24 3 61 – – 61 –––61
Other, net ................................ ................................ ............. 10 – – 10 – – 10 ( 2) – – 8
Changes in current assets and current liabilities, net ........ 152 (268) ( 3) (119) 70 –( 49) 26 38 ( 4) 11
Net cash flows from operating activities ................................ 102 (258) –(156) 69 –( 87) 24 38 ( 3) ( 28)
Cash Flows From Investing Activities:
Purchases of marketable investment securities ...................... –(138) –(138) – – (138) –––(138)
Sales of marketable investment securities .............................. –120 –120 – – 120 15 – – 135
Purchases of restricted marketable investment securities ...... ( 21) – – ( 21) – – ( 21) –––( 21)
Funds released from escrow and restricted cash and
marketable investment securities ................................ ....... 100 136 –236 – – 236 – – – 236
Purchases of property and equipment ................................ ..... (158) – – (158) ( 26) –(184) –( 38) –(222)
Offering proceeds and investment earnings placed in escrow
................................ ................................ .............................. ( 11) (183) –(194) – – (194) –––(194)
Payments received on convertible subordinated debentures
from SSET ................................ ................................ ........... 6– – 6– – 6–––6
Long-term notes receivable from DBSC ................................ –– – –– – –( 30) – –
( 30)(
Long-term note receivable from DBS Corp ........................... –– – –– – –( 12) –12 –
Expenditures for FCC authorizations ................................ ...... –– – –( 55) –( 55) –––( 55)
Other................................ ................................ .......................... –– – –– – –( 6) –3( 3)
Net cash flows from investing activities ................................ . ( 84) ( 65) –(149) ( 81) –(230) ( 33) ( 38) 15 (286)
Cash Flows From Financing Activities:
Net proceeds from issuance of 1996 Notes ............................ –337 –337 – – 337 – – – 337
Proceeds from note payable to ECC ................................ ....... –– – –12 –12 – – ( 12) –
Repayments of mortgage indebtedness and notes payable .... ( 8) – – ( 8) – – ( 8) –––( 8)
Stock options exercised ................................ ........................... –– – –– – –2– – 2
Net cash flows from financing activities ................................ ( 8) 337 –329 12 –341 2–( 12) 331
Net increase (decrease) in cash and cash equivalents ............ 10 14 –24 – – 24 ( 7) – – 17
Cash and cash equivalents, beginning of year ........................ 15 – – 15 – – 15 7– – 22
Cash and cash equivalents, end of year ................................ .. $ 25 $ 14 $ –$ 39 $ –$ –$ 39 $ – $ –$ –$ 39