Dish Network 1997 Annual Report Download - page 85

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ECHOSTAR COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – Continued
13. Parent Company Only and Consolidation of Subsidiary Guarantors − Continued
F–38
Consolidating Statements of Cash Flows − Year Ended December 31, 1997 (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)................................ ................................ ........ $(291) $(308) $ 291 $(308) $(318) $ 308 $(318) $(313) $( 3) $ 321 $(313)
Adjustments to reconcile net income (loss) to net cash flows
from operating activities:
Equity in (earnings) losses of subsidiaries ........................... –291 (291) –308 (308) –323 –(323) –
Depreciation and amortization ................................ ............. 51 – – 51 – – 51 –––51
Amortization of subscriber acquisition costs ...................... 121 – – 121 – – 121 –––121
Amortization of debt discount and deferred financing
costs................................ ................................ ................... 63 19 –82 1–83 –––83
Other, net ................................ ................................ ............... 11 – – 11 – – 11 –––11
Changes in current assets and current liabilities, net .......... 88 ( 71) –17 (106) –( 89)
( 18))
158 ( 4) 47
Net cash flows from operating activities ................................ .. 43 ( 69) –( 26) (115) –(141) ( 8) 155 ( 6) –
Cash Flows From Investing Activities:
Purchases of marketable investment securities ........................ –( 5) –( 5) ( 32) –( 37) (271) – – (308)
Sales of marketable investment securities ................................ –23 –23 29 –52 –––52
Purchases of restricted marketable investment securities ........ ( 1) – – ( 1) – – ( 1) –––( 1)
Funds released from escrow and restricted cash and
marketable investment securities ................................ ......... 31 48 –79 41 –120 –––120
Purchases of property and equipment ................................ ....... ( 49) – – ( 49) ( 30) –( 79) –(153) –(232)
Offering proceeds and investment earnings placed in escrow ––––(228) –(228) –––(228)
Other................................ ................................ ............................ –( 1) –( 1) – – ( 1) 8( 2) ( 6) ( 1)
Net cash flows from investing activities ................................ ... ( 19) 65 –46 (220) –(174) (263) (155) ( 6) (598)
Cash Flows From Financing Activities:
Net proceeds from issuance of Class A Common Stock ......... –––––––63 – – 63
Net proceeds from issuance of 1997 Notes .............................. – – – – 363 –363 –––363
Net proceeds from issuance of 12 1/8% Series B Senior
Redeemable Exchangeable Preferred ................................ .... –––––––193 – – 193
Net proceeds from issuance of 6 3/4% Series C Cumulative
Convertible Preferred Stock ................................ ................... –––––––97 – – 97
Repayment of note payable to ECC ................................ .......... ––––( 12) –( 12) – – 12 –
Repayments of mortgage indebtedness and notes payable ...... ( 13) – – ( 13) – – ( 13) –––( 13)
Net proceeds from Class A Common Stock options exercised
and Class A Common Stock issued to Employee Stock
Purchase Plan ................................ ................................ ......... –––––––1– – 1
Net cash flows from financing activities ................................ .. ( 13) – – ( 13) 351 –338 354 –12 704
Net increase (decrease) in cash and cash equivalents .............. 11 ( 4) –716 –23 83 – – 106
Cash and cash equivalents, beginning of year .......................... 25 14 –39 – – 39 –––39
Cash and cash equivalents, end of year ................................ ..... $ 36 $ 10 $ – $ 46 $ 16 $ – $ 62 $ 83 $ – $ – $ 145