FairPoint Communications 2004 Annual Report Download - page 81

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Cash flows from operating activities:
Net income (loss) $(23,682)1,671 13,239
Adjustments to reconcile net income (loss) to net cash provided by
operating activities of continuing operations:
Income from discontinued operations (671)(9,921)(21,933)
Dividends and accretion on shares subject to mandatory redemption 20,181 9,049 —
Depreciation and amortization 50,287 48,089 46,310
Amortization of debt issue costs 4,603 4,171 3,664
Provision for uncollectible revenue 1,718 1,028 2,997
Income from equity method investments (10,899)(10,092)(7,798)
Deferred patronage dividends (84)(233)(253)
Minority interest in income of subsidiaries 2 2 2
Loss on early retirement of debt — 1,503 —
Write-off of offering costs 5,951 — —
Net gain on sale of investments and other assets (104)(608)(34)
Impairment on investments 349 — 12,568
Amortization of investment tax credits (27)(37)(85)
Stock-based compensation 49 15 924
Change in fair value of interest rate swaps and reclassification of
transition adjustment recorded in comprehensive income (loss) (772)(6,664)(698)
Changes in assets and liabilities arising from continuing operations,
net of acquisitions:
Accounts receivable (3,068)(3,801)2,534
Prepaid and other assets (89)(771)1,266
Accounts payable (390)(7,185)900
Accrued interest payable (44)7,786 506
Other accrued liabilities 2,302 418 1,640
Income taxes (138)(149)379
Other assets/liabilities 501 (1,437)(496)
Total adjustments 69,657 31,163 42,393
Net cash provided by operating activities of continuing
operations 45,975 32,834 55,632
Cash flows from investing activities of continuing operations:
Acquisition of telephone properties, net of cash acquired (225)(33,114)—
Acquisition of property, plant, and equipment (36,492)(33,595)(38,803)
Proceeds from sale of property, plant, and equipment 531 377 377
Distributions from investments 15,017 10,775 9,018
Payment on covenants not to compete (145)(536)(805)
Acquisition of investments — (17)(493)
Proceeds from sale of investments and other assets 328 2,100 448
Net cash used in investing activities of continuing operations (20,986)(54,010)(30,258)
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