Frontier Airlines 2004 Annual Report Download - page 51

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REPUBLIC AIRWAYS HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 and 2002
(In thousands)
See accompanying notes to consolidated financial statements.
2004
2003
2002
OPERATING ACTIVITIES:
Net income
$
44,771
$
34,049
$
17,003
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization
33,940
23,439
11,768
Debt issue costs and other amortization
757
Warrant amortization
800
359
9
Loss on aircraft and other equipment disposals
261
865
67
Impairment loss and accrued aircraft return costs
10,160
3,800
Allowance for note receivable from affiliate
2,113
4,900
Amortization of deferred credits
(1,285
)
(1,249
)
(1,132
)
Stock compensation expense
214
214
213
Deferred income taxes
28,169
22,040
16,140
Changes in certain assets and liabilities:
Receivables
4,212
(4,952
)
1,654
Inventories
(3,115
)
(367
)
698
Prepaid expenses and other current assets
(1,036
)
868
(985
)
Accounts payable
1,402
(1,903
)
933
Accrued liabilities
9,535
9,325
(1,479
)
Other assets
(2,419
)
(1,900
)
(2,732
)
Net Cash from operating activities
116,206
93,061
50,857
INVESTING ACTIVITIES:
Purchase of aircraft and other equipment
(62,740
)
(36,831
)
(24,375
)
Proceeds from sale of spare aircraft equipment
674
826
5,219
Aircraft deposits and other
(79,242
)
(9,630
)
(13,823
)
Aircraft deposits returned
40,480
15,192
Net cash from investing activities
(100,828
)
(30,443
)
(32,979
)
FINANCING ACTIVITIES:
Revolving credit facility
—
net
(7,044
)
Payments on short/long
-
term debt
(26,933
)
(39,116
)
(7,101
)
Proceeds from short/long
-
term debt
3,213
2,119
Repayment of subordinated note payable to affiliate
(20,499
)
Proceeds from common stock offering, net
58,172
Payments on redemption of redeemable preferred stock of subsidiary
(5,370
)
Change in deferred credits
1,171
1,329
51
Payments on settlement of treasury locks
(3,562
)
Proceeds on settlement of treasury locks
593
Proceeds from exercise of stock options
978
Debt issue costs
(3,828
)
(1,965
)
(3,918
)
Other
2
640
(1,858
)
Net cash from financing activities
9,307
(44,482
)
(17,751
)
Net changes in cash and cash equivalents
24,685
18,136
127
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
21,535
3,399
3,272
CASH AND CASH EQUIVALENTS AT END OF YEAR
$
46,220
$
21,535
$
3,399
41