Chesapeake Energy 1996 Annual Report Download - page 43

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FINANCIAL INFORMATION
CHESAPEAKE EN CO RPO RAT! ON
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended June 30, 996 1995 1994
Cash flows from operating activities: ($inthousands)
Net income $23,355 $11,661 $3,905
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation, depletion and amortization 52,768 26,628 9,455
Deferred taxes 12,854 6,299 1,250
Amortization of loan costs 1,288 548 557
Amortization of bond discount 563 567 138
Bad debt expense 114 308 222
Purchases and sales of trading securities, net 622
Gain on sale of fixed assets (2,511) (108)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable (3,524) (22,510) (7,773)
(Increase) decrease in inventory 78 (1,203) (304)
(Increase) decrease in other current assets (1,525) 614 (726)
Increase (decrease) in accounts payable, accrued liabilities and other 25,834 19,387 10,077
Increase in current and non-current revenues and royalties due others 11,056 12,540 2,622
Cash provided by operating activities 120,972 54,731 19,423
Cash flows from investing activities:
Exploration, development and acquisition of oil and gas properties (347,294) (120,985) (34,654)
Proceeds from sale of oil and gas equipment, leasehold and other 11,416 15,107 7,598
Other proceeds from sales 698 1,104 765
Investment in gas marketing company, net of cash acquired (363)
Other property and equipment additions (8,846) (7,929) (2,920)
Cash used in investing activities (344,389) (112,703) (29,211)
Cash flows from financing activities:
Proceeds from issuance of Common Stock 99,498
Proceeds from long-term borrowings 166,667 128,834 48,800
Payments on long-term borrowings (48,634) (32,370) (25,738)
Placement fee on Senior Notes and Warrants --(1,900)
Cash received from exercise of stock options 1,989 818
Cash provided by financing activities 219,520 97,282 21,162
Net increase (decrease) in cash and cash equivalents (3,897) 39,310 11,374
Cash and cash equivalents, beginning of period 55,535 16,225 4,851
Cash and cash equivalents, end of period $51,638 $55,535 $16,225
Supplemental disclosure of cash flow information
Cash payments for:
Interest $17,179 $6,488 $1,467
Income taxes $$$109
The accompanying notes are an integral part of these consolidatedfinancial statements.