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FairPoint Communications 2002 Annual Report Download - page 451

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WARWICK

NYNEX MOBILE VERIZON TACONIC VALLEY TOTAL

LIMITED WIRELESS TELEPHONE TELEPHONE PARTNERS'

PARTNERSHIP 2 OF THE EAST LP CORPORATION COMPANY CAPITAL

-------- -------- -------- -------- --------

BALANCE, JANUARY 1, 2001 $ 41,277 $ -- $ 3,642 $ 3,642 $ 48,561

Net income 57,138 -- 5,041 5,041 67,220

Distribution to partners (59,500) -- (5,250) (5,250) (70,000)

-------- -------- -------- -------- --------

BALANCE, DECEMBER 31, 2001 38,915 -- 3,433 3,433 45,781

Net income 46,092 36,671 7,303 7,303 97,369

Distribution to partners (25,500) (42,500) (6,000) (6,000) (80,000)

Transfer of Partnership interest (59,507) 59,507 -- -- --

-------- -------- -------- -------- --------

BALANCE, DECEMBER 31, 2002 $ 0 $ 53,678 $ 4,736 $ 4,736 $ 63,150

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See notes to financial statements.

-4-

ORANGE COUNTY - POUGHKEEPSIE LIMITED PARTNERSHIP

STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2002 AND 2001

(DOLLARS IN THOUSANDS)

--------------------------------------------------------------------------------

2002 2001

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 97,369 $ 67,220

Adjustments to reconcile net income to net cash provided by

operating activities:

Depreciation and amortization 4,225 3,583

Changes in certain assets and liabilities:

Accounts receivable 378 1,764

Unbilled revenue 420 (433)

Prepaid expenses and other current assets 104 (30)

Deferred charges and other assets 3 2

Accounts payable and accrued liabilities 901 (1,646)

Advance billings 51 24

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Net cash provided by operating activities 103,451 70,484

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CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures (7,706) (4,887)

Proceeds from sale of property, plant and equipment 64 --

--------- ---------

Net cash used in investing activities (7,642) (4,887)

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CASH FLOWS FROM FINANCING ACTIVITIES:

Decrease (increase) in due from general partner, net (15,809) 4,403

Distribution to partners (80,000) (70,000)

--------- ---------

Net cash used in financing activities (95,809) (65,597)

--------- ---------

INCREASE IN CASH -- --

CASH, BEGINNING OF YEAR -- --

--------- ---------

CASH, END OF YEAR $ -- $ --

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See notes to financial statements.