FairPoint Communications 2003 Annual Report Download - page 128

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Net cash provided by operating activities 444,180 1,135,093 627,144
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (1,298,556) (484,229) (129,498)
Proceeds from the sale of investments, net 27,007 46,302 128,861
Net cash used in investing activities (1,271,549) (437,927) (637)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings 1,100,000 — —
Repayment of long-term borrowings (236,690) (293,659) (493,234)
Payments of capital lease obligations (3,173) — —
Partnership distribution — (399,761) (99,994)
Net cash provided by/(used in) financial activities 860,137 (693,420) (593,228)
Net Increase in Cash and Cash Equivalents 32,768 3,746 33,279
Cash and Cash Equivalents at Beginning of Year 48,377 44,631 11,352
Cash and Cash Equivalents at End of Year $81,145 $48,377 $44,631
The accompanying notes are an integral part of these financial statements.
6
ILLINOIS VALLEY CELLULAR RSA 2-III PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
NOTE 1. ORGANIZATION
The Illinois Valley Cellular RSA 2-III Partnership (Partnership) is organized pursuant to the provisions of the Illinois Uniform
Partnership Act. The Partnership was formed on November 6, 1989, to fund, establish, and provide cellular service within a portion of the
Illinois RSA 2 Cellular Geographic Service Area. At December 31, 2002, 2001, and 2000, the general partners and their respective
ownership percentages in the Partnership were as follows:
Partner
Percentage
Illinois SMSA Limited Partnership 20.00%
Chicago SMSA Limited Partnership 20.00%
CENCOMM, Inc. 6-2/3
C-R Cellular, Inc. 6-2/3
DePue Communications, Inc. 6-2/3
Gemcell, Inc. 6-2/3
Gridley Cellular, Inc. 6-2/3
Leonore Cellular, Inc. 6-2/3
Marscilles Cellular, Inc. 6-2/3
McNabb Cellular, Inc. 6-2/3
Tonica Cellular, Inc. 6-2/3
100.00%
Marscilles Cellular, Inc. (MC) was elected by the Partnership to serve as the operating and network partner of the Partnership.
The partners make capital contributions, share in the operating results, and receive distributions from the Partnership in accordance
with their respective ownership percentages.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accounting policies of the Partnership conform to accounting principles generally accepted in the United States of America.