FairPoint Communications 2006 Annual Report Download - page 62
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Cash flows from operating activities:
Net income (loss) $ 31,090 $ 28,930 $ (23,682)
Adjustments to reconcile net income (loss) to net cash provided by operating
activities of continuing operations:
Income from discontinued operations (574)(380) (671)
Dividends and accretion on shares subject to mandatory redemption —2,362 20,181
Depreciation and amortization 53,236 52,390 50,287
Loss of preferred stock subject ot mandatory redemption —9,899 —
Amortization of debt issue costs 1,571 1,859 4,603
Provision for uncollectible revenue 1,798 3,245 1,718
Deferred income taxes 17,474 (84,208) —
Income from equity method investments (10,616)(11,302)(10,899)
Deferred patronage dividends (1)(77)(84)
Minority interest in income of subsidiaries 2 2 2
Loss on early retirement of debt — 77,847 —
Write-off of offering costs — — 5,951
Net (gain) loss on sale of investments and other assets (14,740)11 (104)
Impairment on investments —1,200 349
Amortization of investment tax credits (12) (16) (27)
Stock-based compensation 2,859 2,350 49
Other non-cash item (637)(212) —
Change in fair value of interest rate swaps and reclassification of transition
adjustment recorded in comprehensive loss — — (772)
Changes in assets and liabilities arising from continuing operations, net of
acquisitions:
Accounts receivable 5,500 (3,103)(3,068)
Prepaid and other assets (790)576 (89)
Accounts payable (1,289)(3,428)(390)
Accrued interest payable 272 (16,309) (44)
Other accrued liabilities (2,647) 338 2,302
Income taxes 29 (363)(138)
Other assets/liabilities (759) 71 501
Total adjustments 50,676 32,752 69,657
Cash flows from investing activities of continuing operations:
Acquisition of telephone properties, net of cash acquired (49,837)(26,258) (225)
Acquisition of property, plant, and equipment (32,317)(28,099) (36,492)
Proceeds from sale of property, plant, and equipment 327 698 531
Distributions from investments 10,654 10,859 15,017
Payment on covenants not to compete (20)(110)(145)
Acquisition of investments —(12) —
Proceeds from sale of investments and other assets 43,832 115 328
See accompanying notes to consolidated financial statements.
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