FairPoint Communications 2007 Annual Report Download - page 77
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Table of Contents
Cash flows from operating activities:
Net income $ 6,014 $ 31,090 $ 28,930
Adjustments to reconcile net income to net cash provided by operating activities of
continuing operations:
Income from discontinued operations (297) (574) (380)
Dividends and accretion on shares subject to mandatory redemption — — 2,362
Depreciation and amortization 50,836 53,236 52,390
Loss of preferred stock subject to mandatory redemption — — 9,899
Amortization of debt issue costs 1,538 1,571 1,859
Provision for uncollectible revenue 2,733 1,798 3,245
Deferred income taxes 7,547 17,474 (84,208)
Income from equity method investments (5,025) (10,616) (11,302)
Deferred patronage dividends (55) (1) (77)
Minority interest in income of subsidiaries 1 2 2
Loss on early retirement of debt — — 77,847
Net (gain) loss on sale of investments and other assets (49,455) (14,740) 11
Gain on sale of operating assets (2,164) — —
Net loss on derivative instruments 17,202 — —
Impairment of investments — — 1,200
Amortization of investment tax credits (11) (12) (16)
Stock-based compensation 3,966 2,859 2,350
Other non-cash item — (637) (212)
Changes in assets and liabilities arising from continuing operations, net of
acquisitions:
Accounts receivable (3,627) 5,500 (3,103)
Prepaid and other assets (1,084) (790) 576
Accounts payable 6,494 (1,289) (3,428)
Accrued interest payable 20 272 (16,309)
Other accrued liabilities 3,186 (2,647) 338
Income taxes (867) 29 (363)
Other assets/liabilities (1,123) (759) 71
Total adjustments 29,815 50,676 32,752
Cash flows from investing activities of continuing operations:
Acquisition of telephone properties, net of cash acquired — (49,837) (26,258)
Purchase of property, plant, and equipment (59,152) (32,317) (28,099)
Proceeds from sale of property, plant, and equipment 371 327 698
Distributions from investments 2,672 10,654 10,859
Payment on covenants not to compete (20) (20) (110)
Acquisition of investments — — (12)
Proceeds from sale of operating assets 2,496 — —
Proceeds from sale of investments and other assets 57,452 43,832 115
See accompanying notes to consolidated financial statements.
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