Federal Express 1998 Annual Report Download - page 38

Download and view the complete annual report

Please find page 38 of the 1998 Federal Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 60

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60

P36 FDX CORPORATION
Years ended May 31
In thousands
1998 1997 1996
OPERATING ACTIVITIES
Income from continuing operations $ 498,155 $ 196,104 $ 400,186
Adjustments to reconcile income from continuing operations
to cash provided by operating activities:
Depreciation and amortization 963,731 928,799 857,951
Provision for uncollectible accounts 59,616 40,634 38,963
Provision (benefit) for deferred income taxes and other 45,548 (9,610) 34,355
Restructuring and impairment charges (16,000) 225,036 —
Gain from disposals of property and equipment (5,741) (20,143) (7,040)
Changes in assets and liabilities, net of
effects from dispositions of businesses:
Increase in receivables (254,283) (426,357) (205,427)
Increase in other current assets (102,203) (443,799) (65,038)
Increase in accounts payable, accrued
expenses and other liabilities 453,721 647,780 114,612
Other, net 63,829 (29,266) 15,971
pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
Cash provided by operating activities 1,706,373 1,109,178 1,184,533
pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
INVESTING ACTIVITIES
Purchases of property and equipment, including deposits
on aircraft of $70,359, $26,107 and $68,202 (1,880,173) (1,762,979) (1,700,376)
Proceeds from dispositions of property and equipment:
Sale-leaseback transactions 322,852 162,400 176,500
Reimbursements of A300 deposits 106,991 63,039 143,859
Other dispositions 135,329 39,423 32,619
Net receipts from (advances to) discontinued operations 1,735 (2,527) (60,000)
Other, net (75,964) 24,612 77,208
pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
Cash used in investing activities (1,389,230) (1,476,032) (1,330,190)
pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
FINANCING ACTIVITIES
Principal payments on debt (533,502) (9,670) (264,004)
Proceeds from debt issuances 267,105 433,404 214,798
Proceeds from stock issuances 33,925 31,013 36,566
Dividends paid (7,793) (34,825) (54,688)
Other, net (6,939) (9,741) (4,898)
pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
Cash (used in) provided by financing activities (247,204) 410,181 (72,226)
pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
CASH AND CASH EQUIVALENTS
Cash provided by (used in) continuing operations 69,939 43,327 (217,883)
Cash used in discontinued operations (1,735) (10,802) (26,118)
Balance at beginning of year 161,361 128,327 372,328
pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
Balance at end of year $ 229,565 $ 160,852 $ 128,327
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS