ARKANSAS BEST CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31
1994 1993 1992
($ thousands)
OPERATING ACTIVITIES
Net income (loss) $ 18,707 $ 20,311 $ (583)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Loss on extinguishments of debt - 661 15,975
Cumulative effect of accounting change
in method of revenue recognition - - 3,363
Depreciation and amortization 28,087 28,266 34,473
Amortization of intangibles 3,527 3,064 3,034
Other amortization 501 319 755
Contribution of stock to employee benefit
plans - 804 (43)
Provision for losses on accounts
receivable 2,070 1,902 2,343
Provision for deferred income taxes 3,189 (2,108) 1,212
Gain on asset sales (2,168) (2,509) (2,127)
Gain on sale or issuance of subsidiary
stock (45) (37) -
Minority interest in subsidiary 3,773 3,390 3,076
Changes in operating assets and liabilities,
net of acquisition:
Accounts receivable (15,312) (14,152) (12,172)
Inventories and prepaid expenses (6,428) (5,985) (3,377)
Other assets (1,521) 1,859 (2,266)
Accounts payable, bank drafts payable,
taxes payable, accrued expenses and
other liabilities 14,373 (193) 15,775
NET CASH PROVIDED BY OPERATING ACTIVITIES 48,753 35,592 59,438
INVESTING ACTIVITIES
Purchases of property, plant and
equipment, less capitalized leases (47,298) (13,692) (21,105)
Proceeds from asset sales 7,841 10,839 10,417
Acquisition of the Clipper Group, net
of cash acquired -- Note B (49,556) - -
Acquisition of Trans-World Tire Corp. - (2,500) -
NET CASH USED BY INVESTING ACTIVITIES (89,013) (5,353) (10,688)
FINANCING ACTIVITIES
Deferred financing costs and expenses
incurred in borrowing activities $ (147) $ (47) $ (721)
Proceeds from rec. purchase agreement 56,000 - -
Payments under rec. purchase agreement (16,000) - -
Borrowings under revolving credit and
term loan facilities 54,000 35,000 90,000
Principal payments under revolving credit
and term loan facilities (39,000) (98,000) (53,000)
Payments to retire 14% senior
subordinated notes - (8,437) (135,507)
Net proceeds from the issuance of
common stock 37 - 140,868
Net proceeds from the issuance of
preferred stock - 71,894 -
Principal payments on other long-term debt
and capital leases (18,616) (24,766) (35,613)
Dividends paid to minority shareholders
of subsidiary (438) (432) (429)
Dividends paid (5,069) (4,133) (470)
Repurchase of common stock -- Note H - - (55,768)
Net increase in bank overdraft 5,989 - -
NET CASH PROVIDED (USED) BY
FINANCING ACTIVITIES 36,756 (28,921) (50,640)
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (3,504) 1,318 (1,890)
Cash and cash equivalents at beginning
of year 6,962 5,644 7,534
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 3,458 $ 6,962 $ 5,644
See notes to consolidated financial statements.
|
