ARKANSAS BEST CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOW
Year Ended December 31
1995 1994 1993
($ thousands)
OPERATING ACTIVITIES
Net income (loss) $ (32,792) $ 18,707 $ 20,311
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Loss on extinguishments of debt - - 661
Depreciation and amortization 46,627 28,087 28,266
Amortization of intangibles 5,135 3,527 3,064
Other amortization 1,044 501 319
Contribution of stock to employee benefit plans - - 804
Provision for losses on accounts receivable 4,185 2,070 1,902
Provision for deferred income taxes (8,995) 3,189 (2,108)
Gain on asset sales (3,194) (2,168) (2,509)
Loss on write-down of intangible assets 2,076 - -
Minority interest in subsidiary 1,297 3,773 3,390
Changes in operating assets
and liabilities, net of acquisitions:
Receivables (23,795) (15,312) (14,152)
Inventories and prepaid expenses 3,529 (6,428) (5,985)
Other assets (13,827) (1,566) 1,822
Trade accounts payable, bank
drafts payable, taxes payable, accrued
expenses and other liabilities (47,514) 14,373 (193)
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES (66,224) 48,753 35,592
INVESTING ACTIVITIES
Purchases of property, plant and equipment,
less capitalized leases (49,690) (47,298) (13,692)
Proceeds from asset sales 15,748 7,841 10,839
Acquisition of WorldWay Corporation,
net of cash acquired -- Note B (81,482) - -
Acquisition of the Clipper Group,
net of cash acquired -- Note B (84) (49,556) -
Acquisition of Trans-World Tire Corp. - - (2,500)
NET CASH USED BY INVESTING ACTIVITIES (115,508) (89,013) (5,353)
FINANCING ACTIVITIES
Deferred financing costs and expenses
incurred in borrowing activities $ (4,578) $ (147) $ (47)
Proceeds from receivables purchase agreement - 56,000 -
Payments under receivables purchase agreement (40,000) (16,000) -
Borrowings under revolving credit and term
loan facilities 313,275 54,000 35,000
Principal payments under revolving credit
and term loan facilities (30,275) (39,000) (98,000)
Net proceeds from the issuance of common stock 171 37 -
Net proceeds from the issuance of preferred stock - - 71,894
Principal payments on other long-term
debt and capital leases (31,844) (18,616) (33,203)
Dividends paid to minority shareholders of
subsidiary (462) (438) (432)
Dividends paid (5,079) (5,069) (4,133)
Net increase (decrease) in bank overdraft (5,989) 5,989 -
NET CASH PROVIDED (USED) BY
FINANCING ACTIVITIES 195,219 36,756 (28,921)
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 13,487 (3,504) 1,318
Cash and cash equivalents at beginning of year 3,458 6,962 5,644
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 16,945 $ 3,458 $ 6,962
See notes to consolidated financial statements.
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