REGENT COMMUNICATIONS, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in thousands) |
|
|
Year ended December 31, |
|
|
2001 |
2000 |
1999 |
Cash flows
from operating activities: |
|
Net (loss)
income |
|
($1,713) |
$13,852 |
($6,771) |
|
Adjustments to reconcile net (loss)
to net cash provided |
|
|
by (used in) operating activities: |
|
|
|
Depreciation and amortization |
|
13,436 |
8,602 |
3,368 |
|
Provision for doubtful accounts |
|
822 |
725 |
390 |
|
Non-cash interest expense |
|
283 |
1,579 |
1,576 |
|
Non-cash charge for debt
extinguishments |
|
0 |
1,114 |
471 |
|
Non-cash charge for compensation |
|
491 |
0 |
0 |
|
(Gain) loss on sale of radio
stations |
|
(4,444) |
(17,504) |
477 |
|
Loss on sale of fixed assets and
other |
|
160 |
0 |
0 |
|
Changes in operating assets and
liabilities, net of acquisitions: |
|
|
Accounts receivable |
|
(328) |
(6,249) |
(1,481) |
|
Other assets |
|
(107) |
(358) |
(36) |
|
Current and long-term liabilities |
|
(803) |
(2,940) |
(372) |
|
Deferred taxes |
|
553 |
4,317 |
0 |
|
|
|
|
|
8,350 |
3,138 |
(2,378) |
|
|
|
|
Cash flows
from investing activities: |
|
|
|
Acquisitions of radio stations, net
of cash acquired, and escrow |
|
|
deposits on pending acquisitions |
|
(63,450) |
(148,940) |
(27,533) |
|
Capital expenditures |
|
(3,161) |
(1,719) |
(1,978) |
|
Net proceeds from sale of radio
stations |
|
13,393 |
2,000 |
13,999 |
|
Proceeds from sale of fixed assets |
|
27 |
0 |
0 |
|
|
|
|
|
(53,191) |
(148,659) |
(15,512) |
|
|
|
|
Cash flows
from financing activities: |
|
|
|
Proceeds from issuance of redeemable
convertible |
|
|
|
preferred stock |
|
0 |
0 |
41,754 |
|
Proceeds from issuance of common
stock |
|
4,068 |
156,939 |
0 |
|
Proceeds from long-term debt |
|
60,500 |
48,500 |
16,500 |
|
Principal payments on long-term debt |
|
(18,491) |
(28,824) |
(26,704) |
|
Payment of notes payable |
|
0 |
0 |
(7,500) |
|
Payment for deferred financing costs |
|
0 |
(1,904) |
(427) |
|
Payment of issuance costs |
|
(249) |
(11,606) |
(2,802) |
|
Treasury stock purchases |
|
0 |
(7,063) |
0 |
|
Dividends paid on all series of
preferred stock |
|
0 |
(8,153) |
0 |
|
Redemption of Series B preferred
stock |
|
0 |
(5,000) |
0 |
|
|
|
|
|
45,828 |
142,889 |
20,821 |
|
|
|
|
Net
increase (decrease) in cash and cash equivalents |
|
987 |
(2,632) |
2,931 |
Cash and
cash equivalents at beginning of period |
|
778 |
3,410 |
479 |
|
|
|
|
Cash and
cash equivalents at end of period |
|
$1,765 |
$778 |
$3,410 |
|
|
|
|
|
|
|
|
|
|
|
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