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ZAPATA CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
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Nine Months Ended
June 30,
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1995 1994
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<S> <C> <C>
Cash flow provided (used) by operating activities:
Continuing operations:
Net income (loss) from continuing operations $ (5,223) $ 8,633
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Adjustments to reconcile net income (loss) to
net cash provided (used) by operating activities:
Depreciation, amortization and valuation
provisions 19,060 27,179
Gain on sale of assets (5,268) (37,457)
Changes in other assets and liabilities (1,987) (1,570)
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Total adjustments 11,805 (11,848)
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Cash flow provided (used) by continuing
operations 6,582 (3,215)
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Discontinued operations:
Income from discontinued operations 10,657 1,393
Change in net assets of discontinued operations (11,559) (10,322)
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Cash flow used by discontinued operations (902) (8,929)
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Net cash provided (used) by operating
activities 5,680 (12,144)
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Cash flow provided (used) by investing activities:
Proceeds from dispositions of investments and other 12,381 88,533
Proceeds from restricted cash investments 702 75,083
Proceeds from notes receivable 5,495 1,061
Business acquisitions, net of cash acquired -- (73,222)
Capital expenditures (6,844) (15,054)
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Net cash provided by investing activities 11,734 76,401
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Cash flow used by financing activities:
Principal payments of long-term obligations, net (14,065) (69,263)
Preferred stock redemption and common stock buybacks (11,758) (2,245)
Dividend payments (1,153) (404)
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Net cash used by financing activities (26,976) (71,912)
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Net decrease in cash and cash equivalents (9,562) (7,655)
Cash and cash equivalents at beginning of period 11,416 15,273
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Cash and cash equivalents at end of period $ 1,854 $ 7,618
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The accompanying notes are an integral part of the financial statements.
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