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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 $ (3,463) $ 10,026
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Adjustments to reconcile net income (loss) to
net cash provided (used) by operating activities:
Depreciation, amortization and valuation provisions 23,382 30,779
Gain on sale of assets (5,268) (37,457)
Changes in other assets and liabilities (6,009) (6,282)
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Total adjustments 12,105 (12,960)
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Cash flow provided (used) by continuing operations 8,642 (2,934)
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Discontinued operations:
Reversal of reserve for loss from discontinued
operations 8,897 --
Change in net assets of discontinued operations (12,607) --
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Cash flow used by discontinued operations (3,710) --
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Net cash provided (used) by operating activities 4,932 (2,934)
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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 (18,339) (20,049)
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Net cash provided by investing activities 239 71,406
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Cash flow used by financing activities:
Borrowings 12,864 --
Principal payments of long-term obligations (14,137) (69,360)
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 (14,184) (72,009)
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Net decrease in cash and cash equivalents (9,013) (3,537)
Cash and cash equivalents at beginning of period 13,094 15,273
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Cash and cash equivalents at end of period $ 4,081 $ 11,736
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The accompanying notes are an integral part of the financial statements.
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