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ZAPATA CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
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YEARS ENDED SEPTEMBER 30,
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1994 1993 1992
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(IN THOUSANDS)
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Cash flow provided (used) by operating
activities:
Continuing operations:
Net income (loss) from continuing
operations................................. $ (695) $ 9,809 $ 2,815
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Adjustments to reconcile net income (loss)
to net cash provided (used) by operating
activities:
Depreciation, amortization and valuation
provision................................ 42,813 8,526 10,675
Gain on sale of assets, net............... (37,457) (27,198) (55)
Equity in income of unconsolidated
affiliates............................... (1,125) (1,497)
Cash dividends received................... 1,238 620
Changes in assets and liabilities:
Receivables............................. 1,113 5,926 1,588
Inventories............................. 976 2,997
Accounts payable and accrued
liabilities............................ (3,617) (4,867) (6,769)
Deferred income taxes................... (4,137) 1,738 295
Other assets and liabilities............ 4,263 (5,253) (2,799)
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Total adjustments..................... 3,954 (18,018) 2,058
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Cash flow provided (used) by continuing
operations............................. 3,259 (8,209) 4,873
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Discontinued operations:
Income (loss) from discontinued operations.. 1,273 (436) (384)
Loss on disposition......................... (8,897)
Decrease (increase) in net assets of
discontinued operations.................... 13,698 (8,019) 736
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Cash flow provided (used) by discontinued
operations............................... 6,074 (8,455) 352
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Net cash provided (used) by operating
activities............................. 9,333 (16,664) 5,225
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Cash flow provided (used) by investing
activities:
Proceeds from disposition of investments and
other........................................ 88,533 84,466 79
Restricted cash investments................... 74,304 (75,083)
Proceeds from notes receivable................ 1,061 994 2,359
Business acquisitions, net of cash acquired... (73,222) (12,139)
Capital expenditures.......................... (24,580) (3,092) (6,981)
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Net cash provided (used) by investing
activities............................. 66,096 (4,854) (4,543)
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Cash flow provided (used) by financing
activities:
Borrowings.................................... 15,000 101,375
Proceeds from issuance of Common Stock........ 11,250
Principal payments of long-term obligations... (88,240) (108,216) (10,484)
Preferred stock redemption.................... (2,245)
Dividend payments............................. (1,566) (2,933)
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Net cash provided (used) by financing
activities............................. (77,051) 1,476 (10,484)
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Net decrease in cash and cash equivalents....... (1,622) (20,042) (9,802)
Cash and cash equivalents at beginning of year.. 16,008 36,050 45,852
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Cash and cash equivalents at end of year........ $ 14,386 $ 16,008 $ 36,050
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The accompanying notes are an integral part of the financial statements.
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