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ZAPATA CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
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YEARS ENDED SEPTEMBER
30,
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1995 1994 1993
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(IN THOUSANDS)
<S> <C> <C> <C>
Cash flow provided (used) by operating activities:
Continuing operations:
Net income (loss) from continuing operations..... $(5,844) $ (857) $ 10,458
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Adjustments to reconcile net income (loss) to net
cash provided (used) by operating activities:
Depreciation, amortization and valuation
provision...................................... 17,948 40,848 12,576
Gain on sale of assets, net..................... (5,268) (37,457) (27,303)
Equity in (income) loss of unconsolidated
affiliates..................................... 719 -- (1,125)
Cash dividends received......................... -- -- 1,238
Changes in assets and liabilities:
Receivables.................................... (446) (7,008) 3,893
Inventories.................................... 11,439 (1,236) (13,880)
Accounts payable and accrued liabilities....... (9,347) 10,616 (445)
Deferred income taxes.......................... (2,828) (3,608) 3,006
Other assets and liabilities................... (1,320) 3,528 (5,263)
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Total adjustments............................. 10,897 5,683 (27,303)
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Cash flow provided (used) by continuing
operations.................................... 5,053 4,826 (16,845)
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Discontinued operations:
Income (loss) from discontinued operations....... 1,151 1,435 (1,085)
Decrease (increase) in net assets of discontinued
operations...................................... 1,223 3,592 (4,400)
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Cash flow provided (used) by discontinued
operations..................................... 2,374 5,027 (5,485)
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Net cash provided (used) by operating
activities.................................... 7,427 9,853 (22,330)
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Cash flow provided (used) by investing activities:
Proceeds from disposition of investments and
other............................................ 18,546 88,533 85,245
Restricted cash investments....................... -- 74,083 (74,083)
Proceeds from notes receivable.................... 5,505 1,061 994
Discontinued business acquisitions, net of cash
acquired......................................... -- (73,222) (12,139)
Capital expenditures.............................. (7,341) (15,530) (2,812)
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Net cash provided (used) by investing
activities................................... 16,710 74,925 (2,795)
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Cash flow provided (used) by financing activities:
Borrowings........................................ 11,439 1,873 101,375
Proceeds from issuance of Common Stock............ -- -- 11,250
Principal payments of long-term obligations....... (29,889) (86,040) (107,194)
Preferred stock redemption........................ (2,255) (2,245) --
Common Stock buyback.............................. (9,508) -- --
Dividend payments................................. (1,153) (1,566) (2,933)
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Net cash provided (used) by financing
activities................................... (31,366) (87,978) 2,498
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Net decrease in cash and cash equivalents.......... (7,229) (3,200) (22,627)
Cash and cash equivalents at beginning of year..... 9,717 12,917 35,544
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Cash and cash equivalents at end of year........... $ 2,488 $ 9,717 $ 12,917
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The accompanying notes are an integral part of the financial statements.
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