-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HczO16U3hgTyMLZG5MNUAdf4NfSCpGEQ8wsFDqKqi5EnkvS8314Jd+H1SNA4TlI3 O5mh+U2qxujpfZl6zSPQgA== 0000950129-03-000361.txt : 20030129 0000950129-03-000361.hdr.sgml : 20030129 20030129151746 ACCESSION NUMBER: 0000950129-03-000361 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030128 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20030129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIANCE RESOURCE PARTNERS LP CENTRAL INDEX KEY: 0001086600 STANDARD INDUSTRIAL CLASSIFICATION: BITUMINOUS COAL & LIGNITE SURFACE MINING [1221] IRS NUMBER: 731564280 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26823 FILM NUMBER: 03529866 BUSINESS ADDRESS: STREET 1: 1717 SOUTH BOULDER AVENUE CITY: TULSA STATE: OK ZIP: 74119 BUSINESS PHONE: 9182957600 8-K 1 h02791e8vk.txt ALLIANCE RESOURCE PARTNERS, L.P.- JANUARY 28, 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ---------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): January 28, 2003 ---------------- COMMISSION FILE NO.: 0-26823 ALLIANCE RESOURCE PARTNERS, L.P. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 73-1564280 (STATE OR OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION NO.) INCORPORATION OR ORGANIZATION) 1717 SOUTH BOULDER AVENUE, SUITE 600, TULSA, OKLAHOMA 74119 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE) (918) 295-7600 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS 99.1 Press release dated as of January 28, 2003 ITEM 9. REGULATION FD DISCLSOURE In accordance with General Instruction B.2. of Form 8-K, the following information and the exhibits referenced therein shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it or they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. On January 28, 2003, Alliance Resource Partners, L.P. (the "Partnership"), announced via press release its earnings and operating results for the fourth quarter of 2002. A copy of the Partnership's press release is attached hereto. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ALLIANCE RESOURCE PARTNERS, L.P. By: Alliance Resource Management GP, LLC, its managing general partner By: /s/ Joseph W. Craft III ------------------------------------- Joseph W. Craft III President and Chief Executive Officer Date: January 29, 2003 3 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION - ------- ----------- *99.1 Press release dated as of January 28, 2003
- ---------- * Filed herewith. EX-99.1 3 h02791exv99w1.txt PRESS RELEASE DATED JANUARY 28, 2003 EXHIBIT 99.1 PRESS RELEASE ======================================================== CONTACT: CAROLYN A. FREDRICH Director - Investor Relations [ALLIANCE RESOURCE PARTNERS, INC. LOGO] Alliance Resource Partners, L.P. 1717 South Boulder Avenue, Suite 600 Tulsa, Oklahoma 74119 (918) 295-7642 FOR IMMEDIATE RELEASE ALLIANCE RESOURCE PARTNERS, L.P. Announces Fourth Quarter Results and Record 2002 Earnings--112% Higher than 2001; Increases Quarterly Cash Distribution By 5% To $0.525 Per Unit TULSA, Oklahoma, January 28, 2003 -- Alliance Resource Partners, L.P. (Nasdaq: ARLP) today announced record earnings for 2002, reporting net income of $36.3 million, or $2.31 per basic limited partner unit, representing a 112 percent increase over 2001 net income of $17.1 million, or $1.09 per unit. Fourth quarter net income was $6.0 million, or $0.38 per basic limited partner unit, compared to a loss of $3.0 million, or $0.19 per unit, during the same period the previous year. EBITDA (income before net interest expense, income taxes, depreciation, depletion and amortization) for the fourth quarter ended December 31, 2002 was $22.8 million, compared to $13.1 million for the same quarter of 2001. EBITDA for the year 2002 was a record $100.0 million compared to $79.4 million for the year 2001. Financial results for 2001 included the benefit of a cumulative effect of an accounting change totaling $7.9 million related to a change in accounting for black lung expense. Excluding this benefit, EBITDA for 2001 was $71.4 million and net income was $9.2 million. The Partnership also announced today a 5% increase in its quarterly cash distribution as its Board of Directors declared a quarterly cash distribution of $0.525 per unit with respect to the fourth quarter of 2002 (an annualized rate of $2.10), payable on February 14, 2003, to all unitholders of record as of February 3, 2003. The third quarter 2002 cash distribution was $0.50 per unit (an annualized rate of $2.00). "The Alliance organization had an outstanding year in 2002, achieving another record year by finishing strong, with record fourth quarter revenues and tons sold," said Joseph W. Craft III, President and Chief Executive Officer. "I am pleased we are able to share our success with our unitholders by increasing the quarterly cash distribution for the first time in our short history as a public company." Revenues and tons sold for the 2002 fourth quarter were at record levels for the Partnership, totaling $133.7 million and 4.7 million tons, respectively, compared to $110.9 million and 4.1 million tons in the fourth quarter of 2001. The increases in revenues and tons sold reflect higher coal price contracts secured during the second half of 2001 as well as increased volumes associated with the previously announced coal synfuel-related agreements and higher productivity from the Pattiki, MC Mining and Mettiki mining complexes. -MORE- For the year ended December 31, 2002, the Partnership revenues were $517.7 million and coal sales were 18.3 million tons, compared to $446.3 million and 17.0 million tons for the same period of 2001. The increases in revenues and tons sold for the year reflect improved productivities at the Partnership's operations, higher price realizations from coal sales, and increased volumes associated with coal synfuel-related agreements. Production costs per ton for the full year 2002, exclusive of coal synfuel and sales-related expenses, were essentially flat compared to prior year costs. In 2002, the Partnership's capital expenditures totaled $51.5 million, including maintenance capital expenditures of $29.0 million. The remaining capital expenditures related primarily to the previously announced extension of the Pattiki mine into an adjacent reserve area and a new mine shaft at the Dotiki mine. Both of these projects are expected to be completed in the second quarter of 2003. Alliance is estimating full-year 2003 capital expenditures of approximately $68.0 million, including approximately $30.0 million associated with the previously announced acquisition of Warrior Coal, which is on schedule to close during the first quarter of 2003. As a result of the Warrior Coal acquisition, the annual maintenance capital for the Partnership is expected to increase to $32.0 million. The balance of the capital expenditures in 2003 relate to the completion of the Dotiki mine construction project mentioned above and adding a fourth unit of production at the Gibson County mine. As a result of the capital expenditures program in 2002 and the anticipated acquisition of Warrior Coal in the first quarter of 2003, the Partnership expects depreciation expense to increase by approximately $7.0 million in 2003. Looking ahead, Mr. Craft stated, "Just like last year, demand for our product will be the key to maximizing our financial results in 2003. As a result of the anticipated Warrior Coal acquisition and the efficiency investments we are making at several of our operations, we are positioned to increase our production by approximately 3.0 million tons in 2003. At this time, we are not planning to buy any significant third-party coal production for subsequent resale in 2003. Currently, we have commitments for approximately 84% of the 19.6 million tons of coal sales targeted for this year. In addition, we are in final discussions for the sale of 1.2 million tons to be delivered this year, which, once the negotiations are concluded, will give us commitments in-hand for approximately 90% of this year's coal sales target. With this winter's weather being colder than a year ago, natural gas prices and petroleum coke prices rising, and supply reductions in Central Appalachia, I will be disappointed if we do not reach our sales target." Mr. Craft added, "We are hopeful the recent investments made by the Partnership will result in lower costs in 2003 and increased coal sales volume, which, together, will offset the Partnership's approximately $1.00 per ton lower sales prices anticipated due to renewing expiring 2001 sales contracts at lower prices." For the full year ending December 31, 2003, the Partnership is giving guidance that net income is expected in the range of $30.0 million to $40.0 million. The statements and projections used throughout this release are based on current expectations. These statements and projections are forward-looking, and actual results may differ materially. Except for the Warrior Coal acquisition, these projections do not include the potential impact of any mergers, acquisitions or other business combinations that may occur after the date of this release. At the end of this release, we have included more information regarding business risks that could affect our results. -MORE- Alliance Resource Partners is the nation's only publicly traded master limited partnership involved in the production and marketing of coal. Alliance Resource Partners currently operates seven mining complexes in Illinois, Indiana, Kentucky and Maryland. DEFINITION: EBITDA IS PRESENTED ABOVE BECAUSE IT IS A WIDELY ACCEPTED FINANCIAL INDICATOR OF A COMPANY'S ABILITY TO INCUR AND SERVICE DEBT. EBITDA SHOULD NOT BE CONSIDERED AS AN ALTERNATIVE TO NET INCOME, INCOME FROM OPERATIONS, CASH FLOWS FROM OPERATING ACTIVITIES OR ANY OTHER MEASURE OF FINANCIAL PERFORMANCE PRESENTED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. EBITDA IS NOT INTENDED TO REPRESENT CASH FLOW AND DOES NOT REPRESENT THE MEASURE OF CASH AVAILABLE FOR DISTRIBUTION, BUT PROVIDES ADDITIONAL INFORMATION FOR EVALUATING THE PARTNERSHIP'S ABILITY TO MAKE MINIMUM QUARTERLY DISTRIBUTIONS. THE PARTNERSHIP'S METHOD OF COMPUTING EBITDA MAY NOT BE THE SAME METHOD USED TO COMPUTE SIMILAR MEASURES REPORTED BY OTHER COMPANIES, OR EBITDA MAY BE COMPUTED DIFFERENTLY BY THE PARTNERSHIP IN DIFFERENT CONTEXTS (I.E., PUBLIC REPORTING VERSUS COMPUTATION UNDER FINANCING AGREEMENTS). FORWARD-LOOKING STATEMENTS: WITH THE EXCEPTION OF HISTORICAL MATTERS, ANY MATTERS DISCUSSED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS. SPECIFICALLY, THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS RELATING TO CAPITAL EXPENDITURES, NET INCOME, COAL PRODUCTION, AND PRICING OF AND DEMAND FOR COAL. THESE FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM PROJECTED RESULTS. THESE RISKS, UNCERTAINTIES AND CONTINGENCIES INCLUDE, BUT ARE NOT LIMITED TO, THE FOLLOWING: COMPETITION IN COAL MARKETS AND OUR ABILITY TO RESPOND TO THE COMPETITION; FLUCTUATION IN COAL PRICES, WHICH COULD ADVERSELY AFFECT OUR OPERATING RESULTS AND CASH FLOWS; DEREGULATION OF THE ELECTRIC UTILITY INDUSTRY AND/OR THE EFFECTS OF ANY ADVERSE CHANGES IN THE DOMESTIC COAL INDUSTRY, ELECTRIC UTILITY INDUSTRY, OR GENERAL ECONOMIC CONDITIONS; DEPENDENCE ON SIGNIFICANT CUSTOMER CONTRACTS, INCLUDING RENEWING CUSTOMER CONTRACTS UPON EXPIRATION; CUSTOMER CANCELLATIONS OF, OR BREACHES TO, EXISTING CONTRACTS; CUSTOMER DELAYS OR DEFAULTS IN MAKING PAYMENTS; FLUCTUATIONS IN COAL DEMAND, PRICE AND AVAILABILITY DUE TO LABOR AND TRANSPORTATION COSTS AND DISRUPTIONS, EQUIPMENT AVAILABILITY, GOVERNMENTAL REGULATIONS AND OTHER FACTORS; OUR PRODUCTIVITY LEVELS AND MARGINS THAT WE EARN ON OUR COAL SALES; ANY UNANTICIPATED INCREASES IN LABOR COSTS, ADVERSE CHANGES IN WORK RULES, OR UNEXPECTED CASH PAYMENTS ASSOCIATED WITH POST-MINE RECLAMATION AND WORKERS' COMPENSATION CLAIMS; GREATER THAN EXPECTED ENVIRONMENTAL REGULATIONS, COSTS AND LIABILITIES; A VARIETY OF OPERATIONAL, GEOLOGIC, PERMITTING, LABOR AND WEATHER-RELATED FACTORS; RISKS OF MAJOR MINE-RELATED ACCIDENTS OR INTERRUPTIONS; RESULTS OF LITIGATION; DIFFICULTY MAINTAINING OUR SURETY BONDS FOR MINE RECLAMATION AS WELL AS WORKERS' COMPENSATION AND BLACK LUNG BENEFITS; DIFFICULTY OBTAINING COMMERCIAL PROPERTY INSURANCE; AND RISKS ASSOCIATED WITH OUR 15.48% PARTICIPATION (EXCLUDING ANY APPLICABLE DEDUCTIBLE) IN THE COMMERCIAL PROPERTY PROGRAM. ADDITIONAL INFORMATION CONCERNING THESE AND OTHER FACTORS CAN BE FOUND IN THE PARTNERSHIP'S PUBLIC PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING THE PARTNERSHIP'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2001 FILED ON APRIL 1, 2002, AS AMENDED BY THE FORM 10-K/A FILED ON NOVEMBER 25, 2002. EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LAWS, THE PARTNERSHIP DOES NOT INTEND TO UPDATE ITS FORWARD-LOOKING STATEMENTS. -MORE- ALLIANCE RESOURCE PARTNERS, L.P. CONSOLIDATED STATEMENTS OF INCOME AND OPERATING DATA (IN THOUSANDS, EXCEPT UNIT AND PER UNIT DATA)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, ------------------------------- ------------------------------- 2002 2001 2002 2001 ------------- ------------- ------------- ------------- (UNAUDITED) Tons sold 4,740 4,110 18,317 17,025 Tons produced 4,067 3,737 16,417 15,710 SALES AND OPERATING REVENUES: Coal sales $ 123,647 $ 105,435 $ 478,383 $ 421,996 Transportation revenues 4,500 4,095 18,992 18,090 Other sales and operating revenues 5,544 1,402 20,367 6,214 ------------- ------------- ------------- ------------- Total revenues 133,691 110,932 517,742 446,300 ------------- ------------- ------------- ------------- EXPENSES: Operating expenses 88,353 79,662 333,112 307,977 Transportation expenses 4,500 4,095 18,992 18,090 Outside purchases 12,479 9,790 46,738 31,840 General and administrative 5,647 4,503 19,408 17,728 Depreciation, depletion and amortization 12,463 12,080 47,218 45,451 Interest expense 4,137 4,061 16,338 16,805 ------------- ------------- ------------- ------------- Total operating expenses 127,579 114,191 481,806 437,891 ------------- ------------- ------------- ------------- INCOME (LOSS) FROM OPERATIONS 6,112 (3,259) 35,936 8,409 OTHER INCOME 111 214 528 752 ------------- ------------- ------------- ------------- INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE 6,223 (3,045) 36,464 9,161 INCOME TAX EXPENSE 175 -- 175 -- ------------- ------------- ------------- ------------- INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 6,048 (3,045) 36,289 9,161 CUMULATIVE EFFECT OF ACCOUNTING CHANGE -- -- -- 7,939 ------------- ------------- ------------- ------------- NET INCOME (LOSS) $ 6,048 $ (3,045) $ 36,289 $ 17,100 ============= ============= ============= ============= GENERAL PARTNERS' INTEREST IN NET INCOME (LOSS) $ 121 $ (61) $ 726 $ 342 ============= ============= ============= ============= LIMITED PARTNERS' INTEREST IN NET INCOME (LOSS) $ 5,927 $ (2,984) $ 35,563 $ 16,758 ============= ============= ============= ============= BASIC NET INCOME (LOSS) PER LIMITED PARTNER UNIT $ 0.38 $ (0.19) $ 2.31 $ 1.09 ============= ============= ============= ============= BASIC NET INCOME (LOSS) PER LIMITED PARTNER UNIT BEFORE ACCOUNTING CHANGE $ 0.38 $ (0.19) $ 2.31 $ 0.58 ============= ============= ============= ============= DILUTED NET INCOME (LOSS) PER LIMITED PARTNER UNIT $ 0.37 $ (0.19) $ 2.24 $ 1.07 ============= ============= ============= ============= DILUTED NET INCOME (LOSS) PER LIMITED PARTNER UNIT BEFORE ACCOUNTING CHANGE $ 0.37 $ (0.19) $ 2.24 $ 0.57 ============= ============= ============= ============= WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING-BASIC 15,405,311 15,405,311 15,405,311 15,405,311 ============= ============= ============= ============= WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING-DILUTED 15,842,783 15,708,968 15,842,708 15,684,550 ============= ============= ============= ============= EBITDA (A) $ 22,823 $ 13,096 $ 100,020 $ 79,356 ADJUSTED EBITDA (B) $ 22,823 $ 13,096 $ 100,020 $ 71,417
-MORE- EBITDA is presented above because it is a widely accepted financial indicator of a company's ability to incur and service debt. (A) EBITDA is defined as income before net interest expense, income taxes and depreciation, depletion and amortization. EBITDA should not be considered as an alternative to net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with generally accepted accounting principles. EBITDA has not been adjusted for the cumulative effect of an accounting change. EBITDA is not intended to represent cash flow and does not represent the measure of cash available for distribution, but provides additional information for evaluating the Partnership's ability to make minimum quarterly distributions. The Partnership's method of computing EBITDA may not be the same method used to compute similar measures reported by other companies, or EBITDA may be computed differently by the Partnership in different contexts (i.e., public reporting versus computation under financing agreements). The table below shows how the Partnership calculated EBITDA. (B) Adjusted EBITDA has been adjusted for the cumulative effect of an accounting change. The table below shows how the Partnership calculated Adjusted EBITDA.
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, --------------------------- --------------------------- 2002 2001 2002 2001 ----------- ----------- ----------- ----------- Net income (loss) $ 6,048 $ (3,045) $ 36,289 $ 17,100 Interest expense 4,137 4,061 16,338 16,805 Income taxes 175 -- 175 -- Depreciation, depletion and amortization 12,463 12,080 47,218 45,451 ----------- ----------- ----------- ----------- EBITDA 22,823 13,096 100,020 79,356 Cumulative effect of accounting change -- -- -- (7,939) ----------- ----------- ----------- ----------- Adjusted EBITDA $ 22,823 $ 13,096 $ 100,020 $ 71,417 =========== =========== =========== ===========
-MORE- ALLIANCE RESOURCE PARTNERS, L.P. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT UNIT DATA)
DECEMBER 31, 2002 2001 ------------ ------------ ASSETS CURRENT ASSETS: Cash and cash equivalents $ 9,000 $ 9,176 Trade receivables, net 30,793 31,124 Due from affiliates 1,369 -- Marketable securities (at cost, which approximates fair value) -- 10,085 Inventories 12,023 11,600 Advance royalties 5,231 5,353 Prepaid expenses and other assets 2,680 2,020 ------------ ------------ Total current assets 61,096 69,358 PROPERTY, PLANT AND EQUIPMENT AT COST 413,889 367,050 LESS ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION (206,471) (169,960) ------------ ------------ 207,418 197,090 OTHER ASSETS: Advance royalties 9,486 9,756 Coal supply agreements, net 8,167 12,031 Other long-term assets 2,240 2,670 ------------ ------------ $ 288,407 $ 290,905 ============ ============ LIABILITIES AND PARTNERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 19,770 $ 25,237 Due to affiliates 4,706 2,595 Accrued taxes other than income taxes 7,615 5,660 Accrued payroll and related expenses 9,319 8,284 Accrued interest 5,361 5,402 Workers' compensation and pneumoconiosis benefits 5,254 4,194 Other current liabilities 8,899 5,324 Current maturities, long-term debt 16,250 15,000 ------------ ------------ Total current liabilities 77,174 71,696 ------------ ------------ LONG-TERM LIABILITIES: Long-term debt, excluding current maturities 195,000 211,250 Accrued pneumoconiosis benefits 16,067 14,615 Workers' compensation 19,710 18,409 Reclamation and mine closing 18,139 15,387 Due to affiliates 6,152 3,624 Other liabilities 2,718 2,865 ------------ ------------ Total liabilities 334,960 337,846 ------------ ------------ COMMITMENTS AND CONTINGENCIES PARTNERS' CAPITAL (DEFICIT): Common Unitholders 8,982,780 units outstanding 144,216 141,448 Subordinated Unitholder 6,422,531 units outstanding 112,918 110,935 General Partners (298,412) (298,510) Minimum pension liability (5,275) (814) ------------ ------------ Total Partners' capital (deficit) (46,553) (46,941) ------------ ------------ $ 288,407 $ 290,905 ============ ============
-MORE- ALLIANCE RESOURCE PARTNERS, L.P. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (IN THOUSANDS)
YEAR ENDED DECEMBER 31, ---------------------------- 2002 2001 ----------- ----------- CASH FLOWS PROVIDED BY OPERATING ACTIVITIES $ 87,579 $ 63,651 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment (51,524) (53,714) Proceeds from sale of property, plant and equipment 124 183 Purchase of marketable securities -- (33,527) Proceeds from the maturity of marketable securities 10,085 60,840 ----------- ----------- Net cash used in investing activities (41,315) (26,218) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under revolving credit and working capital facilities 66,400 1,100 Payments under revolving credit and working capital facilities (66,400) (1,100) Payments on long-term debt (15,000) (3,750) Distributions to Partners (31,440) (31,440) ----------- ----------- Net cash used in financing activities (46,440) (35,190) ----------- ----------- NET CHANGE IN CASH AND CASH EQUIVALENTS (176) 2,243 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,176 6,933 ----------- ----------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 9,000 $ 9,176 =========== ===========
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