EX-99.1 3 d00563exv99w1.txt PRESS RELEASE DATED OCTOBER 23, 2002 EXHIBIT 99.1 [FLEMING LOGO] NEWS RELEASE CONTACTS: Fleming Companies, Inc. (Media) Shane Boyd 972.906.2125 1945 Lakepointe Drive (Investors-Equity) Meredith Anderson 972.906.8592 P.O. Box 299013 (Investors-Equity) Mark Shapiro 972.906.8110 Lewisville, Texas 75029 (Investors-Debt) Matt Hildreth 972.906.8126 telephone 972.906.8000 (Investors-Debt) Clint Bryant 972.906.2170 facsimile 972.906.2402 www.fleming.com FLEMING REPORTS THIRD QUARTER 2002 RESULTS PERFORMANCE IN LINE WITH PREVIOUS GUIDANCE; COMPANY RE-AFFIRMS OUTLOOK FOR FULL YEAR AND 2003 Focus on Working Capital Produces Positive Operating Cash Flow; Company Provides Contingency Scenarios For Kmart Business DALLAS, TEXAS, OCTOBER 23, 2002 - Fleming Companies, Inc. (NYSE: FLM) today reported a loss from continuing operations of $1.5 million for the third quarter of 2002, or a loss of $0.03 per share on a diluted basis. These results were in line with the company's guidance provided on September 24, 2002. The 2002 third quarter loss compares to income of $16.5 million, or $0.35 per share, from continuing operations in the prior year's third quarter. Net sales for the third quarter were $3.97 billion, a 12.5 percent increase compared to $3.53 billion last year. The 2002 and 2001 third quarter results include the company's continuing distribution operations and exclude the price impact retail operations, which the company plans to divest and which are reflected as discontinued operations on the company's financial statements. The 2002 third quarter results include $9.8 million ($0.11 per share) in previously disclosed charges associated with the closure of distribution facilities in Oklahoma City and Dallas and the start up of a new distribution facility in Tulsa, Oklahoma. The results also include $7.0 million ($0.08 per share) related to severance expenses from recent administrative headcount reductions. As a result of the "right sizing" of the organization, Fleming anticipates generating approximately $40.0 million in cost reductions in 2003. Additionally, the 2002 third quarter includes $4.2 million ($0.05 per share) related to actuarial increases in pension expense. Page 1 A slide presentation that provides detail regarding the contents of this release, including schedules of earnings and EBITDAL, will be available on the Fleming website prior to the conference call at http://www.fleming.com and will be filed with the Securities and Exchange Commission on Form 8-K. Fleming had positive operating cash flow of $8.3 million from all operations in the current quarter, compared to negative operating cash flow of $80.7 million in the same quarter last year and negative $82.8 million in the second quarter of this year, driven principally by improvements in working capital. The company reduced net debt in the quarter by $9.9 million. Mark Hansen, Fleming's chairman and chief executive officer, said, "This quarter, we made the decision to solely focus on our core distribution business, further diversify our customer base and set the stage to further strengthen our balance sheet. We also reduced our ongoing cost structure and realigned our human resources to meet our customer needs. The business demonstrated cash-generating ability in the face of a challenging economic environment and in a quarter that has historically been a significant user of working capital due to seasonal inventory builds." Hansen continued, saying, "We expect that our financial position will be strengthened by continuing to produce positive operating cash flow and debt reduction. We are entering the fourth quarter - the strongest selling season of the year - and expect to pay down approximately $110 million of debt. This is particularly meaningful considering Fleming has no material debt maturities until 2007." Commenting on the retail store divestitures, Hansen stated, "We are moving forward with our plan to divest our price impact retail operations and are pleased with the response we have received from a number of interested parties. Our ongoing discussions with potential buyers continue to encourage us that proceeds from the retail store divestitures will be in excess of $450 million, net of taxes. As we previously stated, we intend to use the proceeds from the sale of these assets to further reduce debt. In addition, by exiting the retail business, we become the only pure-play wholesale distribution company with a national footprint, a business model that we believe will appeal increasingly to a broad category of retailing customers. This is consistent with our strategy to focus on our core distribution business and means we will not be competing with our important retail distribution customers." Page 2 Continued diversification of the company's customer base has been an ongoing strategy for Fleming. In the third quarter, we began servicing a growing number of Target and Albertson's stores. In addition, nearly 100 new customers, formerly served by Nashville-based distributor C.B. Ragland, selected Fleming to supply their stores. Fleming expects this diversification to continue as it leverages its size, scale, and capabilities as the nation's largest supplier of consumer package goods to retailers. Kmart remains Fleming's largest customer, accounting for approximately 20 percent of third quarter revenues. Kmart has announced its plans to emerge from bankruptcy court protection in July 2003. Based on a variety of scenarios, ranging from various store-closing assumptions to the termination of the Kmart relationship, Fleming has independently prepared a range of contingency plans and the resulting possible impact, if any, on earnings. While these scenarios may be more severe than Fleming expects will occur, the company believes that its investors' best interests are served by engaging in a hypothetical analysis so that investors can better evaluate Fleming's related financial prospects. This range and the scenarios that underlie it will be discussed in the company's teleconference and webcast. "Fleming continues to have regular and ongoing conversations with Kmart management and we remain committed to serving its stores at whatever level is determined to be mutually beneficial. While we look forward to Kmart's plan of reorganization, it is important for our investors to understand that we are not dependent upon any single customer, nor any single channel of distribution, customer category, or format for our long-term success," noted Hansen. MAJOR ACCOMPLISHMENTS IN THE THIRD QUARTER 2002 Fleming's multi-tier supply chain network grew in size, capability, and functionality during the third quarter. Since the end of the second quarter, Fleming: o Implemented an important distribution agreement with Target to supply candy, cookies, and convenience frozen and refrigerated foods to more than 1,000 Target stores in 46 states. Additionally, Fleming is supplying a variety of food products to a number of Target's in-store Food Avenue Cafes. Fleming anticipates annual volume of more than $300 million from this arrangement. This is in addition to the substantial amount of Super Target volume supplied by Fleming. Page 3 o Converted two of Fleming's piece-pick distribution facilities to the same state-of-the-art technology platform used in the 19 former Core-Mark distribution facilities in the West. Two other facilities are in the process of conversion, scheduled for completion by the end of 2002. The remaining three locations are slated to be completed by the end of the first quarter 2003. Importantly, the conversions were achieved without disruption in customer service. When complete, the technology will result in, among other things, common item numbers for products throughout the national piece-pick operations and more robust data analysis and tools for Fleming and its customers. We are pleased with the progress of our convenience integration and expect to capture $15 million in synergies in 2003. o Having completed our 8-week startup schedule, we are successfully serving Albertson's stores in Oklahoma from our new Tulsa Division. Albertson's has become an important organic growth customer as they have announced a four-year, $100 million expansion plan for new stores and remodels in Oklahoma. o Continued the successful rollout of the F1 technology program - an important source of cost reduction and efficiency enhancement, which is anticipated to drive margin growth. We have substantially completed the installation of our E3 and Manugistics components which, respectively, allow us to optimize inventory levels and more efficiently manage inbound and outbound transportation. We have also successfully completed the initial installation of the EXE warehouse management system in our Tulsa Division. We are scheduled to continue installing the EXE system in the remaining divisions beginning in the first quarter of 2003, with all divisions slated for completion by the end of 2004. EXE is expected to improve productivity by enhancing our ability to slot, select, stage and move product through our distribution centers. EARNINGS GUIDANCE Fleming is reaffirming its guidance for the fourth quarter. The company continues to expect earnings from continuing operations of between $0.35 and $0.45 per share; EBITDAL in the range of $95 million to $105 million; and fourth quarter 2002 sales for continuing operations of approximately $4.0 billion. For 2003, Fleming is reaffirming its guidance of a range for earnings per share of $1.95 to $2.05, and EBITDAL of between $475 million and $490 million. Sales from continuing operations are anticipated to be approximately $18 billion and are expected Page 4 to generate approximately $235 million in operating cash flow, which will allow for additional debt repayments of an estimated $100 million after capital expenditures. CONFERENCE CALL AND WEBCAST A teleconference to review the third quarter's results and discuss the slide presentation (which is available on the company's website and on the SEC's website) will be held on Wednesday, October 23, 2002, at 8:30 a.m. Eastern Daylight Time. An audio webcast of the conference call will be available on the web at www.fleming.com. The conference call can be accessed by phone by calling 913.981.4900. An audio replay of the conference call will be available by calling 402.280.9273 from 12:30 p.m. Eastern Daylight Time on October 23, 2002 through midnight Eastern Standard Time on November 6, 2002. The access code for the live call and the audio replay is 567079. The audio replay of the conference call will also be archived on the Internet at www.fleming.com. ABOUT FLEMING With its national, multi-tier supply chain network, Fleming is the #1 supplier of consumer package goods to retailers of all sizes and formats in the United States. Fleming serves nearly 50,000 retail locations, including supermarkets, convenience stores, supercenters, discount stores, concessions, limited assortment, drug, specialty, casinos, gift shops, military commissaries and exchanges and more. Fleming serves more than 600 North American stores of global supermarketer IGA. To learn more about Fleming, visit our Web site at http://www.fleming.com. FORWARD-LOOKING STATEMENT This document contains forward-looking statements regarding future events and the future financial performance of Fleming. These forward-looking statements are subject to a number of factors that could cause actual results to differ materially from those stated in this release, including without limitation: changes in general economic conditions; adverse effects of the changing industry and increased competition; sales declines and/or loss of customers; the ability of Kmart to continue as a going concern, to operate pursuant to the terms of its debtor-in-possession financing or complete its reorganization; unanticipated problems with product procurement; exposure to litigation and other contingent losses; the inability to integrate acquired Page 5 companies and to achieve operating improvements at those companies; the ability to successfully sell our retail operations; increases in labor costs and disruptions in labor relations with union bargaining units representing Fleming's employees; and the negative effects of Fleming's substantial indebtedness and the limitations imposed by restrictive covenants contained in Fleming's debt instruments. Additional information about these factors is contained in Fleming's reports and filings with the Securities and Exchange Commission, including its 2001 Form 10-K. The forward-looking statements speak only as of the date made and Fleming undertakes no obligation to update forward-looking statements to reflect developments or information obtained after the date of this release. # # # (TABLES 1 THROUGH 5 FOLLOW) Page 6 Fleming Companies, Inc. (NYSE: FLM) Consolidated Condensed Statements of Operations For the 12 weeks ended October 5, 2002, and October 6, 2001 (In thousands, except per share amounts)
2002 2001 --------------- ----------------------------------- GAAP GAAP Adjusted (a) (a)(b) Net sales $ 3,972,649 $ 3,531,640 $ 3,532,158 % change 12.5% 12.5% Costs and expenses: Cost of sales 3,832,189 3,375,247 3,374,336 Selling and administrative 114,042 107,614 102,606 Interest expense 34,267 27,110 27,110 Interest income and other (5,451) (4,795) (4,795) Impairment/restructuring credit -- (609) -- --------------- --------------- --------------- Total costs and expenses 3,975,047 3,504,567 3,499,257 --------------- --------------- --------------- Income (loss) from continuing operations before income taxes (2,398) 27,073 32,901 Taxes on income (loss) (928) 10,565 11,760 --------------- --------------- --------------- Income (loss) from continuing operations (1,470) 16,508 21,141 Discontinued operations: Income from operations of discontinued retail (31,624) 4,209 9,637 Taxes on income (12,238) 1,642 3,445 --------------- --------------- --------------- Income on discontinued operations (19,386) 2,567 6,192 --------------- --------------- --------------- Net income (loss) $ (20,856) $ 19,075 $ 27,333 =============== =============== =============== Basic income (loss) per share: Continuing operations (net of taxes) $ (0.03) $ 0.38 $ 0.49 Discontinued operations (net of taxes) (0.36) 0.06 0.14 --------------- --------------- --------------- Net income (loss) $ (0.39) $ 0.44 $ 0.63 =============== =============== =============== Diluted income (loss) per share: Continuing operations (net of taxes) $ (0.03) $ 0.35 $ 0.44 Discontinued operations (net of taxes) (0.36) 0.05 0.12 --------------- --------------- --------------- Net income (loss) $ (0.39) $ 0.40 $ 0.56 =============== =============== =============== Weighted average shares outstanding: Basic 53,950 43,728 43,728 Diluted 53,950 51,032 51,032 Additional information: Depreciation: Continuing $ 30,658 $ 25,903 $ 25,868 Discontinued $ 11,347 $ 7,773 $ 7,773 Goodwill amortization: Continuing $ -- $ 3,425 $ -- Discontinued $ -- $ 1,575 $ -- Operating earnings(d): Continuing $ 26,418 $ 48,779 $ 55,216 % of sales 0.66% 1.38% 1.56% % change (45.8)% (52.2)% Discontinued $ (24,176) $ 14,483 $ 17,887 EBITDAL(c): Continuing $ 65,020 $ 81,192 $ 83,560 % of sales 1.64% 2.30% 2.37% % change (19.9)% (22.2)% Discontinued $ (11,978) $ 22,825 $ 26,678
(a) - Adjusted for EITF 01-9 (reclass between net sales and cost of sales, no effect on gross margin). (b) - Amounts include adjustments for strategic plan charges and other unusual items as reported in 2001 totaling $6.3 million and goodwill amortization of $5.0 million. (c) - EBITDAL is earnings before interest expense, income taxes, depreciation and amortization, equity investment results, and LIFO (charge of $4.0 million in 2002 and income of $2.0 million in 2001). (d) - Transfer pricing from distribution to retail was historically recorded at cost; beginning with the 3rd quarter of 2002, it is recorded at market. TABLE 1 Fleming Companies, Inc. (NYSE: FLM) Consolidated Condensed Statements of Operations For the 40 weeks ended October 5, 2002 and October 6, 2001 (In thousands, except per share amounts)
2002 2001 --------------- ----------------------------------- GAAP GAAP Adjusted (a) (a)(b) Net sales $ 11,425,643 $ 9,767,863 $ 9,770,638 % change 17.0% 16.9% Costs and expenses: Cost of sales 10,939,960 9,301,171 9,295,493 Selling and administrative 312,270 329,937 314,162 Interest expense 110,501 96,893 94,060 Interest income and other (20,254) (19,768) (18,666) Litigation charge -- 48,628 -- Impairment/restructuring charge 27,361 10,411 -- --------------- --------------- --------------- Total costs and expenses 11,369,838 9,767,272 9,685,049 --------------- --------------- --------------- Income from continuing operations before income taxes 55,805 591 85,589 Taxes on income 21,456 236 31,156 --------------- --------------- --------------- Income from continuing operations 34,349 355 54,433 Discontinued operations: Income (loss) from operations of discontinued retail (33,207) 35,314 35,572 Taxes on income (loss) (12,701) 14,586 12,966 --------------- --------------- --------------- Income (loss) on discontinued operations (20,506) 20,728 22,606 --------------- --------------- --------------- Income before extraordinary charge 13,843 21,083 77,039 Extraordinary charge from early retirement of debt (net of taxes) (7,863) (3,469) -- --------------- --------------- --------------- Net income $ 5,980 $ 17,614 $ 77,039 =============== =============== =============== Basic income (loss) per share: Continuing operations (net of taxes) $ 0.71 $ 0.01 $ 1.29 Discontinued operations (net of taxes) (0.43) 0.49 0.54 --------------- --------------- --------------- Before extraordinary charge 0.28 0.50 1.83 Extraordinary charge from early retirement of debt (net of taxes) (0.16) (0.08) -- --------------- --------------- --------------- Net income $ 0.12 $ 0.42 $ 1.83 =============== =============== =============== Diluted income (loss) per share: Continuing operations (net of taxes) $ 0.70 $ 0.01 $ 1.19 Discontinued operations (net of taxes) (0.42) 0.46 0.47 --------------- --------------- --------------- Before extraordinary charge 0.28 0.47 1.66 Extraordinary charge from early retirement of debt (net of taxes) (0.16) (0.08) -- --------------- --------------- --------------- Net income $ 0.12 $ 0.39 $ 1.66 =============== =============== =============== Weighted average shares outstanding: Basic 48,065 42,177 42,177 Diluted 49,240 44,670 48,316 Additional information: Depreciation: Continuing $ 88,259 $ 81,881 $ 81,846 Discontinued $ 35,667 $ 28,030 $ 28,030 Goodwill amortization: Continuing $ -- $ 11,154 $ -- Discontinued $ -- $ 5,062 $ -- Operating earnings(d): Continuing $ 173,413 $ 136,755 $ 160,983 % of sales 1.52% 1.40% 1.65% % change 26.8% 7.7% Discontinued $ (8,904) $ 29,731 $ 65,961 EBITDAL (c): Continuing $ 250,382 $ 180,892 $ 251,868 % of sales 2.19% 1.85% 2.58% % change 38.4% (0.6)% Discontinued $ 33,530 $ 106,601 $ 101,797
(a) - Adjusted for EITF 01-9 (reclass between net sales and cost of sales, no effect on gross margin). (b) - Amounts include adjustments for strategic plan charges and other unusual items as reported in 2001 totaling $94.1 million and goodwill amortization of $21.2 million. (c) - EBITDAL is earnings before interest expense, income taxes, depreciation and amortization, equity investment results, and LIFO (charge of $3.5 million in 2002 and income of $11.7 million in 2002). (d) - Transfer pricing from distribution to retail was historically recorded at cost; beginning with the 3rd quarter of 2002, it is recorded at market. TABLE 2 Fleming Companies, Inc. (NYSE: FLM) Earnings Per Share and EBITDAL For the 12 and 40 weeks ended October 5, 2002 and October 6, 2001 (In millions, except per share amounts)
EARNINGS PER SHARE Q3 2002 Q3 2001 YTD 2002 YTD 2001 ---------- ---------- ---------- ---------- GAAP EPS - continuing operations $ (0.03) $ 0.35 $ 0.70 $ 0.01 ADJUSTMENTS FOR COMPARABILITY Intersegment profit allocation -- 0.11 0.35 0.47 Goodwill -- 0.06 -- 0.21 Impairment/restructuring and other -- 0.03 0.34 0.31 Severance 0.08 -- 0.09 -- Litigation charges -- -- -- 0.64 Tulsa start-up & related expenses 0.11 -- 0.16 -- Net interest expense double-up -- -- 0.04 0.02 Kmart business interruption -- -- 0.05 -- Pension - actuarial changes 0.05 -- 0.05 -- LIFO provision 0.04 (0.02) 0.04 (0.03) Lower Kmart sales 0.06 -- 0.06 -- ---------- ---------- ---------- ---------- COMPARABLE EPS $ 0.31 $ 0.53 $ 1.88 $ 1.63 ========== ========== ========== ========== EPS - continuing operations $ (0.03) $ 0.35 $ 0.70 $ 0.01 EPS - discontinued retail operations (0.36) 0.05 (0.42) 0.46 Extraordinary items -- -- (0.16) (0.08) ---------- ---------- ---------- ---------- EPS TOTAL COMPANY $ (0.39) $ 0.40 $ 0.12 $ 0.39 ========== ========== ========== ========== WEIGHTED AVERAGE SHARES 54.0 51.0 49.2 44.7
EBITDAL Q3 2002 Q3 2001 YTD 2002 YTD 2001 ---------- ---------- ---------- ---------- EBITDAL - continuing operations $ 65.0 $ 81.2 $ 250.4 $ 180.9 ADJUSTMENTS FOR COMPARABILITY Intersegment profit allocation -- 12.7 34.1 46.0 Impairment/restructuring and other -- 2.4 27.4 23.4 Severance 7.0 -- 7.0 -- Litigation charges -- -- -- 48.6 Tulsa start-up & related expenses 9.8 -- 12.6 -- Interest income double-up -- -- (0.7) (1.1) Kmart business interruption -- -- 5.0 -- Pension - actuarial changes 4.2 -- 4.2 -- Lower Kmart sales 5.1 -- 5.1 -- Core-Mark -- 14.8 -- 19.9 ---------- ---------- ---------- ---------- COMPARABLE EBITDAL $ 91.1 $ 111.1 $ 345.1 $ 317.7 ========== ========== ========== ========== % OF SALES 2.3% 2.5% EBITDAL - continuing operations $ 65.0 $ 81.2 $ 250.4 $ 180.9 EBITDAL - discontinued retail operations (12.0) 22.8 33.5 106.6 ---------- ---------- ---------- ---------- EBITDAL TOTAL COMPANY $ 53.0 $ 104.0 $ 283.9 $ 287.5 ========== ========== ========== ==========
TABLE 3 Fleming Companies, Inc. (NYSE: FLM) Consolidated Condensed Balance Sheet and Ratios (In thousands, except ratios)
October 5, December 29, October 6, 2002 2001 2001 --------------- --------------- --------------- Assets Cash and cash equivalents $ 20,694 $ 17,325 $ 43,491 Receivables, net 701,247 568,197 557,003 Inventory 1,110,843 902,933 1,002,135 Assets held for sale 615,782 571,352 502,127 Other current assets 79,681 88,133 124,573 Total current assets 2,528,247 2,147,940 2,229,329 Property and equipment, net 588,347 653,519 494,454 Other assets 1,103,880 853,234 1,023,994 Total assets $ 4,220,474 $ 3,654,693 $ 3,747,777 Liabilities and shareholders' equity Accounts payable $ 985,272 $ 952,037 $ 1,002,343 Current portion of LT debt and cap lease obligations 20,192 45,778 55,301 Liabilities held for sale(a) 146,740 157,001 151,869 Other current liabilities 230,642 228,949 187,802 Total current liabilities 1,382,846 1,383,765 1,397,315 Long-term debt and capital lease obligations 2,035,348 1,645,356 1,735,972 Other liabilities 129,718 127,353 105,560 Shareholders' equity 672,562 498,219 508,930 Total liabilities and shareholders' equity $ 4,220,474 $ 3,654,693 $ 3,747,777 Ratios Accounts payable to inventory(b) 88.7% 105.4% 100.0% Net debt as a percentage of total capitalization 76.2% 78.3% 78.6% Inventory turns (LTM)(b)(c) 15.2 15.5 15.2 Days Sales Outstanding(b)(d) 14.8 13.8 13.3
(a) Includes capital lease obligation of $122,377, $119,906 and $121,166, respectively. (b) Ratio is calculated using continuing operations. (c) Inventory turns includes pro forma average inventory and cost of sales for Core-Mark. (d) Days sales outstanding is calculated using average daily sales for the respective quarter. TABLE 4 Fleming Companies, Inc. (NYSE: FLM) Consolidated Condensed Statements of Cash Flows For the 12 and 40 weeks ended October 5, 2002 and October 6, 2001 (In thousands)
Q3 Q3 YTD YTD OPERATING ACTIVITIES: 2002 2001 2002 2001 ------------ ------------ ------------ ------------ Net income (loss) $ (20,856) $ 19,075 $ 5,980 $ 17,614 Adjustments to reconcile net income (loss) to net cash used by operating activities: Depreciation and amortization 42,005 38,676 123,926 126,127 Amortization in interest expense 2,063 1,439 6,598 4,929 Credit losses 5,789 8,343 8,797 20,462 Impairment/restructuring and related -- 5,739 27,361 14,637 Cash payments on impair/restruct (9,239) (14,798) (21,669) (58,450) Cost of early debt retirement -- -- 13,119 5,787 Receivables 12,675 6,133 11,000 (63,321) Inventories 2,905 (85,345) (69,962) (217,352) Accounts payable 14,040 1,859 (104,882) 65,898 Other assets and liabilities (41,113) (61,815) (117,873) (61,048) ------------ ------------ ------------ ------------ CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 8,269 (80,694) (117,605) (144,717) INVESTING ACTIVITIES: Collections on note receivable 5,774 6,661 32,127 24,375 Notes receivable funded (1,347) (8,427) (14,225) (20,704) Acquisitions (4,616) (50,508) (295,058) (120,670) Purchase of property and equipment (52,857) (56,885) (150,779) (168,504) Proceeds from sale of property and equipment 22,510 1,268 164,268 13,286 Proceeds from sale of businesses -- 4,042 -- 120,947 Other investing activities 12,220 7,584 18,277 13,597 ------------ ------------ ------------ ------------ CASH USED IN INVESTING ACTIVITIES (18,316) (96,265) (245,390) (137,673) FINANCING ACTIVITIES: Change in revolver (15,000) 220,000 (140,000) 120,000 Proceeds from long-term borrowings -- (215,000) 880,940 500,602 Principal payments on long-term debt (45,304) 206,276 (489,047) (342,755) Payments on capital issuance and debt retirement 1,300 (2,422) (45,976) (23,976) Principal payments on capital lease obligations (5,248) (4,726) (15,408) (15,092) Sale of common stock 186 2,909 178,703 59,252 Dividends paid (1,078) (877) (2,848) (2,530) ------------ ------------ ------------ ------------ CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (65,144) 206,160 366,364 295,501 INCREASE (DECREASE) IN CASH (75,191) 29,201 3,369 13,111 Cash balance, beginning of period 95,885 14,290 17,325 30,380 ------------ ------------ ------------ ------------ Cash balance, end of period $ 20,694 $ 43,491 $ 20,694 $ 43,491 ============ ============ ============ ============
TABLE 5