EX-99.1C3 17 dex991c3.htm UNAUDITED STATEMENTS OF CASH FLOWS Unaudited Statements of Cash Flows

 

Exhibit 99.1 (c) 3

 

ARCLIGHT SYSTEMS LLC

Unaudited Statements of Cash Flows

Nine months ended September 30, 2003 and 2002

 

     2003
     2002
  

Cash flows from operating activities:

                 

Net income (loss)

    $ (20,536,245 )   $ 56,707,381  

Adjustments to reconcile net loss to net cash used in operating activities:

                 

Net income from discontinued operations

      (1,635,331 )     (76,544,403 )

Depreciation

      949,504       1,258,859  

Amortization of intangible assets

      2,825,514       2,320,191  

Amortization of capitalized software

      370,755       113,538  

Net loss from disposal of assets

      —         550,682  

Non-cash data costs

      153,126       —    

Changes in assets and liabilities:

                 

Accounts receivable

      (23,000 )     —    

Prepaid expenses and other assets

      321,589       (407,962 )

Accounts payable

      376,810       (24,670 )

Payable to Cardinal Health

      (352,294 )     (761,659 )

Other assets and liabilities, net of investing activity related accruals

      216,448       1,743,838  
    
 

Net cash used in continuing operations

      (17,333,124 )     (15,044,205 )

Net cash from discontinued operations

      2,110,041       4,768,471  
    
 

Net cash used in operating activities

      (15,223,083 )     (10,275,734 )
    
 

Cash flows from investing activities:

                 

Net proceeds from sale of ScriptLINE business

      —         77,950,455  

Purchases of property and equipment

      (413,331 )     (434,697 )

Capitalized software

      (54,632 )     (906,537 )
    
 

Net cash provided by (used in) investing activities

      (467,963 )     76,609,221  
    
 

Cash flows from financing activities:

                 

Proceeds from issuance of note payable to related parties

      —         4,000,000  

Repayments of notes payable to related parties

      —         (9,000,000 )

Distributions

      (3,154,708 )     —    
    
 

Net cash used in financing activities

      (3,154,708 )     (5,000,000 )
    
 

Net (decrease) increase in cash and cash equivalents

      (18,845,754 )     61,333,487  

Cash and cash equivalents at beginning of period

      56,212,589       937,350  
    
 

Cash and cash equivalents at end of period

    $ 37,366,835     $ 62,270,837  
    
 

Supplemental disclosure of cash flow information:

                 

Interest paid

    $ —       $ 114,045  
    
 

Noncash financing activities:

                 

Intangible assets received through the issuance of Class B and C units

    $ —       $ 3,542,285  
    
 

 

See accompanying notes to financial statements.