CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2014 |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ' |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ' |
12.CONDENSED CONSOLIDATING FINANCIAL INFORMATION |
|
Consolidated Communications, Inc. is the primary obligor under the unsecured 2020 Notes it issued on May 30, 2012. We and the following of our subsidiaries: Consolidated Communications Enterprise Services, Inc., Consolidated Communications Services Company, Consolidated Communications of Fort Bend Company, Consolidated Communications of Texas Company, Consolidated Communications of Pennsylvania Company, LLC, SureWest Communications, SureWest Long Distance, SureWest Telephone, SureWest TeleVideo, SureWest Kansas, Inc., and SureWest Fiber Ventures, LLC, have jointly and severally guaranteed the 2020 Notes. All of the subsidiary guarantors are our 100% direct or indirect wholly owned subsidiaries, and all guarantees are full, unconditional and joint and several with respect to principal, interest and liquidated damages, if any. As such, we present condensed consolidating balance sheets as of September 30, 2014 and December 31, 2013, condensed consolidating statements of operations for the quarters and nine-month periods ended September 30, 2014 and 2013 and condensed consolidating statements of cash flows for the nine-month periods ended September 30, 2014 and 2013 for each of the Company (Parent), Consolidated Communications, Inc. (Subsidiary Issuer), guarantor subsidiaries and other non-guarantor subsidiaries with any consolidating adjustments. See Note 6 for more information regarding our 2020 Notes. |
|
Condensed Consolidating Balance Sheet |
(amounts in thousands) |
|
| | September 30, 2014 | |
| | Parent | | Subsidiary | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | |
Issuer |
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | - | | $ | 773 | | $ | 2,494 | | $ | 1,623 | | $ | - | | $ | 4,890 | |
Restricted cash | | - | | 204,803 | | - | | - | | - | | 204,803 | |
Accounts receivable, net | | - | | - | | 44,183 | | 7,205 | | - | | 51,388 | |
Income taxes receivable | | 44,701 | | - | | - | | - | | -43,897 | | 804 | |
Deferred income taxes | | -61 | | -7 | | 8,469 | | 504 | | - | | 8,905 | |
Prepaid expenses and other current assets | | - | | - | | 13,359 | | 397 | | - | | 13,756 | |
Total current assets | | 44,640 | | 205,569 | | 68,505 | | 9,729 | | -43,897 | | 284,546 | |
| | | | | | | | | | | | | |
Property, plant and equipment, net | | - | | - | | 810,209 | | 49,411 | | - | | 859,620 | |
| | | | | | | | | | | | | |
Intangibles and other assets: | | | | | | | | | | | | | |
Investments | | - | | 3,724 | | 109,870 | | - | | - | | 113,594 | |
Investments in subsidiaries | | 1,181,888 | | 394,207 | | 12,900 | | - | | -1,588,995 | | - | |
Goodwill | | - | | - | | 537,265 | | 66,181 | | - | | 603,446 | |
Other intangible assets | | - | | - | | 23,931 | | 9,087 | | - | | 33,018 | |
Deferred debt issuance costs, net and other assets | | 115 | | 15,196 | | 3,920 | | - | | - | | 19,231 | |
Total assets | | $ | 1,226,643 | | $ | 618,696 | | $ | 1,566,600 | | $ | 134,408 | | $ | -1,632,892 | | $ | 1,913,455 | |
| | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | $ | - | | $ | - | | $ | 4,991 | | $ | - | | $ | - | | $ | 4,991 | |
Advance billings and customer deposits | | - | | - | | 21,748 | | 1,764 | | - | | 23,512 | |
Dividends payable | | 15,607 | | - | | - | | - | | - | | 15,607 | |
Accrued compensation | | - | | - | | 15,844 | | 1,690 | | - | | 17,534 | |
Accrued interest | | - | | 12,424 | | 6 | | 3 | | - | | 12,433 | |
Accrued expense | | 180 | | 1,399 | | 28,922 | | 1,326 | | 1,181 | | 33,008 | |
Income tax payable | | - | | 12,031 | | 25,637 | | 7,410 | | -45,078 | | - | |
Current portion of long term debt and capital lease obligations | | - | | 9,100 | | 635 | | 74 | | - | | 9,809 | |
Current portion of derivative liability | | - | | 877 | | - | | - | | - | | 877 | |
Total current liabilities | | 15,787 | | 35,831 | | 97,783 | | 12,267 | | -43,897 | | 117,771 | |
| | | | | | | | | | | | | |
Long-term debt and capital lease obligations | | - | | 1,403,422 | | 3,177 | | 755 | | - | | 1,407,354 | |
Advances due to/from affiliates, net | | 1,101,842 | | -2,002,184 | | 950,625 | | -50,283 | | - | | - | |
Deferred income taxes | | -21,067 | | -844 | | 183,901 | | 18,214 | | - | | 180,204 | |
Pension and postretirement benefit obligations | | - | | - | | 55,518 | | 5,304 | | - | | 60,822 | |
Other long-term liabilities | | 30 | | 583 | | 11,289 | | 561 | | - | | 12,463 | |
Total liabilities | | 1,096,592 | | -563,192 | | 1,302,293 | | -13,182 | | -43,897 | | 1,778,614 | |
| | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | |
Common Stock | | 403 | | - | | 17,411 | | 30,000 | | -47,411 | | 403 | |
Other shareholders’ equity | | 129,648 | | 1,181,888 | | 242,106 | | 117,590 | | -1,541,584 | | 129,648 | |
Total Consolidated Communications Holdings, Inc. shareholders’ equity | | 130,051 | | 1,181,888 | | 259,517 | | 147,590 | | -1,588,995 | | 130,051 | |
Noncontrolling interest | | - | | - | | 4,790 | | - | | - | | 4,790 | |
Total shareholders’ equity | | 130,051 | | 1,181,888 | | 264,307 | | 147,590 | | -1,588,995 | | 134,841 | |
Total liabilities and shareholders’ equity | | $ | 1,226,643 | | $ | 618,696 | | $ | 1,566,600 | | $ | 134,408 | | $ | -1,632,892 | | $ | 1,913,455 | |
|
Condensed Consolidating Balance Sheet |
(amounts in thousands) |
|
| | December 31, 2013 | |
| | Parent | | Subsidiary | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | |
Issuer |
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | - | | $ | 86 | | $ | 2,366 | | $ | 3,099 | | $ | - | | $ | 5,551 | |
Accounts receivable, net | | - | | 502 | | 44,521 | | 7,010 | | - | | 52,033 | |
Income taxes receivable | | 9,346 | | - | | 370 | | 80 | | - | | 9,796 | |
Deferred income taxes | | -61 | | -7 | | 7,533 | | 495 | | - | | 7,960 | |
Prepaid expenses and other current assets | | - | | - | | 11,862 | | 518 | | - | | 12,380 | |
Total current assets | | 9,285 | | 581 | | 66,652 | | 11,202 | | - | | 87,720 | |
| | | | | | | | | | | | | |
Property, plant and equipment, net | | - | | - | | 834,199 | | 51,163 | | - | | 885,362 | |
| | | | | | | | | | | | | |
Intangibles and other assets: | | | | | | | | | | | | | |
Investments | | - | | 3,729 | | 109,370 | | - | | - | | 113,099 | |
Investments in subsidiaries | | 1,101,039 | | 335,659 | | 12,130 | | - | | -1,448,828 | | - | |
Goodwill | | - | | - | | 537,265 | | 66,181 | | - | | 603,446 | |
Other intangible assets | | - | | - | | 30,997 | | 9,087 | | - | | 40,084 | |
Deferred debt issuance costs, net and other assets | | - | | 13,620 | | 4,047 | | - | | - | | 17,667 | |
Total assets | | $ | 1,110,324 | | $ | 353,589 | | $ | 1,594,660 | | $ | 137,633 | | $ | -1,448,828 | | $ | 1,747,378 | |
| | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | $ | - | | $ | - | | $ | 4,885 | | $ | - | | $ | - | | $ | 4,885 | |
Advance billings and customer deposits | | - | | - | | 23,699 | | 2,235 | | - | | 25,934 | |
Dividends payable | | 15,520 | | - | | - | | - | | - | | 15,520 | |
Accrued compensation | | - | | - | | 20,447 | | 1,805 | | - | | 22,252 | |
Accrued interest | | - | | 3,514 | | 6 | | 4 | | - | | 3,524 | |
Accrued expense | | 224 | | 875 | | 32,703 | | 1,371 | | - | | 35,173 | |
Current portion of long term debt and capital lease obligations | | - | | 9,100 | | 586 | | 65 | | - | | 9,751 | |
Current portion of derivative liability | | - | | 660 | | - | | - | | - | | 660 | |
Total current liabilities | | 15,744 | | 14,149 | | 82,326 | | 5,480 | | - | | 117,699 | |
| | | | | | | | | | | | | |
Long-term debt and capital lease obligations | | - | | 1,207,663 | | 3,659 | | 812 | | - | | 1,212,134 | |
Advances due to/from affiliates, net | | 968,319 | | -1,970,192 | | 1,037,969 | | -36,096 | | - | | - | |
Deferred income taxes | | -21,598 | | -1,029 | | 184,209 | | 18,277 | | - | | 179,859 | |
Pension and postretirement benefit obligations | | - | | - | | 61,053 | | 14,701 | | - | | 75,754 | |
Other long-term liabilities | | 25 | | 1,960 | | 7,328 | | 280 | | - | | 9,593 | |
Total liabilities | | 962,490 | | -747,449 | | 1,376,544 | | 3,454 | | - | | 1,595,039 | |
Shareholders’ equity: | | | | | | | | | | | | | |
Common Stock | | 401 | | - | | 17,411 | | 30,000 | | -47,411 | | 401 | |
Other shareholders’ equity | | 147,433 | | 1,101,038 | | 196,200 | | 104,179 | | -1,401,417 | | 147,433 | |
Total Consolidated Communications Holdings, Inc. shareholders’ equity | | 147,834 | | 1,101,038 | | 213,611 | | 134,179 | | -1,448,828 | | 147,834 | |
Noncontrolling interest | | - | | - | | 4,505 | | - | | - | | 4,505 | |
Total shareholders’ equity | | 147,834 | | 1,101,038 | | 218,116 | | 134,179 | | -1,448,828 | | 152,339 | |
Total liabilities and shareholders’ equity | | $ | 1,110,324 | | $ | 353,589 | | $ | 1,594,660 | | $ | 137,633 | | $ | -1,448,828 | | $ | 1,747,378 | |
|
|
Condensed Consolidating Statements of Operations |
(amounts in thousands) |
|
| | Quarter Ended September 30, 2014 | |
| | Parent | | Subsidiary | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | |
Issuer | |
Net revenues | | $ | - | | $ | -68 | | $ | 136,743 | | $ | 15,800 | | $ | -3,435 | | $ | 149,040 | |
Operating expenses: | | | | | | | | | | | | | |
Cost of services and products (exclusive of depreciation and amortization) | | - | | - | | 56,141 | | 3,563 | | -3,269 | | 56,435 | |
Selling, general and administrative expenses | | 1,071 | | 7 | | 27,379 | | 4,368 | | -166 | | 32,659 | |
Financing and other transaction costs | | 635 | | - | | 94 | | - | | - | | 729 | |
Depreciation and amortization | | - | | - | | 33,024 | | 1,944 | | - | | 34,968 | |
Operating income (loss) | | -1,706 | | -75 | | 20,105 | | 5,925 | | - | | 24,249 | |
Other income (expense): | | | | | | | | | | | | | |
Interest expense, net of interest income | | - | | -20,850 | | 128 | | 1 | | - | | -20,721 | |
Intercompany interest income (expense) | | -27,602 | | 31,550 | | -4,535 | | 587 | | - | | - | |
Investment income | | - | | - | | 8,315 | | - | | - | | 8,315 | |
Equity in earnings of subsidiaries, net | | 26,388 | | 19,588 | | 289 | | - | | -46,265 | | - | |
Other, net | | - | | - | | 295 | | -2 | | - | | 293 | |
Income (loss) from continuing operations before income taxes | | -2,920 | | 30,213 | | 24,597 | | 6,511 | | -46,265 | | 12,136 | |
Income tax expense (benefit) | | -10,562 | | 3,825 | | 8,800 | | 2,324 | | - | | 4,387 | |
Net income (loss) | | 7,642 | | 26,388 | | 15,797 | | 4,187 | | -46,265 | | 7,749 | |
Less: net income attributable to noncontrolling interest | | - | | - | | 107 | | - | | - | | 107 | |
Net income (loss) attributable to Consolidated Communications Holdings, Inc. | | $ | 7,642 | | $ | 26,388 | | $ | 15,690 | | $ | 4,187 | | $ | -46,265 | | $ | 7,642 | |
| | | | | | | | | | | | | |
Total comprehensive income (loss) attributable to common shareholders | | $ | 7,642 | | $ | 26,678 | | $ | 15,616 | | $ | 4,125 | | $ | -46,265 | | $ | 7,796 | |
| | | |
| | Quarter Ended September 30, 2013 | |
| | Parent | | Subsidiary | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | |
Issuer | |
Net revenues | | $ | - | | $ | -56 | | $ | 137,394 | | $ | 16,961 | | $ | -3,526 | | $ | 150,773 | |
Operating expenses: | | | | | | | | | | | | | |
Cost of services and products (exclusive of depreciation and amortization) | | - | | - | | 55,257 | | 3,742 | | -3,219 | | 55,780 | |
Selling, general and administrative expenses | | 872 | | 39 | | 28,457 | | 4,654 | | -307 | | 33,715 | |
Financing and other transaction costs | | 36 | | - | | 319 | | - | | - | | 355 | |
Depreciation and amortization | | - | | - | | 32,478 | | 2,278 | | - | | 34,756 | |
Operating income (loss) | | -908 | | -95 | | 20,883 | | 6,287 | | - | | 26,167 | |
Other income (expense): | | | | | | | | | | | | | |
Interest expense, net of interest income | | 55 | | -20,879 | | 172 | | 20 | | - | | -20,632 | |
Intercompany interest income (expense) | | -27,199 | | 32,585 | | -5,785 | | 399 | | - | | - | |
Investment income | | - | | 42 | | 9,645 | | - | | - | | 9,687 | |
Equity in earnings of subsidiaries, net | | 30,243 | | 19,378 | | 170 | | - | | -49,791 | | - | |
Other, net | | - | | - | | -696 | | 9 | | - | | -687 | |
Income (loss) from continuing operations before income taxes | | 2,191 | | 31,031 | | 24,389 | | 6,715 | | -49,791 | | 14,535 | |
Income tax expense (benefit) | | -9,503 | | 788 | | 10,464 | | 2,456 | | - | | 4,205 | |
Income (loss) from continuing operations | | 11,694 | | 30,243 | | 13,925 | | 4,259 | | -49,791 | | 10,330 | |
Discontinued operations, net of tax | | - | | - | | 1,425 | | - | | - | | 1,425 | |
Net income (loss) | | 11,694 | | 30,243 | | 15,350 | | 4,259 | | -49,791 | | 11,755 | |
Less: net income attributable to noncontrolling interest | | - | | - | | 61 | | - | | - | | 61 | |
Net income (loss) attributable to Consolidated Communications Holdings, Inc. | | $ | 11,694 | | $ | 30,243 | | $ | 15,289 | | $ | 4,259 | | $ | -49,791 | | $ | 11,694 | |
| | | | | | | | | | | | | |
Total comprehensive income (loss) attributable to common shareholders | | $ | 11,694 | | $ | 30,392 | | $ | 15,591 | | $ | 4,390 | | $ | -49,791 | | $ | 12,276 | |
|
Condensed Consolidating Statements of Operations |
(amounts in thousands) |
|
| | Nine Months Ended September 30, 2014 | |
| | Parent | | Subsidiary | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | |
Issuer | |
Net revenues | | $ | - | | $ | 6 | | $ | 411,190 | | $ | 48,853 | | $ | -10,325 | | $ | 449,724 | |
Operating expenses: | | | | | | | | | | | | | |
Cost of services and products (exclusive of depreciation and amortization) | | - | | - | | 167,148 | | 10,308 | | -9,803 | | 167,653 | |
Selling, general and administrative expenses | | 2,955 | | 85 | | 82,283 | | 13,144 | | -522 | | 97,945 | |
Financing and other transaction costs | | 1,592 | | - | | 403 | | - | | - | | 1,995 | |
Depreciation and amortization | | - | | - | | 100,755 | | 5,760 | | - | | 106,515 | |
Operating income (loss) | | -4,547 | | -79 | | 60,601 | | 19,641 | | - | | 75,616 | |
Other income (expense): | | | | | | | | | | | | | |
Interest expense, net of interest income | | -4 | | -60,451 | | 184 | | -9 | | - | | -60,280 | |
Intercompany interest income (expense) | | -80,765 | | 94,382 | | -15,143 | | 1,526 | | - | | - | |
Investment income | | - | | -5 | | 25,969 | | - | | - | | 25,964 | |
Equity in earnings of subsidiaries, net | | 80,257 | | 58,958 | | 770 | | - | | -139,985 | | - | |
Other, net | | - | | -500 | | -354 | | -8 | | - | | -862 | |
Income (loss) from continuing operations before income taxes | | -5,059 | | 92,305 | | 72,027 | | 21,150 | | -139,985 | | 40,438 | |
Income tax expense (benefit) | | -30,832 | | 12,048 | | 25,531 | | 7,633 | | - | | 14,380 | |
Net income (loss) | | 25,773 | | 80,257 | | 46,496 | | 13,517 | | -139,985 | | 26,058 | |
Less: net income attributable to noncontrolling interest | | - | | - | | 285 | | - | | - | | 285 | |
Net income (loss) attributable to Consolidated Communications Holdings, Inc. | | $ | 25,773 | | $ | 80,257 | | $ | 46,211 | | $ | 13,517 | | $ | -139,985 | | $ | 25,773 | |
| | | | | | | | | | | | | |
Total comprehensive income (loss) attributable to common shareholders | | $ | 25,773 | | $ | 81,258 | | $ | 45,990 | | $ | 13,330 | | $ | -139,985 | | $ | 26,366 | |
| | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2013 | |
| | Parent | | Subsidiary | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | |
Issuer | |
Net revenues | | $ | - | | $ | -82 | | $ | 412,996 | | $ | 51,349 | | $ | -10,642 | | $ | 453,621 | |
Operating expenses: | | | | | | | | | | | | | |
Cost of services and products (exclusive of depreciation and amortization) | | - | | - | | 165,599 | | 10,919 | | -9,744 | | 166,774 | |
Selling, general and administrative expenses | | 2,561 | | 132 | | 84,541 | | 14,049 | | -898 | | 100,385 | |
Financing and other transaction costs | | 393 | | - | | 319 | | - | | - | | 712 | |
Depreciation and amortization | | - | | - | | 97,547 | | 6,759 | | - | | 104,306 | |
Operating income (loss) | | -2,954 | | -214 | | 64,990 | | 19,622 | | - | | 81,444 | |
Other income (expense): | | | | | | | | | | | | | |
Interest expense, net of interest income | | 48 | | -66,048 | | 43 | | 28 | | - | | -65,929 | |
Intercompany interest income (expense) | | -75,966 | | 94,455 | | -19,364 | | 875 | | - | | - | |
Investment income | | - | | 47 | | 27,117 | | - | | - | | 27,164 | |
Equity in earnings of subsidiaries, net | | 78,402 | | 57,037 | | 691 | | - | | -136,130 | | - | |
Other, net | | -18 | | - | | -694 | | - | | - | | -712 | |
Income (loss) from continuing operations before income taxes | | -488 | | 85,277 | | 72,783 | | 20,525 | | -136,130 | | 41,967 | |
Income tax expense (benefit) | | -28,159 | | 6,875 | | 28,979 | | 7,524 | | - | | 15,219 | |
Income (loss) from continuing operations | | 27,671 | | 78,402 | | 43,804 | | 13,001 | | -136,130 | | 26,748 | |
Discontinued operations, net of tax | | - | | - | | 1,177 | | - | | - | | 1,177 | |
Net income (loss) | | 27,671 | | 78,402 | | 44,981 | | 13,001 | | -136,130 | | 27,925 | |
Less: net income attributable to noncontrolling interest | | - | | - | | 254 | | - | | - | | 254 | |
Net income (loss) attributable to Consolidated Communications Holdings, Inc. | | $ | 27,671 | | $ | 78,402 | | $ | 44,727 | | $ | 13,001 | | $ | -136,130 | | $ | 27,671 | |
| | | | | | | | | | | | | |
Total comprehensive income (loss) attributable to common shareholders | | $ | 27,671 | | $ | 81,528 | | $ | 45,665 | | $ | 13,444 | | $ | -136,130 | | $ | 32,178 | |
|
Condensed Consolidating Statements of Cash Flows |
(amounts in thousands) |
|
| | Nine Months Ended September 30, 2014 | | | | |
| | Parent | | Subsidiary | | Guarantors | | Non-Guarantors | | Consolidated | | | | |
Issuer | | | | |
Net cash (used in) provided by operating activities | | $ | -86,789 | | $ | 45,014 | | $ | 158,850 | | $ | 16,289 | | $ | 133,364 | | | | |
| | | | | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | | | | |
Purchases of property, plant and equipment | | - | | - | | -72,459 | | -3,579 | | -76,038 | | | | |
Proceeds from sale of assets | | - | | - | | 1,514 | | 49 | | 1,563 | | | | |
Restricted cash related to acquisition | | - | | -149,917 | | - | | - | | -149,917 | | | | |
Net cash used in investing activities | | - | | -149,917 | | -70,945 | | -3,530 | | -224,392 | | | | |
| | | | | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | | | | |
Proceeds from bond offering | | - | | 200,000 | | - | | - | | 200,000 | | | | |
Restricted cash on bond offering | | - | | -54,886 | | - | | - | | -54,886 | | | | |
Proceeds from issuance of long-term debt | | - | | 28,000 | | - | | - | | 28,000 | | | | |
Payment of capital lease obligation | | - | | - | | -433 | | -48 | | -481 | | | | |
Payment on long-term debt | | - | | -32,825 | | - | | - | | -32,825 | | | | |
Payment of financing costs | | - | | -2,707 | | - | | - | | -2,707 | | | | |
Dividends on common stock | | -46,734 | | - | | - | | - | | -46,734 | | | | |
Transactions with affiliates, net | | 133,523 | | -31,992 | | -87,344 | | -14,187 | | - | | | | |
Net cash provided by (used in) financing activities | | 86,789 | | 105,590 | | -87,777 | | -14,235 | | 90,367 | | | | |
Increase (decrease) in cash and cash equivalents | | - | | 687 | | 128 | | -1,476 | | -661 | | | | |
Cash and cash equivalents at beginning of period | | - | | 86 | | 2,366 | | 3,099 | | 5,551 | | | | |
Cash and cash equivalents at end of period | | $ | - | | $ | 773 | | $ | 2,494 | | $ | 1,623 | | $ | 4,890 | | | | |
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2013 | | | | |
| | Parent | | Subsidiary | | Guarantors | | Non-Guarantors | | Consolidated | | | | |
Issuer | | | | |
Net cash (used in) provided by continuing operations | | $ | -77,198 | | $ | 40,016 | | $ | 143,053 | | $ | 18,182 | | $ | 124,053 | | | | |
Net cash used in discontinued operations | | - | | - | | -3,412 | | - | | -3,412 | | | | |
Net cash (used in) provided by operating activities | | -77,198 | | 40,016 | | 139,641 | | 18,182 | | 120,641 | | | | |
| | | | | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | | | | |
Purchases of property, plant and equipment | | - | | - | | -74,643 | | -5,941 | | -80,584 | | | | |
Proceeds from sale of assets | | - | | - | | 94 | | 17 | | 111 | | | | |
Other | | - | | - | | -238 | | - | | -238 | | | | |
Net cash used in continuing operations | | - | | - | | -74,787 | | -5,924 | | -80,711 | | | | |
Net cash provided by discontinued operations | | - | | - | | 2,331 | | - | | 2,331 | | | | |
Net cash used in investing activities | | - | | - | | -72,456 | | -5,924 | | -78,380 | | | | |
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Cash flows from financing activities: | | | | | | | | | | | | | | |
Proceeds from issuance of long-term debt | | - | | 57,000 | | - | | - | | 57,000 | | | | |
Payment of capital lease obligation | | - | | - | | -328 | | -40 | | -368 | | | | |
Payment on long-term debt | | - | | -63,930 | | - | | - | | -63,930 | | | | |
Dividends on common stock | | -46,526 | | - | | - | | - | | -46,526 | | | | |
Transactions with affiliates, net | | 123,724 | | -38,845 | | -71,560 | | -13,319 | | - | | | | |
Net cash provided by (used in) financing activities | | 77,198 | | -45,775 | | -71,888 | | -13,359 | | -53,824 | | | | |
(Decrease) increase in cash and cash equivalents | | - | | -5,759 | | -4,703 | | -1,101 | | -11,563 | | | | |
Cash and cash equivalents at beginning of period | | - | | 6,577 | | 8,530 | | 2,747 | | 17,854 | | | | |
Cash and cash equivalents at end of period | | $ | - | | $ | 818 | | $ | 3,827 | | $ | 1,646 | | $ | 6,291 | | | | |
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