CASCO INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS
For the years ended December 31, 1999, 1998 and 1997
1999 1998 1997
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Cash flows from operating activities:
Net income (loss) $ 357,495 $ 692,266 $ (417,727)
Adjustments to reconcile net income (loss) to cash
provided by operating activities:
Depreciation and amortization 722,104 520,027 358,855
Loss of sale of building ........ -- 151,144 --
Extraordinary gain on
retirement of debt -- (1,500,000) --
Deferred provision (benefit) (62,000) 424,500 (256,000)
Changes in assets and liabilities:
(Increase) decrease in assets:
Accounts receivable ....... 629,276 (496,739) (399,396)
Inventory . .......... 551,734 (595,713) 2,422,613
Prepaid expenses and
other assets ................28,246 (174,792) (179,221)
Increase (decrease) in liabilities:
Accounts payable and
accrued liabilities ... 29,146 212,970 (531,907)
Advanced deposits ...........(321,999) 69,771 (377,955)
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Total adjustments .......1,576,507 1,388,832 1,036,989
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Net cash provided by (used in)
operating activities ......... 1,934,002 (696,566) 619,262
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Cash flows from investing activities:
Sale of building -- 421,187 --
Payments for purchases of
property and equipment .. (429,445) (731,436) (159,430)
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Cash used in investing activities . (429,445) (310,249) (159,430)
Cash flows from financing activities:
Proceeds from debt obligation 18,677,466 13,759,044 14,905,007
Principal payments on debt . (20,282,708) (12,718,263) (18,574,753)
Issuance of Common Stock Units -- -- 3,152,459
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Cash provided by (used in)
financing activities ............(1,605,242) 1,040,781 (517,287)
Increase (decrease) in cash ..........(100,685) 33,966 (57,455)
Cash, beginning of year ....... 107,482 73,516 130,971
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Cash, end of year . $ 6,797 $ 107,482 $ 73,516
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Other Cash Flow Information:
Cash payments during the year for:
Interest $ 386,069 $ 307,156 $ 469,355
Income taxes, net of refunds 7,000 -- --
Noncash Financing Activities:
Payment of subordinated debt ..$ -- $ 3,500,000 $ --
Subordinated debt replaced
with line of credit . $ -- $ 3,500,000 $ --
Acquisitions of assets
and goodwill $ -- $ 1,745,642 $ --
Increase in line of credit
for acquisitions . $ -- $ 1,745,642 $
Subordinated debt with Pages
assumed at spin-off $ -- $ -- $ 5,000,000
Due to Pages replaced with
subordinated debt .. $ -- $ -- $ 4,124,975
Decrease in capital in excess
of par value and ... $ -- $ -- $ 875,025
common stock from spin-off
The accompanying notes are an integral part of the financial statements.