PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2020 and 2019
(in thousands)
2020 2019
Cash Flows From Operating Activities:
Net Loss $ (1,984) $ (5,337)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 8,637 8,537
Amortization of deferred investment tax credits (33) (33)
Provision for deferred income tax 534 341
Undistributed loss in real estate partnership - 104
Gain on disposition of property - (150)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable billed, unbilled and other (3,154) 718
(Increase) decrease in inventory 50 (37)
(Increase) decrease in prepaid expenses (387) 221
(Increase) decrease in refundable income taxes 8 (8)
(Increase) decrease in deferred charges and other assets (2,079) (2,579)
Increase (decrease) in accounts payable and deferred revenue (549) (1,836)
Increase (decrease) in accrued interest payable (419) 41
Increase in other 3,027 3,818
Net cash provided by operating activities 3,651 3,800
Cash Flows From Investing Activities:
Purchase of property, plant and equipment including debt
component of allowance for funds used during construction (10,165) (16,843)
Proceeds from sale of property - 221
Net cash used for investing activities (10,165) (16,622)
(continued)
The accompanying notes are an integral part of these consolidated financial statements.
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