Pennichuck Corporation — Quarterly Report (Quarter Ended September 30, 2020)
Unaudited Cash Flow Statement
Cash Flow on a GAAP basis for the third quarter of 2020 as compared to the third quarter of
2019, and the year-to-date 2020 versus 2019, are as follows:
(000’s)
Quarter Ended Year-to-Date
September 30, September 30, September 30, September 30,
2020 2019 2020 2019
Operating Activities:
Net Income (Loss) $ _ 4.058 $ 823 $ 593 $ (3.327)
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and Amortization 2,138 2,105 6,414 6,299
Provision for Deferred Taxes (1,019) 444 (256) 274
Other (8) (227) (25) (269)
Changes in Assets and Liabilities:
(Increase) Decrease in Accounts Receivable (709) 72 (2,190) (554)
(Increase) Decrease in Inventory 26 8 22 19
(Increase) Decrease in Other Assets 863 1,201 1,245 820
Increase (Decrease) in Accounts Payable 1,195 2,197 (837) 1,571
Increase (Decrease) in Other Liabilities 374 653 (1.655) (598)
Net Cash Provided by (Used in) Operating Activities 6,918 7,276 3.311 4.235
Investing Activities:
Purchases of Property, Plant & Equipment,
including the Debt Component of AFUDC (2,920) (6,746) (5,746) (9,340)
Proceeds from Sale of Property, Plant & Equipment 198 221
(Increase) Decrease in Restricted Cash - - - -
Sale of Investment Securities - - - -
Change in Deferred Land Costs - 109 - 80
Net Cash Provided by (Used in) Investing Activities (2.920) (6,439) (5,746) (9,039)
Financing Activities:
Borrowings (Repayments) on Lines of Credit 582 (881) (4,021) (1,208)
Payments on Long-term Debt (71,641) (932) (76,524) (5,066)
Contributions in Aid of Construction 1 5 20 24
Proceeds from Long-term Borrowings 73,883 3,008 85,035 12,098
Debt Issuance Costs - 34 - 327
Dividends Paid (70) (70) (210) (210)
Net Cash Provided by (Used in) Financing Activities 2.755 1,164 4,300 5.965
Increase (Decrease) in Cash and Cash Equivalents 6,753 2,001 1,865 1,161
Cash and Cash Equivalents at Beginning of Period 5.386 7,500 10,274 8.340
Cash and Cash Equivalents at End of Period $ _ 12,139 $ _ 9,501 $ _ 12,139 $ _ 9,501
Financial information is available on the Company’s website (www.Pennichuck.com).
