PENNICHUCK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2017 and 2016
(in thousands)
2017 2016
Operating Activities:
Net Loss (6,441) $ (1,240)
Adjustments to reconcile net loss to net cash
provided (used) by operating activities:
Depreciation and amortization 7,838 7,019
Equity component of AFUDC (9) (137)
Amortization of deferred investment tax credits (33) (33)
Provision for deferred income tax 1,141 189
Undistributed loss in real estate partnership ] -
Gain on disposition of property (31) (529)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable billed and unbilled 387 (1,584)
Decrease in inventory 62 46
(Increase) decrease in prepaid expenses (46) 185
(Increase) in deferred charges and other assets (625) (456)
(Increase) in refundable income taxes (164) (2)
Increase (decrease) in accounts payable and deferred revenue (4,429) 4,480
Increase (decrease) in accrued interest payable (79) 386
Increase in other 205 2,409
Net cash provided (used) by operating activities (2,223) 10,733
Investing Activities:
Purchase of property, plant and equipment including debt
component of allowance for funds used during construction (7,716) (21,886)
(Increase) decrease in restricted cash 5,857 (5,826)
Proceeds from sale of marketable securities - 17,236
Proceeds from sale of property 37 946
Change in investment in real estate partnership and
deferred land costs (8) 7
Net cash used by investing activities (1,830) (9,523)
The accompanying notes are an integral part of these consolidated financial statements.
