PENNICHUCK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2015 and 2014
(in thousands)
2015 2014
Operating Activities:
Net Loss $ (2,292) $ (1,775)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 6,586 6,447
Amortization of original issue discount 252 12
Equity component of AFUDC (25) (4)
Amortization of deferred investment tax credits (33) (33)
Provision for deferred income tax 294 606
Undistributed loss in real estate partnership | 6
Changes in assets and liabilities:
(Increase) decrease in accounts receivable billed and unbilled 129 (195)
Decrease in inventory 90 18
(Increase) in prepaid expenses (550) (120)
(Increase) decrease in deferred charges and other assets 1,123 (1,004)
(Increase) decrease in refundable income taxes (23) I
(Increase) decrease in accounts payable and deferred revenue (152) 557
(Increase) in accrued interest payable 636 106
(Increase) in other 530 2,726
Net cash provided by operating activities 6,566 7,348
Investing Activities:
Purchase of property, plant and equipment including debt
component of allowance for funds used during construction (13,866) (8,585)
(Increase) decrease in restricted cash 37,565 (40,273)
Purchase of marketable securities (17,237) -
Change in investment in real estate partnership and
deferred land costs (5) -
Net cash provided (used) by investing activities 6,457 (48,858)
The accompanying notes are an integral part of these consolidated financial statements.
