DBA Systems, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
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<CAPTION>
Years Ended
June 30
<S> <C> <C> <C>
1997 1996 1995
Cash Flows from Operating Activities:
Net income $1,785 $1,161 $1,502
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 1,091 1,078 1,179
Loss (gain) on disposal of property (13) (23) 2
Issuance of treasury stock to employees 19 2 24
Contribution of treasury stock to ESOP 100 100
Decrease (increase) in current assets:
Accounts receivable (937) 2,333 (1,433)
Costs and estimated earnings in excess of
billings on uncompleted contracts 1,737 109 1,235
Inventory 576 (375) 268
Other current assets 99 (150) 640
Increase (decrease) in current liabilities:
Accounts payable 82 (588) 1,373
Accrued expenses 10 34 (5)
Billings in excess of costs and estimated
earnings on uncompleted contracts (305) 682 571
Estimated losses on uncompleted contracts 1,127 30 196
Other current liabilities (185) 93 26
Other-net (43) 73 (62)
Net cash provided by operating activities 5,043 4,559 5,616
Cash Flows from Investing Activities:
Capital expenditures (454) (333) (427)
Purchase of investments (9,311) (9,888) (5,000)
Proceeds from sale of investments 9,888 5,000
Proceeds from sale of property 20 31 1
Net cash provided by (used in) investing
activities 143 (5,190) (5,426)
Cash Flows from Financing Activities:
Repayments of long-term debt (1,926) (15)
Repayments on Industrial Development Revenue Bond (790)
Purchase of stock from ESOP (471)
Proceeds from issuance of common stock 107 128 166
Net cash provided by (used in) financing activities (2,290) 128 (639)
Net Increase (Decrease) in Cash for the Year 2,896 (503) (449)
Cash and Cash Equivalents at Beginning of Year 2,699 3,202 3,651
Cash and Cash Equivalents at End of Year $5,595 $2,699 $3,202
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DBA Systems, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONTINUED)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
(In Dollars):
For the years ended June 30, 1997 and 1996, the Company transferred assets of
approximately $88,000 and $10,000, respectively, from inventory to property.
During the year ended June 30, 1996, property with a net book value of
$4,436,000 was reclassified as real estate held for sale.
Supplemental Disclosure of Cash Flow Information (In Thousands):
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<CAPTION>
1997 1996 1995
<S> <C> <C> <C>
Income taxes paid $867 $ 89 $ 20
Interest paid $ 99 $175 $199
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