BRADLEY PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
September 30,
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2000 1999
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Cash flows from operating activities:
Net income (loss) $ (4,111,705) $ 565,488
Adjustments to reconcile net income (loss)
to net cash provided by operating activities
Depreciation & amortization 707,598 896,355
Loss on sale of fixed assets - 6,905
Writeoff of deferred loan costs - 90,000
Loss due to impairment of asset 3,897,000 -
Noncash compensation and consulting services 18,853 14,992
Changes in operating assets and liabilities
Accounts receivable 1,648,721 (119,719)
Inventory and prepaid samples and materials 201,044 (34,165)
Prepaid expenses and other 19,507 (199,234)
Accounts payable (406,387) 427,668
Accrued expenses 31,389 (407,726)
Accrued (refundable) income tax (488,877) 130,364
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Net cash provided by operating activities 1,517,143 1,370,928
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Cash flows from investing activities:
Investments in trademarks, and
other intangible assets (21,465) (484)
Purchase of property & equipment (7,138) (48,074)
Proceeds from sale of fixed assets - 109,910
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Net cash provided by (used in) investing activities (28,603) 61,352
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Cash flows from financing activities:
Payment of long-term debt (266,421) (113,087)
Revolving credit line, net (1,495,974) (1,728,812)
Proceeds from exercise of stock options 3,437 -
Distribution (purchase) of treasury shares, net 72,421 (565,712)
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Net cash used in financing activities (1,686,537) (2,407,611)
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Decrease in cash and cash equivalents (197,997) (975,331)
Cash and cash equivalents at beginning of period 385,640 1,417,746
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Cash and cash equivalents at end of period $ 187,643 $ 442,415
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(Continued)
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