93
PFSWEB
INTERIM CONDENSED COMBINED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
SIX MONTHS ENDED
SEPTEMBER 30,
-------------------
1998 1999
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss.................................................. $ (16) $ (773)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization.......................... 88 634
Provision for doubtful accounts........................ 152 147
Deferred income tax benefit............................ (97) 71
Changes in operating assets and liabilities:
Accounts receivable.................................. (6,406) 16,022
Inventories, net..................................... (9,925) 29,864
Prepaid expenses and other current assets............ -- (413)
Trade accounts payable and accrued expenses.......... 10,739 (31,547)
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Net cash provided by (used in) operating
activities....................................... (5,465) 14,005
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment....................... (465) (6,232)
Increase in other assets.................................. (3,302) (344)
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Net cash used in investing activities............. (3,767) (6,576)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in payable to Daisytek, net........... 9,171 (6,710)
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Net cash provided by (used in) financing
activities....................................... 9,171 (6,710)
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EFFECT OF EXCHANGE RATES ON CASH............................ (16) (59)
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NET (DECREASE) INCREASE IN CASH............................. (77) 660
CASH, beginning of period................................... 113 587
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CASH, end of period......................................... $ 36 $ 1,247
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The accompanying notes are an integral part of these unaudited interim
condensed combined statements.
F-18