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PFSWEB, INC. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
Three Months Ended
June 30,
2001 2000
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ......................................................... $ 1,903 $ (238)
Adjustments to reconcile net income (loss) to net cash used in operating
activities:
Depreciation and amortization ........................................... 1,480 1,380
Non-cash compensation expense ........................................... 696 16
Provision for doubtful accounts ......................................... 47 175
Gain on sale of distribution facility ................................... (4,976) --
Changes in operating assets and liabilities:
Accounts and other receivables ...................................... 1,104 (2,057)
Prepaid expenses and other current assets ........................... (2,306) (639)
Accounts payable and accrued expenses ............................... (4,972) (1,540)
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Net cash used in operating activities .......................... (7,024) (2,903)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment ........................................ (829) (1,387)
Change in other assets ..................................................... (574) 1,675
Proceeds from sale of distribution facility, net ........................... 9,437 --
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Net cash provided by investing activities ...................... 8,034 288
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CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in long-term debt ................................................. (131) (58)
Net proceeds from issuance of common stock ................................. 39 --
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Net cash used in financing activities .......................... (92) (58)
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EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS .......................... (32) (110)
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ........................... 886 (2,783)
CASH AND CASH EQUIVALENTS, beginning of period ................................. 22,266 24,896
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CASH AND CASH EQUIVALENTS, end of period ....................................... $ 23,152 $ 22,113
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SUPPLEMENTAL CASH FLOW INFORMATION
Fixed assets acquired under capital leases .............................. $ 592 $ --
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The accompanying notes are an integral part of these unaudited interim condensed
consolidated financial statements.
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