BUSINESS SUPPLIES DISTRIBUTORS HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD FROM JULY 3, 2001 (INCEPTION) THROUGH DECEMBER 31, 2001
(IN THOUSANDS)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income................................................ $ 401
Adjustments to reconcile net income to net cash used in
operating activities:
Amortization........................................... 51
Provision for doubtful accounts........................ 353
Provision for inventory obsolescence................... 13
Deferred income taxes.................................. (300)
Changes in operating assets and liabilities, net of
effect of acquisition:
Accounts receivables................................. (20,480)
Inventories, net..................................... (30,154)
Prepaid expenses and other current assets............ (7,229)
Accounts payable and accrued expenses................ (20,625)
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Net cash provided by (used in) operating
activities........................................ (77,970)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Cash acquired in acquisition of BSD Companies, net (Note
3)..................................................... 7,555
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Net cash provided by investing activities......... 7,555
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CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contributions..................................... 1,000
Proceeds from debt........................................ 59,352
Proceeds from affiliate loan.............................. 11,655
Restricted cash........................................... (982)
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Net cash provided by financing activities......... 71,025
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EFFECT OF EXCHANGE RATES ON CASH............................ (32)
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NET INCREASE IN CASH........................................ 578
CASH AND CASH EQUIVALENTS, beginning of period.............. --
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CASH AND CASH EQUIVALENTS, end of period.................... $ 578
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SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest.................................... $ 463
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Cash paid for taxes....................................... $ --
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The accompanying notes are an integral part of these consolidated financial
statements.
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