|
In thousands |
For the years ended December
31, |
2005 |
2004 |
2003 |
Operating activities: |
|
|
|
|
Net income |
$27,223 |
$26,026 |
$19,417 |
|
Adjustments to reconcile net
income to net cash provided |
|
|
by operating activities: |
|
|
Depreciation and
amortization |
28,731 |
26,114 |
23,256 |
|
|
Net change in deferred
income taxes, investment tax credits, |
|
|
|
regulatory assets and
liabilities |
3,908 |
17,637 |
2,834 |
|
|
Gain on sale of non-utility
property |
(2,250) |
(8) |
(4,603) |
|
|
Changes in operating assets
and liabilities |
|
|
|
Receivables |
5,545 |
(2,720) |
1,292 |
|
|
|
Unbilled revenue |
(2,138) |
(771) |
(554) |
|
|
|
Taxes and other prepaid
expenses |
6,491 |
(7,168) |
(2,879) |
|
|
|
Accounts payable |
16,374 |
(4,042) |
(301) |
|
|
|
Other current assets |
(1,021) |
(203) |
(197) |
|
|
|
Other current liabilities |
3,841 |
2,713 |
7,537 |
|
|
|
Other changes, net |
(445) |
(2,167) |
(1,374) |
|
|
Net adjustments |
59,036 |
29,385 |
25,014 |
|
|
|
Net cash provided by
operating activities |
86,259 |
55,411 |
44,431 |
Investing activities: |
|
|
|
|
Utility plant expenditures |
|
|
|
|
|
Company-funded |
(77,569) |
(50,388) |
(53,884) |
|
|
Developer advances and
contributions in aid of construction |
(16,948) |
(18,185) |
(20,369) |
|
Proceeds from sale of
non-utility assets |
2,316 |
14 |
4,803 |
|
Acquisitions |
(471) |
(900) |
(6,094) |
|
|
|
Net cash used in investing
activities |
(92,672) |
(69,459) |
(75,544) |
Financing activities: |
|
|
|
|
Net charges in short-term
borrowings |
-- |
(6,454) |
(29,925) |
|
Issuance of common stock,
net of expenses |
720 |
37,538 |
43,781 |
|
Issuance of long-term debt,
net of expenses |
227 |
3,501 |
80,114 |
|
Advances for construction |
15,389 |
14,388 |
13,248 |
|
Refunds of advances on
construction |
(4,840) |
(5,049) |
(4,838) |
|
Contributions in aid of
construction |
7,924 |
6,882 |
9,311 |
|
Retirement of long-term debt |
(1,188) |
(711) |
(61,061) |
|
Dividends paid |
(21,106) |
(20,083) |
(17,724) |
|
|
|
Net cash (used in) provided
by financial activities |
(2,874) |
30,012 |
32,906 |
Change in cash and cash
equivalents |
(9,287) |
15,964 |
1,793 |
Cash and cash equivalents at
beginning of year |
18,820 |
2,856 |
1,063 |
Cash and cash equivalents at
end of year |
$9,533 |
$18,820 |
$2,856 |
Supplemental disclosures of
cash flow information: |
|
Cash paid during the year
for |
|
|
|
|
|
Interest (net of amounts
capitalized) |
$16,811 |
$17,202 |
$16,873 |
|
|
Income taxes |
12,411 |
8,026 |
6,188 |
|
|
|
|
|
|
|
See accompanying Notes to
Consolidated Financial Statements. |
|