Statements of Consolidated Cash Flows
Yellow Corporation and Subsidiaries for the years ended December 31
| (in thousands) |
|
2002 |
|
 |
|
2001 |
|
|
|
2000 |
|
|
|
|
|
|
|
|
|
| Operating Activities: |
| Net income (loss) |
$ |
(93,902 |
) |
$ |
15,301 |
|
$ |
68,018 |
|
| Noncash items included in net income (loss): |
| Depreciation and amortization |
|
79,334 |
|
|
76,977 |
|
|
78,587 |
|
| Loss (income) from discontinued operations |
|
117,875 |
|
|
(4,712 |
) |
|
(6,413 |
) |
| Loss on equity method investment |
|
- |
|
|
5,741 |
|
|
3,329 |
|
| Deferred income tax provision |
|
1,449 |
|
|
16,746 |
|
|
9,606 |
|
| (Gains) losses from property disposals, net |
|
425 |
|
|
(186 |
) |
|
(14,372 |
) |
| Changes in assets and liabilities, net: |
| Accounts receivable |
|
(49,633 |
) |
|
44,041 |
|
|
(7,885 |
) |
| Accounts receivable securitizations |
|
(91,500 |
) |
|
(35,500 |
) |
|
42,000 |
|
| Accounts payable |
|
5,928 |
|
|
(13,704 |
) |
|
7,116 |
|
| Other working capital items |
|
38,468 |
|
|
(97,532 |
) |
|
(14,257 |
) |
| Claims and other |
|
14,386 |
|
|
(3,742 |
) |
|
(11,107 |
) |
| Other |
|
2,978 |
|
|
8,759 |
|
|
(3,030 |
) |
| Net change in operating activities of |
| discontinued operations |
|
17,250 |
|
|
76,106 |
|
|
74,157 |
|
|
| Net cash from operating activities |
|
43,058 |
|
|
88,295 |
|
|
225,749 |
|
|
| Investing Activities: |
| Acquisition of property and equipment |
|
(86,337 |
) |
|
(88,022 |
) |
|
(100,577 |
) |
| Proceeds from disposal of property and equipment |
|
3,507 |
|
|
6,587 |
|
|
29,888 |
|
| Acquisition of companies |
|
(18,042 |
) |
|
(14,300 |
) |
|
- |
|
| Other |
|
- |
|
|
(5,830 |
) |
|
(5,114 |
) |
| Net capital expenditures of discontinued operations |
|
(24,372 |
) |
|
(19,619 |
) |
|
(59,034 |
) |
|
| Net cash used in investing activities |
|
(125,244 |
) |
|
(121,184 |
) |
|
(134,837 |
) |
|
| Financing Activities: |
| Unsecured bank credit lines, net |
|
(85,000 |
) |
|
25,000 |
|
|
(40,000 |
) |
| Repayment of long-term debt |
|
(44,600 |
) |
|
(10,412 |
) |
|
(31,045 |
) |
| Dividend from subsidiary upon spin-off |
|
113,790 |
|
|
- |
|
|
- |
|
| Proceeds from exercise of stock options |
|
13,704 |
|
|
16,638 |
|
|
6,984 |
|
| Treasury stock purchases |
|
- |
|
|
- |
|
|
(24,997 |
) |
| Proceeds from issuance of common stock |
|
93,792 |
|
|
- |
|
|
- |
|
|
| Net cash provided by (used in) financing activities |
|
91,686 |
|
|
31,226 |
|
|
(89,058 |
) |
|
| Net Increase (Decrease) In Cash and Cash Equivalents |
|
9,500 |
|
|
(1,663 |
) |
|
1,854 |
|
| Cash and Cash Equivalents, Beginning Of Year |
|
19,214 |
|
|
20,877 |
|
|
19,023 |
|
|
| Cash and Cash Equivalents, End Of Year |
$ |
28,714 |
|
$ |
19,214 |
|
$ |
20,877 |
|
|
|
The notes to consolidated financial statements are an integral part of these statements.
|
