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<br /> 16
<br />I THE PHS.J CORPORA nON
<br /> Consolidated Statements of Cash Flows
<br />I Years Ended September 30,
<br />(Dol/aI's in thousands) 200S 2007 2006
<br /> Cash flows from operating aetivities:
<br />I Net income 5 15,472 5 19,098 5 5,405
<br />Adjustments to reconcile net income to net cash provided by operating activities:
<br /> Decrease in cash surrender value of life insurance 88
<br />I Depreciation and amortization 10,755 11,261 I \,013
<br />Loss (gain) on sale of property and equipment 22 9 (517)
<br /> Amortization of deferred gain on sale-leaseback of office building (1.331 ) (2,845)
<br />I Gai n from shares recovered (537)
<br />Gain from sale of marketable securities (271)
<br />Net loss recognized due to curtailment and settlement of deferred compensation
<br /> plan 329
<br />I (Decrease) increase in provision for bad debt and unbillable amounts \,766 ( 15) 617
<br />Provision for deferred income taxes (10,726) 7,110 5,302
<br /> Provision for and amortization of deferred compensation and other 2,188 2,536 \,971
<br />I Excess tax benefit on vesting of restricted stock (1,233) (851 )
<br />Reversal of accrued reimbursement liability (2.382) (4,527)
<br /> Change in operating assets and liabilities, net of acquisitions:
<br />I (Increase) decrease in accounts receivable (20.044 ) \,937 (14,614)
<br />Decrease (increase) in unbilled fees and billings in excess of cost 3.344 ( 16,452) 8,424
<br />Decrease in assets held for sale 3,915 8,612
<br /> (Increase) decrease in other current assets ( 1.246) 277 ( \,003)
<br />I Decrease (increase) in other assets 911 797 (3,984 )
<br />Increase (decrease) in accounts payable and accrued expenses 16,630 ( 135) (1,172)
<br /> Decrease in liabilities of assets held for sale (2,099) (4,627)
<br />I Decrease in accrued reimbursement liability (3,817) (15,271 ) (6,589)
<br />Increase in accrued vacation 876 345 2,010
<br /> (Decrease) increase in other liabilities 16,162 (165) 784
<br />I Net cash provided by operating activities 27,676 4,925 10,912
<br />Cash flows from investing activities:
<br />Investment in life insurance policies (541 ) (632) (541)
<br /> Acquisitions and purchase price adjustments, net of cash acquired (2,000) (200) (5,876)
<br />I Dividends reinvested in marketable securities (21)
<br />Proceeds from the sale of property and equipment 57 90 656
<br /> Proceeds from the sale of marketable securities 680
<br />I Proceeds from the sale-leaseback of office building 21.350
<br />Purchases of property and equipment ( 10.364) (10,294) (11,416)
<br /> Net cash (used in) provided by investing activities ( 12,848) 10.314 (16,518)
<br />I Cash flows from financing activities:
<br />Borrowings under line of credit 175,654 228,940 100,662
<br />Payments under line of credit (169,032) (230,072) (99,900)
<br /> Principal payments under notes and mortgage payable (512) (512) (412)
<br />I Principal payments under capital lease obligations ( 1.216) (379) (412)
<br />Excess tax benefit on vesting of restricted stock 1,233 851
<br /> Proceeds from sale of common stock 2,076 4.276
<br />I Employee shareholders' loans 1,537 (1,596)
<br />Payments for repurchase of common stock (29,000) (4,000) (21,154)
<br /> Net cash used in financing acti vi ties (19,260) (6,768) (16,940)
<br />I Net (decrease) increase in cash and cash equivalents (4,432) 8,471 (22,546)
<br />Cash and cash equivalents at beginning of period 8,481 10 22.556
<br />Cash and cash equivalents at end of period $ 4,049 5 8,481 5 10
<br />I The accompanying notes are an il1legral part of these consolidated financial statements.
<br /> For a complete set of The PBS] Corporation September 30, 2008 financial statements, please go to
<br />I http://idea.sec.gov/Archives/edgar/data/ 1117414/000 119312508257171 /d 10k.htm
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