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<br />PROFESSIONAL GENERAL ENGINEERING CONSULTANT
<br />
<br />RFQ # 07-07-01
<br />
<br />REYNOLDS, SMITH AND Hll..LS, INC.
<br />CONSOLIDATED STATEMENTS OF CASH FLOWS
<br />FISCAL YEAR ENDED
<br /> March 31, April I, April 2,
<br /> 2006 2005 2004
<br />OPERATING ACTIVITIES:
<br />Net income $ 4,080,000 $ 3,322,000 $ 1,783,000
<br />Adjustments to reconcile net income to net
<br />cash provided (used) by operating activities:
<br />Bad debt expense 96,000 30,000 50,000
<br />Depreciation and amortization 811,000 828,000 989,000
<br />Deferred income taxes (365,000) (257,000) (272,000)
<br />Stock issued as compensation 515,000 375,000 145,000
<br />Loss on sale of property and equipment 62,000
<br />Deferred rent charges and other 36,000 166,000 87,000
<br />Change in operating assets and liabilities:
<br />Accounts receivable and unbilled service revenue (5,398,000) (389,000) 238,000
<br />Prepaid expenses and other assets (199,000) 44,000 91,000
<br />Accounts payable and accrued expenses 1,189,000 2,256,000 1,235,000
<br />Unearned service revenue 298,000 2,289,000 1,330,000
<br />Net cash provided by operating activities 1,125,000 8,664,000 5,676,000
<br />INVESTING ACTIVITIES:
<br />Capilal expenditures (699,000) (715,000) (669,000)
<br />Collections of notes receivable 207,000 90,000
<br />Business acquisition (74,000)
<br />Net cash used in investing activities (566,000) (625,000) (669,000)
<br />FINANCING ACTIVITIES:
<br />Repayments oflong-tenn debt (220,000) (596,000) (812,000)
<br />Proceeds from issuance of conunon stock 103,000 367,000 138,000
<br />Proceeds from exercise of slock oplions 4,000 68,000
<br />Repurchase of common stock (369,000) (I,450,OOO)
<br />Dividends paid (524,000)
<br />Net cash used in financing activities ( 1,006,000) (1,611,000) (674,000)
<br />Net increase (decrease) in cash (447,000) 6,428,000 4,333,000
<br />Cash at beginning of year 13,603,000 7,175,000 2,842,000
<br />Cash at end of year $ 13,156,000 $ 13,603,000 $ 7,175,000
<br />SUPPL.EMENT AL DISCLOSURE OF CASH
<br />PAYMENTS MADE FOR:
<br />Interest $ 28,000 $ 23,000 $ 94,000
<br />Income laxes $ 2,212,000 $ 2,787,000 $ 1,097,000
<br />NON-CASH INVESTING AND FINANCING
<br />ACTIVITIES:
<br />Notes received in stock sale transactions $ 343,000 $ 955,000 $
<br />Notes issued for repurchase of Company stock $ $ 530,000 $
<br />Settlement of notes receivable with Company slock $ 36,000 $ $
<br />See accompanying notes to consolidated fmancial statements.
<br />
<br />IIS6.
<br />
<br />,.,.ROVING YOUR WORLD
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