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How long to implement service after authorized to begin: 21 calendar days
<br />Financial Stability: CONFIDENTIAL
<br />ValleyCrest Holding Co. and Subsidiaries
<br />Consolidated Statements of Cash Flows
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<br />Year Ended April 30
<br />2010
<br />2009
<br />Operating activities
<br />Net (loss) income
<br />$ (1,654,000) $
<br />3,536,000
<br />Adjustments to reconcile net (loss) income to net cash provided by operating activities:
<br />Allowance for doubtful accounts
<br />3,233,000
<br />7,169,000
<br />Depreciation and amortization
<br />29,014,000
<br />32,547,000
<br />Deferred taxes
<br />1,933,000
<br />(9,180,000)
<br />Tax (benefit) expense of unrealized gain /loss on interest rate swap
<br />(1,225,000)
<br />1,333,000
<br />Inventory value adjustment
<br />2,779,000
<br />5,376,000
<br />Equity in (earnings) loss of unconsolidated JV
<br />771,000
<br />—
<br />Loss from disposition of golf course
<br />6,166,000
<br />—
<br />Stock -based compensation
<br />1,079,000
<br />937,000
<br />Changes in operating assets and liabilities:
<br />Investments and escrowed retention
<br />(886,000)
<br />(556,000)
<br />Receivables
<br />25,788,000
<br />5,191,000
<br />Costs and estimated earnings in excess of billings on uncompleted contracts
<br />(690,000)
<br />(34,000)
<br />Inventories
<br />3,034,000
<br />(3,226,000)
<br />Prepaids and other assets
<br />(389,000)
<br />(8,670,000)
<br />Accounts payable and accrued liabilities
<br />(19,140,000)
<br />(961,000)
<br />Billings in excess of costs and estimated earnings on uncompleted contracts
<br />(7,875,000)
<br />(6,533,000)
<br />Income taxes payable
<br />(1.321,000)
<br />(1,709,000)
<br />Other liabilities
<br />(4,651.900)
<br />—
<br />Net cash provided by operating activities
<br />35,966,000
<br />25,220,000
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