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HEWETT-KIER CONSTRUCTION, INC. <br /> STATEMENT OF CASH FLOWS <br /> FOR THE YEAR ENDED DECEMBER 31, 1997 <br /> CASH FLOWS FROM OPERATING ACTIVITIES: $ 286,208 <br /> Net income <br /> Adjustments to reconcile net income to <br /> net cash provided (used) by operating activities 72,360 <br /> Depreciation ( 4,482) <br /> Gain on sale of securities ( 6,410) <br /> Gain on sale of equipment <br /> Increase in: ( 48,494) <br /> Receivables - contracts ( 195,725) <br /> - retainages ( 218,013) <br /> - other ( 367,919) <br /> Unbilled work on contracts in process ( 4 119) <br /> Prepaid expenses and other current assets <br /> Increase (decrease) in: 198,182 <br /> Accounts payable and accrued expenses ( 105,346) <br /> Retainages - subcontractors ( 26,982) <br /> Pension and profit sharing contributions ( 342,118) <br /> Advance billings on contracts in process <br /> ( 762,883) <br /> NET CASH USED BY OPERATING ACTIVITIES <br /> filH FLOWS FROM INVESTING ACTIVITIES: ( 872,952) <br /> urchase of marketable securities 1,872,957 <br /> Proceeds from sale of marketable securities ( 84,418) <br /> Purchase of property and equipment 84,410 <br /> Proceeds from sale of equipment <br /> 717,127 <br /> NET CASH PROVIDED BY INVESTING ACTIVITIES <br /> CASH FLOWS FROM FINANCING ACTIVITIES: ( 450,000) <br /> Distributions <br /> - ( 450,000) <br /> NET CASH USED BY FINANCING ACTIVITIES <br /> ( 495,756) <br /> NET DECREASE IN CASH AND CASH EQUIVALENTS <br /> 1,097,595 <br /> CASH AND CASH EQUIVALENTS - Be4 innin g <br /> CASH AND CASH EQUIVALENTS - Ending <br /> § 601,839 <br /> The accompanying notes are an integral part <br /> _ of these financial statements . <br /> - 4 - <br />