ABTX: wow! have not looked at it carefully, but the cash flow
statement for fiscal Q4 derived from the figures in their
fiscal Q3 and their full fiscal from the 10K. Indicate they had a hell of a good fourth quarter as the lady said. You are well informed.
Again, this is
all very preliminary research (among other things need to make sure
they don't run a cooking academy. However, It is difficult to mess with cash
flows unless you stick them in the wrong place or do something
really dangerous with the real thing - i.e., cash).
AGRIBIOTECH, INC AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
Nine-month period
ended March 31,
---------------------
1998 1997
----------------- -----------------
Cash flows from operating activities:
Net earnings (loss) $ 4,317,634 (1,188,926)
Adjustments to reconcile net earnings (loss) to net cash
flows from operating activities:
Amortization 1,514,164 140,647
Depreciation 1,298,251 634,550
Equity in earnings of associated entity (924,842) (282,937)
Deferred income taxes (2,957,824) -
Common stock for services - 72,690
Changes in assets and liabilities excluding
effects of acquisitions:
Accounts receivable (21,703,445) (8,773,148)
Inventories (13,781,556) (4,056,188)
Other assets (336,122) (18,926)
Payables 4,981,239 5,393,341
Accrued liabilities (1,956,038) (611,580)
----------------------- -----------------------
Net cash flows from operating activities (29,548,539) (8,690,477)
----------------------- -----------------------
Cash flows from investing activities:
Additions to property, plant and equipment (2,820,736) (853,481)
Additions to intangible assets (81,081) (8,375)
Distributions from associated entity 557,501 181,000
Acquisitions (38,294,819) (15,997,034)
----------------------- -----------------------
Net cash flows from investing activities (40,639,135) (16,677,890)
----------------------- -----------------------
Cash flows from financing activities:
Net proceeds (repayments) of short-term debt 261,720 9,958,509
Additions to long-term debt 5,000,000 974,916
Repayments of long-term debt 3,785,485 272,901
Payments on amount due in connection with acquisition (5,200,000) -
Sale of preferred stock - 10,000,000
Sale of common stock 48,125,002 -
Exercise of options 2,306,192 3,802,117
Exercise of warrants 15,556,875 2,924,960
Redemption of preferred stock - (2,507,137)
Expenses of stock issuance (1,653,434) (1,389,995)
Payments received on notes receivable from sale of stock 9,990,000 -
----------------------- -----------------------
Net cash flows from financing activities 70,600,870 23,490,469
----------------------- -----------------------
Net increase (decrease) in cash and cash equivalents 413,196 (1,877,898)
Cash and cash equivalents at beginning of period 2,553,634 2,522,309
----------------------- -----------------------
Cash and cash equivalents at end of period $ 2,966,830 644,411
============= ===============
See accompanying notes to consolidated financial statements.
6
AGRIBIOTECH, INC AND SUBSIDIARIES.
Consolidated Statements of Cash Flows<TABLE> <CAPTION>
Year ended Year ended Year ended
June 30, June 30, June 30,
1998 1997 1996
----------------- ----------------- -----------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net earnings (loss) $ 387,241 (2,713,765) (3,324,132)
Adjustments to reconcile net earnings (loss) to net
cash flows from operating activities:
Amortization 2,694,936 253,985 103,740
Depreciation 2,043,420 902,326 475,218
Equity in earnings of associated entity (808,447) (233,690) -
Deferred income taxes (2,947,914) - -
Common stock and options for services 396,965 72,690 143,849
Changes in assets and liabilities excluding
effects of acquisitions:
Accounts receivable (2,260,461) 1,822,905 (4,599,458)
Inventories (706,340) 1,898,354 (796,105)
Other assets 275,784 418,751 92,862
Accounts payable (13,302,854) (4,596,592) 1,446,661
Accrued liabilities 2,937,757 (351,890) 768,930
------------ ---------- ----------
Net cash flows from operating activities (11,289,913) (2,526,926) (5,688,435)
------------ ---------- ----------
Cash flows from investing activities:
Additions to property, plant and equipment (6,930,355) (1,073,239) (504,395)
Additions to intangible assets (24,620) (19,228) (155,000)
Distributions from associated entity 557,500 348,095 -
Acquisitions (66,903,637) (25,790,301) (5,960,585)
------------ ---------- ----------
Net cash flows from investing activities (73,301,112) (26,534,673) (6,619,980)
------------ ---------- ----------
Cash flows from financing activities:
Net proceeds (repayments) of short-term debt 3,238,582 13,986,911 4,104,779
Additions to long-term obligations 7,559,848 1,037,717 -
Reductions of long-term obligations (12,854,332) (1,278,265) (696,096)
Sale of common stock 67,663,505 - -
Exercise of options 3,546,425 4,718,867 625,000
Exercise of warrants 15,556,875 2,924,960 670,000
Sale of preferred stock - 10,000,000 7,425,000
Redemption of preferred stock - (2,707,271) -
Expenses of stock issuance (1,912,666) (1,389,995) (864,532)
Expenses of debt issuance (750,000) - -
Restructuring of employee stock options - - 480,000
Payments on amount due in connection with acquisition (7,300,000) - -
Payments received on notes receivable from
sale of stock 9,990,000 1,800,000 1,663,630
------------ ---------- ----------
Net cash flows from financing activities 84,738,237 29,092,924 13,407,781
------------ ---------- ----------
Net increase in cash and cash equivalents 147,212 31,325 1,099,366
Cash and cash equivalents at beginning of year 2,553,634 2,522,309 1,422,943
------------ ---------- ----------
Cash and cash equivalents at end of year $2,700,846 2,553,634 2,522,309
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