Operating activities: | |
Net earnings | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |
Depreciation | 5.8M |
Amortization of credit facility origination fees | 77K |
Stock-based compensation | 252K |
Deferred income taxes | 54K |
Loss on extinguishment of debt | |
Changes in assets and liabilities: | |
Accounts receivable | 902K |
Due from State of Delaware | -421K |
Inventories | -238K |
Prepaid expenses and other | -820K |
Receivable from Dover Motorsports, Inc. | |
Prepaid income taxes/income taxes payable | |
Accounts payable | 788K |
Purses due horsemen | 937K |
Accrued liabilities | -839K |
Deferred revenue | -34K |
Other liabilities | |
Net cash provided by operating activities | |
Investing activities: | |
Capital expenditures | -2.47M |
Proceeds from the sale of available-for-sale securities | 44K |
Purchase of available-for-sale securities | -47K |
Net cash used in investing activities | |
Financing activities: | |
Borrowings from revolving line of credit | 37.88M |
Repayments of revolving line of credit | -41.88M |
Dividends paid | |
Repurchase of common stock | -66K |
Credit facility fees | -40K |
Net cash used in financing activities | |
Net decrease in cash | |
Cash, beginning of period | 10.5M |
Cash, end of period | 11.26M |
Supplemental information: | |
Interest paid | 592K |
Income taxes paid | 569K |
Change in accounts payable for capital expenditures |