| KATY INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS - UNAUDITED |
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| (In
thousands) |
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Three Months Ended March 31, |
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2008 |
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2007 |
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| Cash
flows from operating activities: |
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Net loss |
$ (3,434) |
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$ (3,779) |
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(Income) loss from
discontinued operations |
(291) |
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461 |
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Loss from continuing operations |
(3,725) |
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(3,318) |
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Depreciation and
amortization |
1,823 |
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1,865 |
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Write-off and
amortization of debt issuance costs |
96 |
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619 |
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Stock option expense |
37 |
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94 |
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Loss (gain) on sale of
assets |
533 |
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(120) |
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Deferred income taxes |
- |
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(94) |
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(1,236) |
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(954) |
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Changes in operating
assets and liabilities: |
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Accounts receivable |
(1,833) |
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(2,075) |
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Inventories |
928 |
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(807) |
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Other assets |
134 |
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77 |
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Accounts payable |
(1,489) |
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261 |
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Accrued expenses |
(1,017) |
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(1,995) |
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Other, net |
(363) |
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843 |
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(3,640) |
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(3,696) |
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Net cash used in
continuing operations |
(4,876) |
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(4,650) |
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Net cash used in
discontinued operations |
(320) |
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(195) |
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Net cash used in
operating activities |
(5,196) |
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(4,845) |
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| Cash
flows from investing activities: |
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Capital expenditures |
(1,037) |
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(979) |
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Proceeds from sale of
assets, net |
35 |
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120 |
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Net cash used in
continuing operations |
(1,002) |
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(859) |
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Net cash provided by
discontinued operations |
4,424 |
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5,995 |
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Net cash provided by
investing activities |
3,422 |
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5,136 |
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| Cash
flows from financing activities: |
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Net borrowings
(repayments) on revolving loans |
2,940 |
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(2,388) |
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Decrease in book
overdraft |
(2,110) |
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(2,123) |
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Repayments of term loans |
(399) |
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(24) |
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Direct costs associated
with debt facilities |
- |
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(125) |
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Repurchases of common
stock |
- |
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(3) |
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Net cash provided by
(used in) continuing operations |
431 |
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(4,663) |
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Net cash used in
discontinued operations |
- |
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(97) |
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Net cash provided by
(used in) financing activities |
431 |
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(4,760) |
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| Effect
of exchange rate changes on cash and cash equivalents |
(54) |
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(4) |
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| Net
decrease in cash and cash equivalents |
(1,397) |
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(4,473) |
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| Cash
and cash equivalents, beginning of period |
2,015 |
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7,392 |
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| Cash
and cash equivalents, end of period |
$ 618 |
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$ 2,919 |
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| Reconciliation
of free cash flow to GAAP Results: |
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Net cash used in
operating activities |
$ (5,196) |
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$ (4,845) |
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Capital expenditures |
(1,037) |
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(979) |
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Free cash flow |
$ (6,233) |
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$ (5,824) |
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Ending cash minus beginning cash |
(1,397) |
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(4,473.00) |
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Change in cash per cash flow |
(1,397) |
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(4,473.00) |
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Difference |
- |
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- |
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