Financial Report 1997

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CONSOLIDATED STATEMENT OF CASH FLOWS
For the Years Ended June 30, 1996, and 1997

(in thousands)

June 30
OPERATING ACTIVITIES 1997 1996
Change in net assets $ 7,143 $ 5,229
Adjustments to reconcile change in net assets to
Net cash provided (used) by operating activities:
Depreciation 3,410 2,953
Provision for doubtful accounts 74 22
Unrealized (gain) loss on investments (2,219) (996)
Loss on disposal of plant assets 31 123
Net transactions related to split interest agreements (2,062) (1,858)
Cash provided (used) by changes in operating assets and liabilities:
Student accounts receivable 231 (104)
Government grants and other receivables 256 (324)
Inventories and prepaid expenses 467 (70)
Student loans (105) (69)
Accounts payable 94 (430)
Accrued expenses and other liabilities (46) 1
Student deposits and prepaid fees 31 (206)
Deferred revenue (306) 243
Governmental student loan programs 163 209
Net cash provided by operating activities 7,162 4,723
 
INVESTING ACTIVITIES
Purchase of property (49) (591)
Investment in capital projects and equipment (4,110) (3,129)
Proceeds from note collections 183 120
Proceeds from sale in long-term investments 211 458
Purchase of long-term investments (2,369) (751)
Net cash used by investing activities (6,134) (3,893)
 
FINANCING ACTIVITIES
Liquidation of short term debt - (1,600)
Payments on long term debt (1,061) (882)
Proceeds from issuance of new debt - 1,477
Annuity payments (79) (10)
Net cash provided (used) by financing activities (1,140) (1,015)
 
Net increase (decrease) in cash and cash equivalents (112) (185)
 
CASH AND CASH EQUIVALENTS
Beginning of year 8,622 8,807
End of year $ 8,510 $ 8,622
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Supplemental disclosure of cash flow information -
Cash paid during the year for interest $ 1,254 $ 1,199
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See notes to consolidated financial statements

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