SEC Company Response from FIRST CHOICE HEALTH NETWORK INC (CIK 0000922622) — Nov 21, 2005
FIRST CHOICE HEALTH NETWORK INC (CIK 0000922622)
Date: Nov. 21, 2005 · CIK: 0000922622 · Accession: 0000922622-05-000015
AI Filing Summary & Sentiment
Letter
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
2004 2003 2002
CASH FLOWS FROM OPERATING ACTIVITIES Net income $5,948,516 $4,690,921 $1,924,891 Adjustments to reconcile net income to net cash from operating activities Depreciation $766,038 $1,030,763 $1,083,314 Amortization Deferred income taxes, net $(135,433) $(54,900) $650,238 Provision for doubtful accounts $9,412 $(54,646) $(288,657) Minority interest $224,327 $709,456 $(20,527)
Changes in operating assets and liabilities Service fees receivable $129,570 $652,727 $465,990 Due to subsidiary including tax accrual $3,184 $(1,563,797) $741,406 Prepaid expenses $(36,148) $66,828 $258,501 Other current assets $103,151 $(300,860) $380,455 Other assets $(122,040) $(114,135) $- Accounts payable $65,665 $140,340 $35,516 Accrued expenses $384,512 $643,554 $303,169 Adjustment in value of investment in One Health Port $40,800 $195,416 $- Federal income tax accrual $(132,007) $(39,879) $667,922 Changes in discontinued assets and liabilities $(2,485,233) $(3,002,341) $(4,971,150)
Net cash provided by operations $4,764,314 $2,999,447 $1,231,068
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investment in One Health Port $(100,000) $- $(337,400) Purchase of investments available-for-sale $(5,007,423) $(8,990,862) $(6,364,075) Principal paydowns and sales of investments available for sale $9,624,589 $7,563,581 $5,973,389 Purchase of furniture, equipment and computer software $(429,628) $(874,068) $(334,421) Decrease (increase) in restricted cash and investments $(1,534) $1,690,283 $(25,265)
Net cash used by investing activities $4,086,004 $(611,066) $(1,087,772)
CASH FLOWS FROM FINANCING ACTIVITIES Repurchase of Class A common stock and membership rights from physicians $(225,036) $(866) $(361) Payment of note payable $- $- $(698,170) Decrease in unrealized loss $(8,945) $- $- Payment of preferred stock dividend $(43,264) $- $- Additional capital from affiliate $- $134,558 $393,593 Payments to minority interest $(440,450) $- $- Dividends to shareholders $(7,400,000) $(1,200,000) $-
Net cash from financing activities $(8,117,695) $(1,066,308) $(304,938)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $732,623 $1,322,073 $(161,642)
CASH AND CASH EQUIVALENTS, beginning of year $4,147,533 $2,825,460 $2,987,102
CASH AND CASH EQUIVALENTS, end of year $4,880,156 $4,147,533 $2,825,460
Show Raw Text
<DOCUMENT> <TYPE>CORRESP <SEQUENCE>1 <FILENAME>filename1.txt <TEXT> CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002 2004 2003 2002 CASH FLOWS FROM OPERATING ACTIVITIES Net income $5,948,516 $4,690,921 $1,924,891 Adjustments to reconcile net income to net cash from operating activities Depreciation $766,038 $1,030,763 $1,083,314 Amortization Deferred income taxes, net $(135,433) $(54,900) $650,238 Provision for doubtful accounts $9,412 $(54,646) $(288,657) Minority interest $224,327 $709,456 $(20,527) Changes in operating assets and liabilities Service fees receivable $129,570 $652,727 $465,990 Due to subsidiary including tax accrual $3,184 $(1,563,797) $741,406 Prepaid expenses $(36,148) $66,828 $258,501 Other current assets $103,151 $(300,860) $380,455 Other assets $(122,040) $(114,135) $- Accounts payable $65,665 $140,340 $35,516 Accrued expenses $384,512 $643,554 $303,169 Adjustment in value of investment in One Health Port $40,800 $195,416 $- Federal income tax accrual $(132,007) $(39,879) $667,922 Changes in discontinued assets and liabilities $(2,485,233) $(3,002,341) $(4,971,150) Net cash provided by operations $4,764,314 $2,999,447 $1,231,068 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investment in One Health Port $(100,000) $- $(337,400) Purchase of investments available-for-sale $(5,007,423) $(8,990,862) $(6,364,075) Principal paydowns and sales of investments available for sale $9,624,589 $7,563,581 $5,973,389 Purchase of furniture, equipment and computer software $(429,628) $(874,068) $(334,421) Decrease (increase) in restricted cash and investments $(1,534) $1,690,283 $(25,265) Net cash used by investing activities $4,086,004 $(611,066) $(1,087,772) CASH FLOWS FROM FINANCING ACTIVITIES Repurchase of Class A common stock and membership rights from physicians $(225,036) $(866) $(361) Payment of note payable $- $- $(698,170) Decrease in unrealized loss $(8,945) $- $- Payment of preferred stock dividend $(43,264) $- $- Additional capital from affiliate $- $134,558 $393,593 Payments to minority interest $(440,450) $- $- Dividends to shareholders $(7,400,000) $(1,200,000) $- Net cash from financing activities $(8,117,695) $(1,066,308) $(304,938) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $732,623 $1,322,073 $(161,642) CASH AND CASH EQUIVALENTS, beginning of year $4,147,533 $2,825,460 $2,987,102 CASH AND CASH EQUIVALENTS, end of year $4,880,156 $4,147,533 $2,825,460 </TEXT> </DOCUMENT>