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Consolidated Statements of Cash Flows
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|
Years ended December 31, |
| |
|
1998 |
1997 |
1996 |
| |
|
(In thousands) |
| |
|
Operating activities |
| |
Net (loss) income |
US$ (4,715) |
US$ 61,076 |
US$ 44,896 |
| |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
| |
Depreciation of property and equipment |
42,269 |
25,238 |
10,549 |
| |
Mark-to-market adjustments for short-term investments |
10,267 |
264 |
(1,294) |
| |
Issuance of common stock to managementas compensation |
– |
– |
4,900 |
| |
Provision for deferred taxes |
477 |
15,392 |
15,356 |
| |
Loss (gain) on foreign currency translation |
48,125 |
(1,835) |
(267) |
| |
Provision for doubtful accounts |
24,360 |
10,212 |
7,310 |
| |
Minority interest in net earnings (losses) of
subsidiaries |
2,783 |
(230) |
14 |
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Changes in operating assets and liabilities: |
| |
Short-term investments |
11,735 |
(8,795) |
(3,269) |
| |
Trade accounts receivable |
(46,797) |
(23,580) |
(24,165) |
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Inventory |
(141) |
(51) |
(4,529) |
| |
Other current assets |
(2,618) |
(12,418) |
(2,325) |
| |
Due from related parties |
(690) |
110 |
(1,156) |
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Accounts payable |
7,164 |
384 |
5,910 |
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Customer deposits |
(5,524) |
13,973 |
26,037 |
| |
Accrued liabilities |
6,067 |
3,049 |
(5,975) |
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Net cash provided by operating activities |
92,762 |
82,789 |
71,992 |
| |
Financing activities |
| |
Capital contributions |
– |
– |
63,251 |
| |
Acquisition of treasury shares |
– |
– |
(18,000) |
| |
Proceeds from bank loans |
15,585 |
34,999 |
57,493 |
| |
Repayments of bank loans |
(15,832) |
(27,754) |
(72,200) |
| |
Repayments of lease obligations |
(12,350) |
(5,098) |
(7,827) |
| |
Withdrawals from (deposits to) restricted cash accounts |
– |
– |
2,519 |
| |
Net proceeds from joint venture |
– |
3,926 |
– |
| |
Net cash (used in) provided by financing activities |
(12,597) |
6,073 |
25,236 |
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Investing activities |
| |
Purchases of property and equipment |
(67,041) |
(106,756) |
(61,118) |
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Purchases of other assets |
(5,500) |
(1,089) |
(12,738) |
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Other proceeds |
– |
– |
1,100 |
| |
Net cash used in investing activities |
(72,541) |
(107,845) |
(72,756) |
| |
Effect of exchange rate changes on cash and cash equivalents |
(7,478) |
– |
– |
| |
Net increase (decrease) in cash |
146 |
(18,983) |
24,472 |
| |
Cash and cash equivalent at beginning of year |
14,333 |
33,316 |
8,844 |
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Cash and cash equivalent at end of year |
US$ 14,479 |
US$ 14,333 |
US$ 33,316 |
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Supplemental cash flow information |
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Cash paid during the period: |
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Income tax |
US$ 17,747 |
US$ 9,379 |
US$ 2,525 |
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Interest |
10,209 |
6,891 |
35,595 |
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Non-cash activities: |
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Equipment acquired under financing
agreements, including capitalized interest |
42,578 |
86,282 |
37,299 |
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Accounts payable for equipment and license |
23,170 |
1,330 |
1,643 |
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Equipment contributed to capital (Note 7) |
– |
– |
21,758 |
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Shares issued to acquire subsidiary |
– |
– |
8,131 |
| |
Stock compensation (Note 8) |
– |
– |
4,900 |
See accompanying notes.
  
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