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Frederick Memorial Hospital, Inc. And Subsidiaries Consolidated Statements Of Cash Flows Years Ended June 30, 2005 And 2004 2005 2004 Cash Flows From Operating Activities Change in net assets Adjustments to reconcile change in net assets to net cash provided by operating activities: $ 4,540,353 $ 14,519,011 Provision for uncollectible accounts and contractual allowances 1,133,000 (1,154,000) Provision for uncollectible promises to give - 903,142 Net unrealized depreciation (appreciation) of investments 1,393,055 (2,141,845) Net realized gain on sale of investments (2,214,912) (713,296) Loss on impairment and disposal of assets - 1,432,528 Gain on sale of assets (21,015) - Depreciation Amortization of bond issue costs, original issue 13,217,576 9,163,919 discount and intangible assets 347,652 333,230 Income from joint ventures (218,727) (59,065) Restricted contributions (Increase) decrease in assets: (3,741,073) (5,915,960) Patient and other receivables (3,715,471) (2,034,869) Inventory (322,604) (319,444) Prepaid expenses Increase (decrease) in liabilities: 5,281,980 (6,039,033) Accounts payable (158,958) 1,906,717 Accrued expenses 665,850 334,147 Accrued pension expense 2,217,150 (2,596,662) Advances from third-party payors 697,732 226,698 Net cash provided by operating activities 19,101,588 7,845,218 Cash Flows From Investing Activities Decrease in funds held by trustee or authority 2,177,288 Purchases of property, plant and equipment (39,142,115) Debt issuance costs (153,854) Net payments from (advances to) affiliates (23,588) Proceeds from sale of assets 27,577 Net investment in joint ventures (20,000) Proceeds from sale of investment in joint venture 400,000 Repayment of notes receivable 29,289 Net proceeds from sale of short-term investments 1,021,216 Purchases of long-term and donor-restricted investments (14,889,543) Proceeds from sale of long-term and donor-restricted investments 36,748,268 Increase in other investments (34,308) Net cash used in investing activities (13,859,770) (Continued) 6 15,990,742 (37,998,631) (72,226) 18,597 13,939 3,300 - 25,811 2,611,225 (36,972,922) 19,508,863 (37,241) (36,908,543)
Frederick Memorial Hospital, Inc. And Subsidiaries Consolidated Statements Of Cash Flows (Continued) Years Ended June 30, 2005 And 2004 2005 2004 Cash Flows From Financing Activities Principal payments on long-term debt (1,921,057) (1,138,878) Proceeds from long-term debt - 5,367,028 Proceeds from restricted contributions 3,091,586 3,431,050 Net cash provided by financing activities 1,170,529 7,659,200 Net increase (decrease) in cash and cash equivalents 6,412,347 Cash and cash equivalents, beginning of year 9,113,679 7 (21,404,125) 30,517,804 Cash and cash equivalents, end of year $ 15,526,026 $ 9,113,679 Supplemental Disclosure Of Cash Flow Information Interest paid, including capitalized interest of $422,530 for 2005 and $3,572,646 for 2004 $ 6,289,338 $ 6,165,306 Supplemental Schedule Of Non-Cash Operating And Investing Activity The Hospital capitalized construction costs of $1,427,996 and $4,280,626 which are included in accounts payable at June 30, 2005 and 2004, respectively. See Notes to the Consolidated Financial Statements.
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