BRISTOL BAY NATIVE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended March 31, 2019, 2018 and 2017 (In thousands)
2019 2018 2017
53,487 103,224 41,132
(2,756) 734 482
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings
$
Adjustments to reconcile net earnings to cash provided by operating activities:
Equity in losses (gain) from unconsolidated affiliates
Unrealized depreciation (appreciation) of marketable securities and other
investments
6,074 6,126 (15,864)
Depreciation and amortization 20,525 22,588 24,156
Gain on sale of controlling interest in subsidiary (6,819) — —
(Gain) loss on disposal of property, plant, and equipment
Property and equipment abandonment and impairment losses
Gain on sale of marketable securities and other investments
Loss (gain) on interest rate swap
Deferred taxes
Bad debt expense
(296) (67) 74
— 3,292 8,916
(6,242) (26,074) (2,776)
56 (156) (394)
14,243 (39,877) 2,404
201 135 248
Changes in operating assets and liabilities that provided (used) cash, net
of acquisitions and disposals:
Accounts receivable
(9,659) (29,766) (14,553)
Costs and earnings in excess of billings 4,721 (1,947) 1,246
Billings in excess of costs 1,323 (962) 3,886
999 (2) 133
Recognition (reversal) of forward losses on construction contracts
Net (purchase) sale of marketable securities
1,582 5,090 18,198
Inventories (2,420) (1,306) 788
Accounts payable (7,190) 22,987 (6,121)
1,268 (18,332) 33,030
69,097 45,687 94,985
Accrued liabilities and other
Net cash provided by operating activities
M anagement ' s D iscussion and A nalysis
45