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SEC Filings

GRAHAM HOLDINGS CO filed this Form 8-K on 05/06/1994
Entire Document
<PAGE>   7
                       KPRC and KSAT Television Stations
                  (business units of H&C Communications, Inc.)
                          COMBINED CASH FLOW STATEMENT
                          YEAR ENDED DECEMBER 31, 1993

<S>                                                         <C>
Cash flow from operating activities:
  Net income                                                 $23,223,410
  Adjustments to reconcile net income to net      
    cash provided by operating activities:          
      Depreciation and amortization                            4,259,612
      Film amortization                                        3,790,193
      Gain on sale of fixed assets                                10,101
      Increase in accounts receivable                         (1,366,760)
      Increase in prepaid expenses and other assets             (227,381)
      Increase in accounts payable                               301,187
      Increase in accrued expenses                             1,289,309
      Decrease in program rights payable                        (522,568)
        Net cash provided by operating activities             30,757,103
Cash flow from investing activities:                                    
  Purchases of program rights                                 (3,262,572)
  Purchases of furniture, fixtures and equipment                (487,474)
  Other                                                         (135,000)
        Net cash used by investing activities                 (3,885,046)
Cash flow used in financing activities:                                 
  Net payments to H&C Communications, Inc.                   (26,398,397)
Net increase in cash and cash equivalents                        473,660
Cash and cash equivalents at beginning of year                   142,400
Cash and cash equivalents at end of year                     $   616,060
Noncash investing activity:                                             
  Program rights acquired                                    $ 3,506,096


See accompanying notes to the combined financial statements.