Covenant Transportation (CVTI) Cash Flow Statement

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Net income (loss)	10.85M
Provision for losses on accounts receivable	-531K
Depreciation and amortization	52.14M
Amortization of deferred financing fees	224K
Deferred income tax expense	-5.51M
Income tax benefit arising from restricted share vesting	0
Deferred gain (reversal into earnings) on fuel hedge
Stock based compensation expense
Equity in income of affiliate	-2.45M
Gain on disposition of property and equipment
Receivables and advances	43.74M
Prepaid expenses and other assets	-1.03M
Inventory and supplies	-108K
Insurance and claims accrual	-4.28M
Accounts payable and accrued expenses	-14.04M
Net cash flows provided by operating activities
Acquisition of property and equipment	-100.92M
Investment in affiliated company
Proceeds from disposition of property and equipment	54.96M
Net cash flows used in investing activities
Change in checks outstanding in excess of bank balances	-3.4M
Proceeds from issuance of notes payable	62.97M
Income tax benefit arising from restricted share vesting
Repayments of notes payable	-103.63M
Repayments of capital lease obligation	-3.71M
Proceeds (repayments) under revolving credit facility, net
Repurchase of company stock to satisfy minimum statutory withholding requirements	0
Debt refinancing costs	-108K
Net cash provided by (used in) financing activities
Net change in cash and cash equivalents	537K
Cash and cash equivalents at beginning of period	4.49M
Cash and cash equivalents at end of period	5.03M

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