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For an audio copy of this report on cassette tape, email the APH Advisory Services Department or call 1-502-895-2405.
| Year Ended September 30, | 2001 | 2000 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Cash received from customers | $ 17,131,073 | $ 16,779,807 |
| Cash received from gifts and bequests | 5,775,693 | 1,748,131 |
| Interest and dividends | 1,788,345 | 1,766,892 |
| Other income and support | 1,511,937 | 923,499 |
| Cash paid to suppliers, employees and others | (20,012,611) | (19,502,068) |
| Interest paid | (95,575) | (92,227) |
| Net Cash Provided By Operating Activities | 6,098,862 | 1,624,034 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Proceeds from sale of marketable securities | 39,934,482 | 47,980,336 |
| Purchase of marketable securities | (45,059,640) | (48,195,048) |
| Purchase of property and equipment | (706,476) | (560,846) |
| Net Cash Used In Investing Activities | (5,831,634) | (775,558) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from contributions restricted for investment subject to annuity agreements | 135,000 | 63,000 |
| Payments of annuity obligations | (264,976) | (259,478) |
| Net Cash Used in Financing Activities Activities | (129,976) | (196,478) |
| INCREASE (DECREASE) IN CASH | 137,252 | 651,998 |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 3,175,600 | 2,523,602 |
| CASH AND CASH EQUIVALENTS, END OF YEAR | $ 3,312,852 | $3,175,600 |
| RECONCILIATION OF CHANGES IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||
| Change in net assets | $ (4,521,584) | $ 6,571,522 |
| Adjustments to reconcile change in net assets to net cash provided by operating activities | ||
| Depreciation | 882,261 | 1,005,347 |
| Loss on disposal of property and equipment | 21,973 | 81,524 |
| Change in unrealized (gain) loss on investments held | 10,987,391 | (1,085,944) |
| Realized gain on investments | (137,839) | (4,133,427) |
| Contributions of stock | (65,413) | (37,981) |
| Other changes | ||
| (Increase) decrease in: | ||
| Inventories | 351,203 | (451,233) |
| Prepaid expenses | (15,947) | 67,184 |
| Prepaid pension expense | (446,875) | (337,187) |
| Accounts receivable, trade | 47,710 | (73,774) |
| Quota accounts receivable | (342,221) | (33,576) |
| Beneficial interest under split-interest agreements | (20,310) | 89,796 |
| Increase (decrease) in: | ||
| Accounts payable | (93,701) | 201,321 |
| Accrued expenses | (404,180) | (64,284) |
| Annuities payable | (119,483) | (145,671) |
| Accrued post retirement benefits | (24,123) | (29,583) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 6,098,862 | $1,624,034 |
| SUPPLEMENTAL NON-CASH INVESTING ACTIVITY | ||
| Contribution of stock | $65,413 | $37,981 |
©2002, American Printing House for the Blind, Inc.