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OPERATING ACTIVITIES
<br />Net Income
<br />Add (deduct) adjustments to reconcile net income
<br />to net cash provided by operating activities:
<br />Depreciation
<br />Depreciation capitalized as cattle production
<br />and grove development costs
<br />Amortization of debt acquisition costs
<br />Other assets
<br />Gain on sale of assets
<br />Interest deferral on grove development loan
<br />Year Ended September 30
<br />1988 1987
<br />$13,450,775 $ 7,936,572
<br />2,782,293 2,677,024
<br />264,292
<br />427,757
<br />26,878
<br />26,878
<br />(74,275)
<br />(17,925)
<br />(516,510)
<br />(201,123)
<br />348,126
<br />316,218
<br />Changes in operating assets and liabilities:
<br />(Increase) decrease in assets:
<br />Accounts receivable
<br />(984,364)
<br />(1,165,270)
<br />Inventories
<br />(45,605)
<br />121,747
<br />Citrus tree deposits and other current assets
<br />41,377
<br />19,089
<br />Increase (decrease) in liabilities:
<br />Accounts payable
<br />(153,523)
<br />103,563
<br />Accrued incentive fee
<br />1,000,000
<br />Accrued interest payable
<br />(15,394)
<br />(7,712)
<br />Accrued expenses and other liabilities
<br />(45,151)
<br />109,969
<br />NET CASH PROVIDED BY OPERATING ACTIVITIES
<br />16,078,919
<br />10,346,787
<br />INVESTING ACTIVITIES
<br />Proceeds from maturity of short-term investments
<br />272,870
<br />Proceeds from sale of property, plant and equipment
<br />707,696
<br />583,012
<br />Purchase of property, plant and equipment
<br />(3,939,124)
<br />(5,428,974)
<br />NET CASH USED IN INVESTING ACTIVITIES
<br />(2,958,558)
<br />(4,8459962)
<br />FINANCING ACTIVITIES
<br />Principal payment on mortgage
<br />(1,000,000)
<br />(1,000,000)
<br />Cash distributions to partners
<br />(20,159,000)
<br />Payment of closing cost on liquidation of
<br />partnership interest
<br />(146,752)
<br />NET CASH USED IN FINANCING ACTIVITIES (21,159,000) (1,146,752)
<br />INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (8,038,639) 4,354,073
<br />Cash and cash equivalents at beginning of year 10,515,012 6,160,939
<br />CASH AND CASH EQUIVALENTS AT END OF YEAR
<br />M-11
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