Salomon Swapco Inc
Statement of Cash Flows
(Unaudited)
Dollars in thousands
Quarter ended March 31,
1998
1997
Cash flows from operating activities:
Net income adjusted for noncash items -
Net income
$ 13,070
$ 17,048
Amortization of intermediation, guarantee and sales fees, net
(19,231)
(26,723)
Total cash items included in net income
(6,161)
(9,675)
(Increase)/decrease in operating assets -
Securities purchased under agreements to resell
144,888
(83,448)
Investment securities and related hedge swaps
(176)
522
Customer derivative receivables
(49,593)
156,345
SBHC derivative receivables
(395,513)
(51,165)
Other assets
(10,090)
(9,944)
Total (increase)/decrease in operating assets
(310,484)
12,310
Increase/(decrease) in operating liabilities -
Customer derivative payables
249,665
(85,661)
Deferred revenue
47,857
29,457
Other liabilities
(1,064)
80,884
Total increase in operating liabilities
296,458
24,680
Cash (used in)/provided by operating activities
(20,187)
27,315
Cash flows from financing activities:
Capital contributions
5,000
Dividends paid
(12,000)
(40,000)
Cash (used in) financing activities
(12,000)
(35,000)
Cash flows from investing activities:
Proceeds from -
Sale of investment securities
28,279
130,249
Termination of hedge swaps on investment securities
244
Payments for -
Investment securities
(80,549)
Termination of hedge swaps on investment securities
(1,297)
(2,441)
Cash provided by investing activities
26,982
47,503
(Decrease)/increase in cash
(5,205)
39,818
Cash at beginning of period
5,264
266
Cash at end of period
$ 59
$ 40,084
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
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