| Exhibit 11.3 | |||||||||||
| REGENT COMMUNICATIONS, INC. | |||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (in thousands) | |||||||||||
| Year ended December 31, | |||||||||||
| 2001 | 2000 | 1999 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net (loss) income | ($1,713) | $13,852 | ($6,771) | ||||||||
| Adjustments to reconcile net (loss) to net cash | |||||||||||
| provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 13,436 | 8,602 | 3,368 | ||||||||
| Provision for doubtful accounts | 822 | 725 | 390 | ||||||||
| Non-cash interest expense | 283 | 1,579 | 1,576 | ||||||||
| Non-cash charge for debt extinguishments | 0 | 1,114 | 471 | ||||||||
| Non-cash charge for compensation | 491 | 0 | 0 | ||||||||
| (Gain) loss on sale of radio stations | (4,444) | (17,504) | 477 | ||||||||
| Loss on sale of fixed assets and other | 160 | 0 | 0 | ||||||||
| Changes in operating assets and liabilities, | |||||||||||
| net of acquisitions: | |||||||||||
| Accounts receivable | (328) | (6,249) | (1,481) | ||||||||
| Other assets | (107) | (358) | (36) | ||||||||
| Current and long-term liabilities | (803) | (2,940) | (372) | ||||||||
| Deferred taxes | 553 | 4,317 | 0 | ||||||||
| 8,350 | 3,138 | (2,378) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisitions of radio stations, net of cash acquired, | |||||||||||
| and escrow deposits on pending acquisitions: | (63,450) | (148,940) | (27,533) | ||||||||
| Capital expenditures | (3,161) | (1,719) | (1,978) | ||||||||
| Net proceeds from sale of radio stations | 13,393 | 2,000 | 13,999 | ||||||||
| Proceeds from sale of fixed assets | 27 | 0 | 0 | ||||||||
| (53,191) | (148,659) | (15,512) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of redeemable convertible | |||||||||||
| preferred stock | 0 | 0 | 41,754 | ||||||||
| Proceeds from issuance of common stock | 4,068 | 156,939 | 0 | ||||||||
| Proceeds from long-term debt | 60,500 | 48,500 | 16,500 | ||||||||
| Principal payments on long-term debt | (18,491) | (28,824) | (26,704) | ||||||||
| Payment of notes payable | 0 | 0 | (7,500) | ||||||||
| Payment for deferred financing costs | 0 | (1,904) | (427) | ||||||||
| Payment of issuance costs | (249) | (11,606) | (2,802) | ||||||||
| Treasury stock purchases | 0 | (7,063) | 0 | ||||||||
| Dividends paid on all series of preferred stock | 0 | (8,153) | 0 | ||||||||
| Redemption of Series B preferred stock | 0 | (5,000) | 0 | ||||||||
| 45,828 | 142,889 | 20,821 | |||||||||
| Net increase (decrease) in cash and cash equivalents | 987 | (2,632) | 2,931 | ||||||||
| Cash and cash equivalents at beginning of period | 778 | 3,410 | 479 | ||||||||
| Cash and cash equivalents at end of period | $1,765 | $778 | $3,410 | ||||||||