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19 April 2004 - Mirant today reported a $3.8bn net loss for 2003, or a net loss of $9.47 per diluted share compared to a net loss of $2.4bn, or a net loss of $6.06 per diluted share for 2002.
2003 results include a $2.1bn impairment of goodwill recorded in the second quarter and $1.6bn impairment related to long-lived assets recorded in the fourth quarter. These impairments do not alter Mirant's plans to emerge from Chapter 11, nor do they affect the company's cash position.
As of April 2, Mirant had $1.5bn in total cash and cash equivalents, approximately $388m of which is cash required for operating working capital, other purposes or restricted by the company's subsidiaries debt agreements. Mirant's total cash and cash equivalents as of December 31, 2003 was approximately $1.6bn, approximately $392m of which is cash required for operating working capital, other purposes or restricted by the company's subsidiaries debt agreements.
Mirant forecasts net cash outflow over the next six months, primarily as a result of the payment of bankruptcy related professional fees and obligations associated with its three out-of-market agreements with PEPCO.
The company anticipates that its total cash and cash equivalents, together with DIP financing, will be sufficient to fund its operations during the bankruptcy proceedings.
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