| Cash Flow for Balchem Corp. (BCPC) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 16,118 | 12,278 | 10,954 | 8,026 | 5,638 | | Depreciation & Amortization | 6,376 | 3,445 | 2,809 | 3,271 | 3,525 | | Deferred Income Taxes | (617) | 104 | 599 | 1,388 | 598 | | Operating Losses | (180) | - | 470 | 586 | 309 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (15,409) | (57) | (2,684) | (759) | (110) | | Decrease in Inventories | 481 | (827) | (1,496) | (358) | 1,277 | | Decrease in Other Current Assets | - | - | - | - | - | | Increase in Payables | 7,634 | (212) | 2,749 | 226 | (1,676) | | Increase in Other Current Liabilities | 773 | 117 | 560 | 569 | 1,010 | | Decrease in Other Working Capital | 664 | 46 | - | - | - | | Other Non-Cash Items | 2,015 | 1,440 | - | - | - | | Net Cash from Continuing Operations | 15,637 | 16,370 | 13,698 | 12,145 | 11,153 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 15,637 | 16,370 | 13,698 | 12,145 | 11,153 | | | | Sale of Property, Plant, Equipment | 11 | - | 389 | 91 | 41 | | Sale of Short Term Investments | - | - | - | - | - | | | Purchase of Property, Plant, Equipment | (5,041) | (2,360) | (1,769) | (1,215) | (2,270) | | Acquisitions | (40,744) | (22,872) | (11,419) | - | - | | Purchase of Short Term Investments | - | - | - | - | - | | Other Investment Changes, Net | - | - | (144) | (105) | (85) | | Cash from Investing Activities | (45,774) | (25,232) | (12,943) | (1,229) | (2,314) | | | Issuance of Debt | 42,630 | 10,000 | - | - | - | | Issuance of Capital Stock | 1,217 | 1,239 | 1,409 | 2,563 | 807 | | | Repayment of Debt | (15,839) | (10,000) | - | (9,581) | (1,742) | | Repurchase of Capital Stock | - | - | (1,198) | - | - | | Payment of Cash Dividends | (1,596) | (1,045) | (685) | (389) | (382) | | Other Financing Charges, Net | 677 | 861 | (19) | (14) | (14) | | Cash from Financing Activities | 27,089 | 1,055 | (493) | (7,421) | (1,331) | | | | Effect of Exchange Rate Changes | 166 | - | - | - | - | | Net Change in Cash | (2,882) | (7,807) | 262 | 3,495 | 7,508 | | | Cash at Beginning of Year | 5,189 | 12,996 | 12,734 | 9,239 | 1,731 | | Cash at End of Period | 2,307 | 5,189 | 12,996 | 12,734 | 9,239 | | | |
