| Cash Flow for Baldwin & Lyons Inc. (BWINB) | | | | After Hours: $ 18.00 |  0.39 (+2.21%) | Volume: 100 | 4:00 PM EDT Oct 10, 2008 | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 55,131 | 38,185 | 34,223 | 30,306 | 33,075 | | Provision for Loan Loss | - | - | - | - | - | | Depreciation & Amortization | 23,731 | 17,198 | 4,903 | 2,635 | 1,112 | | Deferred Income Taxes | 5,620 | 2,222 | 3,084 | (940) | (743) | | Change in Assets (Receivables) | 277 | (7,377) | 99 | 2,358 | 448 | | Change in Liabilities (Payables) | (5,097) | 7,767 | 35,433 | 45,087 | 18,218 | | Investment Securities Gain | (40,096) | (17,064) | - | - | - | | Net Policy Acquisition Cost | (17,392) | (13,316) | (5,839) | 4,024 | 3,299 | | Realized Investment Gains | 35 | (20) | (22,965) | (9,770) | (9,973) | | Net Premiums Receivables | - | - | - | - | - | | Change in Income Taxes | - | - | - | - | - | | Other Non-Cash Items | 5,123 | (11,042) | (60) | (1,356) | 11,435 | | Net Cash from Operating Activities | 27,332 | 16,553 | 48,878 | 72,344 | 56,871 | | | | Proceeds from Sale/Mat. Inv. | 279,670 | 186,584 | 203,162 | 169,099 | 181,685 | | Purchase of Investment Securities | (238,142) | (259,901) | (148,279) | (192,867) | (27,529) | | Net Increase Fed. Funds Sold | - | - | - | - | - | | Purchase of Property & Equipment | (5,290) | (2,884) | (2,420) | (1,580) | (206,141) | | Acquisitions | - | - | - | - | - | | Other Investment Changes, Net | 5,675 | 15 | (13,762) | 2,971 | 432 | | Net Cash from Investing Activities | 41,913 | (76,186) | 38,701 | (22,377) | (51,553) | | | Net Change in Deposits | - | - | - | - | - | | Cash Dividends paid | (25,062) | (38,435) | (14,030) | (30,074) | (9,470) | | Repayment of Long Term Debt | - | - | (6,000) | - | (7,500) | | Change in Short Term Debt | - | - | - | - | - | | Issuance of Long term Debt | - | - | - | 6,000 | - | | Issuance of Preferred Stock | - | - | - | - | - | | Issuance of Common Stock | 2,211 | 6,804 | 1,618 | 1,413 | 31 | | Purchase of Treasury Stock | - | (401) | - | - | - | | Other Financing Activities | 253 | 604 | - | - | - | | Cash from Financing Activities | (22,598) | (31,428) | (18,412) | (22,661) | (16,939) | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash & Equivalents | 46,647 | (91,061) | 69,167 | 27,306 | (11,621) | | | Cash at Beginning of Period | 35,490 | 126,551 | 57,384 | 30,078 | 41,699 | | Cash at End of Period | 82,137 | 35,490 | 126,551 | 57,384 | 30,078 | | | |
