| Cash Flow for BluePhoenix Solutions Ltd. (BPHX) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | (8,196) | 4,672 | 1,789 | 2,846 | 1,851 | | Depreciation & Amortization | 12,087 | 8,481 | 7,001 | 4,430 | 3,910 | | Deferred Income Taxes | (1,025) | 13 | 58 | (104) | 513 | | Operating Losses | (159) | 2,138 | 171 | 404 | 545 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | 4,469 | (9,731) | (1,221) | (2,011) | (2,022) | | Decrease in Inventories | - | - | - | - | - | | Decrease in Other Current Assets | 1,533 | (1,624) | 721 | 265 | 881 | | Increase in Payables | (679) | 1,390 | (3,327) | (4,701) | (3,220) | | Increase in Other Current Liabilities | (2,973) | 4,186 | - | - | - | | Decrease in Other Working Capital | - | - | - | - | - | | Other Non-Cash Items | 12,285 | 449 | - | - | - | | Net Cash from Continuing Operations | 17,344 | 9,974 | 5,192 | 1,129 | 2,458 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 17,344 | 9,974 | 5,192 | 1,129 | 2,458 | | | | Sale of Property, Plant, Equipment | 8 | 161 | 277 | 203 | 157 | | Sale of Short Term Investments | - | - | - | 2,777 | - | | | Purchase of Property, Plant, Equipment | (6,388) | (8,935) | (700) | (1,118) | (867) | | Acquisitions | (1,310) | - | - | - | - | | Purchase of Short Term Investments | - | - | - | - | - | | Other Investment Changes, Net | - | (1,118) | (10,010) | (7,241) | (6,805) | | Cash from Investing Activities | (16,767) | (23,116) | (10,433) | (5,379) | (7,515) | | | Issuance of Debt | - | 28,531 | 7,156 | 7,443 | 495 | | Issuance of Capital Stock | 36,974 | 1,264 | 31 | 121 | 83 | | | Repayment of Debt | (21,545) | (15,162) | (542) | (4,413) | - | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | (1,671) | (655) | - | (643) | 313 | | Cash from Financing Activities | 13,758 | 13,978 | 6,645 | 2,508 | 891 | | | | Effect of Exchange Rate Changes | - | - | 24 | - | (35) | | Net Change in Cash | 14,335 | 836 | 1,428 | (1,742) | (4,201) | | | Cash at Beginning of Year | 11,627 | 10,791 | 9,363 | 11,105 | 15,306 | | Cash at End of Period | 25,962 | 11,627 | 10,791 | 9,363 | 11,105 | | | |
