| Cash Flow for Career Education Corp. (CECO) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 59,553 | 46,569 | 233,878 | 179,619 | 119,168 | | Depreciation & Amortization | 78,183 | 86,415 | 78,720 | 57,469 | 43,908 | | Deferred Income Taxes | (14,981) | (30,018) | (76) | 7,439 | 11,489 | | Operating Losses | (2,614) | 2,405 | 13,383 | 1,076 | 966 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (80,228) | 9,527 | 24,309 | 20,965 | (19,850) | | Decrease in Inventories | 6,552 | (837) | (29,771) | 231 | (16,356) | | Decrease in Other Current Assets | - | - | (16,132) | 3,094 | 7,513 | | Increase in Payables | (5,840) | 3,026 | (9,255) | 7,448 | 3,786 | | Increase in Other Current Liabilities | 69,848 | (30,658) | 81,006 | 98,466 | 82,394 | | Decrease in Other Working Capital | 12,714 | 1,146 | 2,163 | - | - | | Other Non-Cash Items | 98,888 | 128,815 | - | - | - | | Net Cash from Continuing Operations | 222,075 | 216,390 | 378,225 | 376,154 | 233,287 | | Net Cash from Discontinued Operations | (20,262) | - | - | - | - | | Cash from Operating Activities | 201,813 | 216,390 | 378,225 | 376,154 | 233,287 | | | | Sale of Property, Plant, Equipment | - | - | - | 1,348 | 25 | | Sale of Short Term Investments | 740,108 | 950,508 | 648,097 | - | - | | | Purchase of Property, Plant, Equipment | (57,586) | (69,473) | (125,626) | (142,781) | (100,272) | | Acquisitions | (30,324) | - | (1,019) | (43) | (90,164) | | Purchase of Short Term Investments | (644,977) | (938,033) | (920,163) | - | - | | Other Investment Changes, Net | (2,408) | 545 | (826) | (294) | (35) | | Cash from Investing Activities | 4,813 | (56,453) | (399,537) | (141,770) | (190,446) | | | Issuance of Debt | - | - | - | - | 66,009 | | Issuance of Capital Stock | 34,486 | 37,676 | 14,801 | 31,528 | 27,894 | | | Repayment of Debt | (1,885) | (3,517) | (4,346) | (82,439) | (11,910) | | Repurchase of Capital Stock | (224,264) | (166,161) | (200,158) | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | 5,945 | 20,763 | - | (4) | (584) | | Cash from Financing Activities | (185,718) | (111,239) | (189,703) | (50,915) | 81,409 | | | | Effect of Exchange Rate Changes | 6,717 | 8,810 | (6,135) | 4,754 | 3,511 | | Net Change in Cash | 27,625 | 57,508 | (217,150) | 188,223 | 127,761 | | | Cash at Beginning of Year | 187,853 | 132,308 | 349,458 | 161,235 | 33,474 | | Cash at End of Period | 215,478 | 189,816 | 132,308 | 349,458 | 161,235 | | | |
