| Cash Flow for Comtech Telecommunications Corp. (CMTL) | | | | | | | Cash Flow | in Thousands of Dollars | | | 07/2008 | 07/2007 | 07/2006 | 07/2005 | 07/2004 | | | Net Income | 76,433 | 65,213 | 45,269 | 36,655 | 21,827 | | Depreciation & Amortization | 9,196 | 7,536 | 6,242 | 7,643 | 6,514 | | Deferred Income Taxes | (2,736) | (147) | 832 | 2,768 | 2,079 | | Operating Losses | 6 | 203 | 36 | 12,565 | 3,372 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | 2,822 | (3,163) | (14,743) | (13,337) | (16,453) | | Decrease in Inventories | (25,038) | (4,818) | (17,909) | (7,236) | (5,152) | | Decrease in Other Current Assets | - | 1,003 | 31 | 3,089 | 278 | | Increase in Payables | 6,880 | (2,200) | 4,760 | 14,011 | (1,961) | | Increase in Other Current Liabilities | (3,534) | 18,380 | 15,458 | 1,723 | 13,210 | | Decrease in Other Working Capital | 39 | 73 | (260) | - | - | | Other Non-Cash Items | 763 | (3,874) | (1,287) | - | - | | Net Cash from Continuing Operations | 77,776 | 89,237 | 44,330 | 56,054 | 24,278 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 77,776 | 89,237 | 44,330 | 56,054 | 24,278 | | | | Sale of Property, Plant, Equipment | - | - | - | - | - | | Sale of Short Term Investments | - | - | - | - | - | | | Purchase of Property, Plant, Equipment | (14,257) | (12,113) | (12,524) | (9,532) | (6,591) | | Acquisitions | (6,194) | (3,937) | (1,000) | (2,735) | (5,187) | | Purchase of Short Term Investments | - | - | - | - | - | | Other Investment Changes, Net | - | - | - | (75) | - | | Cash from Investing Activities | (20,451) | (16,050) | (13,524) | (12,342) | (11,778) | | | Issuance of Debt | - | - | - | - | 101,179 | | Issuance of Capital Stock | 7,600 | 10,293 | 2,537 | 7,680 | 1,896 | | | Repayment of Debt | (135) | (154) | (234) | (271) | (900) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | 2,374 | 7,990 | 4,065 | - | - | | Cash from Financing Activities | 9,839 | 18,129 | 6,368 | 7,409 | 102,175 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | 67,164 | 91,316 | 37,174 | 51,121 | 114,675 | | | Cash at Beginning of Year | 342,903 | 251,587 | 214,413 | 163,292 | 48,617 | | Cash at End of Period | 410,067 | 342,903 | 251,587 | 214,413 | 163,292 | | | |
