| Cash Flow for Emisphere Technologies Inc. (EMIS) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | (16,928) | (41,766) | (18,051) | (37,522) | (44,869) | | Depreciation & Amortization | 1,048 | 3,800 | 4,073 | 4,702 | 5,567 | | Deferred Income Taxes | - | - | - | - | - | | Operating Losses | 35 | 8 | (14,432) | 6,864 | 10,573 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (24) | (145) | 49 | 206 | - | | Decrease in Inventories | - | - | - | - | - | | Decrease in Other Current Assets | - | - | (64) | - | (5) | | Increase in Payables | 225 | (667) | (507) | 1,439 | (2,686) | | Increase in Other Current Liabilities | 43 | 1,130 | (1,946) | 1,714 | 125 | | Decrease in Other Working Capital | 137 | (397) | - | - | - | | Other Non-Cash Items | 712 | 15,735 | - | - | - | | Net Cash from Continuing Operations | (14,404) | (22,458) | (30,282) | (22,743) | (30,663) | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | (14,404) | (22,458) | (30,282) | (22,743) | (30,663) | | | | Sale of Property, Plant, Equipment | 28 | 6 | 4,142 | 24 | 152 | | Sale of Short Term Investments | 15,650 | 14,994 | 10,476 | 7,227 | 56,193 | | | Purchase of Property, Plant, Equipment | (293) | (322) | (121) | (758) | (1,168) | | Acquisitions | - | - | - | - | - | | Purchase of Short Term Investments | (12,084) | (25,450) | - | (5,957) | (17,243) | | Other Investment Changes, Net | (246) | 4,294 | (4,294) | - | - | | Cash from Investing Activities | 3,055 | (6,478) | 10,203 | 536 | 37,934 | | | Issuance of Debt | - | - | 12,866 | 10,000 | 681 | | Issuance of Capital Stock | 7,252 | 35,247 | 11,976 | 1,199 | 551 | | | Repayment of Debt | - | (226) | (13,517) | (13,312) | - | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | - | - | 3,737 | - | - | | Cash from Financing Activities | 7,252 | 35,021 | 15,062 | (2,113) | 1,232 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | (4,097) | 6,085 | (5,017) | (24,320) | 8,503 | | | Cash at Beginning of Year | 8,035 | 1,950 | 6,967 | 31,287 | 22,784 | | Cash at End of Period | 3,938 | 8,035 | 1,950 | 6,967 | 31,287 | | | |
