| Cash Flow for GIII Apparel Group LTD. (GIII) | | | | | | | Cash Flow | in Thousands of Dollars | | | 01/2008 | 01/2007 | 01/2006 | 01/2005 | 01/2004 | | | Net Income | 17,490 | 13,189 | 7,092 | 703 | 8,376 | | Depreciation & Amortization | 5,427 | 4,431 | 3,131 | 1,344 | 1,275 | | Deferred Income Taxes | (4,613) | (1,563) | (1,109) | 2,428 | 141 | | Operating Losses | - | - | 428 | 882 | - | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (5,984) | (15,209) | (15,506) | (5,479) | (147) | | Decrease in Inventories | (18,388) | (7,716) | 12,043 | 4,253 | 2,587 | | Decrease in Other Current Assets | 2,035 | - | - | (1,422) | 370 | | Increase in Payables | - | 5,873 | (1,631) | (896) | 350 | | Increase in Other Current Liabilities | 13,326 | - | 2,320 | - | (18) | | Decrease in Other Working Capital | (171) | 1,057 | (617) | (760) | - | | Other Non-Cash Items | 644 | 1,268 | 1,738 | - | - | | Net Cash from Continuing Operations | 10,623 | (1,422) | 3,559 | 390 | 12,853 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 10,623 | (1,422) | 3,559 | 390 | 12,853 | | | | Sale of Property, Plant, Equipment | - | - | - | 200 | - | | Sale of Short Term Investments | - | - | - | - | - | | | Purchase of Property, Plant, Equipment | (1,445) | (2,461) | (1,300) | (1,065) | (693) | | Acquisitions | (8,303) | 70 | (20,503) | - | - | | Purchase of Short Term Investments | - | - | - | - | - | | Other Investment Changes, Net | (3,741) | (3,269) | - | - | - | | Cash from Investing Activities | (13,489) | (5,660) | (21,803) | (865) | (693) | | | Issuance of Debt | - | 1,565 | 42,457 | 600 | - | | Issuance of Capital Stock | 37,622 | 15,996 | 1,107 | 523 | 609 | | | Repayment of Debt | (10,558) | (6,809) | (34,813) | (149) | (116) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | 2,117 | 1,325 | - | - | - | | Cash from Financing Activities | 29,181 | 12,077 | 8,751 | 974 | 493 | | | | Effect of Exchange Rate Changes | - | - | (50) | 3 | 11 | | Net Change in Cash | 26,315 | 4,995 | (9,543) | 502 | 12,664 | | | Cash at Beginning of Year | 12,026 | 7,031 | 16,574 | 16,072 | 3,408 | | Cash at End of Period | 38,341 | 12,026 | 7,031 | 16,574 | 16,072 | | | |
