| Cash Flow for Gevity HR Inc. (GVHR) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 9,959 | 35,263 | 37,378 | 34,618 | 15,391 | | Depreciation & Amortization | 16,270 | 13,878 | 14,635 | 14,168 | 7,370 | | Deferred Income Taxes | (15,217) | (7,368) | 10,428 | 1,452 | 2,951 | | Operating Losses | 581 | 226 | 1,245 | 543 | 392 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (6,082) | (6,835) | - | (87,669) | (38,187) | | Decrease in Inventories | - | - | - | - | - | | Decrease in Other Current Assets | 1,687 | 4,178 | - | 7,693 | 4,922 | | Increase in Payables | 6,352 | 3,304 | - | 600 | 5,457 | | Increase in Other Current Liabilities | (14,491) | 10,665 | - | 1,702 | 23,523 | | Decrease in Other Working Capital | 81 | (132) | (3,160) | - | - | | Other Non-Cash Items | 12,264 | 1,190 | - | (57,556) | - | | Net Cash from Continuing Operations | 11,404 | 54,369 | 60,526 | (84,449) | 21,819 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 11,404 | 54,369 | 60,526 | (84,449) | 21,819 | | | | Sale of Property, Plant, Equipment | - | - | - | - | - | | Sale of Short Term Investments | - | 34 | 11,085 | 227,515 | 70,435 | | | Purchase of Property, Plant, Equipment | (5,889) | (14,198) | (6,240) | (4,575) | (3,127) | | Acquisitions | (9,495) | - | - | (40,617) | - | | Purchase of Short Term Investments | (1,811) | (363) | (5,293) | (133,878) | (92,619) | | Other Investment Changes, Net | - | - | - | - | - | | Cash from Investing Activities | (17,195) | (14,527) | (448) | 48,445 | (25,311) | | | Issuance of Debt | 17,367 | - | 1,297 | 27,000 | - | | Issuance of Capital Stock | 1,033 | 6,755 | 5,154 | 38,298 | 35,206 | | | Repayment of Debt | (130) | - | (1,297) | (27,000) | - | | Repurchase of Capital Stock | (30,290) | (57,267) | (46,029) | - | (16,272) | | Payment of Cash Dividends | (8,586) | (8,913) | (7,454) | (6,008) | (4,529) | | Other Financing Charges, Net | 56 | 3,349 | - | (192) | - | | Cash from Financing Activities | (20,550) | (56,076) | (48,329) | 32,098 | 14,405 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | (26,341) | (16,234) | 11,749 | (3,906) | 10,913 | | | Cash at Beginning of Year | 36,291 | 52,525 | 40,776 | 44,682 | 33,769 | | Cash at End of Period | 9,950 | 36,291 | 52,525 | 40,776 | 44,682 | | | |
