| Cash Flow for Health Grades Inc. (HGRD) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 6,748 | 3,182 | 4,140 | 1,782 | (1,284) | | Depreciation & Amortization | 1,046 | 698 | 394 | 146 | 98 | | Deferred Income Taxes | (239) | 775 | (1,112) | - | - | | Operating Losses | (302) | 0 | 1,174 | 11 | 12 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | 1,960 | (3,297) | (2,606) | (1,350) | (1,024) | | Decrease in Inventories | - | - | - | - | - | | Decrease in Other Current Assets | - | - | - | - | - | | Increase in Payables | (15) | 75 | 188 | 75 | 153 | | Increase in Other Current Liabilities | 3,176 | 5,959 | 4,686 | 1,974 | 3,285 | | Decrease in Other Working Capital | (46) | - | - | - | - | | Other Non-Cash Items | 90 | (869) | 24 | 158 | 42 | | Net Cash from Continuing Operations | 12,296 | 6,380 | 6,579 | 2,771 | 1,333 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 12,296 | 6,380 | 6,579 | 2,771 | 1,333 | | | | Sale of Property, Plant, Equipment | 10 | 0 | 9 | 1 | 0 | | Sale of Short Term Investments | - | 11,705 | 600 | - | - | | | Purchase of Property, Plant, Equipment | (788) | (807) | (1,549) | (300) | (231) | | Acquisitions | - | - | - | - | - | | Purchase of Short Term Investments | - | (9,513) | (2,588) | - | - | | Other Investment Changes, Net | - | - | (235) | - | - | | Cash from Investing Activities | (778) | 1,386 | (3,763) | (299) | (231) | | | Issuance of Debt | - | - | - | - | 500 | | Issuance of Capital Stock | 570 | 434 | 713 | 123 | 10 | | | Repayment of Debt | (1) | (1) | (1) | - | (500) | | Repurchase of Capital Stock | (5,613) | (3,277) | - | - | (500) | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | 871 | 1,421 | - | - | - | | Cash from Financing Activities | (4,173) | (1,424) | 712 | 123 | (490) | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | 7,345 | 6,342 | 3,528 | 2,595 | 612 | | | Cash at Beginning of Year | 16,024 | 9,682 | 6,154 | 3,559 | 2,947 | | Cash at End of Period | 23,369 | 16,024 | 9,682 | 6,154 | 3,559 | | | |
