| Cash Flow for Heidrick & Struggles International Inc. (HSII) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 56,463 | 34,243 | 39,218 | 82,308 | (80,668) | | Depreciation & Amortization | 11,279 | 10,382 | 11,245 | 13,185 | 14,073 | | Deferred Income Taxes | (21,990) | (9,612) | (13,127) | (10,554) | 59,333 | | Operating Losses | (864) | (7,779) | 1,009 | (68,231) | 11,541 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | 4,244 | (11,878) | (4,863) | (3,827) | (978) | | Decrease in Inventories | - | - | - | - | - | | Decrease in Other Current Assets | - | - | - | - | 12,856 | | Increase in Payables | (311) | 556 | (4,615) | 3,496 | (2,299) | | Increase in Other Current Liabilities | 37,045 | 58,185 | 7,528 | 9,246 | (11,104) | | Decrease in Other Working Capital | (8,695) | 323 | (2,972) | 36 | 7,650 | | Other Non-Cash Items | 28,635 | 25,347 | - | - | - | | Net Cash from Continuing Operations | 105,806 | 99,767 | 33,423 | 25,659 | 10,404 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 105,806 | 99,767 | 33,423 | 25,659 | 10,404 | | | | Sale of Property, Plant, Equipment | - | - | - | - | - | | Sale of Short Term Investments | 207,075 | 117,500 | 238,887 | 128,993 | 688 | | | Purchase of Property, Plant, Equipment | (7,998) | (5,524) | (6,138) | (6,021) | (5,806) | | Acquisitions | (1,277) | (36,018) | - | - | - | | Purchase of Short Term Investments | (155,975) | (190,875) | (112,600) | - | - | | Other Investment Changes, Net | (2,043) | (7,790) | (18,194) | (54,619) | 399 | | Cash from Investing Activities | 40,226 | (122,249) | 101,955 | 68,353 | (4,719) | | | Issuance of Debt | - | - | - | - | - | | Issuance of Capital Stock | 19,353 | 10,137 | 9,569 | 8,568 | 1,661 | | | Repayment of Debt | - | - | - | (569) | (476) | | Repurchase of Capital Stock | (67,752) | (51,726) | (37,160) | (2,502) | (3,175) | | Payment of Cash Dividends | (2,295) | - | - | - | - | | Other Financing Charges, Net | 7,940 | 4,155 | - | - | - | | Cash from Financing Activities | (42,754) | (37,434) | (27,591) | 5,497 | (1,990) | | | | Effect of Exchange Rate Changes | 9,862 | 3,667 | (2,526) | 3,955 | 5,374 | | Net Change in Cash | 113,140 | (56,249) | 105,261 | 103,464 | 9,069 | | | Cash at Beginning of Year | 147,440 | 203,689 | 98,428 | 119,289 | 110,220 | | Cash at End of Period | 260,580 | 147,440 | 203,689 | 222,753 | 119,289 | | | |
