| Cash Flow for Herley Industries Inc. (HRLY) | | | | | | | Cash Flow | in Thousands of Dollars | | | 07/2008 | 07/2007 | 07/2006 | 07/2005 | 07/2004 | | | Net Income | (10,346) | 3,118 | 10,354 | 10,781 | 13,673 | | Depreciation & Amortization | 7,266 | 7,177 | 7,096 | 5,683 | 4,244 | | Deferred Income Taxes | (4,275) | (1,310) | 345 | 1,800 | (425) | | Operating Losses | 122 | 8,591 | 1,349 | (104) | 753 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | 1,254 | (846) | (565) | 388 | (12,619) | | Decrease in Inventories | (11,342) | (189) | (2,794) | (3,789) | (5,806) | | Decrease in Other Current Assets | (5,249) | 118 | - | (430) | - | | Increase in Payables | 6,869 | (3,702) | (1,971) | 925 | 3,431 | | Increase in Other Current Liabilities | 3,174 | 3,968 | 1,598 | (2,539) | 328 | | Decrease in Other Working Capital | (16,825) | (3,444) | 157 | 253 | - | | Other Non-Cash Items | 18,736 | 2,194 | (250) | - | - | | Net Cash from Continuing Operations | (10,616) | 15,675 | 15,319 | 12,968 | 3,610 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | (10,616) | 15,675 | 15,319 | 12,968 | 3,610 | | | | Sale of Property, Plant, Equipment | - | 204 | - | 17 | 19 | | Sale of Short Term Investments | - | - | - | 165 | - | | | Purchase of Property, Plant, Equipment | (4,637) | (5,151) | (7,483) | (5,404) | (5,884) | | Acquisitions | - | - | - | (51,407) | (14,914) | | Purchase of Short Term Investments | - | - | - | - | - | | Other Investment Changes, Net | 3 | - | 111 | (2,191) | 55 | | Cash from Investing Activities | (4,634) | (4,947) | (7,372) | (58,820) | (20,724) | | | Issuance of Debt | 20,400 | 19,646 | 16,500 | - | - | | Issuance of Capital Stock | 321 | 1,219 | 3,171 | 3,534 | 2,458 | | | Repayment of Debt | (19,257) | (18,938) | (17,305) | (804) | (686) | | Repurchase of Capital Stock | (7,139) | (26) | (9,044) | (2,728) | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | 91 | 256 | 703 | - | - | | Cash from Financing Activities | (5,584) | 2,157 | (5,975) | 2 | 1,772 | | | | Effect of Exchange Rate Changes | - | (7) | - | - | - | | Net Change in Cash | (20,834) | 12,878 | 1,972 | (45,850) | (15,342) | | | Cash at Beginning of Year | 35,181 | 22,303 | 20,331 | 66,181 | 81,523 | | Cash at End of Period | 14,347 | 35,181 | 22,303 | 20,331 | 66,181 | | | |
