| Cash Flow for National Atlantic Holdings Corp. (NAHC) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | (6,194) | 14,382 | 6,436 | 17,448 | 19,068 | | Provision for Loan Loss | - | - | - | - | - | | Depreciation & Amortization | 1,960 | 1,288 | 1,572 | 1,518 | 1,149 | | Deferred Income Taxes | (108) | (1,014) | (7) | 3,932 | 9,487 | | Change in Assets (Receivables) | (424) | 15,401 | (2,502) | (4,249) | (15,515) | | Change in Liabilities (Payables) | 6,660 | (25,575) | 49,171 | 62,593 | 66,593 | | Investment Securities Gain | (72) | (979) | (411) | (1,931) | (1,373) | | Net Policy Acquisition Cost | (333) | (1,467) | (6,262) | (1,084) | (1,010) | | Realized Investment Gains | - | - | - | - | - | | Net Premiums Receivables | 2,223 | (50) | (18,741) | (7,966) | (1,364) | | Change in Income Taxes | (3,026) | 4,178 | (1,152) | 3,370 | (1,769) | | Other Non-Cash Items | (938) | 1,063 | - | - | - | | Net Cash from Operating Activities | (252) | 7,227 | 28,104 | 73,631 | 75,266 | | | | Proceeds from Sale/Mat. Inv. | 160,097 | 75,921 | 115,302 | 171,815 | 75,990 | | Purchase of Investment Securities | (153,509) | (94,749) | (186,263) | (237,661) | (172,491) | | Net Increase Fed. Funds Sold | - | - | - | - | - | | Purchase of Property & Equipment | (2,207) | (339) | (537) | (1,367) | (474) | | Acquisitions | - | - | - | - | - | | Other Investment Changes, Net | - | - | 5,020 | - | - | | Net Cash from Investing Activities | 4,381 | (19,167) | (66,478) | (67,213) | (96,975) | | | Net Change in Deposits | - | - | - | - | - | | Cash Dividends paid | - | - | - | - | - | | Repayment of Long Term Debt | - | - | - | - | - | | Change in Short Term Debt | - | - | - | - | - | | Issuance of Long term Debt | - | - | - | - | - | | Issuance of Preferred Stock | - | - | - | - | - | | Issuance of Common Stock | 250 | 115 | 62,668 | - | 12,457 | | Purchase of Treasury Stock | (2,569) | (1,723) | - | - | - | | Other Financing Activities | - | - | - | - | - | | Cash from Financing Activities | (2,319) | (1,608) | 62,668 | - | 12,457 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash & Equivalents | 1,810 | (13,548) | 24,294 | 6,418 | (9,252) | | | Cash at Beginning of Period | 26,288 | 39,836 | 15,542 | 9,124 | 18,376 | | Cash at End of Period | 28,098 | 26,288 | 39,836 | 15,542 | 9,124 | | | |
