| Cash Flow for Ness Technologies Inc. (NSTC) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 10,087 | 29,813 | 21,689 | 14,377 | 3,454 | | Depreciation & Amortization | 13,572 | 12,161 | 7,611 | 5,117 | 3,449 | | Deferred Income Taxes | (4,856) | (730) | (3,016) | (610) | (2,148) | | Operating Losses | 224 | (5,099) | 4,705 | 262 | (4,299) | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (24,446) | (33,816) | (36,518) | (16,310) | (5,433) | | Decrease in Inventories | (1,956) | 2,597 | (1,145) | 219 | 308 | | Decrease in Other Current Assets | - | - | (532) | - | - | | Increase in Payables | 4,688 | (21,239) | 15,095 | 848 | 4,461 | | Increase in Other Current Liabilities | 724 | 21,417 | 210 | 12,950 | 4,049 | | Decrease in Other Working Capital | 2,028 | 785 | - | - | - | | Other Non-Cash Items | 17,057 | (1,644) | - | - | - | | Net Cash from Continuing Operations | 16,131 | 4,245 | 6,801 | 15,568 | 4,894 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 16,131 | 4,245 | 6,801 | 15,568 | 4,894 | | | | Sale of Property, Plant, Equipment | 293 | 605 | 601 | 544 | 516 | | Sale of Short Term Investments | - | 41,147 | 5,543 | 3,176 | 6,577 | | | Purchase of Property, Plant, Equipment | (11,563) | (13,457) | (7,921) | (9,881) | (6,600) | | Acquisitions | (47,131) | (28,563) | (10,320) | (168) | (9,165) | | Purchase of Short Term Investments | (682) | (727) | (46,971) | - | - | | Other Investment Changes, Net | - | - | (1,526) | (2,712) | (514) | | Cash from Investing Activities | (57,217) | 2,140 | (60,594) | (9,041) | (9,186) | | | Issuance of Debt | 46,226 | - | 19,312 | 33,856 | 22,791 | | Issuance of Capital Stock | 2,957 | 30,234 | 9,634 | 99,686 | 1,383 | | | Repayment of Debt | (16,354) | (27,494) | (38,806) | (71,663) | (20,349) | | Repurchase of Capital Stock | - | - | - | (10,296) | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | 580 | 2,343 | - | - | - | | Cash from Financing Activities | 33,409 | 5,083 | (9,860) | 51,583 | 3,825 | | | | Effect of Exchange Rate Changes | 4,099 | 1,628 | (6,997) | 115 | 2,977 | | Net Change in Cash | (3,578) | 13,096 | (70,650) | 58,225 | 2,510 | | | Cash at Beginning of Year | 46,675 | 33,579 | 104,229 | 46,004 | 43,494 | | Cash at End of Period | 43,097 | 46,675 | 33,579 | 104,229 | 46,004 | | | |
