| Cash Flow for PC Connection Inc. (PCCC) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 22,995 | 13,776 | 4,447 | 8,304 | 5,888 | | Depreciation & Amortization | 6,781 | 7,049 | 7,197 | 7,127 | 8,363 | | Deferred Income Taxes | 670 | 2,179 | (111) | 632 | (888) | | Operating Losses | 68 | 86 | 4,070 | 4,288 | 2,994 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (33,581) | (10,582) | (45,766) | 19,305 | (11,976) | | Decrease in Inventories | (6,683) | 5,967 | 3,016 | 1,750 | (27,661) | | Decrease in Other Current Assets | - | - | (170) | 19 | 126 | | Increase in Payables | 163 | (3,436) | 34,704 | (32,829) | 27,045 | | Increase in Other Current Liabilities | 7,448 | 5,466 | 3,234 | 3,852 | 677 | | Decrease in Other Working Capital | 37 | 4 | - | - | - | | Other Non-Cash Items | 2,693 | 4,401 | - | - | - | | Net Cash from Continuing Operations | 433 | 26,362 | 9,629 | 13,318 | 3,301 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 433 | 26,362 | 9,629 | 13,318 | 3,301 | | | | Sale of Property, Plant, Equipment | - | 21 | 13 | 3 | 2 | | Sale of Short Term Investments | - | - | - | - | - | | | Purchase of Property, Plant, Equipment | (7,066) | (7,981) | (6,572) | (2,804) | (2,517) | | Acquisitions | - | - | (7,779) | (11,095) | (10,829) | | Purchase of Short Term Investments | - | - | - | - | - | | Other Investment Changes, Net | - | - | (7,396) | 5,000 | 5,000 | | Cash from Investing Activities | (7,066) | (7,960) | (21,734) | (8,896) | (8,344) | | | Issuance of Debt | 53,280 | 402,039 | 320,379 | 369,285 | 238,259 | | Issuance of Capital Stock | 3,204 | 9,973 | 678 | 568 | 808 | | | Repayment of Debt | (54,139) | (422,842) | (306,011) | (370,423) | (232,844) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | 447 | 240 | - | - | - | | Cash from Financing Activities | 2,792 | (10,590) | 15,046 | (570) | 6,223 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | (3,841) | 7,812 | 2,941 | 3,852 | 1,180 | | | Cash at Beginning of Year | 17,582 | 9,770 | 6,829 | 2,977 | 1,797 | | Cash at End of Period | 13,741 | 17,582 | 9,770 | 6,829 | 2,977 | | | |
