| Cash Flow for Tarragon Corp. (TARR) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | (388,441) | 11,153 | 145,791 | 44,708 | 31,194 | | Provision for Loan Loss | - | - | - | - | - | | Depreciation & Amortization | 29,717 | 33,487 | 28,499 | 25,915 | 23,678 | | Deferred Income Taxes | (36,098) | 6,840 | - | - | - | | Change in Assets (Receivables) | 154,563 | (182,308) | (515,058) | (23,470) | (1,265) | | Change in Liabilities (Payables) | (21,160) | (62,014) | (37,213) | (11,023) | (2,102) | | Investment Securities Gain | - | - | - | - | - | | Net Policy Acquisition Cost | - | - | - | - | - | | Realized Investment Gains | (59,489) | (21,116) | (70,834) | (20,441) | (24,341) | | Net Premiums Receivables | - | - | - | - | - | | Change in Income Taxes | - | - | - | - | - | | Other Non-Cash Items | 395,998 | 592 | (42,360) | (75,762) | (19,984) | | Net Cash from Operating Activities | 75,090 | (213,366) | (491,175) | (60,073) | 7,180 | | | | Proceeds from Sale/Mat. Inv. | - | - | - | - | 24,244 | | Purchase of Investment Securities | - | - | - | - | - | | Net Increase Fed. Funds Sold | - | - | - | - | - | | Purchase of Property & Equipment | 21,398 | 26,095 | (7,178) | (4,535) | (2,156) | | Acquisitions | - | (15,127) | - | - | - | | Other Investment Changes, Net | 5,992 | (18,231) | 60,666 | (60,250) | (56,480) | | Net Cash from Investing Activities | 27,390 | (7,263) | 53,488 | (64,785) | (34,392) | | | Net Change in Deposits | - | - | - | - | - | | Cash Dividends paid | (763) | (3,810) | (929) | (904) | (791) | | Repayment of Long Term Debt | (400,723) | (764,055) | (585,997) | (320,746) | (204,765) | | Change in Short Term Debt | - | - | - | - | - | | Issuance of Long term Debt | 325,892 | 992,510 | 1,051,704 | 429,652 | 230,565 | | Issuance of Preferred Stock | - | - | - | - | - | | Issuance of Common Stock | 1,039 | 905 | - | - | - | | Purchase of Treasury Stock | - | (16,708) | (11,955) | (2,093) | (4,186) | | Other Financing Activities | (7,245) | (3,781) | 1,425 | 19,389 | 9,992 | | Cash from Financing Activities | (81,800) | 205,061 | 454,248 | 125,298 | 30,815 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash & Equivalents | 20,680 | (15,568) | 16,561 | 440 | 3,603 | | | Cash at Beginning of Period | 23,476 | 39,044 | 22,066 | 21,626 | 18,023 | | Cash at End of Period | 44,156 | 23,476 | 38,627 | 22,066 | 21,626 | | | |
