| Cash Flow for Universal Stainless & Alloy Products Inc. (USAP) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 22,504 | 20,614 | 13,056 | 7,131 | (1,417) | | Depreciation & Amortization | 3,731 | 3,337 | 3,085 | 3,061 | 3,093 | | Deferred Income Taxes | 253 | (1,836) | (90) | 724 | 996 | | Operating Losses | 40 | 911 | 912 | 51 | - | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | 5,807 | (5,345) | (3,401) | (11,872) | (1,140) | | Decrease in Inventories | 447 | (14,621) | (13,080) | (16,037) | 436 | | Decrease in Other Current Assets | - | 10 | - | - | - | | Increase in Payables | 860 | 544 | 913 | 4,981 | 2,602 | | Increase in Other Current Liabilities | 1,186 | 1,163 | 1,273 | 2,440 | (915) | | Decrease in Other Working Capital | (674) | 2,324 | - | - | - | | Other Non-Cash Items | (531) | (800) | 663 | (196) | 123 | | Net Cash from Continuing Operations | 33,623 | 6,301 | 3,331 | (9,717) | 3,778 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 33,623 | 6,301 | 3,331 | (9,717) | 3,778 | | | | Sale of Property, Plant, Equipment | - | - | - | - | - | | Sale of Short Term Investments | - | - | - | - | - | | | Purchase of Property, Plant, Equipment | (8,782) | (7,716) | (8,464) | (3,586) | (1,193) | | Acquisitions | - | - | (344) | - | - | | Purchase of Short Term Investments | - | - | - | - | - | | Other Investment Changes, Net | - | - | - | - | - | | Cash from Investing Activities | (8,782) | (7,716) | (8,808) | (3,586) | (1,193) | | | Issuance of Debt | - | 2,275 | 8,513 | 10,460 | 738 | | Issuance of Capital Stock | 1,059 | 1,585 | 803 | 319 | 52 | | | Repayment of Debt | (17,756) | (1,555) | (3,412) | (1,944) | (1,948) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | (405) | 1,399 | (48) | (26) | - | | Cash from Financing Activities | (17,102) | 3,704 | 5,856 | 8,809 | (1,158) | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | 7,739 | 2,289 | 379 | (4,494) | 1,427 | | | Cash at Beginning of Year | 2,909 | 620 | 241 | 4,735 | 3,308 | | Cash at End of Period | 10,648 | 2,909 | 620 | 241 | 4,735 | | | |
