| Cash Flow for Universal Truckload Services Inc. (UACL) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 17,836 | 21,009 | 17,167 | 11,118 | 8,718 | | Depreciation & Amortization | 8,163 | 5,730 | 4,344 | 3,913 | 2,863 | | Deferred Income Taxes | 1,730 | 332 | 118 | (158) | 52 | | Operating Losses | (138) | 88 | 1,345 | 2,334 | 1,366 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (5,759) | (10,784) | (13,695) | (9,808) | (7,466) | | Decrease in Inventories | - | - | - | - | - | | Decrease in Other Current Assets | (2,177) | 4,955 | (517) | (3,526) | (169) | | Increase in Payables | (1,017) | 7,606 | 3,869 | 6,507 | 5,054 | | Increase in Other Current Liabilities | - | (1,542) | 167 | 911 | 3,542 | | Decrease in Other Working Capital | - | - | - | - | - | | Other Non-Cash Items | 1,573 | 867 | - | - | - | | Net Cash from Continuing Operations | 20,211 | 28,261 | 12,798 | 11,291 | 13,960 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 20,211 | 28,261 | 12,798 | 11,291 | 13,960 | | | | Sale of Property, Plant, Equipment | 1,333 | 455 | 141 | 157 | - | | Sale of Short Term Investments | 12,410 | 31,100 | - | - | - | | | Purchase of Property, Plant, Equipment | (14,774) | (15,530) | (11,626) | (5,007) | (3,643) | | Acquisitions | (2,811) | (19,081) | (1,448) | (14,919) | (250) | | Purchase of Short Term Investments | (15,593) | (26,539) | (14,218) | - | - | | Other Investment Changes, Net | - | - | 975 | (5,839) | (14,350) | | Cash from Investing Activities | (19,435) | (29,595) | (26,176) | (25,608) | (18,243) | | | Issuance of Debt | - | 1,000 | - | 20,778 | 6,737 | | Issuance of Capital Stock | 112 | - | 113,367 | - | - | | | Repayment of Debt | - | - | (37,998) | (2,786) | (1,829) | | Repurchase of Capital Stock | (480) | - | - | - | (1,000) | | Payment of Cash Dividends | - | - | - | (3,194) | - | | Other Financing Charges, Net | - | - | (52,453) | - | - | | Cash from Financing Activities | (368) | 1,000 | 22,916 | 14,798 | 3,908 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | 408 | (334) | 9,538 | 481 | (375) | | | Cash at Beginning of Year | 5,008 | 5,342 | 904 | 423 | 798 | | Cash at End of Period | 5,416 | 5,008 | 10,442 | 904 | 423 | | | |
