| Cash Flow for Valence Technology Inc. (VLNC) | | | | | | | Cash Flow | in Thousands of Dollars | | | 03/2008 | 03/2007 | 03/2006 | 03/2005 | 03/2004 | | | Net Income | (19,440) | (22,251) | (32,724) | (31,430) | (54,957) | | Depreciation & Amortization | 616 | 1,035 | 923 | 884 | 2,109 | | Deferred Income Taxes | - | - | - | - | - | | Operating Losses | 16 | 62 | (726) | (5,957) | 19,265 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (3,206) | (1,579) | (912) | (3) | (228) | | Decrease in Inventories | 1,404 | (5,177) | (174) | 13 | (1,376) | | Decrease in Other Current Assets | - | - | - | - | - | | Increase in Payables | 1,311 | 1,305 | (1,652) | 987 | (413) | | Increase in Other Current Liabilities | 1,722 | 2,691 | 2,453 | 2,970 | 5,738 | | Decrease in Other Working Capital | - | - | - | - | - | | Other Non-Cash Items | 4,213 | 3,028 | 1,309 | - | - | | Net Cash from Continuing Operations | (14,660) | (20,307) | (33,149) | (33,125) | (29,131) | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | (14,660) | (20,307) | (33,149) | (33,125) | (29,131) | | | | Sale of Property, Plant, Equipment | 174 | 26 | 666 | 9,772 | 2,685 | | Sale of Short Term Investments | - | - | - | - | - | | | Purchase of Property, Plant, Equipment | (1,802) | (2,230) | (1,871) | (1,838) | (5,990) | | Acquisitions | - | - | - | - | - | | Purchase of Short Term Investments | - | - | - | - | - | | Other Investment Changes, Net | - | - | - | (913) | - | | Cash from Investing Activities | (1,628) | (2,204) | (1,205) | 7,021 | (3,305) | | | Issuance of Debt | 17,709 | 5,000 | 28,139 | - | 2,068 | | Issuance of Capital Stock | - | 18,185 | 6,691 | 32,471 | 27,364 | | | Repayment of Debt | - | - | (2,500) | (6,646) | (959) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | (172) | (200) | (116) | | Other Financing Charges, Net | - | - | 281 | - | - | | Cash from Financing Activities | 17,709 | 23,185 | 32,439 | 25,625 | 28,357 | | | | Effect of Exchange Rate Changes | 27 | (118) | 27 | 287 | 155 | | Net Change in Cash | 1,448 | 556 | (1,888) | (192) | (3,924) | | | Cash at Beginning of Year | 1,168 | 612 | 2,500 | 2,692 | 6,616 | | Cash at End of Period | 2,616 | 1,168 | 612 | 2,500 | 2,692 | | | |
