| Cash Flow for VCA Antech Inc. (WOOF) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 121,012 | 105,529 | 67,816 | 63,572 | 43,423 | | Depreciation & Amortization | 27,049 | 22,242 | 19,335 | 15,815 | 14,286 | | Deferred Income Taxes | 10,940 | 7,688 | 10,502 | - | 8,853 | | Operating Losses | 252 | (1,363) | 28,076 | 8,385 | 12,862 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (2,687) | (12,308) | (11,335) | (8,526) | (3,264) | | Decrease in Inventories | (4,712) | (8,594) | (9,092) | (2,913) | (867) | | Decrease in Other Current Assets | - | - | - | 627 | - | | Increase in Payables | 7 | 2,907 | 9,986 | 5,079 | (2,225) | | Increase in Other Current Liabilities | 1,154 | 8,062 | (735) | 7,208 | 955 | | Decrease in Other Working Capital | 13,897 | - | - | - | - | | Other Non-Cash Items | 3,096 | 2,366 | - | - | - | | Net Cash from Continuing Operations | 170,376 | 126,890 | 115,100 | 86,359 | 76,107 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 170,376 | 126,890 | 115,100 | 86,359 | 76,107 | | | | Sale of Property, Plant, Equipment | 1,674 | 598 | 1,702 | 377 | 547 | | Sale of Short Term Investments | - | - | - | - | - | | | Purchase of Property, Plant, Equipment | (48,714) | (35,316) | (29,209) | (23,954) | (15,433) | | Acquisitions | (223,485) | (53,356) | (91,554) | (126,720) | (31,338) | | Purchase of Short Term Investments | - | - | - | - | - | | Other Investment Changes, Net | (780) | 342 | 3,630 | 428 | (938) | | Cash from Investing Activities | (271,305) | (87,732) | (115,431) | (149,869) | (47,162) | | | Issuance of Debt | 160,000 | - | 475,000 | 448,875 | 146,442 | | Issuance of Capital Stock | 7,989 | 6,227 | 3,212 | 2,913 | 54,473 | | | Repayment of Debt | (8,238) | (65,414) | (447,100) | (373,478) | (217,976) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | 6,940 | 6,645 | (3,257) | (1,073) | (1,109) | | Cash from Financing Activities | 166,691 | (52,542) | 27,855 | 77,237 | (18,170) | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | 65,762 | (13,384) | 27,524 | 13,727 | 10,775 | | | Cash at Beginning of Year | 45,104 | 58,488 | 30,964 | 17,237 | 6,462 | | Cash at End of Period | 110,866 | 45,104 | 58,488 | 30,964 | 17,237 | | | |
