| Cash Flow for Ventana Medical Systems Inc. (VMSI) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2006 | 12/2005 | 12/2004 | 12/2003 | 12/2002 | | | Net Income | 31,578 | 25,488 | 21,289 | 5,972 | 4,073 | | Depreciation & Amortization | 16,544 | 13,676 | 8,492 | 8,669 | 8,077 | | Deferred Income Taxes | (2,953) | (3,125) | (8,909) | - | - | | Operating Losses | - | 14,064 | 12,188 | 6,801 | 1,489 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (9,285) | (4,878) | (5,894) | (4,775) | (2,175) | | Decrease in Inventories | (5,389) | (2,011) | (394) | 2,414 | (2,138) | | Decrease in Other Current Assets | - | (955) | (1,878) | (1,176) | (3,990) | | Increase in Payables | 3,960 | (108) | (413) | 1,635 | 3,713 | | Increase in Other Current Liabilities | - | 174 | 9,903 | 4,074 | 2,633 | | Decrease in Other Working Capital | 3,358 | - | - | - | - | | Other Non-Cash Items | 6,247 | - | - | - | - | | Net Cash from Continuing Operations | 44,060 | 42,384 | 34,384 | 23,614 | 11,682 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 44,060 | 42,384 | 34,384 | 23,614 | 11,682 | | | | Sale of Property, Plant, Equipment | - | - | - | - | - | | Sale of Short Term Investments | 172,288 | 46,635 | 23,339 | 7,850 | - | | | Purchase of Property, Plant, Equipment | (25,367) | (18,071) | (12,896) | (6,456) | (7,121) | | Acquisitions | - | - | - | - | - | | Purchase of Short Term Investments | (189,601) | (59,712) | (23,647) | (27,824) | - | | Other Investment Changes, Net | - | (3,453) | (4,598) | (557) | (1,337) | | Cash from Investing Activities | (42,680) | (34,601) | (17,802) | (26,987) | (8,458) | | | Issuance of Debt | - | - | - | 278 | 354 | | Issuance of Capital Stock | 15,999 | 13,657 | 10,664 | 9,755 | 4,054 | | | Repayment of Debt | (487) | (215) | (207) | (182) | (1,028) | | Repurchase of Capital Stock | (14,119) | (36,290) | (13,820) | (6,116) | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | 10,691 | - | - | - | - | | Cash from Financing Activities | 12,084 | (22,848) | (3,363) | 3,735 | 3,380 | | | | Effect of Exchange Rate Changes | 778 | (770) | 424 | 641 | (176) | | Net Change in Cash | 14,242 | (15,835) | 13,643 | 1,003 | 6,428 | | | Cash at Beginning of Year | 17,519 | 33,354 | 19,711 | 18,708 | 12,280 | | Cash at End of Period | 31,761 | 17,519 | 33,354 | 19,711 | 18,708 | | | |
