| Cash Flow for Warwick Valley Telephone Company (WWVY) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 5,493 | 3,997 | 5,170 | 8,928 | 7,879 | | Depreciation & Amortization | 5,252 | 5,407 | 5,652 | 5,270 | 4,901 | | Deferred Income Taxes | (2,067) | (1,347) | 2,844 | 112 | 304 | | Operating Losses | (167) | (827) | (858) | (930) | (8,888) | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | 1,164 | (349) | (652) | 236 | 48 | | Decrease in Inventories | (634) | 159 | 192 | (155) | 315 | | Decrease in Other Current Assets | 52 | 34 | (82) | (379) | (482) | | Increase in Payables | (91) | 188 | 10 | (746) | (523) | | Increase in Other Current Liabilities | (1,198) | 1,058 | (1,081) | 1,368 | 2,522 | | Decrease in Other Working Capital | (31) | 7 | - | - | - | | Other Non-Cash Items | (69) | (14) | - | - | - | | Net Cash from Continuing Operations | 7,630 | 10,429 | 8,983 | 13,786 | 5,939 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 7,630 | 10,429 | 8,983 | 13,786 | 5,939 | | | | Sale of Property, Plant, Equipment | - | - | - | - | - | | Sale of Short Term Investments | - | 700 | 889 | 3,603 | - | | | Purchase of Property, Plant, Equipment | (3,944) | (4,627) | (2,523) | (4,906) | (6,261) | | Acquisitions | - | - | - | - | - | | Purchase of Short Term Investments | (4,376) | - | - | - | - | | Other Investment Changes, Net | 69 | 14 | (226) | (706) | 10,129 | | Cash from Investing Activities | (8,251) | (3,913) | (1,860) | (2,009) | 3,868 | | | Issuance of Debt | - | - | - | 5,000 | 7,149 | | Issuance of Capital Stock | - | - | - | 14 | 52 | | | Repayment of Debt | (1,519) | (1,518) | (1,519) | (380) | (9,000) | | Repurchase of Capital Stock | - | - | (1,150) | - | - | | Payment of Cash Dividends | (4,307) | (9,658) | (4,307) | (5,319) | (3,806) | | Other Financing Charges, Net | - | - | - | - | (126) | | Cash from Financing Activities | (5,826) | (11,176) | (6,976) | (685) | (5,731) | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | (6,447) | (4,660) | 147 | 11,092 | 4,076 | | | Cash at Beginning of Year | 12,296 | 16,956 | 16,809 | 5,717 | 1,641 | | Cash at End of Period | 5,849 | 12,296 | 16,956 | 16,809 | 5,717 | | | |
