Itronics Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2007	FY 2006	FY 2005	FY 2004	FY 2003
Period Ending	Sep '08 Sep 30, 2008	Dec '07 Dec 31, 2007	Dec '06 Dec 31, 2006	Dec '05 Dec 31, 2005	Dec '04 Dec 31, 2004	Dec '03 Dec 31, 2003
Net Income	-14.09	-10.48	-3.81	-4.91	-2.84	-2.75
Depreciation & Amortization	0.14	0.21	0.5	0.31	0.33	0.34
Other Amortization	0.25	0.25	-	-	-	-
Loss (Gain) From Sale of Investments	-	-0.35	-0.1	0.01	-0.17	-0.45
Stock-Based Compensation	0.81	0.87	0.18	0.47	0.59	0.65
Provision & Write-off of Bad Debts	0	-	-	-	-	-
Other Operating Activities	10.9	7.01	1	1.79	0.19	0.59
Change in Accounts Receivable	0.11	0.02	-0.02	0.16	-0.09	-0.01
Change in Inventory	-0.01	0.04	0.14	0	0.02	0.01
Change in Accounts Payable	0.26	0.15	0.15	-0.11	0.11	-0.01
Change in Other Net Operating Assets	0.64	0.39	0.26	0.13	0.46	0.02
Operating Cash Flow	-0.99	-1.89	-1.7	-2.15	-1.42	-1.63
Capital Expenditures	-0.03	-0.06	-0.03	-0.1	-0.06	-0.05
Sale of Property, Plant & Equipment	-	-	-	0	-	-
Sale (Purchase) of Intangibles	-0	-0	-	-	-	-
Investment in Securities	-	0.35	0.23	0.01	0.36	0.78
Investing Cash Flow	-0.03	0.29	0.2	-0.09	0.3	0.73
Short-Term Debt Issued	-	0.01	0.02	0.1	0.16	-
Long-Term Debt Issued	-	1.96	1.94	2.02	-	-
Total Debt Issued	1.03	1.97	1.97	2.12	0.16	-
Short-Term Debt Repaid	-	-0.01	-	-0.05	-	-
Long-Term Debt Repaid	-	-0.12	-0.25	-0.17	-0.15	-0.17
Total Debt Repaid	-0.04	-0.13	-0.25	-0.22	-0.15	-0.17
Net Debt Issued (Repaid)	0.99	1.84	1.71	1.9	0.01	-0.17
Issuance of Common Stock	0.1	-	0.01	0.57	1.08	1.01
Other Financing Activities	-0.08	-0.14	-0.25	-0.22	-	0.04
Financing Cash Flow	1	1.7	1.47	2.25	1.09	0.87
Net Cash Flow	-0.02	0.09	-0.02	0.02	-0.03	-0.02
Free Cash Flow	-1.02	-1.95	-1.73	-2.25	-1.47	-1.67
Free Cash Flow Margin	-36.05%	-83.35%	-92.31%	-165.06%	-91.00%	-131.97%
Free Cash Flow Per Share	-0.93	-3.93	-7.34	-11.82	-10.39	-16.10
Cash Interest Paid	0.06	0.21	0.23	0.25	0.16	0.16
Levered Free Cash Flow	10.67	6.92	0.16	2.35	-1.03	-2.1
Unlevered Free Cash Flow	11.47	7.6	0.9	2.89	-0.51	-1.5
Change in Working Capital	0.99	0.6	0.53	0.18	0.49	0.01

Source: S&P Global Market Intelligence. Standard template. Financial Sources.