Manzo Pharmaceuticals Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2004	FY 2003	FY 2002
Period Ending	Sep '05 Sep 30, 2005	Dec '04 Dec 31, 2004	Dec '03 Dec 31, 2003	Dec '02 Dec 31, 2002
Net Income	7.75	-4.15	-3.95	-6.87
Depreciation & Amortization	0.08	0.34	0.95	0.96
Stock-Based Compensation	0.22	-	-	2
Other Operating Activities	-3.08	0.12	0.09	0.19
Change in Accounts Receivable	-	-	-	0.9
Change in Inventory	0.04	1.44	-0.56	-0.3
Change in Accounts Payable	-2.75	0.86	1.03	0.64
Change in Income Taxes	-1.43	-0.63	0.64	0.45
Change in Other Net Operating Assets	-0.31	0.91	0.23	1.11
Operating Cash Flow	-9.17	-1.11	-1.58	-0.92
Capital Expenditures	-0.53	-0	-0	-2.81
Other Investing Activities	-	-	-	0.03
Investing Cash Flow	8.47	-0	-0	-2.78
Short-Term Debt Issued	-	1.12	0.84	4.4
Total Debt Issued	0.72	1.12	0.84	4.4
Net Debt Issued (Repaid)	0.72	1.12	0.84	4.4
Issuance of Common Stock	-	-	-	0.05
Financing Cash Flow	0.72	1.12	0.84	4.45
Foreign Exchange Rate Adjustments	-0.02	-0.01	-0.01	-0
Net Cash Flow	-0	-0	-0.76	0.75
Free Cash Flow	-9.71	-1.11	-1.59	-3.73
Free Cash Flow Margin	-	-36.19%	-52.82%	-184.10%
Free Cash Flow Per Share	-2.44	-0.32	-0.49	-1.33
Cash Interest Paid	1.04	0.54	-	-
Levered Free Cash Flow	-	0.35	-	-
Unlevered Free Cash Flow	-	0.92	-	-
Change in Net Working Capital	-	-2.58	-	-

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