PharmChem Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2002	FY 2001	FY 2000	FY 1999
Period Ending	Dec '02 Dec 31, 2002	Dec '01 Dec 31, 2001	Dec '00 Dec 31, 2000	Dec '99 Dec 31, 1999
Net Income	3.34	-8.48	1.36	2.8
Depreciation & Amortization	2.25	2.03	1.96	2.06
Other Amortization	0.17	0.04	-	-
Loss (Gain) From Sale of Assets	-4.27	-	0	0.1
Asset Writedown & Restructuring Costs	-	0.42	-	-
Provision & Write-off of Bad Debts	0.11	0.18	-0.21	0.14
Other Operating Activities	-0.36	-1	-0.82	-0.44
Change in Accounts Receivable	1.48	1.47	-1.3	-0.34
Change in Inventory	0.84	-0.46	0.08	-0.41
Change in Accounts Payable	-2.46	0.99	1.63	0.04
Change in Unearned Revenue	-	-0.02	-0.02	-0.02
Change in Other Net Operating Assets	0.07	0.08	-0.11	-0.49
Operating Cash Flow	1.34	-3.61	3.68	3.44
Operating Cash Flow Growth	-	-	6.95%	-25.22%
Capital Expenditures	-1.42	-5.28	-3.47	-3.01
Sale of Property, Plant & Equipment	-	-	-	0.02
Divestitures	10	-	-	-
Other Investing Activities	-0.04	-0.07	-0.07	-
Investing Cash Flow	8.55	-5.35	-3.54	-2.99
Short-Term Debt Issued	-	3.81	0.73	-
Long-Term Debt Issued	-	5.09	1.67	3.78
Total Debt Issued	-	8.9	2.41	3.78
Short-Term Debt Repaid	-1.21	-	-	-2.38
Long-Term Debt Repaid	-2.67	-2.22	-2.64	-0.84
Total Debt Repaid	-3.88	-2.22	-2.64	-3.21
Net Debt Issued (Repaid)	-3.88	6.69	-0.24	0.57
Issuance of Common Stock	-	0.01	0.1	0.05
Other Financing Activities	-1.99	2.57	-	-
Financing Cash Flow	-5.87	9.26	-0.14	0.62
Foreign Exchange Rate Adjustments	-	-0.14	-0.16	-0.06
Net Cash Flow	4.02	0.18	-0.17	1
Free Cash Flow	-0.08	-8.88	0.21	0.43
Free Cash Flow Growth	-	-	-52.09%	-74.81%
Free Cash Flow Margin	-0.26%	-24.29%	0.52%	0.97%
Free Cash Flow Per Share	-0.01	-1.52	0.03	0.07
Cash Interest Paid	0.68	0.41	0.27	0.43
Cash Income Tax Paid	0.01	0.01	0.02	0.25
Levered Free Cash Flow	1.04	-6.52	-1.27	-0.39
Unlevered Free Cash Flow	1.27	-6.28	-1.1	-0.22
Change in Working Capital	-0.07	2.07	0.27	-1.22

Updated May 14, 2004. Source: S&P Global Market Intelligence. Standard template. Financial Sources.