Strategy International Insurance Group Inc. (SGYI)

SGYI Cash Flow Statement

Financials in millions USD. Fiscal year is May - April.

Fiscal Year	TTM	FY 2005	FY 2004
Period Ending	Jan 31, 2006	Apr 30, 2005	Apr 30, 2004
Net Income	-14.38	-14.96	0.14
Depreciation & Amortization	0.09	0.01	-
Other Amortization	0.91	0.4	-
Stock-Based Compensation	0.36	2.91	-
Change in Accounts Receivable	-0.45	-0.55	-
Change in Accounts Payable	8.05	1.7	0.15
Change in Unearned Revenue	6.6	1.57	-
Change in Insurance Reserves / Liabilities	1.76	1.55	-
Change in Other Net Operating Assets	-10.06	-0.96	-0.79
Operating Cash Flow	-9.01	-8.32	-0.5
Capital Expenditures	-0.57	-0.1	-
Cash Acquisitions	-0.03	0.02	-
Other Investing Activities	-5.63	-40.05	-
Investing Cash Flow	-72.15	-70.26	-
Short-Term Debt Issued	-	15.41	-
Long-Term Debt Issued	-	30	-
Total Debt Issued	84.4	45.41	-
Total Debt Repaid	-2.55	-8	-
Net Debt Issued (Repaid)	81.85	37.41	-
Issuance of Common Stock	-	-	1.05
Repurchases of Common Stock	-0.05	-0.05	-
Issuance of Preferred Stock	-	39.71	-
Preferred Dividends Paid	-0.38	-3	-
Total Dividends Paid	-0.38	-3	-
Other Financing Activities	0.25	7.13	-
Financing Cash Flow	79.05	81.19	1.05
Foreign Exchange Rate Adjustments	-0.31	-0	-
Net Cash Flow	-2.43	2.6	0.55
Free Cash Flow	-9.58	-8.42	-0.5
Free Cash Flow Margin	-73.25%	-150.88%	-76.59%
Free Cash Flow Per Share	-0.15	-0.14	-0.01
Cash Interest Paid	8.55	3.15	-
Levered Free Cash Flow	-	-6.15	-
Unlevered Free Cash Flow	-	-4.18	-
Change in Working Capital	5.9	3.31	-0.64

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