Trophy Resources, Inc. (TRSI)

Trophy Resources Cash Flow Statement

Financials in millions USD. Fiscal year is August - July.

Fiscal Year	TTM	FY 2003	FY 2002	FY 2001	FY 2000	FY 1999
Period Ending	Apr 30, 2004	Jul 31, 2003	Jul 31, 2002	Jul 31, 2001	Jul 31, 2000	Jul 31, 1999
Net Income	-5.13	-4.29	-1.16	-1.5	-4.54	-6.04
Depreciation & Amortization	0.1	0.02	0.3	0.33	0.33	0.45
Asset Writedown & Restructuring Costs	2.25	2.25	-	-	-	-
Stock-Based Compensation	1.45	1.3	0.56	0.43	2.58	4.92
Other Operating Activities	0.03	-	-0.12	0.36	0.63	-
Change in Accounts Receivable	-0.02	0.19	-	-	-	-0.01
Change in Inventory	-0.33	0.06	-	-	-	-
Change in Accounts Payable	0.51	0.26	0.17	0.1	0	-0.03
Change in Other Net Operating Assets	0.05	0.03	0.26	-	-	0.08
Operating Cash Flow	-1.06	-0.19	-0	-0.23	-1.27	-0.63
Capital Expenditures	-0	-0	-	-	-	-0.02
Sale of Property, Plant & Equipment	0.01	0.01	-	-	-	-
Other Investing Activities	0.1	-0.01	-	-	-	-
Investing Cash Flow	0.1	-0.01	-	-	-	-0.02
Long-Term Debt Issued	-	-	-	-	0.6	0.74
Total Debt Issued	-	-	-	-	0.6	0.74
Long-Term Debt Repaid	-	-0.01	-	-	-	-
Total Debt Repaid	-0.06	-0.01	-	-	-	-
Net Debt Issued (Repaid)	-0.06	-0.01	-	-	0.6	0.74
Issuance of Common Stock	1.03	0.22	-	0.09	0.64	0.23
Other Financing Activities	-0.01	-	-	-	-	-0.16
Financing Cash Flow	0.96	0.2	-	0.09	1.24	0.81
Foreign Exchange Rate Adjustments	-	-	-	-	-	-0
Miscellaneous Cash Flow Adjustments	0	0	-	-	-	-
Net Cash Flow	0.01	0.02	-0	-0.15	-0.04	0.16
Free Cash Flow	-1.06	-0.19	-0	-0.23	-1.27	-0.65
Free Cash Flow Margin	-34.82%	-37.43%	-	-13398.02%	-27591.31%	-1478.05%
Levered Free Cash Flow	-1.66	-	-	0.17	-1.86	-3.27
Unlevered Free Cash Flow	-1.66	-	-	0.17	-1.57	-3.08
Change in Net Working Capital	-0.18	-	-	-0.5	0.25	-0.06

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