WQN, Inc. Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2005	FY 2004	FY 2003
Period Ending	Dec '05 Dec 31, 2005	Dec '04 Dec 31, 2004	Dec '03 Dec 31, 2003
Net Income	0.28	-3.17	-3.35
Depreciation & Amortization	0	-	0.92
Loss (Gain) From Sale of Assets	-	-	0.02
Loss (Gain) on Equity Investments	3.23	0.06	-
Other Operating Activities	-4.12	2.2	-
Change in Accounts Receivable	-0.08	-	0
Change in Accounts Payable	0.41	-	0.24
Change in Unearned Revenue	-	-	0.02
Change in Other Net Operating Assets	-	-	-0.24
Operating Cash Flow	-4.84	-4.23	-2.38
Capital Expenditures	-	-	-0.41
Divestitures	2.41	0.15	-
Investment in Securities	-5.88	-3	-
Other Investing Activities	-1.39	-2.02	-
Investing Cash Flow	-4.86	-4.87	-0.41
Short-Term Debt Issued	3.58	-	-
Total Debt Issued	3.58	-	-
Net Debt Issued (Repaid)	3.58	-	-
Issuance of Common Stock	0.02	1.11	-
Financing Cash Flow	3.6	1.11	-
Net Cash Flow	-6.09	-7.99	-2.79
Free Cash Flow	-4.84	-4.23	-2.79
Free Cash Flow Margin	-	-	-29.80%
Free Cash Flow Per Share	-0.70	-0.64	-0.44
Cash Interest Paid	0.03	0	0
Levered Free Cash Flow	-2.75	-1.52	-1.29
Unlevered Free Cash Flow	-2.73	-1.52	-1.29
Change in Working Capital	0.33	-	0.02

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