ZST Digital Networks Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2010	FY 2009	FY 2008	FY 2007	FY 2006
Period Ending	Sep '11 Sep 30, 2011	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007	Dec '06 Dec 31, 2006
Net Income	28.34	22.09	10.18	6.11	2.87	0.64
Depreciation & Amortization	0.51	0.32	0.05	0.02	0.04	0.04
Other Amortization	-	-	0.06	-	-	-
Loss (Gain) From Sale of Assets	-	-	-	0.01	0	-0.05
Stock-Based Compensation	0.66	0.15	0.03	-	-	-
Other Operating Activities	-1.41	-0.69	0.03	0.07	0.07	0.02
Change in Accounts Receivable	-7.51	-8.35	-12.56	-2.8	-6.01	-2.06
Change in Inventory	-0.01	0.99	-0.47	4.71	-2.87	-1.81
Change in Accounts Payable	0.01	-0.7	-0.57	-1.48	-2.25	4.46
Change in Unearned Revenue	5.05	2.44	0.38	-0.02	0.02	0
Change in Income Taxes	2.6	0.77	0.55	-0.3	0.48	-0.09
Change in Other Net Operating Assets	-0.42	1.43	-6.32	-3.02	0.05	-0.04
Operating Cash Flow	27.81	18.45	-8.65	3.3	-7.6	1.11
Capital Expenditures	-8.65	-9.63	-0.89	-	-0.04	-
Sale of Property, Plant & Equipment	-	-	-	-	0.02	0.19
Sale (Purchase) of Intangibles	-0.03	-0.03	-0.24	-	-	-
Other Investing Activities	-	-	-	-	1.06	-0.34
Investing Cash Flow	-8.68	-9.66	-1.12	-	1.04	-0.15
Short-Term Debt Issued	-	-	-	2.34	7.12	0.26
Total Debt Issued	-	-	-	2.34	7.12	0.26
Short-Term Debt Repaid	-	-	-3.93	-4	-	-0.24
Total Debt Repaid	-	-	-3.93	-4	-	-0.24
Net Debt Issued (Repaid)	-	-	-3.93	-1.67	7.12	0.02
Issuance of Common Stock	-	-	22.23	-	-	-
Repurchase of Common Stock	-0.69	-0.2	-	-	-	-
Common Dividends Paid	-	-	-	-2.62	-	-
Other Financing Activities	-	-	-	0.83	-0.89	-0.14
Financing Cash Flow	-0.69	-0.2	21.84	-3.46	6.23	-0.12
Foreign Exchange Rate Adjustments	3.13	1.48	0.42	0.16	0.28	0.12
Net Cash Flow	21.57	10.07	12.49	0.01	-0.06	0.96
Free Cash Flow	19.17	8.82	-9.53	3.3	-7.65	1.11
Free Cash Flow Margin	11.19%	6.56%	-9.49%	5.96%	-26.62%	19.56%
Free Cash Flow Per Share	1.65	0.76	-1.09	0.56	-1.30	0.19
Cash Interest Paid	-	-	0.2	0.34	0.2	0.01
Cash Income Tax Paid	8.79	7.95	3.63	2.13	1.52	0.31
Levered Free Cash Flow	14.22	4.36	-10.12	0.41	-5.26	0.88
Unlevered Free Cash Flow	14.22	4.36	-10	0.67	-5.1	0.9
Change in Working Capital	-0.29	-3.42	-19	-2.91	-10.58	0.45

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