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Iradimed Corporatin

Mobile MRI and CAT Scans
Company Profile
Competitive Edge * Experience - Our company is based in Pittsburgh, PA which is one of the highest ranking healthcare locations in the country * Large talent pool * Manufacturing city
Boundaries to Entry High Startup Costs Marketing Equipment Permits and Certifications Talent Aquisition
Competitors One publicaly held mobile imaging competitor Approximatly 10 fixed imaging competitors
IRADIMED CORPORATION By Derek Cook
1. Products and Service lines MRidium 3860+, iMagox™ 2460
2. Strategic position in the market place IRADIMED CORPORATION develops, manufactures, markets and distributes magnetic resonance imaging compatible products
3. Strategic plan
4. Philosophy Iradimed sells their products mainly to acute care facilities and outpatient imaging centers, both in the United States and internationally.
5. Financial Health Very Strong 10/10
9 a. Current Ratio 10.25
9 b. Inventory Turnover 1.50
9 c. Fixed Asset Turnover 34.89
9 d. Total Asset Turnover 0.90
9 e. Debt/Equity Ratio 0.00%
9 f. Profit Margin 24.52%
9 g. Return on total assets (Dupont Equation) 21:01
(Gurufocus, 2016)
IRIMED CORPORATION BALANCE SHEETS
As of December 31
2015 2014 2013
ASSETS
Current Assets
Cash and Cash Equivalents $ 19,368,114 $ 9,454,150 $ 6,239,739
Accounts receivable, net of allowance for doubtful accounts $ 3,863,632 $ 1,960,214 $ 1,293,741
Investments $ 7,602,204 $ 7,913,793 $ 5,223,103
Inventory $ 2,383,158 $ 2,125,838 $ 1,403,053
Prepaid Expenses and Other current Assets $ 317,957 $ 276,540 $ 182,516
Prepaid Income Taxes $ 273,968 $ 320,941 $ 211,821
Deferred Income Taxes $ 141,446 $ 116,339 $ 76,784 $ 34.89
Total Current Assets $ 33,950,479 $ 22,167,815 $ 14,630,758
Property and Equipment $ 905,622 $ 794,835 $ 524,591
Intangible Assets $ 193,243 $ 250,836 $ 165,552
Deferred Income Taxes $ 88,398 $ 76,557 $ 50,528
Other assets $ 106,465 $ 19,676 $ 12,986
Total Assets $ 35,244,207 $ 23,309,719 $ 15,384,415
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,005,460 $ 629,167 $ 415,250
Accrued payroll and benefits $ 1,288,248 $ 1,244,898 $ 821,633
Other accrued taxes $ 30,687 $ 65,790 $ 43,421
Warranty reserve $ 34,081 $ 27,925 $ 18,431
Deferred revenue $ 536,924 $ 308,341 $ 203,505
Accrued income taxes — — —
Total current liabilities $ 2,895,400 $ 2,276,121 $ 1,502,240
Deferred revenue $ 415,782 $ 142,902 $ 94,315
Total liabilities $ 3,311,182 $ 2,419,023 $ 1,596,555
Stockholders’ equity:
Common stock $ 1,118 $ 1,082 $ 714
Additional paid-in capital $ 19,332,023 $ 15,785,838 $ 10,418,653
Retained earnings $ 12,655,169 $ 5,125,249 $ 3,382,664
Treasury stock — — —
Accumulated other comprehensive loss $ (55,285) $ (21,473) $ (14,172)
Total stockholders’ equity $ 31,933,025 $ 20,890,696 $ 13,787,859
Total liabilities and stockholders’ equity $ 35,244,207 $ 23,309,719 $ 15,384,415
IRIMED CORPORATION INCOME STATEMENT
For the years ended December 31st 0
2015 2014 2013
Revenue $ 31,593,720 $ 15,653,057 $ 11,340,097
Cost of revenue $ 5,840,407 $ 3,404,400 $ 1,685,178
Gross profit $ 25,753,313 $ 12,248,657 $ 6,063,085
Operating expenses:
General and administrative $ 7,769,881 $ 4,816,973 $ 2,384,402
Sales and marketing $ 4,705,977 $ 3,297,120 $ 1,632,074
Research and development $ 1,764,306 $ 1,068,674 $ 528,994
Total operating expenses $ 14,240,164 $ 9,182,767 $ 4,545,470
Income from operations $ 11,513,149 $ 3,065,890 $ 2,787,226
Other income (expense), net $ 121,385 $ (48,549) $ (24,032)
Income before provision for income taxes $ 11,634,534 $ 3,017,341 $ 1,493,584
Provision for income taxes $ 4,104,614 $ 966,975 $ 478,653
Net income $ 7,529,920 $ 2,050,366 $ 1,936,890
Net income per share:
Basic $ 0.68 $ 0.23 $ 0.19
Diluted $ 0.60 $ 0.20 $ 0.16
Weighted average shares outstanding:
Basic $ 11,003,272 $ 8,743,461 $ 7,082,203
Diluted $ 12,556,887 $ 10,219,143 $ 8,277,506
IRIMED CORPORATION CASH FLOW STATEMENTS
As of December 31
2015 2014 2013
Operating activities
Net income $ 7,529,920 $ 2,050,366 $ 558,315
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense $ 3,553 $ (108,852) $ (29,640)
Provision for excess and obsolete inventory $ 51,089 $ 62,069 $ 16,901
Depreciation and amortization $ 223,942 $ 149,056 $ 40,588
Excess tax benefit on the exercise of stock options $ (1,728,595) $ (165,228) $ (44,992)
Stock-based compensation $ 1,220,118 $ 724,063 $ 197,162
Impairment of intangible assets $ 55,433 — —
Loss on sale of investments $ 3,575 — —
Changes in operating assets and liabilities:
Accounts receivable $ (1,906,971) $ 130,721 $ 35,595
Inventory $ (308,409) $ (847,576) $ (230,795)
Prepaid expenses and other current assets $ (31,977) $ (154,912) $ (42,183)
Other assets $ (113,959) $ (15,433) $ (4,202)
Prepaid income taxes $ 1,775,568 $ (48,188) $ (13,122)
Deferred income taxes $ (16,116) $ (167,305) $ (45,557)
Accounts payable $ 376,293 $ 201,693 $ 54,921
Accrued payroll and benefits $ 43,350 $ 589,536 $ 160,531
Other accrued liabilities $ (35,103) $ (14,997) $ (4,084)
Warranty reserve $ 6,156 $ 15,923 $ 4,336
Deferred revenue $ 501,463 $ 186,172 $ 50,695
Other — $ (1,388) $ (378)
Net cash provided by operating activities $ 7,649,330 $ 2,585,720 $ 704,092
Investing activities:
Purchases of investments — $ (7,951,497) $ (2,165,193)
Proceeds from sale of investments $ 253,370 $ 255,109 $ 69,466
Purchases of property and equipment $ (298,723) $ (583,977) $ (159,017)
Capitalized intangible assets $ (16,116) $ (22,311) $ (6,075)
Net cash used in investing activities $ (61,469) $ (8,302,676) $ (2,260,819)
Financing activities:
Proceeds from stock option and warrant exercises $ 597,508 $ 105,000 $ 28,592
Income tax benefits credited to equity $ 1,728,595 $ 165,228 $ 44,992
Repayment of officer note payable — $ (6,333) $ (1,724)
Proceeds from the issuance of common stock pursuant to initial public offering — $ 14,490,000 $ 3,945,627
Payment of initial public offering costs — $ (2,044,348) $ (556,676)
Net cash provided by financing activities $ 2,326,103 $ 12,709,547 $ 3,460,810
Net increase in cash and equivalents $ 9,913,964 $ 6,992,591 $ 1,904,083
Cash and cash equivalents, beginning of year $ 9,454,150 $ 2,461,559 $ 670,283
Cash and cash equivalents, end of year $ 19,368,114 $ 9,454,150 $ 2,574,365
Supplemental disclosure of cash flow information:
Cash paid for income taxes $ 2,702,000 $ 1,182,430 $ 321,976
(2016, October 28). Retrieved from Gurufocus: http://www.gurufocus.com/stock/NAS:IRMD
&CCONFIDENTIAL&RDerek Cook October 30, 2016
&C&D &T

Alliance Healthcare

Mobile MRI and CAT Scans
Company Profile
ALLIANCE HEALTHCARE SERVICES, INC. By Jarred Andrulonis
Products and Service lines Mobile Medical Imaging, Interim Mobile Medical Imaging,Radiology Service Line Management,Fixed-Site Medical Imaging and Joint Venture Opportunities, OnPoint Medical Imaging Diagnostics
Strategic position in the market place All forms of radiology.
Strategic plan Expertise in the full radiology continuum of services including joint ventures, service line management, fixed-site and mobile imaging services.
Philosophy To deliver unmatched expertise in radiology service line and outpatient center management as well as mobile radiology services such as MRI, PET/CT and CT.
Financial Health Moderate 8/10
Current Ratio 8.9
Inventory Turnover 1.8
Fixed Asset Turnover 27.8
Total Asset Turnover 0.7
Debt/Equity Ratio 0.90%
Profit Margin 34.80%
Return on total assets (Dupont Equation) 19:01
ALLIANCE HEALTHCARE SERVICES, INC. CASH FLOW STATEMENTS
Column1 Column2 Column3 Column4 Column5 Column6 Column7 Column8 Column9 Column10 Column11 Column12 Column13
Consolidated Statements of Cash Flows $ in Thousands 12 Months Ended
Dec. 31, 2015USD ($) Dec. 31, 2014USD ($) Dec. 31, 2013USD ($)
Operating activities:
Net income (loss) $ 27,115 $ 25,501 $ (8,442)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for doubtful accounts 2,911 2,634 3,415
Share-based payment 1,701 1,515 1,487
Depreciation and amortization 57,920 62,851 77,292
Amortization of deferred financing costs 2,554 1,926 3,052
Accretion of discount on long-term debt 481 447 1,013
Adjustment of derivatives to fair value 29 342 (21)
Distributions more than undistributed earnings from investees 489 591 337
Deferred income taxes 6,350 6,582 (12,486)
Gain on sale of assets (1,883) (565) (1,391)
Loss on extinguishment of debt 26,018
Non-cash gain on step acquisition (10,672)
Gain on acquisition (209)
Impairment charges 6,817 308 13,031
Excess tax benefit from share-based payment arrangements 5 (623)
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable (7,112) (1,424) (4,808)
Prepaid expenses (877) (5,064) (2,475)
Other receivables 1,494 (114) 1,672
Other assets 2,607 (1,852) 2,990
Accounts payable 3,442 953 (4,281)
Accrued compensation and related expenses (1,363) (1,358) (1,315)
Accrued interest payable 168 1,509 (3,436)
Income taxes payable 40 31
Other accrued liabilities 454 6,439 (5,130)
Net cash provided by operating activities 92,461 100,629 86,522
Investing activities:
Equipment purchases (55,511) (32,236) (27,048)
Increase in deposits on equipment (15,751) (9,228) (193)
Acquisitions, net of cash received (49,140) (16,043)
Increase in cash from escrow (475)
Increase in notes receivable (2,776)
Proceeds from sale of assets 1,941 1,557 3,156
Net cash used in investing activities (118,461) (58,726) (24,560)
Financing activities:
Principal payments on equipment debt and capital lease obligations (12,697) (10,368) (14,233)
Proceeds from equipment debt 27,049 4,527 4,846
Principal payments on term loan facility (9,951) (4,900) (342,710)
Proceeds from term loan facility 29,850 487,200
Principal payments on revolving loan facility (33,000) (45,000)
Proceeds from revolving loan facility 50,500 28,000 19,000
Principal payments on senior notes (190,000)
Payments of debt issuance costs (808) (16,522)
Purchase of derivative instruments (815)
Issuance of common stock 1
Noncontrolling interest in subsidiaries (19,927) (16,089) (14,409)
Equity purchase of noncontrolling interest (691)
Excess tax benefit from share-based payment arrangements (5) 623
Proceeds from shared-based payment arrangements 25 466 527
Purchase of treasury stock (140) (121)
Net cash provided by (used in) financing activities 31,037 (43,572) (67,237)
Net increase (decrease) in cash and cash equivalents 5,037 (1,669) (5,275)
Cash and cash equivalents, beginning of period 33,033 34,702 39,977
Cash and cash equivalents, end of period 38,070 33,033 34,702
Supplemental disclosure of cash flow information:
Interest paid 23,373 21,037 35,495
Income taxes paid (refunded), net of (refunds) payments (664) 6,504 2,463
Supplemental disclosure of non-cash investing and financing activities:
Net book value of assets exchanged 199 5
Capital lease obligations related to the purchase of equipment 11,273 1,725 0
Equipment purchases in accounts payable 3,700 834 $ 560
Extinguishment of note receivable (Note 3) 3,071
Transfer of equity investment as consideration in step acquisition (Note 3) 721
Transfer of equipment as consideration in step acquisition (Note 3) 477
Transfer of fair value of equity investment in step acquisition (Note 3) 13,645
Noncontrolling interest assumed in connection with acquisitions (Note 3) 36,231 13,014
Mandatorily redeemable noncontrolling interest in connection with acquisition (Note 3) 2,386
Fair value of contingent consideration related to acquisitions (Note 5) $ 5,750
Debt related to purchase of equipment 3,183
Adjustment to equity of noncontrolling interest $ 1,700
ALLIANCE HEALTHCARE SERVICES, INC. BALANCE SHEETS
Column1 Column2 Column3 Column4 Column5 Column6 Column7 Column8 Column9 Column10 Column11 Column12 Column13
Consolidated Balance Sheets - USD ($) $ in Thousands Dec. 31, 2015 Dec. 31, 2014
Current assets:
Cash and cash equivalents $ 38,070 $ 33,033
Accounts receivable, net of allowance for doubtful accounts of $5,461 in 2015 and $4,055 in 2014 73,208 62,503
Deferred income taxes 6,496 16,834
Prepaid expenses 13,463 12,527
Other receivables 3,206 5,686
Total current assets 134,443 130,583
Equipment, at cost 883,804 827,638
Less accumulated depreciation (688,479) (678,291)
Equipment, net 195,325 149,347
Goodwill 102,782 63,864
Other intangible assets, net 162,923 115,930
Deferred financing costs, net 6,594 8,119
Other assets 32,820 33,042
Total assets 634,887 500,885
Current liabilities:
Accounts payable 20,796 12,109
Accrued compensation and related expenses 19,933 19,808
Accrued interest payable 3,323 3,154
Current portion of long-term debt 17,732 11,160
Current portion of obligations under capital leases 2,674 4,352
Other accrued liabilities 36,453 26,542
Total current liabilities 100,911 77,125
Long-term debt, net of current portion 546,947 485,701
Obligations under capital leases, net of current portion 10,332 6,076
Deferred income taxes 36,609 36,840
Other liabilities 6,664 6,623
Total liabilities $ 701,463 $ 612,365
Commitments and contingencies (Note 12)
Stockholders’ deficit:
Preferred stock, $0.01 par value; 1,000,000 shares authorized and no shares issued and outstanding
Common stock, $0.01 par value; 100,000,000 shares authorized; 10,774,857 and 10,713,658 issued in 2015 and 2014, respectively; 10,616,884 and 10,555,685 outstanding in 2015 and 2014, respectively $ 108 $ 107
Treasury stock, at cost - 157,973 shares in 2015 and 2014 (3,138) (3,138)
Additional paid-in capital 29,297 27,653
Accumulated comprehensive loss (511) (351)
Accumulated deficit (187,349) (194,091)
Total stockholders’ deficit attributable to Alliance HealthCare Services, Inc. (161,593) (169,820)
Noncontrolling interest 95,017 58,340
Total stockholders’ deficit (66,576) (111,480)
Total liabilities and stockholders’ deficit $ 634,887 $ 500,885
ALLIANCE HEALTHCARE SERVICES, INC. INCOME STATEMENTS
Column1 Column2 Column3 Column4 Column5 Column6 Column7 Column8 Column9 Column10 Column11 Column12 Column13
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands 12 Months Ended
Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2013
Income Statement [Abstract]
Revenues $ 473,054 $ 436,387 $ 448,831
Costs and expenses:
Cost of revenues, excluding depreciation and amortization 269,104 237,420 239,397
Selling, general and administrative expenses 88,471 79,903 80,215
Transaction costs 3,296 2,344 465
Shareholder transaction costs 1,853
Severance and related costs 1,347 2,517 1,658
Impairment charges 6,817 308 13,031
Loss on extinguishment of debt 26,018
Depreciation expense 48,595 54,971 66,319
Amortization expense 9,325 7,880 10,973
Interest expense and other, net 26,241 24,693 39,170
Other (income) and expense, net (12,255) (1,823) (1,945)
Total costs and expenses 442,794 408,213 475,301
Income (loss) before income taxes, earnings from unconsolidated investees, and noncontrolling interest 30,260 28,174 (26,470)
Income tax expense (benefit) 6,536 7,327 (12,398)
Earnings from unconsolidated investees (3,391) (4,654) (5,630)
Net income (loss) 27,115 25,501 (8,442)
Less: Net income attributable to noncontrolling interest (20,373) (14,883) (13,041)
Net income (loss) attributable to Alliance HealthCare Services, Inc. 6,742 10,618 (21,483)
Comprehensive income (loss), net of taxes:
Net income (loss) attributable to Alliance HealthCare Services, Inc. 6,742 10,618 (21,483)
Unrealized (loss) gain on hedging transactions, net of taxes (160) (269) 634
Comprehensive (loss) income, net of taxes: $ 6,582 $ 10,349 $ (20,849)
Income (loss) per common share attributable to Alliance HealthCare Services, Inc.:
Basic $ 0.63 $ 1 $ (2.02)
Diluted $ 0.62 $ 0.98 $ (2.02)
Weighted-average number of shares of common stock and common stock equivalents:
Basic 10,741 10,669 10,634
Diluted 10,849 10,836 10,634
&CCONFIDENTIAL&RJarred Andrulonis October 30th 2016
&C&D&T

Analogic Corporation

Product Line Medical Imaging
Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Digital Mammography
Ultrasound
BK Ultrasound systems and tranducers
Tranducers and probes
Security and Detection
eXaminer SX
eXaminer 3DX
eXaminer XLB
Motion Controls
Telehealth Services
Strategic Position in Market Place Analogic develops medical imaging including CT, MRI, DM and ultrasound scanners. In addition to medical imagine, Analogic also sells security technology such as baggage scanners for airports.
Strategic Plan
Philosophy Analogic works to provide customers with the latest technology. They strive to keep their customers a step ahead of competitors thanks to "unmatched" engineering and manufacturing.
Financial Health
Current Ratio 11.70%
Inventory Turnover 2.0773
Fixed Asset Turnover 4.7208
Total Asset Turnover 89.5075
Debt/Equity Ratio 0.19%
Profit Margin 0.02%
Return on Total Assets 2.1337
http://www.marketwatch.com/investing/stock/ALOG/financials

Income Statement

2014 2015 2016
Sales/Revenue 517.55M 540.29M 508.85M
Cost of Goods Sold (COGS) 302.65M 310.80M 288.98M
COGS excluding D&A 280.59M 287.5M 265.58M
D&A 22.06M 23.31M 23.40M
Depreciation 14.26M 14.41M 15.00M
Amortization of Intangibles 7.80M 8.90M 8.40M
Gross Income 214.9M 229.49M 219.87M
SG&A Expense 181.33M 188.2M 173.71M
Research and Development 73.83M 68.46M 67.12M
Other SG&A 107.5M 119.74M 106.59M
Unusual Expense 4.98M 684000.00 20.24M
EBIT after Unusual Expense 28.59M 40.6M 25.91M
Non Operating Income/Expense 197000.00 361000.00 (5.81M)
Non Operating Interest Income 253000.00 73000.00 208000.00
Pretax Income 29.04M 41.03M 20.32M
Income Tax (5.44M) 7.55M 8.19M
Income Tax - Current Domestic (4.9M) (2.8M) 2.3M
Income Tax - Current Foreign 4.9M 6M 6.4M
Income Tax - Deferred Domestic (3.3M) 2.1M (3M)
Income Tax - Deferred Foreign (2.14M) 2.25M 2.49M
Net Income 34.48M 33.48M 12.13M
Earnings Per Share (Basic) 2.78 2.70 0.98
Basic Shares Outstanding 12.4M 12.41M 12.4M
Earnings Per Share (Diluted) 2.72 2.66 0.96
Diluted Shares Outstanding 12.67M 12.61M 12.62M

Balance Sheet

Assets 2014 2015 2016
Cash and Short Term Investments 114.54M 123.8M 118.7M
Total Accounts Receivable 115.74M 129.7M 115.42M
Accounts Receivable 106.44M 119.3M 112.41M
Other Receivables 9.3M 10.4M 3M
Inventories 124.78M 132.71M 145.51M
Finished Goods 24M 22.2M 31.3M
Works in Progress 41.2M 46M 45.6M
Raw Materials 59.58M 64.51M 68.61M
Other Current Assets 18.72M 18.35M 9.18M
Total Current Assets 18.72M 18.35M 9.18M
Net Property, Plant, and Equipment 114.17M 106.3M 107.79M
Gross Property, Plant, and Equipment 238.87M 240.7M 256.29M
Buildings 85.1M 83M 85M
Land Improvement 7.5M 6.9M 7M
Other Property, Plant, and Equipment 146.27M 150.8M 21.59M
Accumulated Depreciation 124.7M 134.4M 148.5M
Intangible Assets 114.32M 106.95M 119.11M
Net Goodwill 56.96M 57.45M 73.92M
Net Other Intangibles 57.37M 49.5M 45.19M
Other Assets 4.61M 4.85M 6.52M
Total Assets 4.61M 4.85M 6.52M
Liabilities and Shareholder Equity
Accounts Payable 37.24M 30.49M 28.58M
Income Tax Payable - 4.1M 1.61M
Other Current Liabilities 47.27M 45.2M 48.28M
Accrued Payroll 16.31M 22.83M 18.11M
Miscellaneous Current Liabilities 16.31M 22.83M 18.11M
Total Current Liabilities 84.51M 79.79M 78.47M
Provisions for Risks & Charges 1.1M 1.2M 10.81M
Deferred Taxes (4.82M) (1.92M) (10.67M)
Deferred Taxes - Credit 2.66M 3.39M -
Deferred Taxes - Debit 7.48M 5.31M 10.67M
Other Liabilites 13.49M 12.18M 12.45M
Other Liabilites exclude Deferred Income 12.39M 11.28M 12.45M
Deferring Income 1.1M 900,000 -
Total Liabilites 101.76M 96.56M 101.72M
Common Equity 512.58M 531.41M 531.18M
Common Stock Par/Carry Value 619,000 621,000 619,000
Retained Earnings 378.48M 394.76M 390.01M
Cumulative Translation Adjustment for Exchange Gain 11.41M (1.11M) (3.36M)
Total Shareholder's Equity 512.58M 531.41M 531.18M
Total Liabilities & Shareholder's Equity 614.34M 627.97M 632.9M

Cash Flow

Operating Activites 2014 2015 2016
Net Income before Extraordinaries 34.48M 33.48M 12.13M
Depreciation, Depletion, & Amortization 22.06M 23.31M 22.95M
Depreciation and Depletion 14.26M 14.41M 14.55M
Amortization of Intangible Assets 7.8M 8.9M 8.4M
Deferred Taxes and Investment Credit (5.41M) 4.4M -457,000
Other Funds 12.28M 15.08M 12.84M
Funds from Operations 63.4M 76.28M 47.46M
Changes in Working Capital (15.47M) (37.57M) (14.47M)
Receivable 1.04M (16.05M) 6.07M
Accounts Payable 3.22M (7.28M) (2.23M)
Other Assets/Liabilities 4.89M (2.38M) (2.15M)
Net Operating Cash Flow 47.93M 38.71M 32.99M
Investing Activities
Capital Expenditures (17.52M) (9.95M) (13.12M)
Net Assets from Acquisitions (10.56M) (1.6M) (8.42M)
Sale of Fixed Assets & Businesses 260,000 559,000 106,000
Purchase of Investments -715,000 - -
Net Investing Cash Flow (28.53M) (11M) (21.44M)
Financing Activities
Cash Dividends Paid (4.96M) (5.11M) (4.96M)
Change in Capital Stock (17.26M) (8.81M) (11.7M)
Repurchase of Common Stock (22.64M) (16.7M) (16.42M)
Sale of Common Stock 5.38M 7.89M 4.72M
Other Funds 3.98M 1.13M -105,000
Other Uses - - -500,000
Other Sources 3.98M 1.13M 395,000
Net Financing Cash Flow (18.24M) (12.79M) (16.77M)
Exchange Rate Effect 349,000 (5.67M) 116,000
Net Change in Cash 1.51M 9.26M (5.1M)
Free Cash Flow 30.41M 28.76M 19.87M