International Business Machines (IBM)
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Fiscal Year End Date: 12/31
| 12-2008 | 12-2007 | 12-2006 | 12-2005 | 12-2004 | |
| Cash Flows From Operating Activities | |||||
| Net Income | 12,334,000 | 10,418,000 | 9,492,000 | 7,934,000 | 7,479,000 |
| Depreciation Amortization | 5,450,000 | 5,201,000 | 4,983,000 | 5,188,000 | 4,915,000 |
| Income taxes - deferred | 1,900,000 | 740,000 | 1,724,000 | 2,185,000 | 1,794,000 |
| Accounts receivable | 274,000 | -1,408,000 | -512,000 | 2,219,000 | 2,613,000 |
| Accounts payable and accrued liabilities | -860,000 | -142,000 | 355,000 | -536,000 | 411,000 |
| Other Working Capital | -1,193,000 | -890,000 | -1,776,000 | 66,000 | -35,000 |
| Other Operating Activity | 907,000 | 2,175,000 | 753,000 | -2,142,000 | -1,828,000 |
| Operating Cash Flow | $18,812,000 | $16,094,000 | $15,019,000 | $14,914,000 | $15,349,000 |
| Cash Flows From Investing Activities | |||||
| PPE Investments | -3,821,000 | -4,093,000 | -3,932,000 | -2,735,000 | -3,057,000 |
| Net Acquisitions | -6,242,000 | -699,000 | -3,799,000 | -550,000 | -1,713,000 |
| Purchase Of Investment | -5,306,000 | -24,992,000 | -24,334,000 | -5,318,000 | -9,406,000 |
| Sale Of Investment | 6,100,000 | 24,984,000 | 20,533,000 | 4,180,000 | 8,830,000 |
| Other Investing Activity | -16,000 | 125,000 | -17,000 | 0 | 0 |
| Investing Cash Flow | $-9,285,000 | $-4,675,000 | $-11,549,000 | $-4,423,000 | $-5,346,000 |
| Cash Flows From Financing Activities | |||||
| Change In Short Term Borrowing | -6,025,000 | 1,674,000 | 1,834,000 | -232,000 | 1,073,000 |
| Debt Issued | 13,829,000 | 21,744,000 | 1,444,000 | 4,363,000 | 2,438,000 |
| Debt Repayment | -10,248,000 | -11,306,000 | -3,400,000 | -3,522,000 | -4,538,000 |
| Common Stock Issued | 3,774,000 | 4,123,000 | N/A | 1,233,000 | -5,361,000 |
| Common Stock Repurchased | -10,578,000 | -18,828,000 | -8,084,000 | -7,739,000 | N/A |
| Dividend Paid | -2,585,000 | -2,147,000 | -1,683,000 | -1,250,000 | -1,174,000 |
| Other Financing Activity | -1,000 | 0 | 1,685,000 | 0 | 0 |
| Financing Cash Flow | $-11,834,000 | $-4,740,000 | $-8,204,000 | $-7,147,000 | $-7,562,000 |
| Exchange Rate Effect | 58,000 | 294,000 | 201,000 | -789,000 | 405,000 |
| Beginning Cash Position | 14,991,000 | 8,022,000 | 12,568,000 | 10,053,000 | 7,290,000 |
| End Cash Position | 12,741,000 | 14,991,000 | 8,022,000 | 12,568,000 | 10,053,000 |
| Net Cash Flow | $-2,250,000 | $6,969,000 | $-4,546,000 | $2,515,000 | $2,763,000 |
| Free Cash Flow | |||||
| Operating Cash Flow | 18,812,000 | 16,094,000 | 15,019,000 | 14,914,000 | 15,349,000 |
| Capital Expenditure | -4,171,000 | -4,630,000 | -4,362,000 | -3,842,000 | -4,368,000 |
| Free Cash Flow | 14,641,000 | 11,464,000 | 10,657,000 | 11,072,000 | 10,981,000 |