Intl Business Machines (IBM)
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Fiscal Year End Date: 12/31
| 12-2005 | 12-2004 | 12-2003 | 12-2002 | 12-2001 | |
| Cash Flows From Operating Activities | |||||
| Net Income | 7,934,000 | 7,479,000 | 6,558,000 | 5,334,000 | 8,146,000 |
| Depreciation Amortization | 5,188,000 | 4,915,000 | 4,916,000 | 4,493,000 | 4,506,000 |
| Income taxes - deferred | 2,185,000 | 1,794,000 | 790,000 | -67,000 | 664,000 |
| Accounts receivable | 2,219,000 | 2,613,000 | 2,024,000 | 4,125,000 | 2,837,000 |
| Accounts payable and accrued liabilities | -536,000 | 411,000 | 617,000 | -55,000 | -918,000 |
| Other Working Capital | 66,000 | -35,000 | 895,000 | 2,963,000 | 585,000 |
| Other Operating Activity | -2,142,000 | -1,828,000 | -1,263,000 | -3,005,000 | -1,854,000 |
| Operating Cash Flow | $14,914,000 | $15,349,000 | $14,537,000 | $13,788,000 | $13,966,000 |
| Cash Flows From Investing Activities | |||||
| PPE Investments | -2,735,000 | -3,057,000 | -3,354,000 | -3,978,000 | -4,251,000 |
| Net Acquisitions | -550,000 | -1,713,000 | -1,739,000 | -1,925,000 | -916,000 |
| Purchase Of Investment | -5,318,000 | -9,406,000 | -7,052,000 | -2,179,000 | -1,433,000 |
| Sale Of Investment | 4,180,000 | 8,830,000 | 7,023,000 | 1,185,000 | 738,000 |
| Investing Cash Flow | $-4,423,000 | $-5,346,000 | $-5,122,000 | $-6,897,000 | $-5,862,000 |
| Cash Flows From Financing Activities | |||||
| Change In Short Term Borrowing | -232,000 | 1,073,000 | 777,000 | -4,087,000 | 2,926,000 |
| Debt Issued | 4,363,000 | 2,438,000 | 1,573,000 | 6,726,000 | 4,535,000 |
| Debt Repayment | -3,522,000 | -4,538,000 | -5,831,000 | -5,812,000 | -7,898,000 |
| Common Stock Issued | 1,233,000 | -5,361,000 | -3,200,000 | -3,087,000 | -3,652,000 |
| Common Stock Repurchased | -7,739,000 | N/A | N/A | N/A | N/A |
| Dividend Paid | -1,250,000 | -1,174,000 | -1,085,000 | -1,005,000 | -966,000 |
| Other Financing Activity | 0 | 0 | 0 | 0 | -254,000 |
| Financing Cash Flow | $-7,147,000 | $-7,562,000 | $-7,766,000 | $-7,265,000 | $-5,309,000 |
| Exchange Rate Effect | -789,000 | 405,000 | 421,000 | 148,000 | -83,000 |
| Beginning Cash Position | 10,053,000 | 7,290,000 | 5,382,000 | 6,330,000 | 3,563,000 |
| End Cash Position | 12,568,000 | 10,053,000 | 7,290,000 | 5,382,000 | 6,330,000 |
| Net Cash Flow | $2,515,000 | $2,763,000 | $1,908,000 | $-948,000 | $2,767,000 |
| Free Cash Flow | |||||
| Operating Cash Flow | 14,914,000 | 15,349,000 | 14,537,000 | 13,788,000 | 13,966,000 |
| Capital Expenditure | -3,842,000 | -4,368,000 | -4,393,000 | -4,753,000 | -5,400,000 |
| Free Cash Flow | 11,072,000 | 10,981,000 | 10,144,000 | 9,035,000 | 8,566,000 |