TIGO
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | 17.01 | -37.50 | 9.94 | 6.21 |
| Price to Sales | 0.74 | 0.54 | 0.31 | 0.86 |
| Book Value Per Common Share | 21.31 | 20.55 | 21.10 | 20.24 |
| Price to Book | 1.17 | 0.88 | 0.60 | 1.41 |
| Price to Operating Cash Flow | 2.67 | 2.52 | 1.37 | 3.83 |
| Price to Free Cash Flow | 5.14 | 77.12 | 8.28 | 45.24 |
| Enterprise Value to EBITDA | 18058.91 | 14673.80 | 9995.07 | 15350.59 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Price to Earnings | 41.49 | 9.25 | 26.55 | 138.94 | 90.40 |
| Price to Sales | 5.71 | 4.56 | 3.73 | 3.00 | 3.25 |
| Book Value Per Common Share | 20.01 | 21.17 | 20.29 | 21.31 | 22.19 |
| Price to Book | 2.43 | 1.77 | 1.49 | 1.17 | 1.22 |
| Price to Operating Cash Flow | 17.50 | 14.02 | 14.72 | 9.43 | 10.73 |
| Price to Free Cash Flow | 30.35 | 26.61 | 38.81 | 16.41 | 16.36 |
| Enterprise Value to EBITDA | 107715.59 | 51903.63 | 69875.99 | 77142.97 | 82476.15 |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | -72.30 | |||
| Revenue YoY | 2.53 | 0.66 | 31.99 | |
| EBITDA YoY | 11.91 | -2.45 | -8.71 | |
| Net Profit YoY | -70.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Earning YoY | -71.11 | 255.26 | 533.33 | -40.00 | |
| Revenue YoY | 3.50 | -0.15 | -3.78 | -0.21 | |
| EBITDA YoY | -37.56 | 66.81 | 30.98 | -2.13 | |
| Net Profit YoY | -71.15 | 250.26 | 503.13 | -37.25 |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 4.08 | 4.52 | 7.47 | 6.95 |
| Quick Ratio | 0.44 | 0.65 | 0.82 | 0.37 |
| Current Ratio | 0.76 | 0.82 | 0.97 | 0.50 |
| Debt to Equity | 2.84 | 3.21 | 2.91 | 4.53 |
| Long-Term Debt to Equity | 1.97 | 2.54 | 2.32 | 2.89 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Cash Per Common Share | 9.96 | 7.69 | 3.16 | 4.08 | 4.69 |
| Quick Ratio | 0.70 | 0.61 | 0.41 | 0.44 | 0.56 |
| Current Ratio | 0.93 | 0.89 | 0.76 | 0.76 | 0.97 |
| Debt to Equity | 3.71 | 3.29 | 3.07 | 2.84 | 2.77 |
| Long-Term Debt to Equity | 2.69 | 2.38 | 2.20 | 1.97 | 2.00 |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | 1.84 | -0.56 | 1.25 | 3.90 |
| ROE | 7.08 | -2.38 | 4.87 | 21.53 |
| Gross Margin | 75.53 | 73.38 | 73.22 | 71.91 |
| Operating Margin | 19.35 | 13.58 | 14.15 | 27.46 |
| EBITDA Margin | 40.63 | 37.22 | 38.41 | 55.53 |
| Net Profit Margin | 4.36 | -1.45 | 3.15 | 13.85 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| ROA | 1.25 | 4.51 | 1.41 | 0.23 | 0.36 |
| ROE | 5.89 | 19.33 | 5.76 | 0.90 | 1.37 |
| Gross Margin | 77.96 | 76.97 | 77.00 | 75.91 | 76.17 |
| Operating Margin | 30.77 | 66.25 | 31.00 | 17.79 | 18.45 |
| EBITDA Margin | 53.03 | 87.90 | 52.62 | 38.66 | 39.41 |
| Net Profit Margin | 13.73 | 49.27 | 14.05 | 2.24 | 3.56 |
Dividends
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Dividend Yield | ||||
| Dividend Payout Ratio |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Dividend Yield | 0.00 | 0.00 | 0.00 | ||
| Dividend Payout Ratio | 64.10 | 18.49 | 88.08 |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 13,737,000.00 | 14,516,000.00 | 14,198,000.00 | 15,141,000.00 |
| Current Assets | 2,380,000.00 | 1,916,000.00 | 2,066,000.00 | 2,252,000.00 |
| Cash and Short-Term Investments | 699,000.00 | 775,000.00 | 1,039,000.00 | 895,000.00 |
| Cash and Cash Equivalents | 699,000.00 | 775,000.00 | 1,039,000.00 | 895,000.00 |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Net Receivables | 677,000.00 | 741,000.00 | 699,000.00 | 787,000.00 |
| Inventory | 44,000.00 | 45,000.00 | 53,000.00 | 63,000.00 |
| Other Current Assets | 960,000.00 | 355,000.00 | 275,000.00 | 507,000.00 |
| Non-Current Assets | 11,357,000.00 | 12,601,000.00 | 12,133,000.00 | 12,890,000.00 |
| Property, Plant, Equipment Net | 3,638,000.00 | 4,002,000.00 | 3,871,000.00 | 4,408,000.00 |
| Goodwill | 4,094,000.00 | 4,107,000.00 | 4,059,000.00 | 4,098,000.00 |
| Intangible Assets | 2,814,000.00 | 3,678,000.00 | 3,302,000.00 | 3,460,000.00 |
| Long-Term Investments | 561,000.00 | 576,000.00 | 590,000.00 | 618,000.00 |
| Non-Current Deferred Assets | 165,000.00 | 153,000.00 | 214,000.00 | 188,000.00 |
| Other Non-Current Assets | 85,000.00 | 85,000.00 | 97,000.00 | 118,000.00 |
| Liabilities | 10,163,000.00 | 11,071,000.00 | 10,564,000.00 | 12,401,000.00 |
| Current Liabilities | 3,115,000.00 | 2,329,000.00 | 2,120,000.00 | 4,486,000.00 |
| Payables and Expenses | 1,502,000.00 | 1,397,000.00 | 1,460,000.00 | 1,639,000.00 |
| Account Payables | 300,000.00 | 390,000.00 | 400,000.00 | 347,000.00 |
| Current Accrued Liabilities | 421,000.00 | 444,000.00 | 412,000.00 | 539,000.00 |
| Short-Term Debt | 438,000.00 | 410,000.00 | 343,000.00 | 2,011,000.00 |
| Other Current Liabilities | 1,175,000.00 | 522,000.00 | 317,000.00 | 836,000.00 |
| Non-Current Liabilities | 7,048,000.00 | 8,742,000.00 | 8,444,000.00 | 7,915,000.00 |
| Long-Term Debt | 6,331,000.00 | 7,330,000.00 | 7,477,000.00 | 6,900,000.00 |
| Other Non-Current Liabilities | 717,000.00 | 1,412,000.00 | 967,000.00 | 1,015,000.00 |
| Equity | 3,574,000.00 | 3,445,000.00 | 3,634,000.00 | 2,740,000.00 |
| Shareholders Equity | 3,628,000.00 | 3,529,000.00 | 3,605,000.00 | 2,583,000.00 |
| Capital Stock | 258,000.00 | 258,000.00 | 258,000.00 | 153,000.00 |
| Share Premium | 1,064,000.00 | 1,076,000.00 | 1,085,000.00 | 476,000.00 |
| Retained Earnings | 2,881,000.00 | 2,703,000.00 | 2,868,000.00 | 2,609,000.00 |
| Treasury Shares | 43,000.00 | 8,000.00 | 47,000.00 | 60,000.00 |
| Accumulated Other Comprehensive Income | -531,000.00 | -500,000.00 | -559,000.00 | -594,000.00 |
| Minority Interest | -54,000.00 | -84,000.00 | 29,000.00 | 157,000.00 |
| Debt | 6,769,000.00 | 7,740,000.00 | 7,820,000.00 | 8,911,000.00 |
| Net Debt | 5,116,000.00 | 5,922,000.00 | 5,765,000.00 | 6,849,000.00 |
| Common Shares Outstanding | 170,239.30 | 171,726.30 | 170,883.30 | 127,632.59 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 5,804,000.00 | 5,661,000.00 | 5,624,000.00 | 4,261,000.00 |
| Cost Of Revenue | 1,420,000.00 | 1,507,000.00 | 1,506,000.00 | 1,197,000.00 |
| Interest Income | 46,000.00 | 28,000.00 | 18,000.00 | 23,000.00 |
| Interest Expense | 571,000.00 | 594,000.00 | 558,000.00 | 442,000.00 |
| Non-Interest Expense | 1,078,000.00 | 1,150,000.00 | 1,064,000.00 | 924,000.00 |
| Gross Profit | 4,384,000.00 | 4,154,000.00 | 4,118,000.00 | 3,064,000.00 |
| Operating Expenses | 3,112,000.00 | 3,373,000.00 | 3,233,000.00 | 2,649,000.00 |
| Selling, General and Administrative Expenses | 1,078,000.00 | 1,150,000.00 | 1,064,000.00 | 924,000.00 |
| Other Operating Expenses | 799,000.00 | 885,000.00 | 825,000.00 | 611,000.00 |
| Operating Income | 1,272,000.00 | 781,000.00 | 885,000.00 | 415,000.00 |
| Net Non-Operating Income | -85,000.00 | 3,000.00 | 1,000.00 | 2,000.00 |
| EBT | 552,000.00 | 175,000.00 | 238,000.00 | 728,000.00 |
| Income Tax | 281,000.00 | 424,000.00 | 222,000.00 | 158,000.00 |
| Net Income Including Non-Controlling Interests | 268,000.00 | -245,000.00 | 129,000.00 | 542,000.00 |
| Net Income Non-Controlling Interests | -15,000.00 | 163,000.00 | 48,000.00 | 48,000.00 |
| Net Income | 253,000.00 | -82,000.00 | 177,000.00 | 590,000.00 |
| EBIT | 1,123,000.00 | 769,000.00 | 796,000.00 | 1,170,000.00 |
| Deprecation and Amortization | 1,234,000.00 | 1,338,000.00 | 1,364,000.00 | 1,196,000.00 |
| EBITDA | 2,358,000.00 | 2,107,000.00 | 2,160,000.00 | 2,366,000.00 |
| EPS | 0.00 | -0.00 | 0.00 | 0.00 |
| Diluted EPS | 0.00 | -0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 171,313.00 | 171,397.00 | 139,049.00 | 128,814.69 |
| Average Shares Outstanding Diluted | 172,560.00 | 171,397.00 | 139,690.00 | 128,814.69 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | 1,603,000.00 | 1,223,000.00 | 1,284,000.00 | 956,000.00 |
| Operating Net Income | 549,000.00 | 179,000.00 | 354,000.00 | 731,000.00 |
| Deprecation and Amortization | 1,234,000.00 | 1,338,000.00 | 1,364,000.00 | 1,196,000.00 |
| Deferred Income Tax | 0 | 0 | 0 | 0 |
| Share Based Compensation | 50,000.00 | 52,000.00 | 29,000.00 | 17,000.00 |
| Change in Working Capital | -97,000.00 | -123,000.00 | -151,000.00 | -81,000.00 |
| Other Operating Activities | -133,000.00 | -223,000.00 | -312,000.00 | -907,000.00 |
| Investing Cash Flow | -604,000.00 | -1,116,000.00 | -1,104,000.00 | -2,703,000.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -482,000.00 | -797,000.00 | -779,000.00 | -729,000.00 |
| Net Purchase/Sale of Investments Net | 9,000.00 | -26,000.00 | 11,000.00 | 0 |
| Net Purchase/Sale of Business | 5,000.00 | 0 | -131,000.00 | -1,807,000.00 |
| Other Investing Activities | -136,000.00 | -293,000.00 | -205,000.00 | -167,000.00 |
| Financing Cash Flow | -1,066,000.00 | -377,000.00 | -1,000.00 | 1,777,000.00 |
| Net Issuance/Repayment of Debt | -966,000.00 | -447,000.00 | -714,000.00 | 1,834,000.00 |
| Net Issuance/Repurchase of Equity | -99,000.00 | -5,000.00 | 717,000.00 | -50,000.00 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 0 | -4,000.00 | -7,000.00 |
| Net Change in Cash | -68,000.00 | -270,000.00 | 179,000.00 | 30,000.00 |
| Cash at Beginning of Period | 775,000.00 | 1,039,000.00 | 895,000.00 | 875,000.00 |
| Cash at End of Period | 699,000.00 | 775,000.00 | 1,039,000.00 | 895,000.00 |
| Free Cash Flow | 834,000.00 | 40,000.00 | 212,000.00 | 81,000.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Assets | 15,590,000.00 | 15,000,000.00 | 13,662,000.00 | 13,737,000.00 | 14,067,000.00 |
| Current Assets | 3,126,000.00 | 2,834,000.00 | 2,217,000.00 | 2,380,000.00 | 2,795,000.00 |
| Cash and Short-Term Investments | 1,663,000.00 | 1,283,000.00 | 534,000.00 | 699,000.00 | 803,000.00 |
| Cash and Cash Equivalents | 1,663,000.00 | 1,283,000.00 | 534,000.00 | 699,000.00 | 803,000.00 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 699,000.00 | 650,000.00 | 656,000.00 | 677,000.00 | 805,000.00 |
| Inventory | 68,000.00 | 74,000.00 | 56,000.00 | 44,000.00 | 60,000.00 |
| Other Current Assets | 696,000.00 | 827,000.00 | 971,000.00 | 960,000.00 | 1,127,000.00 |
| Non-Current Assets | 12,464,000.00 | 12,166,000.00 | 11,445,000.00 | 11,357,000.00 | 11,272,000.00 |
| Property, Plant, Equipment Net | 4,617,000.00 | 4,380,000.00 | 3,818,000.00 | 3,638,000.00 | 3,606,000.00 |
| Goodwill | 0 | 0 | 0 | 4,094,000.00 | 0 |
| Intangible Assets | 0 | 0 | 0 | 2,814,000.00 | 0 |
| Long-Term Investments | 527,000.00 | 565,000.00 | 565,000.00 | 561,000.00 | 610,000.00 |
| Non-Current Deferred Assets | 130,000.00 | 114,000.00 | 132,000.00 | 165,000.00 | 152,000.00 |
| Other Non-Current Assets | 0 | 0 | 0 | 85,000.00 | 0 |
| Liabilities | 12,280,000.00 | 11,502,000.00 | 10,309,000.00 | 10,163,000.00 | 10,340,000.00 |
| Current Liabilities | 3,365,000.00 | 3,188,000.00 | 2,916,000.00 | 3,115,000.00 | 2,884,000.00 |
| Payables and Expenses | 2,026,000.00 | 1,693,000.00 | 1,360,000.00 | 1,502,000.00 | 1,165,000.00 |
| Account Payables | 400,000.00 | 340,000.00 | 330,000.00 | 300,000.00 | 277,000.00 |
| Current Accrued Liabilities | 434,000.00 | 452,000.00 | 413,000.00 | 421,000.00 | 491,000.00 |
| Short-Term Debt | 656,000.00 | 556,000.00 | 409,000.00 | 438,000.00 | 432,000.00 |
| Other Current Liabilities | 683,000.00 | 939,000.00 | 1,147,000.00 | 1,175,000.00 | 1,287,000.00 |
| Non-Current Liabilities | 8,915,000.00 | 8,314,000.00 | 7,393,000.00 | 7,048,000.00 | 7,456,000.00 |
| Long-Term Debt | 7,786,000.00 | 7,371,000.00 | 6,709,000.00 | 6,331,000.00 | 6,820,000.00 |
| Other Non-Current Liabilities | 1,129,000.00 | 943,000.00 | 684,000.00 | 717,000.00 | 636,000.00 |
| Equity | 3,310,000.00 | 3,498,000.00 | 3,353,000.00 | 3,574,000.00 | 3,727,000.00 |
| Shareholders Equity | 3,343,000.00 | 3,537,000.00 | 3,386,000.00 | 3,628,000.00 | 3,806,000.00 |
| Capital Stock | 253,000.00 | 253,000.00 | 258,000.00 | 258,000.00 | 258,000.00 |
| Share Premium | 1,037,000.00 | 1,037,000.00 | 1,058,000.00 | 1,064,000.00 | 1,064,000.00 |
| Retained Earnings | 2,835,000.00 | 3,062,000.00 | 2,954,000.00 | 2,881,000.00 | 3,021,000.00 |
| Treasury Shares | 52,000.00 | 53,000.00 | 142,000.00 | 43,000.00 | 12,000.00 |
| Accumulated Other Comprehensive Income | -730,000.00 | -762,000.00 | -741,000.00 | -531,000.00 | -525,000.00 |
| Minority Interest | -33,000.00 | -39,000.00 | -33,000.00 | -54,000.00 | -79,000.00 |
| Debt | 8,442,000.00 | 7,927,000.00 | 7,118,000.00 | 6,769,000.00 | 7,252,000.00 |
| Net Debt | 4,597,000.00 | 4,629,000.00 | 5,237,000.00 | 5,116,000.00 | 5,369,000.00 |
| Common Shares Outstanding | 167,085.00 | 167,038.00 | 166,877.30 | 170,239.30 | 171,497.41 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Revenues | 1,420,000.00 | 1,372,000.00 | 1,374,000.00 | 1,428,000.00 | 1,431,000.00 |
| Cost Of Revenue | 313,000.00 | 316,000.00 | 316,000.00 | 344,000.00 | 341,000.00 |
| Gross Profit | 1,107,000.00 | 1,056,000.00 | 1,058,000.00 | 1,084,000.00 | 1,090,000.00 |
| Operating Expenses | 731,000.00 | 713,000.00 | 648,000.00 | 742,000.00 | 804,000.00 |
| Other Operating Expenses | 415,000.00 | 416,000.00 | 351,000.00 | -634,000.00 | 504,000.00 |
| Operating Income | 376,000.00 | 343,000.00 | 410,000.00 | 342,000.00 | 286,000.00 |
| Net Non-Operating Income | -116,000.00 | 7,000.00 | 1,000.00 | -86,000.00 | 0 |
| Interest Income | 11,000.00 | 2,000.00 | 2,000.00 | 6,000.00 | 9,000.00 |
| Interest Expense | 148,000.00 | 135,000.00 | 136,000.00 | 134,000.00 | 141,000.00 |
| EBT | 289,000.00 | 774,000.00 | 290,000.00 | 120,000.00 | 123,000.00 |
| Income Tax | 85,000.00 | 102,000.00 | 71,000.00 | 67,000.00 | 66,000.00 |
| Net Income Including Non-Controlling Interests | 204,000.00 | 673,000.00 | 219,000.00 | 51,000.00 | 57,000.00 |
| Net Income Non-Controlling Interests | -9,000.00 | 3,000.00 | -26,000.00 | -19,000.00 | -6,000.00 |
| Net Income | 195,000.00 | 676,000.00 | 193,000.00 | 32,000.00 | 51,000.00 |
| EBIT | 437,000.00 | 909,000.00 | 426,000.00 | 254,000.00 | 264,000.00 |
| Deprecation and Amortization | 316,000.00 | 297,000.00 | 297,000.00 | 296,000.00 | 300,000.00 |
| EBITDA | 753,000.00 | 1,206,000.00 | 723,000.00 | 552,000.00 | 564,000.00 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 166,915.00 | 166,883.00 | 169,238.00 | 171,259.00 | 171,345.00 |
| Average Shares Outstanding Diluted | 167,688.00 | 167,629.00 | 169,965.00 | 172,711.00 | 172,654.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Operating Cash Flow | 463,000.00 | 446,000.00 | 348,000.00 | 454,000.00 | 433,000.00 |
| Operating Net Income | 289,000.00 | 774,000.00 | 290,000.00 | 117,000.00 | 123,000.00 |
| Deprecation and Amortization | 316,000.00 | 297,000.00 | 297,000.00 | 296,000.00 | 300,000.00 |
| Deferred Income Tax | 0 | 0 | 0 | 0 | 0 |
| Share Based Compensation | 3,000.00 | 6,000.00 | 3,000.00 | 7,000.00 | 23,000.00 |
| Change in Working Capital | -18,000.00 | 24,000.00 | -80,000.00 | 28,000.00 | 28,000.00 |
| Other Operating Activities | -127,000.00 | -655,000.00 | -162,000.00 | 6,000.00 | -41,000.00 |
| Investing Cash Flow | -174,000.00 | 364,000.00 | -129,000.00 | -157,000.00 | -105,000.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -155,000.00 | -169,000.00 | -67,000.00 | -164,000.00 | -106,000.00 |
| Net Purchase/Sale of Investments Net | 0 | 0 | 0 | 9,000.00 | 0 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0 | -2,000.00 | 0 |
| Financing Cash Flow | 87,000.00 | -51,000.00 | -364,000.00 | -396,000.00 | -316,000.00 |
| Net Issuance/Repayment of Debt | 212,000.00 | 73,000.00 | -74,000.00 | -361,000.00 | -283,000.00 |
| Net Issuance/Repurchase of Equity | 0 | 0 | -119,000.00 | -34,000.00 | -33,000.00 |
| Dividends Paid | -125,000.00 | -125,000.00 | -170,000.00 | 0 | 0 |
| Other Financing Activities | 0.00 | 1,000.00 | -1,000.00 | 0 | 0.00 |
| Net Change in Cash | 376,000.00 | 758,000.00 | -144,000.00 | -100,000.00 | 12,000.00 |
| Cash at Beginning of Period | 1,283,000.00 | 534,000.00 | 699,000.00 | 803,000.00 | 792,000.00 |
| Cash at End of Period | 1,663,000.00 | 1,283,000.00 | 534,000.00 | 699,000.00 | 803,000.00 |
| Free Cash Flow | 267,000.00 | 235,000.00 | 132,000.00 | 261,000.00 | 284,000.00 |