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Dean -

I found entries for capital expenses under the Investing section of the cash flow statement.

2Q06 2Q05 1Q06
Operating Cash Flow 33.687 54.042 21.61
Purchases of Property, Plant and Equip -8.402 -6.34 -2.709

Free Cash Flow (Op cash flow-cap ex) 31.004 47.702 18.901

I probably should also include the line item under Investing of "Proceeds from sale of property, plant and equipment," but this is more conservative. Subtracting 1Q numbers (1Q05 FCF was $23.8MM), yields the second quarter FCF of $12.1 and for 2Q05, $23.9.

Cash flows tend to be much lumpier than earnings, but I've so far not dug up any good reason for the significant decline. Could just be timing issues. I'll just be watching it for 3Q06. I'm nervous because I don't really feel as though I understand this business, nor do I understand its cyclical nature.

Hope this helps,

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