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I am trying to figure out some math here that I just can't get to work, but I figure that someone else on this board has already done this...

in the Hidden Gems from a couple of months ago, Matt Richey calculated the free cash flow (FCF) for CNXS for the FY 2003 to be 18.2M....for the life of me I can't get the cash flow statement numbers to match this...

I am assuming that Richey would have taken the cash flow from operations (19.2M), subtracted out the cap ex (60K), and subtracted out the deferred income taxes (3.5M)...

to me, this leaves a FCF of 15.1M

I would trust Richey's calculations over mine, so can someone please show me the error of my ways?

thanks in advance
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