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Esther Bayazitoglu
Icciyomara Gomez
Resha Taylor
Headquartered in Port
Washington, NY
Highly focused on online sales
Inventory valuation: FIFO (except
in Europe)
Employees: 5,500 as of 2011
Market capital: $557.28M
SYSTEMAX
200 201 2011
9
0
RADIOSHACK
200 201 201
9
0
1
HHGREGG
200 201 2011
9
0
Cash
7.14
26.1
7
27.2
0
6.14
26.0
5
13.2
4
Accounts
Receivable
29.6
1
17.3
5
16.5
8
4.10
5.07
5.22
Inventories
44.7
7
33.2
7
34.2
2
40.4
2
33.2
6
38.5
7
Other
current
assets
3.27
2.96
4.71
4.97
5.34
1.21
1.41
2.01
Total
current
assets
84.7
8
81.7
6
83.3
4
53.1
2
66.8
0
60.0
8
PPE (net)
8.03
8.25
7.95
11.6
2
12.6
1
12.4
2
23.8
5
21.9
5
29.6
2
Goodwill/
intangibles
5.89
5.53
5.38
1.60
1.89
1.70
3.12
200
9
201
0
200
9
201
0
201
1
200
9
201
0
2011
Accounts
Payable
42.4
0
12.5
2
16.0
1
17.7
7
24.6
6
17.1
7
Other
current
11.7
7
9.47
8.14
16.1
2
15.0
6
14.5
0
13.5
0
10.7
6
12.9
1
Current
portion LT
Debt
.30
.29
14.1
6
.26
.15
Total Current
liabilities
54.1
7
41.7
4
30.5
1
31.5
3
35.5
7
30.0
8
Long term
debt
.83
.80
25.8
4
15.2
5
30.8
3
26.1
7
14.4
3
Other
noncurrent
1.19
1.46
1.88
4.06
4.28
4.03
6.58
8.18
12.3
2
Total
Liabilities
55.3
6
61.2
7
65.3
7
64.2
8
58.1
8
42.4
0
Total Equity
44.6
38.7
34.6
35.7
41.8
57.6
2011
201
0
2011
200
9
201
0
201
1
200
9
201
0
2011
Net Sales
100
%
100
%
100%
100
%
100
%
100
%
100
%
100
%
100
%
Cost of sales
85.4
6
55.1
4
58.6
4
68.8
5
69.5
7
69.6
9
Gross Profit
14.5
4
44.8
6
41.3
6
31.1
5
30.4
3
30.3
1
Selling,
general, and
admin.
expenses
12.2
2
36.6
5
37.8
2
26.1
7
25.9
5
26.1
6
Operating
income
2.32
1.91
2.19
8.73
8.21
3.54
4.99
4.48
4.15
Other items
.86
.73
.71
2.14
2.26
2.38
2.38
1.94
1.83
Net Income
1.46
1.19
1.48
5.03
4.83
1.65
2.61
2.55
2.32
120.00
100.00
80.00
60.00
40.00
20.00
0.00
2009
2010
2011
2010
2011
Inventory Turnover
Inventory
Valuation
10.00
8.00
Systemax
FIFO
6.00
RadioShack
FIFO
2.00
HHGregg
Average Cost
0.00
4.00
2010
2011
Store Sales
Sales per Sq. Ft
4500
4000
3500
3000
2500
2000
1500
1000
500
0
Systemax
Radio Shack
HH Gregg
2009
System
ax
2010
System
ax
2011
System
ax
2009
Radio
Shack
2010
Radio
Shack
2011
Radio
Shack
2009
HH
Gregg
2010
HH
Gregg
2011
HH
Gregg
Ope
n
27
754
662
20
22
43
Clos
ed
216
134
536
Total
34
41
42
656
3
7183
730
9
110
131
173
Profitability
Gross Profit Margin
50%
40%
30%
20%
10%
0%
Return on Assets
15%
2009
2010
2011
2009
2010
2011
10%
5%
0%
Return on Equity
2009
2010
2011
6.00%
4.00%
2.00%
0.00%
40%
2009
2010
2011
30%
20%
10%
0%
Systemax
Radio Shack
HH Gregg
Return on Investment
0.2
0.1
0
Systemax
Radio Shack
2009
2010
2011
HH Gregg
Liquidity
4
3
2
1
0
Current Ratio
200
9
201
0
201
1
2.5
2
1.5
1
0.5
0
Quick Ratio
200
9
201
0
Systemax Radio Shack HH Gregg
Leverage Ratios
Debt Equity Ratio
Debt Ratio
2
1
0
Systemax
Radio Shack
2009
2010
HH Greggs
2009
2010
2011
Systemax
Radio Shack
2009
2010
HH Greggs
2011
2011
Investor Analysis
Operating Cash Flow/Cash Dividends
2009
2010
Systemax
2011
2009
2010
2011
Systemax
Radio Shack
2009
2010
2011
HH Greggs
Summary
Systemax
Excellent Inventory Turnover
Significantly higher Cost of Sales
The lowest Net Income/Net sales
Low dividends
Radio Shack
Lowest Cost of Sales
Low Inventory Turnover
High Net Income/ Net Sales in previous years
Even dividend payout
HH Gregg
High Cost of Sales relative to Net Sales
High Inventory Turnover
Even Net Income/ Net sales
Doesnt pay dividends
41710
41802
Systemax
RadioShack
41894
HH Gregg
41985