Professional Documents
Culture Documents
exhibit 1
2001
Sales
Cost of Goods Sold
Gross Profit
Selling and Administration
Depreciation
Income Before Interest and Taxes
Interest Expense
Income Before Taxes
Income Taxes
Net Income
22,456
13,200
9,256
1,450
1,425
6,381
1,101
5,280
1,848
3,432
2000
Current Assets
Cash
Accounts Receivable
Inventories
Prepayments
Total current Assets
PP & E
Less: A/D
Net PP & E
Total Assets
Current Liabilities
Account Payable
Line-of-credit
Current Portion of LT debt
Total Current Liabilities
Long-term Debt
Shareholders' Equity
Common Shares
Retained Earnings
Total Liabilities and Equities
2002
35,000
22,750
12,250
2,972
3,130
6,148
5,058
1,090
382
709
2001
2003
43,566
28,563
15,003
4,911
3,607
6,485
5,841
644
225
419
2002
142
2,490
3,362
57
6,051
18,921
4,288
14,633
20,684
904
4,300
3,952
469
9,625
23,055
5,713
17,342
26,967
583
6,786
3,500
329
11,198
77,640
8,843
68,797
79,995
1,594
1,676
1,104
4,374
6,738
1,594
1,351
1,789
4,734
9,716
12,341
7,007
7,018
26,366
41,921
5,707
3,865
20,684
5,707
6,810
26,967
5,707
6,001
79,995
1 Vertical Analysis
2001
Sales
2002
Percentage
Amount
Amount
22,456
100.00%
35,000
13,200
9,256
1,450
1,425
6,381
1,101
5,280
1,848
3,432
Amount
Current Assets
Cash
Accounts Receivable
Inventories
Prepayments
Total current Assets
PP & E
Less: A/D
Net PP & E
Total Assets
Current Liabilities
Account Payable
Line-of-credit
Current Portion of LT debt
Total Current Liabilities
Long-term Debt
Shareholders' Equity
Common Shares
Retained Earnings
Total Liabilities and Equities
58.78%
41.22%
6.46%
6.35%
28.42%
4.90%
23.51%
8.23%
15.28%
2000
Percentage
22,750
12,250
2,972
3,130
6,148
5,058
1,090
382
709
2001
Amount
142
2,490
3,362
57
6,051
18,921
4,288
14,633
20,684
0.69%
12.04%
16.25%
0.28%
29.25%
91.48%
20.73%
70.75%
100.00%
904
4,300
3,952
469
9,625
23,055
5,713
17,342
26,967
1,594
1,676
1,104
4,374
6,738
7.71%
8.10%
5.34%
21.15%
32.58%
1,594
1,351
1,789
4,734
9,716
5,707
3,865
20,684
27.59%
18.69%
100.00%
5,707
6,810
26,967
Horinzontal Analysis
Sales
Cost of Goods Sold
Gross Profit
Selling and Administration
Depreciation
Income Before Interest and Taxes
Interest Expense
Y 2002
Y 2003
Increase (decrease)
Increase (decrease)
Amount
Percentage
Amount
(12,544)
-55.86%
8,566
(9,550)
-72.35%
5,813
(2,994)
-32.35%
2,753
(1,522)
-104.97%
1,939
(1,705)
-119.65%
477
233
3.65%
337
(3,957)
-359.40%
783
4,190
1,466
2,723
79.36%
79.33%
79.34%
Y 2001
Increase (decrease)
Amount
Percentage
Current Assets
Cash
Accounts Receivable
Inventories
Prepayments
Total current Assets
PP & E
Less: A/D
Net PP & E
Total Assets
Current Liabilities
Account Payable
Line-of-credit
Current Portion of LT debt
Total Current Liabilities
Long-term Debt
Shareholders' Equity
Common Shares
Retained Earnings
Total Liabilities and Equities
(446)
(157)
(290)
Y 2002
Increase (decrease)
Amount
762
1,810
590
412
3,574
4,134
1,425
2,709
6,283
536.62%
72.69%
17.55%
722.81%
59.06%
21.85%
33.23%
18.51%
30.38%
(321)
2,486
(452)
(140)
1,573
54,585
3,130
51,455
53,028
0
(325)
685
360
2,978
0.00%
-19.39%
62.05%
8.23%
44.20%
10,747
5,656
5,229
21,632
32,205
0
2,945
6,283
0.00%
76.20%
30.38%
0
(809)
53,028
2003
159
14,216
3,650
18,025
91,000
12,450
78,550
96,575
18,880
67,041
85,921
9,620
1,034
96,575
2002
2003
Percentage
Percentage
Amount
100.00%
43,566
100.00%
65.00%
35.00%
8.49%
8.94%
17.57%
14.45%
3.11%
1.09%
2.03%
2001
Percentage
28,563
15,003
4,911
3,607
6,485
5,841
644
225
419
Amount
65.56%
34.44%
11.27%
8.28%
14.89%
13.41%
1.48%
0.52%
0.96%
2002
Percentage
Amount
2003
Percentage
3.35%
15.95%
14.65%
1.74%
35.69%
85.49%
21.19%
64.31%
100.00%
583
6,786
3,500
329
11,198
77,640
8,843
68,797
79,995
0.73%
8.48%
4.38%
0.41%
14.00%
97.06%
11.05%
86.00%
100.00%
159
14,216
3,650
0.16%
14.72%
3.78%
18,025
91,000
12,450
78,550
96,575
18.66%
94.23%
12.89%
81.34%
100.00%
5.91%
5.01%
6.63%
17.55%
36.03%
12,341
7,007
7,018
26,366
41,921
15.43%
8.76%
8.77%
32.96%
52.40%
18,880
19.55%
67,041
85,921
69.42%
88.97%
21.16%
25.25%
100.00%
5,707
6,001
79,995
7.13%
7.50%
100.00%
9,620
1,034
96,575
9.96%
1.07%
100.00%
Y 2003
rease (decrease)
Percentage
24.47%
25.55%
22.47%
65.24%
15.24%
5.48%
15.48%
-40.92%
-41.10%
-40.90%
Y 2002
rease (decrease)
Percentage
Y 2003
Increase (decrease)
Amount
Percentage
-35.51%
57.81%
-11.44%
-29.85%
16.34%
236.76%
54.79%
296.71%
196.64%
(424)
7,430
150
(329)
6,827
13,360
3,607
9,753
16,580
-72.73%
109.49%
4.29%
-100.00%
60.97%
17.21%
40.79%
14.18%
20.73%
674.22%
418.65%
292.29%
456.95%
331.46%
6,539
(7,007)
60,023
59,555
(41,921)
52.99%
-100.00%
855.27%
225.88%
-100.00%
0.00%
-11.88%
196.64%
3,913
(4,967)
16,580
68.56%
-82.77%
20.73%
Liquidity
current Ratio = Current Asset
Current Liabilities
Y 2000
6,051
4,374
1.38340192
Y2001
9,625
4,734
2.033164343
Y2001
5,204
4,734
1.099281791
Y2002
7,369
26,366
0.279488735
Y2001
904
4,734
0.19095902
Y2002
583
26,366
0.022111811
Y2001
4,891
Y2002
-15,168
Y2001
0.181369822
Y2002
-0.189611851
Y2002
11,198
26,366
0.424713646
Y2003
14,375
85,921
0.16730485
Y2003
159
85,921
0.001850537
Y2003
-67,896
Y2003
-0.703039089
Y2003
18,025
85,921
0.209785733
Asset Management
A/R Turnover= Net Credit Sales
Ave Acc Receivable
Y2001
6.61443
Y2002
6.31427
Y2003
4.14875
365
A/R Turnover
Y2000
55.18235661
Inventory Turnover=
Y2001
57.80557143
Y2002
87.97835468
Y2001
3.6095160
Inventory Turnover in Days=
Y2001
101.1215909
Y2002
6.1057434
Y2003
7.9896503
365
Inventory Turnover
Y2002
59.77978022
Y2003
45.68410181
Y2002
117.5853516
Y2003
133.6624565
Horizontal Analysis
1
Sales
Cost of Goods Sold
Gross Profit
Selling and Administration
Depreciation
Income Before Interest and Taxes
Interest Expense
Income Before Taxes
Income Taxes
Net Income
2001
22,456
13,200
9,256
1,450
1,425
6,381
1,101
5,280
1,848
3,432
2000
Current Assets
Cash
Accounts Receivable
Inventories
Prepayments
142
2,490
3,362
57
2002
35,000
22,750
12,250
2,972
3,130
6,148
5,058
1,090
382
709
2001
904
4,300
3,952
469
horizontal 2001-2002
Increase (decrease)
Amount
(12,544)
(9,550)
(2,994)
(1,522)
(1,705)
233
(3,957)
4,190
1,466
2,723
horizontal 2000-2001
Increase (decrease)
Amount
762
1,810
590
412
6,051
18,921
4,288
14,633
20,684
9,625
23,055
5,713
17,342
26,967
3,574
4,134
1,425
2,709
6,283
1,594
1,676
1,104
4,374
6,738
1,594
1,351
1,789
4,734
9,716
0
(325)
685
360
2,978
5,707
3,865
20,684
5,707
6,810
26,967
0
2,945
6,283
horizontal 2001-2002
Increase (decrease)
Amount
Percentage
(12,544)
-55.86%
(9,550)
-72.35%
(2,994)
-32.35%
(1,522)
-104.97%
(1,705)
-119.65%
233
3.65%
(3,957)
-359.40%
4,190
79.36%
1,466
79.33%
2,723
79.34%
horizontal 2001-2002
ease (decrease)
Percentage
-55.86%
-72.35%
-32.35%
-104.97%
-119.65%
3.65%
-359.40%
79.36%
79.33%
79.34%
horizontal 2000-2001
ease (decrease)
Percentage
536.62%
72.69%
17.55%
722.81%
2003
43,566
28,563
15,003
4,911
3,607
6,485
5,841
644
225
419
2002
583
6,786
3,500
329
horizontal 2002-2003
Increase (decrease)
Amount
Percentage
8,566
24.47%
5,813
25.55%
2,753
22.47%
1,939
65.24%
477
15.24%
337
5.48%
783
15.48%
(446)
-40.92%
(157)
-41.10%
(290)
-40.90%
horizontal 2001-2002
Increase (decrease)
Amount
Percentage
(321)
2,486
(452)
(140)
-35.51%
57.81%
-11.44%
-29.85%
2003
159
14,216
3,650
0
horizontal 2002-2003
Increase (decrease)
Amount
Percentage
(424)
7,430
150
(329)
-72.73%
109.49%
4.29%
-100.00%
59.06%
21.85%
33.23%
18.51%
30.38%
11,198
77,640
8,843
68,797
79,995
1,573
54,585
3,130
51,455
53,028
16.34%
236.76%
54.79%
296.71%
196.64%
18,025
91,000
12,450
78,550
96,575
6,827
13,360
3,607
9,753
16,580
60.97%
17.21%
40.79%
14.18%
20.73%
0.00%
-19.39%
62.05%
8.23%
44.20%
12,341
7,007
7,018
26,366
41,921
10,747
5,656
5,229
21,632
32,205
674.22%
418.65%
292.29%
456.95%
331.46%
18,880
0
67,041
85,921
0
6,539
(7,007)
60,023
59,555
(41,921)
52.99%
-100.00%
855.27%
225.88%
-100.00%
0.00%
76.20%
30.38%
5,707
6,001
79,995
0
(809)
53,028
0.00%
-11.88%
196.64%
9,620
1,034
96,575
3,913
(4,967)
16,580
68.56%
-82.77%
20.73%