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Income Statement Scenario Summary

3 Year Avg 1 Year Avg


Changing Cells:
COGS/Sales 58.16% 57.91%
SGA/Sales 31.67% 31.78%
Dep/Sales 0.93% 0.91%
Cash/sales 3.04% 3.00%
AR/Sales 15.47% 15.54%
Inv./Sales 9.46% 9.32%
GPPE/Sales 18.76% 17.70%
AP/Sales 6.35% 6.13%
Acc/Sales 7.04% 7.03%
Result Cells: 1996 1997
Income Statement
Sales $ 33,847 $ 33,847
Cost of Sales $ 19,684 $ 19,601
Gross Profits $ 14,163 $ 14,246
SGA $ 10,718 $ 10,757
Depreciation $ 333 $ 333
Net Interest Expense $ 110 $ 117
Pre-Tax Income $ 3,002 $ 3,039
Income Taxes $ 1,301.85 $ 1,318.12
Net Income $ 1,700 $ 1,721
Dividends $ 341 $ 345
Addition to RE $ 1,359 $ 1,376
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.
Balance Sheet Scenario Summary
3 Year Avg 1 Year Avg 3 Year Avg 1 Year Avg
Changing Cells:
COGS/Sales 58.16% 57.91% 58.16% 57.91%
SGA/Sales 31.67% 31.78% 31.67% 31.78%
Dep/Sales 0.93% 0.91% 0.93% 0.91%
Cash/sales 3.04% 3.00% 3.04% 3.00%
AR/Sales 15.47% 15.54% 15.47% 15.54%
Inv./Sales 9.46% 9.32% 9.46% 9.32%
GPPE/Sales 18.76% 17.70% 18.76% 17.70%
AP/Sales 6.35% 6.13% 6.35% 6.13%
Acc/Sales 7.04% 7.03% 7.04% 7.03%
Result Cells: 1996 1997
Surplus Cash $ - $ - $ - $ -
Cash $ 846 $ 846 $ 1,015 $ 1,015
Accounts Receivable $ 4,365 $ 4,383 $ 5,238 $ 5,260
Inventories $ 1,625 $ 1,625 $ 3,153.60 $ 3,153.60
Total current Assets $ 6,836 $ 6,854 $ 9,407 $ 9,429

Gross Plant and Equipment $ 6,163 $ 6,163 $ 6,563 $ 6,563


Accumulated Depreciation $ 1,941 $ 1,941 $ 2,274 $ 2,274
Net Plant and Equipment $ 4,222 $ 4,222 $ 4,289 $ 4,289
Total Assets $ 11,058 $ 11,076 $ 13,696 $ 13,718

Liabilities
Current maturities of LT debt $ 125 $ 125 $ 125 $ 125
Accounts Payable $ 1,792 $ 1,729 $ 2,150 $ 2,075
Accrued Expenses $ 1,986 $ 1,983 $ 2,383 $ 2,379
Total Current Liabilities $ 3,903 $ 3,837 $ 4,658 $ 4,579

New Debt $ 351 $ 419 $ 999 $ 1,066


Long Term Debt $ 625 $ 625 $ 500 $ 500
Common Stock $ 1,135 $ 1,135 $ 1,135 $ 1,135
Retained Earnings $ 5,044 $ 5,061 $ 6,404 $ 6,437
Total Shareholder Equity $ 6,804 $ 6,821 $ 8,039 $ 8,072
Total Liabilities +Equity $ 11,058 $ 11,076 $ 13,696 $ 13,718
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.
Scenario Summary
3 Year Avg 1 Year Avg
Changing Cells:
COGS/Sales 58.16% 57.91%
SGA/Sales 31.67% 31.78%
Dep/Sales 0.93% 0.91%
Cash/sales 3.04% 3.00%
AR/Sales 15.47% 15.54%
Inv./Sales 9.46% 9.32%
GPPE/Sales 18.76% 17.70%
AP/Sales 6.35% 6.13%
Acc/Sales 7.04% 7.03%
Result Cells:
1996 AFN $ 351 $ 419
1997 AFN $ 999 $ 1,066
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.
Tire City Case

Assumptions
Historical 3 Yr Growth 20.00%
Capital Budget -1996 $2,000
Capital Budget 1997 $400
Total capital Budget-1996-1997 $2,400
Depreciation on Investment-1997 5.00%
Assumed Inventory-1996 $1,625
Implied Inventory/Sales-1996
Assumed Cash/Sales-1996-1997 3.00%
Historical Tax Rate
Tax Rate -1993 41.18%
Tax Rate 1994 45.19%
Tax Rate-1995 43.74%
Average Historical Tax Rate 43.37%
Historical Payouts
Payout-1993 19.87%
Payout-1994 20.06%
Payout-1995 20.17%
Average Payout 20.03%
Interest Rate on Loan 10.00%

50.00%
24.00%

10.00%

PM 5.06%
Free Cash Flow

1996 1997
$ 1,901.94 $ (52.81)
5% $ 1,877.87 $ 452.99
10% $ 1,885.89 $ 294.54
15% $ 1,893.92 $ 125.93
20% $ 1,901.94 $ (52.81)
25% $ 1,909.96 $ (241.71)
30% $ 1,917.99 $ (440.76)
35% $ 1,926.01 $ (649.95)
40% $ 1,934.03 $ (869.29)

Loan Amount & Inventory Assumptions


1996 1997
$ 351 $ 999
1500 Err:504 Err:504
1800 Err:504 Err:504
2100 Err:504 Err:504
2400 Err:504 Err:504
2700 Err:504 Err:504
3000 Err:504 Err:504
3300 Err:504 Err:504
3600 Err:504 Err:504
Loan Amount & Operating Cost Items (SGA)

1996 1997
$ 351 $ 999
6000 $ (976.52) $ (388.89)
7000 $ (523.65) $ 84.49
8000 $ (70.78) $ 557.88
9000 $ 382.10 $ 1,031.26
10000 $ 834.97 $ 1,504.64
11000 $ 1,287.85 $ 1,978.03
12000 $ 1,740.72 $ 2,451.41
13000 $ 2,193.60 $ 2,924.80
Tire City Case

Actual Projections
Income Statement 1993 1994 1995 1996 1997
Sales $16,230 $20,355 $23,505 $ 28,206 $ 33,847
Cost of Sales $9,430 $11,898 $13,612 $ 16,403 $ 19,684
Gross Profits $6,800 $8,457 $9,893 $ 11,803 $ 14,163
SGA $5,195 $6,352 $7,471 $ 8,932 $ 10,718
Depreciation $160 $180 $213 $213 $ 333
Net Interest Expense $119 $106 $94 $ 88 $ 110
Pre-Tax Income $1,326 $1,819 $2,115 $ 2,570 $ 3,002
Income Taxes $546 $822 $925 $ 1,114.70 $ 1,301.85
Net Income $780 $997 $1,190 $ 1,456 $ 1,700
Dividends $155 $200 $240 $ 292 $ 341
Addition to RE $625 $797 $950 $ 1,164 $ 1,359
Balance Sheet
Assets 1993 1994 1995 $ 1,996 $ 1,997
Surplus Cash $ - $ -
Cash $508 $609 $706 $ 846 $ 1,015
Accounts Receivable $2,545 $3,095 $3,652 $ 4,365 $ 5,238
Inventories $1,630 $1,838 $2,190 $ 1,625 $ 3,153.60
Total current Assets $4,683 $5,542 $6,548 $ 6,836 $ 9,407

Gross Plant and Equipment $3,232 $3,795 $4,163 $ 6,163 $ 6,563


Accumulated Depreciation $1,335 $1,515 $1,728 $ 1,941 $ 2,274
Net Plant and Equipment $1,897 $2,280 $2,435 $ 4,222 $ 4,289
Total Assets $6,580 $7,822 $8,983 $ 11,058 $ 13,696

Liabilities
Current maturities of LT debt $125 $125 $125 $ 125 $ 125
Accounts Payable $1,042 $1,325 $1,440 $ 1,792 $ 2,150
Accrued Expenses $1,145 $1,432 $1,653 $ 1,986 $ 2,383
Total Current Liabilities $2,312 $2,882 $3,218 $ 3,903 $ 4,658

New Debt $ 351 $ 999


Long Term Debt $1,000 $875 $750 $ 625 $ 500
Common Stock $1,135 $1,135 $1,135 $ 1,135 $ 1,135
Retained Earnings $2,133 $2,930 $3,880 $ 5,044 $ 6,404
Total Shareholder Equity $3,268 $4,065 $5,015 $ 6,804 $ 8,039
Total Liabilities +Equity $6,580 $7,822 $8,983 $ 11,058 $ 13,696
ISC $ 3,455 $ 3,058 $ 4,874
Prj. Assets $ 11,058 $ 13,696
Prj. Liab. $ 10,707 $ 12,697
AFN $ 351 $ 999

Operating Cash Flow $1,718.23 $2,095.44


Net Working Capital $ 3,330 $ 2,933 $ 4,749
Net Invested Capital $ 7,155 $ 9,038
Return on Invested Capital 49% 36%
Free Cash Flow $ 1,901.94 $ (52.81)

Sensitivity Analyses

Loan Amount & Sales Growth


FCF Sensitivity Analysis
$2,500.00
$2,000.00 5%
$1,500.00 10%
$1,000.00 15%
FCF

$500.00 20%
$- 25%
5% 10% 15% 20% 25% 30% 35% 40%
$(500.00)
30%
$(1,000.00)
35%
$(1,500.00)
40%
Sales Growth

1996 1997

Loan Amount vs. Inventory Assumptions Loan Amount & Operating Co

$12.00

$10.00
$ 13,000
$8.00
$ 14,000
$6.00 $ 15,000
$ 16,000
$4.00
$ 17,000
$2.00 $ 18,000
$ 19,000
$- $ 20,000
1500 1800 2100 2400 2700 3000 3300 3600
1996 1997
$ 21,000
$ 22,000
$ 23,000

Loan Amount & Payout Policy

Loan Amount vs. Operating Cost Items (SGA)


$3,500.00
$3,000.00 5.0%
$2,500.00 8.0%
$2,000.00 11.0%
$1,500.00 14.0%
$1,000.00
17.0%
$500.00
20.0%
$-
6000 7000 8000 9000 10000 11000 12000 13000 23.0%
$(500.00)
26.0%
$(1,000.00)
29.0%
$(1,500.00)
1996 1997
Parameters 1993 1994 1995
COGS/Sales 58.10% 58.45% 57.91%
SGA/Sales 32.01% 31.21% 31.78%
Dep/Sales 0.99% 0.88% 0.91%

Cash/sales 3.13% 2.99% 3.00%


AR/Sales 15.68% 15.21% 15.54%
Inv./Sales 10.04% 9.03% 9.32%
GPPE/Sales 19.91% 18.64% 17.71%

AP/Sales 6.42% 6.51% 6.13%


Acc/Sales 7.05% 7.04% 7.03%

Ratio Analysis - Historical and Projected


Performance Assessment 1993 1994 1995

Liquidity
Current Ratio 2.03 1.92 2.03
Quick Ratio 1.32 1.29 1.35
Asset Management
Days Accts. Pay. 40.33 40.65 38.61
DSO (Days in Rec) 57.24 55.50 56.71
Days in Inventory 36.66 32.96 34.01
CCC 53.56 47.81 52.11
Inventory Turnover 9.96 11.07 10.73
FA Turnover 8.56 8.93 9.65
Debt Management
Debt Ratio 0.50 0.48 0.44
TIE 12.14 18.16 23.50
Profitabiliy
Profit Margin 4.81% 4.90% 5.06%
ROA 11.85% 12.75% 13.25%
ROE 23.87% 24.53% 23.73%

Loan to Value
14.63% 41.62%
Amount & Sales Growth
1996 1997 Loan Amount vs. Sales Growth
$ 351 $ 999 $2,500.00
$ 334.59 $ 384.19
$2,000.00
$ 340.14 $ 577.62
$ 345.69 $ 782.56 $1,500.00
AFN

$ 351.23 $ 999.00 $1,000.00


$ 356.78 $ 1,226.94
$ 362.33 $ 1,466.39 $500.00

$ 367.88 $ 1,717.35 $-
5% 10% 15% 20% 25% 30% 35% 40%
$ 373.43 $ 1,979.81
Sales Growth

1996 1997

Amount & Operating Cost Items (COS)

1996 1997 Loan Amount vs. Operating Cost Items (COS)


$ 351 $ 999 $5,000.00
$ (1,190.02) $ (612.06) $4,000.00
$ (737.15) $ (138.67)
$3,000.00
$ (284.27) $ 334.71
$ 168.60 $ 808.09 $2,000.00
$ 621.48 $ 1,281.48
$1,000.00
$ 1,074.35 $ 1,754.86
$ 1,527.22 $ 2,228.24 $-
00 00 00 00 00 00 00 00 00 00 00
$ 1,980.10 $ 2,701.63 $(1,000.00)13,0 4,0 5,0 6,0 7,0 8,0 9,0 0,0 1,0 2,0 3,0
$ $1 $1 $1 $1 $1 $1 $2 $2 $2 $2
$ 2,432.97 $ 3,175.01
$(2,000.00)
$ 2,885.85 $ 3,648.40
1996 1997
$-
00 00
0
00
0
00
0
00
0
00
0
00
0
00
0
00
0
00
0
00
0
$(1,000.00)13,0 14, 15, 16, 17, 18, 19, 20, 21, 22, 23,
$ $ $ $ $ $ $ $ $ $ $
$(2,000.00)

$ 3,338.72 $ 4,121.78 1996 1997

Amount & Payout Policy

1996 1997 Loan Amount & Payout Policy


$ 351 $ 999
$1,400.0
$ 132.4 $ 512.8
$1,200.0
$ 176.1 $ 610.1
$1,000.0
$ 219.7 $ 707.3
$800.0
$ 263.4 $ 804.3
AFN

$ 307.1 $ 901.2 $600.0

$ 350.7 $ 997.9 $400.0

$ 394.4 $ 1,094.5 $200.0


$ 438.1 $ 1,190.9 $-
5.0% 8.0% 11.0% 14.0% 17.0% 20.0% 23.0% 26.0% 29.0%
$ 481.8 $ 1,287.2
Payout Ratio

1996 1997
3 Year Avg Tax Growth
58.16% 10%
31.67% -3%
0.93% 3%
45.16%
3.04%
15.47%
9.46%
18.76%

6.35%
7.04%

1996 1997

1.75 2.02
1.34 1.34

39.87 39.87
56.48 56.48
21.03 34.01
37.64 50.62
17.36 10.73
6.68 7.89

0.38 0.41
30.38 28.26

5.16% 5.02%
13.16% 12.41%
21.39% 21.15%
LTV for sales growth at 30%
0.610997

35% 40%

Loan amount to Operating Costs


$ 351 $ 999
(COS) 50% -690.50148769 -1340
55% -51.813026417 94.03994
60% 586.875434861 1528.079
65% 1225.56389614 2962.118
70% 1864.25235742 4396.157
75% 2502.94081869 5830.197

00 00 00
1,0 2,0 3,0
$2 $2 $2
0 0 0
00 00 00
21, 22, 23,
$ $ $

FCF & Payout Policy


$2,500.0
1996 1997
$ 1,902 $ (53) $2,000.0
5.0% $ 1,877.9 $ 453.0 $1,500.0
8.0% $ 1,882.7 $ 359.1
$1,000.0
11.0% $ 1,887.5 $ 261.6
14.0% $ 1,892.3 $ 160.5 $500.0
17.0% $ 1,897.1 $ 55.7
$-
20.0% $ 1,901.9 $ (52.8) 5.0% 8.0% 11.0% 14.0% 17.0% 20.0%
23.0% $ 1,906.8 $ (164.9) $(500.0)
26.0% $ 1,911.6 $ (280.7) $(1,000.0)
3.0% 26.0% 29.0%
29.0% $ 1,916.4 $ (400.1)
$1,902 $(53)
FCF & Payout Policy

11.0% 14.0% 17.0% 20.0% 23.0% 26.0% 29.0%

$1,902 $(53)
Tire City Case

Assumptions
Historical 3 Yr Growth 20.00%
Capital Budget -1996 $2,000
Capital Budget 1997 $400
Total capital Budget-1996-1997 $2,400
Depreciation on Investment-1997 5.00%
Assumed Inventory-1996 $1,625
Implied Inventory/Sales-1996
Assumed Cash/Sales-1996-1997 3.00%
Historical Tax Rate
Tax Rate -1993 41.18%
Tax Rate 1994 45.19%
Tax Rate-1995 43.74%
Average Historical Tax Rate 43.37%
Historical Payouts
Payout-1993 19.87%
Payout-1994 20.06%
Payout-1995 20.17%
Average Payout 20.03%
Interest Rate on Loan 10.00%

50.00%
24.00%

10.00%

PM 5.06%
Sensitivity Analyses

Free Cash Flow

1996 1997
$ 1,901.94 $ (52.81)
5% $ 1,877.87 $ 452.99
10% $ 1,885.89 $ 294.54
15% $ 1,893.92 $ 125.93
20% $ 1,901.94 $ (52.81)
25% $ 1,909.96 $ (241.71)
30% $ 1,917.99 $ (440.76)
35% $ 1,926.01 $ (649.95)
40% $ 1,934.03 $ (869.29)

Loan Amount & Sales Growth


1996 1997
$ 373 $ 1,010
5% $ 336.95 $ 331.99
10% $ 349.09 $ 545.93
15% $ 361.23 $ 772.04
20% $ 373.37 $ 1,010.32
25% $ 385.51 $ 1,260.76
30% $ 397.65 $ 1,523.36
35% $ 409.79 $ 1,798.12
40% $ 421.93 $ 2,085.06
Loan Amount & Inventory Assumptions
1996 1997
$ 373 $ 1,010
1500 Err:504 $ 1,010.32
1800 Err:504 $ 1,010.32
2100 Err:504 $ 1,010.32
2400 Err:504 $ 1,010.32
2700 Err:504 $ 1,010.32
3000 Err:504 $ 1,010.32
3300 Err:504 $ 1,010.32
3600 Err:504 $ 1,010.32

Loan Amount & Operating Cost Items (COS)

1996 1997
$ 373 $ 1,010
$ 13,000 $ 373.37 $ 1,010.32
$ 14,000 $ 373.37 $ 1,010.32
$ 15,000 $ 373.37 $ 1,010.32
$ 16,000 $ 373.37 $ 1,010.32
$ 17,000 $ 373.37 $ 1,010.32
$ 18,000 $ 373.37 $ 1,010.32
$ 19,000 $ 373.37 $ 1,010.32
$ 20,000 $ 373.37 $ 1,010.32
$ 21,000 $ 373.37 $ 1,010.32
$ 22,000 $ 373.37 $ 1,010.32
$ 23,000 $ 373.37 $ 1,010.32

Loan Amount & Operating Cost Items (SGA)

1996 1997
$ 373 $ 1,010
6000 $ 373.37 $ 1,010.32
7000 $ 373.37 $ 1,010.32
8000 $ 373.37 $ 1,010.32
9000 $ 373.37 $ 1,010.32
10000 $ 373.37 $ 1,010.32
11000 $ 373.37 $ 1,010.32
12000 $ 373.37 $ 1,010.32
13000 $ 373.37 $ 1,010.32
Tire City Case

Actual Projections
Income Statement 1993 1994 1995 1996 1997
Sales $16,230 $20,355 $23,505 $ 28,206 $ 33,847
Cost of Sales $9,430 $11,898 $13,612 $ 16,403 $ 19,684
Gross Profits $6,800 $8,457 $9,893 $ 11,803 $ 14,163
SGA $5,195 $6,352 $7,471 $ 8,932 $ 10,718
Depreciation $160 $180 $213 $213 $ 333
Net Interest Expense $119 $106 $94 $ 88 $ 112
Pre-Tax Income $1,326 $1,819 $2,115 $ 2,570 $ 3,000
Income Taxes $546 $822 $925 $ 1,114.70 $ 1,300.89
Net Income $780 $997 $1,190 $ 1,428 $ 1,714
Dividends $155 $200 $240 $ 286 $ 343
Addition to RE $625 $797 $950 $ 1,142 $ 1,370
Balance Sheet
Assets 1993 1994 1995 $ 1,996 $ 1,997
Surplus Cash $ - $ -
Cash $508 $609 $706 $ 846 $ 1,015
Accounts Receivable $2,545 $3,095 $3,652 $ 4,365 $ 5,238
Inventories $1,630 $1,838 $2,190 $ 1,625 $ 3,153.60
Total current Assets $4,683 $5,542 $6,548 $ 6,836 $ 9,407

Gross Plant and Equipment $3,232 $3,795 $4,163 $ 6,163 $ 6,563


Accumulated Depreciation $1,335 $1,515 $1,728 $ 1,941 $ 2,274
Net Plant and Equipment $1,897 $2,280 $2,435 $ 4,222 $ 4,289
Total Assets $6,580 $7,822 $8,983 $ 11,058 $ 13,696

Liabilities
Current maturities of LT debt $125 $125 $125 $ 125 $ 125
Accounts Payable $1,042 $1,325 $1,440 $ 1,792 $ 2,150
Accrued Expenses $1,145 $1,432 $1,653 $ 1,986 $ 2,383
Total Current Liabilities $2,312 $2,882 $3,218 $ 3,903 $ 4,658

New Debt $ 373 $ 1,010


Long Term Debt $1,000 $875 $750 $ 625 $ 500
Common Stock $1,135 $1,135 $1,135 $ 1,135 $ 1,135
Retained Earnings $2,133 $2,930 $3,880 $ 5,022 $ 6,392
Total Shareholder Equity $3,268 $4,065 $5,015 $ 6,782 $ 8,027
Total Liabilities +Equity $6,580 $7,822 $8,983 $ 11,058 $ 13,696
ISC $ 3,455 $ 3,058 $ 4,874
Prj. Assets $ 11,058 $ 13,696
Prj. Liab. $ 10,685 $ 12,685
AFN $ 373 $ 1,010

Operating Cash Flow $1,718.23 $2,095.44


Net Working Capital $ 3,330 $ 2,933 $ 4,749
Net Invested Capital $ 7,155 $ 9,038
Return on Invested Capital 49% 36%
Free Cash Flow $ 1,901.94 $ (52.81)

Sensitivity Analyses

FCF Sensitivity Analysis


$2,500.00
$2,000.00
$1,500.00
$1,000.00
$500.00
$-
5% 10% 15% 20% 25% 30% 35% 40%
$(500.00)
$(1,000.00)
$(1,500.00)
Col umn B Col umn C

Loan Amount vs. Sales Growth


$2,500.00

$2,000.00

$1,500.00

$1,000.00

$500.00

$-
5% 10% 15% 20% 25% 30% 35% 40%
1996 1997
Loan Amount vs. Inventory Assumptions
$1,200.00

$1,000.00

$800.00

$600.00

$400.00

$200.00

$-
1500 1800 2100 2400 2700 3000 3300 3600
1996 1997

Loan Amount vs. Operating Cost Items(COS)


$1,200.00

$1,000.00

$800.00

$600.00

$400.00

$200.00

$-
0 0 0 0 0 0 0 0 0 0 0
00 00 00 00 00 00 00 00 00 00 00
13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23,
$ $ $ $ $ $ $ $ $ $ $

1996 1997

Loan Amount vs. Operating Cost Items(SGA)


$1,200.00

$1,000.00

$800.00

$600.00

$400.00

$200.00

$-
6000 7000 8000 9000 10000 11000 12000 13000
$800.00

$600.00

$400.00

$200.00

$-
6000 7000 8000 9000 10000 11000 12000 13000
1996 1997
Parameters 1993 1994 1995
COGS/Sales 58.10% 58.45% 57.91%
SGA/Sales 32.01% 31.21% 31.78%
Dep/Sales 0.99% 0.88% 0.91%

Cash/sales 3.13% 2.99% 3.00%


AR/Sales 15.68% 15.21% 15.54%
Inv./Sales 10.04% 9.03% 9.32%
GPPE/Sales 19.91% 18.64% 17.71%

AP/Sales 6.42% 6.51% 6.13%


Acc/Sales 7.05% 7.04% 7.03%

Ratio Analysis - Historical and Projected


Performance Assessment 1993 1994 1995

Liquidity
Current Ratio 2.03 1.92 2.03
Quick Ratio 1.32 1.29 1.35
Asset Management
Days Accts. Pay. 40.33 40.65 38.61
DSO (Days in Rec) 57.24 55.50 56.71
Days in Inventory 36.66 32.96 34.01
CCC 53.56 47.81 52.11
Inventory Turnover 9.96 11.07 10.73
FA Turnover 8.56 8.93 9.65
Debt Management
Debt Ratio 0.50 0.48 0.44
TIE 12.14 18.16 23.50
Profitabiliy
Profit Margin 4.81% 4.90% 5.06%
ROA 11.85% 12.75% 13.25%
ROE 23.87% 24.53% 23.73%

PM Sensitivity
$ 1,010
3% $ 2,033.89 $2,500.00
$2,000.00
$1,500.00
$1,000.00
$500.00
FN

$-
$2,500.00
4% $ 1,537.67 $2,000.00
5% $ 1,041.46 $1,500.00
$1,000.00
6% $ 545.24
$500.00
7% $ 49.02

AFN
$-
8% $ (447.20) 3%
$(500.00)
9% $ (943.42) $(1,000.00)
10% $ (1,439.64) $(1,500.00)
11% $ (1,935.86) $(2,000.00)
$(2,500.00)
LTV for 4% PM
64.07%
3 Year Avg Tax Growth
58.16% 10%
31.67% -3%
0.93% 3%
45.16%
3.04%
15.47%
9.46%
18.76%

6.35%
7.04%

1996 1997

1.75 2.02
1.34 1.34

39.87 39.87
56.48 56.48
21.03 34.01
37.64 50.62
17.36 10.73
6.68 7.89

0.39 0.41
30.38 27.70

5.06% 5.06%
12.91% 12.51%
21.06% 21.35%

PM Sensitivity
$2,500.00
$2,000.00
$1,500.00
$1,000.00
$500.00
FN

$-
PM Sensitivity
$2,500.00
$2,000.00
$1,500.00
$1,000.00
$500.00
AFN

$-
3% 4% 5% 6% 7% 8% 9% 10% 11%
$(500.00)
$(1,000.00)
$(1,500.00)
$(2,000.00)
$(2,500.00)
Profit Margin

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