1993 1994 1995 1996

Sales 985 1040 1236 1305.1

Cost of goods 748.6 774.8 928.2 978.8
Gross margin 236.4 265.2 307.8 326.3
Administrative 169.4 202.8 236.1 249.3
Depreciation 10.8 11.4 13.6 14.4
EBIT 56.2 51 58.1 62.6
Interest 7 6 5 4
EBT 49.2 45 53.1 58.6
Taxes 19.7 18.0 21.2 23.4
Net income 29.5 27.0 31.9 35.2

1993 1994 1995 1996

ASSETS
Cash 40.4 51.9 38.6 10.6
Receivables 153.2 158.9 175.1 224.8
Inventory 117 121.1 193.4 191.9
Other current assets 5.9 6.2 7.4 7.8
Current assets 316.5 338.1 414.5 435.1
Gross fixed 44.8 58.9 78.1 96.4
Accumulated depreciation 12 23.4 37 51.4
Net fixed 32.8 35.5 41.1 45
Total assets 349.3 373.6 455.6 480.1

LIABILITIES & NET WORTH

Accounts payable 53.8 54.7 86.2 84.2
Debt due 10 10 10 10
Accruals 19.7 26 24.7 26.1
Current liabilities 83.5 90.7 120.9 120.3
Long-term debt 60 50 40 30
Common stock 150 150 180 180
Retained earnings 55.8 82.8 114.6 149.8
Total L&NW 349.3 373.5 455.5 480.1
 1993 1994 1995 1996 Industry average 1993-1996
liquidity ratios
current 3.8 3.7 3.4 3.6 2.6 1.7
quick 2.4 2.4 1.8 2.0 1.6 0.8
leverage ratios
debt% 41% 38% 35% 31% 41% 57%
times interest earned 8.0 8.5 11.6 15.7 7.4 3.9
activity ratios
inventory turnover 8.4 8.6 6.4 6.8 8.1 6
fixed assets turnover 30.0 29.3 30.1 29.0 40 25
total assets turnover 2.8 2.8 2.7 2.7 3.5 2.8
average collection period 56 55 51 62 41 50
day purchases outstanding ( 26 25 33 31 18 25
profitability ratios
gross margin 24.0% 25.5% 24.9% 25.0% 28 26
net profit margin 3.0% 2.6% 2.6% 2.7% 4.2 3.1
return on equity 14.3% 11.6% 10.8% 10.7% 27.3 19.5
return on total assets 8.5% 7.2% 7.0% 7.3% 11.8 8.7
operating margin 6.8% 6.0% 5.8% 5.9% 9.9 7.2

ROE
PN/A 8.45% 7.23% 6.99% 7.32%
A/CPR 1.70 1.60 1.55 1.46
DAT/A 41.08% 37.66% 35.32% 31.31%

Effective cost of passing up discounts 18.18%

price per share 55 65

no of shares 5000
average price 60
BV 65.96
MBR 0.909642
verage 1993-1996

1.3
0.6

71%
1.3

3.5
12
2
68
32

24
1.2
7.8
3.4
3.1