Caitlyn McBride

Fall 2013
FINA 2201 - Professor Goettle

Page 1 of 9

WACC Calculation
Capital Structure
FCF
wd

32.99% BV of Liabilities

wp

0%

wc
Total

67.0%
100%

N/A

% Change

2012
2011
$ 123.36 $ 173.47 $
-29%

2010
2009
2008
(31.88) $ (23.18) $ (37.97)

644%

-38%

39%

MV of Common Equity
Current Shares Outstanding
P0 (12/2/2013)

Cost of Common Equity (rs)

MV of Common Equity

=
=

95,130,000 after stock split

= $36.78
$3,498,881,400

CAPM
rs=rRF+(RPm)bi
rs=2.8+(11.34-2.801)1.55

Values
rRF (10yr Tbill)
bi

= 16.04%

rm

2.801%
1.55

12/2/2013
est. by Yahoo Finance

11.34% avg. of yearly return on S&P 500 (see Market Risk Estimation)

Bond Yield
N/A, Six Flags Entertainment Corporation has not issued bonds since before bankruptcy.
Discounted Cash Flow
rs=d1/p0+g

Values

rs=2.03/36.78+.1

d0 $ 1.88 announced 11/7/2013

p0 $ 36.78 closing price 12/2/2013
g 8.04% based on ROE and Payout ratio from DDM
d1 $ 2.03 est. using dividend growth rate in DDM
= (2.03)(1.0803)

= 13.56%

Average rs = 14.80%
Cost of Debt (rd)
Average rd = Interest Expense
Total Debt
$47,444,000.00
=
$6,240,000.00 + $1,398,966,000.00
= 3%
Average T

Tax Expense
tax expense determined from Current Taxes on Income Statement
Pretax Income
= $3,732,000.00 + $6,281,000.00
$211,612,000.00
= 5%

WACC
= wdrd(1-T)+wprp+wcrs
= (.189)(.03)(1-.05)+0+(.811)(.1423)
= 10.98% following all caluclations
= 10.59% assuming T=40%, the average tax rate
Average WACC = 10.78%
I took the average of the two due to the large difference between the average tax rate and estimated actual rate. Some
of this difference is probably explained by the post-bankruptcy conditions that the company is currently mitigating. As a
result, Six Flags Entertainmnet Corporation has deferred taxes. The Corporation also has two locations abroad, further
complicating the tax situation.

Page 2 of 9

Discounted Dividend Model

Payout ratio =
ROE =

69%
assume ratio remains constant
25.95% Yahoo Finance

Dividend Growth Rate

g = (1-Payout ratio)ROE
= (1-.69)(.2595)
= 8.04%
Values
D0 = $ 1.88
P0 = $ 36.78
g=
8.04%
rs =
14.80%

P= D0(1+g)/rs-g
= $ 30.07

Page 3 of 9

Corporate Valuation Model

Forecasted Years
2013
2014
Sales Growth Rate
3.20%
4.80%
Operating costs as a % of sales
38.46%
38.46%
assume that operating margin remains constant
Growth in net fixed assets
3.20%
4.80%
historical data unrelaible for forecasting because of
Growth in NOWC
3.20%
4.80%
restructuring, assuming equal to sales growth
Depr'n as a % of operating capital
5.15%
5.15%
assume avg. of past 2 years
Tax Rate
40%
assume average tax rate
WACC
10.98%
Long-run FCF growth, g
8.04%
assuming same as WACC growth estimate
Historical
Forecasted Years
2012
2013
2014
Sales
$ 1,070,332,000.00 $ 1,104,582,624.00 $ 1,157,602,589.95
Operating costs
$
(411,679,000.00) $ (424,852,728.00) $ (445,245,658.94)
DEP = Depreciation
$
(148,045,000.00) $ (152,782,440.00) $ (160,115,997.12)
EBIT
$
510,608,000.00 $
526,947,456.00 $
552,240,933.89
EBIT(1-T)
$
592,764,827.20 $
316,168,473.60 $
331,344,560.33
EBIT(1-T)+DEP
$
740,809,827.20 $
468,950,913.60 $
491,460,557.45
including tax benefit for historical year
Net fixed assets
$ 2,292,917,000.00 $ 2,366,290,344.00 $ 2,479,872,280.51
NOWC
$
581,611,000.00 $
600,222,552.00 $
629,033,234.50
Total operating capital
$ 2,874,528,000.00 $ 2,966,512,896.00 $ 3,108,905,515.01
Net CAPEX (change in net fixed assets)
$
(99,989,000.00) $
73,373,344.00 $
113,581,936.51
CAPEX = Gross capital expenditures
= Net CAPEX + DEP
Change in NOWC
Free Cash Flow
PV of FCF
Estimated Value at the Horizon, 2014
FCF (2015)
HV at 2014
PV of HV

$
$

48,056,000.00 $
493,831,000.00 $

226,155,784.00 $
18,611,552.00 $

273,697,933.63
28,810,682.50

198,922,827.20 $

224,183,577.60 $
$202,005,953.90

188,951,941.32
$188,951,941.32

$
$
$

204,143,677.41
6,946,738,814.92
5,640,293,704.79

Calculation of Firm's Intrinsic Value

Sum of PV's
PV of HV
Total Corporate Value
less market value of debt
Intrinsic value of common equity
Shares outstanding

$
$
$
$
$

390,957,895.22
5,640,293,704.79
6,031,251,600.01
1,722,297,000.00
4,308,954,600.01
95,130,000

Intrinsic Value Per Share

DDM Value
Average Value
Market Value (12/2/2013)

$
$
$
$

45.30
30.07
37.68
36.78

% Difference
23.15%
-18.24%
2.45%

Market Risk Estimation Page 4 of 9

YEAR
ENDING

PRICE
PRICE CHANGE TOTAL
DIVIDEND
CLOSE CHANGE
RETURN COMPONENT
CHANGE
12/31/2012 1426.19
168.58
13.41%
16.00%
2.60%
12/30/2011 1257.60
-0.03 -0.0025%
2.11%
2.11%
12/31/2010 1257.64
142.53 12.78% 15.06%
2.28%
12/31/2009 1115.10
211.85 23.45% 26.46%
3.01%
12/31/2008 903.25 -565.10 -38.49% -37.00%
1.49%
12/31/2007 1468.36
50.05
3.53%
5.49%
1.96%

12/29/2006 1418.30
170.01
12/31/2005 1248.29
36.37
12/31/2004 1211.92
100.00
12/31/2003 1111.92
232.10
12/31/2002 879.82 -268.26
12/31/2001 1148.08 -172.20
12/29/2000 1320.28 -148.97
12/31/1999 1469.25
240.02
12/31/1998 1229.23
258.80
12/31/1997 970.43
229.69
12/31/1996 740.74
124.81
12/29/1995 615.93
156.66
12/30/1994 459.27
-7.18
12/31/1993 466.45
30.74
12/31/1992 435.71
18.62
12/31/1991 417.09
86.87
12/31/1990 330.22
-23.18
12/29/1989 353.40
75.68
12/30/1988 277.72
277.72
from S&P Dow Jones Indices LLC

13.62%
3.00%
8.99%
26.38%
-23.37%
-13.04%
-10.14%
19.53%
26.67%
31.01%
20.26%
34.11%
-1.54%
7.06%
4.46%
26.31%
-6.56%
27.25%
12.40%

15.79%
4.91%

10.88%
28.68%
-22.10%
-11.89%
-9.10%
21.04%
28.58%
33.36%
22.96%
37.58%
1.32%
10.08%
7.62%
30.47%
-3.10%
31.69%
16.61%

2.18%
1.91%
1.89%
2.30%
1.27%
1.16%
1.03%
1.52%
1.91%
2.36%
2.70%
3.47%
2.86%
3.02%
3.16%
4.16%
3.45%
4.44%
4.21%

DIVIDEND
COMPONENT
OF TOTAL RETURN

16.24%
100.12%
15.14%
11.38%
4.02%
35.76%
13.77%
38.90%
17.36%
8.03%
5.73%
9.73%
11.37%
7.20%
6.68%
7.06%
11.74%
9.23%
216.57%
30.00%
41.41%
13.65%
111.29%
14.00%
25.35%

Average Total Return

11.34%

Financial Statements Page 5 of 9

Cash Flow
Period End Date
Update Type/Date
Auditor/Accountant
Accounting Standard
Annual Cash Flow Statement: (USD)
Net Income Or Starting Line
Depreciation, Depletion and Amortization
Accumulated Depreciation and Depletion
Amortization of Intangibles
Deferred Taxes and Investment Tax Credit
Deferred Taxes
Total Other Cash Flow
Funds from Operations
Changes in Working Capital
Decrease Or Increase In Receivables
Increase/Decrease In Accounts Payable
Increase/Decrease In Other Accruals
Decrease Or Increase In Other Assets Or Liability
Net Cash from Operating Activities

12/31/2012
12/31/2011
Normal
Normal
KPMG
U.S. standards (GAAP)
U.S. standards (GAAP)

Capital Expenditures
Capital Expenditures - Additions to Fixed Assets
Additions to Other Assets
Net Assets From Acquisitions
Disposal of Fixed Assets
Purchase Or Sale Of Investments
Increase In Investments
Decrease In Investments
Others Uses (Investing)
Other Sources - Investing
Net Cash from Investing Activities

$
$
$
$
$
$
$
$
$
$
$
$
$
$

391,113,000.00
148,045,000.00
132,397,000.00
15,648,000.00
(182,241,000.00)
(182,241,000.00)
10,170,000.00
367,087,000.00
4,545,000.00
(10,497,000.00)
12,455,000.00
1,288,000.00
1,299,000.00
371,632,000.00

% Change
2875%
-12%
-12%
-13%
1140%
1140%
-90%
36%
-8%
-1344%
1424%
-155%
-77%
35%

$
$
$
$
$
$
$
$
$
$
$
$
$
$

13,145,000.00
168,999,000.00
150,952,000.00
18,047,000.00
(14,701,000.00)
(14,701,000.00)
102,573,000.00
270,016,000.00
4,921,000.00
844,000.00
817,000.00
(2,342,000.00)
5,602,000.00
274,937,000.00

$
$

(99,989,000.00) $
(99,989,000.00) $
$

(91,705,000.00)
(91,680,000.00)
(25,000.00)

$
$
$

69,987,000.00 $
(706,000.00) $
706,000.00
$

216,000.00
2,425,000.00

32301%
-129%

2,425,000.00

-100%

$
$

3,051,000.00 $
(27,657,000.00) $

536,000.00
(88,528,000.00)

469%
-69%

Total Cash Dividends Paid

Common Dividends Cash
Preferred Dividends Cash Flow
Sale/Repurchase of Stock, Net
Common/Preferred Redeemed, Retired, Converted, etc
Net Proceeds from Sales/Issue of Common and Preferred
Other Proceeds from Sale of Stock
Issuance/Reduction of Debt, Net
Increase/Decrease in Short-Term Borrowings
Long Term Debt, Net
Long Term Borrowings
Reduction In Long Term Debt
Other Sources or Uses- Financing
Other Uses - Financing
Other Sources - Financing
Net Cash from Financing Activities

$
$

(148,286,000.00) $
(148,286,000.00) $

(9,791,000.00)
(9,791,000.00)

1415%
1415%

$
$
$
$
$

(191,055,000.00)
(231,984,000.00)
40,929,000.00
40,929,000.00
429,892,000.00

$
$
$
$
$

(52,230,000.00)
(61,930,000.00)
9,700,000.00
9,700,000.00
(41,596,000.00)

266%
275%
322%
322%
-1133%

$
$
$
$
$

429,892,000.00
783,122,000.00
(353,230,000.00)
(38,873,000.00)
(38,873,000.00)

$
$
$
$
$

(41,596,000.00)
917,816,000.00
(959,412,000.00)
(35,988,000.00)
(35,988,000.00)

-1133%
-15%
-63%
8%
8%

51,678,000.00 $

(139,605,000.00)

-137%

Effect of Exchange Rate on Cash

Miscellaneous Funds
Net Change in Cash

2,128,000.00 $

(2,438,000.00)

-187%

397,781,000.00 $

44,366,000.00

797%

Free Cash Flow

Interest Paid Cash Flow
Taxation Cash Flow
U.S. GAAP Adjustment

$
$
$

123,357,000.00 $
42,545,000.00 $
9,435,000.00 $

173,466,000.00
58,935,000.00
7,945,000.00

-29%
-28%
19%

12/31/2012
12/31/2011
Normal
Normal
KPMG
U.S. standards (GAAP)
U.S. standards (GAAP)

1%

9%
9%

Balance Sheet
Period End Date
Update Type/Date
Auditor/Accountant
Accounting Standard

Financial Statements Page 6 of 9

Annual Balance Sheet: (USD)

Cash and Short Term Investments
Total Receivables Net
Net Receivables
Accounts Receivable Gross
Other Receivables
Total Inventories
Finished Goods
Raw Materials
Work In Process
Progress Payments and Other
Other Current Assets
Miscellaneous Current Assets
Total Current Assets
Net Property, Plant and Equipment
Property, Plant and Equipment - Gross
Buildings
Land
Machinery/Equipment
Other Property/Plant/Equipment
Accumulated Depreciation
Total Investments and Advances
Long Term Investments
Investments in Associated Companies
Long Term Receivables
Intangible Assets
Goodwill- Net
Other Intangible Assets
Deferred Tax Assets
Other Assets
Deferred Charges
Other Tangible Assets
Total Assets
ST Debt and Curr Portion LT Debt
Short Term Debt
Current Portion of Long Term Debt/Capital Leases
Accounts Payable
Other Current Liabilities
Accrued Payroll
Miscellaneous Current Liabilities
Total Current Liabilities
Long-Term Debt
Long Term Debt excluding Capitalized Leases
Non-Convertible Debt
Convertible Debt
Captilized Lease Obligations
Provision for Risks and Charges
Deferred Tax Liabilities
Other Liabilities
Other Liabilities (excl. Deferred Income)
Total Liabilities
Non-Equity Reserves
Preferred Stock
Redeemable Preferred Stock
Non Redeemable Preferred Stock
Preferred Stock Issues for ESOP
ESOP Guarantees - Preferred Issued
Common Equity
Common Stock
Capital Surplus
Retained Earnings
Common Equity ESOP Guarantees
Unrealized Foreign Exchange Gain/Loss

$
$
$
$
$
$

629,208,000.00 $
29,523,000.00 $
29,523,000.00 $
29,523,000.00 $
45,280,000.00

$
$
23,000,000.00 $

231,427,000.00
18,461,000.00
18,461,000.00
18,461,000.00

172%
60%
60%
60%

43,373,000.00
20,973,000.00
22,400,000.00

4%
3%

$
$
$
$
$
$
$
$
$
$
$
$
$

22,280,000.00
59,463,000.00
59,463,000.00
763,474,000.00
1,254,629,000.00
1,635,190,000.00
256,967,000.00
227,202,000.00
175,735,000.00
975,286,000.00
380,561,000.00
1,218,000.00
1,218,000.00

$
$
$
$
$
$
$
$
$
$
$
$
$

16,268,000.00
16,268,000.00
309,529,000.00
1,291,837,000.00
1,544,351,000.00
250,020,000.00
227,257,000.00
165,960,000.00
901,114,000.00
252,514,000.00
5,213,000.00
513,000.00
4,700,000.00

266%
266%
147%
-3%
6%
3%
0%
6%
8%
51%
-77%
137%

$
$
$

1,006,813,000.00 $
630,248,000.00 $
376,565,000.00 $

1,022,796,000.00
630,248,000.00
392,548,000.00

-2%
0%
-4%

$
$
$
$

30,257,000.00 $
26,043,000.00 $
4,214,000.00 $
3,056,391,000.00 $

18,803,000.00
13,026,000.00
5,777,000.00
2,648,178,000.00

61%
100%
-27%
15%

6,240,000.00 $

35,296,000.00

-82%

$
$
$
$
$
$
$
$
$

6,240,000.00
23,580,000.00
152,043,000.00
35,949,000.00
116,094,000.00
181,863,000.00
1,398,966,000.00
1,398,966,000.00
1,398,966,000.00

$
$
$
$
$
$
$
$
$

35,296,000.00
23,823,000.00
162,630,000.00
59,441,000.00
103,189,000.00
221,749,000.00
921,940,000.00
921,940,000.00
921,940,000.00

-82%
-1%
-7%
-40%
13%
-18%
52%
52%
52%

$
$
$
$

65,070,000.00 $
76,398,000.00 $
76,398,000.00 $
1,722,297,000.00 $

220,734,000.00
76,180,000.00
76,180,000.00
1,440,603,000.00

-71%
0%
0%
20%

$
$
$
$

892,219,000.00 $
1,345,000.00 $
904,713,000.00 $
15,849,000.00 $

763,478,000.00
1,366,000.00
832,112,000.00
(20,088,000.00)

17%
-2%
9%
-179%

(281,000.00) $

(6,615,000.00)

-96%

Financial Statements Page 7 of 9

Unrealized Gain/Loss Marketable Securities

Revaluation Reserves
Other Appropriated Reserves
Treasury Stock
Total Shareholders Equity
Accumulated Minority Interest
Total Stockholders' Equity
Total Liabilities and Shareholders Equity

(29,407,000.00) $

$
$
$
$

892,219,000.00 $
441,875,000.00 $
1,334,094,000.00 $
3,056,391,000.00 $

763,478,000.00
444,097,000.00
1,207,575,000.00
2,648,178,000.00

17%
-1%
10%
15%

$
$

231,427,000.00

172%

$
$
$
$

629,208,000.00 $
44,973,000.00
$
$
1,218,000.00 $
630,248,000.00 $
1,045,185,000.00 $
38,372,000.00 $

4,700,000.00
4,700,000.00
513,000.00
630,248,000.00
1,052,833,000.00
30,037,000.00

-100%
137%
0%
-1%
28%

$
$
$
$
$
$
$
$
$
$
$

1,405,206,000.00
2,359,000.00
99,340,000.00
(501,000.00)
109.67
63,391,000.00
0.03
581.61
2,291,185,000.00
2,297.43
107,637,524.00

$
$
$

957,236,000.00
1,071,000.00
124,474,000.00

47%
120%
-20%

$
$
$
$
$
$
$

105.04
65,033,000.00
0.03
87.78
1,685,418,000.00
1,720.71
109,283,770.00

4%
-3%
0%
563%
36%
34%
-2%

$
$
$
$
$
$
$
$

1,218,000.00
65,070,000.00
159,147,000.00
6,581,000.00
6,154,000.00
5,841,000.00
5,794,000.00
10,614,000.00

$
$
$
$
$
$
$
$

5,213,000.00
220,734,000.00
158,089,000.00
6,453,000.00
6,131,000.00
5,733,000.00
5,480,000.00
5,691,000.00

-77%
-71%
1%
2%
0%
2%
6%
87%

Period End Date

Update Type/Date
Auditor/Accountant
Accounting Standard
Annual Income Statement: (USD)
Net Sales or Revenue
Cost of Goods Sold incl. Depreciation
Cost of Goods Sold excl. Depreciation
Depreciation, Depletion and Amortization
Depreciation
Amortization of Intangibles
Gross Income
Selling, General and Administrative Expense
Research and Development
Other Selling, General and Administrative Expenses
Other Operating Expenses
Operating Income

12/31/2012
12/31/2011
Normal
Normal
KPMG
U.S. standards (GAAP)
U.S. standards (GAAP)

1%

Unusual Income (Expense)- Net

Nonoperating Income (Net) - Total
Miscellaneous Non-Operating Income (Expense)- Net
Non-Operating Interest Income
Equity in Earnings of Affiliated Companies (Pretax)
Interest Expense

$
$
$
$
$
$

Cash
Deferred Income Tax - Current Asset
Investment in Unconsolidated Subsidiaries
Investment Property
Other Investments
Goodwill, Gross
Other Intangible Assets Gross
Amortization of Intangible Assets
Deferred Income Tax Non Current Asset
Total Debt
Payable Interest
Accrued Expenses
Comprehensive Income- Hedging Gain or Loss
International Assets
Other Accrued Expenses
Par Value
Working Capital- Total
Invested Capital - Total
Total Capital
Common Shares Outstanding
Treasury Shares
Investments and Long Term Receivables
Deferred Taxes and Investment Tax Credit
Lease Commitments Over 5 Years
Lease Commitments- Year 1
Lease Commitments- Year 2
Lease Commitments- Year 3
Lease Commitments- Year 4
Lease

(43,297,000.00)

-32%

Income Statement

$
$
$
$
$
$
$
$

1,070,332,000.00
639,893,000.00
491,848,000.00
148,045,000.00
132,397,000.00
15,648,000.00
430,439,000.00
225,875,000.00

$
$
$
$
$
$
$
$

1,013,174,000.00
644,159,000.00
475,160,000.00
168,999,000.00
150,952,000.00
18,047,000.00
369,015,000.00
215,059,000.00

6%
-1%
4%
-12%
-12%
-13%
17%
5%

225,875,000.00 $

215,059,000.00

5%

204,564,000.00

153,956,000.00

33%

2,745,000.00
57,237,000.00
58,639,000.00
820,000.00
(2,222,000.00)
47,444,000.00

$
$
$
$
$
$
$

74,061,000.00
(9,802,000.00)
(7,688,000.00)
997,000.00
(3,111,000.00)
66,214,000.00

-96%
-684%
-863%
-18%
-29%
-28%

Financial Statements Page 8 of 9

Interest Expense on Debt

Interest Capitalized
Pretax Income

47,444,000.00

66,214,000.00

-28%

211,612,000.00

3,879,000.00

5355%

Income Taxes
Total Current Income Taxes
Income Tax - Current - Domestic
Income Tax - Current - Foreign
Deferred Income Taxes
Deferred Domestic Income Tax
Deferred Foreign Income Tax
Investment Tax Credits
Equity in Earnings of Affiliated Companies
Other After-Tax Income or Expense
Consolidated Net Income
Minority Interest
Net Income Before Extraordinary Items

$
$
$
$
$
$
$

(172,228,000.00)
10,013,000.00
3,732,000.00
6,281,000.00
(182,241,000.00)
(183,422,000.00)
1,181,000.00

$
$
$
$
$
$
$

(8,065,000.00)
6,636,000.00
(80,000.00)
6,716,000.00
(14,701,000.00)
(14,102,000.00)
(599,000.00)

2035%
51%
-4765%
-6%
1140%
1201%
-297%

$
$
$

383,840,000.00 $
37,104,000.00 $
346,736,000.00 $

11,944,000.00
35,805,000.00
(23,861,000.00)

3114%
4%
-1553%

346,736,000.00 $

(23,861,000.00)

-1553%

$
$
$
$
$
$
$
$
$
$
$
$
$

3.14
3.29
3.19
3.19
3.19
3.19
3.11
3.13
3.19
3.19
107,684,000.00
110,936,000.00
110,936,000.00

$
$
$
$
$
$
$
$
$
$
$
$
$

0.25
(0.21)
(0.21)
(0.21)
(0.21)
(0.21)
(0.24)
(0.22)
(0.21)
(0.21)
110,150,000.00
110,150,000.00
110,150,000.00

1137%
-1702%
-1656%
-1656%
-1651%
-1656%
-1409%
-1543%
-1656%
-1651%
-2%
1%
1%

$
$
$

20.62
109,283,770.00
189.28
(103.80)
0.09

48%
-2%
3%

30.60 $
107,637,524.00 $
195.04 $
$
1.35 $

1.35 $

Preferred Dividends
Net Income
EPS (Operational)
Earnings per Share (Basic)
Earnings per Share (Diluted)
Earnings Per Share - As Reported
Earnings per Share (Fully Diluted)
EPS (Fiscal Year)
Earnings Per Share After Extraordinary Items
Earnings Per Share from Continuing Operations - Fiscal
Earnings Per Share - Security
Earnings Per Share After Extraordinary Items
Shares Used to Calculate Basic Earnings per Share
Shares Used to Calculate Diluted Earnings Per Share
Common Shares Used to Calc EPS - Basic
Dilution Adjustment
Closing Price- End of Fiscal Period
Common Shares Outstanding Security
Total Common Shares Traded
Diluted EPS- Percentage Change before Extraordinaries
Dividends Per Share - Fiscal
Dividends Per Share - Gross
Dividends Per Share - Security
Accounting Change Per Share - Cum Effect - Fiscal
Gross Income before Interest Charges
Operating Income After Unusual Items
Operating Income Before Depreciation and Amortization
Non-Operating Income - Net Other
Income Before Extraordinary Items - Available for
Net Income Avail to Common - Basic - After Extraordinaries
Net Income Avail to Common - Fully Diluted
Net Income Avail to Common - Fully Diluted - After Extraordinaries
Net Income Before Extraordinary Items/Preferred Dividends
Earnings before Interest, Taxes, Depreciation, and Ammortization (EBITDA)
Earnings Before Interest, Taxes and Unusual Expense
EBITDA from Cash Flow
EBITDA IB
Total Operating Expense
Stock Option Expense
Rental/Operating Lease Expense
International Sales
International Operating Income
Special Items
Operating Expenses
Auditor Fees

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

434,029,000.00
201,819,000.00
352,609,000.00
59,459,000.00
346,736,000.00
354,009,000.00
346,736,000.00
354,009,000.00
354,009,000.00
352,609,000.00
409,846,000.00
407,101,000.00
352,609,000.00
865,768,000.00
37,725,000.00
12,100,000.00
113.60
18.58
2,745,000.00
491,848,000.00
1,323,000.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1400%

0.09

1400%

152,219,000.00
79,895,000.00
322,955,000.00
(6,691,000.00)
(23,861,000.00)
(22,660,000.00)
(23,861,000.00)
(22,660,000.00)
(22,660,000.00)
322,955,000.00
313,153,000.00
239,092,000.00
322,955,000.00
859,218,000.00
32,556,600.00
11,900,000.00
108.72
18.36
74,061,000.00
475,160,000.00
1,258,000.00

185%
153%
9%
-989%
-1553%
-1662%
-1553%
-1662%
-1662%
9%
31%
70%
9%
1%
16%
2%
4%
1%
-96%
4%
5%

Financial Statements Page 9 of 9

Impairment of Goodwill
Non-Operating Expense
Other Interest Expense
Restructuring Expense
Income Adjustment
Extraordinary Charge- Pretax
Extraordinary Credit- Pretax
Pension - Accumulated Benefit Obligation
Pension - Pension Service Costs
Pension - Prior Service Costs
Pension - Interest Cost
Pension - Discount Rate
Pension - Net Periodic Pension Expense
Pension- Other Periodic Income or Expenses
Pension - Expected Return on Plan Assets
Pension - Actual Return on Plan Assets
Pension - Expected Long-Term Return Rate on Pension

$
$
$
$
$
$
$
$
$
$
$
$
$
$

54,492,000.00
47,444,000.00
2,121,000.00
(7,273,000.00)
2,745,000.00

$
$
$
$
$

(83,863,000.00)
66,214,000.00
27,541,000.00
(1,201,000.00)
74,061,000.00

-165%
-28%
-92%
506%
-96%

235,500,000.00 $
1.15 $

218,800,000.00
1.05

8%
10%

9,741,000.00
4.30
129,000.00

-5%
-10%
-53%

9,226,000.00
3.85
60,000.00
666,000.00
(10.98)
19,648,000.00
7.50

$
$
$
$

(10.66)

3%

7.50

0%