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Exhibit 1 Pro Forma Income Statements, Fiscal 1991 (thousands of dollars)

Sales
Cost of goods sold
Materials and labor @ 60%
of sales
Overhead (incl.
depreciation $130)
Gross profit
Selling and administrative
expenses
Profit before taxes
Taxes
Profit after taxes
Dividends
Retained earnings
Cumulative retained earnings

1990
1991
Actual June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May.
June
Total
30, 1990
$26,205 $1,820 $2,340 $2,860 $3,900 $3,380 $2,860 $1,820 $1,820 $1,560 $1,300 $1,040 $1,300 $26,000

15,723

1,092

1,404

1,716

2,340

2,028

1,716

1,092

1,092

936

780

624

780

15,600

3,097
18,820
7,385

260
1,352
468

260
1,664
676

260
1,976
884

260
2,600
1,300

260
2,288
1,092

260
1,976
884

260
1,352
468

260
1,352
468

260
1,196
364

260
1,040
260

260
884
156

260
1,040
260

3,120
18,720
7,280

2,816
4,569
1,553
3,016
1,300
$1,716

234
234
79
155
$155

234
442
150
292
$292

234
650
221
429
260
$169

234
1,066
362
704
$704

234
858
292
566
$566

234
650
221
429
260
$169

234
234
80
154
$154

234
234
80
154
$154

234
130
44
86
260
($174)

234
26
9
17
$17

234
(78)
(27)
(51)
($51)

234
26
9
17
520
($503)

2,808
4,472
1,520
2,952
1,300
$1,652

$155

$447

$616 $ 1,320 $ 1,886 $ 2,055 $ 2,209 $ 2,363 $ 2,189 $ 2,206 $ 2,155 $ 1,652

Exhibit 2 Pro Forma Balance Sheets, Fiscal 1991 (thousands of dollars)

Cash
Accounts receivablea
Inventories
Current assets
Net plant
Total assets
Bank loans payable
Accounts payableb
Taxes payablec
Misc. other
Current liabilities
Mortgage 8%
Common stock
Earned surplus
Total liab., net worth

1990
Actual
June 20,
1990
July
Aug.
Sept.
$ 1,844
$640
$640
$640
1,812
2,470
3,250
4,030
7,049
7,280
7,228
6,864
10,705 10,390 11,118 11,534
21,360 22,660 23,960 23,960
$32,065 $33,050 $35,078 $35,494
$0
$853 $ 2,410 $ 2,816
749
647
676
676
0
79
229
70
234
234
234
234
$983 $ 1,813 $ 3,549 $ 3,796
10,400 10,400 10,400 10,400
10,000 10,000 10,000 10,000
10,682 10,837 11,129 11,298
$32,065 $33,050 $35,078 $35,494

Assumes collections lag sales by 45 days.

Assumes 30-day payment period, in accordance with trade terms.

1991

Oct.
Nov.
Dec.
$640
$640 $ 1,006
5,330
5,330
4,550
5,876
5,200
4,836
11,846 11,170 10,392
23,960 23,960 23,960
$35,806 $35,130 $34,352
$ 2,062
$528
$0
676
676
676
432
724
565
234
234
234
$ 3,404 $ 2,162 $ 1,475
10,400 10,400 10,140
10,000 10,000 10,000
12,002 12,568 12,737
$35,806 $35,130 $34,352

Jan.
$ 2,280
3,250
5,096
10,626
23,960
$34,586
$0
676
645
234
$ 1,555
10,140
10,000
12,891
$34,586

Feb.
$ 2,774
2,730
5,356
10,860
23,960
$34,820
$0
676
725
234
$ 1,635
10,140
10,000
13,045
$34,820

Mar.
$ 2,108
2,470
5,772
10,350
23,960
$34,310
$0
676
389
234
$ 1,299
10,140
10,000
12,871
$34,310

Apr.
$ 1,952
2,080
6,344
10,376
23,960
$34,336
$0
676
398
234
$ 1,308
10,140
10,000
12,888
$34,336

Estimated taxes are paid in four equal installments of $380,000 each in September, December, March, and June based on pro forma earnings calculated the previous June.

May
June
$ 1,536
$640
1,690
1,820
7,072
7,644
10,298 10,104
23,960 23,960
$34,258 $34,064
$0
$940
676
676
371
0
234
234
$ 1,281 $ 1,850
10,140
9,880
10,000 10,000
12,837 12,334
$34,258 $34,064

Exhibit 2 (continued) Inventory Subsidiary Data (FIFO)


1990
July
$ 705
647
676
$ 676

Aug.
$ 676
676
676
$ 676

Sept.
$ 676
676
676
$ 676

1991

Raw Materials
Opening balances
Plus: Purchases
Less: Trans. to work in process
Closing balance
Work in Process
Opening balance

Oct.
$ 676
676
676
$ 676

Nov.
$ 676
676
676
$ 676

Dec.
$ 676
676
676
$ 676

Jan.
$ 676
676
676
$ 676

Feb.
$ 676
676
676
$ 676

Mar.
$ 676
676
676
$ 676

Apr.
$ 676
676
676
$ 676

May
$ 676
676
676
$ 676

June
$ 676
676
676
$ 676

$2,704 $2,704

$2,704 $2,704 $2,704 $2,704 $2,704 $2,704

$2,704 $2,704 $2,704 $2,704

Plus: Raw materials additions


Plus: Labor additions
Less: Trans. to finished goods
Closing balance

676
676
676
676
1,352 1,352
$2,704 $2,704

676
676
676
676
676
676
676
676
676
676
676
676
1,352 1,352 1,352 1,352 1,352 1,352
$2,704 $2,704 $2,704 $2,704 $2,704 $2,704

676
676
676
676
676
676
676
676
1,352
1,352 1,352 1,352
$2,704 $2,704 $2,704 $2,704

Finished Goods
Opening balance

$3,640 $3,900

$3,848 $3,484 $2,496 $1,820 $1,456 $1,716

$1,976 $2,392 $2,964 $3,692

Plus: Work in process additions


Less: Cost of goods sold
Closing balance

1,352 1,352
1,092 1,404
$3,900 $3,848

1,352 1,352 1,352 1,352 1,352 1,352


1,716 2,340 2,028 1,716 1,092 1,092
$3,484 $2,496 $1,820 $1,456 $1,716 $1,976

1,352
1,352 1,352 1,352
936
780
624
780
$2,392 $2,964 $3,692 $4,264

Total closing inventory

$7,280 $7,228

$6,864 $5,876 $5,200 $4,836 $5,096 $5,356

$5,772 $6,344 $7,072 $7,644

Exhibit 3 Balance Sheets, 1990-1991 (thousands of dollars)

Cash
Accounts receivable
Inventories
Current assets
Net plant
Total assets
Bank loans payable
Accounts payable
Taxes payable
Misc. other
Current liabilities
Mortgage 8%
Common stock
Earned surplus
Total liab., net worth

June
July
Aug.
$ 1,844
$832
$497
1,812
2,467
3,169
7,049
7,285
7,220
10,705 10,584 10,886
21,360 22,698 24,063
$32,065 $33,282 $34,949
$0 $ 1,104 $ 2,398
749
686
673
0
58
177
234
239
276
983
2,087
3,524
10,400 10,400 10,400
10,000 10,000 10,000
10,682 10,795 11,025
$32,065 $33,282 $34,949

1990
Sept.
Oct.
Nov.
Dec.
Jan.
$609
$606
$723
$559
$986
3,822
4,914
4,805
4,846
3,442
6,924
6,242
5,829
5,652
6,020
11,355 11,762 11,357 11,057 10,448
24,216 24,224 24,211 24,248 24,211
$35,571 $35,986 $35,568 $35,305 $34,659
$ 3,197 $ 2,673 $ 1,634 $ 1,917 $ 1,131
733
762
725
595
608
(56)
252
480
266
310
247
252
239
234
231
4,121
3,939
3,078
3,012
2,280
10,400 10,400 10,400 10,140 10,140
10,000 10,000 10,000 10,000 10,000
11,050 11,647 12,090 12,153 12,239
$35,571 $35,986 $35,568 $35,305 $34,659

1991
Feb.
Mar.
$936
$601
2,756
2,493
6,233
6,410
9,925
9,504
24,183 24,184
$34,108 $33,688
$611
$995
572
447
313
(80)
226
224
1,722
1,586
10,140 10,140
10,000 10,000
12,246 11,962
$34,108 $33,688

Exhibit 3 (continued) Inventory Subsidiary Data (FIFO)


1990
Jul
Raw Materials
Opening balance
Plus: Purchases
Less: Trans. to work in process
Closing balance
Work in Process
Opening balance
Plus: Raw materials additions
Plus: Labor additions
Less: Trans. to finished goods
Closing balance
Finished Goods
Opening balance
Plus: Work in process additions
Less: Cost of goods sold
Closing balance
Total closing inventory

Aug

Sept

Oct

Nov

Dec

Jan
$678
600
614
$664

1991
Feb
$664
567
575
$656

Mar

$705
684
681
$708

$708
676
725
$659

$659
728
725
$662

$662
754
725
$691

$691
697
671
$717

$717
598
637
$678

$656
450
523
$583

$2,704
681
686
1,349
$2,722

$2,722
725
686
1,355
$2,778

$2,778
725
671
1,375
$2,799

$2,799
725
686
1,409
$2,801

$2,801
671
650
1,396
$2,726

$2,726
637
686
1,412
$2,637

$2,637 $2,564 $2,414


614
575
523
686
598
562
1,373 1,323 1,300
$2,564 $2,414 $2,199

$3,640
1,349
1,134
$3,855
$7,285

$3,855
1,355
1,427
$3,783
$7,220

$3,783
1,375
1,695
$3,463
$6,924

$3,463
1,409
2,122
$2,750
$6,242

$2,750
1,396
1,760
$2,386
$5,829

$2,386
1,412
1,461
$2,337
$5,652

$2,337 $2,792 $3,163


1,373 1,323 1,300
918
952
835
$2,792 $3,163 $3,628
$6,020 $6,233 $6,410

Exhibit 4 Income Statements, 1990-1991 (thousands of dollars)

Sales
Cost of goods
Materials and labor
Overhead (incl. depreciation $130)
Gross profit
Selling and administrative expenses
Profit before taxes
Taxes
Profit after taxes
Dividends
Retained earnings
Cumulative retained earnings
a

Includes special cost for laying off personnel.

July
$1,799

Aug.
$2,265

1,134
257
1,391
408
237
171
58
113
$113
$113

1,427
252
1,679
586
237
349
119
230
$230
$343

1990
Sept.
Oct.
$2,678 $3,536
1,695
296
1,991
687
255
432
147
285
260
$25
$368

2,122
270
2,392
1,144
239
905
308
597
$597
$965

1991
Feb.
Nov.
Dec.
Jan.
Mar.
$2,933 $2,434 $1,529 $1,511 $1,303
1,760 1,461
918
952
835
263
250
255
325a
281a
2,023 1,711 1,173 1,277 1,116
910
723
356
234
187
239
234
226
224
224
671
489
130
10
(37)
228
166
44
3
(13)
443
323
86
7
(24)
260
260
$443
$63
$86
$7 ($284)
$1,408 $1,471 $1,557 $1,564 $1,280

Exhibit 2 (continued) Inventory Subsidiary Data (FIFO)


1990
Raw Materials
Opening balances
Plus: Purchases
Less: Trans. to work in process

July
705
647
676

Aug.
676
676
676

Sept.
676
676
676

Oct.
676
676
676

Closing balance
Work in Process
Opening balance
Plus: Raw materials additions
Plus: Labor additions
Less: Trans. to finished goods
Closing balance
Finished Goods
Opening balance
Plus: Work in process additions

676

676

676

676

$2,704
676
676
1,352
2,704

2,704
676
676
1,352
2,704

2,704
676
676
1,352
2,704

2,704
676
676
1,352
2,704

3,640
1,352

3,900
1,352

3,848
1,352

3,484
1,352

1,092
3,900
7,280

1,404
3,848
$7,228

1,716
3,484
$6,864

2,340
2,496
$5,876

Less: Cost of goods sold


Closing balance
Total closing inventory

Exhibit 1 Pro Forma Income Statements, Fiscal 1991 (thousands of dollars)

Sales
Cost of goods sold
Materials and labor @ 60% of
sales
Overhead (incl. depreciation
$130)
Gross profit
Selling and administrative
expenses
Profit before taxes
Taxes
Profit after taxes
Dividends
Retained earnings
Cumulative retained earnings

1990
Sept.
Oct.
$2,860
$3,900

Actual June 30, 1990


26,205

July
$1,820

Aug.
$2,340

15,723

1,092

1,404

1,716

2,340

3,097
18,820
7,385

260
1,352
468

260
1,664
676

260
1,976
884

260
2,600
1,300

2,816
4,569
1,553
3,016
1,300
$1,716
-

234
234
79
155
$155
$155

234
442
150
292
$292
$447

234
650
221
429
260
$169
$616

234
1,066
362
704
$704
$ 1,320

1990
Aug.
640.00
3,250
7,228
11,118
23,960
35,078

Sept.
640.00
4,030
6,864
11,534
23,960
35,494

Oct.
640.00
5,330
5,876
11,846
23,960
35,806

Exhibit 2 Pro Forma Balance Sheets, Fiscal 1991 (thousands of dollars)

Cash
Accounts receivablea
Inventories
Current assets
Net plant
Total assets

Actual June 20, 1990


1844.00
1,812
7,049
10,705
21,360
32,065

July
640.00
2,470
7,280
10,390
22,660
33,050

Bank loans payable


Accounts payableb
Taxes payablec
Misc. other
Current liabilities
Mortgage 8%
Common stock
Earned surplus
Total liab., net worth

$0
749
0
234
983.00
10,400
10,000
10,682
32065.00

$853
647
79
234
1813.00
10,400
10,000
10,837
$33,050

$2,410
676
229
234
3549.00
10,400
10,000
11,129
$35,078

$2,816
676
70
234
3796.00
10,400
10,000
11,298
$35,494

$2,062
676
432
234
3404.00
10,400
10,000
12,002
$35,806

28%
17%
7%
0.054
0.031
0.011%

26%
13%
9%
0.005
0.055
0.002%

29%
19%
12%
0.008
0.101
0.011%

31%
23%
6%
0.005
0.107
0.003%

33%
27%
18%
0.020
0.095
0.034%

73
52

61
45
44

78
55
45

95
66
45

130
87
45

CAJA
Rotacin de Caja en das VPD

25

11

CUENTAS POR COBRAR


Rotacin de CxC en das VPD

25

41

42

42

41

135

162
7,049
1,323
1,092
7,280

130
7,280
1,352
1,404
7,228

104
7,228
1,352
1,716
6,864

68
6,864
1,352
2,340
5,876

14

14

12

10

202
188

172
160

146
136

109
101

10,390
960
9,430

11,118
1,139
9,979

11,534
980
10,554

11,846
1,342
10,504

RAZONES FINANCIERAS
Margen de utilidad bruta
Margen de utilidad operativa
Margen de utilidad neta
Rotacin de Activos Totales
Apalancamiento
ROE

RATIOS OPERATIVOS
Ventas Promedio Diarias
Costo de ventas promedio diario
Compras promedio diario

INVENTARIOS
Rotacin de Inventarios en das de CVPD
Inventario Inicial
Compras
Costo de Venta
Inventario Final

CUENTAS POR PAGAR


Rotacin de CxP en das de CVPD

CICLO OPERATIVO
CICLO DE CONVERSIN DE EFECTIVO

CAPITAL DE TRABAJO
ACO
PACO
NOF

10,705
983
9,722

CT
NOF - CT = Credito a cp (+) o EC (-)
check

9,722
0

8,577
853

7,569
2,410

7,738
2,816

8,442
2,062

$0

$0

$0

$0

$0

1991
Nov.
676
676
676

Dec.
676
676
676

Jan.
676
676
676

Feb.
676
676
676

Mar.
676
676
676

Apr.
676
676
676

May
676
676
676

June
676
676
676

676

676

676

676

676

676

676

676

2,704
676
676
1,352
2,704

2,704
676
676
1,352
2,704

2,704
676
676
1,352
2,704

2,704
676
676
1,352
2,704

2,704
676
676
1,352
2,704

2,704
676
676
1,352
2,704

2,704
676
676
1,352
2,704

2,704
676
676
1,352
2,704

2,496
1,352

1,820
1,352

1,456
1,352

1,716
1,352

1,976
1,352

2,392
1,352

2,964
1,352

3,692
1,352

2,028
1,820
$5,200

1,716
1,456
$4,836

1,092
1,716
$5,096

1,092
1,976
$5,356

936
2,392
$5,772

780
2,964
$6,344

624
3,692
$7,072

780
4,264
$7,644

Nov.
$3,380

Dec.
$2,860

Jan.
$1,820

Feb.
$1,820

Mar.
$1,560

1991
Apr.
$1,300

May.
$1,040

June
$1,300

Total
$26,000

2,028

1,716

1,092

1,092

936

780

624

780

15,600

260
2,288
1,092

260
1,976
884

260
1,352
468

260
1,352
468

260
1,196
364

260
1,040
260

260
884
156

260
1,040
260

3,120
18,720
7,280

234
858
292
566
$566
$ 1,886

234
650
221
429
260
$169
$ 2,055

234
234
80
154
$154
$ 2,209

234
234
80
154
$154
$ 2,363

234
130
44
86
260
($174)
$ 2,189

234
26
9
17
$17
$ 2,206

234
(78)
(27)
(51)
($51)
$ 2,155

234
26
9
17
520
($503)
$ 1,652

2,808
4,472
1,520
2,952
1,300
$1,652

Nov.
640.00
5,330
5,200
11,170
23,960
35,130

Dec.
1006.00
4,550
4,836
10,392
23,960
34,352

Jan.
2280.00
3,250
5,096
10,626
23,960
34,586

Feb.
2774.00
2,730
5,356
10,860
23,960
34,820

1991
Mar.
2108.00
2,470
5,772
10,350
23,960
34,310

Apr.
1952.00
2,080
6,344
10,376
23,960
34,336

May
1536.00
1,690
7,072
10,298
23,960
34,258

June
640.00
1,820
7,644
10,104
23,960
34,064

990

$528
676
724
234
2162.00
10,400
10,000
12,568
$35,130

$0
676
565
234
1475.00
10,140
10,000
12,737
$34,352

$0
676
645
234
1555.00
10,140
10,000
12,891
$34,586

$0
676
725
234
1635.00
10,140
10,000
13,045
$34,820

$0
676
389
234
1299.00
10,140
10,000
12,871
$34,310

$0
676
398
234
1308.00
10,140
10,000
12,888
$34,336

$0
676
371
234
1281.00
10,140
10,000
12,837
$34,258

$940
676
0
234
1850.00
9,880
10,000
12,334
$34,064

32%
25%
17%
0.016
0.062
0.017%

31%
23%
6%
0.005
0.043
0.001%

26%
13%
8%
0.004
0.045
0.002%

26%
13%
8%
0.004
0.047
0.002%

23%
8%
-11%
-0.005
0.038
0.002%

20%
2%
1%
0.000
0.038
0.000%

15%
-8%
-5%
-0.001
0.037
0.000%

20%
2%
-39%
-0.015
0.054
0.031%

113
76
45

95
66
45

61
45
45

61
45
45

52
40
45

43
35
45

35
29
45

43
35
45

11

38

46

41

45

44

15

47

48

54

45

48

48

49

42

68
5,876
1,352
2,028
5,200

73
5,200
1,352
1,716
4,836

113
4,836
1,352
1,092
5,096

119
5,096
1,352
1,092
5,356

145
5,356
1,352
936
5,772

183
5,772
1,352
780
6,344

240
6,344
1,352
624
7,072

221
7,072
1,352
780
7,644

10

15

15

17

20

23

20

115
107

121
111

167
152

164
149

192
175

231
212

289
266

263
243

11,170
1,634
9,536

10,392
1,475
8,917

10,626
1,555
9,071

10,860
1,635
9,225

10,350
1,299
9,051

10,376
1,308
9,068

10,298
1,281
9,017

10,104
910
9,194

28%
17%
6%

9,008
528

8,917
0

9,071
0

9,225
0

9,051
0

9,068
0

9,017
0

8,254
940

$0

$0

$0

$0

$0

$0

$0

$0

Forecast Sales
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0

Forecast Sales

Exhibit 2 (continued) Inventory Subsidiary Data (FIFO)


1990
Raw Materials
Opening balances
Plus: Purchases
Less: Trans. to work in process
Closing balance
Work in Process
Opening balance
Plus: Raw materials additions
Plus: Labor additions
Less: Trans. to finished goods
Closing balance
Finished Goods
Opening balance
Plus: Work in process additions
Less: Cost of goods sold
Closing balance
Total closing inventory

July
$705
684
681
$708

Aug.
$708
676
725
$659

Sept.
$659
728
725
$662

2,704
681
686
1,349
$2,722

2,722
725
686
1,355
$2,778

2,778
725
671
1,375
$2,799

$3,640
1,349
1,134
$3,855
$7,285

$3,855
1,355
1,427
$3,783
$7,220

$3,783
1,375
1,695
$3,463
$6,924

Actual June 30, 1990


26,205

July
$1,799

Aug.
$2,265

15,723
3,097
18,820
7,385
2,816
4,569
1,553
3,016
1,300
$1,716
-

1,134
257
1,391
408
237
171
58
113
$113
$113

1,427
252
1,679
586
237
349
119
230
$230
$343

1,695
296
1,991
687
255
432
147
285
260
$25
$368

$832
2,467
7,285
10,584
22,698
$33,282
$1,104
686
58
239

1990
Aug.
$497
3,169
7,220
10,886
24,063
$34,949
$2,398
673
177
276

Sept.
$609
3,822
6,924
11,355
24,216
$35,571
$3,197
733
(56)
247

Exhibit 1 Pro Forma Income Statements, Fiscal 1991 (thousands of dollars)

Sales
Cost of goods sold
Materials and labor @ 60% of sales
Overhead (incl. depreciation $130)
Gross profit
Selling and administrative expenses
Profit before taxes
Taxes
Profit after taxes
Dividends
Retained earnings
Cumulative retained earnings

1990
Sept.
$2,678

Exhibit 2 Pro Forma Balance Sheets, Fiscal 1991 (thousands of dollars)

Cash
Accounts receivablea
Inventories
Current assets
Net plant
Total assets
Bank loans payable
Accounts payableb
Taxes payablec
Misc. other

Actual June 20, 1990


$1,844
1,812
7,049
10,705
21,360
$32,065
$0
749
0
234

July

Current liabilities
Mortgage 8%
Common stock
Earned surplus
Total liab., net worth

983
10,400
10,000
10,682
$32,065

2,087
10,400
10,000
10,795
$33,282

3,524
10,400
10,000
11,025
$34,949

RAZONES FINANCIERAS
Margen de utilidad bruta
Margen de utilidad operativa
Margen de utilidad neta
Rotacin de Activos Totales
Apalancamiento
ROE

28%
17%
7%
0.054
0.031
0.011%

23%
10%
6%
0.003
0.063
0.001%

26%
26%
15%
16%
10%
1%
0.007
0.001
0.101 0.115853
0.007%
0.000%

73
52

60
46
46

76
56
47

89
66
48

CAJA
Rotacin de Caja en das VPD

25

14

CUENTAS POR COBRAR


Rotacin de CxC en das VPD

25

41

42

43

135

157
7,049
1,365
1,129
7,285

129
7,285
1,401
1,466
7,220

104
7,220
1,453
1,749
6,924

14

15

12

11

198
183

171
159

147
136

10,705
983
9,722
9,722
0

10,584
983
9,601
8,497
1,104

10,886
1,126
9,760
7,362
2,398

11,355
924
10,431
7,234
3,197

$0

$0

$0

RATIOS OPERATIVOS
Ventas Promedio Diarias
Costo de ventas promedio diario
Compras promedio diario

INVENTARIOS
Rotacin de Inventarios en das de CVPD
Inventario Inicial
Compras
Costo de Venta
Inventario Final

CUENTAS POR PAGAR


Rotacin de CxP en das de CVPD

CICLO OPERATIVO
CICLO DE CONVERSIN DE EFECTIVO

4,121
10,400
10,000
11,050
$35,571

CAPITAL DE TRABAJO
ACO
PACO
NOF
CT
NOF - CT = Credito a cp (+) o EC (-)
check

1991
Oct.
$662
754
725
$691

Nov.
$691
697
671
$717

Dec.
$717
598
637
$678

Jan.
$678
600
614
$664

Feb.
$664
567
575
$656

Mar.
$656
450
523
$583

2,799
725
686
1,409
$2,801

2,801
671
650
1,396
$2,726

2,726
637
686
1,412
$2,637

2,637
614
686
1,373
$2,564

2,564
575
598
1,323
$2,414

2,414
523
562
1,300
$2,199

$3,463
1,409
2,122
$2,750
$6,242

$2,750
1,396
1,760
$2,386
$5,829

$2,386
1,412
1,461
$2,337
$5,652

$2,337
1,373
918
$2,792
$6,020

$2,792
1,323
952
$3,163
$6,233

$3,163
1,300
835
$3,628
$6,410

$4,000
$3,000
$2,000

1990
Oct.
$3,536

Nov.
$2,933

Dec.
$2,434

2,122
270
2,392
1,144
239
905
308
597
$597
$965

1,760
263
2,023
910
239
671
228
443
$443
$1,408

1,461
250
1,711
723
234
489
166
323
260
$63
$1,471

0
Oct.
$606
4,914
6,242
11,762
24,224
$35,986
$2,673
762
252
252

Nov.
$723
4,805
5,829
11,357
24,211
$35,568
$1,634
725
480
239

Dec.
$559
4,846
5,652
11,057
24,248
$35,305
$1,917
595
266
234

1991
Jan.
Feb.
$1,529
$1,511
918
255
1,173
356
226
130
44
86
$86
$1,557

Mar.
$1,303

952
325a
1,277
234
224
10
3
7
$7
$1,564

835
281a
1,116
187
224
(37)
(13)
(24)
260
($284)
$1,280

1991
Feb.
$986
$936
3,442
2,756
6,020
6,233
10,448
9,925
24,211
24,183
$34,659 $34,108
$1,131
$611
608
572
310
313
231
226

Mar.
$601
2,493
6,410
9,504
24,184
$33,688
$995
447
(80)
224

Jan.

$1,000
$0
July

Aug. Sept.

3,939
10,400
10,000
11,647
$35,986

3,078
10,400
10,000
12,090
$35,568

3,012
10,140
10,000
12,153
$35,305

2,280
10,140
10,000
12,239
$34,659

1,722
10,140
10,000
12,246
$34,108

1,586
10,140
10,000
11,962
$33,688

32%
26%
17%
0.017
0.109
0.031%

31%
23%
15%
0.012
0.087
0.016%

30%
20%
3%
0.002
0.085
0.000%

23%
9%
6%
0.002
0.066
0.001%

15%
1%
0%
0.000
0.050
0.000%

14%
-3%
-22%
-0.008
0.047
0.009%

118
80
49

98
67
46

81
57
41

51
39
40

50
43
38

43
37
32

19

19

14

42

49

60

68

55

57

78
6,924
1,479
2,161
6,242

86
6,242
1,368
1,781
5,829

99
5,829
1,235
1,412
5,652

154
5,652
1,214
846
6,020

146
6,020
1,142
929
6,233

172
6,233
973
796
6,410

10

11

10

16

13

12

120
110

136
125

159
148

221
206

201
188

230
218

11,762
1,266
10,496
7,823
2,673

11,357
1,444
9,913
8,279
1,634

11,057
1,095
9,962
8,045
1,917

10,448
1,149
9,299
8,168
1,131

9,925
1,111
8,814
8,203
611

9,504
591
8,913
7,918
995

$0

$0

$0

$0

$0

$0

Real Sales

Real Sales

Sept. Oct. Nov. Dec.

Jan.

Feb. Mar.

Exhibit 2 (continued) Inventory Subsidiary Data (FIFO)


Real
July
$705
684
681

705
647
676

1990
Real
Aug.
$708
676
725

$708

676

$659

2,704
681
686
1,349
$2,722

$2,704
676
676
1,352
2,704

2,722
725
686
1,355
$2,778

$3,640
1,349

3,640
1,352

$3,855
1,355

1,134
$3,855
$7,285

1,092
3,900
7,280

1,427
$3,783
$7,220

Raw Materials
Opening balances
Plus: Purchases
Less: Trans. to work in process
Closing balance
Work in Process
Opening balance
Plus: Raw materials additions
Plus: Labor additions
Less: Trans. to finished goods
Closing balance
Finished Goods
Opening balance
Plus: Work in process additions
Less: Cost of goods sold
Closing balance
Total closing inventory

Exhibit 1 Pro Forma Income Statements, Fiscal 1991 (thousands of dollars)


Real

Sales
Cost of goods sold
Materials and labor @ 60% of
sales
Overhead (incl. depreciation
$130)
Gross profit
Selling and administrative
expenses
Profit before taxes
Taxes
Profit after taxes
Dividends
Retained earnings
Cumulative retained earnings

Actual June 30, 1990


26,205

July
$1,799

Real

$1,820

1,134
15,723

Aug.
$2,265
1,427

1,092
257

3,097
18,820
7,385

1,391
408
237

2,816
4,569
1,553
3,016
1,300
$1,716
$0

171
58
113
0
$113
$113

252
260
1,352
468

1,679
586
237

234
234
79
155
0
$155
$155

349
119
230
0
$230
$343

640.00
2,470
7,280
10,390

Real
Aug.
$497
3,169
7,220
10,886

Exhibit 2 Pro Forma Balance Sheets, Fiscal 1991 (thousands of dollars)


1990
Real
Cash
Accounts receivablea
Inventories
Current assets

Actual June 20, 1990


$1,844
1,812
7,049
10,705

July
$832
2,467
7,285
10,584

Net plant
Total assets
Bank loans payable
Accounts payableb
Taxes payablec
Misc. other
Current liabilities
Mortgage 8%
Common stock
Earned surplus
Total liab., net worth

21,360
$32,065
$0
749
0
234
983
10,400
10,000
10,682
$32,065

22,698
$33,282
$1,104
686
58
239
2,087
10,400
10,000
10,795
$33,282

22,660
33,050
$853
647
79
234
1813.00
10,400
10,000
10,837
$33,050

24,063
$34,949
$2,398
673
177
276
3,524
10,400
10,000
11,025
$34,949

RAZONES FINANCIERAS
Margen de utilidad bruta
Margen de utilidad operativa
Margen de utilidad neta
Rotacin de Activos Totales
Apalancamiento
ROE

28%
17%
7%
0.054
0.031
0.011%

23%
10%
6%
0.003
0.063
0.001%

26%
13%
9%
0.005
0.055
0.002%

26%
15%
10%
0.007
0.101
0.007%

73
52

60
46
46

61
45
44

76
56
47

CAJA
Rotacin de Caja en das VPD

25

14

11

CUENTAS POR COBRAR


Rotacin de CxC en das VPD

25

41

41

42

135

157
7,049
1,365
1,129
7,285

162
7,285
1,323
1,328
7,280

129
7,285
1,401
1,466
7,220

14

15

14

12

198
183

202
188

171
159

10,584

10,390

10,886

RATIOS OPERATIVOS
Ventas Promedio Diarias
Costo de ventas promedio diario
Compras promedio diario

INVENTARIOS
Rotacin de Inventarios en das de CVPD
Inventario Inicial
Compras
Costo de Venta
Inventario Final

CUENTAS POR PAGAR


Rotacin de CxP en das de CVPD

CICLO OPERATIVO
CICLO DE CONVERSIN DE EFECTIVO

CAPITAL DE TRABAJO
ACO

10,705

PACO
NOF
CT
NOF - CT = Credito a cp (+) o EC (-)
check

983
9,722
9,722
0

983
9,601
8,497
1,104

960
9,430
8,577
853

1,126
9,760
7,362
2,398

$0

$0

1990

676
676
676

Real
Sept.
$659
728
725

676
676
676

Real
Oct.
$662
754
725

676
676
676

Real
Nov.
$691
697
671

676
676
676

Real
Dec.
$717
598
637

676

$662

676

$691

676

$717

676

$678

2,704
676
676
1,352
2,704

2,778
725
671
1,375
$2,799

2,704
676
676
1,352
2,704

2,799
725
686
1,409
$2,801

2,704
676
676
1,352
2,704

2,801
671
650
1,396
$2,726

2,704
676
676
1,352
2,704

2,726
637
686
1,412
$2,637

3,900
1,352

$3,783
1,375

3,848
1,352

$3,463
1,409

3,484
1,352

$2,750
1,396

2,496
1,352

$2,386
1,412

1,404
3,848
$7,228

1,695
$3,463
$6,924

1,716
3,484
$6,864

2,122
$2,750
$6,242

2,340
2,496
$5,876

1,760
$2,386
$5,829

2,028
1,820
$5,200

1,461
$2,337
$5,652

Real

Real

Real

Real

1990
$2,340

Sept.
$2,678

$2,860

1,695
1,404

Oct.
$3,536
2,122

1,716
296

260
1,664
676

1,991
687
255

234
442
150
292
0
$292
$447

432
147
285
260
$25
$368

$3,900

Nov.
$2,933
1,760

2,340

2,392
1,144
239

234
650
221
429
260
$169
$616

905
308
597
0
$597
$965

640.00
4,030
6,864
11,534

Real
Oct.
$606
4,914
6,242
11,762

1,461

263
260
2,600
1,300
234
1,066
362
704
0
$704
$1,320

Dec.
$2,434

2,028

270
260
1,976
884

$3,380

2,023
910
239
671
228
443
0
$443
$1,408

250
260
2,288
1,092

1,711
723
234

234
858
292
566
0
$566
$1,886

489
166
323
260
$63
$1,471

640.00
5,330
5,200
11,170

Real
Dec.
$559
4,846
5,652
11,057

1990

640.00
3,250
7,228
11,118

Real
Sept.
$609
3,822
6,924
11,355

Real
Nov.
640.00
5,330
5,876
11,846

$723
4,805
5,829
11,357

23,960
35,078
$2,410
676
229
234
3549.00
10,400
10,000
11,129
$35,078

24,216
$35,571
$3,197
733
(56)
247
4,121
10,400
10,000
11,050
$35,571

23,960
35,494
$2,816
676
70
234
3796.00
10,400
10,000
11,298
$35,494

24,224
$35,986
$2,673
762
252
252
3,939
10,400
10,000
11,647
$35,986

23,960
35,806
$2,062
676
432
234
3404.00
10,400
10,000
12,002
$35,806

24,211
$35,568
$1,634
725
480
239
3,078
10,400
10,000
12,090
$35,568

23,960
35,130
$528
676
724
234
2162.00
10,400
10,000
12,568
$35,130

24,248
$35,305
$1,917
595
266
234
3,012
10,140
10,000
12,153
$35,305

29%
26%
31%
19%
16%
23%
12%
1%
6%
0.008
0.001
0.005
0.101 0.115853 0.106948
0.011%
0.000%
0.003%

32%
26%
17%
0.017
0.109
0.031%

33%
27%
18%
0.020
0.095
0.034%

31%
23%
15%
0.012
0.087
0.016%

32%
25%
17%
0.016
0.062
0.017%

30%
20%
3%
0.002
0.085
0.000%

78
55
45

89
66
48

95
66
45

118
80
49

130
87
45

98
67
46

113
76
45

81
57
41

42

43

42

42

41

49

47

60

130
7,280
1,352
1,404
7,228

104
7,220
1,453
1,749
6,924

104
7,228
1,352
1,716
6,864

78
6,924
1,479
2,161
6,242

68
6,864
1,352
2,340
5,876

86
6,242
1,368
1,781
5,829

68
5,876
1,352
2,028
5,200

99
5,829
1,235
1,412
5,652

12

11

10

10

11

10

172
160

147
136

146
136

120
110

109
101

136
125

115
107

159
148

11,118

11,355

11,534

11,762

11,846

11,357

11,170

11,057

1,139
9,979
7,569
2,410

924
10,431
7,234
3,197

980
10,554
7,738
2,816

1,266
10,496
7,823
2,673

1,342
10,504
8,442
2,062

1,444
9,913
8,279
1,634

1,634
9,536
9,008
528

1,095
9,962
8,045
1,917

$0

$0

$0

$0

$0

$0

$0

$0

1991

676
676
676

Real
Jan.
$678
600
614

676
676
676

Real
Feb.
$664
567
575

676
676
676

Real
Mar.
$656
450
523

676
676
676

676

$664

676

$656

676

$583

676

2,704
676
676
1,352
2,704

2,637
614
686
1,373
$2,564

2,704
676
676
1,352
2,704

2,564
575
598
1,323
$2,414

2,704
676
676
1,352
2,704

2,414
523
562
1,300
$2,199

2,704
676
676
1,352
2,704

1,820
1,352

$2,337
1,373

1,456
1,352

$2,792
1,323

1,716
1,352

$3,163
1,300

1,976
1,352

1,716
1,456
$4,836

918
$2,792
$6,020

1,092
1,716
$5,096

952
$3,163
$6,233

1,092
1,976
$5,356

835
$3,628
$6,410

936
2,392
$5,772

Real

Real

Real

1991
$2,860

Jan.
$1,529

$1,820

918
1,716
255
1,173
356
226
130
44
86
0
$86
$1,557

$1,820

952
1,092

260
1,976
884
234
650
221
429
260
$169
$2,055

Feb.
$1,511

234
234
80
154
0
$154
$2,209

1,277
234
224
10
3
7
0
$7
$1,564

$1,560

$19,988
$0

936

$12,304

260
1,196
364

$2,449
$14,753
$5,235

234
130
44
86
260
($174)
$2,189

$2,115
$3,120
$1,060
$2,060
$780
$1,280
$9,069

835
1,092

325
260
1,352
468

Mar.
$1,303

281
260
1,352
468

1,116
187
224

234
234
80
154
0
$154
$2,363

(37)
(13)
(24)
260
($284)
$1,280

2774.00
2,730
5,356
10,860

Real
Mar.
$601
2,493
6,410
9,504

1991
Real
Jan.
1006.00
4,550
4,836
10,392

$986
3,442
6,020
10,448

2280.00
3,250
5,096
10,626

Real
Feb.
$936
2,756
6,233
9,925

Forecast
2108.00
2,470
5,772
10,350

23,960
34,352
$0
676
565
234
1475.00
10,140
10,000
12,737
$34,352

24,211
$34,659
$1,131
608
310
231
2,280
10,140
10,000
12,239
$34,659

23,960
34,586
$0
676
645
234
1555.00
10,140
10,000
12,891
$34,586

24,183
$34,108
$611
572
313
226
1,722
10,140
10,000
12,246
$34,108

23,960
34,820
$0
676
725
234
1635.00
10,140
10,000
13,045
$34,820

24,184
$33,688
$995
447
(80)
224
1,586
10,140
10,000
11,962
$33,688

23,960
34,310
$0
676
389
234
1299.00
10,140
10,000
12,871
$34,310

31%
23%
6%
0.005
0.043
0.001%

23%
9%
6%
0.002
0.066
0.001%

26%
13%
8%
0.004
0.045
0.002%

15%
1%
0%
0.000
0.050
0.000%

26%
13%
8%
0.004
0.047
0.002%

14%
-3%
-22%
-0.008
0.047
0.009%

23%
8%
-11%
-0.005
0.038
0.002%

95
66
45

51
39
40

61
45
45

50
43
38

61
45
45

43
37
32

52
40
45

11

19

38

19

46

14

41

48

68

54

55

45

57

48

73
5,200
1,352
1,716
4,836

154
5,652
1,214
846
6,020

113
4,836
1,352
1,092
5,096

146
6,020
1,142
929
6,233

119
5,096
1,352
1,092
5,356

172
6,233
973
796
6,410

145
5,356
1,352
936
5,772

10

16

15

13

15

12

17

121
111

221
206

167
152

201
188

164
149

230
218

192
175

10,392

10,448

10,626

9,925

10,860

9,504

10,350

26%
16%
6%
0.037
#DIV/0!
#DIV/0!

1,475
8,917
8,917
0

1,149
9,299
8,168
1,131

1,555
9,071
9,071
0

1,111
8,814
8,203
611

1,635
9,225
9,225
0

591
8,913
7,918
995

1,299
9,051
9,051
0

$0

$0

$0

$0

$0

$0

$0

$4,500
$22,360
$0

$4,000
$3,500

$13,416

$3,000

$2,340
$15,756
$6,604

$2,500

$2,106
$4,498
$1,529
$2,969
$780
$2,189
$13,240

$2,000
$1,500
$1,000
$500
$0
July

Aug.

Sept.

Oct.

Nov.

Dec.

30%
20%
10%
#DIV/0!
#DIV/0!
#DIV/0!

Forecast Sales
Real Sales

Dec.

Jan.

Feb.

Mar.