Actual

Income Statement 1993 1994 1995 1993 1994 1995

Sales $16,230 $20,355 $23,505 100.0 100.0 100.0
Cost of Sales $9,430 $11,898 $13,612 58.1 58.5 57.9
Gross Profits $6,800 $8,457 $9,893 41.9 41.5 42.1
SGA $5,195 $6,352 $7,471 32.0 31.2 31.8
EBITDA $1,605 $2,105 $2,422 9.9 10.3 10.3
Depreciation $160 $180 $213 5.0 4.7 5.1
EBIT $1,445 $1,925 $2,209 8.9 9.5 9.4
Net Interest Expense $119 $106 $94 0.7 0.5 0.4
Pre-Tax Income $1,326 $1,819 $2,115 8.2 8.9 9.0
Income Taxes $546 $822 $925 3.4 4.0 3.9
Net Income $780 $997 $1,190 4.8 4.9 5.06
Tax rate 41.2% 45.2% 43.7%
NOPAT $850 $1,055 $1,243 5.2 5.2 5.3
Net Operating Capital $672 $825 3.3 3.5
Free Cash flow $383 $418 1.9 1.8

Dividends $155 $200 $240 0.20 0.20 0.20

Addition to RE $625 $797 $950
Balance Sheet
Assets 1993 1994 1995
Surplus Cash
Cash $508 $609 $706 3.13% 2.99% 3.00%
Accounts Receivable $2,545 $3,095 $3,652 15.68% 15.21% 15.54%
Inventories $1,630 $1,838 $2,190 10.04% 9.03% 9.32%
Total current Assets $4,683 $5,542 $6,548 28.85% 27.23% 27.86%

Gross Plant and Equipment $3,232 $3,795 $4,163 19.91% 18.64% 17.71%
Accumulated Depreciation $1,335 $1,515 $1,728 8.23% 7.44% 7.35%
Net Plant and Equipment $1,897 $2,280 $2,435 11.69% 11.20% 10.36%
Net Fixed Assets $1,897 $2,280 $2,435 11.69% 11.20% 10.36%
Total Assets $6,580 $7,822 $8,983 40.54% 38.43% 38.22%

Liabilities
Current maturities of LT debt $125 $125 $125 0.77% 0.61% 0.53%
Accounts Payable $1,042 $1,325 $1,440 6.42% 6.51% 6.13%
Accrued Expenses $1,145 $1,432 $1,653 7.05% 7.04% 7.03%
Total Current Liabilities $2,312 $2,882 $3,218 14.25% 14.16% 13.69%

Operating Working capital $2,496 $2,785 $3,455 15.38% 13.68% 14.70%

Operating capital $4,393 $5,065 $5,890 27.07% 24.88% 25.06%
New Debt
Long Term Debt $1,000 $875 $750 6.16% 4.30% 3.19%
Common Stock $1,135 $1,135 $1,135 6.99% 5.58% 4.83%
Retained Earnings $2,133 $2,930 $3,880 13.14% 14.39% 16.51%
Total Shareholder Equity $3,268 $4,065 $5,015 20.14% 19.97% 21.34%
Total Liabilities +Equity $6,580 $7,822 $8,983 40.54% 38.43% 38.22%
 AVG 1996 1997 NOPAT 850 1055 1243
28206 33847 Operating Capital 4393 5065 5890
58.2 16334 19601
11872 14246 ROC 19.35% 20.83% 21.10%
31.7 8965 10758
2906 3488 EVA 454.63 599.249 712.7889
4.9 $213 $313
9.3 2693 3175
0.6 $112.8 118
8.7 2581 3057
3.8 1129 1337
4.9 1452 1720
43.37%
5.2
3.4
1.8

293 344
1159 1376

3.04% 846 1017

15.47% 4382 5259
9.46% 2628 3154
27.98% 7857 9429

18.76% 4996 5396

7.67% 2074 2387
11.08% 2922 3009
11.08% 2922 3009
39.06% 10779 12438

429 1098
0.64% 125 125
6.35% 1728 2074
7.04% 1984 2380
14.03% 3837 4579

14.59%
25.67%

4.55% 625 500

 5.80% 1135 1135
14.68% 5039 6415
20.48% 6174 7550
39.06% 11065 13727
 EBIT
NOPAT
Operating Capital
Actual
Income Statement 1993 1994 1995
Sales $16,230 $20,355 $23,505 Liquidity Ratio
Cost of Sales $9,430 $11,898 $13,612 Current Ratio
Gross Profits $6,800 $8,457 $9,893 Quick Ratio
SGA $5,195 $6,352 $7,471
Depreciation $160 $180 $213 Profitability:
Net Interest Expense $119 $106 $94 ROE
Pre-Tax Income $1,326 $1,819 $2,115 ROS
Income Taxes $546 $822 $925 ROC
Net Income $780 $997 $1,190
Dividends $155 $200 $240
Addition to RE $625 $797 $950 Leverage:
Balance Sheet Asset / equity
Assets 1993 1994 1995 Debt Equity
Surplus Cash Debt / Total Capital
Cash $508 $609 $706 Interest Coverage
Accounts Receivable $2,545 $3,095 $3,652
Inventories $1,630 $1,838 $2,190
Total current Assets $4,683 $5,542 $6,548
Activity Ratio:
Gross Plant and Equip $3,232 $3,795 $4,163 Inventory Turn over Ratio
Accumulated Depreciat $1,335 $1,515 $1,728 Days of Inventory
Net Plant and Equipme $1,897 $2,280 $2,435 Debtors Ratio
Total Assets $6,580 $7,822 $8,983 Days Receivabe
Creditors Ratio
Liabilities Days Payable
Current maturities of L $125 $125 $125
Accounts Payable $1,042 $1,325 $1,440
Accrued Expenses $1,145 $1,432 $1,653
Total Current Liabilities $2,312 $2,882 $3,218

New Debt
Long Term Debt $1,000 $875 $750 AFN
Common Stock $1,135 $1,135 $1,135 S0
Retained Earnings $2,133 $2,930 $3,880 S1
Total Shareholder Equit $3,268 $4,065 $5,015 S1-S0
Total Liabilities +Equity $6,580 $7,822 $8,983 A0*
L0*
M
d
 1445 1925 2209
850 1055 1243
4393 5065 5890

2.03 1.92 2.03

1.32 1.29 1.35

23.9% 24.5% 23.7%

4.81% 4.90% 5.06%
19.35% 20.83% 21.10%

2.01 1.92 1.79

0.34 0.25 0.17
0.26 0.20 0.15
12.1 18.2 23.5

5.785 6.473 6.216

63.1 56.4 58.7
6.377 6.577 6.436
57.2 55.5 56.7
15.6 15.4 16.3
22.5 22.8 21.4

$23,505 $28,206
28206 33847
$4,701 $5,641
$8,983 11076
$3,093 3712
0.0506 0.05
0.2 0.2

35.6 101.875885
 Actual
Income Statement 1993 1994 1995 1993 1994 1995
Sales $16,230 $20,355 $23,505 100.0 100.0 100.0
Cost of Sales $9,430 $11,898 $13,612 58.1 58.5 57.9
Gross Profits $6,800 $8,457 $9,893 41.9 41.5 42.1
SGA $5,195 $6,352 $7,471 32.0 31.2 31.8
EBITDA $1,605 $2,105 $2,422 9.9 10.3 10.3
Depreciation $160 $180 $213 5.0 4.7 5.1
EBIT $1,445 $1,925 $2,209 8.9 9.5 9.4
Net Interest Expense $119 $106 $94 0.7 0.5 0.4
Pre-Tax Income $1,326 $1,819 $2,115 8.2 8.9 9.0
Income Taxes $546 $822 $925 3.4 4.0 3.9
Net Income $780 $997 $1,190 4.8 4.9 5.06
Tax rate 41.2% 45.2% 43.7%
NOPAT $850 $1,055 $1,243 5.2 5.2 5.3
Net Operating Capital $672 $825 3.3 3.5
Free Cash flow $383 $418 1.9 1.8

Dividends $155 $200 $240 0.20 0.20 0.20

Addition to RE $625 $797 $950
Balance Sheet
Assets 1993 1994 1995
Surplus Cash
Cash $508 $609 $706 3.13% 2.99% 3.00%
Accounts Receivable $2,545 $3,095 $3,652 15.68% 15.21% 15.54%
Inventories $1,630 $1,838 $2,190 10.04% 9.03% 9.32%
Total current Assets $4,683 $5,542 $6,548 28.85% 27.23% 27.86%

Gross Plant and Equipment $3,232 $3,795 $4,163 19.91% 18.64% 17.71%
Accumulated Depreciation $1,335 $1,515 $1,728 8.23% 7.44% 7.35%
Net Plant and Equipment $1,897 $2,280 $2,435 11.69% 11.20% 10.36%
Net Fixed Assets $1,897 $2,280 $2,435 11.69% 11.20% 10.36%
Total Assets $6,580 $7,822 $8,983 40.54% 38.43% 38.22%

Liabilities
Current maturities of LT debt $125 $125 $125 0.77% 0.61% 0.53%
Accounts Payable $1,042 $1,325 $1,440 6.42% 6.51% 6.13%
Accrued Expenses $1,145 $1,432 $1,653 7.05% 7.04% 7.03%
Total Current Liabilities $2,312 $2,882 $3,218 14.25% 14.16% 13.69%

Operating Working capital $2,496 $2,785 $3,455 15.38% 13.68% 14.70%

Operating capital $4,393 $5,065 $5,890 27.07% 24.88% 25.06%
New Debt
Long Term Debt $1,000 $875 $750 6.16% 4.30% 3.19%
Common Stock $1,135 $1,135 $1,135 6.99% 5.58% 4.83%
Retained Earnings $2,133 $2,930 $3,880 13.14% 14.39% 16.51%
Total Shareholder Equity $3,268 $4,065 $5,015 20.14% 19.97% 21.34%
Total Liabilities +Equity $6,580 $7,822 $8,983 40.54% 38.43% 38.22%
 AVG 1996 1997 NOPAT 850 1055 1243
28206 33847 Operating Capital 4393 5065 5890
58.2 16334 19601
11872 14246 ROC 19.35% 20.83% 21.10%
31.7 8965 10758
2906 3488 EVA 454.63 599.249 712.7889
4.9 $213 $313
9.3 2693 3175
0.6 $88 118
8.7 2606 3057
3.8 1140 1337
4.9 1466 1720
43.37%
5.2
3.4
1.8

296 344
1170 1376

3.04% 846 1017

15.47% 4382 5259
9.46% 1625 3154
27.98% 6854 9429

18.76% 6163 6563

7.67% 1941 2254
11.08% 4222 4309
11.08% 4222 4309
39.06% 11076 13738

429 1098
0.64% 125 125
6.35% 1728 2074
7.04% 1984 2380
14.03% 3837 4579

14.59%
25.67%

4.55% 625 500

 5.80% 1135 1135
14.68% 5050 6426
20.48% 6185 7561
39.06% 11076 13738