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financial Ratios Calculations

financial Ratios Calculations

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Finsas2 Finsas2 Document Transcript

  • FinSAS Version 2003051213 FinSAS: Financial Statement Analysis Spreadsheet by Dr. Donald V. Saftner donald.saftner@utoledo.edu To Accompany Financial Reporting and Analysis: Using Financial Accounting Information 9/e by Dr. Charles Gibson Copyright © 2004 South-Western, a division of Thomson Learning, Inc. Author acknowledges the work of his graduate assistant, Eun Kyung Lee, on this project. Her help is appreciated. FinSAS: Financial Statement Analysis Spreadsheet allows users to input the reported data from the financial statements, notes, and other sources. FinSAS then computes the ratios found in Financial Reporting and Analysis: Using Financial Accounting Information 9/e. Using this tool, you can spend more time analyzing the statements and less time crunching the numbers. In addition to the ratios, both a vertical and horizontal analysis are performed. Instructions: Note the sheet tabs below. The following instructions use the names of those tabs as section headings. Click on a tab to see that sheet after reading the instructions below. Input On the Input sheet, enter values into all appropriate cells (i.e., those with blue font). The figures in black font are calculated based on your input. By entering the Company Name, Analyst Name(s), and Most Recent Year Available in the first three input cells, those items will appear on all subsequent output sheets. They make it easy to identify any printouts you make. Copyright © 2004 South-Western, a division of Thomson Learning, Inc.
  • The next two input cells (Years Available for Income Statement and Balance Sheet) are particularly important to the functioning of the model. Changing these numbers (while keeping them within the range one through five) changes the number of columns of data that are available on the Input sheet and all subsequent output sheets. In a single annual report/10K, there are often three years of income statements and two years of balance sheets. The annual report/10K you are using may have more and/or you may want to use multiple years’ worth of annual report/10Ks to increase the amount of data available to analyze. The maximum years that FinSAS can accept is five years. Fill in all remaining input cells for which you can find data. There are many different names for the same account. You must translate the terminology used by the company to the generic terms used in FinSAS. When the detail is not needed, FinSAS requests a summary figure. For instance, on the published income statement there may be several operating expenses (e.g., wages, utilities, rent), but FinSAS only needs the sum of those, which would be entered as Operating Expenses. Be sure to read the footnotes to the financial statements and the comparative data section. Those sources include some of the information you need to complete the Input sheet. Also be sure to match key subtotals (e.g. the FinSAS total current asset should be same as the figure on the balance sheet even though the detail lines may be different.) Be consistent in ignoring a certain number of decimal places. Many financial statements have "in thousands, except par values," "millions except share and per share amounts," or similar statements. When entering data into FinSAS, it is usually best to follow the same convention as the financial statements in choosing the number of decimal places to assume have been removed. An exception is the second statement above. Only "per share" data should be entered as dollars with no decimal places removed. Account balances and total share information should consistently have the same number of decimal places removed. If the share and account balances have a different number of decimal places removed then ratios such as "book value per share" and "operating cash flow per share" will be inaccurate. Copyright © 2004 South-Western, a division of Thomson Learning, Inc.
  • Source of Input This is the place to document where you found the information you entered on the previous sheet. This can be very useful for you and for anyone who reviews your work. For instance if most of it came from the company's annual report/10K, then state that at the top. Individual lines of input in FinSAS might be the sum of a few lines in the published financial statements. Indicate on this sheet how you determined the FinSAS inputs from the statements. For some of the inputs, you may have used information from the footnotes or comparative information section. Indicate that information on this sheet and include page numbers wherever possible. Of course, other sources of information should be cited. Vertical Analysis After you insert your data, you can see the result of the vertical analysis. It compares each amount on the income statement and balance sheet with a base amount (net sales on the income statement and total assets on the balance sheet) selected from the same year. Horizontal Analysis After you insert your data, you can see the result of the horizontal analysis. It compares each amount on the income statement and balance sheet with the same amount for the oldest year available. Ratios – avg. After you insert your data, you can see the result of the ratio analysis. For the ‘Ratio – Average’, the average of beginning of year values and end of year values is used when appropriate. Note that if you only have two years of balance sheet information, then for those ratios that use the average of two years of balance sheet information, only one year's worth of ratios can be calculated. Since it is desirable to compare the ratios across time to determine possible trends, a solution to only having one year's worth of ratios should be sought. Some possible solutions are to find additional years' worth of data and/or use the Ratio - end. sheet. Copyright © 2004 South-Western, a division of Thomson Learning, Inc.
  • Ratios with a negative cash flow or negative profit measure in the numerator will display #N/A, which means not available or not applicable. This makes it less likely that invalid conclusions will be made during your analysis. You may want to determine how a certain ratio is calculated. You may do this in one of two ways. If you select the cell in which the ratio appears, then the formula for that cell appears near the top of the screen. You will then have to determine what accounts the cell refers to by looking at the Input screen. Alternatively, you can refer to the Documentation screen for the definition. Ratios – end. For the Ratios - end. sheet, the end of year values are used instead of the average values. The ‘*’ marks indicate the ratios for which the end of year values are used whereas the averages are used on the previous sheet. Note that the Ratios - avg. sheet is theoretically superior in that averages for balance sheet information (point in time) is compared to income statement or cash flow statements (period of time). Documentation The Documentation sheet provides you the definitions of the ratios using the row labels of the Input sheet or other ratio results. Copyright © 2004 South-Western, a division of Thomson Learning, Inc.
  • FinSAS Version 2003051213 Input Company: Company name here Analyst: Your name(s) here Most Recent Year Available: 2002 Years Available for: Income Statement (1-5) 5 Balance Sheet (1-5) 5 ========================================= =========== =========== =========== =========== =========== INCOME STATEMENT 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- Net Sales 0 0 0 0 0 Less: Cost of Goods Sold 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- Gross Profit 0 0 0 0 0 Other Operating Revenue 0 0 0 0 0 Less: Operating Expenses 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- Operating Income 0 0 0 0 0 Less: Interest Expense 0 0 0 0 0 (no capitalized interest) Other Income (Expenses) 0 0 0 0 0 Unusual or Infreq. Item; Gain (Loss) 0 0 0 0 0 Equity in Earnings of Assoc.; Profit (Loss) 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- Income before Taxes 0 0 0 0 0 Less:Taxes Related to Operations 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- N.I. before Min. Ern. 0 0 0 0 0 Minority Share of Earnings (Loss) 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- N.I. before Nonrecurring Items 0 0 0 0 0 Oper. of Discontinued Segment; Income (Loss) 0 0 0 0 0 Disposal of Discont. Segment; Gain (Loss) 0 0 0 0 0 Extraordinary Item; Gain (Loss) 0 0 0 0 0 Cum. Effect of Acct Change; Gain (Loss) 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- Net Income (Loss) 0 0 0 0 0 ========================================= =========== =========== =========== =========== ===========
  • BALANCE SHEET 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- ASSETS Current Assets: Cash 0 0 0 0 0 Marketable Securities 0 0 0 0 0 Gross Receivables 0 0 0 0 0 Less: Allowance for Bad Debts 0 0 0 0 0 Net Trade Receivables 0 0 0 0 0 Inventories 0 0 0 0 0 Prepaid Expenses 0 0 0 0 0 Other Current Assets 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- Total Current Assets 0 0 0 0 0 Long-Term Assets: Net Tangible (Fixed) Assets (other than construction in progress) 0 0 0 0 0 Construction in Progress 0 0 0 0 0 Intangible Assets 0 0 0 0 0 Investments 0 0 0 0 0 Other Nonoperating Assets 0 0 0 0 0 Other Operating Assets 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- Total Long-Term Assets 0 0 0 0 0 Total Assets 0 0 0 0 0 LIABILITIES AND EQUITY Current Liabilities: Accounts Payable 0 0 0 0 0 Short Term Loans 0 0 0 0 0 Current Maturity of L.t. Debt 0 0 0 0 0 Other Current Liabilities 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- Total Current Liabilities 0 0 0 0 0 Long-Term Liabilities: Long-term Debt 0 0 0 0 0 Reserves 0 0 0 0 0 Deferred Liabilities 0 0 0 0 0 Minority Interest 0 0 0 0 0 Redeemable Preferred 0 0 0 0 0 Other Long-term Liabilities 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- Total Long-term Liabilities 0 0 0 0 0 Total Liabilities 0 0 0 0 0 Shareholders' Equity: Preferred Equity 0 0 0 0 0 Common Equity-incl. Ret. Ern. 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- Total Equity 0 0 0 0 0 Total Liabilities and Equity 0 0 0 0 0 ========================================= =========== =========== =========== =========== ===========
  • OTHER DATA 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- Capitalized Interest 0.0 0.0 0.0 0.0 0.0 Interest Portion of Rentals 0.0 0.0 0.0 0.0 0.0 Liquidation Value of Pref. Stock 0.0 0.0 0.0 0.0 0.0 Dividends on Redeemable Pref. 0.0 0.0 0.0 0.0 0.0 Dividends on Nonredeemable Pref. 0.0 0.0 0.0 0.0 0.0 Dividends per Common Share 0.000 0.000 0.000 0.000 0.000 Total Cash Dividends 0.0 0.0 0.0 0.0 0.0 Dil. Earn. per Sh. before Nonrec. Items 0.000 0.000 0.000 0.000 0.000 Market Price per Common Share 0.000 0.000 0.000 0.000 0.000 Tax Rate (0-1) 0.000 0.000 0.000 0.000 0.000 Common Shares Outstanding 0.0 0.0 0.0 0.0 0.0 Diluted Weighted Average Common Shares 0.0 0.0 0.0 0.0 0.0 Cash Flow from Operations 0.0 0.0 0.0 0.0 0.0 Option expense: Net income not including opt. exp. 0.0 0.0 0.0 0.0 0.0 Net income including opt. exp. 0.0 0.0 0.0 0.0 0.0
  • FinSAS Version 2003051213 Source of Input Company: Company name here Analyst: Your name(s) here Most Recent Year Available: 2002 Years Available for: Income Statement (1-5) 5 Balance Sheet (1-5) 5 ========================================= INCOME STATEMENT ----------------------------------------- Net Sales Less: Cost of Goods Sold Gross Profit Other Operating Revenue Less: Operating Expenses Operating Income Less: Interest Expense (no capitalized interest) Other Income (Expenses) Unusual or Infreq. Item; Gain (Loss) Equity in Earnings of Assoc.; Profit (Loss) Income before Taxes Less:Taxes Related to Operations N.I. before Min. Ern. Minority Share of Earnings (Loss) N.I. before Nonrecurring Items Oper. of Discontinued Segment; Income (Loss) Disposal of Discont. Segment; Gain (Loss) Extraordinary Item; Gain (Loss) Cum. Effect of Acct Change; Gain (Loss) Net Income (Loss) =========================================
  • BALANCE SHEET ----------------------------------------- ASSETS Current Assets: Cash Marketable Securities Gross Receivables Less: Allowance for Bad Debts Net Trade Receivables Inventories Prepaid Expenses Other Current Assets Total Current Assets Long-Term Assets: Net Tangible (Fixed) Assets (other than construction in progress) Construction in Progress Intangible Assets Investments Other Nonoperating Assets Other Operating Assets Total Long-Term Assets Total Assets LIABILITIES AND EQUITY Current Liabilities: Accounts Payable Short Term Loans Current Maturity of L.t. Debt Other Current Liabilities Total Current Liabilities Long-Term Liabilities: Long-term Debt Reserves Deferred Liabilities Minority Interest Redeemable Preferred Other Long-term Liabilities Total Long-term Liabilities Total Liabilities Shareholders' Equity: Preferred Equity Common Equity-incl. Ret. Ern. Total Equity Total Liabilities and Equity =========================================
  • OTHER DATA ----------------------------------------- Capitalized Interest Interest Portion of Rentals Liquidation Value of Pref. Stock Dividends on Redeemable Pref. Dividends on Nonredeemable Pref. Dividends per Common Share Total Cash Dividends Dil. Earn. per Sh. before nonrec. items Market Price per Common Share Tax Rate (0-1) Common Shares Outstanding Diluted Weighted Average Common Shares Cash Flow from Operations Option expense: Net income not including opt. exp. Net income including opt. exp.
  • FinSAS Version 2003051213 Vertical Analysis Company: Company name here Analyst: Your name(s) here Most Recent Year Available: 2002 Years Available for: Income Statement (1-5) 5 Balance Sheet (1-5) 5 ========================================= =========== =========== =========== =========== =========== INCOME STATEMENT 2002 2001 2000 1999 1998 ----------------------------------------- ---------- ---------- ---------- ---------- ---------- Net Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Less: Cost of Goods Sold #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ---------- ---------- ---------- ---------- ---------- Gross Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Other Operating Revenue #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Less: Operating Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ---------- ---------- ---------- ---------- ---------- Operating Income #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Less: Interest Expense #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! (no capitalized interest) Other Income (Expenses) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Unusual or Infreq. Item; Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Equity in Earnings of Assoc.; Profit (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ---------- ---------- ---------- ---------- ---------- Income before Taxes #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Less:Taxes Related to Operations #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ---------- ---------- ---------- ---------- ---------- N.I. before Min. Ern. #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Minority Share of Earnings (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ---------- ---------- ---------- ---------- ---------- N.I. before Nonrecurring Items #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Oper. of Discontinued Segment; Income (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Disposal of Discont. Segment; Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Extraordinary Item; Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Cum. Effect of Acct Change; Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ---------- ---------- ---------- ---------- ---------- Net Income (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ========================================= ========== ========== ========== ========== ==========
  • BALANCE SHEET 2002 2001 2000 1999 1998 ----------------------------------------- --------- --------- --------- --------- --------- ASSETS Current Assets: Cash #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Marketable Securities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Gross Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Less: Allowance for Bad Debts #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Net Trade Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Inventories #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Prepaid Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Other Current Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! --------- --------- --------- --------- --------- Total Current Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Long-Term Assets: Net Tangible (Fixed) Assets (other than construction in progress) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Construction in Progress #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Intangible Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Investments #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Other Nonoperating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Other Operating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! --------- --------- --------- --------- --------- Total Long-Term Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Total Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! LIABILITIES AND EQUITY Current Liabilities: Accounts Payable #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Short Term Loans #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Current Maturity of L.t. Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Other Current Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! --------- --------- --------- --------- --------- Total Current Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Long-Term Liabilities: Long-term Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Reserves #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Deferred Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Minority Interest #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Redeemable Preferred #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Other Long-term Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! --------- --------- --------- --------- --------- Total Long-term Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Total Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Shareholders' Equity: Preferred Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Common Equity-incl. Ret. Ern. #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! --------- --------- --------- --------- --------- Total Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Total Liabilities and Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ========================================= =========== =========== =========== =========== ===========
  • FinSAS Version 2003051213 Horizontal Analysis Company: Company name here Analyst: Your name(s) here Most Recent Year Available: 2002 Years Available for: Income Statement (1-5) 5 Balance Sheet (1-5) 5 ========================================= =========== =========== =========== =========== =========== INCOME STATEMENT 2002 2001 2000 1999 1998 ----------------------------------------- ----------------- ----------------- ----------------- ----------------- ----------------- Net Sales #N/A #N/A #N/A #N/A #N/A Less: Cost of Goods Sold #N/A #N/A #N/A #N/A #N/A ----------------- ----------------- ----------------- ----------------- ----------------- Gross Profit #N/A #N/A #N/A #N/A #N/A Other Operating Revenue #N/A #N/A #N/A #N/A #N/A Less: Operating Expenses #N/A #N/A #N/A #N/A #N/A ----------------- ----------------- ----------------- ----------------- ----------------- Operating Income #N/A #N/A #N/A #N/A #N/A Less: Interest Expense #N/A #N/A #N/A #N/A #N/A (no capitalized interest) Other Income (Expenses) #N/A #N/A #N/A #N/A #N/A Unusual or Infreq. Item; Gain (Loss) #N/A #N/A #N/A #N/A #N/A Equity in Earnings of Assoc.; Profit (Loss) #N/A #N/A #N/A #N/A #N/A ----------------- ----------------- ----------------- ----------------- ----------------- Income before Taxes #N/A #N/A #N/A #N/A #N/A Less:Taxes Related to Operations #N/A #N/A #N/A #N/A #N/A ----------------- ----------------- ----------------- ----------------- ----------------- N.I. before Min. Ern. #N/A #N/A #N/A #N/A #N/A Minority Share of Earnings (Loss) #N/A #N/A #N/A #N/A #N/A ----------------- ----------------- ----------------- ----------------- ----------------- N.I. before Nonrecurring Items #N/A #N/A #N/A #N/A #N/A Oper. of Discontinued Segment; Income (Loss) #N/A #N/A #N/A #N/A #N/A Disposal of Discont. Segment; Gain (Loss) #N/A #N/A #N/A #N/A #N/A Extraordinary Item; Gain (Loss) #N/A #N/A #N/A #N/A #N/A Cum. Effect of Acct Change; Gain (Loss) #N/A #N/A #N/A #N/A #N/A ----------------- ----------------- ----------------- ----------------- ----------------- Net Income (Loss) #N/A #N/A #N/A #N/A #N/A ========================================= =========== =========== =========== =========== ===========
  • BALANCE SHEET 2002 2001 2000 1999 1998 ----------------------------------------- ------------- ------------- ------------- ------------- ------------- ASSETS Current Assets: Cash #N/A #N/A #N/A #N/A #N/A Marketable Securities #N/A #N/A #N/A #N/A #N/A Gross Receivables #N/A #N/A #N/A #N/A #N/A Less: Allowance for Bad Debts #N/A #N/A #N/A #N/A #N/A Net Trade Receivables #N/A #N/A #N/A #N/A #N/A Inventories #N/A #N/A #N/A #N/A #N/A Prepaid Expenses #N/A #N/A #N/A #N/A #N/A Other Current Assets #N/A #N/A #N/A #N/A #N/A ------------- ------------- ------------- ------------- ------------- Total Current Assets #N/A #N/A #N/A #N/A #N/A Long-Term Assets: Net Tangible (Fixed) Assets (other than construction in progress) #N/A #N/A #N/A #N/A #N/A Construction in Progress #N/A #N/A #N/A #N/A #N/A Intangible Assets #N/A #N/A #N/A #N/A #N/A Investments #N/A #N/A #N/A #N/A #N/A Other Nonoperating Assets #N/A #N/A #N/A #N/A #N/A Other Operating Assets #N/A #N/A #N/A #N/A #N/A ------------- ------------- ------------- ------------- ------------- Total Long-Term Assets #N/A #N/A #N/A #N/A #N/A Total Assets #N/A #N/A #N/A #N/A #N/A LIABILITIES AND EQUITY Current Liabilities: Accounts Payable #N/A #N/A #N/A #N/A #N/A Short Term Loans #N/A #N/A #N/A #N/A #N/A Current Maturity of L.t. Debt #N/A #N/A #N/A #N/A #N/A Other Current Liabilities #N/A #N/A #N/A #N/A #N/A ------------- ------------- ------------- ------------- ------------- Total Current Liabilities #N/A #N/A #N/A #N/A #N/A Long-Term Liabilities: Long-term Debt #N/A #N/A #N/A #N/A #N/A Reserves #N/A #N/A #N/A #N/A #N/A Deferred Liabilities #N/A #N/A #N/A #N/A #N/A Minority Interest #N/A #N/A #N/A #N/A #N/A Redeemable Preferred #N/A #N/A #N/A #N/A #N/A Other Long-term Liabilities #N/A #N/A #N/A #N/A #N/A ------------- ------------- ------------- ------------- ------------- Total Long-term Liabilities #N/A #N/A #N/A #N/A #N/A Total Liabilities #N/A #N/A #N/A #N/A #N/A Shareholders' Equity: Preferred Equity #N/A #N/A #N/A #N/A #N/A Common Equity-incl. Ret. Ern. #N/A #N/A #N/A #N/A #N/A ------------- ------------- ------------- ------------- ------------- Total Equity #N/A #N/A #N/A #N/A #N/A Total Liabilities and Equity #N/A #N/A #N/A #N/A #N/A ========================================= =========== =========== =========== =========== ===========
  • FinSAS Version 2003051213 Ratios - average Company: Company name here Analyst: Your name(s) here Most Recent Year Available: 2002 Years Available for: Income Statement (1-5) 5 Balance Sheet (1-5) 5 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- LIQUIDITY 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- Days' Sales in Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Accounts Receivable Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! A/R Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A Days' Sales in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Inventory Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Inventory Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A Operating Cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A Working Capital - - - - - Current Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Acid Test #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Cash Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Sales to Working Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Cash Flow/Cur. Mat. of Debt & NP #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ----------------------------------------- ----------- ----------- ----------- ----------- ----------- LONG-TERM DEBT-PAYING ABILITY 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- Times Interest Earned #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Fixed Charge Coverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Debt Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Debt to Tangible Net Worth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Cash Flow/Total Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
  • ----------------------------------------- ----------- ----------- ----------- ----------- ----------- PROFITABILITY 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Total Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Return on Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Operating Income Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Operating Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Return on Operating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Sales to Fixed Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Return on Investment #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Return on Total Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Return on Common Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Gross Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ----------------------------------------- ----------- ----------- ----------- ----------- ----------- INVESTOR ANALYSIS 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- Degree of Financial Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Earnings per Share 0.00 0.00 0.00 0.00 0.00 Price/Earnings Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Percentage of Earnings Retained #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Dividend Payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Dividend Yield #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Book Value per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Materiality of Options #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Oper. Cash Flow per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Oper. Cash Flow/Cash Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Year-end Market Price 0.00 0.00 0.00 0.00 0.00 ========================================= =========== =========== =========== =========== ===========
  • FinSAS Version 2003051213 Ratios - ending Company: Company name here Analyst: Your name(s) here Most Recent Year Available: 2002 Years Available for: Income Statement (1-5) 5 Balance Sheet (1-5) 5 * EOY values instead of averages ----------------------------------------- ----------- ----------- ----------- ----------- ----------- LIQUIDITY 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- Days' Sales in Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Accounts Receivable Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * A/R Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Days' Sales in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Inventory Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Inventory Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Operating Cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Working Capital - - - - - Current Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Acid Test #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Cash Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Sales to Working Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Cash Flow/Cur. Mat. of Debt & NP #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ----------------------------------------- ----------- ----------- ----------- ----------- ----------- LONG-TERM DEBT-PAYING ABILITY 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- Times Interest Earned #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Fixed Charge Coverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Debt Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Debt to Tangible Net Worth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Cash Flow/Total Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
  • ----------------------------------------- ----------- ----------- ----------- ----------- ----------- PROFITABILITY 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Total Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Return on Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Operating Income Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Operating Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Return on Operating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Sales to Fixed Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Return on Investment #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Return on Total Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! * Return on Common Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Gross Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ----------------------------------------- ----------- ----------- ----------- ----------- ----------- INVESTOR ANALYSIS 2002 2001 2000 1999 1998 ----------------------------------------- ----------- ----------- ----------- ----------- ----------- Degree of Financial Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Earnings per Share 0.00 0.00 0.00 0.00 0.00 Price/Earnings Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Percentage of Earnings Retained #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Dividend Payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Dividend Yield #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Book Value per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Materiality of Options #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Oper. Cash Flow per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Oper. Cash Flow/Cash Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Year-end Market Price 0.00 0.00 0.00 0.00 0.00 ========================================= =========== =========== =========== =========== ===========
  • FinSAS Version 2003051213 Documentation - LIQUIDITY - Gross Receivables Days' Sales in Receivables --------------------------- Net Sales / 365 Net Sales Accounts Receivable Turnover ---------------------------------------- Average (Gross Receivables) 365 A/R Turnover in Days -------------------------------------------- Accounts Receivable Turnover Ending Inventory Days' Sales in Inventory ----------------------------------- Cost of Goods Sold / 365 Cost of Goods Sold Inventory Turnover --------------------------------- Average (Inventories) 365 Inventory Turnover in Days -------------------------------------- Inventory Turnover Operating Cycle A/R Turnover in Days + Inventory Turnover in Days Working Capital Total Current Assets - Total Current Liabilities Total Current Assets Current Ratio ---------------------------------- Total Current Liabilities Copyright © 2004 South-Western, a division of Thomson Learning, Inc.
  • Cash + Marketable Securities + Net Trade Receivables Acid Test --------------------------------------------------------------------------------- Total Current Liabilities Cash + Marketable Securities Cash Ratio --------------------------------------------- Total Current Liabilities Net Sales Sales to Working Capital ------------------------------------ Average (Working Capital) Cash Flow from Operations Cash Flow/Cur. Mat. of Debt & NP --------------------------------------------------------------------- Short Term Loans + Current Maturity of L.t. Debt - LONG-TERM DEBT-PAYING ABILITY - Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss) Times Interest Earned -------------------------------------------------------------------------------------------------------------------------------------------------------- Interest Expense (no capitalized interest) + Capitalized Interest Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss) + Interest Portion of Rentals Fixed Charge Coverage ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Interest Expense (no capitalized interest) + Capitalized Interest + Interest Portion of Rentals Total Liabilities Debt Ratio -------------------------------- Total Assets Total Liabilities Debt/Equity ------------------------ Total Equity Total Liabilities Debt to Tangible Net Worth ----------------------------------------------- Total Equity - Intangible Assets Copyright © 2004 South-Western, a division of Thomson Learning, Inc.
  • Cash Flow from Operations Cash Flow/Total Debt ---------------------------------------- Total Liabilities - PROFITABILITY - N.I. before Min. Ern. – Equity in Earnings of Assoc.; Profit (Loss) Net Profit Margin --------------------------------------------------------------------------------------- Net Sales Net Sales Total Asset Turnover --------------------------------- Average (Total Assets) N.I. before Min. Ern. Return on Assets ----------------------------- Average (Total Assets) Copyright © 2004 South-Western, a division of Thomson Learning, Inc.
  • Operating Income Operating Income Margin ------------------------- Net Sales Net Sales Operating Asset Turnover -------------------------------------------------------------------------------------------------------------------------------------------------------------- Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets) Operating Income Return on Operating Assets -------------------------------------------------------------------------------------------------------------------------------------------------------------- Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets) Net Sales Sales to Fixed Assets ------------------------------------------------------------------------------------------------------- Average (Net Tangible (Fixed) Assets (other than construction in progress)) N.I. before Min. Ern. + {(1- Tax Rate) * Interest Expense (no capitalized interest)} Return on Investment ------------------------------------------------------------------------------------------------ Average (Total Liabilities and Equity - Total Current Liabilities) N.I. before Nonrecurring Items - Dividends on Redeemable Pref. Return on Total Equity ---------------------------------------------------------------------------------------- Average (Total Equity) N.I. before Nonrecurring Items - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref. Return on Common Equity --------------------------------------------------------------------------------------------------------------------------------------------- Average (Common Equity-incl. Ret. Ern.) Gross Profit Gross Profit Margin -------------------- Net Sales Copyright © 2004 South-Western, a division of Thomson Learning, Inc.
  • - INVESTOR ANALYSIS - Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss) Degree of Financial Leverage ------------------------------------------------------------------------------------------------------------------------------------------------------ Income before Taxes - Equity in Earnings of Assoc.; Profit (Loss) Earnings per Share Dil. Earn. per Sh. before Nonrec. Items Market Price per Common Share Price/Earnings Ratio ---------------------------------------------- Dil. Earn. per Sh. before Nonrec. Items N.I. before Nonrecurring Items - Total Cash Dividends Percentage of Earnings Retained --------------------------------------------------------- N.I. before Nonrecurring Items Dividends per Common Share Dividend Payout ---------------------------------------------- Dil. Earn. per Sh. before Nonrec. Items Dividends per Common Share Dividend Yield ---------------------------------------------- Market Price per Common Share Common Equity-incl. Ret. Ern. Book Value per Share --------------------------------------------- Common Shares Outstanding Net income not including opt. exp. - Net income including opt. exp. Materiality of Options --------------------------------------------------------------------------------------- Net income not including opt. exp. Cash Flow from Operations - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref. Oper. Cash Flow per Share --------------------------------------------------------------------------------------------------------------------------------------- Diluted Weighted Average Common Shares Copyright © 2004 South-Western, a division of Thomson Learning, Inc.
  • Cash Flow from Operations Oper. Cash Flow/Cash Dividends --------------------------------------- Total Cash Dividends Year-end Market Price Market Price per Common Share = Copyright © 2004 South-Western, a division of Thomson Learning, Inc.