Reebok

Common-Size Balance Sheet

1990 1989
ASSETS
Current Assets:
Cash/Cash equivalents 16.2% $171,424 14.7%
A/R 27.9% $289,363 24.8%
Inventory 26.2% $276,911 23.7%
Deferred income taxes 2.3% $34,845 3.0%
Prepaid expenses 0.9% $11,735 1.0%
Total current assets: 73.0% $784,278 67.2%
Property and equipment 11.4% $136,776 11.7%
Less accumulated depreciation 3.4% $30,542 2.6%
7.9% $106,234 9.1%
Non-current assets:
Intangibles 18.2% $261,398 22.4%
Other 0.5% $14,457 1.2%
18.7% $275,855 23.7%
### $1,166,367 ###

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Notes payable $8,855 0.6% $1,651 0.1%
Commercial paper $59,805 4.3%
Current maturities of long-term debt $1,411 0.1% $598 0.1%
A/P and accrued expenses $166,061 11.8% $148,360 12.7%
Income taxes payable $49,071 3.5% $43,834 3.8%
Dividends payable $8,576 0.6% $8,538 0.7%
Total current liabilities $293,779 20.9% $202,981 17.4%
Long-term debt, net of current maturities $105,752 7.5% $110,302 9.5%
Deferred income taxes $6,965 0.5% $8,788 0.8%
Commitments 0.0%
Stockholders' equity 0.0%
Common stock $1,144 0.1% $1,139 0.1%
Additional paid-in capital $281,478 20.1% $275,336 23.6%
Retained earnings $707,336 50.4% $564,987 48.4%
Unearned compensation ($191) 0.0% ($524) 0.0%
Foreign currency translation adjustment $6,962 0.5% $3,358 0.3%
$996,729 71.0% $844,296 72.4%
$1,403,225 ### $1,166,367 ###
Common-Size Income Statement
1990 1989 1988

Net sales 2159243 100.0% 1822092 100.0% 1785935 100.0%

Other income (expense) -893 0.0% 11377 0.6% -1351 -0.1%
2158350 100.0% 1833469 100.6% 1784584 99.9%
Costs and expenses:
Cost of sales 1288314 59.7% 1071751 58.8% 1122226 62.8%
Selling expenses 353983 16.4% 278939 15.3% 260891 14.6%
Admin expenses 202352 9.4% 174972 9.6% 149195 8.4%
Amort. of intang. 15646 0.7% 14427 0.8% 14216 0.8%
Interest expense 18857 0.9% 15554 0.9% 14129 0.8%
Interest income -15637 -0.7% -12953 -0.7% -6633 -0.4%
1863515 86.3% 1542690 84.7% 1554024 87.0%

Income before income taxes 294835 13.7% 290779 16.0% 230560 12.9%
Income taxes 118229 5.5% 115781 6.4% 93558 5.2%
Net income 176606 8.2% 174998 9.6% 137002 7.7%

Net income per common share 1.54 1.53 1.2

Weighted avg. common 114654 5.3% 114176 6.3% 113767 6.4%