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Simple to operate and especially designed for the CEO, The CEO Financial Assistant creates a
concise corporate financial analysis report. It has at its core a framework that can be altered to
specific needs.
Accompanying The CEO Financial Assistant is a linked PowerPoint Presentation of key charts.
Proficiency in Microsoft Excel and PowerPoint is assumed.
For Best Viewing, please set your Screen Resolution to the highest resolution.
TABLE OF CONTENTS
Introduction
Auto Charts
Instructions
Optimal Performance
Break-Even
Liabilities Chart
Stock Evaluation
Quarterly Income
Dashboard
What-If Period 1
Sales Chart
Support
What-If Period 2
Direct Expenses
Cash Flow
Copyright
What-If Period 3
Cash Flow
License Agreement
What-If Period 4
Ratios
What-If Overview
EBIT Chart
Z-Score Chart
INSTRUCTIONS
You will be posting numbers from your financial statements to The Master Data Entry worksheet.
This worksheet drives all other analysis sheets and charts.
The shaded cells contain formulas and are automatically calculated by Excel. DO NOT enter any information into them.
Enter numbers where they are BLUE.
You may want to group all of the charts together at the end of the workbook by moving them to the order you prefer. This
will not effect the Table of Contents worksheet, however, changing tab names will corrupt the hyperlinks.
Each worksheet has been preset for printing at "Fit To 1:1", however, you may have to adjust some settings to your
printer.
The experienced spreadsheet operator can alter this product to produce a 4 year analysis rather than by quarter.
For Best Viewing Please Set Your Screen Resolution to 1024 X 768 Pixels.
Clear Worksheet
2000
C
16.00%
12.00%
10.00%
5.00%
2.00%
3.00%
of sales
of sales
of payroll
of payroll
of sales
of sales
$320,000
$240,000
$56,000
$28,000
$40,000
$60,000
Depreciation
Capital
$100,000
$50,000
$400,000
$240,000
$180,000
$42,000
$21,000
$30,000
$45,000
$208,000
$156,000
$36,400
$18,200
$26,000
$39,000
Current Portion
$100,000
$50,000
LT Portion
$500,000
4th Qtr
30
30
45
60
7
20
$321,616
$241,212
$56,283
$28,141
$40,202
$60,303
Rate
10.00%
10.00%
Number of Days
50
40
30
20
10
0
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
2nd Qtr
Legal/Accounting
Payroll Taxes
3rd Qtr
Office Overhead
Other Payroll
4th Qtr
Direct Labor
What-If Period 1
1st Qtr
Net Sales Revenue
LESS Cost of Sales
Gross Profit
PLUS Other Income
LESS All Expenses
Income Before Tax
LESS Income Taxes
Net Income (Loss)
Actuals
$2,000,000
$945,000
$1,055,000
$120,000
$474,000
$701,000
$210,300
$490,700
What-If Scenario
$2,000,000
$945,000
$1,055,000
$120,000
$474,000
$701,000
$210,300
$490,700
What-If Scenario
Actuals
$0
$500.0K
$1.0M
Gross Profit
$1.5M
$2.0M
$2.5M
What-If Period 2
2nd Qtr
Net Sales Revenue
LESS Cost of Sales
Gross Profit
PLUS Other Income
LESS All Expenses
Income Before Tax
LESS Income Taxes
Net Income (Loss)
Actuals
$1,500,000
$865,000
$635,000
$60,000
$369,458
$325,542
$97,663
$227,879
What-If Scenario
$1,500,000
$865,000
$635,000
$60,000
$369,458
$325,542
$97,663
$227,879
What-If Scenario
Actuals
$0
$500.0K
$1.0M
Gross Profit
$1.5M
$2.0M
What-If Period 3
3rd Qtr
Net Sales Revenue
LESS Cost of Sales
Gross Profit
PLUS Other Income
LESS All Expenses
Income Before Tax
LESS Income Taxes
Net Income (Loss)
Actuals
$1,300,000
$833,000
$467,000
$103,000
$327,058
$242,942
$72,883
$170,059
What-If Scenario
$1,300,000
$833,000
$467,000
$103,000
$327,058
$242,942
$72,883
$170,059
What-If Scenario
Actuals
$0
$500.0K
Gross Profit
$1.0M
$1.5M
What-If Period 4
4th Qtr
Net Sales Revenue
LESS Cost of Sales
Gross Profit
PLUS Other Income
LESS All Expenses
Income Before Tax
LESS Income Taxes
Net Income (Loss)
Actuals
$2,010,100
$1,071,616
$938,484
$605,700
$477,599
$1,066,585
$319,975
$746,609
What-If Scenario
$2,010,100
$1,071,616
$938,484
$605,700
$477,599
$1,066,585
$319,975
$746,609
What-If Scenario
Actuals
$0
$500.0K
$1.0M
Gross Profit
$1.5M
$2.0M
$2.5M
What-If Summary
1st Qtr
Sales Revenue
LESS Cost of Sales
Gross Profit
PLUS Other Income
LESS All Expenses
Income Before Tax
LESS Income Taxes
Net Income (Loss)
Actuals
$2,000,000
$945,000
$1,055,000
$120,000
$474,000
$701,000
$210,300
$490,700
What-If Scenario
$2,000,000
$945,000
$1,055,000
$120,000
$474,000
$701,000
$210,300
$490,700
Sales Revenue
LESS Cost of Sales
Gross Profit
PLUS Other Income
LESS All Expenses
Income Before Tax
LESS Income Taxes
Net Income (Loss)
Actuals
$1,500,000
$865,000
$635,000
$60,000
$369,458
$325,542
$97,663
$227,879
What-If Scenario
$1,500,000
$865,000
$635,000
$60,000
$369,458
$325,542
$97,663
$227,879
Sales Revenue
LESS Cost of Sales
Gross Profit
PLUS Other Income
LESS All Expenses
Income Before Tax
LESS Income Taxes
Net Income (Loss)
Actuals
$1,300,000
$833,000
$467,000
$103,000
$327,058
$242,942
$72,883
$170,059
What-If Scenario
$1,300,000
$833,000
$467,000
$103,000
$327,058
$242,942
$72,883
$170,059
Sales Revenue
LESS Cost of Sales
Gross Profit
PLUS Other Income
LESS All Expenses
Income Before Tax
LESS Income Taxes
Net Income (Loss)
Actuals
$2,010,100
$1,071,616
$938,484
$605,700
$477,599
$1,066,585
$319,975
$746,609
What-If Scenario
$2,010,100
$1,071,616
$938,484
$605,700
$477,599
$1,066,585
$319,975
$746,609
What-If Scenario
Actuals
$0
$500.0K
Sales Revenue
$1.0M
Gross Profit
$1.5M
$2.0M
$2.5M
2nd Qtr
What-If Scenario
Actuals
$0
$500.0K
Sales Revenue
$1.0M
Gross Profit
$1.5M
$2.0M
$2.5M
3rd Qtr
What-If Scenario
Actuals
$0
$500.0K
Sales Revenue
$1.0M
Gross Profit
$1.5M
$2.0M
$2.5M
4th Qtr
What-If Scenario
Actuals
$0
$500.0K
Sales Revenue
$1.0M
Gross Profit
$1.5M
$2.0M
$2.5M
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
1st Qtr
Sales
4th Qtr
Variance
$
$1,702,525
100.00%
2,010,100
100.00%
928,654
54.55%
833,000
41.44%
(95,654)
Gross Profit
773,871
45.45%
1,055,000
52.48%
281,129
412,029
24.20%
327,058
16.27%
(84,971)
Operating Income
361,842
21.25%
581,000
28.90%
219,158
408,812
24.01%
746,609
37.14%
337,797
307,575
Break-Even Analysis
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Annual
Sales
2,000,000
1,500,000
1,300,000
2,010,100
6,810,100
Contribution Margin
1,055,000
635,000
467,000
938,484
3,095,484
52.75%
474,000
23.70%
Break-Even Sales
898,578
Break-Even %
44.93%
42.33%
35.92%
369,458
46.69%
327,058
24.63%
477,599
25.16%
872,735
910,440
58.18%
23.76%
1,022,950
70.03%
50.89%
45.45%
1,648,115
24.20%
3,625,872
53.24%
7/12
Operating Profit
581,000
265,542
139,942
460,885
1,447,369
Break-Even Analysis
$8,000,000
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
$0
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
Operating Expense
Net income
Gross Profit
Sales
2nd Qtr
3rd Qtr
Gross Profit
4th Qtr
Sales
SALES CHART
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
2nd Qtr
Other costs
Direct labor
3rd Qtr
Direct Materials
4th Qtr
2nd Qtr
3rd Qtr
4th Qtr
2nd Qtr
3rd Qtr
4th Qtr
2nd Qtr
3rd Qtr
4th Qtr
2nd Qtr
3rd Qtr
4th Qtr
ASSETS CHART
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
1st Qtr
2nd Qtr
Intangible Assets
Current Assets
3rd Qtr
Fixed Assets
4th Qtr
Total Assets
LIABILITIES CHART
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
1st Qtr
Current Liabilities
2nd Qtr
Total Liabilities
3rd Qtr
Stockholders Equity
4th Qtr
Total Liabilities and Equity
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Intangible Assets
Current Liabilities
Current Assets
Stockholders' Equity
Total Liabilities
Fixed Assets
Total Assets
Forecasted
2nd Qtr
3rd Qtr
4th Qtr
Total
4 Quarters
$490,700
$33,750
$227,879
$35,208
$170,059
$35,208
$746,609
$35,208
$1,635,247
$139,374
$524,450
$263,087
$205,267
$781,817
$1,774,621
($307,534)
($230,411)
($50,000)
($8,000)
($271,233)
$0
$153,300
($6,712)
($4,000)
$0
$164,383
$39,452
$14,910
($87,000)
$0
$0
($112,637)
($20,822)
$0
$0
$65,754
$15,781
($31,230)
$115,000
$0
$0
($24,780)
($8,329)
$0
$0
($233,458)
($117,674)
$26,320
($18,000)
$0
$0
$247,092
$29,571
$0
($50,000)
($310,855)
($292,852)
($40,000)
$2,000
($271,233)
$0
$262,975
($6,292)
($4,000)
($50,000)
($724,590)
($1,714)
$132,196
($116,149)
($710,257)
$12,500
($50,000)
$75,000
$0
$12,500
$0
$0
$0
$12,500
$0
$0
$0
$12,500
$0
$0
$0
$50,000
($50,000)
$75,000
$0
$37,500
$12,500
$12,500
$12,500
$75,000
($50,000)
($100,000)
($10,000)
($3,000)
$40,000
$0
$0
$0
$0
$0
($50,000)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
($50,000)
($100,000)
($10,000)
($3,000)
($10,000)
$0
($123,000)
($50,000)
$0
$0
($173,000)
($360,640)
$198,873
$324,963
$653,168
$816,364
$451,000
$90,360
$289,233
$614,196
$451,000
$90,360
$289,233
$614,196
$1,267,364
$1,267,364
2nd Qtr
3rd Qtr
4th Qtr
Current
2nd Qtr
3rd Qtr
2
3
$227,879
$170,059
$35,208
$35,208
4th Qtr
4
$746,609
$35,208
$524,450
$263,087
$205,267
$781,817
$622,226
$693,654
$765,082
$836,510
($307,534)
($230,411)
($50,000)
($8,000)
($271,233)
$0
$153,300
($6,712)
($4,000)
$0
$164,383
$39,452
$14,910
($87,000)
$0
$0
($112,637)
($20,822)
$0
$0
$65,754
$15,781
($31,230)
$115,000
$0
$0
($24,780)
($8,329)
$0
$0
($233,458)
($117,674)
$26,320
($18,000)
$0
$0
$247,092
$29,571
$0
($50,000)
($46,814)
$5,422
$35,705
$43,500
$135,617
$0
$158,052
$28,763
$2,000
($50,000)
($34,454)
$36,876
$53,987
$60,700
$216,986
$0
$194,975
$40,897
$3,200
($65,000)
($22,094)
$68,330
$72,269
$77,900
$298,356
$0
$231,899
$53,031
$4,400
($80,000)
($9,734)
$99,784
$90,551
$95,100
$379,726
$0
$268,822
$65,165
$5,600
($95,000)
($724,590)
($1,714)
$132,196
($116,149)
$312,244
$508,167
$704,091
$900,014
$12,500
($50,000)
$75,000
$0
$12,500
$0
$0
$0
$12,500
$0
$0
$0
$12,500
$0
$0
$0
$12,500
$25,000
($37,500)
$0
$12,500
$40,000
($60,000)
$0
$12,500
$55,000
($82,500)
$0
$12,500
$70,000
($105,000)
$0
$37,500
$12,500
$12,500
$12,500
($7,500)
($15,000)
($22,500)
($50,000)
($100,000)
($10,000)
($3,000)
$40,000
$0
$0
$0
$0
$0
($50,000)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$25,000
$50,000
$5,000
$1,500
($20,000)
$0
$40,000
$80,000
$8,000
$2,400
($27,000)
$0
$55,000
$110,000
$11,000
$3,300
($34,000)
$0
$70,000
$140,000
$14,000
$4,200
($41,000)
$0
($123,000)
($50,000)
$0
$0
$61,500
$103,400
$145,300
$187,200
($360,640)
$198,873
$324,963
$653,168
$995,970
$1,312,721
$1,629,472
$1,946,224
$451,000
$90,360
$289,233
$614,196
$533,313
$602,159
$671,005
$739,851
$90,360
$289,233
$614,196
$1,267,364
$1,529,282
$1,914,880
$2,300,477
$2,686,075
$0
2nd Qtr
3rd Qtr
4th Qtr
5th Qtr
6th Qtr
7th Qtr
8th Qtr
FINANCIAL RATIOS
Description
Altman Z Score
Liquidity Ratios
Current Ratio
Gross Margin Percentage
Quick Ratio
Activity Ratios
Days Sales in AR
Inventory Turnover
Days Inventory
Net Sales to Inventory
Days Purchases in AP
Working Capital
Net Sales to Working Capital
Total Assets to Net Sales
Net Sales to AR
Net Sales to Net Fixed Assets
Net Sales to Total Assets
Net Sales to Net Worth
Amortization and Depreciation Expense to Net Sales
Profitability Ratios
Gross Profit Percentage
Operating Expenses as % of Net Sales
Return on Total Assets
Return on Net Worth
Return on Net Sales
Income before tax to Net Worth
Income before tax to Total Assets
Retained Earning to Net Income
Coverage Ratios
Times Interest Earned
Interest Expense to Net Sales
Current Liabilities to Net Worth
Current Liabilities to Inventory
AP to Net Sales
Total Liabilities to Net Worth
Net Worth to Total Liabilities
1st Qtr
2.94
2nd Qtr
2.84
3rd Qtr
2.88
4th Qtr
3.35
1.90
107%
1.07
2.27
133%
1.33
2.87
189%
1.89
3.08
228%
2.28
29.59
1.50
60.04
3.17
31.31
$680,950
2.94
1.75
3.04
1.00
0.57
0.98
0.001
29.59
1.46
61.49
2.54
34.21
$794,537
1.89
2.37
3.04
0.76
0.42
0.66
0.001
29.59
1.45
62.14
2.26
35.52
$1,102,304
1.18
2.84
3.04
0.66
0.35
0.53
0.001
29.59
1.55
58.19
2.90
27.61
$1,803,621
1.11
2.32
3.04
1.04
0.43
0.64
0.001
52.75%
21.20%
14.00%
24.05%
24.54%
34%
20%
385%
42.33%
21.20%
6.42%
10.05%
15.19%
14%
9%
930%
35.92%
21.20%
4.61%
6.97%
13.08%
10%
7%
1346%
46.69%
21.20%
16.02%
23.81%
37.14%
34%
23%
400%
35.75
0.01
0.37
1.20
0.16
0.72
1.39
16.34
0.01
0.28
1.06
0.22
0.56
1.77
8.61
0.01
0.24
1.03
0.25
0.51
1.95
28.36
0.01
0.28
1.25
0.16
0.49
2.06
Z-SCORE CHART
3.40
3.30
3.20
3.10
3.00
2.90
2.80
2.70
2.60
2.50
1st Qtr
2nd Qtr
3rd Qtr
Altman Z Score
4th Qtr
2nd Qtr
3rd Qtr
4th Qtr
2nd Qtr
3rd Qtr
4th Qtr
2nd Qtr
3rd Qtr
4th Qtr
Given the following assumptions, compute the value per share of the firm.
20%
30%
12%
30%
1st Qtr
Sales
Earnings before interest and taxes (EBIT)
Taxes on EBIT @ 40%
EBIAT
2nd Qtr
3rd Qtr
4th Qtr
$1,500,000
$325,542
($97,663)
$227,879
$1,300,000
$242,942
($72,883)
$170,059
$2,010,100
$1,066,585
($319,975)
$746,609
$1,338,305
$757,355
$580,950
$1,418,433
$623,896
$794,537
$1,693,091
$590,787
$1,102,304
$2,437,500
$432,500
$2,005,000
$2,450,000
$466,458
$1,983,542
$2,462,500
$500,416
$1,962,084
Invested capital
$2,585,950
$2,778,079
$3,064,388
EBIAT
Less change in invested capital
Free cash flow
Terminal value
Total
PV factor
PV of cash flow and terminal value
Cumulative PV
Enterprise value
Plus marketable securities
Less short-term debt
Less long-term debt
Equity value
Divide by number of shares outstanding
Value per share
$227,879
($192,129)
$35,750
$170,059
($286,309)
($116,250)
$35,750
89.29%
$31,920
$31,920
($116,250)
79.72%
($92,673)
($60,753)
$6,883,158
$100,000
($328,767)
($500,000)
$6,154,391
$100,000
$61.54
$3,288,371
$746,609
($223,983)
$522,627
$9,233,069
$9,755,696
71.18%
$6,943,911
$6,883,158
DASHBOARD
Altman Z-Score
3.40
3.30
3.20
3.10
3.00
2.90
2.80
2.70
2.60
2.50
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Expenses
Break-Even Analysis
$8,000,000
$350,000
$7,000,000
$300,000
$6,000,000
$250,000
$5,000,000
$200,000
$4,000,000
$150,000
$3,000,000
$100,000
$2,000,000
$50,000
$1,000,000
$0
Insurance
Legal/Accounting
Payroll Taxes
Office Overhead
Other Payroll
Oct
Dec
Nov
Sep
Jul
Jun
Aug
Apr
May
$0
4th Qtr
Mar
3rd Qtr
Jan
2nd Qtr
Feb
1st Qtr
Direct Labor
Annual Income
Quarterly Income
$2,500,000
$7,000,000
$2,000,000
$6,000,000
$1,500,000
$5,000,000
$4,000,000
$1,000,000
$3,000,000
$500,000
$2,000,000
$1,000,000
$0
1st Qtr
$0
Operating Expense
Net income
Gross Profit
Sales
2nd Qtr
Operating Expense
Sales
3rd Qtr
4th Qtr
Gross Profit
Sales
Direct Expenses
$500,000
$2,500,000
$450,000
$400,000
$2,000,000
$350,000
$300,000
$1,500,000
$250,000
$200,000
$1,000,000
$150,000
$100,000
$500,000
$50,000
$0
$0
Total Expenses
Gross Profit
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
Net Income
$1,200,000
$800,000
$1,000,000
$700,000
$600,000
$800,000
$500,000
$600,000
$400,000
$400,000
$300,000
$200,000
$200,000
$100,000
$0
$0
Assets
Liabilities
$5,000,000
$5,000,000
$4,500,000
$4,500,000
$4,000,000
$4,000,000
$3,500,000
$3,500,000
$3,000,000
$3,000,000
$2,500,000
$2,500,000
$2,000,000
$2,000,000
$1,500,000
$1,500,000
$1,000,000
$1,000,000
$500,000
$500,000
$0
1st Qtr
2nd Qtr
Intangible Assets
Current Assets
3rd Qtr
$0
4th Qtr
Fixed Assets
1st Qtr
Total Assets
Current Liabilities
2nd Qtr
Total Liabilities
3rd Qtr
Stockholders Equity
4th Qtr
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
1999
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
$0
1st Qtr
Intangible Assets
Current Liabilities
Current Assets
Stockholders' Equity
Total Liabilities
Fixed Assets
Total Assets
2nd Qtr
3rd Qtr
4th Qtr
Working Capital
$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
1st Qtr
$0
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
5th Qtr
6th Qtr
7th Qtr
2nd Qtr
3rd Qtr
4th Qtr
8th Qtr
Current Ratio
Quick Ratio
3.50
2.50
3.00
2.00
2.50
1.50
2.00
1.50
1.00
1.00
0.50
0.50
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Since 1996, JaxWorks has offered a suite of Free Excel workbooks and spreadsheets, and ass
documents, that cover a number of financial, accounting and sales functions. These are invalua
Also included Free are:
- business plan tools, including spreadsheets and excellent instructions
- Excel functions glossary and guide;
- free training courses for most Microsoft Office applications. These guides are in
PDF format and rival commercial books!
- comprehensive list of acronyms, ratios and formulas in customer financial
analysis, and financial terms;
- suite of online calculators, including, breakeven analysis, productivity analysis,
business evaluation;
- Altman Z-Score (covering publicly and privately held firms, and small
businesses);
- and payroll analysis.
If you are involved in financial analysis at any level, or want to learn more about MS Excel and o
suite this site is invaluable.
ides are in
analysis,
sheet Factory
Copyright Notice
2009, JaxWorks
All rights reserved.
Specifications are subject to change without notice.
The CEO Financial Assistant is a registered trademark of Jaxworks. All other brands or products are trademarks or registered
trademarks of their respective holders and should be treated as such.
NOTICES REGARDING SOFTWARE, DOCUMENTS AND SERVICES.
IN NO EVENT SHALL JAXWORKS BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES OR ANY
DAMAGES WHATSOEVER RESULTING FROM LOSS OF USE, DATA OR PROFITS, WHETHER IN AN ACTION OF CONTRACT,
NEGLIGENCE OR OTHER TORTIOUS ACTION, ARISING OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE
OF SOFTWARE, DOCUMENTS, PROVISION OF OR FAILURE TO PROVIDE SERVICES, OR INFORMATION AVAILABLE FROM
THIS PROGRAM.
License Agreement
Products by JaxWorks
Copyright (C) 2009 JaxWorks
All Rights Reserved
WARNING
=================
.This program is protected by copyright law and international treaties
Unauthorized reproduction or distribution of this program, or any portion
of it may result in severe civil and criminal penalties, and will be
.prosecuted to the maximum extent possible under law
LICENSE AGREEMENT
=================
You should read the following terms and conditions carefully before using
this software. Your use of this software indicates your full acceptance of
.this license agreement and warranty
LICENSE AGREEMENT
======================================
JaxWorks
http://www.jaxworks.com
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