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COGS
Beg. Inv.
Purchases
Ending Inv.
Total COGS
Gross Profit
Operating Expenses
EBIT
Interest Exp.
Pretax Income
Taxes
Net Profit
1993
2,921,000
1994
3,477,000
1995 % of Sales
4,519,000
330,000
2,209,000
2,539,000
337,000
2,202,000
337,000
2,729,000
3,066,000
432,000
2,634,000
432,000
3,579,000
4,011,000
587,000
3,424,000
719,000
622,000
97,000
23,000
74,000
14,000
60,000
843,000
717,000
126,000
42,000
84,000
16,000
68,000
1,095,000
940,000
155,000
56,000
99,000
22,000
77,000
1996
Estimate
Sales
COGS
Beg. Inv.
Purchases
Ending Inv.
Total COGS
Gross Profit
Operating Expenses
EBIT
Interest Exp.
Pretax Income
Taxes
Net Profit
1993
2,921,000
1994
3,477,000
1995 % of Sales
4,519,000
330,000
2,209,000
2,539,000
337,000
2,202,000
337,000
2,729,000
3,066,000
432,000
2,634,000
432,000
3,579,000
4,011,000
587,000
3,424,000
719,000
622,000
97,000
23,000
74,000
14,000
60,000
843,000
717,000
126,000
42,000
84,000
16,000
68,000
1,095,000
940,000
155,000
56,000
99,000
22,000 <<<>>>
77,000
1996
5,500,000
10%
79%
13%
21%
587,000
4,355,942
4,942,942
714,428
4,228,514
1,271,486
1,144,058
127,428
56,000
71,428
12,857
58,571
Iteration 1 Iteration 2
Iteration 3 Iteration 4
Iteration 5
Add $500K
@ 7%
Interest
Keep Sales Keep Sales
Long Term
at
at Internal
Debt and
Borrow
Sustainable Level
Grow Sales Maintain
additional Level (20% (4.94%
to 30%
Smaller ST
funds
Growth)
Growth)
Growth
Debt
5,500,000
5,422,800 4,742,239 5,874,700 5,500,000
Iteration 6
Find
another
investor
5,500,000
587,000
4,355,942
4,942,942
714,428
4,228,514
587,000
4,294,800
4,881,800
704,400
4,177,400
587,000
3,755,803
4,342,803
615,998
3,726,805
587,000
4,652,700
5,239,700
763,100
4,476,600
587,000 587,000
4,355,942 4,355,942
4,942,942 4,942,942
714,428 714,428
4,228,514 4,228,514
1,271,486
1,144,058
127,428
82,301
45,127
6,769
38,358
1,245,400
1,128,000
117,400
80,716
36,684
4,171
32,513
1,015,434
986,436
28,998
56,000
-27,002
-11,751
-15,252
1,398,100
1,222,000
176,100
89,779
86,321
17,599
68,722
1,271,486 1,271,486
1,144,058 1,144,058
127,428 127,428
87,500
56,000
39,928
71,428
5,989
12,857
33,939
58,571
Common Size IS
Estimate
1993
2,921,000
1994
3,477,000
1995
4,519,000
1996
5,500,000
Ending Inv.
Total COGS
11.30%
75.62%
86.92%
11.54%
75.39%
9.69%
78.49%
59.42%
12.42%
75.75%
9.56%
79.20%
88.76%
12.99%
75.77%
10.67%
79.20%
89.87%
12.99%
76.88%
Gross Profit
Operating Expenses
EBIT
Interest Exp.
Pretax Income
Taxes
Net Profit
24.61%
21.29%
3.32%
0.79%
2.53%
0.48%
2.05%
24.25%
20.62%
3.62%
1.21%
2.42%
0.46%
1.96%
24.23%
20.80%
3.43%
1.24%
2.19%
0.49%
1.70%
23.12%
20.80%
2.32%
1.02%
1.30%
0.23%
1.06%
Sales
COGS
Beg. Inv.
Purchases
Cash
A/R, net
Inventory
Current Assets
Property, net
Total Assets
Notes Payable, bank
Notes Payable to Holtz, current portion
Notes Payable, trade
A/P
Accrued Expenses
Term Loan(s), current portion
Current Liabilities
Term Loan
Term Loan II
Note Payable, Mr. Holtz
Addtl Funding Needed
Total Liabilities
Net Worth
Total Liabilities and Net Worth
AFN
1993
43,000
306,000
337,000
686,000
233,000
919,000
213,000
42,000
20,000
275,000
140,000
1994
52,000
411,000
432,000
895,000
262,000
1,157,000
1995 % of Sales
56,000
1.24%
606,000
13.41%
587,000
12.99%
1,249,000
27.64%
388,000
8.59%
1,637,000
1996
68,157
737,553
714,428
1,520,137
472,228
1,992,366
60,000
100,000
390,000 N/A
100,000 N/A
127,000 N/A
376,000
8.32%
75,000
1.66%
20,000
1,088,000
100,000
390,000
100,000
127,000
457,623
91,281
20,000
1,185,905
80,000
1,188,000
449,000
1,637,000
1,265,905
507,571
1,773,476
218,890
340,000
45,000
20,000
565,000
120,000
100,000
415,000
504,000
919,000
785,000
372,000
1,157,000
Iteration 1
Iteration 2
Keep Sales at
Borrow
Sustainable
Additional Level (20%
Funds
Growth)
68,157
67,200
737,553
727,200
714,428
704,400
1,520,137
1,498,800
472,228
465,600
1,992,366
1,964,400
390,000
100,000
127,000
457,623
91,281
20,000
1,185,905
80,000
390,000
100,000
127,000
451,200
90,000
20,000
1,178,200
80,000
239,103
1,505,008
487,358
1,992,365
(0)
224,687
1,482,887
481,513
1,964,400
0
Iteration 3
Iteration 4
Keep Sales at
Internal Level Grow Sales
(4.94%
to 30%
Growth)
Growth
58,766
72,800
635,936
787,800
615,998
763,100
1,310,701 1,623,700
407,167
504,400
1,717,868 2,128,100
394,574
78,705
20,000
593,279
80,000
390,000
100,000
127,000
488,800
97,500
20,000
1,223,300
80,000
610,840
1,284,119
433,748
1,717,868
(0)
307,078
1,610,378
517,722
2,128,100
0
100,000
Iteration 5 Iteration 6
Add $500K
@ 7%
Interest
Long Term
Debt and
Maintain
Smaller ST Find Another
Debt
Investor
134,635
68,157
737,553
737,553
714,428
714,428
1,586,615
1,520,137
472,228
472,228
2,058,844
1,992,366
200,000
100,000
127,000
457,623
91,281
70,000
1,045,905
80,000
450,000
1,575,905
482,939
2,058,843
(0)
108,890
100,000
127,000
457,623
91,281
20,000
904,795
80,000
984,795
1,007,571
1,992,366
Cash
A/R, net
Inventory
Current Assets
Property, net
Total Assets
Notes Payable, bank
Notes Payable to Holtz, current portion
Notes Payable, trade
A/P
Accrued Expenses
Term Loan, current portion
Current Liabilities
Term Loan
Note Payable, Mr. Holtz
Addtl Funding Needed
Total Liabilities
Net Worth
Total Liabilities and Net Worth
1993
4.68%
33.30%
36.67%
74.65%
25.35%
919,000
1994
4.49%
35.52%
37.34%
77.36%
22.64%
1,157,000
1995
3.42%
37.02%
35.86%
76.30%
23.70%
1,637,000
1996
3.42%
37.02%
35.86%
76.30%
23.70%
1,992,366
5.19%
8.64%
23.82%
6.11%
7.76%
22.97%
4.58%
1.22%
66.46%
6.11%
21.99%
5.64%
7.16%
25.80%
5.15%
1.13%
66.87%
4.51%
72.57%
27.43%
1,637,000
71.38%
28.62%
1,773,476
23.18%
4.57%
2.18%
29.92%
15.23%
29.39%
3.89%
1.73%
48.83%
10.37%
8.64%
45.16%
54.84%
919,000
67.85%
32.15%
1,157,000
Liquidity Ratios
Current Ratio:
Quick Ratio:
1993
2.49
1.27
1994
1.58
0.82
1995
1.15
0.61
1996
1.28
0.68
1993
10.34
75.72
42.11
35.31
82.53
8.67
3.18
38.24
4.82
12.54
1994
7.75
43.14
45.35
47.11
41.38
8.05
3.01
43.14
8.46
13.27
1995
9.11
48.95
47.41
40.08
56.28
7.70
2.76
48.95
7.46
11.65
1996
9.24
48.95
47.41
39.50
56.86
7.70
2.76
48.95
7.46
11.65
1993
45%
4.22
4.22
0.82
1994
68%
3.00
3.00
2.11
1995
73%
2.77
2.77
2.65
1996
64%
2.28
2.28
2.49
1993
0.02
0.07
0.11
6.98%
13.51%
0.12
1994
0.02
0.06
0.11
6.24%
22.37%
0.18
1995
0.02
0.05
0.09
4.94%
20.70%
0.17
1996
0.01
0.03
0.06
3.03%
13.04%
0.12
Valuation Ratios
EPS
P/E Ratio
MV-to-BV
1993
1994
1995
1996
DuPont Analysis
Profitability
Asset Mgmt. Efficiency
DuPont ROA
Return on Sales
Total Asset T/O
Equity Multiplier
DuPont ROE
1993
0.021
3.18
0.07
0.021
3.18
1.82
0.12
1994
0.020
3.01
0.06
0.020
3.01
3.11
0.18
1995
0.017
2.76
0.05
0.017
2.76
3.65
0.17
1996
0.011
2.76
0.03
0.011
2.76
2.74
0.08
ROA
ROE