As you retrieve this information, consider companies financial ratios, including activity ratios, debt ratios, and profitability and market ratios. Also, consider what you, as a financial manager, would have done differently or suggested as improvements.

Background: Describe both of the firms and their management, including their strategic objectives. Provide sufficient detail to support the rest of your analysis. III. Evaluation of the Firms

A. Analyze companies cash flow management practices for the last three fiscal years, including cash, accounts receivables, accounts payable, fixed assets, and inventory. Cite specific examples and figures to illustrate.

B. Analyze companies working capital cash flow management practices, including cash, accounts receivables, accounts payables, fixed assets, and inventory. Cite specific examples and figures to illustrate.

eriod Ending	12/31/2017	12/31/2016	12/31/2015
Current Assets
Cash And Cash Equivalents	10,715,000	12,918,000	16,549,000
Short Term Investments	91,156,000	73,415,000	56,517,000
Net Receivables	18,705,000	14,232,000	13,909,000
Inventory	749,000	268,000	491,000
Other Current Assets	2,983,000	4,575,000	2,648,000
Total Current Assets	124,308,000	105,408,000	90,114,000
Long Term Investments	7,813,000	5,878,000	5,183,000
Property Plant and Equipment	42,383,000	34,234,000	29,016,000
Goodwill	16,747,000	16,468,000	15,869,000
Intangible Assets	2,692,000	3,307,000	3,847,000
Accumulated Amortization	-	-	-
Other Assets	2,672,000	1,819,000	3,181,000
Deferred Long Term Asset Charges	680,000	383,000	251,000
Total Assets	197,295,000	167,497,000	147,461,000
Current Liabilities
Accounts Payable	22,751,000	15,657,000	15,297,000
Short/Current Long Term Debt	-	-	3,225,000
Other Current Liabilities	1,432,000	1,099,000	788,000
Total Current Liabilities	24,183,000	16,756,000	19,310,000
Long Term Debt	3,969,000	3,935,000	1,995,000
Other Liabilities	15,871,000	7,342,000	5,485,000
Deferred Long Term Liability Charges	770,000	428,000	340,000
Minority Interest	-	-	-
Negative Goodwill	-	-	-
Total Liabilities	44,793,000	28,461,000	27,130,000
Stockholders' Equity
Misc. Stocks Options Warrants	-	-	-
Redeemable Preferred Stock	-	-	-
Preferred Stock	-	-	-
Common Stock	40,247,000	36,307,000	32,982,000
Retained Earnings	113,247,000	105,131,000	89,223,000
Treasury Stock	-	-	-
Capital Surplus	-	-	-
Other Stockholder Equity	-992,000	-2,402,000	-1,874,000
Total Stockholder Equity	152,502,000	139,036,000	120,331,000
Net Tangible Assets	133,063,000	119,261,000	100,615,000

Cash Flow

All numbers in thousands

Period Ending	12/31/2017	9/30/2017	6/30/2017	3/31/2017
Net Income	-3,020,000	6,732,000	3,524,000	5,426,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation	2,026,000	1,761,000	1,625,000	1,503,000
Adjustments To Net Income	1,935,000	1,665,000	1,970,000	2,698,000
Changes In Accounts Receivables	-3,049,000	-1,150,000	-836,000	1,267,000
Changes In Liabilities	12,454,000	2,496,000	1,446,000	-1,218,000
Changes In Inventories	-	-	-	-
Changes In Other Operating Activities	-78,000	-1,632,000	-326,000	-128,000
Total Cash Flow From Operating Activities	10,268,000	9,872,000	7,403,000	9,548,000
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures	-4,307,000	-3,538,000	-2,831,000	-2,508,000
Investments	-2,671,000	-10,763,000	-4,312,000	-283,000
Other Cash flows from Investing Activities	4,000	-103,000	-29,000	-60,000
Total Cash Flows From Investing Activities	-6,974,000	-14,404,000	-7,172,000	-2,851,000
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid	-	-	-	-
Sale Purchase of Stock	-3,156,000	-1,018,000	-2,702,000	-2,136,000
Net Borrowings	-22,000	-8,000	-38,000	-18,000
Other Cash Flows from Financing Activities	-	320,000	320,000	480,000
Total Cash Flows From Financing Activities	-3,178,000	-706,000	-2,740,000	-1,674,000
Effect Of Exchange Rate Changes	18,000	108,000	88,000	191,000
Change In Cash and Cash Equivalents	134,000	-5,130,000	-2,421,000	5,214,000