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Diebold Incorporated manufactures, markets, and services automated teller machines in the United States. The following are selected numbers from the financial statements for 1992 and
Diebold Incorporated manufactures, markets, and services automated teller machines in the United States. The following are selected numbers from the financial statements for 1992 and 1993 (in millions):
1992 | 1993 | |
Revenues | $544.0 | $620.0 |
(Less) Operating Expenses | ($465.1) | ($528.5) |
(Less) Depreciation | ($12.5) | ($14.0) |
= Earnings before Interest and Taxes | $66.4 | $77.5 |
(Less) Interest Expenses | ($0.0) | ($0.0) |
(Less) Taxes | ($25.3) | ($29.5) |
= Net Income | $41.1 | $48.0 |
Working Capital | $175.0 | $240.0 |
The firm had capital expenditures of $15 million in 1992 and $33 million in 1993.
Estimate the cash flows to equity in 1993.
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