in thousands 2018 2017 Change Days Inventory 112.00 X *Days Receivable 107.00 X **Days Payable 141.23 Net Operating Cycle 77.77 Sales Cost of Goods Sold *Days Receivable = Days Sales Outstanding **Increase in Days Payable is viewed positively use for Days Receivables use for Days Payable and Days Inventory 2019 2019 2019 Sales/day COGS/day Cash Savings equals Cash generated Additional Data Tax Rate 0.1899 Inventory at Dec 2017 62,092 Accounts Receivable at Dec 2017 93,026 Accounts Payable at Dec 2017 72,098 Shareholders' Equity at Dec 2017 75,229 Net Sales at Dec 2017 288,763 Total Assets at Dec 2017 Total Tangible Assets at Dec 2017 Net Income After Taxes 2017 PP&E at 2017 Accumulated Depreciation at 2018 267,432 255,093 35,092 99,042 17,002 Total Cash Flow Cash at beginning of period Cash at end of period (1,901) 15,835 13,934 Market Price per share 37.10 Percentage Sales Growth 5.73% 0 Capital Accounts Amounts roportion Cost WACC Long Term Liabilities 110,000 0.5804 10.33% 0.0600 Preferred Stock 4,000 0.0211 5.09% 0.0011 Common Stock 35,235 0.1859 12.07% 0.0224 Retained Earnings| 40,295 0.2126 18.43% Total Capital Investment 189,530 1.0000 0.0392 0.1226 Add Depreciation & Amortization Decrease in Accounts Receivable Increase in Notes Receivable Decrease in Interest Receivable Decrease in Prepaid Supplies Decrease in Inventory Decrease in Interest Payable Increase in Accounts Payable Decrease in Notes Payable sh Provided by Operating Activities Cash Flows from Investing 7,700 5,296 (2,000) 55 5 4,155 (6,674) 7,384 (1,000) 48,432 Sale of Land 1,000 Purchase of Buildings & Equipment (47,783) Purchase of Treasury Stock et Cash Used by Investing Activities Cash Flows from Financing Payment of Dividends Cash from Bank Loan et Cash Used by Financing Activities (3,000) (49,783) (2,550) 2,000 (550) Total Cash Flow Cash at beginning of neriod. 15 835 (1,901) Add Depreciation & Amortization Decrease in Accounts Receivable Increase in Notes Receivable Decrease in Interest Receivable Decrease in Prepaid Supplies Decrease in Inventory Decrease in Interest Payable Increase in Accounts Payable Decrease in Notes Payable sh Provided by Operating Activities Cash Flows from Investing 7,700 5,296 (2,000) 55 5 4,155 (6,674) 7,384 (1,000) 48,432 Sale of Land 1,000 Purchase of Buildings & Equipment (47,783) Purchase of Treasury Stock et Cash Used by Investing Activities Cash Flows from Financing Payment of Dividends Cash from Bank Loan et Cash Used by Financing Activities (3,000) (49,783) (2,550) 2,000 (550) Total Cash Flow Cash at beginning of neriod. 15 835 (1,901) Add Depreciation & Amortization Decrease in Accounts Receivable Increase in Notes Receivable Decrease in Interest Receivable Decrease in Prepaid Supplies Decrease in Inventory Decrease in Interest Payable Increase in Accounts Payable Decrease in Notes Payable sh Provided by Operating Activities Cash Flows from Investing 7,700 5,296 (2,000) 55 5 4,155 (6,674) 7,384 (1,000) 48,432 Sale of Land 1,000 Purchase of Buildings & Equipment (47,783) Purchase of Treasury Stock et Cash Used by Investing Activities Cash Flows from Financing Payment of Dividends Cash from Bank Loan et Cash Used by Financing Activities (3,000) (49,783) (2,550) 2,000 (550) Total Cash Flow Cash at beginning of neriod. 15 835 (1,901) Retained Earnings - 01 January 2018 Prior-Period Adjustments Additions Net Income After Taxes 15,058 (5,724) 33,511 Subtractions Dividends Preferred Stock (50) Common Stock (2,500) Total Dividends (2,550) Retained Earnings - 31 December 2018 40,295 Dur Tee Statement of Cash Flows Year Ended 31 December 2018 (all figures in thousands) Cash Flows from Operating Activities Net Income after taxes 33,511 Bonds Payable_2-15 Year Total Long Term Liabilities Total Liabilities 27,000 110,000 195,532 Shareholders' Equity Preferred Stock [800 shares authorized 200 shares issued & outstanding] 1,000 Preferred Stock - Additional-Paid-In-Capital 3,000 Common Stock [30,000 shares authorized and issued, 15,000 shares outstanding 5,000 Common Stock -Additional-Paid-In-Capital 30,235 Retained Earnings 40,295 Treasury Stock [2500 shares] (3,000) ulated Other Comprehensive Income Total Shareholders' Equity Liabilities & Shareholders' Equity 2,046 78,576 274,108 Revenue Sales Returns & Allowances Sales Discounts Gross Sales 325,229 14,028 5,901 Net Sales 305,300 Cost of Goods Sold 199,528 Gross Profit 105,772 Operating Expenses Administrative Expenses Selling Expenses 40,338 25,039 Total Operating Expenses 65,377 40,395 Operating Income Other Income Dividend and Interest Other Expenses Interest on Bonds Net Income Before Taxes 8,801 7,829 41,367 100.0%