Industry 12/31/19 12/31/18 12/31/17 Average PROFITABILITY Gross Profit Margin Operating Profit Margin Net Profit Margin 34.92% 9.38% 5.68% EFFICIENCY 7.1 A/R DOH (not ave a/r) Inventory DOH A/P DOH Asset Turnover N/A N/A N/A N/A 32.0 35.0 1.50 LEVERAGE Debt/Equity LTD/Total Capital Debt/Total Capital Debt/EBITDA Times Interest Earned Fixed Charge Coverage N/A N/A N/A N/A N/A N/A 230.0% 70.0% 72.0% 2.49 3.89 1.97 1.08 Liquidity Current Ratio Quick Ratio Cash Conversion Cycle N/A N/A N/A 0.71 4.1 Returns Return on Equity Return on Assets Return on Capital N/A N/A N/A 34.08% 8.52% 10.22% BluVet, Inc. Income Statement 12 Months Ended (In 000's, except Per Share data) Revenues Cost of Revenues Gross Profit 12/31/2019 $72,217 51,098 21,119 12/31/2018 $71,633 51,291 20,342 12/31/2017 $72,184 51,692 20,492 16,878 16,561 0 SG&A Expenses Equity earnings in Affiliates Gain on sale of business Operating Income 17,543 344 20 3,940 434 4,365 3,464 (88) (71) Interest expense, net Other Income Earnings Before Income Tax Provision (165) 120 3,895 3,376 4,294 Income tax provision 1,445 1,249 1,580 Net Earnings 2,450 2,127 2.714 Balance Sheet For The Years Ended 12/31/2019 12/31/2018 $2,106 2,632 6,852 284 11,874 $1,297 2,167 7,036 260 10,760 12,038 6,140 12,138 6,261 3,249 1,959 23,607 35.481 3,027 1,497 22,702 33.462 (In 000's, except Per Share data) Current Assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total Current Assets Non-Current Assets Property and equipment, at cost, less accumulated depreciation and amortization Equity investment in affiliates Goodwill and other intangibles Other non-current assets Total Non-Current Assets Total Assets Current Liabilities Short-term borrowings Trade accounts payable Accrued expenses and other liabilities Income taxes payable Total Current Liabilities Non-Current Liabilities Long-term debt Deferred tax liabilities Other non-current liabilities Total Non-Current Liabilities Shareholders' Equity Common stock, $.078125 par value; authorized 3.2 million shares; issued and outstanding 1,024,000 shares in 2019 and 2018 570 4,635 3,577 1,319 4,384 3,019 101 8,883 8,722 4,477 600 2,067 7,144 4,073 545 1,886 6,504 80 1,074 (11) 18,409 80 936 (19) 17,171 Paid-in capital Employee stock loan receivable Retained earnings Accum. other comprehensive (loss)/income Total Shareholders' Equity Total Liabilities and Shareholders' Equity (98) 68 19,454 $35,481 18,236 $33,462 12/31/2019 12/31/2018 12/31/2017 $2,450 1,283 (120) $2,127 1,166 (In 000's, except Per Share data) Cash Flows from Operating Activities Net earnings Depreciation and amortization Change in fair value of Goodwill Gains on sale of business Deferred income taxes Equity earnings in affiliates Other income adjustments $2,714 1,086 (434) 132 265 148 (344) 217 188 142 394 1,083 (243) (592) (24) Accounts receivable, net Inventories Other current assets Trade accounts payable Accrued expenses and other liabilities Income taxes payable Other non-current assets and liabilities Net cash provided by operating activities (449) 321 18 182 424 103 384 (439) (184) (228) 109 218 102 68 112 4,301 4,431 3,643 Cash Flows from Investing Activities Additions to property and equipment Return of investment in) restricted cash Proceeds from sale of assets Business and intangible asset acquisitions Short-term securities held to maturity Proceeds from sale of business Investment in affiliates and call contracts Other Net cash used for investing activities (1,212) 0 145 (630) (50) 20 (224) (1,550) 191 123 (491) (1,213) (191) 79 (630) 0 442 (45) (4,025) (63) (5,860) (45) (12) (1,525) (1,996) 4,000 (4,300) (615) 486 (1,040) 3,000 0 (1,191) Cash Flows from Financing Activities Proceeds from issuance of long-term debt Payments of long-term debt Stock purchases - key executive Proceeds related to stock purchase plans Cash dividends paid Other miscellaneous Net cash provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalents: beginning of year Cash and cash equivalents: end of year (17) (2,028) 235 (647) 165 (787) (17) (27) (1,496) 809 1,297 $2,106 1,170 (259) 1,556 $1,297 (2,442) (324) 1,880 $1,556 Industry 12/31/19 12/31/18 12/31/17 Average PROFITABILITY Gross Profit Margin Operating Profit Margin Net Profit Margin 34.92% 9.38% 5.68% EFFICIENCY 7.1 A/R DOH (not ave a/r) Inventory DOH A/P DOH Asset Turnover N/A N/A N/A N/A 32.0 35.0 1.50 LEVERAGE Debt/Equity LTD/Total Capital Debt/Total Capital Debt/EBITDA Times Interest Earned Fixed Charge Coverage N/A N/A N/A N/A N/A N/A 230.0% 70.0% 72.0% 2.49 3.89 1.97 1.08 Liquidity Current Ratio Quick Ratio Cash Conversion Cycle N/A N/A N/A 0.71 4.1 Returns Return on Equity Return on Assets Return on Capital N/A N/A N/A 34.08% 8.52% 10.22% BluVet, Inc. Income Statement 12 Months Ended (In 000's, except Per Share data) Revenues Cost of Revenues Gross Profit 12/31/2019 $72,217 51,098 21,119 12/31/2018 $71,633 51,291 20,342 12/31/2017 $72,184 51,692 20,492 16,878 16,561 0 SG&A Expenses Equity earnings in Affiliates Gain on sale of business Operating Income 17,543 344 20 3,940 434 4,365 3,464 (88) (71) Interest expense, net Other Income Earnings Before Income Tax Provision (165) 120 3,895 3,376 4,294 Income tax provision 1,445 1,249 1,580 Net Earnings 2,450 2,127 2.714 Balance Sheet For The Years Ended 12/31/2019 12/31/2018 $2,106 2,632 6,852 284 11,874 $1,297 2,167 7,036 260 10,760 12,038 6,140 12,138 6,261 3,249 1,959 23,607 35.481 3,027 1,497 22,702 33.462 (In 000's, except Per Share data) Current Assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total Current Assets Non-Current Assets Property and equipment, at cost, less accumulated depreciation and amortization Equity investment in affiliates Goodwill and other intangibles Other non-current assets Total Non-Current Assets Total Assets Current Liabilities Short-term borrowings Trade accounts payable Accrued expenses and other liabilities Income taxes payable Total Current Liabilities Non-Current Liabilities Long-term debt Deferred tax liabilities Other non-current liabilities Total Non-Current Liabilities Shareholders' Equity Common stock, $.078125 par value; authorized 3.2 million shares; issued and outstanding 1,024,000 shares in 2019 and 2018 570 4,635 3,577 1,319 4,384 3,019 101 8,883 8,722 4,477 600 2,067 7,144 4,073 545 1,886 6,504 80 1,074 (11) 18,409 80 936 (19) 17,171 Paid-in capital Employee stock loan receivable Retained earnings Accum. other comprehensive (loss)/income Total Shareholders' Equity Total Liabilities and Shareholders' Equity (98) 68 19,454 $35,481 18,236 $33,462 12/31/2019 12/31/2018 12/31/2017 $2,450 1,283 (120) $2,127 1,166 (In 000's, except Per Share data) Cash Flows from Operating Activities Net earnings Depreciation and amortization Change in fair value of Goodwill Gains on sale of business Deferred income taxes Equity earnings in affiliates Other income adjustments $2,714 1,086 (434) 132 265 148 (344) 217 188 142 394 1,083 (243) (592) (24) Accounts receivable, net Inventories Other current assets Trade accounts payable Accrued expenses and other liabilities Income taxes payable Other non-current assets and liabilities Net cash provided by operating activities (449) 321 18 182 424 103 384 (439) (184) (228) 109 218 102 68 112 4,301 4,431 3,643 Cash Flows from Investing Activities Additions to property and equipment Return of investment in) restricted cash Proceeds from sale of assets Business and intangible asset acquisitions Short-term securities held to maturity Proceeds from sale of business Investment in affiliates and call contracts Other Net cash used for investing activities (1,212) 0 145 (630) (50) 20 (224) (1,550) 191 123 (491) (1,213) (191) 79 (630) 0 442 (45) (4,025) (63) (5,860) (45) (12) (1,525) (1,996) 4,000 (4,300) (615) 486 (1,040) 3,000 0 (1,191) Cash Flows from Financing Activities Proceeds from issuance of long-term debt Payments of long-term debt Stock purchases - key executive Proceeds related to stock purchase plans Cash dividends paid Other miscellaneous Net cash provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalents: beginning of year Cash and cash equivalents: end of year (17) (2,028) 235 (647) 165 (787) (17) (27) (1,496) 809 1,297 $2,106 1,170 (259) 1,556 $1,297 (2,442) (324) 1,880 $1,556