PLEASE ANSWER ALL!!!
OVERVIEW >>> This project activates your "critical thinking and analytical abilities" by putting you in the positions of a sales manager, receivables manager, supply manager, banker, VP of manufacturing, and shareholder who must use financial ratio information to make "actionable decisions" about National Beverage Corporation (FIZZ). Additionally, it acquaints you with basic company research and business opinion communication. ... FOCUS >>> what the numbers "mean". ... TIP! >>> Ratios are fractions. An easy way to interpret any ratio is to express it in terms of "dollars" of the numerator's value compared to $1.00 of the denominator's value. TASKS: Please - 1. Click HERE to view FIZZ'S FINANCIAL RATIOS for the years 2012-2016 from BC's Mergent Online Forrer Learning Commons database... be sure to click the tab labeled (FIZZ RATIOS) in the spreadsheet that appears! 2. write a sentences for each ratio in the table below that describes [a] how to interpret the ratio and [b] the trend for each ratio that you observe RATIO HOW TO INTERPRET RATIO Tip! ... click HERE TREND OBSERVED (FAVORABLE / UNFAVORABLE) and WHY PROFITABILITY ROA% ROE% ROI% EBITDA Margin % Tax Rate % Revenue / employee LIQUIDITY LT Debt: Equity Total Debt: Equity Interest Coverage (aka, Times interest earned) ASSET MANAGEMENT Total asset turnover Receivables turnover Inventory turnover Accounts payable turnover Accrued expenses turnover PP&E (fixed assets) turnover Page 2 Cash & equivalents turnover PER SHARE Cash flow per share Book value per share 3. derive FIZZ's 2012-2016 CASH CONVERSION CYCLES using these 2012-2016 ratios a. "days sales in inventory" (DSI) from its inventory turnover b. "receivables collection period" (RCP) from its accounts receivable turnover C. "days payables outstanding" (DPO) from its accounts payable turnover turnover d. "cash conversion cycle" (CCC) Click (365 / ITO) ITO Click (365 / ARTO) ARTO Click (365/APTO) = Inventory Turnover = Accounts receivable turnover APTO = Accounts payable Click (DSI + RCP-DPO) CASE QUESTIONS TO ANSWER (CRITICAL THINKING & ANALYSIS): 1. Explain why financial ratios often use "average values" for balance sheet values where an income statement metric is compared with a balance sheet metric. 2. If you were FIZZ's national sales manager to retail stores (like Target & Wal-Mart), explain WHY you would be satisfied or dissatisfied about FIZZ's number of days to sell product to retail customers. 3. If you were FIZZ's accounts receivable manager, explain WHY you would be satisfied or dissatisfied about FIZZ's number of days to collect customer accounts. 4. If you were one of FIZZ's suppliers (vendors) of raw materials (soda concentrate, sugar, carbonation), explain WHY you would be happy with FIZZ as a customer or would you notice an unfavorable trend. 5. If you were FIZZ's banker (lender), explain what the financial ratios indicate about (a) the trend in FIZZ's ability to borrow more from your bank, and [b] how comfortably FIZZ can use income to pay loan interest in a timely way. 6. If you were FIZZ's vice-president of manufacturing, explain WHY you would be satisfied or dissatisfied with FIZZ's effectiveness in using its productive capacity (total assets) in generating sales (Asset turnover) 7. If you owned shares (shareholder) of FIZZ common stock, explain WHY you would be satisfied or dissatisfied with the FIZZ's trends in generating profits (net income) from sales. 8. If you owned shares (shareholder) of FIZZ common stock, explain WHY you would be satisfied or dissatisfied with the trend in how FIZZ has used financial leverage in directing profits (managing) profits to owners. 9. What strengths, weakness, opportunities and threats (SWOT) about FIZZ operations "stand out to you as applicable to FIZZ's cash flow position from reading "Management's Discussion & Analysis" from FIZZ's 2016 annual report (click HERE, then see FIZZ annual report pages 7 - 13)? 05/02/2015 Thousands 05/03/2014 Thousands 04/27/2013 Thousands 04/28/2012 Thousands National Beverage Corp. (NMS: FIZZ) Report Date 04/30/2016 Scale Thousands ANNUAL BALANCE SHEETS Cash & Equivalents 105,577 Receivables (ST) 61,046 Inventories 47,922 Current Tax Assets 4,454 Other Current Assets 4,672 Total Current Assets 223,671 52,456 59,951 42,924 4,348 8,050 167,729 29,932 58,205 43,914 2,685 8,405 143,141 18,267 64,069 39,234 3,665 5,706 130,941 35,626 61,591 40,862 3,550 4,425 146,054 Gross Property Plant & Equip Accumulated Depreciation Net Property Plant & Equip Intangible Assets Other Assets Total Assets 222,551 160,619 61,932 14,760 5,135 305,498 216,607 156,425 60,182 14,760 5,079 247,750 209,972 150,478 59,494 14,760 5,446 222,841 200,484 143,177 57,307 14,760 5,634 208,642 194,161 137,432 56,729 14,760 5,445 222,988 Accounts Payable & Accrued Exps Accounts Payable Accrued Expenses Other Current Liabilities Total Current Liabilities 75,586 49,391 26,195 66,153 44,896 21,257 98 66,251 64,479 45,606 18,873 63,403 44,261 19,142 34 63,437 76,154 54,875 21,279 28 44 82 75,614 64,523 76,236 LT Debt & Leases Deferred LT Liabilities Other Liabilities Total Liabilities 14,474 9,258 99,346 10,000 15,245 8,472 99,968 30,000 13,873 8,244 116,640 50,000 14,327 10,562 138,326 14,214 10,902 101,352 Other Liabilities Total Liabilities 9,258 99,346 8,472 99,968 8,244 116,640 10,562 138,326 10,902 101,352 504 503 150 550 30,425 Common Share Capital Preferred Share Capital Additional Paid-In Capital Retained Earnings Accum Other Comprehensive Income Treasury Stock Accum Other Comprehensive Income Total Equity Total Liabilities & Equity 506 150 34,570 190,733 (1,807) 18,000 504 270 37,759 129,773 (2,524) 18,000 504 390 42,775 80,737 (205) 18,000 50,398 37,828 (964) 18,000 109,200 (642) 18,000 206,152 305,498 147,782 247,750 106,201 222,841 70,316 208,642 121,636 222,988 04/30/2016 Thousands 05/02/2015 Thousands 05/03/2014 Thousands 04/27/2013 Thousands 04/28/2012 Thousands Report Date Scale ANNUAL INCOME STATEMENTS Sales Revenue Cost of Goods Sold Gross Profit 704,785 463,348 241,437 645,825 426,685 219,140 641,135 423,480 217,655 662,007 444,757 217,250 628,886 415,629 213,257 148,384 145,157 153,220 146,223 146,169 Selling General & Admin Other Operating Expense Total Indirect Operating Costs Operating Income 148,384 93,053 145,157 73,983 153,220 64,435 146,223 71,027 146,169 67,088 (203) (371) (660) (38) 1,101 Interest Income Gains on Sale of Assets Other Non-Operating Income Total Non-Operating Income Earnings Before Tax Taxation Net Income 730 (145) (348) 92,705 31,507 61,198 (366) (63) (147) (576) 70,451 23,531 46,920 (666) (1,326) 63,109 19,474 43,635 (7) (147) (192) 66,896 22,903 43,993 74,713 25,402 49,311 Total Non-Operating Income Earnings Before Tax Taxation Net Income (348) 92,705 31,507 61,198 730 74,713 25,402 49,311 (1,326) 63,109 19,474 43,635 (576) 70,451 23,531 46,920 (192) 66,896 22,903 43,993 Preference Dividends & Similar Net Income to Common (238) 60,960 (275) 49,036 (726) 42,909 (153) 46,767 43,993 Average Shares Basic EPS Net Basic EPS Continuing Basic 46,452 1.31 1.31 46,353 1.06 1.06 46,331 0.93 0.93 46,310 1.01 1.01 46,267 0.95 0.95 Average Shares Diluted EPS Net Diluted EPS Continuing Diluted Shares Outstanding 46,671 1.31 1.31 46,555.950 46,559 1.05 1.05 46,385.235 46,519 0.92 0.92 46,335.015 46,482 1.01 1.01 46,329.015 46,448 0.95 0.95 46,288.775 04/30/2016 Thousands 05/02/2015 Thousands 05/03/2014 Thousands 04/27/2013 Thousands 04/28/2012 Thousands Report Date Scale RETAINED EARNINGS Retained Earnings at Start Retained Earnings at End 129773 190733 80737 129773 37828 80737 109200 37828 65207 109200 04/30/2016 Thousands 05/02/2015 Thousands 05/03/2014 Thousands 04/27/2013 Thousands 04/28/2012 Thousands Report Date Scale STATEMENTS OF CASH FLOWS Net Income Adjustments from Inc to Cash Change in Working Capital Cash Flow from Operations 61,198 11,114 6,643 78,955 49,311 11,775 (3,066) 58,020 43,635 11,933 (3,186) 52,382 46,920 11,467 (18,123) 40,264 43,993 10,471 (16,768) 37,696 (11 (12,124) (9,616) (9,852) (12,140) 116 Purchase of Pty Plant & Equip Proceeds from Pty Plant & Equip Other Investing Cash Flows Cash Flow from Investing (11,630) 1,905 62 (12,024) (9,725) (12,062) (9,616) (9,852) Change in LT Debt Change in Equity Payment of Dividends Other Financing Cash Flows Cash Flow from Financing (10,000) (3,624) (186) 410 (20,000) (5,772) (239) 240 (25,771) (20,000) (7,953) (659) (43) (28,655) 50,000 20,144 (118,151) (13,810) (48,007) 410 Change in Cash Opening Cash Closing Cash 53,121 52,456 105,577 22,524 29,932 52,456 11,665 18,267 29,932 (17,359) 35,626 18,267 28,254 7,372 35,626 Depn & Amortn (CF) Net Purch of Pty Plant & Equip 12,056 (12,024) 11,580 (9,725) 11,708 (12,062) 11,002 (9,616) 10,651 (9,852) COMMON SIZED BAL. SHT. Cash & Equivalents %TA Receivables (ST) %TA Inventories %TA Current Tax Assets %TA Other Current Assets %TA Total Current Assets %TA 04/30/2016 34.559 19.982 15.687 1.458 1.529 73.215 05/02/2015 21.173 24.198 17.326 1.755 3.249 67.701 05/03/2014 13.432 26.12 19.706 1.205 3.772 64.235 04/27/2013 8.755 30.708 18.804 1.757 2.735 62.759 04/28/2012 15.977 27.621 18.325 1.592 1.984 65.499 Gross Property Plant & Equip %TA Accumulated Depreciation %TA Net Property Plant & Equip %TA Intangible Assets %TA 72.849 52.576 20.272 4.831 87.43 63.138 24.291 5.958 94.225 67.527 26.698 6.624 96.09 68.623 27.467 7.074 87.072 61.632 25.44 6.619 Gross Property Plant & Equip %TA Accumulated Depreciation %TA Net Property Plant & Equip %TA Intangible Assets %TA Other Assets %TA Total Assets as 100% 72.849 52.576 20.272 4.831 1.681 100.000 87.43 63.138 24.291 5.958 2.05 100.000 94.225 67.527 26.698 6.624 2.444 100.000 96.09 68.623 27.467 7.074 87.072 61.632 25.44 6.619 2.442 100.000 2.7 100.000 20.466 8.469 Accounts Payable %TA Accrued Expenses %TA Other Current Liabilities %TA Total Current Liabilities %TA 16.167 8.575 0.009 24.751 18.121 8.58 0.04 26.741 21.214 9.175 0.016 30.405 24.609 9.543 0.037 34.188 0.02 28.955 LT Debt & Lease %TA Deferred LT Liabilities %TA Other Liabilities %TA Total Liabilities %TA 4.738 3.03 32.519 4.036 6.153 3.42 40.35 13.463 6.226 3.699 52.342 23.964 6.867 5.062 66.298 6.374 4.889 45.452 Common Share Capital %TA Preferred Share Capital %TA Additional Paid-In Capital %TA Retained Earnings %TA Accum Other Comprehens Income %TA Other Equity %TA Total Equity %TA Total Liabilities & Equity %TA 0.166 0.049 11.316 62.433 -0.591 0.203 0.109 15.241 52.381 -1.019 0.226 0.175 19.195 36.231 -0.092 0.242 0.264 24.155 18.131 -0.462 0.226 0.067 13.644 48.971 -0.288 0 54.548 100 67.481 100 59.65 100 47.658 100 33.702 100 04/28/2012 COMMON SIZED INCOME STMT. Sales Revenue %TR Direct Costs %TR Gross Profit %TR 04/30/2016 100.00 65.74 34.26 05/02/2015 100.00 66.07 05/03/2014 100.00 66.05 33.95 04/27/2013 100.00 67.18 32.82 100.00 66.09 33.91 33.93 0 Other Equity %TA Total Equity %TA Total Liabilities & Equity %TA 0 67.481 100 59.65 47.658 33.702 100 54.548 100 100 100 04/30/2016 04/28/2012 COMMON SIZED INCOME STMT. Sales Revenue %TR Direct Costs %TR Gross Profit %TR 100.00 65.74 34.26 05/02/2015 100.00 66.07 33.93 05/03/2014 100.00 66.05 33.95 04/27/2013 100.00 67.18 32.82 100.00 66.09 33.91 21.05 0.00 21.05 13.20 (0.03) 22.48 0.00 22.48 11.46 (0.06) 23.90 0.00 23.90 10.05 (0.10) Selling General & Admin %TR Other Operating Expense %TR Total Indirect Operating Costs %TR Operating Income %TR Interest Income %TR Gains on Sale of Assets %TR Other Non-Operating Income %TR Total Non-Operating Income %TR Earnings Before Tax %TR Taxation %TR Net Income %TR Preference Dividends & Similar %TR Net Income to Common %TR (0.02) (0.05) 13.15 4.47 8.68 (0.03) 8.65 0.17 0.11 11.57 3.93 7.64 (0.04) 7.59 (0.10) (0.21) 9.84 3.04 6.81 (0.11) 6.69 22.09 0.00 22.09 10.73 (0.06) (0.01) (0.02) (0.09) 10.64 3.55 7.09 (0.02) 7.06 23.24 0.00 23.24 10.67 (0.01) (0.00) (0.02) (0.03) 10.64 3.64 7.00 0.00 7.00 Profitability Ratios ROA % (Net) ROE % (Net) ROI % (Operating) EBITDA Margin % Calculated Tax Rate % Revenue per Employee 04/30/2016 05/02/2015 05/03/2014 04/27/2013 04/28/2012 22.18 21.01 19.90 21.80 21.74 34.68 38.94 48.64 49.02 43.68 51.28 50.47 49.43 58.87 66.62 14.62 13.21 11.47 12.06 11.99 33.99 34 30.86 33.4 34.24 $588,934 $539,666 $525,639 $553,188 $525,511 Liquidity Ratios Quick Ratio Current Ratio Net Current Assets % TA 04/30/2016 05/02/2015 05/03/2014 04/27/2013 04/28/2012 2.10 1.58 1.25 1.18 1.17 2.96 2.53 2.22 2.06 1.92 48.46 40.96 35.28 32.35 31.31 Debt Management LT Debt to Equity Total Debt to Equity Interest Coverage 04/30/2016 05/02/2015 05/03/2014 04/27/2013 04/28/2012 0.07 0.28 0.71 0.07 0.28 0.71 458.39 199.42 97.63 194.06 1765.47 MIT Asset Management Total Asset Turnover Receivables Turnover Inventory Turnover Accounts Payable Turnover Accrued Expenses Turnover Property Plant & Equip Turnover Cash & Equivalents Turnover 04/30/2016 05/02/2015 05/03/2014 04/27/2013 04/28/2012 2.55 2.75 2.92 3.08 3.11 11.68 10.96 10.32 10.57 10.73 10.20 9.83 10.19 11.11 11.20 14.99 14.31 14.04 13.39 12.11 29.79 32.28 33.19 32.85 26.56 11.57 10.82 10.80 11.64 11.25 8.94 15.72 26.17 24.63 29.33 Per Share Cash Flow per Share Book Value per Share 04/30/2016 05/02/2015 05/03/2014 04/27/2013 04/28/2012 1.70 1.26 1.11 0.87 0.82 4.43 3.19 2.29 1.52 2.63 OVERVIEW >>> This project activates your "critical thinking and analytical abilities" by putting you in the positions of a sales manager, receivables manager, supply manager, banker, VP of manufacturing, and shareholder who must use financial ratio information to make "actionable decisions" about National Beverage Corporation (FIZZ). Additionally, it acquaints you with basic company research and business opinion communication. ... FOCUS >>> what the numbers "mean". ... TIP! >>> Ratios are fractions. An easy way to interpret any ratio is to express it in terms of "dollars" of the numerator's value compared to $1.00 of the denominator's value. TASKS: Please - 1. Click HERE to view FIZZ'S FINANCIAL RATIOS for the years 2012-2016 from BC's Mergent Online Forrer Learning Commons database... be sure to click the tab labeled (FIZZ RATIOS) in the spreadsheet that appears! 2. write a sentences for each ratio in the table below that describes [a] how to interpret the ratio and [b] the trend for each ratio that you observe RATIO HOW TO INTERPRET RATIO Tip! ... click HERE TREND OBSERVED (FAVORABLE / UNFAVORABLE) and WHY PROFITABILITY ROA% ROE% ROI% EBITDA Margin % Tax Rate % Revenue / employee LIQUIDITY LT Debt: Equity Total Debt: Equity Interest Coverage (aka, Times interest earned) ASSET MANAGEMENT Total asset turnover Receivables turnover Inventory turnover Accounts payable turnover Accrued expenses turnover PP&E (fixed assets) turnover Page 2 Cash & equivalents turnover PER SHARE Cash flow per share Book value per share 3. derive FIZZ's 2012-2016 CASH CONVERSION CYCLES using these 2012-2016 ratios a. "days sales in inventory" (DSI) from its inventory turnover b. "receivables collection period" (RCP) from its accounts receivable turnover C. "days payables outstanding" (DPO) from its accounts payable turnover turnover d. "cash conversion cycle" (CCC) Click (365 / ITO) ITO Click (365 / ARTO) ARTO Click (365/APTO) = Inventory Turnover = Accounts receivable turnover APTO = Accounts payable Click (DSI + RCP-DPO) CASE QUESTIONS TO ANSWER (CRITICAL THINKING & ANALYSIS): 1. Explain why financial ratios often use "average values" for balance sheet values where an income statement metric is compared with a balance sheet metric. 2. If you were FIZZ's national sales manager to retail stores (like Target & Wal-Mart), explain WHY you would be satisfied or dissatisfied about FIZZ's number of days to sell product to retail customers. 3. If you were FIZZ's accounts receivable manager, explain WHY you would be satisfied or dissatisfied about FIZZ's number of days to collect customer accounts. 4. If you were one of FIZZ's suppliers (vendors) of raw materials (soda concentrate, sugar, carbonation), explain WHY you would be happy with FIZZ as a customer or would you notice an unfavorable trend. 5. If you were FIZZ's banker (lender), explain what the financial ratios indicate about (a) the trend in FIZZ's ability to borrow more from your bank, and [b] how comfortably FIZZ can use income to pay loan interest in a timely way. 6. If you were FIZZ's vice-president of manufacturing, explain WHY you would be satisfied or dissatisfied with FIZZ's effectiveness in using its productive capacity (total assets) in generating sales (Asset turnover) 7. If you owned shares (shareholder) of FIZZ common stock, explain WHY you would be satisfied or dissatisfied with the FIZZ's trends in generating profits (net income) from sales. 8. If you owned shares (shareholder) of FIZZ common stock, explain WHY you would be satisfied or dissatisfied with the trend in how FIZZ has used financial leverage in directing profits (managing) profits to owners. 9. What strengths, weakness, opportunities and threats (SWOT) about FIZZ operations "stand out to you as applicable to FIZZ's cash flow position from reading "Management's Discussion & Analysis" from FIZZ's 2016 annual report (click HERE, then see FIZZ annual report pages 7 - 13)? 05/02/2015 Thousands 05/03/2014 Thousands 04/27/2013 Thousands 04/28/2012 Thousands National Beverage Corp. (NMS: FIZZ) Report Date 04/30/2016 Scale Thousands ANNUAL BALANCE SHEETS Cash & Equivalents 105,577 Receivables (ST) 61,046 Inventories 47,922 Current Tax Assets 4,454 Other Current Assets 4,672 Total Current Assets 223,671 52,456 59,951 42,924 4,348 8,050 167,729 29,932 58,205 43,914 2,685 8,405 143,141 18,267 64,069 39,234 3,665 5,706 130,941 35,626 61,591 40,862 3,550 4,425 146,054 Gross Property Plant & Equip Accumulated Depreciation Net Property Plant & Equip Intangible Assets Other Assets Total Assets 222,551 160,619 61,932 14,760 5,135 305,498 216,607 156,425 60,182 14,760 5,079 247,750 209,972 150,478 59,494 14,760 5,446 222,841 200,484 143,177 57,307 14,760 5,634 208,642 194,161 137,432 56,729 14,760 5,445 222,988 Accounts Payable & Accrued Exps Accounts Payable Accrued Expenses Other Current Liabilities Total Current Liabilities 75,586 49,391 26,195 66,153 44,896 21,257 98 66,251 64,479 45,606 18,873 63,403 44,261 19,142 34 63,437 76,154 54,875 21,279 28 44 82 75,614 64,523 76,236 LT Debt & Leases Deferred LT Liabilities Other Liabilities Total Liabilities 14,474 9,258 99,346 10,000 15,245 8,472 99,968 30,000 13,873 8,244 116,640 50,000 14,327 10,562 138,326 14,214 10,902 101,352 Other Liabilities Total Liabilities 9,258 99,346 8,472 99,968 8,244 116,640 10,562 138,326 10,902 101,352 504 503 150 550 30,425 Common Share Capital Preferred Share Capital Additional Paid-In Capital Retained Earnings Accum Other Comprehensive Income Treasury Stock Accum Other Comprehensive Income Total Equity Total Liabilities & Equity 506 150 34,570 190,733 (1,807) 18,000 504 270 37,759 129,773 (2,524) 18,000 504 390 42,775 80,737 (205) 18,000 50,398 37,828 (964) 18,000 109,200 (642) 18,000 206,152 305,498 147,782 247,750 106,201 222,841 70,316 208,642 121,636 222,988 04/30/2016 Thousands 05/02/2015 Thousands 05/03/2014 Thousands 04/27/2013 Thousands 04/28/2012 Thousands Report Date Scale ANNUAL INCOME STATEMENTS Sales Revenue Cost of Goods Sold Gross Profit 704,785 463,348 241,437 645,825 426,685 219,140 641,135 423,480 217,655 662,007 444,757 217,250 628,886 415,629 213,257 148,384 145,157 153,220 146,223 146,169 Selling General & Admin Other Operating Expense Total Indirect Operating Costs Operating Income 148,384 93,053 145,157 73,983 153,220 64,435 146,223 71,027 146,169 67,088 (203) (371) (660) (38) 1,101 Interest Income Gains on Sale of Assets Other Non-Operating Income Total Non-Operating Income Earnings Before Tax Taxation Net Income 730 (145) (348) 92,705 31,507 61,198 (366) (63) (147) (576) 70,451 23,531 46,920 (666) (1,326) 63,109 19,474 43,635 (7) (147) (192) 66,896 22,903 43,993 74,713 25,402 49,311 Total Non-Operating Income Earnings Before Tax Taxation Net Income (348) 92,705 31,507 61,198 730 74,713 25,402 49,311 (1,326) 63,109 19,474 43,635 (576) 70,451 23,531 46,920 (192) 66,896 22,903 43,993 Preference Dividends & Similar Net Income to Common (238) 60,960 (275) 49,036 (726) 42,909 (153) 46,767 43,993 Average Shares Basic EPS Net Basic EPS Continuing Basic 46,452 1.31 1.31 46,353 1.06 1.06 46,331 0.93 0.93 46,310 1.01 1.01 46,267 0.95 0.95 Average Shares Diluted EPS Net Diluted EPS Continuing Diluted Shares Outstanding 46,671 1.31 1.31 46,555.950 46,559 1.05 1.05 46,385.235 46,519 0.92 0.92 46,335.015 46,482 1.01 1.01 46,329.015 46,448 0.95 0.95 46,288.775 04/30/2016 Thousands 05/02/2015 Thousands 05/03/2014 Thousands 04/27/2013 Thousands 04/28/2012 Thousands Report Date Scale RETAINED EARNINGS Retained Earnings at Start Retained Earnings at End 129773 190733 80737 129773 37828 80737 109200 37828 65207 109200 04/30/2016 Thousands 05/02/2015 Thousands 05/03/2014 Thousands 04/27/2013 Thousands 04/28/2012 Thousands Report Date Scale STATEMENTS OF CASH FLOWS Net Income Adjustments from Inc to Cash Change in Working Capital Cash Flow from Operations 61,198 11,114 6,643 78,955 49,311 11,775 (3,066) 58,020 43,635 11,933 (3,186) 52,382 46,920 11,467 (18,123) 40,264 43,993 10,471 (16,768) 37,696 (11 (12,124) (9,616) (9,852) (12,140) 116 Purchase of Pty Plant & Equip Proceeds from Pty Plant & Equip Other Investing Cash Flows Cash Flow from Investing (11,630) 1,905 62 (12,024) (9,725) (12,062) (9,616) (9,852) Change in LT Debt Change in Equity Payment of Dividends Other Financing Cash Flows Cash Flow from Financing (10,000) (3,624) (186) 410 (20,000) (5,772) (239) 240 (25,771) (20,000) (7,953) (659) (43) (28,655) 50,000 20,144 (118,151) (13,810) (48,007) 410 Change in Cash Opening Cash Closing Cash 53,121 52,456 105,577 22,524 29,932 52,456 11,665 18,267 29,932 (17,359) 35,626 18,267 28,254 7,372 35,626 Depn & Amortn (CF) Net Purch of Pty Plant & Equip 12,056 (12,024) 11,580 (9,725) 11,708 (12,062) 11,002 (9,616) 10,651 (9,852) COMMON SIZED BAL. SHT. Cash & Equivalents %TA Receivables (ST) %TA Inventories %TA Current Tax Assets %TA Other Current Assets %TA Total Current Assets %TA 04/30/2016 34.559 19.982 15.687 1.458 1.529 73.215 05/02/2015 21.173 24.198 17.326 1.755 3.249 67.701 05/03/2014 13.432 26.12 19.706 1.205 3.772 64.235 04/27/2013 8.755 30.708 18.804 1.757 2.735 62.759 04/28/2012 15.977 27.621 18.325 1.592 1.984 65.499 Gross Property Plant & Equip %TA Accumulated Depreciation %TA Net Property Plant & Equip %TA Intangible Assets %TA 72.849 52.576 20.272 4.831 87.43 63.138 24.291 5.958 94.225 67.527 26.698 6.624 96.09 68.623 27.467 7.074 87.072 61.632 25.44 6.619 Gross Property Plant & Equip %TA Accumulated Depreciation %TA Net Property Plant & Equip %TA Intangible Assets %TA Other Assets %TA Total Assets as 100% 72.849 52.576 20.272 4.831 1.681 100.000 87.43 63.138 24.291 5.958 2.05 100.000 94.225 67.527 26.698 6.624 2.444 100.000 96.09 68.623 27.467 7.074 87.072 61.632 25.44 6.619 2.442 100.000 2.7 100.000 20.466 8.469 Accounts Payable %TA Accrued Expenses %TA Other Current Liabilities %TA Total Current Liabilities %TA 16.167 8.575 0.009 24.751 18.121 8.58 0.04 26.741 21.214 9.175 0.016 30.405 24.609 9.543 0.037 34.188 0.02 28.955 LT Debt & Lease %TA Deferred LT Liabilities %TA Other Liabilities %TA Total Liabilities %TA 4.738 3.03 32.519 4.036 6.153 3.42 40.35 13.463 6.226 3.699 52.342 23.964 6.867 5.062 66.298 6.374 4.889 45.452 Common Share Capital %TA Preferred Share Capital %TA Additional Paid-In Capital %TA Retained Earnings %TA Accum Other Comprehens Income %TA Other Equity %TA Total Equity %TA Total Liabilities & Equity %TA 0.166 0.049 11.316 62.433 -0.591 0.203 0.109 15.241 52.381 -1.019 0.226 0.175 19.195 36.231 -0.092 0.242 0.264 24.155 18.131 -0.462 0.226 0.067 13.644 48.971 -0.288 0 54.548 100 67.481 100 59.65 100 47.658 100 33.702 100 04/28/2012 COMMON SIZED INCOME STMT. Sales Revenue %TR Direct Costs %TR Gross Profit %TR 04/30/2016 100.00 65.74 34.26 05/02/2015 100.00 66.07 05/03/2014 100.00 66.05 33.95 04/27/2013 100.00 67.18 32.82 100.00 66.09 33.91 33.93 0 Other Equity %TA Total Equity %TA Total Liabilities & Equity %TA 0 67.481 100 59.65 47.658 33.702 100 54.548 100 100 100 04/30/2016 04/28/2012 COMMON SIZED INCOME STMT. Sales Revenue %TR Direct Costs %TR Gross Profit %TR 100.00 65.74 34.26 05/02/2015 100.00 66.07 33.93 05/03/2014 100.00 66.05 33.95 04/27/2013 100.00 67.18 32.82 100.00 66.09 33.91 21.05 0.00 21.05 13.20 (0.03) 22.48 0.00 22.48 11.46 (0.06) 23.90 0.00 23.90 10.05 (0.10) Selling General & Admin %TR Other Operating Expense %TR Total Indirect Operating Costs %TR Operating Income %TR Interest Income %TR Gains on Sale of Assets %TR Other Non-Operating Income %TR Total Non-Operating Income %TR Earnings Before Tax %TR Taxation %TR Net Income %TR Preference Dividends & Similar %TR Net Income to Common %TR (0.02) (0.05) 13.15 4.47 8.68 (0.03) 8.65 0.17 0.11 11.57 3.93 7.64 (0.04) 7.59 (0.10) (0.21) 9.84 3.04 6.81 (0.11) 6.69 22.09 0.00 22.09 10.73 (0.06) (0.01) (0.02) (0.09) 10.64 3.55 7.09 (0.02) 7.06 23.24 0.00 23.24 10.67 (0.01) (0.00) (0.02) (0.03) 10.64 3.64 7.00 0.00 7.00 Profitability Ratios ROA % (Net) ROE % (Net) ROI % (Operating) EBITDA Margin % Calculated Tax Rate % Revenue per Employee 04/30/2016 05/02/2015 05/03/2014 04/27/2013 04/28/2012 22.18 21.01 19.90 21.80 21.74 34.68 38.94 48.64 49.02 43.68 51.28 50.47 49.43 58.87 66.62 14.62 13.21 11.47 12.06 11.99 33.99 34 30.86 33.4 34.24 $588,934 $539,666 $525,639 $553,188 $525,511 Liquidity Ratios Quick Ratio Current Ratio Net Current Assets % TA 04/30/2016 05/02/2015 05/03/2014 04/27/2013 04/28/2012 2.10 1.58 1.25 1.18 1.17 2.96 2.53 2.22 2.06 1.92 48.46 40.96 35.28 32.35 31.31 Debt Management LT Debt to Equity Total Debt to Equity Interest Coverage 04/30/2016 05/02/2015 05/03/2014 04/27/2013 04/28/2012 0.07 0.28 0.71 0.07 0.28 0.71 458.39 199.42 97.63 194.06 1765.47 MIT Asset Management Total Asset Turnover Receivables Turnover Inventory Turnover Accounts Payable Turnover Accrued Expenses Turnover Property Plant & Equip Turnover Cash & Equivalents Turnover 04/30/2016 05/02/2015 05/03/2014 04/27/2013 04/28/2012 2.55 2.75 2.92 3.08 3.11 11.68 10.96 10.32 10.57 10.73 10.20 9.83 10.19 11.11 11.20 14.99 14.31 14.04 13.39 12.11 29.79 32.28 33.19 32.85 26.56 11.57 10.82 10.80 11.64 11.25 8.94 15.72 26.17 24.63 29.33 Per Share Cash Flow per Share Book Value per Share 04/30/2016 05/02/2015 05/03/2014 04/27/2013 04/28/2012 1.70 1.26 1.11 0.87 0.82 4.43 3.19 2.29 1.52 2.63
