Ratio Analysis			2003	2002
Liquidity Ratios
Current Ratio			3.14	3.50
Quick Ratio			2.65	2.92
Asset Management Ratios
Inventory Turnover			11.84	10.41
Days Sales Outstanding			82.89	85.73
Fixed Assets Turnover			6.78	8.58
Total Assets Turnover			1.46	1.44
Debt Management Ratios
Debt Ratio			49.46%	49.03%
Times-interest-earned ratio			7.10	4.63
EBITDA coverage ratio			1.71	1.42
Profitability Ratios
Profit Margin			6.90%	4.68%
Basic Earning Power			19.53%	14.35%
Return on Assets			10.06%	6.75%
Return on Equity			19.91%	13.25%
Market Value Ratios
Earnings per share			$3.14	$1.90
Price-to-earnings ratio			5.50	7.78
Cash flow per share			$3.88	$2.65
Price-to-cash flow ratio			4.45	5.58
Book Value per share			$15.76	$14.31
Market-to-book ratio			1.09	1.03

c. Has Cumberland's ability to manage its debts improved or worsened? Briefly explain with supporting financial ratios. Show your calculations.

e. How has firm's market value ratios changed during the last year? Briefly explain with supporting financial ratios. Show your calculations.