TABLE I( 4.2 TABLE I( 4.3 Income Statements 2019E 2018 201 7 Sales 57,035,600 $ 6,034,000 5 3,432,000 Cost of goods sold 5,875,992 5,528,000 2,864,000 Other expenses 550,000 519,988 358,672 Total operating costs excluding depreciation and amortization $6,425,992 5 6,047,988 $ 3,222,672 EBITDA m m m Depreciation and amortization 116,960 116,960 18,900 EBIT 5 492,648 (5 130,948) $ 190,428 Interest expense 70,008 136,012 43,828 EBT S 422,640 (S 266,960) 5 146,600 Taxes (40%) 169,056 (106,784)8 58,640 Net income 5 2 84 6) 0 EP5 $ 1.014 (5 1.602) 5 0.880 DPS $ 0.220 $ 0.110 5 0220 Book value per share 5 7.809 5 4.926 5 6.638 Stock price 5 12.17 S 2.25 5 8.50 Shares outstanding 250,000 100,000 100,000 Tax rate 40.00% 40.00% 40.00% Lease payments $40,000 5 40,000 5 40,000 Sinking fund payments 0 0 0 Note: E indicates estimated. The 2019 data are forecasts. iThe rm had sufficient taxable income in 2016 and 2017 to obtain its full tax refund in 2018. Ratio Analysis 2019E 2018 201 7 Industry Average Current 1.2x 2.3x 2.7>