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The 2 0 1 3 Income Statement and other selected financial information for Company A , as well as projected amounts for 2 0 1

The 2013 Income Statement and other selected financial information for Company A, as well as projected amounts for 2014, are shown below. There are no planned gains or losses on disposal of assets in 2014. Assume a tax rate of 35 percent. What is the projected Free Cash Flow (FCF) for 2014?
Company A 20132014
Revenues 2,0002,200
Operating Expenses 1,4001,540
Operating Income 600660
Interest Expense 100100
Pretax Income 500560
Tax Expense 175196
Net Income 325364
Depreciation and Amortization 100100
Capital Expenditure 100120
Working Capital at Year End 200220
Projected Free Cash Flow (FCF) for 2014:
370
389
429
469

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