The Leslie Fay Companies
Consolidated Balance Sheets 1987 - 1991
(in millions)
	1991		1990		1989		1988		1987
ASSETS
Current Assets:
Cash	$ 4.7	1%	$ 4.7	1%	$ 5.5	1%	$ 5.5	2%	$ 4.1	1%
Receivables (net)	118.9	30%	139.5	32%	117.3	30%	109.9	30%	82.9	27%
Inventories	126.8	32%	147.9	34%	121.1	31%	107.0	29%	83.0	27%
Prepaid Expenses & Other Current Assets	19.7	5%	22.5	5%	19.5	5%	16.4	5%	15.9	5%
Total Current Assets	270.1	68%	314.6	72%	263.4	68%	238.8	66%	185.9	61%
Property, Plant, and Equipment	39.2	10%	30.0	7%	27.2	7%	25.9	7%	24.1	8%
Goodwill	81.3	21%	88.1	20%	91.2	24%	94.1	26%	90.3	30%
Deferred Charges and Other Assets	5.2	1%	6.2	1%	5.5	1%	4.2	1%	5.1	2%
Total Assets	$ 395.8	100%	$ 438.9	100%	$ 387.3	100%	$ 363.0	100%	$ 305.4	100%
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes Payable	35.0	9%	48.0	11%	23.0	6%	29.0	8%	15.5	5%
Current Maturities of Long-term Debt	0.3	0%	0.3	0%	0.3	0%	0.3	0%	1.4	0%
Accounts Payable	31.9	8%	43.3	10%	38.6	10%	45.6	13%	31.6	10%
Accrued Interest Payable	3.0	1%	3.8	1%	4.1	1%	3.9	1%	3.7	1%
Accrued Compensation	16.9	4%	14.9	3%	19.5	5%	16.6	5%	10.6	3%
Accrued Expenses & Other	4.3	1%	6.4	1%	5.8	1%	7.2	2%	7.4	2%
Income Taxes Payable	1.4	0%	2.3	1%	4.6	1%	6.1	2%	1.8	1%
Total Current Liabilities	92.8	23%	119.0	27%	95.9	25%	108.7	30%	72.0	24%
Long-term Debt	84.4	21%	129.7	30%	129.0	33%	116.3	32%	116.6	38%
Deferred Credits & Other Noncurrent Liabilities	2.8	1%	2.6	1%	2.7	1%	4.2	1%	4.9	2%
Stockholders' Equity:
Common Stock	20.0	5%	20.0	5%	20.0	5%	20.0	6%	20.0	7%
Capital in Excess of Par Value	82.2	21%	82.2	19%	82.1	21%	82.2	23%	82.2	27%
Retained Earnings	156.9	40%	127.6	29%	98.5	25%	72.8	20%	50.5	17%
Other	(34.3)	-9%	(31.5)	-7%	(31.9)	-8%	(32.0)	-9%	(31.7)	-10%
Treasury Stock	(9.0)	-2%	(10.7)	-2%	(9.0)	-2%	(9.1)	-3%	(9.1)	-3%
Total Stockholders' Equity	215.8	55%	187.6	43%	159.7	41%	133.9	37%	111.9	37%
Total Liabilities and Stockholders' Equity	$ 395.8	100%	$ 438.9	100%	$ 387.3	100%	$ 363.1	100%	$ 305.4	100%

The Leslie Fay Companies
Consolidated Income Statements 1987 - 1991
(in millions)
	1991		1990		1989		1988		1987
Net Sales	$ 836.6	100%	$ 858.8	100%	$ 786.3	100%	$ 682.7	100%	$ 582.0	100%
Cost of Sales	585.1	70%	589.4	69%	536.8	68%	466.3	68%	403.1	69%
Gross Profit	251.5	30%	269.4	31%	249.5	32%	216.4	32%	178.9	31%
Operating Expenses:
Selling, Warehouse, General and Administrative	186.3	22%	199.0	23%	183.8	23%	156.2	23%	132.5	23%
Amortization of Intangibles	2.7	0%	2.9	0%	2.6	0%	3.3	0%	3.8	1%
Total Operating Expenses	189.0	23%	201.9	24%	186.4	24%	159.5	23%	136.3	23%
Operating Income	62.5	7%	67.5	8%	63.1	8%	56.9	8%	42.6	7%
Interest Expense	18.3	2%	18.7	2%	19.3	2%	18.2	3%	16.4	3%
Income Before Non-recurring Charges (Credits)	44.2	5%	48.8	6%	43.8	6%	38.7	6%	26.2	5%
Non-recurring Charges (Credits)	-	0%	-	0%	-	0%	-	0%	(5.0)	-1%
Income Before Taxes on Income	44.2	5%	48.8	6%	43.8	6%	38.7	6%	31.2	5%
Income Taxes	14.8	2%	19.7	2%	18.0	2%	16.4	2%	11.5	2%
Net Income	$ 29.4	4%	$ 29.1	3%	$ 25.8	3%	$ 22.3	3%	$ 19.7	3%
Net Income per Share	$ 1.55		$ 1.53		$ 1.35		$ 1.17		$ 1.03

The Leslie Fay Companies
Financial Ratios 1987 - 1991
	1991		1990		1989		1988		1987
Liquidity:
Current Ratio	2.9		2.6		2.7		2.2		2.6
Quick Ratio	1.5		1.4		1.5		1.2		1.4
Solvency:
Debt to Assets	0.45		0.57		0.59		0.63		0.63
Times Interest Earned	2.4		2.6		2.3		2.1		1.9
Long-term Debt to Equity	0.40		0.71		0.82		0.90		1.09
Activity:
Inventory Turnover	4.6		4.0		4.4		4.4		4.9
Age of Inventory	79.1	days	91.6	days	82.3	days	83.8	days	75.2	days
Accounts Receivable Turnover	7.0		6.2		6.7		6.2		7.0
Age of Accounts Receivable	51.9	days	59.3	days	54.5	days	58.8	days	52.0	days
Total Asset Turnover	2.1		2.0		2.0		1.9		1.9
Profitability:
Gross Margin	30.1%		31.4%		31.7%		31.7%		30.7%
Profit Margin on Sales	3.5%		3.4%		3.3%		3.3%		3.4%
Return on Total Assets	11.2%		11.1%		11.3%		10.7%		10.2%
Return on Equity	13.6%		15.5%		16.2%		16.7%		17.6%

Can you check over my work and let me know if I have completed the common sized financial statements correctly, or if I also need to perform a horizontal analysis for the period 1987-1991? Also if you could compute just one year of ratios to compare to mine. Looking forward to the feedback.