The most recent financial statements for Fleury Inc., follow. Sales for 2012 are projected to grow by 25 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets and accounts payable increase spontaneously with sales.

FLEURY, INC. 2011 Income Statement
Sales				$	744,000
Costs					579,000
Other expenses					15,000
Earnings before interest and taxes				$	150,000
Interest paid					11,000
Taxable income				$	139,000
Taxes (30%)					41,700
Net income				$	97,300
Dividends	$	22,240
Addition to retained earnings		75,060

FLEURY, INC. Balance Sheet as of December 31, 2011
Assets		Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	20,340		Accounts payable	$	54,500
Accounts receivable		32,660		Notes payable		13,700
Inventory	69,620	Total	$	68,200
Total	$	122,620		Long-term debt	$	127,000
Fixed assets				Owners equity
Net plant and equipment	$	420,000		Common stock and paid-in surplus	$	113,000
		Retained earnings		234,420
				Total	$	347,420
Total assets	$	542,620		Total liabilities and owners equity	$	542,620

What is the EFN if the firm was operating at only 75 percent of capacity in 2011? Assume that fixed assets are sold so that the company has a 100 percent asset utilization.