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June 30, 2007 July 1, 2006 Amount Percent Amount Percent Balance Sheet Assets Current Assets Cash and cash equivalents Marketable securities Accounts receivable, net Notes Receivable Inventories, net Other current assets Total current assets Property & equipment, net Deffered tax assets, long term 106,957 3,479 6,146 71,2 2,3 4,1 125,326 3,302 5,294 83,7 2.2 3,6 $ 27,152 11,773 38,455 1,025 21,368 7,136 18 7,8 25,6 0,7 14,2 4,8 $ 40,194 27,332 34,273 1,611 16,666 5,084 26,9 18,3 22,9 1,1 11,1 3,4
Goodwill Acquired intangible assets, net of amortization Marketable securities, long term
10,997 8,151
7,3 5,4
-----------
--------
12,260
8,2
11,953
Candela Corporation 2
2,240 Other assets $150,230 Total assets Liabilities and Stockholders' Equity Current Liabilities Accounts payable Accrued payroll and related expenses Accrued warranty costs, current ------Income taxes payable 1,161 Sales tax payable 459 Royalties payable 9,554 Other accrued liabilities 10,000 Deferred revenue, current 1,257 Current liabilities of discontinued operations Total current liabilities Deferred tax liability, long-term Accrued warranty costs, longterm 40,183 2,659 2,127 $ 6,922 5,344
1,5 100.0
3,781 $149,656
2,5 100.0
4,6 3,5
$ 15,968 5,728
10,6 3,8
5,486
3,7
5,868
3,9
29 0,3 2,5
Candela Corporation 3
2007 Income Statement Total revenue Amount Percent 100,0 148,557 149,466 Amount
50,6
67,982
54,9
67,982 Gross profit Total operating expenses 8,091 Income from operations Interest income 8,658 Income from continuing 9,799 operations before income taxes 3,543 Provision for income taxes 6,6 22,402 15 3,355 2,719 2,3 1,8 20,673 1,748 13,8 1,2 640 75,063 71,708 50,5 48,3 75,617 53,176 49 35,6 47,828
45,1 38,6
6,5 0,5 7
2,4
7,468
2,194
1,8
Candela Corporation 4
4,2
$14,934
10
$7,323
5,9
Ratio analysis Liquidity 2007 Current ratio = 2006 Current ratio = = times = times
2007 Average collection period= 2006 Average collection period= 2007 Cash flow liquidity= = 2006 times = = =
Candela Corporation 5
Cash flow liquidity= = 2007 Days inventory held = 2006 Days inventory held = 2007 Days payable outstanding = 2006 Days payable outstanding = 2007 Net trade cycle= average collection period +days inventory held-days payable outstanding = 94+105-34= 165 days 2006 Net trade cycle= average collection period +days inventory held-days payable outstanding = 84+80-77= 87 days = = = = times
Activity 2007 Accounts receivable turnover = 2006 Accounts receivable turnover = = times = times
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2007 Total asset turnover = 2006 Total asset turnover = = times = times
2007 Fixed asset turnover = 2006 Fixed asset turnover = = times = times
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2007 Times interest earned = 2006 Times interest earned = = times = times
2007 Long term debt to total capitalization = times 2006 Long term debt to total capitalization = times 2007 Cash interest coverage = times = = =
Candela Corporation 8
2007
Candela Corporation 9
Market 2007
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2007 Dividend payout = 2006 Dividend payout = 2007 Price to earnings = 2006 Price to earnings= = = = 5,2 = 4,6
Qurent ratio and quick test including equity turnover ratio are good indicators of short term solvency of the company. Short term solvency can also be calculated as: income before fixed charges x 100 / sales revenue = 6,456 x 100 / 148,557= 4,35% for year 2007, 14,934 x 100/ 149,466 = 9,99% for year 2006 and 7,323 x 100/ 123,901 = 5,9% for year 2005.
Reasons to invest in Candela Corporation As we can see from the analysis Candela Corporation for both years 2006 and 2007 has a good ability to meet her short term debts with short term assets as for year 2006 the company could meet her short term debt with short term assets 2,9 times. During year 2007 the companys ability to meet short term debt with short term assets is a little less, 2,7 times, but only because the company reduced for that year both her current assets and her current liabilities. The same good picture is seen in the quick test analysis in which the numbers are 2,5 times in year 2007 and 2,8 times in year 2006.
Candela Corporation 11