Company Name Ticker

Microsoft Corp MSFT

3/15/2009 Financial Statement figures in $Mil
Fiscal Ending Date 2008/06 2007/06 2006/06 2005/06 2004/06 2003/06 2002/06 2001/06 2000/06 1999/06
Data Loaded 2008-07-18 2007-07-20 2006-07-21 2005-07-22 2004-08-11 2003-07-18 2002-07-19 2001-07-19 2000-07-20 1999-07-21
2008 2007 2006 2005 2004 2003 2002 2001 2000 1999
Income Statement

Revenues
Operating Revenue $ 60,420.0 $ 51,122.0 $ 44,282.0 $ 39,788.0 $ 36,835.0 $ 32,187.0 $ 28,365.0 $ 25,296.0 $ 22,956.0 $ 19,747.0
Total Revenue $ 60,420.0 $ 51,122.0 $ 44,282.0 $ 39,788.0 $ 36,835.0 $ 32,187.0 $ 28,365.0 $ 25,296.0 $ 22,956.0 $ 19,747.0
Adjustments to Revenue $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Cost of Sales $ 9,542.0 $ 9,253.0 $ 6,747.0 $ 5,345.0 $ 5,530.0 $ 4,247.0 $ 4,107.0 $ 1,919.0 $ 2,254.0 $ 1,804.0
Cost of Sales w/ Depreciation $ 11,598.0 $ 10,693.0 $ 7,650.0 $ 6,200.0 $ 6,716.0 $ 5,686.0 $ 5,191.0 $ 3,455.0 $ 2,254.0 $ 1,804.0
COGS (%) 19.2% 20.9% 17.3% 15.6% 18.2% 17.7% 18.3% 13.7% 9.8% 9.1%
Gross Margin $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Gross Operating Profit $ 50,878.0 $ 41,869.0 $ 37,535.0 $ 34,443.0 $ 31,305.0 $ 27,940.0 $ 24,258.0 $ 23,377.0 $ 20,702.0 $ 17,943.0
Gross Profit (%) 0.0% 81.9% 84.8% 86.6% 85.0% 86.8% 85.5% 92.4% 90.2% 90.9%

Operating Expense
R&D Expense $ 8,164.0 $ 7,121.0 $ 6,584.0 $ 6,184.0 $ 7,779.0 $ 4,659.0 $ 4,307.0 $ 4,379.0 $ 3,775.0 $ 2,970.0
R&D (%) 13.5% 13.9% 14.9% 15.5% 21.1% 14.5% 15.2% 17.3% 16.4% 15.0%
SG&A Expense $ 18,166.0 $ 14,784.0 $ 13,576.0 $ 12,843.0 $ 13,306.0 $ 8,625.0 $ 6,957.0 $ 5,742.0 $ 5,150.0 $ 3,920.0
SG&A (%) 30.1% 28.9% 30.7% 32.3% 36.1% 26.8% 24.5% 22.7% 22.4% 19.9%
Advertising $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Operating Income $ 22,492.0 $ 18,524.0 $ 16,472.0 $ 14,561.0 $ 9,034.0 $ 13,217.0 $ 11,910.0 $ 11,720.0 $ - $ -
Operating Income (%) 37.2% 36.2% 37.2% 36.6% 24.5% 41.1% 42.0% 46.3% 0.0% 0.0%
EBITDA $ 24,548.0 $ 19,964.0 $ 17,375.0 $ 15,416.0 $ 10,220.0 $ 14,656.0 $ 12,994.0 $ 13,256.0 $ 11,777.0 $ 11,053.0
Depreciation $ 2,056.0 $ 1,440.0 $ 903.0 $ 855.0 $ 1,186.0 $ 1,439.0 $ 1,084.0 $ 1,536.0 $ 748.0 $ 1,010.0
Depreciation Unrecognised $ - $ - $ - $ - $ - $ - $ - $ - $ 748.0 $ 1,010.0
Amortization $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization of Intangibles $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Operating Profit after Depreciation $ 22,492.0 $ 18,524.0 $ 16,472.0 $ 14,561.0 $ 9,034.0 $ 13,217.0 $ 11,910.0 $ 11,720.0 $ 11,029.0 $ 10,043.0

Other Income and Expense

Interest Income $ 888.0 $ 1,319.0 $ - $ - $ - $ 1,697.0 $ 1,762.0 $ 1,808.0 $ - $ -
Other Income Net $ 434.0 $ 292.0 $ 1,790.0 $ 2,067.0 $ 3,187.0 $ (120.0) $ (2,067.0) $ (1,844.0) $ 3,090.0 $ 1,688.0
Other Special Charges $ - $ - $ - $ - $ - $ - $ - $ - $ 156.0 $ 160.0
Special Income Charges $ - $ - $ - $ - $ - $ - $ - $ - $ 156.0 $ 160.0
EBIT $ 23,814.0 $ 20,101.0 $ 18,262.0 $ 16,628.0 $ 12,196.0 $ 14,726.0 $ 11,513.0 $ 11,525.0 $ 14,275.0 $ 11,891.0
Interest Expense $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Pre-Tax Income $ 23,814.0 $ 20,101.0 $ 18,262.0 $ 16,628.0 $ 12,196.0 $ 14,726.0 $ 11,513.0 $ 11,525.0 $ 14,275.0 $ 11,891.0
Income Taxes $ 6,133.0 $ 6,036.0 $ 5,663.0 $ 4,374.0 $ 4,028.0 $ 4,733.0 $ 3,684.0 $ 3,804.0 $ 4,854.0 $ 4,106.0
Net Income: Cont. Operations $ 17,681.0 $ 14,065.0 $ 12,599.0 $ 12,254.0 $ 8,168.0 $ 9,993.0 $ 7,829.0 $ 7,721.0 $ 9,421.0 $ 7,785.0
Net Income: Disc Operations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Gains/Losses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Net Income $ 17,681.0 $ 14,065.0 $ 12,599.0 $ 12,254.0 $ 8,168.0 $ 9,993.0 $ 7,829.0 $ 7,346.0 $ 9,421.0 $ 7,785.0
Total Net Income (%) 29.3% 27.5% 28.5% 30.8% 22.2% 31.0% 27.6% 29.0% 41.0% 39.4%

Dividends & EPS

Preferred Dividends $ - $ - $ - $ - $ - $ - $ - $ - $ 14.0 $ 28.0
Basic EPS $ 1.9 $ 1.4 $ 1.2 $ 1.1 $ 0.8 $ 0.9 $ 0.7 $ 0.7 $ 0.9 $ 0.8
Diluted EPS: Total $ 1.9 $ 1.4 $ 1.2 $ 1.1 $ 0.8 $ 0.9 $ 0.7 $ 0.7 $ 0.9 $ 0.7
Diluted EPS: Dividends per Share $ 0.4 $ 0.4 $ 0.3 $ 3.4 $ 0.2 $ 0.1 $ - $ - $ - $ -

Shares Outstanding
Shares Out (Common Class Only) 9,151.0 9,380.0 10,062.0 10,710.0 10,862.0 10,771.0 10,718.0 10,766.0 10,566.0 10,218.0
Preferred Shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13.0
Basic Weighted Shares 9,328.0 9,742.0 10,438.0 10,839.0 10,803.0 10,723.0 10,812.0 10,682.0 10,378.0 10,056.0
Diluted Weighted Shares 9,470.0 9,886.0 10,531.0 10,906.0 10,894.0 10,882.0 11,106.0 11,148.0 11,072.0 10,964.0
Balance Sheet

Assets
Cash & Equivalents $ 10,339.0 $ 6,111.0 $ 6,714.0 $ 4,851.0 $ 15,982.0 $ 6,438.0 $ 3,016.0 $ 3,922.0 $ 4,846.0 $ 4,975.0
Restricted Cash $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Marketable Securities $ 13,323.0 $ 17,300.0 $ 27,447.0 $ 32,900.0 $ 44,610.0 $ 42,610.0 $ 35,636.0 $ 27,678.0 $ 9,421.0 $ 7,785.0
Accounts Receivable $ 13,589.0 $ 11,338.0 $ 9,316.0 $ 7,180.0 $ 5,890.0 $ 5,196.0 $ 5,129.0 $ 3,671.0 $ 3,250.0 $ 2,245.0
Other Receivable $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Receivables $ 13,589.0 $ 11,338.0 $ 9,316.0 $ 7,180.0 $ 5,890.0 $ 5,196.0 $ 5,129.0 $ 3,671.0 $ 3,250.0 $ 2,245.0
Inventories: Raw Materials $ 417.0 $ 435.0 $ 465.0 $ 69.0 $ 150.0 $ 247.0 $ 168.0 $ - $ - $ -
Inventories: Work in Progress $ 31.0 $ 148.0 $ - $ - $ - $ - $ - $ - $ - $ -
Inventories: Purchased Components $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventories: Finished Goods $ 537.0 $ 544.0 $ 1,013.0 $ 422.0 $ 271.0 $ 393.0 $ 505.0 $ - $ - $ -
Inventories: Other $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventories -- Total $ 985.0 $ 1,127.0 $ 1,478.0 $ 491.0 $ 421.0 $ 640.0 $ 673.0 $ - $ - $ -
Prepaid Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Current Defered Income Taxes $ 2,017.0 $ 1,899.0 $ 1,940.0 $ 1,701.0 $ 2,097.0 $ 2,506.0 $ 2,112.0 $ 1,949.0 $ - $ -
Other Current Assets $ 2,989.0 $ 2,393.0 $ 2,115.0 $ 1,614.0 $ 1,566.0 $ 1,583.0 $ 2,010.0 $ 2,417.0 $ 3,260.0 $ 752.0
Total Current Assets $ 43,242.0 $ 40,168.0 $ 49,010.0 $ 48,737.0 $ 70,566.0 $ 58,973.0 $ 48,576.0 $ 39,637.0 $ 30,308.0 $ 20,233.0
Land And Improvements $ 518.0 $ 428.0 $ 362.0 $ 313.0 $ 274.0 $ 248.0 $ 197.0 $ 185.0 $ - $ -
Building And Improvements $ 6,030.0 $ 4,247.0 $ 3,146.0 $ 2,865.0 $ 2,786.0 $ 1,854.0 $ 1,701.0 $ 1,584.0 $ - $ -
Machinery, Furniture & Equipment $ 5,996.0 $ 4,691.0 $ 3,715.0 $ 3,197.0 $ 3,429.0 $ 2,464.0 $ 2,621.0 $ 2,431.0 $ - $ -
Construction in Progress $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Fixed Assets $ - $ - $ - $ - $ - $ 1,512.0 $ 1,372.0 $ 1,075.0 $ - $ -
Total Fixed Assets $ 12,544.0 $ 9,366.0 $ 7,223.0 $ 6,375.0 $ 6,489.0 $ 6,078.0 $ 5,891.0 $ 5,275.0 $ - $ -
Accumulated Depreciation $ 6,302.0 $ 5,016.0 $ 4,179.0 $ 4,029.0 $ 4,163.0 $ 3,855.0 $ 3,623.0 $ 2,966.0 $ 2,411.0 $ 1,905.0
Net Fixed Assets $ 6,242.0 $ 4,350.0 $ 3,044.0 $ 2,346.0 $ 2,326.0 $ 2,223.0 $ 2,268.0 $ 2,309.0 $ 1,903.0 $ 1,611.0
Intangibles $ 1,973.0 $ 878.0 $ 539.0 $ 3,808.0 $ 3,684.0 $ 3,512.0 $ 1,669.0 $ - $ - $ -
Other Long-Term Assets $ 8,279.0 $ 11,626.0 $ 10,527.0 $ 12,303.0 $ 13,984.0 $ 14,863.0 $ 15,133.0 $ 17,311.0 $ 19,939.0 $ 15,312.0
Total Lonng-Term Assets $ 29,551.0 $ 23,003.0 $ 20,587.0 $ 22,078.0 $ 21,823.0 $ 20,598.0 $ 19,070.0 $ 19,620.0 $ 21,842.0 $ 16,923.0
Total Assets $ 72,793.0 $ 63,171.0 $ 69,597.0 $ 70,815.0 $ 92,389.0 $ 79,571.0 $ 67,646.0 $ 59,257.0 $ 52,150.0 $ 37,156.0

Liabilities & Equity

Accounts Payable $ 4,034.0 $ 3,247.0 $ 2,909.0 $ 2,086.0 $ 1,717.0 $ 1,573.0 $ 1,208.0 $ 1,188.0 $ 1,083.0 $ 874.0
Notes Payable $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Short-Term Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Accrued Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Accrued Liabilities $ 2,934.0 $ 2,325.0 $ 1,938.0 $ 1,662.0 $ 1,339.0 $ 1,416.0 $ 1,145.0 $ 742.0 $ - $ -
Deferred Revenues $ 13,397.0 $ 10,779.0 $ 9,138.0 $ 7,502.0 $ 6,514.0 $ 7,225.0 $ 5,920.0 $ 5,614.0 $ - $ -
Current Deferred Income Taxes $ - $ - $ 1,557.0 $ - $ - $ - $ - $ - $ - $ -
Other Current Liabilities $ 9,521.0 $ 23,003.0 $ 6,900.0 $ 5,627.0 $ 5,399.0 $ 3,760.0 $ 4,471.0 $ 3,588.0 $ 8,672.0 $ 7,844.0
Total Current Liabilities $ 29,886.0 $ 23,754.0 $ 22,442.0 $ 16,877.0 $ 14,969.0 $ 13,974.0 $ 12,744.0 $ 11,132.0 $ 9,755.0 $ 8,718.0
Long-Term Debt $ 1,900.0 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Capital Lease Obligations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Deferred Income Taxes $ - $ - $ - $ - $ - $ 1,731.0 $ 398.0 $ 836.0 $ 1,027.0 $ -
Other Non-Current Liabilities $ 4,721.0 $ 8,320.0 $ 7,051.0 $ 5,823.0 $ 2,595.0 $ 2,846.0 $ 2,324.0 $ - $ - $ -
Total Non-Current Liabilities $ 6,621.0 $ 8,320.0 $ 7,051.0 $ 5,823.0 $ 2,595.0 $ 4,577.0 $ 2,722.0 $ 836.0 $ 1,027.0 $ -
Total Liabilities $ 36,507.0 $ 32,074.0 $ 29,493.0 $ 22,700.0 $ 17,564.0 $ 18,551.0 $ 15,466.0 $ 11,968.0 $ 10,782.0 $ 8,718.0
Preferred Stock Equity $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 980.0
Common Stock Equity $ 36,286.0 $ 31,097.0 $ 40,104.0 $ 48,115.0 $ 74,825.0 $ 61,020.0 $ 52,180.0 $ 47,289.0 $ 41,368.0 $ 27,458.0
Retained Earnings $ (26,563.0) $ (31,114.0) $ (20,130.0) $ (12,298.0) $ 18,429.0 $ 25,676.0 $ 20,533.0 $ 18,899.0 $ 18,173.0 $ 13,614.0
Total Capitalization/Invested Capital $ 38,186.0 $ 31,097.0 $ 40,104.0 $ 48,115.0 $ 74,825.0 $ 61,020.0 $ 52,180.0 $ 47,289.0 $ 41,368.0 $ 28,438.0
Total Equity $ 36,286.0 $ 31,097.0 $ 40,104.0 $ 48,115.0 $ 74,825.0 $ 61,020.0 $ 52,180.0 $ 47,289.0 $ 41,368.0 $ 28,438.0
Total Liabilities & Stock Equity $ 72,793.0 $ 63,171.0 $ 69,597.0 $ 70,815.0 $ 92,389.0 $ 79,571.0 $ 67,646.0 $ 59,257.0 $ 52,150.0 $ 37,156.0
Working Capital $ 13,356.0 $ 16,414.0 $ 26,568.0 $ 31,860.0 $ 55,597.0 $ 44,999.0 $ 35,832.0 $ 28,505.0 $ 20,553.0 $ 11,515.0
Invested Capital $ 38,186.0 $ 31,097.0 $ 40,104.0 $ 48,115.0 $ 74,825.0 $ 61,020.0 $ 52,180.0 $ 47,289.0 $ 41,368.0 $ 28,438.0
Cash Flow $ 19,737.0 $ 15,505.0 $ 13,502.0 $ 13,109.0 $ 9,354.0 $ 11,432.0 $ 8,913.0 $ 9,257.0 $ 10,155.0 $ 8,767.0
Cash Flow Statement

Operating Activities
Net Income/Loss $ 17,681.0 $ 14,065.0 $ 12,599.0 $ 12,254.0 $ 8,168.0 $ 9,993.0 $ 7,829.0 $ 7,346.0 $ 9,421.0 $ 7,785.0
Depreciation $ 2,056.0 $ 1,440.0 $ 903.0 $ 855.0 $ 1,186.0 $ 1,439.0 $ 1,084.0 $ 1,536.0 $ 748.0 $ 1,010.0
Amortization $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization of Intangibles $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Deferred Income Taxes $ 935.0 $ 421.0 $ 219.0 $ (179.0) $ (1,479.0) $ 336.0 $ (416.0) $ (420.0) $ - $ -
Operating Gains $ (572.0) $ (292.0) $ 1,454.0 $ 3,501.0 $ 4,788.0 $ 1,756.0 $ 4,020.0 $ 4,662.0 $ 5,379.0 $ (160.0)
Extraordinary Gains $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Change in Receivables $ (1,569.0) $ (1,764.0) $ (2,071.0) $ (1,243.0) $ (687.0) $ 187.0 $ (1,623.0) $ (418.0) $ (944.0) $ (687.0)
Change in Inventories $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Change in Prepaid Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Change in Other Current Assets $ 153.0 $ 232.0 $ (1,405.0) $ (245.0) $ 478.0 $ 412.0 $ (264.0) $ (482.0) $ (775.0) $ (235.0)
Change in Payables $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Change in Other Current Liabilities $ (748.0) $ (552.0) $ (145.0) $ 396.0 $ 2,063.0 $ 35.0 $ 1,449.0 $ 927.0 $ 132.0 $ 2,317.0
Change in Other Working Capital $ (271.0) $ 1,123.0 $ 1,224.0 $ - $ 109.0 $ 1,639.0 $ 2,430.0 $ 271.0 $ - $ -
Other Non-Cash Items $ 3,947.0 $ 3,123.0 $ 1,626.0 $ 1,266.0 $ - $ - $ - $ - $ - $ -
Net Cash From Cont Operations $ 21,612.0 $ 17,796.0 $ 14,404.0 $ 16,605.0 $ 14,626.0 $ 15,797.0 $ 14,509.0 $ 13,422.0 $ 13,961.0 $ 10,030.0
Net Cash From Disc Operations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Operations $ 21,612.0 $ 17,796.0 $ 14,404.0 $ 16,605.0 $ 14,626.0 $ 15,797.0 $ 14,509.0 $ 13,422.0 $ 13,961.0 $ 10,030.0

Investing Activities
Sale of Property, Plant & Equipment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 79.0
Sale of Long-Term Investments $ 2,597.0 $ 4,736.0 $ 3,877.0 $ - $ - $ - $ - $ - $ - $ -
Sale of Short-Term Investments $ 25,132.0 $ 41,451.0 $ 54,353.0 $ 84,091.0 $ 90,863.0 $ 84,362.0 $ 79,311.0 $ 58,715.0 $ 32,110.0 $ 25,754.0
Purchase of PPE $ (3,182.0) $ (2,264.0) $ (1,578.0) $ (812.0) $ (1,109.0) $ (891.0) $ (770.0) $ (1,103.0) $ (879.0) $ (583.0)
Acquisitions $ (8,053.0) $ (1,150.0) $ (649.0) $ (207.0) $ (4.0) $ (1,063.0) $ - $ - $ - $ -
Purchase of Long-Term Investments $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Purchase of Short-Term Investments $ (20,954.0) $ (36,308.0) $ (51,117.0) $ (68,045.0) $ (92,495.0) $ (89,621.0) $ (89,386.0) $ (66,346.0) $ (43,158.0) $ (36,441.0)
Other Investing Changes, Net $ (127.0) $ (376.0) $ 3,117.0 $ - $ - $ - $ - $ - $ - $ -
Cash From Disc Investing Activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Investing Activities $ (4,587.0) $ 6,089.0 $ 8,003.0 $ 15,027.0 $ (2,745.0) $ (7,213.0) $ (10,845.0) $ (8,734.0) $ (11,927.0) $ (11,191.0)

Financing Activities
Issuance of Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Issuance of Capital Stock $ 3,494.0 $ 6,782.0 $ 2,101.0 $ 3,109.0 $ 2,748.0 $ 2,120.0 $ 1,497.0 $ 1,620.0 $ 2,717.0 $ 2,116.0
Repayment of Long-Term Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Repurchase of Capital Stock $ (12,533.0) $ (27,575.0) $ (19,207.0) $ (8,057.0) $ (3,383.0) $ (6,486.0) $ (6,069.0) $ (7,441.0) $ (4,896.0) $ (2,950.0)
Payment of Cash Dividends $ (4,015.0) $ (3,805.0) $ (3,545.0) $ (36,112.0) $ (1,729.0) $ (857.0) $ - $ - $ (13.0) $ (28.0)
Other Financing Charges, Net $ 120.0 $ 54.0 $ 89.0 $ (18.0) $ - $ - $ - $ 235.0 $ - $ 3,107.0
Cash From Disc Financing Activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Financing Activities $ (12,934.0) $ (24,544.0) $ (20,562.0) $ (41,078.0) $ (2,364.0) $ (5,223.0) $ (4,572.0) $ (5,586.0) $ (2,192.0) $ 2,245.0

Net Cash Flow

Effect Exchange Rate Changes $ 137.0 $ 56.0 $ 18.0 $ (7.0) $ 27.0 $ 61.0 $ 2.0 $ (26.0) $ 29.0 $ 52.0
Net Change in Cash & Equivalents $ 4,228.0 $ (603.0) $ 1,863.0 $ (9,453.0) $ 9,544.0 $ 3,422.0 $ (906.0) $ (924.0) $ (129.0) $ 1,136.0
Cash At Beginning of Period $ 6,111.0 $ 6,714.0 $ 4,851.0 $ 14,304.0 $ 6,438.0 $ 3,016.0 $ 3,922.0 $ 4,846.0 $ 4,975.0 $ 3,839.0
Cash End of Period $ 10,339.0 $ 6,111.0 $ 6,714.0 $ 4,851.0 $ 15,982.0 $ 6,438.0 $ 3,016.0 $ 3,922.0 $ 4,846.0 $ 4,975.0
Foreign Sales $ 24,492.0 $ 19,776.0 $ 14,552.0 $ 12,839.0 $ 25,046.0 $ 10,100.0 $ 7,500.0 $ 7,500.0 $ 7,300.0 $ 5,900.0
Domestic Sales $ 35,928.0 $ 31,346.0 $ 29,730.0 $ 26,949.0 $ 11,789.0 $ 22,100.0 $ 20,900.0 $ 17,800.0 $ 15,700.0 $ 13,700.0

Free Cash Flow

Cash From Operations $ 21,612.0 $ 17,796.0 $ 14,404.0 $ 16,605.0 $ 14,626.0 $ 15,797.0 $ 14,509.0 $ 13,422.0 $ 13,961.0 $ 10,030.0
Capex: Purchase of PPE $ (3,182.0) $ (2,264.0) $ (1,578.0) $ (812.0) $ (1,109.0) $ (891.0) $ (770.0) $ (1,103.0) $ (879.0) $ (583.0)
Capex: Acquisitions $ (8,053.0) $ (1,150.0) $ (649.0) $ (207.0) $ (4.0) $ (1,063.0) $ - $ - $ - $ -
Cash from Others $ 6,938.0 $ 4,984.0 $ 2,748.0 $ 1,942.0 $ (293.0) $ 1,775.0 $ 668.0 $ 1,116.0 $ 748.0 $ 1,010.0
Free Cash Flow $ 11,492.0 $ 10,548.0 $ 10,078.0 $ 13,851.0 $ 13,224.0 $ 13,131.0 $ 13,071.0 $ 11,203.0 $ 12,334.0 $ 8,437.0
Annual Financial Ratios

Profit Margins (%)

Gross Profit Margin 84.2 81.9 84.8 86.6 85.0 86.8 85.5 92.4 90.2 90.9
Net Profit Margin 29.3 27.5 28.5 30.8 22.2 31.0 27.6 30.5 41.0 39.4
Interest Coverage 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest as % of Invested Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Solvency Ratios
Quick Ratio 1.2 1.5 1.9 2.7 4.4 3.9 3.4 3.2 2.8 2.2
Current Ratio 1.4 1.7 2.2 2.9 4.7 4.2 3.8 3.6 3.1 2.3
Payout Ratio % 23.0% 27.5% 28.3% 303.6% 21.3% 8.7% 0.0% 0.0% 0.0% 0.0%
Debt/Equity Ratio 1.01 1.03 0.74 0.47 0.23 0.30 0.30 0.25 0.26 0.31
LT Debt/Total Capital 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Liquidity Ratios
Receivables Turnover 4.8 5.0 5.4 6.1 6.6 6.2 6.4 7.3 8.4 10.7
Inventory Turnover 9.0 7.1 6.9 11.7 0.4 0.4 0.4 0.5 0.5 0.7
Number of Days in Inventory 40.0 51.0 53.0 31.0 35.0 56.0 29.0 0.0 0.0 0.0
Intangibles as % of Book-Value 38.8 18.1 11.0 7.9 4.9 5.8 3.2 0.0 0.0 0.0

Capital Structure Ratios

LT-Debt to Equity % 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
LT-Debt as % of Invested Capital 5.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LT-Debt as % of Total Debt 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Working Captial as % of Equity 36.8 52.8 66.2 66.2 74.3 73.7 68.7 60.3 49.7 41.9
Tangible Book Value per Share 2.4 2.7 3.6 4.1 6.6 5.3 4.7 4.4 3.9 2.7

Profitability Ratios
Working Capital per Share 1.46 1.75 2.64 2.97 5.12 4.18 3.34 2.65 1.95 1.13
Cash Flow per Share 2.16 1.65 1.34 1.22 0.86 1.06 0.83 0.86 0.96 0.86
Free Cash Flow per Share 0.70 1.13 0.86 -1.92 1.08 1.21 1.28 1.14 1.24 0.92
Price/Cash Flow Ratio 12.7 17.9 17.4 20.4 33.2 24.2 33.0 42.4 41.7 52.4
Return on Equity (ROE) % 48.7 45.2 31.4 25.5 10.9 16.4 15.0 16.3 22.8 28.4
Return on Assets (ROA) % 24.3 22.3 18.1 17.3 8.8 12.6 11.6 13.0 18.1 21.0
Return on Invested Capital (ROIC) % 46.3 45.2 31.4 25.5 10.9 16.4 15.0 16.3 22.8 27.4
Cash Return on Invested Capital (CROIC) 28.1% 27.4% 21.6% 27.6% 17.9% 21.2% 24.6% 23.3% 29.1% 29.7%

Industry Comparison Ratios

% of Sales-To-Industry 50.3 49.0 49.9 51.1 49.5 47.3 41.9 36.4 33.1 33.9
% of PE-to-Industry 114.0 76.8 70.5 87.7 108.2 76.6 82.8 58.1 144.9 66.6
% of Price/Book-To-Industry 170.3 114.7 90.3 98.0 90.8 82.3 122.7 128.6 199.6 94.3
% of Price/Sales-To-Industry 137.6 93.6 87.3 112.3 129.7 117.7 177.0 198.6 278.8 138.5
% of Price/Free Cashlow-To-Industry 295.5 96.7 88.6 32.3 111.4 92.6 120.9 105.6 126.2 59.7
% of Debt/Equity-To-Industry 25.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
% of Current Ratio-To-Industry 87.5 100.0 110.0 131.8 130.6 135.5 126.7 133.3 129.2 109.5
% of Gross Profit Margin-To-Industry 104.2 103.0 104.0 104.3 103.7 105.6 107.0 112.8 110.5 112.1
% of Net Profit Margin-To-Industry 122.1 122.8 125.6 129.4 118.7 152.7 206.0 302.0 188.9 211.8
% of ROE-to-Industry 150.8 150.7 129.8 113.3 83.2 107.2 142.9 196.4 135.7 144.9
% of Leverage-To-Industry 100.0 100.0 94.4 93.8 85.7 86.7 86.7 86.7 86.7 87.5
 Company Name Ticker

Microsoft Corp MSFT

3/15/2009 Financial Statement figures in $Mil
Ending Date 2008/12 2008/09 2008/06 2008/03 2007/12 2007/09 2007/06 2007/03 2006/12 2006/09 2006/06 2006/03 2005/12 2005/09 2005/06 2005/03 2004/12 2004/09 2004/06 2004/03
Data Loaded 2009-01-23 2008-10-24 2008-07-18 2008-04-25 2008-01-25 2007-10-26 2007-07-20 2007-04-27 2007-01-25 2006-10-26 2006-07-21 2006-04-27 2006-01-27 2005-10-28 2005-07-22 2005-04-29 2005-01-27 2004-10-22 2004-08-11 2004-05-04
Income Statement

Revenues
Operating Revenue $ 16,629.00 $ 15,061.00 $ 15,837.00 $ 14,454.00 $ 16,367.00 $ 13,762.00 $ 13,371.00 $ 14,398.00 $ 12,542.00 $ 10,811.00 $ 11,804.00 $ 10,900.00 $ 11,837.00 $ 9,741.00 $ 10,161.00 $ 9,620.00 $ 10,818.00 $ 9,189.00 $ 9,292.00 $ 9,175.00
Total Revenue $ 16,629.00 $ 15,061.00 $ 15,837.00 $ 14,454.00 $ 10,161.00 $ 13,762.00 $ 13,371.00 $ 14,398.00 $ 12,542.00 $ 10,811.00 $ 11,804.00 $ 10,900.00 $ 11,837.00 $ 9,741.00 $ 10,161.00 $ 9,620.00 $ 10,818.00 $ 9,189.00 $ 9,292.00 $ 9,175.00
YTD Revenue $ 31,690.00 $ 15,061.00 $ 60,420.00 $ 44,583.00 $ 30,129.00 $ 13,762.00 $ 51,122.00 $ 37,751.00 $ 23,353.00 $ 10,811.00 $ 44,282.00 $ 32,478.00 $ 21,578.00 $ 9,741.00 $ 39,788.00 $ 29,627.00 $ 20,007.00 $ 9,189.00 $ 36,835.00 $ 27,543.00
Adjustments to Revenue $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Cost of Sales $ 3,275.00 $ 2,263.00 $ 2,258.00 $ 1,982.00 $ 3,062.00 $ 2,240.00 $ 2,856.00 $ 1,695.00 $ 3,255.00 $ 1,447.00 $ 1,869.00 $ 1,851.00 $ 2,008.00 $ 1,019.00 $ 1,128.00 $ 1,117.00 $ 1,814.00 $ 1,286.00 $ 1,172.00 $ 1,162.00
Cost of Sales w/ Depreciation $ 3,907.00 $ 2,848.00 $ 2,866.00 $ 2,514.00 $ 3,543.00 $ 2,675.00 $ 3,237.00 $ 2,140.00 $ 3,620.00 $ 1,696.00 $ 2,130.00 $ 2,028.00 $ 2,239.00 $ 1,253.00 $ 1,410.00 $ 1,399.00 $ 1,922.00 $ 1,469.00 $ 1,481.00 $ 1,411.00
COGS (%) 23.5% 18.9% 18.1% 17.4% 34.9% 19.4% 24.2% 14.9% 28.9% 15.7% 18.0% 18.6% 18.9% 12.9% 13.9% 14.5% 17.8% 16.0% 15.9% 15.4%
Gross Margin $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Gross Operating Profit $ 13,354.00 $ 12,798.00 $ 13,579.00 $ 12,472.00 $ 13,305.00 $ 11,522.00 $ 10,515.00 $ 12,703.00 $ 9,287.00 $ 9,364.00 $ 9,935.00 $ 9,049.00 $ 9,829.00 $ 8,722.00 $ 9,033.00 $ 8,503.00 $ 9,004.00 $ 7,903.00 $ 8,120.00 $ 8,013.00
Gross Profit (%) 80.3% 85.0% 85.7% 86.3% 130.9% 83.7% 78.6% 88.2% 74.0% 86.6% 84.2% 83.0% 83.0% 89.5% 88.9% 88.4% 83.2% 86.0% 87.4% 87.3%

Operating Expense
R&D Expense $ 2,290.00 $ 2,283.00 $ 2,407.00 $ 2,035.00 $ 1,885.00 $ 1,837.00 $ 1,948.00 $ 1,750.00 $ 1,637.00 $ 1,786.00 $ 1,861.00 $ 1,617.00 $ 1,591.00 $ 1,515.00 $ 1,691.00 $ 1,508.00 $ 1,437.00 $ 1,548.00 $ 1,659.00 $ 1,538.00
R&D (%) 13.8% 15.2% 15.2% 14.1% 18.6% 13.3% 14.6% 12.2% 13.1% 16.5% 15.8% 14.8% 13.4% 15.6% 16.6% 15.7% 13.3% 16.8% 17.9% 16.8%
SG&A Expense $ 4,493.00 $ 3,931.00 $ 4,880.00 $ 5,496.00 $ 4,458.00 $ 3,332.00 $ 4,197.00 $ 3,919.00 $ 3,813.00 $ 2,855.00 $ 3,932.00 $ 3,367.00 $ 3,350.00 $ 2,927.00 $ 4,071.00 $ 3,384.00 $ 2,710.00 $ 2,678.00 $ 3,019.00 $ 4,948.00
SG&A (%) 27.0% 26.1% 30.8% 38.0% 43.9% 24.2% 31.4% 27.2% 30.4% 26.4% 33.3% 30.9% 28.3% 30.0% 40.1% 35.2% 25.1% 29.1% 32.5% 53.9%
Advertising $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Operating Income $ 5,939.00 $ 5,999.00 $ 5,684.00 $ 4,409.00 $ 6,481.00 $ 5,918.00 $ 3,989.00 $ 6,589.00 $ 3,472.00 $ 4,474.00 $ 3,881.00 $ 3,888.00 $ 4,657.00 $ 4,046.00 $ 2,989.00 $ 3,329.00 $ 4,749.00 $ 3,494.00 $ 3,133.00 $ 1,278.00
Operating Income (%) 35.7% 39.8% 35.9% 30.5% 63.8% 43.0% 29.8% 45.8% 27.7% 41.4% 32.9% 35.7% 39.3% 41.5% 29.4% 34.6% 43.9% 38.0% 33.7% 13.9%
EBITDA $ 6,571.00 $ 6,584.00 $ 6,292.00 $ 4,941.00 $ 6,962.00 $ 6,353.00 $ 4,370.00 $ 7,034.00 $ 3,837.00 $ 4,723.00 $ 4,142.00 $ 4,065.00 $ 4,888.00 $ 4,280.00 $ 3,271.00 $ 3,611.00 $ 4,857.00 $ 3,677.00 $ 3,442.00 $ 1,527.00
Depreciation $ 632.00 $ 585.00 $ 608.00 $ 532.00 $ 481.00 $ 435.00 $ 381.00 $ 445.00 $ 365.00 $ 249.00 $ 261.00 $ 177.00 $ 231.00 $ 234.00 $ 282.00 $ 282.00 $ 108.00 $ 183.00 $ 309.00 $ 249.00
Depreciation Unrecognised $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization of Intangibles $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Operating Profit after Depreciation $ 5,939.00 $ 5,999.00 $ 5,684.00 $ 4,409.00 $ 6,481.00 $ 5,918.00 $ 3,989.00 $ 6,589.00 $ 3,472.00 $ 4,474.00 $ 3,881.00 $ 3,888.00 $ 4,657.00 $ 4,046.00 $ 2,989.00 $ 3,329.00 $ 4,749.00 $ 3,494.00 $ 3,133.00 $ 1,278.00

Other Income and Expense

Interest Income $ - $ 207.00 $ 217.00 $ 226.00 $ 206.00 $ 239.00 $ 1,319.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Income Net $ (301.00) $ (215.00) $ 67.00 $ 175.00 $ 133.00 $ 59.00 $ (990.00) $ 382.00 $ 333.00 $ 567.00 $ 377.00 $ 428.00 $ 480.00 $ 506.00 $ 884.00 $ 497.00 $ 417.00 $ 269.00 $ 570.00 $ 1,012.00
Other Special Charges $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Special Income Charges $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
EBIT $ 5,638.00 $ 5,991.00 $ 5,968.00 $ 4,810.00 $ 6,820.00 $ 6,216.00 $ 4,284.00 $ 6,971.00 $ 3,805.00 $ 5,041.00 $ 4,258.00 $ 4,315.00 $ 5,137.00 $ 4,552.00 $ 3,861.00 $ 3,825.00 $ 5,169.00 $ 3,773.00 $ 3,704.00 $ 2,279.00
Interest Expense $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Pre-Tax Income $ 5,638.00 $ 5,991.00 $ 5,968.00 $ 4,810.00 $ 6,820.00 $ 6,216.00 $ 4,284.00 $ 6,971.00 $ 3,805.00 $ 5,041.00 $ 4,258.00 $ 4,315.00 $ 5,137.00 $ 4,552.00 $ 3,861.00 $ 3,825.00 $ 5,169.00 $ 3,773.00 $ 3,704.00 $ 2,279.00
Income Taxes $ 1,464.00 $ 1,618.00 $ 1,671.00 $ 422.00 $ 2,113.00 $ 1,927.00 $ 1,249.00 $ 2,045.00 $ 1,179.00 $ 1,563.00 $ 1,430.00 $ 1,338.00 $ 1,484.00 $ 1,411.00 $ 161.00 $ 1,262.00 $ 1,706.00 $ 1,245.00 $ 1,014.00 $ 964.00
Net Income: Cont. Operations $ 4,174.00 $ 4,373.00 $ 4,297.00 $ 4,388.00 $ 4,707.00 $ 4,289.00 $ 3,035.00 $ 4,926.00 $ 2,626.00 $ 3,478.00 $ 2,828.00 $ 2,977.00 $ 3,653.00 $ 3,141.00 $ 3,700.00 $ 2,563.00 $ 3,463.00 $ 2,528.00 $ 2,690.00 $ 1,315.00
Net Income: Disc Operations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Gains/Losses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Net Income $ 4,174.00 $ 4,373.00 $ 4,297.00 $ 4,388.00 $ 4,707.00 $ 4,289.00 $ 3,035.00 $ 4,926.00 $ 2,626.00 $ 3,478.00 $ 2,828.00 $ 2,977.00 $ 3,653.00 $ 3,141.00 $ 3,700.00 $ 2,563.00 $ 3,463.00 $ 2,528.00 $ 2,690.00 $ 1,315.00
Total Net Income (%) 25.1% 29.0% 27.1% 30.4% 46.3% 31.2% 22.7% 34.2% 20.9% 32.2% 24.0% 27.3% 30.9% 32.2% 36.4% 26.6% 32.0% 27.5% 28.9% 14.3%

Dividends & EPS

Preferred Dividends $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Basic EPS $ 0.47 $ 0.48 $ 0.47 $ 0.47 $ 0.50 $ 0.46 $ 0.32 $ 0.51 $ 0.27 $ 0.35 $ 0.27 $ 0.29 $ 0.35 $ 0.29 $ 0.34 $ 0.24 $ 0.32 $ 0.23 $ 0.25 $ 0.12
Diluted EPS: Total $ 0.47 $ 0.48 $ 0.46 $ 0.47 $ 0.50 $ 0.45 $ 0.31 $ 0.50 $ 0.26 $ 0.35 $ 0.27 $ 0.29 $ 0.34 $ 0.29 $ 0.34 $ 0.23 $ 0.32 $ 0.23 $ 0.25 $ 0.12
Diluted EPS: Dividends per Share $ 0.13 $ 0.11 $ 0.11 $ 0.11 $ 0.11 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.09 $ 0.09 $ 0.09 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 3.00 $ 0.08 $ - $ -

Shares Outstanding
Shares Out (Common Class Only) 8,889.0 8,977.0 9,151.0 9,310.0 9,329.0 9,355.0 9,380.0 9,572.0 9,777.0 9,820.0 10,062.0 10,225.0 10,384.0 10,645.0 10,710.0 10,804.0 10,880.0 10,865.0 10,862.0 10,777.0
Preferred Shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Basic Weighted Shares 8,903.0 9,084.0 9,328.0 9,307.0 9,361.0 9,380.0 9,742.0 9,725.0 9,806.0 9,929.0 10,438.0 10,303.0 10,560.0 10,696.0 10,839.0 10,856.0 10,877.0 10,873.0 10,803.0 10,785.0
Diluted Weighted Shares 8,914.0 9,183.0 9,470.0 9,428.0 9,503.0 9,513.0 9,886.0 9,862.0 9,942.0 10,010.0 10,531.0 10,415.0 10,638.0 10,772.0 10,906.0 10,931.0 10,956.0 10,920.0 10,894.0 10,856.0
Balance Sheet

Assets
Cash & Equivalents $ 8,346.00 $ 9,004.00 $ 10,339.00 $ 11,820.00 $ 7,460.00 $ 6,637.00 $ 6,111.00 $ 7,611.00 $ 6,859.00 $ 9,076.00 $ 6,714.00 $ 4,351.00 $ 4,083.00 $ 2,974.00 $ 4,851.00 $ 3,782.00 $ 4,556.00 $ 11,141.00 $ 15,982.00 $ 9,348.00
Restricted Cash $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Marketable Securities $ 12,369.00 $ 11,718.00 $ 13,323.00 $ 14,521.00 $ 13,616.00 $ 14,937.00 $ 17,300.00 $ 20,625.00 $ 22,014.00 $ 22,756.00 $ 27,447.00 $ 30,465.00 $ 30,618.00 $ 37,082.00 $ 32,900.00 $ 33,812.00 $ 29,948.00 $ 53,274.00 $ 44,610.00 $ 47,059.00
Accounts Receivable $ 10,953.00 $ 9,535.00 $ 13,589.00 $ 9,871.00 $ 11,621.00 $ 8,982.00 $ 11,338.00 $ 8,454.00 $ 9,895.00 $ 6,879.00 $ 9,316.00 $ 6,818.00 $ 7,758.00 $ 5,799.00 $ 7,180.00 $ 5,610.00 $ 6,646.00 $ 5,106.00 $ 5,890.00 $ 4,937.00
Other Receivable $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Receivables $ 10,953.00 $ 9,535.00 $ 13,589.00 $ 9,871.00 $ 11,621.00 $ 8,982.00 $ 11,338.00 $ 8,454.00 $ 9,895.00 $ 6,879.00 $ 9,316.00 $ 6,818.00 $ 7,758.00 $ 5,799.00 $ 7,180.00 $ 5,610.00 $ 6,646.00 $ 5,106.00 $ 5,890.00 $ 4,937.00
Inventories: Raw Materials $ 263.00 $ 402.00 $ 417.00 $ 444.00 $ 241.00 $ 290.00 $ 435.00 $ 420.00 $ 294.00 $ 405.00 $ 465.00 $ 465.00 $ 496.00 $ 297.00 $ 69.00 $ 56.00 $ 59.00 $ 121.00 $ 150.00 $ 202.00
Inventories: Work in Progress $ 57.00 $ 58.00 $ 31.00 $ 66.00 $ 77.00 $ 252.00 $ 148.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventories: Purchased Components $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventories: Finished Goods $ 648.00 $ 1,180.00 $ 537.00 $ 264.00 $ 437.00 $ 636.00 $ 544.00 $ 1,330.00 $ 1,431.00 $ 2,116.00 $ 1,013.00 $ 648.00 $ 507.00 $ 429.00 $ 422.00 $ 284.00 $ 245.00 $ 487.00 $ 271.00 $ 340.00
Inventories: Other $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventories -- Total $ 968.00 $ 1,640.00 $ 985.00 $ 774.00 $ 755.00 $ 1,178.00 $ 1,127.00 $ 1,750.00 $ 1,725.00 $ 2,521.00 $ 1,478.00 $ 1,113.00 $ 1,003.00 $ 726.00 $ 491.00 $ 340.00 $ 304.00 $ 608.00 $ 421.00 $ 542.00
Prepaid Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Current Defered Income Taxes $ 1,504.00 $ 1,974.00 $ 2,017.00 $ 1,721.00 $ 1,483.00 $ 1,571.00 $ 1,899.00 $ 1,969.00 $ 2,607.00 $ 2,068.00 $ 1,940.00 $ 2,036.00 $ 1,487.00 $ 1,480.00 $ 1,701.00 $ 1,780.00 $ 1,301.00 $ 1,522.00 $ 2,097.00 $ 1,748.00
Other Current Assets $ 3,590.00 $ 3,331.00 $ 2,989.00 $ 2,782.00 $ 2,840.00 $ 2,548.00 $ 2,393.00 $ 2,374.00 $ 2,080.00 $ 2,058.00 $ 2,115.00 $ 1,845.00 $ 1,745.00 $ 1,770.00 $ 1,614.00 $ 1,269.00 $ 1,644.00 $ 1,245.00 $ 1,566.00 $ 1,636.00
Total Current Assets $ 37,730.00 $ 37,202.00 $ 43,242.00 $ 41,489.00 $ 37,775.00 $ 35,853.00 $ 40,168.00 $ 42,783.00 $ 45,180.00 $ 45,358.00 $ 49,010.00 $ 46,628.00 $ 46,694.00 $ 49,831.00 $ 48,737.00 $ 46,593.00 $ 44,399.00 $ 72,896.00 $ 70,566.00 $ 65,270.00
Land And Improvements $ - $ - $ 518.00 $ - $ - $ - $ 428.00 $ - $ - $ - $ 362.00 $ - $ - $ - $ 313.00 $ - $ - $ - $ 274.00 $ -
Building And Improvements $ - $ - $ 6,030.00 $ - $ - $ - $ 4,247.00 $ - $ - $ - $ 3,146.00 $ - $ - $ - $ 2,865.00 $ - $ - $ - $ 2,786.00 $ -
Machinery, Furniture & Equipment $ - $ - $ 5,996.00 $ - $ - $ - $ 4,691.00 $ - $ - $ - $ 3,715.00 $ - $ - $ - $ 3,197.00 $ - $ - $ - $ 3,429.00 $ -
Construction in Progress $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Fixed Assets $ 13,955.00 $ 13,174.00 $ - $ 10,532.00 $ 9,981.00 $ 9,631.00 $ - $ 8,102.00 $ 7,865.00 $ 7,372.00 $ - $ 6,572.00 $ 6,481.00 $ 6,380.00 $ - $ 6,484.00 $ 6,499.00 $ 6,480.00 $ - $ 6,113.00
Total Fixed Assets $ 13,955.00 $ 13,174.00 $ 12,544.00 $ 10,532.00 $ 9,981.00 $ 9,631.00 $ 9,366.00 $ 8,102.00 $ 7,865.00 $ 7,372.00 $ 7,223.00 $ 6,572.00 $ 6,481.00 $ 6,380.00 $ 6,375.00 $ 6,484.00 $ 6,499.00 $ 6,480.00 $ 6,489.00 $ 6,113.00
Accumulated Depreciation $ 6,959.00 $ 6,622.00 $ 6,302.00 $ 5,016.00 $ 5,016.00 $ 5,016.00 $ 5,016.00 $ 4,179.00 $ 4,179.00 $ 4,179.00 $ 4,179.00 $ 4,029.00 $ 4,029.00 $ 4,029.00 $ 4,029.00 $ 4,163.00 $ 4,163.00 $ 4,163.00 $ 4,163.00 $ 3,855.00
Net Fixed Assets $ 6,996.00 $ 6,552.00 $ 6,242.00 $ 5,516.00 $ 4,965.00 $ 4,615.00 $ 4,350.00 $ 3,923.00 $ 3,686.00 $ 3,193.00 $ 3,044.00 $ 2,543.00 $ 2,452.00 $ 2,351.00 $ 2,346.00 $ 2,321.00 $ 2,336.00 $ 2,317.00 $ 2,326.00 $ 2,258.00
Intangibles $ 1,815.00 $ 1,899.00 $ 1,973.00 $ 1,639.00 $ 1,717.00 $ 1,718.00 $ 878.00 $ 699.00 $ 745.00 $ 720.00 $ 539.00 $ 4,070.00 $ 4,019.00 $ 4,006.00 $ 3,808.00 $ 3,579.00 $ 3,599.00 $ 3,649.00 $ 3,684.00 $ 3,709.00
Other Long-Term Assets $ 5,646.00 $ 6,132.00 $ 8,279.00 $ 10,390.00 $ 11,373.00 $ 11,721.00 $ 11,626.00 $ 10,852.00 $ 10,915.00 $ 10,049.00 $ 10,527.00 $ 10,177.00 $ 10,379.00 $ 11,354.00 $ 12,303.00 $ 13,068.00 $ 13,480.00 $ 13,861.00 $ 13,984.00 $ 16,947.00
Total Lonng-Term Assets $ 28,056.00 $ 27,915.00 $ 29,551.00 $ 29,258.00 $ 29,564.00 $ 29,792.00 $ 23,003.00 $ 21,108.00 $ 21,191.00 $ 19,996.00 $ 20,587.00 $ 20,226.00 $ 20,563.00 $ 21,631.00 $ 22,078.00 $ 19,682.00 $ 20,542.00 $ 21,372.00 $ 21,823.00 $ 24,497.00
Total Assets $ 65,786.00 $ 65,117.00 $ 72,793.00 $ 70,747.00 $ 67,339.00 $ 65,645.00 $ 63,171.00 $ 63,891.00 $ 66,371.00 $ 65,354.00 $ 69,597.00 $ 66,854.00 $ 67,257.00 $ 71,462.00 $ 70,815.00 $ 66,275.00 $ 64,941.00 $ 94,268.00 $ 92,389.00 $ 89,767.00

Liabilities & Equity

Accounts Payable $ 3,533.00 $ 3,351.00 $ 4,034.00 $ 3,600.00 $ 3,612.00 $ 3,206.00 $ 3,247.00 $ 2,843.00 $ 2,944.00 $ 2,406.00 $ 2,909.00 $ 2,354.00 $ 2,477.00 $ 1,852.00 $ 2,086.00 $ 1,636.00 $ 1,573.00 $ 1,439.00 $ 1,717.00 $ 1,412.00
Notes Payable $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Short-Term Debt $ 2,000.00 $ 1,975.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Accrued Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Accrued Liabilities $ 2,239.00 $ 2,138.00 $ 2,934.00 $ 2,427.00 $ 1,977.00 $ 1,796.00 $ 2,325.00 $ 1,878.00 $ 1,559.00 $ 1,401.00 $ 1,938.00 $ 1,516.00 $ 1,249.00 $ 1,196.00 $ 1,662.00 $ 1,289.00 $ 1,098.00 $ 918.00 $ 1,339.00 $ 1,224.00
Deferred Revenues $ 11,532.00 $ 11,815.00 $ 13,397.00 $ 10,385.00 $ 10,221.00 $ 9,787.00 $ 10,779.00 $ 8,551.00 $ 10,023.00 $ 8,310.00 $ 9,138.00 $ 7,215.00 $ 7,118.00 $ 7,148.00 $ 7,502.00 $ 6,275.00 $ 6,267.00 $ 6,149.00 $ 6,514.00 $ 5,949.00
Current Deferred Income Taxes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,557.00 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Current Liabilities $ 4,406.00 $ 5,104.00 $ 9,521.00 $ 10,616.00 $ 6,248.00 $ 7,955.00 $ 7,403.00 $ 8,355.00 $ 7,689.00 $ 9,855.00 $ 6,900.00 $ 7,282.00 $ 5,903.00 $ 6,826.00 $ 5,627.00 $ 6,939.00 $ 6,107.00 $ 7,305.00 $ 5,399.00 $ 7,399.00
Total Current Liabilities $ 23,710.00 $ 24,383.00 $ 29,886.00 $ 27,028.00 $ 22,058.00 $ 22,744.00 $ 23,754.00 $ 21,627.00 $ 22,215.00 $ 21,972.00 $ 22,442.00 $ 18,367.00 $ 16,747.00 $ 17,022.00 $ 16,877.00 $ 16,139.00 $ 15,045.00 $ 15,811.00 $ 14,969.00 $ 15,984.00
Long-Term Debt $ - $ - $ 1,900.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Capital Lease Obligations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Deferred Income Taxes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Non-Current Liabilities $ 7,598.00 $ 7,140.00 $ 4,721.00 $ 6,165.00 $ 10,850.00 $ 10,766.00 $ 8,320.00 $ 7,291.00 $ 7,522.00 $ 7,281.00 $ 7,051.00 $ 6,449.00 $ 6,302.00 $ 6,113.00 $ 5,823.00 $ 2,763.00 $ 2,664.00 $ 2,511.00 $ 2,595.00 $ 3,203.00
Total Non-Current Liabilities $ 7,598.00 $ 7,140.00 $ 6,621.00 $ 6,165.00 $ 10,850.00 $ 10,766.00 $ 8,320.00 $ 7,291.00 $ 7,522.00 $ 7,281.00 $ 7,051.00 $ 6,449.00 $ 6,302.00 $ 6,113.00 $ 5,823.00 $ 2,763.00 $ 2,664.00 $ 2,511.00 $ 2,595.00 $ 3,203.00
Total Liabilities $ 31,308.00 $ 31,523.00 $ 36,507.00 $ 33,193.00 $ 32,908.00 $ 33,510.00 $ 32,074.00 $ 28,918.00 $ 29,737.00 $ 29,253.00 $ 29,493.00 $ 24,816.00 $ 23,049.00 $ 23,135.00 $ 22,700.00 $ 18,902.00 $ 17,709.00 $ 18,322.00 $ 17,564.00 $ 19,187.00
Preferred Stock Equity $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Common Stock Equity $ 34,478.00 $ 33,594.00 $ 36,286.00 $ 37,554.00 $ 34,431.00 $ 32,135.00 $ 31,097.00 $ 34,973.00 $ 36,634.00 $ 36,101.00 $ 40,104.00 $ 42,038.00 $ 44,208.00 $ 48,327.00 $ 48,115.00 $ 47,373.00 $ 47,232.00 $ 75,946.00 $ 74,825.00 $ 70,580.00
Retained Earnings $ (26,914.00) $ (28,061.00) $ (26,563.00) $ (25,821.00) $ (29,725.00) $ (30,094.00) $ (31,114.00) $ (27,389.00) $ (24,518.00) $ (21,556.00) $ (20,130.00) $ (17,812.00) $ (15,932.00) $ (12,535.00) $ (12,298.00) $ (11,456.00) $ (11,171.00) $ 18,799.00 $ 18,429.00 $ 16,605.00
Total Capitalization/Invested Capital $ 34,478.00 $ 33,594.00 $ 38,186.00 $ 37,554.00 $ 34,431.00 $ 32,135.00 $ 31,097.00 $ 34,973.00 $ 36,634.00 $ 36,101.00 $ 40,104.00 $ 42,038.00 $ 44,208.00 $ 48,327.00 $ 48,115.00 $ 47,373.00 $ 47,232.00 $ 75,946.00 $ 74,825.00 $ 70,580.00
Total Equity $ 34,478.00 $ 33,594.00 $ 36,286.00 $ 37,554.00 $ 34,431.00 $ 32,135.00 $ 31,097.00 $ 34,973.00 $ 36,634.00 $ 36,101.00 $ 40,104.00 $ 42,038.00 $ 44,208.00 $ 48,327.00 $ 48,115.00 $ 47,373.00 $ 47,232.00 $ 75,946.00 $ 74,825.00 $ 70,580.00
Total Liabilities & Stock Equity $ 65,786.00 $ 65,117.00 $ 72,793.00 $ 70,747.00 $ 67,339.00 $ 65,645.00 $ 63,171.00 $ 63,891.00 $ 66,371.00 $ 65,354.00 $ 69,597.00 $ 66,854.00 $ 67,257.00 $ 71,462.00 $ 70,815.00 $ 66,275.00 $ 64,941.00 $ 94,268.00 $ 92,389.00 $ 89,767.00
Working Capital $ 14,020.00 $ 12,819.00 $ 13,356.00 $ 14,461.00 $ 15,717.00 $ 13,109.00 $ 16,414.00 $ 21,156.00 $ 22,965.00 $ 23,386.00 $ 26,568.00 $ 28,261.00 $ 29,947.00 $ 32,809.00 $ 31,860.00 $ 30,454.00 $ 29,354.00 $ 57,085.00 $ 55,597.00 $ 49,286.00
Total Capitalization $ 34,478.00 $ 33,594.00 $ 38,186.00 $ 37,554.00 $ 34,431.00 $ 32,135.00 $ 31,097.00 $ 34,973.00 $ 36,634.00 $ 36,101.00 $ 40,104.00 $ 42,038.00 $ 44,208.00 $ 48,327.00 $ 48,115.00 $ 47,373.00 $ 47,232.00 $ 75,946.00 $ 74,825.00 $ 70,580.00
Cash Flow $ 19,589.00 $ 19,971.00 $ 19,737.00 $ 18,248.00 $ 18,699.00 $ 16,502.00 $ 15,505.00 $ 15,178.00 $ 12,961.00 $ 13,854.00 $ 13,502.00 $ 14,395.00 $ 14,086.00 $ 13,773.00 $ 13,109.00 $ 12,126.00 $ 10,845.00 $ 9,123.00 $ 9,354.00 $ 8,748.00
Cash Flow Statement

Operating Activities
Net Income/Loss $ 8,547.00 $ 4,373.00 $ 17,681.00 $ 13,384.00 $ 8,996.00 $ 4,289.00 $ 14,065.00 $ 11,030.00 $ 6,104.00 $ 3,478.00 $ 12,599.00 $ 9,771.00 $ 6,794.00 $ 3,141.00 $ 12,254.00 $ 8,554.00 $ 5,991.00 $ 2,528.00 $ 8,168.00 $ 5,478.00
Depreciation $ 1,217.00 $ 585.00 $ 2,056.00 $ 1,448.00 $ 916.00 $ 435.00 $ 1,440.00 $ 1,059.00 $ 614.00 $ 249.00 $ 903.00 $ 642.00 $ 465.00 $ 234.00 $ 855.00 $ 573.00 $ 291.00 $ 183.00 $ 1,186.00 $ 877.00
Amortization $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization of Intangibles $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Deferred Income Taxes $ 830.00 $ 376.00 $ 935.00 $ 783.00 $ 680.00 $ 357.00 $ 421.00 $ 630.00 $ (351.00) $ 166.00 $ 219.00 $ (229.00) $ 42.00 $ (128.00) $ (179.00) $ 69.00 $ 361.00 $ 293.00 $ (1,479.00) $ (925.00)
Operating Gains $ 175.00 $ 36.00 $ (572.00) $ (500.00) $ (321.00) $ (187.00) $ (292.00) $ (296.00) $ (235.00) $ (206.00) $ 1,454.00 $ 737.00 $ 390.00 $ (84.00) $ 3,501.00 $ 1,889.00 $ 1,487.00 $ 575.00 $ 4,788.00 $ 3,168.00
Extraordinary Gains $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Change in Receivables $ 2,338.00 $ 3,985.00 $ (1,569.00) $ 2,077.00 $ 220.00 $ 2,806.00 $ (1,764.00) $ 1,011.00 $ (444.00) $ 2,501.00 $ (2,071.00) $ 368.00 $ (604.00) $ 1,408.00 $ (1,243.00) $ 464.00 $ (537.00) $ 861.00 $ (687.00) $ 369.00
Change in Inventories $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Change in Prepaid Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (925.00)
Change in Other Current Assets $ 239.00 $ (558.00) $ 153.00 $ 141.00 $ 210.00 $ (235.00) $ 232.00 $ (350.00) $ (357.00) $ (1,080.00) $ (1,405.00) $ (828.00) $ (694.00) $ (340.00) $ (245.00) $ 41.00 $ 171.00 $ (202.00) $ 478.00 $ 356.00
Change in Payables $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Change in Other Current Liabilities $ (3,938.00) $ (4,552.00) $ (748.00) $ 525.00 $ (864.00) $ (1,189.00) $ (552.00) $ (424.00) $ (1,196.00) $ (842.00) $ (145.00) $ (69.00) $ (298.00) $ (209.00) $ 396.00 $ 810.00 $ (183.00) $ (200.00) $ 2,063.00 $ 2,931.00
Change in Other Working Capital $ 1,183.00 $ 584.00 $ (271.00) $ (1,286.00) $ 17.00 $ 482.00 $ 1,123.00 $ 14,011.00 $ 192.00 $ (621.00) $ 1,224.00 $ 731.00 $ 465.00 $ 307.00 $ - $ 229.00 $ 45.00 $ (31.00) $ 109.00 $ 714.00
Other Non-Cash Items $ (1,439.00) $ (1,459.00) $ 3,947.00 $ 955.00 $ 591.00 $ (880.00) $ 3,123.00 $ (13,277.00) $ 1,776.00 $ 416.00 $ 1,626.00 $ - $ - $ - $ 1,266.00 $ - $ - $ - $ - $ -
Net Cash From Cont Operations $ 9,152.00 $ 3,370.00 $ 21,612.00 $ 17,527.00 $ 10,445.00 $ 5,878.00 $ 17,796.00 $ 13,394.00 $ 6,103.00 $ 4,061.00 $ 14,404.00 $ 11,123.00 $ 6,560.00 $ 4,329.00 $ 16,605.00 $ 12,629.00 $ 7,626.00 $ 4,007.00 $ 14,626.00 $ 12,968.00
Net Cash From Disc Operations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Operations $ 9,152.00 $ 3,370.00 $ 21,612.00 $ 17,527.00 $ 10,445.00 $ 5,878.00 $ 17,796.00 $ 13,394.00 $ 6,103.00 $ 4,061.00 $ 14,404.00 $ 11,123.00 $ 6,560.00 $ 4,329.00 $ 16,605.00 $ 12,629.00 $ 7,626.00 $ 4,007.00 $ 14,626.00 $ 12,968.00

Investing Activities
Sale of Property, Plant & Equipment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Sale of Long-Term Investments $ 12,775.00 $ 7,075.00 $ 2,597.00 $ - $ 15,816.00 $ 9,120.00 $ 4,736.00 $ - $ 26,149.00 $ 18,701.00 $ 3,877.00 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Sale of Short-Term Investments $ 754.00 $ 464.00 $ 25,132.00 $ 19,907.00 $ 800.00 $ 330.00 $ 41,451.00 $ 36,260.00 $ 2,159.00 $ 834.00 $ 54,353.00 $ 49,736.00 $ 39,773.00 $ 16,549.00 $ 84,091.00 $ 73,530.00 $ 61,272.00 $ 21,668.00 $ 90,863.00 $ 60,676.00
Purchase of PPE $ (1,620.00) $ (778.00) $ (3,182.00) $ (1,964.00) $ (1,205.00) $ (510.00) $ (2,264.00) $ (1,444.00) $ (983.00) $ (411.00) $ (1,578.00) $ (833.00) $ (531.00) $ (213.00) $ (812.00) $ (552.00) $ (349.00) $ (173.00) $ (1,109.00) $ (552.00)
Acquisitions $ (827.00) $ (377.00) $ (8,053.00) $ (5,967.00) $ (5,829.00) $ (5,396.00) $ (1,150.00) $ (502.00) $ (461.00) $ (336.00) $ (649.00) $ (333.00) $ (250.00) $ (187.00) $ (207.00) $ (12.00) $ (1.00) $ - $ (4.00) $ (4.00)
Purchase of Long-Term Investments $ (10,842.00) $ (4,246.00) $ - $ - $ (12,314.00) $ (5,997.00) $ - $ - $ - $ (12,855.00) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Purchase of Short-Term Investments $ - $ - $ (20,954.00) $ (15,795.00) $ - $ - $ (36,308.00) $ (29,214.00) $ (21,957.00) $ - $ (51,117.00) $ (45,643.00) $ (35,561.00) $ (19,410.00) $ (68,045.00) $ (58,798.00) $ (45,621.00) $ (29,608.00) $ (92,495.00) $ (66,555.00)
Other Investing Changes, Net $ (2,144.00) $ (1,543.00) $ (127.00) $ (265.00) $ (574.00) $ 196.00 $ (376.00) $ (86.00) $ (404.00) $ 528.00 $ 3,117.00 $ 1,337.00 $ - $ - $ - $ - $ - $ - $ - $ -
Cash From Disc Investing Activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Investing Activities $ (1,904.00) $ 595.00 $ (4,587.00) $ (4,084.00) $ (3,306.00) $ (2,257.00) $ 6,089.00 $ 5,014.00 $ 4,503.00 $ 6,461.00 $ 8,003.00 $ 4,264.00 $ 3,431.00 $ (3,261.00) $ 15,027.00 $ 14,168.00 $ 15,301.00 $ (8,113.00) $ (2,745.00) $ (6,435.00)

Financing Activities
Issuance of Debt $ 1,996.00 $ 1,975.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,467.00 $ - $ - $ - $ - $ - $ - $ -
Issuance of Capital Stock $ 324.00 $ 228.00 $ 3,494.00 $ 3,249.00 $ 2,981.00 $ 646.00 $ 6,782.00 $ 5,618.00 $ 4,834.00 $ 385.00 $ 2,101.00 $ 1,976.00 $ - $ 1,001.00 $ 3,109.00 $ 1,636.00 $ 1,282.00 $ 487.00 $ 2,748.00 $ 1,452.00
Repayment of Long-Term Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Repurchase of Capital Stock $ (9,313.00) $ (6,493.00) $ (12,533.00) $ (8,227.00) $ (6,987.00) $ (2,930.00) $ (27,575.00) $ (20,358.00) $ (13,480.00) $ (7,683.00) $ (19,207.00) $ (15,226.00) $ (10,551.00) $ (3,116.00) $ (8,057.00) $ (3,751.00) $ (1,324.00) $ (355.00) $ (3,383.00) $ (3,383.00)
Payment of Cash Dividends $ (2,155.00) $ (998.00) $ (4,015.00) $ (2,995.00) $ (1,972.00) $ (938.00) $ (3,805.00) $ (2,853.00) $ (1,877.00) $ (897.00) $ (3,545.00) $ (2,628.00) $ (1,703.00) $ (857.00) $ (36,112.00) $ (35,253.00) $ (34,368.00) $ (870.00) $ (1,729.00) $ (1,729.00)
Other Financing Charges, Net $ 46.00 $ 44.00 $ 120.00 $ 111.00 $ 102.00 $ 69.00 $ 54.00 $ 32.00 $ 25.00 $ 20.00 $ 89.00 $ - $ 44.00 $ 31.00 $ (18.00) $ - $ - $ - $ - $ -
Cash From Disc Financing Activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Financing Activities $ (9,102.00) $ (5,244.00) $ (12,934.00) $ (7,862.00) $ (5,876.00) $ (3,153.00) $ (24,544.00) $ (17,561.00) $ (10,498.00) $ (8,175.00) $ (20,562.00) $ (15,878.00) $ (10,743.00) $ (2,941.00) $ (41,078.00) $ (37,368.00) $ (34,410.00) $ (738.00) $ (2,364.00) $ (3,660.00)

Net Cash Flow

Effect Exchange Rate Changes $ (139.00) $ (56.00) $ 137.00 $ 128.00 $ 86.00 $ 58.00 $ 56.00 $ 50.00 $ 37.00 $ 15.00 $ 18.00 $ (9.00) $ (16.00) $ (4.00) $ (7.00) $ 49.00 $ 57.00 $ 3.00 $ 27.00 $ 37.00
Net Change in Cash & Equivalents $ (1,993.00) $ (1,335.00) $ 4,228.00 $ 5,709.00 $ 1,349.00 $ 526.00 $ (603.00) $ 897.00 $ 145.00 $ 2,362.00 $ 1,863.00 $ (500.00) $ (768.00) $ (1,877.00) $ (9,453.00) $ (10,522.00) $ (11,426.00) $ (4,841.00) $ 9,544.00 $ 2,910.00
Cash At Beginning of Period $ 10,339.00 $ 10,339.00 $ 6,111.00 $ 6,111.00 $ 6,111.00 $ 6,111.00 $ 6,714.00 $ 6,714.00 $ 6,714.00 $ 6,714.00 $ 4,851.00 $ 4,851.00 $ 4,851.00 $ 4,851.00 $ 14,304.00 $ 14,304.00 $ 15,982.00 $ 15,982.00 $ 6,438.00 $ 6,438.00
Cash End of Period $ 8,346.00 $ 9,004.00 $ 10,339.00 $ 11,820.00 $ 7,460.00 $ 6,637.00 $ 6,111.00 $ 7,611.00 $ 6,859.00 $ 9,076.00 $ 6,714.00 $ 4,351.00 $ 4,083.00 $ 2,974.00 $ 4,851.00 $ 3,782.00 $ 4,556.00 $ 11,141.00 $ 15,982.00 $ 9,348.00
Foreign Sales $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Domestic Sales $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Free Cash Flow

Cash From Operations $ 9,152.00 $ 3,370.00 $ 21,612.00 $ 17,527.00 $ 10,445.00 $ 5,878.00 $ 17,796.00 $ 13,394.00 $ 6,103.00 $ 4,061.00 $ 14,404.00 $ 11,123.00 $ 6,560.00 $ 4,329.00 $ 16,605.00 $ 12,629.00 $ 7,626.00 $ 4,007.00 $ 14,626.00 $ 12,968.00
Capex: Purchase of PPE $ (1,620.00) $ (778.00) $ (3,182.00) $ (1,964.00) $ (1,205.00) $ (510.00) $ (2,264.00) $ (1,444.00) $ (983.00) $ (411.00) $ (1,578.00) $ (833.00) $ (531.00) $ (213.00) $ (812.00) $ (552.00) $ (349.00) $ (173.00) $ (1,109.00) $ (552.00)
Capex: Acquisitions $ (827.00) $ (377.00) $ (8,053.00) $ (5,967.00) $ (5,829.00) $ (5,396.00) $ (1,150.00) $ (502.00) $ (461.00) $ (336.00) $ (649.00) $ (333.00) $ (250.00) $ (187.00) $ (207.00) $ (12.00) $ (1.00) $ - $ (4.00) $ (4.00)
Cash from Others $ 608.00 $ (498.00) $ 6,938.00 $ 3,186.00 $ 2,187.00 $ (88.00) $ 4,984.00 $ (11,588.00) $ 2,039.00 $ 831.00 $ 2,748.00 $ 413.00 $ 507.00 $ 106.00 $ 1,942.00 $ 642.00 $ 652.00 $ 476.00 $ (293.00) $ (48.00)
Free Cash Flow $ 6,924.00 $ 2,094.00 $ 11,492.00 $ 12,377.00 $ 7,053.00 $ 5,280.00 $ 10,548.00 $ 362.00 $ 3,081.00 $ 2,819.00 $ 10,078.00 $ 9,877.00 $ 5,522.00 $ 4,010.00 $ 13,851.00 $ 11,435.00 $ 6,625.00 $ 3,358.00 $ 13,224.00 $ 12,368.00
Quarterly Financial Ratios

Profit Margins (%)

Gross Profit Margin 84.2 84.5 84.2 82.5 83.0 81.4 81.9 83.3 81.7 84.2 84.8 85.9 87.3 87.4 86.6 86.2 85.9 85.0 85.0 85.6
Net Profit Margin 27.8 28.8 29.3 28.3 29.3 27.5 27.5 28.0 25.9 28.5 28.5 31.6 31.6 31.9 30.8 28.9 26.0 21.4 22.2 20.8
Interest Coverage 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest as % of Invested Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Solvency Ratios
Quick Ratio 1.3 1.2 1.2 1.3 1.5 1.3 1.5 1.7 1.7 1.8 1.9 2.3 2.5 2.7 2.7 2.7 2.7 4.4 4.4 3.8
Current Ratio 1.6 1.5 1.4 1.5 1.7 1.6 1.7 2.0 2.0 2.1 2.2 2.5 2.8 2.9 2.9 2.9 3.0 4.6 4.7 4.1
Payout Ratio % 27.7% 22.9% 23.9% 23.4% 22.0% 22.2% 32.3% 20.0% 38.5% 25.7% 33.3% 31.0% 23.5% 27.6% 23.5% 34.8% 937.5% 34.8% 0.0% 0.0%
Debt/Equity Ratio 0.91 0.94 1.01 0.88 0.96 1.04 1.03 0.83 0.81 0.81 0.74 0.59 0.52 0.48 0.47 0.40 0.37 0.24 0.23 0.27
LT Debt/Total Capital 0.0% 0.0% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Liquidity Ratios
Receivables Turnover 5.5 6.7 4.8 6.3 5.4 6.8 5.0 6.5 5.2 7.2 5.4 6.9 5.7 7.4 6.1 7.4 6.3 7.8 6.6 7.9
Inventory Turnover 11.3 6.8 9.0 8.0 7.9 5.4 7.1 5.8 6.2 4.4 6.9 8.3 8.1 7.6 11.7 12.2 11.7 6.6 10.4 8.9
Number of Days in Inventory 32.0 53.0 40.0 45.0 45.0 66.0 51.0 62.0 58.0 81.0 53.0 44.0 45.0 47.0 31.0 29.0 31.0 54.0 35.0 40.0
Intangibles as % of Book-Value 41.5 42.2 38.8 31.9 34.9 36.9 18.1 14.1 13.5 13.5 11.0 9.7 9.1 8.3 7.9 7.6 7.6 4.8 4.9 5.3

Capital Structure Ratios

LT-Debt to Equity Ratio 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LT-Debt as % of Invested Capital 0.0 0.0 5.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LT-Debt as % of Total Debt 0.0 0.0 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Working Captial as % of Equity 40.7 38.2 36.8 38.5 45.6 40.8 52.8 60.5 62.7 64.8 66.2 67.2 67.7 67.9 66.2 64.3 62.1 75.2 74.3 69.8
Tangible Book Value per Share 2.3 2.2 2.4 2.8 2.4 2.2 2.7 3.1 3.2 3.2 3.6 3.7 3.9 4.2 4.1 4.1 4.0 6.7 6.6 6.2

Profitability Ratios
Working Capital per Share 1.58 1.43 1.46 1.55 1.68 1.40 1.75 2.21 2.35 2.38 2.64 2.76 2.88 3.08 2.97 2.82 2.70 5.25 5.12 4.57
Cash Flow per Share 2.20 2.22 2.16 1.96 2.00 1.76 1.65 1.59 1.33 1.41 1.34 1.41 1.36 1.29 1.22 1.12 1.00 0.84 0.86 0.81
Free Cash Flow per Share 0.51 0.14 0.70 0.71 0.15 -0.10 1.13 0.90 0.28 0.25 0.86 0.72 0.39 0.29 -1.92 -2.15 -2.49 0.27 1.08 0.99
Price/Cash Flow Ratio 8.8 12.0 12.7 14.5 17.8 16.7 17.9 17.5 22.5 19.4 17.4 19.3 19.2 19.9 20.4 21.6 26.7 32.9 33.2 30.8
Return on Equity (ROE) % 50.0 52.9 48.7 43.7 49.2 46.3 45.2 39.6 32.5 35.8 31.4 32.0 29.5 26.6 25.5 23.7 21.2 10.6 10.9 10.5
Return on Assets (ROA) % 26.2 27.3 24.3 23.2 25.2 22.7 22.3 21.7 17.9 19.8 18.1 20.1 19.4 18.0 17.3 17.0 15.4 8.6 8.8 8.2
Return on Invested Capital (ROIC) % 50.0 52.9 46.3 43.7 49.2 46.3 45.2 39.6 32.5 35.8 31.4 32.0 29.5 26.6 25.5 23.7 21.2 10.6 10.9 10.5
Cash Return on Invested Capital (CROIC) 17.2% 5.4% 28.1% 29.4% 16.2% 12.8% 27.4% 0.9% 7.1% 6.6% 21.6% 22.2% 11.9% 8.0% 27.6% 24.6% 14.3% 4.5% 17.9% 17.6%

Industry Comparison Ratios

% of Sales-To-Industry 0.0 0.0 50.3 49.8 51.2 50.5 49.0 48.2 47.2 48.2 49.9 49.7 49.7 50.4 51.1 49.9 50.1 50.3 49.5 49.6
% of PE-to-Industry 0.0 0.0 114.0 83.2 97.6 87.0 76.8 87.8 106.7 92.8 70.5 78.3 89.3 83.2 87.7 88.7 106.6 127.2 108.2 113.6
% of Price/Book-To-Industry 0.0 0.0 170.3 128.2 173.2 151.8 114.7 108.5 114.0 116.5 90.3 102.2 114.1 97.1 98.0 102.0 114.9 73.5 90.8 89.2
% of Price/Sales-To-Industry 0.0 0.0 137.6 110.7 129.9 109.4 93.6 100.7 117.6 111.5 87.3 112.4 124.4 110.8 112.3 117.3 132.2 138.3 129.7 120.2
% of Price/Free Cashlow-To-Industry 0.0 0.0 295.5 64.6 1,163.2 -1,297.8 96.7 52.3 382.1 339.8 88.6 42.1 233.0 239.1 32.3 -14.5 36.8 -386.4 111.4 37.4
% of Debt/Equity-To-Industry 0.0 0.0 25.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
% of Current Ratio-To-Industry 0.0 0.0 87.5 93.8 113.3 100.0 100.0 117.6 125.0 110.5 110.0 131.6 133.3 126.1 131.8 126.1 136.4 219.0 130.6 120.6
% of Gross Profit Margin-To-Industry 0.0 0.0 104.2 103.3 103.8 102.8 103.0 102.8 100.5 102.6 104.0 105.7 106.6 105.9 104.3 104.5 104.6 104.4 103.7 104.6
% of Net Profit Margin-To-Industry 0.0 0.0 122.1 130.4 132.0 126.1 122.8 116.2 108.4 118.8 125.6 142.3 141.7 133.5 129.4 130.8 122.6 106.5 118.7 104.5
% of ROE-to-Industry 0.0 0.0 150.8 151.2 175.7 175.4 150.7 124.5 104.8 124.3 129.8 129.6 130.0 116.7 113.3 113.4 106.5 56.4 83.2 77.8
% of Leverage-To-Industry 0.0 0.0 100.0 95.0 95.2 100.0 100.0 94.7 90.0 100.0 94.4 88.9 83.3 88.2 93.8 87.5 87.5 70.6 85.7 92.9