Operating Statements for Butler Lumber

Years Ending Dec. 31 1988-1990

In $ 1000
1988
1989
$
1,697.00 $
2,013.00

Column1
Net Sales
Cost of Goods Sold
Beginning Inventory
Purchases

$
Ending Inventory
Total COGS $
Gross Profit
Operating Expense
Interest Expense
Purchases Discount
Net Income Before Taxes
Tax
Net Income

$
$
$

183
1278
1,461.00 $
239
1,222.00 $
475
425
13
37.00
6.00
31.00

$
$
$

239
1524
1,763.00
326
1,437.00
576
515
20
41.00
7.00
34.00

Income Statement items as percentage of Sales

Column1
1988
1989
Net Sales
100.00%
100.00%
Cost of Goods Sold
0.00%
0.00%
Beginning Inventory
10.78%
11.87%
Purchases
75.31%
75.71%
86.09%
87.58%
Ending Inventory
14.08%
16.19%
Total COGS
72.01%
71.39%
Gross Profit
27.99%
28.61%
Operating Expense
25.04%
25.58%
Interest Expense
0.77%
0.99%
Net Income Before Taxes
2.18%
2.04%
Provision for Income Taxes
#REF!
#REF!
Net Income
0.35%
0.35%

1990
$

$
$

$
$
$

2,694.00
326
2042
2,368.00
418
1,950.00
744
658
33
53.00
9.00
44.00

1991
$

$
$
$
$
$
$
$
$
$
$
$

3,600.00
418
2,721.78
3,138.87
549.53
2,589.34
1,010.66
900.63
35.81
54.44
128.65
21.87
106.78

ales
1990

1991
100.00%
0.00%
12.10%
75.80%
87.90%
15.52%
72.38%
27.62%
24.42%
1.22%
1.97%
#REF!
0.33%

100.00%
0.00%
11.59%
75.61%
87.19%
15.26%
71.93%
28.07%
25.02%
0.99%
2.06%
#REF!
0.35%

Column1
Cash
A/c Recv., net
Inventory
Current Assets
Property, net
Total Assets

Balance Sheets for Butler Lumber

at Dec. 31 1988-1990
In $ 1000
1988
1989
$
58.00 $
171
239
$
468.00 $
126
$
594.00 $

Notes Payable, bank

Notes Payable, Mr. Stark
Notes Payable, Trade
A/c Payable
Accrued Expenses
Long Term Debt, Current Portion
Current Liabilities
Long Term Debt
Total Liabilities
Net Worth
Total Liabilities + Net Worth

0
105
0
124
24
7
$

$
$

260.00

48.00
222
326
596.00
140
736.00
146
0
0
192
30
7

64
324.00 $
270
594.00 $

Balance Sheet Items as percentage of Sales

Column1
1988
1989
Cash
3.42%
A/c Recv., net
10.08%
Inventory
14.08%
Current Assets
27.58%
Property, net
7.42%
Total Assets
35.00%
0.00%
Notes Payable, bank
0.00%
Notes Payable, Mr. Stark
6.19%
Notes Payable, Trade
0.00%
A/c Payable
7.31%
Accrued Expenses
1.41%
Long Term Debt, Current Portion
0.41%
Current Liabilities
15.32%
Long Term Debt
3.77%
Total Liabilities
19.09%
Net Worth
15.91%
Total Liabilities + Net Worth
35.00%

375.00
57
432.00
304
736.00

2.38%
11.03%
16.19%
29.61%
6.95%
36.56%
0.00%
7.25%
0.00%
0.00%
9.54%
1.49%
0.35%
18.63%
2.83%
21.46%
15.10%
36.56%

Differen
1990
$

$
$

41.00
317
418
776.00
157
933.00
233
0
0
256
39
7

$
$

1991
$
$
$
$
$
$

49.00
431.12
549.53
1,029.65
141.00
1,170.65

$
$
$
$
$
$

247.00
157.00
190.67
31.00
7.00

535.00

632.67

50
585.00
348
933.00

$
$
$
$
$

57.00
689.67
480.98
1,170.65
0.00

1990
1.52%
11.77%
15.52%
28.80%
5.83%
34.63%
0.00%
8.65%
0.00%
0.00%
9.50%
1.45%
0.26%
19.86%
1.86%
21.71%
12.92%
34.63%

Column1
Current Ratio
Debt/Equity Ratio
Debt/Assets
Quick ratio
ROA
ROE
Internal Growth Rate
Sustainable Growth Rate

Interest Coverage Ratio

account receivable to sales
account payable to sales

Days Receivables

29.8245614035
36.3086770982
431.12

Different Ratios
1988
1989
1990
1991 (first quarter)
180.00%
158.93%
145.05%
135.07%
120.00%
142.11%
168.10%
206.44%
54.55%
58.70%
62.70%
67.37%
22.00%
12.80%
7.66%
4.45%
1.01%
0.95%
0.96%
0.18%
2.22%
2.30%
2.59%
0.56%
1.02%
2.27%

3.84615385
10.00%
7.30%

0.96%
2.36%

0.97%
2.65%

0.18%
0.56%

3.05 2.60606061
11.00%
11.80%
9.50%
9.50%

2.1

36.5

40.15

42.7927928

36

43.07

Operating Profit before interest / interest

The Cash Conversion Cycle

1988
239
4.65
51.41

1989
1990
326
418
5.52
7.38
59.11
56.63
55.72

1991
549.53
9.86
55.72

CASH CONVERSION CYCLE

Year
Inventory Conversion Period
Receivable Collection Period
Payables Deferral Period
CCC

1988
124
3
37.04

1988
51.41
36.78
37.04
51.15

1989
1990
192
256
4
5
48.77
47.92
40.29

1989
59.11
40.25
48.77
50.60
51.14

1990
56.63
42.95
47.92
51.66

70.00
60.00

2 Receivable Collection Period / Day Sales Outstanding (DSO)

Year
1988
1989
1990
1991
Receivables
171
222
317
431.12
Sales/365
4.65
5.52
7.38
9.86
RCP
36.78
40.25
42.95
43.71
average
40.92
3 Payables Deferral Periods
Year
Payables
Cost of Goods Sold
PDP
average

80.00

Days

1 Inventory Conversion Period

Year
Inventory
Sales/365
ICP
average

1991
190.67
6.94
27.45

1991
55.72
43.71
27.45
71.97
71.97

50.00
40.00
30.00
20.00
10.00
-

Cash Conversion Cycle

Days

80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
-

1988

Year

1989

Days
1988
1989
1990
1991

51.15
50.60
51.66
71.97

Year

1990

1991

1991

Item
Inventory
Net Sales

1988
239
1,697.00

1989
326
2,013.00

Inventory Conversion Period

Year
Inventory
Sales/365
ICP

1988
239
4.65
51.41

1989
326
5.52
59.11

Item
Acc. Rec.
Net Sales

1988
171
1,697.00

1989
222
2,013.00

Receivable Collection Period / Day Sales Outstanding (DSO)

Year
1988
1989
Receivables
171
222
Sales/365
4.65
5.52
RCP
36.78
40.25

Payables Deferral Periods

Year
Payables
COGS
PDP

1988
124
3.35
37.04

1989
192
3.94
48.77

CASH CONVERSION CYCLE

Year
Inventory Conversion Period
Receivable Collection Period
Payables Deferral Period
CCC

1988
51.41
36.78
37.04
51.15

1989
59.11
40.25
48.77
50.60

1990
418
2,694.00

1991
549.53
3,600.00

1990
418
7.38
56.63

1991
549.53
9.86
55.72

1990
317
2,694.00

1991
236.67
3,600.00

ng (DSO)
1990
317
7.38
42.95

1991
431.12
9.86
43.71

1990
256
5.34
47.92

1991
190.67
6.94
27.45

1990
56.63
42.95
47.92
51.66

1991
55.72
43.71
27.45
71.97

Column1
Net Sales
Cost of Goods Sold
Beginning Inventory
Purchases

Operating Statements for Butler Lumber

Years Ending Dec. 31 1988-1990
In $ 1000
1988
1989
$
1,697.00 $
2,013.00

$
Ending Inventory
Total COGS $
Gross Profit
Operating Expense
Interest Expense
Net Income Before Taxes
Provision for Income Taxes
Net Income

$
$

183
1278
1,461.00
239
1,222.00
475
425
13
37.00
6
31.00

$
$

$
$

239
1524
1,763.00
326
1,437.00
576
515
20
41.00
7
34.00

Income Statement items as percentage of Sales

Column1
1988
1989
Net Sales
100.00%
100.00%
Cost of Goods Sold
0.00%
0.00%
Beginning Inventory
10.78%
11.87%
Purchases
75.31%
75.71%
86.09%
87.58%
Ending Inventory
14.08%
16.19%
Total COGS
72.01%
71.39%
Gross Profit
27.99%
28.61%
Operating Expense
25.04%
25.58%
Interest Expense
0.77%
0.99%
Net Income Before Taxes
2.18%
2.04%
Provision for Income Taxes
0.35%
0.35%
Net Income
1.83%
1.69%

Butler Lumber
1988-1990
1990
$

$
$

$
$

2,694.00
326
2042
2,368.00
418
1,950.00
744
658
33
53.00
9
44.00

ercentage of Sales
1990
100.00%
0.00%
12.10%
75.80%
87.90%
15.52%
72.38%
27.62%
24.42%
1.22%
1.97%
0.33%
1.63%

1991 (first quarter)

$
718.00

$
$

$
$

418
660
1,078.00
556
522.00
196
175
10
11.00
2
9.00

1991 (first quarter)

100.00%
0.00%
58.22%
91.92%
150.14%
77.44%
72.70%
27.30%
24.37%
1.39%
1.53%
0.28%
1.25%

Column1
Cash
A/c Recv., net
Inventory
Current Assets
Property, net
Total Assets
Notes Payable, bank
Notes Payable, Mr. Stark
Notes Payable, Trade
A/c Payable
Accrued Expenses
Long Term Debt, Current Portion
Current Liabilities
Long Term Debt
Total Liabilities
Net Worth
Total Liabilities + Net Worth

Column1
Cash
A/c Recv., net
Inventory
Current Assets
Property, net
Total Assets
Notes Payable, bank
Notes Payable, Mr. Stark
Notes Payable, Trade
A/c Payable
Accrued Expenses
Long Term Debt, Current Portion
Current Liabilities
Long Term Debt
Total Liabilities
Net Worth
Total Liabilities + Net Worth

Balance Sheets for Butler Lumber

at Dec. 31 1988-1990
In $ 1000
1988
1989
$
58.00 $
48.00
171
222
239
326
$
468.00 $
596.00
126
140
$
594.00 $
736.00

$
$
$

0
105
0
124
24
7
260.00 $
64
324.00 $
270
594.00 $

146
0
0
192
30
7
375.00
57
432.00
304
736.00

Balance Sheet Items as percentage of Sales

1988
1989
3.42%
2.38%
10.08%
11.03%
14.08%
16.19%
27.58%
29.61%
7.42%
6.95%
35.00%
36.56%
0.00%
0.00%
0.00%
7.25%
6.19%
0.00%
0.00%
0.00%
7.31%
9.54%
1.41%
1.49%
0.41%
0.35%
15.32%
18.63%
3.77%
2.83%
19.09%
21.46%
15.91%
15.10%
35.00%
36.56%

mber

Differen
1990
$

$
$

$
$
$

1991 (first quarter)

41.00 $
31.00
317
345
418
556
776.00 $
932.00
157
162
933.00 $
1,094.00
233
0
0
256
39
7
535.00 $
50
585.00 $
348
933.00 $

ge of Sales
1990
1.52%
11.77%
15.52%
28.80%
5.83%
34.63%
0.00%
8.65%
0.00%
0.00%
9.50%
1.45%
0.26%
19.86%
1.86%
21.71%
12.92%
34.63%

247
0
157
243
36
7
690.00
47
737.00
357
1,094.00

1991 (first quarter)

4.32%
48.05%
77.44%
129.81%
22.56%
152.37%
0.00%
34.40%
0.00%
21.87%
33.84%
5.01%
0.97%
96.10%
6.55%
102.65%
49.72%
152.37%

Column1
Current Ratio
Debt/Equity Ratio
Debt/Assets
Quick ratio
ROA
ROE
Internal Growth Rate
Sustainable Growth Rate

Interest Coverage Ratio

account receivable to sales
account payable to sales
Days Receivables

Different Ratios
1988
1989
1990
1991 (first quarter)
180.00%
158.93%
145.05%
135.07%
120.00%
142.11%
168.10%
206.44%
54.55%
58.70%
62.70%
67.37%
22.00%
12.80%
7.66%
4.45%
5.22%
4.62%
4.72%
0.82%
11.48%
11.18%
12.64%
2.52%
5.51%
12.97%

3.84615385
10.00%
7.30%
36.5

4.84%
12.59%

4.95%
14.47%

0.83%
2.59%

3.05 2.60606061
11.00%
11.80%
9.50%
9.50%

2.1

40.15

43.07

Operating Profit before interest / interest