Key Financial Items

Cash
Receivables
Inventory
Total Current Assets
Total Assets
Total Current Liabilities
Total Liabilities
Total Stockholder Equity
Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense

2007
758
5565
4760
11935
28603
7523
19160
9443
43917
29260
3264
2676
1654
218

2008
716
5776
5343
12928
31392
8314
20327
11065
48163
31790
3519
2960
1841
246

2009
2245
5497
5384
13922
32293
8220
19264
13029
46839
31445
3601
3031
3198
280

2010
1648
6226
5838
14405
34995
9588
20790
14205
52620
34927
4296
3860
2408
334

2011
813
6757
6254
14706
37349
11117
21716
15633
59490
39399
5041
4497
2787
396

Sales g:
Dollar Amounts
Cash
Receivables
Inventory
Other Current Assets
Total Current Assets
Net Fixed Assets
Total Assets

2007
758
5565
4760

2008
716
5776
5343

2009
2245
5497
5384

2.00%

2010
1648
6226
5838

2011
813
6757
6254

852
1093
796
693
882
11935
12928
13922
14405
14706
16668
18464
18371
20590
22643
28603
31392
32293
34995
37349

Total Current Liabilities

Total Long-term Liabilities
Total Liabilities
Total Stockholder Equity
Total Liabilities+Stockholder Equity

7523
8314
8220
9588
11117
11637
12013
11044
11202
10599
19160
20327
19264
20790
21716
9443
11065
13029
14205
15633
0
0
0
0
0

Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense
Dividend Payout Ratio
Percent of Sales
Cash
Receivables
Inventory
Other Current Assets
Total Current Assets
Net Fixed Assets
Total Assets

43917
29260
3264
2676
1654
218

48163
31790
3519
2960
1841
246

13.18% 13.36%

2007

2008

46839
31445
3601
3031
3198
280

52620
34927
4296
3860
2408
334

59490
39399
5041
4497
2787
396

Average

8.76% 13.87% 14.21% 12.68%

2009

2010

2011 Average

12.67% 11.99% 11.74% 11.83% 11.36% 11.92%

10.84% 11.09% 11.49% 11.09% 10.51% 11.01%
1.94% 2.27% 1.70% 1.32% 1.48% 1.74%
17.13% 17.26% 17.55% 18.22% 18.69% 17.77%

Total Current Liabilities

Total Long-term Liabilities
Total Liabilities
Total Stockholder Equity
Total Liabilities+Stockholder Equity

Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense

###
###
###
###
### 100.00%
66.63% 66.01% 67.13% 66.38% 66.23% 66.47%
7.43% 7.31% 7.69% 8.16% 8.47% 7.81%
6.09% 6.15% 6.47% 7.34% 7.56% 6.72%
3.77% 3.82% 6.83% 4.58% 4.68% 4.74%
-

2012
2013
2014
2015
2016
2338.32 4947.50 7608.86
###
###
7231.87 7376.50 7524.03 7674.52 7828.01
6254
6254
6254
6254
6254
1056.85 1077.99 1099.55 1121.54 1143.97
10627.04
###
###
###
###
22643.00
###
###
###
###
33270.04
###
###
###
###
10782.80
10599.00
21381.80
18142.24

###
###
###
###

###
###
###
###

###
###
###
###

###
###
###
###

60679.80
###
###
###
###
40333.86
###
###
###
###
4740.86 4835.68 4932.39 5031.04 5131.66
4078.30 4159.86 4243.06 4327.92 4414.48
2873.47 2930.94 2989.56 3049.35 3110.33
364.36 371.64 379.08 386.66 394.39
A2RE 2509.11 2559.29 2610.48 2662.69 2715.94

100.00%

Now
Dividend Expense (in millions)
Dividend per Share

2012
2013
2014
2015
364.22
371.51
378.94 386.52
0.5441804871 0.555072464 0.56617 0.5775
P2015
0.5085865036

0.4848207791

PRICE
11.88237442
r
g
# of Shares (in millio

7.00%
2.50%
669.3

13.08991366
0.462165610.42680154

2016
2017
2018
2019 etc
394.25
0
0
0 etc
0.58905 0.60377 0.61887 0.63434 etc
13.08991366
10.42680154

2007

2008

2009

2010

2011

2012

Current Ratio
1.5865 1.5550 1.6937 1.5024 1.3228 1.5656
Accounts Receiveable Turnover
7.8916 8.3385 8.5208 8.4517 8.8042 8.3906
Average Collection Period (per 360 45.6181 43.1732 42.2496 42.5950 40.8896 42.9052
Inventory Turnover
6.1471 5.9498 5.8405 5.9827 6.2998 6.4497
Days to Sell Inventory (per 360 day58.5642 60.5062 61.6386 60.1735 57.1447 55.8165
Net Profit Margin
0.0377 0.0382 0.0683 0.0458 0.0468 0.0474
Total Asset Turnover
1.5354 1.5342 1.4504 1.5036 1.5928 1.5353

Observing Target's increasing current ratio shows that it is becoming more prepared to pay its debt co

Observing Target's steady increase in A/R Turnover shows that it will take less time to collect an entire balance of A/R on avera

Observing Target's steady decrease in collection period shows that it will take less time to collect an e
Observing Target's increase in inventory turnover shows that it will take more time to turn over an en
Observing Target's decreasing in days to sell inventory shows that it is projected to take less days to t

Observing Target's slight and steady increase in net profit margin shows that it will be able to manage all expenses while gener

Observing Target's decreasing total asset turnover shows that it is becoming less able to use all of its

2013

2014

2015

2016

1.7872 2.0044 2.2175 2.4263

8.3906 8.3906 8.3906 8.3906
42.9052 42.9052 42.9052 42.9052
6.5786 6.7102 6.8444 6.9813
54.7229 53.6497 52.5977 51.5663
0.0474 0.0474 0.0474 0.0474
1.4632 1.3989 1.3411 1.2888

epared to pay its debt coming soon with cash from its most liquid assets.

entire balance of A/R on average.

e less time to collect an entire balance of A/R in a year.

time to turn over an entire balance of Inventory on average.
ted to take less days to turn over an entire balance of inventory once, on average.

nage all expenses while generating sales.

less able to use all of its assets to generate sales.