Documente Academic
Documente Profesional
Documente Cultură
2002
2003
Net sales
Cost of sales
Gross profit
Research & development
Selling, general, & administrative
Restructuring costs
Operating profit (loss)
Other income (expense)
Income (loss) before taxes
Income taxes (benefit)
Net income (loss)
2004
858,263 $
540,747
317,516
815,979 $
501,458
314,522
756,638
498,879
257,759
77,678
229,971
0
9,867
70,545
223,634
0
20,343
75,417
231,008
0
(48,666)
(4,500)
5,367
1,241
1,065
21,408
8,415
(3,458)
(52,124)
(750)
$4,127
$12,993
($51,374)
($3.25)
$0.77
$0.69
$0.25
($7.57)
$0.25
-5%
-7%
Projected
2005
$
870,000
549,750
320,250
63.00%
37.00%
61.45%
65.93%
63.19%
77,250
211,500
0
31,500
9.05%
26.79%
8.65%
27.41%
9.97%
30.53%
8.88%
24.31%
(4,200)
27,300
9,282
-0.52%
0.63%
0.14%
0.13%
2.62%
1.03%
-0.46%
-6.89%
-0.10%
-0.48%
3.14%
1.07%
$18,018
0.48%
1.59%
-6.79%
2.07%
39.31%
1.44%
34.00%
$0.98
$0.39
15%
27.26%
2003
Cash & equivalents
Accounts receivable
Inventories
Prepaid expenses
Other
Total current assets
2004
13,917 $
208,541
230,342
14,259
22,184
489,242
22,230
187,235
203,888
13,016
20,714
447,082
327,603
167,414
160,190
9,429
15,723
358,841
183,486
175,355
2,099
17,688
674,583 $
642,223
34,196 $
36,449
300
129,374
200,318
71,345
34,239
150
161,633
267,367
Deferred taxes
Long-term debt
Deferred pension costs
Other liabilities
Total liabilities
16,986
9,000
44,790
2,318
273,411
13,769
8,775
64,329
5,444
359,683
18,855
107,874
(6,566)
291,498
18,855
107,907
20,208
146,065
(10,490)
401,172
(10,494)
282,541
674,583 $
642,223
43,496 $
80,270
401,172
282,541
d/e
11%
28%
2005
$
25,665
217,510
217,221
15,011
21,000
496,407
1.62%
24.30%
26.84%
1.66%
2.72%
22.95%
24.99%
1.60%
3.39%
28.75%
28.71%
1.98%
2.58%
25.33%
26.84%
1.75%
2.58%
57.00%
2.54%
54.79%
2.78%
65.61%
2.63%
410,988
205,530
205,458
1,515
17,969
38.17%
51.10%
18.66%
1.10%
1.83%
43.98%
51.13%
21.49%
0.26%
2.17%
54.32%
50.01%
27.15%
0.20%
2.37%
45.49%
50.75%
22.44%
0.20%
2.12%
721,350
74,981
37,527
1,515
183,014
297,037
3.98%
4.25%
0.03%
15.07%
23.34%
8.74%
4.20%
0.02%
19.81%
32.77%
9.91%
4.96%
0.20%
24.19%
39.26%
9.33%
4.47%
0.08%
19.69%
31.79%
16,526
30,021
70,134
7,505
421,224
1.98%
1.05%
5.22%
0.27%
31.86%
1.69%
1.08%
7.88%
0.67%
44.08%
2.18%
3.97%
9.27%
0.99%
55.67%
1.95%
2.03%
7.46%
0.64%
43.87%
18,835
107,889
26,990
156,875
18,835
107,889
18,835
107,889
18,835
107,889
#DIV/0!
(10,464)
300,126
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
721,350
#DIV/0!
106,518
300,126
35%
Assumptions:
2005
2006
2007
15%
2.1%
0.0%
15%
4.0%
0.0%
15%
5.0%
0.0%
2005
2006
2007
Modified Projections
Sales
870.1 $
1,000.7 $
1,150.8
Sources:
Net income
Depreciation
Total
$
$
$
18.1 $
22.5 $
40.6 $
40.0 $
25.5 $
65.5 $
57.5
30.0
87.5
Uses:
Capital expend.
Change in Working capital
Total
$
$
$
43.8 $
19.5 $
63.3 $
50.4 $
22.4 $
72.8 $
57.5
25.8
83.3
$
$
(22.7) $
$
(7.3) $
$
4.2
-
After dividend
Excess cash/(Borrowing needs)
(22.7) $
(7.3) $
4.2
INCOME
For the Years Ended December 31,
2002
2003
Net sales
Cost of sales
Gross profit
Research & development
Selling, general, & administrative
Restructuring costs
Operating profit (loss)
858,263 $
540,747
317,516
815,979 $
501,458
314,522
77,678
229,971
65,448
(55,581)
70,545
223,634
0
20,343
2004
756,638
498,879
257,759
75,417
231,008
89,411
(138,077)
(4,500)
(60,081)
1,241
1,065
21,408
8,415
(3,458)
(141,534)
(750)
($61,322)
$12,993
($140,784)
($3.25)
$0.77
$0.69
$0.25
($7.57)
$0.25
BALANCE
2003
Cash & equivalents
Accounts receivable
Inventories
Prepaid expenses
Other
Total current assets
$
$
2004
13,917 $
208,541
230,342
14,259
22,184
489,242
22,230
187,235
203,888
13,016
20,714
447,082
327,603
167,414
160,190
9,429
15,723
358,841
183,486
175,355
2,099
17,688
674,583
642,223
34,196 $
36,449
300
129,374
200,318
71,345
34,239
150
161,633
267,367
Deferred taxes
Long-term debt
Deferred pension costs
Other liabilities
Total liabilities
16,986
9,000
44,790
2,318
273,411
13,769
8,775
64,329
5,444
359,683
18,855
107,874
(6,566)
291,498
18,855
107,907
20,208
146,065
(10,490)
(10,494)
Debt
Equity
D/E
Excess Debt Capacity
401,172
$
674,583
282,541
$
2003
43,496 $
401,172
11%
116,973 $
0.2915789238
642,223
2004
80,270
282,541
28%
32,747
2008
2009
2010
2011
15%
5.5%
0.0%
15%
6.0%
0.0%
15%
5.6%
0.0%
15%
8.0%
0.0%
2008
2009
2010
Total
2011 2005-11
1,323.4 $
1,521.9 $
1,750.1 $
2,012.7 $
9,629.6
$
$
$
72.8 $
34.5 $
107.3 $
91.3 $
40.5 $
131.8 $
98.0 $
46.5 $
144.5 $
160.0 $
52.5 $
212.5 $
537.8
252.0
789.8
$
$
$
66.2 $
29.6 $
95.8 $
68.5 $
34.0 $
102.4 $
78.8 $
38.5 $
117.3 $
90.6 $
44.3 $
134.9 $
455.7
214.1
669.8
$
$
11.5 $
$
29.4 $
$
27.2 $
$
77.6 $
$
120.0
-
11.5 $
29.4 $
27.2 $
77.6 $
120.0
2006
2007
2008
Projected
2005
$
870,133 $
549,834
320,299
77,250
211,500
0
31,549
1,000,653 $
603,394
397,259
90,565
243,262
63,432
1,150,751 $
676,642
474,109
104,149
279,752
90,209
1,323,364 $
767,551
555,813
119,772
321,714
114,327
2009
1,521,868
872,031
649,838
137,737
369,971
142,129
(4,200)
27,349
9,299
63,432
21,567
90,209
30,671
114,327
38,871
142,129
48,324
$18,050
$41,865
$59,538
$75,456
$93,805
$0.96
$0.00
$2.22
$0.00
$3.16
$0.00
$4.01
$0.00
$4.98
$0.00
2005
$
2006
2007
2008
2009
25,665 $
217,510
217,221
15,011
21,000
496,407
25,810 $
253,469
268,621
17,479
26,346
591,725
29,681 $
291,489
308,914
20,101
30,298
680,483
34,133 $
335,212
355,251
23,116
34,843
782,556
39,253
385,494
408,539
26,584
40,069
899,939
410,988
205,530
205,458
1,515 $
17,969 $
437,990
225,000
212,990
2,001.31 $
20,013.06 $
503,689
255,000
248,689
2,301.50 $
23,015.02 $
575,376
300,000
275,376
2,646.73 $
26,467.27 $
661,682
345,000
316,682
3,043.74
30,437.37
721,350
826,729
954,489
1,087,045
1,250,102
74,981
37,527
1,515
183,014
297,037
16,526
30,021
70,134
7,505
421,224
18,835
107,889
26,990
156,875
26,990
156,875
26,990
156,875
26,990
156,875
26,990
156,875
(10,464)
(10,464)
(10,464)
(10,464)
(10,464)
300,126
$
173,402
173,402
173,402
173,402
2006
106,586 $
300,126 $
36%
13,465 $
2007
106,586 $
342,238 $
31%
30,310 $
2008
106,586 $
457,544 $
23%
76,432 $
2009
106,586
751,291
14%
193,931
721,350
2005
99,318 $
300,126 $
33%
20,732 $
Cost of Capital
WACC
Debt
Equity
Debt COC
Equity COC
Tax rate
Risk free rate
Assume:
Sales Growth Rate:
D/E Maximum
Dividend Payout Ratio
2010
$
1,750,149 $
1,013,336
736,813
158,398
425,467
152,947
2011
2,012,671
1,092,880
919,791
182,158
489,287
248,346
152,947
52,002
248,346
84,437
$100,945
$163,908
$5.36
$0.00
$8.70
$0.00
2010
$
$
$
$
2011
45,141 $
443,318
469,820
30,571
46,080
1,034,930
51,912
509,816
540,293
35,157
52,991
1,190,169
684,841
405,000
279,841
3,500.30 $
35,002.97 $
787,567
465,000
322,567
4,025.34
40,253.42
1,353,274
Other Income %
Tax rate
Balance Sheet
Cash & equivalents
Accounts receivable
Inventories
Prepaid expenses
Other
Depreciation
Intangible Assets
Other assets
1,557,015
Accounts payable
Accruals and other
Deferred taxes
Deferred pension costs
Other liabilities
26,990
156,875
26,990
156,875
(10,464)
(10,464)
173,402
$
$
$
2010
106,586 $
1,023,618 $
10%
302,862 $
173,402
2011
106,586
1,800,045
6%
613,432
8.844%
28%
72%
5%
11%
34%
4.30%
Goals:
40% max CAD/CAM bu
75%
Int'l busine
50%
Acquisitions: .5 new prods
SG of
15%
15%
40%
0%
ent Assumptions
15%
63%
37%
9%
24%
34%
%Sales
2.58%
25.33%
26.84%
1.75%
2.63%
51.10%
0.20%
2%
4.3%
21.0%
1.9%
8.1%
0.9%
18,835
107,889
26,990
(10,464)
Assumptions:
2005
2006
2007
15%
2.1%
0.0%
15%
4.0%
0.0%
15%
5.0%
0.0%
2005
2006
2007
Modified Projections
Sales
870.1
1,000.7
1,150.8
Sources:
Net income
Depreciation
Total
$
$
$
18.1
22.5
40.6
$
$
$
40.0
25.5
65.5
$
$
$
57.5
30.0
87.5
Uses:
Capital expend.
Change in Working capital
Total
$
$
$
43.8
19.5
63.3
$
$
$
50.4
22.4
72.8
$
$
$
57.5
25.8
83.3
$
$
(22.7) $
$
(7.3) $
$
4.2
-
After dividend
Excess cash/(Borrowing needs)
(22.7) $
(7.3) $
4.2
2008
2009
2010
2011
15%
5.5%
0.0%
15%
6.0%
0.0%
15%
5.6%
0.0%
15%
8.0%
0.0%
2008
2009
2010
Total
2011 2005-11
1,323.4
1,521.9
1,750.1
2,012.7
9,629.6
$
$
$
72.8
34.5
107.3
$
$
$
91.3
40.5
131.8
$
$
$
98.0
46.5
144.5
$
$
$
160.0
52.5
212.5
$
$
$
537.8
252.0
789.8
$
$
$
66.2
29.6
95.8
$
$
$
68.5
34.0
102.4
$
$
$
78.8
38.5
117.3
$
$
$
90.6
44.3
134.9
$
$
$
455.7
214.1
669.8
$
$
11.5 $
$
29.4 $
$
27.2 $
$
77.6 $
$
120.0
-
11.5
29.4
27.2
77.6
120.0
Cost of Capital
WACC
Debt
Equity
Debt COC
Equity COC
Tax rate
Risk free rate
Assume:
Sales Growth Rate:
Dividend Payout Ratio
9.320%
28%
72%
5%
11%
0%
4.30%
15%
0%
Debt
Equity
D/E
2003
2004
2005
2006
2007
43,496 $ 80,270 $ 108,367 $ 135,648 $ 160,206
401,172
282,541
300,126 $ 300,126 $ 300,126
11%
28%
36%
45%
53%
2006
Err:509
33%
34%
34%
35%
36%
36%
2007
Err:509
36%
37%
39%
41%
43%
45%
2008
Err:509
31%
38%
42%
46%
50%
53%
2009
Err:509
23%
33%
43%
49%
55%
62%
14%
21%
31%
46%
58%
67%
40% Payout
2008
2009
2010
2011
$ 185,068 $ 201,349 $ 223,120 $ 225,481
$ 300,126 $ 300,126 $ 300,126 $ 300,126
62%
67%
74%
75%
Debt
Equity
D/E
Excess Debt Capacity
0% Payout
2010
Err:509
2011
Err:509
10%
16%
26%
47%
62%
74%
6%
9%
14%
24%
42%
75%
2010
2011
Err:509
Err:509
10%
16%
26%
47%
62%
74%
6%
9%
14%
24%
42%
75%
Debt
Equity
D/E
Excess Debt Capacity
2003
2004
2005
2006
2007
2008
2009
2010
$ 43,496 $ 80,270
###
###
###
###
###
###
401,172 282,541 300,126
###
###
###
###
###
11%
28%
36%
43%
50%
55%
58%
62%
### $ 32,747 $ 13,493 $ (9,785) $(28,589) $(46,173) $(53,323) $(65,293)
2003
2004
2005
2006
2007
2008
$ 43,496 $ 80,270 $ 99,318
###
###
###
401,172 282,541 300,126
###
###
###
11%
28%
33%
36%
31%
23%
### $ 32,747 $ 20,732 $ 13,465 $ 30,310 $ 76,432
2009
###
###
14%
###
2010
###
###
10%
###
2011
###
###
42%
$(10,734)
2011
###
###
6%
###
Low
Sales Growth Rate*
Dividend Payout Ratio
D/E
Projection Assumptions
Medium
High
*
3%
7.80%
15%
0%
20%
0%
0%
20.00%
40%
Dividend Payout %
Dividend Payout %
Dividend Payout %
7.5%
12%
15%
2010
27.2
17.4
7.6
(2.2)
(12.0)
(21.8)
20%
25%
20%
25%
2011
77.6
61.6
45.6
29.6
13.6
(2.4)
30%
30%
2009
14%
21%
31%
46%
58%
67%
2010
10%
16%
26%
47%
62%
74%
2011
6%
9%
14%
24%
42%
75%