Financial Analysis Online

Larry Tomassini
Fisher College of Business
The Ohio State University

Project Index
Introduction
Part 1: Selecting a Company
Part 2: Company Background
Part 3: Overview of the Annual Report
Part 4: The Business Environment
Part 5: The Auditors
Part 6: SEC Form10-K Report
Part 7: Industry Background
Part 8: Operating Activities
Part 9: Analysis of Operating Activities
Part 10: Investing Activities
Part 11: Analysis of Investing Activities
Part 12: Debt Financing
Part 13: Equity Financing
Part 14: Analysis of Financing Activities
Part 15: Comparison to Industry Benchmarks

INTRODUCTION
This project aims to develop your understanding of financial statements and their
use in decision-making. You will assume the role of a financial analyst.
Your task is to study a publicly-held company in order to advise investors
and creditors about the company's future prospects. This project includes
several assignments, each of which comprises a part of the analyst's task.

Part 1: SELECTING A COMPANY

[Maximum Possible Credit = 5 points]
Your first assignment is to select a company for your project. Assume that you have
narrowed the set of companies to these. You should do a quick scan of these
web sites and think about these and other features:
 In what industry(ies) does this company operate?
What do you already know about this industry?
Do you know anyone with whom you could speak that works for this
company or in this industry?
Do you have a special interest in knowing more?
Is this company or industry in the current news?
Is there much information available about this company or industry?
Does this company face interesting business or accounting issues?

In addition to the WWW corporate sites, you should use other electronic
resources and print materials in the Business Library, to collect information
for this project. Some of the electronic sources include:

Hoover's Masterlist Plus -- directory information on thousands of

companies, and links to their on-line web sites. Hoover has other
useful on-line offerings here.
The LEXIS-NEXIS database.
Fortune -- the bi-weekly business magazine published by Time, Inc.
Its annual ranking of the 500 largest American firms--the Fortune 500
is one of the world's most-renowned publications. Now you can search
the Fortune 500 database electronically on the WWW.
Media Logic Economic Indicators -- has hundreds of data series from
1948 to the present, including interest rates, CPI, options prices and
industry group performance information.
Research magazine -- an excellent source of investment ideas.
Published monthly, it offers a comprehensive selection of Standard &
Poor's Research Reports and Mutual Fund Reports, Company
Profiles, Company Fact Sheets, a Wall Street Analysis and 52-Week
Price Charts.
The Securities and Exchange Commission (SEC) -- the primary
regulator of US capital markets has a wealth of information on
publicly-held companies. Foremost among these is the EDGAR
database of corporate information, a complete list of current SEC
filings (10-K's, etc.). You can find a list and description of SEC filing
documents here. This database is the source of many accounting and
investment services on the WWW. Also, the NYU Edgar Project site
provides a historical perspective to the database and assist user access
to the EDGAR files.
SMG's Glossary of Financial Terms -- An excellent on-line glossary.
The section on financial ratios may be particularly helpful in this
project.
Standard Industrial Classification (SIC) codes -- 2-4 digit reference
numbers that are used to organize US businesses and industries. SIC
codes are used as a quick reference in many governmental and
corporate reports, as well as in research databases.
In addition, you may find the following helpful materials in the library:

Standard & Poor's Industry Surveys --- Published quarterly, it covers a

large number of industries and companies. The "Earnings
Supplement" section lists companies within each industry category.
It's ratings of insurance companies is now available on-line.
Value Line Investment Survey --- Updated weekly, it comes in three
parts. The front page of Part I ("Summary & Index") lists about 100
industries and is cross-referenced by page numbers. In Part 3, you
will find the industry information and specific information about
companies in the industry.
Forbes --- publishes an "Annual Report on American Industry" in the
first issue each year. It describes major industries and ranks more
than 1,000 leading companies by profits, growth, and stock market
performance.
The Million Dollar Directory --- published in five volumes by Dun &
Bradstreet Corporation. One of these, "Series Cross-Reference by
Industry," is organized by SIC code numbers. For each SIC code, you
will find many companies with each firm's mailing address.

REQUIRED: Send me an e-mail message that indicates your team number,

the company that you have selected, and a paragraph about why you chose
that company.

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Part 2: COMPANY BACKGROUND

[Maximum Possible Credit = 10 points]
Before you can assess the financial health and prospects of your company,
you must inform yourself about its structure and business activities. This
part focuses on gathering such background information, including some facts
that you will need in later parts of this project. To complete this part, refer to
the list of research resources that you used in part 2, above. If you use the
business library in your research, you should consult with the reference
librarian about available materials. If you are unable to find the source that
you seek, (s)he may be able to recommend an alternative or to get a copy
from another affiliated library.

REQUIRED: Send me an e-mail message with an attached file that

presents the following information in good form:
 your company's name, postal address and (if available) internet
address;
the year in which your company was founded and the state in which it
is incorporated;
the company's independent (external) audit firm;
the company's primary line(s) of business;
the primary and secondary SIC codes for the company [see Pincus,
Theme III, Module 1 for discussion]
size of the company, acompanied by an explanation of the company
characteristics that provide a measure of its size;
the ticker symbol for your company and the stock exchange on which
its shares are listed;
membership of the company's Board of Directors, using whatever
characteristics you think are most relevant to depict the composition
of the Board [briefly explain each]; and
the majority-owned subsidiaries [maximum of four, ranked by size] of
your company.

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Part 3: OVERVIEW OF THE ANNUAL REPORT

[Maximum Possible Credit = 15 points]
Locate the most recent annual report for your company, either on the WWW
or in another electronic source (e.g., LEXIS-NEXIS). Review the major
sections of this report to familiarize yourself with the content of each and the
role of accounting information in the report. Typically, you will find six
different sections, discussed below.

Financial Highlights: This summary may cover 10 years or more and

include some graphical presentation. These are not complete financial
statements, but merely a summary of key financial information.
Company and Products: Usually, this is a lengthy section of public
relations information. This is an opportunity for the company to tout
its products and operations.
Management Discussion and Analysis: In this section, often called
"MD&A," management identifies significant events, trends and
developments affecting the firm from the viewpoint of top
management.
Financial Statements and Footnotes: As a norm, companies will
present a balance sheet, an income statement, a statement of cash
flows, and a statement of stockholders' equity or retained earnings.
 Frequently, the term "Consolidated" is used to indicate that the
financial results of the subsidiaries have been combined with those of
the parent company. The footnotes (or "notes") are an integral part of
the financial statements and disclose accounting methods used by the
company. In addition, the notes provide more details regarding
certain transactions or disclose matters not otherwise included in the
financial statements.
Statement of Management Responsibility and the Report of the
Independent Accountants: These reveal the role of management in
presenting financial statements and the opinion of third-party
auditors. The latter have the task to issue an opinion on the extent to
which the financial statements are fair presentations of the firm.
Basic Company Facts: Toward the end of the annual report, the
company presents a few pages of basic facts (names of officers and
directors, stock exchange information, etc.).

REQUIRED:

Send me an e-mail message that indicates whether there were any

substantial deviations in your company's annual report from the six
sections, noted above. Also, attach a written response to the following
questions, in good form.
Review the most recent year-end balance sheet of the company and
indicate the following:
the amount of total current assets;
the amount of total non-current assets;
the amount of total current liabilities;
the amount of total non-current liabilities; and
the amount of total stockholders' equity.

For each of the above, note whether this was an increase, a decrease,
or no change from the previous year-end balance sheet.

Review the most recent year's income statement and indicate the
following:
total (operating) revenues;
cost of goods sold (if listed);
total expenses (before income taxes)
any non-operating (or extraordinary) gains and losses; and
earnings per common share.

For each of the above, note whether this was an increase, a decrease,
or no change from the previous year's income statement.

Review the statement of cash flows for the most recent year and
indicate the following:
 if the company use the direct or indirect method of presenting
this statement;
net cash inflow (outflow) from operating activities;
net cash inflow (outflow) from financing activities;
net cash inflow (outflow) from investing activities; and
net increase (decrease) in cash during the year.

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Part 4: THE BUSINESS ENVIRONMENT

[Maximum Possible Credit = 10 points]
Now it's time for you to read some current articles about the business
environment in which your company is operating. The environment to which
I refer entails economic, legal and socio-political factors. Understanding how
these factors influence the company's operations and business strategy will
enable you to have a richer basis for interpreting its financial picture. For
example, anticipated sales may vary according to various regulatory
constraints (e.g., polution controls on automobiles) and legal proceedings
(e.g., a patent infringement suit). Your task is to use electronic and other
library resources to find out what you can about your company's business
environment. The principal electronic source for you is the LEXIS-NEXIS
database.

Among the resources you may consult in the library are the following search
indices:

ABI-Inform (on CD-ROM, on the WWW, and on LEXIS-NEXIS)

Accountants Index
Business Newsbank (on CD-ROM)
Business Periodicals Index
The Wall Street Joumal Index

REQUIRED:

Find and read two recent articles about your company.

Write a short summary (100-150 words) of each article, and briefly
explain what you learned from the article about the company's
business environment. Be sure to provide a reference citation for each
article.
Send me an e-mail message with an attached file that includes your
summaries.
 Return to project index

Part 5: THE AUDITORS

[Maximum Possible Credit = 15 points]
Most of this project focuses on your selected company and its financial
statements. In our capital markets, public accounting firms perform an
important audit (attest) function to provide confidence in the integrity of
those statements. To appreciate the attest function, this assignment focuses
your attention on the auditors of your company's financial statements. You
will do some research on the accounting firm and, as a result, learn more
about what is happening in the public accounting profession.

REQUIRED:

Using both library and electronic resources (e.g., those mentioned in

part 1 and in part 4 of this project), do research on the accounting
firm that audits your company. If the auditors are a "Big 6" firm, you
may find some useful information about them on the WWW. Find
and document the following:
the name of your company's auditors (accounting firm), and
the city in which the audit opinion was signed; and
the size of the accounting firm [use multiple measures, indicate
the source(s) of your data, and briefly explain why you chose
each measure].
Read two recent articles about this audit firm. Then write a short
summary (100-150 words) of each and indicate what you learned
about the audit firm and the public accounting profession from
reading it. Be sure to include a complete reference citation for each
article.
Send me an e-mail message and attach the above documentation and
article summaries in good form.

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Part 6: SEC FORM 10-K REPORT

 [Maximum Possible Credit = 15 points]
In this part of the project, you compare a company's annual report to
stockholders with its SEC Form 10-K. The latter must be submitted to the
Securities and Exchange Commission (SEC) annually. [You can find out
more about the SEC here.] In general, companies having assets of $1 million
or more and 500 or more stockholders are subject to SEC regulation if their
securities (e.g., stocks or bonds) are traded publicly. Those mandate that the
company ("registrant") file regular reports with the Commission. The three
most commonly used are:

Form 10-Q (the quarterly report to the SEC);

Form 10-K (the annual report to the SEC); and
Form 8-K (a report of unscheduled events or corporate changes
important to shareholders or the SEC). These are filed only as needed
(e.g., when a company changes independent auditors).

The SEC Form 10-K Report typically includes 14 sections:

Business
Properties
Legal Proceedings
Submission of Matters to Vote of Security Holders
Market for the Registrant's Common Equity and Related Stockholder
Matters
Selected Financial Data
Management's Discussion and Analysis of Financial Condition and
Results of Operations
Financial Statements and Supplementary Data
Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
Directors and Executive Officers of the Registrant
Executive Compensation
Security Ownership of Certain Beneficial Owners and Management
Certain Relationships and Related Transactions
Exhibits, Financial Statement Schedules, and Reports on Form 8-K

REQUIRED:

Find your company's most recent Form 10-K filing in Edgar or

another source.
Send me an e-mail message that indicates whether there were any
substantial deviations in your company's 10-K from the 14 sections,
noted above. Also, attach a written response to the following
questions, in good form.
What, in your opinion, were the three most useful sections of this 10-
K? Briefly explain.
 What are the most significant ways in which the annual report and
the SEC 10-K differ? Discuss why you think these differences exist
and if they are appropriate.

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Part 7: INDUSTRY BACKGROUND

[Maximum Possible Credit = 15 points]
To this point, you have learned quite a bit about your chosen company. Now,
we shift our focus to gather some background material on the primary
industry(ies) in which the company operates. Knowledge of key industry
trends and benchmark performance data allow you to compare your specific
firm with similar companies with which it competes. Thus, you will be able to
interpret your company's financial health and prospects in a more useful and
relative performance sense. Your task is to use electronic and other library
resources to learn about these industry data. The principal electronic source
for you is the LEXIS-NEXIS database.

In addition to the research resources listed in part 1 of this assignment (e.g.,

Standard & Poor's and Value Line), there are other useful references that
focus on industry data. Among these are:

US Industrial Outlook, published annually by the US Department of

Commerce contains industry reviews, analyses and forecasts for 350
industries. It also provides a profile of international competitiveness
for each industry. Some of these are available on the WWW, so you
may want to do a search there before you head off to the library.
Links to a few are here to get you started.
Ed Yardeni's Economics Network is a good source. In particular, his
Economic Chart Room has some worthwhile current data for certain
industries.
Predicast Forecasts --- organizes its industry forecasts by SIC Code
and provides estimates of industry sales and annual growth rates.

Also, in addition to the news resources in part 4, most major industries have
trade magazines (such Advertising Age). You may find information in these
sources that give you insight into particular issues facing your company.

REQUIRED:
 Do research on the industry in which your company operates. If it
does business in more than one industry, study at least the major
industry in which it operates.
Based on your research, write a synopsis (approx. 500-750 words)
about the major trends and developments that are occurring the
industry. Be sure to cite the source(s) you used to get this information.
Send me an e-mail message with an attached file that includes your
synopsis.

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Part 8: OPERATING ACTIVITIES

[Maximum Possible Credit = 25 points]
The purpose of this part is to review the operating activities of your
company. By definition, these activities are the central focus of the company.
Your review will cover the income statement, as well as the related parts of
the balance sheet and statement of cash flows, and will emphasize the
elements most affected by operating activities.

REQUIRED: Send me an e-mail message and attach a paper that reports

your responses to the following:

Review your company's income statement (and related footnote

disclosures) for the past two years and prepare an exhibit that
summarizes the following information for each year:
Sales revenue;
Cost of goods sold;
Operating expenses;
Income taxes;
Net income (loss); and
Earnings per share.
Did your company have any extraordinary gains or losses, income
from discontinued operations, or cumulative effects of accounting
changes during these two years? If so, list and briefly describe them
(hint: check footnotes for details).
Review your company's statement of cash flows (and related footnote
disclosures) for the past two years. Compare the cash flow from
operatng activities to the income from continuing operations for each
year. Indicate the amount by which they differ, and explain in 100
words or less why they differ.
 Review your company's two most recent year-end balance sheets (and
related footnote disclosures) for your company, prepare an exhibit
that summarizes the following information for each one:
Allowance for bad debts as a percentage of ending accounts
receivable (gross);
Balance in accounts receivable (net);
Balance in inventory(ies);
Balance in income taxes payable;
Balance in deferred income taxes.
Briefly describe the accounting methods used revenues, accounts
receivable, and inventory.
Indicate amount, if any, of the LIFO reserves or liquidations disclosed
in the footnotes to your financial statements for the past two years.
Whether or not you find any, briefly explain what these are and why
they occur.

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Part 9: ANALYSIS OF OPERATING

ACTIVITIES
[Maximum Possible Credit = 25 points]
Analysts frequently use accounting information to assess the operating
effectiveness and efficiency of a company. In this assignment, you will
analyze certain trends in your company's operating results and ratios to
make this preliminary assessment.

REQUIRED: Send me an e-mail message and attach a paper that reports

your responses to the following:

Using the review of your company's financial statements for the past
two years, prepare an exhibit that summarizes the following
information for each year:
Gross profit margin (%);
Operating profit margin (%);
Net profit margin (%)
Receivables turnover;
Inventory turnover;
Asset turnover; and
Rate of return on total stockholders' equity.
 From the computations above and any other data you observe, what
specific trends (if any) do you observe? Briefly discuss the
implications of each.
Briefly discuss the difference between the concepts of effectiveness
and efficiency for a company's operations. Give an example of each.
Based upon your review of the past two years' financial statements for
your company, describe the its overall operating effectiveness.
Document the accounting numbers or ratios that support your
conclusion.
Based upon your review of the past two years' financial statements for
your company, describe the its overall operating efficiency. Document
the accounting numbers or ratios that support your conclusion.

Part 10: INVESTING ACTIVITIES

[Maximum Possible Credit = 25 points]
The purpose of this part is to review the investing activities in which your
company engages. This will focus your attention on the acquisition, use and
disposal of noncurrent assets in the balance sheet and the related accounts in
the other financial statements. By reviewing these data, you begin to evaluate
the investment decision-making and strategies of the firm's management.

REQUIRED: Review your company's financial statements and footnotes

for the past two years. Send me an e-mail message and attach a paper that
reports your responses to the following:

For each non-current asset account, list the ending balance for the two
year-ends and the % change in each account from the beginning of
each year.
Briefly describe the reasons for any account balance change (increase
or decrease) exceeding 5%, and indicate the source of your
information for each. Discuss what this tells you about the recent
investing decisions of your company.
Compute the proportion of total assets that are non-current for each
of the past two year-ends. What does this tell you about your
company's business and strategy? Briefly discuss.
Briefly describe the accounting policies that your firm uses for each
non-current asset. If the methods are different, discuss whether these
different methods are appropriate and support your reasoning (don't
just give a one sentence opinion).
The issue of whether or not to capitalize costs is a controversial one in
financial reporting. For example, some interest costs are expensed,
and others are capitalized. Some product development costs are
expensed, and others are capitalized. Give an example of a item that
your company capitalizes and another that it expenses, and present a
 brief conceptual argument against these accounting methods (i.e., in
favor of the opposite treatment).

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Part 11: ANALYSIS OF INVESTING

ACTIVITIES
[Maximum Possible Credit = 25 points]
In this assignment, you will analyze the information on investing activities
that you collected in the previous part. This analysis provides you an
opportunity to consider more deeply the relations and meaning of the
numbers.

REQUIRED: Review your company's financial statements and footnotes

for the past two years. Send me an e-mail message and attach a paper that
reports your responses to the following:

Compute your company's rate of return on total assets for the past
two years
on an accural basis (i.e., using an income measure); and
on a cash flow basis (i.e., using cash flows from operating
activities).
How do these return on asset ratios compare, and which is more
indicative of the firm's financial performance? Briefly explain.
What do these ratios tell you about your company's investing
decisions in recent years?
Briefly discuss what else you would need to know to requirement 3
more completely. Where could you find this information?
Consider information that your company discloses about its segments
(choose at least type: divisions, product lines, or geographical
regions). For the type you choose, indicate the operating profits of
each (by division, by product, etc.) for the past two years.
What additional insights do you get about your company's
investments when you view the company by segments, as opposed to a
consolidated look at all assets? Explain and give at least one example
of an insight you gained from your segment analysis. (More than one
would be even better!)
To what extent do different sections of the annual report or of SEC
form 10-K enable you to assess the future prospects of a particular
business segment. [For example, compare the financial statement
 numbers and footnotes to the Management Discussion and Analysis
section.]

Part 12: DEBT FINANCING

[Maximum Possible Credit = 25 points]
In this assignment, you study the liabilities and related footnote disclosures
in your company's annual report and SEC Form 10-K filing. This will enable
you to understand the debt financing used by its management.

REQUIRED:

Review the liabilities in your company's most recent year-end balance

sheet and compare that with the previous year-end balance sheet.
Send me an e-mail message and attach a paper that reports your
responses to the remaining requirements.
List the current and the non-current liability account balances from
these two balance sheets and compute the increase or decrease for
each during this past year. Be sure to include the totals of current and
non-current liabilities for each balance sheet.
Using footnotes or other published data, indicate which of the
liabilities are interest-bearing and at what rate. Indicate the specific
source where you found this interest rate information.
Does your company have any lease commitments and obligations over
the next five years? If so, briefly summarize the nature and amount of
these.
Does your company have any pension or other post-retirement benefit
obligations in their most recent balance sheet? If so, summarize the
nature and amount of these obligations, and list the total pension
cost/expense for the most recent period (see income statement or
related disclosures). Also, comment briefly on whether the pension
assets are sufficient at this point to meet the current pension
obligation.
Briefly summarize the significant debt financing activities of your
company for the past year.
Are their any contingent liabilities reported or disclosed on the most
recent year-end balance sheet? What implications, if any, do they
have for your company's financial well-being?

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 Part 13: EQUITY FINANCING
[Maximum Possible Credit = 25 points]
In this assignment, you study the stockholders' equity and related footnote
disclosures in your company's annual report and SEC Form 10-K filing. This
will enable you to understand the equity financing used by its management.

REQUIRED:

Review the stockholders' equity section in your company's most

recent year-end balance sheet and compare that with the previous
year-end balance sheet. Send me an e-mail message and attach a
paper that reports your responses to the remaining requirements.
List the stockholders' equity account balances and number of
outstanding shares from these two balance sheets and compute the
increase or decrease for each during this past year.
If your company has more than one class of stock, briefly summarize
the differences in these equity securities. For instance, if the company
has any preferred stock, indicate what features the stock has
(participating, convertible, cumulative, etc.).
What dividends, if any, did your company declare during the past
year? Indicate whether the dividends were paid in cash or stock.
Compute the company's dividend payout ratio and dividend yield
ratio on its common stock for each of the past two years.
Describe any trends in these ratios that the company may have in
recent years. What does this tell you about the company?
Briefly summarize the significant equity financing activities, if any, of
your company for the past year.
Indicate whether the company held any treasury stock at the most
recent balance sheet date. If so, indicate how many shares and the
average cost at which they were purchased.
Does your company have a stock option plan? If so, compute the %
increase in common shares outstanding if all of the existing stock
options were exercised.

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Part 14: ANALYSIS OF FINANCING

ACTIVITIES
[Maximum Possible Credit = 25 points]
The purpose of this assignment is to evaluate the financing decisions and
financing activities that the management of your firm has undertaken.

REQUIRED: Send me an e-mail message and attach a paper that reports

your responses to the following:

Review your company's liabilities and stockholders' equity from the

assignments in parts 12 and 13, and describe briefly your conclusions
about the extent to which your company is using financial leverage.
Did your firm make any material changes in capital structure during
the past year? If so, please describe briefly.
Does your company have any outstanding long-term notes or bonds
payable? If so, describe briefly the characteristics of this debt
(amount, interest payment obligations, and maturity date). Also, find
and report the current bond rating in Moody's Bond Record and the
current bond price (stated as a % of face value) in The Wall Street
Journal or another financial news service. Briefly explain the
implications of this price for the effective interest rate vis-a-vis the
stated interest rate on the bond.
Recall from your reponse to part 2, requirement 7, the ticker symbol
for your company and the stock exchange on which its shares are
listed.
Check the Security APL Quote Server, other investor web sites, or in
in The Wall Street Journal and determine the current market price for
each class of stock outstanding.
Based upon the information you have for your company, compute the
following financial ratios for each of the most recent two years:
Rate of return on total assets
Rate of return on total stockholders' equity
Dividend payout ratio
Times interest earned
Based upon the information you have for your company, compute the
following financial ratios for each of the two most recent year-ends:
Current ratio
Quick ratio
Debt-to-Equity ratio
Briefly comment on the inferences that you draw from the
comparative ratios you computed in 6 and 7, above.

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 Part 15: COMPARISON TO INDUSTRY
BENCHMARKS
[Maximum Possible Credit = 25 points]
Previously, you computed several financial ratios for your company and
compared them over time. This assignment focuses you on a different set of
comparisons--industry benchmarks. In a competitive environment, the
performance of a company relative to its competitors is another important
basis on which to evaluate its financial strength.

Before proceeding with this part, it may be helpful to refer back to your
sources and your responses to part 7. In addition, you will need to consult
other electronic and library sources, such as:

the Annual Statement Studies by Robert Morris Associates, or

Industry Norms and Key Business Ratios, one of many useful services
from Dun & Bradstreet.

Note that different sources provide information on different financial ratios,

so it may be useful to use more than one reference. These references usually
are organized by SIC Code. Before proceeding, review your reponse to part
2, requirement 5, regarding the primary and secondary SIC codes for your
company.

REQUIRED: Send me an e-mail message and attach a paper that reports

your responses to the following:

Review all of the financial ratios that you computed for your company
in parts 8-14, and compare them with the comparable ratios for your
company's industry. For each of these ratios, indicate how well your
company rates in a relative sense and briefly explain your conclusion.
If you cannot find an exact industry norm in these reference
publications, consider looking at two or three competitor firms'
financial statements and computing the same ratios for this
comparison.
Provide a synopsis (approx. 500 words) of your conclusions about the
relative financial performance and health of your company against
industry benchmarks. Support conclusions with reference to specific
data and rationale.

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Copyright ©1997 Lawrence A. Tomassini
All Rights Reserved