classicfixturessolution.xlsx

classicfixturessolution.xlsx - Exhibit 1 Year 2008...

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Exhibit 1 Year 2008 Forecasted Monthly Income Statements Actual 2008 ($ in thousands) 2007 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year Net sales 881,424 56,330 62,410 73,160 89,140 92,250 98,110 99,580 91,470 82,490 69,530 53,640 52,890 921,000 Cost of goods sold 590,106 37,854 41,940 49,164 59,902 61,992 65,930 66,918 61,468 55,433 46,724 36,046 35,541 618,912 Gross profit 291,318 18,476 20,470 23,996 29,238 30,258 32,180 32,662 30,002 27,057 22,806 17,594 17,349 302,088 Selling, general & administrative expenses 208,392 17,900 17,900 17,900 17,900 17,900 17,900 17,900 17,900 17,900 17,900 17,900 17,900 214,800 Operating income 82,926 576 2,570 6,096 11,338 12,358 14,280 14,762 12,102 9,157 4,906 -306 -551 87,288 Interest expense 8,587 539 621 736 786 784 760 679 571 533 533 533 528 7,603 Income before income taxes 74,339 37 1,949 5,360 10,552 11,574 13,520 14,083 11,531 8,624 4,373 -839 -1,079 79,685 Income taxes 26,911 26 703 1,914 3,776 4,144 4,847 5,062 4,158 3,117 1,587 -289 -376 28,669 Net income 47,428 11 1,246 3,446 6,776 7,430 8,673 9,021 7,373 5,507 2,786 -550 -703 51,016 Dividends 16,000 4,400 4,400 4,400 4,400 17,600 Addition to retained earnings 31,428 11 1,246 -954 6,776 7,430 4,273 9,021 7,373 1,107 2,786 -550 -5,103 33,416 Cumulative addition to retained earnings 11 1,257 303 7,079 14,509 18,782 27,803 35,176 36,283 39,069 38,519 33,416
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Exhibit 2 Year 2008 Forecasted Monthly Balance Sheets Actual 2008 ($ in thousands) 12-31-2007 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cash 107,067 88,202 86,520 87,030 87,540 88,050 88,570 89,080 89,540 97,373 116,620 127,043 112,400 104,409 107,830 118,740 135,570 162,300 181,390 190,360 197,690 191,050 173,960 152,050 123,170 106,530 Inventories 121,670 135,442 145,128 147,590 139,639 129,598 115,619 100,982 91,795 88,643 94,535 111,105 128,180 Other current assets 19,744 19,774 19,803 19,833 19,864 19,895 19,927 19,957 19,988 20,017 20,041 20,062 20,080 Current assets 352,890 351,248 370,191 390,023 409,343 418,933 414,476 407,709 392,373 379,993 383,246 381,380 367,190 Net plant & equipment 165,681 167,335 170,104 171,919 175,264 176,893 178,157 179,472 180,791 181,396 182,648 183,843 184,636 Total assets 518,571 518,583 540,295 561,942 584,607 595,826 592,633 587,181 573,164 561,389 565,894 565,223 551,826 18,247 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 0 36 19,665 47,313 59,341 58,835 54,450 34,834 9,051 0 0 0 0 0 26 729 -4,524 -748 3,396 1,076 6,138 10,296 6,245 7,832 7,543 0 Other current liabilities 27,597 27,683 27,817 28,023 28,108 28,259 28,398 28,479 28,714 28,934 29,066 29,234 29,383 Current liabilities 45,844 45,845 66,311 88,912 104,801 108,590 102,024 87,551 66,161 53,279 54,998 54,877 47,483 86,250 86,250 86,250 86,250 86,250 86,250 85,350 85,350 85,350 85,350 85,350 85,350 84,450 Common stock 81,639 81,639 81,639 81,639 81,639 81,639 81,639 81,639 81,639 81,639 81,639 81,639 81,639 Retained earnings 304,838 304,849 306,095 305,141 311,917 319,347 323,620 332,641 340,014 341,121 343,907 343,357 338,254 Owners' equity 386,477 386,488 387,734 386,780 393,556 400,986 405,259 414,280 421,653 422,760 425,546 424,996 419,893 Total liabilities & owners' equity 518,571 518,583 540,295 561,942 584,607 595,826 592,633 587,181 573,164 561,389 565,894 565,223 551,826 a. Assumes a 2 month collection period b. Assumes a 1 month payment period on purchases c. The interest rate on short-term bank debt is 5% d. Estimated taxes of $7,167,250 are paid in March, June, September, and December, based on forecasted year 2008 income taxes e. The interest rate on long-term debt is 7.5% Exhibit 2 (Continued - Forecasted Monthly Inventories) 2008 ($ in thousands) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Raw materials Beginning balance 24,150 24,150 24,150 24,150 24,150 24,150 24,150 24,150 24,150 24,150 24,150 24,150 + Purchases 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 - Transfers to work in progress 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 Ending balance 24,150 24,150 24,150 24,150 24,150 24,150 24,150 24,150 24,150 24,150 24,150 24,150 Work in progress Beginning balance 36,103 36,103 36,103 36,103 36,103 36,103 36,103 36,103 36,103 36,103 36,103 36,103 + Additions from raw materials 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 18,100 + Direct labor 11,861 11,861 11,861 11,861 11,861 11,861 11,861 11,861 11,861 11,861 11,861 11,861 + Manufacturing overhead 21,665 21,665 21,665 21,990 21,990 21,990 22,320 22,320 22,320 22,655 22,655 22,655 - Transfers to finished goods 51,626 51,626 51,626 51,951 51,951 51,951 52,281 52,281 52,281 52,616 52,616 52,616 Ending balance 36,103 36,103 36,103 36,103 36,103 36,103 36,103 36,103 36,103 36,103 36,103 36,103 Finished goods Beginning balance 61,417 75,189 84,875 87,337 79,386 69,345 55,366 40,729 31,542 28,390 34,282 50,852 + Additions from work in progress 51,626 51,626 51,626 51,951 51,951 51,951 52,281 52,281 52,281 52,616 52,616 52,616 - Cost of goods sold 37,854 41,940 49,164 59,902 61,992 65,930 66,918 61,468 55,433 46,724 36,046 35,541 Ending balance 75,189 84,875 87,337 79,386 69,345 55,366 40,729 31,542 28,390 34,282 50,852 67,927 Total ending inventories 135,442 145,128 147,590 139,639 129,598 115,619 100,982 91,795 88,643 94,535 111,105 128,180 Accounts receivable a Accounts payable b Short-term bank debt c Income taxes payable d Long-term debt e
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Exhibit 3 Year 2008 Actual Monthly Income Statements Actual 2008 ($ in thousands) 2007 Jan Feb Mar Apr May Jun Jul Net sales 881,424 55,496 60,204 68,320 80,507 81,593 84,868 84,760 Cost of goods sold 590,106 37,260 40,379 45,897 54,149 54,855 57,125 57,017 Gross profit 291,318 18,236 19,825 22,423 26,358 26,738 27,743 27,743 Selling, general & administrative expenses 208,392 17,914 17,897 17,922 17,906 17,918 17,873 17,909 Operating income 82,926 322 1,928 4,501 8,452 8,820 9,870 9,834 Interest expense 8,587 542 624 751 818 844 867 833
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