Total Operating Costs 3687 Earnings before interest and taxes EBIT 318 Less

# Total operating costs 3687 earnings before interest

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Total Operating Costs \$368.7 ------- Earnings before interest and taxes (EBIT) \$31.8 Less Interest 6.6 ------- Earnings Before Taxes (EBT) \$25.2 Taxes 10.1 ------- Net Income before preferred dividends \$15.1 Preferred dividends 0.8 ------- Net income available to common stockholders \$14.3 ======= Common dividends \$2.9 Addition to retained earnings \$11.5 ======= EPS 2.30 DPS 0.46 ========= =========== ================== ======== ========== Cur Ratio 1.41 Profit Margin on Sales 3.58% Quick Rati 0.58 Basic earning pwr ratio 14.55% Inv. Turno 5.40 Return on Capital 13.18% TA Turnove 1.83 Return on Assets 6.55% D/A ratio 59.1% Book Value per Share \$12.74 P/E ratio 13.3 Market/Book Ratio 2.39 E/P ratio 7.54% TIE Ratio 4.82 PO Ratio 20.0% ROE 18.1% Capital Structure: BV \$ BV % MV \$ MV %

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LT Debt 40.00 30.9% 48.36 19.5% Preferred 10.00 7.7% 10.00 4.0% Common 79.30 61.3% 189.90 76.5% ----------- ------------------ -------- ---------- Total 129.30 100.0% 248.26 100.0% ============ Regression Method for Determining the Historical Growth Rat (1) Convert DPS to @ln(DPS) and then run a regression betwe (the x variable) and the natural log of dividends (the Y (2) The regression coefficient is the exponent in the expre (3) Find the growth rate as @exp(x) - 1. 17.75% 14.87% DPS Ln(DPS) 12.00% 1991 \$0.12 -2.1203 1992 0.30 -1.2040 13.44% 1993 0.30 -1.2040 ============ 1994 0.33 -1.1087 1995 0.46 -0.7765 8.00% Regression Output: Constant -555.9 10.57% Std Err of Y Est 0.2745 11.10% R Squared 0.7741 \$25.58 No. of Observations 5 Degrees of Freedom 3 Project's Cost X Coefficient(s) 0.2783 \$25.00 Std Err of Coef. 0.0868 15.00 0.00 0.00 @EXP(X coeficient) = 1.3209 ------------ Growth rate = 32.1% \$40.00 ============ Point-to-Point Growth Rate based on @RATE: 30.00% g = 39.9% 5.00% 65.00%

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17.75% 14.87% 12.00% ------ 13.44% ====== 18.50% 2.50% 0.16 21.35 0.75% 18.50% 8.00% 8.00% Increase: 0.96% 4.31% ------------
(Millions) \$39.0 14.7 35.5 ------ \$89.2 40.0 10.0 20.0 59.3 ------ \$218.5 ======= ================ ================

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0 10 20 30 40 50 60 70 80 90 0.08 0.09 0.1 0.11 0.12 0.13 0.14 0.15 ACE REPAIR, INC MCC and IOS Schedules (Incl. Depr.) MCC IOS Dollars Raised and Invested WACC and IRR
• Spring '09
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