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ALLIANCE CONCRETE
Income Statements
2002
Income Statement (in thousands of dollars)
Revenue
Cost of goods sold
Gross margin
General and administrative
Earnings before interest and taxes
Interest
Tax
Net income
Additional Data
Yards sold (in thousands)
Average price per yard (in dollars)
Average cost per yard (in dollars)
Depreciation (in thosands of dollars)
2003
2004
1,751
73.66
57.60
5,436
1,850
77.60
60.11
5,762
1,957
82.71
64.26
5,983
2005
185,815
144,594
41,221
17,327
23,894
5,695
18,199
6,210
11,989
2,085
89.12
69.35
6,439
Exhibit 2
ALLIANCE CONCRETE
Balance Sheets
2002
2003
2004
2005
2,837
18,092
3,549
24,478
87,534
112,012
3,330
19,823
4,238
27,391
91,392
118,783
3,043
23,104
4,233
30,380
93,569
123,949
4,180
28,203
4,615
36,998
97,476
134,474
8,891
5,313
14,204
55,000
42,808
112,012
9,609
5,713
15,322
75,000
28,461
118,783
11,067
6,490
17,557
71,000
35,392
123,949
13,534
7,897
21,431
67,000
46,043
134,474
21.80%
5.60%
6.45%
16.87%
22.54%
5.74%
6.93%
28.93%
22.31%
4.76%
6.21%
21.76%
22.18%
6.45%
8.92%
26.04%
51.20
12.84
32.18
1.15
1.47
50.40
13.91
31.54
1.21
1.57
52.10
12.29
32.12
1.31
1.73
55.40
11.65
34.16
1.38
1.91
2.98
49.10%
3.45
3.56
63.14%
3.04
2.91
57.28%
3.01
2.80
49.82%
4.20
2002
2003
2004
2005 Forecast
1,751
73.66
57.60
1,850
77.60
60.11
1,957
82.71
64.26
2,085
89.12
69.35
######
######
28,121
12,482
15,639
4,537
11,102
3,882
7,220
######
######
32,357
13,685
18,672
6,150
12,522
4,288
8,234
######
######
36,107
18,131
17,976
5,964
12,012
4,312
7,700
Assumptions
4,720 % of sales
30,893 rev. * inventory turnover / 365
5,308 cogs * AR turnover / 365
40,922
additional $16 million
planned
87,534 91,392 93,569 97,476 105,976
capital expenditure minus
$7.5 million in depreciation
8,891
5,313
14,204
55,000
42,808
######
9,609
5,713
15,322
75,000
28,461
######
11,067
6,490
17,557
71,000
35,392
######
13,534 15,564
7,897
8,916
21,431 24,480
67,000 67,000
46,043 54,927
###### 146,407
EFN
21.80%
5.60%
6.45%
16.87%
22.54%
5.74%
6.93%
28.93%
22.31%
4.76%
6.21%
21.76%
22.18% 20.73%
6.45% 5.66%
8.92% 8.09%
26.04% 21.64%
51.20
12.84
32.18
1.15
1.47
50.40
13.91
31.54
1.21
1.57
52.10
12.29
32.12
1.31
1.73
55.40
11.65
34.16
1.38
1.91
53.75
11.65
34.16
1.43
1.98
2.98
49%
3.45
3.56
63%
3.04
2.91
57%
3.01
2.80
50%
4.20
2.21
46%
4.21
491
5737
over / 365
0.0411931