Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Exhibit 1
Actual
1980
1981
1982
1983
1984
Net sales
9,740
10,044
11,948
13,970
15,260
Cost of sales
5,836
5,648
6,994
8,304
9,298
3,904
4,396
4,954
5,666
5,962
2,216
2,072
2,470
3,022
3,274
40
108
70
128
120
1,728
2,432
2,554
2,772
2,808
816
972
920
942
842
Net profit
912
1,460
1,634
1,830
1,966
Exhibit 2
ASSETS
Current assets:
Current liabilities
5,762
Accounts payable
654
Accounts receivable
2,540
Accrued expenses
366
246
588
Prepaid expenses
108
1,266
8,998
2,110
Retained profits
9,716
Shareholders' equity
9,916
74
200
11,182
shareholders' equity
11,182
Exhibit 3 Ten-Year Summary of Operations, 1975 - 1984 ($ 000, except per share data)
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Net sales
7,688
8,356
8,526
8,790
9,350
9,740 10,044
11,948
13,970
15,260
Net profit
638
668
742
748
758
912
1,460
1,634
1,830
1,966
Dividends
600
200
280
280
440
440
480
1,220
1,374
1,480
3.19
3.34
3.71
3.74
3.79
4.56
7.3
8.17
9.15
9.83
Exhibit 4
8.30% 8.00% 8.70% 8.50% 8.10% 9.40% 14.50% 13.70% 13.10% 12.90%
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Cash
5,536
5,714
5,396
4,784
4,328
4,098
2,354
Accounts Receivable
1,480
760
734
804
718
604
Inventories
1,124
1,666
2,210
2,752
3,294
Current Liabilities
1,186
1,220
1,242
1,146
6,954
6,920
7,098
7,194
Aug.
Sep.
Oct.
Nov.
Dec.
766
2,050
3,830
5,734
5,762
3,432
6,104
6,164
4,322
2,398
2,540
3,838
2,754
1,670
526
588
608
588
1,422
1,344
1,072
1,216
1,174
1,384
1,340
1,266
6,918
7,196
7,468
7,324
7,566
7,356
7,400
7,624
Exhibit 5
Trading market
Current market price
Indicated dividend yield
Wakefield Co.**
John M. Case
Company
Officomp, Inc.***
OTC
OTC
OTC
---
$22.25
$14.75
$29.25
---
5.50%
8.70%
3.70%
---
Price-earning ratio
1984
9.9
14.6
8.7
7.2
10.5
---
1983
11.8
19.6
6.4
10.2
---
1982
10.4
14.4
10.8
11.9
13.8
---
1984
$24.625-16.25
$14.125-8.125
$33.125-26.5
1983
$18.5-12.125
Price range
$11.5-5.125
$19.75-12.875
(E)
(I)
(E)
(I)
(E)
(I)
(E)
(I)
1984
$2.48
110
$1.62
82
$2.98
177
$9.83
216
1980
$2.26
100
$1.97
100
$1.68
100
$4.56
100
(S)
(I)
(S)
(I)
(S)
(I)
(S)
(I)
1984
$16,427
142
$12,223
108
$18,608
160
$15,260
157
1980
$11,568
100
$11,317
100
$11,630
100
$9,740
100
(N)
(I)
(N)
(I)
(N)
(I)
(N)
(I)
1984
$1,051
117
$501
84
$1,656
178
$1,966
216
1980
$902
100
$600
100
$930
100
$912
100
1984
6.40%
4.10%
8.90%
12.90%
1980
7.80%
5.30%
8.00%
9.40%
1984
16.60%
6.00%
16.90%
19.80%
1983
14.20%
5.70%
15.00%
19.00%
1982
15.40%
8.80%
14.70%
19.20%
Profit/Net worth
$3,995
39%
$1,882
18%
$4,173
29.90%
---
---
$6,318
61%
$8,298
82%
$9,783
70.10%
$9,916
100%
$10,313
100%
$10,180
100%
$13,956
100.00%
$9,916
100%
Total
$9,456
$4,573
$16,234
---
425
310
555
200
*** Producer of broad line of office paper products and desk accessories
**** All companies, December 31, 1984
exhibit 7
Net sales
Earnings before interest and taxes*
Interest expense**
Profit before tax
Taxes
Profit after tax
Add back: noncash charges
Cash flow from operations
Less: increase in working capital
Less: capital expenditures
Available for debt retirement
1985
1986
1987
1988
1989
1990
16,024
3,433
1,675
1,758
274
1,484
240
1,724
156
120
1,448
$16,844
3,640
1,538
2,102
364
1,738
260
1,998
162
134
1,702
$17,686
3,757
1,369
2,388
440
1,948
284
2,232
170
142
1,920
$18,570
3,608
908
2,700
556
2,144
300
2,444
180
150
2,114
$19,498
3,788
800
2,988
660
2,328
310
2,638
190
466
1,982
$20,472
3,976
800
3,176
714
2,462
340
2,802
200
600
2,002
1,448
0
0
89%
1,702
0
0
80%
1,920
0
0
70%
930
1,184
0
58%
0
4766***
0
47%
2,002
0
0
35%
Page 6
exhibit 7
1985
1986
1987
1988
1989
1990
17%
18%
21%
22%
22%
Kd
1.156768
0.214241
0.785759
16%
Page 7
Cost of Debt
Debt
Bank Loan
Seller Note
Venture Capitalist
Total Debt
Weight
6000
4000
9,500
19500
Rate
31%
21%
49%
12%
4%
9%
Weight
30.0%
20.0%
47.5%
2.5%
Wght Avg
4%
1%
4%
9%
1985
16,024
3,433
16%
2898
240
120
156
2862
1986
16,844
3,640
17%
3010
260
134
162
2974
1987
17,686
3,757
18%
3065
284
142
170
3037
1988
18,570
3,608
21%
2865
300
150
180
2835
1989
19,498
3,788
22%
2951
310
466
190
2605
1985
1986
1987
1988
1989
1985
9.00%
1.1
6.00%
15.60%
1986
9.00%
1.1
6.00%
15.60%
1987
9.00%
1.1
6.00%
15.60%
1988
9.00%
1.1
6.00%
15.60%
1989
9.00%
1.1
6.00%
15.60%
1986
1400
84
40
0
450
-326
1987
1960
118
40
0
0
158
1988
2744
165
40
0
0
205
1989
3114
187
40
0
0
227
Discount Factor
Risk Free
Beta
Risk Premium
Cost of Equity (CAPM)
Cost of Debt
Weight of Debt
Weight of Equity
WACC
Discount Denominator
Discount Factor
1990
20,472
3,976
22%
3082
340 *Non Cash charges are d
600
200
2622
1990
1990
9.00% Assumption: Risk free ra
1.1
6.00%
15.60%
1990
3535
212
0
0
0
212