Jae Jun | Old School Value

Author All spreadsheet related questions and support is now handled only through the forum.
http://www.oldschoolvalue.com/forum/spreadsheet-installation/

Disclaimer

Nothing on Old School Value, related pages, emails, or other communications by the author, either written or oral, are intended to be a
recommendation to either buy, hold, or sell any specific security or group of securities. Likewise, nothing herein should be construed as an
endorsement of any financial adviser, investment manager, commercial information provider, transaction service, or brokerage firm.

The findings from this spreadsheet is merely a start to a means of further research and uncovering a great business and investment. Old School
Value holds no responsibility for any investment whatsoever.

Credits
SMF add in created by Randy Harmelink (rharmelink@gmail.com)
http://finance.groups.yahoo.com/group/smf_addin

Spreadsheet Installation Related

- Refer to the manual and ask for help on the forums to reduce repetitive questions and answers.The manual contains every possible
problem related to the spreadsheet.

- When requesting help, please try to find out whether it is a spreadsheet issue or excel issue.

PDF: http://www.oldschoolvalue.com/intrinsic-value-spreadsheets/installation-troubleshooting-guide/
 Company Name

CSCO Enter Ticker Help

Cisco Systems Inc

Quarterly Statements Line Item Check: Financial statement line items are Correct
Financial Statement figures in $Mil
quarter end date 2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01 2007/10 2007/07 2007/04 2007/01 2006/10 2006/07 2006/04 2006/03 2006/01 2005/10
date preliminary data loaded 2010-02-05 2009-11-09 2009-08-10 2009-05-22 2009-02-05 2008-11-06 2008-08-06 2008-05-07 2008-02-07 2007-11-08 2007-08-08 2007-05-09 2007-02-06 2006-11-21 2006-08-09 2006-05-25 2006-05-15 2006-02-21 2005-11-23
Income Statement
Revenues
operating revenue $ 9,815.00 $ 9,021.00 $ 8,535.00 $ 8,162.00 $ 9,089.00 $ 10,331.00 $ 10,364.00 $ 9,791.00 $ 9,831.00 $ 9,554.00 $ 9,433.00 $ 8,866.00 $ 8,439.00 $ 8,184.00 $ 7,984.00 $ 7,322.00 $ 7,322.00 $ 6,628.00 $ 6,550.00
total revenue $ 9,815.00 $ 9,021.00 $ 8,535.00 $ 8,162.00 $ 9,089.00 $ 10,331.00 $ 10,364.00 $ 9,791.00 $ 9,831.00 $ 9,554.00 $ 9,433.00 $ 8,866.00 $ 8,439.00 $ 8,184.00 $ 7,984.00 $ 7,322.00 $ 7,322.00 $ 6,628.00 $ 6,550.00
Clear Input
user corrected value
% change from last period 8.8% 5.7% 4.6% -10.2% -12.0% -0.3% 5.9% -0.4% 2.9% 1.3% 6.4% 5.1% 3.1% 2.5% 9.0% 0.0% 10.5% 1.2% -0.5%
adjustments to revenue $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
cost of sales $ 3,108.00 $ 2,809.00 $ 2,714.00 $ 2,628.00 $ 3,077.00 $ 3,369.00 $ 3,417.00 $ 3,167.00 $ 3,150.00 $ 3,077.00 $ 3,100.00 $ 2,967.00 $ 2,805.00 $ 2,708.00 $ 2,581.00 $ 2,409.70 $ 2,695.00 $ 1,964.00 $ 1,941.00
cost of sales with depreciation $ 3,483.00 $ 3,133.00 $ 3,074.00 $ 2,933.00 $ 3,366.00 $ 3,650.00 $ 3,698.00 $ 3,486.00 $ 3,491.00 $ 3,381.00 $ 3,365.00 $ 3,219.00 $ 3,051.00 $ 2,951.00 $ 2,839.00 $ 2,596.00 $ 2,596.00 $ 2,162.00 $ 2,140.00
COGS (%) 35.5% 34.7% 36.0% 35.9% 37.0% 35.3% 35.7% 35.6% 35.5% 35.4% 35.7% 36.3% 36.2% 36.1% 35.6% 35.5% 35.5% 32.6% 32.7%
gross margin $ 6,707.00 $ 6,212.00 $ 5,821.00 $ 5,534.00 $ 6,012.00 $ 6,681.00 $ 6,666.00 $ 6,305.00 $ 6,340.00 $ 6,173.00 $ 6,068.00 $ 5,647.00 $ 5,388.00 $ 5,233.00 $ 5,145.00 $ 4,726.00 $ 4,726.00 $ 4,466.00 $ 4,410.00
gross operating profit $ 6,707.00 $ 6,212.00 $ 5,821.00 $ 5,534.00 $ 6,012.00 $ 6,962.00 $ 6,947.00 $ 6,624.00 $ 6,681.00 $ 6,477.00 $ 6,333.00 $ 5,899.00 $ 5,634.00 $ 5,476.00 $ 5,403.00 $ 4,912.30 $ 4,627.00 $ 4,664.00 $ 4,609.00
Gross Profit (%) 68.3% 68.9% 68.2% 67.8% 66.1% 67.4% 67.0% 67.7% 68.0% 67.8% 67.1% 66.5% 66.8% 66.9% 67.7% 67.1% 63.2% 70.4% 70.4%

Operating Expense

Research & Development (R&D) Expense $ 1,247.00 $ 1,224.00 $ 1,280.00 $ 1,243.00 $ 1,279.00 $ 1,406.00 $ 1,306.00 $ 1,439.00 $ 1,216.00 $ 1,192.00 $ 1,178.00 $ 1,144.00 $ 1,094.00 $ 1,083.00 $ 1,064.00 $ 1,041.00 $ 1,129.00 $ 966.00 $ 996.00
R&D (%) 12.7% 13.6% 15.0% 15.2% 14.1% 13.6% 12.6% 14.7% 12.4% 12.5% 12.5% 12.9% 13.0% 13.2% 13.3% 14.2% 15.4% 14.6% 15.2%
Selling, General & Administrative (SG&A)
Expense $ 2,577.00 $ 2,435.00 $ 2,497.00 $ 2,258.00 $ 2,535.00 $ 2,678.00 $ 2,682.00 $ 2,608.00 $ 2,604.00 $ 2,493.00 $ 2,404.00 $ 2,208.00 $ 2,066.00 $ 2,050.00 $ 1,911.00 $ 1,845.00 $ 1,845.00 $ 1,713.00 $ 1,731.00
SG&A (%) 26.3% 27.0% 29.3% 27.7% 27.9% 25.9% 25.9% 26.6% 26.5% 26.1% 25.5% 24.9% 24.5% 25.0% 23.9% 25.2% 25.2% 25.8% 26.4%
advertising $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
operating income $ 2,370.00 $ 2,124.00 $ 1,460.00 $ 1,607.00 $ 1,773.00 $ 2,482.00 $ 2,529.00 $ 2,141.00 $ 2,404.00 $ 2,368.00 $ 2,303.00 $ 2,197.00 $ 2,130.00 $ 1,991.00 $ 1,990.00 $ 1,653.00 $ 1,653.00 $ 1,731.00 $ 1,622.00
Operating Income (%) 76.3% 75.6% 53.8% 61.1% 57.6% 73.7% 74.0% 67.6% 76.3% 77.0% 74.3% 74.0% 75.9% 73.5% 77.1% 68.6% 61.3% 88.1% 83.6%
EBITDA $ 2,883.00 $ 2,553.00 $ 2,044.00 $ 2,033.00 $ 2,198.00 $ 2,878.00 $ 2,959.00 $ 2,577.00 $ 2,861.00 $ 2,792.00 $ 2,751.00 $ 2,547.00 $ 2,474.00 $ 2,343.00 $ 2,428.00 $ 2,026.30 $ 1,653.00 $ 1,985.00 $ 1,882.00
depreciation $ 513.00 $ 429.00 $ 524.00 $ 426.00 $ 425.00 $ 393.00 $ 430.00 $ 436.00 $ 457.00 $ 421.00 $ 374.00 $ 349.00 $ 342.00 $ 348.00 $ 437.00 $ 285.30 $ - $ 254.00 $ 258.00
depreciation (unrecognized) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
amortization $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
amortization of intangibles $ 138.00 $ 105.00 $ 164.00 $ 121.00 $ 136.00 $ 112.00 $ 149.00 $ 117.00 $ 116.00 $ 117.00 $ 109.00 $ 97.00 $ 96.00 $ 105.00 $ 179.00 $ 99.00 $ 99.00 $ 56.00 $ 59.00
operating profit after depreciation $ 2,370.00 $ 2,124.00 $ 1,520.00 $ 1,607.00 $ 1,773.00 $ 2,485.00 $ 2,529.00 $ 2,141.00 $ 2,404.00 $ 2,371.00 $ 2,377.00 $ 2,198.00 $ 2,132.00 $ 1,995.00 $ 1,991.00 $ 1,741.00 $ 1,653.00 $ 1,731.00 $ 1,624.00

Other Income and Expense

interest income $ 155.00 $ 168.00 $ 170.00 $ 194.00 $ 222.00 $ 195.00 $ 252.00 $ 269.00 $ 303.00 $ 319.00 $ 291.00 $ 283.00 $ 267.00 $ 251.00 $ 143.00 $ 142.00 $ 142.00 $ 168.00 $ 154.00
other income net $ (12.00) $ 61.00 $ 17.00 $ (9.00) $ (64.00) $ (72.00) $ (31.00) $ (33.00) $ 27.00 $ 34.00 $ 17.00 $ 33.00 $ 43.00 $ 28.00 $ 13.00 $ 17.00 $ 17.00 $ 17.00 $ (17.00)
other special charges $ - $ - $ - $ - $ - $ - $ - $ - $ (5.00) $ (3.00) $ 14.00 $ - $ (10.00) $ - $ - $ - $ - $ - $ -
special income charges $ - $ - $ (60.00) $ - $ - $ (3.00) $ - $ - $ (5.00) $ (6.00) $ (60.00) $ (1.00) $ (12.00) $ (4.00) $ (1.00) $ (88.00) $ - $ - $ (2.00)
EBIT $ 2,513.00 $ 2,353.00 $ 1,647.00 $ 1,792.00 $ 1,931.00 $ 2,605.00 $ 2,750.00 $ 2,377.00 $ 2,729.00 $ 2,718.00 $ 2,625.00 $ 2,513.00 $ 2,430.00 $ 2,270.00 $ 2,146.00 $ 1,812.00 $ 1,812.00 $ 1,916.00 $ 1,759.00
interest expense $ 158.00 $ 114.00 $ 114.00 $ 105.00 $ 63.00 $ - $ 64.00 $ 68.00 $ 91.00 $ 96.00 $ 94.00 $ 94.00 $ 95.00 $ 94.00 $ - $ - $ - $ - $ -
income taxes $ 502.00 $ 452.00 $ 452.00 $ 339.00 $ 364.00 $ 404.00 $ 672.00 $ 536.00 $ 578.00 $ 417.00 $ 601.00 $ 545.00 $ 414.00 $ 568.00 $ 602.00 $ 412.00 $ 412.00 $ 541.00 $ 498.00
minority interest $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
income before income taxes $ 2,355.00 $ 2,239.00 $ 1,533.00 $ 1,687.00 $ 1,868.00 $ 2,605.00 $ 2,686.00 $ 2,309.00 $ 2,638.00 $ 2,622.00 $ 2,531.00 $ 2,419.00 $ 2,335.00 $ 2,176.00 $ 2,146.00 $ 1,812.00 $ 1,812.00 $ 1,916.00 $ 1,759.00
net income (continuing operations) $ 1,853.00 $ 1,787.00 $ 1,081.00 $ 1,348.00 $ 1,504.00 $ 2,201.00 $ 2,014.00 $ 1,773.00 $ 2,060.00 $ 2,205.00 $ 1,930.00 $ 1,874.00 $ 1,921.00 $ 1,608.00 $ 1,544.00 $ 1,400.00 $ 1,400.00 $ 1,375.00 $ 1,261.00
net income (discontinued operations) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
other gains/losses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
total net income $ 1,853.00 $ 1,787.00 $ 1,081.00 $ 1,348.00 $ 1,504.00 $ 2,201.00 $ 2,014.00 $ 1,773.00 $ 2,060.00 $ 2,205.00 $ 1,930.00 $ 1,874.00 $ 1,921.00 $ 1,608.00 $ 1,544.00 $ 1,400.00 $ 1,400.00 $ 1,375.00 $ 1,261.00
Total Net Income (%) 18.9% 19.8% 12.7% 16.5% 16.5% 21.3% 19.4% 18.1% 21.0% 23.1% 20.5% 21.1% 22.8% 19.6% 19.3% 19.1% 19.1% 20.7% 19.3%

Dividends & EPS

preferred dividends $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Basic EPS - Total $ 0.32 $ 0.31 $ 0.19 $ 0.23 $ 0.26 $ 0.37 $ 0.35 $ 0.30 $ 0.34 $ 0.36 $ 0.32 $ 0.31 $ 0.32 $ 0.27 $ 0.26 $ 0.23 $ 0.23 $ 0.22 $ 0.20
Diluted EPS - Total $ 0.32 $ 0.30 $ 0.19 $ 0.23 $ 0.26 $ 0.37 $ 0.34 $ 0.29 $ 0.33 $ 0.35 $ 0.31 $ 0.30 $ 0.31 $ 0.26 $ 0.25 $ 0.22 $ 0.22 $ 0.22 $ 0.20
Dividends Paid Per Share (DPS) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Shares Outstanding
shares out (common class only) 5,734.0 5,751.0 5,785.0 5,767.9 5,837.0 5,864.0 5,893.0 5,912.0 5,975.0 6,082.0 6,100.0 6,054.0 6,048.0 6,062.0 6,059.0 6,164.0 6,150.6 6,152.0 6,154.0
preferred shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
basic weighted shares 5,741.0 5,767.0 5,828.0 5,805.0 5,848.0 5,881.0 5,986.0 5,942.0 6,010.0 6,087.0 6,055.0 6,034.0 6,057.0 6,061.0 6,158.0 6,160.0 6,160.0 6,146.0 6,245.0
diluted weighted shares 5,862.0 5,871.0 5,857.0 5,818.0 5,864.0 5,972.0 6,163.0 6,069.0 6,202.0 6,330.0 6,265.0 6,244.0 6,291.0 6,199.0 6,272.0 6,289.0 6,289.0 6,248.0 6,340.0

Balance Sheet
Assets
cash & equivalents $ 4,710.00 $ 4,774.00 $ 5,718.00 $ 7,359.00 $ 4,175.00 $ 4,197.00 $ 5,191.00 $ 6,154.00 $ 5,202.00 $ 4,413.00 $ 3,728.00 $ 5,457.00 $ 2,434.00 $ 4,313.00 $ 3,297.00 $ 4,237.00 $ 4,237.00 $ 5,151.00 $ 1,704.00
restricted cash $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
marketable securities $ 34,928.00 $ 30,591.00 $ 29,283.00 $ 26,192.00 $ 25,356.00 $ 22,566.00 $ 21,044.00 $ 18,279.00 $ 17,491.00 $ 20,266.00 $ 18,538.00 $ 16,879.00 $ 18,247.00 $ 15,207.00 $ 14,517.00 $ 13,946.00 $ 13,946.00 $ 9,838.00 $ 11,786.00
accounts receivable $ 4,237.00 $ 3,159.00 $ 3,177.00 $ 2,392.00 $ 2,893.00 $ 3,278.00 $ 3,821.00 $ 4,183.00 $ 4,165.00 $ 3,418.00 $ 3,989.00 $ 3,238.00 $ 2,908.00 $ 3,091.00 $ 3,303.00 $ 2,980.00 $ 2,980.00 $ 2,537.00 $ 2,342.00
% change from last period 34.1% -0.6% 32.8% -17.3% -11.7% -14.2% -8.7% 0.4% 21.9% -14.3% 23.2% 11.3% -5.9% -6.4% 10.8% 0.0% 17.5% 8.3% 5.7%
other receivable $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
receivables $ 4,237.00 $ 3,159.00 $ 3,177.00 $ 2,392.00 $ 2,893.00 $ 3,278.00 $ 3,821.00 $ 4,183.00 $ 4,165.00 $ 3,418.00 $ 3,989.00 $ 3,238.00 $ 2,908.00 $ 3,091.00 $ 3,303.00 $ 2,980.00 $ 2,980.00 $ 2,537.00 $ 2,342.00
inventories, raw materials $ 248.00 $ 167.00 $ 165.00 $ 159.00 $ 142.00 $ 144.00 $ 111.00 $ 122.00 $ 146.00 $ 130.00 $ 173.00 $ 175.00 $ 178.00 $ 155.00 $ 131.00 $ 164.00 $ - $ 96.00 $ 98.00
% change from last period 48.5% 1.2% 3.8% 12.0% -1.4% 29.7% -9.0% -16.4% 12.3% -24.9% -1.1% -1.7% 14.8% 18.3% -20.1% 0.0% -100.0% -2.0% 19.5%
inventories, work in progress $ 36.00 $ 33.00 $ 33.00 $ 39.00 $ 50.00 $ 65.00 $ 53.00 $ 48.00 $ 58.00 $ 45.00 $ 45.00 $ 117.00 $ 440.00 $ 402.00 $ 377.00 $ 336.00 $ - $ 477.00 $ 426.00
% change from last period 9.1% 0.0% -15.4% -22.0% -23.1% 22.6% 10.4% -17.2% 28.9% 0.0% -61.5% -73.4% 9.5% 6.6% 12.2% 0.0% -100.0% 12.0% -1.2%
inventories, purchased components $ 146.00 $ 147.00 $ - $ - $ 207.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 564.00 $ -
% change from last period -0.7% 0.0% 0.0% -100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -100.0% 0.0% 0.0%
inventories, finished goods $ 745.00 $ 710.00 $ 692.00 $ 634.00 $ 708.00 $ 776.00 $ 833.00 $ 870.00 $ 820.00 $ 894.00 $ 858.00 $ 752.00 $ 795.00 $ 696.00 $ 659.00 $ 619.00 $ - $ 208.00 $ 582.00
% change from last period 4.9% 2.6% 9.1% -10.5% -8.8% -6.8% -4.3% 6.1% -8.3% 4.2% 14.1% -5.4% 14.2% 5.6% 6.5% 0.0% -100.0% -64.3% 2.3%
inventories, other $ 40.00 $ 32.00 $ 184.00 $ 191.00 $ - $ 224.00 $ 238.00 $ 239.00 $ 243.00 $ 246.00 $ 246.00 $ 245.00 $ 229.00 $ 224.00 $ 204.00 $ 194.00 $ - $ - $ 212.00

inventories $ 1,215.00 $ 1,089.00 $ 1,074.00 $ 1,023.00 $ 1,107.00 $ 1,209.00 $ 1,235.00 $ 1,279.00 $ 1,267.00 $ 1,315.00 $ 1,322.00 $ 1,289.00 $ 1,642.00 $ 1,477.00 $ 1,371.00 $ 1,313.00 $ 1,313.00 $ 1,345.00 $ 1,318.00
 % change from last period 11.6% 1.4% 5.0% -7.6% -8.4% -2.1% -3.4% 0.9% -3.7% -0.5% 2.6% -21.5% 11.2% 7.7% 4.4% 0.0% -2.4% 2.0% 1.6%
prepaid expenses $ - $ - $ 2,605.00 $ 2,320.00 $ 2,330.00 $ 2,341.00 $ 2,333.00 $ 2,172.00 $ 2,269.00 $ 1,916.00 $ 2,044.00 $ 1,922.00 $ 1,612.00 $ 1,581.00 $ 1,584.00 $ 1,527.00 $ 1,527.00 $ 1,264.00 $ 1,193.00
current defered income taxes $ 2,233.00 $ 2,205.00 $ 2,320.00 $ 2,050.00 $ 2,134.00 $ 2,071.00 $ 2,075.00 $ 2,078.00 $ 2,048.00 $ 2,127.00 $ 1,953.00 $ 1,755.00 $ 1,673.00 $ 1,582.00 $ 1,604.00 $ 1,484.00 $ 1,484.00 $ 1,476.00 $ 1,410.00
other current assets $ 2,816.00 $ 2,879.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
total current assets $ 50,139.00 $ 44,697.00 $ 44,177.00 $ 41,336.00 $ 37,995.00 $ 35,662.00 $ 35,699.00 $ 34,145.00 $ 32,442.00 $ 33,455.00 $ 31,574.00 $ 30,540.00 $ 28,516.00 $ 27,251.00 $ 25,676.00 $ 25,487.00 $ 25,487.00 $ 21,611.00 $ 19,753.00
land and improvements $ 4,505.00 $ 4,501.00 $ 4,618.00 $ 4,534.00 $ 4,499.00 $ 4,438.00 $ 4,445.00 $ 4,282.00 $ 4,159.00 $ 4,095.00 $ 4,022.00 $ 3,852.00 $ 3,736.00 $ 3,674.00 $ 3,647.00 $ 3,625.00 $ - $ 3,538.00 $ 3,524.00
building and improvements $ 251.00 $ 242.00 $ - $ - $ 217.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
machinery, furniture & equipment $ 7,051.00 $ 7,313.00 $ 7,363.00 $ 7,367.00 $ 7,211.00 $ 7,105.00 $ 7,048.00 $ 6,881.00 $ 6,695.00 $ 2,091.00 $ 6,263.00 $ 6,105.00 $ 5,811.00 $ 5,563.00 $ 5,393.00 $ 5,285.00 $ - $ 5,043.00 $ 4,887.00
construction in progress $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
other fixed assets $ - $ - $ 227.00 $ 224.00 $ - $ 205.00 $ 209.00 $ 200.00 $ 190.00 $ 4,604.00 $ 181.00 $ 160.00 $ 158.00 $ 155.00 $ 153.00 $ 143.00 $ - $ 139.00 $ 127.00
total fixed assets $ 11,807.00 $ 12,056.00 $ 12,208.00 $ 12,125.00 $ 11,927.00 $ 11,748.00 $ 11,702.00 $ 11,363.00 $ 11,044.00 $ 10,790.00 $ 10,466.00 $ 10,117.00 $ 9,705.00 $ 9,392.00 $ 9,193.00 $ 9,053.00 $ - $ 8,720.00 $ 8,538.00
gross fixed assets $ 11,807.00 $ 12,056.00 $ 12,208.00 $ 12,125.00 $ 11,927.00 $ 11,748.00 $ 11,702.00 $ 11,363.00 $ 11,044.00 $ 10,790.00 $ 10,466.00 $ 10,117.00 $ 9,705.00 $ 9,392.00 $ 9,193.00 $ 9,053.00 $ 3,479.00 $ 8,720.00 $ 8,538.00
net fixed assets $ 3,958.00 $ 3,976.00 $ 4,043.00 $ 4,089.00 $ 4,141.00 $ 4,181.00 $ 4,151.00 $ 4,045.00 $ 3,973.00 $ 3,956.00 $ 3,893.00 $ 3,695.00 $ 3,539.00 $ 3,444.00 $ 3,440.00 $ 3,479.00 $ 3,479.00 $ 3,316.00 $ 3,335.00
intangibles $ 2,661.00 $ 1,552.00 $ 1,702.00 $ 1,656.00 $ 1,792.00 $ 1,976.00 $ 2,089.00 $ 2,181.00 $ 2,338.00 $ 2,379.00 $ 2,540.00 $ 1,909.00 $ 1,960.00 $ 2,065.00 $ 2,161.00 $ 2,356.00 $ 2,356.00 $ 5,932.00 $ 5,960.00
other non-current assets $ 5,222.00 $ 5,513.00 $ 5,281.00 $ 5,016.00 $ 4,857.00 $ 4,514.00 $ 2,633.00 $ 2,482.00 $ 2,544.00 $ 2,142.00 $ 2,569.00 $ 2,051.00 $ 1,949.00 $ 1,907.00 $ 1,828.00 $ 1,718.00 $ 2,574.00 $ 1,464.00 $ 1,413.00
total non-current assets $ 26,264.00 $ 23,983.00 $ 23,951.00 $ 23,330.00 $ 23,362.00 $ 23,225.00 $ 23,035.00 $ 22,978.00 $ 22,858.00 $ 22,247.00 $ 21,766.00 $ 18,295.00 $ 17,738.00 $ 17,657.00 $ 17,639.00 $ 17,595.00 $ 17,595.00 $ 12,041.00 $ 12,002.00
total assets $ 76,403.00 $ 68,680.00 $ 68,128.00 $ 64,666.00 $ 61,357.00 $ 58,887.00 $ 58,734.00 $ 57,123.00 $ 55,300.00 $ 55,702.00 $ 53,340.00 $ 48,835.00 $ 46,254.00 $ 44,908.00 $ 43,315.00 $ 43,082.00 $ 43,082.00 $ 33,652.00 $ 31,755.00

Liabilities & Equity

accounts payable $ 750.00 $ 729.00 $ 675.00 $ 653.00 $ 625.00 $ 804.00 $ 869.00 $ 808.00 $ 763.00 $ 820.00 $ 786.00 $ 864.00 $ 931.00 $ 869.00 $ 880.00 $ 837.00 $ 837.00 $ 684.00 $ 721.00
notes payable $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
short-term debt $ - $ - $ - $ - $ 500.00 $ 500.00 $ 500.00 $ 500.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
accrued expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
accrued liabilities $ 2,207.00 $ 2,263.00 $ 2,535.00 $ 2,413.00 $ 2,078.00 $ 2,100.00 $ 2,428.00 $ 2,320.00 $ 1,981.00 $ 1,920.00 $ 5,441.00 $ 4,729.00 $ 4,512.00 $ 4,261.00 $ 4,281.00 $ 3,947.00 $ 3,947.00 $ 3,463.00 $ 3,337.00
deferred revenues $ 6,751.00 $ 6,397.00 $ 6,438.00 $ 6,110.00 $ 6,592.00 $ 6,276.00 $ 6,197.00 $ 6,103.00 $ 5,786.00 $ 5,381.00 $ 5,391.00 $ 4,854.00 $ 4,718.00 $ 4,546.00 $ 4,408.00 $ 4,300.00 $ 4,300.00 $ 3,937.00 $ 3,716.00
current deferred income taxes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
other current liabilities $ 4,697.00 $ 3,773.00 $ 4,007.00 $ 3,685.00 $ 3,809.00 $ 3,868.00 $ 3,864.00 $ 3,628.00 $ 3,663.00 $ 4,099.00 $ 1,740.00 $ 1,525.00 $ 1,330.00 $ 1,605.00 $ 1,744.00 $ 1,346.00 $ 1,346.00 $ 1,437.00 $ 1,462.00
total current liabilities $ 14,405.00 $ 13,162.00 $ 13,655.00 $ 12,861.00 $ 13,604.00 $ 13,548.00 $ 13,858.00 $ 13,359.00 $ 12,193.00 $ 12,220.00 $ 13,358.00 $ 11,972.00 $ 11,491.00 $ 11,281.00 $ 11,313.00 $ 10,430.00 $ 10,430.00 $ 9,521.00 $ 9,236.00
long-term debt $ 15,194.00 $ 10,273.00 $ 10,295.00 $ 10,317.00 $ 6,348.00 $ 6,371.00 $ 6,393.00 $ 6,415.00 $ 6,851.00 $ 6,582.00 $ 6,408.00 $ 6,478.00 $ 6,416.00 $ 6,455.00 $ 6,332.00 $ 6,346.00 $ 6,346.00 $ - $ -
capital lease obligations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
deferred income taxes $ 1,941.00 $ 1,755.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
other non-current liabilities $ 3,331.00 $ 3,464.00 $ 5,501.00 $ 4,205.00 $ 4,604.00 $ 3,909.00 $ 4,081.00 $ 4,148.00 $ 3,363.00 $ 2,897.00 $ 2,084.00 $ 1,858.00 $ 1,757.00 $ 1,629.00 $ 1,752.00 $ 1,683.00 $ 1,683.00 $ 1,163.00 $ 1,078.00
preferred equity outside stock equity $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
total non-current liabilities $ 20,486.00 $ 15,516.00 $ 15,826.00 $ 14,549.00 $ 10,970.00 $ 10,304.00 $ 10,523.00 $ 10,626.00 $ 10,295.00 $ 9,610.00 $ 8,502.00 $ 8,345.00 $ 8,181.00 $ 8,098.00 $ 8,090.00 $ 8,037.00 $ 8,037.00 $ 1,167.00 $ 1,082.00
preferred stock equity $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
common stock equity $ 41,512.00 $ 40,002.00 $ 38,647.00 $ 37,256.00 $ 36,783.00 $ 35,035.00 $ 34,353.00 $ 33,138.00 $ 32,812.00 $ 33,872.00 $ 31,480.00 $ 28,518.00 $ 26,582.00 $ 25,529.00 $ 23,912.00 $ 24,615.00 $ 24,615.00 $ 22,964.00 $ 21,437.00
retained earnings $ 5,086.00 $ 4,354.00 $ 3,868.00 $ 3,292.00 $ 2,695.00 $ 1,580.00 $ 120.00 $ (843.00) $ (1,073.00) $ 121.00 $ 231.00 $ (457.00) $ (1,083.00) $ (233.00) $ (617.00) $ 121.00 $ - $ (268.00) $ (1,046.00)
total capitalization $ 56,706.00 $ 50,275.00 $ 48,942.00 $ 47,573.00 $ 43,131.00 $ 41,406.00 $ 40,746.00 $ 39,553.00 $ 39,663.00 $ 40,454.00 $ 37,888.00 $ 34,996.00 $ 32,998.00 $ 31,984.00 $ 30,244.00 $ 30,961.00 $ 30,961.00 $ 22,964.00 $ 21,437.00
total equity $ 41,512.00 $ 40,002.00 $ 38,647.00 $ 37,256.00 $ 36,783.00 $ 35,035.00 $ 34,353.00 $ 33,138.00 $ 32,812.00 $ 33,872.00 $ 31,480.00 $ 28,518.00 $ 26,582.00 $ 25,529.00 $ 23,912.00 $ 24,615.00 $ 24,615.00 $ 22,964.00 $ 21,437.00
total liabilities & stock equity $ 76,403.00 $ 68,680.00 $ 68,128.00 $ 64,666.00 $ 61,357.00 $ 58,887.00 $ 58,734.00 $ 57,123.00 $ 55,300.00 $ 55,702.00 $ 53,340.00 $ 48,835.00 $ 46,254.00 $ 44,908.00 $ 43,315.00 $ 43,082.00 $ 43,082.00 $ 33,652.00 $ 31,755.00
working capital $ 35,734.00 $ 31,535.00 $ 30,522.00 $ 28,475.00 $ 24,391.00 $ 22,114.00 $ 21,841.00 $ 20,786.00 $ 20,249.00 $ 21,235.00 $ 18,216.00 $ 18,568.00 $ 17,025.00 $ 15,970.00 $ 14,363.00 $ 15,057.00 $ 15,057.00 $ 12,090.00 $ 10,517.00
invested capital $ 56,706.00 $ 50,275.00 $ 48,942.00 $ 47,573.00 $ 43,131.00 $ 41,406.00 $ 40,746.00 $ 39,553.00 $ 39,663.00 $ 40,454.00 $ 37,888.00 $ 34,996.00 $ 32,998.00 $ 31,984.00 $ 30,244.00 $ 30,961.00 $ 30,961.00 $ 22,964.00 $ 21,437.00
cash flow $ 7,961.00 $ 7,524.00 $ 7,902.00 $ 8,741.00 $ 9,176.00 $ 9,764.00 $ 9,796.00 $ 9,656.00 $ 9,670.00 $ 9,416.00 $ 8,746.00 $ 8,423.00 $ 7,885.30 $ 7,251.30 $ 6,873.00 $ 6,631.30 $ - $ 6,515.00 $ 6,582.00

Cash Flow Statement

Operating Activities
net income/loss $ 3,640.00 $ 1,787.00 $ 6,134.00 $ 5,053.00 $ 3,705.00 $ 2,201.00 $ 8,052.00 $ 6,038.00 $ 4,265.00 $ 2,205.00 $ 7,333.00 $ 5,403.00 $ 3,529.00 $ 1,608.00 $ 5,580.00 $ 4,036.00 $ - $ 2,636.00 $ 1,261.00
depreciation $ 513.00 $ 429.00 $ 524.00 $ 426.00 $ 425.00 $ 393.00 $ 430.00 $ 436.00 $ 457.00 $ 421.00 $ 374.00 $ 349.00 $ 342.00 $ 348.00 $ 437.00 $ 285.30 $ - $ 254.00 $ 258.00
amortization $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
amortization of intangibles $ 138.00 $ 105.00 $ 164.00 $ 121.00 $ 136.00 $ 112.00 $ 149.00 $ 117.00 $ 116.00 $ 117.00 $ 109.00 $ 97.00 $ 96.00 $ 105.00 $ 179.00 $ 99.00 $ 99.00 $ 56.00 $ 59.00
deferred income taxes $ 1,941.00 $ 1,755.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
operating gains $ (84.00) $ (47.00) $ 143.00 $ 113.00 $ 123.00 $ 70.00 $ (103.00) $ (109.00) $ (101.00) $ (54.00) $ (210.00) $ (147.00) $ 6.00 $ (48.00) $ (2.00) $ 723.00 $ - $ 566.00 $ 376.00
extraordinary gains $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
(increase) decrease in receivables $ (1,131.00) $ (62.00) $ 388.00 $ 1,210.00 $ 709.00 $ 388.00 $ (317.00) $ (539.00) $ (456.00) $ 427.00 $ (597.00) $ 60.00 $ 329.00 $ 184.00 $ (1,084.00) $ (686.00) $ - $ (389.00) $ (161.00)
(increase) decrease in inventories $ (80.00) $ (8.00) $ 187.00 $ 199.00 $ 113.00 $ 8.00 $ 104.00 $ 54.00 $ 66.00 $ 7.00 $ 61.00 $ 82.00 $ (387.00) $ (162.00) $ (41.00) $ 54.00 $ - $ (115.00) $ (65.00)

(increase) decrease in prepaid expenses $ - $ - $ - $ - $ - $ - $ - $ - $ 38.00 $ 81.00 $ (452.00) $ (355.00) $ (39.00) $ (16.00) $ (300.00) $ (228.00) $ - $ (47.00) $ (41.00)

(increase) decrease in other current assets $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

decrease (increase) in payables $ 58.00 $ 52.00 $ (208.00) $ (198.00) $ (228.00) $ (35.00) $ 62.00 $ 12.00 $ (33.00) $ 32.00 $ (107.00) $ (17.00) $ 51.00 $ (11.00) $ (43.00) $ (86.00) $ - $ (51.00) $ (14.00)
decrease (increase) in other current
liabilities $ (224.00) $ (764.00) $ 1,515.00 $ 403.00 $ 798.00 $ (197.00) $ 351.00 $ 301.00 $ (38.00) $ (99.00) $ 2,876.00 $ 810.00 $ 177.00 $ 135.00 $ 893.00 $ 578.00 $ - $ 154.00 $ (337.00)

decrease (increase) in other working capital $ 291.00 $ (296.00) $ (719.00) $ (861.00) $ (472.00) $ (443.00) $ 2,232.00 $ 1,869.00 $ 1,310.00 $ 541.00 $ 275.00 $ 699.00 $ 559.00 $ 23.00 $ 1,055.00 $ 414.00 $ - $ - $ -
other non-cash items $ 679.00 $ 304.00 $ 1,263.00 $ 915.00 $ 643.00 $ 307.00 $ 736.00 $ 496.00 $ 235.00 $ 19.00 $ 134.00 $ 94.00 $ 80.00 $ 150.00 $ 891.00 $ - $ - $ - $ -
net cash from continuing operations $ 3,974.00 $ 1,488.00 $ 9,897.00 $ 7,912.00 $ 5,916.00 $ 2,718.00 $ 12,089.00 $ 8,560.00 $ 5,532.00 $ 3,089.00 $ 10,104.00 $ 7,366.00 $ 4,929.00 $ 2,271.00 $ 7,899.00 $ 5,582.00 $ - $ 3,267.00 $ 1,402.00
net cash from discontinued operations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
net cash from total operating activities $ 3,974.00 $ 1,488.00 $ 9,897.00 $ 7,912.00 $ 5,916.00 $ 2,718.00 $ 12,089.00 $ 8,560.00 $ 5,532.00 $ 3,089.00 $ 10,104.00 $ 7,366.00 $ 4,929.00 $ 2,271.00 $ 7,899.00 $ 5,582.00 $ - $ 3,267.00 $ 1,402.00

Investing Activities
sale of property, plant & equipment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
sale of long-term investments $ 17,560.00 $ 8,433.00 $ 32,825.00 $ 26,379.00 $ 19,465.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
sale of short-term investments $ - $ - $ - $ - $ - $ 10,342.00 $ 19,990.00 $ 14,761.00 $ 9,453.00 $ 3,526.00 $ 17,368.00 $ 13,438.00 $ 7,762.00 $ 4,268.00 $ 18,480.00 $ 14,539.00 $ - $ 11,886.00 $ 7,335.00

purchase of property, plant & equipment $ (408.00) $ (160.00) $ (1,005.00) $ (794.00) $ (585.00) $ (361.00) $ (1,268.00) $ (908.00) $ (591.00) $ (296.00) $ (1,251.00) $ (912.00) $ (548.00) $ (214.00) $ (772.00) $ (595.00) $ - $ (394.00) $ (215.00)
acquisitions $ (2,308.00) $ - $ (426.00) $ (338.00) $ (327.00) $ (288.00) $ (398.00) $ (385.00) $ (385.00) $ (45.00) $ (3,684.00) $ (387.00) $ (166.00) $ (121.00) $ (5,399.00) $ (5,347.00) $ - $ (150.00) $ (122.00)
purchase of long-term investments $ (23,020.00) $ (9,537.00) $ (41,225.00) $ (31,943.00) $ (24,110.00) $ - $ - $ - $ (55.00) $ (20.00) $ (92.00) $ (81.00) $ (76.00) $ (48.00) $ (186.00) $ (158.00) $ - $ - $ -
purchase of short-term investments $ - $ - $ - $ - $ - $ (12,461.00) $ (22,399.00) $ (14,093.00) $ (7,846.00) $ (4,360.00) $ (20,532.00) $ (15,342.00) $ (11,184.00) $ (4,771.00) $ (21,732.00) $ (17,154.00) $ - $ (10,467.00) $ (7,973.00)
other investing changes, net $ (9.00) $ 11.00 $ (128.00) $ (54.00) $ (107.00) $ (71.00) $ (118.00) $ (57.00) $ (111.00) $ (65.00) $ (151.00) $ (87.00) $ (27.00) $ (41.00) $ (35.00) $ (56.00) $ - $ (199.00) $ (148.00)

cash from discontinued investing activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

net cash from investing activities $ (8,185.00) $ (1,253.00) $ (9,959.00) $ (6,750.00) $ (5,664.00) $ (2,839.00) $ (4,193.00) $ (682.00) $ 465.00 $ (1,260.00) $ (8,342.00) $ (3,371.00) $ (4,239.00) $ (927.00) $ (9,644.00) $ (8,771.00) $ - $ 676.00 $ (1,123.00)

Financing Activities
issuance of debt $ 4,944.00 $ - $ 3,991.00 $ 3,991.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 6,481.00 $ 6,481.00 $ - $ - $ -
issuance of capital stock $ 1,436.00 $ 634.00 $ 863.00 $ 486.00 $ 441.00 $ 224.00 $ 3,117.00 $ 2,501.00 $ 2,165.00 $ 1,539.00 $ 5,306.00 $ 3,719.00 $ 2,779.00 $ 1,019.00 $ 1,682.00 $ 1,282.00 $ - $ 563.00 $ 136.00
repayment of long-term debt $ - $ - $ (542.00) $ (542.00) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
repurchase of capital stock $ (3,244.00) $ (1,869.00) $ (3,611.00) $ (2,807.00) $ (1,603.00) $ (1,002.00) $ (10,441.00) $ (8,982.00) $ (7,120.00) $ (2,993.00) $ (7,681.00) $ (6,281.00) $ (4,781.00) $ (1,500.00) $ (8,295.00) $ (5,478.00) $ - $ (4,248.00) $ (3,500.00)
payment of cash dividends $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
 other financing charges, net $ 67.00 $ 56.00 $ (112.00) $ (122.00) $ (106.00) $ (95.00) $ 891.00 $ 1,029.00 $ 432.00 $ 310.00 $ 1,044.00 $ 727.00 $ 449.00 $ 153.00 $ 432.00 $ 399.00 $ - $ 151.00 $ 47.00

cash from discontinued financing activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

net cash from financing activities $ 3,203.00 $ (1,179.00) $ 589.00 $ 1,006.00 $ (1,268.00) $ (873.00) $ (6,433.00) $ (5,452.00) $ (4,523.00) $ (1,144.00) $ (1,331.00) $ (1,835.00) $ (1,553.00) $ (328.00) $ 300.00 $ 2,684.00 $ - $ (3,534.00) $ (3,317.00)

Net Cash Flow

effect exchange rate changes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
net change in cash & equivalents $ (1,008.00) $ (944.00) $ 527.00 $ 2,168.00 $ (1,016.00) $ (994.00) $ 1,463.00 $ 2,426.00 $ 1,474.00 $ 685.00 $ 431.00 $ 2,160.00 $ (863.00) $ 1,016.00 $ (1,445.00) $ (505.00) $ - $ 409.00 $ (3,038.00)
cash at beginning of period $ 5,718.00 $ 5,718.00 $ 5,191.00 $ 5,191.00 $ 5,191.00 $ 5,191.00 $ 3,728.00 $ 3,728.00 $ 3,728.00 $ 3,728.00 $ 3,297.00 $ 3,297.00 $ 3,297.00 $ 3,297.00 $ 4,742.00 $ 4,742.00 $ - $ 4,742.00 $ 4,742.00
cash end of period $ 4,710.00 $ 4,774.00 $ 5,718.00 $ 7,359.00 $ 4,175.00 $ 4,197.00 $ 5,191.00 $ 6,154.00 $ 5,202.00 $ 4,413.00 $ 3,728.00 $ 5,457.00 $ 2,434.00 $ 4,313.00 $ 3,297.00 $ 4,237.00 $ - $ 5,151.00 $ 1,704.00
foreign sales $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
domestic sales $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Free Cash Flow

Cash Flow
Cash From Operations $ 3,974.00 $ 1,488.00 $ 9,897.00 $ 7,912.00 $ 5,916.00 $ 2,718.00 $ 12,089.00 $ 8,560.00 $ 5,532.00 $ 3,089.00 $ 10,104.00 $ 7,366.00 $ 4,929.00 $ 2,271.00 $ 7,899.00 $ 5,582.00 $ - $ 3,267.00 $ 1,402.00
Capex: Purchase of PPE $ (408.00) $ (160.00) $ (1,005.00) $ (794.00) $ (585.00) $ (361.00) $ (1,268.00) $ (908.00) $ (591.00) $ (296.00) $ (1,251.00) $ (912.00) $ (548.00) $ (214.00) $ (772.00) $ (595.00) $ - $ (394.00) $ (215.00)
Capex: Acquisitions $ (2,308.00) $ - $ (426.00) $ (338.00) $ (327.00) $ (288.00) $ (398.00) $ (385.00) $ (385.00) $ (45.00) $ (3,684.00) $ (387.00) $ (166.00) $ (121.00) $ (5,399.00) $ (5,347.00) $ - $ (150.00) $ (122.00)
Non Cash Items $ 1,330.00 $ 838.00 $ 1,951.00 $ 1,462.00 $ 1,204.00 $ 812.00 $ 1,315.00 $ 1,049.00 $ 808.00 $ 557.00 $ 617.00 $ 540.00 $ 518.00 $ 603.00 $ 1,507.00 $ 384.30 $ 99.00 $ 310.00 $ 317.00
Extraordinary gains/loss $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Owner Earnings FCF $ 3,745.00 $ 2,056.00 $ 5,653.00 $ 4,685.00 $ 3,545.00 $ 2,233.00 $ 7,214.00 $ 5,566.00 $ 4,131.00 $ 2,330.00 $ 6,456.00 $ 4,840.00 $ 3,323.00 $ 1,742.00 $ 5,245.00 $ 3,726.30 $ - $ 2,496.00 $ 1,304.00
Free Cash Flow $ 3,566.00 $ 1,328.00 $ 8,892.00 $ 7,118.00 $ 5,331.00 $ 2,357.00 $ 10,821.00 $ 7,652.00 $ 4,941.00 $ 2,793.00 $ 8,853.00 $ 6,454.00 $ 4,381.00 $ 2,057.00 $ 7,127.00 $ 4,987.00 $ - $ 2,873.00 $ 1,187.00

Financial Ratios
Profit Margins (%)
pre-tax profit margin 22 21.1 21.3 23.3 23.9 25.4 25.9 26.2 27.1 27.3 27.1 27.1 26.5 26.7 26.8 28.2 0 30 30.9
net profit margin 17.1 16.4 17 18.6 18.9 20 20.4 20.6 21.4 21.9 21 20.8 20.3 19.7 19.6 20.6 20.6 21.5 22.1
interest coverage (cont. operations) 16.9 19.5 23.2 39.1 49.6 46.9 33.1 29.9 28.2 27.1 26.1 33.1 45.8 86.6 0 0 0 0 0
interest as % of invested capital 0.9 0.8 0.7 0.5 0.5 0.5 0.8 0.9 0.9 0.9 1 0.8 0.6 0.3 0 0 0 0 0
effective tax rate 22.3 21.9 20.3 20.1 20.9 21.4 21.5 21.1 21 20 22.5 23.5 23.6 26.4 26.9 27 0 28.4 28.5

Solvency Ratios
quick ratio 3 2.9 2.8 2.8 2.4 2.2 2.2 2.1 2.2 2.3 2 2.1 2.1 2 1.9 2 0 1.8 1.7
current ratio 3.5 3.4 3.2 3.2 2.8 2.6 2.6 2.6 2.7 2.7 2.4 2.6 2.5 2.4 2.3 2.4 0 2.3 2.1
payout ratio 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
total debt/equity ratio 0.37 0.26 0.27 0.28 0.19 0.2 0.2 0.21 0.21 0.19 0.2 0.23 0.24 0.25 0.26 0.26 0 0 0
long-term debt/total capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Efficiency Ratios
leverage ratio 1.8 1.7 1.8 1.7 1.7 1.7 1.7 1.7 1.7 1.6 1.7 1.7 1.7 1.8 1.8 1.8 0 1.5 1.5
asset turnover 0.5 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.7 0.7 0 0.8 0.8
cash as % of revenue 13.3 13.7 15.8 19.4 10.5 10.4 13.1 15.9 13.8 12.2 10.7 16.3 7.6 14.3 11.6 15.6 0 19.9 6.7
receivables as % of revenue 11.9 9.1 8.8 6.3 7.3 8.1 9.7 10.8 11.1 9.4 11.4 9.7 9.1 10.3 11.6 11 0 9.8 9.2
SG&A as % of Revenue 27.5 27.9 27.6 26.8 26.5 26.2 26.3 26.2 25.8 25.3 25 24.6 24.7 25 25.3 25.2 0 24.7 23.9
R&D as % of Revenue 14.1 14.4 14.4 13.8 13.7 13.3 13 13 12.6 12.7 12.9 13.1 13.4 13.8 14.3 14.3 0 14.1 13.8

Liquidity Ratios
receivables turnover 10 10.8 10.3 11.5 11.2 12 10.1 10.4 10.7 11.2 9.6 10.8 11.7 11.1 10.3 10.4 0 10.8 12.3
inventory turnover 9.7 9.8 10.2 10.9 11 10.4 10 9.7 8.5 8.6 8.6 8.5 7 6.9 6.6 6.3 0 6 6
receivables per day sales 42.93 32.67 31.67 22.69 26.32 29.27 34.79 39 39.79 33.9 41.12 34.82 32.79 36.95 41.75 39.61 0 35.2 33.22

number of days cost of goods in inventory 37 37 35 33 33 35 36 37 43 42 42 42 51 52 54 57 0 60 60

intangibles as % of book-value 41.2 36.2 37.8 38.2 39.1 41.5 42.2 44.1 44.9 42.9 46.6 40 42.4 44.5 47.6 46.9 0 25.8 27.8
inventory as % of revenue 3.4 3.1 3 2.7 2.8 3 3.1 3.3 3.4 3.6 3.8 3.9 5.1 4.9 4.8 4.8 0 5.2 5.2

Capital Structure Ratios

LT-Debt as % of Invested Capital 26.8 20.4 21 21.7 14.7 15.4 15.7 16.2 17.3 16.3 16.9 18.5 19.4 20.2 20.9 20.5 0 0 0
LT-Debt as % of Total Debt 43.5 35.8 34.9 37.6 25.8 26.7 26.2 26.7 30.5 30.2 29.3 31.9 32.6 33.3 32.6 34.4 0 0 0
total debt as % total assets 45.7 41.8 43.3 42.4 40.1 40.5 41.5 42 40.7 39.2 41 41.6 42.5 43.2 44.8 42.9 0 31.8 32.5
revenue per share 6.2 6.05 6.24 6.58 6.78 6.88 6.71 6.53 6.31 5.97 5.72 5.53 5.28 4.97 4.7 4.39 4.4 4.22 4.12
tangible book value per share 4.26 4.44 4.15 3.99 3.84 3.5 3.37 3.14 3.03 3.18 2.76 2.83 2.53 2.34 2.07 2.12 0 2.77 2.51
price/revenue ratio 3.62 3.77 3.53 2.94 2.21 2.58 3.28 3.93 3.88 5.54 5.05 4.84 5.04 4.86 3.8 4.77 4.93 4.4 4.24
working capital as % of price 27.7 24.0 24.0 25.6 27.9 21.2 16.9 13.7 13.8 10.6 10.3 11.5 10.6 10.9 13.3 11.6 0.0 10.6 9.8

Profitability Ratios
free cash flow per share 0.22 0.23 1.46 1.18 0.86 0.35 1.77 1.23 0.76 0.45 0.85 1 0.7 0.32 0.29 -0.06 0 0.44 0.17
Return on Stock Equity (ROE) 14.6 14.3 15.9 19 20.4 23 23.4 24 24.6 23.4 23.3 24.4 24.4 23.2 23.3 22.7 0 24.3 26.2
Return on Capital Invested (ROCI) 10.7 11.4 12.5 14.9 17.4 19.4 19.8 20.1 20.3 19.6 19.4 19.9 19.6 18.5 18.4 18 0 24.3 26.2
price/free cash flow ratio 102.1 99.2 15.1 16.4 17.4 50.8 12.4 20.8 32.2 73.5 34 26.8 38 75.4 61.7 -349.2 0 42.2 102.6
sales per employee 0 0 546160 0 0 0 597922 0 0 0 567514 0 0 0 570524 0 0 0 0
Return on Capital Invested (ROCI) 10.7 11.4 12.5 14.9 17.4 19.4 19.8 20.1 20.3 19.6 19.4 19.9 19.6 18.5 18.4 18 0 24.3 26.2
Return on Assets (ROA) 7.9 8.3 9 10.9 12.2 13.7 13.7 13.9 14.6 14.2 13.7 14.2 14 13.2 12.9 12.9 0 16.6 17.7
price/cash flow ratio 16.2 17.4 16.1 12.7 9.5 10.6 13.2 15.7 15.1 21.3 20.2 19.2 20.5 20.1 15.8 19.4 0 17.5 16.3
CROIC w/ Owner Earnings 6.3% 3.8% 10.7% 9.3% 7.7% 5.1% 16.9% 13.4% 10.1% 5.7% 17.2% 13.8% 10.1% 5.5% 17.6% 12.3% 0.0% 13.7% 7.9%
Quarterly Inventory & Receivables Analysis
Financial Statement figures in $Mil
Enter Ticker Help

Annual
2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01
Revenue $9,815.00 ↑ $9,021.00 ↑ $8,535.00 ↑ $8,162.00 ↓ $9,089.00 ↓ $10,331.00 ↓ $10,364.00 ↑ $9,791.00 ↓ $9,831.00
% difference 8.80% 5.69% 4.57% -10.20% -12.02% -0.32% 5.85% -0.41%

Accounts receivable $4,237.00 ↑ $3,159.00 ↓ $3,177.00 ↑ $2,392.00 ↓ $2,893.00 ↓ $3,278.00 ↓ $3,821.00 ↓ $4,183.00 ↑ $4,165.00
% difference 34.12% -0.57% 32.82% -17.32% -11.74% -14.21% -8.65% 0.43%

Inventories, raw materials $248.00 ↑ $167.00 ↑ $165.00 ↑ $159.00 ↑ $142.00 ↓ $144.00 ↑ $111.00 ↓ $122.00 ↓ $146.00
% difference 48.50% 1.21% 3.77% 11.97% -1.39% 29.73% -9.02% -16.44%

Inventories, work in progress $36.00 ↑ $33.00 ↑ $33.00 ↓ $39.00 ↓ $50.00 ↓ $65.00 ↑ $53.00 ↑ $48.00 ↓ $58.00
% difference 9.09% 0.00% -15.38% -22.00% -23.08% 22.64% 10.42% -17.24%

Inventories, purchased components $146.00 ↓ $147.00 - $0.00 - $0.00 ↓ $207.00 - $0.00 - $0.00 - $0.00 - $0.00
% difference -0.68% - - -100.00% - - - -

Inventories, finished goods $745.00 ↑ $710.00 ↑ $692.00 ↑ $634.00 ↓ $708.00 ↓ $776.00 ↓ $833.00 ↓ $870.00 ↑ $820.00
% difference 4.93% 2.60% 9.15% -10.45% -8.76% -6.84% -4.25% 6.10%

Inventories, other $40.00 ↑ $32.00 ↓ $184.00 ↓ $191.00 - $0.00 ↓ $224.00 ↓ $238.00 ↓ $239.00 ↓ $243.00
% difference 25.00% -82.61% -3.66% - -100.00% -5.88% -0.42% -1.65%

Inventories Total $1,215.00 ↑ $1,089.00 ↑ $1,074.00 ↑ $1,023.00 ↓ $1,107.00 ↓ $1,209.00 ↓ $1,235.00 ↓ $1,279.00 ↑ $1,267.00
% difference 11.57% 1.40% 4.99% -7.59% -8.44% -2.11% -3.44% 0.95%

Quarter A
2010/01 2009/01 2008/01 2007/01 2006/03 2005/04 2004/04 2003/04 2002/04
Revenue $9,815.00 ↑ $9,089.00 ↓ $9,831.00 ↑ $8,439.00 ↑ $7,322.00 ↑ $6,187.00 ↑ $5,620.00 ↑ $4,618.00 ↓ $4,822.00
% difference 7.99% -7.55% 16.49% 15.26% 18.34% 10.09% 21.70% -4.23%

Accounts receivable $4,237.00 ↑ $2,893.00 ↓ $4,165.00 ↑ $2,908.00 ↓ $2,980.00 ↑ $2,241.00 ↑ $1,605.00 ↑ $1,157.00 ↓ $1,262.00
% difference 46.46% -30.54% 43.23% -2.42% 32.98% 39.63% 38.72% -8.32%

Inventories, raw materials $248.00 ↑ $142.00 ↓ $146.00 ↓ $178.00 - $0.00 ↓ $86.00 ↑ $56.00 ↑ $51.00 ↑ $45.00
% difference 74.65% -2.74% -17.98% - -100.00% 53.57% 9.80% 13.33%

Inventories, work in progress $36.00 ↓ $50.00 ↓ $58.00 ↓ $440.00 - $0.00 ↓ $427.00 ↑ $422.00 ↑ $259.00 ↓ $299.00
% difference -28.00% -13.79% -86.82% - -100.00% 1.18% 62.93% -13.38%

Inventories, purchased components $146.00 ↓ $207.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00
% difference -29.47% - - - - - - -

Inventories, finished goods $745.00 ↑ $708.00 ↓ $820.00 ↑ $795.00 - $0.00 ↓ $556.00 ↓ $611.00 ↑ $422.00 ↓ $462.00
% difference 5.23% -13.66% 3.14% - -100.00% -9.00% 44.79% -8.66%

Inventories, other $40.00 - $0.00 ↓ $243.00 ↑ $229.00 - $0.00 ↓ $211.00 ↑ $32.00 ↓ $33.00 ↓ $63.00
% difference - -100.00% 6.11% - -100.00% 559.38% -3.03% -47.62%

Inventories Total $1,215.00 ↑ $1,107.00 ↓ $1,267.00 ↓ $1,642.00 ↑ $1,313.00 ↑ $1,280.00 ↑ $1,121.00 ↑ $765.00 ↓ $869.00
% difference 9.76% -12.63% -22.84% 25.06% 2.58% 14.18% 46.54% -11.97%

Quarter B
2009/10 2008/10 2007/10 2006/10 2006/01 2005/01 2004/01 2003/01 2002/01
Revenue $9,021.00 ↓ $10,331.00 ↑ $9,554.00 ↑ $8,184.00 ↑ $6,628.00 ↑ $6,062.00 ↑ $5,398.00 ↑ $4,713.00 ↓ $4,816.00
% difference -12.68% 8.13% 16.74% 23.48% 9.34% 12.30% 14.53% -2.14%

Accounts receivable $3,159.00 ↓ $3,278.00 ↓ $3,418.00 ↑ $3,091.00 ↑ $2,537.00 ↑ $2,278.00 ↑ $2,097.00 ↑ $1,282.00 ↓ $1,539.00
% difference -3.63% -4.10% 10.58% 21.84% 11.37% 8.63% 63.57% -16.70%

Inventories, raw materials $167.00 ↑ $144.00 ↑ $130.00 ↓ $155.00 ↑ $96.00 ↑ $68.00 ↑ $50.00 ↑ $50.00 ↓ $64.00
% difference 15.97% 10.77% -16.13% 61.46% 41.18% 36.00% 0.00% -21.88%

Inventories, work in progress $33.00 ↓ $65.00 ↑ $45.00 ↓ $402.00 ↓ $477.00 ↑ $415.00 ↑ $302.00 ↑ $252.00 ↓ $339.00
 % difference -49.23% 44.44% -88.81% -15.72% 14.94% 37.42% 19.84% -25.66%

Inventories, purchased components $147.00 - $0.00 - $0.00 - $0.00 ↓ $564.00 - $0.00 - $0.00 - $0.00 - $0.00
% difference - - - -100.00% - - - -

Inventories, finished goods $710.00 ↓ $776.00 ↓ $894.00 ↑ $696.00 ↑ $208.00 ↓ $554.00 ↑ $543.00 ↑ $434.00 ↓ $537.00
% difference -8.51% -13.20% 28.45% 234.62% -62.45% 2.03% 25.12% -19.18%

Inventories, other $32.00 ↓ $224.00 ↓ $246.00 ↑ $224.00 - $0.00 ↓ $218.00 ↑ $38.00 ↓ $39.00 ↓ $83.00
% difference -85.71% -8.94% 9.82% - -100.00% 473.68% -2.56% -53.01%

Inventories Total $1,089.00 ↓ $1,209.00 ↓ $1,315.00 ↓ $1,477.00 ↑ $1,345.00 ↑ $1,255.00 ↑ $933.00 ↑ $775.00 ↓ $1,023.00
% difference -9.93% -8.06% -10.97% 9.81% 7.17% 34.51% 20.39% -24.24%

Quarter C
2009/07 2008/07 2007/07 2006/07 2005/10 2004/10 2003/10 2002/10 2001/10
Revenue $8,535.00 ↓ $10,364.00 ↑ $9,433.00 ↑ $7,984.00 ↑ $6,550.00 ↑ $5,971.00 ↑ $5,101.00 ↑ $4,845.00 ↑ $4,448.00
% difference -17.65% 9.87% 18.15% 21.89% 9.70% 17.06% 5.28% 8.93%

Accounts receivable $3,177.00 ↓ $3,821.00 ↓ $3,989.00 ↑ $3,303.00 ↑ $2,342.00 ↑ $1,792.00 ↑ $1,528.00 ↑ $1,303.00 ↓ $1,576.00
% difference -16.85% -4.21% 20.77% 41.03% 30.69% 17.28% 17.27% -17.32%

Inventories, raw materials $165.00 ↑ $111.00 ↓ $173.00 ↑ $131.00 ↑ $98.00 ↑ $60.00 ↑ $37.00 ↓ $55.00 ↓ $521.00
% difference 48.65% -35.84% 32.06% 33.67% 63.33% 62.16% -32.73% -89.44%

Inventories, work in progress $33.00 ↓ $53.00 ↑ $45.00 ↓ $377.00 ↓ $426.00 ↑ $408.00 ↑ $271.00 ↓ $283.00 ↑ $100.00
% difference -37.74% 17.78% -88.06% -11.50% 4.41% 50.55% -4.24% 183.00%

Inventories, purchased components $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00
% difference - - - - - - - -

Inventories, finished goods $692.00 ↓ $833.00 ↓ $858.00 ↑ $659.00 ↑ $582.00 ↓ $714.00 ↑ $539.00 ↑ $444.00 ↓ $594.00
% difference -16.93% -2.91% 30.20% 13.23% -18.49% 32.47% 21.40% -25.25%

Inventories, other $184.00 ↓ $238.00 ↓ $246.00 ↑ $204.00 ↓ $212.00 ↑ $28.00 ↑ $28.00 ↓ $46.00 ↓ $86.00
% difference -22.69% -3.25% 20.59% -3.77% 657.14% 0.00% -39.13% -46.51%

Inventories Total $1,074.00 ↓ $1,235.00 ↓ $1,322.00 ↓ $1,371.00 ↑ $1,318.00 ↑ $1,210.00 ↑ $875.00 ↑ $828.00 ↓ $1,301.00
% difference -13.04% -6.58% -3.57% 4.02% 8.93% 38.29% 5.68% -36.36%

Quarter D
2009/04 2008/04 2007/04 2006/04 2005/07 2004/07 2003/07 2002/07 2001/07
Revenue $8,162.00 ↓ $9,791.00 ↑ $8,866.00 ↑ $7,322.00 ↑ $6,581.00 ↑ $5,926.00 ↑ $4,702.00 ↓ $4,829.00 ↑ $4,298.00
% difference -16.64% 10.43% 21.09% 11.26% 11.05% 26.03% -2.63% 12.35%

Accounts receivable $2,392.00 ↓ $4,183.00 ↑ $3,238.00 ↑ $2,980.00 ↑ $2,216.00 ↑ $1,825.00 ↑ $1,514.00 ↑ $1,105.00 ↓ $1,871.00
% difference -42.82% 29.18% 8.66% 34.48% 21.42% 20.54% 37.01% -40.94%

Inventories, raw materials $159.00 ↑ $122.00 ↓ $175.00 ↑ $164.00 ↑ $82.00 ↑ $58.00 ↑ $38.00 ↑ $38.00 ↓ $662.00
% difference 30.33% -30.29% 6.71% 100.00% 41.38% 52.63% 0.00% -94.26%

Inventories, work in progress $39.00 ↓ $48.00 ↓ $117.00 ↓ $336.00 ↓ $431.00 ↓ $459.00 ↑ $291.00 ↓ $297.00 ↑ $260.00
% difference -18.75% -58.97% -65.18% -22.04% -6.10% 57.73% -2.02% 14.23%

Inventories, purchased components $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00 - $0.00
% difference - - - - - - - -

Inventories, finished goods $634.00 ↓ $870.00 ↑ $752.00 ↑ $619.00 ↑ $569.00 ↓ $656.00 ↑ $515.00 ↑ $490.00 ↓ $669.00
% difference -27.13% 15.69% 21.49% 8.79% -13.26% 27.38% 5.10% -26.76%

Inventories, other $191.00 ↓ $239.00 ↓ $245.00 ↑ $194.00 ↓ $215.00 ↑ $34.00 ↑ $29.00 ↓ $55.00 ↓ $93.00
% difference -20.08% -2.45% 26.29% -9.77% 532.35% 17.24% -47.27% -40.86%

Inventories Total $1,023.00 ↓ $1,279.00 ↓ $1,289.00 ↓ $1,313.00 ↑ $1,297.00 ↑ $1,207.00 ↑ $873.00 ↓ $880.00 ↓ $1,684.00
% difference -20.02% -0.78% -1.83% 1.23% 7.46% 38.26% -0.80% -47.74%
Debt Interest Expense and Cash Flow Analysis
Enter Ticker Help

Debt & Cash Flow Analysis

Financial Statement figures in $Mil
2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01 2007/10 2007/07
EBIT $ 2,355.00 $ 2,239.00 $ 1,533.00 $ 1,687.00 $ 1,868.00 $ 2,605.00 $ 2,686.00 $ 2,309.00 $ 2,638.00 $ 2,622.00 $ 2,531.00
Clear Input
User Corrected Value
interest expense $ 158.00 $ 114.00 $ 114.00 $ 105.00 $ 63.00 $ - $ 64.00 $ 68.00 $ 91.00 $ 96.00 $ 94.00
User Corrected Value
% difference ↑ - ↑ ↑ - ↓ ↓ ↓ ↓ ↑ -
38.6% 0.0% 8.6% 66.7% - -100.0% -5.9% -25.3% -5.2% 2.1% 0.0%

Pre-Tax Income adjusted for interest

expense (or loss) $ 2,513.00 $ 2,353.00 $ 1,647.00 $ 1,792.00 $ 1,931.00 $ 2,605.00 $ 2,750.00 $ 2,377.00 $ 2,729.00 $ 2,718.00 $ 2,625.00
Interest expense % of adjusted
6.3% 4.8% 6.9% 5.9% 3.3% 0.0% 2.3% 2.9% 3.3% 3.5% 3.6%
pre-tax income

net cash from total operating activities $ 3,974.00 $ 1,488.00 $ 9,897.00 $ 7,912.00 $ 5,916.00 $ 2,718.00 $ 12,089.00 $ 8,560.00 $ 5,532.00 $ 3,089.00 $ 10,104.00
Interest expense % of cash from
operations 4.0% 7.7% 1.2% 1.3% 1.1% 0.0% 0.5% 0.8% 1.6% 3.1% 0.9%
Free Cash Flow $ 3,566.00 $ 1,328.00 $ 8,892.00 $ 7,118.00 $ 5,331.00 $ 2,357.00 $ 10,821.00 $ 7,652.00 $ 4,941.00 $ 2,793.00 $ 8,853.00

Interest expense % of free cash flow 4.4% 8.6% 1.3% 1.5% 1.2% 0.0% 0.6% 0.9% 1.8% 3.4% 1.1%
Earnings Made by Tax Rate Changes
Enter Ticker Help Clear Input

Annual: EPS Due to Tax Rate Changes

Financial Statement figures in $Mil
2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01 2007/10 2007/07 2007/04
Income Tax (benefit) $ 502.00 $ 452.00 $ 452.00 $ 339.00 $ 364.00 $ 404.00 $ 672.00 $ 536.00 $ 578.00 $ 417.00 $ 601.00 $ 545.00
User Corrected Value
Income before income taxes $ 2,355.00 $ 2,239.00 $ 1,533.00 $ 1,687.00 $ 1,868.00 $ 2,605.00 $ 2,686.00 $ 2,309.00 $ 2,638.00 $ 2,622.00 $ 2,531.00 $ 2,419.00
User Corrected Value

Tax Rate 21.3% 20.2% 29.5% 20.1% 19.5% 15.5% 25.0% 23.2% 21.9% 15.9% 23.7% 22.5%
% difference to last period -1.1% 9.3% -9.4% -0.6% -4.0% 9.5% -1.8% -1.3% -6.0% 7.8% -1.2% N/A

Gain (loss) Due to Difference in Tax $ (26.58) $ 208.16 $ (143.95) $ (10.27) $ (74.30) $ 247.73 $ (48.49) $ (30.09) $ (158.46) $ 205.61 $ (30.77) N/A
Shares Outstanding 5862 5871 5857 5818 5864 5972 6163 6069 6202 6330 6265 6244

EPS affected by Tax Rate $ (0.00) $ 0.04 $ (0.02) $ (0.00) $ (0.01) $ 0.04 $ (0.01) $ (0.00) $ (0.03) $ 0.03 $ (0.00) N/A
Diluted EPS Total $ 0.32 $ 0.30 $ 0.19 $ 0.23 $ 0.26 $ 0.37 $ 0.34 $ 0.29 $ 0.33 $ 0.35 $ 0.31 $ 0.30
Adjusted EPS $ 0.32 $ 0.26 $ 0.21 $ 0.23 $ 0.27 $ 0.33 $ 0.35 $ 0.29 $ 0.36 $ 0.32 $ 0.31 N/A

Quarter A: EPS Due to Tax Rate Changes

Financial Statement figures in $Mil
2010/01 2009/01 2008/01 2007/01 2006/03 2005/04 2004/04 2003/04 2002/04 2001/04 2000/04 1999/04
Income Tax (benefit) $ 502.00 $ 364.00 $ 578.00 $ 414.00 $ 412.00 $ 563.00 $ 510.00 $ 394.00 $ 295.00 $ (872.00) $ 395.00 $ 319.00
User Corrected Value
Income before income taxes $ 2,355.00 $ 1,868.00 $ 2,638.00 $ 2,335.00 $ 1,812.00 $ 1,968.00 $ 1,721.00 $ 1,381.00 $ 1,024.00 $ (3,565.00) $ 1,057.00 $ 965.00
User Corrected Value

Tax Rate 21.3% 19.5% 21.9% 17.7% 22.7% 28.6% 29.6% 28.5% 28.8% 0.0% 37.4% 33.1%
% difference to last period -1.8% 2.4% -4.2% 5.0% 5.9% 1.0% -1.1% 0.3% -28.8% 37.4% -4.3% N/A

Gain (loss) Due to Difference in Tax $ (43.10) $ 45.29 $ (110.28) $ 116.92 $ 106.37 $ 20.20 $ (19.00) $ 3.85 $ (295.00) $ (1,332.24) $ (45.59) N/A
Shares Outstanding 5862 5864 6202 6291 6289 6541 7074 7158 7454 7251 7450 6784

EPS affected by Tax Rate $ (0.01) $ 0.01 $ (0.02) $ 0.02 $ 0.02 $ 0.00 $ (0.00) $ 0.00 $ (0.04) $ (0.18) $ (0.01) N/A
Diluted EPS Total $ 0.32 $ 0.26 $ 0.33 $ 0.31 $ 0.22 $ 0.21 $ 0.17 $ 0.14 $ 0.10 $ (0.37) $ 0.09 $ 0.10
Adjusted EPS $ 0.33 $ 0.25 $ 0.35 $ 0.29 $ 0.20 $ 0.21 $ 0.17 $ 0.14 $ 0.14 $ (0.19) $ 0.10 N/A

Quarter B: EPS Due to Tax Rate Changes

Financial Statement figures in $Mil
2009/10 2008/10 2007/10 2006/10 2006/01 2005/01 2004/01 2003/01 2002/01 2001/01 2000/01 1999/01
Income Tax (benefit) $ 452.00 $ 404.00 $ 417.00 $ 568.00 $ 541.00 $ 557.00 $ 516.00 $ 396.00 $ 272.00 $ 433.00 $ 385.00 $ 268.00
User Corrected Value
Income before income taxes $ 2,239.00 $ 2,605.00 $ 2,622.00 $ 2,176.00 $ 1,916.00 $ 1,957.00 $ 1,807.00 $ 1,387.00 $ 932.00 $ 1,307.00 $ 1,210.00 $ 556.00
User Corrected Value

Tax Rate 20.2% 15.5% 15.9% 26.1% 28.2% 28.5% 28.6% 28.6% 29.2% 33.1% 31.8% 48.2%
% difference to last period -4.7% 0.4% 10.2% 2.1% 0.2% 0.1% 0.0% 0.6% 3.9% -1.3% 16.4% N/A

Gain (loss) Due to Difference in Tax $ (104.76) $ 10.30 $ 267.42 $ 46.41 $ 4.33 $ 1.83 $ (0.09) $ 8.79 $ 36.77 $ (17.14) $ 198.24 N/A
Shares Outstanding 5871 5972 6330 6199 6248 6652 7110 7286 7496 7556 7296 6716

EPS affected by Tax Rate $ (0.02) $ 0.00 $ 0.04 $ 0.01 $ 0.00 $ 0.00 $ (0.00) $ 0.00 $ 0.00 $ (0.00) $ 0.03 N/A
Diluted EPS Total $ 0.30 $ 0.37 $ 0.35 $ 0.26 $ 0.22 $ 0.21 $ 0.10 $ 0.14 $ 0.09 $ 0.12 $ 0.12 $ 0.04
Adjusted EPS $ 0.32 $ 0.37 $ 0.31 $ 0.25 $ 0.22 $ 0.21 $ 0.10 $ 0.14 $ 0.09 $ 0.12 $ 0.09 N/A
Quarter C: EPS Due to Tax Rate Changes
Financial Statement figures in $Mil
2009/07 2008/07 2007/07 2006/07 2005/10 2004/10 2003/10 2002/10 2001/10 2000/10 1999/10 1998/10
Income Tax (benefit) $ 452.00 $ 672.00 $ 601.00 $ 602.00 $ 498.00 $ 562.00 $ 442.00 $ 254.00 $ (75.00) $ 524.00 $ 353.00 $ 275.00
User Corrected Value
Income before income taxes $ 1,533.00 $ 2,686.00 $ 2,531.00 $ 2,146.00 $ 1,759.00 $ 1,958.00 $ 1,528.00 $ 872.00 $ (343.00) $ 1,322.00 $ 791.00 $ 793.00
User Corrected Value

Tax Rate 29.5% 25.0% 23.7% 28.1% 28.3% 28.7% 28.9% 29.1% 0.0% 39.6% 44.6% 34.7%
% difference to last period -4.5% -1.3% 4.3% 0.3% 0.4% 0.2% 0.2% -29.1% 39.6% 5.0% -9.9% N/A

Gain (loss) Due to Difference in Tax $ (68.46) $ (34.19) $ 109.00 $ 5.57 $ 6.88 $ 4.38 $ 3.08 $ (254.00) $ (135.95) $ 65.97 $ (78.69) N/A
Shares Outstanding 5857 6163 6265 6272 6340 6773 7110 7327 7307 7580 7000 6608

EPS affected by Tax Rate $ (0.01) $ (0.01) $ 0.02 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ (0.03) $ (0.02) $ 0.01 $ (0.01) N/A
Diluted EPS Total $ 0.19 $ 0.34 $ 0.31 $ 0.25 $ 0.20 $ 0.21 $ 0.15 $ 0.08 $ (0.04) $ 0.11 $ 0.07 $ 0.08
Adjusted EPS $ 0.20 $ 0.35 $ 0.29 $ 0.25 $ 0.20 $ 0.21 $ 0.15 $ 0.11 $ (0.02) $ 0.10 $ 0.08 N/A

Quarter D: EPS Due to Tax Rate Changes

Financial Statement figures in $Mil
2009/04 2008/04 2007/04 2006/04 2005/07 2004/07 2003/07 2002/07 2001/07 2000/07 1999/07 1998/07
Income Tax (benefit) $ 339.00 $ 536.00 $ 545.00 $ 412.00 $ 613.00 $ 556.00 $ 391.00 $ 325.00 $ 55.00 $ 551.00 $ 358.00 $ 264.70
User Corrected Value
Income before income taxes $ 1,687.00 $ 2,309.00 $ 2,419.00 $ 1,812.00 $ 2,153.00 $ 1,936.00 $ 1,373.00 $ 1,097.00 $ 62.00 $ 1,312.00 $ 1,002.00 $ 756.40
User Corrected Value

Tax Rate 20.1% 23.2% 22.5% 22.7% 28.5% 28.7% 28.5% 29.6% 88.7% 42.0% 35.7% 35.0%
% difference to last period 3.1% -0.7% 0.2% 5.7% 0.2% -0.2% 1.1% 59.1% -46.7% -6.3% -0.7% N/A

Gain (loss) Due to Difference in Tax $ 52.61 $ (15.78) $ 5.02 $ 103.91 $ 5.32 $ (4.67) $ 15.77 $ 648.15 $ (28.96) $ (82.24) $ (7.35) N/A
Shares Outstanding 5767.9 5912 6054 6164 6331 6735 6998 7303 7324 7138 6595 6250.3

EPS affected by Tax Rate $ 0.01 $ (0.00) $ 0.00 $ 0.02 $ 0.00 $ (0.00) $ 0.00 $ 0.09 $ (0.00) $ (0.01) $ (0.00) N/A
Diluted EPS Total $ 0.23 $ 0.29 $ 0.30 $ 0.22 $ 0.24 $ 0.19 $ 0.14 $ 0.10 $ - $ 0.10 $ 0.10 $ 0.07
Adjusted EPS $ 0.22 $ 0.29 $ 0.30 $ 0.20 $ 0.24 $ 0.19 $ 0.14 $ 0.01 $ 0.00 $ 0.11 $ 0.10 N/A
Earnings Made by Nonoperating & Nonrecurring Income
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Annual: EPS from Nonoperating/Nonrecurring Income

Financial Statement figures in $Mil
2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01 2007/10 2007/07 2007/04 2007/01 2006/10 2006/07 2006/04
Interest Income $ 155.00 $ 168.00 $ 170.00 $ 194.00 $ 222.00 $ 195.00 $ 252.00 $ 269.00 $ 303.00 $ 319.00 $ 291.00 $ 283.00 $ 267.00 $ 251.00 $ 143.00 $ 142.00
User Corrected Value
% difference to last period $ (0.08) $ (0.01) $ (0.12) $ (0.13) $ 0.14 $ (0.23) $ (0.06) $ (0.11) $ (0.05) $ 0.10 $ 0.03 $ 0.06 $ 0.06 $ 0.76 $ 0.01 N/A

Gain (loss) due to difference in:

$ (11.99) $ (1.98) $ (21.03) $ (24.47) $ 30.74 $ (44.11) $ (15.93) $ (30.18) $ (15.20) $ 30.69 $ 8.23 $ 16.96 $ 17.02 $ 189.57 $ 1.01 N/A
Interest Income (a)

Tax Rate 21.3% 20.2% 29.5% 20.1% 19.5% 15.5% 25.0% 23.2% 21.9% 15.9% 23.7% 22.5% 0.0% 0.0% 0.0% N/A
Taxes on Gain (b) $ (2.56) $ (0.40) $ (6.20) $ (4.92) $ 5.99 $ (6.84) $ (3.98) $ (7.01) $ (3.33) $ 4.88 $ 1.95 $ 3.82 $ - $ - $ - N/A

Gain Net of Taxes (a-b) $ (9.44) $ (1.58) $ (14.83) $ (19.55) $ 24.75 $ (37.27) $ (11.94) $ (23.18) $ (11.87) $ 25.81 $ 6.27 $ 13.14 $ 17.02 $ 189.57 $ 1.01 N/A
Shares Outstanding 5,862.0 5,871.0 5,857.0 5,818.0 5,864.0 5,972.0 6,163.0 6,069.0 6,202.0 6,330.0 6,265.0 6,244.0 6,291.0 6,199.0 6,272.0

EPS affected by: Interest Income $ (0.00) $ (0.00) $ (0.00) $ (0.00) $ 0.00 $ (0.01) $ (0.00) $ (0.00) $ (0.00) $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.03 $ 0.00 N/A
Diluted EPS Total $ 0.32 $ 0.30 $ 0.19 $ 0.23 $ 0.26 $ 0.37 $ 0.34 $ 0.29 $ 0.33 $ 0.35 $ 0.31 $ 0.30 $ 0.31 $ 0.26 $ 0.25
Adjusted EPS $ 0.32 $ 0.30 $ 0.19 $ 0.23 $ 0.26 $ 0.38 $ 0.34 $ 0.29 $ 0.33 $ 0.35 $ 0.31 $ 0.30 $ 0.31 $ 0.23 $ 0.25 N/A

Quarter A: EPS from Nonoperating/Nonrecurring Income

Financial Statement figures in $Mil
2010/01 2009/01 2008/01 2007/01 2006/03 2005/04 2004/04 2003/04 2002/04 2001/04 2000/04 1999/04 1998/04 1997/04 1996/04 1995/04
Interest Income $ 155.00 $ 222.00 $ 303.00 $ 267.00 $ 142.00 $ 142.00 $ 127.00 $ 161.00 $ 150.00 $ 236.00 $ 313.00 $ 90.00 $ 52.00 $ 29.10 $ 15.10 $ 10.80
User Corrected Value
difference to last period -30.2% -26.7% 13.5% 88.0% 0.0% 11.8% -21.1% 7.3% -36.4% -24.6% 247.8% 73.1% 78.7% 92.7% 39.8% N/A

Gain (loss) due to difference in:

$ (46.78) $ (59.35) $ 40.85 $ 235.04 $ - $ 16.77 $ (26.82) $ 11.81 $ (54.66) $ (58.06) $ 775.54 $ 65.77 $ 40.92 $ 26.98 $ 6.01 N/A
Interest Income (a)

Tax Rate 21.3% 19.5% 21.9% 17.7% 22.7% 28.6% 29.6% 28.5% 28.8% 0.0% 37.4% 33.1% 0.0% 0.0% 0.0% N/A
Taxes on Gain (b) $ (9.97) $ (11.56) $ 8.95 $ 41.67 $ - $ 4.80 $ (7.95) $ 3.37 $ (15.75) $ - $ 289.82 $ 21.74 $ - $ - $ - N/A

Gain Net of Taxes (a-b) $ (36.81) $ (47.78) $ 31.90 $ 193.36 $ - $ 11.97 $ (18.87) $ 8.44 $ (38.91) $ (58.06) $ 485.72 $ 44.03 $ 40.92 $ 26.98 $ 6.01 N/A
Shares Outstanding 5,862.0 5,864.0 6,202.0 6,291.0 6,289.0 6,541.0 7,074.0 7,158.0 7,454.0 7,251.0 7,450.0 6,784.0 6,454.7 6,189.9 5,292.3 5,014.7

EPS affected by: Interest Income $ (0.01) $ (0.01) $ 0.01 $ 0.03 $ - $ 0.00 $ (0.00) $ 0.00 $ (0.01) $ (0.01) $ 0.07 $ 0.01 $ 0.01 $ 0.00 $ 0.00 N/A
Diluted EPS Total $ 0.32 $ 0.26 $ 0.33 $ 0.31 $ 0.22 $ 0.21 $ 0.17 $ 0.14 $ 0.10 $ (0.37) $ 0.09 $ 0.10 $ 0.01 $ 0.06 $ 0.04 $ 0.10
Adjusted EPS $ 0.33 $ 0.27 $ 0.32 $ 0.28 $ 0.22 $ 0.21 $ 0.17 $ 0.14 $ 0.11 $ (0.36) $ 0.02 $ 0.09 $ 0.00 $ 0.06 $ 0.04 N/A

Quarter B: EPS from Nonoperating/Nonrecurring Income

Financial Statement figures in $Mil
2009/10 2008/10 2007/10 2006/10 2006/01 2005/01 2004/01 2003/01 2002/01 2001/01 2000/01 1999/01 1998/01 1997/01 1996/01 1995/01
Interest Income $ 168.00 $ 195.00 $ 319.00 $ 251.00 $ 168.00 $ 127.00 $ 124.00 $ 174.00 $ 179.00 $ 275.00 $ 151.00 $ 80.00 $ 43.80 $ 27.10 $ 14.30 $ 8.00
User Corrected Value
difference to last period -13.8% -38.9% 27.1% 49.4% 32.3% 2.4% -28.7% -2.8% -34.9% 82.1% 88.8% 82.6% 61.6% 89.5% 78.8% N/A

Gain (loss) due to difference in:

$ (23.26) $ (75.80) $ 86.42 $ 124.01 $ 54.24 $ 3.07 $ (35.63) $ (4.86) $ (62.49) $ 225.83 $ 134.01 $ 66.12 $ 26.99 $ 24.26 $ 11.26 N/A
Interest Income (a)

Tax Rate 20.2% 15.5% 15.9% 26.1% 28.2% 28.5% 28.6% 28.6% 29.2% 33.1% 31.8% 48.2% 0.0% 0.0% 0.0% N/A
Taxes on Gain (b) $ (4.70) $ (11.76) $ 13.74 $ 32.37 $ 15.31 $ 0.87 $ (10.17) $ (1.39) $ (18.24) $ 74.82 $ 42.64 $ 31.87 $ - $ - $ - N/A

Gain Net of Taxes (a-b) $ (18.57) $ (64.04) $ 72.68 $ 91.64 $ 38.92 $ 2.20 $ (25.46) $ (3.47) $ (44.25) $ 151.01 $ 91.37 $ 34.25 $ 26.99 $ 24.26 $ 11.26 N/A
Shares Outstanding 5,871.0 5,972.0 6,330.0 6,199.0 6,248.0 6,652.0 7,110.0 7,286.0 7,496.0 7,556.0 7,296.0 6,716.0 6,371.8 6,206.5 5,262.4 5,010.9

EPS affected by: Interest Income $ (0.00) $ (0.01) $ 0.01 $ 0.01 $ 0.01 $ 0.00 $ (0.00) $ (0.00) $ (0.01) $ 0.02 $ 0.01 $ 0.01 $ 0.00 $ 0.00 $ 0.00 N/A
Diluted EPS Total $ 0.30 $ 0.37 $ 0.35 $ 0.26 $ 0.22 $ 0.21 $ 0.10 $ 0.14 $ 0.09 $ 0.12 $ 0.12 $ 0.04 $ 0.07 $ 0.05 $ 0.04 $ 0.01
Adjusted EPS $ 0.30 $ 0.38 $ 0.34 $ 0.25 $ 0.21 $ 0.21 $ 0.10 $ 0.14 $ 0.10 $ 0.10 $ 0.11 $ 0.03 $ 0.07 $ 0.05 $ 0.04 N/A

Quarter C: EPS from Nonoperating/Nonrecurring Income

Financial Statement figures in $Mil
2009/07 2008/07 2007/07 2006/07 2005/10 2004/10 2003/10 2002/10 2001/10 2000/10 1999/10 1998/10 1997/10 1996/10 1995/10 1994/10
Interest Income $ 170.00 $ 252.00 $ 291.00 $ 143.00 $ 154.00 $ 130.00 $ 137.00 $ 179.00 $ - $ 230.00 $ 106.00 $ 65.00 $ 37.10 $ 21.50 $ 11.80 $ -
User Corrected Value
difference to last period -32.5% -13.4% 103.5% -7.1% 18.5% -5.1% -23.5% 0.0% -100.0% 117.0% 63.1% 75.2% 72.6% 82.2% 0.0% N/A

Gain (loss) due to difference in:

$ (55.32) $ (33.77) $ 301.17 $ (10.21) $ 28.43 $ (6.64) $ (32.15) $ - $ - $ 269.06 $ 66.86 $ 48.88 $ 26.92 $ 17.67 $ - N/A
Interest Income (a)

Tax Rate 29.5% 25.0% 23.7% 28.1% 28.3% 28.7% 28.9% 29.1% 0.0% 39.6% 44.6% 34.7% 0.0% 0.0% 0.0% N/A
Taxes on Gain (b) $ (16.31) $ (8.45) $ 71.52 $ (2.87) $ 8.05 $ (1.91) $ (9.30) $ - $ - $ 106.65 $ 29.84 $ 16.95 $ - $ - $ - N/A

Gain Net of Taxes (a-b) $ (39.01) $ (25.32) $ 229.66 $ (7.35) $ 20.38 $ (4.74) $ (22.85) $ - $ - $ 162.41 $ 37.02 $ 31.93 $ 26.92 $ 17.67 $ - N/A
 Shares Outstanding 5,857.0 6,163.0 6,265.0 6,272.0 6,340.0 6,773.0 7,110.0 7,327.0 7,307.0 7,580.0 7,000.0 6,608.0 6,333.2 6,140.1 5,143.6 4,697.5

EPS affected by: Interest Income $ (0.01) $ (0.00) $ 0.04 $ (0.00) $ 0.00 $ (0.00) $ (0.00) $ - $ - $ 0.02 $ 0.01 $ 0.00 $ 0.00 $ 0.00 $ - N/A
Diluted EPS Total $ 0.19 $ 0.34 $ 0.31 $ 0.25 $ 0.20 $ 0.21 $ 0.15 $ 0.08 $ (0.04) $ 0.11 $ 0.07 $ 0.08 $ 0.05 $ 0.03 $ 0.03 $ 0.03
Adjusted EPS $ 0.20 $ 0.34 $ 0.27 $ 0.25 $ 0.20 $ 0.21 $ 0.15 $ 0.08 $ (0.04) $ 0.09 $ 0.06 $ 0.08 $ 0.05 $ 0.03 $ 0.03 N/A

Quarter D: EPS from Nonoperating/Nonrecurring Income

Financial Statement figures in $Mil
2009/04 2008/04 2007/04 2006/04 2005/07 2004/07 2003/07 2002/07 2001/07 2000/07 1999/07 1998/07 1997/07 1996/07 1995/07 1994/07
Interest Income $ 194.00 $ 269.00 $ 283.00 $ 142.00 $ 153.00 $ 124.00 $ 146.00 $ - $ 199.00 $ 11.00 $ 97.00 $ 59.80 $ 31.30 $ 22.80 $ 9.70 $ -
User Corrected Value
difference to last period -27.9% -4.9% 99.3% -7.2% 23.4% -15.1% 0.0% -100.0% 1709.1% -88.7% 62.2% 91.1% 37.3% 135.1% 0.0% N/A

Gain (loss) due to difference in:

$ (54.09) $ (13.31) $ 281.01 $ (10.21) $ 35.78 $ (18.68) $ - $ - $ 3,401.09 $ (9.75) $ 60.34 $ 54.45 $ 11.67 $ 30.79 $ - N/A
Interest Income (a)

Tax Rate 20.1% 23.2% 22.5% 22.7% 28.5% 28.7% 28.5% 29.6% 88.7% 42.0% 35.7% 35.0% 0.0% 0.0% 0.0% N/A
Taxes on Gain (b) $ (10.87) $ (3.09) $ 63.31 $ (2.32) $ 10.19 $ (5.37) $ - $ - $ 3,017.10 $ (4.10) $ 21.56 $ 19.05 $ - $ - $ - N/A

Gain Net of Taxes (a-b) $ (43.22) $ (10.22) $ 217.70 $ (7.89) $ 25.59 $ (13.32) $ - $ - $ 383.99 $ (5.66) $ 38.78 $ 35.40 $ 11.67 $ 30.79 $ - N/A
Shares Outstanding 5,767.9 5,912.0 6,054.0 6,164.0 6,331.0 6,735.0 6,998.0 7,303.0 7,324.0 7,138.0 6,595.0 6,250.3 6,031.0 5,837.7 4,895.5 4,633.9

EPS affected by: Interest Income $ (0.01) $ (0.00) $ 0.04 $ (0.00) $ 0.00 $ (0.00) $ - $ - $ 0.05 $ (0.00) $ 0.01 $ 0.01 $ 0.00 $ 0.01 $ - N/A
Diluted EPS Total $ 0.23 $ 0.29 $ 0.30 $ 0.22 $ 0.24 $ 0.19 $ 0.14 $ 0.10 $ - $ 0.10 $ 0.10 $ 0.07 $ 0.02 $ 0.04 $ 0.03 $ -
Adjusted EPS $ 0.24 $ 0.29 $ 0.26 $ 0.22 $ 0.24 $ 0.19 $ 0.14 $ 0.10 $ (0.05) $ 0.10 $ 0.09 $ 0.06 $ 0.02 $ 0.03 $ 0.03 N/A
Earnings Made by Reduced Depreciation Expense
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Earnings Made by Reduced
Depreciation Expense
Financial Statement figures in $Mil
2010/01 2009/10 2009/07 2009/04 2009/01 2008/10 2008/07 2008/04 2008/01 2007/10 2007/07 2007/04 2007/01
land and improvements $ 4,505.00 $ 4,501.00 $ 4,618.00 $ 4,534.00 $ 4,499.00 $ 4,438.00 $ 4,445.00 $ 4,282.00 $ 4,159.00 $ 4,095.00 $ 4,022.00 $ 3,852.00 $ 3,736.00
building and improvements $ 251.00 $ 242.00 $ - $ - $ 217.00 $ - $ - $ - $ - $ - $ - $ - $ -
machinery, furniture & equipment $ 7,051.00 $ 7,313.00 $ 7,363.00 $ 7,367.00 $ 7,211.00 $ 7,105.00 $ 7,048.00 $ 6,881.00 $ 6,695.00 $ 2,091.00 $ 6,263.00 $ 6,105.00 $ 5,811.00
construction in progress $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
other fixed assets $ - $ - $ 227.00 $ 224.00 $ - $ 205.00 $ 209.00 $ 200.00 $ 190.00 $ 4,604.00 $ 181.00 $ 160.00 $ 158.00
total fixed assets $ 11,807.00 $ 12,056.00 $ 12,208.00 $ 12,125.00 $ 11,927.00 $ 11,748.00 $ 11,702.00 $ 11,363.00 $ 11,044.00 $ 10,790.00 $ 10,466.00 $ 10,117.00 $ 9,705.00
User corrected Value

Dep. & Amort. charged $ 651.00 $ 534.00 $ 688.00 $ 547.00 $ 561.00 $ 505.00 $ 579.00 $ 553.00 $ 573.00 $ 538.00 $ 483.00 $ 446.00 $ 438.00
Depreciation % of fixed assets 5.5% 4.4% 5.6% 4.5% 4.7% 4.3% 4.9% 4.9% 5.2% 5.0% 4.6% 4.4% 4.5%
% difference to last period -1.1% 1.2% -1.1% 0.2% -0.4% 0.6% -0.1% 0.3% -0.9% -5.0% -1.1% -0.7% -0.7%

Gain (loss) due to difference in

depreciation expense on these items $ (128.03) $ 145.43 $ (137.26) $ 23.31 $ (48.31) $ 76.28 $ (9.50) $ 36.55 $ (104.18) $ (538.00) $ (110.93) $ (70.37) $ (71.82)
(a)

Income Tax (benefit) $ 502.00 $ 452.00 $ 452.00 $ 339.00 $ 364.00 $ 404.00 $ 672.00 $ 536.00 $ 578.00 $ 417.00 $ 601.00 $ 545.00 $ 414.00
Income before income taxes $ 2,355.00 $ 2,239.00 $ 1,533.00 $ 2,638.00 $ 2,335.00 $ 1,812.00 $ 1,968.00 $ 1,721.00 $ 1,381.00 $ 1,024.00 $ (3,565.00) $ 1,057.00 $ 965.00
Tax Rate 21.3% 20.2% 29.5% 12.9% 15.6% 22.3% 34.1% 31.1% 41.9% 40.7% -16.9% 51.6% 42.9%
Taxes on Gain (b) $ (27.29) $ 29.36 $ (40.47) $ 3.00 $ (7.53) $ 17.01 $ (3.24) $ 11.38 $ (43.60) $ (219.09) $ 18.70 $ (36.29) $ (30.81)

Gain Net of Taxes (a-b) $ (155.32) $ 116.07 $ (177.72) $ 20.32 $ (55.84) $ 59.27 $ (12.75) $ 25.17 $ (147.79) $ (757.09) $ (129.63) $ (106.66) $ (102.63)
Shares Outstanding 5,862.0 5,871.0 5,857.0 5,818.0 5,864.0 5,972.0 6,163.0 6,069.0 6,202.0 6,330.0 6,265.0 6,244.0 6,291.0

EPS affected by Depreciation Change $ (0.03) $ 0.02 $ (0.03) $ 0.00 $ (0.01) $ 0.01 $ (0.00) $ 0.00 $ (0.02) $ (0.12) $ (0.02) $ (0.02) $ (0.02)
Diluted EPS Total $ 0.32 $ 0.30 $ 0.19 $ 0.23 $ 0.26 $ 0.37 $ 0.34 $ 0.29 $ 0.33 $ 0.35 $ 0.31 $ 0.30 $ 0.31
Adjusted EPS $ 0.35 $ 0.28 $ 0.22 $ 0.23 $ 0.27 $ 0.36 $ 0.34 $ 0.29 $ 0.35 $ 0.47 $ 0.33 $ 0.32 $ 0.33