bbc live case
DESCRIPTION
bbcTRANSCRIPT
Financial Performance Summary (000’s)
Year Revenue GP (%) Leverage
1999 $96,794 14.80% $2,460 $2,136 1.67x
2000 $108,092 14.80% $2,315 $2,071 1.98x
2001 $140,317 14.20% $2,662 $2,236 2.27x
2002 $284,908 6.30% $1,961 $2,697 2.31x
2003 $350,110 7.30% $5,107 $3,059 1.95x
2004 $366,171 6.30% $1,744 $1,934 2.80x
2005 $315,223 1.00% ($13,754) ($12,961) 5.06x
Exhibit 1:
Operating Income
Net Income
Bank Line and covenants (000’s)
Covenant 2003 2004 2005
Line Balance $40,000 $30,205 $35,118
Debt / Tangible Net Worth 3 3 3
Actual 2.7 2.67 5.06
Tangible Net Worth Covenant $22,500 $22,500 $27,500
Actual $29,692 $31,576 $16,937
Exhibit 2:
Listed below is a summary of BBC’s net profit / (loss) by region for the past four fiscal years ($000’s):
12/31/2005 12/31/2004 12/31/2003
Construction Net Income Net Income Net Income
Arizona ($3,779) ($7,166) ($5,778)
Colorado ($4,067) $1,266 $1,351
Mid-Atlantic ($8,132) $2,454 $1,432
Minnesota $870 $3,295 $1,717
Missouri ($8,397) ($2,303) ($1,033)
Wisconsin / IA / IL $2,661 ($2,193) $801
Utah ($654) $1,483 $2,798
Captive Dividend $3,650 - - -
Restructure Costs ($461) - - -
Shops and Other ($8) ($157) ($72)
Construction Division Total ($18,316) ($3,367) $1,216
Materials Division $5,549 $4,791 $4,377
Corporate Division ($196) $510 $221
TOTAL INCOME ($12,963) $1,934 $5,814
Exhibit 3:
12/31/2002
Net Income Average($455) ($4,295)
$1,698 $62 - ($1,415)
($217) $1,416 ($6,461) ($4,549)
$425 $424 $2,999 $1,657
- $3,650 - ($461)
($200) ($109)($2,205) ($5,668)$5,966 $5,171
($89) $112 $3,672
Exhibit 4:
BBC Balance Sheet Summary
Detailed Balance Sheet - Actual and %
Industry Classification: NAICS Code: 237310
Statement Date 12/31/2002 12/31/2003 12/31/2004 12/31/2005
Months Covered 12 12 12 12
Audit Mthd Audited Audited Audited Co.Prep'd
Accountant
Stmt Type Annual Annual Annual Annual
CURRENT ASSETS
Cash 22,269 22.8 31,015 28.2 12,453 10.8 2,070
Marketable Securities 3,859 3.9 5,786 5.3 5,959 5.2 0
Accts/Notes Rec-Trade 28,514 29.2 23,813 21.7 25,119 21.7 4,019
Accts/Notes Rec-Other 1,880 1.9 2,000 1.8 0 0 28,120
Crushed Rock 1,620 1.7 1,881 1.7 2,142 1.9 2,855
Materials & Supplies 9,472 9.7 8,783 8 8,740 7.6 6,290
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
Total Inventory 11,092 11.4 10,664 9.7 10,882 9.4 9,145
Costs in Excess of Billings 5,117 5.2 6,055 5.5 13,254 11.5 11,441
Non-Op Current Assets 0 0 0 0 0 0 416
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
TOTAL CURRENT ASSETS 72,731 74.4 79,333 72.2 67,667 58.5 55,211
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
NON-CURRENT ASSETS
Land 5,571 5.7 6,459 5.9 5,136 4.4 4,548
Buildings & Improvements 2,489 2.5 2,526 2.3 5,202 4.5 3,883
Machinery & Equipment 33,067 33.8 35,688 32.5 38,043 32.9 38,414
Furniture & Fixtures 2,659 2.7 3,865 3.5 5,221 4.5 5,226
Leasehold Improvements 0 0 0 0 0 0 2,710
Other Fixed Assets 296 0.3 296 0.3 296 0.3 43
Construction in Progress 222 0.2 667 0.6 0 0 0
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
Gross Fixed Assets 44,304 45.3 49,501 45.1 53,898 46.6 54,824
Accumulated Deprec (-) 22,360 22.9 25,787 23.5 29,322 25.4 31,159
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
Total Fixed Assets - Net 21,944 22.5 23,714 21.6 24,576 21.3 23,665
Accts/Notes Rec-Long Term 168 0.2 128 0.1 225 0.2 0
Accts/Notes Rec-Offcr/Stkh 67 0.1 189 0.2 73 0.1 0
Cash Value Life Insurance 0 0 0 0 0 0 168
Investments in Affiliates 1,899 1.9 1,431 1.3 15,006 13 19,701
Loans to Related Co - LTP 0 0 4,026 3.7 6,868 5.9 0
Other Investments 607 0.6 690 0.6 773 0.7 2,651
Prepaids/Deferreds - LTP 306 0.3 337 0.3 418 0.4 222
Non-Op Non-Cur Assets 0 0 0 0 0 0 947
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
TOTAL NON-CURRENT ASSETS 24,991 25.6 30,515 27.8 47,939 41.5 47,354
TOTAL ASSETS 97,722 100 109,848 100 115,606 100 102,565
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
CURRENT LIABILITIES
CPLTD 39 - 44 - 2,072 1.8 1,240
Accounts Payable-Trade 20,875 21.4 27,583 25.1 21,836 18.9 19,382
Loans from Related Co - CP 10 0 0 0 0 0 0
Other Accruals 3,236 3.3 2,794 2.5 3,498 3 4,372
Billings in Excess of Costs 11,096 11.4 7,946 7.2 7,608 6.6 4,600
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
TOTAL CURRENT LIABILITIES 35,256 36.1 38,367 34.9 35,014 30.3 29,594
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
NON-CURRENT LIABILITIES
Long-Term Debt 31,812 32.6 40,295 36.7 48,405 41.9 56,034
Loans from Related Co - LTP 0 0 475 0.4 325 0.3 0
Deferred Compensation 193 0.2 0 0 0 0 0
Operating Non-Cur Liabs 900 0.9 904 0.8 1,007 0.9 0
Minority Interest-Liab 0 0 115 0.1 558 0.5 0
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
TOTAL NON-CURRENT LIABILITIES 32,905 33.7 41,789 38 50,295 43.5 56,034
TOTAL LIABILITIES 68,161 69.7 80,156 73 85,309 73.8 85,628
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
NET WORTH
Common Stock 3,573 3.7 3,573 3.3 3,573 3.1 3,573
Retained Earnings 25,988 26.6 26,119 23.8 26,724 23.1 13,364
¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯
TOTAL NET WORTH 29,561 30.3 29,692 27 30,297 26.2 16,937
TOTAL LIABILITIES & NET WORTH 97,722 100 109,848 100 115,606 100 102,565
Working Capital 37,475 38.3 40,966 37.3 32,653 28.2 25,617
Tang Net Worth-Actual 29,561 30.3 29,692 27 30,297 26.2 16,937
2
0
3.9
27.4
2.8
6.1
¯
8.9
11.2
0.4
¯
53.8
¯
4.4
3.8
37.5
5.1
2.6
0
0
¯
53.5
30.4
¯
23.1
0
0
0.2
19.2
0
2.6
0.2
0.9
¯
46.2
100
¯
1.2
18.9
0
4.3
4.5
¯
28.9
¯
54.6
0
0
0
0
¯
54.6
83.5
¯
3.5
13
¯
16.5
100
25
16.5
Exhibit 5:
BBC Income Statement Summary
Summary Income Statement - Actual and % Amounts Printed in: Thousands
Industry Classification: NAICS Code: 237310 MMAS (3.1.7.0)
Statement Date 12/31/2002 12/31/2003 12/31/2004
Months Covered 12 12 12
Audit Mthd Audited Audited Audited
Accountant
Stmt Type Annual Annual Annual
Sales/Revenues 284,908 100 350,110 100 366,171 100
Cost of Sales/Revenues 266,839 93.7 324,551 92.7 343,059 93.7
¯ ¯ ¯ ¯ ¯ ¯ ¯
GROSS PROFIT 18,069 6.3 25,559 7.3 23,112 6.3
Operating Expense 12,107 4.2 16,281 4.7 16,650 4.5
Depreciation 4,001 1.4 4,171 1.2 4,718 1.3
¯ ¯ ¯ ¯ ¯ ¯ ¯
TOTAL OPERATING EXP(INC) 16,108 5.7 20,452 5.8 21,368 5.8
¯ ¯ ¯ ¯ ¯ ¯ ¯
NET OPERATING PROFIT 1,961 0.7 5,107 1.5 1,744 0.5
Interest Income(Expense) -384 -0.1 -362 -0.1 -779 -0.2
Other Income(Expense) 1,214 0.4 -1,686 -0.5 1,267 0.3
Gain(Loss) on Sale of Assets -22 - 5 - 144 -
¯ ¯ ¯ ¯ ¯ ¯ ¯
TOTAL OTHER INCOME(EXP) 808 0.3 -2,043 -0.6 632 0.2
Minority Interest 72 - 4 - 443 0.1
NET PROFIT 2,697 0.9 3,060 0.9 1,933 0.5
EBIT 3,481 1.2 3,668 1 3,344 0.9
EBITDA 7,482 2.6 7,839 2.2 8,062 2.2
EBIDA 7,482 2.6 7,839 2.2 8,062 2.2
Cash Dividends & Withdrawals -1,789 -2,929 -1,328
Adj to Retained Earnings - - -
Amounts Printed in: Thousands
MMAS (3.1.7.0)
12/31/2005
12
Co.Prep'd
Annual
315,223 100
312,175 99
¯ ¯
3,048 1
11,739 3.7
5,064 1.6
¯ ¯
16,803 5.3
¯ ¯
-13,755 -4.4
-2,403 -0.8
2,927 0.9
270 0.1
¯ ¯
794 0.3
0 -
-12,961 -4.1
-10,185 -3.2
-5,121 -1.6
-5,121 -1.6
-698
299
Exhibit 6:
BBC Reconciliation of Equity
Summary Reconciliations
Industry Classification: NAICS Code: 237310
Statement Date 12/31/2002 12/31/2003 12/31/2004 12/31/2005
Months Covered 12 12 12 12
Stmt Type Annual Annual Annual Annual
Reconciliation of Retained Earnings
¯ ¯ ¯ ¯ ¯
BEGINNING RETAINED EARNINGS,
AS PREVIOUSLY REPORTED 25,988 26,119 26,724
Adj to Retained Earnings - - 299
¯ ¯ ¯ ¯
BEG RET. EARNINGS, RESTATED 25,988 26,119 27,023
Net Profit 3,060 1,933 -12,961
Div and Withdrawals-Cash -2,929 -1,328 -698
ENDING RETAINED EARNINGS 26,119 26,724 13,364
¯ ¯ ¯ ¯ ¯
Reconciliation of Net Worth
¯ ¯ ¯ ¯ ¯
BEGINNING NET WORTH 29,561 29,692 30,297
Net Profit 3,060 1,933 -12,961
Div and Withdrawals-Cash -2,929 -1,328 -698
Adjs to Ret Earnings (Above) - - 299
ACTUAL ENDING NET WORTH 29,692 30,297 16,937
INCR(DECR) IN NET WORTH 131 605 -13,360
¯ ¯ ¯ ¯ ¯
Reconciliation of Working Captial
¯ ¯ ¯ ¯ ¯
BEGINNING WORKING CAPITAL 37,475 40,966 32,653
Decrease(Increase) in Non-Current Assets:
Total Fixed Assets-Net -1,770 -862 911
Acct/Notes Rec-Long Term -82 19 298
Investments -3,641 -16,500 127
Op Non-Current Assets -31 -81 196
Non-Op Non-Curr Assets - - -947
Increase(Decrease) in Non-Current Liabilities:
Long Term Debt 8,483 8,110 7,629
Other Non-Current Liabilities 401 396 -1,890
Increase(Decrease) in Net Worth 131 605 -13,360
ENDING WORKING CAPITAL 40,966 32,653 25,617
MMAS (3.1.7.0)
Amounts Printed in: Thousands
Exhibit 7:
BBC Statement of Cash Flows
MMAS (3.1.7.0)
Summary UCA Cash Flow
Industry Classification: NAICS Code: 237310
Statement Date 12/31/2002 12/31/2003 12/31/2004 12/31/2005
Months Covered 12 12 12 12
Stmt Type Annual Annual Annual Annual
Net Sales 350,110 366,171 315,223
Chg in Accts/Notes Rec-Trade(Net) 4,701 -1,306 21,100
Chg in Billings vs. Costs -4,088 -7,537 -1,195
Chg in Deferred Revenue -193 - -
¯ ¯ ¯ ¯
Cash Collected From Sales 350,530 357,328 335,128
Cost of Sales/Revenues -324,551 -343,059 -312,175
Chg in Inventories 428 -218 1,737
Chg in Accts Payable-Trade 6,708 -5,747 -2,454
¯ ¯ ¯ ¯
Cash Paid To Suppliers -317,415 -349,024 -312,892
¯ ¯ ¯ ¯
CASH FROM TRADING ACTIVITIES 33,115 8,304 22,236
S,G&A Expense(Less Non-Cash Exp) -16,281 -16,650 -11,739
Chg in Prepaids/Deferreds -31 -81 196
Chg in Accruals & Other Pay -442 704 874
¯ ¯ ¯ ¯
Cash Paid for Operating Costs -16,754 -16,027 -10,669
¯ ¯ ¯ ¯
CASH AFTER OPERATIONS 16,361 -7,723 11,567
Other Income (Expense) -1,444 1,456 3,300
Chg in Other Assets/Liabilities 4 103 -1,007
¯ ¯ ¯ ¯
Other Income (Expense) & Taxes Paid -1,440 1,559 2,293
¯ ¯ ¯ ¯
NET CASH AFTER OPERATIONS 14,921 -6,164 13,860
Interest Expense -604 -968 -2,776
Dividends - Paid in Cash -2,929 -1,328 -698
¯ ¯ ¯ ¯
Cash Paid for Dividends & Interest -3,533 -2,296 -3,474
¯ ¯ ¯ ¯
NET CASH INCOME 11,388 -8,460 10,386
Current Portion Long Term Debt -39 -44 -2,072
¯ ¯ ¯ ¯
CASH AFTER DEBT AMORTIZATION 11,349 -8,504 8,314
Amounts Printed in: Thousands
Chg in Net Fixed Assets -5,936 -5,436 -3,883
Chg in Investments -3,843 -14,481 -29,058
¯ ¯ ¯ ¯
Cash Paid for Plant and Investments -9,779 -19,917 -32,941
¯ ¯ ¯ ¯
FINANCING SURPLUS (REQMNTS) 1,570 -28,421 -24,627
Chg in ST Loans/Other Payables -10 - -
Chg in LT & Sub Debt 8,527 10,182 8,869
Chg in Other Non-Curr Liabilities 475 -150 -325
Chg in Gray Area Liabilities 115 443 -558
Chg in Capital -4 -443 299
¯ ¯ ¯ ¯
Total External Financing 9,103 10,032 8,285
¯ ¯ ¯ ¯
CASH AFTER FINANCING 10,673 -18,389 -16,342
Add:Beginning Cash & Equivalents 26,128 36,801 18,412
¯ ¯ ¯ ¯
ENDING CASH & EQUIVALENTS 36,801 18,412 2,070
Exhibit 8:
BBC Summary of Ratios
Summary Ratios
Industry Classification: NAICS Code: 237310 MMAS (3.1.7.0)
Statement Date 12/31/2002 12/31/2003 12/31/2004 12/31/2005
Months Covered 12 12 12 12
Stmt Type Annual Annual Annual Annual
LIQUIDITY
Working Capital 37,475 40,966 32,653 25,617
Quick Ratio 1.6 1.63 1.24 1.16
Current Ratio 2.06 2.07 1.93 1.87
Net Sales/Working Capital 7.6 8.55 11.21 12.31
LEVERAGE
Net Worth-Actual 29,561 29,692 30,297 16,937
Tang Net Worth-Actual 29,561 29,692 30,297 16,937
Eff Tang Net Worth-Actual 29,561 29,692 30,297 16,937
Debt/Worth 2.31 2.7 2.82 5.06
Debt/Tang Worth 2.31 2.7 2.82 5.06
Debt Less Sub Debt-Liability/Eff Tg Wth 2.31 2.7 2.82 5.06
Borrowed Funds/Eff Tg Worth 1.08 1.36 1.67 3.38
LT Debt/Net Fixed Assets 1.45 1.7 2.05 2.42
Total Liabilities/Total Assets 0.7 0.73 0.74 0.83
COVERAGE
Interest Coverage 4.89 6.07 3.45 -3.67
Net Income+Depr+Amort-Divs/CPLTD 125.87 97.77 2.57 -6.93
UCA Cash Flow Coverage 4.17 -1.41 2.94
UCA Cash Flow/CPLTD pp 4.18 -2.63 2.5
EBITDA/Interest Exp+CPLTD 9.96 12.1 2.65 -1.28
EBITDA/Interest Exp+CPLTD pp 12.19 7.97 -1.06
EBITDA 7,482 7,839 8,062 -5,121
EBIDA 7,482 7,839 8,062 -5,121
PROFITABILITY (%)
Return on Assets 2.76 2.79 1.67 -12.64
Return on Equity 9.12 10.31 6.38 -76.52
Gross Margin 6.34 7.3 6.31 0.97
Net Margin 0.95 0.87 0.53 -4.11
ACTIVITY
Net Accounts Receivable Days 36.53 24.83 25.04 4.65
Inventory Days on Hand 15.17 11.99 11.58 10.69
Accounts Payable Days 28.55 31.02 23.23 22.66
Amounts Printed in: Thousands
Net Sales/Total Assets 2.92 3.19 3.17 3.07
Net Sales/Net Worth 9.64 11.79 12.09 18.61
Net Sales/Net Fixed Assets 12.98 14.76 14.9 13.32
Profit Before Taxes/Total Assets (%) 2.83 2.79 2.06 -12.64
GROWTH (%)
Total Assets Growth 12.41 5.24 -11.28
Total Liabilities Growth 17.6 6.43 0.37
Net Worth Growth 0.44 2.04 -44.1
Net Sales Growth 22.89 4.59 -13.91
Operating Profit Growth 160.43 -65.85 N/A
Net Profit Growth 13.46 -36.83 N/A
Exhibit 7:
BBC Statement of Cash Flows
Summary UCA Cash Flow
Industry Classification: NAICS Code: 237310
Statement 12/31/2002 12/31/2003 12/31/2004 12/31/2005
Months Co 12 12 12 12
Stmt Type Annual Annual Annual Annual
Net Sales 350,110 366,171 315,223
Chg in Accts/Notes Rec-Trade(Net) 4,701 -1,306 21,100
Chg in Billings vs. Costs -4,088 -7,537 -1,195
Chg in Deferred Revenue -193 0 0
¯ ¯ ¯ ¯
Cash Collected From Sales 350,530 357,328 335,128
Cost of Sales/Revenues -324,551 -343,059 -312,175
Chg in Inventories 428 -218 1,737
Chg in Accts Payable-Trade 6,708 -5,747 -2,454
¯ ¯ ¯ ¯
Cash Paid To Suppliers -317,415 -349,024 -312,892
¯ ¯ ¯ ¯
CASH FROM TRADING ACTIVITIES 33,115 8,304 22,236
S,G&A Expense(Less Non-Cash Exp) -16,281 -16,650 -11,739
Chg in Prepaids/Deferreds -31 -81 196
Chg in Accruals & Other Pay -442 704 874
¯ ¯ ¯ ¯
Cash Paid for Operating Costs -16,754 -16,027 -10,669
¯ ¯ ¯ ¯
CASH AFTER OPERATIONS 16,361 -7,723 11,567
Other Income (Expense) -1,444 1,456 3,300
Chg in Other Assets/Liabilities 4 103 -1,007
¯ ¯ ¯ ¯
Other Income (Expense) & Taxes Paid -1,440 1,559 2,293
¯ ¯ ¯ ¯
NET CASH AFTER OPERATIONS 14,921 -6,164 13,860
Interest Expense -604 -968 -2,776
Dividends - Paid in Cash -2,929 -1,328 -698
¯ ¯ ¯ ¯
Cash Paid for Dividends & Interest -3,533 -2,296 -3,474
¯ ¯ ¯ ¯
NET CASH INCOME 11,388 -8,460 10,386
Current Portion Long Term Debt -39 -44 -2,072
¯ ¯ ¯ ¯
CASH AFTER DEBT AMORTIZATION 11,349 -8,504 8,314
Chg in Net Fixed Assets -5,936 -5,436 -3,883
Chg in Investments -3,843 -14,481 -29,058
¯ ¯ ¯ ¯
Cash Paid for Plant and Investments -9,779 -19,917 -32,941
¯ ¯ ¯ ¯
FINANCING SURPLUS (REQMNTS) 1,570 -28,421 -24,627
Chg in ST Loans/Other Payables -10 - -
Chg in LT & Sub Debt 8,527 10,182 8,869
Chg in Other Non-Curr Liabilities 475 -150 -325
Chg in Gray Area Liabilities 115 443 -558
Chg in Capital -4 -443 299
¯ ¯ ¯ ¯
Total External Financing 9,103 10,032 8,285
¯ ¯ ¯ ¯
CASH AFTER FINANCING 10,673 -18,389 -16,342
Add:Beginning Cash & Equivalents 26,128 36,801 18,412
¯ ¯ ¯ ¯
ENDING CASH & EQUIVALENTS 36,801 18,412 2,070
MMAS (3.1.7.0)
Amounts Printed in: Thousands
2003 2004 2005Operating Inflows (Net Sales) 350110 366171 315223Operating Outflows
COGS (Exclude Depre) -324551 -343059 -312175SGA Exp -16281 -16650 -11739Taxes Other -1681 1411 3496Total Operating Outflows -342513 -358298 -320418
Total Net Operating Cash Flow (NOF) 7597 7873 -5195Changes in Working Capital
Receivables (AR) 4499 713 -6722Inventory (INV) 428 -218 1737Other Current Assets (OCA) -938 -7199 1397Accounts Payable (AP) 6708 -5747 -2454Other Current Liabilities (OCL) -3592 366 -2134Total Changes in Net Working Capital (NWC) 7105 -12085 -8176
Surplus or Deficit Cash Flow after Working Capital Investment 14702 -4212 -13371Capital Investment
Change in Short-Term Investment -1927 -173 5959Change in Net Fixed Assets -1770 -862 911Depreciation -4171 -4718 -5064
Net Investment Flow -7868 -5753 1806Free Cash Flow to Firm Surplus or Deficit (FCFF) 6834 -9965 -11565Financing & Other Income -362 -779 -2403Surplus or Deficit Cash Flow Available for Dividends 6472 -10744 -13968Dividends (DIV) -2929 -1328 -698Management’s Discretionary Cash Flow Surplus 3543 -12072 -14666Financial Cash Flows
Change in Short-Term Debt -5 2028 -832Change in Long-Term Debt 8958 7960 7304Change in Common Stock 0 0 0Change in Preferred StockChange in Other (Minority Interest) -4 -443 0Total Change in Net Financial Cash Flows (NFF) 8949 9545 6472
Goodwill/Other Assets & Other Liabilities
Change in Goodwill & Other Asset -3672 -16581 -624
Change in Other Liabilities -74 546 -1565Surplus or Deficit Cash Flow 8746 -18562 -10383Change in Cash (Cash) -8746 18562 10383Surplus or Deficit after all Cash Flows 0 0 0
CASH INFLOWS 2003 2004 2005
NOF 7,597 27.0% 7,873 20.9%
AR 4,499 16.0% 713 1.9%
Inventory 428 1.5% 1,737 6.7%
Other CA 1,397 5.4%
AP 6,708 23.8%
Other CL 366 1.0%
Other liabilities 546 1.5%
NFF 8,949 31.8% 9,545 25.4% 6,472 24.9%
Short-term Investment 5,959 23.0%
Cash & MS 18,562 49.4% 10,383 40.0%
TOTAL CASH INFLOWS 28,181 100.0% 37,605 100.0% 25,948 100.0%
CASH OUTFLOWS 2003 2004 2005
NOF (5,195) 20.0%
AR (6,722) 25.9%
Inventory (218) 0.6%
Other CA (938) 3.3% (7,199) 19.1%
Other Assets (3,672) 13.0% (16,581) 44.1% (624) 2.4%
Short-term Investment (1,927) 6.8% (173) 0.5%
CAPEX (5,941) 21.1% (5,580) 14.8% (4,153) 16.0%
AP (5,747) 15.3% (2,454) 9.5%
Other CL (3,592) 12.7% (2,134) 8.2%
Other liabilities (74) 0.3% (1,565) 6.0%
Dividends (DIV) (2,929) 10.4% (1,328) 3.5% (698) 2.7%
Interest (362) 1.3% (779) 2.1% (2,403) 9.3%
Cash & MS (8,746) 31.0%
TOTAL CASH OUTFLOWS -28,181 100.0% -37,605 100.0% -25,948 100.0%
Cash Conversion Cycle 2002 2003 2004 2005
DSO 39 27 25 37
Inventory days 15 12 12 11
Payable days 29 31 23 23
CCC 26 8 13 25
Bank Line and covenants (000’s)
Covenant 2003 2004 2005
Line Balance $40,000 $30,205 $35,118
Debt / Tangible Net Worth 3 3 3
Actual 2.7 2.67 5.06
Tangible Net Worth Covenant $22,500 $22,500 $27,500
Actual $29,692 $31,576 $16,937
2002 2003 2004 2005Total assets 97,722 109,848 115,606 102,565Total liabilities 68,161 80,156 85,309 85,628 60,428Intangible assetsTangible Net Worth 29,561 29,692 30,297 16,937 40,937
D/NW 2.31 2.70 2.82 5.06
Debt 31,861 40,814 50,802 57,274
28,543
11,606 3.567810119856
Exhibit 2: