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Annual Report Analysis Version 1.0.51

Required Inputs

Company itv itv itv itv

Fiscal Year (mm/dd/yy) 2005 2006 2007 2008

Sales - Current Year CY (M) 329 264 192 -2647

Sales - Prior Year PY (M) 177 329 264 192

Cost of Goods Sold - Current Year 0 0 0 0

Cost of Goods Sold - Prior Year 0 0 0 0interest expenses 54 35 54 110

Pre Tax Income (PTI) 311 288 188 -2732

Income Taxes -85 -66 -50 178

Net Profit / Net Income / Net Earnings 222 219 137 -2556

Diluted avg wtd no shares CY (M) 4082 4017 3874 3877

Diluted avg wtd no shares PY (M) 3947 4082 4017 3874

From Balance Sheet: ($M)

C&E+ShTm Inv+Marketable Sec(CY) 750 1027 577 682

C&E+ShTm Inv+Marketable Sec(PY) 532 750 1027 577

Accounts Receivable - CY 454 407 412 369Accounts Receivable - PY 357 454 407 412

Inventories - Current Year 388 400 440 516

Inventories - Prior Year 368 388 400 440

Current assets 1483 1905 1408 1608

Property, Plant & Equipment 235 193 211 208

Total assets (CY) 6026 6107 5720 3251

Total assets (PY) 5663 6026 6107 5720

Short Term Debt (See definition) -43 -33 -471 -43

Accounts Payable -774 -686 -715 -738

Current liabilities -1139 -953 -1354 -1139Long Term Debt -1101 -1224 -1263 -1264

Retained Earnings 115 92 15 -2652

Shareholder Equity - Current Year 3305 3163 3239 534

Shareholder Equity - Prior Year 3109 3305 3163 3239

From Statement of Cash Flows ($M)

Net Cash from Operating Activities(cy) 259 41 210 91

Net Cash from Investing Activities 250 112 5 32

Capital Expenditures (CAPEX) 98 128 122 127

Net cash from Financing Activities 133 147 679 59

Dividends Paid 46 79 37 32

From Value Line ($M)

Total Debt (Optional)

From Proxy, or SEC Schedule 14A ($M)

CEO Total Compensation 2.86 0.71 3.17 2.24

From Financial Notes In Annual Report

Net Income if Stk Options Expensed($M) 273 229 196 -2623

From Statement of Income: ($M)

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profit

Measure - Unhide Col. B for detail How to Input Data & Interpret

Profitability Measures

Pretax Profit Margin % Pretax profit margin=(Pretax profit / sales )

Net Profit Margin (Profitability) % Net profit margin = (Net Profit / Sales )

Asset Turnover(Efficiency) Sales / Avg Annual Assets

Financial Leverage(Gearing) Avg Annual Assets / Avg Shareholder Equity

Return on Equity % Return on Equity= (Net Profit / Average Equity)

Retained to Common Eqty % ROE x (earnings - dividends)/ earnings

Growth of Debt % Growth of annual debt

Return on Invested Capital ROIC = (Net Profit) / (Avg. Equity + LTD)

Return on Total Assets Return on total assets = (Net Profit / total assets)

Cash from Operations/Net Income % (Net Cash from Operating Activities(NCO)/Net Income)-1

EPS Net Income / Weighted Average Shares

Cash From Operations/Per Share Net Cash from Operations / Avg Weighted Shares

Growth in Cash from Operations/Share (CFO/share CY - CFO/share PY) /CFO/Share PY

Quality of Earnings (NI-NCO)/(Total Assets CY+Total Assets PY)/2

Impact on NI of Expensing Stk Options (NI if Stk Opt Expensed-NI)/NI

Retained Earnings/Shareholder Equity Retained Earnings/Shareholder Equity

Free Cash Flow ($M) Net Cash from Operations - CAPEX

Free Cash Flow Margin % (NCO-CAPEX-Dvds)/Sales

Operating Cash Flow Margin %OCF Margin=Net Cash from Operations/Revenue

Operating Cash Flow Coverage NCO / (Absolute Value (NCI+NCF)

Pretax Profit

Capital Structure

Total Debt to Equity Ratio Total debt to equity ratio = total debt / equity

Total Debt/ NCO Total Debt /Net Cash from Operating Activities(NCO)

LTD / 2x Last Years Earnings Long Term Debt / 2 times last years Net Income

Share Buyback/(Dilution) (# shares last year - # shares this year) / # shares last year

Stk Option Shares/Total Shares % Stk Opt Sh Granted/Total Shares

Net C&E+STI+MS-Total Debt Cash & Equiv.+Sh Tm Inv.+Marketable Securities-Total Deb

Net C&E+STI+MS-Total Debt per Sh Cash & Equiv.+Sh Tm Inv.+Marketable Securities-Total Deb

C&E+STI+MS vs Debt Ratio (Cash & Equiv+ Sh Tm Inv+MS) / Total Debt

C&E+STI+MS Ratio CY/PY % Cash & Equiv +Sh Tm Inv+Marketable Securities CY/Same

Interest Coverage Ratio (Pretax Profit + Interest Expense) / Interest Expense

Current Ratio Current ratio= Current Assets / Current Liabilities

Quick Assets Ratio Quick Assets Ratio= (C&E+STI+MS+AR) / Current Liabilit

Foolish Flow Ratio Foolish Flow Ratio = (CA-C&E)/CL-STD)

Turnover Ratios

% Change in Accounts Receivable(AR)AR CY / AR PY

Change in Sales % Sales CY / Sales PY

% Change in AR vs Sales Chg AR% - Chg Sales%

Days Sales Outstanding CY AR CY / (Sales CY / 365)

Days Sales Outstanding PY AR PY / (Sales PY / 365)

Inventory Turnover Rate (CY) COG CY / Inv CY

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Inventory Turnover Rate (PY) COG PY / Inv PY

% Change in Inventory INV CY / INV PY

% Change in Inventory vs Sales Chg Inv% - Chg Sales%

Plant Turnover Ratio Sales CY / PP&E

CEO Pay as % of Net Income CEO Total Compensation /Net Income

Cash Conversion Cycle(CCC) CCC=DIO+DSO-DPO (From Fool)

Total Debt

Average Equity

Average Assets

Net Profit / Net Income / Net Earnings

EPS Growth Rate

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Good User

Criteria

>15% 94.52% 1O9% 97.91% NA

>10% 67.47% 82.95% 97.91%NA

Chk Chgs 0.06 0.05 0.03 -0.59

Chk Chgs 1.82 1.88 1.85 2.38

>15% 6.90% 6.80% 4.30% -1.35%

>= Grth Rt 54.70% 4.35% 3.31% -1.37%

< ROE 0 0.80% -1.02% -41.06%

>15% 10.54% 10.90% 7.07% -410.60%

Cmp Ind 0.04 0.04 0.02 -0.79

> 0% 16% -81.28% 53.28% -3.56%

> Prior Yr 0.05 0.05 0.04 -6.59

>EPS 0.06 0.01 0.05 0.02

>EPS Gr 0 -0.84 4.31 -0.57

< 3% -0.06% 2.93% -1.23% -59.01%

>-5% 22% 4.56% 43.06% NA

SGR 0.03 0.03 0 -4.97

> Prior Yr 161 -87 88 -36

>10% 34.95% -62.88% 26.56 2.57%

> 15% 0.79 0.16 1.09 -3.43%

> 0.9 0.68 0.16 0.31 1

311 288 188 -2732

1.5 No Debt No Debt No Debt No Debt

> 0% 0.41 0.37 -0.44 0.18

> 5 6.76 9.23 4.48 -23.84

> 2.0 -1.3 -2 -1.04 -1.41

> 1.0 -1.06 -1.5 -0.73 -0.92

12% 0.86 -0.2 -0.27 -14.79

< 0% -0.59 0.09 0.29 14.68

< PY 503.68 562.71 783.23 NA

736.19 503.68 562.71 783.22

> PY 0 0 0 0

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0 0 0 0

0.05 0.03 0.1 0.17

< 0% -0.8 0.23 0.37 14.96

Incr YTY 1.4 1.37 0.91 -12.73

0.01 0 0.02 >100%

Ind Cmp -3.84 -3 -44.38 NA

3207 3234 3201 1886.5

5844.5 6066.5 5913.5 4485.5

222 219 137 -2556

N/A 2.9p 3.5p 65.9p