Focus Spreadsheet

8/3/2019 Focus Spreadsheet

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Quick Glance Chart

Date: May 30, 2001Price: 37.2900

Market Cap (millions): 16694.0052 Week Range: $29.31 - 46.38

Total LT Debt: 790Shares Outstanding: 448

Est. 5-Yr. EPS Growth: 12%

Insider Ownership: 3%PE Ratio: 27.7

Price/Sales Ratio: 0.53

Price/Book Value: 4.15 Year Average ROE: 14.54%

Employees: 78,000Ticker: COST

S&P 500 Index: Yes

Retirement Plan: 401K

FocusInvestor.com Eq


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Company Description:

Costco Wholesale Corporation operates membershipwarehouses that offer very low prices on a limitedselection of nationally branded and selected private labelproducts in a wide range of merchandise categories inno-frills, self-service warehouse facilities. At September3, 2000, Costco operated 313 warehouse clubs,comprised of 237 in the United States, 59 in Canada, 10in the United Kingdom, three in Korea, three in Taiwan,

and one in Japan. As of September 3, 2000, theCompany also operated (through a 50%-owned jointventure) 18 warehouses in Mexico.

2000 1999 1998 1997 1996 1995 1994 1993Business Lines as a % of Sales:

Sundries (includes candy, snack foods, health and 30% 30% 30% 31% 32% 32% 32% 32%beauty aids, tobacco, soft drinks, and cleaning and

institutional supplies)

Foods (includes dry, fresh foods, and institutionally 30% 31% 32% 32% 32% 32% 31% 31%

packaged food)

Hardlines (includes major appliances, video and audio tape, 20% 20% 20% 20% 21% 22% 22% 21%

electronics, tools, office supplies, furniture, andautomotive supplies)

Softlines (includes apparel, domestics, cameras, 12% 12% 12% 12% 11% 11% 12% 13%

jewelry, housewares, books, and small appliances

Other (includes pharmacy, optical, one-hour photo, 8% 7% 6% 5% 4% 3% 3% 3%

print shop, food court, hearing aid, and gas stations)

ity Spreadsheet Model


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1992

32%

31%

21%

14%

2%


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1991 1992 1993 1994 1995 1996

($ Millions)

Net Sales 11,814 13,820 15,155 16,161 17,906 19,214

% Change 10.8% 10.8% 10.8% 10.8% 10.8% 7.3%

% Same-store

Membership income and other 228 277 309 320 341 353

Total Revenues 12,042 14,097 15,464 16,481 18,247 19,567

Cost of Goods Sold 10,756 12,565 13,751 14,663 16,226 17,345

SG&A Expense 934 1,129 1,315 1,426 1,556 1,691

SG&A as a % of salesPreopening Expenses 16 26 28 25 25 29

Provision for Warehouse Closings 2 2 5 7 7 10

Operating Income (EBIT) 334 375 365 360 434 492

Goodwill AmortizationInterest Expense (26) (35) (46) (50) (68) (78)

Interest (Income) Loss 34 29 17 14 3 11

LIFO Charge (Credit)

Non-recurring charges/(gain) (120)

Accounting Change Effect, net

Earnings Before Taxes 342 369 336 204 369 425

Taxes 135 146 133 93 151 175

Net Income (Cont. before items) 207 223 203 111 218 250

Extraord./Discontinued Operations Income (loss) 0.0 0.0 0.0 0.0 0.0 0.0

Income (Loss) on disposal of disc. ops. 12 19 20 (41) (83.0) 0.0

Extraordinary. Charge (Credit) 0.0 0.0 0.0 (182) 0.0 0.0

Net Income 219 242 223 (112) 135 250

EPS (Cont. before items) $0.47 $0.49 $0.46 ($0.26) $0.52 $0.61

Discontinued Operations:

Gain on disposal of disc. ops. $0.02 $0.04 $0.04 ($0.09) $0.00 $0.00

(Loss) on Disposal $0.00 $0.00 $0.00 ($0.42) ($0.19) $0.00

Extraordinary Charge $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

EPS $0.49 $0.53 $0.50 ($0.25) $0.33 $0.57

Shares Outstanding (Diluted) 468.4 490.2 480.3 438.7 447.2 436.7

Shares Outstanding (Not Diluted) 422.0 410.0

Margin AnalysisOperating Margin 2.8% 2.7% 2.4% 2.2% 2.4% 2.6%

FocusInvestor.com Equity Spreadsheet Model


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Pretax Margin 2.9% 2.7% 2.2% 1.3% 2.1% 2.2%Net Margin 1.9% 1.8% 1.5% -0.7% 0.8% 1.3%

1991 1992 1993 1994 1995 1996

As a Percentage of SalesCGS, OCC, Buying Costs 91.04% 90.92% 90.74% 90.73% 90.62% 90.27%

SG&A Expenses 7.91% 8.17% 8.68% 8.82% 8.69% 8.80%

Membership Income and Other 1.93% 2.00% 2.04% 1.98% 1.90% 1.84%

PreOpening Expenses 0.14% 0.19% 0.18% 0.15% 0.14% 0.15%

Warehouse Closing Costs 0.02% 0.01% 0.03% 0.04% 0.04% 0.05%

Operating Income 2.83% 2.71% 2.41% 2.23% 2.42% 2.56%

Interest Expense -0.22% -0.25% -0.30% -0.31% -0.38% -0.41%

Earnings Before Taxes 2.89% 2.67% 2.22% 1.26% 2.06% 2.21%

Tax Rate 39.47% 39.57% 39.58% 45.59% 40.96% 41.15%

Net Income (cont. before items) 1.85% 1.75% 1.47% -0.69% 0.75% 1.30%

% Change

Net Sales16.98% 9.66% 6.64% 10.80% 7.30%Membership Income and other 21.49% 11.55% 3.56% 6.56% 3.52%

SG&A Expense 20.9% 16.5% 8.4% 9.1% 8.7%

Preopening Expense 62.5% 7.7% -10.7% 0.1% 15.9%

Warehouse Closing Costs 0.0% 150.0% 40.0% 0.0% 42.9%

Operating Income 12.3% -2.7% -1.4% 20.4% 13.4%

Interest Expense 34.6% 31.4% 8.7% 36.0% 14.9%

Pretax Income 7.9% -8.9% -39.3% 80.7% 15.2%

Net Income (Continuing. Ops.) 10.5% -7.9% -150.2% -220.2% 85.6%

EPS (Continuing Ops.) 9.5% -5.5% -150.5% -227.8% 75.7%

Shares Outstanding 4.6% -2.0% -8.7% 1.9% -2.3%

1991 1992 1993 1994 1995 1996

Depreciation and Amortization 72.3 89.3 112.1 143.6 142.0 161.6change % - 23.5% 25.5% 28.1% -1.1% 13.8%

EBITDA 406.3 464.3 477.1 503.6 575.6 653.4

EBITDA Margin 3.4% 3.4% 3.1% 3.1% 3.2% 3.4%

Note: Insert Owner Earnings

1991 1992 1993 1994 1995 1996Consolidated Warehouse in Operation

Beginning of Year 221 240

Openings 19 12

Relocations Included in Openings 5 2Closings 0 (6)

Net Openings 19 6

End of Period 240 246

Unit Growth 8.6% 2.5%

Average Number of Warehouses 231 243

Average Unit Growth - 5.4%

1995 1996


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New Square Footage ('000)

Incremental Relocated Square Footage ('000)

Closed Square Footage ('000)

Net Square Footage Added ('000)

Square Footage End of Year ('000)

% Change in Square Footage

Average Square Feet During Year ('000) 29,263 31,520

Average Warehouse Size ('000) 127 128

Number of Weeks: 53 52

Sales/Average Square Foot ($) $612 $610

change % -0.38%

Sales/Average Warehouse (MM) $77.7 $79.1

change % 1.79%


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1997 1998 1999 Q1 Q2 Q3 Q4 2000 Q1

21,484 23,830 26,976 6,824 7,614 6,769 10,414 31,621 7,499

11.8% 10.9% 13.2% N/A 11.6% -11.1% 53.8% 17.2% 9.9%

390 440.0 480 119 123 126 175 543 138

21,874 24,270 27,456 6,943 7,737 6,895 10,589 32,164 7,637

19,314 21,380 24,170 6,120 6,792 6,084 9,325 28,321 6,714

1,877 2,070 2,338 597 637 605 917 2,755 691

27 27 31 10 8 7 17 42 20

75 6 57 1 2 2 3 7 1

581 788 861 215 299 198 327 1,038 212

(76) (48) (45) (10) (11) (10) (9) (40) (7)

15 27 44 11 15 13 16 55 11

(118)

520 767 742 216 303 201 334 1,053 216

208 307 344 86 121 80 133 421 86

312 460 398 130 182 121 201 632 130

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 0.0 0.0 0.0 0.0 0.0 0 0.0

312 460 398 130 182 121 201 632 130

$0.69 $0.99 $0.84 $0.27 $0.38 $0.25 $0.42 $1.36 $0.27

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$0.69 $0.99 $0.84 $0.27 $0.38 $0.25 $0.42 $1.36 $0.27

449.3 463.37 471.1 473.4 476.6 478.8 474.1 463.3 473.9

414.8 431.0 439.3 443.3 445.3 448.1 448.4 447.7

2.7% 3.3% 3.2% 3.2% 3.9% 2.9% 3.1% 3.3% 2.8%


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2.4% 3.2% 2.7% 3.2% 4.0% 3.0% 3.2% 3.3% 2.9%

1.5% 1.9% 1.5% 1.9% 2.4% 1.8% 1.9% 2.0% 1.7%

1997 1998 1999 Q1 Q2 Q3 Q4 2000 Q1

89.90% 89.72% 89.60% 89.68% 89.20% 89.88% 89.54% 89.56% 89.53%

8.74% 8.69% 8.67% 8.74% 8.36% 8.94% 8.81% 8.71% 9.21%

1.82% 1.85% 1.78% 1.74% 1.62% 1.86% 1.68% 1.72% 1.84%

0.13% 0.11% 0.11% 0.15% 0.11% 0.10% 0.17% 0.13% 0.27%

0.35% 0.03% 0.21% 0.01% 0.02% 0.02% 0.03% 0.02% 0.01%

2.71% 3.31% 3.19% 3.15% 3.92% 2.92% 3.14% 3.28% 2.83%

-0.36% -0.20% -0.17% -0.15% -0.14% -0.15% -0.09% -0.13% -0.09%

2.42% 3.22% 2.75% 3.17% 3.98% 2.97% 3.21% 3.33% 2.88%

40.01% 39.99% 46.39% 39.81% 39.97% 39.82% 39.84% 39.97% 39.81%

1.45% 1.93% 1.47% 1.91% 2.39% 1.79% 1.93% 2.00% 1.73%

11.81% 10.92% 13.20% - 11.58% -11.10% 53.85% 203.64% 9.89%10.48% 12.82% 9.09% - 3.36% 2.44% 38.89% 13.13% 15.97%

11.0% 10.3% 12.9% - 6.7% -5.0% 51.6% 17.8% 15.8%

-6.9% 0.0% 14.8% - -21.4% -17.3% 156.7% 36.5% 94.2%

650.0% -92.0% 841.7% - 50.0% 0.0% 100.0% -87.6% 0.0%

18.2% 35.5% 9.2% - 38.9% -33.7% 65.1% 20.7% -1.4%

-2.3% -37.1% -6.3% - 10.0% -9.1% -10.0% -11.1% -30.0%

22.5% 47.5% -3.3% - 40.1% -33.6% 66.2% 42.1% 0.0%

24.8% 47.5% -13.6% - 39.8% -33.5% 66.1% 59.1% 0.0%

21.3% 43.0% -15.0% - 38.8% -33.8% 67.7% 61.8% -0.1%

2.9% 3.1% 1.7% - 0.7% 0.5% -1.0% -1.7% 0.1%

1997 1998 1999 Q1 Q2 Q3 Q4 2000 Q1

182.3 196.3 224.8 254.4

12.8% 7.7% 14.5% 13.2%

763.5 984.0 1,085.3 1,292.8

3.6% 4.1% 4.0% 4.1%

1997 FY 1998 FY 1999 FY 2000

252 261 278 285

9 17 14 21

- 1 7 40 0 0 0

9 17 14

261 278 292

3.6% 6.5% 5.0%

257 270 285

5.6% 5.1% 5.8%

1997 1998 1999


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52 52 52

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!

$83.8 $88.4 $94.7

5.93% 5.57% 7.04%


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Q2 Q3 Q4 2001

8,159 7,563

7.2% 11.7%

146 155

8,305 7,718

7,276 6,826

731 706

11 13

1 -

287 175

(9) (9)

16 10

294 176

118 70

176 106

0.0 0.0

0.0 0.0

0.0 0.0

176 106

$0.37 $0.22

$0.00 $0.00

$0.00 $0.00

$0.00 $0.00

$0.37 $0.22

475.5 475.8

448.8 450.1

3.5% 2.3%


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3.6% 2.3%

2.2% 1.4%

Q2 Q3 Q4

89.18% 90.26%

8.96% 9.33%

1.79% 2.05%

0.13% 0.17%

0.01% -

3.52% 2.31%

-0.11% -0.12%

3.60% 2.33%

40.14% 39.77%

2.16% 1.40%

7.16% 11.73%18.70% 23.02%

14.8% 16.7%

35.8% 94.0%

-33.3% -

-3.9% -11.6%

-18.2% -10.0%

-2.9% -12.4%

-3.1% -12.3%

-2.9% -11.8%

-0.2% -0.6%

Q2 Q3 Q4


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Annual Balance Sheet1991 1992 1993 1994 1995 1996

CURRENT ASSETS

Cash and cash equivalents 120 54 46 102

Short-Term Investments 90 9 0 0

Receivables, net 115 130 147 137

Merchandise inventories, net 994 1,260 1,422 1,501

Deferred Income Taxes 35 0 0 0

Other current assets 35 81 88 88

Total Current Assets 1,389 1,534 1,702 1,828

Property and Equipment 1,641 1,721 2,009 3,544

Accumulated depreciation & amortization 326 425 526 655

Net Property & Equipment 1,967 2,146 2,536 2,888

Other Assets 109 178 200 195

Investment in Price Club Mexico Joint Venture 24 0 0 0

Discounted Operations -Net Assets 442 377 0 0

TOTAL ASSETS 3,931 4,235 4,437 4,912

CURRENT LIABILITIES

Bank checks outstanding 18 7 13 22

Notes payable 23 149 76 60

Accounts payable 873 1,073 1,233 1,220

Accrued salaries and benefits 178 208 0 0

Accrued sales and other taxes 78 82 0 0Deferred Membership Income 0 0 0 0

Income Taxes Payable 2 0 0 0

Other current liabilities 89 129 371 469

Total Current Liabilities 1,261 1,648 1,693 1,772

Long-term debt 813 795 1,095 1,229

Deferred income taxes 52 66 64 57

Other liabilities 8 7 4 4

TOTAL LIABILITIES 2,134 2,516 2,856 3,062

Stockholders' Equity

Minority interests 0 35 51 72Common stock 2 2 2 2

Paid-in capital 571 582 304 322

Foreign Currency translation (32) (43) (52) (72)

Other accumulated comprehensive loss 0 0 0 0

Retained Earnings 1,256 1,143 1,277 1,526

TOTAL COMMON EQUITY 1,797 1,719 1,582 1,850



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Total Liabilities and Common Equity 3,931 4,235 4,437 4,912


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1997 1998 1999 2000

176 362 441 525

0 76 257 48

147 172 169 174

1,687 1,911 2,210 2,490

0 0 0 0

101 108 240 233

2,111 2,629 3,317 3,470

3,950 4,331 5,024 6,141

796 936 1,117 1,307

3,155 3,395 3,907 4,834

212 236 282 330

0 0 0 0

0 0 0 0

5,478 6,260 7,506 8,634

0 0 0 10

25 0 0 0

1,394 1,606 1,913 2,197

303 353 414 422

91 102 123 1600 0 226 262

0 0 0 0

151 136 190 353

1,964 2,197 2,866 3,404

917 930 919 790

39 61 67 90

0 0 0 0

2,920 3,188 3,852 4,284

88 105 121 1092 2 2 2

706 817 953 1,028

(78) (152) 0 0

0 0 (118) (117)

1,838 2,298 2,695 3,327

2,556 3,070 3,653 4,349


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5,476 6,258 7,505 8,633


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Annual Cash Flow Statement

($ Millions) 1991 1992 1993 1994 1995

CASHFLOWS FROM OPERATIONS

Net Income (loss) 218.9 242.4 223.2 (112.4) 217.6

Depreciation and amortization 72.3 89.3 112.1 143.6 142.0

Accretion of discount on zero coupon bonds 0.0 0.0 0.0 0.0 0.0

Net (gain) loss on sale of property/equip. (6.0) (15.0) (18.0) (2.2) (0.4)

Provisions for asset impairments 0.0 0.0 0.0 90.2 0.0

Loss on disposal of discontinued ops. 0.0 0.0 0.0 182.5 83.4

Tax Benefit from exercise of stock option 0.0 0.0 0.0 0.0 0.0

Increase (Decrease) in deferred income taxes 0.9 1.1 10.9 (41.6) (3.6)

Change in receivables., current assets & liabilities 22.2 59.5 (25.7) 56.8 (81.7)

Increase in merchandise inventories (93.0) (150.9) (137.9) (271.3) (160.1)

Increase (decrease) in accounts payable 161.7 47.0 136.1 205.2 155.9

Effect of Accounting Change, net of taxes 0.0 0.0 0.0 0.0 0.0Other 1.9 (6.1) (5.0) (3.0) 9.1

Discontinued operations, net 0.0 0.0 0.0 0.0 0.0

Change Accounts Receivables

Change Prepaid Expense

Change other Current Assets

Change Accounts Payable (114.7) 89.1 69.1 (49.3)

Change Inventory (57.9) 13.0 (133.4) 111.2

Change Accrued Expenses

Change Deferred Taxes

Change Deferred Membership Income

Change other Current Liabilities

Change other Liabilities

Change in other 1.1 2.0 12.1

Total Change in Working Capital 92.8 (50.5) 32.5 (12.3) 76.9

Working Cap as % of sales -0.37% 0.21% -0.08% 0.43%

Net Cash Provided by Operations 378.9 267.3 295.7 247.8 362.1

CASH FLOWS FROM INVESTING

Capital expenditures (712.5) (593.8) (560.2) (530.6)

Cap Ex as a % of sales -5.16% -3.92% -3.47% -2.96%

Proceeds from sale of property/equipment 140.7 143.5 67.9 7.3

Investment in unconsolidated joint ventures (0.6) (2.7) (21.9) (39.7) (11.5)

Increase in short-term invest. & restricted cash/Other (251.1) 183.1 31.0 80.8 (1.7)

Net Sale (Purchase) of Securities 0.0 0.0 0.0 0.0 0.0

Increase (Decrease) in other assets and other (38.2) (16.7) (8.9) (8.4) 0.0

Net Cash Used in Investing (408.1) (450.1) (459.6) (536.5)



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CASH FLOWS FROM FINANCING

Borrowings (repayments) short-term, net 21 32 130 (73.2)

Net proceeds from issuance of long-term debt 284.0 297 0 14 299.0

Repayments of long-term debt (7) (11) (30) (3.2)

Changes in bank overdraft (Issuance of short-term debt) 0.0 8 (3) (16) 5.7

Proceeds from minority interests 0.0 0 0 37 16.6

Exercise of stock options, (Share Issuance) 231.2 26 14 11 4.1Stock repurchases (11.0) (94) (7) (1) 0.0

Net Cash Provided by Financing Activities 251.0 25.5 146.2 249.0

Effect of Exchange Rate Changes on Cash 1.3 5.0 0.9 1.13

Net Increase (Decrease) in Cash 108.9 (133.9) (66.5) 73.5

Cash (and cash equivalents) beginning of year 145.4 253.9 120.2 53.6Cash (and cash equivalents) end of year 253.9 120.2 53.6 45.7

Free Cash Flow ($204.6) ($165.5) $46.5 ($157.7)

Free Cash Flow per Share ($0.42) ($0.34) $0.11 ($0.35)

***Make sure to double check these Free Cash

Flow Figures!!!!


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1996 1997 1998 1999 2000

249.8 311.9 460.1 397.5 632.4

161.6 182.3 196.3 224.8 254.4

0.0 0.6 15.9 16.1 16.2

3.5 (0.6) (3.5) (10.4) (5.4)

0.0 65.0 5.6 31.1 11.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 37.2 48.3 76.7

(4.5) (4.3) 20.4 (22.7) 8.3

105.2 66.3 60.3 195.5 115.9

(82.4) (189.3) (255.1) (286.9) (280.4)

(8.3) 162.6 243.2 284.2 253.0

0.0 0.0 0.0 118.0 0.02.6 (4.0) (5.4) (6.2) (10.9)

0.0 0.0 0.0 0.0 0.0

(164.2) 170.9 80.6 41.0 (31.2)77.7 (106.9) (65.8) (31.8) 6.5

(6.5) (6.6) (1.4) (0.8) (4.7)

17.0 35.6 43.0 186.6 77.6

0.09% 0.17% 0.18% 0.69% 1.14%

427.4 590.5 737.8 941.0 1,071.2

(506.8) (553.4) (571.9) (787.9) (1,228.4)

-2.64% -2.58% -2.40% -2.92% -18.00%

4.7 40.9 80.7 58.2 62.7

(5.3) (4.8) (11.6) (15.0) (56.8)

(35.8) (26.0) (31.0) (28.6) (32.1)

0.0 0.0 (75.5) (181.1) 209.0

0.0 0.0 0.0 0.0 0.0

(543.2) (543.3) (609.3) (954.4) (1,045.6)


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(14.4) (34.0) (24.4) 0.0 0.0

141.9 461.0 9.9 10.3 0.0

(3.3) (471.8) (9.3) (11.7) (10.5)

9.8 (7.2) (3.3) 10.2 43.2

21.8 15.1 19.6 15.1 24.9

17.9 62.0 74.1 61.9 98.80.0 0.0 0.0 0.0 (99.9)

173.7 25.1 66.6 85.8 56.5

(0.59) 1.3 (8.3) 5.8 0.6

57.3 73.6 186.8 78.2 82.7

45.7 103.0 176.6 363.4 441.6

103.0 176.6 363.4 441.6 524.3

($70.2) $81.7 $210.3 $217.9 ($195.7)

($0.16) $0.18 $0.45 $0.46 -0.4224


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Ratio Analysis1991 1992 1993 1994 1995 1996 1997

Return on Equity 11.3% 6.5% 13.8% 13.5% 12.2%

Return on Average Equity 11.3% 6.3% 13.2% 14.6% 14.2%Return on Assets 5.2% 2.6% 4.9% 5.1% 5.7%

Return on Average Assets 5.2% 2.7% 5.0% 5.3% 6.0%

Book Value/Share $3.74 $3.92 $3.54 $4.24 $5.69

Inventory (% of COGS) 7.2% 8.6% 8.8% 8.7% 8.7%

Inventory Turnover (x) 13.8 13.0 12.1 11.9 12.1

Inventory Growth 27% 13% 6% 12%

Receivables (% Sales) 0.76% 0.80% 0.82% 0.72% 0.68%

Days Receivables Outstanding 2.77% 2.77% 2.82% 2.70% 2.42%

Payables/Sales 5.76% 6.64% 6.89% 6.35% 6.49%

Payables/Inventory 87.8% 85.2% 86.7% 81.3% 82.6%

Days Payables Outstanding 21.03% 21.98% 23.50% 23.30% 22.21%

Total Debt 813 795 1,095 1,229 917

Total Debt/Equity 45.2% 46.3% 69.2% 66.4% 35.9%

Total Debt/Capitalization 31.1% 31.6% 40.9% 39.9% 26.4%

Net Debt 693 741 1,049 1,127 741

Working Capital Excl. Cash 8 (168) (36) (45) (29)

Inventory PGASF - - 49 48 -



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1998 1999 2000

15.0% 10.9% 14.5%

16.4% 11.8% 15.8%

7.3% 5.3% 7.3%

7.8% 5.8% 7.8%

$6.63 $7.75 $9.19

8.9% 9.1% 8.8%

11.9 11.7 12.8

13% 16% 13%

0.72% 0.63% 0.55%

2.44% 2.31% 1.98%

6.74% 7.09% 6.95%

84.0% 86.6% 88.2%

22.97% 23.81% 23.72%

930 919 790

30.3% 25.2% 18.2%

23.3% 20.1% 15.4%

568 478 265

70 10 (459)

- - -

Focus Spreadsheet

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