financial Ratios Calculations

1. FinSAS Version 2003051213
FinSAS: Financial Statement Analysis
Spreadsheet
by
Dr. Donald V. Saftner
donald.saftner@utoledo.edu
To Accompany
Financial Reporting and Analysis:
Using Financial Accounting Information
9/e
by Dr. Charles Gibson
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.
Author acknowledges the work of his graduate assistant,
Eun Kyung Lee, on this project. Her help is appreciated.
FinSAS: Financial Statement Analysis Spreadsheet allows users to input the reported data from
the financial statements, notes, and other sources. FinSAS then computes the ratios found in
Financial Reporting and Analysis: Using Financial Accounting Information 9/e. Using this tool,
you can spend more time analyzing the statements and less time crunching the numbers. In
addition to the ratios, both a vertical and horizontal analysis are performed.
Instructions:
Note the sheet tabs below. The following instructions use the names of those tabs as section
headings. Click on a tab to see that sheet after reading the instructions below.
Input
On the Input sheet, enter values into all appropriate cells (i.e., those with blue font). The figures in
black font are calculated based on your input. By entering the Company Name, Analyst Name(s),
and Most Recent Year Available in the first three input cells, those items will appear on all
subsequent output sheets. They make it easy to identify any printouts you make.
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

2. The next two input cells (Years Available for Income Statement and Balance Sheet) are
particularly important to the functioning of the model. Changing these numbers (while keeping
them within the range one through five) changes the number of columns of data that are available
on the Input sheet and all subsequent output sheets. In a single annual report/10K, there are often
three years of income statements and two years of balance sheets. The annual report/10K you are
using may have more and/or you may want to use multiple years’ worth of annual report/10Ks to
increase the amount of data available to analyze. The maximum years that FinSAS can accept is
five years.
Fill in all remaining input cells for which you can find data. There are many different names for
the same account. You must translate the terminology used by the company to the generic terms
used in FinSAS. When the detail is not needed, FinSAS requests a summary figure. For instance,
on the published income statement there may be several operating expenses (e.g., wages, utilities,
rent), but FinSAS only needs the sum of those, which would be entered as Operating Expenses.
Be sure to read the footnotes to the financial statements and the comparative data section. Those
sources include some of the information you need to complete the Input sheet. Also be sure to
match key subtotals (e.g. the FinSAS total current asset should be same as the figure on the
balance sheet even though the detail lines may be different.)
Be consistent in ignoring a certain number of decimal places. Many financial statements have "in
thousands, except par values," "millions except share and per share amounts," or similar
statements. When entering data into FinSAS, it is usually best to follow the same convention as
the financial statements in choosing the number of decimal places to assume have been removed.
An exception is the second statement above. Only "per share" data should be entered as dollars
with no decimal places removed. Account balances and total share information should
consistently have the same number of decimal places removed. If the share and account balances
have a different number of decimal places removed then ratios such as "book value per share" and
"operating cash flow per share" will be inaccurate.
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

3. Source of Input
This is the place to document where you found the information you entered on the previous sheet.
This can be very useful for you and for anyone who reviews your work. For instance if most of it
came from the company's annual report/10K, then state that at the top. Individual lines of input in
FinSAS might be the sum of a few lines in the published financial statements. Indicate on this
sheet how you determined the FinSAS inputs from the statements. For some of the inputs, you
may have used information from the footnotes or comparative information section. Indicate that
information on this sheet and include page numbers wherever possible. Of course, other sources
of information should be cited.
Vertical Analysis
After you insert your data, you can see the result of the vertical analysis. It compares each amount
on the income statement and balance sheet with a base amount (net sales on the income statement
and total assets on the balance sheet) selected from the same year.
Horizontal Analysis
After you insert your data, you can see the result of the horizontal analysis. It compares each
amount on the income statement and balance sheet with the same amount for the oldest year
available.
Ratios – avg.
After you insert your data, you can see the result of the ratio analysis. For the ‘Ratio – Average’,
the average of beginning of year values and end of year values is used when appropriate. Note
that if you only have two years of balance sheet information, then for those ratios that use the
average of two years of balance sheet information, only one year's worth of ratios can be
calculated. Since it is desirable to compare the ratios across time to determine possible trends, a
solution to only having one year's worth of ratios should be sought. Some possible solutions are to
find additional years' worth of data and/or use the Ratio - end. sheet.
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

4. Ratios with a negative cash flow or negative profit measure in the numerator will display #N/A,
which means not available or not applicable. This makes it less likely that invalid conclusions will
be made during your analysis.
You may want to determine how a certain ratio is calculated. You may do this in one of two ways.
If you select the cell in which the ratio appears, then the formula for that cell appears near the top
of the screen. You will then have to determine what accounts the cell refers to by looking at the
Input screen. Alternatively, you can refer to the Documentation screen for the definition.
Ratios – end.
For the Ratios - end. sheet, the end of year values are used instead of the average values. The ‘*’
marks indicate the ratios for which the end of year values are used whereas the averages are used
on the previous sheet. Note that the Ratios - avg. sheet is theoretically superior in that averages
for balance sheet information (point in time) is compared to income statement or cash flow
statements (period of time).
Documentation
The Documentation sheet provides you the definitions of the ratios using the row labels of the
Input sheet or other ratio results.
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

5. FinSAS Version 2003051213 Input
Company: Company name here
Analyst: Your name(s) here
Most Recent Year Available: 2002
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5
========================================= =========== =========== =========== =========== ===========
INCOME STATEMENT 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
Net Sales 0 0 0 0 0
Less: Cost of Goods Sold 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Gross Profit 0 0 0 0 0
Other Operating Revenue 0 0 0 0 0
Less: Operating Expenses 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Operating Income 0 0 0 0 0
Less: Interest Expense 0 0 0 0 0
(no capitalized interest)
Other Income (Expenses) 0 0 0 0 0
Unusual or Infreq. Item;
Gain (Loss) 0 0 0 0 0
Equity in Earnings of Assoc.;
Profit (Loss) 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Income before Taxes 0 0 0 0 0
Less:Taxes Related to Operations 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
N.I. before Min. Ern. 0 0 0 0 0
Minority Share of Earnings (Loss) 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
N.I. before Nonrecurring Items 0 0 0 0 0
Oper. of Discontinued Segment;
Income (Loss) 0 0 0 0 0
Disposal of Discont. Segment;
Gain (Loss) 0 0 0 0 0
Extraordinary Item;
Gain (Loss) 0 0 0 0 0
Cum. Effect of Acct Change;
Gain (Loss) 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Net Income (Loss) 0 0 0 0 0
========================================= =========== =========== =========== =========== ===========

6. BALANCE SHEET 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
ASSETS
Current Assets:
Cash 0 0 0 0 0
Marketable Securities 0 0 0 0 0
Gross Receivables 0 0 0 0 0
Less: Allowance for Bad Debts 0 0 0 0 0
Net Trade Receivables 0 0 0 0 0
Inventories 0 0 0 0 0
Prepaid Expenses 0 0 0 0 0
Other Current Assets 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Total Current Assets 0 0 0 0 0
Long-Term Assets:
Net Tangible (Fixed) Assets (other than
construction in progress) 0 0 0 0 0
Construction in Progress 0 0 0 0 0
Intangible Assets 0 0 0 0 0
Investments 0 0 0 0 0
Other Nonoperating Assets 0 0 0 0 0
Other Operating Assets 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Total Long-Term Assets 0 0 0 0 0
Total Assets 0 0 0 0 0
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable 0 0 0 0 0
Short Term Loans 0 0 0 0 0
Current Maturity of L.t. Debt 0 0 0 0 0
Other Current Liabilities 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Total Current Liabilities 0 0 0 0 0
Long-Term Liabilities:
Long-term Debt 0 0 0 0 0
Reserves 0 0 0 0 0
Deferred Liabilities 0 0 0 0 0
Minority Interest 0 0 0 0 0
Redeemable Preferred 0 0 0 0 0
Other Long-term Liabilities 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Total Long-term Liabilities 0 0 0 0 0
Total Liabilities 0 0 0 0 0
Shareholders' Equity:
Preferred Equity 0 0 0 0 0
Common Equity-incl. Ret. Ern. 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Total Equity 0 0 0 0 0
Total Liabilities and Equity 0 0 0 0 0
========================================= =========== =========== =========== =========== ===========

7. OTHER DATA 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
Capitalized Interest 0.0 0.0 0.0 0.0 0.0
Interest Portion of Rentals 0.0 0.0 0.0 0.0 0.0
Liquidation Value of Pref. Stock 0.0 0.0 0.0 0.0 0.0
Dividends on Redeemable Pref. 0.0 0.0 0.0 0.0 0.0
Dividends on Nonredeemable Pref. 0.0 0.0 0.0 0.0 0.0
Dividends per Common Share 0.000 0.000 0.000 0.000 0.000
Total Cash Dividends 0.0 0.0 0.0 0.0 0.0
Dil. Earn. per Sh. before Nonrec. Items 0.000 0.000 0.000 0.000 0.000
Market Price per Common Share 0.000 0.000 0.000 0.000 0.000
Tax Rate (0-1) 0.000 0.000 0.000 0.000 0.000
Common Shares Outstanding 0.0 0.0 0.0 0.0 0.0
Diluted Weighted Average Common Shares 0.0 0.0 0.0 0.0 0.0
Cash Flow from Operations 0.0 0.0 0.0 0.0 0.0
Option expense:
Net income not including opt. exp. 0.0 0.0 0.0 0.0 0.0
Net income including opt. exp. 0.0 0.0 0.0 0.0 0.0

8. FinSAS Version 2003051213 Source of Input
Company: Company name here
Analyst: Your name(s) here
Most Recent Year Available: 2002
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5
=========================================
INCOME STATEMENT
-----------------------------------------
Net Sales
Less: Cost of Goods Sold
Gross Profit
Other Operating Revenue
Less: Operating Expenses
Operating Income
Less: Interest Expense
(no capitalized interest)
Other Income (Expenses)
Unusual or Infreq. Item;
Gain (Loss)
Equity in Earnings of Assoc.;
Profit (Loss)
Income before Taxes
Less:Taxes Related to Operations
N.I. before Min. Ern.
Minority Share of Earnings (Loss)
N.I. before Nonrecurring Items
Oper. of Discontinued Segment;
Income (Loss)
Disposal of Discont. Segment;
Gain (Loss)
Extraordinary Item;
Gain (Loss)
Cum. Effect of Acct Change;
Gain (Loss)
Net Income (Loss)
=========================================

9. BALANCE SHEET
-----------------------------------------
ASSETS
Current Assets:
Cash
Marketable Securities
Gross Receivables
Less: Allowance for Bad Debts
Net Trade Receivables
Inventories
Prepaid Expenses
Other Current Assets
Total Current Assets
Long-Term Assets:
Net Tangible (Fixed) Assets (other than
construction in progress)
Construction in Progress
Intangible Assets
Investments
Other Nonoperating Assets
Other Operating Assets
Total Long-Term Assets
Total Assets
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable
Short Term Loans
Current Maturity of L.t. Debt
Other Current Liabilities
Total Current Liabilities
Long-Term Liabilities:
Long-term Debt
Reserves
Deferred Liabilities
Minority Interest
Redeemable Preferred
Other Long-term Liabilities
Total Long-term Liabilities
Total Liabilities
Shareholders' Equity:
Preferred Equity
Common Equity-incl. Ret. Ern.
Total Equity
Total Liabilities and Equity
=========================================

10. OTHER DATA
-----------------------------------------
Capitalized Interest
Interest Portion of Rentals
Liquidation Value of Pref. Stock
Dividends on Redeemable Pref.
Dividends on Nonredeemable Pref.
Dividends per Common Share
Total Cash Dividends
Dil. Earn. per Sh. before nonrec. items
Market Price per Common Share
Tax Rate (0-1)
Common Shares Outstanding
Diluted Weighted Average Common Shares
Cash Flow from Operations
Option expense:
Net income not including opt. exp.
Net income including opt. exp.

11. FinSAS Version 2003051213 Vertical Analysis
Company: Company name here
Analyst: Your name(s) here
Most Recent Year Available: 2002
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5
========================================= =========== =========== =========== =========== ===========
INCOME STATEMENT 2002 2001 2000 1999 1998
----------------------------------------- ---------- ---------- ---------- ---------- ----------
Net Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less: Cost of Goods Sold #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
---------- ---------- ---------- ---------- ----------
Gross Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Operating Revenue #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less: Operating Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
---------- ---------- ---------- ---------- ----------
Operating Income #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less: Interest Expense #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
(no capitalized interest)
Other Income (Expenses) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Unusual or Infreq. Item;
Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Equity in Earnings of Assoc.;
Profit (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
---------- ---------- ---------- ---------- ----------
Income before Taxes #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less:Taxes Related to Operations #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
---------- ---------- ---------- ---------- ----------
N.I. before Min. Ern. #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Minority Share of Earnings (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
---------- ---------- ---------- ---------- ----------
N.I. before Nonrecurring Items #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. of Discontinued Segment;
Income (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Disposal of Discont. Segment;
Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Extraordinary Item;
Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cum. Effect of Acct Change;
Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
---------- ---------- ---------- ---------- ----------
Net Income (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
========================================= ========== ========== ========== ========== ==========

12. BALANCE SHEET 2002 2001 2000 1999 1998
----------------------------------------- --------- --------- --------- --------- ---------
ASSETS
Current Assets:
Cash #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Marketable Securities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Gross Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less: Allowance for Bad Debts #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Trade Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Inventories #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Prepaid Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Current Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------- --------- --------- --------- ---------
Total Current Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Long-Term Assets:
Net Tangible (Fixed) Assets (other than
construction in progress) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Construction in Progress #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Intangible Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Investments #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Nonoperating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Operating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------- --------- --------- --------- ---------
Total Long-Term Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Short Term Loans #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Current Maturity of L.t. Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Current Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------- --------- --------- --------- ---------
Total Current Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Long-Term Liabilities:
Long-term Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Reserves #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Deferred Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Minority Interest #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Redeemable Preferred #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Long-term Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------- --------- --------- --------- ---------
Total Long-term Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Shareholders' Equity:
Preferred Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Common Equity-incl. Ret. Ern. #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------- --------- --------- --------- ---------
Total Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Liabilities and Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
========================================= =========== =========== =========== =========== ===========

13. FinSAS Version 2003051213 Horizontal Analysis
Company: Company name here
Analyst: Your name(s) here
Most Recent Year Available: 2002
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5
========================================= =========== =========== =========== =========== ===========
INCOME STATEMENT 2002 2001 2000 1999 1998
----------------------------------------- -----------------
-----------------
-----------------
-----------------
-----------------
Net Sales #N/A #N/A #N/A #N/A #N/A
Less: Cost of Goods Sold #N/A #N/A #N/A #N/A #N/A
-----------------
-----------------
-----------------
-----------------
-----------------
Gross Profit #N/A #N/A #N/A #N/A #N/A
Other Operating Revenue #N/A #N/A #N/A #N/A #N/A
Less: Operating Expenses #N/A #N/A #N/A #N/A #N/A
-----------------
-----------------
-----------------
-----------------
-----------------
Operating Income #N/A #N/A #N/A #N/A #N/A
Less: Interest Expense #N/A #N/A #N/A #N/A #N/A
(no capitalized interest)
Other Income (Expenses) #N/A #N/A #N/A #N/A #N/A
Unusual or Infreq. Item;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Equity in Earnings of Assoc.;
Profit (Loss) #N/A #N/A #N/A #N/A #N/A
-----------------
-----------------
-----------------
-----------------
-----------------
Income before Taxes #N/A #N/A #N/A #N/A #N/A
Less:Taxes Related to Operations #N/A #N/A #N/A #N/A #N/A
-----------------
-----------------
-----------------
-----------------
-----------------
N.I. before Min. Ern. #N/A #N/A #N/A #N/A #N/A
Minority Share of Earnings (Loss) #N/A #N/A #N/A #N/A #N/A
-----------------
-----------------
-----------------
-----------------
-----------------
N.I. before Nonrecurring Items #N/A #N/A #N/A #N/A #N/A
Oper. of Discontinued Segment;
Income (Loss) #N/A #N/A #N/A #N/A #N/A
Disposal of Discont. Segment;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Extraordinary Item;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Cum. Effect of Acct Change;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
-----------------
-----------------
-----------------
-----------------
-----------------
Net Income (Loss) #N/A #N/A #N/A #N/A #N/A
========================================= =========== =========== =========== =========== ===========

14. BALANCE SHEET 2002 2001 2000 1999 1998
----------------------------------------- -------------
-------------
-------------
-------------
-------------
ASSETS
Current Assets:
Cash #N/A #N/A #N/A #N/A #N/A
Marketable Securities #N/A #N/A #N/A #N/A #N/A
Gross Receivables #N/A #N/A #N/A #N/A #N/A
Less: Allowance for Bad Debts #N/A #N/A #N/A #N/A #N/A
Net Trade Receivables #N/A #N/A #N/A #N/A #N/A
Inventories #N/A #N/A #N/A #N/A #N/A
Prepaid Expenses #N/A #N/A #N/A #N/A #N/A
Other Current Assets #N/A #N/A #N/A #N/A #N/A
-------------
-------------
-------------
-------------
-------------
Total Current Assets #N/A #N/A #N/A #N/A #N/A
Long-Term Assets:
Net Tangible (Fixed) Assets (other than
construction in progress) #N/A #N/A #N/A #N/A #N/A
Construction in Progress #N/A #N/A #N/A #N/A #N/A
Intangible Assets #N/A #N/A #N/A #N/A #N/A
Investments #N/A #N/A #N/A #N/A #N/A
Other Nonoperating Assets #N/A #N/A #N/A #N/A #N/A
Other Operating Assets #N/A #N/A #N/A #N/A #N/A
-------------
-------------
-------------
-------------
-------------
Total Long-Term Assets #N/A #N/A #N/A #N/A #N/A
Total Assets #N/A #N/A #N/A #N/A #N/A
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable #N/A #N/A #N/A #N/A #N/A
Short Term Loans #N/A #N/A #N/A #N/A #N/A
Current Maturity of L.t. Debt #N/A #N/A #N/A #N/A #N/A
Other Current Liabilities #N/A #N/A #N/A #N/A #N/A
-------------
-------------
-------------
-------------
-------------
Total Current Liabilities #N/A #N/A #N/A #N/A #N/A
Long-Term Liabilities:
Long-term Debt #N/A #N/A #N/A #N/A #N/A
Reserves #N/A #N/A #N/A #N/A #N/A
Deferred Liabilities #N/A #N/A #N/A #N/A #N/A
Minority Interest #N/A #N/A #N/A #N/A #N/A
Redeemable Preferred #N/A #N/A #N/A #N/A #N/A
Other Long-term Liabilities #N/A #N/A #N/A #N/A #N/A
-------------
-------------
-------------
-------------
-------------
Total Long-term Liabilities #N/A #N/A #N/A #N/A #N/A
Total Liabilities #N/A #N/A #N/A #N/A #N/A
Shareholders' Equity:
Preferred Equity #N/A #N/A #N/A #N/A #N/A
Common Equity-incl. Ret. Ern. #N/A #N/A #N/A #N/A #N/A
-------------
-------------
-------------
-------------
-------------
Total Equity #N/A #N/A #N/A #N/A #N/A
Total Liabilities and Equity #N/A #N/A #N/A #N/A #N/A
========================================= =========== =========== =========== =========== ===========

15. FinSAS Version 2003051213 Ratios - average
Company: Company name here
Analyst: Your name(s) here
Most Recent Year Available: 2002
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5
----------------------------------------- ----------- ----------- ----------- ----------- -----------
LIQUIDITY 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
Days' Sales in Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Accounts Receivable Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
A/R Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A
Days' Sales in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Inventory Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Inventory Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A
Operating Cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A
Working Capital - - - - -
Current Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Acid Test #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sales to Working Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow/Cur. Mat. of Debt & NP #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
----------------------------------------- ----------- ----------- ----------- ----------- -----------
LONG-TERM DEBT-PAYING ABILITY 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
Times Interest Earned #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Fixed Charge Coverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt to Tangible Net Worth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow/Total Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

16. ----------------------------------------- ----------- ----------- ----------- ----------- -----------
PROFITABILITY 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return on Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating Income Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return on Operating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sales to Fixed Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return on Investment #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return on Total Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return on Common Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Gross Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
----------------------------------------- ----------- ----------- ----------- ----------- -----------
INVESTOR ANALYSIS 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
Degree of Financial Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Earnings per Share 0.00 0.00 0.00 0.00 0.00
Price/Earnings Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Percentage of Earnings Retained #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend Payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend Yield #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Book Value per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Materiality of Options #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow/Cash Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Year-end Market Price 0.00 0.00 0.00 0.00 0.00
========================================= =========== =========== =========== =========== ===========

17. FinSAS Version 2003051213 Ratios - ending
Company: Company name here
Analyst: Your name(s) here
Most Recent Year Available: 2002
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5
* EOY values instead of averages
----------------------------------------- ----------- ----------- ----------- ----------- -----------
LIQUIDITY 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
Days' Sales in Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Accounts Receivable Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* A/R Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Days' Sales in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Inventory Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Inventory Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Operating Cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Working Capital - - - - -
Current Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Acid Test #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Sales to Working Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow/Cur. Mat. of Debt & NP #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
----------------------------------------- ----------- ----------- ----------- ----------- -----------
LONG-TERM DEBT-PAYING ABILITY 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
Times Interest Earned #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Fixed Charge Coverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt to Tangible Net Worth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow/Total Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

18. ----------------------------------------- ----------- ----------- ----------- ----------- -----------
PROFITABILITY 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Total Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Return on Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating Income Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Operating Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Return on Operating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Sales to Fixed Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Return on Investment #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Return on Total Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Return on Common Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Gross Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
----------------------------------------- ----------- ----------- ----------- ----------- -----------
INVESTOR ANALYSIS 2002 2001 2000 1999 1998
----------------------------------------- ----------- ----------- ----------- ----------- -----------
Degree of Financial Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Earnings per Share 0.00 0.00 0.00 0.00 0.00
Price/Earnings Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Percentage of Earnings Retained #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend Payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend Yield #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Book Value per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Materiality of Options #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow/Cash Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Year-end Market Price 0.00 0.00 0.00 0.00 0.00
========================================= =========== =========== =========== =========== ===========

19. FinSAS Version 2003051213 Documentation
-
LIQUIDITY
-
Gross Receivables
Days' Sales in Receivables ---------------------------
Net Sales / 365
Net Sales
Accounts Receivable Turnover ----------------------------------------
Average (Gross Receivables)
365
A/R Turnover in Days --------------------------------------------
Accounts Receivable Turnover
Ending Inventory
Days' Sales in Inventory -----------------------------------
Cost of Goods Sold / 365
Cost of Goods Sold
Inventory Turnover ---------------------------------
Average (Inventories)
365
Inventory Turnover in Days --------------------------------------
Inventory Turnover
Operating Cycle A/R Turnover in Days + Inventory Turnover in Days
Working Capital Total Current Assets - Total Current Liabilities
Total Current Assets
Current Ratio ----------------------------------
Total Current Liabilities
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

20. Cash + Marketable Securities + Net Trade Receivables
Acid Test ---------------------------------------------------------------------------------
Total Current Liabilities
Cash + Marketable Securities
Cash Ratio ---------------------------------------------
Total Current Liabilities
Net Sales
Sales to Working Capital ------------------------------------
Average (Working Capital)
Cash Flow from Operations
Cash Flow/Cur. Mat. of Debt & NP ---------------------------------------------------------------------
Short Term Loans + Current Maturity of L.t. Debt
-
LONG-TERM DEBT-PAYING ABILITY
-
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
Times Interest Earned --------------------------------------------------------------------------------------------------------------------------------------------------------
Interest Expense (no capitalized interest) + Capitalized Interest
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss) + Interest Portion of Rentals
Fixed Charge Coverage -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Interest Expense (no capitalized interest) + Capitalized Interest + Interest Portion of Rentals
Total Liabilities
Debt Ratio --------------------------------
Total Assets
Total Liabilities
Debt/Equity ------------------------
Total Equity
Total Liabilities
Debt to Tangible Net Worth -----------------------------------------------
Total Equity - Intangible Assets
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

21. Cash Flow from Operations
Cash Flow/Total Debt ----------------------------------------
Total Liabilities
-
PROFITABILITY
-
N.I. before Min. Ern. – Equity in Earnings of Assoc.; Profit (Loss)
Net Profit Margin ---------------------------------------------------------------------------------------
Net Sales
Net Sales
Total Asset Turnover ---------------------------------
Average (Total Assets)
N.I. before Min. Ern.
Return on Assets -----------------------------
Average (Total Assets)
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

22. Operating Income
Operating Income Margin -------------------------
Net Sales
Net Sales
Operating Asset Turnover --------------------------------------------------------------------------------------------------------------------------------------------------------------
Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)
Operating Income
Return on Operating Assets --------------------------------------------------------------------------------------------------------------------------------------------------------------
Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)
Net Sales
Sales to Fixed Assets -------------------------------------------------------------------------------------------------------
Average (Net Tangible (Fixed) Assets (other than construction in progress))
N.I. before Min. Ern. + {(1- Tax Rate) * Interest Expense (no capitalized interest)}
Return on Investment ------------------------------------------------------------------------------------------------
Average (Total Liabilities and Equity - Total Current Liabilities)
N.I. before Nonrecurring Items - Dividends on Redeemable Pref.
Return on Total Equity ----------------------------------------------------------------------------------------
Average (Total Equity)
N.I. before Nonrecurring Items - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
Return on Common Equity ---------------------------------------------------------------------------------------------------------------------------------------------
Average (Common Equity-incl. Ret. Ern.)
Gross Profit
Gross Profit Margin --------------------
Net Sales
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

23. -
INVESTOR ANALYSIS
-
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
Degree of Financial Leverage ------------------------------------------------------------------------------------------------------------------------------------------------------
Income before Taxes - Equity in Earnings of Assoc.; Profit (Loss)
Earnings per Share Dil. Earn. per Sh. before Nonrec. Items
Market Price per Common Share
Price/Earnings Ratio ----------------------------------------------
Dil. Earn. per Sh. before Nonrec. Items
N.I. before Nonrecurring Items - Total Cash Dividends
Percentage of Earnings Retained ---------------------------------------------------------
N.I. before Nonrecurring Items
Dividends per Common Share
Dividend Payout ----------------------------------------------
Dil. Earn. per Sh. before Nonrec. Items
Dividends per Common Share
Dividend Yield ----------------------------------------------
Market Price per Common Share
Common Equity-incl. Ret. Ern.
Book Value per Share ---------------------------------------------
Common Shares Outstanding
Net income not including opt. exp. - Net income including opt. exp.
Materiality of Options ---------------------------------------------------------------------------------------
Net income not including opt. exp.
Cash Flow from Operations - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
Oper. Cash Flow per Share ---------------------------------------------------------------------------------------------------------------------------------------
Diluted Weighted Average Common Shares
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

24. Cash Flow from Operations
Oper. Cash Flow/Cash Dividends ---------------------------------------
Total Cash Dividends
Year-end Market Price Market Price per Common Share
=
Copyright © 2004 South-Western, a division of Thomson Learning, Inc.