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Clarkson Lumber Company

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1993 Net Working Capital Current assets Curent liabilities Working Capital A/R Inventory A/P Accrued Exp. Delta WC Financing Net retained Profit Extra Notes payable Bank Delta Cash 411 686 275 388 306 337 213 42

1994 330 895 565 458 411 432 340 45 70

1995 161 1249 1088 742 606 587 376 75 284

1996-Q1 170 1243 1073 759 583 607 364 67 17

1996-Est 0

68 60

77 330

5 9

Profitability 1993 74 2921 2,53% 60 504 12% 1994 84 3477 2,42% 68 372 18% 1995 99 4519 2,19% 77 449 17% 1996-Q1 6 1062 0,56% 5 454 N.A. 1996-Est

PBT Sales PBT/Sales Net income Net worth ROE

1993 Invetory turnover ACP DPO CCC AVG 54,52 37,71 34,72 57,51 57,267

1994 52,55 42,55 44,85 50,25

1995 53,57 48,27 37,8 64,04 53,5466667 42,8433333 39,1233333

376 3579

127

360

50,5951383

CCC

expresse in "Days of Sales" ( ( + + ) / ) x

NTC : Net trade Cycle

INV A/R A/P Sales 360

41,04 46 7,9

79,14

Q1 Sales COGS Gross Profit Operating expenses EBIT Interest expense Net income before taxes Taxes Net income 1.062 819 243 244 -1 16,75 -18 0 -18 0%

1996 Q2+Q3 3.025 2.299 726 620 106 31,875 74 9,5 65 13%

Q4 1.413 1.074 339 297 42 15,125 27 7,99 19 29%

Total 5500 4.192 1.308 1.161 147 63,75 84 17,49 66 21%

5500 4.150 1.350 1.161 189 84,75 105 24,2 80 23%

-42

21 50 25 11 0,15 0,25 0,34 7,5 6,25 3,74 17,49 50 25 25 5 0,15 0,25 0,34 0,39 7,5 6,25 8,5 1,95 24,2

1995 Projected balance sheet Cash A/R Inventory Current assets Property net Total assets Notes A/P Accrued expenses Term loan Current liabilities Term Loan Equity 56 606 587 1249 388 1637 617 376 75 20 1088 100 449

1996 1996 bis

-2 655 624 1.276 384 1.660 522 456 67 20 1.065 80 515

12 655 624 1.290 384 1.674 872 106 67 20 1.065 80 529 2% 20

Total liabilities

1637

1.660

1.674

1993 Total Debt Total Assets TD/TA Current Assets Current Liabilities Current Ratio

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