Premium Essay

Mr Bull Winkle

In: Business and Management

Submitted By bullwinkle9999
Words 538
Pages 3
Date: May 20, 1999

To: Elliott P. Smith
From: Burak Alici, Mike Kruger
Subject: Clarkson Lumber

Background

Despite its past record of profits, Clarkson Lumber has borrowed increasing amounts to satisfy the ambitious goals of its owner: Keith Clarkson. As shown in Exhibit 3, Clarkson is attempting to grow faster than its sustainable growth rate, and therefore must rely on external financing. This reliance is exacerbated by Mr. Clarkson’s simultaneous buyout of his former partner, Mr. Holtz, which has consumed cash that otherwise could have been used to meet Clarkson’s growing working capital needs.

Increased Leverage and Deteriorating Financial Health

Clarkson has met this external financing need by borrowing from both its suppliers and the Suburban National Bank. Clarkson has borrowed from its suppliers both explicitly through trade notes, and implicitly by taking longer to pay them. Exhibit 1 shows that bank borrowing has increased from nothing in 1993 to $399,000 in early 1996. Simultaneously, trade notes payable have increased from zero to $123,000, and average days payable has increased from about 35 days to about 54 days.
This increased leverage has seriously weakened Clarkson’s financial health. As Exhibit 2 shows, Clarkson’s interest coverage has dropped over this period from 4.22 times to a weak 1.46 times. While this 1.46 figure probably overstates the problem (due to seasonally low 1st Quarter sales), coverage is nonetheless quite low. Clarkson is now approximately two-thirds debt financed, up from 30% in 1993. Liquidity is low: the company’s current ratio has fallen from 2.49 to 1.56, while its quick ratio has dropped from 1.27 to 0.59.
Trade Discounts Not Advisable
As Exhibit 4 shows, when Clarkson is able to take full advantage of trade discounts, profit increases, but much of the additional EBIT that would be realized is

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