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Dayton, Inc.
Annual Income Statement (Values in Millions)
Common
Pro Forma
Size
Income Statement
2003
2002
2003 2002
2004
Sales
$ 178,909 $ 187,510 100.0% 100.0% $
250,000
Cost of Sales
109,701
111,631
153,292
61.3%
59.5%
Gross Operating Profit
$ 69,208 $
75,879
96,708
38.7%
40.5% $
Selling, General & Admin. Expense
12,356
12,900
17,266
6.9%
6.9%
Other Taxes
33,572
33,377
46,912
18.8%
17.8%
EBITDA
$ 23,280 $
29,602
32,531
13.0%
15.8% $
Depreciation & Amortization
12,103
7,944
16,912
6.8%
4.2%
EBIT
$ 11,177 $
21,658
15,618
6.2%
11.6% $
Other Income, Net
3,147
3,323
4,397
1.8%
1.8%
Earnings Before Interest and Taxes
$ 14,324 $
24,981
20,016
8.0%
13.3% $
Interest Expense
398
293
556
0.2%
0.2%
Earnings Before Taxes
$ 17,719 $
24,688
19,460
9.9%
13.2% $
Income Taxes
6,259
9,368
6,874
Net Income Available to Common
$ 11,460 $
15,320
12,586
6.4%
8.2% $
Dividends per share
EPS
$
$
0.92 $
1.69 $
7,904
109,865
$ 117,769
109,701
$
8,068
0.91
2.20
Operating Ratios
2003
Liquidity
Current Ratio
Quick Ratio
2002
Analysis:Compare Firm 20
1.15
0.91
1.18
0.92
Activity
Inventory Turnov
Average Days of
A/R Turnover
Average Collecti
Fixed Asset Turn
Total Asset Turno
13.60
26.84
8.45
43.18
1.56
1.17
14.12
25.49
9.59
37.53
1.74
1.31
Debt
Debt-to-Asset Ra
Times Interest E
51.1%
35.99
48.9%
85.26
Profitability
Gross Profit Mar
Operating Profit
Net Profit Margin
Return on Assets
Return on Equity
38.7%
8.0%
6.4%
7.5%
15.4%
40.5%
13.3%
8.2%
10.7%
20.9%
Market Ratios
outstanding stoc
Earnings Per Sha $
Cash Flow per S $
$
Price
P/E ratio
P/CF ratio
6,700,000,000
1.71 $
3.63
90
52.62
24.81
6,800,000,000
1.23
NA
NA
NA
NA
Operating Ratios
2003
Liquidity
Current Ratio
Quick Ratio
2002
Analysis:Compare Firm 2
1.15
0.91
1.18
0.92
13.60
26.84
8.45
43.18
1.56
1.17
14.12
25.49
9.59
37.53
1.74
1.31
Debt
Debt-to-Asset Ratio
Times Interest Earned
51.1%
35.99
48.9%
85.26
Profitability
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Assets
Return on Equity
38.7%
8.0%
6.4%
7.5%
15.4%
40.5%
13.3%
8.2%
10.7%
20.9%
Activity
Inventory Turnover
Average Days of Inventory
A/R Turnover
Average Collection Period
Fixed Asset Turnover
Total Asset Turnover
Market Ratios
outstanding stock
Earnings Per Share
Cash Flow per Share
Price
P/E ratio
P/CF ratio
6,700,000,000 6,800,000,000
$
1.71 $
1.23
$
3.63
NA
$
90
NA
52.62
NA
24.81
NA
Dayton, Inc.
Statement of Cash Flows
Operations
Net Income 2003
$
Depreciation Expense
Increase in Receivables
Increase in Inventories
Increase in Other Current As
Decrease in Accounts Payabl
Increase in Other Current Liab
Net Cash Flow from Operat $
11,460
12,103
(1,614)
(164)
(150)
(9,070)
11,741
24,306
Investments
Increase in Gross Property, $
Increase in Other Non-Curre
Net Cash Flow from Invest $
(17,441)
(1,522)
(18,963)
Financing
Increase in Notes Payable, C $
Decrease in Long Term Debt
Increase in Other Non-Current
Increase in Deferred Income
Dividends Paid***
Net Cash Flow from Financi $
390
(444)
5,292
125
(10,024)
(4,661)
682
682
Dayton, Inc.
Statement of Retained Earnings
Beginning Balance
$
add: Net Income
Available Funds
$
Dividends Paid***
Ending Balance
$
73,161
11,460
84,621
10,024
74,597
Dayton, Inc.
Statement of Cash Flows
Operations
Net Income 2003
Depreciation Expense
Increase in Receivables
Increase in Inventories
Increase in Other Current Assets
Decrease in Accounts Payable
Increase in Other Current Liabilities
Net Cash Flow from Operations
Investments
Increase in Gross Property, Plant, and Equipment
Increase in Other Non-Current Assets
Net Cash Flow from Investments
Financing
Increase in Notes Payable, Current
Decrease in Long Term Debt
Increase in Other Non-Current Liabilities
Increase in Deferred Income Taxes
Dividends Paid***
Net Cash Flow from Financing
$
$
11,460
12,103
(1,614)
(164)
(150)
(9,070)
11,741
24,306
(17,441)
(1,522)
(18,963)
390
(444)
5,292
125
(10,024)
(4,661)
682
682
73,161
11,460
84,621
10,024
74,597
Dayton, Inc.
Statement of Retained Earnings
Beginning Balance
add: Net Income
Available Funds
Dividends Paid***
Ending Balance
$
$
Dayton, Inc.
Annual Balance Sheet (Values in Millions)
Common
Pro-Forma
Size
Balance Sheet
2003
2002
2003
2002
2004
Assets
Current Assets
Cash and $ 7,229 $ 6,547
4.74%
4.57% $ 9,472
Receivabl 21,163 19,549
27,729
13.86%
13.65%
Inventorie
8,068
7,904
10,571
5.29%
5.52%
Other Curr 1,831
1,681
2,399
1.20%
1.17%
Total Cur $38,291 $35,681
25.09%
24.92% $50,170
Non-Current Assets
Property,
###
###
Accum. De 110,020 97,917
Property, $94,940 $89,602
Other Non 19,413 17,891
Total Non
###
###
Total Ass
###
###
134.3%
131.0%
###
62.2%
62.6%
12.7%
12.5%
74.9%
75.1%
###
25,436
###
100.0%
100.0%
###
###
682
-1,614.00
-164
-150
###
###
-1,522.00
16.0% $18,071
2.6%
5,363
2.5% 20,034
21.0% $43,467
-9,070.00
390
###
Non-Current liabilites
Long Term $ 6,655 $ 7,099
Deferred
16,484 16,359
Other Non- 21,733 16,441
Total Non-$44,872 $39,899
Total Liab $78,047 $70,013
5.0% $ 8,720
11.4% 21,598
11.5% 28,475
27.9% $58,793
48.9%
###
-444
125
5,349.00
###
###
4.4%
10.8%
14.2%
29.4%
51.1%
48.9%
48.9%
100.0%
51.1% $97,740
51.1% $97,740
100.0%
###
###
682
6.8 Bil
1.2 Bil
###
###
###
###
###
Dayton, Inc.
Annual Balance Sheet (Values in Millions)
2003
Assets
Current Assets
Cash and Equivalents
Receivables
Inventories
Other Current Assets
Total Current Assets
Non-Current Assets
Property, Plant & Equipment, Gross
Accum. Depreciation & Depletion
Property, Plant & Equipment, Net
Other Non-Current Assets
Total Non-Current Assets
Total Assets
Liabilities & Shareholder's Equity
Current Liabilities
Accounts Payable
Short Term Debt
Other Current Liabilities
Total Current Liabilities
Non-Current liabilites
Long Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Non-Current Liabilities
Total Liabilities
2002
Common
Size
2003
2002
Pro-Forma
Balance Sheet
2004
11,460.00
7,229 $
21,163
8,068
1,831
38,291 $
6,547
19,549
7,904
1,681
35,681
204,960 $
110,020
94,940 $
19,413
114,353 $
152,644
$
$
$
$
1.20%
1.17%
25.09%
24.92%
9,472
27,729
10,571
2,399
50,170
187,519
97,917
89,602
17,891
107,493
134.3%
131.0%
268,546
62.2%
62.6%
12.7%
12.5%
74.9%
75.1%
124,394
25,436
149,830
143,174
100.0%
100.0%
200,000
13,792 $
4,093
15,290
33,175 $
22,862
3,703
3,549
30,114
9.0%
2.7%
10.0%
21.7%
16.0% $
2.6%
2.5%
21.0% $
18,071
5,363
20,034
43,467
-9,070.00
390
11,741.00
6,655 $
16,484
21,733
44,872 $
78,047 $
7,099
16,359
16,441
39,899
70,013
4.4%
10.8%
14.2%
29.4%
51.1%
5.0% $
11.4%
11.5%
27.9% $
48.9% $
8,720
21,598
28,475
58,793
102,260
-444
125
5,349.00
Retained Earnings
Total Equity
$
$
74,597
74,597
$
$
73,161
73,161
152,644
143,174
4.74%
4.57%
13.86%
13.65%
5.29%
5.52%
48.9%
48.9%
51.1% $
51.1% $
97,740
97,740
100.0% 100.0% $
200,000
682
-1,614.00
-164
-150
-17,441.00
12,103.00
-1,522.00
-10,024.00
682
Total Common Shares Outstanding
Treasury Shares
6.7 Bil
1.3 Bil
6.8 Bil
1.2 Bil
73,161.00
11,460.00
84,621.00
10,024.00
74,597.00