versus

Liquidity Ratio
Current ratio:
270,175,000 236,378,481
230,053,000 Current assets 224,615,949
Current liabilities
= 1.052
= 1.174
Acid-test ratio:
164,807,000+12,388,000+ 58,716,000+2,566,000 69,769,490+ 20,622,853+ 27,602,814+23
230,053,000Cashcash equivalents+ Market securities+ Accountsreceivable
224,615,949
Current liabilities

= 1.037 = 0.630
Collection period:
(164,807,000+152,228,000)/2 (69,769,490+65,804,071)/2
343,696,000 /360 Average accountsreceivable 645,826,371/360
Sales/ 360

= 166.037 = 37.786

Days to sell inventory:

(14,876,000+18,371,000)/2 (68,733,271+65,535,342)/2
306,860,000 /360 Average inventory 533,362,225/ 360
Cost of sales/360

= 19.502 = 45.313

Capital Structure and

Solvency
Total debt to equity:
247,952,000 285,444,130
95,889,000 Total liabilities 266,944,425
Shareholders ' equity
= 2.586 = 1.070

Long-term debt to equity:

17,899,000 30,553,126+ 30,275,055
95,889,000 Longterm liabilities 266,944,425
Shareholders' equity
= 0.187 = 0.228

Times interest earned:

 21,530,000 Income before income taxes 17,595,443
16,559,000 interest expense 7,659,902
Interest expense

= 1.300 = 2.297

versus
Return on Investment
Return on assets:
11,915,000+16,559,000 x 3,815,667+7,659,902 x
(10.24) Net income+ Interest expense x (10.24)
(343,841,000+409,635,000)/2 (1tax rate) (552,388,555+ 427,374,292) /2
Average total assets

= 0.076 = 0.020

Return on common equity:

11,915,000 3,815,667
(95,889,000+84,016,000)/2 Net income (266,944,425+160,822,724)/2
Average shareholders' equity

= 0.132 = 0.018

Operating Performance
Gross profit margin:
343,696,000306,860,000 645,826,371533,362,225
343,696,000 SalesCost of sales 645,826,371
Sales

= 0.107 = 0.174

Operating profit margin:

21,530,000 17,595,443
343,696,000 Income 645,826,371
operations
Sales
= 0.063 = 0.027

Net profit margin:

3,815,667
Net income 645,826,371
Sales
= = 0.006
 Asset Utilization
Cash turnover:
645,826,371
Sales (141,573,039+85,325,936)/2
Average cashequivalents
=
=5.693

Accounts receivable turnover:

645,826,371
Sales (69,769,490+65,804,071)/2
Average accountsreceivable
=
= 9.527

Inventory turnover:
533,362,225
Cost of sales (68,733,271+65,535,342)/2
Average inventory
=
= 7.945

Working capital turnover:

645,826,371
Sales (11,759,532+ (26,956,587 ) )/2
Average working capital
=
= (84.993)

PPE turnover:
645,826,371
Sales (307,938,925+243,512,372)/2
Average PPE
=
= 2.342

Total asset turnover:

533,362,225
Cost of sales (552,388,555+427,374,292)/2
Average total assets
=
 =1.089

Market Measures
Price-to-earnings:

Market price per share 0.066
Earnings per share
= =

Earnings yield:

Earnings price per share
Market price per share
= =

Dividend yield:

Cash dividends per share
Market price per share =
=

Dividend payout rate:

Cash dividends per share
Earnings per share
= =

Price-to-book:

Market price per share
Book value per share
= =