The company released their year end financials recently. The income
numbers for 2002 differ from past releases (2002 10K and midyear
restatements), but most of the balance sheet items remained upchanged.
Figures for 2003, 2003, and 2001. Copy and paste then use tab to realign for best use.
Selected Financial Data
Multiply Fig by 1,000
Time period covered - days 365 365 365 365 365
2005 2004 2003 2002 2001
Operating Results
Revenues $1,521,388 $1,128,335 $872,262
Cost of Revenues $1,355,274 $834,923 $178,572
SGA Expenses $273,000 $180,266 $151,839
Acquisition Related
Inventory Writeoffs $6,459 $3,033
Restructuring/Special $124,616 $66,844
EBIT (Net Oper Inc) $166,114 $294,200 $366,266
Interest Expense $13,396 $12,419 $1,709
Income Tax Provision $71,233 $85,143 $138,006
Net Income $105,856 $182,520 $217,936
Non-Cash
Amortization/Depreciation $124,575 $59,297
Goodwill
Per Share Data
Basic EPS $0.44 $1.04 $0.94
Diluted EPS $0.44 $1.04 $0.93
Cash Dividend
Financial Position
Cash and Equivalents $165,053 $815,488 $924,482
Short-term Investments
Accounts Receivable $246,417 $159,987 $161,864
Inventory $264,898 $167,153 $111,578
Current Assets $946,303 $1,261,702 $1,237,559
Property & Equipment $257,659 $217,114 $164,116
Total Assets $3,177,734 $2,750,660 $2,506,611
Accounts Payable $83,078 $49,889 $22,870
Current Liabilities $668,849 $369,964 $151,443
LTD, less current portion $345,000 $345,093 $345,093
Lease/Other Obligations $121,705 $70,824 $63,466
Perferred Stock $0 $0 $0
Shareholder Equity $2,042,180 $1,931,183 $1,908,284
Stock Facts
Stock Price High $17.94
Stock Price Low $9.69
Stock Price Avg $0.00 $0.00 $13.82 $0.00 $0.00
Shares Outstanding Avg 241,527,000 245,699,000 247,692,984
03 and 02 Number from Yr End News
02 Inc Fig Different from past record
Financial Ratios
2005 2004 2003 2002 2001
Current Ratio #DIV/0! #DIV/0! 1.4 3.4 8.2
Quick(acid) Ratio #DIV/0! #DIV/0! 1.0 3.0 7.4
Inventory Turnover #DIV/0! #DIV/0! 5.7 6.8 7.8
Inventory Conversion #DIV/0! #DIV/0! 63.6 54.1 46.7
Days Sales Outstanding #DIV/0! #DIV/0! 59.1 51.8 67.7
Payables Deferral Period #DIV/0! #DIV/0! 22 22 47
Cash Conversion Cycle #DIV/0! #DIV/0! 100 84 68
Fixed Asset Turnover (property) #DIV/0! #DIV/0! 5.9 5.2 5.3
Total Asset Turnover #DIV/0! #DIV/0! 0.5 0.4 0.3
Debt Ratio #DIV/0! #DIV/0! 30% 30% 20%
Times Interest Earned #DIV/0! #DIV/0! 12.4 23.7 214.3
Profit Margin, Gross #DIV/0! #DIV/0! 10.9% 26.0% 79.5%
Profit Margin, Net Sales #DIV/0! #DIV/0! 7.0% 16.0% 25.0%
BEP (Basic Earning Power) #DIV/0! #DIV/0! 5.0% 11.0% 15.0%
Return on Total Assets #DIV/0! #DIV/0! 3.3% 6.6% 8.7%
Return on Common Equity #DIV/0! #DIV/0! 5.2% 9.5% 11.4%
Market to Book (avg. Stk Price) #DIV/0! #DIV/0! 1.6 0 0
P/E of avg Stk Price #DIV/0! #DIV/0! 31 0 0
Payout Ratio #DIV/0! #DIV/0! 0.0% 0.0% 0.0%
Dividend Yield (Avg Stk Price) #DIV/0! #DIV/0! 0.0% #DIV/0! #DIV/0!
LTD / Revenue #DIV/0! #DIV/0! 22.7% 30.6% 39.6%
All measures of profitability have been in a downtrend. Hopefully 2003 was the bottom and the new expanded sales force is now up to speed and can slow the decline in Altrace and keep the products obtained from Elan growing. The heavy reported decline in cash does seem to limit the company's flexibility in obtaining more product.
I will redo these numbers when the 10K is releasted.
-- Mark --
