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Author: MarkP28665 Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 253  
Subject: Year End 2003 Financials Date: 2/22/2004 2:13 PM
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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 --
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