SureCutxls - Tulane University - New Orleans_ LA by taoyni

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									                                                           Forecast



                                                                                                 SureCut Shears, Inc.
                                                                                    Exhibit 1: Pro Forma Income Statements by Months
                                                                               Fiscal Year Ending June 30, 1996 (dollar figures in thousands)
                                         Actual,
                                      Year Ended,                                  1995
                                        June 30,
                                          1995        July          Aug.           Sept.          Oct.        Nov.
Sales                                  $ 30,135     $ 2,100       $ 2,700      $    3,300    $    4,500   $    3,900
Materials and labor at 60% of sales    $ 18,081     $ 1,260       $ 1,620      $    1,980    $    2,700   $    2,340
Overhead (includes $130/mo depr)       $ 3,560      $    300      $   300      $      300    $      300   $      300
  Total COGS                           $ 21,641     $ 1,560       $ 1,920      $    2,280    $    3,000   $    2,640
Gross profit                           $ 8,494      $    540      $   780      $    1,020    $    1,500   $    1,260
Selling & Admin. Expenses              $ 3,240      $    270      $   270      $      270    $      270   $      270
Profit before Taxes                    $ 5,254      $    270      $   510      $      750    $    1,230   $      990
Taxes at 36%                           $ 1,891      $      97     $   184      $      270    $      443   $      356
Profits after Taxes                    $ 3,363      $    173      $   326      $      480    $      787   $      634
Dividends                              $ 1,495      $    -        $   -        $      300    $      -     $      -
Retained Earnings                      $ 1,868      $    173      $   326      $      180    $      787   $      634
Cumulative Retained Earnings                        $    173      $   499      $      679    $    1,466   $    2,100

                                                                               Exhibit 2: Pro Forma Balance Sheets by Months, Fiscal 1991
                                                                                               (dollar figures in thousands)
                                        Actual                                   1995
                                       June 30,
Assets                                   1995           Jul 31        Aug 31       Sep 30        Oct 31    Nov 30
Cash                                  $ 2,121       $       736   $      736   $       736   $      736   $    736
Accounts Receivables (a)              $ 2,084       $    2,850    $    3,750   $     4,650   $    6,150   $ 6,150
Inventories (see below)               $ 8,106       $    8,368    $    8,303   $     7,878   $    6,733   $ 5,948
 Total Current Assets                 $ 12,311      $   11,954    $   12,789   $   13,264    $   13,619   $ 12,834
Net Plant                             $ 24,564      $   26,059    $   27,554   $   27,554    $   27,554   $ 27,554
 Total Assets                         $ 36,875      $   38,013    $   40,343   $   40,818    $   41,173   $ 40,388

Liabilities & Net Worth
Bank Loans Payable (Plug)             $      -      $      985    $    2,772   $    3,270    $    2,395   $      620
Accounts Payable- Trade (b)           $      861    $      744    $      777   $      777    $      777   $      777
Taxes Payable (c)                     $      -      $       97    $      281   $       78    $      521   $      877
Misc. Other                           $      270    $      270    $      270   $      270    $      270   $      270
 Total Current Liabilities            $    1,131    $    2,096    $    4,100   $    4,395    $    3,963   $    2,544
Mortgage                              $   11,960    $   11,960    $   11,960   $   11,960    $   11,960   $   11,960
Common Stock                          $   11,500    $   11,500    $   11,500   $   11,500    $   11,500   $   11,500
Earned Surplus                        $   12,284    $   12,457    $   12,783   $   12,963    $   13,750   $   14,384
Total Liabs and Net Worth             $   36,875    $   38,013    $   40,343   $   40,818    $   41,173   $   40,388

See Notes in case exhibits
                                                                                             Inventory Subsidiary Data (FIFO)
                                                                                   1995

                                                        Jul 31        Aug 31       Sep 30        Oct 31    Nov 30
Raw Materials
 Opening Balances                                   $      810    $      777   $      777    $      777   $     777
 Plus Purchases                                     $      744    $      777   $      777    $      777   $     777
 Less Transfers to Work In Progess                  $      777    $      777   $      777    $      777   $     777
 Closing Balance                                    $      777    $      777   $      777    $      777   $     777
Work-In-Progress


                                                            Page 1
                                           Forecast



 Opening Balance                      $ 3,110     $ 3,110     $ 3,110     $ 3,110     $ 3,110
 Plus Raw Materials Additions         $   777     $   777     $   777     $   777     $   777
 Plus Labor Additions                 $   778     $   778     $   778     $   778     $   778
 Transfers to Finished Goods Inven.   $ 1,555     $ 1,555     $ 1,555     $ 1,555     $ 1,555
 Closing Balance                      $ 3,110     $ 3,110     $ 3,110     $ 3,110     $ 3,110
Finished Goods
 Opening Balance                      $   4,186   $   4,481   $   4,416   $   3,991   $   2,846
 Plus Additions from Work In Prog.    $   1,555   $   1,555   $   1,555   $   1,555   $   1,555
 Less Cost of Goods Sold              $   1,260   $   1,620   $   1,980   $   2,700   $   2,340
 Closing Balance                      $   4,481   $   4,416   $   3,991   $   2,846   $   2,061

Total Closing Inventory               $ 8,368     $ 8,303     $ 7,878     $ 6,733     $ 5,948




                                            Page 2
                                                                                  Forecast



Cut Shears, Inc.
ma Income Statements by Months
e 30, 1996 (dollar figures in thousands)
                                                                                                                 Pro Forma,
                                                               1996                                              Year ending
                                                                                                                   June 30,
                     Dec.            Jan.        Feb.          March       April        May          June            1996
                $    3,300   $    2,100     $    2,100     $    1,800    $ 1,500      $ 1,200      $ 1,500        $ 30,000
                $    1,980   $    1,260     $    1,260     $    1,080    $   900      $   720      $    900       $ 18,000
                $      300   $      300     $      300     $      300    $   300      $   300      $    300       $ 3,600
                $    2,280   $    1,560     $    1,560     $    1,380    $ 1,200      $ 1,020      $ 1,200        $ 21,600
                $    1,020   $      540     $      540     $      420    $   300      $   180      $    300       $ 8,400
                $      270   $      270     $      270     $      270    $   270      $   270      $    270       $ 3,240
                $      750   $      270     $      270     $      150    $      30    $   (90)     $     30       $ 5,160
                $      270   $        97    $         97   $       54    $      11    $   (32)     $     11       $ 1,754
                $      480   $      173     $      173     $       96    $      19    $   (58)     $     19       $ 3,302
                $      300   $      -       $       -      $      300    $    -       $   -        $    600       $ 1,500
                $      180   $      173     $      173     $     (204)   $      19    $   (58)     $ (581)        $ 1,802
                $    2,280   $    2,453     $    2,626     $    2,422    $ 2,441      $ 2,383      $ 1,802

Balance Sheets by Months, Fiscal 1991
 figures in thousands)
                                                               1996

                    Dec 31         Jan 31       Feb 28         Mar 31        Apr 30       May 31       Jun 30
                $    1,119   $    2,594     $    3,169     $    2,371    $    2,196   $    1,721   $       736
                $    5,250   $    3,750     $    3,150     $    2,850    $    2,400   $    1,950   $     2,100
                $    5,523   $    5,818     $    6,113     $    6,588    $    7,243   $    8,078   $     8,733
                $   11,892   $   12,162     $   12,432     $   11,809    $   11,839   $   11,749   $   11,569
                $   27,554   $   27,554     $   27,554     $   27,554    $   27,554   $   27,554   $   27,554
                $   39,446   $   39,716     $   39,986     $   39,363    $   39,393   $   39,303   $   39,123


                $      -     $      -       $      -       $      -      $      -     $      -     $    1,162
                $      777   $      777     $      777     $      777    $      777   $      777   $      777
                $      674   $      771     $      868     $      449    $      460   $      428   $      (34)
                $      270   $      270     $      270     $      270    $      270   $      270   $      270
                $    1,721   $    1,818     $    1,915     $    1,496    $    1,507   $    1,475   $    2,175
                $   11,661   $   11,661     $   11,661     $   11,661    $   11,661   $   11,661   $   11,362
                $   11,500   $   11,500     $   11,500     $   11,500    $   11,500   $   11,500   $   11,500
                $   14,564   $   14,737     $   14,910     $   14,706    $   14,725   $   14,667   $   14,086
                $   39,446   $   39,716     $   39,986     $   39,363    $   39,393   $   39,303   $   39,123


 Subsidiary Data (FIFO)
                                                               1996

                    Dec 31       Jan 31         Feb 28         Mar 31        Apr 30       May 31       Jun 30

                $      777   $      777     $      777     $      777    $      777   $      777   $      777
                $      777   $      777     $      777     $      777    $      777   $      777   $      777
                $      777   $      777     $      777     $      777    $      777   $      777   $      777
                $      777   $      777     $      777     $      777    $      777   $      777   $      777




                                                                                  Page 3
                                                     Forecast



$ 3,110     $ 3,110     $ 3,110     $ 3,110     $ 3,110   $ 3,110   $ 3,110
$   777     $   777     $   777     $   777     $   777   $   777   $   777
$   778     $   778     $   778     $   778     $   778   $   778   $   778
$ 1,555     $ 1,555     $ 1,555     $ 1,555     $ 1,555   $ 1,555   $ 1,555
$ 3,110     $ 3,110     $ 3,110     $ 3,110     $ 3,110   $ 3,110   $ 3,110

$   2,061   $   1,636   $   1,931   $   2,226   $ 2,701   $ 3,356   $ 4,191
$   1,555   $   1,555   $   1,555   $   1,555   $ 1,555   $ 1,555   $ 1,555
$   1,980   $   1,260   $   1,260   $   1,080   $   900   $   720   $   900
$   1,636   $   1,931   $   2,226   $   2,701   $ 3,356   $ 4,191   $ 4,846

$ 5,523     $ 5,818     $ 6,113     $ 6,588     $ 7,243   $ 8,078   $ 8,733




                                                     Page 4
                                                           Actual



                                                                                  SureCut Shears, Inc.
                                                             Exhibit 4: Actual Income Statements by Months, July 1995 - March 1996
                                                                                   (dollar figures in thousands)
                                                                                          1995
                                                           July           Aug.            Sept.             Oct.
Sales                                                 $      2,070 $        2,605 $           3,080 $        4,066
 Materials and Labor                                  $      1,304 $        1,641 $           1,949 $        2,440
 Overhead (a)                                         $         296 $          290 $            340 $            310
Total costs                                           $      1,600 $        1,931 $           2,289 $        2,750
Gross Profit                                          $         470 $          674 $            791 $        1,316
Selling and Administrative Expense                    $         273 $          273 $            293 $            275
Profit before Tax                                     $         197 $          401 $            498 $        1,041
Taxes at 36%                                          $           71 $         144 $            179 $            375
Profits after Tax                                     $         126 $          257 $            319 $            666
Dividends                                             $         -     $         -    $          300 $            -
Retained Earnings                                     $         126 $          257 $             19 $            666
Cumulative Retained Earnings                          $         126 $          383 $            401 $        1,068

Notes: Feb and March. include special costs for personnel reduction

                                                           Exhibit 3: Actual Balance Sheets by Months, June 30, 1995 - March 31, 1996
                                                                                   (dollar figures in thousands)

                                                                                           1995
Assets                                    Jun 30          Jul 31          Aug 31          Sep 30         Oct 31
Cash                                  $      2,121    $         957   $        573    $        702   $        696
Accounts Receivables                  $      2,084    $       2,837   $      3,644    $      4,395   $      5,651
Inventories                           $      8,106    $       8,378   $      8,303    $      7,963   $      7,179
 Total Current Assets                 $     12,311    $     12,172    $     12,520    $     13,060   $    13,526
Net Plant                             $     24,564    $     26,103    $     27,672    $     27,848   $    27,858
 Total Assets                         $     36,875    $     38,275    $     40,192    $     40,908   $    41,384

Liabilites & Net Worth
Bank Loans Payable                    $        -      $     1,270     $      2,759    $     3,714    $     3,110
Accounts Payable - Trade              $        861    $       789     $        774    $       843    $       876
Taxes Payable                         $        -      $        71     $        215    $       (78)   $       296
Misc. Other                           $        270    $       275     $        317    $       284    $       290
 Total Current Liabilities            $      1,131    $     2,405     $      4,065    $     4,763    $     4,572
Mortgage                              $     11,960    $    11,960     $     11,960    $    11,960    $    11,960
Common Stock                          $     11,500    $    11,500     $     11,500    $    11,500    $    11,500
Earned Surplus                        $     12,284    $    12,410     $     12,667    $    12,685    $    13,352
Total Liabilities & Net Worth         $     36,875    $    38,275     $     40,192    $    40,908    $    41,384


                                                                                 Inventory Subsidiary Data (FIFO)
                                                                                          1990
                                                          Jul 31          Aug 31         Sep 30          Oct 31
Raw Materials
 Opening Balances                                     $        810    $        814    $       757    $       760
 Plus Purchases                                       $        787    $        777    $       837    $       867
 Less Transfers to Work In Progress                   $        783    $        834    $       834    $       834
 Closing Balance                                      $        814    $        757    $       760    $       793
Work-In-Progress
 Opening Balance                                      $      3,110    $      3,131    $     3,196    $     3,221


                                                           Page 5
                                          Actual



 Plus Raw Materials Additions         $      783   $     834   $     834   $     834
 Plus Labor Additions                 $      789   $     789   $     772   $     789
 Transfers to Finished Goods Inven.   $    1,551   $   1,558   $   1,581   $   1,620
 Closing Balance                      $    3,131   $   3,196   $   3,221   $   3,224
Finished Goods
 Opening Balance                      $    4,186   $   4,433   $   4,350   $   3,982
 Plus Additions from Work In Prog.    $    1,551   $   1,558   $   1,581   $   1,620
 Less Cost of Goods Sold              $    1,304   $   1,641   $   1,949   $   2,440
 Closing Balance                      $    4,433   $   4,350   $   3,982   $   3,162

Total Closing Inventory               $    8,378   $   8,303   $   7,963   $   7,179

COGS as % of sales                         63.0%       63.0%       63.3%       60.0%




                                          Page 6
                                                                             Actual



rs, Inc.
Months, July 1995 - March 1996
ousands)
                                                                    1996
                   Nov.              Dec.           Jan.            Feb.               Mar.
               $     3,373     $       2,799   $      1,758     $     1,738      $      1,498
               $     2,024     $       1,680   $      1,056     $     1,095      $          960
               $       303     $         288   $         293    $        374     $          323
               $     2,327     $       1,968   $      1,349     $     1,469      $      1,283
               $     1,046     $         831   $         409    $        269     $          215
               $       275     $         269   $         260    $        258     $          258
               $       771     $         562   $         149    $          11    $          (43)
               $       278     $         202   $           54   $           4    $          (15)
               $       493     $         360   $           95   $           7    $          (28)
               $        -      $         300   $         -      $        -       $          300
               $       493     $          60   $           95   $           7    $        (328)
               $     1,561     $       1,621   $      1,716     $     1,723      $      1,396



s, June 30, 1995 - March 31, 1996
ousands)

                                                                     1996
                   Nov 30           Dec 31         Jan 31           Feb 28            Mar 31
               $        830    $         641   $      1,133     $      1,076     $         688
               $      5,526    $       5,573   $      3,958     $      3,169     $       2,867
               $      6,705    $       6,502   $      6,925     $      7,170     $       7,374
               $    13,061     $     12,716    $     12,016     $     11,415     $     10,929
               $    27,843     $     27,885    $     27,843     $     27,810     $     27,812
               $    40,904     $     40,601    $     39,859     $     39,225     $     38,741


               $      1,916    $      2,279    $     1,376      $       778      $      1,256
               $        834    $        684    $       699      $       658      $        514
               $        574    $        303    $       357      $       361      $       (128)
               $        275    $        269    $       266      $       260      $        258
               $      3,599    $      3,535    $     2,698      $     2,057      $      1,900
               $     11,960    $     11,661    $    11,661      $    11,661      $     11,661
               $     11,500    $     11,500    $    11,500      $    11,500      $     11,500
               $     13,845    $     13,905    $    14,000      $    14,007      $     13,680
               $     40,904    $     40,601    $    39,859      $    39,225      $     38,741


Data (FIFO)
                                                                     1991
                   Nov 30           Dec 31             Jan 31       Feb 28            Mar 31

               $        793    $        823    $        778     $        762     $         753
               $        802    $        688    $        690     $        652     $         518
               $        772    $        733    $        706     $        661     $         601
               $        823    $        778    $        762     $        753     $         670

               $      3,224    $       3,139   $      3,037     $      2,953     $       2,781


                                                                             Page 7
                                           Actual



$     772   $     733   $     706   $     661   $     601
$     748   $     789   $     789   $     688   $     646
$   1,605   $   1,624   $   1,579   $   1,521   $   1,495
$   3,139   $   3,037   $   2,953   $   2,781   $   2,533

$   3,162   $   2,743   $   2,687   $   3,210   $   3,636
$   1,605   $   1,624   $   1,579   $   1,521   $   1,495
$   2,024   $   1,680   $   1,056   $   1,095   $     960
$   2,743   $   2,687   $   3,210   $   3,636   $   4,171

$   6,705   $   6,502   $   6,925   $   7,170   $   7,374

    60.0%       60.0%       60.1%       63.0%       64.1%




                                           Page 8

								
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