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Forecasted Income Statement

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					Forecasted Income Statement
                                              Year 1         Year 2         Year 3         Year 4
Sales                                     $      143.8   $      165.3   $      173.6   $      190.9
Cost of Sales                                    115.0          133.9          142.3          158.5
Gross Profit                                      28.8           31.4           31.2           32.5

Cash Operating Expenses                           10.1            9.9           12.2           11.5
Depreciation Expense                               1.7            1.9            1.9            2.0
Amortization of Intangibles                        5.6            5.2            4.9            4.6

Operating Income                                  11.4           14.4           12.3           14.4
                                                    -
Interest Expense                                   1.8            1.7            1.4            1.8
                                                    -              -              -              -
Pretax Income                                      9.6           12.7           10.9           12.6
Income Taxes                                       3.9            5.1            4.3            5.0
Net Income                                $        5.8   $        7.6   $        6.5   $        7.5

Selected Forecasted Balance Sheet Items
                                              Year 1         Year 2         Year 3         Year 4
Accounts Receivable                       $       29.9   $       32.1   $       31.3   $       31.8
Inventory                                          6.4            7.1            7.1            7.5
Prepaid Operating Expenses                         1.0            1.0            1.2            1.1
Gross Property, Plant & Equipment                 27.9           28.7           30.4           30.4
Accumulated Depreciation                          16.7           18.5           20.4           22.5
Current Portion of Long Term Debt                    -            5.0            4.0            2.0
Trade Payables                                     9.6           11.2           12.7           14.1
Long Term Debt                                    15.0           10.0            6.0           20.0
    Year 5
$      195.7
       158.5
        37.2

        13.7
         2.0
         4.2

        17.2

         2.4
          -
        14.8
         5.9
$        8.9


    Year 5
$       32.6
         7.0
         1.4
        34.4
        24.5
         3.0
        13.2
        17.0
Selected Forecasted Income Statement Items
                                         Year 1              Year 2         Year 3         Year 4
Revenues                               $     66.7        $       76.7   $       80.5   $       88.6
Cost of Goods Sold                           44.0                51.4           52.4           59.4
Gross Profit                                 22.7                25.3           28.2           29.2

Cash Operating Expenses                           12.7           14.6           13.7           15.9
Non-Manufacturing Depreciation Expense             1.1            1.2            1.3            1.4
Amortization Expense                               1.9            1.7            1.5            1.4

Earnings Before Interest And Taxes                 7.0            7.8           11.7           10.5

Selected Forecasted Balance Sheet Items
                                              Year 1         Year 2         Year 3         Year 4
Non-cash Current Assets                   $       22.2   $       24.5   $       25.1   $       27.1
Short Term Debt                                    3.0            2.0            5.0            6.0
Accounts Payable                                   3.7            4.3            4.7            5.3
Long Term Debt                                     6.0            5.0           10.0            9.5

Other Forecast Information
Capital Expenditures as a % of Revenues           3.0%           1.0%           1.5%           0.0%
Tax Rate                                         40.0%
Coupon Rate: Short Term Debt                      8.0%
Coupon Rate: Long Term Debt                      12.0%
    Year 5
$       90.8
        59.9
        30.9

        15.4
         1.4
         1.2

        12.8


    Year 5
$       28.5
         5.0
         5.0
         9.0


        1.5%
                               Year 0         Year 1     Year 2     Year 3     Year 4
Sales                      $       37.5   $       50.0 $     72.5 $     97.9 $     88.1
NOPAT Margin                                    18.00%     18.50%     22.50%     13.50%
Gross PP&E                         30.0           40.0       58.0       65.3       65.3
Accumulated Depreciation           26.0           30.0       36.9       42.1       46.0
Increase in NWC                     2.0             1.9        4.5        6.3       (1.0)
    Year 5     Year 6
$       88.1 $     92.5
      17.50%     18.00%
        73.4       74.0
        50.1       53.7
           -         0.7
The Perfect Comp Corp.

Debt / Total Capital         45.00%
Ke (cost of equity)          18.50%
Current Debt Rating      Not Rated
Tax Rate                     30.00%


Selected Market Data

Government Debt
3 month                      4.00%
20 year                      5.00%

Corporate Debt
AA                           6.00%
A                            6.50%
BBB                          7.00%
BB                           8.00%
B                            9.00%

Forecasted Market Risk Premium
Eades and Associates         6.00%

				
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