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Nike Income Statement - PDF

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					                                                         Income (2)



Nike Incorporation
INCOME STATEMENT, FOR THE PERIOD ENDED MAY 31                              -- common size --
                                           ($ millions)                                   (%)
                                    2005          2004                       2005       2004

Revenues                                 $ 13,739.7      $ 12,253.1        100.00     100.00
Cost of Sales                               7,624.3         7,001.4         55.49      57.14
Gross Margin                                6,115.4         5,251.7         44.51      42.86

Administrative Expense                        4,221.7         3,702.0       30.73       30.21
Earning before interest and tax (EBIT)        1,893.7         1,549.7       13.78       12.65
Interest Expense                                  4.8            25.0        0.03        0.20
Other Expense                                    29.1            74.7        0.21        0.61
Earning before tax (EBT)                      1,859.8         1,450.0       13.54       11.83
Tax                                             648.2           504.4        4.72        4.12
Net Income                                    1,211.6           945.6        8.82        7.72

Dividends per share                      $      0.95     $      0.74
Earnign per share (EPS)                  $      4.61     $      3.59




Nike Incorporation
BALANCE SHEET, FOR THE PERIOD ENDED MAY 31                                 -- common size --
                                                                                          (%)
                                             May 2005        May 2004    May 2005 May 2004

ASSETS
Cash & Equivalents                       $ 1,388.1       $      828.0       15.79       10.47
Short-term Investments                       436.6              400.8        4.96        5.07
Accounts Receivable                        2,262.1            2,120.2       25.72       26.81
Inventory                                  1,811.1            1,650.2       20.60       20.87
Deferred Taxes                               110.2              165.0        1.25        2.09
Prepaid Expenses                             343.0              364.4        3.90        4.61
   Current Assets                          6,351.1            5,528.6       72.22       69.91

Fixed Assets                                  3,179.2         3,183.4        36.15      40.25
Accumulated depreciation                     (1,573.4)       (1,571.6)      -17.89     -19.87
   Net Fixed Assets                           1,605.8         1,611.8        18.26      20.38
Assets and Goodwill                             541.5           501.7         6.16       6.34
Other Assets                                    295.2           266.6         3.36       3.37

TOTAL ASSETS                             $ 8,793.6       $ 7,908.7         100.00     100.00

LIABILITIES
Payable to Banks                                 69.8           146.0        0.79        1.85
Accounts Payable                                843.9           780.4        9.60        9.87
Accrued Liabilities                             984.3           979.3       11.19       12.38
Income Taxes Payable                             95.0           118.2        1.08        1.49
Current Long-Term Debt                            6.2             6.6        0.07        0.08
Current Liabilities                           1,999.2         2,030.5       22.73       25.67

Long-term Debt                                  687.3           682.4        7.82        8.63
Def Inc Taxes & Other Liabilities               462.6           413.8        5.26        5.23
Long-term Liabilities                         1,149.9         1,096.2       13.08       13.86

TOTAL LIABILITIES                             3,149.1         3,126.7       35.81       39.53

PREFERRED STOCK                                   0.3             0.3        0.00        0.00

EQUITY
Common Equity                              5,644.2         4,781.7          64.19      60.46
TOTAL EQUITY                               5,644.2         4,781.7          64.19      60.46
TOTAL LIABILITIES & EQUITY               $ 8,793.6       $ 7,908.7         100.00     100.00




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Nike Incorporation
SELECTED FINANCIAL RATIOS

                                                       2005    2004
i.    Short-term solvency, or Liquidity ratios
      Current ratio                                     3.18    2.72
      Quick ratio                                       2.04    1.65
      Cash ratio                                        0.69    0.41

ii.   Long-term solvency, financial leverage ratios
      Debt to equity ratio                              0.56    0.65
      Equity multiplier                                 1.56    1.65
      Times interest earned                           394.52   61.99
      Cash coverage ratio                             394.90     N/A

iii. Asset utilization
     Receivables turnover                               6.07    5.78
     Days' sales in account receivables (days)         60.09   63.16
     Inventory turnover                                 4.21    4.24
     Days' sales in inventories (days)                 86.70   86.03
     Fixed asset turnover                               8.56    7.60
     Total asset turnover                               1.56    1.55

iv. Profitability ratios
    Profit margin (%)                                   8.82    7.72
    Return on assets (ROA) (%)                         13.78   11.96
    Return on equity (ROE) (%)                         21.47   19.78

				
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