Exhibit 1

Financial Statements for Tire City, Inc.

For years ending 12/31

INCOME STATEMENT
Net sales
Cost of sales
Gross Profit
Selling, general, and administrative expenses
Depreciation
Net interest expense
Pre-tax income
Income taxes
Net income
Dividends
BALANCE SHEET
Assets
Cash balances
Accounts receivable
Inventories
Total current assets
Gross plant & equipment
Accumulated depreciation
Net plant & equipment
Total assets
Liabilities and equity
bank loan
Current maturities
Accounts payable
Accrued expenses
Total current liabilities
Long-term debt
Common stock
Retained earnings
Total shareholders' equity
Total liabilities and equity

1993

1994

$ 16,230
$ 9,430
$ 6,800
$ 5,195
$
160
$
119
$ 1,326
$
546
$
780
$
155

$ 20,355
$ 11,898
$ 8,457
$ 6,352
$
180
$
106
$ 1,819
$
822
$
997
$
200

$
$
$
$
$
$
$
$

508
2,545
1,630
4,683
3,232
1,335
1,897
6,580

$
$
$
$
$
$
$
$

609
3,095
1,838
5,542
3,795
1,515
2,280
7,822

$
$
$
$
$
$
$
$
$

125
1,042
1,145
2,312
1,000
1,135
2,133
3,268
6,580

$
$
$
$
$
$
$
$
$

125
1,325
1,432
2,882
875
1,135
2,930
4,065
7,822

1995

Ratio

$ 23,505
$ 13,612 0.581461
$ 9,893
$ 7,471 0.316492
$
213
$
94
$ 2,115
$
925
43.40%
$ 1,190
$
240 20% PAT

1996

1997

$
$
$
$

28,206
16,416
11,790
8,941

$
$
$
$

33,847
19,699
14,148
10,730

213

$
$

333
101

$
75.0
$ 2,560.81
$ 1,111.39
$ 1,449.42
$
289.88

$
$
$
$
$
$
$
$

706 3% sales
3,652
15.50%
2,190 $
0.09
6,548
4,163
1,728
2,435
8,983

$
$

846
4,372

1,625

$
$
$
$
$

6,843
6,163
1,941
4,222
11,065

$
$
$
$
$
$
$
$
$

125
$
125
1,440
6.30% $
1,777
1,653
7% $
1,974
3,218
$
3,876
750 Decline 125 $
625
1,135
$
1,135
3,880
$ 5,039.53
5,015
8,983
$
11,065

389.18

1014
101.4

$ 2,984.57
$ 1,295.30
$ 1,689.27
$
337.85

$
$
$
$
$
$
$

1,015
5,246
3,148
9,410
6563
2,274
4,289
13,699

$ 1,046.38
$

125

$
$
$

2,132
2,369
4,627

$
$

500
1,135

$ 6,390.94
$

13,699

$ 1,375
$ 687.50

Exhibit 1

Financial Statements for Tire City, Inc.

For years ending 12/31

1993

INCOME STATEMENT
Net sales
$ 16,230
Cost of sales
$ 9,430
Gross Profit
$ 6,800
Selling, general, and administrative expenses
$ 5,195
Depreciation
$
160
Net interest expense
$
119
Pre-tax income
$ 1,326
Income taxes
$
546
Net income
$
780
Dividends
$
155
BALANCE SHEET
Assets
Cash balances
Accounts receivable
Inventories
Total current assets
Gross plant & equipment
Accumulated depreciation
Net plant & equipment
Total assets
Liabilities and equity
Current maturities
Accounts payable
Accrued expenses
Total current liabilities
Long-term debt
Common stock
Retained earnings
Total shareholders' equity
Total liabilities and equity

1994

1995

Ratios

1993

$ 20,355
$ 11,898
$ 8,457
$ 6,352
$
180
$
106
$ 1,819
$
822
$
997
$
200

$ 23,505 Retrun on sales

$ 13,612 Return on assets
$ 9,893 Retrun on equity
$ 7,471
$
213 Current ratio
$
94 Quick ratio
$ 2,115
$
925 Assets/Equity
$ 1,190 Debt/Total Capital
$
240 Interest Coverage

0.04805915
0.118541033
0.238678091

Asset Turnover
$
$
$
$
$
$
$
$

508
2,545
1,630
4,683
3,232
1,335
1,897
6,580

$
$
$
$
$
$
$
$

609
3,095
1,838
5,542
3,795
1,515
2,280
7,822

$
$
$
$
$
$
$
$

706
3,652
2,190
6,548
4,163
1,728
2,435
8,983

$
$
$
$
$
$
$
$
$

125
1,042
1,145
2,312
1,000
1,135
2,133
3,268
6,580

$
$
$
$
$
$
$
$
$

125
1,325
1,432
2,882
875
1,135
2,930
4,065
7,822

$
$
$
$
$
$
$
$
$

125
1,440
1,653
3,218
750
1,135
3,880
5,015
8,983

Average revenue
Days of Receivables
Days of Inventory
Days of Payables

2.025519031
1.32
2.013463892
0.23
11.14285714

2.46656535
44.47
57.24
63.0911983
40.33191941

1994

1995

0.048980594 0.050627526
0.127461007 0.132472448
0.245264453 0.237288136
1.92297016 2.034804226
1.29
1.35
1.924231242 1.791226321
0.18
0.13
17.16037736
22.5

2.602275633 2.616609151
55.77
55.50

64.40
56.71

56.38510674 58.72392007
40.64758783 38.61298854

Tire City: Historical Ratios

1993

1994

1995

Average Comment

Cost of sales/Sales
SG&A/Sales

58.10% 58.45% 57.91%

32.01% 31.21% 31.78%

58.2%
31.7%

Income tax/Pretax income

Dividends/Net income

41.18% 45.19% 43.74%

19.87% 20.06% 20.17%

43.4%
20.0%

Cash/Sales
Receivables/Sales
Inventories/Sales

3.13%
2.99%
3.00%
15.68% 15.21% 15.54%
10.04%
9.03%
9.32%

3.0%
15.5%
9.5%

Payables/Sales
Accrued exp/Sales

6.42%
7.05%

6.51%
7.04%

6.13%
7.03%

6.4%
7.0%