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Jae Jun

Author mail questions or comments to: jjun0366@gmail.com


www.oldschoolvalue.com

Disclaimer
Nothing on Old School Value, related pages, emails, or other communications by the author, either written or oral, are intended to be a
recommendation to either buy, hold, or sell any specific security or group of securities. Likewise, nothing herein should be construed as an
endorsement of any financial adviser, investment manager, commercial information provider, transaction service, or brokerage firm.

The findings from this spreadsheet is merely a start to a means of further research and uncovering a great business and investment. Old School
Value holds no responsibility for any investment whatsoever.

Quick Instructions

- Yellow highlighted fields are user input fields. Use these fields to override the default values without messing up formulas and accidently saving
incorrect values
- Press F9 to start calculations. Automatic formula calculations have been turned off in the excel menu to improve start speed and convenience.
- Refer to the manual for trouble shooting issues. The manual contains every possible problem you will encounter or the problem is a variant of what I
have written which is solved the same way. The solutions in the manual has been able to help everyone with a problem thus far.

http://www.oldschoolvalue.com/intrinsic-value-spreadsheets/installation-troubleshooting-guide/
Company Name Ticker

Apple Inc www.oldschoolvalue.com AAPL


8/13/2009 Financial Statement figures in $Mil
Fiscal Ending Date 2008/09 2007/09 2006/09 2005/09 2004/09 2003/09 2002/09 2001/09 2000/09 1999/09
Data Loaded 2008-10-22 2007-10-23 2006-10-19 2005-10-17 2004-10-14 2003-10-16 2002-10-17 2001-12-26 2000-10-20 1999-10-15
2008 2007 2006 2005 2004 2003 2002 2001 2000 1999
Income Statement

Revenues
Operating Revenue $ 32,479.0 $ 24,006.0 $ 19,315.0 $ 13,931.0 $ 8,279.0 $ 6,207.0 $ 5,742.0 $ 5,363.0 $ 7,983.0 $ 6,134.0
Total Revenue $ 32,479.0 $ 24,006.0 $ 19,315.0 $ 13,931.0 $ 8,279.0 $ 6,207.0 $ 5,742.0 $ 5,363.0 $ 7,983.0 $ 6,134.0
Adjustments to Revenue $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Cost of Sales $ 20,861.0 $ 15,535.0 $ 13,492.0 $ 9,709.0 $ 5,870.0 $ 4,386.0 $ 4,021.0 $ 4,026.0 $ 5,733.0 $ 4,353.0
Cost of Sales w/ Depreciation $ 21,334.0 $ 15,852.0 $ 13,717.0 $ 9,888.0 $ 6,020.0 $ 4,499.0 $ 4,139.0 $ 4,128.0 $ 5,817.0 $ 4,438.0
COGS (%) 65.7% 66.0% 71.0% 71.0% 72.7% 72.5% 72.1% 77.0% 72.9% 72.4%
Gross Margin $ 11,145.0 $ 8,154.0 $ 5,598.0 $ 4,043.0 $ 2,259.0 $ 1,708.0 $ 1,603.0 $ 1,235.0 $ 2,166.0 $ 1,696.0
Gross Operating Profit $ 11,618.0 $ 8,471.0 $ 5,823.0 $ 4,222.0 $ 2,409.0 $ 1,821.0 $ 1,721.0 $ 1,337.0 $ 2,250.0 $ 1,781.0
Gross Profit (%) 35.8% 35.3% 30.1% 30.3% 29.1% 29.3% 30.0% 24.9% 28.2% 29.0%

Operating Expense
R&D Expense $ 1,109.0 $ 782.0 $ 712.0 $ 534.0 $ 489.0 $ 471.0 $ 446.0 $ 430.0 $ 380.0 $ 314.0
R&D (%) 3.4% 3.3% 3.7% 3.8% 5.9% 7.6% 7.8% 8.0% 4.8% 5.1%
SG&A Expense $ 3,761.0 $ 2,963.0 $ 2,433.0 $ 1,859.0 $ 1,421.0 $ 1,212.0 $ 1,111.0 $ 1,138.0 $ 1,166.0 $ 996.0
SG&A (%) 11.6% 12.3% 12.6% 13.3% 17.2% 19.5% 19.3% 21.2% 14.6% 16.2%
Advertising $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Operating Income $ 6,275.0 $ 4,409.0 $ 2,453.0 $ 1,650.0 $ 326.0 $ (1.0) $ 17.0 $ (344.0) $ 522.0 $ 359.0
Operating Income (%) 19.3% 18.4% 12.7% 11.8% 3.9% 0.0% 0.3% -6.4% 6.5% 5.9%
EBITDA $ 6,748.0 $ 4,726.0 $ 2,678.0 $ 1,829.0 $ 499.0 $ 138.0 $ 164.0 $ (231.0) $ 704.0 $ 471.0
Depreciation $ 473.0 $ 317.0 $ 225.0 $ 179.0 $ 150.0 $ 113.0 $ 118.0 $ 102.0 $ 84.0 $ 85.0
Depreciation Unrecognised $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization of Intangibles $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Operating Profit after Depreciation $ 6,275.0 $ 4,409.0 $ 2,453.0 $ 1,650.0 $ 349.0 $ 25.0 $ 46.0 $ (333.0) $ 620.0 $ 386.0

Other Income and Expense


Interest Income $ - $ 647.0 $ 394.0 $ 183.0 $ 53.0 $ 83.0 $ 112.0 $ 218.0 $ 203.0 $ 87.0
Other Income Net $ 620.0 $ (48.0) $ (29.0) $ (18.0) $ 4.0 $ 10.0 $ (42.0) $ 90.0 $ 367.0 $ 230.0
Other Special Charges $ - $ - $ - $ - $ - $ - $ 2.0 $ - $ (98.0) $ -
Special Income Charges $ - $ - $ - $ - $ (23.0) $ (26.0) $ (29.0) $ (11.0) $ (98.0) $ (27.0)
EBIT $ 6,895.0 $ 5,008.0 $ 2,818.0 $ 1,815.0 $ 383.0 $ 92.0 $ 87.0 $ (36.0) $ 1,092.0 $ 676.0
Interest Expense $ - $ - $ - $ - $ - $ - $ - $ 16.0 $ - $ -
Pre-Tax Income $ 6,895.0 $ 5,008.0 $ 2,818.0 $ 1,815.0 $ 383.0 $ 92.0 $ 87.0 $ (52.0) $ 1,092.0 $ 676.0
Income Taxes $ 2,061.0 $ 1,512.0 $ 829.0 $ 480.0 $ 107.0 $ 24.0 $ 22.0 $ (15.0) $ 306.0 $ 75.0
Net Income: Cont. Operations $ 4,834.0 $ 3,496.0 $ 1,989.0 $ 1,335.0 $ 276.0 $ 68.0 $ 65.0 $ (37.0) $ 786.0 $ 601.0
Net Income: Disc Operations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Gains/Losses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Net Income $ 4,834.0 $ 3,496.0 $ 1,989.0 $ 1,335.0 $ 276.0 $ 69.0 $ 65.0 $ (25.0) $ 786.0 $ 601.0
Total Net Income (%) 14.9% 14.6% 10.3% 9.6% 3.3% 1.1% 1.1% -0.5% 9.8% 9.8%

Dividends & EPS


Preferred Dividends $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Basic EPS $ 5.5 $ 4.0 $ 2.4 $ 1.7 $ 0.4 $ 0.1 $ 0.1 $ (0.0) $ 1.2 $ 1.1
Diluted EPS: Total $ 5.4 $ 3.9 $ 2.3 $ 1.6 $ 0.4 $ 0.1 $ 0.1 $ (0.0) $ 1.1 $ 0.9
Diluted EPS: Dividends per Share $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Shares Outstanding
Shares Out (Common Class Only) 888.3 872.3 855.3 835.0 782.9 733.5 717.9 701.8 671.4 643.2
Preferred Shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2
Basic Weighted Shares 881.6 864.6 844.1 808.4 743.2 721.3 710.0 691.2 649.1 572.6
Diluted Weighted Shares 902.1 889.3 877.5 856.8 774.6 726.9 723.6 691.2 720.6 696.7
Balance Sheet

Assets
Cash & Equivalents $ 11,875.0 $ 9,352.0 $ 6,392.0 $ 3,491.0 $ 2,969.0 $ 3,396.0 $ 2,252.0 $ 2,310.0 $ 1,191.0 $ 1,326.0
Restricted Cash $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Marketable Securities $ 12,615.0 $ 6,034.0 $ 3,718.0 $ 4,770.0 $ 2,495.0 $ 1,170.0 $ 2,085.0 $ 2,026.0 $ 786.0 $ 601.0
Accounts Receivable $ 2,422.0 $ 1,637.0 $ 1,252.0 $ 895.0 $ 774.0 $ 766.0 $ 565.0 $ 466.0 $ 953.0 $ 681.0
Other Receivable $ 2,282.0 $ 2,392.0 $ - $ - $ - $ - $ - $ - $ - $ -
Receivables $ 4,704.0 $ 4,029.0 $ 1,252.0 $ 895.0 $ 774.0 $ 766.0 $ 565.0 $ 466.0 $ 953.0 $ 681.0
Inventories: Raw Materials $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventories: Work in Progress $ - $ - $ - $ - $ - $ 4.0 $ - $ - $ 2.0 $ 3.0
Inventories: Purchased Components $ - $ - $ - $ - $ 1.0 $ 2.0 $ 9.0 $ 1.0 $ 1.0 $ 4.0
Inventories: Finished Goods $ - $ - $ - $ - $ 100.0 $ 50.0 $ 36.0 $ 10.0 $ 30.0 $ 13.0
Inventories: Other $ 509.0 $ 346.0 $ 270.0 $ 165.0 $ - $ - $ - $ - $ - $ -
Inventories -- Total $ 509.0 $ 346.0 $ 270.0 $ 165.0 $ 101.0 $ 56.0 $ 45.0 $ 11.0 $ 33.0 $ 20.0
Prepaid Expenses $ 475.0 $ 417.0 $ - $ - $ - $ - $ - $ - $ - $ -
Current Defered Income Taxes $ 1,447.0 $ 782.0 $ 607.0 $ 331.0 $ 231.0 $ 190.0 $ 166.0 $ 169.0 $ 162.0 $ 143.0
Other Current Assets $ 3,065.0 $ 996.0 $ 2,270.0 $ 648.0 $ 485.0 $ 309.0 $ 275.0 $ 161.0 $ 252.0 $ 215.0
Total Current Assets $ 34,690.0 $ 21,956.0 $ 14,509.0 $ 10,300.0 $ 7,055.0 $ 5,887.0 $ 5,388.0 $ 5,143.0 $ 5,427.0 $ 4,285.0
Land And Improvements $ 810.0 $ 762.0 $ 626.0 $ 361.0 $ 351.0 $ 350.0 $ 342.0 $ 337.0 $ 324.0 $ 323.0
Building And Improvements $ 1,324.0 $ 1,019.0 $ 760.0 $ 545.0 $ 446.0 $ 357.0 $ 281.0 $ 186.0 $ - $ -
Machinery, Furniture & Equipment $ 1,613.0 $ 1,060.0 $ 689.0 $ 575.0 $ 501.0 $ 467.0 $ 250.0 $ 245.0 $ 245.0 $ 281.0
Construction in Progress $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Fixed Assets $ - $ - $ - $ - $ - $ - $ 184.0 $ 156.0 $ 131.0 $ 125.0
Total Fixed Assets $ 3,747.0 $ 2,841.0 $ 2,075.0 $ 1,481.0 $ 1,298.0 $ 1,174.0 $ 1,057.0 $ 924.0 $ 700.0 $ 729.0
Accumulated Depreciation $ 1,292.0 $ 1,009.0 $ 794.0 $ 664.0 $ 591.0 $ 505.0 $ 436.0 $ 360.0 $ 387.0 $ 411.0
Net Fixed Assets $ 2,455.0 $ 1,832.0 $ 1,281.0 $ 817.0 $ 707.0 $ 669.0 $ 621.0 $ 564.0 $ 313.0 $ 318.0
Intangibles $ 285.0 $ 382.0 $ 160.0 $ 96.0 $ 97.0 $ 109.0 $ 119.0 $ - $ - $ -
Other Long-Term Assets $ 1,935.0 $ 1,051.0 $ 1,217.0 $ 155.0 $ 191.0 $ 150.0 $ 170.0 $ 314.0 $ 1,063.0 $ 558.0
Total Lonng-Term Assets $ 4,882.0 $ 3,391.0 $ 2,696.0 $ 1,251.0 $ 995.0 $ 928.0 $ 910.0 $ 878.0 $ 1,376.0 $ 876.0
Total Assets $ 39,572.0 $ 25,347.0 $ 17,205.0 $ 11,551.0 $ 8,050.0 $ 6,815.0 $ 6,298.0 $ 6,021.0 $ 6,803.0 $ 5,161.0

Liabilities & Equity


Accounts Payable $ 5,520.0 $ 4,970.0 $ 3,390.0 $ 1,779.0 $ 1,451.0 $ 1,154.0 $ 911.0 $ 801.0 $ 1,157.0 $ 812.0
Notes Payable $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Short-Term Debt $ - $ - $ - $ - $ - $ 304.0 $ - $ - $ - $ -
Accrued Expenses $ 8,572.0 $ 1,260.0 $ 1,191.0 $ - $ 1,229.0 $ 899.0 $ 747.0 $ 717.0 $ 776.0 $ 737.0
Accrued Liabilities $ - $ - $ - $ 576.0 $ - $ - $ - $ - $ - $ -
Deferred Revenues $ - $ 1,410.0 $ 746.0 $ 501.0 $ - $ - $ - $ - $ - $ -
Current Deferred Income Taxes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Current Liabilities $ - $ 3,391.0 $ 1,144.0 $ 628.0 $ - $ - $ - $ - $ - $ -
Total Current Liabilities $ 14,092.0 $ 9,299.0 $ 6,471.0 $ 3,484.0 $ 2,680.0 $ 2,357.0 $ 1,658.0 $ 1,518.0 $ 1,933.0 $ 1,549.0
Long-Term Debt $ - $ - $ - $ - $ - $ - $ 316.0 $ 317.0 $ 300.0 $ 300.0
Capital Lease Obligations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Deferred Income Taxes $ 675.0 $ 619.0 $ 381.0 $ 601.0 $ 294.0 $ 235.0 $ 229.0 $ 266.0 $ 463.0 $ 208.0
Other Non-Current Liabilities $ 3,775.0 $ 897.0 $ 369.0 $ - $ - $ - $ - $ - $ - $ -
Total Non-Current Liabilities $ 4,450.0 $ 1,516.0 $ 750.0 $ 601.0 $ 294.0 $ 235.0 $ 545.0 $ 583.0 $ 763.0 $ 508.0
Total Liabilities $ 18,542.0 $ 10,815.0 $ 7,221.0 $ 4,085.0 $ 2,974.0 $ 2,592.0 $ 2,203.0 $ 2,101.0 $ 2,696.0 $ 2,057.0
Preferred Stock Equity $ - $ - $ - $ - $ - $ - $ - $ - $ 76.0 $ 150.0
Common Stock Equity $ 21,030.0 $ 14,532.0 $ 9,984.0 $ 7,466.0 $ 5,076.0 $ 4,223.0 $ 4,095.0 $ 3,920.0 $ 4,031.0 $ 2,954.0
Retained Earnings $ 13,845.0 $ 9,101.0 $ 5,607.0 $ 4,005.0 $ 2,670.0 $ 2,394.0 $ 2,325.0 $ 2,260.0 $ 2,285.0 $ 1,499.0
Total Capitalization/Invested Capital $ 21,030.0 $ 14,532.0 $ 9,984.0 $ 7,466.0 $ 5,076.0 $ 4,223.0 $ 4,411.0 $ 4,237.0 $ 4,407.0 $ 3,404.0
Total Equity $ 21,030.0 $ 14,532.0 $ 9,984.0 $ 7,466.0 $ 5,076.0 $ 4,223.0 $ 4,095.0 $ 3,920.0 $ 4,107.0 $ 3,104.0
Total Liabilities & Stock Equity $ 39,572.0 $ 25,347.0 $ 17,205.0 $ 11,551.0 $ 8,050.0 $ 6,815.0 $ 6,298.0 $ 6,021.0 $ 6,803.0 $ 5,161.0
Working Capital $ 20,598.0 $ 12,657.0 $ 8,038.0 $ 6,816.0 $ 4,375.0 $ 3,530.0 $ 3,730.0 $ 3,625.0 $ 3,494.0 $ 2,736.0
Invested Capital $ 21,030.0 $ 14,532.0 $ 9,984.0 $ 7,466.0 $ 5,076.0 $ 4,223.0 $ 4,411.0 $ 4,237.0 $ 4,407.0 $ 3,404.0
Cash Flow $ 5,307.0 $ 3,813.0 $ 2,214.0 $ 1,514.0 $ 426.0 $ 181.0 $ 183.0 $ 65.0 $ 870.0 $ 686.0
Cash Flow Statement

Operating Activities
Net Income/Loss $ 4,834.0 $ 3,496.0 $ 1,989.0 $ 1,335.0 $ 276.0 $ 69.0 $ 65.0 $ (25.0) $ 786.0 $ 601.0
Depreciation $ 473.0 $ 317.0 $ 225.0 $ 179.0 $ 150.0 $ 113.0 $ 118.0 $ 102.0 $ 84.0 $ 85.0
Amortization $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization of Intangibles $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Deferred Income Taxes $ (368.0) $ 78.0 $ 53.0 $ 52.0 $ 20.0 $ (11.0) $ (34.0) $ - $ 163.0 $ (35.0)
Operating Gains $ 22.0 $ 12.0 $ 11.0 $ 504.0 $ 40.0 $ (8.0) $ 43.0 $ (103.0) $ (364.0) $ (230.0)
Extraordinary Gains $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Change in Receivables $ (785.0) $ (385.0) $ (357.0) $ (121.0) $ (8.0) $ (201.0) $ (99.0) $ 487.0 $ (272.0) $ 274.0
Change in Inventories $ (163.0) $ (76.0) $ (105.0) $ (64.0) $ (45.0) $ (11.0) $ (34.0) $ 22.0 $ (13.0) $ 58.0
Change in Prepaid Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Change in Other Current Assets $ (1,958.0) $ (1,540.0) $ (1,626.0) $ (211.0) $ (215.0) $ (64.0) $ (125.0) $ 118.0 $ (52.0) $ (35.0)
Change in Payables $ 596.0 $ 1,494.0 $ 1,611.0 $ 328.0 $ 297.0 $ 243.0 $ 110.0 $ (356.0) $ 345.0 $ 93.0
Change in Other Current Liabilities $ 5,642.0 $ - $ - $ 533.0 $ 419.0 $ 159.0 $ 45.0 $ (60.0) $ 149.0 $ (13.0)
Change in Other Working Capital $ 787.0 $ 1,832.0 $ 256.0 $ - $ - $ - $ - $ - $ - $ -
Other Non-Cash Items $ 516.0 $ 242.0 $ 163.0 $ - $ - $ - $ - $ - $ - $ -
Net Cash From Cont Operations $ 9,596.0 $ 5,470.0 $ 2,220.0 $ 2,535.0 $ 934.0 $ 289.0 $ 89.0 $ 185.0 $ 826.0 $ 798.0
Net Cash From Disc Operations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Operations $ 9,596.0 $ 5,470.0 $ 2,220.0 $ 2,535.0 $ 934.0 $ 289.0 $ 89.0 $ 185.0 $ 826.0 $ 798.0

Investing Activities
Sale of Property, Plant & Equipment $ - $ - $ - $ - $ - $ - $ - $ - $ 11.0 $ 23.0
Sale of Long-Term Investments $ - $ - $ - $ - $ 5.0 $ 45.0 $ - $ - $ - $ -
Sale of Short-Term Investments $ 16,243.0 $ 9,424.0 $ 8,312.0 $ 9,195.0 $ 1,942.0 $ 3,562.0 $ 4,125.0 $ 5,429.0 $ 3,703.0 $ 3,400.0
Purchase of PPE $ (1,199.0) $ (986.0) $ (657.0) $ (260.0) $ (176.0) $ (164.0) $ (174.0) $ (232.0) $ (107.0) $ (47.0)
Acquisitions $ (220.0) $ - $ - $ - $ - $ - $ (52.0) $ - $ - $ -
Purchase of Long-Term Investments $ (38.0) $ (17.0) $ (25.0) $ - $ - $ - $ - $ (1.0) $ (232.0) $ -
Purchase of Short-Term Investments $ (22,965.0) $ (11,719.0) $ (7,255.0) $ (11,470.0) $ (3,270.0) $ (2,648.0) $ (4,144.0) $ (4,268.0) $ (4,267.0) $ (4,348.0)
Other Investing Changes, Net $ (10.0) $ 49.0 $ (18.0) $ (21.0) $ 11.0 $ 33.0 $ (7.0) $ (36.0) $ (38.0) $ 8.0
Cash From Disc Investing Activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Investing Activities $ (8,189.0) $ (3,249.0) $ 357.0 $ (2,556.0) $ (1,488.0) $ 828.0 $ (252.0) $ 892.0 $ (930.0) $ (964.0)

Financing Activities
Issuance of Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Issuance of Capital Stock $ 483.0 $ 365.0 $ 318.0 $ 543.0 $ 427.0 $ 53.0 $ 105.0 $ 42.0 $ 85.0 $ 86.0
Repayment of Long-Term Debt $ - $ - $ - $ - $ (300.0) $ - $ - $ - $ - $ -
Repurchase of Capital Stock $ (124.0) $ (3.0) $ (355.0) $ - $ - $ (26.0) $ - $ - $ (116.0) $ (75.0)
Payment of Cash Dividends $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Financing Charges, Net $ 757.0 $ 377.0 $ 361.0 $ - $ - $ - $ - $ - $ - $ -
Cash From Disc Financing Activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Financing Activities $ 1,116.0 $ 739.0 $ 324.0 $ 543.0 $ 127.0 $ 27.0 $ 105.0 $ 42.0 $ (31.0) $ 11.0

Net Cash Flow


Effect Exchange Rate Changes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Change in Cash & Equivalents $ 2,523.0 $ 2,960.0 $ 2,901.0 $ 522.0 $ (427.0) $ 1,144.0 $ (58.0) $ 1,119.0 $ (135.0) $ (155.0)
Cash At Beginning of Period $ 9,352.0 $ 6,392.0 $ 3,491.0 $ 2,969.0 $ 3,396.0 $ 2,252.0 $ 2,310.0 $ 1,191.0 $ 1,326.0 $ 1,481.0
Cash End of Period $ 11,875.0 $ 9,352.0 $ 6,392.0 $ 3,491.0 $ 2,969.0 $ 3,396.0 $ 2,252.0 $ 2,310.0 $ 1,191.0 $ 1,326.0
Foreign Sales $ 14,010.0 $ 9,878.0 $ 7,829.0 $ 5,737.0 $ 4,260.0 $ 3,026.0 $ 2,470.0 $ 2,367.0 $ 3,685.0 $ 2,740.0
Domestic Sales $ 18,469.0 $ 14,128.0 $ 11,486.0 $ 8,194.0 $ 4,019.0 $ 3,181.0 $ 3,272.0 $ 2,996.0 $ 4,298.0 $ 3,394.0

Free Cash Flow


Cash From Operations $ 9,596.0 $ 5,470.0 $ 2,220.0 $ 2,535.0 $ 934.0 $ 289.0 $ 89.0 $ 185.0 $ 826.0 $ 798.0
Capex: Purchase of PPE $ (1,199.0) $ (986.0) $ (657.0) $ (260.0) $ (176.0) $ (164.0) $ (174.0) $ (232.0) $ (107.0) $ (47.0)
Capex: Acquisitions $ (220.0) $ - $ - $ - $ - $ - $ (52.0) $ - $ - $ -
Cash from Others $ 621.0 $ 637.0 $ 441.0 $ 231.0 $ 170.0 $ 102.0 $ 84.0 $ 102.0 $ 247.0 $ 50.0
Free Cash Flow $ 4,108.0 $ 2,827.0 $ 1,557.0 $ 1,254.0 $ 250.0 $ 18.0 $ 9.0 $ (155.0) $ 763.0 $ 639.0

Annual Financial Ratios

Profit Margins (%)


Gross Profit Margin 35.8 35.3 30.1 30.3 29.1 29.3 30.0 24.9 28.2 29.0
Net Profit Margin 14.9 14.6 10.3 9.6 3.3 1.1 1.1 -0.7 9.8 9.8
Interest Coverage 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest as % of Invested Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.0

Solvency Ratios
Quick Ratio 2.1 2.1 1.8 2.6 2.3 2.3 3.0 3.2 2.6 2.5
Current Ratio 2.5 2.4 2.2 3.0 2.6 2.5 3.2 3.4 2.8 2.8
Payout Ratio % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Debt/Equity Ratio 0.88 0.74 0.72 0.55 0.59 0.61 0.54 0.54 0.66 0.66
LT Debt/Total Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 7.0% 7.0% 7.0% 9.0%

Liquidity Ratios
Receivables Turnover 7.4 9.1 18.0 16.7 10.8 9.3 11.1 7.6 9.8 7.5
Inventory Turnover 48.8 50.4 62.0 73.0 1.1 0.9 0.9 0.8 1.3 1.3
Number of Days in Inventory 7.0 7.0 6.0 5.0 5.0 4.0 3.0 2.0 2.0 4.0
Intangibles as % of Book-Value 2.3 2.9 2.0 1.3 1.9 2.6 2.9 0.0 0.0 0.0

Capital Structure Ratios


LT-Debt to Equity % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 8.0% 8.0% 7.0% 10.0%
LT-Debt as % of Invested Capital 0.0 0.0 0.0 0.0 0.0 0.0 7.2 7.5 6.8 8.8
LT-Debt as % of Total Debt 0.0 0.0 0.0 0.0 0.0 0.0 14.3 15.1 11.1 14.6
Working Captial as % of Equity 97.9 87.1 80.5 91.3 86.2 83.6 91.1 92.5 86.7 92.6
Tangible Book Value per Share 23.1 16.2 11.4 8.8 6.4 5.6 5.5 5.6 6.0 4.6

Profitability Ratios
Working Capital per Share 23.19 14.51 9.40 8.16 5.59 4.81 5.20 5.16 5.20 4.25
Cash Flow per Share 5.97 4.37 2.59 1.81 0.54 0.25 0.25 0.09 1.30 1.07
Free Cash Flow per Share 9.20 5.14 1.83 2.72 0.97 0.17 -0.19 -0.07 1.07 1.17
Price/Cash Flow Ratio 19.0 35.1 29.7 29.6 35.9 41.4 29.0 86.2 9.9 14.8
Return on Equity (ROE) % 23.0 24.1 19.9 17.9 5.4 1.6 1.6 0.0 19.5 20.3
Return on Assets (ROA) % 12.2 13.8 11.6 11.6 3.4 1.0 1.0 -0.6 11.6 11.6
Return on Invested Capital (ROIC) % 23.0 24.1 19.9 17.9 5.4 1.6 1.5 -0.9 17.8 17.7
Cash Return on Invested Capital (CROIC) 16.3% 18.0% 14.7% 15.7% 4.7% 0.4% 0.2% -3.4% 15.7% 17.7%

Industry Comparison Ratios


% of Sales-To-Industry 34.2 27.7 24.7 18.6 13.5 12.2 12.7 12.4 16.0 7.7
% of PE-to-Industry 155.9 112.4 137.2 122.0 108.5 233.3 234.3 0.0 64.5 26.7
% of Price/Book-To-Industry 127.0 82.5 84.9 55.5 26.8 21.0 20.3 19.7 55.0 43.3
% of Price/Sales-To-Industry 307.9 224.1 224.3 179.3 84.7 65.6 65.5 60.7 106.9 65.1
% of Price/Free Cashlow-To-Industry 114.8 106.8 168.4 93.8 76.9 222.3 -184.5 -434.5 104.3 26.3
% of Debt/Equity-To-Industry 0.0 0.0 0.0 0.0 0.0 0.0 100.0 100.0 116.7 333.3
% of Current Ratio-To-Industry 131.6 160.0 157.1 214.3 185.7 192.3 228.6 226.7 164.7 200.0
% of Gross Profit Margin-To-Industry 142.6 143.5 144.0 147.8 146.2 145.8 150.8 131.1 124.8 118.4
% of Net Profit Margin-To-Industry 196.1 194.7 163.5 145.5 73.3 25.6 26.2 63.6 155.6 239.0
% of ROE-to-Industry 81.0 71.7 62.0 44.6 23.2 8.0 8.5 0.0 80.2 158.6
% of Leverage-To-Industry 73.1 60.7 58.6 50.0 57.1 61.5 62.5 68.2 85.0 89.5
Company Name Ticker

Apple Inc www.oldschoolvalue.com AAPL


8/13/2009 Financial Statement figures in $Mil
Ending Date 2009/06 2009/03 2008/12 2008/09 2008/06 2008/03 2007/12 2007/09 2007/06 2007/03 2006/12 2006/09 2006/06 2006/03 2005/12 2005/09 2005/06 2005/03 2004/12 2004/09
Data Loaded 2009-07-23 2009-05-04 2009-01-22 2008-10-22 2008-07-22 2008-04-24 2008-01-23 2007-10-23 2007-07-26 2007-04-26 2007-01-18 2006-10-19 2006-07-20 2006-05-05 2006-01-23 2005-10-17 2005-07-15 2005-04-14 2005-01-13 2004-10-14
Income Statement

Revenues
Operating Revenue $ 8,337.00 $ 8,163.00 $ 10,167.00 $ 7,895.00 $ 7,464.00 $ 7,512.00 $ 9,608.00 $ 6,217.00 $ 5,410.00 $ 5,264.00 $ 7,115.00 $ 4,837.00 $ 4,370.00 $ 4,359.00 $ 5,749.00 $ 3,678.00 $ 3,520.00 $ 3,243.00 $ 3,490.00 $ 2,350.00
Total Revenue $ 8,337.00 $ 8,163.00 $ 10,167.00 $ 7,895.00 $ 7,464.00 $ 7,512.00 $ 9,608.00 $ 6,217.00 $ 5,410.00 $ 5,264.00 $ 7,115.00 $ 4,837.00 $ 4,370.00 $ 4,359.00 $ 5,749.00 $ 3,678.00 $ 3,520.00 $ 3,243.00 $ 3,490.00 $ 2,350.00
YTD Revenue $ 26,667.00 $ 18,330.00 $ 10,167.00 $ 32,479.00 $ 24,584.00 $ 17,120.00 $ 9,608.00 $ 24,006.00 $ 17,789.00 $ 12,379.00 $ 7,115.00 $ 19,315.00 $ 14,478.00 $ 10,108.00 $ 5,749.00 $ 13,931.00 $ 10,253.00 $ 6,733.00 $ 3,490.00 $ 8,279.00
Adjustments to Revenue $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Cost of Sales $ 5,138.00 $ 5,020.00 $ 6,477.00 $ 5,022.00 $ 4,747.00 $ 4,922.00 $ 6,170.00 $ 4,034.00 $ 3,334.00 $ 3,346.00 $ 4,821.00 $ 3,359.00 $ 2,988.00 $ 3,012.00 $ 4,133.00 $ 2,592.00 $ 2,430.00 $ 2,234.00 $ 2,453.00 $ 1,676.00
Cost of Sales w/ Depreciation $ 5,314.00 $ 5,192.00 $ 6,635.00 $ 5,156.00 $ 4,864.00 $ 5,038.00 $ 6,276.00 $ 4,127.00 $ 3,415.00 $ 3,415.00 $ 4,895.00 $ 3,425.00 $ 3,045.00 $ 3,062.00 $ 4,185.00 $ 2,643.00 $ 2,476.00 $ 2,275.00 $ 2,494.00 $ 1,716.00
COGS (%) 63.7% 63.6% 65.3% 65.3% 65.2% 67.1% 65.3% 66.4% 63.1% 64.9% 68.8% 70.8% 69.7% 70.2% 72.8% 71.9% 70.3% 70.2% 71.5% 73.0%
Gross Margin $ - $ - $ - $ 2,739.00 $ 2,600.00 $ 2,474.00 $ 3,332.00 $ 2,090.00 $ 1,995.00 $ 1,849.00 $ 2,220.00 $ 1,412.00 $ 1,325.00 $ 1,297.00 $ 1,564.00 $ 1,035.00 $ 1,044.00 $ 968.00 $ 996.00 $ 634.00
Gross Operating Profit $ 3,199.00 $ 3,143.00 $ 3,690.00 $ 2,873.00 $ 2,717.00 $ 2,590.00 $ 3,438.00 $ 2,183.00 $ 2,076.00 $ 1,918.00 $ 2,294.00 $ 1,478.00 $ 1,382.00 $ 1,347.00 $ 1,616.00 $ 1,086.00 $ 1,090.00 $ 1,009.00 $ 1,037.00 $ 674.00
Gross Profit (%) 38.4% 38.5% 36.3% 36.4% 36.4% 34.5% 35.8% 35.1% 38.4% 36.4% 32.2% 30.6% 31.6% 30.9% 28.1% 29.5% 31.0% 31.1% 29.7% 28.7%

Operating Expense
R&D Expense $ 341.00 $ 319.00 $ 315.00 $ 298.00 $ 292.00 $ 273.00 $ 246.00 $ 207.00 $ 208.00 $ 183.00 $ 184.00 $ 179.00 $ 175.00 $ 176.00 $ 182.00 $ 147.00 $ 145.00 $ 119.00 $ 123.00 $ 122.00
R&D (%) 4.1% 3.9% 3.1% 3.8% 3.9% 3.6% 2.6% 3.3% 3.8% 3.5% 2.6% 3.7% 4.0% 4.0% 3.2% 4.0% 4.1% 3.7% 3.5% 5.2%
SG&A Expense $ 1,010.00 $ 985.00 $ 1,091.00 $ 999.00 $ 916.00 $ 886.00 $ 960.00 $ 823.00 $ 746.00 $ 680.00 $ 714.00 $ 625.00 $ 584.00 $ 592.00 $ 632.00 $ 470.00 $ 472.00 $ 447.00 $ 470.00 $ 379.00
SG&A (%) 12.1% 12.1% 10.7% 12.7% 12.3% 11.8% 10.0% 13.2% 13.8% 12.9% 10.0% 12.9% 13.4% 13.6% 11.0% 12.8% 13.4% 13.8% 13.5% 16.1%
Advertising $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Operating Income $ 1,672.00 $ 1,667.00 $ 2,126.00 $ 1,442.00 $ 1,392.00 $ 1,315.00 $ 2,126.00 $ 1,060.00 $ 1,041.00 $ 986.00 $ 1,322.00 $ 608.00 $ 566.00 $ 529.00 $ 750.00 $ 418.00 $ 427.00 $ 402.00 $ 403.00 $ 128.00
Operating Income (%) 20.1% 20.4% 20.9% 18.3% 18.6% 17.5% 22.1% 17.1% 19.2% 18.7% 18.6% 12.6% 13.0% 12.1% 13.0% 11.4% 12.1% 12.4% 11.5% 5.4%
EBITDA $ 1,848.00 $ 1,839.00 $ 2,284.00 $ 1,576.00 $ 1,509.00 $ 1,431.00 $ 2,232.00 $ 1,153.00 $ 1,122.00 $ 1,055.00 $ 1,396.00 $ 674.00 $ 623.00 $ 579.00 $ 802.00 $ 469.00 $ 473.00 $ 443.00 $ 444.00 $ 173.00
Depreciation $ 176.00 $ 172.00 $ 158.00 $ 134.00 $ 117.00 $ 116.00 $ 106.00 $ 93.00 $ 81.00 $ 69.00 $ 74.00 $ 66.00 $ 57.00 $ 50.00 $ 52.00 $ 51.00 $ 46.00 $ 41.00 $ 41.00 $ 40.00
Depreciation Unrecognised $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization of Intangibles $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Operating Profit after Depreciation $ 1,672.00 $ 1,667.00 $ 2,126.00 $ 1,442.00 $ 1,392.00 $ 1,315.00 $ 2,126.00 $ 1,060.00 $ 1,041.00 $ 986.00 $ 1,322.00 $ 608.00 $ 566.00 $ 529.00 $ 750.00 $ 418.00 $ 427.00 $ 402.00 $ 403.00 $ 133.00

Other Income and Expense


Interest Income $ - $ - $ - $ - $ - $ - $ - $ 188.00 $ 168.00 $ 158.00 $ 133.00 $ 120.00 $ 99.00 $ 87.00 $ - $ 78.00 $ 46.00 $ 39.00 $ 28.00 $ 9.00
Other Income Net $ 60.00 $ 63.00 $ 158.00 $ 140.00 $ 118.00 $ 162.00 $ 200.00 $ (18.00) $ (13.00) $ (10.00) $ (7.00) $ (7.00) $ (4.00) $ (11.00) $ 81.00 $ (18.00) $ - $ (6.00) $ (2.00) $ 11.00
Other Special Charges $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (4.00)
Special Income Charges $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (9.00)
EBIT $ 1,732.00 $ 1,730.00 $ 2,284.00 $ 1,582.00 $ 1,510.00 $ 1,477.00 $ 2,326.00 $ 1,230.00 $ 1,196.00 $ 1,134.00 $ 1,448.00 $ 721.00 $ 661.00 $ 605.00 $ 831.00 $ 478.00 $ 473.00 $ 435.00 $ 429.00 $ 144.00
Interest Expense $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (3.00)
Pre-Tax Income $ 1,732.00 $ 1,730.00 $ 2,284.00 $ 1,582.00 $ 1,510.00 $ 1,477.00 $ 2,326.00 $ 1,230.00 $ 1,196.00 $ 1,134.00 $ 1,448.00 $ 721.00 $ 661.00 $ 605.00 $ 831.00 $ 478.00 $ 473.00 $ 435.00 $ 429.00 $ 147.00
Income Taxes $ 503.00 $ 525.00 $ 679.00 $ 446.00 $ 438.00 $ 432.00 $ 745.00 $ 326.00 $ 378.00 $ 364.00 $ 444.00 $ 179.00 $ 189.00 $ 195.00 $ 266.00 $ 48.00 $ 153.00 $ 145.00 $ 134.00 $ 41.00
Net Income: Cont. Operations $ 1,229.00 $ 1,205.00 $ 1,605.00 $ 1,136.00 $ 1,072.00 $ 1,045.00 $ 1,581.00 $ 904.00 $ 818.00 $ 770.00 $ 1,004.00 $ 542.00 $ 472.00 $ 410.00 $ 565.00 $ 430.00 $ 320.00 $ 290.00 $ 295.00 $ 106.00
Net Income: Disc Operations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Gains/Losses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Net Income $ 1,229.00 $ 1,205.00 $ 1,605.00 $ 1,136.00 $ 1,072.00 $ 1,045.00 $ 1,581.00 $ 904.00 $ 818.00 $ 770.00 $ 1,004.00 $ 542.00 $ 472.00 $ 410.00 $ 565.00 $ 430.00 $ 320.00 $ 290.00 $ 295.00 $ 106.00
Total Net Income (%) 14.7% 14.8% 15.8% 14.4% 14.4% 13.9% 16.5% 14.5% 15.1% 14.6% 14.1% 11.2% 10.8% 9.4% 9.8% 11.7% 9.1% 8.9% 8.5% 4.5%

Dividends & EPS


Preferred Dividends $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Basic EPS $ 1.38 $ 1.35 $ 1.81 $ 1.28 $ 1.21 $ 1.19 $ 1.81 $ 1.03 $ 0.94 $ 0.89 $ 1.17 $ 0.64 $ 0.55 $ 0.49 $ 0.68 $ 0.52 $ 0.39 $ 0.36 $ 0.38 $ 0.14
Diluted EPS: Total $ 1.35 $ 1.33 $ 1.78 $ 1.26 $ 1.19 $ 1.16 $ 1.76 $ 1.01 $ 0.92 $ 0.87 $ 1.14 $ 0.62 $ 0.54 $ 0.47 $ 0.65 $ 0.50 $ 0.37 $ 0.34 $ 0.35 $ 0.13
Diluted EPS: Dividends per Share $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Shares Outstanding
Shares Out (Common Class Only) 895.7 892.1 890.4 888.3 885.7 881.4 878.6 872.3 869.2 864.7 860.2 855.3 853.0 849.2 845.6 835.0 828.0 823.1 809.1 782.9
Preferred Shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Basic Weighted Shares 893.7 891.2 889.1 881.6 883.7 879.5 875.9 864.6 866.8 863.0 857.7 844.1 851.4 840.9 830.8 808.4 815.1 808.2 789.0 743.2
Diluted Weighted Shares 909.2 903.0 901.5 902.1 903.2 899.3 900.1 889.3 890.7 886.7 883.3 877.5 876.4 878.5 874.2 856.8 860.7 857.0 838.2 774.6
Balance Sheet

Assets
Cash & Equivalents $ 5,605.00 $ 4,466.00 $ 7,236.00 $ 11,875.00 $ 9,373.00 $ 9,070.00 $ 9,162.00 $ 9,352.00 $ 7,118.00 $ 7,095.00 $ 7,159.00 $ 6,392.00 $ 8,013.00 $ 6,346.00 $ 4,150.00 $ 3,491.00 $ 3,094.00 $ 2,254.00 $ 2,475.00 $ 2,969.00
Restricted Cash $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Marketable Securities $ 18,617.00 $ 20,547.00 $ 18,411.00 $ 12,615.00 $ 11,401.00 $ 10,378.00 $ 9,286.00 $ 6,034.00 $ 6,649.00 $ 5,482.00 $ 4,710.00 $ 3,718.00 $ 1,163.00 $ 1,880.00 $ 4,557.00 $ 4,770.00 $ 4,432.00 $ 4,803.00 $ 3,973.00 $ 2,495.00
Accounts Receivable $ 2,686.00 $ 1,932.00 $ 2,196.00 $ 2,422.00 $ 1,603.00 $ 1,593.00 $ 1,939.00 $ 1,637.00 $ 1,410.00 $ 928.00 $ 1,621.00 $ 1,252.00 $ 1,089.00 $ 861.00 $ 1,331.00 $ 895.00 $ 827.00 $ 888.00 $ 865.00 $ 774.00
Other Receivable $ - $ - $ - $ 2,282.00 $ - $ 2,027.00 $ 2,483.00 $ 2,392.00 $ - $ 739.00 $ 1,492.00 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Receivables $ 2,686.00 $ 1,932.00 $ 2,196.00 $ 4,704.00 $ 1,603.00 $ 3,620.00 $ 4,422.00 $ 4,029.00 $ 1,410.00 $ 1,667.00 $ 3,113.00 $ 1,252.00 $ 1,089.00 $ 861.00 $ 1,331.00 $ 895.00 $ 827.00 $ 888.00 $ 865.00 $ 774.00
Inventories: Raw Materials $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventories: Work in Progress $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventories: Purchased Components $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 6.00 $ 1.00 $ - $ 1.00
Inventories: Finished Goods $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 185.00 $ 163.00 $ 156.00 $ 100.00
Inventories: Other $ 380.00 $ 312.00 $ 396.00 $ 509.00 $ 545.00 $ 364.00 $ 459.00 $ 346.00 $ 251.00 $ 208.00 $ 303.00 $ 270.00 $ 213.00 $ 204.00 $ 244.00 $ 165.00 $ - $ - $ - $ -
Inventories -- Total $ 380.00 $ 312.00 $ 396.00 $ 509.00 $ 545.00 $ 364.00 $ 459.00 $ 346.00 $ 251.00 $ 208.00 $ 303.00 $ 270.00 $ 213.00 $ 204.00 $ 244.00 $ 165.00 $ 193.00 $ 164.00 $ 156.00 $ 101.00
Prepaid Expenses $ - $ - $ - $ 475.00 $ - $ 549.00 $ 417.00 $ 417.00 $ 441.00 $ 475.00 $ 250.00 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Current Defered Income Taxes $ 1,731.00 $ 1,539.00 $ 1,613.00 $ 1,447.00 $ 1,131.00 $ 1,060.00 $ 993.00 $ 782.00 $ 687.00 $ 640.00 $ 648.00 $ 607.00 $ 491.00 $ 459.00 $ 471.00 $ 331.00 $ 334.00 $ 297.00 $ 281.00 $ 231.00
Other Current Assets $ 6,151.00 $ 5,057.00 $ 5,311.00 $ 3,065.00 $ 3,945.00 $ 1,695.00 $ 1,450.00 $ 996.00 $ 2,189.00 $ 462.00 $ 481.00 $ 2,270.00 $ 1,522.00 $ 1,536.00 $ 1,409.00 $ 648.00 $ 496.00 $ 601.00 $ 572.00 $ 485.00
Total Current Assets $ 35,170.00 $ 33,853.00 $ 35,163.00 $ 34,690.00 $ 27,998.00 $ 26,736.00 $ 26,189.00 $ 21,956.00 $ 18,745.00 $ 16,029.00 $ 16,664.00 $ 14,509.00 $ 12,491.00 $ 11,286.00 $ 12,162.00 $ 10,300.00 $ 9,376.00 $ 9,007.00 $ 8,322.00 $ 7,055.00
Land And Improvements $ 911.00 $ 899.00 $ 888.00 $ 810.00 $ 807.00 $ 796.00 $ 774.00 $ 762.00 $ 727.00 $ 685.00 $ 674.00 $ 626.00 $ 611.00 $ 485.00 $ 361.00 $ 361.00 $ 355.00 $ - $ 353.00 $ 351.00
Building And Improvements $ 1,507.00 $ 1,388.00 $ 1,359.00 $ 1,324.00 $ 1,218.00 $ 1,118.00 $ 1,044.00 $ 1,019.00 $ 907.00 $ 843.00 $ 799.00 $ 760.00 $ 722.00 $ 634.00 $ 602.00 $ 545.00 $ 496.00 $ - $ 454.00 $ 446.00
Machinery, Furniture & Equipment $ 1,804.00 $ 1,810.00 $ 1,750.00 $ 1,613.00 $ 1,372.00 $ 1,199.00 $ 1,113.00 $ 1,060.00 $ 928.00 $ 776.00 $ 727.00 $ 689.00 $ 621.00 $ 612.00 $ 584.00 $ 575.00 $ 558.00 $ - $ 545.00 $ 501.00
Construction in Progress $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Fixed Assets $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,333.00 $ - $ -
Total Fixed Assets $ 4,222.00 $ 4,097.00 $ 3,997.00 $ 3,747.00 $ 3,397.00 $ 3,113.00 $ 2,931.00 $ 2,841.00 $ 2,562.00 $ 2,304.00 $ 2,200.00 $ 2,075.00 $ 1,954.00 $ 1,731.00 $ 1,547.00 $ 1,481.00 $ 1,409.00 $ 1,333.00 $ 1,352.00 $ 1,298.00
Accumulated Depreciation $ 1,569.00 $ 1,551.00 $ 1,417.00 $ 1,292.00 $ 1,220.00 $ 1,151.00 $ 1,061.00 $ 1,009.00 $ 936.00 $ 895.00 $ 838.00 $ 794.00 $ 757.00 $ 726.00 $ 692.00 $ 664.00 $ 645.00 $ 591.00 $ 617.00 $ 591.00
Net Fixed Assets $ 2,653.00 $ 2,546.00 $ 2,580.00 $ 2,455.00 $ 2,177.00 $ 1,962.00 $ 1,870.00 $ 1,832.00 $ 1,626.00 $ 1,409.00 $ 1,362.00 $ 1,281.00 $ 1,197.00 $ 1,005.00 $ 855.00 $ 817.00 $ 764.00 $ 742.00 $ 735.00 $ 707.00
Intangibles $ 259.00 $ 268.00 $ 359.00 $ 285.00 $ 291.00 $ 369.00 $ 388.00 $ 382.00 $ 301.00 $ 281.00 $ 164.00 $ 160.00 $ 62.00 $ 70.00 $ 93.00 $ 96.00 $ 109.00 $ 113.00 $ 96.00 $ 97.00
Other Long-Term Assets $ 9,851.00 $ 6,363.00 $ 4,353.00 $ 1,935.00 $ 1,205.00 $ 1,304.00 $ 1,364.00 $ 1,051.00 $ 908.00 $ 927.00 $ 1,185.00 $ 1,217.00 $ 1,268.00 $ 1,347.00 $ 1,071.00 $ 155.00 $ 239.00 $ 249.00 $ 209.00 $ 191.00
Total Lonng-Term Assets $ 12,970.00 $ 9,384.00 $ 7,624.00 $ 4,882.00 $ 3,711.00 $ 3,735.00 $ 3,850.00 $ 3,391.00 $ 2,902.00 $ 2,682.00 $ 2,797.00 $ 2,696.00 $ 2,623.00 $ 2,625.00 $ 2,019.00 $ 1,251.00 $ 1,112.00 $ 1,104.00 $ 1,040.00 $ 995.00
Total Assets $ 48,140.00 $ 43,237.00 $ 42,787.00 $ 39,572.00 $ 31,709.00 $ 30,471.00 $ 30,039.00 $ 25,347.00 $ 21,647.00 $ 18,711.00 $ 19,461.00 $ 17,205.00 $ 15,114.00 $ 13,911.00 $ 14,181.00 $ 11,551.00 $ 10,488.00 $ 10,111.00 $ 9,362.00 $ 8,050.00

Liabilities & Equity


Accounts Payable $ 4,854.00 $ 3,976.00 $ 4,715.00 $ 5,520.00 $ 3,683.00 $ 4,154.00 $ 5,366.00 $ 4,970.00 $ 3,660.00 $ 2,403.00 $ 3,885.00 $ 3,390.00 $ 2,513.00 $ 2,108.00 $ 2,896.00 $ 1,779.00 $ 1,530.00 $ 1,773.00 $ 1,737.00 $ 1,451.00
Notes Payable $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Short-Term Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Accrued Expenses $ - $ - $ - $ 8,572.00 $ 5,535.00 $ 917.00 $ 839.00 $ 1,260.00 $ 1,152.00 $ 1,533.00 $ 1,163.00 $ 1,191.00 $ 665.00 $ 648.00 $ 2,164.00 $ - $ 1,593.00 $ 1,579.00 $ 1,487.00 $ 1,229.00
Accrued Liabilities $ 3,338.00 $ 2,761.00 $ 3,807.00 $ - $ - $ - $ - $ - $ 1,514.00 $ - $ - $ - $ - $ - $ - $ 576.00 $ - $ - $ - $ -
Deferred Revenues $ 8,469.00 $ 7,014.00 $ 6,235.00 $ - $ - $ 3,242.00 $ 2,852.00 $ 1,410.00 $ - $ 922.00 $ 924.00 $ 746.00 $ 709.00 $ 634.00 $ - $ 501.00 $ - $ - $ - $ -
Current Deferred Income Taxes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Current Liabilities $ - $ - $ - $ - $ - $ 1,321.00 $ 1,478.00 $ 1,659.00 $ 666.00 $ 627.00 $ 1,365.00 $ 1,144.00 $ 1,136.00 $ 1,066.00 $ - $ 628.00 $ - $ - $ - $ -
Total Current Liabilities $ 16,661.00 $ 13,751.00 $ 14,757.00 $ 14,092.00 $ 9,218.00 $ 9,634.00 $ 10,535.00 $ 9,299.00 $ 6,992.00 $ 5,485.00 $ 7,337.00 $ 6,471.00 $ 5,023.00 $ 4,456.00 $ 5,060.00 $ 3,484.00 $ 3,123.00 $ 3,352.00 $ 3,224.00 $ 2,680.00
Long-Term Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Capital Lease Obligations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Deferred Income Taxes $ - $ - $ 865.00 $ 675.00 $ - $ 675.00 $ 780.00 $ 619.00 $ 673.00 $ 535.00 $ 504.00 $ 381.00 $ 423.00 $ 460.00 $ 741.00 $ 601.00 $ 544.00 $ 373.00 $ 348.00 $ 294.00
Other Non-Current Liabilities $ 5,591.00 $ 5,175.00 $ 4,256.00 $ 3,775.00 $ 2,869.00 $ 2,109.00 $ 1,920.00 $ 897.00 $ 578.00 $ 430.00 $ 392.00 $ 369.00 $ 338.00 $ 313.00 $ - $ - $ - $ - $ - $ -
Total Non-Current Liabilities $ 5,591.00 $ 5,175.00 $ 5,121.00 $ 4,450.00 $ 2,869.00 $ 2,784.00 $ 2,700.00 $ 1,516.00 $ 1,251.00 $ 965.00 $ 896.00 $ 750.00 $ 761.00 $ 773.00 $ 741.00 $ 601.00 $ 544.00 $ 373.00 $ 348.00 $ 294.00
Total Liabilities $ 22,252.00 $ 18,926.00 $ 19,878.00 $ 18,542.00 $ 12,087.00 $ 12,418.00 $ 13,235.00 $ 10,815.00 $ 8,243.00 $ 6,450.00 $ 8,233.00 $ 7,221.00 $ 5,784.00 $ 5,229.00 $ 5,801.00 $ 4,085.00 $ 3,667.00 $ 3,725.00 $ 3,572.00 $ 2,974.00
Preferred Stock Equity $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Common Stock Equity $ 25,888.00 $ 24,311.00 $ 22,909.00 $ 21,030.00 $ 19,622.00 $ 18,053.00 $ 16,804.00 $ 14,532.00 $ 13,404.00 $ 12,261.00 $ 11,228.00 $ 9,984.00 $ 9,330.00 $ 8,682.00 $ 8,380.00 $ 7,466.00 $ 6,821.00 $ 6,386.00 $ 5,790.00 $ 5,076.00
Retained Earnings $ 17,878.00 $ 16,653.00 $ 15,448.00 $ 13,845.00 $ 12,714.00 $ 11,642.00 $ 10,684.00 $ 9,101.00 $ 8,199.00 $ 7,381.00 $ 6,611.00 $ 5,607.00 $ 5,065.00 $ 4,673.00 $ 4,570.00 $ 4,005.00 $ 3,575.00 $ 3,255.00 $ 2,965.00 $ 2,670.00
Total Capitalization/Invested Capital $ 25,888.00 $ 24,311.00 $ 22,909.00 $ 21,030.00 $ 19,622.00 $ 18,053.00 $ 16,804.00 $ 14,532.00 $ 13,404.00 $ 12,261.00 $ 11,228.00 $ 9,984.00 $ 9,330.00 $ 8,682.00 $ 8,380.00 $ 7,466.00 $ 6,821.00 $ 6,386.00 $ 5,790.00 $ 5,076.00
Total Equity $ 25,888.00 $ 24,311.00 $ 22,909.00 $ 21,030.00 $ 19,622.00 $ 18,053.00 $ 16,804.00 $ 14,532.00 $ 13,404.00 $ 12,261.00 $ 11,228.00 $ 9,984.00 $ 9,330.00 $ 8,682.00 $ 8,380.00 $ 7,466.00 $ 6,821.00 $ 6,386.00 $ 5,790.00 $ 5,076.00
Total Liabilities & Stock Equity $ 48,140.00 $ 43,237.00 $ 42,787.00 $ 39,572.00 $ 31,709.00 $ 30,471.00 $ 30,039.00 $ 25,347.00 $ 21,647.00 $ 18,711.00 $ 19,461.00 $ 17,205.00 $ 15,114.00 $ 13,911.00 $ 14,181.00 $ 11,551.00 $ 10,488.00 $ 10,111.00 $ 9,362.00 $ 8,050.00
Working Capital $ 18,509.00 $ 20,102.00 $ 20,406.00 $ 20,598.00 $ 18,780.00 $ 17,102.00 $ 15,654.00 $ 12,657.00 $ 11,753.00 $ 10,544.00 $ 9,327.00 $ 8,038.00 $ 7,468.00 $ 6,830.00 $ 7,102.00 $ 6,816.00 $ 6,253.00 $ 5,655.00 $ 5,098.00 $ 4,375.00
Total Capitalization $ 25,888.00 $ 24,311.00 $ 22,909.00 $ 21,030.00 $ 19,622.00 $ 18,053.00 $ 16,804.00 $ 14,532.00 $ 13,404.00 $ 12,261.00 $ 11,228.00 $ 9,984.00 $ 9,330.00 $ 8,682.00 $ 8,380.00 $ 7,466.00 $ 6,821.00 $ 6,386.00 $ 5,790.00 $ 5,076.00
Cash Flow $ 5,815.00 $ 5,599.00 $ 5,383.00 $ 5,307.00 $ 5,034.00 $ 4,744.00 $ 4,422.00 $ 3,813.00 $ 3,424.00 $ 3,054.00 $ 2,675.00 $ 2,214.00 $ 2,087.00 $ 1,924.00 $ 1,795.00 $ 1,514.00 $ 1,179.00 $ 915.00 $ 666.00 $ 426.00
Cash Flow Statement

Operating Activities
Net Income/Loss $ 4,039.00 $ 2,810.00 $ 1,605.00 $ 4,834.00 $ 3,698.00 $ 2,626.00 $ 1,581.00 $ 3,496.00 $ 2,592.00 $ 1,774.00 $ 1,004.00 $ 1,989.00 $ 1,447.00 $ 975.00 $ 565.00 $ 1,335.00 $ 905.00 $ 585.00 $ 295.00 $ 276.00
Depreciation $ 506.00 $ 330.00 $ 158.00 $ 473.00 $ 339.00 $ 222.00 $ 106.00 $ 317.00 $ 224.00 $ 143.00 $ 74.00 $ 225.00 $ 159.00 $ 102.00 $ 52.00 $ 179.00 $ 128.00 $ 82.00 $ 41.00 $ 150.00
Amortization $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Amortization of Intangibles $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Deferred Income Taxes $ (201.00) $ (31.00) $ (27.00) $ (368.00) $ 41.00 $ 6.00 $ 22.00 $ 78.00 $ 206.00 $ 122.00 $ 73.00 $ 53.00 $ 201.00 $ 83.00 $ 70.00 $ 52.00 $ 1.00 $ 13.00 $ (8.00) $ 20.00
Operating Gains $ 18.00 $ 8.00 $ 7.00 $ 22.00 $ 15.00 $ 10.00 $ 14.00 $ 12.00 $ 7.00 $ 6.00 $ 5.00 $ 11.00 $ 1.00 $ 89.00 $ 44.00 $ 504.00 $ 351.00 $ 299.00 $ 152.00 $ 40.00
Extraordinary Gains $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Change in Receivables $ (264.00) $ 490.00 $ 226.00 $ (785.00) $ 34.00 $ 44.00 $ (302.00) $ (385.00) $ (158.00) $ 324.00 $ (369.00) $ (357.00) $ (194.00) $ 34.00 $ (436.00) $ (121.00) $ (53.00) $ (114.00) $ (91.00) $ (8.00)
Change in Inventories $ 129.00 $ 197.00 $ 113.00 $ (163.00) $ (199.00) $ (18.00) $ (113.00) $ (76.00) $ 19.00 $ 62.00 $ (33.00) $ (105.00) $ (48.00) $ (39.00) $ (79.00) $ (64.00) $ (92.00) $ (63.00) $ (55.00) $ (45.00)
Change in Prepaid Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 20.00
Change in Other Current Assets $ (298.00) $ 859.00 $ 544.00 $ (1,958.00) $ (100.00) $ (444.00) $ (550.00) $ (1,540.00) $ (363.00) $ 589.00 $ 36.00 $ (1,626.00) $ (880.00) $ (892.00) $ (1,528.00) $ (211.00) $ (63.00) $ (116.00) $ (114.00) $ (215.00)
Change in Payables $ (648.00) $ (1,527.00) $ (767.00) $ 596.00 $ (1,226.00) $ (740.00) $ 484.00 $ 1,494.00 $ 270.00 $ (987.00) $ 495.00 $ 1,611.00 $ 734.00 $ 329.00 $ 1,117.00 $ 328.00 $ 79.00 $ (56.00) $ 286.00 $ 297.00
Change in Other Current Liabilities $ - $ - $ 116.00 $ 5,642.00 $ 1,823.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 478.00 $ 533.00 $ 527.00 $ 322.00 $ 269.00 $ 419.00
Change in Other Working Capital $ 3,238.00 $ 1,292.00 $ 1,793.00 $ 787.00 $ 501.00 $ 2,032.00 $ 1,435.00 $ 1,832.00 $ 803.00 $ 405.00 $ 482.00 $ 256.00 $ (378.00) $ (523.00) $ - $ - $ - $ 359.00 $ - $ -
Other Non-Cash Items $ 530.00 $ 351.00 $ 170.00 $ 516.00 $ 375.00 $ 242.00 $ 110.00 $ 242.00 $ 174.00 $ 109.00 $ 46.00 $ 163.00 $ 123.00 $ - $ - $ - $ - $ - $ - $ -
Net Cash From Cont Operations $ 7,049.00 $ 4,779.00 $ 3,938.00 $ 9,596.00 $ 5,301.00 $ 3,980.00 $ 2,787.00 $ 5,470.00 $ 3,774.00 $ 2,547.00 $ 1,813.00 $ 2,220.00 $ 1,165.00 $ 158.00 $ 283.00 $ 2,535.00 $ 1,783.00 $ 1,311.00 $ 775.00 $ 934.00
Net Cash From Disc Operations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Operations $ 7,049.00 $ 4,779.00 $ 3,938.00 $ 9,596.00 $ 5,301.00 $ 3,980.00 $ 2,787.00 $ 5,470.00 $ 3,774.00 $ 2,547.00 $ 1,813.00 $ 2,220.00 $ 1,165.00 $ 158.00 $ 283.00 $ 2,535.00 $ 1,783.00 $ 1,311.00 $ 775.00 $ 934.00

Investing Activities
Sale of Property, Plant & Equipment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Sale of Long-Term Investments $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 582.00 $ - $ - $ 5.00
Sale of Short-Term Investments $ 21,897.00 $ 11,737.00 $ 4,894.00 $ 16,243.00 $ 11,745.00 $ 8,359.00 $ 2,887.00 $ 9,424.00 $ 6,666.00 $ 4,466.00 $ 1,589.00 $ 8,312.00 $ 8,002.00 $ 6,683.00 $ 3,396.00 $ 9,195.00 $ 5,108.00 $ 2,992.00 $ 915.00 $ 1,942.00
Purchase of PPE $ (741.00) $ (469.00) $ (353.00) $ (1,199.00) $ (777.00) $ (447.00) $ (232.00) $ (986.00) $ (752.00) $ (463.00) $ (257.00) $ (657.00) $ (512.00) $ (275.00) $ (82.00) $ (260.00) $ (164.00) $ (101.00) $ (58.00) $ (176.00)
Acquisitions $ - $ - $ - $ (220.00) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Purchase of Long-Term Investments $ (61.00) $ (54.00) $ (38.00) $ (38.00) $ (31.00) $ (17.00) $ (9.00) $ (17.00) $ (6.00) $ - $ - $ (25.00) $ (12.00) $ - $ - $ - $ - $ - $ - $ -
Purchase of Short-Term Investments $ (34,696.00) $ (23,483.00) $ (13,082.00) $ (22,965.00) $ (17,153.00) $ (12,740.00) $ (6,127.00) $ (11,719.00) $ (9,587.00) $ (6,223.00) $ (2,581.00) $ (7,255.00) $ (4,393.00) $ (3,792.00) $ (3,185.00) $ (11,470.00) $ (7,624.00) $ (5,304.00) $ (2,393.00) $ (3,270.00)
Other Investing Changes, Net $ (62.00) $ (55.00) $ (60.00) $ (10.00) $ 20.00 $ 21.00 $ 19.00 $ 49.00 $ 34.00 $ 8.00 $ 15.00 $ (18.00) $ 1.00 $ (61.00) $ (36.00) $ (21.00) $ (29.00) $ (19.00) $ 13.00 $ 11.00
Cash From Disc Investing Activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Investing Activities $ (13,663.00) $ (12,324.00) $ (8,639.00) $ (8,189.00) $ (6,196.00) $ (4,824.00) $ (3,462.00) $ (3,249.00) $ (3,645.00) $ (2,212.00) $ (1,234.00) $ 357.00 $ 3,086.00 $ 2,555.00 $ 93.00 $ (2,556.00) $ (2,127.00) $ (2,432.00) $ (1,523.00) $ (1,488.00)

Financing Activities
Issuance of Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Issuance of Capital Stock $ 288.00 $ 122.00 $ 77.00 $ 483.00 $ 411.00 $ 233.00 $ 179.00 $ 365.00 $ 294.00 $ 176.00 $ 101.00 $ 318.00 $ 286.00 $ 212.00 $ 134.00 $ 543.00 $ 469.00 $ 406.00 $ 254.00 $ 427.00
Repayment of Long-Term Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (300.00)
Repurchase of Capital Stock $ - $ - $ - $ (124.00) $ - $ - $ (9.00) $ (3.00) $ - $ - $ - $ (355.00) $ (354.00) $ (353.00) $ - $ - $ - $ - $ - $ -
Payment of Cash Dividends $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Financing Charges, Net $ 56.00 $ 14.00 $ (15.00) $ 757.00 $ 505.00 $ 329.00 $ 315.00 $ 377.00 $ 303.00 $ 192.00 $ 87.00 $ 361.00 $ 339.00 $ 283.00 $ 149.00 $ - $ - $ - $ - $ -
Cash From Disc Financing Activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Cash From Financing Activities $ 344.00 $ 136.00 $ 62.00 $ 1,116.00 $ 916.00 $ 562.00 $ 485.00 $ 739.00 $ 597.00 $ 368.00 $ 188.00 $ 324.00 $ 271.00 $ 142.00 $ 283.00 $ 543.00 $ 469.00 $ 406.00 $ 254.00 $ 127.00

Net Cash Flow


Effect Exchange Rate Changes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Change in Cash & Equivalents $ (6,270.00) $ (7,409.00) $ (4,639.00) $ 2,523.00 $ 21.00 $ (282.00) $ (190.00) $ 2,960.00 $ 726.00 $ 703.00 $ 767.00 $ 2,901.00 $ 4,522.00 $ 2,855.00 $ 659.00 $ 522.00 $ 125.00 $ (715.00) $ (494.00) $ (427.00)
Cash At Beginning of Period $ 11,875.00 $ 11,875.00 $ 11,875.00 $ 9,352.00 $ 9,352.00 $ 9,352.00 $ 9,352.00 $ 6,392.00 $ 6,392.00 $ 6,392.00 $ 6,392.00 $ 3,491.00 $ 3,491.00 $ 3,491.00 $ 3,491.00 $ 2,969.00 $ 2,969.00 $ 2,969.00 $ 2,969.00 $ 3,396.00
Cash End of Period $ 5,605.00 $ 4,466.00 $ 7,236.00 $ 11,875.00 $ 9,373.00 $ 9,070.00 $ 9,162.00 $ 9,352.00 $ 7,118.00 $ 7,095.00 $ 7,159.00 $ 6,392.00 $ 8,013.00 $ 6,346.00 $ 4,150.00 $ 3,491.00 $ 3,094.00 $ 2,254.00 $ 2,475.00 $ 2,969.00
Foreign Sales $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Domestic Sales $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Free Cash Flow


Cash From Operations $ 7,049.00 $ 4,779.00 $ 3,938.00 $ 9,596.00 $ 5,301.00 $ 3,980.00 $ 2,787.00 $ 5,470.00 $ 3,774.00 $ 2,547.00 $ 1,813.00 $ 2,220.00 $ 1,165.00 $ 158.00 $ 283.00 $ 2,535.00 $ 1,783.00 $ 1,311.00 $ 775.00 $ 934.00
Capex: Purchase of PPE $ (741.00) $ (469.00) $ (353.00) $ (1,199.00) $ (777.00) $ (447.00) $ (232.00) $ (986.00) $ (752.00) $ (463.00) $ (257.00) $ (657.00) $ (512.00) $ (275.00) $ (82.00) $ (260.00) $ (164.00) $ (101.00) $ (58.00) $ (176.00)
Capex: Acquisitions $ - $ - $ - $ (220.00) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Cash from Others $ 835.00 $ 650.00 $ 301.00 $ 621.00 $ 755.00 $ 470.00 $ 238.00 $ 637.00 $ 604.00 $ 374.00 $ 193.00 $ 441.00 $ 483.00 $ 185.00 $ 122.00 $ 231.00 $ 129.00 $ 95.00 $ 33.00 $ 170.00
Free Cash Flow $ 3,804.00 $ 2,671.00 $ 1,410.00 $ 4,108.00 $ 3,260.00 $ 2,401.00 $ 1,455.00 $ 2,827.00 $ 2,064.00 $ 1,454.00 $ 821.00 $ 1,557.00 $ 1,094.00 $ 802.00 $ 535.00 $ 1,254.00 $ 869.00 $ 566.00 $ 278.00 $ 250.00
Quarterly Financial Ratios

Profit Margins (%)


Gross Profit Margin 37.3 36.9 35.9 35.8 35.5 35.8 36.3 35.3 34.3 32.8 31.4 30.1 29.9 29.7 29.7 30.3 30.2 29.9 29.5 29.1
Net Profit Margin 15.0 14.9 14.7 14.9 14.9 15.1 15.4 14.6 13.9 12.9 11.7 10.3 10.3 10.0 9.9 9.6 8.0 6.8 5.2 3.3
Interest Coverage 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest as % of Invested Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Solvency Ratios
Quick Ratio 1.6 2.0 1.9 2.1 2.4 2.4 2.2 2.1 2.2 2.6 2.0 1.8 2.0 2.0 2.0 2.6 2.7 2.4 2.3 2.3
Current Ratio 2.1 2.5 2.4 2.5 3.0 2.8 2.5 2.4 2.7 2.9 2.3 2.2 2.5 2.5 2.4 3.0 3.0 2.7 2.6 2.6
Payout Ratio % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Debt/Equity Ratio 0.86 0.78 0.87 0.88 0.62 0.69 0.79 0.74 0.61 0.53 0.73 0.72 0.62 0.60 0.69 0.55 0.54 0.58 0.62 0.59
LT Debt/Total Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Liquidity Ratios
Receivables Turnover 16.1 12.1 10.0 7.4 20.4 10.9 7.0 9.1 18.1 17.1 9.3 18.0 19.0 19.8 14.7 16.7 17.3 13.5 13.5 10.8
Inventory Turnover 46.8 62.9 49.5 48.8 49.9 64.5 44.3 50.4 64.1 70.5 51.8 62.0 62.7 66.1 56.9 73.0 66.4 68.5 56.2 74.8
Number of Days in Inventory 8.0 6.0 7.0 7.0 7.0 6.0 8.0 7.0 6.0 5.0 7.0 6.0 6.0 5.0 6.0 5.0 5.0 5.0 6.0 5.0
Intangibles as % of Book-Value 1.8 2.0 2.5 2.3 1.7 2.3 2.5 2.9 2.5 2.6 1.8 2.0 1.1 1.6 1.1 1.3 1.6 1.8 1.7 1.9

Capital Structure Ratios


LT-Debt to Equity Ratio 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LT-Debt as % of Invested Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LT-Debt as % of Total Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Working Captial as % of Equity 71.5 82.7 89.1 97.9 95.7 94.7 93.2 87.1 87.7 86.0 83.1 80.5 80.0 78.7 84.7 91.3 91.7 88.6 88.0 86.2
Tangible Book Value per Share 28.4 26.7 25.1 23.1 21.8 20.0 18.6 16.2 15.0 13.8 12.8 11.4 10.8 10.1 9.8 8.8 8.1 7.6 7.0 6.4

Profitability Ratios
Working Capital per Share 20.66 22.53 22.92 23.19 21.20 19.40 17.82 14.51 13.52 12.19 10.84 9.40 8.76 8.04 8.40 8.16 7.55 6.87 6.30 5.59
Cash Flow per Share 6.49 6.28 6.05 5.97 5.68 5.38 5.03 4.37 3.94 3.53 3.11 2.59 2.45 2.27 2.12 1.81 1.42 1.11 0.82 0.54
Free Cash Flow per Share 7.04 4.83 4.03 9.20 5.11 4.01 2.91 5.14 3.48 2.41 1.81 1.83 0.77 -0.14 0.24 2.72 1.96 1.47 0.89 0.97
Price/Cash Flow Ratio 21.9 16.7 14.1 19.0 29.5 26.7 39.4 35.1 31.0 26.3 27.3 29.7 23.4 27.6 33.9 29.6 25.9 37.5 39.3 35.9
Return on Equity (ROE) % 20.0 20.6 21.2 23.0 23.5 24.1 24.2 24.1 23.4 22.7 21.6 19.9 20.1 19.9 19.2 17.9 14.8 11.8 8.8 5.4
Return on Assets (ROA) % 10.7 11.6 11.4 12.2 14.5 14.3 13.6 13.8 14.5 14.9 12.5 11.6 12.4 12.4 11.3 11.6 9.6 7.4 5.4 3.4
Return on Invested Capital (ROIC) % 20.0 20.6 21.2 23.0 23.5 24.1 24.2 24.1 23.4 22.7 21.6 19.9 20.1 19.9 19.2 17.9 14.8 11.8 8.8 5.4

Cash Return on Invested Capital (CROIC) 12.2% 9.1% 5.1% 16.3% 14.7% 11.7% 7.6% 18.0% 14.4% 11.2% 6.9% 14.7% 10.9% 8.5% 5.9% 15.7% 12.0% 8.5% 4.6% 4.7%

Industry Comparison Ratios


% of Sales-To-Industry 0.0 38.2 36.1 34.2 32.4 30.6 29.4 27.7 26.9 26.5 25.9 24.7 23.3 22.4 21.2 18.6 17.7 16.3 15.2 13.5
% of PE-to-Industry 0.0 79.4 94.0 155.9 166.8 102.4 175.0 112.4 122.4 110.2 131.9 137.2 108.2 136.4 151.2 122.0 101.3 147.5 131.1 108.5
% of Price/Book-To-Industry 0.0 73.2 81.8 127.0 143.5 83.8 140.4 82.5 100.8 87.2 99.4 84.9 70.0 85.0 83.8 55.5 45.1 54.2 42.5 26.8
% of Price/Sales-To-Industry 0.0 157.1 184.0 307.9 344.3 218.9 371.2 224.1 223.3 197.9 233.8 224.3 194.9 248.4 255.1 179.3 131.5 160.9 132.2 84.7
% of Price/Free Cashlow-To-Industry 0.0 94.4 90.2 114.8 226.2 85.6 110.2 106.8 131.5 111.2 73.3 168.4 260.1 -1,025.2 232.2 93.8 72.6 73.9 62.1 76.9
% of Debt/Equity-To-Industry 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
% of Current Ratio-To-Industry 0.0 138.9 126.3 131.6 166.7 155.6 147.1 160.0 158.8 170.6 135.3 157.1 178.6 178.6 171.4 214.3 200.0 180.0 173.3 185.7
% of Gross Profit Margin-To-Industry 0.0 139.8 140.2 142.6 144.9 148.5 148.2 143.5 142.9 141.4 144.7 144.0 145.1 147.0 144.9 147.8 148.0 145.1 146.0 146.2
% of Net Profit Margin-To-Industry 0.0 198.7 196.0 196.1 204.1 206.8 205.3 194.7 182.9 179.2 177.3 163.5 171.7 169.5 152.3 145.5 129.0 109.7 100.0 73.3
% of ROE-to-Industry 0.0 92.4 87.2 81.0 85.5 79.8 77.8 71.7 82.7 79.1 75.5 62.0 62.0 57.8 50.3 44.6 44.4 36.9 32.0 23.2
% of Leverage-To-Industry 0.0 72.0 76.0 73.1 59.3 63.0 64.3 60.7 64.0 60.0 68.0 58.6 53.3 53.3 58.6 50.0 53.6 59.3 57.1 57.1