Net sales

COGS
Gross margin
Depreciation/amortization
operating expenses
Net interest expense(income)
EBT
tax
Net Earnings after tax
Restructuring expenses
Net earnings post restructuring
Cash dividends

Fiscal Year
2000
2001
2002
2003
4203346
4329446 4545918 4818673
1637384
1768374 1818367 1927469
2565962
2561072 2727551 2891204
315015
340216 357227 378660
2039520
2243472 2429319 2614501
1256
1210
1200
1200
210171
-23826
-60195 -103157
71458
-8101
-20466
-35074
138713
-15725
-39729
-68084
152223
82223 44400.4 23976.2
-13510
-97948
-84129
-92060
-

2004
5300541
2120216
3180324
416526
2818201
1200
-55603
-18905
-36698
12947.2
-49645
-

2005
5936606
2374642
3561963
466510
3042271
1200
51982.4
17674
34308.4
6991.47
27316.9
-

COGS/sales
tax/income
deprecition/sales

2000
2001
0.38954 0.40845
0.34 0.34001
0.07494 0.07858

#
1
2
3
4
5

Assumptions
long term Sales growth is assumed to be historical value of 12% (industry)
COGS is constant as a % of sales
IT expenditure ($175 *3 million) is capialized over 10 years
tax rate is assumed to be 34%
Restructuring expenses are reduced on a pro-rata basis

is assumed to be historical value of 12% (industry)

% of sales
3 million) is capialized over 10 years
be 34%
s are reduced on a pro-rata basis