Exhibit 1

Financial Statements for Tire City, Inc.

For years ending 12/31

1993

1994

1995

INCOME STATEMENT
Net sales

16,230 $

20,355 $

23,505

Cost of sales

9,430 $

11,898 $

13,612

6,800 $

8,457 $

9,893

Selling, general, and administrative expenses

5,195 $

6,352 $

7,471

Depreciation

160 $

180 $

213

Net interest expense

119 $

106 $

94

Pre-tax income

1,326 $

1,819 $

2,115

Income taxes

546 $

822 $

925

780 $

997 $

1,190

155 $

200 $

240

Cash balances

508 $

609 $

706

Accounts receivable

2,545 $

3,095 $

3,652

Inventories

1,630 $

1,838 $

2,190

4,683 $

5,542 $

6,548

Gross plant & equipment

3,232 $

3,795 $

4,163

Accumulated depreciation

1,335 $

1,515 $

1,728

Net plant & equipment

1,897 $

2,280 $

2,435

Total assets

6,580 $

7,822 $

8,983

Current maturities

125 $

125 $

125

Accounts payable

1,042 $

1,325 $

1,440

Accrued expenses

1,145 $

1,432 $

1,653

2,312 $

2,882 $

3,218

Long-term debt

1,000 $

875 $

750

Common stock

1,135 $

1,135 $

1,135

Retained earnings

2,133 $

2,930 $

3,880

Total shareholders' equity

3,268 $

4,065 $

5,015

Total liabilities and equity

6,580 $

7,822 $

8,983

Gross Profit

Net income
Dividends
BALANCE SHEET
Assets

Total current assets

Liabilities and equity

Total current liabilities

1996

1997

Profitability
$

28,206 $

33,847

16,403 $

19,684

11,803 $

14,163

8,932 $

10,718

213 $

333

112 $

173

2,545 $

2,939

1,104 $

1,275

1,442 $

1,665

289 $

333

858 $

1,030

4,365 $

5,238

1,625 $

3,203

6,848 $

9,470

6,163 $

6,563

1,941 $

2,274

4,222 $

4,289

11,070 $

13,759

Return on sales
Return on assets
Return on equity
Liquidity
Current ratio
Quick ratio
Leverage
Assets/equity
Total debt/total capital
Interest coverage
Activity
Total asset turnover
Days receivables
Days inventory
Days payablea

Du Pont
ROA

125 $

125

375 $

1,103

1,792 $

2,150

1,986 $

2,383

4,277 $

5,761

625 $

500

ROE
ROE

1,135 $

1,135

Cost of sales/Sales

5,033 $

6,364

SG&A/Sales

6,168 $

7,499

11,070 $

13,760

Income tax/Pretax i
Dividends/Net inco
Cash/Sales
Receivables/Sales
Inventories/Sales

93 $

94

0.5810228 0.58452469
0.32008626 0.31206092
0.41176471 0.45189665
0.19871795 0.20060181
0.03130006 0.02991894
0.15680838 0.15205109
0.1004313 0.09029722

Payables/Sales
Accrued exp/Sales

0.06420209 0.06509457
0.07054837 0.07035127

1993

1994

1995

1996

1997

4.81%
11.85%
23.87%

4.90%
12.75%
24.53%

5.06%
13.25%
23.73%

5.11%
13.02%
23.37%

4.92%
12.10%
22.20%

2.0255190311
1.3205017301

1.9229701596
1.2852185982

2.0348042262
1.3542573027

1.6010044265
1.2210753078

1.6437982726
1.0878268495

2.0134638923
0.503343465
12.1428571429

1.9242312423
0.4803119407
18.1603773585

1.791226321
0.441723255
23.5

1.7947658728
0.4428339104
23.6354699956

1.8348452717
0.4550269278
18.0082485327

2.4665653495
57.2350585336
63.0911983033

2.6022756328
55.4986489806
56.3851067406
39.9491987444

2.6166091506
56.7104871304
58.7239200705
37.6396448009

2.5480416413
56.4813982149
36.1589323823
#DIV/0!

2.4599481835
56.4813982149
59.3947643719
#DIV/0!

0.1185410334

0.1274610074

0.132472448

0.1302247276

0.1209779531

0.23867809 0.24526445 0.23728814

0.23867809 0.24526445 0.23728814
$
12,106 $
13,964

95 AVG
0.57911083 0.58155277
0.31784727 0.31666482

0.43735225 0.4336712
0.20168067 0.20033348
0.03003616 0.03041839
0.1553712 0.15474356
0.09317167 0.0946334

0.2337229 0.22197583
0.2337229 0.22197583

0.06126356 0.06352008
0.07032546 0.07040836

For Years Ending 12/31

INCOME STATEMENT
Net sales
Cost of sales
Gross profit
S, G, & A
Depreciation
Net interest expense
Pre-tax income
Income taxes
Net income
Dividends
BALANCE SHEET
Assets
Cash
Accounts receivable
Inventories
Total current assets
Gross plant & equipment
Accumulated Depreciation
Net plant & equipment
Total assets
Liabilities
Current maturities of LTD
New Bank Debt
Accounts payable
Accrued expenses
Total current liabilities
Long term debt (LTD)
Common stock
Retained Earnings
Total equity
Total liabilities and equity

Assumptions

NWC

1996

1997

28206
16403.27744549
11802.72255451
8931.847774189
213
112.4528
2545.42198032
1103.876203231
1441.54577709

33847
19683.81662403
14163.18337597
10718.15399606
333
172.81133
2939.218049901
1274.654217052
1664.563832849

1993

288.7898755701 333.4678577726

Cost of sales/Sales
SG&A/Sales
Income tax/Pretax i
Dividends/Net inco
Cash/Sales
Receivables/Sales
Inventories/Sales
Payables/Sales
Accrued exp/Sales

1994

0.5810228 0.58452469
0.32008626 0.31206092
0.41176471 0.45189665
0.19871795 0.20060181
0.03130006 0.02991894
0.15680838 0.15205109
0.1004313 0.09029722
0.06420209 0.06509457
0.07054837 0.07035127

857.9810422305 1029.571166999
4364.696761776 5237.60516542
1625 3203.056576231
6847.677804007 9470.23290865
6163
1941
4222

6563
2274
4289

11069.67780401 13759.23290865

125
125
374.528
1103.1133
1791.64725603 2149.964003221
1985.938342571 2383.111929412
4277.113598601 5761.189232633
625

500

1135
1135
5032.755901519 6363.851876596
6167.755901519 7498.851876596
11069.86950012 13760.04110923

400
2000
273.205382 1241.84265 1515.04803
68.3013455 310.460662 378.762007

10695.3415 12656.9278
374.336304 1102.3051

4198.04951 6290.69774

1995 AVG

0.57911083 0.58155277
0.31784727 0.31666482
0.43735225 0.4336712
0.20168067 0.20033348
0.03003616 0.03041839
0.1553712 0.15474356
0.09317167 0.0946334
0.06126356 0.06352008
0.07032546 0.07040836

28206
16403.2774
11802.7226
8931.84777
213
112.876201
2544.99858
1103.69259
1441.30599
288.741839

33847
19683.8166
14163.1834
10718.154
333
214.004803
2898.02458
1256.78979
1641.23478
328.794268

846.18
4364.69676
1625
6835.87676
6163
1941
4222
11057.8768

1015.41
5237.60517
3203.05658
9456.07174
6563
2274
4289
13745.0717

125
378.762007
1791.64726
1985.93834
4281.34761
625
1135
5032.56415
6167.56415
11073.9118

125
1515.04803
2149.964
2383.11193
6173.12396
500
1135
6345.00467
7480.00467
14153.1286

1993

1994

1995

4.81%
11.85%
23.87%

4.90%
12.75%
24.53%

5.06%
13.25%
23.73%

Profitability
Return on sales
Return on assets
Return on equity
Liquidity
Current ratio
Quick ratio

2.02551903 1.92297016 2.03480423

1.32050173 1.2852186 1.3542573

Assets/equity
Total debt/total capital
Interest coverage

2.01346389 1.92423124 1.79122632

0.50334347 0.48031194 0.44172326
12.1428571 18.1603774
23.5

Total asset turnover

Days receivables
Days inventory
Days payablea

2.46656535 2.60227563 2.61660915

57.2350585 55.498649 56.7104871
63.0911983 56.3851067 58.7239201
39.9491987 37.6396448

Leverage

Activity

1996

1997

5.11%
13.02%
23.37%

4.92%
12.10%
22.20%

1.60100443 1.64379827
1.22107531 1.08782685

1.79476587 1.83484527
0.44283391 0.45502693
23.63547 18.0082485

2.54804164 2.45994818
56.4813982 56.4813982
36.1589324 59.3947644
Err:512
Err:512