You are on page 1of 18

Electrona Corporation

Balance Sheet ($000's)


12/31/95

12/31/96

12/31/97

12/31/98

1,919
9,310
8,963
334

298
4,704
7,481
275

270
12,013
20,660
203

1,044
12,625
28,532
280

20,526

12,758

33,146

42,481

85
2,260
140
7,064
(2,474)
709
1,881
28,310

85
3,878
2
19,548
(4,708)
380

295
4,546
21
31,009
(9,245)
94

295
5,093
542
49,226
(16,436)
3

31,943

59,866

81,204

7,500
592
7,287
429
523
243

0
1,066
3,360
529
21
355

0
2,207
8,445
1,237
836
820

0
753
8,531
1,467
182
797

16,574

5,331

13,545

11,730

Long Term Debt

4,141

7,463

24,084

29,210

Total Long Term Debt

4,141

7,463

24,084

29,210

800
0

0
0

0
0

0
587

21,515

12,794

37,629

41,527

Common Stock
Paid in Capital
Retained Earnings

63
6,007
725

84
16,869
2,196

85
16,929
5,223

107
29,275
10,295

Stockholders' Equity

6,795

19,149

22,237

39,677

28,310

31,943

59,866

81,204

Assets
Cash & Equivalents
A/R
Inventories
Prepaid Expenses
Current assets
Land
Building & Improvements
Construction in Progress
Machinery & Equipment
Accumulated Depreciation
Other Assets
Total Assets
Liabilities & Stockholders' Equity
Notes Payable
Current Portion Long Term Debt
Accounts Payable
Accrued Wages
Accrued Taxes
Other Current Liabilities
Current Liabilities

Repurchase Obligation
Deferred Tax
Total Liabilities

Total Liabilities & Stockholders' Equity

26,310

Electrona Corporation
Income Statement ($000's)
12/31/95

Year Ended
12/31/96

12/31/97

12/31/98

Sales

29,255

42,420

70,229

102,026

Total Revenue

29,255

42,420

70,229

102,026

Cost of Sales
Selling, General & Administration

24,943
1,955

36,726
2,298

59,330
3,824

85,404
5,469

Total Expenses

26,898

39,024

63,154

90,873

(764)
(305)

(1,086)
54

(1,953)
(77)

(2,665)
(40)

1,288

2,364

5,045

8,448

Taxes

406

894

2,018

3,378

Net Income

882

1,470

3,027

5,070

Interest Expenses
Other/Net
Pre-tax income

Electrona Corporation
Cash Flow Statement ($000's)
Year Ended
12/31/96 12/31/97

12/31/98

Operating
Net Income
Depreciation
Other Amortization
Doubtful Accts.

1,470
2,311
61
12

3,027
4,537
0
48

5,070
7,191
0
48

A/R
Inventories
Deferred Taxes
Prepaid, other

4,594
1,481
8
(1)

(7,357)
(13,179)
178
179

(660)
(7,872)
587
14

(3,927)
99
110
(502)

5,084
708
464
816

86
232
(23)
278

5,716

(5,495)

4,951

Securities Purch.
Capital Expenditures
Equipment Disposed
Unexpended Funds

9
(14,044)
4
314

0
(12,360)
0
0

0
(19,284)
0
0

Cash From Investing

(13,717)

(12,360)

(19,284)

Bank notes
Notes Paid
Long Term Debt
Long Term Debt Paid
Common Stock Issued

3,700
(11,200)
4,388
(592)
10,084

0
0
21,112
(3,349)
64

0
0
29,657
(25,986)
11,436

Cash From Financing

6,380

17,827

15,107

Foreign Exchange Effects


Cash Interest Paid
Cash Taxes Paid

0
1,086
1,404

0
1,968
1,024

0
2,636
2,422

(1,621)

(28)

774

Accounts Payable
Accrued Wages
Other Current Liabilities
Accrued Taxes
Extraordinary Item
Cash From Operations
Investing

Financing

Net Change in Cash

A/R
Sales
A/Rt/Salest
DSRI
Sales
Cost of Sales
Sales-COGS
(Salest-COGSt)/Salest
GMI

12/31/95
9,310
29,255
0.3182

29,255
24,943
4,312
0.1474

12/31/96
4,704
42,420
0.1109
0.3485

12/31/97
12,013
70,229
0.1711
1.5425

12/31/98
12,625
102,026
0.1237
0.7234

42,420
70,229
102,026
36,726
59,330
85,404
5,694
10,899
16,622
0.1342
0.1552
0.1629
1.0984
0.8647
0.9527

Total Assets
Current assets
Building & Improvements
Construction in Progress
Machinery & Equipment
Accumulated Depreciation
PP&E, nett
Current assets+PP&E, nett

28,310
20,526
2,260
140
7,064
(2,474)
6,990
27,516

31,943
12,758
3,878
2
19,548
(4,708)
18,720
31,478

59,866
33,146
4,546
21
31,009
(9,245)
26,331
59,477

81,204
42,481
5,093
542
49,226
(16,436)
38,425
80,906

Sales
SGI

29,255

42,420
1.4500

70,229
1.6556

102,026
1.4528

Accumulated Depreciation
Depreciation Expense
PP&E, nett

(2,474)

(4,708)
2,234
18,720

(9,245)
4,537
26,331

(16,436)
7,191
38,425

0.1066

0.1470
0.7254

0.1576
0.9324

6,990

Depreciation Expense/(PP&E,
nett+Depreciation Expense)
DEPI
Selling, General & Administration
Sales
SGA/Sales
SGAI

1,955
29,255
0.0668

2,298
42,420
0.0542
0.8106

3,824
70,229
0.0545
1.0051

5,469
102,026
0.0536
0.9845

Current Liabilities

16,574

5,331

13,545

11,730

Long Term Debt


Current Liabilities+Long Term Debt
Total Assets

4,141
20,715
28,310

7,463
12,794
31,943

24,084
37,629
59,866

29,210
40,940
81,204

(Current Liabilities+Long Term


Debt)/Total Assets
LVGI

0.7317

0.4005
0.5474

0.6286
1.5693

0.5042
0.8021

882

1,470
5,716
(4,246)
31,943
-0.1329

3,027
(5,495)
8,522
59,866
0.1424

5,070
4951
119
81,204
0.0015

Net Income
Cash From Operations
Accruals
Total Assets
TATA

28,310

cofficient

12/31/97

-4.84

DSRI
GMI

12/31/98
-4.84

-4.84

0.92 1.5425

1.4191 0.7234

0.6655

0.528 0.8649

0.4566672 0.9526

0.502973

0.0000
SGI
DEPI
SGAI
LVGI
TATA

0.0000

0.892 1.6556

1.4767952 1.4528

1.295898

0.115 0.7254

0.0834 0.9324

0.1072

-0.172 1.0051

-0.1728772 0.9845

-0.169334

-0.327 1.5693

-0.5132 0.8021

-0.2623

4.679 0.1424

0.6662896 0.0015

0.007019

12/31/95

12/31/96

12/31/97

12/31/98

1,919
9,310
8,963
334

298
4,704
7,481
275

270
12,013
20,660
203

1,044
12,625
28,532
280

Current operating assets

20,526

12,758

33,146

42,481

Land
Building & Improvements
Construction in Progress
Machinery & Equipment
Accumulated Depreciation
Other Assets

85
2,260
140
7,064
(2,474)
709

85
3,878
2
19,548
(4,708)
380

295
4,546
21
31,009
(9,245)
94

295
5,093
542
49,226
(16,436)
3

Total Operating Assets

28,310

31,943

59,866

81,204

Accounts Payable
Accrued Wages
Accrued Taxes
Other Current Liabilities

7,287
429
523
243

3,360
529
21
355

8,445
1,237
836
820

8,531
1,467
182
797

Current operating Liabilities

8,482

4,265

11,338

10,977

Repurchase Obligation
Deferred Tax
Non-current Liability
Total operating liability

800
0
800
9,282

0
0
0
4,265

0
0
0
11,338

0
587
587
11,564

7,500
592
4,141
12,233

0
1,066
7,463
8,529

0
2,207
24,084
26,291

0
753
29,210
29,963

Common Stock
Paid in Capital
Retained Earnings

63
6,007
725

84
16,869
2,196

85
16,929
5,223

107
29,275
10,295

Stockholders' Equity

6,795

19,149

22,237

39,677

28,310

31,943

59,866

81,204

Assets
Cash & Equivalents
A/R
Inventories
Prepaid Expenses

Liabilities & Stockholders' Equity

Notes Payable
Current Portion Long Term Debt
Long Term Debt
Total Financial Liability

Total Liabilities & Stockholders' Eq

04/07/00 04/06/00
Nopat
OA-OL

6,829
69,640
48,528

Rnoa

0.1155812064

NOF

29,963

leve

0.908582873

nbc

(0.06)

spread

0.18

roe

0.1626757306

30,957

26,291

59084

28127

12/31/95

Year Ended
12/31/96

12/31/97

12/31/98

Sales
Cost of Sales
Gross Profit
Selling, General &
Administration

29,255
24,943
4,312

42,420
36,726
5,694

70,229
59,330
10,899

102,026
85,404
16,622

1,955

2,298

3,824

5,469

Operating Income
Tax Expense
NOPAT

2,357
769
1,588

3,396
1,245
2,151

7,075
2,708
4,367

11,153
4,298
6,855

Interest Expenses

(764)

(1,086)

(1,953)

(2,665)

Other/Net
Net Financial expense before
tax
Tax benefit from net financial
expense
NFE
Net Income

(305)

54

(77)

(40)

(1,069)

(1,032)

(2,030)

(2,705)

363
(706)
882

351
(681)
1,470

690
(1,340)
3,027

920
(1,785)
5,070

406

894

2,018

3,378

Taxes

Year Ended
12/31/95 12/31/96 12/31/97 12/31/98
Sales
Cost of Sales
Gross Profit
Selling, General &
Administration
Other/Net
Operating Income
Tax Expense
NOPAT

29,255
24,943
4,312

42,420
36,726
5,694

70,229
59,330
10,899

102,026
85,404
16,622

1,955
(305)
2,052
666
1,386

2,298
54
3,450
1,263
2,187

3,824
(77)
6,998
2,682
4,316

5,469
(40)
11,113
4,284
6,829

Interest Expenses
Net Financial expense
before tax
Tax benefit from net
financial expense

(764)

(1,086)

(1,953)

(2,665)

(764)

(1,086)

(1,953)

(2,665)

260

369

664

906

NFE
Net Income

(504)
882

(717)
1,470

(1,289)
3,027

(1,759)
5,070

95
Operating Assets
Cash
Accounts receivable
Inventory
Prepaid expense
Property, plant and equipment
Other
Total operating assets
Operating Liabilities
Accounts payable
Accrued expenses
Deferred taxes
Other Current Liabilities
Repurchase obligations
Total operating liabilities
Non-Operating Assets
Excess cash
Total non-operating assets
Non-Operating Liabilities
Notes payable
Long-term debt
Total Non-operating liabilities

38.38

Financial Expenses
Interest expense
Net financial expense before taxes

5.96
9,310
8,963
334
7075
709
26391

4,704
7,481
275
18805
380
31645

7,287
952

3,360
550

0
243
800

0
355
0

8,330

1880.62

3,715

292.04
1880.62

292.04

7500

4,733

8,529
7500

NOA
NFO
Average Net Operating Assets
Average Net Financial Obligations
Operating Revenues
Sales
COGS
Gross Profit
S,G&A
Others
Operating Income
Tax expense on operating profit
NOPAT

96

18,061

27,930

5619.38
18061
5619.38

-292.04

22,996
2663.67

29255
24943
4312
1955
(305)

42420
36726
5694
2298
54

2,052
673

3,450
1,274

1,379

(764)
(764)

2,176

(1,086)
(1,086)

Tax benefit from net financial expense


Net financial expense after tax
Net Income
Common shareholders' equity
average
Profit Margin
Net Operating Asset Turnover
Return on Net Operating Assets
Financial Leverage
Spread
Return on Financial assets
Return on Equity

267.4
(497)
882

380.1
(706)
1,470

6,795
6795

19,149

12,972

0.0471372415
1.6197884945
0.0763523614
0.8269874908
0.0763523614
0.0631424478

0.0512965582
1.8447087474
0.0946272097
0.205339963
0.0946272097
0.0194307477

13.95%

11.41%

97
5.4

98
20.88

12,013
20,660
203
26626
94
59596

12,625
28,532
280
38720
3
80160

8,445
2,073

8,531
1,649

0
820
0

587
797
0

9,265

264.6

9,915

1023.12
264.6

1023.12

26,291

29,963
0

50,331

70,245

-264.6

-1023.12

39,131

60,288

-278.32

-643.86

70229
59330
10899
3824
(77)

102026
85404
16622
5469
(40)

6,998
2,702

11,113
4,311

4,296

(1,953)
(1,953)

6,802

(2,665)
(2,665)

683.55
(1,269)
3,027

932.75
(1,732)
5,070

22,237

39,677

20,693

30,957

0.061171311
1.7947381199
0.1097864837
-0.0134499589
0.1097864837
-0.0014766237

0.0666692804
1.6923102442
0.1128251062
-0.020798527
0.1128251062
-0.002346596

10.83%

11.05%

Cash & Equivalents


Sales

1,919
298
270
1,044
29,255
42,420
70,229 102,026
0.065596 0.007025 0.003845 0.010233 0.02167446608

Year Ended
35064

35430

35795

36160

Sales
Cost of Sales
Gross Profit
Selling, General &

29255
24943
4312
1955

42420
36726
5694
2298

70229
59330
10899
3824

102026
85404
16622
5469

Operating Income
Tax Expense
NOPAT

2357
769.46
1587.54

3396
1244.88
2151.12

7075
2708.2 4,325
4366.8

Interest Expenses
Other/Net
Net Financial expe
Tax benefit from ne
NFE
Net Income

-764
-305
-1069
363.46
-705.54
882

-1086
54
-1032
350.88
-681.12
1470

-1953
-77
-2030
690.2 946.75
-1339.8
3027

406

894

Taxes

2,018

11153
6855.3
-2665
-40
-2705
-1785.3
5070

3,378