Table 1

Duralex INCORPORATED

Annual Balance Sheets (Values in

millions)
2015 2014 2013 2012
ASSETS
Current Assets
Cash and marketable securities 3.2 4.8 5 0.6
Accounts receivable 46.1 59.6 50.1 20.9

Inventory 27.4 24.1 25.3 12.8

Other Current assets 4.1 7.6 6.9 0.4
Total Current Assets 80.8 96.1 87.3 34.7

Non-Current Assets

Property, Plant & Equipment, Gross 94.2 98.7 87.9 47.7

Accumulated depreciation &
Depletion 38.3 31.4 27.7 19.3
Property, Plant & Equipment, Net 55.9 67.3 60.2 28.4
Intangibles 121.4 172.2 182 32.8
Other Non-Current Assets 7.7 8.3 10.5 3.5
Total Non-Current Assets 185 247.8 252.7 64.7
Total Assets 265.8 343.9 340 99.4

LIABILITIES AND EQUITIES

Current Liabilities

Accounts payable 20.5 23.8 20.5 9.7

Short Term Debt 6.6 5.6 3.5 3.9
Other current Liabilities 35 33.7 35.7 12.9
Total Current liabilities 62.1 63.1 59.7 26.5

Non-Current liabilities

Long-term debt 215.2 221.3 222.3 30.7

Deferred Income Taxes 0 0 0 0

Other Non-Current Liabilities 3 2.9 0 0

Minority Interest 0 0 0 0
Total Non-Current Liabilities 218.2 224.2 222.3 30.7
Total Liabilities 280.3 287.3 282 57.2

Shareholder's Equity
Preferred Stock Equity 0 0 0 0
Common Stock Equity -14.5 56.6 58 42.2
Total equity -14.5 56.6 58 42.2
Total liabilities and Stock
Equity 265.8 343.9 340 99.4
Total Common Shares 7.2
outstanding 7.7 Mil Mil 7.6 Mil 6.6 Mil
Preferred Shares 0 0 0 0
Treasury Shares 0 0 0 0
Table 3
Duralex INCORPORATED

Annual Income Statements

(Value in Millions)
2015 2014 2013 2012

Sales 297 294 252.4 129.3

Cost of Sales 222.2 184.5 160 84.1
Gross Operating profit 74.8 109.5 92.4 45.2
Selling, General & Admin.
Expenses 39.4 54.5 47.1 26.8
EBITDA 35.4 55 45.3 18.4
Depreciation & Amortization 18.3 16.2 14.7 5.7
EBIT 17.1 38.8 30.6 12.7
Other Income, Net -0.5 0.6 0.3 0.1
Total Income Avail for
Interest Exp. -49.2 24.4 30.9 12.8

Interest Expense 22.4 20.3 15.6 5.2

Minority Interest 0 0 0 0
Pre-Tax Income -71.6 4.1 15.3 7.6
Income Taxes 0.1 2.1 6.6 0.3

Special Income/Charges -65.8 -15 0 0

Net Income
Net Incomefromfrom
Cont.Operation-71.5
Discont. 2 8.8 7.3
Opers. 0 0 0 0
Net Income from Total
Operations -71.5 2 8.8 7.3

Normalized Income -5.7 17 8.8 7.3

Extraordinary Income 0 0 0 0
Income from Cum. Eff of Acct.
Chg. 0 0 0 0
Income from Tax Loss
Carryforward 0 0 0 0
Other Gains 0 0 -5.1 0

Total Net Income -71.5 2 3.7 7.3

Table 2
APEX MOLDING
Annual Balance Sheets (Values in millions)
2015 2014 2013 2012
ASSETS
Current Assets
Cash and marketable securities 0.3 1.1 0.3 2.9
Accounts receivable 17.9 16.1 13 7
Inventory 12.9 11.7 9.4 3.9
Other Current assets 1.7 1.3 1.4 1.7
Total Current Assets 32.8 30.2 24.1 15.5

Non-Current Assets
Property, Plant & Equipment, Gross 42.6 36.9 27.8 20.3
Accumulated depreciation & Depletion 15.5 11.1 7.1 3.9
Property, Plant & Equipment, Net 27.1 25.8 20.7 16.4
Intangibles 30 31.1 18.2 1.9
Other Non-Current Assets 0.2 0.6 1 2.2
Total Non-Current Assets 57.3 57.5 39.9 20.5
Total Assets 90.1 87.7 64 36

LIABILITIES AND EQUITIES

Current Liabilities
Accounts payable 6.9 7.1 5.3 2
Short Term Debt 6.7 5.8 2.7 2.7
Other current Liabilities 6.5 7.1 5.3 2.7
Total Current liabilities 20.1 19.9 13.2 7.4

Non-Current liabilities
Long-term debt 25.8 28 18.7 5.4
Deffered Income Taxes 0.1 0.5 0 1.4
Other Non-Current Liabilities 3 3.9 3.9 0.8
Minority Interest 0 0 0 0
Total Non-Current Liabilities 28.9 32.4 22.6 7.6
Total Liabilities 49 52.3 35.8 15

Shareholder's Equity
Preferred Stock Equity 0 0 0 0
Common Stock Equity 41.1 35.4 28.1 21
Total equity 41.1 35.4 28.1 21

Total liabilities and Stock Equity 90.1 87.7 64 36

 4.1
Total Common Shares outstanding 4.3 mil 4.3 mil 4.3 mil mil
Preferred Shares 0 0 0 0
Treasury Shares 0 0 0 0
APEX MOLDING
Annual Income Statements (Value in
Millions)
2015

Sales 123.6
Cost of Sales 82.6
Gross Operating profit 41
Selling, General & Admin. Expenses 21.3
EBITDA 19.7
Depreciation & Amortization 5.7
EBIT 14
Other Income, Net 0
Total Income Avail for Interest Exp. 14
Interest Expense 3
Minority Interest 0
Pre-Tax Income 11
Income Taxes 3.7

Special Income/Charges 0

Net Income from Cont.Operations 7.3

Net Income from Discont. Opers. 0
Net Income from Total Operations 7.3

Normalized Income 7.3

Extraordinary Income 0
Income from Cum. Eff of Acct. Chg. 0
Income from Tax Loss Carryforward 0
Other Gains 0

Total Net Income 7.3

2014 2013 2012

106.7 85.7 43.2

69.2 55.5 27.2
37.5 30.2 16
19.9 16.8 9.6
17.6 13.4 6.4
4.7 3.7 2.1
12.9 9.7 4.3
0 -0.1 -0.1
12.9 9.6 4.2
2.3 1.8 0.5
0 0 0
10.6 7.8 3.7
4 3.2 1.5

0 0 0

6.6 4.6 2.3

0 0.3 0
6.6 4.9 2.3

6.6 4.6 2.3

0 0 0
0 0 0
0 0 0
0 0 0

6.6 4.9 2.3

 Duralex - Ratio Analysis
2015 2014 2013 2012
Current Ratio 1.30 1.52 1.46 1.31 CA/CL
Quick Ratio 0.86 1.14 1.04 0.83 (CA-inventory)/CL
Cash Ratio 0.05 0.08 0.08 0.02 Cash /CL
Total Debt Ratio 1.05 0.84 0.83 0.58 Debt/TA
Debt-Equity Ratio -19.33 5.08 4.86 1.36 Total Liab /(Total assset-total
Equity Multiplier -18.33 6.08 5.86 2.36 total Asset/equity
Times Interest Ratio 0.76 1.91 1.96 2.44 EBIT/interest expense
Cash Coverage Ratio 1.58 2.71 2.90 3.54 (EBIT+depreciation)/Interest
Inventory Turnover ratio 8.11 7.66 6.32 6.57 cost/inventory
Day's sales in Inventory 45.01 47.68 57.72 55.55 365/inventory ratio
Receivables Turnover 6.44 4.93 5.04 6.19 sales/account receivable
ACP or Days' Sales in Receivables 56.65 73.99 72.45 59.00 365/receivable turnover
Total Asset Turnover 1.12 0.85 0.74 1.30 sales/total asset
Capital Intensity 0.89 1.17 1.35 0.77 total asset/sales
Profit Margin -24.07% 0.68% 1.47% 5.65% net income/sales
ROA -26.90% 0.58% 1.09% 7.34% net income/asset
ROE 3.53% 6.38% 17.30% net income/equity
if we have negative equity, no need to calculate ROE
 Apex- Ratio Analysis
2015 2014 2013
Current Ratio 1.63 1.52 1.83
(CA-inventory)/CL Quick Ratio 0.99 0.93 1.11
Cash Ratio 0.01 0.06 0.02
Total Debt Ratio 0.54 0.60 0.56
Total Liab /(Total assset-total liab Debt-Equity Ratio 1.19 1.48 1.27
total Asset/equity Equity Multiplier 2.19 2.48 2.27
EBIT/interest expense Times Interest Ratio 4.67 5.61 5.39
(EBIT+depreciation)/Interest Cash Coverage Ratio 6.57 7.65 7.44
cost/inventory Inventory Turnover ratio 6.40 5.91 5.90
365/inventory ratio Day's sales in Inventory 57.00 61.71 61.82
sales/account receivable Receivables Turnover 6.91 6.63 6.59
365/receivable turnover ACP or Days' Sales in Receivables 52.86 55.07 55.37
sales/total asset Total Asset Turnover 1.37 1.22 1.34
total asset/sales Capital Intensity 0.73 0.82 0.75
net income/sales Profit Margin 5.91% 6.19% 5.72%
net income/asset ROA 8.10% 7.53% 7.66%
net income/equity ROE 17.76% 18.64% 17.38%
2012
2.09
1.57
0.39
0.42
0.71
1.71
8.60
12.80
6.97
52.33
6.17
59.14
1.20
0.83
5.32%
6.39%
10.95%
Table 1
Duralex INCORPORATED

Annual Balance Sheets (Values in

millions)
2015.00% 2015 2014% 2014 2013.00% 2013
ASSETS
Current Assets
Cash and marketable securities 1.20% 3.2 0.013957546 4.8 1.47% 5
Accounts receivable 17.34% 46.1 17.33% 59.6 14.74% 50.1

Inventory 10.31% 27.4 7.01% 24.1 7.44% 25.3

Other Current assets 1.54% 4.1 2.21% 7.6 2.03% 6.9
Total Current Assets 30.40% 80.8 27.94% 96.1 25.68% 87.3
0.00% 0.00%
Non-Current Assets 0.00% 0.00%

Property, Plant & Equipment, Gross 35.44% 94.2 28.70% 98.7 25.85% 87.9
Accumulated depreciation &
Depletion 14.41% 38.3 9.13% 31.4 8.15% 27.7
Property, Plant & Equipment, Net 21.03% 55.9 19.57% 67.3 17.71% 60.2
Intangibles 45.67% 121.4 50.07% 172.2 53.53% 182
Other Non-Current Assets 2.90% 7.7 2.41% 8.3 3.09% 10.5
Total Non-Current Assets 69.60% 185 72.06% 247.8 74.32% 252.7
Total Assets 100.00% 265.8 100.00% 343.9 100.00% 340
0.00% 0.00% 0.00%
LIABILITIES AND EQUITIES 0.00% 0.00% 0.00%
Current Liabilities 0.00% 0.00% 0.00%

Accounts payable 7.71% 20.5 6.92% 23.8 6.03% 20.5

Short Term Debt 2.48% 6.6 1.63% 5.6 1.03% 3.5
Other current Liabilities 13.17% 35 9.80% 33.7 10.50% 35.7
Total Current liabilities 23.36% 62.1 18.35% 63.1 17.56% 59.7

Non-Current liabilities 0.00% 0.00% 0.00%

Long-term debt 80.96% 215.2 64.35% 221.3 65.38% 222.3

Deferred Income Taxes 0.00% 0 0.00% 0 0.00% 0

Other Non-Current Liabilities 1.13% 3 0.84% 2.9 0.00% 0

Minority Interest 0.00% 0 0.00% 0 0.00% 0
Total Non-Current Liabilities 82.09% 218.2 65.19% 224.2 65.38% 222.3
Total Liabilities 105.46% 280.3 83.54% 287.3 82.94% 282
0.00% 0.00% 0.00%
Shareholder's Equity 0.00% 0.00% 0.00%
Preferred Stock Equity 0.00% 0 0.00% 0 0.00% 0
Common Stock Equity -5.46% -14.5 16.46% 56.6 17.06% 58
Total equity -5.46% -14.5 16.46% 56.6 17.06% 58
Total liabilities and Stock
Equity 100.00% 265.8 100.00% 343.9 100.00% 340

Total Common Shares

outstanding 7.7 Mil 7.2 Mil 7.6 Mil
Preferred Shares 0 0 0
Treasury Shares 0 0 0
 Table 3
Duralex INCORPORATED
Annual Income Statements
(Value in Millions)
2012.00% 2012 2015% 2015

Sales 297
0.60% 0.6 Cost of Sales 222.2
21.03% 20.9 Gross Operating profit 74.8
Selling, General & Admin.
12.88% 12.8 Expenses 39.4
0.40% 0.4 EBITDA 35.4
34.91% 34.7 Depreciation & Amortization 18.3
0.00% EBIT 17.1
0.00% Other Income, Net -0.5
Total Income Avail for
47.99% 47.7 Interest Exp. -49.2

19.42% 19.3 Interest Expense 22.4

28.57% 28.4 Minority Interest 0
33.00% 32.8 Pre-Tax Income -71.6
3.52% 3.5 Income Taxes 0.1
65.09% 64.7
100.00% 99.4 Special Income/Charges -65.8
0.00%
0.00% Net Income
Net Incomefromfrom
Cont.Operations
Discont. -71.5
0.00% Opers. 0
Net Income from Total
9.76% 9.7 Operations -71.5
3.92% 3.9
12.98% 12.9 Normalized Income -5.7
26.66% 26.5 Extraordinary Income 0
Income from Cum. Eff of Acct.
0.00% Chg. 0
Income from Tax Loss
30.89% 30.7 Carryforward 0
0.00% 0 Other Gains 0
0.00% 0
0.00% 0 Total Net Income -71.5
30.89% 30.7
57.55% 57.2
0.00%
0.00%
0.00% 0
42.45% 42.2
42.45% 42.2

100.00% 99.4

6.6 Mil
0
0
2014% 2014 2013% 2013 2012% 2012

294 252.4 129.3

184.5 160 84.1
109.5 92.4 45.2

54.5 47.1 26.8

55 45.3 18.4
16.2 14.7 5.7
38.8 30.6 12.7
0.6 0.3 0.1

24.4 30.9 12.8

20.3 15.6 5.2

0 0 0
4.1 15.3 7.6
2.1 6.6 0.3

-15 0 0

2 8.8 7.3
0 0 0

2 8.8 7.3

17 8.8 7.3
0 0 0

0 0 0

0 0 0
0 -5.1 0

2 3.7 7.3
Table 2
APEX MOLDING
Annual Balance Sheets (Values in millions)
2015% 2015 2014% 2014
ASSETS
Current Assets
Cash and marketable securities 0.3 1.1
Accounts receivable 17.9 16.1
Inventory 12.9 11.7
Other Current assets 1.7 1.3
Total Current Assets 32.8 30.2

Non-Current Assets
Property, Plant & Equipment, Gross 42.6 36.9
Accumulated depreciation & Depletion 15.5 11.1
Property, Plant & Equipment, Net 27.1 25.8
Intangibles 30 31.1
Other Non-Current Assets 0.2 0.6
Total Non-Current Assets 57.3 57.5
Total Assets 90.1 87.7

LIABILITIES AND EQUITIES

Current Liabilities
Accounts payable 6.9 7.1
Short Term Debt 6.7 5.8
Other current Liabilities 6.5 7.1
Total Current liabilities 20.1 19.9

Non-Current liabilities
Long-term debt 25.8 28
Deffered Income Taxes 0.1 0.5
Other Non-Current Liabilities 3 3.9
Minority Interest 0 0
Total Non-Current Liabilities 28.9 32.4
Total Liabilities 49 52.3

Shareholder's Equity
Preferred Stock Equity 0 0
Common Stock Equity 41.1 35.4
Total equity 41.1 35.4

Total liabilities and Stock Equity 90.1 87.7

Total Common Shares outstanding 4.3 mil 4.3 mil

Preferred Shares 0 0
Treasury Shares 0 0
2013% 2013 2012% 2012

0.3 2.9
13 7
9.4 3.9
1.4 1.7
24.1 15.5

27.8 20.3
7.1 3.9
20.7 16.4
18.2 1.9
1 2.2
39.9 20.5
64 36

5.3 2
2.7 2.7
5.3 2.7
13.2 7.4

18.7 5.4
0 1.4
3.9 0.8
0 0
22.6 7.6
35.8 15

0 0
28.1 21
28.1 21

64 36
4.1
4.3 mil mil
0 0
0 0
APEX MOLDING
Annual Income Statements (Value in
Millions)
2015% 2015 2014% 2014 2013%

Sales 123.6 106.7

Cost of Sales 82.6 69.2
Gross Operating profit 41 37.5
Selling, General & Admin. Expenses 21.3 19.9
EBITDA 19.7 17.6
Depreciation & Amortization 5.7 4.7
EBIT 14 12.9
Other Income, Net 0 0
Total Income Avail for Interest Exp. 14 12.9
Interest Expense 3 2.3
Minority Interest 0 0
Pre-Tax Income 11 10.6
Income Taxes 3.7 4

Special Income/Charges 0 0

Net Income from Cont.Operations 7.3 6.6

Net Income from Discont. Opers. 0 0
Net Income from Total Operations 7.3 6.6

Normalized Income 7.3 6.6

Extraordinary Income 0 0
Income from Cum. Eff of Acct. Chg. 0 0
Income from Tax Loss Carryforward 0 0
Other Gains 0 0

Total Net Income 7.3 6.6

2013 2012% 2012

85.7 43.2
55.5 27.2
30.2 16
16.8 9.6
13.4 6.4
3.7 2.1
9.7 4.3
-0.1 -0.1
9.6 4.2
1.8 0.5
0 0
7.8 3.7
3.2 1.5

0 0

4.6 2.3
0.3 0
4.9 2.3

4.6 2.3
0 0
0 0
0 0
0 0

4.9 2.3