73a Fra 180 a Institutions! Decisions aes 1a98 201 256e" 27577 3239 105 118 128 123 0 90 90 90, 638) 60% 77% Capi STRUCTURE a» ot 20.06 Debt $11.0 it Dubin tes UF Debt $132.2 mi UT intrest inc 100 mil eapitaiaed leas. 9 Pt stock None Past 73 eehooo) scat vez sas! azo W190 376 180 255 234 Fert sue Ais a fererro™ 4 ae aunts rsp "au he 70 tteax) Toe 495 213) 228) 231 209 151 a 1978 19/9 19801981 1982_ 1983, 1964 1985 1986 1987 |= VALUE UNE Wo TESST 3478 3383" 38.37 4283 4886 53.25 $7.69 6587 51.93 5638 GUAT G92975.14 0.40 | Sale persh 95.25 310 347 399 459 45) 493 475 494 624 629 5.28 650 “CasnFiw” perch 9:75] 82 27 192 227 283 331 288 282 225 235 361 333 2.26 215 tamiqapersh wi 500) 90 60 69 75,88 1031.17, 528132134 148 15@ 150 1.60 _DWds Deeper th wy 2.25] Yor 1331 “10-754 ~ 219) 98 3081, 1027, 1078. 11.17 1073, 997; 4087 1052, 1052, 1083" 1056 1088; We Wzah Tg} 85 101 277, 7B 81 84 141 387 BS 82% $25.0 mi, 36. mil rarest earned: 8%: total intrest eowerogo: 40) [2a of Cap Pension Uabity None in 85 vs, None in'84 Stock 2.753.096 she. 72% f Cap) W140 Th.AV~1213 1246 i248 126 1269 1325.-13317 12691270 12.78 | Comm Sm Oust wi Fz-s 825247 “G2 G1 7g sa" ize G2” 108 18a ANAMTP/ERaa a9 67 88 64 75,81 86 109 108 4 «a7 123, «Rebbe PE Ro | tag 1.20%, 64% 668 83% 67% 584 518 448 465 42% 39m AUAMIDWS Ald | gy 437-4) 4887/5686) 663.4 721.2 8327 735.3; F470 911.7, 8955 941.8 1025) Salen (Smil) 1225) 145%, GH 1488) 167% 127%, 139% 125% 1418 T5688 158% 122% 12.0%, Opring Mage 144 TUG VSO" 138 1881” 267 327" G44” 349° 367 38.0, 43.0" Deprecation (Sil) 60.0} 236 278 3554211 367 362 284) 319 age 447 201 490|NaPom Omi) asa ATAG AB3% 4EIE BA 435% 444% 379% 445% 484% 48.0%52 1% 45.0% | Income Tax Rale 38.0% | Sah 97% 62%, GON] 618, 44%, 398 42y 595 SON 21% 20% | Ne PrM Mo 595 em in January 1986) is nearing completion, soa_mar W754 i907 e231 iain SME ites 70% 35% Bo 1s Boe. saa Mee Ss igat Bos see "Gon Som Soe Sot (QUINTERLY SALES ($ wil) —] Fur ar 31 une 30 Sept 30 Dc. 31| Year 6 | 7474) 273 2421 2297 2126 911] Bar BY 2A 28) lad EE 2508 2208 | eet] (250270255250. | 1025 TRRNINGS PeR STORE 98 [236 87 | 53) 85 330 0 Ful Tal Prvary eninge Bec =a er ge 7h he 4 ie oon ele at oaths sae nee] Mocand ances per eeiooe] SAREE OES & Beri ee antares’ tong Wi lay Sore cs ingen sao | Bench Pantie fing gon Vos, 65, (61.97), Nese about May 20. Dividend payment dats:1S1 9h (D)Inmulion,edjsted tor stocd_Ewrmings Predictabity 3 [iad 33 | 196 a) | 134 a0 | 160 75 15h 248337 360 “480” 326 257” 330, 479 7.00 470° Cap Spending persh 400 1126 1287, 1501 1708 1881, 2040 2066 2247 2627. 26 2325.24 |2865 , Book abe persh 1033.00 O51 1298 441 WEE THD T82E V7o2) 1962 Zit, 2276 1674) 200) Wag Cgh nll) 325 $46, 424) 448) 425, 1567 1489 saze T2r4 125d) i248 to10) gas. Letom Bel Sal) Jen 1642, 1723, 1978 260 2405 2689, 2902. 301932803909 05) _94p, Retort) ae EK TAK Tes 1830) 108% 110K) Bah ely, Zw TiZal Jee Gon Lames tau Gl vase 153% 181% 18OR, 68! 148% 136% 105K 1099 140H [224 Atm sz0r | BEamed NA Wied 15595 24K) 23h 132% Tae G26) 75H 43K) EN” EDR, GUNZ I= | Eon | & bial Count 85% 04, 35%) 32k OBOE, BTR 428, 40S 71% 515 | EAIDWES OMA Pr 407e and distibues ret 8, gemal oy, TO, oon | omoovens replacements for ove 18000 tor Remed Fk Meta Ca, Se Poyehenae Tees ae tomeinth aut machnery arm anaonatuctor eqn’ eun'SSaepen oe sox terofloneg sve kaeseiss trantndvaes Veneers acoutor 80% clove orployeen Tose onkvlses fae cars eer Ses tov. atormernan Ho ao & tuck O€ on Chatman CEOe TE Miah ter hae wa fev tot snntcenrcnanre_ Stn PO forest st 3a | Many of the problems that plagued last pressures will porsiat in the current yeararesults willnot recurin 1987.1The _L2montheycle. Further mote, decinien new Fntogration of Garter Aulomotive acquired. car production should jus abou off any ot share gains FEM registers with ity Bet cantributon fm this Busines canbe Sriginalequpient customers Allin all expected in the coming months. Meanvshile, profits will likely rebound modestly in 87, Releral-Mogulsnew doarings plant inlats, But until euch momentum beepmes firmly Pa. is now operational and prabably will established, this stock is hat likely te ou. reach breakeven by mid-year Finally, the perform the year-ahead market averages, company’s bottom line wat penalized by the These shares may appeal to patiest inc one-time reversal of previeusly-recorded in- vestors seeking above-average total fe vestmont tax eredits'n the final interim, turns over the next 8 10 5 years Buagyed Earnings, therefore, probably will iw hy gsing roth in the automo ar rove aver the course of the year, Un. market, and by a much lower effective tax Exvorable profit comparisons are likely to. rate, F-Ms share profies could well Neach persist through the March interim, however, $5.00 through the turn of the devade. Such hs some of FM restructuring programs, an earnings performance would rrobably instituted late in 1986, only staFt to tale fostor at least average price appreciation te Hold. But stimulated by’ a modest upturn in 1989-91. Moreover, tho company is Lkcly to the automotive aftermarket, ongoing strong be a strong net cash generator ever the Hews demand for the company's aerospace prod few years, suggesting several boosts in the Uets, and the absence of the above: payoutmey be in thecards And after fete, mentioned difficulties, net income should Ing in the good yield and potential dividend Slowly progres through the remaining mine growth intothe equation we thnk ths go months of tho year, A number of factors, Gualty eqity might bean atracive selec though, probably will restrain this modest tlon for more conservatively-managed a6. turnaround. SUF competition in the re- counts over the long haul a 7077 10 107 Bs a 10) ae 0” 8 80 85 ao ‘QUIRTERLY DNIDENDS PHO hat 31 une 30 Sept 30 Dec. 318 Year 2 33 33s ae 3s o © 4 a0 navaoraeTearrings report due md-Aor Estate) prox he incr jacement_ parts industry suggests pricing CharlesS. Harris Tne Sent Der neiel Strength Foctuol material is obtained trom sources believed to be reliable, but the publisher is net responsible for any errors or omissions eontained herein,