are w= 2339 isis Decisions 2338 | fo70_197i_1972 197319741975 REPUBLIC AUTO crcau [nse 8 ig HM es 798 8 hol ME ( 7 139 53 ‘88 ) 3 739 8 Ty 13 4 SR aay sous ase Heavoooo) vost 11181920 1814) 1858 | uaae 120, 19761977 19781979 1980.1 euve PE RATD NMF; 28 73 oy 88 4 re Ya sea se Pi arm her Hm 796-37 PROUECTONS Pec he al he 20 148%) 268 tor 302265) “a. Sea Fe Te Toews he ce Sate er a Shoe AE cea” ates ee cava. oe om ca [aa NE ah Se ua nS wala ar en ie Balt ia ie Bt pela We as ae esl fab sis TARNINGS PER SHE 31 June 30 Sept 30 De. 31 7 7 a1 05 08 abe ie an, Md dts .10 0 |*40 QUARTERLY DINTDENDS PAD a 2 {Mar 31 june 30 Sept 30 Dec 21 1383 | i 1 u it 1 M it i 8 1 i STIS PSST TADS 2856 T9EE A110, 3 7794747 3799, 98.187 3979, 3519, 3686 3E72| 33.77” 25.85 386T_ Sale pers a5] se ee ay ane, 140) 143] 136, 128 138) 99) 97,86) 103) 21/6) 60 “tabhlow™parsh 225] 22 Sb be os! 120, $25 130) 108) 111) 92] Be, $0.60! es, a0, 10 mines) 1385 ce at ta 3, tel 24) "30, aa! 38) at aa) aa 23,” | Opa = qe AT 8 aa 3 TBST ag) a5) 258868” T1550) Capt Spending pr sh so| [ah 531) $04 565, 638.738, 849) 938) 1010, 1090, 1095, 1112) 1131| 1143, 1028. 9.23, 930] Bok aaapeah Sl Vopian ign “yay) 4 tee 170 218,218) 213/ 274 278) 279) 287, 2821 2.92| 2.85 Common Sha Ouse ==) 7a! tag? 03) 62) 5477 63! 69) 73t” B3T bay 138) 20.47 1 a “Tg Ane’ P/E Ratio 22 Bp Yon tee) a7, 92,8180) 100) 120, a5) 159) 182} 172, 134 Rake PER Lai) 10s 24%) 208, 238 20%) 21% 258) 3A) 48K, 368) 45K) AR BIN) 268) — phon On Tal [CAPITAL STRUCTURE as of 92086 526) 598. 738) B18) Tea 8277 994) 1091, 1093' 1123] 1014) 1107 Saled(Smill) naive sacand” Dinsrssisomi | ga, 334) 78% 54%, Ge S34 SAK 37%) ABE) LI 20] 45%, Owing Min ee 4 es & 7 TT 13) TEE 18” 20 Depreciation (Seni es 20 cee 2021, 28, 23 24) 20 v\ 33] 17) 12) a7, a] Narco | (42% of copy 499% 489% ATI TAR 4% GI TEIN 405% GER! -— | NME 40.096 | Income Tax ae 35.0% 37m, 368 44%) 288, 308) 21%, TER, 13K) 15%, MME! NM. 2%] Mel Pf Magn 303 Leases, Uncapitalized Anmust rentais $2.7 mill. [14B) 164, 211 26.17 244, 326303) 386, 447 39.4) 36.3, 40.0 Working Cap'l(Smil) 45.0) ronentaityteaccvoses Nenana | 22, 38) 88 60 61, 87 48) 112 208° 205 203) 200) LoetembaGalp 15d 423, 144] 200) 218) 2321 390.308, 315! 323) 294, 250) 2gs| NaWorh(Gall) as Pid Stock None: n35% 119% 104%) 92% 87% 67% 68% 36%! A9%! AMF NME! 2.0% %Eamed TolalConl | 9.5% Koondsschgsoizt sh. tam otcapry EOR-MOX!IZAS 1058 102%! 68%, 69% | 428) S28) AMF] NMF| Lox Samed NatMe 15 " pHa 1% 12.7% 10.1%) 75%) 71% 37%) 21%) 4%) 14% MF! NMF 1.0% % Retained to Comm Eq’ 10.5% | reiiee ate 28/14, 198, ZEN) 30) AAR) 64) 82K THK) NE I $A pid tonal 73 este BUSINESS! Rapanui Point Shs 6 Ta, Carwin Wane, Ro Yo, Oran | eiatat Teron of par endrcolacemont pare acceso ond and Washington. E's pian oge: "8s ceprciton ae aes. entree, ope rmttto ne cuemavestermarta, Tol Har So emp: rot hilar Wide coral 2 er regret enciycumed youpot a werenause of comm: GAMEO, 30% Chrmn. Ef Barer Pre. Stibutre and 79 [obhers: TPs thvough a menutecturng Sctuitary Worehouse iestons Aska, Colfornin, Colo Republic's restructuring program is Redcing completion. In the Ro quarter (of 1986, the company recorded a'$1.9 million pretax’ charge related to the pending dis position of two marginal warehouse opera- fons. Another $1.5 million reserve was also established to cover the costs associated with the expected sale of old computer equipment. Management decided to install a new system late in 1986, designed speci fically for distribution-style businesses seems the existing network was a hodgo- podge of various models incapable of com- 4] Imunicating effectively with one another. We have excluded both nonrecurring items from ‘our bottom-line presentation. ‘A modest profit appears within reach. From an operating standpoint, Republi results improved during the latter half of 1986; more than 50% of the losses registered over that. time were attributable to a con- siderable increase in the company’s bad debt provision. In the current 12-month eycle, Republic should receive a moderate lift irom the resurgence we are expecting in the automotive aftermarket. Preventing a more uM © formidable recovery, however, will be the se Sa 1987 ongoing sluggishness of Republic's Alaskan Bt Ea EEO. KML Thompson he: Del Add £00 Wison Pike Site, Sui 195, Brentwood, TW 7027 To. 6153782060, ‘operations, which are suffering from the overall stump in the oil industry. We think these shares possess some speculative allure. With consolidation rampant in the replacement parts industry, we would not be surprised if Republic received a takeover bid. It's strong market | positions in Alaska and Michigan could rove very atiractive to a larger player, Ad- ditionally, if management successfully effects a turnaround in the next few years, the share price could well double by 1989-91. Most investors, however, ought to defer commitments until an earnings re- bound is firmly established. As is appar- entin our projections, we do think a recovery fs possible. Its still far too early, though, to determine if such a turnaround will be achieved and prove long lived, Furthermore, it should be remembered that Republic's future options probably will be limited by its relatively weak finances (Financial Strength rating: C+). Charles, Harris SeacAvg. 008 "SB Next earnings report duolata Abt "on avarage shaves avistarding [6] Ovidend poyment suspended 92786 Pon 58e nonrocaring lossch: 86,386 (includes Intangibles. In“85: SU6 mi ftock spi 0) ‘Svidends. ine austea Tr Fattual materia is obtained from sources bolieved to be reliable, but the publisher is net responsible for any errors or omissions contained herein,