Fortune Cookie Inc. "Good Fortune is Our Business!"!

Assumptions Historical Figures

Income statement 2018 2019
Sales Growth (% Change)
Units
Prices
Cost of Goods Sold (% of Revenue)
Marketing Expenses
Salaries and Benefits ($000's)
Rent and Overhead ($000's)
Depreciation & Amortization (% of PP&E Open Bal)
Interest (% of Debt Open Bal)
Tax Rate (% of Earnings Before Tax)
Balance Sheet
Accounts Receivable (Days)
Inventory (Days)
Accounts Payable (Days)
Capital Expenditures (% of Beginning PPE)
Debt Issuance (Repayment) ($000's) 500 0

Income Statement 2018 2019

Sales $1,000 $1,100
Cost of Goods Sold 540 592
Gross Profit $460 $508
Gross Margin 46.0% 46.2%

Marketing Expenses 50 58
Management Salaries 80 88
Other Overhead 100 95
Total SG&A 230 241
SG&A as % of Sales 23.0% 21.9%

Operating Profit $230 $268

Operating Margin 23.0% 24.3%

Interest Expense 15 15
Pretax Income $215 $253

Taxes 60 71
Tax Rate 28.0% 28.0%

Net Income $155 $182

Cash Flow Statement 2018 2019

Net Income $155 $182
Depreciation & Amortization 25 25
Accounts Receivable -10 -25
Inventory -35 -45
Accounts Payable 15 15
Cash Flow From Operations $150 $152

Cash Flow from Investing Activities

Capital Expenditures $113 $50
Cash Flow from Investing $113 $50

Cash Flow from Financing Activities

Debt Issued (Repaid) $500 $0
Cash Flow from Financing Activities $500 $0

Net Cash Flow $537 $102

Beginning Cash $100 $637

Net Cash Flow 537 102
Ending Cash $637 $739

Balance Sheet 2018 2019

Cash $100 $739
Accounts Receivable 123 148
Inventory 75 120
Total Current Assets $298 $1,007

Property, Plant & Equipment $750 $775

Total Assets $1,048 $1,782

Accounts Payable 47 62
Debt 500 500
Equity 501 1,220
Total Liabilities & Equity $1,048 $1,782
rical Figures
2020 2021E 2022E 2023E

300 -100 0 -100

Fortune Cookie Inc.

($ in millions)
Fiscal Year Ends 12/31

2020 2021E 2022E 2023E

$1,188
640
$548
46.1%

69
95
85
249
21.0%

$299
25.2%

24
$275

77
28.0%

$198

2020 2021E 2022E 2023E

$198
25
-100
-150
15
-$12

$50
$50

$300
$300

$238

$739
238
$977

2020 2021E 2022E 2023E

$977
248
270
$1,495

$850
$2,345

77
800
1,468
$2,345
Working Capital Formulas
Days Receivable Accounts Receivable/Sales * 365
Days Inventory Inventory/COGS * 365
Days Payable Accounts Payable/COGS*365

Property, Plant & Equipment 2018 2019 2020 2021E

PPE $662 $750 $775
Plus Cap. Ex 113 50 50
Less Depreciation 25 25 25
Ending PPE $750 $775 $850
2022E 2023E