FO

Period Ending (all number in thousands) 30-Dec-18 30-Dec-19 30-Dec-20

Total Revenue 160,338,000 155,900,000 127,144,000
Cost of Revenue 136,269,000 134,693,000 112,752,000
Gross Profit 24,069,000 21,207,000 14,392,000
Operating Expenses
Other Operating Expenses 9,463,000 9,472,000 8,607,000
Selling General and Administrative 11,403,000 11,161,000 10,193,000
Earnings Before Interest And Taxes 3,203,000 574,000 -4,408,000
Interest Expense -528,000 -240,000 -1,199,000
Income Before Tax 4,345,000 -640,000 -1,116,000
Income Tax Expense 650,000 -724,000 160,000
Minority Interest -18,000 -37,000 -3,000
Net Income 3,677,000 47,000 -1,279,000
Preferred Stock And Other Adjustments 0 0 0
Net Income Applicable To Common Shares 3,677,000 47,000 -1,279,000
Dividend -2,905,000 -2,389,000 -596,000
RE 772,000 -2,342,000 -1,875,000

Balance Sheet

Cash And Cash Equivalents 16,718,000 17,504,000 25,243,000

Short Term Investments 17,233,000 17,147,000 24,718,000
Net Receivables 65,548,000 62,888,000 52,394,000
Inventory 11,220,000 10,786,000 10,808,000
Other Current Assets 3,930,000 5,722,000 3,581,000
Long Term Investments 31,828,000 31,749,000 32,852,000
Property Plant and Equipment 36,178,000 36,469,000 37,083,000
Goodwill 264,000 278,000 -
Intangible Assets 178,000 188,000 0
Accumulated Amortization 55,544,000 53,703,000 55,277,000
Other Assets 7,487,000 10,240,000 12,882,000
Deferred Long Term Asset Charges 10,412,000 11,863,000 12,423,000
Total Assets 256,540,000 258,537,000 267,261,000

Liabilities
Accounts Payable 24,806,000 24,175,000 25,703,000
Other Current Liabilities 15,175,000 17,553,000 17,662,000
Short/Current Long Term Debt 55,588,000 56,404,000 53,827,000
Long Term Debt 100,720,000 102,408,000 111,332,000
Other Liabilities 15,723,000 16,722,000 18,048,000
Deferred Long Term Liability Charges 4,582,000 4,681,000 5,097,000
Perferred Securities Outside Stock Equity 100,000 - -
Other Non Current Liabilities 3,880,000 3,364,000 4,781,000
Total Liabilities 220,574,000 225,307,000 236,450,000

Stockholders' Equity
Common Stock 41,000 41,000 41,000
Additional Paid in Capital 22,006,000 22,165,000 22,290,000
Retained Earnings 22,668,000 20,320,000 18,243,000
Treasury Stock -1,417,000 -1,613,000 -1,590,000
Gains losses Not Afffecting Retained Earning -7,366,000 -7,728,000 -8,294,000
Other Stockholder Equity 34,000 45,000 121,000
Total Stockholder Equity 35,966,000 33,230,000 30,811,000

Total Liabs&E 256,540,000 258,537,000 267,261,000

b 21.00% -4982.98% 146.60%

ROA 1.43% 0.02% -0.48%
ROE 10.22% 0.14% -0.0415
IGR 0.30% -0.90% -0.7%
SGR 2.19% -6.58% -5.7%
HGR -2.77% -18.4%
Industry GR -2.00% -16%
D/E

2017 Total Revenue 156,776,000

Actual Sales Growth 2.27% -2.77% -18.45%
Average Sales Growth last Three Years -6.31%
 FORD
Assumptions Inputs 2021 2022 2023
average of IGR& -10.2% 114,150,445 102,484,774 92,011,283
89% 89% 101,229,244 90,884,063 81,596,113
12,921,201 11,600,712 10,415,170

6.77% 6.77% 7,727,403 6,937,696 6,228,694

8% 8% 9,151,320 8,216,096 7,376,447
-3,957,522 -3,553,081 -3,189,972
IntR ofDebt 4.08% 8,947,276 8,674,330 8,458,746
-12,904,798 -12,227,411 -11,648,718
27% 27% (3,432,676) (3,252,491) (3,098,559)
-0.002% -0.002% (2,693) (2,418) (2,171)
-9,474,815 -8,977,338 -8,552,330
0.00% 0.00% - - -
-9,474,815 -8,977,338 -8,552,330
47% 47% (4,415,160) (4,183,341) (3,985,292)
(13,889,975) (13,160,679) (12,537,622)

19.85% plugIf-statement 16,000,000 16,000,000 16,000,000

19.44% 19.44% 22,191,930 19,924,013 17,887,867
41.21% 41.21% 47,039,565 42,232,329 37,916,372
8.50% 8.50% 9,703,470 8,711,818 7,821,509
2.82% 2.82% 3,215,038 2,886,475 2,591,490
25.84% 25.84% 29,494,671 26,480,446 23,774,261
29.17% 29.17% 33,293,281 29,890,855 26,836,142
Carry forward - - - -
0.00% 0.00% - - -
43.48% 43.48% 49,627,935 44,556,179 40,002,735
10.13% 10.13% 11,565,517 10,383,572 9,322,417
9.77% 9.77% 11,153,424 10,013,594 8,990,249
233,284,830 211,079,281 191,143,041

%sales 20.22% 23,076,267 20,717,975 18,600,689

Plug If-Statement 54,029,539 47,342,960 42,061,627
%0f LTD 48% 53,827,000 53,827,000 53,827,000
carryforward 111,332,000 111,332,000 111,332,000 111,332,000
carryforward 18,048,000 18,048,000 18,048,000 18,048,000
carryforward 5,097,000 5,097,000 5,097,000 5,097,000
carryforward - - - -
carryforward 4,781,000 4,781,000 4,781,000 4,781,000
270,190,806 261,145,935 253,747,317

carryforward 41,000 41,000 41,000 41,000

carryforward 22,290,000 22,290,000 22,290,000 22,290,000
PriorY+NewRE 18,243,000 4,353,025 -8,807,654 -21,345,276
carryforward -1,590,000 -1,590,000 -1,590,000 -1,590,000
carryforward -8,294,000 -8,294,000 -8,294,000 -8,294,000
carryforward 121,000 121,000 121,000 121,000
16,921,025 3,760,346 -8,777,276

287,111,830 264,906,281 244,970,041

Trial Assets 217,284,830 195,079,281 175,143,041

Trial Liabs&E 179,255,292 163,736,321 149,081,413
Trial Plug 38,029,539 31,342,960 26,061,627
MinCash 16,000,000 16,000,000 16,000,000 16,000,000
Plug 54,029,539 47,342,960 42,061,627

15.97 69.45 (28.91)

 2024 2025 Sensitivity Analysis EFN22
82,608,137 74,165,951 Receivables 54,029,539
73,257,351 65,770,774 35% 41,761,765
9,350,786 8,395,177 40% 47,585,292
45% 53,408,818
5,592,149 5,020,656 50% 59,232,344
6,622,607 5,945,806 55% 65,055,870
-2,863,971 -2,571,285 60% 70,879,396
8,296,016 8,182,154 65% 76,702,922
-11,159,986 -10,753,439 70% 82,526,448
(2,968,556) (2,860,415) 75% 88,349,974
(1,949) (1,750) 80% 94,173,500
-8,193,379 -7,894,774 85% 99,997,026
- - 90% 105,820,552
-8,193,379 -7,894,774 95% 111,644,078
(3,818,025) (3,678,878) 100% 117,467,604
(12,011,404) (11,573,653) 105% 123,291,131
110% 129,114,657
Growthrate EFN22
54,029,539
0% 72,081,233
16,000,000 16,000,000 0.50% 73,210,857
16,059,806 14,418,564 1% 74,340,481
34,041,486 30,562,597 1.50% 75,470,106
7,022,185 6,304,549 2% 76,599,730
2,326,651 2,088,878 2.50% 77,729,354
21,344,637 19,163,309 3% 78,858,978
24,093,607 21,631,347 3.50% 79,988,602
- - 4% 81,118,226
- - 4.50% 82,247,850
35,914,632 32,244,315 5% 83,377,475
8,369,707 7,514,360 5.50% 84,507,099
8,071,485 7,246,615 6% 85,636,723
173,244,196 157,174,534 6.50% 86,766,347
7% 87,895,971
7.50% 89,025,595
16,699,781 14,993,137 8% 90,155,220
38,075,095 35,285,730 8.50% 91,284,844
53,827,000 53,827,000 9% 92,414,468
111,332,000 111,332,000 9.50% 93,544,092
18,048,000 18,048,000
5,097,000 5,097,000
- -
 4,781,000 4,781,000
247,859,876 243,363,867

41,000 41,000
22,290,000 22,290,000
-33,356,680 -44,930,333
-1,590,000 -1,590,000
-8,294,000 -8,294,000
121,000 121,000
-20,788,680 -32,362,333

227,071,196 211,001,534

157,244,196 141,174,534
135,169,101 121,888,805
22,075,095 19,285,730
16,000,000 16,000,000
38,075,095 35,285,730

(11.92) (7.52)
EFN23 EFN24 EFN25 EFN26
47,342,960 42,061,627 38,075,095 35,285,730
30,657,883 20,892,880 0 0
36,004,632 25,813,982 16,875,486 0
41,351,381 30,735,084 21,416,895 0
46,698,130 35,656,187 25,958,304 17,471,508
52,044,879 40,577,289 30,499,713 21,674,531
57,391,628 45,498,391 35,041,122 25,877,554
62,738,377 50,419,493 39,582,531 30,080,578
68,085,127 55,340,595 44,123,940 34,283,601
73,431,876 60,261,697 48,665,349 38,486,625
78,778,625 65,182,799 53,206,758 42,689,648
84,125,374 70,103,902 57,748,167 46,892,671
89,472,123 75,025,004 62,289,576 51,095,695
94,818,872 79,946,106 66,830,985 55,298,718
100,165,621 84,867,208 71,372,394 59,501,741
105,512,370 89,788,310 75,913,803 63,704,765
110,859,119 94,709,412 80,455,212 67,907,788
EFN23 EFN24 EFN25 EFN26
47,342,960 42,061,627 38,075,095 35,285,730
82,116,364 92,355,457 102,802,657 113,462,193
84,430,287 95,909,621 107,654,302 119,669,884
86,755,505 99,498,333 112,576,383 125,997,231
89,092,020 103,121,764 117,569,590 132,445,992
91,439,831 106,780,081 122,634,617 139,017,941
93,798,938 110,473,455 127,772,159 145,714,869
96,169,341 114,202,056 132,982,919 152,538,586
98,551,041 117,966,052 138,267,599 159,490,918
100,944,037 121,765,613 143,626,906 166,573,710
103,348,329 125,600,909 149,061,552 173,788,823
105,763,917 129,472,108 154,572,250 181,138,137
108,190,802 133,379,381 160,159,717 188,623,550
110,628,983 137,322,897 165,824,675 196,246,978
113,078,460 141,302,826 171,567,846 204,010,353
115,539,233 145,319,336 177,389,960 211,915,627
118,011,303 149,372,597 183,291,746 219,964,771
120,494,668 153,462,779 189,273,939 228,159,772
122,989,330 157,590,051 195,337,277 236,502,637
125,495,289 161,754,582 201,482,500 244,995,391
128,012,543 165,956,543 207,710,353 253,640,076