AAPL - Income Statement All numbers (USD) in thousands

Period Ending 26-Sep-15 27-Sep-14

Total Revenue 27.86% 6.95%
Cost of Revenue 24.79% 5.30%
Gross Profit 32.73% 9.69%
Operating Expenses
Research Development 33.54% 34.99%
Selling General and Administrative 19.48% 10.74%
Non Recurring
Others
Total Operating Expenses 24.19% 17.83%
Operating Income or Loss 35.67% 7.15%
Income from Continuing Operations
Total Other Income/Expenses Net 31.12% -15.22%
Earnings Before Interest And Taxes 35.59% 6.64%
Interest Expense
Income Before Tax 35.59% 6.64%
Income Tax Expense 36.84% 6.52%
Minority Interest
Net Income From Continuing Ops 35.14% 6.68%
Non-recurring Events
Discontinued Operations
Extraordinary Items
Effect Of Accounting Changes
Other Items
Net Income 35.14% 6.68%
Preferred Stock And Other Adjustments
Net Income Applicable To Common Shares 35.14% 6.68%

Balance Sheet 26-Sep-15 27-Sep-14

Assets
Current Assets
Cash And Cash Equivalents 52.56% -2.91%
Short Term Investments 82.33% -57.27%
Net Receivables 13.80% 30.89%
Inventory 11.27% 19.67%
Other Current Assets -2.72% 42.49%
Total Current Assets 30.42% -6.49%
Long Term Investments 26.05% 22.55%
Property Plant and Equipment 8.96% 24.26%
Goodwill 10.83% 192.71%
Intangible Assets -6.01% -0.89%
Accumulated Amortization
Other Assets 47.61% -26.86%
Deferred Long Term Asset Charges
Total Assets 25.29% 12.00%
Liabilities
Current Liabilities
Accounts Payable 24.71% 34.30%
Short/Current Long Term Debt 74.37%
Other Current Liabilities 5.29% 14.20%
Total Current Liabilities 27.05% 45.33%
Long Term Debt 84.44% 70.91%
Other Liabilities 34.65% 22.85%
Deferred Long Term Liability Charges 19.56% 15.47%
Minority Interest
Negative Goodwill
Total Liabilities 42.26% 44.15%
Stockholders' Equity
Misc Stocks Options Warrants
Redeemable Preferred Stock
Preferred Stock
Common Stock 17.60% 17.96%
Retained Earnings 4.20% -14.98%
Treasury Stock
Total Stockholder Equity 7.00% -9.71%
Total Liabilities + Equity 25.29% 12.00%

Statement of Cash Flows 26-Sep-15 27-Sep-14

Net Income 53,394,000 39,510,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation 11,257,000 7,946,000
Adjustments To Net Income 4,968,000 5,210,000
Changes In Accounts Receivables -3,124,000 -6,452,000
Changes In Liabilities 15,188,000 13,408,000
Changes In Inventories -238,000 -76,000
Changes In Other Operating Activities -179,000 167,000
Total Cash Flow From Operating Activities 81,266,000 59,713,000
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures -11,247,000 -9,571,000
Investments -44,417,000 -9,017,000
Other Cash flows from Investing Activities -610,000 -3,991,000
Total Cash Flows From Investing Activities -56,274,000 -22,579,000
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid -11,561,000 -11,126,000
Sale Purchase of Stock -34,710,000 -44,270,000
Net Borrowings 29,305,000 18,266,000
Other Cash Flows from Financing Activities -1,499,000 -1,158,000
Total Cash Flows From Financing Activities -17,716,000 -37,549,000
Effect Of Exchange Rate Changes - -
Change In Cash and Cash Equivalents 7,276,000 -415,000
Revenue is increasing
Cost increases as VC also increase. Not conducive for an economy of sale.
Performance has improved. Which is depicted by co. increasing profit.

Owing to sustained RnD expenses

- Receivables has decreased indicative of Cash going high and higher revenue.
Which show clear movement towards efficiently utilizing inventory + collecting
receivables 1. KPI
- Significant build up in Liquidity(Cash + Short Term Investment) maybe owing to a
take over or service their liabilities 2. KPI
- Good will reduced owing to bad take overs
Wal-Mart Stores
Period Ending 31-Jan-15 31-Jan-14 31-Jan-13
Total Revenue 485,651,000 476,294,000 468,651,000
Cost of Revenue 365,086,000 358,069,000 352,297,000
Gross Profit 120,565,000 118,225,000 116,354,000
Operating Expenses
Research Development - - -
Selling General and Administrative 93,418,000 91,353,000 88,629,000
Non Recurring - - -
Others - - -
Total Operating Expenses 93418000 91353000 88629000
Operating Income or Loss 27,147,000 26,872,000 27,725,000
Income from Continuing Operations
Total Other Income/Expenses Net 113,000 119,000 186,000
Earnings Before Interest And Taxes 27,260,000 26,991,000 27,911,000
Interest Expense 2,461,000 2,335,000 2,249,000
Income Before Tax 24,799,000 24,656,000 25,662,000
Income Tax Expense 7,985,000 8,105,000 7,958,000
Minority Interest - - -
Net Income From Continuing Ops 16,814,000 16,551,000 17,704,000
Non-recurring Events
Discontinued Operations -451,000 -529,000 -705,000
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income 16,363,000 16,022,000 16,999,000
Preferred Stock And Other Adjustments - - -
Net Income Applicable To Common Shares 16,363,000 16,022,000 16,999,000

31-Jan-15 31-Jan-14 31-Jan-13

Assets
Current Assets
Cash And Cash Equivalents 9,135,000 7,281,000 7,781,000
Short Term Investments - - -
Net Receivables 6,778,000 6,677,000 6,768,000
Inventory 45,141,000 44,858,000 43,803,000
Other Current Assets 2,224,000 2,369,000 1,588,000
Total Current Assets 63,278,000 61,185,000 59,940,000
Long Term Investments - - -
Property Plant and Equipment 116,655,000 117,907,000 116,681,000
Goodwill 18,102,000 19,510,000 20,497,000
Intangible Assets - - -
Accumulated Amortization - - -
Other Assets 5,671,000 6,149,000 5,987,000
Deferred Long Term Asset Charges - - -
Total Assets 203,706,000 204,751,000 203,105,000
Liabilities
Current Liabilities
Accounts Payable 58,583,000 57,174,000 59,099,000
Short/Current Long Term Debt 6,689,000 12,082,000 12,719,000
Other Current Liabilities - 89,000 -
Total Current Liabilities 65,272,000 69,345,000 71,818,000
Long Term Debt 43,692,000 44,559,000 41,417,000
Other Liabilities - - -
Deferred Long Term Liability Charges 8,805,000 8,017,000 7,613,000
Minority Interest 4,543,000 5,084,000 5,395,000
Negative Goodwill - - -
Total Liabilities 122,312,000 127,005,000 126,243,000
Stockholders' Equity
Misc Stocks Options Warrants - 1,491,000 519,000
Redeemable Preferred Stock - - -
Preferred Stock - - -
Common Stock 323,000 323,000 332,000
Retained Earnings 81,071,000 75,932,000 76,011,000
Treasury Stock - - -
Total Stockholder Equity 81,394,000 77,746,000 76,862,000
Total Liabilities + Equity 203,706,000 204,751,000 203,105,000

31-Jan-15 31-Jan-14 31-Jan-13

Net Income 16,363,000 16,022,000 16,999,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation 9,173,000 8,870,000 8,478,000
Adjustments To Net Income -3,000 515,000 417,000
Changes In Accounts Receivables -569,000 -566,000 -614,000
Changes In Liabilities 4,093,000 -590,000 2,313,000
Changes In Inventories -1,229,000 -1,667,000 -2,759,000
Changes In Other Operating Activities - - -
Total Cash Flow From Operating Activities 28,564,000 23,257,000 25,591,000
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures -12,174,000 -13,115,000 -12,898,000
Investments - - -
Other Cash flows from Investing Activities 1,049,000 589,000 261,000
Total Cash Flows From Investing Activities -11,125,000 -12,526,000 -12,637,000
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid -6,785,000 -6,565,000 -5,643,000
Sale Purchase of Stock -2,859,000 -6,979,000 -7,732,000
Net Borrowings -5,018,000 3,015,000 1,487,000
Other Cash Flows from Financing Activities -409,000 -260,000 -58,000
Total Cash Flows From Financing Activities -15,071,000 -10,789,000 -11,946,000
Effect Of Exchange Rate Changes -514,000 -442,000 223,000
Change In Cash and Cash Equivalents 1,854,000 -500,000 1,231,000
AAPL - Income Statement All numbers (USD) in thousands
Period Ending 26-Sep-15 27-Sep-14 28-Sep-13
Total Revenue 100.00% 100.00% 100.00%
Cost of Revenue 59.94% 61.41% 62.38%
Gross Profit 40.06% 38.59% 37.62%
Operating Expenses 0.00% 0.00% 0.00%
Research Development 3.45% 3.30% 2.62%
Selling General and Administrative 6.13% 6.56% 6.34%
Non Recurring
Others
Total Operating Expenses 9.58% 9.87% 8.96%
Operating Income or Loss 30.48% 28.72% 28.67%
Income from Continuing Operations 0.00% 0.00% 0.00%
Total Other Income/Expenses Net 0.55% 0.54% 0.68%
Earnings Before Interest And Taxes 31.03% 29.26% 29.35%
Interest Expense 0.00% 0.00% 0.00%
Income Before Tax 31.03% 29.26% 29.35%
Income Tax Expense 8.18% 7.64% 7.68%
Minority Interest
Net Income From Continuing Ops 22.85% 21.61% 21.67%
Non-recurring Events 0.00% 0.00% 0.00%
Discontinued Operations
Extraordinary Items
Effect Of Accounting Changes
Other Items
Net Income 22.85% 21.61% 21.67%
Preferred Stock And Other Adjustments
Net Income Applicable To Common Shares 22.85% 21.61% 21.67%

Balance Sheet 26-Sep-15 27-Sep-14 28-Sep-13

Assets
Current Assets

Cash And Cash Equivalents 7.27% 5.97% 6.89%

Short Term Investments 7.05% 4.85% 12.70%

Net Receivables 12.36% 13.60% 11.64%
Inventory 0.81% 0.91% 0.85%
Other Current Assets 3.28% 4.23% 3.32%

Total Current Assets 30.77% 29.56% 35.40%

Long Term Investments 56.48% 56.14% 51.31%
Property Plant and Equipment 7.74% 8.90% 8.02%
Goodwill 1.76% 1.99% 0.76%
Intangible Assets 1.34% 1.79% 2.02%
Accumulated Amortization
Other Assets 1.91% 1.62% 2.49%
Deferred Long Term Asset Charges
Total Assets 100.00% 100.00% 100.00%
Liabilities 0.00% 0.00% 0.00%
Current Liabilities 0.00% 0.00% 0.00%
Accounts Payable 20.89% 20.98% 17.50%

Short/Current Long Term Debt 3.79% 2.72%

Other Current Liabilities 3.08% 3.66% 3.59%
Total Current Liabilities 27.75% 27.37% 21.09%
Long Term Debt 18.41% 12.50% 8.19%
Other Liabilities 11.51% 10.71% 9.76%
Deferred Long Term Liability Charges 1.25% 1.31% 1.27%
Minority Interest
Negative Goodwill

Total Liabilities 58.91% 51.89% 40.31%

Stockholders' Equity 0.00% 0.00% 0.00%
Misc Stocks Options Warrants
Redeemable Preferred Stock
Preferred Stock
Common Stock 9.44% 10.06% 9.55%
Retained Earnings 31.65% 38.06% 50.14%
Treasury Stock
Total Stockholder Equity 41.09% 48.11% 59.69%
Total Liabilities + Equity 1 1 1

Statement of Cash Flows 26-Sep-15 27-Sep-14 28-Sep-13

Net Income 22.85% 21.61% 21.67%
Operating Activities, Cash Flows Provided By or Used In 0.00% 0.00% 0.00%
Depreciation 4.82% 4.35% 3.95%
Adjustments To Net Income 2.13% 2.85% 1.99%
Changes In Accounts Receivables -1.34% -3.53% -1.14%
Changes In Liabilities 6.50% 7.33% 4.87%
Changes In Inventories -0.10% -0.04% -0.57%
Changes In Other Operating Activities -0.08% 0.09% 0.63%
Total Cash Flow From Operating Activities 34.77% 32.67% 31.40%
Investing Activities, Cash Flows Provided By or Used In 0.00% 0.00% 0.00%
Capital Expenditures -4.81% -5.24% -4.78%
Investments -19.00% -4.93% -14.07%
Other Cash flows from Investing Activities -0.26% -2.18% -0.92%

Total Cash Flows From Investing Activities -24.08% -12.35% -19.76%

Financing Activities, Cash Flows Provided By or Used In 0.00% 0.00% 0.00%
Dividends Paid -4.95% -6.09% -6.18%
Sale Purchase of Stock -14.85% -24.22% -13.07%
Net Borrowings 12.54% 9.99% 9.89%
Other Cash Flows from Financing Activities -0.64% -0.63% -0.63%

Total Cash Flows From Financing Activities -7.58% -20.54% -9.58%

Effect Of Exchange Rate Changes
Change In Cash and Cash Equivalents 3.11% -0.23% 2.06%
 Comments

Gradual increase shows signs of increasing efficiency

Stable. Growing via acquisition instead of R'n'D

Stable. Consolidating Market Share.

-Cash is constant. In a stable business when cashflow is known taking

into consideration contingency.
'-In this case it is low

- Variation in short term investments. Which directly affects the current

assets.

- stable
- stable
- stable
Source ==> short term investments. Possibly coz if marketable securities

- High. This represents claim in other companies.

Not unusal as they do not need to invest in PPE. Also owing to
outsourcing manufacturing.

Current portion of Long term debt shows an increase. Which means

higher long term debt.

-Strong trend toward increasing liabilities.

- Realization that taking on higher liability is more profitable than
holding retained earnings

-Change in the financing strategy

Cash conversion from operating activities. The more you generate from
operations the better it is.

Higher investment is a healthy indication. -ve is a reflection of the

outflow.
Wal-Mart Stores
Period Ending 31-Jan-15 31-Jan-14 31-Jan-13
Total Revenue 100.00% 100.00% 100.00%
Cost of Revenue 75.17% 75.18% 75.17%
Gross Profit 24.83% 24.82% 24.83%
Operating Expenses 0.00% 0.00% 0.00%
Research Development
Selling General and Administrative 19.24% 19.18% 18.91%
Non Recurring
Others
Total Operating Expenses 19.24% 19.18% 18.91%
Operating Income or Loss 5.59% 5.64% 5.92%
Income from Continuing Operations 0.00% 0.00% 0.00%
Total Other Income/Expenses Net 0.02% 0.02% 0.04%
Earnings Before Interest And Taxes 5.61% 5.67% 5.96%
Interest Expense 0.51% 0.49% 0.48%
Income Before Tax 5.11% 5.18% 5.48%
Income Tax Expense 1.64% 1.70% 1.70%
Minority Interest
Net Income From Continuing Ops 3.46% 3.47% 3.78%
Non-recurring Events 0.00% 0.00% 0.00%
Discontinued Operations -0.09% -0.11% -0.15%
Extraordinary Items
Effect Of Accounting Changes
Other Items
Net Income 3.37% 3.36% 3.63%
Preferred Stock And Other Adjustments
Net Income Applicable To Common Shares 3.37% 3.36% 3.63%

31-Jan-15 31-Jan-14 31-Jan-13

Assets
Current Assets

Cash And Cash Equivalents 4.48% 3.56% 3.83%

Short Term Investments

Net Receivables 3.33% 3.26% 3.33%
Inventory 22.16% 21.91% 21.57%
Other Current Assets 1.09% 1.16% 0.78%

Total Current Assets 31.06% 29.88% 29.51%

Long Term Investments
Property Plant and Equipment 57.27% 57.59% 57.45%
Goodwill 8.89% 9.53% 10.09%
Intangible Assets
Accumulated Amortization
Other Assets 2.78% 3.00% 2.95%
Deferred Long Term Asset Charges
Total Assets 100.00% 100.00% 100.00%
Liabilities 0.00% 0.00% 0.00%
Current Liabilities 0.00% 0.00% 0.00%
Accounts Payable 28.76% 27.92% 29.10%

Short/Current Long Term Debt 3.28% 5.90% 6.26%

Other Current Liabilities 0.04%
Total Current Liabilities 32.04% 33.87% 35.36%
Long Term Debt 21.45% 21.76% 20.39%
Other Liabilities
Deferred Long Term Liability Charges 4.32% 3.92% 3.75%
Minority Interest 2.23% 2.48% 2.66%
Negative Goodwill

Total Liabilities 60.04% 62.03% 62.16%

Stockholders' Equity 0.00% 0.00% 0.00%
Misc Stocks Options Warrants 0.73% 0.26%
Redeemable Preferred Stock
Preferred Stock
Common Stock 0.16% 0.16% 0.16%
Retained Earnings 39.80% 37.09% 37.42%
Treasury Stock
Total Stockholder Equity 39.96% 37.97% 37.84%
Total Liabilities + Equity 1 1 1

31-Jan-15 31-Jan-14 31-Jan-13

Net Income 3.37% 3.36% 3.63%
Operating Activities, Cash Flows Provided By or Used In 0.00% 0.00% 0.00%
Depreciation 1.89% 1.86% 1.81%
Adjustments To Net Income 0.00% 0.11% 0.09%
Changes In Accounts Receivables -0.12% -0.12% -0.13%
Changes In Liabilities 0.84% -0.12% 0.49%
Changes In Inventories -0.25% -0.35% -0.59%
Changes In Other Operating Activities #VALUE! #VALUE! #VALUE!
Total Cash Flow From Operating Activities 5.88% 4.88% 5.46%
Investing Activities, Cash Flows Provided By or Used In 0.00% 0.00% 0.00%
Capital Expenditures -2.51% -2.75% -2.75%
Investments #VALUE! #VALUE! #VALUE!
Other Cash flows from Investing Activities 0.22% 0.12% 0.06%

Total Cash Flows From Investing Activities -2.29% -2.63% -2.70%

Financing Activities, Cash Flows Provided By or Used In 0.00% 0.00% 0.00%
Dividends Paid -1.40% -1.38% -1.20%
Sale Purchase of Stock -0.59% -1.47% -1.65%
Net Borrowings -1.03% 0.63% 0.32%
Other Cash Flows from Financing Activities -0.08% -0.05% -0.01%

Total Cash Flows From Financing Activities -3.10% -2.27% -2.55%

Effect Of Exchange Rate Changes -0.11% -0.09% 0.05%
Change In Cash and Cash Equivalents 0.38% -0.10% 0.26%
AAPL - Income Statement All numbers (USD) in thousands
Period Ending 26-Sep-15 27-Sep-14 28-Sep-13
Total Revenue 233,715,000 182,795,000 170,910,000
Cost of Revenue 140,089,000 112,258,000 106,606,000
Gross Profit 93,626,000 70,537,000 64,304,000
Operating Expenses
Research Development 8,067,000 6,041,000 4,475,000
Selling General and Administrative 14,329,000 11,993,000 10,830,000
Non Recurring - - -
Others - - -
Total Operating Expenses 22,396,000 18,034,000 15,305,000
Operating Income or Loss 71,230,000 52,503,000 48,999,000
Income from Continuing Operations
Total Other Income/Expenses Net 1,285,000 980,000 1,156,000
Earnings Before Interest And Taxes 72,515,000 53,483,000 50,155,000
Interest Expense
Income Before Tax 72,515,000 53,483,000 50,155,000
Income Tax Expense 19,121,000 13,973,000 13,118,000
Minority Interest - - -
Net Income From Continuing Ops 53,394,000 39,510,000 37,037,000
Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income 53,394,000 39,510,000 37,037,000
Preferred Stock And Other Adjustments - - -
Net Income Applicable To Common Shares 53,394,000 39,510,000 37,037,000

Balance Sheet 26-Sep-15 27-Sep-14 28-Sep-13

Assets
Current Assets
Cash And Cash Equivalents 21,120,000 13,844,000 14,259,000
Short Term Investments 20,481,000 11,233,000 26,287,000
Net Receivables 35,889,000 31,537,000 24,094,000
Inventory 2,349,000 2,111,000 1,764,000
Other Current Assets 9,539,000 9,806,000 6,882,000
Total Current Assets 89,378,000 68,531,000 73,286,000
Long Term Investments 164,065,000 130,162,000 106,215,000
Property Plant and Equipment 22,471,000 20,624,000 16,597,000
Goodwill 5,116,000 4,616,000 1,577,000
Intangible Assets 3,893,000 4,142,000 4,179,000
Accumulated Amortization - - -
Other Assets 5,556,000 3,764,000 5,146,000
Deferred Long Term Asset Charges - - -
Total Assets 290,479,000 231,839,000 207,000,000
Liabilities
Current Liabilities
Accounts Payable 60,671,000 48,649,000 36,223,000
Short/Current Long Term Debt 10,999,000 6,308,000 -
Other Current Liabilities 8,940,000 8,491,000 7,435,000
Total Current Liabilities 80,610,000 63,448,000 43,658,000
Long Term Debt 53,463,000 28,987,000 16,960,000
Other Liabilities 33,427,000 24,826,000 20,208,000
Deferred Long Term Liability Charges 3,624,000 3,031,000 2,625,000
Minority Interest - - -
Negative Goodwill - - -
Total Liabilities 171,124,000 120,292,000 83,451,000
Stockholders' Equity
Misc Stocks Options Warrants - - -
Redeemable Preferred Stock - - -
Preferred Stock - - -
Common Stock 27,416,000 23,313,000 19,764,000
Retained Earnings 91,939,000 88,234,000 103,785,000
Treasury Stock - - -
Total Stockholder Equity 119,355,000 111,547,000 123,549,000
Total Liabilities + Equity 290,479,000 231,839,000 207,000,000

Statement of Cash Flows 26-Sep-15 27-Sep-14 28-Sep-13

Net Income 53,394,000 39,510,000 37,037,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation 11,257,000 7,946,000 6,757,000
Adjustments To Net Income 4,968,000 5,210,000 3,394,000
Changes In Accounts Receivables -3,124,000 -6,452,000 -1,949,000
Changes In Liabilities 15,188,000 13,408,000 8,320,000
Changes In Inventories -238,000 -76,000 -973,000
Changes In Other Operating Activities -179,000 167,000 1,080,000
Total Cash Flow From Operating Activities 81,266,000 59,713,000 53,666,000
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures -11,247,000 -9,571,000 -8,165,000
Investments -44,417,000 -9,017,000 -24,042,000
Other Cash flows from Investing Activities -610,000 -3,991,000 -1,567,000
Total Cash Flows From Investing Activities -56,274,000 -22,579,000 -33,774,000
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid -11,561,000 -11,126,000 -10,564,000
Sale Purchase of Stock -34,710,000 -44,270,000 -22,330,000
Net Borrowings 29,305,000 18,266,000 16,896,000
Other Cash Flows from Financing Activities -1,499,000 -1,158,000 -1,082,000
Total Cash Flows From Financing Activities -17,716,000 -37,549,000 -16,379,000
Effect Of Exchange Rate Changes - - -
Change In Cash and Cash Equivalents 7,276,000 -415,000 3,513,000
Wal-Mart Stores
Period Ending 31-Jan-15 31-Jan-14 31-Jan-13
Total Revenue 485,651,000 476,294,000 468,651,000
Cost of Revenue 365,086,000 358,069,000 352,297,000
Gross Profit 120,565,000 118,225,000 116,354,000
Operating Expenses
Research Development - - -
Selling General and Administrative 93,418,000 91,353,000 88,629,000
Non Recurring - - -
Others - - -
Total Operating Expenses 93418000 91353000 88629000
Operating Income or Loss 27,147,000 26,872,000 27,725,000
Income from Continuing Operations
Total Other Income/Expenses Net 113,000 119,000 186,000
Earnings Before Interest And Taxes 27,260,000 26,991,000 27,911,000
Interest Expense 2,461,000 2,335,000 2,249,000
Income Before Tax 24,799,000 24,656,000 25,662,000
Income Tax Expense 7,985,000 8,105,000 7,958,000
Minority Interest - - -
Net Income From Continuing Ops 16,814,000 16,551,000 17,704,000
Non-recurring Events
Discontinued Operations -451,000 -529,000 -705,000
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income 16,363,000 16,022,000 16,999,000
Preferred Stock And Other Adjustments - - -
Net Income Applicable To Common Shares 16,363,000 16,022,000 16,999,000

31-Jan-15 31-Jan-14 31-Jan-13

Assets
Current Assets
Cash And Cash Equivalents 9,135,000 7,281,000 7,781,000
Short Term Investments - - -
Net Receivables 6,778,000 6,677,000 6,768,000
Inventory 45,141,000 44,858,000 43,803,000
Other Current Assets 2,224,000 2,369,000 1,588,000
Total Current Assets 63,278,000 61,185,000 59,940,000
Long Term Investments - - -
Property Plant and Equipment 116,655,000 117,907,000 116,681,000
Goodwill 18,102,000 19,510,000 20,497,000
Intangible Assets - - -
Accumulated Amortization - - -
Other Assets 5,671,000 6,149,000 5,987,000
Deferred Long Term Asset Charges - - -
Total Assets 203,706,000 204,751,000 203,105,000
Liabilities
Current Liabilities
Accounts Payable 58,583,000 57,174,000 59,099,000
Short/Current Long Term Debt 6,689,000 12,082,000 12,719,000
Other Current Liabilities - 89,000 -
Total Current Liabilities 65,272,000 69,345,000 71,818,000
Long Term Debt 43,692,000 44,559,000 41,417,000
Other Liabilities - - -
Deferred Long Term Liability Charges 8,805,000 8,017,000 7,613,000
Minority Interest 4,543,000 5,084,000 5,395,000
Negative Goodwill - - -
Total Liabilities 122,312,000 127,005,000 126,243,000
Stockholders' Equity
Misc Stocks Options Warrants - 1,491,000 519,000
Redeemable Preferred Stock - - -
Preferred Stock - - -
Common Stock 323,000 323,000 332,000
Retained Earnings 81,071,000 75,932,000 76,011,000
Treasury Stock - - -
Total Stockholder Equity 81,394,000 77,746,000 76,862,000
Total Liabilities + Equity 203,706,000 204,751,000 203,105,000

31-Jan-15 31-Jan-14 31-Jan-13

Net Income 16,363,000 16,022,000 16,999,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation 9,173,000 8,870,000 8,478,000
Adjustments To Net Income -3,000 515,000 417,000
Changes In Accounts Receivables -569,000 -566,000 -614,000
Changes In Liabilities 4,093,000 -590,000 2,313,000
Changes In Inventories -1,229,000 -1,667,000 -2,759,000
Changes In Other Operating Activities - - -
Total Cash Flow From Operating Activities 28,564,000 23,257,000 25,591,000
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures -12,174,000 -13,115,000 -12,898,000
Investments - - -
Other Cash flows from Investing Activities 1,049,000 589,000 261,000
Total Cash Flows From Investing Activities -11,125,000 -12,526,000 -12,637,000
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid -6,785,000 -6,565,000 -5,643,000
Sale Purchase of Stock -2,859,000 -6,979,000 -7,732,000
Net Borrowings -5,018,000 3,015,000 1,487,000
Other Cash Flows from Financing Activities -409,000 -260,000 -58,000
Total Cash Flows From Financing Activities -15,071,000 -10,789,000 -11,946,000
Effect Of Exchange Rate Changes -514,000 -442,000 223,000
Change In Cash and Cash Equivalents 1,854,000 -500,000 1,231,000
Liquidity 2015 2014 2013
1 Working Capital -1,994,000 -8,160,000 -11,878,000

2 Current Ratio 0.97 0.88 0.83

3 Quick(Acid Test) Ratio 0.24 0.20 0.20

4 Accounts Receivable Turnover 72.19 70.85

5 Avg Days to collect receivables 5.06 5.15

6 Inventory Turnover 8.11 8.08

7 Avg days to sale/ Days in Inventory 44.99 45.19

8 Gross Cash Cycle 50.05 50.34

9 Accts Payable Turn Over 6.31 6.16

10 Days in A/C Payable 57.86 59.26

11 Net Cash Cycle -7.82 -8.92

Solvency
1 Debt to Assets Ratio 0.60 0.62 0.62

2 Debt to Equity Ratio 1.50 1.63 1.64

3 No of Times Interest Earned 11.08 11.56 12.41

4 PPE to Long term 2.05 2.04 2.14

Profitability
1 Net Margin / Profit Margin 3.37% 3.36% 3.63%

2 Gross Margin 24.83% 24.82% 24.83%

3 Asset Turnover Ratio 2.38 2.34

4 Return on Investment 8.01% 7.86%

5 Return On Equity 20.56% 20.73%

Owing to efficient asset utilization. The company is able to achieve size returns on shareholders equity.
Company is able to maintain their margin, which allows them to sustain returns on equity
Liquidity
Working Capital -1,994,000 -8,160,000 -11,878,000
Current Ratio 0.97 0.88 0.83
Quick Ratio 0.24 0.20 0.20
Accounts Receivable Turnover 72.19 70.85
Avg days to collect Receivables 5.06 5.15
Inventory Turnover 8.11 8.08
Average days to sell Inventory 44.99 45.19

Gross cash cycle = Days to sell Inv +

Days to collect Receivables
50.05 50.34
Accounts Payables Turnover 6.31 6.16
Average days to make payment 57.86 59.26
Net Cash cycle -7.82 -8.92

Solvency
Debt to Asset Ratio 0.60 0.62
Debt to Equity Ratio 1.50 1.63
Number of times interest earned =
EBIT/Interest Expense 11.08 11.56

PPE to Long term Liabilities 2.05 2.04

Profitability
Net Margin 3.37% 3.36%
Gross Margin 24.83% 24.82%
Asset Turnover Ratio 2.38 2.34
Return on Investment 8.01% 7.86%
Return on equity 20.56% 20.73%
Expressed in
$ : Current Assets - Current Liabilities

Ratio : Current Assets / Current Liabilities

- Signs of stability
Ratio (CA - Inv ) / Current Liabilities - for 1$ of current liability they can pay only .20c(QR)

Times The companies has turned receivables 72.19 times between the las

Days The company collects its receivables in 5 days

Times Inventory is turned over 8 times

Days Inventory takes 44.99 to sell

Days Days to sell Invetory + Days to collect receivables

Times Pay 6 times a year

Days Pay every 57.86 days

In case net cash cycle is positive the company may need to borrow in order to pay A/P.

Ratio .60c attributed to debt in liabilities & .40c by Equity

Ratio for every 1 dollar of equity investment is being supported by 1.50$ of debt

Times No. of times the company can cover its interest expense

Ratio

Percentage Conversion of Top Line to Bottom Line. Is low because of the nature of business.

Percentage

Times

Percentage

Percentage
on shareholders equity.
on equity

Net Income/TR
Gross Profit/TR
TR/((TA+TA)/2)
NI/((TA+TA)/2)
NI/((TSE+TSE)/2)
stability
current liability they can pay only .20c(QR)

anies has turned receivables 72.19 times between the last 2 years

any collects its receivables in 5 days

need to borrow in order to pay A/P.

ported by 1.50$ of debt

use of the nature of business.

Working Capital