(Income Statement) Sales or Receivables (Balance Sheet) Industry Median 343 1861 in VS .NET

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(Income Statement) Sales or Receivables (Balance Sheet) Industry Median 343 1861
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Sales/Receivable Ratio
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1999 311
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2000 460
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2001 336
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Appendix A
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This is an important ratio and measures the number of times that receivables turn over during the year While erratic in nature and about average in sense of the industry median, we cannot put much weight on this ratio, since receivables tend to be so small
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365 or Sales/Receivable Ratio Industry Median 2001 11 11 2 days
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Day s Receivable Ratio 1999 12 2000 8
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This highlights the average time in terms of days that receivables are outstanding Generally, the longer that receivables are outstanding, the greater the chance that they may not be collectible Slow-turnover accounts merit individual examination for conditions of cause Turnover in our target seems acceptable by industry standards
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Cost of Sales/Payables Ratio Cost of Sales or Payables Industry Median 273
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1999 1093
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2000 2096
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2001 1209
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Generally, the higher their turnover rate, the shorter the time between purchase and payment Lower turnover suggests that companies may frequently pay bills from daily in-house cash receipts due to slower receivable collections This practice may be somewhat misguided in light of investment principles whereby one normally attempts to match collections relatively close to payments so that more business income can be directed into the pockets of owners Some businesses may, however, have little choice Our target company is exceptionally attentive in paying bills This raises a question of oor-plan management For example, is there a good balance of cash being used to pay oor-plan interest, versus a better use toward purchased inventory How might this play out in terms of increasing gross margins
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Sales/Working Capital Ratio Sales or Working Capital*
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Valuation of a Marina Industry Median 219
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1999 71
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*Working capital equals current assets less current liabilities
A low ratio may indicate an inef cient use of working capital, whereas a very high ratio often signals a vulnerable position for creditors This minus industry median indicates that working capital is quite regularly scarce or that inef cient uses of working capital prevail throughout this industry The results of this ratio indicate positive signs Though working capital increased in each of these years ($77,628 to $82,956 to $108,789), the ratio dropped off in 2001 because of the lowest sales performance during the three-year period Ratios, by themselves, may not always tell the whole story To analyze how well inventory is being managed, the cost of sales to inventory ratio can identify important potential shortsightedness
Cost of Sales/Inventory Ratio Cost of Sales or Inventory Industry Median 38
1999 17
2000 17
2001 15
A higher inventory turnover can signify a more liquid position and/or better skills at marketing, whereas a lower turnover of inventory may indicate shortages of merchandise for sale, overstocking, or obsolescence These lower turnovers of inventory leave me skeptical about conditions in this asset My rst inclination would be to look, item by item, to determine what, if any, products could be changed from stock to custom order, or dropped entirely $140,124 ($212,385 $72,261 in oor plan) is a great deal of money to be turning over at less than twice per year
The Valuation Exercise
Book Value Method
Total Assets at Year-End 2001 Total Liabilities Book Value at Year-End 2001 $ 616,485 356,163 $ 260,322
Appendix A
Adjusted Book Value Method
Assets Cash Acct/Rec Inventory Prepaid Exp Land Real Estate/Docks Improvements Vehicles Furniture/Equip Assets Tools Signs Other Accumulated Deprec Total Assets Total Liabilities Balance Sheet Cost $ 2,307 16,026 212,385 30,000 368,178 46,785 30,435 7,608 Balance Sheet Cost 14,565 6,438 30,000 148,242 $ 616,485 $ 356,163 $ 260,322 Fair Market Value $ 2,307 16,026 212,385 358,178 Included Included 21,000 6,000 Fair Market Value 9,000 5,000 Included N/A $ 629,896 $ 356,163
Adjusted Book Value at 2001
$ 273,733
Weighted Average Cash Flow
1999 2000 2001 Totals $ 73,140 115,383 98,985 Divided by Weighted Reconstructed Income (1) (2) (3) (6) 73,140 230,766 296,955 $ 600,861 6 $ 100,144 $
The ip-side nature of three years of sales and income suggests the possibility that revenues might have peaked and that income is now largely dependent upon each year s economy However, to assure oneself of such assumptions, several other years performances should be examined You can take this assumption for granted in our case