Income Statement for year ended September 30, (in thousands) | ||
2004 | 2005 | |
Revenues | $500,000 | $512,000 |
Cost of Sales | (395,000) | (404,480) |
Gross Margin | 105,000 | 107,520 |
Selling and Administrative | (60,000) | (61,440) |
Income before interest and taxes | 45,000 | 46,080 |
Interest expense | (9,900) | (12,320) |
Income before income taxes | 35,100 | 33,760 |
Income tax | (12,812) | (12,322) |
Net income | $ 22,289 | $ 21,438 |
Balance Sheet as of September 30, SOLUTION (in thousands) | |||
2004 | 2005 | Change | |
| Assets | |||
Current Assets | |||
Cash and equivalents | $ 10,000 | $ 10,240 | $ 240 |
Accounts receivable | 40,000 | 48,640 | 8,640 |
Inventories | 39,500 | 56,627 | 17,127 |
Prepaid expenses | 10,000 | 11,000 | 1,000 |
Total Current Assets | 99,500 | 126,507 | 27,007 |
Property, plant, and equipment | 390,000 | 411,000 | 21,000 |
Accumulated depreciation | (233,000) | (250,000) | (17,000) |
P, P & E net | 157,000 | 161,000 | 4,000 |
Other Assets, net amortization | 27,000 | 26,000 | (1,000) |
Total Assets | $283,500 | $313,507 | $ 30,007 |
Liabilities and Shareholders’ Equity | |||
Current Liabilities | |||
Current portion of long-term debt | $ 12,000 | $ 13,000 | $ 1,000 |
Notes payable | 30,000 | 31,000 | 1,000 |
Accounts payable | 39,500 | 42,450 | 2,950 |
Accrued liabilities | 21,569 | 18,000 | (3,569) |
Income taxes payable | 8,900 | 9,500 | 600 |
Total Current Liabilities | 111,969 | 113,950 | 1,981 |
Long-term debt | 87,000 | 99,000 | 12,000 |
Non-current deferred income tax | 10,000 | 9,070 | (30) |
Other non-current liabilities | 4,340 | 5,000 | 660 |
Shareholders’ Equity | |||
Common stock – Class A | 3,000 | 3,500 | 500 |
Capital in excess of par | 21,000 | 26,000 | 5,000 |
Retained earnings | 46,191 | 56,087 | 9,896 |
Total Shareholders’ Equity | 70,191 | 85,587 | 15,396 |
Total Liabilities and Equity | $283,500 | $313,507 | $ 30,007 |
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