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Garden State Container Corporation - Financial Analysis and Forecasting

Autor:   •  November 29, 2017  •  4,809 Words (20 Pages)  •  707 Views

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Accumulated depreciation (5,992) (9,308) (13,388) (18,234) (21,880)

------- ------- ------- ------- --------

Net fixed assets $28,642 $29,887 $31,216 $38,802 $36,866

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Total assets $112,530 $143,534 $194,465 $215,375 $248,384

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LIABILITIES AND EQUITIES 1990 1991 1992 1993 1994

Short-term bank loans $6,376 $10,200 $36,466 $49,216 $49,216

Accounts payable 13,528 21,012 39,996 31,990 33,590

Accruals 6,886 10,200 14,662 18,602 23,252

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Current liabilities $26,790 $41,412 $91,124 $99,808 $106,058

Table 1

Long-term bank loans $13,388 $20,082 $20,082 $20,082 $20,082

Mortgage 5,738 5,202 4,680 4,208 3,788

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Long-term debt $19,126 $25,284 $24,762 $24,290 $23,870

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Total liabilities $45,916 $66,696 $115,886 $124,098 $129,928

Com stk (7.0 million sh) $46,538 $46,538 $46,538 $46,538 $46,538

Retained earnings 20,076 30,300 32,041 44,739 71,918

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Total equity $66,614 $76,838 $78,579 $91,277 $118,456

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Total liabilities

and equity $112,530 $143,534 $194,465 $215,375 $248,384

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Historical and Pro Forma Income Statements

Pro Forma

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1990 1991 1992 1993 1994

Net sales $350,546 $378,549 $401,251 $441,376 $507,583

Cost of goods sold 282,252 311,110 342,016 364,135 406,066

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Gross profit $68,294 $67,439 $59,235 $77,241 $101,517

Admin and selling exp $25,580 $30,690 $33,762 $35,310 $38,069

Depreciation 3,188 3,316 4,080 4,846 3,646

Miscellaneous expenses 4,054 7,114 11,450 7,724 6,345

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Total operating exp $32,822 $41,120 $49,292 $47,880 $48,059

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EBIT $35,472 $26,319 $9,943 $29,361 $53,457

Interest on ST loans $638 $1,122 $3,647 $5,906 $5,906

Interest on LT loans 1,339 2,008 2,008 1,912 1,912

Interest on mortgage 516 468 421 379 341

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Total interest $2,493 $3,598 $6,076 $8,197 $8,159

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Before-tax earnings $32,979 $22,721 $3,867 $21,164 $45,298

Taxes 13,192 9,088 1,547 8,466 18,119

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Net income $19,787 $13,632 $2,320 $12,698 $27,179

Table 2

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Dividends on stock 4,947 3,408 580 0 0

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Additions to

retained earnings $14,841 $10,224 $1,740 $12,698 $27,179

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EPS (7,000,000 shares) $2.83 $1.95 $0.33 $1.81 $3.88

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Common Size Balance Sheets

1990 1991 1992

ASSETS

Cash and marketable

securities 8.82% 5.13% 3.37%

Accounts receivable 30.39% 25.72% 30.19%

Inventory 35.36% 48.32% 50.39%

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Current assets 74.55% 79.18% 83.95%

Land, buildings, plant,

and equipment 30.78% 27.31% 22.94%

Accumulated depreciation -5.32% -6.48% -6.88%

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Net fixed assets 25.45% 20.82% 16.05%

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Total assets 100.00% 100.00% 100.00%

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LIABILITIES AND EQUITIES

Short-term bank loans 5.67% 7.11% 18.75%

Accounts payable 12.02% 14.64% 20.57%

Accruals

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