microsoft outlook - no forward header · retail clothing store business plans handbook, volume 9...

Sean Burns

Subject: FW: SBDCNet Research for Andy Newland (46091-12715) - Women's Dresses - Request 66488

Hours: 1.33 The sources for the information are provided as a courtesy and for copyright purposes. An electronic database article may be obtained from the local public or academic library subscriber or purchased from a document delivery service for a nominal fee from these document delivery services: http://library.med.utah.edu/docsupp NAICS: 448120; SIC: 5137 - Women's, Children's, and Infants' Clothing and Accessories ********************************************************************************* I. Business Plan Sample (closest match) Liquid Culture, Bravo, La Coterie Style Studio, & De Kliek Style Studio - 448120

Business Plans Pro. Palo Alto Software, Inc. http://www.paloalto.com To adjust to current year dollars: http://minneapolisfed.org/ --------------------------------------------------------------------------------- Business Plan Handbook for Retail Clothing Store

Business Plans Handbook. 19 vols. Detroit, MI: Thompson Gale. Gale Virtual Reference Library. University of Texas at San Antonio, John Peace Library. San Antonio, TX ********************************************************************************* II. Startup Costs Retailer startup costs $60,000 to $200,000

Walsh, Richard. The Start Your Own Business Bible: 501 New Ventures You Can Launch Today. Print. Avon, MA: F+W Media and Adams Media. c. 2011. ********************************************************************************* III. Financial Ratios 448120 – National & Southeast

RMA eStatement Studies 2012-2013. Philadelphia, PA: Risk Management Association, 2012. SBDC National Information Clearinghouse. *********************************************************************************

IV. Market Statistics Excerpt: Key Statistics

Source: “Women's Clothing Stores in the US” April 2013 published. IBISWorld. Santa Monica: CA. University of Texas at San Antonio, John Peace Library. San Antonio, TX. Order full report from: http://www.ibisworld.com/about/faq.aspx. 30 July 2013 -------------------------------------------------------------- Business Reference Guide for 448120:

Business Reference Guide Online: The Essential Guide to Pricing a Business. Wilmington, NC: Business Brokerage Press, 2013. http://businessreferenceguide.com SBDC National Information Clearinghouse **************************************************************************** V. Competitor List Reference USA. Omaha, NB:infoUSA. University of Texas at San Antonio. John Peace Library. San Antonio, TX.. www.infousa.com 30 July 2013 --------------------------------------------------------------------------------- --------------------------------------------------------------------------------- Superpages, a free site, is a national ”yellow pages” searchable by address, city, ZIP, state and distance. Superpages. Idearc Media Corporation. www.superpages.com

Business Plans Handbook, Volume 9 RETAIL CLOTHING STORE

349

BUSINESS PLAN BOSTON RAGS CLOTHING STORE

• EXECUTIVE SUMMARY

• COMPANY SUMMARY

• PRODUCTS

• MARKET ANALYSIS SUMMARY

• STRATEGY & IMPLEMENTATION SUMMARY

• MANAGEMENT SUMMARY

• FINANCIAL PLAN

• APPENDIX

423 West Oaks BoulevardHartford, Connecticut 06103

This plan outlines how Boston Rags, a start-upretail men’s, women’s, and children’s clothingstore, will provide the Hartford community withunique clothing they would normally purchaseoutside of the state.

Retail Clothing Store

RETAIL CLOTHING STORE Business Plans Handbook, Volume 9

350

EXECUTIVESUMMARY

RETAIL CLOTHING STOREBUSINESS PLAN

Boston Rags Clothing Store will be a start-up retail men’s, women’s, and children’s clothingstore specializing in unique clothing from other parts of the U.S. This business will be a casualurban wear traditional clothing store which will be run by the owners, Nancy Seymour andJoanne Arbor, as a Partnership. It will be located at 423 West Oaks Boulevard, near downtownHartford, Connecticut. This store will also have a local market and will serve both youth andadults. Our intent is to provide the community with unique clothing they would normallypurchase outside of the state.

The business will be financed with $18,299 of the owners’ money plus $35,444 from abusiness loan. Starting costs are $53,743. Sales are estimated at $187, 500 per year by the firstyear. A positive cash flow will be produced at the end of the first year.

There are no other urban wear stores located within 20 miles of the location selected for thisstore. Hartford is in an urban city of approximately 104,000 people which is also a part ofHartford County area containing approximately 408,000 people.

Nancy Seymour receives a Veteran’s pension (from her late husband) which is adequate forsupport without drawing from the business. Joanne Arbor is employed full-time by CentralConnecticut State University, which is also adequate support without drawing from thebusiness. Joanne has managerial experience and basic knowledge of accounting. She has atleast 7 years of retail experience.

Boston Rags’s main objectives are to:

• Establish a unique clothing retail business in the city of Hartford, Connecticut• Create jobs• Provide quality clothing and customer service at a reasonable price• Achieve the largest market share in the city for urban wear• Be an active and vocal member of the community, and to provide continual re-

investment through participation in community activities and financial contributions• Achieve a profit within the first year• Continually and consistantly increase total number of customers per year• Increase average length of customer relationships and decrease customer turnover

Boston Rags Clothing Store is a retail clothing store specializing in unique clothing andaccessories. We encourage customers to be experimental with new clothing styles. Ourmission is to understand what our customers’ needs and hopes are after buying urban wearclothing.

Boston Rags will maintain financial balance while delivering a quality product to ourcustomers. We will make our clothing accessible throughout our community by way ofestablishing a retail location, fashion shows, and events. We will make a profit and generatecash. We will provide a rewarding work environment and fair compensation to our employees,ultimately provide excellent value to our customers, and a fair return to our owners.

Objectives

Mission


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Boston Rags’s keys to success include: implementing an effective cash flow plan, achievingefficiency, running our retail store professionally, and maintaining a serious businessdiscipline to everything we do.

Boston Rags’s cash flow plan is to:

• Maintain enough money on hand each month to pay the cash obligations the followingmonth.

• Identify and eliminate deficiencies or surpluses in cash.• Alter business financial plans to provide more cash if deficiencies are found.• Invest any revealed excess cash in an accessible, interest bearing, low-risk account

such as a savings account or short-term CD or T-bill.• Eliminate credit and terms to customers (not credit card sales).• Clearly understand the urban wear market, distribution costs and competition, and

continually adjust accordingly.• Keep enough cash, as needed cushion for security, on hand to cover expenses.• Reduce accountant expenses by producing our own summary statistics and projections

via accounting software.

The business will be named “Boston Rags Clothing Store.” This is to identify the store withthe city of Boston, Massachusetts, where most of the store’s inventory will be purchased. Thename is registered in Hartford County under an assumed name.

Boston Rags Clothing Store’s primary goal is to find customers and keep them coming back.

Boston Rags is designed to help customers change their look without buying an entirely newwardrobe. We will cater to the person wanting to build a new wardrobe by purchasing clothingand accessory pieces to add to clothing they already have.

Customers will rely on the business they purchase pieces from to give them continuous helpand personal opinions. Theirs is a business that repeats and it will be easy to establish a strongclientele.

Customers will save money from having to buy a complete outfit by just purchasing pieces.They will also enjoy shopping in stores that are well inventoried and serviced-minded, suchas Boston Rags.

Boston Rags will set the pace for urban fashion for all seasons. Last year’s outfit will beaccessorized to be this year’s outfit. People like to buy clothing pieces and accessories tocontinue wearing clothing that would be out-of-date otherwise.

Boston Rags will also cater to all types of customers and for all occasions other than routineshopping. Examples: Wives buying gifts for their husbands, friends buying gifts for theirfriends, etc. Boston Rags’s store will be a source of wearable gifts.

Retail profits can be as high as 65-85 percent on clothing and accessory pieces. The sales andprofit margins in a specialty clothing and accessory store are higher than the average retailstore. We have the opportunity to profit successfully.

The urban clothing market is the most exciting, fastest growing market for consumers. Theywill always look for unique clothing pieces and they will not hesitate to buy them.

The business will be retail sales of urban clothing and associated products. Nancy Seymourwill hold 50 percent ownership and Joanne Arbor will also hold 50 percent ownership. It will

Keys to Success

COMPANYSUMMARY

CompanyOwnership


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be set up as a partnership at start-up and then phase into a Limited Liability Corporation bythe second year.

Total start-up expense (including fixtures, equipment, and grand opening) is $53,743. Start-up assets required $19,000 in inventory. With the owners’ investment of $18,299, the amountof additional start-up funds needed are $35,444. The details are included in the following chartand table. It is planned to start the business in the month of December because this is theChristmas seasonal month in which retail store are known to have high sales. Once established,business volume may be somewhat cyclical for that reason.

Start-up PlanStart-up ExpensesGrand Opening $2,000Rent Deposit $2,200Salaries and Wages $1,200Payroll Taxes $180Insurance $219Telephone Deposit $300Utilities Deposit $840Office Supplies $250Advertising $600Accounting/Legal $400Fixtures $3,755Expensed Equipment $4,500Repairs and Maintance $6,900Carpet $1,300Floor Tile $800Sign $1,000Counter $4,000Travel $4,200Burglar Alarm $99Other $0Total Start-up Expense $34,743

Start-up Assets NeededCash Requirements $0Start-up Inventory $19,000Other Short-term Assets $0Total Short-term Assets $19,000

Long-term Assets $0Total Assets $19,000

Total Start-up Requirements: $53,743Left to Finance: $0

Start-up Funding PlanInvestmentPersonal Investment $18,299Other $0Total Investment $18,299

Start-up Summary


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Short-term LiabilitiesUnpaid Expenses $0Short-term Loans $35,444Interest-free Short-term Loans $0Subtotal Short-term Liabilities $35,444Long-term Liabilities $0Total Liabilities $35,444

Loss at Start-up ($34,743)Total Capital ($16,444)Total Capital and Liabilities $19,000Checkline $0

Boston Rags Clothing Store will be located at 423 West Oaks Boulevard, Hartford, Connecti-cut. The store is approximately 2500 square feet. It contains two dressing rooms and a unisexrestroom. Parking space is available in front of the store with additional spaces in the rear foroverflow. The are a variety of businesses in the area that include Burger King, White Castle,and a flower shop along with Central Connecticut State University. This variety of businessescreates a constant flow of traffic during most business hours.

While a clothing retail store is not unique in itself, this business will have one-of-a-kind itemsand provide personal one-on-one attention to customers after hours when needed. Customerscan buy sweaters, dress slacks, dress shirts, coats, jogging suits, jean outfits, childrens’ items,catalog items, and more. The store hours will be 7 days a week. Store hours will be from 10A.M.

to 10P.M., Monday through Saturday, and 11:00A.M. to 8:00P.M. on Sundays.

We will have two full-time employees. The wages for these employees will be $6.00 hour. Wewill not be offering benefits for the first couple of years. Employees will do the cleaning ofthe building.

The inventory will be purchased through several vendors that include: BRG Sportswear, Inc.,White Sail, USA 66, Wonder, Inc., ABX, and Mark Zap Clothing, Inc. We estimate ourinventory to turn over 8 times a year. Starting inventory will be $19,000 with the markup ofup to 100 percent.

The following are our operation policies and will be posted throughout the store:

• 30-day layaway with 50 percent down, nonrefundable• 30-day exchange policy, no cash refunds (this will be written on our receipts)• $25 fee for check returns• 2 items at a time in the dressing room• Accepting credit cards, Visa, Mastercharge, Discover, and American Express

The owners have enlisted the professional services of Mitchell’s Accounting and InvestmentServices to handle Boston Rags’s business functions and needs. The following will beconducted by Mitchell’s accounting firm:

• Weekly payroll• Compliance with all Connecticut Sales Tax requirements• Generate Profit and Loss Statements as required• Consultation on an as-needed basis• Generate all 941 requirements as required by Federal, State, and Local Taxes

Company Locationand Facilities

BusinessOperations


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• Generate all W-2s as required• Filing all required personal tax returns will be at the current cost rates for Schedule C’s

and other business returns

This accounting firm will be phased out as we learn how to use the appropriate accountingsoftware to manage our own books.

Ms. Arbor has combined managerial experience of 12 years and has also taken businessmanagement classes at Smith Community College and Hartford Business Institute. She istherefore technically qualified to handle the products the store will offer. Boston Rags will beaided in development by Ventures store out of Boston, Massachusetts, and Wonderkins Storeout of New York, New York. Ventures and Wonderkins sell similar products to Boston Rags.The owners of Ventures are also close friends of Ms. Arbor. Boston Rags will also utilize theSBA Business Information Center for additional resources and business training.

The owners have referred to an attorney but will not retain an attorney until a later date. Theattorney will be used for recommendations in respect to future incorporation as a LimitedLiability Corporation. The attorney will also handle any future permit or certificate needs.

Urban wear has increased in popularity as the number of new musical hip-hop artists’popularity has increased over the past several years. Boston Rags will sell products similar toone hip-hop artist, Mark Zap, who has a store in New York. Like Mark’s store, Boston Rags’sline of clothing of more than 32 pieces, include denim, leather, twill and linen bottoms, linenand silk shirts, silk/cashmere sweater vests, T-shirts, and hats.

Boston Rags, like Mark Zap’s, decided to carry a line of clothing that is a “more simple” butstill gives off “a chameleon type of feel” in which “it can fit into any type of setting—not toobright or loud.” According to Mark Zap this type of urban wear has projected sales in the rangeof $15 million to $18 million depending on store size. New growth developments in the urbanwear industry have made obtaining the clothing much more simple and easy. This clothing canalso be sold at festivals and fashion shows.

Boston Rags’s inventory tracking system will tell Boston Rags’s management what merchan-dise is in stock, what is on order, when it will arrive, and what was sold. With such a systemBoston Rags can plan purchases more intelligently and quickly recognize the fast movingitems we need to reorder and the slow moving items we should markdown or speciallypromote.

We will control inventory right at the cash register with our point-of-sale (POS) software andequipment. Our POS software records each sale when it happens, so inventory records arealways up-to-date. We will get more information about the sale than we would gather with amanual system. By running reports based on this information, we will be able to make betterdecisions.

Our POS equipment includes electronic cash drawers, bar-code scanners, credit card readers,and receipt printers. Our POS software package includes integrated accounting modules,including general ledger, accounts receivable, accounts payable, purchasing, and inventorycontrol systems. In essence, our POS system is an all-in-one way to keep track of our businesscash flow. The reporting capabilities of our POS programs include sales, costs, and profits bysalesperson or by category for the day, month, and year-to-date.

We will count our inventory once every two weeks (the count cycle). Processing paperworkand placing orders with our vendors will take two weeks (the order cycle). The order will take

PRODUCTS

Inventory


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two weeks to get to us (delivery cycle). Therefore, we will need six weeks worth of inventoryfrom the first day of the count cycle to stay in operation until our merchandise arrives. We willhave on hand a six-week supply of inventory and turn it over 8 times a year. According to Retailin Detail by Ronald L. Bond, “estimating sales for a new retail store is very difficult, and loadedwith uncertainties.” Bond suggests the retailer start with a range from $75 to $200 per squarefoot per year. We will use the very conservative figure of $75 per square foot per year, similarto Ventures in Boston, Massachusetts.

For inventory valuation we will use the Last In, First Out (LIFO) method. We will sell the mostrecently purchased inventory first. This method will also help us pay less in taxes.

Our inventory control system will tell us when to buy replacement inventory, what to buy,what not to buy, and how much to buy.

Suppliers will be independent craftspeople, import sources, distributors, and manufacturers.We have established a list of possible suppliers and requested quotes, prices, availablediscounts, and delivery terms. We have also asked them for customer references. We will alsotry and establish accounts with these suppliers prior to opening our store.

Consumer expenditures for retail sales rose to $1,139,457 in Hartford, Connecticut, and to$5,842,488 in Hartford County in 1999.

The continuous formation of new musical groups that wear urban clothing helps fuel ourbusiness, as does our free music CD store giveaways.

According to the Hartford Chamber of Commerce, there are approximately 150,000 males and165,000 females in Hartford County, totaling 315,000 people. Of those 315,000 people,186,000 are between the ages of 18 and 54 years of age. Seventy-six percent of the 315, 000people have a household income of more than $15,000. Boston Rags’s target market is menand women between the ages of 18 and 54 with a household income of $15,000 or more.

Market AnalysisPotential Customers Growth 2000 2001 2002 2003 2004 CAGRWomen and Girls 5% 407,000 427,350 448,718 471,154 494,712 5.00%Men and Boys 5% 407,000 427,350 448,718 471,154 494,712 5.00%Other 0% 0 0 0 0 0 0.00%Total 5.00% 814,000 854,700 897,436 942,308 989,424 5.00%

Near the business thoroughfare is a new residential subdivision under development, wherehouses are priced at $100,000 and above. Also in the area is the campus of Central ConnecticutState University, and downtown Hartford, all which serve Boston Rags’s potential customers.Boston Rags’s customers are employed men and women, between the ages of 18 to 54 yearsold with a household medium income of $32,000 and above.

We will use flyers and other literature to act as our representative. Here are some of ourmarketing programs and strategies:

Designing good ad copy to reach our customers.

• Choose the proper publication• Have a goal for our advertisement• Involve the audience

MARKET ANALYSISSUMMARY

MarketSegmentation

Target Market andProgram Strategies


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• Inform the buyer• Headline and illustrations grab attention• Give them something• Always be specific• Make our offer a good one• Be creative in our media choices—such as unusual avenues like—fax newsletters,

mall kiosks, fax-on-demand, publicity stunts, online marketing, anything unusual toreach our target market

• Small classified ads• Track our results• Keep all our customers/prospects in a database and stay in touch with them regularly• Gradually increase the size of our ad and tract the results• Advertise regularly and consistently• Evaluate our efforts

Customer loyalty is much more important to Boston Rags than customer satisfaction. We willserve our customers so well they will brag about Boston Rags to others. This will keep themloyal, and also provide a continual flow of customers. We will maintain our customers’happiness by using our Self-Evaluation Program.

Self-Evaluation Program asks the following questions:

• Are Boston Rags’s products the best they can be?• Is the appearance of our cashiers, managers, business surroundings, and appearance

of our store professional?• Can we clearly describe our business in 25 words or less? Can our customers describe

our business in 25 words or less?• Do our customers know about all of our products and services?• Do we have a well-developed marketing plan that we follow on a consistent basis?• What if our marketing plans work? Will we be able to handle the increased volume of

sales without harming our customers or the quality of our work product?• Do we treat others with honesty and respect at all times?

Boston Rags will try out our promotion on a small portion of our target audience before weroll out the promotion to the rest of the target market. Our tests will include variation on ourbasic offer, on the text or composition of our message, and on our presentation. The benefitsfrom testing will provide to us early feedback on the response rates and margins used in ourbreak-even calculations for that particular promotion. Testing will also help us roll outsuccessful ideas and omit the not-so-successful ones.

With our promotions we will compare results, analyze, track responses, and measureprofitability to insure our promotions are profitable.

Our advertising budget will be equal to 2 or 3 percent of our projected gross sales whichaverages out to be $5,627 or $457 a month after initial start-up. The budget will be based onthe cost method which theorizes that an advertiser can’t afford to spend more than he or shehas. We will increase this amount for our grand opening.

We have taken the following steps to insure our dollars will be wisely spent on advertising.

1. Established our target market by asking ourselves who our customers are and thereforewhom we want to reach with our advertising.

2. Setting a rough budget for broadcast advertising.

Advertising andPromotionalStrategy


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3. Contacted sales managers at TV and radio stations in our area and arrange to have asalesperson visit us.

4. Talked to other business people in our area about their experiences with broadcastadvertising.

5. Asked about the “audience delivery” of the available spots.6. Inquired about the production of our commercial.

We then compared various proposals and looked at the cost per thousands and negotiated themost attractive deal based on which outlet offers the most cost-effective way of reaching ouraudience. We will also buy time well in advance to lower the cost.

Our direct mail campaign will begin by getting our name on as many mailing lists as possible.We will then take note of our reaction to each piece of mail we receive and save the ones thatcommunicate most effectively, noticing the colors, key words, and types of inserts that can beadapted to our own mailer. To get the readers involved we will include stickers that say Yesor No to be pasted on the order form. We will continue to build our direct mailing program withthe resources from the Direct Marketing Association (DMA).

We plan to target our advertising to focus as narrowly as possible to the media that will reachour customers. Our customers’ location, age, income, interests, and other information will beused to guide us to the right media.

Our printed ads will attract attention through a truly arresting headline and visual element. Itwill appeal to the reader’s self-interest or announce news. It will communicate our company’sunique advantage and it will prove our advantage over our competitor. Finally, it will motivatereaders to take action. Our printed ads will not be a “hard sell” but it will be an all-out attemptto attract, communicate with, and motivate the reader. All of our ads will answer thecustomer’s number one question: “What is in it for me?”

Our radio and television ads will deliver our message to more customers than any other typeof ad campaign. We have a clear understanding of our market so the money spent on broadcastadvertising isn’t wasted.

For television ads, we will stick to 30-second spots which are standard in the industry. Weunderstand that generally rates vary widely during the first quarter of the year, and sometimesduring the third quarter or late in the fourth quarter, which are traditionally slow seasons formany businesses. We will try to avoid paying full rates during the rest of the year or duringpopular shows or prime time. We will also stretch our dollar by bartering our products for airtime.

Our other methods of marketing will include direct mail, encompassing a wide variety ofmarketing materials, including brochures, catalogs, postcards, newsletters, and sales letters.

Point-of-Purchase (POP) advertising appears in various forms inside our retail store. It isdesigned to influence the buying behavior of our customers. POP advertising may take manyforms in our store, each bearing a sales message. Here are a few examples:

• Counter cards and displays• Window displays• Floor stands and cutouts• Animated displays run by electricity• Pennants, banners, plaques, streamers


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According to the 1994 U.S. Industrial Outlook stores selling mostly nondurables accountedfor nearly 64 percent total retail sales, with 1993 revenues topping 1.3 trillion, up 5.7 percentover 1992. Sales of durable goods totaled 757 billion in current dollars, up more than sevenpercent from 1992 and accounted for 36 percent of the total.

According to The Guide to Retail Business Planning retail operations in the United Statesgenerated $2.34 trillion in sales from more than 1.5 million establishments in 1995. From 1994to 1995 the sector as a whole grew at a rate of approximately 5 percent and represents thesecond-largest industry in our economy after the service industry.

Retailing has experienced more changes during the past decade than it did in the precedinggenerations. Although one can argue that retailing is still a domain of small businesses (thatis, approximately 75 percent of all retail stores have annual sales of less than $1 million), inrecent years slightly more than 80 percent of all sales were generated by stores with sales above$1 million. In addition, the growth of discount retailers has increased at a rate, some expertsclaim, three times that of the industry. This is due primarily to companies like Wal-Mart(which has been credited with creating one out of every 16 new jobs in the United States in1994) and to an increase in wholesale membership clubs, such as Toys “R” Us and Circuit City.

Retail customers of the 1990s are significantly different from retail customers of a decade ago,and retail strategies need to be reassessed in view of the changing demographics and newbuying patterns.

Boston Rags is located on a strip that includes a variety of businesses, but none of which createany competition. Traffic is moderate to heavy, especially near the lunch and dinner hours. Theclosest competing urban wear store is at least 20 miles away, located in the Hartford ValleyMall. There are no other urban wear stores in the direct vicinity of Boston Rags’s location.

According to the Arbitron, Spring 2000, U.S. Dept. of Labor, Bureau of Labor Statistics,Consumer Expenditure Survey, 1998, Hartford County and surrounding areas spend in thefollowing patterns:

Women’s and Girls’ Clothing

• $449.4 Thousand each Month• $103.7 Thousand each Week• $14.8 Thousand each Day• $1,477 each Hour (ten-hour business day)

Men’s and Boys’ Clothing

• $323.4 Thousand each Month• $74.6 Thousand each Week• $10.6 Thousand each Day• $1063 each Hour (ten-hour business day)

The Consumer Spending Patterns Report states that the average amount spent on clothing perhousehold is:

Competition andBuying Patterns

Industry Analysisand Trends


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Per year Per weekWomen’s Apparel $1060 $28.38Men’s Apparel $636 $12.22Girls’ Apparel $265 $5.09Boys’ Apparel $219 $4.21

Boston Rags uses a strategy of total market service. Our promise is in our location and theproducts we sell, the people we attract, and the atmosphere we create.

We will create an atmosphere that lures the “Hardcore” urban clothing fans.

Ultimately, we aren’t selling either clothing or accessories. We are selling the look. We wantto be part of the activity, part of the memory, part of the tradition of dressing in the latestfashions.

Strategic Assumptions:

1. Every person is a potential customer and all potential markets experience growth.2. Marketing to one segment of the population will lead to an expansion in overall market

growth.

Our location is a very important competitive edge. We are there, right at the point of enteringor exiting downtown Hartford. The nearest competitor is at least 20 miles away.

The other competitive edge we have developed is the atmosphere and reputation. Boston Ragswill bring a part of the Boston, Massachusetts, urban clothing experience to Hartford,Connecticut. That is why we are developing our fashion shows, musical guest appearances,etc. This advantage is important to us because our prices are slightly higher than other urbanwear store locations in Connecticut. We will also offer more personal attention to ourcustomers than the larger mall retail stores. We have direct connections to one of the top urbanwear retailers in Boston, Massachusetts, called Ventures.

It is the intent to start the business selling the clothing people need to create a unique imageof themselves. This includes various prints, colors, and styles. To increase sales and promoteBoston Rags’s store, special events will be held that please people, stimulate interest, pursueleisure, involve social participation, and occur within a specific, prescribed time frame. Someof our special events will include:

• Anniversaries • Fashion Shows• Bazaars • Festivals• Celebrations • Grand Openings• Ceremonies • Open Houses• Concerts • Premieres• Conferences • Sports Shows• Contests • Testimonials• Conventions • Trade Shows• Exhibits

Special events give Boston Rags powerful vehicles to promote our image, products, merchan-dise, services, and to generate goodwill to the public.

STRATEGY &IMPLEMENTATIONSUMMARY

Competitive Edge

Sales Strategy


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Boston Rags will use these special events to attract customers, sell products, earn profits, makemarkets aware of new developments, and make communities aware of their policies, goals,and purposes.

We will not be offering credit to our customers. We will accept checks with the assistance ofa check verification company. This check verification company offers check verification andcheck guarantees. So, if a check has been approved by this company and it turns out to be bad,the company will reimburse us for the value of the check, eliminating our risk of getting paid.

We will accept all major credit cards. Accepting credit cards will increase the probability,speed, and size of our customers’ sales. It will give us the chance to increase sales by enablingcustomers to make impulse buys. It will improve our cash flow because we will receive themoney within a few days. It also guarantees we will be paid. All potential sales will be attendedto in a timely fashion and long-term salesperson/customer relationships will be a major goalof Boston Rags.

The peaks for this type of retail business are the months of August through December wheresales rise as high as $34,472 for the month of December. The valleys for this type of businessare January, June, and July where sales are down as far as $7,968 for the month of January.The remaining months have an average sales of about $13,000.

During the valley periods we will concentrate on a saturation of special events and sales. Wewill also do holiday specials.

Projected sales based on square footage ranges from $75 to $200. We used the moreconservative rate of $75. The store is 2,500 square feet, multiplied by $75 to give us a GrossSales of $187,500 the first year and maintaining that average through the second year. Therewill be some cycling, but it will take some experience to ascertain it. Summer months willprobably be lower than winter. Computations are base on a 100 percent markup.

Sales ForecastSales FY2001 FY2002 FY2003Sales $187,500 $286,118 $384,736Other $0 $0 $0Total Sales $187,500 $286,118 $384,736

Direct Cost of SalesSales $28,500 $28,500 $28,500Other $0 $0 $0Subtotal Cost of Sales $28,500 $28,500 $28,500

Ms. Seymour and Ms. Arbor have begun to build strategic alliances to assist them withbuisiness and inventory issues. Those alliances are:

• SBA Business Information Center• Community Capital Development Corporation• Hartford Area Investment Fund• BRG Sportswear, Inc.• White Sail• USA 66• Wonder, Inc.

Sales Forecast

Strategic Alliances


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• ABX• Mark Zap Clothing, Inc.

Retailers of nondurable merchandise face a dual challenge of a slow-growing market andchanges in demographics and consumer buying habits that have spawned structural changeswithin the industry. Boston Rags will adjust our competitive strategies to these new realitiesand take advantage of new marketing techniques as electronic retailing, catalog marketing, asmaller store, and improved customer service. By completing these tasks we can succeed inimproving our market position in the changing retailing era of the 1990s and beyond.

The owners are injecting $18,299 of the $53,743 capital needed to start the business.Therefore, 34 percent of the risk is with the owners’ money. In the event of business failureit is estimated that the owners’ assets and current income would produce the $35,444 neededto repay the loan.

Ms. Arbor has over seven years of experience in retail sales and over five years of managerialexperience. She has held positions of responsibility which required meeting companyobjectives. She receives a sufficient salary from her current job to support her during theincubation period of her business. She will oversee the store on a daily basis. She, along withco-owner Ms. Seymour, will hire two staff persons to work full-time in the store. One personwill be responsible for operating the cash register and loss prevention. The other person willbe responsible for customer service and inventory control. Ms. Seymour will oversee day-to-day operations along with Ms. Arbor.

Both owners believe very strongly that relationships should be forthright, work should bestructured with enough room for creativity, and pay should commensurate with the amountand quality of work completed. No person is better than another, except in ability, knowledge,andexperience.

Boston Rags understands the impact hiring and managing our store’s staff will have on ourbusiness success. Therefore, we have taken the time to make sure all those overseeing the storeand those working directly in the store have the qualifications needed to help build ourprofessional image.

It is the intent for the owners to be the key manpower in starting this business. They will beassisted by two full-time employees during certain hours. Employee resources include thelocal University and Career Alliance. Employee’s age is not a factor unless they are under 18,they then would need a worker’s permit.

The following two employees will be hired:

The Sales Clerk/Loss Prevention Manager will be Moira Rye. Moira has seven years of retailmanagement experience in the area of cashier and loss prevention.

The Customer Service/Inventory Control Manager will be Rhonda Small. Rhonda has nineyears of experience in the area of customer service and inventory control.

Both of these employees have an exceptionally high level of retail experience and profession-alism needed to deliver excellent customer service for our customers and management of ourstore.

Risks

MANAGEMENTSUMMARY

Personnel Plan


362

Personnel FY2001 FY2002 FY2003Moira Rye $6,600 $6,600 $6,600Rhonda Small $6,600 $6,600 $6,600Other $0 $0 $0Total Payroll $13,200 $13,200 $13,200

Total Headcount 0 0 0Payroll Burden $1,980 $1,980 $1,980Total Payroll Expenditures $15,180 $15,180 $15,180

Our financial plan anticipates the following:

• Growth will be moderate, cash flows steady• Marketing will remain below 15 percent of sales• The company will invest residual profits into financial markets and not company

expansion (unless absolutely necessary)

Our financial plan depends on important assumptions, most of which are shown in thefollowing table as annual assumptions.

Some of the more important underlying assumptions are:

• We assume a strong economy, without major recession• We assume, of course, that there are no unforeseen changes in the use of clothing

which will make the need for clothing obsolete

FY2001 FY2002 FY2003Short-term Interest Rate % 10.00% 10.00% 10.00%Long-term Interest Rate % 10.00% 10.00% 10.00%Payment Days Estimator 30 30 30Collection Days Estimator 0 0 0Inventory Turnover Estimator 8.00 8.00 8.00Tax Rate % 25.00% 25.00% 25.00%Expenses in Cash % 10.00% 10.00% 10.00%Sales on Credit % 0.00% 0.00% 0.00%Personnel Burden % 15.00% 15.00% 15.00%

A break-even analysis table has been completed on the basis of average costs/prices. Withfixed costs of $7,059, $50 in an average sale, and $10 in average variable costs, we need $8,824per month to break even.

Break-even Analysis:Monthly Units Break-even 176Monthly Sales Break-even $8,824

Assumptions:Average Per-Unit Revenue $50.00Average Per-Unit Variable Cost $10.00Estimated Monthly Fixed Cost $7,059

FINANCIAL PLAN

ImportantAssumptions

Break-even Analysis

GeneralAssumptions

Personnel Plan

Continued


363

Boston Rags will have a profit-to-sales ratio of just over 27 percent. Normally, a start-upconcern will operate with negative profits through the first two years. We will avoid that kindof operating loss by knowing our competitors and our target markets.

Profit and Loss (Income Statement) FY2001 FY2002 FY2003Sales $187,500 $288,118 $384,736Direct Cost of Sales $28,500 $28,500 $28,500Production Payroll $0 $0 $0Other $0 $0 $0Total Cost of Sales $28,500 $28,500 $28,500Gross Margin $159,000 $257,818 $356,236Gross Margin % 84.80% 90.04% 92.59%

Operating expenses:Sales and Marketing ExpensesSales and Marketing Payroll $0 $0 $0Rent $12,100 $13,200 $13,200Travel $2,000 $2,000 $2,000Burglar Alarm $1,188 $1,188 $1,188Total Sales and Marketing Expenses $0 $0 $0Sales and Marketing % 0.00% 0.00% 0.00%

General and Administrative ExpensesGeneral and Administrative Payroll $0 $0 $0Payroll Expense $13,200 $13,200 $13,200Payroll Burden $1,980 $1,980 $1,980Depreciation $0 $0 $0Office Supplies $220 $220 $220Utilities $10,080 $10,080 $10,080Insurance $876 $876 $876Telephone $1,080 $1,080 $1,080Total General & Administrative Expenses $0 $0 $0General and Administrative % 0.00% 0.00% 0.00%

Other ExpensesOther Payroll $0 $0 $0Advertising $5,027 $5,484 $5,784Loan Repayment $6,820 $7,440 $7,440Inventory $28,500 $28,500 $28,500Accounting/legal $4,800 $4,800 $4,800Total Other Expenses $0 $0 $0Other % 0.00% 0.00% 0.00%Total Operating Expenses $87,871 $90,048 $90,348

Profit Before Interest and Taxes $71,129 $167,570 $265,888Interest Expense Short-term $3,544 $3,544 $3,544Interest Expense Long-term $0 $0 $0Taxes Incurred $16,896 $41,006 $65,586Extraordinary Items $0 $0 $0Net Profit $50,688 $123,019 $196,758Net Profit/Sales 27.03% 43.00% 51.14%

Projected Profit andLoss


364

We are positioning ourselves in the market as a medium risk concern with steady cash flows.Accounts payable is paid at the end of each month while sales are in cash and credit cards,giving Boston Rags an excellent cash structure. Intelligent marketing will secure a cashbalance of $ 77,443 by 2001.

FY2001 FY2002 FY2003Net Profit $50,688 $123,019 $196,758Plus:Depreciation $0 $0 $0Change in Accounts Payable $14,777 ($4,126) $2,384Current Borrowing (repayment) $0 $0 $0Increase (decrease) Other Liabilities $0 $0 $0Long-term Borrowing (repayment) $0 $0 $0Capital Input $0 $0 $0Subtotal $65,466 $128,193 $200,130Less:Change in Accounts Receivable $0 $0 $0Change in Inventory ($11,875) $0 $0Change in Other Short-term Assets $0 $0 $0Capital Expenditure $0 $0 $0Dividends $0 $0 $0Subtotal ($11,875) $0 $0Net Cash Flow $77,341 $128,193 $200,130Cash Balance $77,341 $205,635 $405,766

All of our tables will be updated monthly to reflect past performance and future assumptions.Future assumptions will not be based on past performance but rather on economic cycleactivity, regional industry strength, and future cash flow possibilities. We expect solid growthin net worth beyond the year 2002.

AssetsShort-term Assets FY2001 FY2002 FY2003Cash $77,341 $205,635 $405,766Accounts Receivable $0 $0 $0Inventory $7,125 $7,125 $7,125Other Short-term Assets $0 $0 $0Total Short-term Assets $84,466 $212,760 $412,891

Long-term AssetsCapital Assets $0 $0 $0Accumulated Depreciation $0 $0 $0Total Long-term Assets $0 $0 $0Total Assets $84,466 $212,760 $412,891

Liabilities and CapitalAccounts Payable $14,777 $10,652 $13,036Short-term Notes $35,444 $35,444 $35,444Other Short-term Liabilities $0 $0 $0Subtotal Short-term Liabilities $50,221 $46,096 $48,480Long-term Liabilities $0 $0 $0Total Liabilities $50,221 $46,096 $48,480

Paid in Capital $18,299 $18,299 $18,299

Projected CashFlow

Projected BalanceSheet


365

Retained Earnings ($34,743) $15,945 $138,965Earnings $50,688 $123,019 $196,758Total Capital $34,244 $157,264 $354,021Total Liabilities and Capital $84,466 $212,760 $412,891Net Worth $34,244 $157,264 $354,021

The following table shows the projected ratios. We expect to maintain healthy ratios forprofitability, risk and return.

Ratio AnalysisProfitability Ratios: FY2001 FY2002 FY2003 RMAGross Margin 84.80% 90.04% 92.59% 0.42Net Profit Margin 27.03% 43.00% 51.14% 1Return on Assets 60.01% 60.49% 48.88% 0Return on Equity 148.02% 78.22% 55.58% 0

Activity RatiosAR Turnover 0.00 0.00 0.00 0Collection Days 0 0 0 0Inventory Turnover 2.18 4.00 4.00 0Accounts Payable Turnover 6.68 12.17 12.17 0Total Asset Turnover 2.22 1.41 0.96 0

Debt RatiosDebt to Net Worth 1.47 0.29 0.14 1.4Short-term Liability to Liability 1.00 1.00 1.00 8.3

Liquidity RatiosCurrent Ratio 1.68 4.41 8.30 1.2Quick Ratio 1.54 4.26 8.16 0.1Net Working Capital $34,244 $157,264 $354,021 0Interest Coverage 20.07 47.28 75.02 0

Additional RatiosAssets to Sales 0.45 0.71 1.05 0Debt/Assets 59% 23% 12% 0Current Debt/Total Assets 59% 23% 12% 0Acid Test 1.54 4.26 8.16 0Asset Turnover 2.22 1.41 0.96 0Sales/Net Worth 5.48 1.82 1.09 0Dividend Payout $0 $0 $0 $0

Business Ratios


366

APPENDIX

Sales ForecastSales Dec Jan Feb Mar Apr MaySales $35,472 $7,968 $13,125 $13,281 $12,343 $12,968Other $0 $0 $0 $0 $0 $0Total Sales $35,472 $7,968 $13,125 $13,281 $12,343 $12,968

Direct Cost of SalesSales $0 $4,750 $0 $4,750 $0 $4,750Other $0 $0 $0 $0 $0 $0Subtotal Cost of Sales $0 $4,750 $0 $4,750 $0 $4,750

Personnel Plan

Personnel Dec Jan Feb Mar Apr MayMoira Rye $600 $600 $480 $600 $600 $600Rhonda Small $600 $600 $480 $600 $600 $600Other $0 $0 $0 $0 $0 $0Total Payroll $1,200 $1,200 $960 $1,200 $1,200 $1,200

Total Headcount 0 0 0 0 0 0Payroll Burden $180 $180 $144 $180 $180 $180Total Payroll Expenditures $1,380 $1,380 $1,104 $1,380 $1,380 $1,380

General Assumptions

Dec Jan Feb Mar Apr May JunShort-term Interest Rate % 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%Long-term Interest Rate %10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%Payment Days Estimator 30 30 30 30 30 30 30Collection Days Estimator0 0 0 0 0 0 0 0Inventory Turnover Estimator 8.00 8.00 8.00 8.00 8.00 8.00 8.00Tax Rate % 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%Expenses in Cash % 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%Sales on Credit % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Personnel Burden % 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%


367

Jun Jul Aug Sep Oct Nov FY2001 FY2002 FY2003$8,750 $8,750 $16,562 $14,531 $15,625 $28,125 $187,500 $286,118 $384,736

$0 $0 $0 $0 $0 $0 $0 $0 $0$8,750 $8,750 $16,562 $14,531 $15,625 $28,125 $187,500 $286,118 $384,736

$0 $4,750 $0 $4,750 $0 $4,750 $28,500 $28,500 $28,500$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $4,750 $0 $4,750 $0 $4,750 $28,500 $28,500 $28,500

Jun Jul Aug Sep Oct Nov FY2001 FY2002 FY2003$480 $480 $600 $480 $600 $480 $6,600 $6,600 $6,600$480 $480 $600 $480 $600 $480 $6,600 $6,600 $6,600

$0 $0 $0 $0 $0 $0 $0 $0 $0$960 $960 $1,200 $960 $1,200 $960 $13,200 $13,200 $13,200

0 0 0 0 0 0 0 0 0$144 $144 $180 $144 $180 $144 $1,980 $1,980 $1,980

$1,104 $1,104 $1,380 $1,104 $1,380 $1,104 $15,180 $15,180 $15,180

Jul Aug Sep Oct Nov FY2001 FY2002 FY200310.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

30 30 30 30 30 30 30 300 0 0 0 0 0 0

8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.0025.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%


368

Profit and Loss (Income Statement)

Dec Jan Feb Mar Apr MaySales $35,472 $7,968 $13,125 $13,281 $12,343 $12,968Direct Cost of Sales $0 $4,750 $0 $4,750 $0 $4,750Production Payroll $0 $0 $0 $0 $0 $0Other $0 $0 $0 $0 $0 $0Total Cost of Sales $0 $4,750 $0 $4,750 $0 $4,750Gross Margin $35,472 $3,218 $13,125 $8,531 $12,343 $8,218Gross Margin % 100.00% 40.39% 100.00% 64.23% 100.00% 63.37%

Operating Expenses:Sales and Marketing ExpensesSales and Marketing Payroll $0 $0 $0 $0 $0 $0Rent $0 $1,100 $1,100 $1,100 $1,100 $1,100Travel $0 $0 $0 $0 $0 $0Burglar Alarm $99 $99 $99 $99 $99 $99Total Sales & Marketing Expenses $0 $0 $0 $0 $0 $0Sales and Marketing % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

General and Administrative ExpensesGeneral & Administrative Payroll $0 $0 $0 $0 $0 $0Payroll Expense $1,200 $1,200 $960 $1,200 $1,200 $1,200Payroll Burden $180 $180 $144 $180 $180 $180Depreciation $0 $0 $0 $0 $0 $0Office Supplies $0 $20 $20 $20 $20 $20Utilities $840 $840 $840 $840 $840 $840Insurance $0 $0 $219 $0 $0 $219Telephone $90 $90 $90 $90 $90 $90Total General & Administrative Expenses $0 $0 $0 $0 $0 $0General and Administrative % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Other ExpensesOther Payroll $0 $0 $0 $0 $0 $0Advertising $0 $457 $457 $457 $457 $457Loan Repayment $0 $620 $620 $620 $620 $620Inventory $0 $4,750 $0 $4,750 $0 $4,750Accounting/legal $400 $400 $400 $400 $400 $400Total Other Expenses $0 $0 $0 $0 $0 $0Other % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Total Operating Expenses $2,809 $9,756 $4,949 $9,756 $5,006 $9,975

Profit Before Interest and Taxes $32,663 ($6,538) $8,176 ($1,225) $7,337 ($1,757)Interest Expense Short-term $295 $295 $295 $295 $295 $295Interest Expense Long-term $0 $0 $0 $0 $0 $0Taxes Incurred $8,092 ($1,708) $1,970 ($380) $1,760 ($513)Extraordinary Items $0 $0 $0 $0 $0 $0Net Profit $24,276 ($5,125) $5,910 ($1,140) $5,281 ($1,539)Net Profit/Sales 68.44% -64.32% 45.03% -8.59% 42.79% -11.87%


369


$0 $4,750 $0 $4,750 $0 $4,750 $28,500 $28,500 $28,500$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $4,750 $0 $4,750 $0 $4,750 $28,500 $28,500 $28,500

$8,750 $4,000 $16,562 $9,781 $15,625 $23,375 $159,000 $257,618 $356,236100.00% 45.71% 100.00% 67.31% 100.00% 83.11% 84.80% 90.04% 92.59%

$0 $0 $0 $0 $0 $0 $0 $0 $0$1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $12,100 $13,200 $13,200$2,000 $0 $0 $0 $0 $0 $2,000 $2,000 $2,000

$99 $99 $99 $99 $99 $99 $1,188 $1,188 $1,188

$0 $0 $0 $0 $0 $0 $0 $0 $00.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0 $0 $0 $0 $0 $0$960 $960 $1,200 $960 $1,200 $960 $13,200 $13,200 $13,200$144 $144 $180 $144 $180 $144 $1,980 $1,980 $1,980

$0 $0 $0 $0 $0 $0 $0 $0 $0$20 $20 $20 $20 $20 $20 $220 $220 $220

$840 $840 $840 $840 $840 $840 $10,080 $10,080 $10,080$0 $0 $219 $0 $0 $219 $876 $876 $876

$90 $90 $90 $90 $90 $90 $1,080 $1,080 $1,080

$0 $0 $0 $0 $0 $0 $0 $0 $00.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0 $0 $0 $0 $0 $0$457 $457 $457 $457 $457 $457 $5,027 $5,484 $5,784$620 $620 $620 $620 $620 $620 $6,820 $7,440 $7,440

$0 $4,750 $0 $4,750 $0 $4,750 $28,500 $28,500 $28,500$400 $400 $400 $400 $400 $400 $4,800 $4,800 $4,800

$0 $0 $0 $0 $0 $0 $0 $0 $00.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%$6,730 $9,480 $5,225 $9,480 $5,006 $9,699 $87,871 $90,048 $90,348

$2,020 ($5,480) $11,337 $301 $10,619 $13,676 $71,129 $167,570 $265,888$295 $295 $295 $295 $295 $295 $3,544 $3,544 $3,544

$0 $0 $0 $0 $0 $0 $0 $0 $0$431 ($1,444) $2,760 $1 $2,581 $3,345 $16,896 $41,006 $65,586

$0 $0 $0 $0 $0 $0 $0 $0 $0$1,293 ($4,332) $8,281 $4 $7,743 $10,035 $50,688 $123,019 $196,758

14.78% -49.50% 50.00% 0.03% 49.55% 35.68% 27.03% 43.00% 51.14%


370

Projected Cash Flow

Dec Jan Feb Mar Apr MayNet Profit $24,276 ($5,125) $5,910 ($1,140) $5,281 ($1,539)Plus:Depreciation $0 $0 $0 $0 $0 $0Change in Accounts Payable $8,540 ($2,482) ($742) $1,897 ($2,270) $4,411Current Borrowing (repayment) $0 $0 $0 $0 $0 $0Increase (decrease) Other Liabilities $0 $0 $0 $0 $0 $0Long-term Borrowing (repayment) $0 $0 $0 $0 $0 $0Capital Input $0 $0 $0 $0 $0 $0 Subtotal $32,816 ($7,607) $5,169 $757 $3,011 $2,872Less:Change in Accounts Receivable $0 $0 $0 $0 $0 $0Change in Inventory $0 ($4,750) $0 ($4,750) $0 ($2,375)Change in Other Short-term Assets $0 $0 $0 $0 $0 $0Capital Expenditure $0 $0 $0 $0 $0 $0Dividends $0 $0 $0 $0 $0 $0 Subtotal $0 ($4,750) $0 ($4,750) $0 ($2,375)Net Cash Flow $32,816 ($2,857) $5,169 $5,507 $3,011 $5,247Cash Balance $32,816 $29,959 $35,127 $40,634 $43,645 $48,892


371

Jun Jul Aug Sep Oct Nov FY2001 FY2002 FY2003$1,293 ($4,332) $8,281 $4 $7,743 $10,035 $50,688 $123,019 $196,758

$0 $0 $0 $0 $0 $0 $0 $0 $0($3,828) $4,894 ($4,417) $5,674 ($6,021) $9,120 $14,777 ($4,126) $2,384

$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0

($2,534) $562 $3,864 $5,678 $1,722 $19,156 $65,466 $118,894 $199,142

$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 ($11,875) $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 ($11,875) $0 $0

($2,534) $562 $3,864 $5,678 $1,722 $19,156 $77,341 $118,894 $199,142$46,358 $46,920 $50,785 $56,463 $58,185 $77,341 $77,341 $196,234 $395,376


372

Projected Balance Sheet

AssetsShort-term Assets Dec Jan Feb Mar Apr MayCash $32,816 $29,959 $35,127 $40,634 $43,645 $48,892Accounts Receivable $0 $0 $0 $0 $0 $0Inventory $19,000 $14,250 $14,250 $9,500 $9,500 $7,125Other Short-term Assets $0 $0 $0 $0 $0 $0Total Short-term Assets $51,816 $44,209 $49,377 $50,134 $53,145 $56,017

Long-term AssetsCapital Assets $0 $0 $0 $0 $0 $0Accumulated Depreciation $0 $0 $0 $0 $0 $0Total Long-term Assets $0 $0 $0 $0 $0 $0Total Assets $51,816 $44,209 $49,377 $50,134 $53,145 $56,017

Liabilities and CapitalAccounts Payable $8,540 $6,058 $5,316 $7,213 $4,943 $9,354Short-term Notes $35,444 $35,444 $35,444 $35,444 $35,444 $35,444Other Short-term Liabilities $0 $0 $0 $0 $0 $0Subtotal Short-term Liabilities $43,984 $41,502 $40,760 $42,657 $40,387 $44,798

Long-term Liabilities $0 $0 $0 $0 $0 $0Total Liabilities $43,984 $41,502 $40,760 $42,657 $40,387 $44,798

Paid in Capital $18,299 $18,299 $18,299 $18,299 $18,299 $18,299Retained Earnings ($34,743) ($34,743) ($34,743) ($34,743) ($34,743) ($34,743)Earnings $24,276 $19,151 $25,061 $23,921 $29,202 $27,663Total Capital $7,832 $2,707 $8,617 $7,477 $12,758 $11,219Total Liabilities and Capital $51,816 $44,209 $49,377 $50,134 $53,145 $56,017Net Worth $7,832 $2,707 $8,617 $7,477 $12,758 $11,219


373


$0 $0 $0 $0 $0 $0 $0 $0 $0$7,125 $7,125 $7,125 $7,125 $7,125 $7,125 $7,125 $7,125 $7,125

$0 $0 $0 $0 $0 $0 $0 $0 $0$53,483 $54,045 $57,910 $63,588 $65,310 $84,466 $84,466 $203,359 $402,501

$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0

$53,483 $54,045 $57,910 $63,588 $65,310 $84,466 $84,466 $203,359 $402,501

$5,527 $10,420 $6,004 $11,678 $5,657 $14,777 $14,777 $10,652 $13,036$35,444 $35,444 $35,444 $35,444 $35,444 $35,444 $35,444 $35,444 $35,444

$0 $0 $0 $0 $0 $0 $0 $0 $0$40,971 $45,864 $41,448 $47,122 $41,101 $50,221 $50,221 $46,096 $48,480

$0 $0 $0 $0 $0 $0 $0 $0 $0$40,971 $45,864 $41,448 $47,122 $41,101 $50,221 $50,221 $46,096 $48,480

$18,299 $18,299 $18,299 $18,299 $18,299 $18,299 $18,299 $18,299 $18,299($34,743) ($34,743) ($34,743) ($34,743) ($34,743) ($34,743) ($34,743) $15,945 $138,965

$28,956 $24,625 $32,906 $32,910 $40,653 $50,688 $50,688 $123,019 $196,758$12,512 $8,181 $16,462 $16,466 $24,209 $34,244 $34,244 $157,264 $354,021$53,483 $54,045 $57,910 $63,588 $65,310 $84,466 $84,466 $203,359 $402,501$12,512 $8,181 $16,462 $16,466 $24,209 $34,244 $34,244 $157,264 $354,021

Business Plans Handbook. 14 vols. Detroit, MI: Thompson Gale. Gale Virtual Reference Library. University of Texas at San Antonio, John Peace Library. San Antonio, TX www.gale.cengage.com

This material may be protected by Copyright law (Title 17 U.S. Code).

Walsh, Richard. The Start Your Own Business Bible: 501 New Ventures You Can

Launch Today. Print. Avon, MA: F+W Media and Adams Media. c. 2011.

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0-500M 500M-2MM 2-10MM 10-50MM 50-100MM 100-250MM AllType of StatementUnqualified 2 4 6 2 5 19Reviewed 2 5 3 10Compiled 4 10 2 16Tax Returns 21 11 6 1 39Other 16 17 6 5 2 6 52

16 (4/1-9/30/11)Number of Statements 41 42 23 14 4 12 136ASSETSCash & Equivalents 19.8 17.4 15.1 13.1 10.7 17.0Trade Receivables - (net) 5.8 7.7 6.7 5.7 1.3 6.0Inventory 46.9 45.8 39.5 36.6 34.4 42.6All Other Current Assets 1.9 .6 7.7 2.3 3.5 2.7Total Current Assets 74.3 71.5 69.0 57.7 49.9 68.3Fixed Assets (net) 19.4 15.4 19.5 29.2 30.7 20.2Intangibles (net) 1.9 2.2 .7 2.0 14.6 3.0All Other Non-Current Assets 4.4 10.8 10.8 11.1 4.7 8.4Total Assets 100.0 100.0 100.0 100.0 100.0 100.0LIABILITIESNotes Payable-Short Term 9.9 4.9 5.7 4.7 4.4 6.3Cur. Mat.-L/T/D 4.2 1.2 1.4 1.0 3.4 2.3Trade Payables 8.4 21.7 26.1 24.4 18.4 18.3Income Taxes Payable .2 .2 .0 .1 .6 .2All Other Current Liabilities 32.6 7.7 10.4 13.0 12.8 16.9Total Current Liabilities 55.3 35.7 43.6 43.2 39.6 44.0Long Term Debt 23.6 9.0 7.3 9.5 21.2 14.1Deferred Taxes .0 .0 .0 .4 .6 .1All Other Non-Current Liabilities 20.3 21.3 2.2 12.1 7.8 15.3Net Worth .8 34.0 46.8 34.9 30.8 26.5Total Liabilities & Net Worth 100.0 100.0 100.0 100.0 100.0 100.0INCOME DATANet Sales 100.0 100.0 100.0 100.0 100.0 100.0Gross Profit 50.3 47.1 49.9 44.1 45.4 48.1Operating Expenses 45.9 42.0 46.9 41.7 45.3 44.4Operating Profit 4.4 5.1 3.0 2.4 .0 3.7All Other Expenses (net) .5 -.1 -.2 .9 1.7 .3Profit Before Taxes 3.9 5.3 3.2 1.5 -1.7 3.3RATIOSCurrent - upper 12.0 5.6 2.9 1.8 1.9 4.9

448120 - Women's Clothing Stores2012-13 Annual Statement Studies

National - All Regions

FRB Assets Page 1 of 15

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Current - median 3.4 2.1 1.7 1.5 1.3 1.8Current - lower 1.0 1.4 1.1 1.2 .9 1.2Quick - upper 5.0 1.9 .9 .9 .5 1.5Quick - median .8 (41) .7 .4 .5 .3 (135) .6Quick - lower .1 .3 .2 .2 .1 .2Sales / Receivables - upper [0] UND [0] UND [0] UND [0] UND [0] UND [0] UNDSales / Receivables - median [0] UND [0] UND [0] UND [2] 163.6 [1] 293.0 [0] UNDSales / Receivables - lower [0] UND [17] 21.6 [9] 40.6 [8] 46.2 [3] 121.7 [5] 72.4Cost of Sales / Inventory - upper [63] 5.8 [48] 7.6 [54] 6.7 [52] 7.0 [42] 8.6 [54] 6.7Cost of Sales / Inventory - median [126] 2.9 [118] 3.1 [107] 3.4 [69] 5.3 [85] 4.3 [101] 3.6Cost of Sales / Inventory - lower [203] 1.8 [243] 1.5 [166] 2.2 [91] 4.0 [122] 3.0 [174] 2.1Cost of Sales / Payables - upper [0] UND [10] 38.3 [29] 12.8 [31] 11.9 [30] 12.0 [7] 49.4Cost of Sales / Payables - median [2] 167.5 [33] 11.1 [64] 5.7 [38] 9.6 [39] 9.4 [33] 11.0Cost of Sales / Payables - lower [33] 11.1 [78] 4.7 [76] 4.8 [49] 7.4 [54] 6.8 [58] 6.3Sales / Working Capital - upper 3.7 3.0 5.4 11.3 9.7 5.2Sales / Working Capital - median 7.7 8.2 8.5 19.2 31.4 9.7Sales / Working Capital - lower NM 24.0 86.1 45.9 NM 45.1EBIT / Interest - upper 10.5 26.4 18.9 7.9 16.9EBIT / Interest - median (17) 5.3 (27) 5.5 (17) 2.4 (13) 1.8 (86) 4.1EBIT / Interest - lower 1.2 2.0 1.1 -.7 1.2Net Profit + DDA / Curr Mat LTD - upperNet Profit + DDA / Curr Mat LTD - medianNet Profit + DDA / Curr Mat LTD - lowerFixed / Worth - upper .1 .1 .1 .5 .6 .2Fixed / Worth - median .4 .4 .4 1.1 2.8 .6Fixed / Worth - lower -1.3 NM .8 1.9 -3.7 4.7Debt / Worth - upper .6 .5 .8 .9 1.0 .7Debt / Worth - median 2.0 1.6 1.1 1.7 6.2 1.5Debt / Worth - lower -5.1 NM 3.9 4.1 -11.0 48.7% Profit before Taxes / Tangible Net Worth - upper 56.7 54.6 51.3 30.4 49.9% Profit before Taxes / Tangible Net Worth - median (27) 25.5 (32) 20.9 10.9 (13) 17.2 (106) 18.4% Profit before Taxes / Tangible Net Worth - lower 8.3 6.3 2.3 -.4 3.1% Profit before Taxes / Total Assets - upper 27.4 27.1 17.6 10.9 21.2 18.3% Profit before Taxes / Total Assets - median 9.9 7.3 5.4 4.9 3.8 6.0% Profit before Taxes / Total Assets - lower .8 1.1 1.0 -.7 -18.5 .1Sales / Net Fixed Assets - upper 129.0 124.2 50.7 32.5 11.4 74.8Sales / Net Fixed Assets - median 24.2 24.9 12.1 14.3 9.9 16.6Sales / Net Fixed Assets - lower 10.2 11.1 6.4 7.9 8.1 9.5Sales / Total Assets - upper 4.6 4.2 4.2 4.6 3.1 4.3





Sales / Total Assets - median 2.7 2.8 3.0 3.8 2.7 2.9Sales / Total Assets - lower 1.9 1.9 1.4 2.6 2.3 2.0% Depr, Depl, Amort / Sales - upper .5 .2 .6 .7 .4% Depr, Depl, Amort / Sales - median (23) 1.1 (29) .5 (20) 1.2 1.7 (94) 1.1% Depr, Depl, Amort / Sales - lower 2.5 1.2 1.7 2.4 2.1% Officers', Directors', Owners' Comp / Sales - upper 4.4 2.1 1.8 2.5% Officers', Directors', Owners' Comp / Sales - median (19) 5.4 (27) 4.2 (12) 3.3 (62) 4.6% Officers', Directors', Owners' Comp / Sales - lower 6.6 7.2 5.0 6.6Net Sales ($) 32470M 148096M 325504M 1225159M 783327M 5035553M 7550109MTotal Assets ($) 10496M 44074M 110488M 336948M 296657M 1806922M 2605585M


4/1/07 3/31/08 4/1/08 3/31/09 4/1/09 3/31/10 4/1/10 3/31/11 4/1/11 3/31/12Type of StatementUnqualified 15 19 16 14 19Reviewed 12 15 11 11 10Compiled 12 15 9 14 16Tax Returns 14 23 38 25 39Other 31 31 35 35 52

16 (4/1-9/30/11)Number of Statements 84 103 109 99 136ASSETSCash & Equivalents 12.8 11.7 14.5 16.5 17.0Trade Receivables - (net) 6.5 8.2 4.9 8.9 6.0Inventory 51.2 42.0 41.3 38.8 42.6All Other Current Assets 3.4 4.1 5.5 5.3 2.7Total Current Assets 73.9 66.1 66.3 69.5 68.3Fixed Assets (net) 17.9 21.7 23.9 19.0 20.2Intangibles (net) 2.9 3.4 3.9 4.2 3.0All Other Non-Current Assets 5.3 8.8 5.9 7.3 8.4Total Assets 100.0 100.0 100.0 100.0 100.0LIABILITIESNotes Payable-Short Term 12.4 13.0 8.8 12.6 6.3Cur. Mat.-L/T/D 6.4 3.6 4.8 4.2 2.3Trade Payables 19.6 15.5 13.7 18.9 18.3Income Taxes Payable .4 .4 .1 .3 .2All Other Current Liabilities 12.4 12.0 15.1 13.4 16.9Total Current Liabilities 51.3 44.6 42.6 49.3 44.0Long Term Debt 14.0 13.3 15.9 12.1 14.1Deferred Taxes .1 .3 .5 .3 .1All Other Non-Current Liabilities 7.9 6.2 8.0 8.8 15.3Net Worth 26.7 35.6 33.0 29.5 26.5Total Liabilities & Net Worth 100.0 100.0 100.0 100.0 100.0INCOME DATANet Sales 100.0 100.0 100.0 100.0 100.0Gross Profit 44.3 46.7 46.4 46.4 48.1Operating Expenses 41.8 44.5 44.8 41.5 44.4Operating Profit 2.5 2.2 1.6 4.9 3.7All Other Expenses (net) .9 .8 .9 1.0 .3Profit Before Taxes 1.6 1.4 .7 3.9 3.3RATIOSCurrent - upper 2.5 3.3 3.6 3.0 4.9



FRB History Page 4 of 15

4/1/07 3/31/08 4/1/08 3/31/09 4/1/09 3/31/10 4/1/10 3/31/11 4/1/11 3/31/12



Current - median 1.5 1.7 1.7 1.7 1.8Current - lower 1.2 1.0 1.1 1.0 1.2Quick - upper .8 1.0 1.0 1.2 1.5Quick - median .3 (101) .4 .4 (98) .5 (135) .6Quick - lower .1 .1 .2 .1 .2Sales / Receivables - upper [0] UND [0] UND [0] UND [0] UND [0] UNDSales / Receivables - median [2] 199.9 [1] 479.8 [0] 999.8 [1] 446.5 [0] UNDSales / Receivables - lower [8] 47.4 [15] 24.3 [4] 94.9 [9] 39.4 [5] 72.4Cost of Sales / Inventory - upper [76] 4.8 [56] 6.5 [50] 7.2 [49] 7.5 [54] 6.7Cost of Sales / Inventory - median [112] 3.3 [98] 3.7 [84] 4.3 [86] 4.3 [101] 3.6Cost of Sales / Inventory - lower [184] 2.0 [173] 2.1 [148] 2.5 [141] 2.6 [174] 2.1Cost of Sales / Payables - upper [21] 17.1 [9] 38.7 [8] 43.6 [16] 22.9 [7] 49.4Cost of Sales / Payables - median [36] 10.0 [31] 11.8 [22] 17.0 [36] 10.0 [33] 11.0Cost of Sales / Payables - lower [69] 5.3 [53] 6.9 [53] 6.9 [61] 6.0 [58] 6.3Sales / Working Capital - upper 6.0 5.4 5.6 5.5 5.2Sales / Working Capital - median 13.7 13.1 12.4 13.1 9.7Sales / Working Capital - lower 32.5 304.4 58.2 136.1 45.1EBIT / Interest - upper 7.7 4.9 8.8 18.6 16.9EBIT / Interest - median (73) 1.8 (78) 1.2 (81) 1.4 (81) 4.4 (86) 4.1EBIT / Interest - lower -1.2 -1.1 -5.1 1.2 1.2Net Profit + DDA / Curr Mat LTD - upper 19.4 6.2 22.3 12.7Net Profit + DDA / Curr Mat LTD - median (12) 2.6 (15) 1.4 (14) 1.9 (13) 4.1Net Profit + DDA / Curr Mat LTD - lower 1.6 .8 -.3 1.3Fixed / Worth - upper .2 .1 .2 .1 .2Fixed / Worth - median .6 .6 .6 .5 .6Fixed / Worth - lower 1.6 2.5 2.0 1.6 4.7Debt / Worth - upper .9 .5 .5 .5 .7Debt / Worth - median 2.0 1.2 1.5 1.6 1.5Debt / Worth - lower 10.8 10.3 8.0 14.2 48.7% Profit before Taxes / Tangible Net Worth - upper 47.3 29.3 33.5 69.2 49.9% Profit before Taxes / Tangible Net Worth - median (67) 16.0 (80) 8.5 (90) 12.0 (79) 25.0 (106) 18.4% Profit before Taxes / Tangible Net Worth - lower -.6 -4.8 -7.2 4.8 3.1% Profit before Taxes / Total Assets - upper 19.0 14.2 13.8 22.0 18.3% Profit before Taxes / Total Assets - median 3.5 1.7 3.2 11.3 6.0% Profit before Taxes / Total Assets - lower -3.6 -4.5 -6.9 .9 .1Sales / Net Fixed Assets - upper 51.0 42.0 44.9 82.4 74.8Sales / Net Fixed Assets - median 21.0 16.0 15.1 16.7 16.6Sales / Net Fixed Assets - lower 9.4 7.4 7.3 9.1 9.5Sales / Total Assets - upper 4.2 4.1 3.9 4.2 4.3


4/1/07 3/31/08 4/1/08 3/31/09 4/1/09 3/31/10 4/1/10 3/31/11 4/1/11 3/31/12



Sales / Total Assets - median 2.7 2.8 2.8 2.9 2.9Sales / Total Assets - lower 2.0 1.8 2.1 2.2 2.0% Depr, Depl, Amort / Sales - upper .5 .4 .6 .5 .4% Depr, Depl, Amort / Sales - median (58) 1.2 (74) 1.1 (80) 1.5 (72) 1.3 (94) 1.1% Depr, Depl, Amort / Sales - lower 2.1 2.0 2.6 2.5 2.1% Officers', Directors', Owners' Comp / Sales - upper 1.7 2.0 1.8 1.8 2.5% Officers', Directors', Owners' Comp / Sales - median (30) 3.6 (43) 3.0 (43) 4.0 (38) 3.6 (62) 4.6% Officers', Directors', Owners' Comp / Sales - lower 5.4 5.2 6.1 7.1 6.6Net Sales ($) 4032536M 5455843M 8363772M 6814175M 7550109MTotal Assets ($) 1531599M 2384260M 3128948M 2403813M 2605585M


0-1MM 1-3MM 3-5MM 5-10MM 10-25MM 25MM and Over AllType of StatementUnqualified 1 2 3 13 19Reviewed 1 2 2 5 10Compiled 1 9 2 3 1 16Tax Returns 17 13 2 2 4 1 39Other 18 10 5 3 4 12 52

16 (4/1-9/30/11)Number of Statements 36 32 11 12 14 31 136ASSETSCash & Equivalents 18.0 16.3 16.6 16.7 22.0 14.5 17.0Trade Receivables - (net) 6.8 6.4 2.3 8.5 9.5 3.5 6.0Inventory 46.8 49.4 49.9 32.2 33.9 36.1 42.6All Other Current Assets 1.9 1.9 .9 5.7 4.8 3.1 2.7Total Current Assets 73.5 74.0 69.7 63.2 70.2 57.1 68.3Fixed Assets (net) 19.8 16.0 16.0 15.6 19.6 28.6 20.2Intangibles (net) 2.6 1.8 1.5 .6 .5 7.5 3.0All Other Non-Current Assets 4.0 8.3 12.8 20.7 9.8 6.7 8.4Total Assets 100.0 100.0 100.0 100.0 100.0 100.0 100.0LIABILITIESNotes Payable-Short Term 10.1 5.6 8.3 7.3 1.5 3.9 6.3Cur. Mat.-L/T/D 4.1 1.0 1.9 2.8 1.2 1.8 2.3Trade Payables 9.4 13.4 18.3 21.6 40.5 22.3 18.3Income Taxes Payable .4 .0 .2 .0 .0 .3 .2All Other Current Liabilities 32.9 8.5 19.4 7.9 9.2 13.1 16.9Total Current Liabilities 56.9 28.5 48.2 39.6 52.4 41.4 44.0Long Term Debt 23.5 15.6 3.7 3.1 6.5 13.2 14.1Deferred Taxes .0 .0 .1 .0 .0 .4 .1All Other Non-Current Liabilities 23.8 14.3 24.7 13.2 3.1 9.3 15.3Net Worth -4.3 41.6 23.3 44.1 38.0 35.7 26.5Total Liabilities & Net Worth 100.0 100.0 100.0 100.0 100.0 100.0 100.0INCOME DATANet Sales 100.0 100.0 100.0 100.0 100.0 100.0 100.0Gross Profit 52.4 48.0 46.0 52.4 42.1 45.1 48.1Operating Expenses 47.5 42.9 44.5 47.3 38.8 43.9 44.4Operating Profit 4.9 5.1 1.5 5.1 3.3 1.2 3.7All Other Expenses (net) .6 -.1 .0 .2 -.9 1.1 .3Profit Before Taxes 4.3 5.2 1.5 4.9 4.2 .1 3.3RATIOSCurrent - upper 13.4 9.9 2.4 2.7 3.1 1.9 4.9



FRB Sales Page 7 of 15

0-1MM 1-3MM 3-5MM 5-10MM 10-25MM 25MM and Over All



Current - median 4.1 2.7 1.7 1.6 1.8 1.5 1.8Current - lower 1.0 1.6 .8 1.0 .9 1.2 1.2Quick - upper 5.3 2.0 1.1 1.4 1.2 1.0 1.5Quick - median 1.0 (31) .7 .2 .4 .8 .5 (135) .6Quick - lower .1 .3 .1 .3 .2 .1 .2Sales / Receivables - upper [0] UND [0] UND [0] UND [0] UND [0] UND [0] UND [0] UNDSales / Receivables - median [0] UND [0] UND [0] UND [2] 214.2 [0] UND [2] 166.4 [0] UNDSales / Receivables - lower [0] UND [8] 46.7 [1] 380.9 [22] 16.8 [9] 38.7 [4] 89.0 [5] 72.4Cost of Sales / Inventory - upper [85] 4.3 [74] 4.9 [46] 8.0 [8] 47.5 [33] 11.2 [45] 8.2 [54] 6.7Cost of Sales / Inventory - median [159] 2.3 [126] 2.9 [126] 2.9 [65] 5.6 [78] 4.7 [79] 4.6 [101] 3.6Cost of Sales / Inventory - lower [281] 1.3 [243] 1.5 [228] 1.6 [114] 3.2 [111] 3.3 [94] 3.9 [174] 2.1Cost of Sales / Payables - upper [0] UND [0] UND [20] 18.3 [13] 29.1 [32] 11.5 [32] 11.4 [7] 49.4Cost of Sales / Payables - median [3] 143.6 [15] 23.6 [54] 6.7 [33] 11.2 [52] 7.0 [39] 9.3 [33] 11.0Cost of Sales / Payables - lower [43] 8.4 [51] 7.2 [94] 3.9 [65] 5.6 [76] 4.8 [51] 7.1 [58] 6.3Sales / Working Capital - upper 2.6 3.1 6.5 9.3 6.5 9.7 5.2Sales / Working Capital - median 5.5 7.3 8.5 19.3 11.3 20.6 9.7Sales / Working Capital - lower -106.3 15.3 -56.6 520.1 -58.3 50.2 45.1EBIT / Interest - upper 5.8 14.3 38.6 79.0 15.1 16.9EBIT / Interest - median (13) 4.2 (21) 5.5 (10) 17.3 (11) 6.0 (24) 2.4 (86) 4.1EBIT / Interest - lower .6 1.8 2.1 1.4 -.3 1.2Net Profit + DDA / Curr Mat LTD - upperNet Profit + DDA / Curr Mat LTD - medianNet Profit + DDA / Curr Mat LTD - lowerFixed / Worth - upper .1 .1 .0 .1 .1 .5 .2Fixed / Worth - median .5 .3 .5 .5 .4 .7 .6Fixed / Worth - lower -1.0 1.0 -.9 1.2 2.2 2.9 4.7Debt / Worth - upper .7 .3 .9 .5 .5 .9 .7Debt / Worth - median 10.7 .9 5.1 1.2 1.8 1.6 1.5Debt / Worth - lower -4.4 2.8 -7.8 3.0 5.4 10.8 48.7% Profit before Taxes / Tangible Net Worth - upper 47.3 49.6 74.8 82.2 35.7 49.9% Profit before Taxes / Tangible Net Worth - median (22) 26.8 (27) 17.9 18.1 (13) 39.8 (25) 14.4 (106) 18.4% Profit before Taxes / Tangible Net Worth - lower 8.5 3.2 9.2 1.9 -1.5 3.1% Profit before Taxes / Total Assets - upper 19.4 26.5 8.1 35.9 42.8 12.3 18.3% Profit before Taxes / Total Assets - median 7.4 7.3 4.9 9.3 10.3 4.3 6.0% Profit before Taxes / Total Assets - lower -2.6 1.3 -7.2 2.7 .9 -1.5 .1Sales / Net Fixed Assets - upper 117.8 92.7 147.4 95.3 155.9 16.0 74.8Sales / Net Fixed Assets - median 18.2 28.7 18.4 36.7 21.6 11.8 16.6Sales / Net Fixed Assets - lower 8.8 8.9 7.8 11.7 9.7 8.8 9.5Sales / Total Assets - upper 3.0 4.0 5.8 5.1 5.6 4.4 4.3





Sales / Total Assets - median 2.1 2.8 2.7 3.7 3.7 3.1 2.9Sales / Total Assets - lower 1.4 1.9 1.9 3.0 2.3 2.6 2.0% Depr, Depl, Amort / Sales - upper .5 .2 .3 .2 .8 .4% Depr, Depl, Amort / Sales - median (19) 1.7 (20) .5 (10) .5 (13) .9 (23) 1.8 (94) 1.1% Depr, Depl, Amort / Sales - lower 2.7 1.9 1.0 2.0 2.8 2.1% Officers', Directors', Owners' Comp / Sales - upper 4.6 3.2 2.5% Officers', Directors', Owners' Comp / Sales - median (19) 6.4 (14) 6.0 (62) 4.6% Officers', Directors', Owners' Comp / Sales - lower 8.0 9.8 6.6Net Sales ($) 20774M 57585M 45079M 84732M 221071M 7120868M 7550109MTotal Assets ($) 11429M 27549M 17152M 29574M 75804M 2444077M 2605585M


0-500M 500M-2MM 2-10MM 10-50MM 50-100MM 100-250MM AllType of StatementUnqualified 2 4 6 2 5 19Reviewed 2 4 3 9Compiled 4 5 2 11Tax Returns 16 10 6 32Other 10 14 5 4 1 3 37

12 (4/1-9/30/11)Number of Statements 30 33 21 13 3 8 108EXPECTED DEFAULT FREQUENCYRiskCalc EDF (1 year) - upper .22 .23 .24 .18 .22RiskCalc EDF (1 year) - median .67 .37 .31 .29 .39RiskCalc EDF (1 year) - lower 2.13 1.33 .93 1.25 1.13RiskCalc EDF (5 year) - upper Baa2 2.17 Baa2 2.33 Baa1 1.96 A3 1.22 Baa1 1.87RiskCalc EDF (5 year) - median Ba1 5.37 Baa3 4.06 Baa3 3.17 Baa2 2.71 Baa3 3.45RiskCalc EDF (5 year) - lower B1 11.36 Ba3 7.97 Ba1 4.85 Ba1 5.61 Ba2 7.14CASH FLOW MEASURES% Cash from Trading / Sales - upper 59.4 51.8 52.4 49.7 53.8% Cash from Trading / Sales - median (28) 50.7 45.3 48.6 48.0 (105) 48.0% Cash from Trading / Sales - lower 43.1 38.3 42.4 30.5 38.3% Cash after Operations / Sales - upper 11.6 8.9 9.5 5.5 8.3% Cash after Operations / Sales - median (28) 2.3 4.4 4.7 3.0 (105) 3.9% Cash after Operations / Sales - lower -1.8 -2.7 1.3 1.1 -.4% Net Cash after Operations / Sales - upper 11.9 9.6 6.5 6.1 8.1% Net Cash after Operations / Sales - median (28) 2.3 5.1 3.0 2.5 (105) 3.6% Net Cash after Operations / Sales - lower -1.1 -3.0 .1 .9 -.4% Cash after Debt Amort. / Sales - upper 3.9 5.0 6.3 2.7 4.3% Cash after Debt Amort. / Sales - median (28) -.2 .6 1.5 1.0 (105) .7% Cash after Debt Amort. / Sales - lower -11.0 -4.8 -1.3 -.3 -2.9Debt Service P&I Coverage - upper 2.8 15.1 6.9 11.8 9.0Debt Service P&I Coverage - median (16) 1.6 (20) 6.0 (15) .7 (12) 3.6 (72) 2.4Debt Service P&I Coverage - lower .2 .4 -.2 .4 .3Interest Coverage (Operating Cash) - upper 8.3 15.1 18.6 30.2 15.5Interest Coverage (Operating Cash) - median (14) 2.7 (20) 6.4 (15) 2.6 (12) 11.5 (69) 4.9Interest Coverage (Operating Cash) - lower 1.0 .6 -1.2 .4 .4∆ Inventory - upper 29.3 42.1 82.5 26.6 33.3∆ Inventory - median (27) 2.7 (31) 12.7 1.6 8.1 (103) 9.1∆ Inventory - lower -5.8 -5.0 -5.6 -.6 -5.0∆ Total Current Assets - upper 42.4 46.4 85.0 18.1 42.6∆ Total Current Assets - median 4.0 11.1 16.2 4.5 5.9



IDP Assets Page 10 of 15




∆ Total Current Assets - lower -2.5 -8.2 -4.6 -6.7 -6.0∆ Total Assets - upper 26.2 46.8 55.3 20.4 29.0∆ Total Assets - median -.4 11.1 7.4 6.1 6.4∆ Total Assets - lower -9.9 -5.6 -4.7 -3.3 -5.4∆ Retained Earnings - upper 43.3 113.7 229.9 9.0 55.9∆ Retained Earnings - median 8.7 17.8 17.3 -2.1 (106) 7.8∆ Retained Earnings - lower -22.1 -6.2 2.6 -13.0 -9.7∆ Net Sales - upper 17.3 38.2 60.8 18.0 18.9∆ Net Sales - median 7.9 5.7 9.1 5.8 7.3∆ Net Sales - lower -3.8 -7.8 -1.2 1.0 -1.3∆ Cost of Goods Sold - upper 27.1 24.4 55.2 18.1 23.1∆ Cost of Goods Sold - median 9.7 3.0 8.2 6.6 6.1∆ Cost of Goods Sold - lower -.5 -11.5 -3.7 3.3 -2.7∆ Profit before Interest & Taxes - upper 100.9 130.1 135.5 67.7 99.5∆ Profit before Interest & Taxes - median -2.5 (32) 40.3 62.6 -15.5 (107) 19.6∆ Profit before Interest & Taxes - lower -52.2 -14.1 -20.0 -64.6 -33.3∆ Depr. Depl. Amort. - upper .0 24.3 52.1 19.0 20.3∆ Depr. Depl. Amort. - median (24) -12.1 (28) .0 (20) 1.7 3.5 (96) .0∆ Depr. Depl. Amort. - lower -80.3 -31.8 -38.4 -19.7 -33.3RATIOSSustainable Growth Rate - upper 29.7 44.1 73.2 19.2 40.1Sustainable Growth Rate - median (29) .0 19.0 6.0 -2.2 (107) 4.7Sustainable Growth Rate - lower -18.2 .2 -13.5 -9.4 -9.6Funded Debt Leverage - upper .0 .0 .0 .0 .0Funded Debt Leverage - median .9 .0 .2 .1 .5Funded Debt Leverage - lower 3.7 2.0 2.3 3.1 2.7Net Sales ($) 23665M 126165M 316992M 1106844M 527602M 3020666M 5121934MTotal Assets ($) 7906M 36198M 99943M 311165M 223633M 1185939M 1864784M

IDP Assets Page 11 of 15

4/1/07 3/31/08 4/1/08 3/31/09 4/1/09 3/31/10 4/1/10 3/31/11 4/1/11 3/31/12Type of StatementUnqualified 12 17 15 11 19Reviewed 9 13 11 11 9Compiled 7 11 9 13 11Tax Returns 13 15 31 22 32Other 23 22 30 20 37

12 (4/1-9/30/11)Number of Statements 64 78 96 77 108EXPECTED DEFAULT FREQUENCYRiskCalc EDF (1 year) - upper .51 1.18 .55 .23 .22RiskCalc EDF (1 year) - median 1.35 (77) 2.98 (95) 1.69 .40 .39RiskCalc EDF (1 year) - lower 5.62 11.48 5.26 1.33 1.13RiskCalc EDF (5 year) - upper Baa3 3.58 Ba1 5.13 Baa3 3.49 Baa1 1.88 Baa1 1.87RiskCalc EDF (5 year) - median Ba2 5.98 (77) Ba3 9.56 (95) Ba2 7.24 Baa3 3.83 Baa3 3.45RiskCalc EDF (5 year) - lower B2 15.70 Caa-C 25.61 B3 16.91 Ba2 7.50 Ba2 7.14CASH FLOW MEASURES% Cash from Trading / Sales - upper 49.6 53.4 54.6 53.1 53.8% Cash from Trading / Sales - median 45.3 46.0 47.1 (72) 46.8 (105) 48.0% Cash from Trading / Sales - lower 35.1 36.4 38.2 37.3 38.3% Cash after Operations / Sales - upper 6.2 5.4 7.2 9.3 8.3% Cash after Operations / Sales - median 2.0 2.5 3.4 (72) 4.5 (105) 3.9% Cash after Operations / Sales - lower -1.7 -1.8 -.4 .9 -.4% Net Cash after Operations / Sales - upper 5.3 5.8 7.6 9.0 8.1% Net Cash after Operations / Sales - median 2.3 2.5 3.8 (72) 4.5 (105) 3.6% Net Cash after Operations / Sales - lower -1.5 -.3 -.8 .9 -.4% Cash after Debt Amort. / Sales - upper 2.1 2.5 4.7 4.4 4.3% Cash after Debt Amort. / Sales - median -.6 -.1 .6 (72) 1.3 (105) .7% Cash after Debt Amort. / Sales - lower -4.7 -3.9 -4.5 -2.6 -2.9Debt Service P&I Coverage - upper 4.3 3.9 13.2 16.7 9.0Debt Service P&I Coverage - median (59) 1.1 (65) 1.1 (77) 1.4 (62) 1.8 (72) 2.4Debt Service P&I Coverage - lower -1.1 -.3 -.5 .5 .3Interest Coverage (Operating Cash) - upper 7.3 13.2 26.6 25.8 15.5Interest Coverage (Operating Cash) - median (59) 1.9 (63) 2.5 (77) 3.0 (62) 6.2 (69) 4.9Interest Coverage (Operating Cash) - lower -2.7 .0 -1.0 1.4 .4∆ Inventory - upper 20.0 10.7 4.5 41.6 33.3∆ Inventory - median (63) 9.4 (76) -3.2 (94) -7.4 (72) 6.2 (103) 9.1∆ Inventory - lower -5.6 -15.9 -23.0 -.7 -5.0∆ Total Current Assets - upper 23.2 7.4 11.6 36.9 42.6∆ Total Current Assets - median 7.2 -4.3 -2.6 9.1 5.9



IDP History Page 12 of 15

4/1/07 3/31/08 4/1/08 3/31/09 4/1/09 3/31/10 4/1/10 3/31/11 4/1/11 3/31/12



∆ Total Current Assets - lower -10.2 -21.2 -18.8 -3.9 -6.0∆ Total Assets - upper 19.4 8.6 6.5 24.0 29.0∆ Total Assets - median 6.5 -2.5 -3.8 6.5 6.4∆ Total Assets - lower -4.5 -13.1 -16.4 -5.0 -5.4∆ Retained Earnings - upper 26.0 11.0 20.6 31.9 55.9∆ Retained Earnings - median (63) .7 -1.6 (94) -1.1 (73) 4.7 (106) 7.8∆ Retained Earnings - lower -17.9 -28.0 -23.9 -10.8 -9.7∆ Net Sales - upper 10.3 2.8 3.7 23.1 18.9∆ Net Sales - median 2.3 -3.5 -6.4 5.7 7.3∆ Net Sales - lower -3.5 -13.3 -17.5 -1.9 -1.3∆ Cost of Goods Sold - upper 11.4 4.2 3.0 21.5 23.1∆ Cost of Goods Sold - median 1.3 -4.1 -8.9 2.7 6.1∆ Cost of Goods Sold - lower -5.0 -14.5 -19.9 -5.1 -2.7∆ Profit before Interest & Taxes - upper 52.9 28.9 86.2 173.8 99.5∆ Profit before Interest & Taxes - median -3.4 (77) -32.3 -2.9 47.9 (107) 19.6∆ Profit before Interest & Taxes - lower -68.4 -122.6 -76.8 -27.9 -33.3∆ Depr. Depl. Amort. - upper 25.9 21.5 9.5 31.0 20.3∆ Depr. Depl. Amort. - median (57) 1.0 (65) .0 (82) -.5 (70) .0 (96) .0∆ Depr. Depl. Amort. - lower -9.3 -19.9 -25.9 -19.9 -33.3RATIOSSustainable Growth Rate - upper 30.3 15.0 18.6 32.9 40.1Sustainable Growth Rate - median 4.5 (77) .3 .8 .3 (107) 4.7Sustainable Growth Rate - lower -21.8 -13.4 -21.2 -16.1 -9.6Funded Debt Leverage - upper .3 .4 .0 .0 .0Funded Debt Leverage - median 2.7 2.1 1.1 .5 .5Funded Debt Leverage - lower 11.6 14.3 11.5 2.9 2.7Net Sales ($) 3341651M 4945376M 7933408M 5589228M 5121934MTotal Assets ($) 1184737M 2014751M 2976248M 1982283M 1864784M

IDP History Page 13 of 15

0-1MM 1-3MM 3-5MM 5-10MM 10-25MM 25MM and Over AllType of StatementUnqualified 1 2 3 13 19Reviewed 2 2 5 9Compiled 1 6 2 1 1 11Tax Returns 12 12 2 2 4 32Other 12 7 5 2 4 7 37

12 (4/1-9/30/11)Number of Statements 25 25 10 9 14 25 108EXPECTED DEFAULT FREQUENCYRiskCalc EDF (1 year) - upper .28 .21 .25 .21 .18 .22RiskCalc EDF (1 year) - median 1.24 .36 .57 .30 .27 .39RiskCalc EDF (1 year) - lower 2.73 .70 2.88 .93 1.06 1.13RiskCalc EDF (5 year) - upper Baa3 3.12 Baa2 2.07 Baa2 2.88 Baa1 1.76 A3 1.29 Baa1 1.87RiskCalc EDF (5 year) - median Ba3 8.29 Baa3 3.29 Ba1 4.81 Baa3 3.17 Baa2 2.33 Baa3 3.45RiskCalc EDF (5 year) - lower B2 14.21 Ba1 5.30 Ba3 9.32 Ba2 6.60 Ba1 5.51 Ba2 7.14CASH FLOW MEASURES% Cash from Trading / Sales - upper 57.5 59.3 54.3 51.7 51.6 53.8% Cash from Trading / Sales - median (23) 50.1 47.6 46.1 46.6 (24) 47.5 (105) 48.0% Cash from Trading / Sales - lower 43.6 37.4 34.1 25.8 34.4 38.3% Cash after Operations / Sales - upper 15.7 9.5 6.5 10.0 6.2 8.3% Cash after Operations / Sales - median (23) 5.1 1.9 3.4 3.9 (24) 3.9 (105) 3.9% Cash after Operations / Sales - lower -10.2 -1.6 -2.4 1.3 1.4 -.4% Net Cash after Operations / Sales - upper 15.7 8.6 6.6 10.0 6.4 8.1% Net Cash after Operations / Sales - median (23) 5.1 1.9 2.9 3.6 (24) 3.5 (105) 3.6% Net Cash after Operations / Sales - lower -10.2 -1.8 -2.3 1.1 1.1 -.4% Cash after Debt Amort. / Sales - upper 8.7 3.4 6.1 6.8 3.7 4.3% Cash after Debt Amort. / Sales - median (23) -2.2 .2 1.7 1.9 (24) .9 (105) .7% Cash after Debt Amort. / Sales - lower -15.3 -7.2 -2.3 -1.9 -.6 -2.9Debt Service P&I Coverage - upper 2.5 14.1 18.6 10.3 9.0Debt Service P&I Coverage - median (12) 1.3 (16) 1.9 (11) 6.9 (20) 2.4 (72) 2.4Debt Service P&I Coverage - lower .0 -.1 .6 .3 .3Interest Coverage (Operating Cash) - upper 4.7 14.1 92.5 32.6 15.5Interest Coverage (Operating Cash) - median (10) 2.4 (16) 5.7 (11) 12.6 (19) 10.7 (69) 4.9Interest Coverage (Operating Cash) - lower .0 -.2 .7 1.6 .4∆ Inventory - upper 45.0 22.5 36.0 80.1 28.8 33.3∆ Inventory - median 9.1 (21) 4.3 8.3 4.0 14.4 (103) 9.1∆ Inventory - lower -3.4 -3.6 -8.5 -19.0 2.4 -5.0∆ Total Current Assets - upper 50.1 23.4 56.2 91.6 19.5 42.6∆ Total Current Assets - median 4.5 6.0 10.0 25.8 5.8 5.9



IDP Sales Page 14 of 15




∆ Total Current Assets - lower -1.8 -7.1 -11.3 -6.7 -5.6 -6.0∆ Total Assets - upper 28.3 13.9 41.5 83.6 20.4 29.0∆ Total Assets - median 3.7 6.8 12.5 5.0 5.7 6.4∆ Total Assets - lower -5.0 -11.3 -2.0 -23.2 -4.1 -5.4∆ Retained Earnings - upper 17.2 99.9 265.3 289.2 16.5 55.9∆ Retained Earnings - median .0 15.4 36.5 20.3 (23) -.6 (106) 7.8∆ Retained Earnings - lower -22.4 1.1 -58.6 -22.1 -11.1 -9.7∆ Net Sales - upper 18.4 13.4 20.7 53.3 17.2 18.9∆ Net Sales - median 2.5 7.9 6.3 26.7 7.1 7.3∆ Net Sales - lower -6.3 -4.9 -12.7 .4 .5 -1.3∆ Cost of Goods Sold - upper 32.7 13.9 20.2 53.3 18.1 23.1∆ Cost of Goods Sold - median 6.4 .7 6.3 23.0 9.7 6.1∆ Cost of Goods Sold - lower -3.5 -16.2 -16.1 1.5 2.5 -2.7∆ Profit before Interest & Taxes - upper 50.3 257.7 163.7 37.7 99.5∆ Profit before Interest & Taxes - median 2.4 76.8 108.3 -6.6 (107) 19.6∆ Profit before Interest & Taxes - lower -31.1 -40.0 57.1 -41.5 -33.3∆ Depr. Depl. Amort. - upper .0 20.1 88.0 12.5 20.3∆ Depr. Depl. Amort. - median (20) .0 (22) -18.3 10.2 3.5 (96) .0∆ Depr. Depl. Amort. - lower -56.3 -95.9 -20.6 -25.8 -33.3RATIOSSustainable Growth Rate - upper 31.0 43.6 57.5 101.7 14.4 40.1Sustainable Growth Rate - median (24) .1 3.8 17.3 6.4 -2.2 (107) 4.7Sustainable Growth Rate - lower -7.3 -6.6 3.4 -58.6 -23.1 -9.6Funded Debt Leverage - upper .0 .0 .0 .0 .0 .0Funded Debt Leverage - median 1.5 .8 .0 .0 .6 .5Funded Debt Leverage - lower 5.9 2.9 NM 1.0 2.7 2.7Net Sales ($) 14195M 44105M 42042M 68580M 221071M 4731941M 5121934MTotal Assets ($) 8245M 22610M 15044M 18794M 75804M 1724287M 1864784M

IDP Sales Page 15 of 15

0-500M 500M-2MM 2-10MM 10-50MM 50-100MM 100-250MM AllType of StatementUnqualified 2 3 2 7Reviewed 2 2 2 6Compiled 1 3 4Tax Returns 5 1 1 7Other 7 7 2 2 1 1 20

5 (4/1-9/30/11)Number of Statements 13 13 7 7 3 1 44ASSETSCash & Equivalents 9.0 15.7 16.1 11.2 14.1Trade Receivables - (net) 3.8 6.1 7.4 3.8 4.9Inventory 52.7 59.6 40.1 37.4 48.1All Other Current Assets .0 .0 9.6 1.5 2.2Total Current Assets 65.5 81.4 73.2 54.0 69.4Fixed Assets (net) 26.1 11.9 14.6 27.0 19.9Intangibles (net) .0 .0 .9 3.7 1.2All Other Non-Current Assets 8.4 6.6 11.3 15.4 9.5Total Assets 100.0 100.0 100.0 100.0 100.0LIABILITIESNotes Payable-Short Term 7.1 7.5 1.9 7.4 5.8Cur. Mat.-L/T/D 7.4 3.0 1.8 1.4 3.9Trade Payables 8.6 16.6 28.0 23.1 17.3Income Taxes Payable .0 .0 .0 .1 .0All Other Current Liabilities 25.5 6.3 8.3 15.0 14.6Total Current Liabilities 48.6 33.4 39.9 46.9 41.6Long Term Debt 29.3 2.0 1.9 13.3 12.7Deferred Taxes .0 .0 .0 .5 .1All Other Non-Current Liabilities 17.4 26.7 3.6 11.8 16.4Net Worth 4.8 37.9 54.6 27.5 29.2Total Liabilities & Net Worth 100.0 100.0 100.0 100.0 100.0INCOME DATANet Sales 100.0 100.0 100.0 100.0 100.0Gross Profit 51.7 46.3 48.1 43.9 48.2Operating Expenses 49.9 43.3 49.5 41.6 46.5Operating Profit 1.8 3.0 -1.4 2.3 1.7All Other Expenses (net) 1.2 .2 -1.7 1.2 .4Profit Before Taxes .6 2.8 .4 1.1 1.4RATIOSCurrent - upper 8.4 8.5 5.8 2.6 6.2


Southeast Region




Southeast Region

Current - median 2.3 4.2 2.7 1.2 2.2Current - lower .7 1.4 .9 .8 1.0Quick - upper 1.6 3.0 1.2 1.0 1.5Quick - median .2 .6 .4 .2 .5Quick - lower .1 .2 .0 .1 .1Sales / Receivables - upper [0] UND [0] UND [0] UND [0] UND [0] UNDSales / Receivables - median [0] UND [0] UND [0] UND [2] 160.8 [0] UNDSales / Receivables - lower [0] UND [8] 43.0 [6] 65.7 [5] 70.1 [4] 92.6Cost of Sales / Inventory - upper [140] 2.6 [73] 5.0 [83] 4.4 [54] 6.7 [81] 4.5Cost of Sales / Inventory - median [174] 2.1 [135] 2.7 [114] 3.2 [73] 5.0 [122] 3.0Cost of Sales / Inventory - lower [261] 1.4 [243] 1.5 [332] 1.1 [114] 3.2 [203] 1.8Cost of Sales / Payables - upper [0] UND [0] UND [14] 25.3 [32] 11.4 [0] UNDCost of Sales / Payables - median [7] 52.0 [14] 25.9 [73] 5.0 [36] 10.0 [34] 10.6Cost of Sales / Payables - lower [54] 6.7 [70] 5.2 [76] 4.8 [48] 7.6 [64] 5.7Sales / Working Capital - upper 3.7 2.8 2.3 4.2 3.8Sales / Working Capital - median 7.7 7.8 6.8 45.3 7.9Sales / Working Capital - lower -9.5 18.7 -69.4 -39.4 521.6EBIT / Interest - upper 26.4 6.0 27.4EBIT / Interest - median (7) 2.3 1.8 (25) 3.8EBIT / Interest - lower -.6 -3.8 -.8Net Profit + DDA / Curr Mat LTD - upperNet Profit + DDA / Curr Mat LTD - medianNet Profit + DDA / Curr Mat LTD - lowerFixed / Worth - upper .3 .0 .0 .6 .1Fixed / Worth - median .8 .2 .2 1.4 .5Fixed / Worth - lower -.2 NM 1.8 2.1 11.0Debt / Worth - upper .9 .3 .2 1.0 .5Debt / Worth - median 2.7 1.3 .9 3.0 1.6Debt / Worth - lower -19.8 NM 6.1 49.1 48.7% Profit before Taxes / Tangible Net Worth - upper 64.2 50.6 39.8 49.6% Profit before Taxes / Tangible Net Worth - median (9) 28.3 (10) 18.1 26.7 (35) 17.2% Profit before Taxes / Tangible Net Worth - lower 2.4 3.2 -3.0 1.2% Profit before Taxes / Total Assets - upper 16.8 17.5 17.6 6.5 14.4% Profit before Taxes / Total Assets - median 3.2 2.2 5.4 .9 3.5% Profit before Taxes / Total Assets - lower -6.3 -1.5 -2.8 -3.5 -2.6Sales / Net Fixed Assets - upper 229.3 623.2 125.1 43.1 99.3Sales / Net Fixed Assets - median 10.9 44.3 18.5 14.3 16.9Sales / Net Fixed Assets - lower 6.4 14.7 9.7 11.8 9.4Sales / Total Assets - upper 2.8 3.9 3.6 4.6 3.6




Southeast Region

Sales / Total Assets - median 2.1 3.1 2.2 4.4 2.5Sales / Total Assets - lower 1.4 1.8 1.6 1.4 1.8% Depr, Depl, Amort / Sales - upper .4 .1 .9 .4% Depr, Depl, Amort / Sales - median (8) 1.2 (9) .3 1.8 (34) 1.1% Depr, Depl, Amort / Sales - lower 2.7 1.1 2.3 2.2% Officers', Directors', Owners' Comp / Sales - upper 3.8 1.8 2.5% Officers', Directors', Owners' Comp / Sales - median (8) 5.7 (8) 3.6 (21) 4.4% Officers', Directors', Owners' Comp / Sales - lower 6.8 6.4 6.5Net Sales ($) 6695M 41869M 66042M 613738M 527602M 445858M 1701804MTotal Assets ($) 3455M 13315M 29572M 168803M 223633M 102110M 540888M


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