Fire Up Chips Selected Statements

Sales
NI
Int Expense
Preferred Stock Dividend
Income Tax Rate

Year 5
$ 22,589
$
896
$
331
$
44
35%

Year 4
$ 21,985
$
844
$
322
$
40
35%

Year 3
$ 20,886
$
822
$
301
$
38
35%

Total Assets
Preferred Stock
Total CE

Year 5
$ 11,558
$
877
$
5,114

Year 4
$ 11,228
$
864
$
5,096

Year 3
$ 10,965
$
833
$
4,987

NI for ROA
Total Asset Average
ROA
PM
TATO
check

1,111 $
11,393
9.75%
4.92%
1.98
9.75%

1,053 $
11,097
9.49%
4.79%
1.98
9.49%

1,018
10,724
9.49%
4.87%
1.95
9.49%

NI for ROCE
Total CE Average
ROCE
PM
TATO
EM
Check

852 $
804 $
784
5,105
5,042
4,920
16.69%
15.95%
15.93%
3.77%
3.66%
3.75%
1.98
1.98
1.95
2.23
2.20
2.18
16.69%
15.95%
15.93%

Average Assets
Average Liabilities
Average Pref Stock
Avg Common Stock

11,393
5,418
870.5
5,105

11,097
5,207
848.5
5,042

10,724
4,982
822.5
4,920

NI from liabilities
NI from PS
NI from CE

528.36 $
84.90
497.89

494.21 $
80.54
478.55

472.72
78.05
466.88

Cost of Liabilities
Cost of PS
Cost of CE

$
$

215.15 $
44 $
0

209.30 $
40 $
0

195.65
38
0

313.21
40.90
497.89
852.00

284.91
40.54
478.55
804.00

277.07
40.05
466.88
784.00

NI to Common from Liabilities

NI to Common from PS
NI to Common Directly
Total

Year 2
$ 10,483
$
812
$ 4,853

Check (NI for CE -total)

(354.11)

(325.45)

(317.12)

B)
Income for ROCE
ROCE
PM

477,850
11.95%
4.73%

TATO
EM (Capital Structure Leverage)

NOPAT
Net Financing Expense AT
Operating ROA
Operating PM
Operating TATO

A)
Enter as Negative #

2.18
1.16

$
$

Enter as Negative #

508,621
30,772
10.99%
5.04%
2.18

Leverage D/E
Financing Cost
Spread

0.16
4.87%
6.12%

ROCE = Operating ROA + Leverage * Spread

C)

Operating ROA Leverage

Spread
ROCE
10.99%
0.16
6.12%
11.95%

Income Statement for Scrub-a-Dub

(amounts in thoursands)
Sales
Cost of goods sold and occupancy costs
Gross Profit
Direct store expenses
General and adminstrative expenses
Pre-opening expenses
Relocation, store closure and lease
termination
Operating Income
Interest expense
Investment and other income
Income before income taxes
Provision for income taxes
Net Income

2008
$ 10,100,231
6,296,648
$ 3,803,583
2,740,322
324,514
72,220

$
$

47,509
619,018
(47,341)
7,367
579,044
101,195
477,850

Balance Sheets for Scrub-a-Dub

(amounts in thousands)
2008
ASSETS
Cash and cash equivalents
Accounts receivable and other receivables
Merchandise inventories
Prepaid expenses and other current assets
Deferred Income taxes
Total Current Assets
Property and equipment, net of accumulated
depreciation and amortization
Goodwill
Intangible assets, net of accumulated amortization
Deferred Income taxes
Total Assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Current installements of long-term debt
and capital lease obligations
Account payable
Accrued payroll, bonus, and other benefits
due team members
Total Current Liabilities
Long-term debt and capital lease
obligation, less current installments
Deferred lease liabilities
Total Liabilities
Common stock, no par value, 300,000 shares
authorized; 140,286 and 143,787 shares issured,
140,286 and 139,240 shares outstanding in
2008 and 2007, respectively
Common stock in treasury, at cost
Accumulated other comprehensive income
Retained earnings
Total Shareholder's Equity
Total Liabilities and Shareholders' Equity

128,531
321,896
392,942
74,965
88,472
1,006,806
3,896,541
725,515
102,049
130,802
5,861,713

$
$
$

$
$

494
219,761
255,103
866,030
1,114,548
239,562
1,874,712

1,386,034
(259,949)
464.2
2,860,452
3,987,001
5,861,713

er as Negative #

er as Negative #

Current Assets
Current Liab--Operating
Non-Current Assets
Non-Current Liab-Operating TA
Operating TA
ST Debt
LT Debt
Debt
Equity

TE Average
$

947,566
(536,288)
4,814,167

(1,354,110)
4,032,246

5,225,445
313,297
904,739
1,218,036
4,007,409

TA Average Operating TA Average

3,997,205 $ 5,811,723 $
4,628,845

13,033
751,793 $
(5,470)
14,721
761,043 $
158,375
602,668 $

6,436
868,451
(4,629)
26,957
890,779
176,651
714,128

1,006,806
(475,358)
4,854,907

390,672 $
-345,428
$
45,244 $
3,987,001

2006
6,728,851
4,012,507
2,716,344
1,564,165
235,617
41,675

2007

2007
$ 8,569,305 $
5,583,721
$ 2,985,584 $
1,882,352
261,292
77,115

2008

2007
$ 122,593
324,316
374,546
52,523
73,589
$ 947,566
3,778,963
802,620
117,220
115,365
5,761,733

29,737
270,874

235,677
$ 849,585
$ 809,696
167,807
$ 1,754,324

$ 1,356,130
(239,953)
20,439
2,870,794
$ 4,007,409
$ 5,761,733