Financial Plan

De Kliek looks to bring in annual sales of $600,000 with an operating profit margin of 20%. Gross margins
are at 51%, which is 6 percentage points higher than the retail industry average but in line with retail
boutique averages. Overall, De Kliek projects to reinvest net profits of 5% into the company for service
enhancements and growth initiatives.

First-year cash flows are positive due to the cash-based business of De Kliek. De Kliek remains very liquid
with no Current Liabilities forecasted for the year ending June 30, 2005. Startup costs are estimated at
$132,700 with almost half of these costs going to startup inventory. See the Start-up Table, above, for
details.

8.1 Important Assumptions

Payroll burden is calculated at 12.65% made up of 7.65% social security, 2% unemployment, and 3%
worker's compensation. Payables are assumed to reach levels equal to one month's operating expenses.
Long-term interest rates have been based on current SBA loan rates.

General Assumptions

Year 1 Year 2 Year 3 Year 4 Year 5

Plan Month 1 2 3 4 5

Current Interest Rate 7.96% 10.26% 7.96% 10.26% 7.96%

Long-term Interest Rate 8.00% 8.00% 8.00% 8.00% 8.00%

Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00%

Other 0 0 0 0 0

8.2 Break-even Analysis

Cost of goods for the break-even are based on line sheets from the vendors that De Kliek plans to carry. In
addition, De Kliek plans to maintain an average 60% retail markup. De Kliek plans to maintain sales
revenues well above the break-even level noted below.
Break-even Analysis

Monthly Revenue Break-even $34,501

Assumptions:

Average Percent Variable Cost 40%

Estimated Monthly Fixed Cost $20,740

8.3 Projected Profit and Loss

The projected Profit and Loss for five years is detailed in the table and charts following. Some assumptions
and inclusions to be noted are included in the Appendix.
Pro Forma Profit and Loss

Year 1 Year 2 Year 3 Year 4 Year 5

Sales $513,503 $599,403 $609,402 $620,315 $630,937

Direct Cost of Sales $204,820 $237,520 $239,896 $245,911 $249,600

Other Costs of Goods $0 $0 $0 $0 $0

Total Cost of Sales $204,820 $237,520 $239,896 $245,911 $249,600

Gross Margin $308,683 $361,883 $369,507 $374,404 $381,337

Gross Margin % 60.11% 60.37% 60.63% 60.36% 60.44%

Expenses

Payroll $131,000 $122,000 $137,500 $139,500 $146,000

Advertising $4,800 $4,800 $4,800 $4,800 $4,800

Depreciation $4,889 $4,889 $4,889 $4,889 $4,889

Amortization - Startup Costs $5,500 $5,500 $5,500 $5,500 $5,500

Bank Service Charges $480 $480 $480 $480 $480

Dues & Subscriptions $600 $600 $600 $600 $600

Education & Training $1,200 $1,500 $2,000 $2,000 $2,000

Insurance - Workman's Comp $3,372 $3,500 $3,600 $3,800 $4,000

Insurance - property & liability $6,204 $6,200 $6,300 $6,500 $6,500

Interest Expense - LT Loan $4,716 $4,716 $4,716 $4,716 $4,716

License & Permits $110 $0 $0 $0 $0

Maintenance - Office $2,400 $2,400 $2,400 $2,400 $2,400

Marketing and PR $9,600 $10,000 $10,000 $10,000 $10,000

Miscellaneous $3,600 $3,600 $3,600 $3,600 $3,600

Payroll - Charges $797 $800 $800 $800 $800

Postage & Delivery $600 $600 $600 $600 $600

Printing & reproduction $1,200 $1,200 $1,200 $1,200 $1,200

Prof Fees - Accounting $1,500 $1,500 $1,500 $1,500 $1,500

Prof Fees - Legal $1,000 $500 $500 $500 $500

Rent $36,000 $36,000 $36,000 $40,000 $40,000

Repairs $600 $600 $600 $600 $600

Security $348 $350 $350 $350 $350

Supplies - Office & Store $4,200 $4,200 $4,200 $4,200 $4,200

Travel & Entertainment $8,500 $10,000 $10,000 $10,000 $10,000

Telephone / Internet Access $1,440 $1,440 $1,440 $1,440 $1,440

Utilities $2,100 $2,100 $2,100 $2,100 $2,100

Payroll Taxes $720 $10,515 $10,890 $11,490 $12,015

Employee Benefits $9,000 $9,100 $9,100 $10,100 $10,100

Other $2,400 $2,400 $2,400 $2,400 $2,400

Total Operating Expenses $248,876 $251,490 $268,065 $276,065 $283,290

Profit Before Interest and Taxes $59,806 $110,393 $101,442 $98,339 $98,047

EBITDA $64,696 $115,282 $106,331 $103,228 $102,936

Interest Expense $6,753 $5,963 $5,138 $4,314 $3,489

Taxes Incurred $15,916 $31,329 $28,891 $28,208 $28,367

Net Profit $37,137 $73,101 $67,412 $65,818 $66,191

Net Profit/Sales 7.23% 12.20% 11.06% 10.61% 10.49%

8.4 Projected Cash Flow

The projected Cash Flow for five years is detailed in the table and chart following. In addition, it should be
noted that De Kliek will establish relationships with vendors and/or representatives to determine the
following to maintain cash flow:

• Average price points – this will help ensure that a good mix of prices are maintained.
• Delivery time frame & reliability – this will be crucial to ensure maximization of profits during the key
shopping time frames. For Italian designers who may live up to the Italian notoriety for being late in
 deliveries, De Kliek will request the earliest possible delivery from them and also ensure they will be
open to discounts if deliveries are late.
• Shipping and transportation policies.
• Market demand and turn rates – typically the vendor should know their end customer and be able
to share that information so it aligns with my target market as well as helps me determine how much is
appropriate to buy.
• Payment terms and agreements –The goal is to be at Net 30 but I expect vendors to understand
that De Kliek is a new boutique and will work with De Kliek to get the store at Net 30 terms with them
within one season.

Pro Forma Cash Flow

Year 1 Year 2 Year 3 Year 4 Year 5

Cash Received

Cash from Operations

Cash Sales $513,503 $599,403 $609,402 $620,315 $630,937

Subtotal Cash from Operations $513,503 $599,403 $609,402 $620,315 $630,937

Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0 $0 $0

New Current Borrowing $0 $0 $0 $0 $0

New Other Liabilities (interest-free) $0 $0 $0 $0 $0

New Long-term Liabilities $0 $0 $0 $0 $0

Sales of Other Current Assets $0 $0 $0 $0 $0

Sales of Long-term Assets $0 $0 $0 $0 $0

New Investment Received $0 $0 $0 $0 $0

Subtotal Cash Received $513,503 $599,403 $609,402 $620,315 $630,937

Expenditures Year 1 Year 2 Year 3 Year 4 Year 5

Expenditures from Operations

Cash Spending $131,000 $122,000 $137,500 $139,500 $146,000

Bill Payments $275,075 $404,006 $400,156 $409,729 $414,040

Subtotal Spent on Operations $406,075 $526,006 $537,656 $549,229 $560,040

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 $0 $0

Principal Repayment of Current Borrowing $0 $0 $0 $0 $0

Other Liabilities Principal Repayment $0 $0 $0 $0 $0

Long-term Liabilities Principal Repayment $10,308 $10,308 $10,308 $10,308 $10,308

Purchase Other Current Assets $0 $0 $0 $0 $0

Purchase Long-term Assets $0 $0 $0 $0 $0

Dividends $1,000 $1,000 $1,500 $1,500 $1,000

Subtotal Cash Spent $417,383 $537,314 $549,464 $561,037 $571,348

Net Cash Flow $96,120 $62,089 $59,938 $59,277 $59,589

Cash Balance $103,620 $165,709 $225,647 $284,924 $344,513

8.5 Projected Balance Sheet

All financials will be updated monthly to reflect past performance and future assumptions. Future
assumptions will be based on our inventory plans from Retail Merchandising Service Automation (RMSA),
economic cycle activity, regional retail indicators, apparel trends, and future cash flow. De Kliek works with
both an Accountant and CPA whom both have personal and professional experience in retail operations. We
expect solid growth in net worth beyond the first fiscal year of operation.

Pro Forma Balance Sheet

Year 1 Year 2 Year 3 Year 4 Year 5

Assets

Current Assets

Cash $103,620 $165,709 $225,647 $284,924 $344,513

Inventory $24,003 $27,835 $28,113 $28,616 $29,106

Other Current Assets $0 $0 $0 $0 $0

Total Current Assets $127,622 $193,544 $253,760 $313,541 $373,620

Long-term Assets

Long-term Assets $24,599 $24,599 $24,599 $24,599 $24,599

Accumulated Depreciation $4,889 $9,778 $14,667 $19,556 $24,445

Total Long-term Assets $19,710 $14,821 $9,932 $5,043 $154

Total Assets $147,332 $208,364 $263,692 $318,583 $373,773

Liabilities and Capital Year 1 Year 2 Year 3 Year 4 Year 5

Current Liabilities

Accounts Payable $33,904 $33,143 $32,867 $33,749 $34,056

Current Borrowing $0 $0 $0 $0 $0

Other Current Liabilities $0 $0 $0 $0 $0

Subtotal Current Liabilities $33,904 $33,143 $32,867 $33,749 $34,056

Long-term Liabilities $79,692 $69,384 $59,076 $48,768 $38,460

Total Liabilities $113,596 $102,527 $91,943 $82,517 $72,516

Paid-in Capital $42,707 $42,707 $42,707 $42,707 $42,707

Retained Earnings ($46,108) ($9,971) $61,630 $127,542 $192,360

Earnings $37,137 $73,101 $67,412 $65,818 $66,191

Total Capital $33,736 $105,837 $171,749 $236,067 $301,257

Total Liabilities and Capital $147,332 $208,364 $263,692 $318,583 $373,773

Net Worth $33,736 $105,837 $171,749 $236,067 $301,257

8.6 Business Ratios

Standard business ratios are included in the following table. The ratios show a plan for balanced, healthy
growth. Industry profile ratios based on the Standard Industrial Classification (SIC) code 5621, Women's
Clothing Stores, are shown for comparison.

Ratio Analysis

Year 1 Year 2 Year 3 Year 4 Year 5 Industry Profile

Sales Growth 0.00% 16.73% 1.67% 1.79% 1.71% 2.95%

Percent of Total Assets

Inventory 16.29% 13.36% 10.66% 8.98% 7.79% 55.38%

Other Current Assets 0.00% 0.00% 0.00% 0.00% 0.00% 25.29%

Total Current Assets 86.62% 92.89% 96.23% 98.42% 99.96% 88.70%

Long-term Assets 13.38% 7.11% 3.77% 1.58% 0.04% 11.30%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Current Liabilities 23.01% 15.91% 12.46% 10.59% 9.11% 24.77%

Long-term Liabilities 54.09% 33.30% 22.40% 15.31% 10.29% 5.35%

Total Liabilities 77.10% 49.21% 34.87% 25.90% 19.40% 30.12%

Net Worth 22.90% 50.79% 65.13% 74.10% 80.60% 69.88%

Percent of Sales

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Gross Margin 60.11% 60.37% 60.63% 60.36% 60.44% 41.89%

Selling, General & Administrative Expenses 40.82% 41.05% 41.07% 41.51% 41.52% 21.02%

Advertising Expenses 0.00% 0.00% 0.00% 0.00% 0.00% 3.78%

Profit Before Interest and Taxes 11.65% 18.42% 16.65% 15.85% 15.54% 3.15%

Main Ratios

Current 3.76 5.84 7.72 9.29 10.97 3.37

Quick 3.06 5.00 6.87 8.44 10.12 0.87

Total Debt to Total Assets 77.10% 49.21% 34.87% 25.90% 19.40% 40.19%

Pre-tax Return on Net Worth 157.26% 98.67% 56.07% 39.83% 31.39% 7.14%

Pre-tax Return on Assets 36.01% 50.12% 36.52% 29.51% 25.30% 11.93%

Additional Ratios Year 1 Year 2 Year 3 Year 4 Year 5

Net Profit Margin 7.23% 12.20% 11.06% 10.61% 10.49% n.a

Return on Equity 110.08% 69.07% 39.25% 27.88% 21.97% n.a

Activity Ratios

Inventory Turnover 7.93 9.16 8.58 8.67 8.65 400.00%

Accounts Payable Turnover 9.11 12.17 12.17 12.17 12.17 n.a

Payment Days 27 30 30 30 30 n.a

Total Asset Turnover 3.49 2.88 2.31 1.95 1.69 n.a

Debt Ratios

Debt to Net Worth 3.37 0.97 0.54 0.35 0.24 100.00%

Current Liab. to Liab. 0.30 0.32 0.36 0.41 0.47 n.a

Liquidity Ratios

Net Working Capital $93,718 $160,400 $220,893 $279,792 $339,564 n.a

Interest Coverage 8.86 18.51 19.74 22.80 28.10 n.a

Additional Ratios

Assets to Sales 0.29 0.35 0.43 0.51 0.59 n.a

Current Debt/Total Assets 23% 16% 12% 11% 9% n.a

Acid Test 3.06 5.00 6.87 8.44 10.12 n.a

Sales/Net Worth 15.22 5.66 3.55 2.63 2.09 n.a

Dividend Payout 0.03 0.01 0.02 0.02 0.02 n.a

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2….. Financial Plan

Sales growth will be aggressive the first 18 months as we sharpen our merchandise assortment, size scales,
and stock levels to better meet our customers' requirements.

However, it is expected that One, Two, Step! will become profitable in the first year, but not excessively so.
This is partly due to our lower overall sales price for merchandise, compared to our competitors, but also
due to the fact that all our sales must come from customers lured away from other retailers. Once we have a
solid customer base, we can increase our margins slightly without risk of losing customers.

Break-even Analysis
Our break-even analysis is summarized by the following chart and table. In order to break even, we must
sell at least $7,312 of shoes and accessories per month. We should easily sell more than this even in our
first month.

Break-even Analysis

Monthly Revenue Break-even $6,585

Assumptions:

Average Percent Variable Cost 63%

Estimated Monthly Fixed Cost $2,436

Projected Profit and Loss

The following table and charts show our profitability for the next three years, and detail our operating
expenses. these include a portion of the mortgage for my house, for the spaces which will be dedicated
solely to business operations.
Pro Forma Profit and Loss

Year 1 Year 2 Year 3 Year 4 Year 5

Sales $107,859 $111,094 $114,427 $117,859 $121,396

Direct Cost of Sales $67,951 $69,989 $72,089 $68,405 $64,468

Other Costs of Sales $0 $0 $0 $0 $0

Total Cost of Sales $67,951 $69,989 $72,089 $68,405 $64,468

Gross Margin $39,908 $41,105 $42,338 $49,454 $56,928

Gross Margin % 37.00% 37.00% 37.00% 41.96% 46.89%

Expenses

Payroll $21,510 $21,600 $21,700 $21,700 $21,700

Marketing/Promotion $2,375 $1,500 $2,000 $2,500 $2,750

Depreciation $0 $0 $0 $0 $0

Mortgage %/Rent $1,800 $1,800 $1,800 $1,800 $1,800

Utilities $960 $1,000 $1,100 $1,200 $1,300

Insurance $1,800 $1,850 $2,000 $2,200 $2,250

Website maintenance $372 $375 $375 $375 $375

POS contract/fees $420 $450 $450 $450 $450

Payroll taxes $0 $0 $0 $0 $0

Total Operating Expenses $29,237 $28,575 $29,425 $30,225 $30,625

Profit Before Interest and Taxes $10,671 $12,530 $12,913 $19,229 $26,303

EBITDA $10,671 $12,530 $12,913 $19,229 $26,303

Interest Expense $2,274 $1,875 $1,459 $1,042 $626

Taxes Incurred $2,519 $3,196 $3,436 $5,456 $7,703

Net Profit $5,878 $7,458 $8,018 $12,731 $17,974

Net Profit/Sales 5.45% 6.71% 7.01% 10.80% 14.81%

Start-up Funding
I will be investing $10,000 in the business, and am seeking another $25,000 in SBA long-term loans, to be
repaid over six years.

Start-up Funding

Start-up Expenses to Fund $5,000

Start-up Assets to Fund $30,000

Total Funding Required $35,000

Assets

Non-cash Assets from Start-up $20,000

Cash Requirements from Start-up $10,000

Additional Cash Raised $0

Cash Balance on Starting Date $10,000

Total Assets $30,000

Liabilities and Capital

Liabilities

Current Borrowing $0

Long-term Liabilities $25,000

Accounts Payable (Outstanding Bills) $0

Other Current Liabilities (interest-free) $0

Total Liabilities $25,000

Capital

Planned Investment

Owner $10,000

Investor $0

Additional Investment Requirement $0

Total Planned Investment $10,000

Loss at Start-up (Start-up Expenses) ($5,000)

Total Capital $5,000

Total Capital and Liabilities $30,000

Total Funding $35,000

Projected Cash Flow

Our projected cash flow is outlined in the following chart and table. The table lists sales tax collected and
paid out, as well as repayment of the loan we are seeking.

Pro Forma Cash Flow

Year 1 Year 2 Year 3 Year 4 Year 5

Cash Received
Cash from Operations

Cash Sales $107,859 $111,094 $114,427 $117,859 $121,396

Subtotal Cash from Operations $107,859 $111,094 $114,427 $117,859 $121,396

Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0 $0 $0

New Current Borrowing $0 $0 $0 $0 $0

New Other Liabilities (interest-free) $0 $0 $0 $0 $0

New Long-term Liabilities $0 $0 $0 $0 $0

Sales of Other Current Assets $0 $0 $0 $0 $0

Sales of Long-term Assets $0 $0 $0 $0 $0

New Investment Received $0 $0 $0 $0 $0

Subtotal Cash Received $107,859 $111,094 $114,427 $117,859 $121,396

Expenditures Year 1 Year 2 Year 3 Year 4 Year 5

Expenditures from Operations

Cash Spending $21,510 $21,600 $21,700 $21,700 $21,700

Bill Payments $70,868 $82,102 $84,729 $82,123 $81,093

Subtotal Spent on Operations $92,378 $103,702 $106,429 $103,823 $102,793

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 $0 $0

Principal Repayment of Current

$0 $0 $0 $0 $0
Borrowing

Other Liabilities Principal Repayment $0 $0 $0 $0 $0

Long-term Liabilities Principal

$4,164 $4,165 $4,165 $4,165 $4,165
Repayment

Purchase Other Current Assets $0 $0 $0 $0 $0

Purchase Long-term Assets $0 $0 $0 $0 $0

Dividends $0 $0 $0 $0 $0

Subtotal Cash Spent $96,542 $107,867 $110,594 $107,988 $106,958

Net Cash Flow $11,317 $3,227 $3,833 $9,871 $14,438

Cash Balance $21,317 $24,544 $28,377 $38,248 $52,686

Important Assumptions
I assume that the economic conditions will improve in the next two to three years. Therefore, business will
be good in year one, but years two and years three. One, Two, Step! will be very successful.

General Assumptions

Year 1 Year 2 Year 3 Year 4 Year 5

Plan Month 1 2 3 4 5
Current Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00%

Long-term Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00%

Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00%

Other 0 0 0 0 0

Projected Balance Sheet

The table below outlines the projected balance sheet. While, as a retail store, we have no plans for long-
term assets, we will have a healthy cash balance, growing over the next five years. We plan to pay off our
loan within six years, and increase the net worth of the business from $5,000 at start-up to over $15,000 by
the end of five years.

Pro Forma Balance Sheet

Year 1 Year 2 Year 3 Year 4 Year 5

Assets

Current Assets

Cash $21,317 $24,544 $28,377 $38,248 $52,686

Inventory $13,255 $12,111 $12,475 $10,905 $10,208

Other Current Assets $5,000 $5,000 $5,000 $5,000 $5,000

Total Current Assets $39,573 $41,655 $45,852 $54,154 $67,894

Long-term Assets

Long-term Assets $0 $0 $0 $0 $0

Accumulated Depreciation $0 $0 $0 $0 $0
Total Long-term Assets $0 $0 $0 $0 $0

Total Assets $39,573 $41,655 $45,852 $54,154 $67,894

Liabilities and Capital Year 1 Year 2 Year 3 Year 4 Year 5

Current Liabilities

Accounts Payable $7,859 $6,649 $6,992 $6,728 $6,660

Current Borrowing $0 $0 $0 $0 $0

Other Current Liabilities $0 $0 $0 $0 $0

Subtotal Current Liabilities $7,859 $6,649 $6,992 $6,728 $6,660

Long-term Liabilities $20,836 $16,671 $12,506 $8,341 $4,176

Total Liabilities $28,695 $23,320 $19,498 $15,069 $10,836

Paid-in Capital $10,000 $10,000 $10,000 $10,000 $10,000

Retained Earnings ($5,000) $878 $8,336 $16,354 $29,084

Earnings $5,878 $7,458 $8,018 $12,731 $17,974

Total Capital $10,878 $18,336 $26,354 $39,084 $57,059

Total Liabilities and Capital $39,573 $41,655 $45,852 $54,154 $67,894

Net Worth $10,878 $18,336 $26,354 $39,084 $57,059

Business Ratios
One, Two, Step!'s ratios can be seen in the table below. For comparison, we have included standard
business ratios for the Miscellaneous retails stores industry, SIC Code 5999.

Ratio Analysis

Industry
Year 1 Year 2 Year 3 Year 4 Year 5
Profile

Sales Growth n.a. 3.00% 3.00% 3.00% 3.00% 2.79%

Percent of Total Assets

Inventory 33.50% 29.08% 27.21% 20.14% 15.03% 33.69%

Other Current Assets 12.64% 12.00% 10.90% 9.23% 7.36% 24.88%

Total Current Assets 100.00% 100.00% 100.00% 100.00% 100.00% 75.34%

Long-term Assets 0.00% 0.00% 0.00% 0.00% 0.00% 24.66%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Current Liabilities 19.86% 15.96% 15.25% 12.42% 9.81% 37.95%

Long-term Liabilities 52.65% 40.02% 27.27% 15.40% 6.15% 16.70%

Total Liabilities 72.51% 55.98% 42.52% 27.83% 15.96% 54.65%

Net Worth 27.49% 44.02% 57.48% 72.17% 84.04% 45.35%

Percent of Sales

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Gross Margin 37.00% 37.00% 37.00% 41.96% 46.89% 31.49%

Selling, General & Administrative

31.55% 30.29% 29.99% 31.16% 32.09% 18.95%
Expenses

Advertising Expenses 0.00% 0.00% 0.00% 0.00% 0.00% 1.80%

Profit Before Interest and Taxes 9.89% 11.28% 11.28% 16.32% 21.67% 1.05%

Main Ratios

Current 5.04 6.27 6.56 8.05 10.20 1.77

Quick 3.35 4.44 4.77 6.43 8.66 0.70

Total Debt to Total Assets 72.51% 55.98% 42.52% 27.83% 15.96% 61.43%

Pre-tax Return on Net Worth 77.19% 58.11% 43.46% 46.53% 45.00% 2.23%

Pre-tax Return on Assets 21.22% 25.58% 24.98% 33.58% 37.82% 5.78%

Additional Ratios Year 1 Year 2 Year 3 Year 4 Year 5

Net Profit Margin 5.45% 6.71% 7.01% 10.80% 14.81% n.a

Return on Equity 54.03% 40.68% 30.42% 32.57% 31.50% n.a

Activity Ratios

Inventory Turnover 5.95 5.52 5.86 5.85 6.11 n.a

Accounts Payable Turnover 10.02 12.17 12.17 12.17 12.17 n.a

Payment Days 27 33 29 31 30 n.a

Total Asset Turnover 2.73 2.67 2.50 2.18 1.79 n.a

Debt Ratios

Debt to Net Worth 2.64 1.27 0.74 0.39 0.19 n.a

Current Liab. to Liab. 0.27 0.29 0.36 0.45 0.61 n.a

Liquidity Ratios

Net Working Capital $31,714 $35,007 $38,860 $47,425 $61,235 n.a

Interest Coverage 4.69 6.68 8.85 18.45 42.03 n.a

Additional Ratios

Assets to Sales 0.37 0.37 0.40 0.46 0.56 n.a

Current Debt/Total Assets 20% 16% 15% 12% 10% n.a

Acid Test 3.35 4.44 4.77 6.43 8.66 n.a

Sales/Net Worth 9.92 6.06 4.34 3.02 2.13 n.a

Dividend Payout 0.00 0.00 0.00 0.00 0.00 n.a

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