| New England Corporation | 2003 | 2004 |
| Financial Plan | Actual | Forecast |
| Key Assumptions |
| Sales growth rate |
| Tax rate | 40.2% |
| Dividend payout ratio | 38.5% |
| Interest rate on long-term debt | | 8.5% |
| Capital expenditures | | $40.00 |
| Income Statement (Mil.$) |
| Sales | $93.02 |
| Cost of goods sold | $60.19 |
| Selling, gen & adm expenses | $6.84 |
| Depreciation expense | $6.61 |
| EBIT | $19.39 |
| Interest expense | $6.71 |
| Pre-tax income | $12.68 |
| Taxes | $5.09 |
| Net income | $7.59 |
| Allocation of net income: |
| Dividends | $2.92 |
| Retained earnings | $4.67 |
| Balance Sheet (Mil.$) |
| Assets |
| Current assets |
| Cash & equivalents | $15.92 |
| Receivables | $122.85 |
| Inventories | $128.99 |
| Total current assets | $267.76 |
| Property, plant & equipment (PPE) | $200.90 |
| Accumulated depreciation | $81.91 |
| Net PPE | $118.99 |
| Total assets | $386.75 |
| Liabilities and Shareholders' Equity |
| Current liabilities |
| Accounts payable | $63.25 |
| Current portion long-term debt | $13.26 |
| Total current liabilities | $76.51 |
| Long-term debt (PLUG) | $88.93 |
| Total liabilities | $165.45 |
| Shareholders' equity |
| Paid-in capital | $147.40 |
| Retained earnings | $73.90 |
| Total shareholders' equity | $221.30 |
| Total liabilities & equity | $386.75 |