Financial statement analysis

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H and V Analysis

	Cablevision	Comcast		Cablevision	Comcast		Excel A
	2xx5	2xx5		2xx5	2xx5
Sales	6701	55842		100.0%	100.0%
Cost Of Goods	2969	37485		44.3%	67.1%
Gross Profit	3732	18357		55.7%	32.9%
Selling & Adminstrative & Depr. & Amort Expenses	2504	7636		37.4%	13.7%		Vertical
Income After Depreciation & Amortization [Oper.Income]	1229	10721		18.3%	19.2%		Analysis			Chapter 15, V & H Analysis
Non-Operating Income	-59	-9		-0.9%	-0.0%
Interest Expense	747	2505		11.1%	4.5%
Pretax Income	423	8207		6.3%	14.7%
Income Taxes	184	3050		2.8%	5.5%
Minority Interest	0	997		0.0%	1.8%
Income From Cont. Operations	239	5157		3.6%	9.2%
Extras & Discontinued Operations	54	0		0.8%	0.0%
Net Income	292	4160		4.4%	7.4%
Depreciation Footnote
Income Before Depreciation & Amortization	2290	25144		34.2%	45.0%
Depreciation & Amortization (Cash Flow)	1062	14423		15.8%	25.8%
Income After Depreciation & Amortization	1229	10721		18.3%	19.2%
Earnings Per Share Data
Average Shares	285	2,778		4.3%	5.0%
Diluted EPS Before Non-Recurring Items	$ 1.03	$ 1.58
Diluted Net EPS	$ 1.02	$ 1.50
	Cablevision	Comcast		Cablevision	Comcast		Vertical
	2xx5	2xx5		2xx5	2xx5		Analysis
Assets
Cash & Equivalents	832	1,620		11.7%	1.0%
Receivables	302	4,351		4.2%	2.8%
Other Current Assets	305	2,602		4.3%	1.6%
Total Current Assets	1355	8,573		19.0%	5.4%
Net Property & Equipment	3269	27,559		45.8%	17.5%
Investments & Advances	318	9,854		4.5%	6.2%
Other Non-Current Assets	3	0		0.0%	0.0%
Deferred Charges	134	0		1.9%	0.0%
Intangibles	1992	104,415		27.9%	66.2%
Deposits & Other Assets	72	7,417		1.0%	4.7%
Total Assets	7143	157,818		100.0%	100.0%
				0.0%	0.0%
Liabilities & Shareholder's Equity				0.0%	0.0%
Notes Payable	18	0		0.2%	0.0%
Accounts Payable	488	5,705		6.8%	3.6%
Current Portion Long-Term Debt	339	1,367		4.7%	0.9%
Current Portion Capital Leases	9	0		0.1%	0.0%
Accrued Expenses	604	5,379		8.5%	3.4%
Other Current Liabilities	137	790		1.9%	0.5%
Total Current Liabilities	1595	13,241		22.3%	8.4%
Mortgages	0	0		0.0%	0.0%
Deferred Taxes/Income	91	29,932		1.3%	19.0%
Long-Term Debt	10759	37,942		150.6%	24.0%
Non-Current Capital Leases	34	0		0.5%	0.0%
Other Non-Current Liabilities	224	13,034		3.1%	8.3%		Vertical
Minority Interest (Liabilities)	14	16,014		0.2%	10.1%		Analysis
Total Liabilities	12717	110,163		178.0%	69.8%
Shareholder's Equity
Common Stock (Par)	3	32		0.0%	0.0%
Capital Surplus	1051	40,940		14.7%	25.9%
Retained Earnings	-5245	13,971		-73.4%	8.9%
Other Equity	-20	229		-0.3%	0.1%
Treasury Stock	1364	7,517		19.1%	4.8%
Total Shareholder's Equity	-5574	47,655		-78.0%	30.2%
Total Liabilities & Shareholder's Equity	7143	157,818		100.0%	100.0%
Total Common Equity	-5574	47,655		-78.0%	30.2%
Shares Outstanding	279	2,705.90		3.9%	1.7%
Book Value Per Share	$ (19.95)	$ 17.61		-0.3%	0.0%
Five Years		Excel B1-IS				Horizontal Analysis
Cablevision						Trend Year to Year
Year	2xx5	2xx4	2xx3	2xx2	2xx1	2xx5	2xx4	2xx3	2xx2
Sales	6,701	7,231	7,773	7,230	6,484	-7.3%	-7.0%	7.5%	11.5%
Cost Of Goods	2,969	3,008	3,369	3,244	2,891	-1.3%	-10.7%	3.8%	12.2%
Gross Profit	3,732	4,223	4,404	3,986	3,593	-11.6%	-4.1%	10.5%	10.9%
Selling & Adminstrative & Depr. & Amort Expenses	2,504	2,694	2,989	3,296	2,677	-7.1%	-9.8%	-9.3%	23.1%
Income After Depreciation & Amortization [Oper.Income]	1,229	1,529	1,415	690	916	-19.6%	8.0%	105.2%	-24.7%
Non-Operating Income	(59)	(151)	(141)	(202)	124	-60.8%	6.8%	-30.2%	-262.4%
Interest Expense	747	787	753	797	806	-5.1%	4.5%	-5.5%	-1.2%
Pretax Income	423	591	521	(309)	234	-28.4%	13.5%	-268.4%	-232.3%
Income Taxes	184	226	236	(83)	135	-18.2%	-4.3%	-385.1%	-161.4%
Minority Interest	0	1	(0)	0	0	-34.4%	-337.0%	ERROR:#DIV/0!	ERROR:#DIV/0!
Income From Cont. Operations	239	366	285	(227)	99	-34.7%	28.2%	-225.9%	-328.5%
Extras & Discontinued Operations	54	(4)	(0)	(1)	195	-1401.5%	41100.0%	-98.9%	-100.5%
Net Income	292	361	286	(228)	294	-19.1%	26.4%	225.5%	-177.4%
						ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Depreciation Footnote						ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Income Before Depreciation & Amortization	2,290	2,812	2,771	2,442	2,259	-18.6%	1.5%	13.5%	8.1%
Depreciation & Amortization (Cash Flow)	1,062	1,283	1,355	1,752	1,344	-17.3%	-5.3%	-22.6%	30.4%
Income After Depreciation & Amortization	1,229	1,529	1,415	690	916	-19.6%	8.0%	105.2%	-24.7%
						ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Earnings Per Share Data						ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Average Shares	285	302	298	290	295	-5.6%	1.2%	2.8%	-1.5%
Diluted EPS Before Non-Recurring Items	$ 1.03	$ 1.21	$ 1.13	$ 0.94	$ 0.09	-14.9%	7.1%	20.2%	944.4%
Diluted Net EPS	$ 1.02	$ 1.20	$ 0.96	$ (0.78)	$ 0.74	-15.0%	25.0%	-223.1%	-205.4%
Five Years		Excel B1-IS				Horizontal Analysis
Comcast						Trend Year to Year
	2xx5	2xx4	2xx3	2xx2	2xx1	2xx5	2xx4	2xx3	2xx2
Sales	55,842	37,937	35,756	34,256	30,895	47.2%	6.1%	4.4%	10.9%
Cost Of Goods	37,485	15,250	14,396	13,472	11,175	145.8%	5.9%	6.9%	20.6%
Gross Profit	18,357	22,687	21,360	20,784	19,720	-19.1%	6.2%	2.8%	5.4%
Selling & Adminstrative & Depr. & Amort Expenses	7,636	14,707	14,146	14,052	14,142	-48.1%	4.0%	0.7%	-0.6%
Income After Depreciation & Amortization [Oper.Income]	10,721	7,980	7,214	6,732	5,578	34.3%	10.6%	7.2%	20.7%
Non-Operating Income	-9	280	240	-235	1,060	-103.2%	16.7%	-202.1%	-122.2%
Interest Expense	2,505	2,156	2,348	2,439	2,289	16.2%	-8.2%	-3.7%	6.6%
Pretax Income	8,207	6,104	5,106	4,058	4,349	34.5%	19.5%	25.8%	-6.7%
Income Taxes	3,050	2,436	1,478	1,533	1,800	25.2%	64.8%	-3.6%	-14.8%
Minority Interest	997	33	-10	-22	-38	2921.2%	-430.0%	-54.5%	-42.1%
Investment Gains/Losses	0	0	0	0	0	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Other Income/Charges	0	0	0	0	0	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Income From Cont. Operations	5,157	3,668	3,628	2,547	2,587	40.6%	1.1%	42.4%	-1.5%
Extras & Discontinued Operations	0	0	0	0	0	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Net Income	4,160	3,635	3,638	2,547	2,587	14.4%	-0.1%	42.8%	-1.5%
						ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Depreciation Footnote						ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Income Before Depreciation & Amortization	25,144	14,596	13,714	13,132	11,786	72.3%	6.4%	4.4%	11.4%
Depreciation & Amortization (Cash Flow)	14,423	6,616	6,500	6,400	6,208	118.0%	1.8%	1.6%	3.1%
Income After Depreciation & Amortization	10,721	7,980	7,214	6,732	5,578	34.3%	10.6%	7.2%	20.7%
						ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Earnings Per Share Data						ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Average Shares	2,778	2,820	2,885	2,952	3,129	-1.5%	-2.3%	-2.3%	-5.7%
Diluted EPS Before Non-Recurring Items	$ 1.58	$ 1.31	$ 1.10	$ 0.91	$ 0.74	20.6%	19.1%	20.9%	23.0%
Diluted Net EPS	$ 1.50	$ 1.29	$ 1.26	$ - 0		16.3%	2.4%	ERROR:#DIV/0!	ERROR:#DIV/0!
Cablevision		Excel B1 - BS				Horizontal Analysis
						Trend Year to Year
Assets	2xx5	2xx4	2xx3	2xx2	2xx1	2xx5	2xx4	2xx3	2xx2
Cash & Equivalents	832	631	498	515	586	31.9%	26.7%	-3.3%	-12.2%
Receivables	302	543	615	605	543	-44.4%	-11.6%	1.7%	11.4%
Other Current Assets	305	574	1,464	1,025	998	-46.8%	-60.8%	42.9%	2.6%
Total Current Assets	1,355	1,640	2,055	1,859	2,128	-17.4%	-20.2%	10.6%	-12.6%
Net Property & Equipment	3,269	3,431	3,316	3,473	3,472	-4.7%	3.5%	-4.5%	0.0%
Investments & Advances	318	236	226	181	668	34.7%	4.4%	24.7%	-72.9%
Other Non-Current Assets	3	23	40	45	41	-85.9%	-42.2%	-11.6%	11.3%
Deferred Charges	134	360	246	253	1,269	-62.9%	46.7%	-2.8%	-80.1%
Intangibles	1,992	2,509	2,779	2,896	1,809	-20.6%	-9.7%	-4.0%	60.1%
Deposits & Other Assets	72	642	664	676	123	-88.7%	-3.4%	-1.8%	451.2%
Total Assets	7,143	8,841	9,326	9,383	9,510	-19.2%	-5.2%	-0.6%	-1.3%
						ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Liabilities & Shareholder's Equity						ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Notes Payable	18	0	0	6	830	ERROR:#DIV/0!	ERROR:#DIV/0!	-100.0%	-99.2%
Accounts Payable	488	508	401	386	370	-3.9%	26.7%	4.0%	4.3%
Current Portion Long-Term Debt	339	695	531	693	0	-51.2%	30.7%	-23.3%	ERROR:#DIV/0!
Current Portion Capital Leases	9	6	6	5	5	50.3%	6.3%	8.1%	-0.7%
Accrued Expenses	604	718	801	894	801	-15.9%	-10.3%	-10.4%	11.6%
Other Current Liabilities	137	235	331	313	312	-41.7%	-29.0%	5.8%	0.3%
Total Current Liabilities	1,595	2,162	2,070	2,297	2,318	-26.2%	4.4%	-9.9%	-0.9%
Mortgages	0	0	0	0	0	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!
Deferred Taxes/Income	91	11	556	174	582	702.8%	-98.0%	219.1%	-70.1%
Long-Term Debt	10,759	12,081	10,789	11,229	9,225	-10.9%	12.0%	-3.9%	21.7%
Non-Current Capital Leases	34	45	51	57	60	-26.0%	-10.7%	-10.2%	-5.9%
Other Non-Current Liabilities	224	821	1,003	980	756	-72.7%	-18.1%	2.3%	29.7%
Minority Interest (Liabilities)	14	15	12	8	1	-6.3%	20.7%	56.8%	557.6%
Total Liabilities	12,717	15,136	14,481	14,745	12,942	-16.0%	4.5%	-1.8%	13.9%
Shareholder's Equity
Common Stock (Par)	3	3	3	3	0	0.6%	1.5%	1.9%	2827.3%
Capital Surplus	1,051	6	90	137	183	16176.0%	-92.8%	-34.5%	-25.0%
Retained Earnings	(5,245)	(5,495)	(4,750)	(5,034)	(3,618)	-4.5%	15.7%	-5.6%	39.1%
Other Equity	(20)	(22)	(49)	(35)	3	-10.1%	-55.7%	40.6%	-1350.0%
Treasury Stock	1,364	789	450	433	0	72.9%	75.4%	3.7%
Total Shareholder's Equity	(5,574)	(6,295)	(5,155)	(5,362)	(3,432)	-11.5%	22.1%	-3.9%	56.2%
Total Liabilities & Shareholder's Equity	7,143	8,841	9,326	9,383	9,510	-19.2%	-5.2%	-0.6%	-1.3%
Total Common Equity	(5,574)	(6,295)	(5,155)	(5,362)	(3,432)	-11.5%	22.1%	-3.9%	56.2%
Shares Outstanding	279	300	302	297	294	-6.9%	-0.6%	1.6%	1.0%
Book Value Per Share	$ (19.95)	$ (20.98)	$ (17.09)	$ (18.05)	$ (11.67)	-4.9%	22.8%	-5.3%	54.7%
Comcast	Excel B1 - BS					Horizontal Analysis
						Trend Year to Year
Assets	2xx5	2xx4	2xx3	2xx2	2xx1	2xx5	2xx4	2xx3	2xx2
Cash & Equivalents	1,620	6,065	721	1,254	1,061	-73.3%	741.2%	-42.5%	18.2%
Receivables	4,351	1,855	1,711	1,626	1,645	134.6%	8.4%	5.2%	-1.2%
Other Current Assets	2,602	1,140	1,031	1,128	961	128.2%	10.6%	-8.6%	17.4%
Total Current Assets	8,573	8,886	3,223	3,716	3,667	-3.5%	175.7%	-13.3%	1.3%
Net Property & Equipment	27,559	23,515	23,855	24,444	23,624	17.2%	-1.4%	-2.4%	3.5%
Investments & Advances	9,854	6,670	5,947	4,783	7,963	47.7%	12.2%	24.3%	-39.9%
Intangibles	104,415	78,002	78,490	78,896	77,521	33.9%	-0.6%	-0.5%	1.8%
Deposits & Other Assets	7,417	1,461	1,218	1,178	642	407.7%	20.0%	3.4%	83.5%
Total Assets	157,818	118,534	112,733	113,017	113,417	33.1%	5.1%	-0.3%	-0.4%
Liabilities & Shareholder's Equity
Accounts Payable	5,705	3,291	3,094	3,393	3,336	73.4%	6.4%	-8.8%	1.7%
Current Portion Long-Term Debt	1,367	1,800	1,156	2,278	1,495	-24.1%	55.7%	-49.3%	52.4%
Accrued Expenses	5,379	3,143	2,999	624	494	71.1%	4.8%	380.6%	26.3%
Other Current Liabilities	790	0	0	2,644	2,627			-100.0%	0.6%
Total Current Liabilities	13,241	8,234	7,249	8,939	7,952	60.8%	13.6%	-18.9%	12.4%
Deferred Taxes/Income	29,932	28,246	27,800	26,982	26,880	6.0%	1.6%	3.0%	0.4%
Long-Term Debt	37,942	29,615	27,940	30,178	29,828	28.1%	6.0%	-7.4%	1.2%
Other Non-Current Liabilities	13,034	7,862	6,767	6,171	7,167	65.8%	16.2%	9.7%	-13.9%
Minority Interest (Liabilities)	16,014	143	166	297	250	11098.6%	-13.9%	-44.1%	18.8%
Total Liabilities	110,163	74,100	69,922	72,567	72,077	48.7%	6.0%	-3.6%	0.7%
Shareholder's Equity
Common Stock (Par)	32	32	32	33	34	0.0%	0.0%	-3.0%	-2.9%
Capital Surplus	40,940	39,780	40,247	40,620	41,688	2.9%	-1.2%	-0.9%	-2.6%
Retained Earnings	13,971	12,158	10,005	7,427	7,191	14.9%	21.5%	34.7%	3.3%
Other Equity	229	-19	44	-113	-56	-1305.3%	-143.2%	-138.9%	101.8%
Treasury Stock	7,517	7,517	7,517	7,517	7,517	0.0%	0.0%	0.0%	0.0%
Total Shareholder's Equity	47,655	44,434	42,811	40,450	41,340	7.2%	3.8%	5.8%	-2.2%
Total Liabilities & Shareholder's Equity	157,818	118,534	112,733	113,017	113,417	33.1%	5.1%	-0.3%	-0.4%
Total Common Equity	47,655	44,434	42,811	40,450	41,340	7.2%	3.8%	5.8%	-2.2%
Shares Outstanding	2,705.90	2,776.50	2,837.50	2,880.60	3,011	-2.5%	-2.1%	-1.5%	-4.3%
Book Value Per Share	$ 17.61	$ 16.00	$ 15.09	$ 14.04	$ 13.73	10.1%	6.0%	7.5%	2.3%
Five Years		Excel B2				Horizontal Analysis
Cablevision						From Base Year				Trend
Year	2xx5	2xx4	2xx3	2xx2	2xx1	2xx5	2xx4	2xx3	2xx2	2xx5	2xx4	2xx3	2xx2
Sales	6,701	7,231	7,773	7,230	6,484	3.3%	11.5%	19.9%	11.5%	-7.3%	-7.0%	7.5%	11.5%
Cost Of Goods	2,969	3,008	3,369	3,244	2,891	2.7%	4.0%	16.5%	12.2%	-1.3%	-10.7%	3.8%	12.2%
Gross Profit	3,732	4,223	4,404	3,986	3,593	3.9%	17.5%	22.6%	10.9%	-11.6%	-4.1%	10.5%	10.9%
Selling & Adminstrative & Depr. & Amort Expenses	2,504	2,694	2,989	3,296	2,677	-6.5%	0.6%	11.6%	23.1%	-7.1%	-9.8%	-9.3%	23.1%
Income After Depreciation & Amortization [Oper.Income]	1,229	1,529	1,415	690	916	34.2%	66.9%	54.6%	-24.7%	-19.6%	8.0%	105.2%	-24.7%
Non-Operating Income	(59)	(151)	(141)	(202)	124	-147.4%	-221.0%	-213.3%	-262.4%	-60.8%	6.8%	-30.2%	-262.4%
Interest Expense	747	787	753	797	806	-7.4%	-2.4%	-6.6%	-1.2%	-5.1%	4.5%	-5.5%	-1.2%
Pretax Income	423	591	521	(309)	234	80.9%	152.9%	122.8%	-232.3%	-28.4%	13.5%	-268.4%	-232.3%
Income Taxes	184	226	236	(83)	135	37.0%	67.5%	75.1%	-161.4%	-18.2%	-4.3%	-385.1%	-161.4%
Minority Interest	0	1	(0)	0	0					-34.4%	-337.0%	ERROR:#DIV/0!	ERROR:#DIV/0!
Income From Cont. Operations	239	366	285	(227)	99	140.6%	268.7%	187.6%	-328.5%	-34.7%	28.2%	-225.9%	-328.5%
Extras & Discontinued Operations	54	(4)	(0)	(1)	195	-72.5%	-102.1%	-100.0%	-100.5%	-1401.5%	41100.0%	-98.9%	-100.5%
Net Income	292	361	286	(228)	294	-0.7%	22.8%	-2.9%	-177.4%	-19.1%	26.4%	225.5%	-177.4%
Depreciation Footnote
Income Before Depreciation & Amortization	2,290	2,812	2,771	2,442	2,259	1.4%	24.5%	22.6%	8.1%
Depreciation & Amortization (Cash Flow)	1,062	1,283	1,355	1,752	1,344	-21.0%	-4.5%	0.9%	30.4%
Income After Depreciation & Amortization	1,229	1,529	1,415	690	916	34.2%	66.9%	54.6%	-24.7%
Earnings Per Share Data
Average Shares	285	302	298	290	295	-3.3%	2.5%	1.3%	-1.5%
Diluted EPS Before Non-Recurring Items	$ 1.03	$ 1.21	$ 1.13	$ 0.94	$ 0.09	1044.4%	1244.4%	1155.6%	944.4%
Diluted Net EPS	$ 1.02	$ 1.20	$ 0.96	$ (0.78)	$ 0.74	37.8%	62.2%	29.7%	-205.4%
Five Years		Excel B2				Horizontal Analysis
Comcast						From Base Year
	2xx5	2xx4	2xx3	2xx2	2xx1	2xx5	2xx4	2xx3	2xx2
Sales	55,842	37,937	35,756	34,256	30,895	80.7%	22.8%	15.7%	10.9%
Cost Of Goods	37,485	15,250	14,396	13,472	11,175	235.4%	36.5%	28.8%	20.6%
Gross Profit	18,357	22,687	21,360	20,784	19,720	-6.9%	15.0%	8.3%	5.4%
Selling & Adminstrative & Depr. & Amort Expenses	7,636	14,707	14,146	14,052	14,142	-46.0%	4.0%	0.0%	-0.6%
Income After Depreciation & Amortization [Oper.Income]	10,721	7,980	7,214	6,732	5,578	92.2%	43.1%	29.3%	20.7%
Non-Operating Income	-9	280	240	-235	1,060	-100.8%	-73.6%	-77.4%	-122.2%
Interest Expense	2,505	2,156	2,348	2,439	2,289	9.4%	-5.8%	2.6%	6.6%
Pretax Income	8,207	6,104	5,106	4,058	4,349	88.7%	40.4%	17.4%	-6.7%
Income Taxes	3,050	2,436	1,478	1,533	1,800	69.4%	35.3%	-17.9%	-14.8%
Minority Interest	997	33	-10	-22	-38	-2723.7%	-186.8%	-73.7%	-42.1%
Investment Gains/Losses	0	0	0	0	0
Other Income/Charges	0	0	0	0	0
Income From Cont. Operations	5,157	3,668	3,628	2,547	2,587	99.3%	41.8%	40.2%	-1.5%
Extras & Discontinued Operations	0	0	0	0	0
Net Income	4,160	3,635	3,638	2,547	2,587	60.8%	40.5%	40.6%	-1.5%
Depreciation Footnote
Income Before Depreciation & Amortization	25,144	14,596	13,714	13,132	11,786	113.3%	23.8%	16.4%	11.4%
Depreciation & Amortization (Cash Flow)	14,423	6,616	6,500	6,400	6,208	132.3%	6.6%	4.7%	3.1%
Income After Depreciation & Amortization	10,721	7,980	7,214	6,732	5,578	92.2%	43.1%	29.3%	20.7%
Earnings Per Share Data
Average Shares	2,778	2,820	2,885	2,952	3,129	-11.2%	-9.9%	-7.8%	-5.7%
Diluted EPS Before Non-Recurring Items	$ 1.58	$ 1.31	$ 1.10	$ 0.91	$ 0.74	113.5%	77.0%	48.6%	23.0%
Diluted Net EPS	$ 1.50	$ 1.29	$ 1.26	$ - 0					ERROR:#DIV/0!

Trend

Ch. 15 Trends			Excel C
ClassCo	5	4	3	2	1	Period
	Year
Item	2014	2013	2012	2011	2010
Sales	$ 400,000	$ 355,000	$ 320,000	$ 290,000	$ 275,000
Cost of goods sold	285,000	250,000	225,000	198,000	190,000
Gross margin	115,000	105,000	95,000	92,000	85,000
	Year
Item	2014	2013	2012	2011	2010	Base
Sales	145.5%	129.1%	116.4%	105.5%	100.0%	From base period
Cost of goods sold	150.0%	131.6%	118.4%	104.2%	100.0%	From base period
Gross margin	135.3%	123.5%	111.8%	108.2%	100.0%	From base period
							Period
							x	Sales	y	a	b	c	d
							1	$ 275,000	100%	100.00%		5
							2	$ 290,000	105%	210.91%		20
							3	$ 320,000	116%	349.09%		45
							4	$ 355,000	129%	516.36%		80
							5	$ 400,000	145%	727.27%		125
							15		5.96	95.18	89.45	275	225
									sum Y
										a-b	5.73
										c-d	50.00
										a-b/c-d	0.1145	Slope
									e	f
									5.96	0.1145	slope
									sum of Y	15.00	sum X
										1.72
									e-f	4.25
									n	5.00
									e-f/n	0.849	intercept
									(n x slope) +	0.802
									(n [7 @ + 2 trend])x slope + intercpet	165%

By analyzing the trends for ClassCO, we can see that cost of goods sold is increasing faster than sales, which is slowing the increase in gross margin.

Sales 2014 2013 2012 2011 2010 1.4545454545454546 1.290909090909091 1.1636363636363636 1.0545454545454545 1 Cost of goods sold 2014 2013 2012 2011 2010 1.5 1.3157894736842106 1.1842105263157894 1.04 21052631578946 1 Gross margin 2014 2013 2012 2011 2010 1.3529411764705883 1.2352941176470589 1.1176470588235294 1.0823529411764705 1

Trend lines shown with option of two forward periods; option to display Y=a+bX formula as well and least squares coefficient

Ratios

Ratio Definitions [1]		Ch. 15 Financial Ratios										FORD MOTOR COMPANY AND SUBSIDIARIES
		these ar ratios for HW										CONSOLIDATED STATEMENT OF OPERATIONS
PE = Period End												For the Years Ended December 31, 2011, 2010, and 2009
												(in millions, except per share amounts)
1	Current ratio
		PE Current assets / Current liabilities
													2011	2010	2009
2	Quick Ratio
		PE Cash + Marketable securities + Short term investment + A/R / Current liabilities										Revenues
												Total revenues	136,264	128,954	116,283
3	Average collection period [days]
		365 X [ 2 pt average A/R / Net credit sales]										Costs and expenses
												CoGS	113,345	104,451	98,866
		OR 365 / A/R turnover
												Selling, administrative and other expenses	11,578	11,909	13,029
5	A/R turnover [ assume all sales are credit sales]
		Net Credit Sales (or Revenue) / 2 pt. average A/R										Interest expense	4,431	6,152	6,790
			Note: if unknown assume all line sales, revenue are credit
6	Inventory turnover											Financial Services provision for credit and insurance losses	-33	-216	1,030
		Net Credit Sales (or Revenue) / 2 pt. average A/R										Total costs and expenses	129,321	122,296	119,715
7	Inventory days
		365 / Inventory turnover										Automotive interest income and other non-operating income/(expense),	825	(362	5,284
8	Fixed asset turnover											Financial Services other income/(loss), net (Note 19)	413	315	552
		Net sales or revenue / Net Fxd. Assets										Equity in net income/(loss) of affiliated companies	500	538	195
9	Debt ratio											Income/(Loss) before income taxes	8,681	7,149	2,599
		Total assets / Total liabilities
												Provision for/(Benefit from) income taxes (Note 22)	-11541	592	-113
10	Debt to equity
		Total liabilities / Total equity										Income/(Loss) from continuing operations	20,222	6,557	2,712
11	Times interest earned			Ratio Definitions [2]								Income/(Loss) from discontinued operations	—	—	5
	Net income before interest & taxes / [Interest expense - interest income]
				this = net interest expense								Net income/(loss)	20,222	6,557	2,717
12	Gross Profit %
		[Revenue - CoGS] / Net sales, revenue										Less: Income/(Loss) attributable to noncontrolling interests	9	(4	—
13	Operating income %											Net income/(loss) attributable to Ford Motor Company	$	$	$
		Operating income / Sales or revenue
14	Net income %											NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY
		Net income [bottom line] / net sales or revenue										Income/(Loss) from continuing operations	$	$	$
15	Return on assets [ROI]											Net income/(loss) attributable to Ford Motor Company	$	$	$
		Net income / 2 pt. average total assets
												Less: Income/(Loss) attributable to noncontrolling interests	9	-4
16	PE ratio
		Net income per share / stock price per share										Net income/(loss) attributable to Ford Motor Company	20,213	6,561	2,717
17	Earnings per share [undiluted]
		Stock price per share = Net income for s										NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY
			common stock / average fully dilutes common shares									Income/(Loss) from continuing operations	20,213	6,561	2,712
18	RO Equity
		Net income / 2 pt average equity										Income/(Loss) from discontinued operations			5
19	Income statement & BS Vertical analysis											Net income/(loss) attributable to Ford Motor Company	20,213	6,561	2,717
		For IS Sales OR revenue = 100% divide all by sales or revenue
			For BS Assets = 100%, divide all by Assets
20	IS Horizontal analysis
		Difference from prior [older] period / prior period
21	BV per common share
		Equity / Average # fully diluted common shares
22	Working capital
		Current assets - Current liabilities
TimeWarner [TWX]		VERTICAL ANALYSIS: COMMON				CBS [CBS]
		WITHOUT NON-RECURRING ITEMS
PERIOD ENDING		9/30/20x1	%	%	9/30/20x1	PERIOD ENDING
	Cash And Cash Equivalents	4,355,000	3.2%	2.0%	553,100		Cash And Cash Equivalents
	Net Receivables	6,653,000	4.9%	11.4%	3,096,900		Net Receivables
	Inventory	2,061,000	1.5%	2.9%	781,500		Inventory
	Other Current Assets	1,623,000	1.2%	2.9%	786,300		Other Current Assets
Total Current Assets		14,692,000	10.7%	19.2%	5,217,800	Total Current Assets
Long Term Investments		1,907,000	1.4%	0.0%	0	Long Term Investments
Property Plant and Equipment		23,646,000	17.3%	16.9%	4,583,000	Property Plant and Equipment
Goodwill		42,450,000	31.0%	32.7%	8,897,100	Goodwill
Intangible Assets		52,120,000	38.1%	25.7%	6,980,800	Intangible Assets
Other Assets		1,913,000	1.4%	5.5%	1,495,000	Other Assets
Deferred Long Term Asset Charges		-			-	Deferred Long Term Asset Charges
Total Assets		136,728,000	100.0%	100.0%	27,173,700	Total Assets
	Accounts Payable	5,289,000	3.9%	12.5%	3,397,300		Accounts Payable
	Short/Current Long Term Debt	125,000	0.1%	0.1%	15,800		Short/Current Long Term Debt
	Other Current Liabilities	6,556,000	4.8%	4.6%	1,259,100		Other Current Liabilities
Total Current Liabilities		11,970,000	8.8%	17.2%	4,672,200	Total Current Liabilities
Long Term Debt		37,867,000	27.7%	26.1%	7,084,300	Long Term Debt
Other Liabilities		6,972,000	5.1%	20.9%	5,667,700	Other Liabilities
Deferred Long Term Liability Charges		15,159,000	11.1%	2.1%	573,400	Deferred Long Term Liability Charges
Minority Interest		4,524,000	3.3%	0.0%	2,600	Minority Interest
Total Liabilities		76,492,000	55.9%	66.2%	18,000,200	Total Liabilities
Redeemable Preferred Stock		300,000	0.2%		-	Redeemable Preferred Stock
Common Stock		49,000	0.0%	0.0%	800	Common Stock
Retained Earnings		-86,637,000	-63.4%	-113.1%	-30,734,300	Retained Earnings
Treasury Stock		-25,836,000	-18.9%	-13.6%	-3,693,400	Treasury Stock
Capital Surplus		172,609,000	126.2%	160.6%	43,651,500	Capital Surplus
Other Stockholder Equity		-249,000	-0.2%	-0.2%	-51,100	Other Stockholder Equity
Total Stockholder Equity		59,936,000	43.8%	33.8%	9,173,500	Total Stockholder Equity
Net Tangible Assets		($34,634,000)	-25.3%	-24.7%	($6,704,400)	Net Tangible Assets
PERIOD ENDING		30-Sep-08			30-Sep-08	PERIOD ENDING
Total Revenue		11,706,000	100.0%	100.0%	3,375,700	Total Revenue
Cost of Revenue		6,664,000	56.9%	60.7%	2,050,200	Cost of Revenue
Gross Profit		5,042,000	43.1%	39.3%	1,325,500	Gross Profit
	Selling General and Administrative	2,419,000	20.7%	20.2%	680,800		Selling General and Administrative
	Others	206,000	1.8%	4.1%	139,700		Others
	Total Operating Expenses	2,625,000	22.4%	24.3%	820,500		Total Operating Expenses
Operating Income or Loss		2,417,000	20.6%	15.0%	505,000	Operating Income or Loss
	Total Other Income/Expenses Net	104,000			-34,900		Total Other Income/Expenses Net	14,123,100
	Earnings Before Interest And Taxes	2,521,000			470,100		Earnings Before Interest And Taxes
	Interest Expense	623,000	5.3%	4.0%	134,800		Interest Expense
	Income Before Tax	1,898,000			335,300		Income Before Tax
	Income Tax Expense	655,000			100,590		Income Tax Expense
	Minority Interest [memo]	-96,000			-500		Minority Interest [memo]
	Net Income From Continuing Ops	1,243,000	10.6%	7.0%	234,710		Net Income From Continuing Ops
	Discontinued Operations	1,000	0.0%		0		Discontinued Operations
Net Income		1,244,000	10.6%		234,710	Net Income
Net Income Applicable To Common Shares		$1,244,000	10.6%	7.0%	$234,710	Net Income Applicable To Common Shares
	Horizontal Analysis -- See PPT slides
Horizontal Analysis
Use for Ratios in class		Sample company [1]					Use for Ratios in class		Sample company [2]
	FORD MOTOR COMPANY AND SUBSIDIARIES		Simplified
	CONSOLIDATED STATEMENT OF OPERATIONS							Class Company, Inc.
	For the Years Ended December 31, 2xx3, 2xx2, and 2xx1							[This is #2 data set from Cash Flow]	Balance Sheet as of
	(in millions, except per share amounts)								12/31/2xx1	12/31/2xx2
		2xx3	2xx2	2xx1				Assets:
	Revenues							Current Assets:	$s	$s
	Total revenues	136,264	128,954	116,283				Cash	200,000	252,110
								Accounts Receivable	385,100	438,000
	Costs and expenses							Prepaid Expenses	33,000	29,000
	CoGS	113,345	104,451	98,866				Inventory	600,000	700,000
	Selling, administrative and other expenses	11,578	11,909	13,029				Other Current Assets	22,000	7,000
	Operating Income	11,341	12,594	4,388				Total Current Assets:	1,240,100	1,426,110
	Interest expense	4,431	6,152	6,790				Plant Property & Equipment	2,100,000	2,740,000
							Cr. Balance	Less: Accum. Depreciation	600,000	760,000
	Financial Services provision for credit and insurance losses	(33)	(216)	1,030				Net Plant Property & Equipment	1,500,000	1,980,000
	Total costs and expenses	129,321	122,296	119,715
								Other Non-Current Assets:
								Intangibles	500,000	480,000
	Automotive interest income and other non-operating income/(expense),	825	(362	5,284	77,403			Deferred Loan Placement Costs	30,000	30,000
	Financial Services other income/(loss), net (Note 19)	413	315	552	373			Other Non-Current assets	41,000	37,000
	Equity in net income/(loss) of affiliated companies	500	538	195	207.3			Total Other Non-Current Assets	571,000	547,000
	Income/(Loss) before income taxes	8,681	7,149	2,599				Total Assets	3,311,100	3,953,110
	Provision for/(Benefit from) income taxes (Note 22)	(11,541)	592	(113)				Liabilities:
								Current Portion of Long Term Debt	260,000	290,000
	Income/(Loss) from continuing operations	20,222	6,557	2,712				Accounts Payable	720,000	760,000
								Accrued Expenses	50,000	40,000
	Income/(Loss) from discontinued operations	—	—	5				Other Current Liabilities	23,000	11,000
								Total Current Liabilities	1,053,000	1,101,000
	Net income/(loss)	20,222	6,557	2,717
		all attributable to common						Non-Current Liabilities
								Long Term Debt	1,100,000	915,000
								Deferred Income Taxes	55,000	71,000
	FORD MOTOR COMPANY AND SUBSIDIARIES							Other Non-current Liabilities	3,000	5,000
	SECTOR BALANCE SHEET							Total Non-Current Liabilities	1,158,000	991,000	991,000	3,953,110
	(in millions)
	ASSETS	December 31,	December 31					Total Liabilities	2,211,000	2,092,000
	Automotive & Fin initial services	2xx3	2xx2
	Cash and cash equivalents	17,148	14,805					Owners Equity
	Marketable securities (Note 6)	18,819	20,966					Common Stock @ par = $0.01	100	110
	Total cash and marketable securities	35,967	35,771		Cash for cash flow			Additional Paid-in Capital	700,000	756,000
					41,656			Dividends [before closing entries]		49,000
	Receivables, less allowances of $126 and $228	77,549	77,257		10,384			Retained Earnings	400,000	1,056,000	0.0408333333
	Inventories (Note 10)	5,901	5,917					Total Owners' Equity	1,100,100	1,861,110	1,480,605
	Deferred income taxes	1,791	359
	Net investment in operating leases (Note 8)	1,356	1,282					Total Liabilities and Owners Equity	3,311,100	3,953,110
	Other current assets	1,053	610
	Current receivable from Financial Services (Note 1)	878	1,700					Ending # of Common Shares	1,057,000	1,200,000	0.0408333333
	Total current assets	124,495	122,896					Check	0	0
	Equity in net assets of affiliated companies (Note 11)	2,797	2,441				Note: in this example we have Intangibles - which is also a non-cash charge to income
	Net property (Note 14)	22,229	23,027				like depreciation - so we add that back to net income just like deprecation:
	Deferred income taxes	13,932	2,468
	Net intangible assets (Note 15)	100	102
	Non-current receivable from Financial Services (Note 1)	32	181		1.76		Class Company, Inc.
	Net investment in operating leases (Note 8)	11,482	10,393					Statement of Income
	Equity in net assets of affiliated companies (Note 11)	139	128					Period Ending 12/31/2xx2
	Other assets	5,154	6,240						$s	$s
	Total Non-current assets	55,865	44,980					Revenue [all credit sales]	7,000,000	100.0%
	Intersector elimination	(1,112)	(2,083)
	Total assets	179,248	165,793					Cost of Goods Sold	4,500,000	64.3%
	LIABILITIES							Gross Profit	2,500,000	35.7%
	Trade payables	14,990	14,818		24233
	Other payables	2,734	1,544		179,248			Operating Expenses:	1,358,000	19.4%
	Accrued liabilities and deferred revenue (Note 16)	15,003	17,065		20,222			Operating Income	1,142,000	16.3%
	Deferred income taxes	40	392		4,431
	Debt payable within one year (Note 18)	1,943	3,930		0.7			Other Income/Gain	0	0.0%
	Total current liabilities	32,825	34,516		3101.7
					23,324			Provision for Income Taxes	505,000	7.2%
	Non-current				13.5%
	Long-term debt (Note 18)	98,656	102,140					Operating Income	1,142,000	16.3%
	Other liabilities (Note 16)	26,910	23,016
	Deferred income taxes	255	344					Interest Expense	142,000
	Other liabilities and deferred income	38,558	41,137					Other Income	6,000	0.1%
	Payable to Automotive (Note 1)	910	1,881
	Total Non-current	165,289	168,518					Income Before Taxes	1,006,000	14.4%
								Taxes	350,000	5.0%	34.8%	tax rate 350000 / 1006000
	Intersector elimination	(1,112)	(2,083)
	Total liabilities	164,177	166,435					Net Income	656,000	9.4%
		0	0
	EQUITY				Tax rate = 40%
	Capital stock (Note 24)	2xx3	2xx2					Class Company, Inc.	0	0
	Common Stock, par value $.01 per share (3,745 million shares issued)	37	37		Number of Shares			OI %	16.31%	1
	Class B Stock, par value $.01 per share (71 million shares issued)	1	1		3.8 billion			NI %	9.4%	2
	Capital in excess of par value of stock	20,905	20,803					GP $	2,500,000	3
	Retained earnings/(Accumulated deficit)	12,985	(7,038)		Dividends Ex.only			GP %	35.7%	4
	Accumulated other comprehensive income/(loss)	(18,734)	(14,313)		$ 0.25			WC $	325,110	5
	Treasury stock	(166)	(163)					Current ratio	1.30	6
	Total equity/(deficit) attributable to Ford Motor Company	15,028	(673)		Stock Price/share			Quick Ratio aka Acid test Ratio	0.61	7
	Equity/(Deficit) attributable to noncontrolling interests	43	31		$ 9.50			A/R Turns	17.01	8
	Total equity/(deficit)	15,071	(642)					Credit Sales per day	19178	9
	Total liabilities and equity	179,248	165,793					A/R turnover Days	20.1	10
								Inventory turnover	6.9	11
		FORD MOTOR COMPANY AND SUBSIDIARIES	2xx3					Days of inventory = average sale period	52.7	12
	11341 / 136264	OI %	8.32%	1				Asset turnover	1.93	13
	20222 / 136264	NI %	14.8%	2				Acctg. ROA [aka ROI] %	18.1%	14
	136264 - 113345	GP $	22,919	3				Return on Total Assets	24.3%	15	Interest AT added
	[136264 - 113345 ] / 136264	GP %	16.8%	4				Return on Total Assets	18.1%	16	No interest added
	124495 - 32825	WC $	91,670	5				EPS [common share]	$0.58	17	see PPT for Preferred stcok
	124495 / 32825	Current ratio	3.79	6				Times interest [expense] only	8.04	18
		Quick Ratio aka Acid test Ratio	3.61	7	[124495 - 5901]/32825			ROE %	44.3%	19	average equity
		A/R Turns	1.76	8	136264/avge77257,77549			PE Ratio	17.20	20
		Credit Sales per day	373	9				Dividend payout ratio	7.0%	21
		A/R turnover Days	207.3	10	365 / AR turns			Dividend yield ratio	0.4%	22
		Inventory turnover	19.2	11	113345/avge5901,5917			Return common equity	44.3%	23	see PPT for Preferred stcok
		Days of inventory = average sale period	19.0	12	365/19.2			BV per share	$1.55	24
		Operating Cycle	226.36	13b	207.3 + 19.2			$10.00	Market price per share
		Asset turnover	0.79	13a	136264/avge179248,165793			Debt to equity ratio	1.12	25
		Acctg. ROA [aka ROI] %	11.7%	14	Averages begin			Debt to asset ratio	0.53	26
				20222/avge1792498,165793
		Return on Total Assets [tax @30%]	13.5%	15	Interest AT added
		Return on Total Assets	11.7%	16	No interest added
				20222/avge(179248,165793
		EPS [common share]	$5.32	17	20222/3800[avge]					Example A
		Times interest [expense] only	2.56	18	11341/4431					Net Income	$ 1,500,000
		ROE %	280.3%	19	20222/av.15071,[642]					Preferred shares	115,000
		PE Ratio	1.79	20	9.50/5.32					Dividends per preferred share	$1.20
		Dividend payout ratio	4.7%	21	.25/5.32					Paid to preferred	$138,000
		Dividend yield ratio	2.6%	22	.25/9.50		20,222			Income for Common shares	$1,362,000
		Return common equity	280.3%	23	Have only common in this ex.		7,215			Average # of Common shares	950,000
		BV per share	$3.97	24	15071/3800					EPS per common share	$1.43
		$10.00	Market price per share
		Debt to equity ratio	10.9	25	164177/15071
		Debt to asset ratio	0.92	26						Example B
										Net Income	$ 2,770,000
										Preferred shares	1,200,000
										Dividends per preferred share	$2.00
										Paid to preferred	$2,400,000
										Income for Common shares	$370,000
										Average # of Common shares	1,300,000
										EPS per common share	$0.28

HW To Do

Rider University: HCTamburro
ACC220			The IS & BS are in the next tabs
Chapter 15
ADD Revenue from product sales + Service revenue for Revuenue & Credit revenue [sales]
Compute:	ANSWER	Data in other tabs. Do year for HW for 2xx3
1		Current ratio
2		Quick Ratio
3		Average collection period [days]
5		A/R turnover [ assume all sales are credit sales]
6		Inventory turnover
7		Inventory days
8		Fixed asset turnover
9		Debt ratio
10		Debt to equity
11		Times interest earned
12		Gross Profit %
13		Operating income %
14		Net income %
15		Return on assets [ROI]
16		PE ratio [ use share price of $35.00]
17		Earnings per share [undiluted]
18		RO Equity
19	Separate	Student is to do: IS Vertical analysis YR.2xx3
20	Separate	Student is to do: IS Horizontal analysis Yr 2xx3
21		BV per common share
22		Working capital

HW BS

Chapter 15 Fin. Ratios
ClassCo INTERNATIONAL LTD.
CONSOLIDATED BALANCE SHEETS
As of September 25, 2xx3 and September 26, 2xx2
(in millions, except share data)
			2xx3	2xx2	average
Assets
Current Assets:
	Cash and cash equivalents		2,000	1,500	1,750
	Accounts receivable, less allowance for doubtful accounts of $173 and $173, respectively		2,629	2,986	2,808
	Inventories		1,443	1,877	1,660
	Prepaid expenses and other current assets		972	1,238	1,105
	Deferred income taxes		400	600	500
		Total current assets	7,444	8,201	7,823
Property, plant and equipment, net			3,500	3,600	3,550
Goodwill			8,791	11,619	10,205
Intangible assets, net			2,647	2,681	2,664
Other assets			2,651	2,582	2,617
	Total Assets		25,553	28,804	27,179
Liabilities and Shareholders' Equity
Current Liabilities:
	Loans payable and current maturities of long-term debt		234	586	410
	Accounts payable		1,244	1,608	1,426
	Accrued and other current liabilities		2,500	2,700	2,600
	Deferred revenue		590	594	592
	Liabilities held for sale		161	211	186
		Total current liabilities	4,729	5,699	5,214
Long-term debt			4,029	3,709	3,869
Deferred revenue			1,134	1,187	1,161
Other liabilities			2,720	2,715	2,718
		Total Liabilities	12,612	13,310	12,961
		Total Shareholders' Equity	12,941	15,494	14,218
		Total Liabilities and Shareholders' Equity	25,553	28,804	27,179
		check	0	0

HW IS

Chapter 15 Fin. Ratios
ClassCo INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended September 25,2xx3, September 26, 2xx2 and September 28, 2xx1
(in millions, except per share data)
						Vertical	Hroizintal
		2xx3		2xx2	2xx1	2xx3	2xx3
Revenue from product sales		$	11,000	13,000	12,000	62.0%	-15.4%
Service revenue			6,755	7,135	6,661	38.0%	-5.3%
	Total Net revenue		17,755	20,135	18,661	100.0%	-11.8%
Cost of product sales & services			9,000	13,000	12,000	50.7%	-30.8%
Selling, general and administrative expenses			4,657	4,906	4,776	26.2%	-5.1%
	Operating Income		4,098	2,229	1,885	23.1%	83.8%
Interest income			44	110	104	0.2%	-60.0%
Interest expense			(301)	(396)	(313)	-1.7%	-24.0%
Income tax expense			(78)	(335)	(324)	-0.4%	-76.7%
	(Loss) income from continuing operations		3,763	1,608	1,352	21.2%	134.0%
	Net (loss) income	$	3,763	1,608	1,352	21.2%	134.0%
	use tax rate of 30%
Basic earnings per share:
	(Loss) income from continuing operations	$	(3.87	2.26	(5.10
	Income from discontinued operations		0.07	0.95	1.58
	Net (loss) income	$	(3.80	3.21	(3.52
Diluted earnings per share:
	(Loss) income from continuing operations	$	(3.87	2.25	(5.10
	Income from discontinued operations		0.07	0.94	1.58
	Net (loss) income	$	(3.80	3.19	(3.52
Weighted-average number of shares outstanding:
	millions /Basic /common shares		473	484	495
	NO preferred

Sheet1

								2010	156
								2011	161
								2012	122
								2013	140
								2014	144
								2015	151
								2016	159
								2017	162

2010 2011 2012 2013 2014 2015 2016 2017 156 161 122 140 144 151 159 162