Ratios
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Revolutionary Designs, Inc.
© Omega Performance Corporation. All Rights Reserved. Revolutionary Designs, Inc. 1
RReevvoolluuttiioonnaarryy DDeessiiggnnss,, IInncc.. The following case information includes:
• Part A
Company information
• Part B
Balance sheets
Income statements
• Part C
Summary GAAP statement of cash flows
Quick cash flow
Cash flow summary
Financial drivers worksheet
Revolutionary Designs, Inc. Part A
2 Commercial Loans to Business Online ASCB.RD.000.0113.CLB-OL.US-En.doc
CCoommppaannyy IInnffoorrmmaattiioonn Revolutionary Designs, Inc. manufactures and markets reproductions of early American furniture. Two of the company’s major product lines are oak and maple dining-room furniture (chairs, tables and sideboards) and walnut bedroom furniture (headboards and dressers). The company is located in a small community and has been in business for over 20 years.
Jack and Susan Newsome started the company to produce furniture sold in discount stores and warehouse furniture chains. Then called Newsome Furniture, the company primarily made dining- room and bedroom furniture from oak and pine.
Approximately seven years ago, the company started manufacturing Revolutionary period reproduction furniture for a specialty outlet retailer. The line was an immediate success, and the company changed its name and product strategy. It is now one of the largest U.S. producers of Revolutionary period reproduction furniture.
The company’s major production period begins in January or February and lasts until the early fall. It begins to ship furniture in March, but most shipments are made between May and October, when retail furniture stores have their peak season.
Recently your boss met the Newsomes at an antique auction. After learning about their financial needs, he contacted you and suggested that you visit them at their plant and office as soon as possible. He tells you that Revolutionary Designs has been a customer of First Bank, a competitor, for about three years. He also tells you that the Newsomes may currently borrow up to a limit of $1.2 million on a line of credit secured by inventory and receivables, and that they are looking for a lending institution that will offer them a higher limit with better terms.
Assume that you are visiting with Susan and Jack at their plant and offices.
Susan: Our Revolutionary reproductions business continues to grow. We simply don’t have the capacity to make and deliver enough furniture to meet demand during the peak selling months. Last year we did slightly over $8 million, an increase of about $500,000 from the prior year. We held our prices last year, and in 20Y2, but sales grew because we added several new retailers to our customer list. This year, we are raising our prices about 10 percent, and we still are experiencing an increase in unit sales. We are now realizing the benefits of our expensive sales promotion in 20Y3 as well as the improving economy. When home sales go up, we know our sales will also.
Jack: In 20Y2, we began to move beyond the major metropolitan area furniture stores, and we now sell to retailers just about anywhere in the country. This has helped us to continue our growth; and we plan to continue opening new retailers in new markets. We ship our furniture promptly, on any of several trucking companies, and we give all of our customers excellent service, no matter what their size and location.
Susan: That’s right. In fact, our delivery charge is never over $200, regardless of the dollar amount of the sale, the size of the order, or the customer’s location. That’s a real selling point with our low-volume customers across the country.
Revolutionary Designs, Inc. Part A
© Omega Performance Corporation. All Rights Reserved. Revolutionary Designs, Inc. 3
Jack: We’re looking to increase our line of credit to $1.7 million, and maybe improve the terms also. Our line now is secured by accounts receivable and inventory, and we have to submit a report every time we borrow. We can borrow up to 75 percent of our eligible accounts receivable but only 50 percent of our raw materials inventory, although we keep telling the bank that our lumber inventory is worth more than that. We’ve been paying First Bank’s base rate plus one percent on the line and on the small term loan. The $200,000 note payable to me would be fully subordinated to your institution. We also keep all our company deposits with First Bank and would move those to you. We need the extra funds to finance the increased receivables and inventory during our seasonal peaks.
Susan: Our balance sheet is very clean. We wrote off almost $90,000 of uncollectible accounts in 20Y3. It was a stiff price to pay for the new customer base we have, and we aren’t selling any more to any of the charged-off accounts. We also junked an old-style planer that can’t be used on the Revolutionary line; that took $35,000 out of gross fixed assets and lowered our taxable income by $27,000. Those two actions, combined with the tough markdowns we took on some inventory in 20Y1 and 20Y2, have really sharpened our balance sheet.
Jack: Yes, those inventory markdowns were for discontinued contemporary styles that we decided not to make any longer, even in small quantities, now that the Revolutionary line is so strong. Also we had to dispose of some hardwood dimensions that were not up to our quality standards. We sold it all, but at really steep discounts.
The lender’s reformatted financial statements and worksheets for Revolutionary Designs, Inc. follow.
Revolutionary Designs, Inc. Part B
4 Commercial Loans to Business Online © Omega Performance Corporation. All Rights Reserved.
Revolutionary Designs, Inc. Balance Sheets (Common Size)
(in $000s) As At December 31:
ASSETS 20Y3 % 20Y2 % 20Y1 % Current assets
Cash and equivalents $ 310 9.5 $ 230 7.8 $ 221 8.6
Accounts receivable 1,194 36.6 846 28.8 794 31.1
Raw materials 501 15.4 611 20.8 440 17.2
Work in process 452 13.9 409 13.9 275 10.8
Finished goods 146 4.5 156 5.3 156 6.1
Total inventory 1,099 33.7 1,176 40.0 871 34.1
Other current assets 36 1.1 41 1.4 23 0.9
Total current assets 2,639 80.9 2,293 78.1 1,909 74.7
Gross fixed assets 699 21.4 723 24.6 701 27.4
Less: Accumulated depreciation 117 3.6 99 3.4 89 3.5
Net fixed assets 582 17.8 624 21.2 612 24.0
Patents and trademarks 40 1.2 20 0.7 34 1.3
TOTAL ASSETS $ 3,261 100.0 $ 2,937 100.0 $ 2,555 100.0
LIABILITIES AND EQUITY
Current liabilities
Current portion—LTD $ 19 0.6 $ 19 0.6 $ 19 0.7
Notes payable 810 24.8 775 26.4 745 29.2
Note payable Jack Newsome ⎯subordinated 200 6.1 200 6.8 200 7.8 Accounts payable 1,053 32.3 834 28.4 551 21.6
Accrued expenses 288 8.8 207 7.0 155 6.1
Other current liabilities 11 0.3 25 0.9 12 0.5
Total current liabilities 2,381 73.0 2,060 70.1 1,682 65.8
Long-term debt 162 5.0 169 5.8 175 6.8
Other noncurrent liabilities 3 0.1 3 0.1 3 0.1
Total liabilities 2,546 2,232 1,860
Owners’ equity 715 21.9 705 24.0 695 27.2 TOTAL LIABILITIES AND EQUITY $ 3,261 100.0 $ 2,937 100.0 $ 2,555 100.0
Revolutionary Designs, Inc. Part B
© Omega Performance Corporation. All Rights Reserved. Revolutionary Designs, Inc. 5
Revolutionary Designs, Inc.
Income Statements (in $000s)
Years Ended December 31:
20Y3 20Y2 20Y1
Sales $ 8,010 $ 7,506 $ 6,515 Cost of goods sold 6,328 6,377 5,473
Gross profit 1,682 1,129 1,042
Selling, general and administrative expenses 1,315 858 706 Depreciation expense 26 24 18 Interest expense 84 78 54 Loss on disposition of fixed assets 27 0 0 Other expense 22 4 0
Net income before taxes 208 165 264
Provision for income taxes 100 79 130
Net income $ 108 $ 86 $ 134
Revolutionary Designs, Inc. Part C
6 Commercial Loans to Business Online © Omega Performance Corporation. All Rights Reserved.
Revolutionary Designs, Inc.
Summary GAAP Statement of Cash Flows (Indirect) (in $000s)
Years Ended December 31, 20Y3
Cash flow from operating activities Net income $ 108
Adjustments to reconcile net income to net cash provided by operating activities Depreciation 26 Loss on disposition of fixed assets 27 Changes in: Accounts receivable (348) Inventories 77 Other current assets 5 Patents and trademarks (20) Payables 219 Accruals 81 Other current liabilities (14) Total adjustments 53
Net cash provided by/used in operations 161
Cash flow from investing activities Purchases of fixed assets (11) Cash proceeds of fixed asset dispositions 0 Net cash used in investing (11)
Cash flow from financing activities Gross proceeds of short-term debt 35 Repayments of long-term debt (19) Gross proceeds of long-term debt 12 Cash dividends paid (98) Net cash provided by financing (70)
Net change in cash and equivalents 80 Plus: Cash and equivalents at beginning of year 230
Cash and equivalents at end of year 310
Memo items: Cash paid for interest $ 95 Income taxes paid 100
Revolutionary Designs, Inc. Part C
© Omega Performance Corporation. All Rights Reserved. Revolutionary Designs, Inc. 7
Quick Cash Flow (in $000s) Company Name: Revolutionary Designs, Inc.
+ –
WI (U) S
GFA (U) S
20Y2 20Y3
Net profit 86 108 Plus: Depreciation, amortization expense 24 26
Plus (or less): ∆ Working investment (22) 29 Equals: Cash after operating cycle 88 163
Plus (or less): ∆ Gross fixed assets (8) 4 Equals: Cash after capital investment cycle 80 167
Less: Dividends declared 76 98
Equals: Cash available for all debt repayment 4 69
Less: Current portion long-term debt (prior year) 19 19
Equals: Cash available for other debt repayment (15) 50
Change in working investment BEGINNING ENDING
Accounts receivable (net) 794 846
Plus: Inventory 871 1176
Less: Accounts payable 551 834
Less: Accrued expenses 155 207
Equals: Working investment 959 981
Beginning working investment 959
Less: Ending working investment 981
Equals: ∆ Working investment (22) 20Y2
Change in working investment BEGINNING ENDING
Accounts receivable (net) 846 1194
Plus: Inventory 1176 1099
Less: Accounts payable 834 1053
Less: Accrued expenses 207 288
Equals: Working investment 981 952
Beginning working investment 981
Less: Ending working investment 952
Equals: ∆ Working investment 29 20Y3
Change in working investment BEGINNING ENDING
Accounts receivable (net)
Plus: Inventory
Less: Accounts payable
Less: Accrued expenses
Equals: Working investment
Beginning working investment
Less: Ending working investment
Equals: ∆ Working investment
Are any changes in income taxes payable, interest payable, prepaid expenses, investments, or miscellaneous other accounts large enough to distort quick cash flow?
Revolutionary Designs, Inc. Part C
8 Commercial Loans to Business Online © Omega Performance Corporation. All Rights Reserved.
Cash Flow Summary (in $000s) Company Name: Revolutionary Designs, Inc.
+ –
A (U) S
L/E S (U)
Line Number 20Y3 Sales revenue (net) (1) 8,010
Accounts receivable (2) (348) Cash collected from sales (3) 7,662
Cash cost of goods sold (4) (6,328) Inventory (5) 77 Accounts payable (6) 219
Cash paid for production (7) (6,032) Cash from trading activities (3) + (7) = (8) 1,630
Cash SG&A expense (9) (1,315) Prepaid expenses (10) 0 Accrued expenses (11) 81
Cash paid for operating costs (12) (1,234) Cash after operations (8) + (12) = (13) 396
Other income (expense) (14) (49) Other current and non-current
accounts (15) (9) Income tax expense (16) (100) Deferred income taxes (17) 0 Income taxes payable (18) 0
Taxes paid and other income (expense) (19) (158) Net cash after operations (13) + (19) = (20) 238
Interest expense (21) (84)
Interest payable (22) 0 Dividends declared or owners’
withdrawals (23) (98) Dividends payable (24) 0
Cash paid for dividends and interest (25) (182) Cash after financing costs (20) + (25) = (26) 56
Current portion long-term debt (prior year) (27) (19) Cash after debt amortization (26) + (27) = (28) 37
Fixed assets (29) 16 Investments (30) 0
Intangibles (31) (20)
Cash paid for plant and investments (32) (4) Financing surplus (requirement) (28) + (32) = (33) 33
Short-term debt (notes payable) (34) 35 Long-term debt (35) 12 Preferred stock (36) 0 Common stock (37) 0 Total external financing (38) 47
Financing surplus (requirement) + Total external financing (33) + (38) = (39) 80
PROOF: Cash and marketable securities (40) 80
Revolutionary Designs, Inc. Part C
© Omega Performance Corporation. All Rights Reserved. Revolutionary Designs, Inc. 9
Financial Drivers Worksheet Borrower: Revolutionary Designs, Inc.
( ) = use of cash
Cash Impact of Change in Sales ($000s) Year 1 Year 2 Year 3 20Y2 20Y3 Sales $7,506 $8,010
Sales change % 15.2% 6.7%
Times: Beginning A/R $794 $846
Equals: Impact on A/R ($121) ($57)
Cash COGS $6,377 $6,328 Cash COGS change % 16.5% -0.8%
Times: Beginning inventory $871 $1,176
Equals: Impact on inventory ($144) $9
Cash COGS change % 16.5% -0.8% Times: Beginning A/P $551 $834
Equals: Impact on A/P $91 ($6)
TOTAL OPERATING CYCLE IMPACT OF CHANGE IN SALES ($174) ($54)
Cash Impact of Change in Turnovers Year 1 Year 2 Year 3 Average daily sales $20.56 $21.95
Times: Change in ARDOH -3.3 13.3
Equals: Cash impact of change in ARDOH $68 ($292)
Average daily cash COGS $17.47 $17.34 Times: Change in INVDOH 9.2 -3.9
Equals: Cash impact of change in INVDOH ($161) $68
Average daily cash COGS $17.47 $17.34 Times: Change in APDOH 11.0 13.0
Equals: Cash impact of change in APDOH $192 $225
TOTAL IMPACT OF CHANGE IN TURNOVERS $99 $1
Cash Impact of Change in Margins Year 1 Year 2 Year 3 Cash COGS as % sales in prior year 84.0% 85.0%
Cash COGS as % sales in this year 85.0% 79.0%
Change in cash COGS as % sales 1.0% -6.0%
Times: Sales this year 7,506 $8,010 Equals: Cash impact of change in cash COGS as % sales ($71) $477
Cash SG&A $858 $1,315 Cash SG&A as % sales in prior year 10.8% 11.4%
Cash SG&A as % sales in this year 11.4% 16.4%
Change in cash SG&A as % sales 0.6% 5.0%
Times: Sales this year 7,506 $8,010 Equals: Cash impact of change in cash SG&A as % sales ($45) ($399)
TOTAL IMPACT OF CHANGE IN MARGINS ($116) $78
Cash Impact of Change in Fixed Assets Year 1 Year 2 Year 3 Beginning net fixed assets $612 $624
Less: Depreciation expense for this year $24 $26
Equals: Expected ending net fixed assets $588 $598
Actual ending net fixed assets $624 $582 Less: Expected ending net fixed assets $588 $598
Equals: Cash impact of change in fixed assets ($36) $16
TOTAL IMPACT OF CHANGE IN FIXED ASSETS ($36) $16
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<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> /UKR <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> /ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing. Created PDF documents can be opened with Acrobat and Adobe Reader 5.0 and later.) >> /Namespace [ (Adobe) (Common) (1.0) ] /OtherNamespaces [ << /AsReaderSpreads false /CropImagesToFrames true /ErrorControl /WarnAndContinue /FlattenerIgnoreSpreadOverrides false /IncludeGuidesGrids false /IncludeNonPrinting false /IncludeSlug false /Namespace [ (Adobe) (InDesign) (4.0) ] /OmitPlacedBitmaps false /OmitPlacedEPS false /OmitPlacedPDF false /SimulateOverprint /Legacy >> << /AddBleedMarks false /AddColorBars false /AddCropMarks false /AddPageInfo false /AddRegMarks false /ConvertColors /ConvertToCMYK /DestinationProfileName () /DestinationProfileSelector /DocumentCMYK /Downsample16BitImages true /FlattenerPreset << /PresetSelector /MediumResolution >> /FormElements false /GenerateStructure false /IncludeBookmarks false /IncludeHyperlinks false /IncludeInteractive false /IncludeLayers false /IncludeProfiles false /MultimediaHandling /UseObjectSettings /Namespace [ (Adobe) (CreativeSuite) (2.0) ] /PDFXOutputIntentProfileSelector /DocumentCMYK /PreserveEditing true /UntaggedCMYKHandling /LeaveUntagged /UntaggedRGBHandling /UseDocumentProfile /UseDocumentBleed false >> ] >> setdistillerparams << /HWResolution [2400 2400] /PageSize [612.000 792.000] >> setpagedevice
