| | Consolidated Income Statement | | | | | | Consolidated Balance Sheets for the Fiscal Years |
| | | 1999 | 2000 | 2001 | 2002 | | Ending December, 31 1999-2002 |
| | Pounds shipped (000's) | 187,673 | 190,473 | 151,893 | 144,116 | | ($ thousands) |
| | Average selling price / lb | 1.3103 | 1.2064 | 1.2045 | 1.0235 |
| | Conversion Cost / lb | 0.4447 | 0.4421 | 0.4465 | 0.4296 | | | 1999 | 2000 | 2001 | 2002 |
| | Average Raw Material Cost / lb | 0.7077 | 0.6429 | 0.6487 | 0.4509 | | Assets |
| | | | | | | | Cash and cash equivalents | $1,144 | $5,508 | $2,192 | $1,973 |
| | Net Sales | 245,908 | 229,787 | 182,955 | 147,503 | | Accounts receivable, net | 17,322 | 11,663 | 20,390 | 26,068 |
| | Raw Material Cost | 132,812 | 122,455 | 98,533 | 64,982 | | Inventories | 34,778 | 33,155 | 31,313 | 33,278 |
| | Cost of Conversion | 83,454 | 84,212 | 67,822 | 61,912 | | Other current assets | 2,774 | 1,922 | 712 | 2,378 |
| | Gross Margin | 29,641 | 23,114 | 16,597 | 20,609 | | Total Current Assets | $56,018 | $52,248 | $54,607 | $63,697 |
| | SG&A Expenses | 14,603 | 14,218 | 11,635 | 10,305 |
| | Depreciation & Amortization | 15,241 | 13,005 | 11,196 | 9,859 | | Property and Equipment |
| | Operating Profit | -203 | -4,109 | -6,234 | 445 | | Land | 2,654 | 2,594 | 2,516 | 2,505 |
| | Interest Expense | 6,777 | 6,773 | 5,130 | 3,440 | | Buildings | 32,729 | 31,859 | 30,308 | 30,427 |
| | Other Income (Expense) | | 1,143 | -1,232 | -409 | | Machinery and equipment | 230,759 | 220,615 | 197,889 | 190,410 |
| | Asset Impairments* | | | 4,758 | 7,564 | | Gross PP&E | 266,142 | 255,068 | 230,713 | 223,342 |
| | Earnings Before Income Tax Provision | -6,980 | -9,739 | -17,354 | -10,968 | | Less accumulated depreciation | -147,891 | -147,104 | -146,302 | -154,658 |
| | Income Tax Provision (Benefit) @ 36% tax rate | -2,513 | -3,506 | -6,247 | -3,949 | | Net PP&E | 118,251 | 107,964 | 84,411 | 68,684 |
| | Net Earnings | -$4,467 | -$6,233 | -$11,107 | -$7,019 | | Goodwill | 1,180 | 1,180 | 1,180 | 1,180 |
| | | | | | | | Other non-current assets | 3,516 | 3,499 | 2,824 | 2,430 |
| | | | | | | | Total Assets | $178,965 | $164,890 | $143,023 | $135,991 |
| | Aurora Textile Company |
| | Financial Ratios Analysis (1999–2002) | | | | | | Liabilities |
| | | | | | | | Accounts payable | 12,236 | 7,693 | 9,667 | 10,835 |
| | | | | | | | Accrued compensation and benefits | 4,148 | 3,712 | 4,176 | 4,730 |
| | | 1999 | 2000 | 2001 | 2002 | | Accrued interest | 1,830 | 1,090 | 961 | 929 |
| | Sales growth | | -6.56% | -20.38% | -19.38% | | Other accrued expenses | 4,083 | 3,914 | 3,881 | 3,657 |
| | Raw materials/sales | 54.01% | 53.29% | 53.86% | 44.05% | | Current portion of long-term debt | 1,009 | 1,730 | 0 | 0 |
| | Conversion cost/sales | 33.94% | 36.65% | 37.07% | 41.97% | | Total Current Liabilities | $23,306 | $18,139 | $18,685 | $20,151 |
| | Gross Margin/sales | 12.05% | 10.06% | 9.07% | 13.97% | | Long-term debt | 66,991 | 66,991 | 58,000 | 58,000 |
| | SGA/sales | 5.94% | 6.19% | 6.36% | 6.99% | | Other long-term liabilities | 16,566 | 14,081 | 11,776 | 10,297 |
| | Interest Expense | 2.76% | 2.95% | 2.80% | 2.33% | | Total Liabilities | $106,863 | $99,211 | $88,461 | $88,448 |
| | Operating Profit/sales | -0.08% | -1.79% | -3.41% | 0.30% |
| | NI/sales | -1.82% | -2.71% | -6.07% | -4.76% | | Shareholder's equity |
| | | | | | | | Common stock, par $0.01 | 50 | 50 | 50 | 50 |
| | Days sales outstanding | 25.7 | 18.5 | 40.7 | 64.5 | | Capital surplus | 15,868 | 15,678 | 15,668 | 15,668 |
| | Days inventory | 95.6 | 98.8 | 116.0 | 186.9 | | Retained earnings | 56,184 | 49,951 | 38,845 | 31,825 |
| | Asset turnover | 1.37 | 1.39 | 1.28 | 1.08 | | Total Shareholders' Equity | $72,102 | $65,679 | $54,563 | $47,543 |
| | | | | | | | Total Liabilities and Shareholders' Equity | $178,965 | $164,890 | $143,024 | $135,991 |
| | Return on assets | -2.50% | -3.78% | -7.77% | -5.16% |
| | Return on equity | -6.20% | -9.49% | -20.36% | -14.76% |
abaqazi
GroupProjectAuroraFin139.xlsx
