Excel Corporation
Income Statements
For Years Ended December 31, Year 8 and Year 9
($ thousands) Year 8 Year 9
Sales 1,636,298 1,782,254
Cost of goods sold and operating expenses 1,473,293 1,598,679
Ebit 163,005 183,575
Interest expense 21,825 20,843
EBT 141,180 162,732
Tax expense 52,237 58,584
NI 88,943 104,148
Effective Tax rate 0.37 0.36
Nopat 102,693 117488
TA EQUALS
CA LTA
INV PPE
A/R LT MKT INV
ADVANCES GOOD WILL
CASH AND EQUIVALENTS COPY RIGHTS
MKT SEC SHORT TERM PATENTS
NOTE RECEIVBLE ST DEF TAXED (LT)
PREPAID EXP LONG TERM INVESTMENT
DEF TAXES ASSET ST LEASE HOLD EQUIPMENTS
LONG TERM PREPAYMENTS
INV IN STRATEGIC ACQUISITION
INV IN NON STRATEGIC ACQUISITION
TL PLUS
CL LTL
A/P REMAINING PORTION OF LTL
ST DEBTS BONDS
NOTE PAYABLE CONTINGENCY LIABILITIES
PENSIONS OR OTHER BENEFIT
INTEREST PAYABLE TO EMPLOYEES
TAX PAYABLE/DEF TAX ST INSTALLMENT NOTES
SALARY PAYABLE DEF TAX ES
CURRENT PORTION OF LTL LTL
UNEARNED REV
ACCRUED EXP
TRADE PAYABLE
OE
PAID UP CAPITAL ENDING RE
COMMON EQUITY ENDING RE
PREFFERED STOCKS
TREASURY STOCKS
Excel Corporation
Balance Sheets
At December 31, Year 8 and Year 9
($ thousands) Year 8
Assets
Cash 115,397
Marketable Securities 38,008
Accounts Receivable, net 177,538
Inventories 204,362
Total current assets 535,305
Investments in unconsolidated subsidiaries 33,728
Marketable securities 5,931
PPE, net 1,539,221
Goodwill 6,550
Total long-term assets 1,585,430
Total Assets 2,120,735
Liabilities
Notes payable 7,850
Accounts payable 138,662
Taxes payable 24,370
Current maturities of long-term debt 30,440
Total current liabilities 201,322
Long-term debt 507,329
Pension and OPEB liabilities 743,779
Total long-term liabilities 1,251,108
Equity
Common stock 413,783
Additional paid-in capital 19,208
Retained earnings 436,752
Treasury stock - 201,438
Total stockholders' equity 668,305
Total liabilities and equity 2,120,735
Year 9
71,546
43,854
182,859
256,838
555,097 TOTAL
62,390 AVG
56,997
1,633,458
6,550
1,759,395
2,314,492
13,734
155,482
13,256
33,822
216,294
473,507
852,237
1,325,744
413,783
19,208
540,901
- 201,438 2
772,454
2,314,492 RNOA
RNOA
OA YR 8
Cash 115,397
Accounts Receivable, net 177,538
Inventories 204,362
PPE, net 1,539,221
Goodwill 6,550
Investments in unconsolidated subsidiaries 33,728
2,076,796
YEAR 8
NOA
NOA
YEAR 8 1,169,985
YEAR 9 1,192,666
RNOA
NOPAT/AVG NOA
NOPAT YEAR 9 117488
AVG NOA 1181325.5
RNOA 9.95%
NOPAT/AVG NOA
OA YR9 FA YR 8 FA YR9
71,546 Marketable Securities 38,008 43,854
182,859 Marketable securities 5,931 56,997
256,838
1,633,458
6,550
62,390
2,213,641 - 43,939 100,851
2145218.5 72395
YEAR 9 YEAR 8
NOA EQUAL NFO
1,169,985 - 501,680
1,192,666 - 420,212
1181325.5
OL YR 8 OL YR 9
Accounts payable 138,662 155,482
Taxes payable 24,370 13,256
Pension and OPEB liabilities 743,779 852,237
- 906,811 1,020,975
963,893
YEAR 9
NFO PLUS SE
FL YR 8 FL YR9
Notes payable 7,850 13,734
Current maturities of long-term debt 30,440 33,822
Long-term debt 507,329 473,507
- 545,619 521,063
533341
YEAR 8 YEAR 9
SE
668,305
772454
SE YR8 SE YR 9
Common stock 413,783 413,783
Additional paid-in capital 19,208 19,208
Retained earnings 436,752 540,901
Treasury stock - 201,438 - 201,438
668,305 772,454
720379.5
