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long-term financial health, which might be more readily evident through a careful perusal of a complete package of financial statements, rather than just the statement of cash flows. For example, management might not be making a sufficient investment in the replacement of existing fixed assets, thereby making the amount of cash outflows look smaller, even though this will result in more equipment failures and higher maintenance costs that will eventually appear on the income statement. The following sections itemize the types of cash flows that are to be revealed in each section of the statement of cash flows, as well as its general format, and several special situations. If the reader requires more information about this topic, it is addressed at length in FASB Statement Number 95, with amendments in FASB Statements Number 102 (regarding the exemption of some entities from using it) and 104 (regarding the presentation of deposits and loans in the statement by some types of financial institutions). 9-2 OPERATING ACTIVITIES The first section of the statement of cash flows contains cash inflows and outflows that are derived from operating activities, which may be defined as any category of cash flows that does not fall into the investing or financing activities in the next two sections of the report. Examples of cash inflows in this category are: • Collection of interest income or dividends. • Collection of notes receivable. • Receipts of sale transactions. Examples of cash outflows in this category are: • Interest payments. • Payments for inventory. • Payments to suppliers. • Payroll payments. • Tax payments. 9-3 INVESTING ACTIVITIES The second section of the statement of cash flows contains cash inflows and outflows that are derived from investment activities on the part of the organization issuing the report. Examples of cash inflows related to investing activities are: • Cash received from the sale of assets. • Loan principal payments by another entity to the reporting entity. • Sale of another entity’s equity securities by the reporting entity. 9-3 Investing Activities 105 Examples of cash outflows in this category are: • Loans made to another entity. • Purchase of assets. • Purchases by the reporting entity of another entity’s equity securities. 9-4 FINANCING ACTIVITIES The third section of the statement of cash flows contains cash inflows and outflows that are derived from financing activities on the part of the organization issuing the report. Examples of cash inflows related to financing activities are: • Proceeds from the sale of the reporting entity’s equity securities. • Proceeds from the issuance of bonds or other types of debt to investors. Examples of cash outflows in this category are: • Cash paid for debt issuance costs. • Debt repayments. • Dividend payments to the holders of the reporting entity’s equity securities. • Repurchase of the reporting entity’s equity securities. 9-5 THE FORMAT OF THE STATEMENT OF CASH FLOWS The statement of cash flows has no rigidly defined format that the accountant must follow for presentation purposes. Cash flows must be separated into the operating, investing, and financing activities that were just described, but the level of detailed reporting within those categories is up to the accountant’s judgment. The key issue when creating a statement of cash flows is that it contains enough information for the reader to understand where cash flows are occurring, and how they vary from the reported net income. The bottom of the report should include a reconciliation that adjusts the net income figure to the net amount of cash provided by operating activities—this is useful for showing the impact of non-cash items, such as depreciation, amortization, and accruals, on the amount of cash provided from operating activities. An example of the statement of cash flows is shown in Exhibit 9-1. Exhibit 9-1 Example of the Statement of Cash Flows Cash flows from operating activities: Cash received from customers 4,507 Cash paid to suppliers –3,016 Cash paid for general & administrative expenses –1,001 Cash paid for interest –89 Cash paid for income taxes –160 Net cash flow from operations: 241 106 Ch. 9 The Statement of Cash Flows Cash flows from investing activities: Purchase of securities –58 Sale of securities 128 Purchase of land –218 Purchase of fixed assets –459 Net cash used in investing activities: –607 Cash flows from financing activities: Increase in preferred stock 100 Decrease in customer deposits –49 Dividend payment –125 Sale of equity securities 500 Net cash provided by financing activities: 426 Net increase (decrease) in cash: –181 Reconciliation of Net Income to Net Cash Provided by Operating Activities: Net income 206 Reconciling adjustments between net income and net cash from operations: Depreciation 39 Change in accounts receivable 200 Change in inventory 138 Change in accounts payable –275 Change in accrued expenses –67 Net cash from operations: 241 9-6 EXEMPTIONS FROM THE STATEMENT OF CASH FLOWS An investment company is not required to present a statement of cash flows, as long as it falls within the following parameters: • It has minimal debt. • It issues a statement of changes in net assets. • Its investments are carried at market value. • Nearly all of its investments are highly liquid. Defined benefit plans and certain other types of employee benefit plans are also not required to issue a statement of cash flows, as long as they follow the guidelines of FASB Statement Number 35, “Accounting and Reporting by Defined Benefit Pension Plans.” This statement describes the rules for the annual financial statements associated with a defined benefit pension plan, requiring the inclusion of such information as net assets available for benefits, changes in these benefits, and the present value of plan benefits. 9-6 Exemptions from the Statement of Cash Flows 107 9-7 PRESENTATION OF CONSOLIDATED ENTITIES When constructing the statement of cash flows as part of a consolidated set of financial statements, all other statements must first be consolidated; this is necessary because information is pulled from the other statements in order to complete the statement of cash flows. Then complete the following consolidation steps: 1. Eliminate all non-cash transactions related to the business combination. 2. Eliminate all inter-company operating transactions, such as sales of products between divisions. 3. Eliminate all inter-company investing transactions, such as the purchase of equity securities by different divisions. 4. Eliminate all inter-company financing activities, such as dividend payments between divisions. 5. Add back any income or loss that has been allocated to non-controlling parties, since this is not an actual cash flow. 9-8 TREATMENT OF FOREIGN CURRENCY TRANSACTIONS When a company is located in a foreign location, or has a subsidiary located there, a sepa- rate statement of cash flows should be created for the foreign entity. This statement is then translated into the reporting currency for the parent company (see Chapter 12, Foreign Currency Translation), using the exchange rate that was current at the time when the cash flows occurred. If the cash flows were spread equably over the entire reporting period, then the exchange rate used can be a weighted average, so long as the final reporting result is essentially the same. The resulting statement of cash flows for the foreign entity may then be consolidated into the statement of cash flows for the entire organization. 9-9 SUMMARY The statement of cash flows is an extremely useful part of the financial statements, because a financial analyst can determine from it the true state of a business entity’s cash flows, which can otherwise be hidden under the accrual method of accounting within the income statement and balance sheet. By using this statement, one can spot situations in which a company appears to be reporting healthy profits and revenue growth, and yet sud- denly goes bankrupt due to a lack of cash. Given this and other reasons, the statement should be carefully examined in comparison to the information presented in the income statement and balance sheet in order to gain a clearer picture of the financial health of a business. 108 Ch. 9 The Statement of Cash Flows 10-1 INTRODUCTION There are a great many circumstances under GAAP rules that require the accountant to report additional information in text form alongside the primary set of financial information, such as the nature of accounting policies being used to derive the statements, contingent liabilities, risks related to derivative instruments, discontinued operations, and error corrections. This chapter covers many of the most common footnotes that must be used. In cases where the amount of information is either excessively detailed or only applies to a narrow range of possible situations, the applicable GAAP docu- ments are mentioned, so that the reader can explore the original text related to the issue. In some cases, example footnotes are added in order to clarify the required type of reporting. 109 CHAPTER 10 Footnotes 10-1 INTRODUCTION 109 10-2 DISCLOSURE OF ACCOUNTING CHANGES 110 10-3 DISCLOSURE OF ACCOUNTING POLICIES 110 10-4 DISCLOSURE OF ASSET IMPAIRMENTS 110 10-5 DISCLOSURE OF BUSINESS COMBINATIONS 111 10-6 DISCLOSURE OF CALLABLE OBLIGATIONS 111 10-7 DISCLOSURE OF COMMITMENTS 112 10-8 DISCLOSURE OF COMPENSATING BALANCES 112 10-9 DISCLOSURE OF CONTINGENT LIABILITIES 112 10-10 DISCLOSURE OF CONTINUED EXISTENCE DOUBTS 113 10-11 DISCLOSURE OF CUSTOMERS 113 10-12 DISCLOSURE OF DEBT EXTINGUISHMENT 113 10-13 DISCLOSURE OF DERIVATIVES 114 10-14 DISCLOSURE OF DISCONTINUED OPERATIONS 114 10-15 DISCLOSURE OF EARNINGS PER SHARE 114 10-16 DISCLOSURE OF ERROR CORRECTIONS 115 10-17 DISCLOSURE OF GOODWILL 115 10-18 DISCLOSURE OF INCOME TAXES 116 10-19 DISCLOSURE OF INTANGIBLES 116 10-20 DISCLOSURE OF INVENTORY 116 10-21 DISCLOSURE OF INVESTMENTS 117 10-22 DISCLOSURE OF LEASES 117 10-23 DISCLOSURE OF LOANS 118 10-24 DISCLOSURE OF NON-MONETARY EXCHANGES 118 10-25 DISCLOSURE OF PRIOR PERIOD ADJUSTMENTS 119 10-26 DISCLOSURE OF RELATED PARTY TRANSACTIONS 119 10-27 DISCLOSURE OF SEGMENT INFORMATION 119 10-28 DISCLOSURE OF SIGNIFICANT RISKS 120 10-29 DISCLOSURE OF SUBSEQUENT EVENTS 120 10-30 SUMMARY 121 10-2 DISCLOSURE OF ACCOUNTING CHANGES When a company initiates a change in accounting, the accountant must disclose the type of change, and describe why the change is being made. In addition, the footnote should list the dollar impact caused by the change for the current and immediately preceding reporting period, as well as the amount of the change in earnings per share. Further, the cumulative effect of the change on retained earnings should be noted. An example is as follows: The company switched from the FIFO to the LIFO inventory valuation method. Its reason for doing so was that a close examination of actual inventory flow practices revealed that the LIFO method more accurately reflected the actual movement of inventory. The net impact of this change in the current period was an increase in the cost of goods sold of $174,000, which resulted in an after-tax reduction in net income of $108,000. This also resulted in a reduction in the reported level of earnings per share of $.02 per share. The same information for the preceding year was a reduction in net income of $42,000 and a reduction in earnings per share of $.01. The cumulative effect of the change on beginning retained earnings for the current period was a reduction of $63,500. 10-3 DISCLOSURE OF ACCOUNTING POLICIES The financial statements should include a description of the principal accounting policies being followed, such as the method of inventory valuation, the type of depreciation calculation method being followed, and whether or not the lower of cost or market valuation approach is used for inventory costing purposes. Any industry-specific policies should also be disclosed, as well as any unusual variations on the standard GAAP rules. An example is as follows: The company calculates the cost of its inventories using the average costing method, and reduces the cost of inventory under the lower of cost or market rule on a regular basis. All fixed assets are depreciated using the sum-of- the-years-digits method of calculation. Since many of the company’s boat- building contracts are multi-year in nature and only involve occasional con- tractually mandated payments from customers, it consistently uses the percentage of completion method to recognize revenues for these contractual arrangements. 10-4 DISCLOSURE OF ASSET IMPAIRMENTS If a company writes down the value of assets due to the impairment of their value, the accountant should describe the assets, note which segment of the business is impacted by the loss, disclose the amount of the loss, how fair value was determined, where the loss is reported in the income statement, the remaining cost assigned to the assets, and the date by which the company expects to have disposed of them (if it expects to do so). An example is as follows: 110 Ch. 10 Footnotes The company has written down the value of its server farm, on the grounds that this equipment has a vastly reduced resale value as a result of the introduction of a new generation of microprocessor chips. The services of an appraiser were used to obtain a fair market value, net of selling costs, to which their cost was reduced. The resulting loss of $439,500 was charged to the application service provider segment of the company, and is contained within the “Other Gains and Losses” line item on the income statement. The remaining valuation ascribed to these assets as of the balance sheet date is $2,450,000. There are no immediate expectations to dispose of these assets. 10-5 DISCLOSURE OF BUSINESS COMBINATIONS If a company enters into a business combination, the accountant should disclose the name of the acquired company, describe its general business operation, the cost of the acquisition, and the number of shares involved in the transaction. If there are contingent payments that are part of the purchase price, then their amount should also be disclosed, as well as the conditions under which the payments will be made. During the accounting period in which the combination is being completed, the accountant should also describe any issues that are still unresolved, as well as the plan for and cost of any major asset dis- positions. An example is as follows: During the reporting period, the company acquired the OvalMax Corporation, which manufactures disposable gaskets. The transaction was completed under the purchase method of accounting, and involved a payment of $52 million in cash, as well as 100,000 shares of common stock. If the OvalMax Corporation can increase its profit level in the upcoming year by 25%, then an additional acquisition payment of $15 million will be paid to its former owners. There are no plans to dispose of any major OvalMax assets, but the majority of its accounting staff will be terminated as part of a plan to merge this function into that of the company. Termination costs associated with this change are expected to be no higher than $2,250,000. 10-6 DISCLOSURE OF CALLABLE OBLIGATIONS A company may have a long-term liability that can be called if it violates some related covenants. If it has indeed violated some aspect of the covenants, then the accountant must disclose the nature of the violation, how much of the related liability can potentially be called because of the violation, and if a waiver has been obtained from the creditor or if the company has acted to cancel the violation through some action. An example is as follows: The company has a long-term loan with a consortium of lenders, for which it violated the minimum current ratio covenant during the reporting period. The potential amount callable is one-half of the remaining loan outstanding, which is $5,500,000. However, the consortium granted a waiver of the violation, and also reduced the amount of the current ratio requirement from 2:1 to 1:1 for future periods. 10-6 Disclosure of Callable Obligations 111 10-7 DISCLOSURE OF COMMITMENTS There are many types of commitments that may require disclosure. For example, there may be a minimum purchase agreement that extends into future reporting periods, and that obligates a company to make purchases in amounts that are material. Also, a company may have made guarantees to pay for the debts of other entities, such as a subsidiary. If these commitments are material, then their nature must be disclosed in the footnotes. The rules are not specific about identifying the exact cost or probability of occurrence of each commitment, so the accountant has some leeway in presenting this information. An example is as follows: The company has entered into a contract to purchase a minimum of 500,000 tons of coal per year for the next 20 years at a fixed price of $20.50 per ton, with no price escalation allowed for the duration of the contract. The company’s minimum annual payment obligation under this contract is $10,250,000. The price paid under this contract is $1.75 less than the market rate for anthracite coal as of the date of these statements, and had not signifi- cantly changed as of the statement issuance date. 10-8 DISCLOSURE OF COMPENSATING BALANCES A company may have an arrangement with its bank to keep some minimum portion of its cash in an account at the bank. Since this cash cannot be drawn down without incurring extra fees, it is essentially not usable for other purposes. If this is a significant amount, it should be split away from the cash balance on the balance sheet and either listed as a sep- arate line item in the current assets section (if the related borrowing agreement expires in the current year) or as a long-term asset (if the related borrowing agreement expires in a later year). 10-9 DISCLOSURE OF CONTINGENT LIABILITIES A contingent liability may require a business entity to pay off a liability, but either the amount of the liability cannot reasonably be determined at the report date, or the requirement to pay is uncertain. The most common contingent liability is a lawsuit whose outcome is still pending. If the contingent amount can be reasonably estimated and the outcome is reasonably certain, then a contingent liability must be accrued. However, in any case where the outcome is not as certain, the accountant should describe the nature of the claim in the footnotes. Also, if a lower limit to the range of possible liabilities has been accrued due to the difficulty of deriving a range of possible estimates, then the upper limit of the range should be included in the footnotes. Finally, if a loss contingency arises after the financial statement date but before the release date, then this information should also be disclosed. An example is as follows: The company has one potential contingent liability. The insurance claim related to earthquake damage to the company’s California assembly plant. The insurance company is disputing its need to pay for this claim, on the 112 Ch. 10 Footnotes grounds that the insurance renewal payment was received by it one day after the policy expiration date. Company counsel believes that the insurance company’s claim is groundless, and that it will be required to pay the company the full amount of the claim after arbitration is concluded. The total amount of the claim is $1,285,000. 10-10 DISCLOSURE OF CONTINUED EXISTENCE DOUBTS If there is a significant cause for concern that the business entity being reported upon will not continue in existence, then this information must be included in the footnotes. An example is as follows: The company has $325,000 of available funds remaining in its line of credit, which it expects to use during the next fiscal year. Thus far, the company has been unable to obtain additional equity or financing to supplement the amount of this line of credit. Given the continuing losses from operations that continue to be caused by a downturn in the chemical production industry, management believes that the company’s financing difficulties may result in its having difficulty continuing to exist as an independent business entity. 10-11 DISCLOSURE OF CUSTOMERS If a company has revenues from individual customers that amount to at least 10% of total revenues, then the accountant must report the amount of revenues from each of these customers, as well as the name of the business segment (if any) with which these customers are doing business. An example is as follows: The company does a significant amount of its total business with two customers. One customer, comprising 15% of total revenues for the entire company, also comprises 52% of the revenues of the Appliances segment. The second customer, comprising 28% of total revenues for the entire company, also comprises 63% of the revenues of the Government segment. 10-12 DISCLOSURE OF DEBT EXTINGUISHMENT If a company experiences a gain or loss through a debt extinguishment transaction, the accountant should describe the transaction, the amount of the gain or loss (which must also be recorded as a line item under the “Extraordinary Items” section of the income statement), the impact on income taxes and earnings per share, and the source of funds used to retire the debt. An example is as follows: The company retired all of its callable Series D bonds during the period. The funds used to retire the bonds were obtained from the issuance of Series A pre- 10-12 Disclosure of Debt Extinguishment 113 ferred stock during the period. The debt retirement transaction resulted in an extraordinary gain of $595,000, which had after-tax positive impacts on net income of $369,000 and on per share earnings of $.29. 10-13 DISCLOSURE OF DERIVATIVES The disclosure of derivatives-related information is a complex area with different reporting rules for different types of derivatives. For more detail on this topic, one can consult FASB Statement Numbers 105, 107, 115, 119, and 133. In general, the fair value of a derivative instrument must be disclosed, as well as the assumptions used to calculate the fair value. If the accountant feels that it is not possible to derive a fair value, then one must disclose much of the information that would normally be used to arrive at a fair value— the carrying value, effective interest rate, and maturity date. The risk issues related to derivatives must also be disclosed, such as the maximum amount of any potential loss, collateral that might be lost as a result of derivative transactions, and the transactions for which hedges are used to manage risk. Disclosure should also include the reason for engaging in the use of derivatives. 10-14 DISCLOSURE OF DISCONTINUED OPERATIONS When some company operations are expected to be discontinued, the accountant should identify the discontinued segment at the earliest possible date, as well as the expected date on which the discontinuation will take place. The disclosure should also note the method of disposal, such as sale to a competitor or complete abandonment. If the discontinuation is occurring in the current reporting period, then the accountant should also itemize both the results of operations for the discontinued operation up until the date of disposal, and any proceeds from sale of the operations. An example is as follows: The company has elected to discontinue its Carrier Pigeon Quick Delivery Service. No buyer of this business is expected, so the company expects to shut down the operation no later than February of this year. No significant proceeds are expected from the sale of assets, since most of its assets will be absorbed into other operations of the company. 10-15 DISCLOSURE OF EARNINGS PER SHARE When earnings per share (EPS) data is included in the financial statements, the accountant must also disclose the following information: • Omitted securities. Describe any securities that have been omitted from the diluted earnings per share calculation on the grounds that they are anti-dilutive, but which could have a dilutive effect in the future. • Preferred dividends impact. Note the impact of dividends on preferred stock when calculating the amount of income available for the basic EPS calculation. 114 Ch. 10 Footnotes [...]... 82,550 1 ,35 5,128 Apr 20,267 34 ,944 47,060 47,788 36 ,504 0 39 ,000 54,990 34 ,35 9 30 ,966 33 , 839 51,155 50,960 41,574 29,185 32 ,877 110,006 34 ,996 70,798 47,996 36 ,010 23, 465 24,0 63 49,998 18, 538 26,000 82,004 125,008 45,240 82,550 1 ,36 2,140 May 20,267 32 ,968 47,060 45,019 36 ,504 0 36 ,595 54,990 30 ,888 24,115 34 ,32 0 49 ,34 8 54 ,37 9 33 ,618 31 , 434 32 ,071 110,006 34 ,996 70,798 47,996 36 ,010 24,258 30 ,069 49,998... 708,8 43 58,800 11,800 83, 858 57,858 42, 630 2, 630 2,854 – 3, 746 25,678 25,678 409,968 – 115, 032 38 , 139 29, 139 44,970 22,970 30 ,1 73 21,1 73 83, 417 11,417 37 1,051 20,786 4,620 4,620 11,647 2,647 116,002 36 ,002 2,160 – 72,840 4 23, 465 33 ,465 28,0 63 1,0 63 1,000 – 2,600 12 ,34 8 7 ,34 8 6,402 – 18,598 7 ,38 7 7 ,38 7 58,475 28,475 810 810 1 83, 7 43 – 26,257 17,197 9,197 2,500 2,500 431 431 8 ,34 8 4 ,34 8 – 9,000 10, 831 –... 2,725 2,8 43 – 118 Explanatory Notes – 4% 4-Feb 3, 125 3, 000 125 3, 225 3, 305 – 80 – 2% 18-Feb 3, 495 3, 450 45 1% 25-Feb 3, 445 2,942 5 03 15% ABC customer paid late 4% 11-Feb DEF customer paid early 4-Mar 3, 645 3, 751 – 106 – 3% 11-Mar 3, 555 3, 500 55 2% 18-Mar 3, 604 3, 209 39 5 11% 25-Mar 3, 704 3, 589 115 3% 1-Apr 3, 754 3, 604 150 4% 8-Apr 3, 879 3, 802 77 2% 15-Apr 3, 939 3, 921 18 0% 22-Apr 3, 864 3, 900 – 36 –1% 29-Apr... Designs 2,762 4 ,32 7 20 25 37 8 17,800 32 0,869 45,000 53, 500 3, 146 1,022 3, 016 3, 016 84,090 10 127, 737 7, 232 4,050 24,614 43, 228 12 3, 630 25,500 32 ,142 42,571 11,881 1 3, 026 24. 830 25.070 0 .35 0 0.250 56.680 43. 600 0.141 0. 230 0.250 25.670 13. 870 3. 970 0.800 6 .39 6 0.500 6.019 7.290 7.950 20 .32 0 6. 237 0.200 15. 730 8.915 7.976 5.984 1.951 13. 748 3. 017 Unit Price 18.1 537 18.1019 0.0255 0.01 13 33. 2162 27.5402... Feb 19,524 33 ,052 46,521 47,788 36 ,504 0 39 ,250 54,990 31 ,954 30 ,966 29,500 50,721 50,960 39 ,067 30 ,706 32 ,000 110,000 32 ,000 70,798 47,996 36 ,010 24,258 25,971 49,998 18, 538 26,000 82,004 125,008 45,240 82,550 1 ,34 9,874 Mar 19,524 33 ,052 46,521 47,788 36 ,504 0 39 ,500 54,990 32 ,058 30 ,966 34 ,32 0 49 ,38 4 50,960 38 ,555 30 ,541 32 ,000 110,000 34 ,996 70,798 47,996 36 ,010 24,258 25,069 49,998 18, 538 26,000... 2000, p 2 43 25,678 91,459 6,9 83 15,001 8 ,38 6 13, 920 66,964 4,620 3, 975 36 ,457 100,274 7,244 1,000 4,020 5,561 3, 381 36 ,468 810 49,4 93 3, 839 2,500 431 8,244 99,641 27,947 1,445 2, 030 ,414 Variance – 12,5 83 93, 489 – 1,959 2,868 5,147 11,480 2,548 37 0,797 – 6,926 14, 539 – 1,605 – 2,200 25,678 – 208,541 3, 9 83 1,001 5 ,38 6 – 10,080 – 71, 831 4,620 975 6,457 – 25,000 – 19,726 2,244 – 200 – 980 5,561 3, 381 36 ,468... 0.202 — — 0.227 0.0000 0 .32 8 0 .32 8 0.470 2.429 0.190 0.0000 0.5 83 0.291 0.2 63 0 .38 1 0.0000 0.972 0.0000 Assembly Overhead Cost 68,575 96,225 2 2 18,211 756,524 59,446 5,074 7,769 71,427 11 ,36 9 11,974 2,805 536 ,270 1 807,6 53 53, 138 47 ,38 7 4 83, 908 32 3, 832 1 64,152 202,724 278,748 30 8,191 15,7 03 12 7,400 6 12,2 53 5 4 3, 214 19,556 (14,2 03) 5,276 5,606 9 ,33 1 2,806 — (39 2) 1,569 4 (38 ,804) (417) (15,188) 16,248... “Gasket, 23mm” Retaining Strip Coin Holder “Gasket, 35 mm” LCD Support Bracket 140 03. 221 12 231 1 235 0.001 12200.7 140 03. 501 11706 140 03. 201 1 232 0.001 14 039 .02 140 03. 352 12006 14 037 .01 14026.1 14052.021 14026.07 140 03. 64 14001. 03 140 03. 76 14052.01 14025.046 14010.096 14025.02 140 03. 28 140 03. 77 3, 500 3, 016 6 43 65,000 5,000 96 7,000 1,710 1,741 20,000 33 2,640 1,150 5,000 20,000 56,000 2,500 4 ,32 0 21,000... 31 % 23% 0% 10% 19% 5% 9% 34 % 13% 20% 14% 6% 25% 30 % 10% 16% 28% 8% 25% 26% 18% 11% 30 % 8% 13% 28% 21% 15% 15% 11% 11% 0% 0% 11% 0% 40% 14% 8% 36 % 11% 11% 30 % 54% 11% 25% 34 % 11% 0% 44% 10% 33 % 11% 5% 21% 0% 9% 11% 14% 0% 11% 15% 11% 34 % 10% 11% 11% 10% 0% 0% 14% 13% 14% 8% 13% 0% 28% 13% 25% 30 % 13% 6% 9% 13% 13% 19% 13% 0% 25% 0% 10% 24% 13% 0% 0% 0% 9% 29% 53% 1% 13% 41% 30 % 46% 0% Process Technicians... 0. 039 0.106 0. 037 0.008 0.044 0.057 0. 031 0.017 0.025 Unit Cost Labor 861,868 9 2,805 9, 236 7,119 32 9 99 158 7 ,36 0 162 795 22, 230 120 166 684 790 44 3, 120 31 6 529 2 161 1,0 63 16 481 231 ,180 1 13 — 692 1,555 136 10 225 2 ,32 1 95 522 5,064 70 72 33 7 1,492 98 457 776 179 5 170 788 44 525 Total Cost Total Cost Material Labor 38 .0% – 38 .5% – 16 .3% 1 .3% 5.4% 19.8% 24.0% 26.9% 28.8% 32 .1% 34 .1% 39 .2% 47.9% 48.1% . 122 11 -3 MARGIN REPORTS 124 11-4 CASH REPORTS 129 11-5 CAPACITY REPORTS 132 11-6 SALES AND EXPENSE REPORTS 133 11-7 PAYROLL REPORTS 133 11-8 GRAPHICAL REPORT LAYOUTS 139 11-9 SUMMARY 1 43 Exhibit. Measurements 1 23 Current Month Week 5 Week 4 Week 3 Week 2 Week 1 Apr. Mar. Feb. Cash Available Debt (000s) $1,500 $1,400 $1 ,30 0 $1,200 Overdue Accounts Receivable (000s) $38 8 $31 5 $31 2 $269 Overdue. on Time 0. 83 79% 73% 64% % Actual Labor Hrs over Standard 0.17 23% 40% 25% Scrap Dollars (000s) ———— — $46 $51 $54 Warehouse $$$ of Total Inventory (000s) $2,604 $2,644 $2 ,35 2 $2,2 73 $$$ of Finished

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