Historical Results Forecast Pe

FINANCIAL STATEMENTS 2017 2018 2019 2020 2021 2022

Assumptions
Income statement
Revenue Growth (% Change) 8.13% 8.13%
Cost of Goods Sold (% of Revenue) 38.3% 40.7% 37.4% 37.4% 38.0% 38.3%
Salaries and Benefits ($000's) 25.91% 19.19% 18.18% 16.16% 16.74% 19.23%

Rent and Overhead ($000's) 10.75% 8.57% 7.68% 7.74% 7.57% 8.46%

Depreciation & Amortization (% of PP&E Open Bal) 39.0% 39.9% 40.6% 41.2% 41.7% 40.5%
Interest (% of Debt Open Bal) 5.0% 5.0% 3.0% 3.0% 3.0% 3.8%
Tax Rate (% of Earnings Before Tax) 31.2% 29.2% 28.7% 29.0% 29.1% 29.4%
Balance Sheet
Accounts Receivable (Days) 18 18 18 18 18 18
Inventory (Days) 73 73 73 72 72 73
Accounts Payable (Days) 37 37 37 36 36 36
Capital Expenditures ($000's) 15,000 15,000 15,000 15,000 15,000 15,000
Debt Issuance (Repayment) ($000's) - - (20,000) - - -
Equity Issued (Repaid) ($000's) 170,000 - - - - -

Income Statement
Reveneue 102,007 118,086 131,345 142,341 150,772 163,027
Cost of Goods Sold (COGS) 39,023 48,004 49,123 53,254 57,310 79,286
Gross Profit 62,984 70,082 82,222 89,087 93,462 83,741
Expenses
Salaries and Benefits 26,427 22,658 23,872 23,002 25,245 30,101
Rent and Overhead 10,963 10,125 10,087 11,020 11,412 12,378
Depreciation & Amortization 19,500 18,150 17,205 16,544 16,080 15,187
Interest 2,500 2,500 1,500 900 900 1,140
Total Expenses 59,390 53,433 52,664 51,466 53,637 58,806
 Historical Results Forecast Pe
FINANCIAL STATEMENTS 2017 2018 2019 2020 2021 2022

Earnings Before Tax 3,594 16,649 29,558 37,622 39,825 24,935

Taxes 1,120 4,858 8,483 10,908 11,598 7,339

Net Earnings 2,474 11,791 21,075 26,713 28,227 17,596
 Historical Results Forecast Pe
FINANCIAL STATEMENTS 2017 2018 2019 2020 2021 2022

Balance Sheet
Assets
Cash 167,971 181,210 183,715 211,069 239,550 254,497
Accounts Receivable 5,100 5,904 6,567 7,117 7,539 8,151
Inventory 7,805 9,601 9,825 10,531 11,342 15,788
Property & Equipment 45,500 42,350 40,145 38,602 37,521 37,334
Total Assets 226,376 239,065 240,252 267,319 295,951 315,770

Liabilities
Accounts Payable 3,902 4,800 4,912 5,265 5,671 7,894
Debt 50,000 50,000 30,000 30,000 30,000 30,000
Total Liabilities 53,902 54,800 34,912 35,265 35,671 37,894
Shareholder's Equity
Equity Capital 170,000 170,000 170,000 170,000 170,000 170,000
Retained Earnings 2,474 14,265 35,340 62,053 90,280 107,876
Shareholder's Equity 172,474 184,265 205,340 232,053 260,280 277,876
Total Liabilities & Shareholder's Equity 226,376 239,065 240,252 267,319 295,951 315,770

Check 0.000 0.000 0.000 0.000 0.000

 Historical Results Forecast Pe
FINANCIAL STATEMENTS 2017 2018 2019 2020 2021 2022

Cash Flow Statement

Operating Cash Flow
Net Earnings 2,474 11,791 21,075 26,713 28,227 17,596
Plus: Depreciation & Amortization 19,500 18,150 17,205 16,544 16,080 15,187
Less: Changes in Working Capital 9,003 1,702 775 903 827 2,836
Cash from Operations 12,971 28,239 37,505 42,354 43,480 29,947

Investing Cash Flow

Investments in Property & Equipment 15,000 15,000 15,000 15,000 15,000 15,000
Cash from Investing 15,000 15,000 15,000 15,000 15,000 15,000

Financing Cash Flow

Issuance (repayment) of debt - - (20,000) - - -
Issuance (repayment) of equity 170,000 - - - - -
Cash from Financing 170,000 - (20,000) - -

Net Increase (decrease) in Cash 167,971 13,239 2,505 27,354 28,480 14,947
Opening Cash Balance - 167,971 181,210 183,715 211,069 239,550
Closing Cash Balance 167,971 181,210 183,715 211,069 239,550 254,497

Check 0.000 0.000 0.000 0.000 0.000

 Historical Results Forecast Pe
FINANCIAL STATEMENTS 2017 2018 2019 2020 2021 2022

Supporting Schedules
Working Capital Schedule
Accounts Receivable 5,100 5,904 6,567 7,117 7,539 8151.34
Inventory 7,805 9,601 9,825 10,531 11,342 15,788
Accounts Payable 3,902 4,800 4,912 5,265 5,671 7,894
Net Working Capital (NWC) 9,003 10,705 11,480 12,382 13,210 16,045
Change in NWC 9,003 1,702 775 903 827 2,836

Depreciation Schedule
PPE Opening 50,000 45,500 42,350 40,145 38,602 37,521
Plus Capex 15,000 15,000 15,000 15,000 15,000 15,000
Less Depreciation 19,500 18,150 17,205 16,544 16,080 15,187
PPE Closing 45,500 42,350 40,145 38,602 37,521 37,334

Debt & Interest Schedule

Debt Opening 50,000 50,000 50,000 30,000 30,000 30,000
Issuance (repayment) - - (20,000) - - -
Debt Closing 50,000 50,000 30,000 30,000 30,000 30,000
Interest Expense 2,500 2,500 1,500 900 900 1,140
 Forecast Period
2023 2024 2025 2026

8.13% 8.13% 8.13% 8.13%

38.4% 37.9% 38.0% 38.1%
17.90% 17.64% 17.54% 17.81%

8.01% 7.89% 7.93% 7.97%

40.8% 40.9% 41.0% 41.0%

3.6% 3.3% 3.3% 3.4%
29.1% 29.1% 29.1% 29.2%

18 18 18 18
73 73 72 73
36 36 36 36
10,000 25,000 10,000 15,000
- (20,000) - -
- - (150,000) -

176,278 190,605 206,098 222,849

109,704 151,289 208,792 288,398
66,574 39,316 (2,694) (65,549)

35,489 41,750 49,072 57,812

13,369 14,424 15,568 16,809
15,222 13,149 18,030 14,723
1,068 982 333 339
65,147 70,305 83,003 89,683
 Forecast Period
2023 2024 2025 2026

1,426 (30,989) (85,696) (155,232)

415 - - -
1,012 (30,989) (85,696) (155,232)
 Forecast Period
2023 2024 2025 2026

257,048 189,372 (44,757) (209,026)

8,814 9,530 10,305 11,142
21,826 30,068 41,445 57,290
32,112 43,963 35,932 36,210
319,801 272,933 42,925 (104,385)

10,913 15,034 20,722 28,645

30,000 10,000 10,000 10,000
40,913 25,034 30,722 38,645

170,000 170,000 20,000 20,000

108,888 77,899 (7,797) (163,029)
278,888 247,899 12,203 (143,029)
319,801 272,933 42,925 (104,385)
 Forecast Period
2023 2024 2025 2026

1,012 (30,989) (85,696) (155,232)

15,222 13,149 18,030 14,723
3,682 4,837 6,463 8,760
12,552 (22,677) (74,129) (149,269)

10,000 25,000 10,000 15,000

10,000 25,000 10,000 15,000

- (20,000) - -
- - (150,000) -
(20,000) (150,000) -

2,552 (67,677) (234,129) (164,269)

254,497 257,048 189,372 (44,757)
257,048 189,372 (44,757) (209,026)
 Forecast Period
2023 2024 2025 2026

8813.88 9530.27 10304.89 11142.47

21,826 30,068 41,445 57,290
10,913 15,034 20,722 28,645
19,727 24,564 31,027 39,787
3,682 4,837 6,463 8,760

37,334 32,112 43,963 35,932

10,000 25,000 10,000 15,000
15,222 13,149 18,030 14,723
32,112 43,963 35,932 36,210

30,000 30,000 10,000 10,000

- (20,000) - -
30,000 10,000 10,000 10,000
1,068 982 333 339