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Assuming a constant long term growth 3% estimate Baline kitchenware share price 2006 and after the proposed restructuring.
2004 2005 2006 Assets Cash & Cash Equivalents Marketable Securities Accounts Receivable Inventory Other Current Assets Total Current Assets $ 67,391 218,403 40,709 47,262 2,586 376,351 $ 70,853 196,763 43,235 49,728 3,871 364,449 $ 66,557 164,309 48,780 54,874 5,157 339,678 Property, Plant & Equipment Goodwill Other Assets Total Assets 99,402 8,134 13,331 $497,217 138,546 20,439 27,394 $550,829 174,321 38,281 39,973 $592,253 Liabilities & Shareholders' Equity Accounts Payable Accrued Liabilities Taxes Payable Total Current Liabilities Other liabilities Deferred Taxes Total Liabilities Shareholders' Equity Total Liabilities & Shareholders' Equity $ 26,106 22,605 14,225 62,935 1,794 15,111 79,840 417 377 $497,217 $ 28,589 24,921 17,196 70,705 3,151 18,434 92,290 458,538 $550,829 $ 31,936 27,761 16,884 76,581 4,814 22,495 103,890 488,363 $592,253 Note: Many items in BKI's historical balance sheets (e.g., Property, Plant & Equipment) have been affected by the firm's 2005 2006 Operating Results Revenue Less: Cost of Goods Sold Gross Profit Less: Selling, General & Administrative Operating Income Plus: Depreciation & Amortization EBITDA 2004 $291,940 204,265 87,676 25,293 62,383 6,987 69,370 $307,964 220,234 87,731 27,049 60,682 8,213 68,895 $342,251 249,794 92,458 28,512 63,946 9,914 73,860 EBIT Plus: Other Income (expense) Earnings Before Tax Less: Taxes Net Income Dividends 62,383 15,719 78,101 24,989 53,112 $ 18,589 60,682 16,057 76,738 24,303 52,435 $ 22,871 63,946 13,506 77,451 23,821 53,630 $ 28,345 Margins Revenue Growth Gross Margin EBIT Margin EBITDA Margin Effective Tax Ratea Net Income Margin Dividend payout ratio 3.2% 30.0% 21.4% 23.8% 32.0% 18.2% 35.0% 5.5% 28.5% 19.7% 22.4% 31.7% 17.0% 43.6% 11.1% 27.0% 18.7% 21.6% 30.8% 15.7% 52.9% 2004 2005 2006 Assets Cash & Cash Equivalents Marketable Securities Accounts Receivable Inventory Other Current Assets Total Current Assets $ 67,391 218,403 40,709 47,262 2,586 376,351 $ 70,853 196,763 43,235 49,728 3,871 364,449 $ 66,557 164,309 48,780 54,874 5,157 339,678 Property, Plant & Equipment Goodwill Other Assets Total Assets 99,402 8,134 13,331 $497,217 138,546 20,439 27,394 $550,829 174,321 38,281 39,973 $592,253 Liabilities & Shareholders' Equity Accounts Payable Accrued Liabilities Taxes Payable Total Current Liabilities Other liabilities Deferred Taxes Total Liabilities Shareholders' Equity Total Liabilities & Shareholders' Equity $ 26,106 22,605 14,225 62,935 1,794 15,111 79,840 417 377 $497,217 $ 28,589 24,921 17,196 70,705 3,151 18,434 92,290 458,538 $550,829 $ 31,936 27,761 16,884 76,581 4,814 22,495 103,890 488,363 $592,253 Note: Many items in BKI's historical balance sheets (e.g., Property, Plant & Equipment) have been affected by the firm's 2005 2006 Operating Results Revenue Less: Cost of Goods Sold Gross Profit Less: Selling, General & Administrative Operating Income Plus: Depreciation & Amortization EBITDA 2004 $291,940 204,265 87,676 25,293 62,383 6,987 69,370 $307,964 220,234 87,731 27,049 60,682 8,213 68,895 $342,251 249,794 92,458 28,512 63,946 9,914 73,860 EBIT Plus: Other Income (expense) Earnings Before Tax Less: Taxes Net Income Dividends 62,383 15,719 78,101 24,989 53,112 $ 18,589 60,682 16,057 76,738 24,303 52,435 $ 22,871 63,946 13,506 77,451 23,821 53,630 $ 28,345 Margins Revenue Growth Gross Margin EBIT Margin EBITDA Margin Effective Tax Ratea Net Income Margin Dividend payout ratio 3.2% 30.0% 21.4% 23.8% 32.0% 18.2% 35.0% 5.5% 28.5% 19.7% 22.4% 31.7% 17.0% 43.6% 11.1% 27.0% 18.7% 21.6% 30.8% 15.7% 52.9%
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