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Exhibit 1
Shipments at Selling Price (thousands of dollars)
1979
January
February
March
April
May
June
July
August
Eight months total
September
October
November
December
As Forecast
Dec. 1978
$1,302
$1,872
$1,635
$1,053
$1,293
$1,479
$1,488
$1,797
$11,919
$1,299
$1,347
$1,311
$2,298
Actual
$861
$672
$1,866
$1,566
$873
$1,620
$723
$507
$8,688
As Forecast
Sept. 1979
$2,163
$1,505
$1,604
$2,265
$4,010
$2,998
$1,012
$62
$4,010
$3,010
$1,000 #
$40
1979
Mar.
$505
$1,971
$3,474
$5,950
June
$1,152
$1,893
$3,276
$6,321
July
$1,678
$1,269
$3,624
$6,571
Aug.
$1,559
$684
$4,764
$7,007
$4,010
$3,040
$970
$4,010
$3,070
$940
$4,010
$3,080
$930
$4,010
$3,090
$920
$39
$24
$24
$42
$7,440
$5,872 #
$6,959
$7,285
$7,525
$7,969
$0
$348
$561
$150
$840
$1,899
$1,000
$371
$777
$74
$1,040
$3,262 #
$1,000
$681
$849
$373
$1,040
$3,943
$1,000
$399
$678
$354
$1,566
$3,997
$1,000
$621
$585
$407
$1,566
$4,179
$1,000
$948
$552
$479
$1,566
$4,545
$1,178
$4,363
$5,541
$428
$2,182
$2,610 #
$428
$2,588
$3,016
$428
$2,860
$3,288
$428
$2,918
$3,346
$428
$2,996
$3,424
$7,440
$5,872 #
$6,959
$7,285
$7,525
$7,969
*Tax payments in 1979 include $75,000 due March 15 on underpayment of 1978 taxes and four equal
payments of $181,000 due on the 15th of April, June, September, and December for estimated 1979 tax
liability with any underpayment of 1979 taxes due March 15, 1980.
Feb.
$672
$369
$303
Mar.
$1,866
$1,362
$504
Apr.
$1,566
$1,137
$429
May
$873
$567
$306
June
$1,620
$1,197
$423
July
$723
$510
$213
$1,296
$0
$1,506
$248
$0
$181
$103
$15
$269
$61
$15
$227
$205
$15
$284
$172
$15
$242
$96
$15
$195
$130
$15
$278
$87
$15
$111
$723
$87
$129
$109
$136
$116
$94
$133
$53
$783
$94
$140
$118
$148
$126
$101
$145
$58
$50
$25
$0
$0
$0
$0
$0
$100
$0
* Includes depreciation charges of $150,000 in 1978, $12,000 in December 1987, and $10,000 per month in 1979.
Aug.
$507
$276
$231
Eight
Months
Ending
31/8/79
$8,688
$5,892
$2,796
$66
$15
$150
$920
$120
$1,756
$72
$842
$78
$914
$0
$0
$100
Historical
July
$723
Aug.
$507
$1,327
$293
$15
$278
$133
$145
$597
$126
$15
$111
$53
$58
$342
$165
$15
$150
$72
$78
Sept.
$2,163
$600
$1,320
$105
$2,025
$10
$400
$2,435
($272)
$15
($287)
($138)
($149)
$100
$45
$0
$58
$0
$78
$0
($149)
$0
$230
$0
$242
$150
$436
Cash (plug)
Accounts receivable, net
Inventories
Current assets
Gross fixed assets
Accumulated depreciation
Net fixed assets
Prepaid expenses
Total assets
$1,152
$1,893
$3,276
$6,321
$4,010
$3,070
$940
$24
$7,285
$1,678
$1,269
$3,624
$6,571
$4,010
$3,080
$930
$24
$7,525
$1,559
$684
$4,764
$7,007
$4,010
$3,090
$920
$42
$7,969
$699
$1,323
$3,339
$5,361
$4,010
$3,100
$910
$42
$6,313
$1,007
$779
$3,234
$5,020
$4,360
$3,110
$1,250
$42
$6,312
$766
$1,604
$3,129
$5,499
$4,360
$3,124
$1,237
$42
$6,778
($331)
$2,265
$3,024
$4,958
$4,360
$3,137
$1,223
$42
$6,223
$1,000
$399
$678
$354
$1,566
$3,997
$428
$2,860
$3,288
$7,285
$1,000
$621
$585
$407
$1,566
$4,179
$428
$2,918
$3,346
$7,525
$1,000
$948
$552
$479
$1,566
$4,545
$428
$2,996
$3,424
$7,969
$1,000
$600
$552
$160
$726
$3,038
$428
$2,847
$3,275
$6,313
$1,350
$600
$552
$305
$0
$2,807
$428
$3,077
$3,505
$6,312
$1,350
$600
$552
$529
$0
$3,031
$428
$3,319
$3,747
$6,778
$0
$600
$552
$888
$0
$2,040
$428
$3,755
$4,183
$6,223
$526
($119)
($860)
$308
($241)
($1,097)
Net sales
Purchases
WIP inventory reduction
Raw materials reduction
Cost of goods sold
Depreciation
Other expenses
Cost of sales and other expenses
EBIT
Interest expense
Net income before taxes
Income taxes
Net income
Dividends
Earnings retained
Change in cash
Pro Forma
Oct.
Nov.
$1,505
$1,604
$600
$600
$0
$0
$105
$105
$705
$705
$10
$14
$400
$400
$1,115
$1,119
$390
$486
$15
$20
$375
$466
$145
$223
$230
$242
Dec.
$2,265
$600
$0
$105
$705
$14
$400
$1,119
$1,147
$20
$1,127
$541
$586
December
January
Cash Outflows:
Payments of Accounts Payable:
Other Operating Outflows:
Purchase New Equipment:
Tax Payments:
Interest Payments to Bank:
Principal Repayments to Bank:
Dividends:
Total cash outflows:
$
Reconciliation:
Begining cash balance:
Net cash flow:
Ending cash balance: