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Case 8-4 Scorebroads, Electronic Displays, ETC....

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Case 8-4 Scorebroads, Electronic Displays, ETC. Excel format - please show formulas (assignment attached) Daktronics? included this statement in its 2005 annual report: Years Ended April 30, 2005 May 1, 2004 May 3, 2003 Net sales $230,346 $209,907 $177,764 Cost of goods sold 157,137 137,436 118,633 Gross profit 73,209 72,471 59,131 Operating expenses: Selling 32,840 27,305 24,966 General and administrative 10,434 9,510 7,422 Product design and development 10,499 8,126 6,918 53,773 44,941 39,306 Operating income 19,436 27,530 19,825 Nonoperating income (expense): Interest income 1,453 1,014 694 Interest expense (211) (478) (897) Other income (expense), net 768 586 974 Income before income taxes and minority interest 21,446 28,652 20,596 Income tax expense 5,786 10,907 8,107 Income before minority interest 15,660 17,745 12,489 Minority interest in income of subsidiary ? (18) (31) Net income $ 15,660 $ 17,727 $ 12,458 Earnings per share: Basic $ 0.83 $ 0.95 $ 0.68 Diluted $ 0.78 $ 0.89 $ 0.64 Daktronics, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except share data) April 30, May 1, Assets 2005 2004 Current Assets: Cash and cash equivalents $ 15,961 $ 12,255 Marketable securities 8,105 4,001 Accounts receivable, less allowance for doubtful accounts 23,762 28,686 April 30, May 1, 2005 2004 Current maturities of long-term receivables 5,196 3,771 Inventories 24,612 16,604 Costs and estimated earnings in excess of billings 15,301 12,862 Prepaid expenses and other 1,725 905 Deferred income taxes 5,076 4,375 Income taxes receivable 1,812 813 Rental equipment available for sale 2,733 2,706 Total current assets 104,283 86,978 Property and equipment, net 31,053 25,096 Advertising rights, net 1,722 1,415 Long-term receivables, less current maturities 9,900 10,267 Goodwill 2,621 1,411 Intangible and other assets 1,101 920 Deferred income taxes 782 149 $151,462 $126,236 Liabilities and Shareholders? Equity Current Liabilities: Notes payable, bank $ 79 $ 214 Accounts payable 17,121 12,586 Accrued expenses and warranty obligations 10,973 9,911 Current maturities of long-term debt 909 1,181 Current maturities of long-term marketing obligations 304 115 Billings in excess of costs and estimated earnings 5,463 6,761 Customer deposits 4,164 2,829 Deferred maintenance revenue 2,983 1,700 Total current liabilities 41,996 35,297 Long-term debt, less current maturities 171 1,148 Long-term marketing obligations, less current maturities 595 350 Deferred income 1,357 1,134 Deferred income taxes 3,433 2,043 5,556 4,675 Shareholders? Equity: Common stock, no par value, authorized 60,000,000 shares; 19,165,369 and 18,886,492 shares issued at April 30, 2005 and May 1, 2004, respectively 17,739 16,406 Additional paid-in capital 2,684 2,274 Retained earnings 83,337 67,677 Treasury stock, at cost, 19,680 shares (9) (9) Accumulated other comprehensive income (loss) 159 (84) 103,910 86,264 $151,462 $126,236 Required a. Compute the following for 2005 and 2004: 1. Net profit margin 2. Total asset turnover (use year-end assets) 3. Return on assets (use year-end assets) 4. Operating income margin 5. Return on operating assets (use year-end assets) 6. Sales to fixed assets (use year-end fixed assets) 7. Return on investment (use year-end balance sheet accounts) 8. Return on total equity (use year-end equity) 9. Return on common equity (use year-end common equity) 10. Gross profit margin b. Comment on the trends in (a).

 

Paper#3845 | Written in 18-Jul-2015

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