...2059T_c05_150-188.QXD 06/29/2006 06:16 PM Page 150 FIRST PAGES 5 ANALYSIS OF FINANCIAL STATEMENTS Reviewing and Assessing Financial Information Starting Point Go to www.wiley.com/college/Melicher to assess your knowledge of the basics of financial statement analysis. Determine where you need to concentrate your effort. What You’ll Learn in This Chapter ▲ ▲ ▲ ▲ ▲ ▲ ▲ The five basic types of financial ratios How to use financial ratios properly in order to achieve financial growth When to use specific ratios in different situations How internally generated financing occurs The effect of ratio analysis on long-term financial planning How to read a financial statement The application of the cost-volume-profit analysis concept After Studying This Chapter, You’ll Be Able To ▲ ▲ ▲ ▲ ▲ ▲ Distinguish the three categories of ratio analysis Compare and contrast financial statements from different companies Examine the link between asset investment and sales growth Apply the major components of Du Pont analysis Analyze the quality of financial reports Use analysis methods to evaluate profit levels Goals and Outcomes ▲ ▲ ▲ ▲ ▲ ▲ Analyze and interpret financial statements Explain the categories of ratio analysis Perform the basic types of financial ratios Manage the application of ratios to evaluate business performance Prepare the requirements for external financing Evaluate the financial viability of particular business alternatives ...
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...Introduction Walgreen Co. and CVS/Caremark are two of the largest retail drugstore chains in the United States, offering consumers a variety of basic consumer goods including household products, convenience foods, personal care, beauty care, photofinishing, and seasonal items, as well as over-the-counter and prescription medication. In addition to their well-known retail pharmacies, both companies also operate a health services health and wellness division. Within the retail pharmacy industry CVS/Caremark and Walgreens continually battle for the retail position. This document will offer an overview and basic competitive analysis of the two companies. Background Location & Type of presence (brick and mortar, or internet) According to the CVS/Caremark 2011Annaul Report, page 23; as of December 31, 2011, the CVS/Caremark Retail Pharmacy segment operated 7,327 retail drugstores with 7,271of these retail stores operating a full service pharmacy. Their stores are located in 41 states and the District of Columbia and Puerto Rico. Additionally, within these retail stores operate 657 health care clinics conducting business under the Minute Clinic name. The retail pharmacy stores operate primarily under the CVS/pharmacy or Longs Drugs names. In addition, the Pharmacy Services segment operates under the names CVS Caremark Pharmacy Services, Caremark, CVS Caremark, Care Plus CVS/pharmacy, Care Plus, and Rx America to providing pharmacy benefit management services to employers, insurance...
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...Within the state of Minnesota, there are, “… 9,147 same-sex households with nearly 4,000 of those located in Hennepin County” (Dziengel, 2010). With such a large concentration of same-sex households, Minneapolis (Hennepin County) has been considered a mecca of same-sex friendly businesses and people. Travel Channel has listed the Minneapolis/St. Paul metropolitan area as one of the top 10 gayest cities in the United States, putting us in direct comparison with such cities as Los Angeles, New York and San Francisco. There have been several companies that have made a stance in favor of same-sex marriage and the economic value that such unions bring with them. Companies such as Target, which is based in Minneapolis; Wal-Mart; and Walgreens have researched the benefits of gay marriage and have found that while traditional marriages are the “bread and butter” for retailers, gay couples are...
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...Erica Frank Kingsford Charcoal Problem Statement Kingsford Charcoal as a brand needs to reevaluate its marketing strategy in order to rekindle consumer interest in charcoal grilling to combat increase in gas grilling trends because charcoal is in the mature stage of the product life cycle and there is little growth within the industry. Performance Objectives Kingsford’s objectives are to maintain a 1-3% growth in sales and maintain market share. Kingsford is a cash cow in Clorox’s portfolio; therefore, it needs to maintain profits to support other brands and investments. Strength Kingsford Charcoal represents one of the largest product groups within Clorox’s portfolio, which means that it has the resources to spend on marketing the product. Represents approximately 9 percent of Clorox’s revenues and substantially higher percentage of its net income, indicating that it is essential for Kingsford to maintain its position within the charcoal market. (page 3) Clorox sales team has years of experience working with key accounts, which gives the company an advantage in terms of building strategic relationships with retailers and wholesalers. (page 4) Constancy in marketing and sales actions over time and consistency in message communicated to sales team and marketing, channel members, and final consumer. This has helped Kingsford not only create and sustain brand awareness, but also grow the business. (page 4) Lab tests proved that Kingsford’s product is superior to Royal...
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...Integrated Company Analysis December Integrated Company Analysis15, 2010 December, 15 2010 Scott Meyer Scott Meyer Angela Faloye Anjali Krishnan Nathan Schaff Matt Reuer Scott Meyer 26 Table of Contents Introduction .............................................................................................................................................................. 3 Executive Summary ................................................................................................................................................. 3 Marketing Analysis ............................................................................................................................................. 3 - 7 Competitive Analysis and Positioning ................................................................................................................... 3 Target Segments ..................................................................................................................................................... 4 Product ................................................................................................................................................................... 5 Price ....................................................................................................................................................................... 5 Marketing Communications ...............................................................................
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...Procter & Gamble Equity Valuation & Analysis As of November 1, 2007 Raider Investments Group Brian Hooper Tyler Yenzer Nathan Yosten Dustin Bradford Brian.D.Hooper@ttu.edu Phillip.T.Yenzer@ttu.edu Nathan.Yosten@ttu.edu Dustin.Bradford@ttu.edu Table of Contents Executive Summary Business & Industry Analysis Company Overview Industry Overview Five Forces Model Rivalry Among Existing Firms Threat of New Entrants Threat of Substitute Products Bargaining Power of Buyers Bargaining Power of Suppliers Key Success Factors Firm Competitive Advantage Analysis Future Competitive Analysis Accounting Analysis Key Accounting Policies Potential Accounting Flexibility Actual Accounting Strategy Quality of Disclosure Qualitative Analysis of Disclosure 36 31 33 35 10 11 13 13 18 20 22 24 24 28 30 5 2 Quantitative Analysis of Disclosure Sales Manipulation Diagnostics Expense Manipulation Diagnostics Potential “Red Flags” Undo Accounting Distortions Financial Analysis Liquidity Analysis Profitability Analysis Capital Structure Analysis IGR/SGR Analysis Financial Statement Forecasting Cost of Equity Estimation Valuation Analysis Multiples Valuation Discounted Free Cash Flow Model Discounted Dividends Model Residual Income Model Long-Run Return on Equity Residual Income Model Abnormal Earnings Growth Model Credit Analysis 40 41 44 49 49 50 63 72 76 79 83 86 95 96 98 100 103 106 3 Analyst Recommendation Appendix Regression Analysis Income Statement Balance Sheet Statement...
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...UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ፤ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended September 30, 2014. អ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to . or Commission file number 333-172973 1MAY200918354900 NBTY, Inc. (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation or organization) 11-2228617 (I.R.S. Employer Identification No.) 2100 Smithtown Avenue Ronkonkoma, New York (Address of principal executive offices) 11779 (Zip Code) (631) 567-9500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes អ No ፤ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ፤ No អ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)...
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...COINSTAR INC (CSTR) 10-K Annual report pursuant to section 13 and 15(d) Filed on 02/09/2012 Filed Period 12/31/2011 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended: December 31, 2011 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-22555 COINSTAR, INC. (Exact name of registrant as specified in its charter) Delaware 1800 114 Avenue SE, Bellevue, Washington (Address of principal executive offices) (State or other jurisdiction of incorporation or organization) th 94-3156448 (I.R.S. Employer Identification No.) 98004 (Zip Code) Registrant's telephone number, including area code: 425-943-8000 Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.001 par value Name of each exchange on which registered: The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.: Yes ¨ No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities...
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...CHAPTER 4 Income Statement and Related Information ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) | | |Brief Exercises | | |Concepts for Analysis| |Topics |Questions | |Exercises |Problems | | | 1. |Income measurement concepts. |1, 2, 3, 4, 5, 6, 7,| | | |3, 4, 5, 6, 8 | | | |8, 9, 10, 18, 28, | | | | | | | |31, 32, 33 | | | | | | 2. |Computation of net income from | |1 |1, 2, 7 | | | | |balance sheets and selected | | | | | | | |accounts. | | | | | | | 3. |Single-step income statements; |11, 19, 23, 24 |2, 8 |3, 4, 6, 7, 10, 15, |2, 3, 4, 5 |1, 2, 7 | | |earnings per share...
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...ANSWERS TO QUESTIONS 1. The income statement is important because it provides investors and creditors with information that helps them predict the amount, timing, and uncertainty of future cash flows. It helps investors and creditors predict future cash flows in a number of different ways. First, investors and creditors can use the information on the income statement to evaluate the past performance of the enter-prise. Second, the income statement helps users of the financial statements to determine the risk (level of uncertainty) of income—revenues, expenses, gains, and losses—and highlights the relationship among these various components. It should be emphasized that the income statement is used by parties other than investors and creditors. For example, customers can use the income statement to determine a company’s ability to provide needed goods or services, unions examine earnings closely as a basis for salary discussions, and the government uses the income statements of companies as a basis for formulating tax and economic policy. 2. Information on past transactions can be used to identify important trends that, if continued, provide information about future performance. If a reasonable correlation exists between past and future performance, predictions about future earnings and cash flows can be made. For example, a loan analyst can develop a prediction of future performance by estimating the rate of growth of past income over the past several periods...
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...Midterm Study Guide Fin 5170 Fall 2009 The exam will consist on multiple choices, and problems and may be an essay question. I will ask a maximum of two questions taken from the following material covered in class: Chapter 1 • Describe the concept of agency problems and different ways to ameliorate agency problems in a corporation Chapter 3 • Example 3.7 (pages 65-66) • Use the concept of arbitrage to explain the price of Security A in table 3.8, and Security B in table 3.9). Compute the risk premium of both securities. • Example 3.10 in page 72 • Example 3.11 in page 74 • Problems 14, 17, 18 (pages 78-80) You will also have the opportunity to answer several questions from the next pages: Chapter 1 - The Corporation 1.1 The Four Types of Firms 2) Which of the following organization forms for a business does not avoid double taxation? A) Limited Partnership B) "C" Corporation C) "S" Corporation D) Limited Liability Company Answer: B 3) Which of the following organization forms has the most revenue? A) "S" Corporation B) Limited Partnership C) "C" Corporation D) Limited Liability Company Answer: C 4) Which of the following organization forms accounts for the greatest number of firms? A) "S" Corporation B) Limited Partnership C) Sole Proprietorship D) "C" Corporation ...
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...MacDonald’s Corporation Analysis FIN 284 ASSET MANAGEMENT Summer 2005 Submitted by: Anne Orji Chunlei Bao Angelo Zino Efstratios Philippis 1 Table of Contents I. II. III. IV. V. VI. VII. VIII. IX. X. XI. XII. XIII. Executive Summary (includes Asset Allocation to Portfolio) Company Overview Business Description SWOT Analysis (Key Strategies and Risk Factors) Management Operations Analysis Industry and Market Analysis Overview of fiscal year 2004 Outlook for 2005 Financial Results for Q1 of 2005 Trend Analysis Correlation with current portfolio Financial Statement Analysis 3-4 4 4-6 6-9 9-11 11-14 14-15 15-18 19-21 21-22 22-24 24-25 25-34 35-46 47-50 XIV. Valuation XV. Technical Analysis XVI. Analyst Covering and Insiders Transactions XVII. Current News XVIII. Conclusion XIX. Appendix XX. References 50-53 53-54 54-55 55-59 60 2 Summary Page MCDONALDS CP (NYSE:MCD) Delayed quote data Last Trade: Trade Time: Change: Prev Close: Open: Bid: Ask: 1y Target Est: 27.94 Jul 1 0.00 (0.00%) 27.94 N/A N/A N/A 35.58 Day's Range: 52wk Range: Volume: Avg Vol (3m): Market Cap: P/E (ttm): EPS (ttm): Div Yield (ttm): N/A - N/A 25.64 - 34.56 0 5,562,320 35.41B 1d 5d 3m 6m 1y 2y 5y max 14.30 1.95 0.55 (1.97%) http://finance.yahoo.com I. Executive Summary This paper will look at the development of the McDonalds Corporation and the obstacles that it has overcome. It will also look at the McDonalds Corporation in relation to its major competitors...
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...Financial Highlights (In millions, except for per share amounts) Year-end 2011 2010 % B/(W) change Company sales Franchise and license fees and income Total revenues Operating Profit Net Income – Yum! Brands, Inc. Diluted Earnings Per Common Share before Special Items Special Items Earnings Per Common Share (a) (a) $ 10,893 1,733 $ 12,626 $ $ $ $ $ 1,815 1,319 2.87 (0.13) 2.74 2,170 $ 9,783 1,560 11 11 11 3 14 14 NM 15 10 $ 11,343 $ $ $ $ $ 1,769 1,158 2.53 (0.15) 2.38 1,968 Reported Diluted Earnings Per Common Share Cash Flows Provided by Operating Activities (a) See page 23 of our 2011 Form 10-K for further discussion of Special Items. Contents Dear Partners..................................................................................... 1 China and A Whole Lot More .......................................................2–5 Improving US Brand Positions .................................................... 6-7 Core Strategies ...................................................................................... 8 Business Model...................................................................................... 9 Taking People With You ..................................................................... 10 ABOUT THE PAPER USED FOR THIS REPORT The inks used in the printing of this report contain an average of 25% - 35% vegetable oils from plant derivatives, a renewable resource. They replace petroleum based inks as an effort to also reduce...
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...UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2014 OR Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-01011 CVS HEALTH CORPORATION (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) One CVS Drive, Woonsocket, Rhode Island (Address of principal executive offices) 05-0494040 (I.R.S. Employer Identification No.) 02895 (Zip Code) (401) 765-1500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: Common Stock, par value $0.01 per share Title of each class New York Stock Exchange Name of each exchange on which registered Securities registered pursuant to Section 12(g) of the Exchange Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for...
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...2011 ANNUAL REPORT Directors, Officers, Corporate Information Board of Directors Nelson Peltz 2,4,6 Chairman, The Wendy’s Company Chief Executive Officer and Founding Partner, Trian Fund Management, L.P . Executive Officers Emil J. Brolick President and Chief Executive Officer Corporate Office (Dublin Restaurant Support Center) The Wendy’s Company One Dave Thomas Blvd. Dublin, Ohio 43017 (614) 764-3100 www.aboutwendys.com Stephen E. Hare Senior Vice President and Chief Financial Officer Peter W. May 2,4,6 Vice Chairman, The Wendy’s Company President and Founding Partner, Trian Fund Management, L.P . Darrell G. van Ligten President, International Stockholder Information Transfer Agent and Registrar If you are a stockholder of record and require assistance with your account, such as a change of address or change in registration, please contact: American Stock Transfer & Trust Company 59 Maiden Lane Plaza Level New York, NY 10038 Toll free: (877) 681-8121 or (718) 921-8200 Fax: (718) 236-2641 E-mail: info@amstock.com www.amstock.com Emil J. Brolick 2,6 John D. Barker Senior Vice President and Chief Communications Officer President and Chief Executive Officer, The Wendy’s Company Clive Chajet 3,6,8 Chairman, Chajet Consultancy, L.L.C. Steven B. Graham Senior Vice President and Chief Accounting Officer Edward P. Garden Chief Investment Officer and Founding Partner, Trian Fund Management, L.P . R. Scott Toop Senior Vice President...
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