...Case 2: Harris Seafood Finance 380: Cases in Financial Decision Making Bojan Balaban, Tijo Jose, Nathan Liu NPV CALCULATIONS Charlie Harris is debating whether or not he should make an investment in the shrimp processing plant. We have concluded that he should make the investment in the processing plant if net present value (NPV) is positive. The NPV is calculated as: NPV= PV(benefits) – PV(cost) The goal here is to create value. Mr. Harris should only invest if the NPV is positive. To calculate the NPV of the processing plant, we are required to forecast a FCF and a discount rate. We have used the data from the Harris Seafood case to arrive at a FCF projection for both an inflation and a non-inflation scenario. The rest of the analysis will examine alternative NPV valuations and provide a recommendation to Mr. Harris as to whether or not Harris Seafood should make the investment in the shrimp processing plant. | FCR projection with 0% inflation | Free Cash Flow ($000) | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | Revenues | $- | $26,125 | $57,119 | $67,759 | $68,875 | $70,063 | $71,250 | Cost Of Goods Sold | $- | $22,828 | $46,837 | $55,562 | $56,478 | $57,451 | $58,425 | Selling, General and Admin | $- | $2,874 | $6,283 | $6,437 | $6,543 | $6,656 | $6,769 | Depreciation | $- | $833 | $788 | $731 | $693 | $661 | $634 | Pre-Tax Op Profit | $- | $(410) | $3,211 | $5,029 | $5,161 | $5,295 | $5,422 | Taxes (48%) | $- | $- | $1,541 | $2,414 |...
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...9-293-084 REV: AUGUST 30, 2001 RICHARD S. RUBACK Eskimo Pie Corporation In early 1991, Reynolds Metals, the makers of Aluminum Foil and other aluminum products, decided to sell its holding of Eskimo Pie, a marketer of branded frozen novelties. Reynolds had few interests outside its aluminum and packaging business, and the Eskimo Pie Corporation, with roughly $47 million in sales, accounted for less than 1% of Reynolds revenues. Reynolds planned to use the proceeds from the sale of Eskimo Pie to fund investments in its core aluminum business. Eskimo Pie was 84% owned by Reynolds Metals, and 4% owned by the Reynolds Foundation. The remaining 12% of the Eskimo Pie was held by various Reynolds family members and a small group of outside investors. Goldman Sachs, a New York investment banking firm, was retained to assist with the sale of Eskimo Pie. Goldman estimated that the sale price of Eskimo Pie would be about 1.2 times 1990 sales, or about $57 million. Nestle Foods paid a comparable multiple for Drumstick, another ice cream novelty company, in 1990. Goldman organized an auction for Eskimo Pie, and Nestle was the highest of six bidders with a price of $61 million. Mr. David Clark, President of Eskimo Pie Corporation, recognized that the sale of Eskimo Pie to Nestle would mean the end of its independence. Nestle was likely to consolidate its ice cream novelty businesses by eliminating Eskimo Pie’s headquarters and management staff. He had struggled to find...
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...Eskimo Pie Case Stand-Alone Value: Reynolds Metals is considering the sale of Eskimo pie, a company they have an 84% stake in. In order to come up with an asking price, the stand-alone value of Eskimo Pie needs to be estimated. This calculation can be done a number of ways, but in this instance the Discounted Cash Flow method will be used. In order to utilize this method, the Weighted Average Cost of Capital (WACC) has to be calculated. Based on the financial reports, the WACC is estimated to be 12%. In addition, the horizon value of the company must also be calculated. The capital expenditures, depreciation, and working capital are not very significant in this calculation. The $13 million in generated cash needs to be added to the discounted cash flows. The final stand-alone value of Eskimo Pie is estimated to be $55 million. Nestlé’s Acquisition: Eskimo Pie is a successful frozen novelty producer. Nestle Foods produces similar products as Eskimo Pie. In the past Nestle had acquired Drumsticks and Carnation, two popular frozen dessert products. Its familiarity with Eskimo Pie would make it an easy target for acquisition. An acquisition of Eskimo Pie could create potential synergies. Because Nestle already owns the manufacturing and distribution capabilities, they could be used for Eskimo Pie. Consolidating their production would allow them to eliminate extraneous costs. Nestle could also eliminate the current management and other employees. Lastly, the sublicensing...
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...The Importance of Children’s Literature Learning Team E ENG/290 December 5, 2013 Ron Tatum Ph. D Eskimo Children’s Literature A child’s education is the backbone of any society. From the richest country in the world, to the poorest, without an educated population following behind, that country will not grow. From poetry, to science fiction, educating a child’s mind produces what we as a society will be exposed to and learn from. Ancient myths were the first tools used to teach our children where we came from and how the world around them came to be. Then there were the Greeks, introducing writing and a way to record our thoughts more accurately. With each generation, new concepts were discovered to teach with. It wasn’t until the invention of the movable type printing press in the 1400’s, that more children had a better chance for an education. Cheaper production meant less expenses, and more opportunities for widespread publication of books and reading material. The Bible was still the main teaching format used, but the printing press allowed more people to own their own bible. Most writing was still directed toward the adult population, but slowly, adults started realizing there was a need for information directed toward the child, more easily understood. By the mid-eighteenth century a man named John Newberry came along with the idea of creating books specifically for the child, publishing “A Little Pretty Pocket...
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... Diving Into The White Side American Indians are soon on the road to extinction due to intermarriage with other ethnicities/ races. Their blood lines will slowly thin out, generation after generation; leaving the American Indian population little to none. The United States federal government established a blood quantum for Native Americans to limit their citizenship and leading them on a road to oblivion. Blood quantum is a sense of pride to older Indians- they believe it is a measurement of a sacred identity. Non- Natives may ask, “what is blood quantum?”. Blood quantum is a term that determines one's ancestry background. American Indian blood quantum was established in the early 18th century to limit Native Americans citizenship in the United States. It was finally wide spread throughout the 1934 due to the Indian Reorganization Act. During this time white people would go to each village to question the Native; they would determine how “Indian” you were due to appearance and community involvement. The United States government fully controlled blood lines up until the late 19 hundred- early 20th century. By this times tribes were able to fully control what blood degree you needed to be eligible for enrollment or incharge of your family's bloodline. This has since cause controversy in Indian country between tribal government and community members; due to the fact that tribes were known to drop blood quantum of families making them drop from the roles. Throughout my lifetime...
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...Alaska. Throughout the twentieth century, educational policies have helped Native Alaskans in their villages, reduced the people living in the lower forty-eights’ concern about Alaska Natives morals, and assimilated Alaska Natives over time. Alaska: Our Northern Wonderland written by Frank Carpenter in 1928, declares that schools were established in villages to help civilize the “copper-skinned children of the Far North”. The schools instructed the children in sanitation, effects of drinking, and also taught them many trade skills. For example, the boys picked up carpentry and blacksmithing while the girls were taught to sew and bake pastries. Frank Carpenter stated that, although they were taught many skills “no citizen shall speak Eskimo in the classroom.” The restriction of speaking their native language helped them seem more like Americans. In addition to learning new trades, Alaska Natives began to keep records, create their own government, and learn how to use money. Frank Carpenter believes that Alaska Natives are becoming civilized because Alaska: Our Northern Wonderland is about the good effects of education of the Alaska Natives. The citizens living in the lower forty-eight believed that all of these signs showed how the Native Americans were being assimilated. Sheldon Jackson was a superintendent of schools in Alaska. In Jackson’s Report to Congress in 1892-1893, it stated that we should “establish English schools among a people to the larger portion of whom...
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...Inuit have relied on the Arctic’s resources to live. They made tents or built igloos, depending on the season. The Inuit hunted animals such as caribou and sea mammals for food. The practice of eating raw meat, disapproved of by their Native American neighbors, saved scarce fuel and provided their limited diet with essential nutritional elements that cooking would destroy. Except for the Caribou Eskimo of central Canada, they were a littoral people who roved inland in the summer for freshwater fishing and game hunting. They used animal bones to make harpoons and fishhooks.Eskimos traditionally used various types of houses. Tents of caribou skins or sealskins provided adequate summer dwellings; in colder seasons shelter was constructed of sod, driftwood, or sometimes stone, placed over excavated floors. Among some Eskimo groups the snow hut was used as a winter residence (see igloo). More commonly, however, such structures were used as temporary overnight shelters during journeys. The dogsled was used for the hauling of heavy loads over long distances, made necessary by the Eskimos' nomadic hunting life. Their skin canoe, known as a kayak, is one of the most highly maneuverable small craft ever constructed. Hunting technologies included several types of harpoons, the bow and arrow, knives, and fish spears and weirs. While iron and guns have come into common use in the 20th cent., previously weapons were crafted from ivory, bone, copper, or stone. Their clothing was sewn largely...
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...The Inuit people (more commonly known as Eskimos) are a group of about 150,000 people who live in the Arctic tundra regions, mostly in Northern Canada, Siberia, Northern Alaska and Greenland. They are the indigenous people of the area. Their main language is Inuktitut and the word “Eskimo” meaning ‘eaters of raw meat’, originally quite offensive to inuits. They are also taught English, Danish, French or Russian at school. The Inuit’s descended from whale hunters who migrated to the Arctic regions but later turned to trapping animals when the European whale hunters arrived. They follow the Christian religion after being introduced it by missionaries. The Inuit people have changed their traditional ways to the more modern ways of life. The traditional...
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...It's that time of year again, pumpkin season! Two wonderful family holidays are just around the corner. Traditionally, we spend Thanksgiving or Christmas (or both) with the family to have a nice holiday dinner. There is always delicious food prepared for dinner, but what's dinner without dessert? The most traditional holiday dessert is pumpkin pie, but how about "spicing" that dessert up a little this year? Well, here's the way to do it, a delicious holiday dessert that the whole family will love and it's quick and easy! The first step in baking, of course, is to gather all the ingredients necessary for the job. Luckily with this dessert, most of what you need, you'll already find in your kitchen. Whatever you don't have, you can just pick up at your local grocery store: 1 can pumpkin, 3 eggs, 1 cup milk, 1/2 tsp. salt, 1/2 tsp. ginger, 1/2 tsp. cloves, 1/2 tsp. cinnamon, 3/4 cup sugar, 1 box spiced cake mix, 1 1/2 cubes margarine or butter, and 3/4 cup favorite chopped nuts (if desired) and a 9 x 13 inch baking pan. You may also need a measuring cup and measuring teaspoons if you want to measure the ingredients evenly. Also, you'll need a small bowl, to beat the three eggs and melt the butter in, and a large bowl to mix the ingredients together. Now that you have all your ingredients, you can get started on the fun, but first, preheat the oven to 350 degrees. Before you mix all the ingredients, beat the three eggs together in the small bowl until they are well mixed. Now...
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...Kyimari Reeves Food & Culture Dr. Daryl White December 12, 2014 My Family’s Culinary History: A Multigenerational History and Autoethnography When you think of or smell a certain food, what comes to mind? On one hand, the sight or smell of that food might trigger hunger, or even a memory of the last time you shared that meal with a loved one. The smell or sights of our favorite foods trigger a different thoughts or feelings in each of us. This is an example of Semiotics. Semiotics is defined as "anything that can stand for something else." Roland Barthes was one of Europe's most renowned theorists of semiology. Barthes believed that in order to generate a complete sign, there were two parts that have to work together. These two parts are known as the signifier and the signified. A good example of this is the favorite food we thought of earlier, it would act as a signifier, and the thought that came to your head when thinking of this food would act as the signified. For some, that equates food memories. My family and I have created many food memories for us as well as followed the foodways crafted for us by previous generations. Coming from a rather diverse ethnic background, we have different variations of traditional African American foods. I have many memories of family reunions and all the interesting dishes my relatives would prepare. But when it came to certain meals my mother was very traditional in preparing it, and it had to be done a certain way or it...
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...Chapter 3 MATERIALS, METHOD AND PROCEDURES Research Design In this study, the researchers used the descriptive-developmental research design since its purpose is to develop a new product, the Meat Pie. Once formulated, the treatments were subjected to evaluation using the Hedonic Scale for sensory evaluation to describe the qualities of the treatment to determine which among the treatments is the most acceptable. Tools and Equipment The following table shows the different tools and equipment used in the making of Meat Pie as souring agent. Table 3. List of Tools and Equipment Tools | Functions | Measuring CupsMeasuring SpoonMixing bowlWooden spoonFrench or chopping knifeChopping boardGas stove | Containers that come in graduated sizes, used to measure the amount of foodUsed to measure small units of ingredientsLarge container used to hold the ingredientsUsed to mix and stir the ingredientsA cutting tool with a long wide blade used to slice, chop, and dice the ingredientsUsed to protect the preparation table when slicing or when chopping foodA kitchen appliance designed for the purpose of cooking food | The following were the ingredients and proportions used during the production process. Research Procedure The following are the steps undertaken in the processing of the Meat Pie as souring agent. 1. Prepare and measure the ingredients. 2. In large mixing bowl, combine flour, nutmeg and margarine until completely mixed (use your hands for the right texture) 3...
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...I work for Schwans Corporation at a pie factory in Stilwell Oklahoma. Our plant produced 25.7 million pounds of finished product last year, running at 95% production efficiency. I had the pleasure of talking to Sheila Chucolate, the plant manager, on two occasions about her position in the plant, overall taking over two hours. I interview her touching on six major management issues; her personality and core values, her philosophy about work and management, leadership and mentoring, the organizational goals and objectives, social responsibility and company culture; discrimination, sexual harassment and diversity, and finally just touching on IT, internet, and globalization. Personality and Managers Core Values Shela considered herself to have an extroversive personality telling me “You have to be positive even in the toughest circumstances.” She exerted both agreeable and conscientious tendencies, a real people person, but she was also re-thinking her work, and double checking others. Sheila said it was always easy to relate to others, she was raised very generous and caring, making her sensitive to others which she said had both helped her and hurt her at times. I asked if her experiences as a manager changed her, she laughed and said that she us to be a timid person now can be assertive if need to be. Sheila also demonstrated an external locus of control by confessing that her Dad in raising and still encouraging her had got her where she is today. Philosophy about...
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...12 | 12 | | 12 | 14 | Palmas de la mano | 4 | 6 | | 4 | 4 | | 6 | 4 | Hombros | 8 | 12 | | 6 | 8 | | 10 | 10 | Planta del pie | 4 | 6 | | 4 | 4 | | 4 | 4 | Espalda baja | 10 | 14 | | 10 | 10 | | 8 | 12 | Gráfica #1: Datos Brutos Media: Mejillas: * Lado derecho: Media= 10+12+12 3 Media= 11.33 mm * Lado izquierdo: Media= 14+12+14 3 Media= 13.33 mm Palmas de la mano: * Lado derecho: Media= 4+4+6 3 Media= 4.67 mm * Lado izquierdo: Media= 6+4+4 3 Media= 4.67mm Hombros: * Lado derecho: Media= 8+6+10 3 Media= 8mm * Lado izquierdo: Media= 12+8+10 3 Media= 10mm Planta del pie: * Lado derecho: Media= 4+4+4 3 Media= 4mm * Lado izquierdo: Media= 6+4+4 3 Media= 4.67mm Espalda baja: * Lado derecho: Media= 10+10+8 3 Media= 9.33mm * Lado izquierdo: Media= 14+10+12 3 Media= 12mm Tabla #2: media de las medidas Región del cuerpo | Lado derecho mm (±1mm) | Lado izquierdo mm (±1mm) | 1. Mejillas | 11.33 | 13.33 | 2. Palmas de la mano | 4.67 | 4.67 | 3.Hombros | 8 | 10 | 4. Plantas del pie | 4 | 4.67 | 5. Espalda baja | 9.33 | 12 | Gráfica...
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...Dessert From Wikipedia, the free encyclopedia For other uses, see Dessert (disambiguation). Not to be confused with desert. Dessert | A flourless chocolate cake (torte) | Type | Usually sweet | Variations | Numerous (biscuits, cakes, tarts, cookies, sandeshs, gelatins, ice creams, pastries, pies, puddings, custards, and sweet soups, etc.) | Cookbook: Dessert Media: Dessert | Apple Pie Baked custard An assortment of desserts on a table Dessert (/dɨˈzɜrt/) is a course that concludes a main meal. The course usually consists of sweet foods and beverages, but may include coffee, cheeses, nuts, or other savory items. In some parts of the world there is no tradition of dessert to conclude a meal. The term dessert can apply to many foods, such as cakes, tarts, cookies, biscuits, gelatins, pastries, ice creams, pies, puddings, custards, and sweet soups. Fruit is also commonly found in dessert courses because of its naturally occurring sweetness. Some cultures sweeten foods that are more commonly savory to create desserts. Contents * 1 Etymology * 2 Usage * 3 History * 4 Ingredients * 5 Varieties * 5.1 Cakes * 5.2 Chocolates and candies * 5.3 Cookies or biscuits * 5.4 Custards and puddings * 5.5 Deep-fried desserts * 5.6 Frozen desserts * 5.7 Jellied desserts * 5.8 Pastries * 5.9 Pies, cobblers, and clafoutis * 5.10 Sweet soups * 6 Gallery * 7 By continent ...
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...CHAPTER I INTRODUCTION Although the economy is quite good, but when observed that the business in the food and beverages continues to grow continuously, because food is one of the four factors that need to consume for daily life. Food is very essential for us. It is our need in order for us to live. There are many kinds of food that best suit on our taste buds. Pastry is a major type of bakers' confectionery. It includes many of the various kinds of baked products made from ingredients such as flour, sugar, milk, butter, shortening, baking powder, and eggs. Small tarts and other sweet baked products are called pastries. Common pastry dishes include pies, tarts, quiches and pasties. Pastry can also refer to the pastry dough, from which such baked products are made. Pastry dough is rolled out thinly and used as a base for baked products. Pastry Shop will be established or build for the purpose of introducing the unique concept and tastes of pastries like cakes, cookies, muffins, creams, tea’s, etc. where one could find relaxation and fulfillment. It could also be a good place for students and employees who find themselves pressured from their studies and works, because Pastry Shop will gave you satisfactory foods that will relax your mood. It also offers refreshing drinks and good accommodation that will also assure that guests or customers will be satisfied with the service. Nowadays life is full of rush, it is very quick and...
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