Professional Documents
Culture Documents
Polaroid Exhibits
Polaroid Exhibits
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
Selected Income Statement Information
Net Sales U.S. $1,019.0 $1,160.3 $1,178.8 $1,145.7 $1,113.6 $1,058.3 $1,091.8 $1,048.3 $1,009.3 $964.3
International 1,217.9 1,152.2 1,066.1 1,006.6 957.0 913.4 812.9 814.6 754.6 664.9
Total 2,236.9 2,312.5 2,244.9 2,152.3 2,070.6 1,971.7 1,904.7 1,862.9 1,763.9 1,629.2
Operating Expenses 2,147.7 2,112.2 2,059.5 1,938.5 1,824.0 1,687.4 1,600.5 1,689.1 1,610.1 1,493.5
Profit from Opns. Before Restructuring Exp. 89.2 200.3 185.4 213.8 246.6 284.3 304.2 173.8 153.8 135.7
Restructuring Expense 247.0 0.0 44.0 0.0 0.0 0.0 40.5 151.9 0.0 0.0
Interest Expense 52.1 46.6 47.9 58.5 58.4 81.3 86.2 29.0 15.0 18.6
Net Earnings -140.2 117.2 -51.3 99.0 683.7 151.0 145.0 -22.6 125.2 108.2
Common Shares, End of Year (000s) 45,533 45,998 46,806 46,668 48,919 50,070 52,110 71,635 61,918 61,918
Common Shares Repurchased (000s) 1,218 941 0 2,258 1,151 2,040 19,525 0 0 0
Repurchase Outlay ($ millions) $40.2 $30.6 $0.0 $63.4 $30.6 $55.6 $950.6 $0.0 $0.0 $0.0
Common Shares Issued (000s) 753 133 138 7 0 0 0 9,717 0 0
Earnings Per Share -$3.09 $2.49 -$1.10 $2.06 $12.54 $2.20 $1.96 -$0.34 $2.02 $1.75
Dividend Per Share $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.50
Addns. to Property Plant and Equip. 167.9 146.7 165.6 201.5 175.8 120.9 94.5 127.0 116.6 82.9
Depreciation $132.7 $118.2 $100.3 $89.1 $85.5 $87.2 $87.4 $81.9 $75.7 $71.2
Book Value LT Debt/Capital 42.3% 39.6% 44.0% 44.1% 37.9% 48.0% 56.1% 28.5% 0.0% 0.0%
Market Value LT Debt/Capital 19.6% 27.5% 27.8% 30.5% 26.6% 25.3% 28.5% 23.4% 0.0% 0.0%
Notes: 1. P/E ratios are computed on earnings before restructuring charges, litigation award, and other extraordinary items.
Page 1
Exh. 3
Exhibit 3
Consolidated Statement of Earnings
(In $ millions)
Page 2
Exh. 4
Exhibit 4
Consolidated Balance Sheet
(In $ millions)
1995 1994
Assets
Current Assets
Cash and Cash Equivalents $73.3 $143.3
Short-Term Investments 9.8 85.6
Receivables, less allowances 550.4 541.0
Inventories 615.5 577.4
Prepaid Expenses and Other 208.5 141.4
Total Current Assets 1,457.5 1,488.7
Gross Property Plant and Equipment 2,164.4 2,043.4
Less Accumulated Depreciation 1,473.4 1,296.1
Net Property, Plant and Equipment 691.0 747.3
Prepaid Taxes -- non-current 113.3 80.7
Total Assets $2,261.8 $2,316.7
Page 3
Exh. 6
Exhibit 6
Polaroid Corporation, 1996
Financial Forecast, 1996-2000
(values in U.S. $ millions)
Actual Projected
1995 1996 1997 1998 1999
Annual Increase in Sales -3.2% 2.0% 5.0% 6.0% 6.0%
Opng. Profit/Sales 4.0% 8.0% 9.5% 10.0% 10.0%
Tax Rate 40.0%
Wkg. Capital/Sales 37.0%
Dividend Payout Ratio 25.0%
Income Statement
Net Sales $2,236.9 $2,281.6 $2,395.7 $2,539.5 $2,691.8
Operating Profit 89.2 182.5 227.6 253.9 269.2
Interest Income 8.5 5.0 5.0 5.0 5.0
Interest Expense -52.1 (52.1) (52.1) (52.1) (52.1)
Pre-Tax Income 45.6 135.4 180.5 206.8 222.1
Tax Expense -61.2 (54.2) (72.2) (82.7) (88.8)
Net Income -15.6 81.3 108.3 124.1 133.2
Dividends 27.3 27.3 27.3 27.3 27.3
Retentions to Earnings $ (42.9) $ 53.9 $ 81.0 $ 96.8 $ 105.9
Balance Sheet
Cash $ 83.1 $ 148.3 $ 187.1 $ 230.7 $ 280.3
Working Capital (without debt) 855.5 844.2 886.4 939.6 996.0
Prepaid Tax 113.3 113.3 113.3 113.3 113.3
Net Fixed Assets 691.0 691.0 691.0 691.0 691.0
Total Assets 1,742.9 1,796.8 1,877.8 1,974.6 2,080.5
Debt (long and short term) 726.8 726.8 726.8 726.8 726.8
Postretirement Benefits 298.4 298.4 298.4 298.4 298.4
Equity 717.7 771.6 852.6 949.4 1,055.3
Total Capital $1,742.9 $1,796.8 $1,877.8 $1,974.6 $2,080.5
PV $2,071.6
(debt) $ 726.8
cash for shareholders 1,344.85
share price 29.53564
current price 47.375
Page 4
Exh. 6
2000
7.0%
10.0%
$2,880.3
288.0
5.0
(52.1)
240.9
(96.4)
144.6
27.3
$ 117.2
$ 327.8
1,065.7
113.3
691.0
2,197.8
726.8
298.4
1,172.6
$2,197.8
$ 288.0
(115.2)
140.0
(140.0)
(69.7) GDP 5%
$ 103.1
$2,584.5
$2,687.6
Page 5
Exh. 9
Exhibit 9
Key Industrial Financial Ratios
Three-Year Medians (1993-1995)
AAA AA A BBB BB
Pretax interest coverage (x) 13.50 9.67 5.76 3.94 2.14
EBITDA Interest coverage (x) 17.08 12.80 8.18 6.00 3.49
Funds from operations/total debt (%) 98.20% 69.10% 45.50% 33.30% 17.70%
Free operating cash flow/total debt (%) 60.00% 26.80% 20.90% 7.20% 1.40%
Pretax return on permanent capital (%) 29.30% 21.40% 19.10% 13.90% 12.00%
Operating income/sales (%) 22.60% 17.80% 15.70% 13.50% 13.50%
Long-term debt/capital (%) 13.30% 21.10% 31.60% 42.70% 55.60%
Total debt/capitalization incl. short-term debt (%) 25.90% 33.60% 39.70% 47.80% 59.40%
Page 6
Exh. 9
B
1.17
2.16
12.80%
-0.90%
9.00%
12.30%
65.50%
69.50%
0.431219
10.411%
1243.603
Page 7
AAA AA A BBB BB B
Cost of Debt 6.70% 6.90% 7.00% 7.40% 9.00% 10.60%
Cost of Equity 10.25% 10.30% 10.40% 10.50% 11.75% 13.00%