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Airline Business Plan

Financial Plan

This section of the plan offers the core elements for evaluating the financial viability of the proposed new airline. Both in text and in charts and tables, all the key elements are presented to offer a frank appraisal of the venture and the opportunity it presents.

Of particular importance is the following section which presents the key "Important Assumptions" on the core cost and revenue aspects of the airline. These assumptions are based on cost factors involving the proposed Avro RJ100 aircraft, and assume dry leasing of new aircraft (a comparison is also given for a purchase option, although that option, as will be apparent from the numbers, demands a much larger up-front cash outlay, and does not necessarily lead to economies of operation, particularly in the short run).

Among the assumptions made were that the airline will begin operating with just three 99-passenger regional jets, with very low load factors, beneath 25 percent of capacity, and at fare levels that in all likelihood are lower than reasonably expected on the planned route network. These assumptions were taken to ensure a conservative approach to the financial planning, and to demonstrate that even with these constraints the proposed airline can be profitable as early as the first year of operations.

It also was assumed that the aircraft will receive maximum utilization, up to six, seven, or more segments per day. A "wave" or "W" route pattern, and reciprocating or circular routes, was assumed, rather than simply a spoke-and-hub route pattern, to enable service to more destinations and to maximize use of the aircraft. A major feature of the route planning has been to enable business travelers to go and come back from destinations generally in the same day, and certainly in the same week. Crew requirements and hour restrictions also were considered in the planning.

Again, it should be stressed that even with the considerable constraints employed in the calculations, the airline can be expected to carry upwards of 300,000 passengers in its first year, and possibly up to a half a million passengers, and to reach profitability within the first year of operations, with significant growth in both revenues and cash generated thereafter.

The Important Assumptions section also includes information on the third prong of the proposed marketing strategy, which is to employ wet-leased or chartered aircraft to serve high-demand regional, seasonal, and peak-traffic markets as a supplement to the regular scheduled service of the airline. A conservative approach also was taken with this segment, and again it was shown to be a profitable area to pursue, although relatively modest particularly at the outset in terms of overall revenues.

It is strongly suggested that the Important Assumptions section be reviewed carefully prior to more in-depth examination of the financials since it explains the premises on which the financials are based. It also should be noted that the aircraft costing section is based on a segment approach, with aircraft acquisition, operating and crew costs, and some direct sales costs, as well as revenues, apportioned on a "segment" basis. Note that some elements that go into the segment costing are based on hourly costs, extrapolated to the segment length, and others are strictly on a "per segment" basis. The number of aircraft employed are stated at the top, on a "full-time equivalent" (FTE) basis, allowing for variance in fleet size during the year as new aircraft are brought into the fleet.

7.1 Important Assumptions

In addition to the general financial and business assumptions presented in  the following table, the key parameters presented on the next page also were included as Operating Assumptions in formulating the financial portions of this business plan.

Every effort was made to be realistic in these Assumptions, and if anything they were formulated conservatively, particularly in calculating initial load factors and revenue yields which, in practice, should be considerably higher than offered here. Additionally, passenger and cargo fares were considered to be flat over the entire period covered by this plan to compensate for the possibility that additional competition could force fares to remain relatively constant over the period. However, the objective of this exercise was to show that the proposed operation will be profitable even with much lower revenues than would normally be expected, and the numbers do in fact confirm a profitable outcome.

Additionally, expected net revenues from offering peak-demand special flights also are calculated. They are set apart separately from the scheduled-service revenues to show that both types of service - and particularly the more important scheduled service - are viable and the airline will be profitable even without these additional revenues.

The assumptions utilized here are based on dry leasing new Avro RJ100s at a high level of outfitting and with necessary spares included. A separate set of figures is provided following the Operating Assumptions section which gives a cost comparison should the decision be made to purchase the aircraft new, utilizing ECGD export financing for 85 percent of the purchase price of the aircraft.

Operating Assumptions

FY 2003

FY 2004

FY 2005

Aircraft in service (FTE)

2.83

5.33

7.33

Aircraft in service at end of FY

5

7

9

Cost per aircraft if purchased

$26,000,000

$26,000,000

$26,000,000

Annual leasing cost per aircraft

$3,120,000

$3,120,000

$3,120,000

Insurance rate % of aircraft cost

1.5%

1.5%

1.5%

Annual insurance cost per aircraft

$390,000

$390,000

$390,000

Captain's Annual Salary

$60,000

$66,000

$69,300

First Officer's Salary % of Captain

80%

80%

80%

Flight Attendant's Salary % of Capt

30%

30%

30%

Salary Burden as percent of Salary

20%

20%

20%

Crew members per flightFlght-2/Cab-3Flght-2/Cab-3Flght-2/Cab-3
Crew contingents per aircraft

3

3

3

Total crew per aircraft (min.)

Flght-6/Cab-9

Flght-6/Cab-9

Flght-6/Cab-9

Flight Hours/Month for Crew

80

80

80

Average Total Salary Cost/Hour

$202.50

$222.75

$233.89

Total aircraft maint. cost/hour

$800

$800

$800

Fuel burn kg/hour

2,100

2,100

2,100

Fuel cost per kg

$.35

$.35

$.35

Handling cost/segment (ave.)

$360

$400

$440

ATC cost/segment (ave.)

$120

$130

$140

Land/depart charge per seg. (ave.)

$150

$180

$210

Parking fee/aircraft/night

$150

$170

$190

In-flight items/pax -- Value

$6

$7

$8

In-flight items/pax -- Premium

$8

$9

$10

Percent/revenues commissionable

40%

35%

30%

Commission payable

9%

9%

9%

Ave. reservations cost/pax/seg

$2

$2

$2

Average segment (hours)

1.25

1.30

1.35

Annual segments

6,520

11,808

15,638

Ave. total capacity/segment (pax)

99

99

99

Ave. Annual Load Factor (%)

50%

65%

75%

Ave. split Value/Premier

79/20

79/20

79/20

Average fare per Value pax/seg.

$110

$110

$110

Average fare per Premier pax/seg.

$143

$143

$143

Cargo per segment (kgs)

700

700

700

Ave. cargo tariff per segment/kg.

$.50

$.50

$.50

Ave. cargo tariff per segment

$350

$350

$350

Average pax revenues/segment

$5,775

$7,507

$8,933

Average cargo revenues/seg.

$350

$350

$350

Total ave. revenues/segment

$6,125

$7,857

$9,283

Total ave. costs/segment

$4,972

$5,449

$5,741

Total ave. net yield/segment

$1,153

$2,408

$3,542

Total revenues/year

$39,935,000

$92,775,456

$145,167,550

Total operating costs/year

$32,417,440

$64,341,792

$89,777,758

Total net oper. revenues/year

$7,517,560

$28,433,664

$55,389,792

Peak-demand special flights on key regional/seasonal/intermittent routes
The figures provided in this section represent a "best estimate" calculation of the costs and revenues expected to be derived from special peak-demand flights on key regional, seasonal, and intermittent routes. These figures, which also were approached conservatively, though realistically, supplement the figures derived from the assumptions concerning regular scheduled service.

The following assumptions were applied for these special flights:

FY 2003

FY 2004

FY 2005

Flight Segments

48 

60

100

Average length of segment (hrs)

4.0

4.0

4.0

Ave. wet-leasing cost of aircraft/hr.

$4,000

$4,000

$4,000

Ave. cost per flight segment

$16,000

$16,000

$16,000

Handling cost/segment (ave.)

$360

$400

$440

ATC cost/segment (ave.)

$120

$130

$140

Land/depart charge per seg. (ave.)

$150

$180

$210

Parking fee/aircraft/night

$150

$170

$190

In-flight items/pax -- Value

$12

$14

$16

In-flight items/pax -- Premium

$16

$18

$20

Percent/revenues commissionable

50%

45%

40%

Commission payable

10%

10%

10%

Ave. reservations cost/pax/seg

$2

$2

$2

Ave. total capacity/segment (pax)

160

160

160

Ave. annual load factor (%)

75%

80%

85%

Ave. split Value/Premier

90/10

90/10

90/10

Average fare per Value pax/seg

$250

$250

$250

Average fare per Premier pax/seg

$325

$325

$325

Cargo per segment (kgs)

600

600

600

Ave. cargo tariff per segment/kg.

$1.20

$1.20

$1.20

Ave. cargo tariff per segment

$720

$720

$720

Average pax revenues/segment

$30,900

$33,560

$35,020

Average cargo revenues/segm.

$720

$720

$720

Total ave. revenues/segment

$31,620

$34,280

$35,740

Total ave. costs/segment

$20,053

$20,462

$20,883

Total ave. net yield/segment

$11,567

$13,818

$14,857

Total revenues/year

$1,517,760

$2,056,800

$3,574,000

Total costs/year

$962,544

$1,227,720

$2,088,300

Total net revenues/year

$555,216

$829,080

$1,485,700

Aircraft cost on a purchase basis
If a decision is made to purchase the aircraft for the new airline rather than dry leasing them, then a considerably larger cash outlay will be required, even with export financing guarantees from the ECGD. For instance, here is a notional cost projection based on five new Avro RJ100s, well fitted with passenger amenities as well as the most up-to-date communication and navigation gear:

Cost per aircraft

$26,000,000

Total cost, five aircraft

$130,000,000

Financing to be provided by Export Credit Guarantee Department of the UK

85%

Interest rate

7.5%

Insurance

1.5% on value of the aircraft

Cash outlay required for down payment

15%, or $19,500,000

Amount to be financed

$110,500,000

Insurance, per year

$1,950,000

Depreciation chargeable against revenues per year for 10 years

$13,000,000

Annual payments on five aircraft based on 120 payments (10 yrs)

Approx. $12,000,000

Total cost of aircraft w/ payments and interest

$163,500,000

Residual value after 10 years

Approx. $65,000,000

Total real cost of five aircraft assuming sale at end of 10 years

Approx. $98,500,000


Based on these figures, comparative per-segment costs in the following years are shown:

FY 2003

FY 2004

FY 2005

Aircraft in service (FTE)

5

5

5

Segments per year per aircraft

2,303

2,215

2,133

Total segments

11,519

11,076

10,665

Total cost for down payment

$19,500,00

$0

$0

Total cost for insurance per year

$1,950,000

$1,950,000

$1,950,000

Total cost for payments/year

$12,000,000

$12,000,000

$12,000,000

Total raw cost per year

$33,450,000

$13,950,000

$13,950,000

Total raw cost per segment

$2,904

$1,259

$1,308

Cost per segment w/ depreciation

$4,032

$2,433

$2,527

Cost/seg/yr w/ depr & recov value

$3,416

$1,846

$1,917

Comparative cost for five aircraft dry leased w/ insurance/year

$17,550,000

$17,550,000

$17,550,000

Cost per segment as above for dry-leased aircraft

$1,524

$1,585

$1,646

This comparison obviously does not examine the possible tax consequences and other factors in considering the comparative cost of dry leasing versus purchasing, but it does demonstrate that lower short-range acquisition costs result in an immediate lower segment cost for the aircraft as well as lower up-front cash requirements.

General Assumptions
Year 1 Year 2 Year 3
Plan Month 1 2 3
Current Interest Rate 9.00% 9.00% 9.00%
Long-term Interest Rate 7.50% 7.50% 7.50%
Tax Rate 34.58% 35.00% 34.58%
Other 0 0 0

7.2 Key Financial Indicators

The accompanying chart, which is based on the actual financial projections for the proposed airline, clearly shows a pattern of solid growth over the first three years of the operation (and which would continue into the future), which the financials consider in depth. There is a good balance between revenues and costs, yielding healthy gross margins, and in a predictable, steady pattern of growth. Financial turn-over also is in good balance and, as other tables and charts show, with careful planning of expenditures cash flow is maintained in good balance throughout the life of the plan.

7.3 Break-even Analysis

As the accompanying chart demonstrates, the break-even point comes at a relatively modest monthly passenger load, under 22,000 passengers per month, which represents an average passenger load factor of only about 40 percent with a fleet of three RJ100s operating about six segments each per day. It is anticipated that this load will be reached fairly early in the new airline's life and, in practice, much higher loads - into the 65 - 75 percent range during the first year of operations - can be anticipated based on the overall business and marketing plans for the airline.

Break-even Analysis
Monthly Revenue Break-even $507,571
Assumptions:
Average Percent Variable Cost 5%
Estimated Monthly Fixed Cost $481,754

7.4 Projected Profit and Loss

As the accompanying Profit and Loss chart clearly demonstrates, the proposed airline has the potential to achieve profitability, on a month-by-month basis, by as early as the third month of operations, and to end the first year comfortably in the black - an indication of the strength of the market and the marketing plan for the venture, given the conservative nature with which the numbers were calculated.

All cost items are covered in this Profit and Loss chart and, while the organization and salary and cost items presented are not lavish, they both cover the needed functions adequately and also allow some margin for movement. Given the business plan's stress on utilizing technology to control staffing and related support and marketing costs - big problems for many airlines - the plan presented here should enable this airline to accomplish far more with less, and simultaneously to present less of a "command-and-control" problem to the management team.

All flight and cabin crew salaries are included in the line designated "Operational" in the top section of the chart, with all non-salary aircraft operational costs included in the same section. All revenues, which derive almost entirely from airline operations (both scheduled and special flights) are also provided in the top area, along with a deduction for the direct cost of sales, such as reservations fees and commissions (an area that hopefully can be reduced even further through e-reservations and e-ticketing, though it probably cannot be eliminated altogether. Clearly the affect of these charges on the bottom line can be seen in this chart, even figuring that 60 percent and more of airline clients will utilize electronic means for ticketing). The rest of the chart is broken down by functional area, outside of direct flight operations (which also include aircraft acquisition costs).

Finally, it is worth noting that a net operating profit of more than [XYZ] million USD (on an equity investment of under [XYZ] million USD) is projected for the first year, with a net profit of more than [XYZ] percent. Profits in the second and third years show substantial growth, with a combined net profit in excess of [XYZ] million USD projected for the third and fourth years, even given the limited size of the fleet (up to nine mid-sized jets by the end of the third year of operations) projected for the airline.

Pro Forma Profit and Loss
Year 1 Year 2 Year 3
Sales $41,531,760 $95,102,256 $149,146,550
Direct Cost of Sales $2,112,400 $4,522,260 $6,318,654
Production Payroll $1,638,562 $3,307,744 $4,766,445
Non-Salary Aircraft Operational Costs $29,642,941 $57,732,304 $80,052,471
Total Cost of Sales $33,393,903 $65,562,308 $91,137,570
Gross Margin $8,137,857 $29,539,948 $58,008,980
Gross Margin % 19.59% 31.06% 38.89%
Operating Expenses
Sales and Marketing Expenses
Sales and Marketing Payroll $477,500 $586,600 $619,715
Advertising/Promotion $1,500,000 $2,000,000 $3,000,000
Travel $32,000 $54,750 $82,125
Public Relations Consultants/Activities $16,000 $25,000 $35,000
LD toll-free reservations telephone serv $66,000 $72,000 $80,000
Other $24,000 $26,400 $29,040
Total Sales and Marketing Expenses $2,115,500 $2,764,750 $3,845,880
Sales and Marketing % 5.09% 2.91% 2.58%
General and Administrative Expenses
General and Administrative Payroll $702,000 $702,900 $738,045
Sales and Marketing and Other Expenses $0 $0 $0
Depreciation $120,000 $120,000 $120,000
Leased Equipment $24,000 $30,000 $36,000
Telephone $32,600 $48,900 $73,350
Utilities $15,300 $18,000 $22,000
Insurance (Non-Aviation) $10,000 $30,000 $35,000
Headquarters Office Rent $220,000 $220,000 $242,000
Field Office Rental $98,000 $180,000 $198,000
Vehicle Operating Expenses $8,640 $8,640 $9,500
Computer Hardware/Software Devlpmnt $56,000 $80,000 $120,000
Cockpit/Cabin Crew Training/Simulator $185,000 $150,000 $165,000
Crew/Staff Uniforms & Grooming $44,000 $88,000 $95,000
Payroll Taxes $828,012 $1,365,174 $1,701,603
Other General and Administrative Expenses $0 $0 $0
Total General and Administrative Expenses $2,343,552 $3,041,614 $3,555,498
General and Administrative % 5.64% 3.20% 2.38%
Other Expenses:
Other Payroll $1,322,000 $2,228,625 $2,383,810
Consultants $0 $0 $0
Contract/Consultants $0 $0 $0
Total Other Expenses $1,322,000 $2,228,625 $2,383,810
Other % 3.18% 2.34% 1.60%
Total Operating Expenses $5,781,052 $8,034,989 $9,785,188
Profit Before Interest and Taxes $2,356,805 $21,504,959 $48,223,792
EBITDA $2,476,805 $21,624,959 $48,343,792
Interest Expense $45,536 $27,837 $9,369
Taxes Incurred $917,055 $7,516,993 $16,674,155
Net Profit $1,394,214 $13,960,129 $31,540,268
Net Profit/Sales 3.36% 14.68% 21.15%

7.5 Projected Cash Flow

Cash flow is probably the factor that makes or breaks more businesses than any other, and it is even more critical to consider in a venture as capital-intensive as is an airline.

As the accompanying chart and table readily show, with careful planning and control of resources and expenses, cash flow crises should not pose a threat to the new airline. Even allowing for a [XYZ] million USD up front deposit on aircraft leases (which would be charged against operational expenses as the airline begins flying) and other significant up-front costs, as shown in the accompanying illustrations, at no time does cash on-hand become a major issue during the first year, and even less so in the follow-on years.

While an investment of about [XYZ] million USD is modest by regional airline standards, the financial and business planning done here should indicate that the venture is quite feasible in the market. Nevertheless, it would offer an extra cushion of safety to arrange for availability of additional credit facilities or cash reserves, or equity investment, to be called up only as needed in the short-run should cash demands out strap expectations, immediate revenues, and on-hand cash on a temporary basis.

It should be noted that a 30-day accounts payable repayment schedule is included in the planning for the financials. However, a majority of the airline's revenues will come from online sales, with payment by credit cards and generally rapid settlement, and also from ticket sales from travel agencies that are required to make payments usually in half the accounts payable schedule used in the assumptions for this plan. Given the large fluxes of cash, even these payment methods allow for significant amounts of funds to be receivable at any given time but, again, the financial calculations indicate that this should pose no significant problem to the airline's financial management or cash liquidity.

Pro Forma Cash Flow
Year 1 Year 2 Year 3
Cash Received
Cash from Operations
Cash Sales $26,995,644 $61,816,466 $96,945,258
Subtotal Cash from Operations $36,621,820 $88,769,081 $142,757,362
Additional Cash Received
Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $0 $0 $0
Subtotal Cash Received $36,621,820 $88,769,081 $142,757,362
Expenditures Year 1 Year 2 Year 3
Expenditures from Operations
Cash Spending $4,140,062 $6,825,869 $8,508,015
Bill Payments $30,946,389 $74,015,084 $106,438,103
Subtotal Spent on Operations $35,086,451 $80,840,953 $114,946,118
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current Borrowing $188,100 $205,200 $205,200
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal Repayment $0 $0 $0
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $35,274,551 $81,046,153 $115,151,318
Net Cash Flow $1,347,269 $7,722,928 $27,606,044
Cash Balance $11,747,269 $19,470,197 $47,076,241

7.6 Projected Balance Sheet

As the accompanying Balance Sheet indicates, the proposed venture will maintain a healthy position, even with limited hard assets other than cash and leased aircraft, and the company's net worth is projected to grow beginning from the end of the first year from about [XYZ] million USD to [XYZ] million USD by the end of the second year, and to more than [XYZ] million USD by the end of the third year, with continued growth at about the same remarkable rate beyond that.

Pro Forma Balance Sheet
Year 1 Year 2 Year 3
Assets
Current Assets
Cash $11,747,269 $19,470,197 $47,076,241
Accounts Receivable $4,909,940 $11,243,115 $17,632,303
Inventory $364,453 $780,227 $1,090,160
Other Current Assets $50,000 $50,000 $50,000
Total Current Assets $17,071,662 $31,543,539 $65,848,703
Long-term Assets
Long-term Assets $200,000 $200,000 $200,000
Accumulated Depreciation $120,000 $240,000 $360,000
Total Long-term Assets $80,000 ($40,000) ($160,000)
Total Assets $17,151,662 $31,503,539 $65,688,703
Liabilities and Capital Year 1 Year 2 Year 3
Current Liabilities
Accounts Payable $5,535,548 $6,132,496 $8,982,592
Current Borrowing $411,900 $206,700 $1,500
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $5,947,448 $6,339,196 $8,984,092
Long-term Liabilities $0 $0 $0
Total Liabilities $5,947,448 $6,339,196 $8,984,092
Paid-in Capital $10,800,000 $10,800,000 $10,800,000
Retained Earnings ($990,000) $404,214 $14,364,343
Earnings $1,394,214 $13,960,129 $31,540,268
Total Capital $11,204,214 $25,164,343 $56,704,612
Total Liabilities and Capital $17,151,662 $31,503,539 $65,688,703
Net Worth $11,204,214 $25,164,343 $56,704,612

7.7 Business Ratios

The accompanying table offers key business ratios, based on the financial plan for the proposed airline. It is worth noting that even in the first year of operations, and with conservative planning, a profit, albeit relatively modest, is feasible - something unusual in the airline business. Even in the first year, the investor can expect a return on equity about [XYZ] percent, and then significant cash growth going into the second and third years, with ROE figures upwards of [XYZ] percent on a cumulative basis.

Care must be taken to control costs, to plan routes, schedules, and capacities carefully, and to take on high-cost items with caution and with an eye to timing. But the basic elements for a solid business are evident in this plan's financials. Prudent, experienced management will regard these caveats carefully and, in so doing, will see the airline through its initial challenging launch into a period where growth will be both solid and sustained. A long-term (five-year) financial plan is included among the appendix.

Ratio Analysis
Year 1 Year 2 Year 3 Industry Profile
Sales Growth 0.00% 128.99% 56.83% 2.91%
Percent of Total Assets
Accounts Receivable 28.63% 35.69% 26.84% 21.79%
Inventory 2.12% 2.48% 1.66% 4.16%
Other Current Assets 0.29% 0.16% 0.08% 36.78%
Total Current Assets 99.53% 100.13% 100.24% 62.73%
Long-term Assets 0.47% -0.13% -0.24% 37.27%
Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities 34.68% 20.12% 13.68% 32.64%
Long-term Liabilities 0.00% 0.00% 0.00% 18.38%
Total Liabilities 34.68% 20.12% 13.68% 51.02%
Net Worth 65.32% 79.88% 86.32% 48.98%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 19.59% 31.06% 38.89% 55.97%
Selling, General & Administrative Expenses 15.98% 16.38% 17.88% 39.09%
Advertising Expenses 3.61% 2.10% 2.01% 0.59%
Profit Before Interest and Taxes 5.67% 22.61% 32.33% 1.06%
Main Ratios
Current 2.87 4.98 7.33 1.57
Quick 2.81 4.85 7.21 1.01
Total Debt to Total Assets 34.68% 20.12% 13.68% 58.53%
Pre-tax Return on Net Worth 20.63% 85.35% 85.03% 1.65%
Pre-tax Return on Assets 13.48% 68.17% 73.40% 3.99%
Additional Ratios Year 1 Year 2 Year 3
Net Profit Margin 3.36% 14.68% 21.15% n.a
Return on Equity 12.44% 55.48% 55.62% n.a
Activity Ratios
Accounts Receivable Turnover 2.96 2.96 2.96 n.a
Collection Days 55 89 101 n.a
Inventory Turnover 9.02 7.90 6.76 n.a
Accounts Payable Turnover 6.52 12.17 12.17 n.a
Payment Days 27 29 25 n.a
Total Asset Turnover 2.42 3.02 2.27 n.a
Debt Ratios
Debt to Net Worth 0.53 0.25 0.16 n.a
Current Liab. to Liab. 1.00 1.00 1.00 n.a
Liquidity Ratios
Net Working Capital $11,124,214 $25,204,343 $56,864,612 n.a
Interest Coverage 51.76 772.53 5,147.17 n.a
Additional Ratios
Assets to Sales 0.41 0.33 0.44 n.a
Current Debt/Total Assets 35% 20% 14% n.a
Acid Test 1.98 3.08 5.25 n.a
Sales/Net Worth 3.71 3.78 2.63 n.a
Dividend Payout 0.00 0.00 0.00 n.a