尉卧矮将贸蜀上号 国际财务管理 综合案例 Tiffany Co.-1993 295-047 Exhibit 3 Historical Summary($000 except per share amounts;years ended January 31) 1993 1992 1991 1990 1989 1988 Summary of operations Net sales $486,396 $491,906$455,712 $383.964 $290,344 $230.488 Income/(loss)from operations 26,741 61,028 67,806 60.977 44,193 33.691 Interest expense and financing costs 7,231 6,337 4,475 2,578 826 2,174 Income/(loss)before income taxes 19,925 55,066 63,475 58,387 43.032 31.194 Net income/(loss) $15,712 $25,470 $36,661 $33,305 $24,901 $16,176 Capital expenditures $22,754 $41,385 $24,835 $14,040 $9.680 $1.895 Depreciation and amortization 11,425 8,134 5,487 3,455 1,634 1,118 Common shares outstanding 15.620 15,870 15,670 15.560 15,370 12,570 Income/(loss)per share $1.00 $20.1 $2.34 $2.13 $1.62 s1.17 Cash dividends per share $0.28 $0.28 $0.26 $0.18 $0.10 Dividend payout(%) 28.0 14.0 11.0 8.0 6.0 0.0 Financial position Net working capitale $220,813 $203,032 $162,265 $127.074 $89,082 $66,772 Inventories 224,151 213,435 173,964 142,545 103,771 70.778 Total assets 419,355 394,882 307,268 237,061 162,648 126,669 Total debt 123,958 93,566 49,272 32,565 7,253 Shareholders'equity 204,806 200.039 176,183 135.568 99,193 71621 Book value per share $13.11 $12.61 $11.24 $8.71 $6.29 $5.70 Average annual P/E 34.0 24.2 16.9 19.8 14.3 14.5 Stock price High $52.90 $57.50 $53.80 $61.30 $29.70 $27.30 Low $23.00 $32.60 $27.50 $26.00 $14.00 $9.70 Equity beta (B) 1.35 Selected ratios Current ratio 3.2 2.3 23 2.5 2.5 2.4 Net profit margin (% 3.2 6.5 8.0 8.7 8.6 73 Retum on assets(%) 8.0 12.0 14.0 15.0 Retum on equity (% 16.0 21.0 25.0 25.0 Asset tumover 1.16 1.25 1.48 1.62 1.79 1.82 Total debt/total capital (% 30.0 24.0 16.0 14.0 4.0 0.0 Excluding short-tem borrowings. Exhibit 4 Domestic and Foreign Operations ($000) Years ended January 31, 1993 1992 Domestic Net sales $414,558 $439,055 U.S. 326,828 316,282 Export 87,730 122,773 Income/(loss)from operations 73,559 98,229 Identifiable assets 287,127 278,730 Foreign Net sales 71,838 52,851 Income/(loss)from operations 2,381 3,888 ldentifiable assets 132,228 116.152国际财务管理 综合案例 - 7 -