Wall Street Prep, Inc.

Sample Trainning Model:

CVS (CVS)

Consolidated Income Statement

Fiscal Year
In millions, excpet per share data

Net sales
CGS, buying and warehousing costs
Gross margin
SG&A expenses
Depreciation and amortization (D&A)
Total operating expenses
Operating profit (EBIT)
Interest expense, net
Unusual Items (in CGS)
Unusual Items (in SG&A)
Earnings before income tax provision
Income tax provision
Net earnings
Dilutive earnings adjustment
Preference dividends
Net earnings to common shareholders

Forward Estimates
1999
January 1, 2000
53 weeks

2000
December 30, 2000
52 weeks

2001
December 29, 2001
52 weeks

2002
December 28, 2002
52 weeks

$18,098.3
13,236.9
4,861.4
3,448.0
277.9
3,725.9
$1,135.5
59.1
0.0
0.0
1,076.4
441.3
635.1

$20,087.5
14,725.8
5,361.7
3,761.6
296.6
4,058.2
$1,303.5
79.3
0.0
(19.2)
1,243.4
497.4
746.0
(0.7)
14.6
731.4

$22,241.4
16,544.7
5,696.7
4,256.3
320.8
4,577.1
$1,119.6
61.0
5.7
343.3
709.6
296.4
413.2
(4.8)
14.7
398.5

$24,181.5
18,112.7
6,068.8
4,549.1
310.3
4,859.4
$1,209.4
50.4
0.0
3.2
1,155.8
439.2
716.6
(6.7)
14.8
701.8

$26,478.7
19,885.5
6,593.2
4,925.0
303.9
5,228.9
$1,364.3
48.7
0.0
0.0
1,315.5
499.9
815.6

$28,861.8
21,718.5
7,143.3
5,310.6
317.4
5,628.0
$1,515.3
17.4
0.0
0.0
1,497.8
569.2
928.7

$31,315.1
23,611.6
7,703.5
5,699.3
332.5
6,031.8
$1,671.7
15.0
0.0
0.0
1,656.6
629.5
1,027.1

14.8
800.8

14.8
913.9

14.8
1,012.3

14.8
1,123.2

$1.56
$0.07
$1.63
392.2
408.3
228.4
$0.56

$1.76
$0.00
$1.76
392.3
405.3
2.0
$0.00

$2.02
$0.00
$2.02
391.1
404.1
0.0
$0.00

$2.31
$0.00
$2.31
389.9
402.9
0.0
$0.00

$2.56
$0.00
$2.56
388.6
401.6
0.0
$0.00

$2.84
$0.00
$2.84
387.4
400.4
0.0
$0.00

14.7
620.4

2003E
December 31, 2003
53 weeks

2004E
December 31, 2004
52 weeks

2005E
December 31, 2005
52 weeks

2006E
December 31, 2006
52 weeks

$33,820.3
8.7%
25,551.2
9.0%
8,269.1
6,087.7
350.6
6,438.3
$1,830.8 10.9%
(4.8)
0.0
0.0
1,835.5
697.5
1,138.0

Diluted EPS
Goodwill amortization per share
Diluted EPS - Goodwill adjusted
Basic Shares O/S
Diluted Shares O/S
Unusual Items (After-tax)
Unusual Items (After-tax)/Share

$1.55
$0.10
391.3
408.9
0.0
$0.00

$1.80
$0.08
$1.88
391.0
408.0
(11.5)
($0.03)

Dividends/Share

$0.23

$0.23

$0.23

$0.23

$0.23

$0.23

$0.23

$0.23

$1,413.4

$1,600.1

$1,440.4

$1,519.7

$1,668.2

$1,832.7

$2,004.2

$2,181.4

26.86%
19.05%
1.54%
6.27%
7.81%
5.95%
3.51%
41.00%

26.69%
18.73%
1.48%
6.49%
7.97%
6.19%
3.71%
40.00%

25.61%
19.14%
1.44%
5.03%
6.48%
3.19%
1.86%
41.77%

25.10%
18.81%
1.28%
5.00%
6.28%
4.78%
2.96%
38.00%

24.90%
18.60%
1.15%
5.15%
6.30%
4.97%
3.08%
38.00%

24.75%
18.40%
1.10%
5.25%
6.35%
5.19%
3.22%
38.00%

24.60%
18.20%
1.06%
5.34%
6.40%
5.29%
3.28%
38.00%

24.45%
18.00%
1.04%
5.41%
6.45%
5.43%
3.36%
38.00%

11.0%
14.8%
13.2%
34.2%
17.5%
15.8%

10.7%
(14.1%)
(10.0%)
(23.1%)
(44.6%)
(13.3%)

8.7%
8.0%
5.5%
(17.4%)
73.4%
7.8%

9.5%
12.8%
9.8%
(3.3%)
13.8%
14.9%

9.0%
11.1%
9.9%
(64.2%)
13.9%
14.2%

8.5%
10.3%
9.4%
(13.7%)
10.6%
10.9%

8.0%
9.5%
8.8%
(131.7%)
10.8%
11.1%

EBITDA
Margins
Gross Profit (FIFO)
SG&A
Total D&A
EBIT
EBITDA
Pretax
Net Earnings
Tax rate
Growth Rate
Total Sales
EBIT
EBITDA
Interest Expense
Net Earnings
EPS - Goodwill adjusted

For Illustrative Purposes Only

02-06
CAGR

12.8%

9.5%

2003 Edition COPYRIGHT 2003 By Wall Street Prep