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Judson Clark
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Brent Frissora
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Mike Daylamani
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Tim Hannan *
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Moelis & Co.

Credit Suisse
Credit Suisse
Blackstone
UBS
Morgan Stanley
Morgan Stanley
Lazard
Jefferies & Co.
Socit Gnrale
Morgan Stanley
Blackstone
Jefferies & Co.
BofA
Jefferies & Co.
Royal Bank of Scotland
Itau BBA
UBS
Citigroup
Wachovia
Morgan Stanley
Wachovia
Credit Suisse
Blackstone
Lazard
KeyBank
Credit Suisse (Europe)
UBS
Jefferies & Co.
Greenhill
Socit Gnrale
Morgan Stanley
Morgan Stanley
KeyBank
UBS
Barclays
Credit Suisse
Credit Suisse
Perella Weinberg
Wachovia
KeyBank
Wachovia
Jefferies & Co.
UBS
William Blair & Co.
William Blair & Co.
Jefferies & Co.
Morgan Stanley
Wells Fargo Securities
UBS
UBS
BofA
Credit Suisse
Morgan Stanley
Greenhill
Lazard
William Blair & Co.
Jefferies & Co.
BMO
BMO
KeyBank
Lazard
Walton Street Capital
Lazard
Royal Bank of Scotland
Walton Street Capital
Walton Street Capital
Perella Weinberg
Lazard
BofA
Jefferies & Co.
Wellington
Credit Suisse
A.G. Edwards & Sons
Lazard
Blackstone
BofA
Credit Suisse
Merrill Lynch
Morgan Stanley
Harris Williams

University of Pennsylvania
University of Pennsylvania
Richard Ivey School of Business
University of Pennsylvania
Brigham Young University
University of Michigan
University of California - Berkeley
Dartmouth College
University of Pittsburgh
Dickinson College
Dartmouth College
University of Pennsylvania
University of Michigan
New York University
University of North Carolina
Georgetown University
University of Sao Paulo
University of Pennsylvania
University of Pennsylvania
Arizona State University
University of Virginia
Vanderbilt University
Brigham Young University
University of Pennsylvania
Cornell University
Case Western Reserve Univ.
Oxford University
University of Pennsylvania
University of Richmond
Brigham Young University
University of Chicago
New York University
University of Pennsylvania
Ohio University
University of Pennsylvania
Colgate University
University of Pennsylvania
Stanford University
University of Pennsylvania
Bucknell University
Case Western Reserve Univ.
Vanderbilt University
University of Michigan
Yale University
Dartmouth College
University of Illinois - Urbana C.
UCLA
Tokyo University
Wake Forest University
Boston University
Boston University
UC Berkeley
California Institute of Technology
Yale University
Wilfrid Laurier University
University of Pennsylvania
Wake Forest University
Kalamazoo College
Emory University
Emory University
Miami University (OH)
University of Michigan
University of Pennsylvania
University of Michigan
Miami University (OH)
University of Pennsylvania
University of Pennsylvania
Georgetown University
Harvard University
New York University
University of Pennsylvania
Boston University
U. of Wisconsin
Washington University
University of Michigan
University of Pennsylvania
Harvard University
Princeton University
Tuck, Dartmouth
Tuck, Dartmouth
Georgetown University

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7/24/2009
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7/25/2008
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11/7/2008
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6/27/2007
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12/11/2006
7/23/2010
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8/20/2010
8/4/2006
7/24/2008
7/25/2008
7/30/2010
8/26/2005
8/3/2007
7/21/2009
7/24/2009
7/28/2006
8/18/2006
10/11/2007
8/14/2008
6/25/2010

* Associate

COPYRIGHT 2010 by Training The Street, Inc

For training purposes only!

Training The Street, Inc.

Sample Operating Income Projections

Dollars in millions
Historical Year Ending Dec. 31,
2,008.0
2,009.0
2,010.0
Net sales
Cost of sales (excluding D&A)
Gross profit

3001.66
2068.93
932.72

3407.91
2333.46
1074.45

SG&A expense

512.36

Other expense / (income)

EBITDA
Depreciation
Amortization
EBIT
Margins
Gross margin (excluding D&A)
SG&A expense as % of net sales
Other expense / (income) as % of net sales
EBITDA margin
EBIT margin

2010 - 2015
CAGR

2,011.0

Projected Year Ending Dec. 31,

2,012.0
2,013.0
2,014.0

2,015.0

4069.29
2739.11
1330.18

4394.83
2944.54
1450.29

4746.42
3180.1
1566.32

5126.13
3434.51
1691.62

5536.22
3709.27
1826.95

5979.12
4006.01
1973.11

578.02

658.89

711.96

768.92

830.43

896.87

968.62

-2.16
422.52

-1.28
497.71

-10.91
682.2

-10
748.33

-10

-10

-10

-10

101.91
9.37
311.24

127.5
10.67
359.55

135.52
13.04
533.65

137.83
13.91
596.59

142.2
15.74

0.31
0.17
0.00
0.14
0.10

0.32
0.17
0.00
0.15
0.11

0.33
0.16
0.00
0.17
0.13

0.33
0.16
0.00
0.17
0.14

0.33
0.16
0.00
0.00
0.00

8.0%
8.2%

(100.0%)
146.56
17.72

152.06
19.85

158.78
22.15
(100.0%)

0.33
0.16
0.00
0.00
0.00

0.33
0.16
0.00
0.00
0.00

0.33
0.16
0.00
0.00
0.00

Growth rate analysis

COPYRIGHT 2010 by Training The Street, Inc

For training purposes only!

Training The Street, Inc.

Sample Operating Income Projections

Dollars in millions
Solution
Net sales
Cost of sales (excluding D&A)
Gross profit

Historical Year Ending Dec. 31,

2008
2009
2010

2011

Projected Year Ending Dec. 31,

2012
2013
2014

2010 - 2015
CAGR
2015

$3,001.7
2,068.9
932.7

$3,407.9
2,333.5
1,074.5

$4,069.3
2,739.1
1,330.2

$4,394.8
2,944.5
1,450.3

$4,746.4
3,180.1
1,566.3

$5,126.1
3,434.5
1,691.6

$5,536.2
3,709.3
1,827.0

$5,979.1
4,006.0
1,973.1

SG&A expense

512.4

578.0

658.9

712.0

768.9

830.4

896.9

968.6

Other expense / (income)

EBITDA

(2.2)
422.5

(1.3)
497.7

(10.9)
682.2

(10.0)
748.3

(10.0)
807.4

(10.0)
871.2

(10.0)
940.1

(10.0)
1,014.5

8.3%

Depreciation
Amortization
EBIT

101.9
9.4
$311.2

127.5
10.7
$359.6

135.5
13.0
$533.7

137.8
13.9
$596.6

142.2
15.7
$649.5

146.6
17.7
$706.9

152.1
19.8
$768.2

158.8
22.2
$833.6

9.3%

Margins
Gross margin (excluding D&A)
SG&A expense as % of net sales
Other expense / (income) as % of net sales
EBITDA margin
EBIT margin

31.1%
17.1%
(0.1%)
14.1%
10.4%

31.5%
17.0%
(0.0%)
14.6%
10.6%

32.7%
16.2%
(0.3%)
16.8%
13.1%

33.0%
16.2%
(0.2%)
17.0%
13.6%

33.0%
16.2%
(0.2%)
17.0%
13.7%

33.0%
16.2%
(0.2%)
17.0%
13.8%

33.0%
16.2%
(0.2%)
17.0%
13.9%

33.0%
16.2%
(0.2%)
17.0%
13.9%

13.5%
17.8%
15.5%

19.4%
37.1%
48.4%

8.0%
9.7%
11.8%

8.0%
7.9%
8.9%

8.0%
7.9%
8.8%

8.0%
7.9%
8.7%

8.0%
7.9%
8.5%

Growth rate analysis

Net sales growth rate
EBITDA growth rate
EBIT growth rate

COPYRIGHT 2010 by Training The Street, Inc

8.0%
8.2%

For training purposes only!

Training The Street, Inc.

Hints & Suggestions for the Mini Formatting Exercise

There are many ways to do the formatting exercise
These are a few suggestions to help you establish a rhythm
(1)
A1
Ctrl+Shift+P, 14, Enter, Ctrl+B
(2)
G5
Ctrl+Shift+Right Arrow (highlights G5:N5)
(3)
G5:N5 Ctrl+1, Number, No decimal, No 1000 separator, negative in black ( )
(4)
N15
Ctrl+Shift+Left Arrow, Shift+Down Arrow to row 19 (highlights N15:J19)
(5) N15:J19 Ctrl+R
(6)
N19
Ctrl+Shift+Left Arrow, Ctrl+Shift+Up Arrow to row 7 (highlights N19:G7)
(7) N19:G7 Ctrl+1, Currency, 1 decimal, Negative number in (BLACK)
(8)
G8
Ctrl+Shift+Right Arrow, Ctrl+Shift+Down Arrow & Shift+Down Arrow to row 18 (highlights G8:N18)
(9) G8:N18 Ctrl+1, Number, 1 decimal, 1000 separator, Negative number in (BLACK)
(10) G8:N18 Ctrl+Shift+P, 10, Enter
(11) Row 10 Ctrl+-, Delete entire row
(12) Row 14 Shift+Spacbar, Ctrl+B
(13) Row 18 Shift+Spacbar, Ctrl+B
(14)
N21
Ctrl+Shift+Left Arrow, Ctrl+Shift+Down Arrow to row 30 (highlights N21:G30)
(15) N21:G30 Ctrl+1, Custom, Type 0.0%_);(0.0%)
(16)
A1
Ctrl+HOME
(17)
F5, Alt+S, O, X, Enter, use Alt, Ctrl+TAB to access your toolbar icons to make highlighted cells BLUE
(18)
A1
Ctrl+HOME
(19)
Ctrl+Page Down, Ctrl+Page Up, Compare with SOLUTION

COPYRIGHT 2010 by Training The Street, Inc

For training purposes only!

Training The Street, Inc.

Hints & Suggestions for the Mini Formatting Exercise

There are many ways to do the formatting exercise
These are a few suggestions to help you establish a rhythm
(1)
A1
Ctrl+Shift+P, Alt+S 14, Enter, Ctrl+B
(2)
G5
Ctrl+Shift+Right Arrow (highlights G5:N5)
(3)
G5:N5 Ctrl+1, Number, No decimal, No 1000 separator, negative in black ( )
(4)
N15
Ctrl+Shift+Left Arrow, Shift+Down Arrow to row 19 (highlights N15:J19)
(5) N15:J19 Ctrl+R
(6)
N19
Ctrl+Shift+Left Arrow, Ctrl+Shift+Up Arrow to row 7 (highlights N19:G7)
(7) N19:G7 Ctrl+1, Currency, 1 decimal, Negative number in (BLACK)
(8)
G8
Ctrl+Shift+Right Arrow, Ctrl+Shift+Down Arrow & Shift+Down Arrow to row 18 (highlights G8:N18)
(9) G8:N18 Ctrl+1, Number, 1 decimal, 1000 separator, Negative number in (BLACK)
(10) G8:N18 Ctrl+Shift+P, Alt+S 10, Enter
(11) Row 10 Ctrl+-, Delete entire row
(12) Row 14 Shift+Spacbar, Ctrl+B
(13) Row 18 Shift+Spacbar, Ctrl+B
(14)
N21
Ctrl+Shift+Left Arrow, Ctrl+Shift+Down Arrow to row 31 (highlights N21:G30)
(15) N21:G30 Ctrl+1, Custom, Type 0.0%_);(0.0%)
(16)
A1
Ctrl+HOME
(17)
F5, Alt+S, O, X, Enter, use Alt, Ctrl+TAB to access your toolbar icons to make highlighted cells BLUE
(18)
A1
Ctrl+HOME
(19)
Ctrl+Page Down, Ctrl+Page Up, Compare with SOLUTION

COPYRIGHT 2010 by Training The Street, Inc

For training purposes only!

Training The Street, Inc.

Sample Operating Income Projections

Dollars in millions
Historical Year Ending Dec. 31, Projected Year Ending Dec. 31,
2,004.0
2,005.0
2,006.0
2,007.0
2,008.0
2,009.0

2006 - 2011
CAGR
2,010.0

2,011.0

Net Sales
Cost of Sales (excluding D&A)
Gross Profit

3001.66
2068.93
932.72

3407.91
2333.46
1074.45

4069.29
2739.11
1330.18

4394.83
2944.54
1450.29

4746.42
3180.1
1566.32

5126.13
3434.51
1691.62

5536.22
3709.27
1826.95

5979.12
4006.01
1973.11

SG&A Expense

512.36

578.02

658.89

711.96

768.92

830.43

896.87

968.62

Other Expense / (Income)

EBITDA

-2.16
422.52

-1.28
497.71

-10.91
682.2

-10
748.33

-10

-10

-10

-10

Depreciation
Amortization
EBIT

101.91
9.37
311.24

127.5
10.67
359.55

135.52
13.04
533.65

137.83
13.91
596.59

142.2
15.74

0.31
0.17
0.00
0.14
0.10

0.32
0.17
0.00
0.15
0.11

0.33
0.16
0.00
0.17
0.13

0.33
0.16
0.00
0.17
0.14

0.33
0.16
0.00
0.00
0.00

0.33
0.16
0.00
0.00
0.00

0.33
0.16
0.00
0.00
0.00

0.33
0.16
0.00
0.00
0.00

0.14
0.18
0.16

0.19
0.37
0.48

0.08
0.10
0.12

0.08
-1.00
-1.00

0.08
#DIV/0!
#DIV/0!

0.08
#DIV/0!
#DIV/0!

0.08
#DIV/0!
#DIV/0!

Margins
Gross Margin (excluding D&A)
SG&A Expense as % of Net Sales
Other Expense / (Income) as % of Net Sales
EBITDA Margin
EBIT Margin
Growth Rate Analysis
Net Sales Growth Rate
EBITDA Growth Rate
EBIT Growth Rate

COPYRIGHT 2006 by Training The Street, Inc

For training purposes only!

8.0%
8.2%

(100.0%)
146.56
17.72

152.06
19.85

158.78
22.15
(100.0%)

Training The Street, Inc.

Training The Street, Inc.

Sample Operating Income Projections

Dollars in millions
Solution
Net Sales
Cost of Sales (excluding D&A)
Gross Profit

Historical Year Ending Dec. 31,

2004
2005
2006

2007

Projected Year Ending Dec. 31,

2008
2009
2010

2006 - 2011
CAGR
2011

$3,001.7
2,068.9
932.7

$3,407.9
2,333.5
1,074.5

$4,069.3
2,739.1
1,330.2

$4,394.8
2,944.5
1,450.3

$4,746.4
3,180.1
1,566.3

$5,126.1
3,434.5
1,691.6

$5,536.2
3,709.3
1,827.0

$5,979.1
4,006.0
1,973.1

SG&A Expense

512.4

578.0

658.9

712.0

768.9

830.4

896.9

968.6

Other Expense / (Income)

EBITDA

(2.2)
422.5

(1.3)
497.7

(10.9)
682.2

(10.0)
748.3

(10.0)
807.4

(10.0)
871.2

(10.0)
940.1

(10.0)
1,014.5

8.3%

Depreciation
Amortization
EBIT

101.9
9.4
$311.2

127.5
10.7
$359.6

135.5
13.0
$533.7

137.8
13.9
$596.6

142.2
15.7
$649.5

146.6
17.7
$706.9

152.1
19.8
$768.2

158.8
22.2
$833.6

9.3%

Margins
Gross Margin (excluding D&A)
SG&A Expense as % of Net Sales
Other Expense / (Income) as % of Net Sales
EBITDA Margin
EBIT Margin

31.1%
17.1%
(0.1%)
14.1%
10.4%

31.5%
17.0%
(0.0%)
14.6%
10.6%

32.7%
16.2%
(0.3%)
16.8%
13.1%

33.0%
16.2%
(0.2%)
17.0%
13.6%

33.0%
16.2%
(0.2%)
17.0%
13.7%

33.0%
16.2%
(0.2%)
17.0%
13.8%

33.0%
16.2%
(0.2%)
17.0%
13.9%

33.0%
16.2%
(0.2%)
17.0%
13.9%

13.5%
17.8%
15.5%

19.4%
37.1%
48.4%

8.0%
9.7%
11.8%

8.0%
7.9%
8.9%

8.0%
7.9%
8.8%

8.0%
7.9%
8.7%

8.0%
7.9%
8.5%

Growth Rate Analysis

Net Sales Growth Rate
EBITDA Growth Rate
EBIT Growth Rate

COPYRIGHT 2006 by Training The Street, Inc

For training purposes only!

8.0%
8.2%

Training The Street, Inc.

Training The Street, Inc.

Sample Income Statement

Dollars in millions, except per share data
Historical Year Ending Dec. 31,
2,008.0
2,009.0
2,010.0

2,011.0

Projected Year Ending Dec. 31,

2,012.0
2,013.0
2,014.0

CAGR
2,015.0

Net sales
Cost of sales (excluding D&A)
Gross profit

3001.66
2068.93
932.72

3407.91
2333.46
1074.45

4069.29
2739.11
1330.18

4394.83
2944.54
1450.29

SG&A expense

512.36

578.02

658.89

711.96

Other expense / (income)

EBITDA

-2.16
422.52

-1.28
497.71

-10.91
682.2

-10
748.33

-10

Depreciation
Amortization
EBIT
Interest expense
Interest income
Pretax income

101.91
9.37
311.24
44.11
-1.1
268.24

127.5
10.67
359.55
60.11
-1.12
300.56

135.52
13.04
533.65
63.77
-1
470.89

137.83
13.91
596.59
62.21
-0.8
535.18

142.2
15.74

146.56
17.72

152.06
19.85

158.78
22.15

56.07
-0.75

50.22
-0.75

43.21
-0.75

36.17
-0.75

Income taxes
Net income (1) (2)

104.6
163.64

109.8
190.76

176.1
294.79

200.69
334.49

0
0

0
0

0
0

0
0

(100.0%)

102

98

94

90

88

86

84

81

(2.8%)

$2

$2

$3

$4

$0

$0

$0

$0

(99.9%)

0.31
0.17
0.00
0.14
0.10
0.05

0.32
0.17
0.00
0.15
0.11
0.06

0.33
0.16
0.00
0.17
0.13
0.07

0.33
0.16
0.00
0.17
0.14
0.08

0.33
0.16
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

0.33
0.16
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

0.33
0.16
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

0.33
0.16
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

0.14
0.18
0.17
0.22

0.19
0.37
0.55
0.61

0.08
0.10
0.13
0.18

0.08
-1.00
-1.00
-1.00

0.08
#DIV/0!
#DIV/0!
#DIV/0!

0.08
#DIV/0!
#DIV/0!
#DIV/0!

0.08
#DIV/0!
#DIV/0!
#DIV/0!

0.37

0.37

0.38

0.38

0.38

0.38

0.38

Diluted weighted average shares in millions

Earnings per share
Margins
Gross margin (excluding D&A)
SG&A expense as % of net sales
Other expense / (income) as % of net sales
EBITDA margin
EBIT margin
Net income margin
Growth rate analysis
Net sales growth rate
EBITDA growth rate
Net income growth rate
EPS growth rate
Effective tax rate

0.39

(100.0%)
(100.0%)

-10

-10

-10
(100.0%)

(100.0%)

(100.0%)

(1) 2008 results exclude restructuring charge of $40 mm pretax ($24.4 mm after-tax).
(2) 2011 estimates based on TTS Research dated 2/4/2011. Internal projections thereafter.

COPYRIGHT 2010 by Training The Street, Inc

For training purposes only!

Training The Street, Inc.

Sample Income Statement

Dollars in millions, except per share data
Solution

Net sales
Cost of sales (excluding D&A)
Gross profit

Historical Year Ending Dec. 31,

2008
2009
2010

2011

Projected Year Ending Dec. 31,

2012
2013
2014

2010 - 2015
CAGR
2015

$3,001.7
2,068.9
932.7

$3,407.9
2,333.5
1,074.5

$4,069.3
2,739.1
1,330.2

$4,394.8
2,944.5
1,450.3

$4,746.4
3,180.1
1,566.3

$5,126.1
3,434.5
1,691.6

$5,536.2
3,709.3
1,827.0

$5,979.1
4,006.0
1,973.1

SG&A expense

512.4

578.0

658.9

712.0

768.9

830.4

896.9

968.6

Other expense / (income)

EBITDA

(2.2)
422.5

(1.3)
497.7

(10.9)
682.2

(10.0)
748.3

(10.0)
807.4

(10.0)
871.2

(10.0)
940.1

(10.0)
1,014.5

8.3%

Depreciation
Amortization
EBIT

101.9
9.4
311.2

127.5
10.7
359.6

135.5
13.0
533.7

137.8
13.9
596.6

142.2
15.7
649.5

146.6
17.7
706.9

152.1
19.8
768.2

158.8
22.2
833.6

9.3%

Interest expense
Interest income
Pretax income

44.1
(1.1)
268.2

60.1
(1.1)
300.6

63.8
(1.0)
470.9

62.2
(0.8)
535.2

56.1
(0.8)
594.1

50.2
(0.8)
657.4

43.2
(0.8)
725.7

36.2
(0.8)
798.1

11.1%

104.6
$163.6

109.8
$190.8

176.1
$294.8

200.7
$334.5

222.8
$371.3

246.5
$410.9

272.1
$453.6

299.3
$498.8

11.1%

102.466

98.055

93.973

90.150

87.950

85.750

83.550

81.350

(2.8%)

$1.60

$1.95

$3.14

$3.71

$4.22

$4.79

$5.43

$6.13

14.3%

31.1%
17.1%
(0.1%)
14.1%
10.4%
5.5%

31.5%
17.0%
(0.0%)
14.6%
10.6%
5.6%

32.7%
16.2%
(0.3%)
16.8%
13.1%
7.2%

33.0%
16.2%
(0.2%)
17.0%
13.6%
7.6%

33.0%
16.2%
(0.2%)
17.0%
13.7%
7.8%

33.0%
16.2%
(0.2%)
17.0%
13.8%
8.0%

33.0%
16.2%
(0.2%)
17.0%
13.9%
8.2%

33.0%
16.2%
(0.2%)
17.0%
13.9%
8.3%

13.5%
17.8%
16.6%
21.8%

19.4%
37.1%
54.5%
61.2%

8.0%
9.7%
13.5%
18.3%

8.0%
7.9%
11.0%
13.8%

8.0%
7.9%
10.7%
13.5%

8.0%
7.9%
10.4%
13.3%

8.0%
7.9%
10.0%
13.0%

36.5%

37.4%

37.5%

37.5%

37.5%

37.5%

37.5%

Income taxes
Net income (1) (2)
Diluted weighted average shares in millions
Earnings per share
Margins
Gross margin (excluding D&A)
SG&A expense as % of net sales
Other expense / (income) as % of net sales
EBITDA margin
EBIT margin
Net income margin
Growth rate analysis
Net sales growth rate
EBITDA growth rate
Net income growth rate
EPS growth rate
Effective tax rate

39.0%

8.0%
8.2%

(1) 2008 results exclude restructuring charge of $40 mm pretax ($24.4 mm after-tax).
(2) 2011 estimates based on TTS Research dated 2/4/2011. Internal projections thereafter.

COPYRIGHT 2010 by Training The Street, Inc

For training purposes only!

Training The Street, Inc.

Other Schedule for Formatting Exercise

Dollars in millions, except per share data
Historical Year Ending Dec. 31,
2008
2009
2010
Depreciation
Amortization

2011

Projected Year Ending Dec. 31,

2012
2013
2014

2015

137.831
13.914

142.201
15.742

146.558
17.717

152.063
19.849

158.782
22.152

Interest Expense
Interest Income

62.214
(0.805)

56.075
(0.750)

50.221
(0.750)

43.206
(0.750)

36.175
(0.750)

Weighted Average Shares Outstanding

90.150

87.950

85.750

83.550

81.350

DISCLAIMER: This is not a real iterative model. Its sole purpose if for the formatting exercise.

COPYRIGHT 2010 by Training The Street, Inc

For training purposes only!