Bresler & Reiner, Inc. Financial Ratios — BRER Stock

Profitability (USD)

	1995 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
Return on Common Equity (%)	- -	13.35	13.28	13	14.6	11.04	10.06	5.55	8.15	3.57	-1.82	12.21	-7.18	-19.15
Return on Assets (%)	- -	7.41	8.59	9.44	11.72	8.4	6	2.72	3.24	1	-0.35	1.94	-1.05	-2.41
Return on Capital (%)	- -	13	12.98	12.97	13.93	6.3	11.12	6	- -	0.62	- -	2.35	- -	- -
Return on Invested Capital (%)	- -	14.82	13.84	12.24	13.27	12.3	30.41	22.08	- -	2.35	- -	0.79	- -	- -
Gross Margin (%)	76.56	76.65	84.23	84.49	84.02	86.86	89.97	81.6	90.8	66.5	57.62	76.28	89.97	91.67
EBITDA Margin (%)	39.09	45.74	50.77	51.87	56.33	52.94	162.83	199.17	123.78	39.64	37.29	32.84	36.16	39.17
Operating Margin (%)	31.9	39.15	43.83	45.28	50.37	44.8	152.47	182.3	79.02	19.8	22.34	6.16	7.02	10.17
Incremental Operating Margin (%)	- -	225.25	-103.59	93.55	99.53	6.51	1,999.38	7.21	270.6	-3.82	26.33	640.88	31.23	-20.27
Pretax Margin (%)	22.24	30.91	38.02	42.8	49.21	42.83	29.44	20.11	6.47	7.45	-3.66	4.15	-20.33	-30.58
Profit Margin (%)	18.15	20.7	24.29	26.33	30.78	22.93	21.79	15.64	53.44	7.03	-2.18	15.64	-8.93	-23
Net Income to Common Margin (%)	18.15	20.7	24.29	26.33	30.78	22.93	21.79	15.64	53.44	7.03	-2.18	15.64	-8.93	-23
Effective Tax Rate (%)	41.04	32.52	35.23	39.18	37.45	29.04	30.73	33.27	- -	24.38	- -	13.38	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	6.78	24.85	34.82	182.23	-26.23	-3.83
Sustainable Growth Rate (%)	- -	13.35	13.28	13	14.6	11.04	10.06	5.55	7.6	2.68	-1.19	-10.04	-9.06	-19.88

Credit (USD)

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	1995 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
Total Debt	1	1	- -	1	5	20	72	101	183	311	405	582	725	707
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	37	33
LT Debt	1	1	- -	1	5	20	72	101	183	311	405	582	688	675
Total Debt/EBITDA	0.08	0.04	- -	0.03	0.23	0.85	0.95	1.3	8.25	12.48	10.54	17.66	19.29	19.37
Net Debt/EBITDA	-0.75	-0.38	-0.33	-0.26	-0.12	0.59	0.95	1.3	8.25	12.48	10.26	17.11	18.57	18.78
Total Debt/EBIT	0.09	0.04	- -	0.04	0.26	1	1.01	1.42	12.93	24.99	17.59	94.08	99.33	74.64
Net Debt/EBIT	-0.92	-0.45	-0.39	-0.3	-0.13	0.7	1.01	1.42	12.93	24.99	17.12	91.14	95.64	72.38
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.94	0.87
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1.76	0.49
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.18	0.23
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	40	42
Common Equity/Total Assets	50.13	61.21	68.06	77.23	83.13	70.66	52.35	46.31	35.13	23.44	15.92	15.86	13.42	11.71
Long-Term Debt/Equity (%)	1.72	0.88	0.02	0.67	5.4	18.09	58.78	76.29	127.29	189.64	228.83	315.31	473.34	568.95
Long-Term Debt/Capital (%)	1.92	0.98	0.02	0.72	5.44	16.03	38.14	44.37	57	66.27	70.28	76.47	79.59	82.16
Long-Term Debt/Total Assets (%)	0.99	0.61	0.02	0.57	4.85	14.53	35.58	41.31	52.59	58.15	53.03	68.07	75.05	78.29
Total Debt/Equity (%)	1.72	0.88	0.02	0.67	5.4	18.09	58.78	76.29	127.29	189.64	228.83	315.31	498.63	596.64
Total Debt/Capital (%)	1.92	0.98	0.02	0.72	5.44	16.03	38.14	44.37	57	66.27	70.28	76.47	83.84	86.16
Total Debt/Total Assets (%)	0.99	0.61	0.02	0.57	4.85	14.53	35.58	41.31	52.59	58.15	53.03	68.07	79.06	82.1
Net Debt to Equity	-17.02	-9.45	-7.81	-5.72	-2.65	12.68	58.78	76.29	127.29	189.64	222.72	305.46	480.09	578.58
Net Debt/Capital (%)	-24.07	-11.87	-9.43	-6.65	-2.91	11.8	38.14	44.37	57	66.27	69.71	75.9	83.32	85.79
EBITDA	13	16	17	18	22	23	76	77	22	25	38	33	38	37
EBITDA-CapEx	13	16	17	18	20	12	31	66	-46	-104	-76	-148	-70	21
Operating Income (Loss)	11	14	15	16	19	20	71	71	14	12	23	6	7	9

Liquidity (USD)

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	1995 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.9	0.49
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.67	1.27
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.96	0.51
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.36	0.22
Common Equity/Total Assets	50.13	61.21	68.06	77.23	83.13	70.66	52.35	46.31	35.13	23.44	15.92	15.86	13.42	11.71
Long-Term Debt/Equity (%)	1.72	0.88	0.02	0.67	5.4	18.09	58.78	76.29	127.29	189.64	228.83	315.31	473.34	568.95
Long-Term Debt/Capital (%)	1.92	0.98	0.02	0.72	5.44	16.03	38.14	44.37	57	66.27	70.28	76.47	79.59	82.16
Long-Term Debt/Total Assets (%)	0.99	0.61	0.02	0.57	4.85	14.53	35.58	41.31	52.59	58.15	53.03	68.07	75.05	78.29
Total Debt/Equity (%)	1.72	0.88	0.02	0.67	5.4	18.09	58.78	76.29	127.29	189.64	228.83	315.31	498.63	596.64
Total Debt/Capital (%)	1.92	0.98	0.02	0.72	5.44	16.03	38.14	44.37	57	66.27	70.28	76.47	83.84	86.16
Total Debt/Total Assets (%)	0.99	0.61	0.02	0.57	4.85	14.53	35.58	41.31	52.59	58.15	53.03	68.07	79.06	82.1
CFO/Total Liabilities	16.73	44.79	46.03	101.13	115.41	63.27	28.98	7.97	-4.13	-7.36	-1.36	0.45	-1.27	1.53
CFO/CapEx	- -	- -	- -	- -	8.31	1.47	0.52	0.77	-0.12	-0.21	-0.07	0.02	-0.09	0.71
Altman's Z-Score	1.39	1.71	1.81	1.97	3.77	2.49	2.49	2.02	0.83	0.63	0.53	0.43	0.42	0.35

Working Capital (USD)

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	1995 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26.29	10.98	16.5
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13.88	33.25	22.13
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	3.06	2.4	3.89	7.61	8.6	6.67	9.87	4.36	- -	- -	- -	1.16	0.5
Accounts Payable Turnover Days	- -	119.3	152.09	93.88	47.96	42.42	54.7	36.99	83.73	- -	- -	- -	315.39	735.75
Cash Conversion Cycle	- -	-119.3	-152.09	-93.88	-47.96	-42.42	-54.7	-36.99	-83.73	- -	- -	13.88	-282.14	-713.63
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13.88	33.25	22.13
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	1995 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
Market Capitalization	- -	- -	- -	- -	29	31	49	46	53	66	72	78	62	28
- Cash & Cash Equivalents	11	7	6	5	8	6	- -	- -	- -	- -	11	18	27	21
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	1	1	7	11	13	16	33	50	43	17	13
+ Total Debt	1	1	- -	1	5	20	72	101	183	311	405	582	725	707
Enterprise Value	-10	-6	-5	-4	28	53	73	84	199	370	423	618	755	726
Total Capital	52	59	67	77	94	124	190	227	321	470	576	762	865	821
Total Debt/Capital (%)	1.92	0.98	0.02	0.72	5.44	16.03	38.14	44.37	57	66.27	70.28	76.47	83.84	86.16
Total Debt / EV	-0.1	-0.1	- -	-0.15	0.18	0.38	0.99	1.19	0.92	0.84	0.96	0.94	0.96	0.97
EV/Sales	- -	- -	- -	- -	0.72	1.19	1.57	2.17	11.09	5.88	4.11	6.16	7.26	7.79
EV/EBITDA	- -	- -	- -	- -	1.28	2.24	0.96	1.09	8.96	14.83	11.01	18.75	20.09	19.88
EV/EBIT	- -	- -	- -	- -	1.43	2.65	1.03	1.19	14.04	29.71	18.38	99.89	103.44	76.62
EV/Cash Flow to Firm	- -	- -	- -	- -	2.24	3.09	3.15	9.48	- -	- -	- -	206.41	49.86	16.98
EV/Free Cash Flow to Firm	- -	- -	- -	- -	2	1.84	1.08	4.13	3.31	3.65	3.97	3.37	6.14	12.36
Diluted Market Cap	- -	- -	- -	- -	29	31	49	46	53	66	72	78	62	28
Diluted Enterprise Value	-10	-6	-5	-4	28	53	133	160	251	410	516	686	777	727
EV per Share	- -	- -	- -	- -	5.05	9.6	13.41	15.4	36.32	67.53	77.27	112.9	137.88	132.59
TTM Sales	34	35	34	35	39	44	47	39	18	63	103	100	104	93
TTM EBITDA	13	16	17	18	22	23	76	77	22	25	38	33	38	37
TTM Operating Income	11	14	15	16	19	20	71	71	14	12	23	6	7	9
TTM Cash Flow to Firm	7	13	11	15	12	17	23	9	-8	-27	-8	3	15	43
TTM Free Cash Flow to Firm	7	13	11	15	14	29	68	20	60	101	107	184	123	59

Multiples (USD)

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	1995 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
Price/Free Cash Flow	- -	- -	- -	- -	2.1	1.09	0.72	2.27	0.87	0.65	0.68	0.42	0.64	1.04
EV/EBIT	- -	- -	- -	- -	1.43	2.65	1.03	1.19	14.04	29.71	18.38	99.89	103.44	76.62
Enterprise Value	-10	-6	-5	-4	28	53	73	84	199	370	423	618	755	726
Low Price	- -	- -	- -	- -	5.3	5.15	5.3	8.12	8.3	9.16	11.5	10.78	11.4	5.2
EV/Sales	- -	- -	- -	- -	0.72	1.19	1.57	2.17	11.09	5.88	4.11	6.16	7.26	7.79
EV/EBITDA	- -	- -	- -	- -	1.28	2.24	0.96	1.09	8.96	14.83	11.01	18.75	20.09	19.88
Price/Earnings	- -	- -	- -	- -	2.46	3.07	4.81	7.61	5.49	14.87	- -	4.96	- -	- -
Price/Earnings Average	- -	- -	- -	- -	2.56	3.03	3.81	8.3	4.96	13.71	-32.04	4.34	-8.92	-1.95
Price/Earnings High	- -	- -	- -	- -	2.7	3.29	5.09	9.01	5.71	15.37	-37.99	5.58	-10.61	-2.96
Price/Earnings Low	- -	- -	- -	- -	2.46	2.78	2.84	7.32	4.74	11.35	-28.01	3.76	-6.72	-1.33
Price/Book Value	- -	- -	- -	- -	0.34	0.32	0.46	0.41	0.43	0.52	0.59	0.57	0.51	0.28
Price/Book Value Average	- -	- -	- -	- -	0.35	0.32	0.36	0.45	0.39	0.48	0.59	0.5	0.67	0.42
Price/Book Value High	- -	- -	- -	- -	0.37	0.35	0.49	0.49	0.45	0.54	0.7	0.65	0.8	0.63
Price/Book Value Low	- -	- -	- -	- -	0.34	0.29	0.27	0.39	0.37	0.4	0.52	0.44	0.51	0.28
Price/Tangible Book Value	- -	- -	- -	- -	0.31	0.28	0.4	0.35	0.37	0.4	0.41	0.42	0.43	0.24
Price/Tangible Book Value Average	- -	- -	- -	- -	0.32	0.28	0.32	0.38	0.33	0.37	0.41	0.37	0.57	0.35
Price/Tangible Book Value High	- -	- -	- -	- -	0.34	0.3	0.42	0.42	0.38	0.41	0.48	0.47	0.68	0.54
Price/Tangible Book Value Low	- -	- -	- -	- -	0.31	0.26	0.24	0.34	0.32	0.31	0.36	0.32	0.43	0.24
Price/Sales	- -	- -	- -	- -	0.76	0.7	1.05	1.19	2.93	1.05	0.7	0.78	0.6	0.31
Price/Sales Average	- -	- -	- -	- -	0.79	0.69	0.83	1.3	2.65	0.96	0.7	0.68	0.8	0.45
Price/Sales High	- -	- -	- -	- -	0.83	0.75	1.11	1.41	3.05	1.08	0.83	0.87	0.95	0.68
Price/Sales Low	- -	- -	- -	- -	0.76	0.64	0.62	1.14	2.53	0.8	0.61	0.59	0.6	0.31
Price/Cash Flow	- -	- -	- -	- -	2.35	1.84	2.11	5.21	-6.22	-2.41	-9.06	26	-6.38	2.51
Price/Cash Flow Average	- -	- -	- -	- -	2.45	1.81	1.67	5.68	-5.63	-2.22	-9.03	22.74	-8.47	3.69
Price/Cash Flow High	- -	- -	- -	- -	2.57	1.97	2.23	6.16	-6.48	-2.49	-10.7	29.25	-10.08	5.6
Price/Cash Flow Low	- -	- -	- -	- -	2.35	1.66	1.25	5	-5.38	-1.84	-7.89	19.71	-6.38	2.51
Price/Free Cash Flow Average	- -	- -	- -	- -	2.19	1.08	0.57	2.47	0.79	0.6	0.68	0.37	0.84	1.53
Price/Free Cash Flow High	- -	- -	- -	- -	2.3	1.17	0.76	2.68	0.91	0.67	0.8	0.48	1	2.33
Price/Free Cash Flow Low	- -	- -	- -	- -	2.1	0.99	0.43	2.18	0.76	0.5	0.59	0.32	0.64	1.04
EV/Sales Average	- -	- -	- -	- -	0.75	1.18	2.61	4.23	13.75	6.44	5.01	6.73	7.67	7.94
EV/Sales High	- -	- -	- -	- -	0.79	1.24	2.89	4.34	14.15	6.55	5.14	6.92	7.82	8.18
EV/Sales Low	- -	- -	- -	- -	0.72	1.12	2.4	4.07	13.63	6.27	4.92	6.64	7.48	7.8
EV/EBITDA Average	-0.73	-0.37	-0.31	-0.2	1.34	2.22	1.6	2.12	11.1	16.23	13.43	20.49	21.22	20.28
EV/EBITDA High	-0.73	-0.37	-0.31	-0.2	1.41	2.34	1.77	2.18	11.43	16.53	13.78	21.08	21.64	20.87
EV/EBITDA Low	-0.73	-0.37	-0.31	-0.2	1.28	2.11	1.47	2.04	11.01	15.82	13.2	20.22	20.67	19.91
EV/EBIT Average	-0.89	-0.44	-0.36	-0.23	1.49	2.62	1.71	2.32	17.4	32.51	22.41	109.17	109.26	78.15
EV/EBIT High	-0.89	-0.44	-0.36	-0.23	1.57	2.76	1.89	2.38	17.9	33.1	22.99	112.32	111.42	80.43
EV/EBIT Low	-0.89	-0.44	-0.36	-0.23	1.43	2.5	1.57	2.23	17.25	31.67	22.02	107.7	106.47	76.73
Last Price	- -	- -	- -	- -	5.3	5.7	8.97	8.45	9.6	12	13.2	14.22	11.4	5.2
High Price	- -	- -	- -	- -	5.8	6.1	9.5	10	10	12.4	15.6	16	18	11.6
Enterprise Value Average	-10	-6	-5	-4	29	52	122	164	246	405	516	676	798	741
Enterprise Value High	-10	-6	-5	-4	31	55	135	169	254	412	529	695	814	762
Enterprise Value Low	-10	-6	-5	-4	28	50	112	158	244	394	507	667	777	727

	1995 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
Shares Outstanding	6	6	6	6	5	5	5	5	5	5	5	5	5	5
Diluted Weighted Avg Shares	6	6	6	6	6	5	5	5	5	5	5	5	5	5
Basic Weighted Avg Shares	6	6	6	6	6	5	5	5	5	5	5	5	5	5
Revenue per Share	6	6.28	6.09	6.31	6.99	8.09	8.56	7.1	3.27	11.48	18.81	18.34	18.98	17.02
EBITDA per Share	2.35	2.87	3.09	3.27	3.94	4.28	13.94	14.13	4.05	4.55	7.02	6.02	6.86	6.67
Operating Income per Share	1.92	2.46	2.67	2.85	3.52	3.62	13.05	12.93	2.59	2.27	4.2	1.13	1.33	1.73
Basic EPS, GAAP	1.09	1.3	1.48	1.66	2.15	1.85	1.86	1.11	1.75	0.81	-0.41	2.87	-1.7	-3.92
Basic EPS from Cont Ops	0.79	1.31	1.5	1.64	2.15	2.46	1.75	0.95	0.34	0.65	-0.25	0.66	-2.4	-3.92
Diluted EPS, GAAP	1.09	1.3	1.48	1.66	2.15	1.85	1.86	1.11	1.75	0.81	-0.41	2.87	-1.7	-3.92
Diluted EPS from Cont Ops	0.79	1.31	1.5	1.64	2.15	2.46	1.75	0.95	0.34	0.65	-0.25	0.66	-2.4	-3.92
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	0.02	0.25	0.28	1.21	0.6	0.15
Cash Flow per Share	1.28	2.36	1.97	2.61	2.25	3.1	4.26	1.62	-1.54	-4.99	-1.46	0.55	-1.79	2.07
Free Cash Flow per Basic Share	1.28	2.36	1.97	2.61	1.98	0.99	-3.95	-0.48	-14.06	-28.46	-22.36	-32.46	-21.48	-0.84
Cash & Equivalents per Share	1.94	1.21	1.03	0.96	1.37	1.08	10.78	13.83	9.61	7.31	18.97	15.6	8.97	4.1
Book Value per Share	9.02	10.39	11.88	13.6	15.81	17.6	19.47	20.57	22.35	22.9	22.21	24.78	22.48	18.42
Tangible Book Value per Share	10.35	11.7	13.17	15.03	17.08	20.01	22.52	24.05	26.28	29.96	32.33	33.73	26.55	21.65

Bresler & Reiner, Inc.

Profitability (USD)

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Per Share Data Items (USD)