Guaranty Financial Corporation Financial Ratios — GFCJ Stock

Profitability (USD)

	1995 Y	1996 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y
Return on Common Equity (%)	- -	17.05	- -	16.47	15.86	0.06	8.53	6.85	20.25	18.92
Return on Assets (%)	- -	0.64	- -	0.73	0.58	- -	0.24	0.22	0.84	0.98
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	-2.89	- -	- -	-9.45	- -	-14.76	-18.63	-22.31	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	-177.78	-122.09	-300	14.69	-179.91	96.38	-225.23	-198.76	-210.19	9.79
Operating Margin (%)	-177.78	-118.6	-300	- -	-177.95	- -	-249.74	-238.29	-232.84	- -
Incremental Operating Margin (%)	- -	- -	- -	85.71	- -	-248.58	- -	- -	- -	291.93
Pretax Margin (%)	55.56	84.86	- -	77.78	76.29	1.1	31.25	27.66	99.68	61.06
Profit Margin (%)	44.44	55.27	- -	50	47.26	0.73	20.62	18.25	68.19	41.87
Net Income to Common Margin (%)	44.44	55.27	- -	50	47.26	0.73	20.62	18.25	68.19	41.87
Effective Tax Rate (%)	20	34.87	- -	35.71	38.05	34.16	34.02	34	31.59	31.43
Dvd Payout Ratio (%)	- -	7.14	- -	11.11	35.5	8,752.85	58.16	- -	- -	30.59
Sustainable Growth Rate (%)	- -	15.83	- -	14.64	10.23	-5.61	3.57	6.85	20.25	13.13

Credit (USD)

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	1995 Y	1996 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y
Total Debt	29	21	20	2	23	21	15	2	- -	3
ST Debt	20	- -	18	- -	- -	- -	- -	- -	- -	- -
LT Debt	10	21	3	2	23	21	15	2	- -	3
Total Debt/EBITDA	-18.19	-14.63	-16.83	9.08	-5.92	36.33	-2.27	-0.31	-0.09	6.75
Net Debt/EBITDA	-14.56	-10.81	-11.75	-13.24	-3.2	14.88	0.07	1.89	2.74	-19.2
Total Debt/EBIT	-18.19	-15.06	-16.83	- -	-5.99	- -	-2.05	-0.26	-0.08	- -
Net Debt/EBIT	-14.56	-11.13	-11.75	- -	-3.24	- -	0.07	1.58	2.48	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.24	4.22	4.18	4.65	3.11	2.67	2.87	3.47	4.87	5.52
Long-Term Debt/Equity (%)	158.33	327.44	40.91	20.17	182.52	149.97	100.12	10.95	2.62	15.22
Long-Term Debt/Capital (%)	29.69	81.73	10.78	28.31	77.27	75.53	67.34	18.37	4.83	21.87
Long-Term Debt/Total Assets (%)	10.61	18.87	2.32	1.84	10.56	8.25	5.93	0.78	0.25	1.54
Total Debt/Equity (%)	485	327.44	306.06	20.17	182.52	149.97	100.12	10.95	2.62	15.22
Total Debt/Capital (%)	90.94	81.73	80.62	28.31	77.27	75.53	67.34	18.37	4.83	21.87
Total Debt/Total Assets (%)	32.51	18.87	17.38	1.84	10.56	8.25	5.93	0.78	0.25	1.54
Net Debt to Equity	388.33	241.89	213.64	-29.41	98.67	61.41	-3.29	-66.4	-80.1	-43.29
Net Debt/Capital (%)	88.93	76.77	74.39	-135.83	64.76	55.83	-7.26	373.9	280.76	-391.23
EBITDA	-2	-1	-1	- -	-4	1	-7	-6	-5	- -
EBITDA-CapEx	-2	-5	-2	-1	-6	-3	-8	-6	-7	- -
Operating Income (Loss)	-2	-1	-1	- -	-4	- -	-7	-7	-6	- -

Liquidity (USD)

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	1995 Y	1996 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.24	4.22	4.18	4.65	3.11	2.67	2.87	3.47	4.87	5.52
Long-Term Debt/Equity (%)	158.33	327.44	40.91	20.17	182.52	149.97	100.12	10.95	2.62	15.22
Long-Term Debt/Capital (%)	29.69	81.73	10.78	28.31	77.27	75.53	67.34	18.37	4.83	21.87
Long-Term Debt/Total Assets (%)	10.61	18.87	2.32	1.84	10.56	8.25	5.93	0.78	0.25	1.54
Total Debt/Equity (%)	485	327.44	306.06	20.17	182.52	149.97	100.12	10.95	2.62	15.22
Total Debt/Capital (%)	90.94	81.73	80.62	28.31	77.27	75.53	67.34	18.37	4.83	21.87
Total Debt/Total Assets (%)	32.51	18.87	17.38	1.84	10.56	8.25	5.93	0.78	0.25	1.54
CFO/Total Liabilities	-0.48	0.46	-1.82	13.47	-0.19	1.69	1.42	-2.75	7.67	0.44
CFO/CapEx	-2	0.15	-5	11.43	-0.19	1.11	1.94	-8.15	10.86	0.97
Altman's Z-Score	- -	0.01	0.01	0.06	-0.02	0.03	-0.06	-0.05	-0.04	0.08

Working Capital (USD)

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	1995 Y	1996 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y
Accounts Receivable Turnover	- -	3.88	1.14	2.4	5.38	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	94.09	319.38	152.08	67.89	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	1995 Y	1996 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	6	5	6	6	11	13	16	12	15	12
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	29	21	20	2	23	21	15	2	- -	3
Enterprise Value	19	15	-5	-18	12	9	- -	-11	-15	-9
Total Capital	32	25	25	8	30	28	22	10	10	14
Total Debt/Capital (%)	90.94	81.73	80.62	28.31	77.27	75.53	67.34	18.37	4.83	21.87
Total Debt / EV	1.56	1.35	-4.21	-0.13	1.85	2.44	-30.47	-0.16	-0.03	-0.35
EV/Sales	20.67	13.2	- -	- -	5.76	14.34	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	14.88	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	32.04	- -	- -	- -	2.12	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	4.19	- -	- -	7.52	1.11	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	23	15	14	-4	12	9	- -	-11	-15	-9
EV per Share	20.31	16.71	- -	- -	8.29	5.26	- -	- -	- -	- -
TTM Sales	1	1	- -	2	2	1	3	3	3	5
TTM EBITDA	-2	-1	-1	- -	-4	1	-7	-6	-5	- -
TTM Operating Income	-2	-1	-1	- -	-4	- -	-7	-7	-6	- -
TTM Cash Flow to Firm	- -	- -	- -	16	- -	4	3	-6	14	1
TTM Free Cash Flow to Firm	- -	4	- -	17	2	8	5	-5	15	2

Multiples (USD)

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	1995 Y	1996 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	19	15	-5	-18	12	9	- -	-11	-15	-9
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	20.67	13.2	- -	- -	5.76	14.34	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	14.88	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	25.89	13.2	35.25	- -	5.76	14.34	- -	- -	- -	- -
EV/Sales High	25.89	13.2	35.25	- -	5.76	14.34	- -	- -	- -	- -
EV/Sales Low	25.89	13.2	35.25	- -	5.76	14.34	- -	- -	- -	- -
EV/EBITDA Average	-14.56	-10.81	-11.75	-13.24	-3.2	14.88	0.07	1.89	2.74	-19.2
EV/EBITDA High	-14.56	-10.81	-11.75	-13.24	-3.2	14.88	0.07	1.89	2.74	-19.2
EV/EBITDA Low	-14.56	-10.81	-11.75	-13.24	-3.2	14.88	0.07	1.89	2.74	-19.2
EV/EBIT Average	-14.56	-11.13	-11.75	- -	-3.24	- -	0.07	1.58	2.48	- -
EV/EBIT High	-14.56	-11.13	-11.75	- -	-3.24	- -	0.07	1.58	2.48	- -
EV/EBIT Low	-14.56	-11.13	-11.75	- -	-3.24	- -	0.07	1.58	2.48	- -
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value Average	23	15	14	-4	12	9	- -	-11	-15	-9
Enterprise Value High	23	15	14	-4	12	9	- -	-11	-15	-9
Enterprise Value Low	23	15	14	-4	12	9	- -	-11	-15	-9

	1995 Y	1996 Y	1996 Y	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y
Shares Outstanding	1	1	1	2	2	2	2	2	2	2
Diluted Weighted Avg Shares	1	1	1	1	1	2	2	2	2	- -
Basic Weighted Avg Shares	1	1	1	1	1	2	2	2	2	- -
Revenue per Share	0.98	1.27	0.43	1.22	1.44	0.37	1.5	1.42	1.31	- -
EBITDA per Share	-1.75	-1.55	-1.3	0.18	-2.59	0.35	-3.39	-2.83	-2.74	- -
Operating Income per Share	-1.75	-1.5	-1.3	- -	-2.56	- -	-3.76	-3.39	-3.04	- -
Basic EPS, GAAP	0.44	0.7	- -	0.61	0.68	- -	0.31	0.26	0.89	- -
Basic EPS from Cont Ops	0.44	0.7	- -	0.61	0.68	- -	0.31	0.26	0.89	- -
Diluted EPS, GAAP	0.44	0.69	- -	0.61	0.68	- -	0.31	0.26	0.89	- -
Diluted EPS from Cont Ops	0.44	0.69	- -	0.61	0.68	- -	0.31	0.26	0.89	- -
Dividend per Share	- -	0.05	- -	0.07	0.24	0.23	0.18	- -	- -	- -
Cash Flow per Share	-0.44	0.52	-2.16	10.84	-0.26	2.48	1.73	-2.89	6.91	- -
Free Cash Flow per Basic Share	-0.66	-2.95	-2.6	9.9	-1.63	0.24	0.84	-3.24	6.27	- -
Cash & Equivalents per Share	11.46	5.91	27.06	13.83	7.04	7.58	7.94	6.24	7.77	- -
Book Value per Share	3.17	5.06	5.25	4.12	4.51	4.16	3.73	3.92	4.84	- -
Tangible Book Value per Share	6.55	6.91	7.14	8.07	7.08	8.22	7.16	8.06	9.39	- -

Guaranty Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)