Great Lakes Aviation, Ltd. Financial Ratios — GLUX Stock

Profitability (USD)

	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	47.46	-6.03	- -
Return on Assets (%)	-5.64	-13.54	-8.06	1.41	5.09	1.24	18.58	20.89	2.18	6.77	5.98	12.71	3.45	-0.55	-10.37
Return on Capital (%)	- -	- -	- -	2.78	11.05	3.27	47.46	- -	6.39	16.56	15.12	33.46	18.28	- -	- -
Return on Invested Capital (%)	- -	- -	- -	-60.14	1.78	4.72	13.19	- -	10.32	22.77	8.29	5.6	9.46	- -	- -
Gross Margin (%)	22.77	14.81	17.45	31.59	81.65	77.83	77.72	65.52	60.23	71.4	55.78	51.53	51.32	51.45	56.83
EBITDA Margin (%)	-94.6	-103.54	-96.64	-67.1	10.67	12.56	16.64	26.34	19.82	28.73	12.71	9.3	11.06	8.67	0.69
Operating Margin (%)	-89.28	-110.5	-104.91	-77.65	1.97	4.3	10.08	20.6	16.45	24.11	8.49	5.09	6.83	3.21	-9.9
Incremental Operating Margin (%)	- -	- -	- -	- -	10,278.62	4,018.29	49.49	107.99	-6.22	180.48	-526.7	417.26	23.02	27.44	- -
Pretax Margin (%)	-6.16	-18.37	-12.76	2.36	7.37	1.55	18.03	8.79	3.88	8.03	6.96	13.99	3.2	-0.47	-19.28
Profit Margin (%)	-6.17	-18.37	-12.76	2.36	7.37	1.55	17.9	18.56	1.67	4.75	4.03	8.59	2.11	-0.38	-12.46
Net Income to Common Margin (%)	-6.17	-18.37	-12.76	2.36	7.37	1.55	17.9	18.56	1.67	4.75	4.03	8.59	2.11	-0.38	-12.46
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	0.73	- -	56.94	40.91	42.14	38.58	34.12	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	47.46	-6.03	- -

Credit (USD)

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	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y
Total Debt	119	116	133	115	99	79	76	67	59	52	44	29	26	24	25
ST Debt	23	111	132	115	98	79	8	8	8	8	38	3	4	24	- -
LT Debt	96	5	1	- -	- -	- -	68	60	52	44	6	26	23	- -	25
Total Debt/EBITDA	-0.94	-1.1	-1.62	-2.27	12.1	8.22	5.18	2.6	2.58	1.48	2.76	2.55	1.72	2.38	61.22
Net Debt/EBITDA	-0.92	-1.09	-1.62	-2.19	11.97	8.02	5	2.44	2.43	1.36	2.4	2.24	1.53	1.73	55.83
Total Debt/EBIT	-0.99	-1.03	-1.49	-1.96	65.59	24.04	8.55	3.32	3.11	1.76	4.13	4.66	2.78	6.42	-4.27
Net Debt/EBIT	-0.98	-1.02	-1.49	-1.9	64.85	23.46	8.25	3.12	2.93	1.62	3.6	4.09	2.47	4.67	-3.89
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	11.15	9.86	16.15	8.35	4.42	3.04	2.35	0.09
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	10.77	9	15.54	6.9	2.94	1.74	1.98	-0.26
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	8.72	8.18	13.54	5.57	2.42	1.88	0.87	-1.29
Interest Expense	- -	- -	- -	- -	- -	- -	- -	2	2	2	2	3	5	4	5
Common Equity/Total Assets	-21.81	-37.74	-44.51	-49.95	-51.5	-60.15	-44.15	-19.69	-18.77	-11.44	-5.49	5.57	8.97	9.15	-0.38
Long-Term Debt/Equity (%)	73,887.68	- -	- -	- -	- -	- -	- -	387.42	297.85	184.15	19.24	73.26	58.05	- -	80.01
Long-Term Debt/Capital (%)	109.9	7.19	0.93	0.6	0.31	- -	173.24	121.29	119.79	104.49	14.15	77.55	67.2	- -	101
Long-Term Debt/Total Assets (%)	67.09	3.58	0.49	0.29	0.14	- -	82.47	64.66	60.06	51.97	6.6	31.6	26.87	- -	38.9
Total Debt/Equity (%)	91,253.76	-624.92	-489.3	-454.49	-499.7	-425.33	-2,629.35	437.41	341.74	216.77	151.99	81.56	67.01	62.6	80.01
Total Debt/Capital (%)	135.73	175.87	183.89	204.25	217.18	293.5	192.75	136.94	137.44	123	111.76	86.34	77.57	77.24	101
Total Debt/Total Assets (%)	82.85	87.49	97.58	97.87	95.46	91.24	91.75	73.01	68.91	61.17	52.15	35.18	31.02	31.04	38.9
Net Debt to Equity	89,718.61	-616.73	-487.98	-439.9	-494.07	-415.05	-2,536.6	411.08	321.64	198.65	132.24	71.62	59.61	45.51	72.96
Net Debt/Capital (%)	136.57	177.66	184.31	211.56	220.12	308.28	199.51	140.26	140.73	125.63	113.76	84.73	75.48	71.16	101.1
EBITDA	-126	-105	-82	-51	8	10	15	26	23	35	16	12	15	10	- -
EBITDA-CapEx	-128	-106	-82	-51	6	9	14	25	21	34	13	8	9	9	-1
Operating Income (Loss)	-119	-112	-89	-59	2	3	9	20	19	29	11	6	9	4	-6

Liquidity (USD)

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	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y
Cash Ratio	0.05	0.01	- -	0.03	0.01	0.02	0.17	0.25	0.22	0.28	0.12	0.31	0.23	0.21	0.51
Current Ratio	0.75	0.15	0.09	0.1	0.07	0.09	0.78	1.24	1.19	1.62	0.59	2.29	2.2	0.86	3.98
Quick Ratio	0.35	0.08	0.06	0.07	0.05	0.07	0.5	0.68	0.74	0.88	0.32	1.15	0.98	0.44	1.75
CFO/Avg Current Liab	- -	0.11	0.04	0.06	0.07	0.05	0.11	0.51	0.47	0.52	0.34	0.28	0.75	0.33	-0.11
Common Equity/Total Assets	-21.81	-37.74	-44.51	-49.95	-51.5	-60.15	-44.15	-19.69	-18.77	-11.44	-5.49	5.57	8.97	9.15	-0.38
Long-Term Debt/Equity (%)	73,887.68	- -	- -	- -	- -	- -	- -	387.42	297.85	184.15	19.24	73.26	58.05	- -	80.01
Long-Term Debt/Capital (%)	109.9	7.19	0.93	0.6	0.31	- -	173.24	121.29	119.79	104.49	14.15	77.55	67.2	- -	101
Long-Term Debt/Total Assets (%)	67.09	3.58	0.49	0.29	0.14	- -	82.47	64.66	60.06	51.97	6.6	31.6	26.87	- -	38.9
Total Debt/Equity (%)	91,253.76	-624.92	-489.3	-454.49	-499.7	-425.33	-2,629.35	437.41	341.74	216.77	151.99	81.56	67.01	62.6	80.01
Total Debt/Capital (%)	135.73	175.87	183.89	204.25	217.18	293.5	192.75	136.94	137.44	123	111.76	86.34	77.57	77.24	101
Total Debt/Total Assets (%)	82.85	87.49	97.58	97.87	95.46	91.24	91.75	73.01	68.91	61.17	52.15	35.18	31.02	31.04	38.9
CFO/Total Liabilities	-0.11	6.37	3.75	6.51	7.94	5.32	7.99	10.56	10.87	13.58	19.13	16.75	20.05	18.6	-6.02
CFO/CapEx	-0.14	13.16	11.18	20.27	5.34	6.62	11.46	9.16	3.73	6.32	3.83	2.07	1.4	4.58	-1.23
Altman's Z-Score	-2.18	-3.64	-3.45	-2.99	-1.19	-1.07	0.97	1.82	2.04	2.76	1.82	2.16	2.57	1.89	0.92

Working Capital (USD)

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	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y
Accounts Receivable Turnover	10.64	9.07	9.09	10.13	13.56	15.02	17.09	16.53	15.3	13.52	13.46	13.06	14.37	25.38	- -
Days Sales Outstanding	34.31	40.26	40.15	36.01	26.91	24.31	21.36	22.08	23.86	27	27.11	27.95	25.41	14.38	- -
Inventory Turnover	6.19	7.36	10.42	12.66	5.94	8.98	9.63	9.34	9.84	6.55	8.55	8.51	8.11	6.45	3.35
Days Inventory Outstanding	59.01	49.59	35.03	28.83	61.4	40.63	37.92	39.09	37.09	55.76	42.67	42.87	45	56.58	108.95
Accounts Payable Turnover	7.48	5.13	4.37	3.94	1.25	1.99	3.68	10.68	12.64	10.11	16.32	16.26	15.38	13.65	8
Accounts Payable Turnover Days	48.81	71.09	83.55	92.68	292.56	183.74	99.06	34.18	28.87	36.09	22.37	22.45	23.74	26.73	45.62
Cash Conversion Cycle	44.5	18.77	-8.37	-27.83	-204.24	-118.81	-39.78	26.99	32.08	46.66	47.41	48.37	46.67	44.23	63.33
Inventory to Cash Days	-24.69	-9.33	5.12	7.18	-34.49	-16.32	-16.56	-17.01	-13.23	-28.76	-15.56	-14.92	-19.6	-42.2	-108.95
Inventories	15	8	5	3	2	2	2	5	4	6	7	8	9	9	7
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	15	8	5	3	2	2	2	5	4	6	7	8	9	9	7

Enterprise Value (USD)

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	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y
Market Capitalization	6	4	1	6	14	14	32	32	21	20	24	10	18	11	4
- Cash & Cash Equivalents	2	2	- -	4	1	2	3	4	3	4	6	4	3	7	2
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	119	116	133	115	99	79	76	67	59	52	44	29	26	24	25
Enterprise Value	123	118	134	118	112	91	105	96	77	67	63	36	41	28	26
Total Capital	87	66	72	56	45	27	39	49	43	42	39	34	34	31	25
Total Debt/Capital (%)	135.73	175.87	183.89	204.25	217.18	293.5	192.75	136.94	137.44	123	111.76	86.34	77.57	77.24	101
Total Debt / EV	0.96	0.98	0.99	0.98	0.88	0.87	0.72	0.7	0.77	0.77	0.7	0.82	0.64	0.85	0.94
EV/Sales	0.92	1.16	1.58	1.55	1.46	1.19	1.2	0.97	0.67	0.55	0.5	0.29	0.3	0.24	0.45
EV/EBITDA	- -	- -	- -	- -	13.69	9.49	7.19	3.69	3.36	1.93	3.92	3.12	2.7	2.8	64.84
EV/EBIT	- -	- -	- -	- -	74.21	27.75	11.86	4.72	4.04	2.3	5.88	5.71	4.37	7.55	- -
EV/Cash Flow to Firm	- -	12.27	21.83	12.65	11.43	16.29	15.39	7.35	9.1	7.08	5.34	3.76	3.32	2.64	27.73
EV/Free Cash Flow to Firm	124.33	11.41	20.04	12.05	9.62	14.15	14.16	6.88	7.36	6.22	4.32	2.68	2.18	2.3	10.31
Diluted Market Cap	6	4	1	6	14	14	33	33	22	20	25	10	18	11	4
Diluted Enterprise Value	123	118	134	118	112	91	106	96	78	68	63	36	41	28	26
EV per Share	14.24	13.59	15.36	8.37	7.93	6.47	7.45	6.79	5.43	4.72	4.38	2.65	4.61	3.17	2.95
TTM Sales	134	101	85	76	76	76	88	98	116	122	125	124	138	117	59
TTM EBITDA	-126	-105	-82	-51	8	10	15	26	23	35	16	12	15	10	- -
TTM Operating Income	-119	-112	-89	-59	2	3	9	20	19	29	11	6	9	4	-6
TTM Cash Flow to Firm	- -	10	6	9	10	6	7	13	8	10	12	10	12	11	1
TTM Free Cash Flow to Firm	1	10	7	10	12	6	7	14	10	11	14	13	19	12	3

Multiples (USD)

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	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y
Price/Free Cash Flow	6.55	0.35	0.16	0.63	1.23	2.22	4.41	3.7	2.28	2.12	1.84	0.87	1.16	1.22	-9.83
EV/EBIT	- -	- -	- -	- -	74.21	27.75	11.86	4.72	4.04	2.3	5.88	5.71	4.37	7.55	- -
Enterprise Value	123	118	134	118	112	91	105	96	77	67	63	36	41	28	26
Low Price	0.62	0.22	0.11	0.12	0.16	0.52	0.51	1.98	1	0.98	1.05	0.32	0.65	0.84	0.34
EV/Sales	0.92	1.16	1.58	1.55	1.46	1.19	1.2	0.97	0.67	0.55	0.5	0.29	0.3	0.24	0.45
EV/EBITDA	- -	- -	- -	- -	13.69	9.49	7.19	3.69	3.36	1.93	3.92	3.12	2.7	2.8	64.84
Price/Earnings	- -	- -	- -	3.46	2.5	11.92	2.04	1.78	11	3.46	4.81	0.96	6.15	- -	- -
Price/Earnings Average	-1.8	-0.5	-0.33	2.95	2.17	9.42	1.27	2.02	14.73	3.54	4.2	1.15	4.42	-27.48	-0.83
Price/Earnings High	-3.15	-1.28	-0.72	4.71	4.35	12.04	2.69	2.71	18.33	4.7	7.07	2.28	9.25	-43.59	-1.5
Price/Earnings Low	-0.66	-0.1	-0.09	0.94	0.4	6.2	0.46	1.53	7.33	2.42	2.97	0.41	2	-17.03	-0.41
Price/Book Value	-0.21	-0.07	-0.02	-0.11	-0.26	-0.27	-0.88	-1.79	-1.32	-2.07	-5.25	2.19	2.36	1.52	-14.87
Price/Book Value Average	-0.47	-0.19	-0.06	-0.09	-0.23	-0.21	-0.55	-2.03	-1.77	-2.12	-4.59	2.65	1.7	1.71	-24.74
Price/Book Value High	-0.83	-0.48	-0.13	-0.14	-0.46	-0.27	-1.16	-2.72	-2.2	-2.8	-7.72	5.23	3.55	2.71	-44.62
Price/Book Value Low	-0.17	-0.04	-0.02	-0.03	-0.04	-0.14	-0.2	-1.54	-0.88	-1.45	-3.24	0.94	0.77	1.06	-12.33
Price/Tangible Book Value	49.88	-0.2	-0.04	-0.24	-0.71	-0.76	-11.12	2.11	1.23	0.84	0.84	0.28	0.46	0.28	0.12
Price/Tangible Book Value Average	114.08	-0.51	-0.13	-0.21	-0.62	-0.6	-6.93	2.4	1.65	0.86	0.73	0.34	0.33	0.31	0.2
Price/Tangible Book Value High	199.52	-1.29	-0.29	-0.33	-1.24	-0.77	-14.7	3.21	2.05	1.14	1.23	0.68	0.69	0.5	0.35
Price/Tangible Book Value Low	41.57	-0.1	-0.04	-0.07	-0.11	-0.39	-2.5	1.81	0.82	0.59	0.52	0.12	0.15	0.2	0.1
Price/Sales	0.05	0.04	0.01	0.08	0.18	0.18	0.36	0.33	0.18	0.16	0.19	0.08	0.13	0.09	0.06
Price/Sales Average	0.11	0.09	0.04	0.07	0.16	0.15	0.23	0.38	0.25	0.17	0.17	0.1	0.09	0.1	0.1
Price/Sales High	0.19	0.23	0.09	0.11	0.32	0.19	0.48	0.5	0.31	0.22	0.28	0.2	0.19	0.16	0.19
Price/Sales Low	0.04	0.02	0.01	0.02	0.03	0.1	0.08	0.28	0.12	0.11	0.12	0.04	0.04	0.06	0.05
Price/Cash Flow	-39.44	0.38	0.17	0.66	1.44	2.52	4.69	4	2.85	2.42	2.29	1.28	1.96	1.49	-1.85
Price/Cash Flow Average	-90.21	0.98	0.58	0.57	1.25	1.99	2.92	4.55	3.82	2.48	2	1.55	1.41	1.67	-3.08
Price/Cash Flow High	-157.77	2.48	1.27	0.91	2.51	2.54	6.2	6.08	4.76	3.29	3.37	3.06	2.96	2.64	-5.55
Price/Cash Flow Low	-32.87	0.2	0.16	0.18	0.23	1.31	1.05	3.44	1.9	1.7	1.42	0.55	0.64	1.03	-1.53
Price/Free Cash Flow Average	14.98	0.91	0.53	0.54	1.07	1.75	2.75	4.21	3.05	2.16	1.6	1.05	0.84	1.37	-16.35
Price/Free Cash Flow High	26.19	2.31	1.16	0.86	2.15	2.24	5.83	5.63	3.8	2.87	2.7	2.08	1.75	2.17	-29.49
Price/Free Cash Flow Low	5.46	0.18	0.14	0.17	0.2	1.15	0.99	3.18	1.52	1.48	1.13	0.37	0.38	0.85	-8.15
EV/Sales Average	0.98	1.22	1.61	1.54	1.44	1.15	1.06	1.02	0.73	0.56	0.47	0.31	0.26	0.25	0.49
EV/Sales High	1.07	1.36	1.66	1.58	1.6	1.19	1.31	1.15	0.79	0.61	0.59	0.4	0.36	0.31	0.57
EV/Sales Low	0.91	1.14	1.58	1.49	1.31	1.1	0.91	0.93	0.6	0.5	0.42	0.24	0.21	0.21	0.44
EV/EBITDA Average	-1.04	-1.18	-1.66	-2.3	13.47	9.18	6.36	3.87	3.67	1.94	3.73	3.31	2.37	2.93	70.82
EV/EBITDA High	-1.13	-1.31	-1.71	-2.36	14.97	9.5	7.89	4.35	3.97	2.13	4.64	4.35	3.29	3.63	82.86
EV/EBITDA Low	-0.97	-1.1	-1.63	-2.23	12.24	8.78	5.49	3.52	3.05	1.76	3.34	2.62	1.91	2.47	63.3
EV/EBIT Average	-1.1	-1.1	-1.53	-1.99	72.98	26.85	10.5	4.94	4.42	2.31	5.59	6.04	3.84	7.9	-4.94
EV/EBIT High	-1.2	-1.23	-1.58	-2.04	81.14	27.79	13.02	5.56	4.79	2.54	6.95	7.95	5.33	9.79	-5.78
EV/EBIT Low	-1.02	-1.03	-1.5	-1.93	66.35	25.69	9.06	4.5	3.67	2.09	5.01	4.78	3.09	6.67	-4.41
Last Price	0.75	0.42	0.12	0.44	1	1	2.27	2.3	1.5	1.4	1.7	0.75	2	1.21	0.41
High Price	3	2.75	0.89	0.6	1.74	1.01	3	3.5	2.5	1.9	2.5	1.79	3.01	2.15	1.23
Enterprise Value Average	131	123	136	117	110	88	93	100	85	68	59	38	36	30	29
Enterprise Value High	143	138	140	120	122	91	115	112	92	75	74	50	50	37	34
Enterprise Value Low	122	116	133	113	100	84	80	91	70	61	53	30	29	25	26

	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y
Shares Outstanding	9	9	14	14	14	14	14	14	14	14	14	9	9	9	9
Diluted Weighted Avg Shares	9	9	9	14	14	14	14	14	14	14	14	14	9	9	9
Basic Weighted Avg Shares	9	9	9	14	14	14	14	14	14	14	14	14	9	9	9
Revenue per Share	15.45	11.72	9.74	5.39	5.43	5.43	6.23	6.97	8.16	8.53	8.77	9.12	15.44	13.06	6.59
EBITDA per Share	-14.62	-12.13	-9.41	-3.62	0.58	0.68	1.04	1.84	1.62	2.45	1.12	0.85	1.71	1.13	0.05
Operating Income per Share	-13.8	-12.95	-10.22	-4.18	0.11	0.23	0.63	1.44	1.34	2.06	0.74	0.46	1.05	0.42	-0.65
Basic EPS, GAAP	-0.95	-2.15	-1.24	0.13	0.4	0.08	1.11	1.29	0.14	0.4	0.35	0.78	0.33	-0.05	-0.82
Basic EPS from Cont Ops	-0.95	-2.15	-1.24	0.13	0.4	0.08	1.11	1.29	0.14	0.4	0.35	0.78	0.33	-0.05	-0.82
Diluted EPS, GAAP	-0.95	-2.15	-1.24	0.13	0.39	0.08	1.09	1.26	0.13	0.4	0.35	0.78	0.32	-0.05	-0.82
Diluted EPS from Cont Ops	-0.95	-2.15	-1.24	0.13	0.39	0.08	1.09	1.26	0.13	0.4	0.35	0.78	0.32	-0.05	-0.82
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.02	1.11	0.7	0.66	0.69	0.4	0.48	0.58	0.53	0.58	0.74	0.59	1.02	0.81	-0.22
Free Cash Flow per Basic Share	-0.15	1.02	0.64	0.63	0.56	0.34	0.44	0.51	0.38	0.49	0.55	0.3	0.29	0.64	-0.4
Cash & Equivalents per Share	0.23	0.17	0.04	0.26	0.08	0.14	0.19	0.29	0.25	0.3	0.4	0.26	0.32	0.74	0.25
Book Value per Share	-3.61	-5.76	-6.97	-4.18	-3.78	-3.7	-2.58	-1.29	-1.14	-0.68	-0.32	0.34	0.85	0.79	-0.03
Tangible Book Value per Share	0.02	-2.14	-3.12	-1.8	-1.4	-1.32	-0.2	1.09	1.22	1.67	2.02	2.65	4.38	4.3	3.48

Great Lakes Aviation, Ltd.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)