Millennium Cell, Inc. Financial Ratios — MCELQ Stock

Profitability (USD)

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-97.5	-75.34	-93.73	-128.05	-88.96	-103.04	-98.55	-88.97
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	- -	4.08	12.3	- -	8.3	1.85	0.81
EBITDA Margin (%)	-98,508,000	-1,609,045,700	- -	-2,146.13	-2,302.35	-3,923.88	-2,827.13	-4,950.08	-1,108.41
Operating Margin (%)	-104,208,700	-1,634,727,700	- -	-2,250.03	-2,771.5	-4,759.11	-3,205.55	-5,321.41	-1,381.93
Incremental Operating Margin (%)	- -	- -	433,175,300	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	- -	- -	- -	-224.21	-3,496.65	-5,650.97	-3,594.88	-5,777.67	-1,465.13
Profit Margin (%)	-103,127,700	-1,566,908,400	- -	-2,241.33	-3,449.21	-5,444.03	-3,502.13	-5,529.53	-1,336.46
Net Income to Common Margin (%)	-103,127,700	-1,566,908,400	- -	-2,241.33	-3,449.21	-5,444.03	-3,502.13	-5,549.53	-1,346.37
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.74
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

API Chat

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Total Debt	- -	- -	- -	5	3	8	2	- -	5
ST Debt	- -	- -	- -	3	1	5	2	- -	- -
LT Debt	- -	- -	- -	2	2	2	- -	- -	5
Total Debt/EBITDA	-0.25	- -	- -	-0.35	-0.3	-0.97	-0.21	-0.04	-0.6
Net Debt/EBITDA	-0.21	1.87	0.31	0.17	0.27	0.08	0.78	0.36	-0.18
Total Debt/EBIT	-0.24	- -	- -	-0.34	-0.25	-0.8	-0.18	-0.04	-0.48
Net Debt/EBIT	-0.2	1.84	0.31	0.16	0.22	0.07	0.69	0.33	-0.15
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-134.98	-59.96	-189.11	-384.01	-641.76	-610.98	-637.8	-1,096.15	-919.23
Long-Term Debt/Equity (%)	- -	- -	- -	32.96	35.09	57.5	- -	- -	91.6
Long-Term Debt/Capital (%)	- -	- -	- -	-4.9	-3.61	-3.26	- -	- -	-4.63
Long-Term Debt/Total Assets (%)	- -	- -	- -	16.94	22.14	18.06	- -	- -	39.31
Total Debt/Equity (%)	114.3	- -	- -	74.58	45.77	181.34	41.83	15.26	91.6
Total Debt/Capital (%)	-33	- -	- -	-11.09	-4.71	-10.28	-2.7	-0.44	-4.63
Total Debt/Total Assets (%)	33.49	- -	- -	38.33	28.88	56.94	16.33	4.56	39.31
Net Debt to Equity	95.02	-108.13	-40.02	-35.12	-41.32	-15.4	-157.06	-132.49	28.03
Net Debt/Capital (%)	-25.99	61.52	14.23	4.49	3.91	0.79	8.98	3.67	-1.37
EBITDA	-1	-16	-20	-15	-11	-8	-12	-11	-8
EBITDA-CapEx	-1	-17	-21	-16	-11	-8	-12	-11	-8
Operating Income (Loss)	-1	-16	-21	-16	-13	-9	-13	-12	-10

Liquidity (USD)

API Chat

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Cash Ratio	0.13	9.03	1.53	1.88	4.19	1.26	2.94	0.99	1.63
Current Ratio	0.13	9.08	4.31	2.08	4.42	1.75	3.16	1.21	2.31
Quick Ratio	0.13	9.03	1.56	1.93	4.21	1.32	2.98	1.12	1.8
CFO/Avg Current Liab	- -	-0.83	-2.98	-2.71	-3.46	-1.82	-1.59	-1.73	-2.2
Common Equity/Total Assets	-134.98	-59.96	-189.11	-384.01	-641.76	-610.98	-637.8	-1,096.15	-919.23
Long-Term Debt/Equity (%)	- -	- -	- -	32.96	35.09	57.5	- -	- -	91.6
Long-Term Debt/Capital (%)	- -	- -	- -	-4.9	-3.61	-3.26	- -	- -	-4.63
Long-Term Debt/Total Assets (%)	- -	- -	- -	16.94	22.14	18.06	- -	- -	39.31
Total Debt/Equity (%)	114.3	- -	- -	74.58	45.77	181.34	41.83	15.26	91.6
Total Debt/Capital (%)	-33	- -	- -	-11.09	-4.71	-10.28	-2.7	-0.44	-4.63
Total Debt/Total Assets (%)	33.49	- -	- -	38.33	28.88	56.94	16.33	4.56	39.31
CFO/Total Liabilities	-180.65	-42.84	-254.59	-165.41	-243.16	-79.67	-91.19	-105.03	-98.24
CFO/CapEx	-2.89	-3.09	-11.64	-11.39	-1,330.39	-74.52	- -	- -	- -
Altman's Z-Score	-10.64	42.98	14.14	-3.25	-2.12	-7.75	-7.94	-24.69	-19.39

Working Capital (USD)

API Chat

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Accounts Receivable Turnover	- -	- -	- -	3.96	3.39	3.46	7.56	0.7	1.55
Days Sales Outstanding	- -	- -	- -	92.09	107.6	105.49	48.28	522.79	234.96
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	1.65	0.93	0.72	0.95	0.5	1.3
Accounts Payable Turnover Days	- -	- -	- -	221.03	394.37	510.08	383.89	732.42	281.26
Cash Conversion Cycle	- -	- -	- -	-128.94	-286.77	-404.6	-335.61	-209.63	-46.3
Inventory to Cash Days	- -	- -	- -	92.09	107.6	105.49	48.28	522.79	234.96
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Market Capitalization	- -	264	142	67	74	48	57	46	- -
- Cash & Cash Equivalents	- -	30	6	8	6	8	12	4	4
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	2	6	4
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	5	3	8	2	- -	5
Enterprise Value	- -	234	136	64	71	47	50	48	5
Total Capital	-1	-19	-38	-49	-67	-74	-91	-102	-109
Total Debt/Capital (%)	-33	- -	- -	-11.09	-4.71	-10.28	-2.7	-0.44	-4.63
Total Debt / EV	1.2	- -	- -	0.08	0.04	0.16	0.05	0.01	0.93
EV/Sales	207,835	234,224,937	- -	89.54	151.47	236.85	120.06	216.52	7.19
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	264	142	67	74	48	57	46	- -
Diluted Enterprise Value	- -	234	136	64	71	47	50	48	5
EV per Share	0.01	9.08	4.99	2.3	2.24	1.26	1.15	0.97	- -
TTM Sales	- -	- -	- -	1	- -	- -	- -	- -	1
TTM EBITDA	-1	-16	-20	-15	-11	-8	-12	-11	-8
TTM Operating Income	-1	-16	-21	-16	-13	-9	-13	-12	-10
TTM Cash Flow to Firm	- -	- -	-11	-11	-10	-7	-8	-7	-7
TTM Free Cash Flow to Firm	- -	- -	-10	-10	-10	-7	-8	-7	-7

Multiples (USD)

API Chat

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Price/Free Cash Flow	- -	-256.14	-13.95	-6.45	-7.47	-6.64	-6.8	-6.38	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	234	136	64	71	47	50	48	5
Low Price	- -	7.25	2.84	1.6	1.45	0.8	0.94	0.77	0.29
EV/Sales	207,835	234,224,937	- -	89.54	151.47	236.85	120.06	216.52	7.19
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	-23.81	-10.52	-5.38	-4.33	-6.03	-4.92	-5.46	- -
Price/Earnings High	- -	-45.26	-19.76	-12.6	-7.84	-11.82	-9.36	-8.21	- -
Price/Earnings Low	- -	-11.93	-3.97	-2.78	-2.84	-2.76	-2.79	-3.08	- -
Price/Book Value	- -	-14.04	-3.71	-1.23	-1.04	-0.59	-0.59	-0.43	- -
Price/Book Value Average	- -	-19.82	-5.35	-1.6	-0.99	-0.8	-0.75	-0.62	- -
Price/Book Value High	- -	-37.67	-10.04	-3.73	-1.79	-1.57	-1.43	-0.93	- -
Price/Book Value Low	- -	-9.93	-2.02	-0.82	-0.65	-0.37	-0.43	-0.35	- -
Price/Tangible Book Value	- -	9.65	9.27	10.01	11.61	13.09	20.29	-7.79	- -
Price/Tangible Book Value Average	- -	13.62	13.35	12.97	11.01	17.9	25.65	-11.31	- -
Price/Tangible Book Value High	- -	25.89	25.06	30.37	19.93	35.08	48.8	-16.99	- -
Price/Tangible Book Value Low	- -	6.82	5.04	6.7	7.23	8.18	14.56	-6.38	- -
Price/Sales	- -	264,323,638	- -	93.1	157.53	240.08	136.39	208.81	- -
Price/Sales Average	- -	373,005,781.64	- -	120.62	149.3	328.16	172.4	303.13	- -
Price/Sales High	- -	709,160,980	- -	282.41	270.44	643.34	327.96	455.39	- -
Price/Sales Low	- -	186,960,622	- -	62.33	98.03	150.05	97.87	171.05	- -
Price/Cash Flow	- -	-173.27	-12.75	-5.88	-7.46	-6.55	-6.8	-6.38	- -
Price/Cash Flow Average	- -	-244.51	-18.38	-7.62	-7.07	-8.96	-8.6	-9.26	- -
Price/Cash Flow High	- -	-464.86	-34.5	-17.84	-12.81	-17.56	-16.36	-13.91	- -
Price/Cash Flow Low	- -	-122.55	-6.94	-3.94	-4.64	-4.1	-4.88	-5.22	- -
Price/Free Cash Flow Average	- -	-361.45	-20.11	-8.35	-7.08	-9.08	-8.6	-9.26	- -
Price/Free Cash Flow High	- -	-687.19	-37.74	-19.56	-12.82	-17.8	-16.36	-13.91	- -
Price/Free Cash Flow Low	- -	-181.17	-7.59	-4.32	-4.65	-4.15	-4.88	-5.22	- -
EV/Sales Average	207,835	342,907,080.64	- -	117.06	143.24	324.93	156.07	310.84	7.19
EV/Sales High	207,835	679,062,279	- -	278.86	264.37	640.11	311.63	463.1	7.19
EV/Sales Low	207,835	156,861,921	- -	58.77	91.97	146.82	81.54	178.76	7.19
EV/EBITDA Average	-0.21	-21.31	-9.82	-5.45	-6.22	-8.28	-5.52	-6.28	-0.65
EV/EBITDA High	-0.21	-42.2	-18.71	-12.99	-11.48	-16.31	-11.02	-9.36	-0.65
EV/EBITDA Low	-0.21	-9.75	-3.51	-2.74	-3.99	-3.74	-2.88	-3.61	-0.65
EV/EBIT Average	-0.2	-20.98	-9.59	-5.2	-5.17	-6.83	-4.87	-5.84	-0.52
EV/EBIT High	-0.2	-41.54	-18.28	-12.39	-9.54	-13.45	-9.72	-8.7	-0.52
EV/EBIT Low	-0.2	-9.6	-3.43	-2.61	-3.32	-3.09	-2.54	-3.36	-0.52
Last Price	- -	10.25	5.22	2.39	2.33	1.28	1.31	0.94	0.3
High Price	- -	27.5	14.12	7.25	4	3.43	3.15	2.05	1.23
Enterprise Value Average	- -	343	198	84	67	64	65	69	5
Enterprise Value High	- -	679	378	201	123	127	130	103	5
Enterprise Value Low	- -	157	71	42	43	29	34	40	5

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Shares Outstanding	24	27	27	29	34	39	46	49	68
Diluted Weighted Avg Shares	24	26	27	28	32	37	43	49	- -
Basic Weighted Avg Shares	24	26	27	28	32	37	43	49	- -
Revenue per Share	- -	- -	- -	0.03	0.01	0.01	0.01	- -	- -
EBITDA per Share	-0.04	-0.62	-0.74	-0.55	-0.34	-0.21	-0.27	-0.22	- -
Operating Income per Share	-0.04	-0.63	-0.76	-0.58	-0.41	-0.25	-0.31	-0.24	- -
Basic EPS, GAAP	-0.04	-0.61	-0.71	-0.58	-0.51	-0.29	-0.34	-0.25	- -
Basic EPS from Cont Ops	-0.04	-0.61	-0.71	-0.58	-0.51	-0.29	-0.34	-0.25	- -
Diluted EPS, GAAP	-0.04	-0.61	-0.71	-0.58	-0.51	-0.29	-0.34	-0.25	- -
Diluted EPS from Cont Ops	-0.04	-0.61	-0.71	-0.58	-0.51	-0.29	-0.34	-0.25	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.04	-0.06	-0.41	-0.41	-0.31	-0.2	-0.19	-0.15	- -
Free Cash Flow per Basic Share	-0.05	-0.08	-0.44	-0.44	-0.31	-0.2	-0.19	-0.15	- -
Cash & Equivalents per Share	- -	1.17	0.23	0.29	0.19	0.22	0.27	0.09	- -
Book Value per Share	-0.04	-0.73	-1.41	-1.94	-2.23	-2.18	-2.21	-2.19	- -
Tangible Book Value per Share	- -	1.06	0.56	0.24	0.2	0.1	0.06	-0.12	- -

Millennium Cell, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)