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How did Mydeco’s accounts receivable days change over this period?

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TABLE 2.5 2009–2013
Financial Statement Data and Stock Price Data for Mydeco Corp.

Mydeco Corp. 2009–2013

(All data as of fiscal year end; in $ million)

Income
Statement

2009

2010

2011

2012

2013

Revenue

Cost of Goods Sold

404.3

(188.3)

363.8

(173.8)

424.6

(206.2)

510.7

(246.8)

604.1

(293.4)

Gross Profit

Sales and Marketing

Administration

Depreciation and
Amortization

216.0

(66.7)

(60.6)

(27.3)

190.0

(66.4)

(59.1)

(27.0)

218.4

(82.8)

(59.4)

(34.3)

263.9

(102.1)

(66.4)

(38.4)

310.7

(120.8)

(78.5)

(38.6)

EBIT

Interest Income (Expense)

61.4

(33.7)

37.5

(32.9)

41.9

(32.2)

57.0

(37.4)

72.8

(39.4)

Pretax Income

Income Tax

27.7

(9.7)

4.6

(1.6)

9.7

(3.4)

19.6

(6.9)

33.4

(11.7)

Net Income

Shares outstanding (millions)

Earnings per share

18.0

55.0

$0.33

3.0

55.0

$0.05

6.3

55.0

$0.11

12.7

55.0

$0.23

21.7

55.0

$0.39

Balance
Sheet

2009

2010

2011

2012

2013

Assets

Cash

Accounts Receivable

Inventory

48.8

88.6

33.7

68.9

69.8

30.9

86.3

69.8

28.4

77.5

76.9

31.7

85.0

86.1

35.3

Total
Current Assets

Net Property, Plant, and
Equip.

Goodwill and Intangibles

171.1

245.3

361.7

169.6

169.6

243.3

184.5

309

361.7

186.1

345.6

361.7

206.4

347.0

361.7

Total
Assets

Liabilities
and Stockholders’ Equity

Accounts Payable

Accrued Compensation

778.1

18.7

6.7

774.6

17.9

6.4

855.2

22.0

7.0

893.4

26.8

8.1

915.1

31.7

9.7

Total
Current Liabilities

Long-term Debt

25.4

500.0

24.3

500.0

29.0

575.0

34.9

600.0

41.4

600.0

Total
Liabilities

Stockholders’ Equity

525.4

252.7

524.3

250.3

604.0

251.2

634.9

258.5

641.4

273.7

Total
Liabilities and Stockholders’ Equity

778.1

774.6

855.2

893.4

915.1

Statement
of Cash Flows

2009

2010

2011

2012

2013

Net Income

Depreciation and
Amortization

Chg. in Accounts
Receivable

Chg. in Inventory

Chg. in Payables and
Accrued Comp.

18.0

27.3

3.9

(2.9)

2.2

3.0

27.0

18.8

2.8

(1.1)

6.3

34.3

(0.0)

2.5

4.7

12.7

38.4

(7.1)

(3.3)

5.9

21.7

38.6

(9.2)

(3.6)

6.5

Cash from Operations

Capital Expenditures

48.5

(25.0)

50.5

(25.0)

47.8

(100.0)

46.6

(75.0)

54.0

(40.0)

Cash from Investing Activities

Dividends Paid

Sale (or purchase) of
stock

Debt Issuance (Pay Down)

(25.0)

(5.4)

(25.0)

(5.4)

(100.0)

(5.4)

75.0

(75.0)

(5.4)

25.0

(40.0)

(6.5)

Cash from Financing Activities

(5.4)

(5.4)

69.6

19.6

(6.5)

Change
in Cash

18.1

20.1

17.4

(8.8)

7.5

Mydeco
Stock Price

$7.92

$3.30

$5.25

$8.71

$10.89



SeeTable 2.5showing financial statement data and
stock price data for Mydeco Corp.

·
a.How did Mydeco’s accounts receivable days change over this period?

·
b.How did Mydeco’s inventory days change over this period?

·
c.Based on your analysis, has Mydeco improved its management of its
working capital during this time period?

32.

SeeTable 2.5showing financial statement data and
stock price data for Mydeco Corp.

·
a.Compare Mydeco’s accounts payable days in 2009 and 2013.

·
b.Did this change in accounts payable days improve or worsen
Mydeco’s cash position in 2013?

33.

SeeTable 2.5showing financial statement data and
stock price data for Mydeco Corp.

  • a. By how much did Mydeco increase its debt from 2009 to
    2013?
  • b. What was Mydeco’s EBITDA/Interest coverage ratio in
    2009 and 2013? Did its coverage ratio ever fall below 2?
  • c. Overall, did Mydeco’s ability to meet its interest
    payments improve or decline over this period?



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