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Profissional Documentos
Cultura Documentos
Income Statement
(in thousands, except EPS and Shares)
2/3/2012
Net revenue
Cost of net revenue
Cost of net revenue (as % of Net Revenue)
Gross Profit
Gross Profit (as % of Net Revenue)
Operating expenses:
Selling, general and administrative
SG&A (as % of Net Revenue)
Research, development and engineering
R&D (as % of Net Revenue)
Non Recurring
ROCE
ROA
Profit Margin
Assets Turnover
Gross margin %
SG&A%
62,071,000
48,260,000
77.75%
13,811,000
22.25%
1/28/2011
$
61,494,000
50,098,000
81.47%
11,396,000
18.53%
1/31/2010
$
52,900,000
42,790,000
80.89%
10,110,000
19.11%
8,524,000
13.73%
856,000
1.38%
0.00%
9,380,000
15.11%
4,431,000
7.14%
(191,000)
7,302,000
11.87%
661,000
1.07%
0.00%
7,963,000
12.95%
3,433,000
5.58%
(83,000)
6,470,000
12.23%
624,000
1.18%
795,000
1.50%
7,889,000
14.91%
2,221,000
4.20%
(37,000)
-0.31%
4,240,000
6.83%
748,000
1.21%
-0.13%
3,350,000
5.45%
715,000
1.16%
3,492,000
5.63%
3,492,000
5.63%
2,635,000
4.28%
2,635,000
4.28%
-0.07%
2,184,000
4.13%
591,000
1.12%
160,000
1,433,000
2.71%
1,433,000
2.71%
1.88
1.35
0.73
1.88
1,853
1.35
1,955
0.73
1,960
41.86%
39.31%
28.91%
8.40%
7.29%
4.76%
5.63%
4.28%
2.71%
1.49
1.70
1.76
22.25%
18.53%
19.11%
13.73%
11.87%
12.23%
R&D%
1.38%
1.07%
1.18%
4.98
5.39
6.07
30.45
29.75
23.73
4.21
4.44
4.37
35.68
42.60
44.62
38.13
44.62
51.70
10.23
8.57
8.18
86.60
82.16
83.58
(38.24)
(28.97)
(23.70)
Analysis:
while having an average profit margins in line with the industry (Dell:
6.68%-8% vs. Industry: 6-8%) Dell was enjoying an incredible ROA (26%-26.2%) and ROCE (79.39%80.80%). The reason for such great result was Dell's business model that included effective
inventory management (Days Inventory 6-9 which is well above the industry average) and Just in
time inventory, that is assembled and not produced, making the process less capital intensive,
prepayment of its products (low A/R to Sales 0.10-0.12) and negative cash flow cycle (-6.51 to -9.66)
which allowed Dell to self finance its operations with its own cash flows and have no interest
expense for the period. Combining all this factors together allowed Dell to grow its business very
fast and very effectively.
In the period from 1997 to 1999
From 2000 to 2010 the financial situation for Dell started to look different. The margins
deteriorated over the years (Profit Margins from record 8% to all time low 2.71% in 2010 and Gross
Margins dropped to the average of 18.2%) which resulted in decline in ROA (from 18.16% to 4.76%)
as well as very volatile ROCE numbers over the 10 year period. The change could be explained by
the number of factors: while Asset TO was still high it was steadily declining over the time, Dell tried
to change the situation with lower ROCE by employing higher Capital Structure Leverage which was
steadily growing from 2.41 to 6.07 (company used outside financing very heavily in 2009 and 2010
boosting it's LTD to TA to a record 11%), change in selling model contributed to the situation as well
when Dell started to offer financing options (boosting A/R) for its products. Another major change
that came along was the increasing competition in the technology market. While taking all of the
above factors into consideration it is worth mentioning that despite the negative changes Dell was
still enjoying a negative cash cycle throughout the whole period. To summarize: decline in ROA,
profit Margins as well as boost in leverage caused Dell's business to slowdown and possibly enter a
mature stage.
Dell vs HP:
HP had a better cost control throughout the years (COGS to Sales are always lower than Dell's),
SG&A expense was steadily going down for HP while growing for Dell in recent years. At the same
time HP's average ROA 5.46% is much lower than Dell's 13.86%, which could be explained by much
lower Asset TO (Dell's average 2.38 vs 1.14) and Inventory TO (66.45 vs 10.05).Also, Dell is better
positioned with it's average negative cash cycle of -28 vs HP's positive 40 which allowed it to self
finance its operations without incurring interest. Overall it is hard to tell which company is
positioned better as both have different business stratgy, however based on the analysis HP has
HP had a better cost control throughout the years (COGS to Sales are always lower than Dell's),
SG&A expense was steadily going down for HP while growing for Dell in recent years. At the same
time HP's average ROA 5.46% is much lower than Dell's 13.86%, which could be explained by much
lower Asset TO (Dell's average 2.38 vs 1.14) and Inventory TO (66.45 vs 10.05).Also, Dell is better
positioned with it's average negative cash cycle of -28 vs HP's positive 40 which allowed it to self
finance its operations without incurring interest. Overall it is hard to tell which company is
positioned better as both have different business stratgy, however based on the analysis HP has
better recent performance while Dell performed better historically in terms of ROA and Asset and
Inventory TO.
1/30/2009
2/1/2008
$ 61,101,000 $ 61,133,000
50,144,000
49,462,000
82.07%
80.91%
10,957,000
11,671,000
17.93%
19.09%
2/2/2007
$
57,420,000
47,904,000
83.43%
9,516,000
16.57%
2/3/2006
$
55,908,000
45,958,000
82.20%
9,950,000
17.80%
1/28/2005
$
49,205,000
40,190,000
81.68%
9,015,000
18.32%
1/30/2004
$
41,444,000
33,892,000
81.78%
7,552,000
18.22%
7,102,000
11.62%
663,000
1.09%
2,000
0.00%
7,767,000
12.71%
3,190,000
5.22%
134,000
7,538,000
12.33%
610,000
1.00%
83,000
0.14%
8,231,000
13.46%
3,440,000
5.63%
387,000
5,948,000
10.36%
498,000
0.87%
0.00%
6,446,000
11.23%
3,070,000
5.35%
275,000
5,140,000
9.19%
463,000
0.83%
0.00%
5,603,000
10.02%
4,347,000
7.78%
227,000
4,298,000
8.73%
463,000
0.94%
0.00%
4,761,000
9.68%
4,254,000
8.65%
191,000
3,544,000
8.55%
464,000
1.12%
0.00%
4,008,000
9.67%
3,544,000
8.55%
180,000
0.22%
3,324,000
5.44%
846,000
1.38%
2,478,000
4.06%
2,478,000
0.63%
3,827,000
6.26%
880,000
1.44%
2,947,000
4.82%
2,947,000
0.48%
3,345,000
5.83%
762,000
1.33%
2,583,000
4.50%
2,583,000
0.41%
4,574,000
8.18%
1,002,000
1.79%
3,572,000
6.39%
3,572,000
0.39%
4,445,000
9.03%
1,402,000
2.85%
3,043,000
6.18%
3,043,000
0.43%
3,724,000
8.99%
1,079,000
2.60%
2,645,000
6.38%
2,645,000
4.06%
4.82%
4.50%
6.39%
6.18%
6.38%
1.25
1.31
1.14
1.46
1.18
1.01
1.25
1,986
1.31
2,247
1.14
2,271
1.46
2,449
1.18
2,568
1.01
2,619
61.90%
73.10%
61.09%
67.31%
47.68%
47.43%
9.17%
11.08%
10.60%
15.42%
14.31%
15.21%
4.06%
4.82%
4.50%
6.39%
6.18%
6.38%
2.26
2.30
2.36
2.41
2.31
2.38
17.93%
19.09%
16.57%
17.80%
18.32%
18.22%
11.62%
12.33%
10.36%
9.19%
8.73%
8.55%
1.09%
1.00%
0.87%
0.83%
0.94%
1.12%
6.75
6.60
5.76
4.36
3.33
3.12
24.71
24.08
26.02
30.25
30.68
34.11
5.03
4.56
4.73
4.92
4.97
5.10
48.99
53.76
77.51
88.81
102.26
107.08
42.22
41.33
36.88
32.64
30.35
27.39
7.45
6.79
4.71
4.11
3.57
3.41
72.52
80.04
77.09
74.21
73.37
71.60
(22.85)
(31.92)
(35.50)
(37.46)
(39.45)
(40.80)
(28.02)
1/31/2003
$
35,404,000
29,055,000
82.07%
6,349,000
17.93%
2/1/2002
$
31,168,000
25,661,000
82.33%
5,507,000
17.67%
2/1/2001
$
31,888,000
25,445,000
79.79%
6,443,000
20.21%
1/28/2000
$
25,265,000
20,047,000
79.35%
5,218,000
20.65%
1/29/1999
$
18,243,000
14,137,000
77.49%
4,106,000
22.51%
2/1/1998
$
12,327,000
9,605,000
77.92%
2,722,000
22.08%
3,050,000
8.61%
455,000
1.29%
0.00%
3,505,000
9.90%
2,844,000
8.03%
183,000
2,784,000
8.93%
452,000
1.45%
482,000
1.55%
3,718,000
11.93%
1,789,000
5.74%
(58,000)
3,193,000
10.01%
482,000
1.51%
105,000
0.33%
3,780,000
11.85%
2,663,000
8.35%
531,000
2,387,000
9.45%
374,000
1.48%
194,000
0.77%
2,955,000
11.70%
2,263,000
8.96%
188,000
1,788,000
9.80%
272,000
1.49%
0.00%
2,060,000
11.29%
2,046,000
11.22%
38,000
1,202,000
9.75%
204,000
1.65%
0.00%
1,406,000
11.41%
1,316,000
10.68%
52,000
0.52%
3,027,000
8.55%
905,000
2.56%
2,122,000
5.99%
2,122,000
-0.19%
1,731,000
5.55%
485,000
1.56%
1,246,000
4.00%
1,246,000
1.67%
3,194,000
10.02%
958,000
3.00%
2,236,000
7.01%
(59,000)
2,177,000
0.74%
2,451,000
9.70%
785,000
3.11%
1,666,000
6.59%
1,666,000
0.21%
2,084,000
11.42%
624,000
3.42%
1,460,000
8.00%
1,460,000
0.42%
1,368,000
11.10%
424,000
3.44%
944,000
7.66%
944,000
5.99%
4.00%
6.83%
6.59%
8.00%
7.66%
0.80
0.46
0.81
0.61
0.27
0.80
2,644
0.46
2,726
0.79
2,746
0.61
2,728
0.27
5,544
44.36%
24.16%
39.84%
43.68%
80.80%
79.39%
14.63%
9.24%
17.48%
18.16%
26.20%
26.00%
5.99%
4.00%
6.83%
6.59%
8.00%
7.66%
2.44
2.31
2.56
2.75
3.27
3.40
17.93%
17.67%
20.21%
20.65%
22.51%
22.08%
8.61%
8.93%
10.01%
9.45%
9.80%
9.75%
1.29%
1.45%
1.51%
1.48%
1.49%
1.65%
3.03
2.61
2.28
2.41
3.08
3.05
40.72
34.21
36.22
39.23
42.18
42.73
5.26
5.46
6.51
6.80
7.02
7.15
99.50
75.70
64.34
60.38
55.88
39.69
25.03
30.24
31.49
33.96
35.81
35.37
3.67
4.82
5.67
6.04
6.53
9.20
69.43
66.89
56.10
53.71
52.01
51.07
(40.73)
(31.83)
(18.93)
(13.70)
(9.66)
(6.51)
2/2/1997
$
7,759,000
6,093,000
78.53%
1,666,000
21.47%
826,000
10.65%
126,000
1.62%
0.00%
952,000
12.27%
714,000
9.20%
33,000
0.43%
747,000
9.63%
216,000
2.78%
531,000
6.84%
(13,000)
518,000
6.68%
6.68%
21.47%
10.65%
1.62%
2/3/2012
ASSETS
Current Assets:
Cash and cash equivalents
Short-term investments
13,852,000
966,000
6,476,000
1,404,000
6,750,000
29,448,000
2,124,000
3,404,000
1,372,000
5,838,000
1,857,000
490,000
44,533,000
LIABILITIES
Current Liabilities:
Short Term Borrowing
2,867,000
Accounts Payable
11,656,000
3,934,000
3,544,000
22,001,000
6,387,000
3,836,000
3,392,000
35,616,000
STOCKHOLDER'S EQUITY
Put options
Common Stock
Retained Earnings
Other Comprehensive Income(Loss)
Treasury Stock
Other Stockholder Equity
Total Stockholder Equity
Total Liabilities and Stockholders Equity
12,187,000
28,236,000
(61,000)
(31,445,000)
8,917,000
44,533,000
1/31/2010
1/28/2011
13,913,000
10,635,000
1/30/2009
8,352,000 $
2/1/2008
7,764,000
2/2/2007
9,546,000
452,000
373,000
740,000
208,000
752,000
6,493,000
8,543,000
6,443,000
7,693,000
6,152,000
1,301,000
1,051,000
867,000
1,180,000
660,000
6,862,000
29,021,000
1,953,000
704,000
799,000
3,643,000
24,245,000
2,181,000
781,000
332,000
3,749,000
20,151,000
2,277,000
454,000
500,000
3,035,000
19,880,000
2,668,000
1,560,000
407,000
2,829,000
19,939,000
2,409,000
2,147,000
323,000
4,365,000
4,074,000
1,737,000
1,648,000
110,000
1,495,000
262,000
38,599,000
1,694,000
345,000
33,652,000
724,000
657,000
26,500,000
780,000
618,000
27,561,000
45,000
662,000
25,635,000
851,000
663,000
113,000
225,000
188,000
11,293,000
11,373,000
8,309,000
11,492,000
10,430,000
4,181,000
3,884,000
3,788,000
4,323,000
5,141,000
3,158,000
19,483,000
3,040,000
18,960,000
2,649,000
14,859,000
2,486,000
18,526,000
2,032,000
17,791,000
5,146,000
3,518,000
2,686,000
3,417,000
3,029,000
2,605,000
1,898,000
3,000,000
2,472,000
362,000
2,774,000
2,164,000
569,000
2,189,000
758,000
30,833,000
28,011,000
22,229,000
23,826,000
21,307,000
11,797,000
24,744,000
(71,000)
11,472,000
22,110,000
(37,000)
11,189,000
20,677,000
309,000
10,589,000
18,199,000
(16,000)
10,107,000
15,282,000
(28,000)
(28,704,000)
(27,904,000)
7,766,000
38,599,000
5,641,000
33,652,000
(27,904,000)
4,271,000
26,500,000
(25,037,000)
3,735,000
27,561,000
(21,033,000)
4,328,000
25,635,000
2/3/2006
7,042,000
1/28/2005
4,747,000
1/30/2004
4,317,000
1/31/2003
4,232,000
2/1/2002
3,641,000
2/1/2001
4,910,000
2,016,000
5,060,000
835,000
406,000
273,000
528,000
5,452,000
4,548,000
3,635,000
2,586,000
2,269,000
2,895,000
576,000
459,000
327,000
306,000
278,000
400,000
2,620,000
17,706,000
2,005,000
2,691,000
325,000
2,083,000
16,897,000
1,691,000
4,294,000
199,000
1,519,000
10,633,000
1,517,000
6,770,000
-
1,394,000
8,924,000
913,000
5,267,000
-
1,416,000
7,877,000
826,000
4,373,000
-
758,000
9,491,000
996,000
2,418,000
-
382,000
23,109,000
134,000
23,215,000
391,000
19,311,000
366,000
15,470,000
459,000
13,535,000
530,000
13,435,000
9,840,000
8,895,000
7,316,000
5,989,000
5,075,000
4,286,000
6,087,000
5,241,000
3,580,000
2,944,000
2,444,000
2,257,000
15,927,000
14,136,000
10,896,000
8,933,000
7,519,000
6,543,000
504,000
2,549,000
505,000
2,089,000
505,000
1,630,000
506,000
1,158,000
520,000
802,000
509,000
761,000
18,980,000
16,730,000
13,031,000
10,597,000
8,841,000
7,813,000
9,540,000
12,746,000
(103,000)
8,195,000
9,174,000
(82,000)
6,823,000
6,131,000
(83,000)
6,018,000
3,486,000
(33,000)
5,605,000
1,364,000
38,000
4,795,000
839,000
62,000
(18,007,000)
(47,000)
4,129,000
23,109,000
(10,758,000)
(44,000)
6,485,000
23,215,000
(6,539,000)
(52,000)
6,280,000
19,311,000
(4,539,000)
(59,000)
4,873,000
15,470,000
(2,249,000)
(64,000)
4,694,000
13,535,000
(74,000)
5,622,000
13,435,000
1/28/2000
3,809,000
1/29/1999
1,726,000
2/1/1998
320,000
2/2/1997
115,000
323,000
923,000
1,524,000
1,237,000
2,608,000
2,094,000
1,486,000
903,000
391,000
273,000
233,000
251,000
550,000
7,681,000
765,000
1,048,000
-
791,000
5,807,000
523,000
532,000
349,000
3,912,000
342,000
-
241,000
2,747,000
235,000
-
1,673,000
304,000
11,471,000
15,000
6,877,000
14,000
4,268,000
11,000
2,993,000
3,538,000
2,397,000
1,643,000
1,040,000
1,654,000
1,298,000
1,054,000
618,000
5,192,000
3,695,000
2,697,000
1,658,000
508,000
463,000
512,000
349,000
17,000
225,000
36,000
18,000
219,000
13,000
6,163,000
4,556,000
2,975,000
1,908,000
279,000
3,583,000
1,260,000
533,000
1,781,000
606,000
(36,000)
747,000
607,000
-
195,000
647,000
-
(68,000)
5,308,000
11,471,000
(30,000)
2,321,000
6,877,000
(61,000)
1,293,000
4,268,000
(36,000)
1,085,000
2,993,000
ROCE
ROA
Profit Margin
Assets Turnover
Gross margin %
SG&A%
R&D%
COGS %
Capital Structure Leverage
Fixed Asset Turnover
AP Turnover
Inventory Turnover
Days Receivables
Days Inventory
Days AP
Cash Cycle
127,245,000
97,529,000
29,716,000
13,466,000
3,254,000
3,319,000
20,039,000
9,677,000
(695,000)
8,982,000
1,908,000
7,074,000
7,074,000
10//31/10
$
126,033,000
95,956,000
30,077,000
12,718,000
2,959,000
2,921,000
18,598,000
11,479,000
(505,000)
10,974,000
2,213,000
8,761,000
8,761,000
3.32
3.32
2,128
3.69
3.69
2,372
17.73%
21.55%
5.57%
7.32%
5.56%
6.95%
1.00
1.05
23.35%
23.86%
10.58%
2.56%
76.65%
10.09%
2.35%
76.14%
3.18
2.94
10.58
10.95
5.27
5.76
13.98
15.24
52.64
54.58
26.12
23.95
69.20
63.36
9.56
15.18
10/31/2009
$
114,552,000
87,524,000
27,028,000
11,613,000
2,819,000
2,460,000
16,892,000
9,415,000
9,415,000
1,755,000
7,660,000
7,660,000
10/31/2008
$
118,364,000
89,921,000
28,443,000
13,104,000
3,588,000
1,278,000
17,970,000
10,473,000
10,473,000
2,144,000
8,329,000
8,329,000
10/31/2007
$
104,286,000
78,887,000
25,399,000
12,226,000
3,801,000
653,000
16,680,000
8,719,000
458,000
9,177,000
1,913,000
7,264,000
7,264,000
10/31/2006
$
91,658,000
69,427,000
22,231,000
11,266,000
3,643,000
762,000
15,671,000
6,560,000
631,000
7,191,000
993,000
6,198,000
6,198,000
10/31/2005
$
86,696,000
66,440,000
20,256,000
11,184,000
3,492,000
2,107,000
16,783,000
3,473,000
70,000
3,543,000
1,145,000
2,398,000
2,398,000
2.16
2.16
9,540
3.25
3.25
2,567
2.68
2.68
2,716
2.18
2.18
2,852
0.82
0.82
2,909
19.28%
21.50%
18.95%
16.46%
6.42%
6.72%
8.25%
8.51%
7.78%
3.13%
6.69%
7.04%
6.97%
6.76%
2.77%
1.00
1.17
1.22
1.15
1.13
23.59%
24.03%
24.36%
24.25%
23.36%
10.14%
2.46%
76.41%
11.07%
3.03%
75.97%
11.72%
3.64%
75.64%
12.29%
3.97%
75.75%
12.90%
4.03%
76.64%
2.87
2.61
2.23
2.11
2.05
10.37
12.70
14.23
13.77
13.24
5.93
6.93
6.63
6.30
6.76
12.50
11.30
10.00
9.49
9.53
61.26
54.23
51.17
51.30
53.94
29.21
32.29
36.51
38.45
38.31
61.59
52.71
55.07
57.96
54.00
28.88
33.81
32.61
31.80
38.26
10/31/2004
$
79,905,000
60,340,000
19,565,000
11,024,000
3,543,000
771,000
15,338,000
4,227,000
(31,000)
4,196,000
699,000
3,497,000
3,497,000
10/31/2003
$
73,061,000
53,857,000
19,204,000
11,012,000
3,653,000
1,643,000
16,308,000
2,896,000
(8,000)
2,888,000
349,000
2,539,000
2,539,000
10/31/2002
$
56,588,000
41,579,000
15,009,000
9,033,000
4,105,000
2,883,000
16,021,000
(1,012,000)
(40,000)
(1,052,000)
(129,000)
(923,000)
20,000
(903,000)
10/31/2001
$
45,226,000
33,474,000
11,752,000
7,259,000
2,670,000
384,000
10,313,000
1,439,000
(737,000)
702,000
78,000
624,000
(216,000)
408,000
10/31/2000
$
48,782,000
34,864,000
13,918,000
7,383,000
2,646,000
10,029,000
3,889,000
736,000
4,625,000
1,064,000
3,561,000
136,000
3,697,000
10/31/1999
$
42,370,000
29,720,000
12,650,000
6,522,000
2,440,000
8,962,000
3,688,000
506,000
4,194,000
1,090,000
3,104,000
387,000
3,491,000
1.15
1.15
3,055
0.83
0.83
3,063
(0.37)
(0.36)
2,499
0.32
0.21
1,974
1.73
1.80
2,077
9.29%
6.86%
-3.60%
2.90%
22.75%
4.64%
3.49%
-1.75%
1.23%
10.67%
4.38%
3.48%
-1.60%
0.90%
7.58%
1.06
1.00
1.10
1.36
1.41
24.49%
26.28%
26.52%
25.99%
28.53%
29.86%
13.80%
4.43%
75.51%
15.07%
5.00%
73.72%
15.96%
7.25%
73.48%
16.05%
5.90%
74.01%
15.13%
5.42%
71.47%
15.39%
5.76%
2.00
1.96
2.06
2.36
2.13
12.17
10.90
10.00
10.17
11.05
6.57
6.64
7.81
7.46
8.34
9.19
9.08
7.56
6.14
6.60
57.23
59.44
59.92
61.49
61.41
39.73
40.20
48.29
59.44
55.29
55.52
54.95
46.75
48.92
43.79
41.44
44.68
61.46
72.02
72.91
1.49
1.67
2,104
8.24%
10/31/2011
10/31/2010
ASSETS
Current Assets:
$
10,929,000
8,043,000
Short-term investments
3,162,000
2,986,000
18,224,000
18,481,000
7,490,000
6,466,000
14,102,000
51,021,000
12,292,000
10,755,000
15,322,000
54,184,000
11,763,000
12,225,000
Goodwill
44,551,000
38,483,000
10,898,000
129,517,000
7,848,000
124,503,000
8,083,000
7,046,000
Accounts payable
18,749,000
18,621,000
15,113,000
16,207,000
1,048,000
802,000
7,449,000
50,442,000
6,727,000
49,403,000
22,551,000
17,520,000
15,258,000
19,061,000
90,513,000
83,722,000
20,000
22,000
6,837,000
35,266,000
-3,498,000
11,569,000
32,695,000
(3,837,000)
379,000
39,004,000
129,517,000
332,000
40,781,000
124,503,000
Taxes payable
Short-term deferred service revenue
Total Current Liabilities
Long Term Debt
Other non-current liabilities
Total Liabilities
STOCKHOLDER'S EQUITY
Common Stock
Additional paid-in capital
Retained Earnings
Other Comprehensive Income(Loss)
Treasury Stock
Other Stockholder Equity
Total Stockholder Equity
Total Liabilities and Stockholders Equity
10/31/2009
13,279,000
10/31/2008
10,153,000
10/31/2007
11,293,000
10/31/2006
16,400,000
10/31/2005
13,911,000
10/31/2004
12,663,000
55,000
22,000
18,000
311,000
19,212,000
19,242,000
15,927,000
13,313,000
12,454,000
13,171,000
6,128,000
7,879,000
8,033,000
7,750,000
6,877,000
7,071,000
13,865,000
52,539,000
11,262,000
11,289,000
14,454,000
51,728,000
10,838,000
10,468,000
12,149,000
47,402,000
7,798,000
7,647,000
10,779,000
48,264,000
6,863,000
6,649,000
10,074,000
43,334,000
6,451,000
7,502,000
9,685,000
42,901,000
6,649,000
6,657,000
33,109,000
32,335,000
21,773,000
16,853,000
16,441,000
15,828,000
6,600,000
114,799,000
7,962,000
113,331,000
4,079,000
88,699,000
3,352,000
81,981,000
3,589,000
77,317,000
4,103,000
76,138,000
1,850,000
3,186,000
2,705,000
1,831,000
2,511,000
14,809,000
14,138,000
11,787,000
12,102,000
10,223,000
9,377,000
19,252,000
16,211,000
17,371,000
14,829,000
13,224,000
12,033,000
910,000
869,000
1,891,000
1,905,000
2,367,000
1,709,000
6,182,000
43,003,000
21,721,000
52,939,000
5,025,000
39,260,000
4,309,000
35,850,000
3,815,000
31,460,000
2,958,000
28,588,000
13,980,000
17,299,000
7,676,000
13,774,000
4,997,000
5,916,000
2,490,000
5,497,000
3,392,000
5,289,000
4,623,000
5,363,000
74,282,000
74,389,000
50,173,000
43,837,000
40,141,000
38,574,000
24,000
24,000
26,000
27,000
28,000
29,000
13,804,000
29,936,000
(3,247,000)
14,012,000
24,971,000
(65,000)
16,381,000
21,560,000
559,000
17,966,000
20,729,000
18,000
20,490,000
16,679,000
(21,000)
22,129,000
15,649,000
(243,000)
40,517,000
114,799,000
38,942,000
113,331,000
38,526,000
88,699,000
(596,000)
38,144,000
81,981,000
37,176,000
77,317,000
37,564,000
76,138,000
10/31/2003
14,188,000
10/31/2002
11,192,000 $
10/31/2001
4,197,000
10/31/2000
3,415,000
10/31/1999
5,411,000
403,000
237,000
139,000
592,000
11,886,000
11,909,000
6,671,000
8,568,000
7,847,000
6,065,000
5,797,000
5,204,000
5,699,000
4,863,000
8,454,000
40,996,000
6,482,000
7,980,000
6,940,000
36,075,000
6,924,000
7,760,000
5,094,000
21,305,000
4,397,000
6,126,000
4,970,000
23,244,000
4,500,000
6,265,000
3,521,000
21,642,000
4,333,000
5,789,000
14,894,000
15,089,000
667,000
4,356,000
74,708,000
4,862,000
70,710,000
89,000
32,584,000
34,009,000
3,533,000
35,297,000
1,080,000
1,793,000
1,722,000
1,555,000
3,105,000
9,285,000
7,012,000
3,791,000
5,049,000
3,517,000
11,009,000
10,716,000
4,766,000
4,788,000
4,110,000
1,599,000
1,529,000
1,818,000
2,046,000
2,152,000
3,657,000
26,630,000
3,260,000
24,310,000
1,867,000
13,964,000
1,759,000
15,197,000
1,437,000
14,321,000
6,494,000
3,838,000
6,035,000
4,103,000
3,729,000
938,000
3,402,000
1,201,000
1,764,000
917,000
36,962,000
34,448,000
18,631,000
19,800,000
17,002,000
30,000
30,000
19,000
19,000
20,000
24,587,000
13,332,000
(203,000)
24,660,000
11,973,000
(401,000)
200,000
13,693,000
41,000
14,097,000
93,000
18,275,000
-
37,746,000
74,708,000
36,262,000
70,710,000
13,953,000
32,584,000
14,209,000
34,009,000
18,295,000
35,297,000