5-孙铨.doc

www.gsmer.net 1. 2. 3. 4. 5. 6. Oracle 1998 5 31 1997 5 31 1998 1997 1273681 890162 645518 323028 1998 1857480 1540470 195,609 1997 127,840 546371 517436 4323050 3271096 186511 116337 934350 868948 1998 99012 98981 37473 1997 36303 276088 268953 5819011 4624315 2924 3361 239698 185444 181354 203646 877087 602862 1183102 926826 2484165 1922139 304337 300836 72951 31628 2957558 2369712 5819011 4624315 http://www.gsmer.net gsmer 1

Oracle 1999 6 17 Jets X-and-O www.gsmer.net Oracle Carl Banks Developer/2000 Banks Jets Banks X s O s Oracle 250%Oracle 80 145 Developer/2000 Oracle Oracle Oracle 1 1. 2. 3. 1 1 http://www.gsmer.net gsmer 2

www.gsmer.net Oracle Ford Motor Company Oracle Oracle Oracle Oracle Oracle 5 18 100,000 Oracle 5 18 100,000 100,000 = + +100000-100000 =0 + 0 5 27 Oracle 4000 Oracle 5 27 4000 4000 = + +4000 =0 + 4000 Oracle 5 31 Oracle 5 31 102000 Oracle 102000 Oracle 100000 http://www.gsmer.net gsmer 3

gain (revenue) Oracle 5-1 5 31 Oracle 5 31 2000 2000 = + +2000 =0 + 0 +2000 100000 2000 Oracle 102000 Oracle 95000 Oracle loss Oracle 5 31 5000 100000-95000 5000 95000 Oracle 95000 5-1 5-1 5-2 5-3 http://www.gsmer.net gsmer 4

XXX 102000 XXX XXX XXX 4000 1000 2000 XXX Humana, Inc. HMOs Humana www.gsmer.net 1144 1156 Humana Humana 20X0 12 31 Humana 20X0 XX 1156 Humana 1156-1144 12 accounts http://www.gsmer.net gsmer 5

receivable trade receivable Oracle 9000 ASTON 5000 HARRIS 1000 SALAZAR 3000 9000 notes receivable security (collateral) Oracle www.gsmer.net General Motors 6000 1500 Oracle 2 Butler Butler 5 90% Butler http://www.gsmer.net gsmer 6

5-4 2 Bulter Bulter 1. 2. 3. 1. 2. 3. 1. 2. 1. 2 http://www.gsmer.net gsmer 7

1000 80 920 2. 8000 190 1-4 Gap Frito-Lay PepsiCo It s Just Lunch Frito-Lay Oracle 67 67 Albany Ladder 2300 85% Albany Ladder 100000 1%~1.2% Albany Ladder 70 3 http://www.gsmer.net gsmer 8

10000 900 9100 10000 9100 900 Oracle 5-5 900 9100 2000 20X3 12 31 120000 500 120000 500 119500 120000-500 1.5 20X3 500000 http://www.gsmer.net gsmer 9

20X3 12 31 500000 0.015 7500 7500 + - -7500 0-7500 20X3 5-6 120000 120000 500 7500 8000 112000 120000-8000 7500 5-2 Schmidt 30 Schmidt 112000 3769 Schmidt 112000 1100 5-2 Schmidt 1-30 31-60 61-90 90 T-Bar-M Co. 20000 20000 Chicago Pneumatic 10000 10000 Parts Sarasota Pipe Corp. 13000 10000 23000 Oneida, Inc. 3000 1000 4000 39000 12000 2000 2000 55000 69000 25000 15000 3000 112000 0.1 1 5 90 69 +250 +750 +2700 3769 * 3769 5-2 Schmidt http://www.gsmer.net gsmer 10

20X3 12 31 2669 3769-1100 2669 + - -2669 0-2669 Schmidt 108231 11200-3769 112000 108231 1100 2669 3769 5-3 5-2 http://www.gsmer.net gsmer 11

www.gsmer.net 20X4 Schmidt 112000 20X4 92000 92000 = + +92000-92000 =0 +0 Schmidt Schmidt Abbott Smith 1200 Schmidt 20X4 31 1200 Smith 900 Abbott 300 5-7 5-8 5-9 5-10 = + http://www.gsmer.net gsmer 12

+1200-1200 =0 +0 www.gsmer.net 5-4 5-2 12000-92000 20000 20000-1200 18800 3769 3769-12002569 16231 16231 20X4 1 2 92000 Jones 92000 1. 2. 20X3 Jones 20X3 20X4 20X3 20X4 4 http://www.gsmer.net gsmer 13

5-5 5-5 1000 20X2 8 31 20X3 2 28 9% www.gsmer.net 20X2 8 31 20X3 2 28 20X3 2 28 1000 6% 5-5 1000 12 31 20X2 8 31 92000 92000 = + +1000-1000 =0 +0 12 31 9 12 4 12 31 1000.09 4/12 30 30 http://www.gsmer.net gsmer 14

= + + 30 =0 30 20X3 2 28 1045 1000 30 1000.09 2/12 15 5-11 www.gsmer.net = + +1045-1000 -30 =0 +15 1. 920X2 12 31 4 4/12 1000 0.09 4/12 30 5-12 2. 20X2 12 31 5-12 5-12 3. 360 12 365 / 60-90 20X0 3 20 General Electric Dorman Builders 15000 Dorman Builders 10% 90 Dorman http://www.gsmer.net gsmer 15

30 60 90 Discover American Express VISA MasterCard 100,000 VISA 97,000 3,000 100,000 = + + + 97,000 = 0 + 0 + $100,000 $3,000 VISA 97,000 VISA 3% 3,000 $100,000*.03=$3,000 100,000 factor Factor 95,000 100,000 Oracle 219 Oracle 100,000 Oracle 95,000 95,000 5,000 100,000 = +? + 95,000 = 0 + 0 5,000 100,000 Oracle http://www.gsmer.net gsmer 16

5 Oracle 3 3 Oracle 1998 +??? + $1,274 + $646 + $1,857?? = = = 1.52? $2,484 Oracle 1.52 Oracle 1.52 1 0.20 0.80 1.10 1.00 Oracle 1.52 Texas Instruments 1.29 12 31 $4,000 500 600 2,600 http://www.gsmer.net gsmer 17

3,400 1,200 1,600 1,300 $500 + $2,600 + $1,600 + $1,300 =1.5= $600 + $3,400 $2,600 + $1,300 =0.975= $600 + $3,400 $7,144* 1 = = = $19.57 365 365 2?? =?? (??? + / 2 =? Oracle www.gsmer.net = ($1,540 + $1,857) / 2 = 87 $19.57 * Oracle 1998 30 30 2/10 30 45 60 4 Oracle 1998 87 80 3/30 80 80 87 80 http://www.gsmer.net gsmer 18

5-15 6 Oracle 5-6 20XX 12 31 $15,000 350 150 15,500 $(1,400) 800 (500) 200 (900) 5-6 http://www.gsmer.net gsmer 19

5-6 2 $(1,400) 1,400 $800 800 5-16 5-17 1 2 Glade 10,000 800 Glade Glade 2 15,000 1,700 Glade 2 1 $9,200 10,000 Glade 800 2 Glade 9,200 ($10,000-$800) $14,000 Glade $800 $15,000 Glade $1,700 Glade $13,300 $15,000-$1,700 Glade $14,100 $800+$13,300 = $15,000 =$14,100 - $900 + CPC Skippy Hellmann Mazola 20X7 12 31 $549.9 (12.5) 1 20X7 12 31 CPC 2 CPC 20X8 http://www.gsmer.net gsmer 20

a. 19,200,000 b. 23,600,000 c. 20X8 12 31 582,700,000 15,300,000 3 CPC 20X8 12 31 4 CPC 1 =549,900,000-12,500,000=537,400,000 2 a. 19,200,000 19,200,000 b. 23,600,000 23,600,000 20X8 23,600,000 20X7 12 31 12,500,000 20X8 19,200,000 20X8 12 31 8,100,000 c. $15,300,00 - $8,100,000 7,200,000 7,200,000 3 8,100,000 7,200,000 15,300,000 $582,700,000 (15,300,000) 4 20X8 ($19,200,000 + $7,200,000) $26,400,000 1 2 http://www.gsmer.net gsmer 21

3 4 5 6 235 228 226 226 226 220 226 228 220 235 220 220 230 226 220 220 227 231 220 220 227 231 235 www.gsmer.net http://www.gsmer.net gsmer 22

223 220 220 220 220 226 1 Land s End 2 3 MSF 100,000 Oracle MFS MFS Oracle a. $90,000 b. $107,000 4 5 6 a b 7 8 9 20X2 a. 1 $ 10,000 9% 60 11/30/20X2 b. 2 50,000 10% 3 9/30/20X2 c. 3 100,000 8% 18 12/31/20X3 d. 4 15,000 12% 90 1/15/20X3 10 11 100,000 2,800 12 13 30 40 1 http://www.gsmer.net gsmer 23

5-1 1 2 www.gsmer.net 1 5-2 Intel 11 16 Intel 80,000 12 31 81,000 Intel 12 31 1 5-3 222 Oracle Ford 1 Oracle Ford Oracle 2 3 Ford Ford 5 31 97,000 Oracle Oracle 2 5-4 224 T Gary Bauer Bauer 3 5-5 3 5-6 Zurich 600,000 Zurich 1% 20X4 12 31 Zurich 90,000 1 2 20X4 12 31 Zurich 227 http://www.gsmer.net gsmer 24

3 5-7 5-6 Zurich 20X4 www.gsmer.net 90,000 6,000 20X5 Zurich 1 $800,000 2 $780,000 3 $5,000 4 1% Zurich 20X5 3 5-8 5-7 Zurich 1 $90,000 T Zurich 20X5 12 31 2 $6,000 T Zurich 20X5 12 31 3 20X5 12 31 Zurich 4 Zurich 20X5 3 5-9 20X0 100,000 3,000 20X0 700,000 720,000 20X0 6,000 20X0 12 31 2,000 a b c d T 3 5-10 20X0 12 31 1 T $100,000 $3,000 20X0 http://www.gsmer.net gsmer 25

a b c d $700,000 $720,000 $6,000 $5,000 2 3 20X0 12 31 227 4 5-11 Metzger 100,000 Jean Nowlin 90 8% Metzger a. 5 19 b. 360 4 5-12 1 2 3 20X1 20X2 20X3 20X1 4 30 1,000,000 Marjorie 2 9% a. b. c. d. 20X1 11 30 4 5-13 232 5-5 20X2 11 30 a 20X2 8 31 b 20X2 11 30 c 20X3 2 28 6 5-14 5-13 a. 20X2 11 30 b. 20X2 11 30 c. 20X3 11 30 http://www.gsmer.net gsmer 26

d. 20X3 11 30 5 5-15 Cabletron 20X1 2 28 20X0 $ 69 215 20X1 2 28 15 20X0 2 29 7 20X1 2 28 198 20X0 2 29 161 11 20X1 2 28 235 20X0 2 29 160 575 165 93 145 1,406 416 Cabletron a b 20X1 Cabletron 45,000,000 6 5-16 Sprint $14,045 355 1,527 12,861 3,281 200 117 1,151 2,581 1,027 1 a b http://www.gsmer.net gsmer 27

2 Sprint 3 Sprint 227 6 5-17 20XX Vulcan Alabama Talladega 100,000 20XX Vulcan Talladega 50% Vulcan 700,000 Vulcan 20XX 12 31 237 5-6 1 5-1 Exxon Exxon 60 1000 Xerox Exxon Xerox 20X1 12 20 12 31 Xerox 63 1 Exxon 2 Exxon 12 20 Xerox 12 31 3 Exxon 12 31 20X1 12 31 1.6 5-2 11 16 48,000 HP 12 12 HP 900 12 31 HP 51,000 1 5-3 Curtiss-Wright Wankel Mazda Curtiss-Wright Curtiss-Wright 20X1 20X1 http://www.gsmer.net gsmer 28

11 6 82,000 Titan 2,000 Curtiss-Wright 11 27 Titan 0.85 12 31 Titan 81,000 Curtiss-Wright 20X2 20X2 1 11 Titan 84,000 1 2 T Curtiss-Wright 110,000 0 Curtiss-Wright 20X1 12 31 20X2 12 31 20X1 20X2 2 5-4 Mingo Webb 4 www.gsmer.net 3 5-5 20X2 12 31 Payless 137,000 20X2 950,000 600,000 219 Oracle a. 900 Payless 1% b. 600 Payless 3,400 3 5-6 9 30 O Malley 28,000 10 137,000 100,000 10 91,000 1,070 2% 9 30 1,600 http://www.gsmer.net gsmer 29

1 2 3 10 10 31 O Malley O Malley 10 31 219 Oracle 3 5-7 5-6 1 10 2 O Malley 10 31 O Malley 3 5-8 20X1 12 31 269,000 5,910 1-30 31-60 61-90 90 $269,000 $107,000 $78,000 $69,000 $15,000 0.5% 1.2% 6.0% 50% 1 T 2 12 31 4 5-9 11 1 100,000 Sara Phillips 1 9% 12 3 SMU 90 12% 3,750 12 16 McMaster 6 12% 2,000 12 31 3 4 5-10 Ricoh 20X3 http://www.gsmer.net gsmer 30

4 1 10,000 Lee Franz 1 10% 12 31 20X4 4 1 Franz + Ricoh 20X3 20X4 4 5-11 Aussie 3 Aussie 20X0 Aussie 8 29 L. Moncrief 4,000 12 1 Moncrief 60 10% 4,000 12 1 Moncrief 3,810 Aussie Wear 3.4 5-12 1 2 3 4 5 6 Stockton 100,000 6 6% Stockton 5 5-13 20X6 20X5 20X6 20X5 $ 4,000 $ 9,000 http://www.gsmer.net gsmer 31

27,000 11,000 $80,000 $74,000 (7,000) 73,000 (6,000) 68,000 188,000 189,000 2000 2,000 294,000 279,000 101,000 107,000 743,000 732,000 1 2 20X5 20X6 0.9 20X6 30 5 5-14 1999 1998 $137,634 $117,958 1,118 976 1 1999 2 1999 1 31 1,118,000,000 6 5-15 20X0 907,000,000 110,000,000 887,000,000 48,000,000 90 46,000,000 20X0 8,300,000 20X1 1,300,000 20X0 http://www.gsmer.net gsmer 32

2 5-16 Barry $200,000 $150,000 $350,000 120,000 90,000 210,000-4,000 4,000 34,000 27,000 61,000 Barry Christian VISA MasterCard 10% Barry 2,000 VISA MasterCard 2% Christian Barry 1 5-1A: 20X0 Lybrand Canoe 11 2 2,000 12.75 11 21 0.45 12 31 28,000 1 2 3 4 T 400,000 T 12 31 Lybrand Lybrand 2 5-2A: Gunflint Outfitters Benjamin Nadir Nadir http://www.gsmer.net gsmer 33

Benjamin Nadir 3 5-3A: AOL AOL AOL 1999 6 30 1998 6 30 AOL 1999.6.30 1998.6.30 $377 $226 (54) (34) $323 $192 1999 6 30 AOL 4,777,000,000 4,455,000,000 4% AOL 171,000,000 AOL 1999 6 30 1 T 1998 6 30 2 1999 6 30 AOL a. $4,777,000,000 b. $4,455,000,000 c. 4% $1,000,000 d. $171,000,000 3 T 4 T 1999 6 30 5 1999 6 30 AOL AOL 6 AOL 1999 6 30 3 5-4A: 2 28 Hahn 75,000 3 509,000 509,000 3 1 2 $431,600 $6,500 800 2% 3 3 Hahn 3 Hahn 3 31 http://www.gsmer.net gsmer 34

3 www.gsmer.net 3 5-5A: 20X2 6 30 Burdette Silver $265,000 (7,100) Burdette 2% 20X2 Burdette 20X2 7 14 Black & Lux $766 TimeSaver $2,413 Twilley & Associates $314 9 30 141,400 11 22 Monet $1,345 Blocker $2,109 M Street Plaze $755 12 31 1-30 31-60 61-90 90 $269,000 $161,500 $86,000 $34,000 $15,100 0.2% 1.0% 4.0% 50% 1 2 3 Burdette 20X2 20X1 227 20X1 12 31 Burdette 271,400 6,700 3.4 5-6A: Jones-Blair 20X4 12 1 Kelly Moore 24,000 3 10% 12 31 Kelly Moore 12 31 355,800 339,100 20X5 2 18 Altex 90 10% 5,000 http://www.gsmer.net gsmer 35

3 1 Kelly Moore 3 8 Altex 4,619 11 11 50,000 90 9% 12 31 5 5-7A: Polo 1999 1998 1997 1999 1998 1997 $ 27 $ 26 $ 22 93 101 69 $7,$6,$4 176 154 127 408 383 341 32 31 25 736 695 584 440 446 388 $3,071 $2,505 $1,944 1,380 1,360 963 1 1999 1998 a. b. c. 2 1998 1999 2 1 5-1B: http://www.gsmer.net gsmer 36

20X0 Four Seasons 10 3 5,000 9.25 10 14 0.32 12 31 45,500 5 6 7 8 T 400,000 ( ) T 12 31 Four Seasons Four Seasons ( ) 2 5-2B: Smile Center Smile Center Mark Sharp Sharp Sharp Sharp Smile Center 3 5-3B: Pier 1 Pier 1 Pier 1 1998 2 28 1997 2 28 Pier 1 1998.2.28 1997.2.28 $12,780 $4,395 (142) (267) $12,638 $4,128 1998 2 28 Pier 1 1,075,405,000 1,056,141,000 1% Pier 1 10,879,000 Pier 1 1998 2 28 7 T 1997 2 28 8 1998 2 28 Pier 1 a. $1,075,405,000 http://www.gsmer.net gsmer 37

b. $1,056,141,000 c. 1% $1,000 d. $10,879,000 9 T 10 T 1998 2 28 11 1998 2 28 Pier 1 Pier 1 12 Pier 1 1998 2 28 3 5-4B: 5 31 Marcus 219,000 6 789,000 650,000 3 $681,400 $8,900 4 2,800 5 6 2% 3 6 Marcus 6 Marcus 6 30 3 5-5B: 20X4 6 30 $143,000 (3,200) 1.5% 20X4 20X4 7 31 Zeff $235 Khaki $688 L. Chino $706 9 30 130,000 11 18 Bliss $767 Micro Data $430 12 31 http://www.gsmer.net gsmer 38

1-30 31-60 61-90 90 $129,400 $74,600 $31,100 $14,000 $9,700 0.1% 0.8% 5.0% 30% 4 5 6 20X4 20X3 227 20X3 12 31 112,000 2,700 3.4 5-6B: Del Monte 20X5 11 1 Kroger 24,000 3 6% 12 31 Kroger 12 31 197,400 193,900 20X6 2 1 Kroger 2 23 Bliss 90 15% 4,000 3 31 Bliss 3,810 11 16 15,000 McNeil 90 12% 12 31 McNeil 5 5-7A: Valentini 1999 1998 1997 1999 1998 1997 $ 76 $ 80 $ 60 140 174 122 $6,$6,$5 257 265 218 389 341 302 21 27 46 http://www.gsmer.net gsmer 39

883 887 748 503 528 413 $5,489 $4,995 $4,206 2,734 2,636 2,418 3 1999 1998 d. e. f. 4 1998 1999 3.4 1 Manatech Margaret Barzoukas 20X2 20X1 20X2 20X1 $220,000 $195,000 157,000 143,000 $ 63,000 $ 52,000 Barzoukas 50,000 Barzoukas 20X0 200,000 20X1 400,000 20X2 20X1 10% 2,000 Barzoukas 5% a. Manatech b. 20X2 Manatech Barzoukas 4 2 http://www.gsmer.net gsmer 40

Dupont Lane Dupont 1,000,000 Dupont 20X4 20X3 20X2 $1,475 $1,589 $1,502 876 947 905 599 642 597 518 487 453 $ 81 $ 155 $ 144 $ 458 $ 387 $ 374 23 31 29 1 2 3 Dupont Dupont Dupont 2 1 E-Z E-Z E-Z E-Z www.gsmer.net Alicia Johnston Johnston E-Z 6 1 Eastman 19X7 http://www.gsmer.net 19X6 gsmer 41

$14,538 $15,968 2,271 2,738 112 90 1 2 19X6 19X7 Eastman Eastman Eastman T 3 Eastman 19X7 156,000,000 19X7 4 2 T Eastman 19X7 Eastman 19X7 2 T 3.4 2 1 2 1% 3 9% a. 75% b. c. Rachel Joseph Leah Jacobs Xerox http://www.gsmer.net gsmer 42

Navarro 5 Taft Joseph Jacobs Navarro Kinko Joseph Jacobs 35,000 200,000 Xerox 6,000 6 Joseph Jacobs 130,000 6 1 Joseph Jacobs Nacarro 2 Synergy 1 2 3 Joseph Jacobs Synergy 130,000 3 Joseph Jacobs Joseph Jacobs 6 Synergy Oracle Microsoft 1999 11 Oracle Microsoft Intel 1 2 3 4 5 http://www.microsoft.com/msft 1 2 3 4 www.gsmer.net 5 1999 2 1999 3 http://www.gsmer.net gsmer 43

6 http://www.gsmer.net gsmer 44