Business Plans:
(continued)
Computer Reseller Business Plan (Financial Plan)
Strategy and Implementation Summary
Financial Plan
The most important element in the financial plan is the critical need for improving several of the key factors that impact cash flow:
- We must at any cost stop the slide in inventory turnover and develop better inventory management to bring the turnover back up to 8 turns by the third year. This should also be a function of the shift in focus towards service revenues to add to the hardware revenues.
- We must also bring the gross margin back up to 25%. This too is related to improving the mix between hardware and service revenues, because the service revenues offer much better margins.
- We plan to borrow another $150,000 long-term this year. The amount seems in line with the balance sheet capabilities.
Important Assumptions
On our General Assumptions table, the most ambitious and also the most questionable assumption is our projected improvement in inventory turnover, from 5 turns last year to 6, 7, and then 8. This is critical to healthy cash flow, but will also be difficult.
General Assumptions
| Note: Ratios in assumptions are used as estimators and may therefore have different values than ratios calculated in the ratios section. | |||
| 1997 | 1998 | 1999 | |
| Short Term Interest Rate | 8.00% | 8.00% | 8.00% |
| Long Term Interest Rate | 8.50% | 8.50% | 8.50% |
| Payment days | 35 | 35 | 35 |
| Collection days | 45 | 45 | 45 |
| Inventory Turnover | 6.00 | 5.00 | 5.00 |
| Tax Rate Percent | 20.00% | 20.00% | 20.00% |
| Expenses in cash% | 14.00% | 14.00% | 14.00% |
| Sales on credit | 70.00% | 75.00% | 80.00% |
| Personnel Burden % | 16.00% | 16.00% | 16.00% |
Key Financial Indicators
Break-Even Analysis
For our break-even analysis, we assume running costs of approximately $94,000 per month, which includes our full payroll, rent, and utilities, and an estimation of other running costs. Payroll alone, at our present run rate, is only about $55,000.
Margins are harder to assume. Our overall average of $343/248 is based on past sales. We hope to attain a margin that high in the future.
The chart shows that we need to sell about $340,000 per month to break even, according to theseassumptions. This is about half of our planned 1995 sales level, and significantly below our last year's sales level, so we believe we can maintain it.
| Break Even Analysis: | |
| Monthly Units Break-even | 620 |
| Monthly Sales Break-even | $214,232 |
| Assumptions: | |
| Average Unit Sale | $345.59 |
| Average Per-Unit Cot | $178.95 |
| Fixed Cost | $103,300 |
Projected Profit and Loss
The most important assumption in the Projected Profit and Loss statement is the gross margin, which is supposed to increase to 25%. This is up from barely 21% in the last year. The increase in gross margin is based on changing our sales mix, and it is critical.
Month-by-month assumptions for profit and loss are included in the appendices.
Projected Profit and Loss
| Pro-forma Income Statement | |||
| 1997 | 1998 | 1999 | |
| Sales | $5,934,115 | $6,739,868 | $7,761,748 |
| Direct Cost of Sales | $3,072,756 | $3,549,934 | $4,139,824 |
| Production payroll | $139,000 | $202,500 | $261,500 |
| Other | $6,000 | $6,600 | $7,260 |
| Total Cost of Sales | $3,217,756 | $3,759,034 | $4,408,584 |
| Gross margin | $2,716,359 | $2,980,834 | $3,353,164 |
| Gross margin percent | 45.78% | 44.23% | 43.20% |
| Operating expenses: | |||
| Sales and marketing expenses | |||
| Sales/Marketing Salaries | $344,000 | $422,000 | $486,000 |
| Ads | $150,000 | $316,733 | $332,570 |
| Catalog | $25,000 | $19,039 | $19,991 |
| Mailing | $113,300 | $0 | $0 |
| Promo | $16,000 | $0 | $0 |
| Shows | $20,200 | $0 | $0 |
| Literature | $7,000 | $0 | $0 |
| PR | $1,000 | $0 | $0 |
| Seminar | $31,000 | $0 | $0 |
| Service | $10,250 | $0 | $0 |
| Training | $60,000 | $0 | $0 |
| —————— | —————— | —————— | |
| Total Sales and Marketing Expense | $777,750 | $757,772 | $838,561 |
| Sales and Marketing Percent | 13.11% | 11.24% | 10.80% |
| General & Administrative Expenses | |||
| G&A Salaries | $155,000 | $179,000 | $234,000 |
| Leased Equipment | $30,000 | $31,500 | $33,075 |
| Utilities | $9,000 | $9,450 | $9,923 |
| Insurance | $6,000 | $6,300 | $6,615 |
| Rent | $84,000 | $88,200 | $92,610 |
| Depreciation | $12,681 | $13,315 | $13,981 |
| Payroll Burden | $107,840 | $139,760 | $169,360 |
| Other | $6,331 | $6,648 | $6,980 |
| —————— | —————— | —————— | |
| Total General and Administrative Expense | $410,852 | $474,173 | $566,544 |
| General and Administrative Percent | 6.92% | 7.04% | 7.30% |
| Other Operating Expenses | |||
| Other Salaries | $36,000 | $70,000 | $77,000 |
| Contract/Consultants | $12,000 | $30,000 | $30,000 |
| Other | $3,000 | $3,150 | $3,308 |
| —————— | —————— | —————— | |
| Total Other Operating Expenses | $51,000 | $103,150 | $110,308 |
| Percent of Sales | 0.86% | 1.53% | 1.42% |
| —————— | —————— | —————— | |
| Total Operating Expenses | $1,239,602 | $1,335,095 | $1,515,413 |
| Profit Before | |||
| Interest and Taxes | $1,476,757 | $1,645,739 | $1,837,751 |
| Interest Expense ST | $8,133 | $6,000 | $6,000 |
| Interest Expense LT | $22,545 | $19,395 | $15,849 |
| Taxes Incurred | $289,216 | $324,069 | $363,180 |
| Net Profit | $1,156,863 | $1,296,275 | $1,452,722 |
| Net Profit/Sales | 19.50% | 19.23% | 18.72% |
Projected Cash Flow
The cash flow depends on assumptions for inventory turnover, payment days, and accounts receivable management. Our projected 45-day collection days is critical, and it is also reasonable. We need $150,000 in new financing in March to get through a cash flow dip as we build up for mid-year sales.
| Pro-Forma Cash Flow | |||
| 1997 | 1998 | 1999 | |
| Net Profit: | $1,156,863 | $1,296,275 | $1,452,722 |
| Plus: | |||
| Depreciation | $12,681 | $13,315 | $13,981 |
| Change in Accounts Payable | $127,271 | $47,683 | $60,473 |
| Current Borrowing (repayment) | ($15,000) | $0 | $0 |
| Increase (decrease) Other Liabilities | $0 | $0 | $0 |
| Long-term Borrowing (repayment) | ($36,708) | ($39,953) | ($43,484) |
| Capital Input | $0 | $0 | $0 |
| Subtotal | $1,245,106 | $1,317,320 | $1,483,691 |
| Less: | 1997 | 1998 | 1999 |
| Change in Accounts Receivable | $304,718 | $151,799 | $194,504 |
| Change in Inventory | $15,868 | $267,992 | $161,543 |
| Change in Other ST Assets | $0 | $0 | $0 |
| Capital Expenditure | $300,000 | $200,000 | $400,000 |
| Dividends | $0 | $0 | $0 |
| Subtotal | $620,586 | $619,791 | $756,047 |
| Net Cash Flow | $624,520 | $697,529 | $727,644 |
| Cash balance | $679,952 | $1,377,481 | $2,105,125 |
Projected Balance Sheet
The Projected Balance Sheet is quite solid. We do not project any real trouble meeting our debt obligations — as long as we can achieve our specific objectives.
| Pro-forma Balance Sheet | ||||
| 1997 | 1998 | 1999 | ||
| Short-term Assets | Starting Balances | |||
| Cash | $55,432 | $679,952 | $1,377,481 | $2,105,125 |
| Accounts receivable | $395,107 | $699,825 | $851,624 | $1,046,128 |
| Inventory | $651,012 | $666,880 | $934,872 | $1,096,415 |
| Other Short-term Assets | $25,000 | $25,000 | $25,000 | $25,000 |
| Total Short-term Assets | $1,126,551 | $2,071,657 | $3,188,978 | $4,272,668 |
| Long-term Assets | ||||
| Capital Assets | $350,000 | $650,000 | $850,000 | $1,250,000 |
| Accumulated Depreciation | $50,000 | $62,681 | $75,996 | $89,977 |
| Total Long-term Assets | $300,000 | $587,319 | $774,004 | $1,160,023 |
| Total Assets | $1,426,551 | $2,658,976 | $3,962,982 | $5,432,691 |
| Debt and Equity | ||||
| 1997 | 1998 | 1999 | ||
| Accounts Payable | $223,897 | $351,168 | $398,850 | $459,323 |
| Short-term Notes | $90,000 | $75,000 | $75,000 | $75,000 |
| Other ST Liabilities | $15,000 | $15,000 | $15,000 | $15,000 |
| Subtotal | ||||
| Short-term Liabilities | $328,897 | $441,168 | $488,850 | $549,323 |
| Long-term Liabilities | $284,862 | $248,154 | $208,201 | $164,717 |
| Total Liabilities | $613,759 | $689,322 | $697,051 | $714,040 |
| Paid in Capital | $500,000 | $500,000 | $500,000 | $500,000 |
| Retained Earnings | $238,140 | $312,792 | $1,469,655 | $2,765,930 |
| Earnings | $74,652 | $1,156,863 | $1,296,275 | $1,452,722 |
| Total Equity | $812,792 | $1,969,655 | $3,265,930 | $4,718,652 |
| Total Debt and Equity | $1,426,551 | $2,658,976 | $3,962,982 | $5,432,691 |
| Net Worth | $812,792 | $1,969,655 | $3,265,930 | $4,718,652 |
Business Ratios
The table follows with our main business ratios. We do intend to improve gross margin, collection days, and inventory turnover.
| Ratio Analysis | ||||
| Profitability Ratios: | 1997 | 1998 | 1999 | RMA |
| Gross margin | 45.78% | 44.23% | 43.20% | 0 |
| Net profit margin | 19.50% | 19.23% | 18.72% | 0 |
| Return on Assets | 43.51% | 32.71% | 26.74% | 0 |
| Return on Equity | 58.73% | 39.69% | 30.79% | 0 |
| Activity Ratios | 1997 | 1998 | 1999 | RMA |
| AR Turnover | 5.94 | 5.94 | 5.94 | 0 |
| Collection days | 48 | 56 | 56 | 0 |
| Inventory Turnover | 4.88 | 4.69 | 4.34 | 0 |
| Accts payable turnover | 9.00 | 8.80 | 8.79 | 0 |
| Total asset turnover | 2.23 | 1.70 | 1.43 | 0 |
| Debt Ratios: | 1997 | 1998 | 1999 | RMA |
| Debt to net Worth | 0.35 | 0.21 | 0.15 | 0 |
| Short-term Debt to Liab. | 0.64 | 0.70 | 0.77 | 0 |
| Liquidity ratios | ||||
| Current Ratio | 4.70 | 6.52 | 7.78 | 0 |
| Quick Ratio | 3.18 | 4.61 | 5.78 | 0 |
| Net Working Capital | $1,630,490 | $2,700,127 | $3,723,346 | 0 |
| Interest Coverage | 48.14 | 64.81 | 84.11 | 0 |
| Additional ratios | 1997 | 1998 | 1999 | RMA |
| Assets to sales | 0.45 | 0.59 | 0.70 | 0 |
| Debt/Assets | 26% | 18% | 13% | 0 |
| Current debt/Total Assets | 17% | 12% | 10% | 0 |
| Acid Test | 1.60 | 2.87 | 3.88 | 0 |
| Asset Turnover | 2.23 | 1.70 | 1.43 | 0 |
| Sales/Net Worth | 3.01 | 2.06 | 1.64 | 0 |
Appendix: Projected Balance Sheet
Pro-forma Balance Sheet
| Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 | ||
| Short-term Assets | Starting Balances | ||||||
| Cash | $55,432 | $206,949 | $162,514 | $143,335 | $227,142 | $219,347 | $342,392 |
| Accounts receivable | $395,107 | $456,049 | $484,668 | $599,622 | $552,650 | $479,500 | $423,850 |
| Inventory | $651,012 | $470,438 | $505,882 | $618,326 | $570,548 | $486,990 | $433,480 |
| Other Short-term Assets | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $175,000 | $175,000 |
| Total Short-term Assets | $1,126,551 | $1,158,437 | $1,178,065 | $1,386,283 | $1,375,340 | $1,360,837 | $1,374,722 |
| Long-term Assets | |||||||
| Capital Assets | $350,000 | $450,000 | $550,000 | $600,000 | $600,000 | $650,000 | $650,000 |
| Accumulated Depreciation | $50,000 | $51,000 | $52,010 | $53,030 | $54,060 | $55,100 | $56,150 |
| Total Long-term Assets | $300,000 | $399,000 | $497,990 | $546,970 | $545,940 | $594,900 | $593,850 |
| Total Assets | $1,426,551 | $1,557,437 | $1,676,055 | $1,933,253 | $1,921,280 | $1,955,737 | $1,968,572 |
| Debt and Equity | |||||||
| Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 | ||
| Accounts Payable | $223,897 | $264,437 | $296,635 | $335,167 | $319,953 | $284,561 | $246,225 |
| Short-term Notes | $90,000 | $90,000 | $90,000 | $165,000 | $75,000 | $75,000 | $75,000 |
| Other ST Liabilities | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 |
| Subtotal Short-term Liabilities | $328,897 | $369,437 | $401,635 | $515,167 | $409,953 | $374,561 | $336,225 |
| Long-term Liabilities | $284,862 | $281,920 | $278,958 | $275,974 | $272,970 | $269,944 | $266,897 |
| Total Liabilities | $613,759 | $651,357 | $680,593 | $791,141 | $682,923 | $644,505 | $603,121 |
| Paid in Capital | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 |
| Retained Earnings | $238,140 | $312,792 | $312,792 | $312,792 | $312,792 | $312,792 | $312,792 |
| Earnings | $74,652 | $93,287 | $182,670 | $329,319 | $425,565 | $498,440 | $552,659 |
| Total Equity | $812,792 | $906,079 | $995,462 | $1,142,111 | $1,238,357 | $1,311,232 | $1,365,451 |
| Total Debt and Equity | $1,426,551 | $1,557,437 | $1,676,055 | $1,933,253 | $1,921,280 | $1,955,737 | $1,968,572 |
| Net Worth | $812,792 | $906,079 | $995,462 | $1,142,111 | $1,238,357 | $1,311,232 | $1,365,451 |
| Jul-97 | Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 |
| $217,918 | $263,815 | $292,826 | $428,300 | $483,679 | $679,952 | $679,952 | $1,377,481 | $2,105,125 |
| $327,250 | $278,775 | $401,625 | $691,075 | $800,362 | $699,825 | $699,825 | 851,624 | $1,046,128 |
| $303,260 | $300,760 | $469,480 | $792,768 | $816,700 | $666,880 | $666,880 | $934,872 | $1,096,415 |
| $475,000 | $475,000 | $325,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
| $1,323,428 | $1,318,350 | $1,488,931 | $1,937,143 | $2,125,742 | $2,071,657 | $2,071,657 | $3,188,978 | $4,272,668 |
| $650,000 | $650,000 | $650,000 | $650,000 | $650,000 | $650,000 | $650,000 | $850,000 | $1,250,000 |
| $57,211 | $58,283 | $59,366 | $60,460 | $61,565 | $62,681 | $62,681 | $75,996 | $89,977 |
| $592,789 | $591,717 | $590,634 | $589,540 | $588,435 | $587,319 | $587,319 | $774,004 | $1,160,023 |
| $1,916,217 | $1,910,067 | $2,079,565 | $2,526,683 | $2,714,177 | $2,658,976 | $2,658,976 | $3,962,982 | $5,432,691 |
| Jul-97 | Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 |
| $183,985 | $174,650 | $284,866 | $442,369 | $453,237 | $351,168 | $351,168 | $398,850 | $459,323 |
| $75,000 | $75,000 | $75,000 | $175,000 | $175,000 | $75,000 | $75,000 | $75,000 | $75,000 |
| $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 |
| $273,985 | $264,650 | $374,866 | $632,369 | $643,237 | $441,168 | $441,168 | $488,850 | $549,323 |
| $263,828 | $260,737 | $257,624 | $254,490 | $251,333 | $248,154 | $248,154 | $208,201 | $164,717 |
| $537,813 | $525,387 | $632,491 | $886,859 | $894,570 | $689,322 | $689,322 | $697,051 | $714,040 |
| $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 |
| $312,792 | $312,792 | $312,792 | $312,792 | $312,792 | $312,792 | $312,792 | $1,469,655 | $2,765,930 |
| $565,611 | $571,888 | $634,282 | $827,032 | $1,006,815 | $1,156,863 | $1,156,863 | $1,296,275 | $1,452,722 |
| $1,378,403 | $1,384,680 | $1,447,074 | $1,639,824 | $1,819,607 | $1,969,655 | $1,969,655 | $3,265,930 | $4,718,652 |
| $1,916,217 | $1,910,067 | $2,079,565 | $2,526,683 | $2,714,177 | $2,658,976 | $2,658,976 | $3,962,982 | $5,432,691 |
| $1,378,403 | $1,384,680 | $1,447,074 | $1,639,824 | $1,819,607 | $1,969,655 | $1,969,655 | $3,265,930 | $4,718,652 |
Appendix: Projected Cash Flow
Pro Forma Cash Flow
| Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 | |
| Net Profit: | $93,287 | $89,382 | $146,650 | $96,246 | $72,874 | $54,220 |
| Plus: | ||||||
| Depreciation | $1,000 | $1,010 | $1,020 | $1,030 | $1,040 | $1,050 |
| Change in Accounts Payable | $40,540 | $32,198 | $38,532 | ($15,214) | ($35,392) | ($38,337) |
| Current Borrowing (repayment) | $0 | $0 | $75,000 | ($90,000) | $0 | $0 |
| Increase (decrease) Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term Borrowing (repayment) | ($2,942) | ($2,962) | ($2,983) | ($3,005) | ($3,026) | ($3,047) |
| Capital Input | $0 | $0 | $0 | $0 | $0 | |
| Subtotal | $131,886 | $119,628 | $258,218 | ($10,943) | $35,497 | $13,886 |
| Less: | Jan | Feb | Mar | Apr | May | Jun |
| Change in Accounts Receivable | $60,942 | $28,619 | $114,953 | ($46,972) | ($73,150) | ($55,650) |
| Change in Inventory | ($180,574) | $35,444 | $112,444 | ($47,778)($83,558)($53,510) | ($130,220) | |
| Change in Other ST Assets | $0 | $0 | $0 | $0 | $150,000 | $0 |
| Capital Expenditure | $100,000 | $100,000 | $50,000 | $0 | $50,000 | $0 |
| Dividends | $0 | $0 | $0 | $0 | $0 | $0 |
| Subtotal | ($19,632) | $164,063 | $277,397 | ($94,750) | $43,292 | ($109,160) |
| Net Cash Flow | $151,517 | ($44,435) | ($19,180) | $83,807 | ($7,795) | $123,046 |
| Cash balance | $206,949 | $162,514 | $143,335 | $227,142 | $219,347 | $342,392 |
Appendix: Important Assumptions
General Assumptions
| Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 | |
| Short Term Interest Rate | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% |
| Long Term Interest Rate | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% |
| Payment days | 35 | 35 | 35 | 35 | 35 | 35 |
| Collection days | 45 | 45 | 45 | 45 | 45 | 45 |
| Inventory Turnover | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 |
| Tax Rate Percent | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% |
| Expenses in cash% | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% |
| Sales on credit | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% |
| Personnel Burden % | 16.00% | 16.00% | 16.00% | 16.00% | 16.00% | 16.00% |
| Jul-97 | Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 |
| $12,952 | $6,277 | $62,394 | $192,750 | $179,782 | $150,048 | $1,156,863 | $1,296,275 | $1,452,722 |
| $1,061 | $1,072 | $1,083 | $1,094 | $1,105 | $1,116 | $12,681 | $13,315 | $13,981 |
| ($62,239) | ($9,336) | $110,216 | $157,503 | $10,868 | ($102,069) | $127,271 | $47,683 | $60,473 |
| $0 | $0 | $0 | $100,000 | $0 | ($100,000) | ($15,000) | $0 | $0 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| ($3,069) | ($3,091) | ($3,113) | ($3,135) | ($3,157) | ($3,179) | ($36,708) | ($39,953) | ($43,484) |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| ($51,295) | ($5,078) | $170,581 | $448,213 | $188,598 | ($54,084) | $1,245,106 | $1,317,320 | $1,483,691 |
| Jul | Aug | Sep | Oct | Nov | Dec | 1997 | 1998 | 1999 |
| ($96,600) | ($48,475) | $122,850 | $289,450 | $109,287 | ($100,537) | $304,718 | $151,799 | 194,504 |
| ($2,500) | $168,720 | $323,288 | $23,932 | ($149,820) | $15,868 | $267,992 | $161,543 | |
| $300,000 | $0 | ($150,000) | ($300,000) | $0 | $0 | $0 | $0 | $0 |
| $0 | $0 | $0 | $0 | $0 | $0 | $300,000 | $200,000 | $400,000 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| $73,180 | ($50,975) | $141,570 | $312,738 | $133,219 | ($250,357) | $620,586 | $619,791 | $756,047 |
| ($124,475) | $45,897 | $29,011 | $135,475 | $55,379 | $196,273 | $624,520 | $697,529 | $727,644 |
| $217,918 | $263,815 | $292,826 | $428,300 | $483,679 | $679,952 | $679,952 | $1,377,481 | $2,105,125 |
| Jul-97 | Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 |
| 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% |
| 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% |
| 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 |
| 45 | 45 | 45 | 45 | 45 | 45 | 45 | 45 | 45 |
| 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 5.00 | 5.00 |
| 20.00% | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% |
| 14.00% | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% |
| 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | 75.00% | 80.00% |
| 16.00% | 16.00% | 16.00% | 16.00% | 16.00% | 16.00% | 16.00% | 16.00% | 16.00% |
Appendix: Personnel Plann
| Production | Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 |
| Manager | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Assistant | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
| Technical | $0 | $0 | $0 | $0 | $0 | $0 |
| Technical | $0 | $0 | $0 | $0 | $0 | $0 |
| Technical | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Fulfillment | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Fulfillment | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 |
| Other | ||||||
| $0 | $0 | |||||
| Subtotal | $9,500 | $9,500 | $9,500 | $9,500 | $9,500 | $9,500 |
| Sales and Marketing | Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 |
| Manager | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 |
| Technical sales | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 |
| Technical sales | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $4,000 |
| Salesperson | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $4,000 |
| Salesperson | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $4,000 |
| Salesperson | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $3,000 |
| Salesperson | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $3,000 |
| Salesperson | $0 | $0 | $0 | $0 | $0 | $3,000 |
| Salesperson | $0 | $0 | $0 | $0 | $0 | $0 |
| Other | $0 | $0 | $0 | $0 | $0 | $0 |
| Subtotal | $24,000 | $24,000 | $24,000 | $24,000 | $24,000 | $32,000 |
| Administration | Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 |
| President | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 |
| Finance | $0 | $0 | $0 | $0 | $0 | $4,000 |
| Admin Assistant | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Bookkeeping | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 |
| Clerical | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Clerical | $0 | $0 | $0 | $0 | $0 | $1,000 |
| Clerical | $0 | $0 | $0 | $0 | $0 | $0 |
| Other | $0 | $0 | $0 | $0 | $0 | $0 |
| Subtotal | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $15,000 |
| Other | Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 |
| Programming | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
| Other technical | $0 | $0 | $0 | $0 | $0 | $0 |
| Other | $0 | $0 | $0 | $0 | $0 | $0 |
| Subtotal | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
| Total Headcount | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Payroll | $46,500 | $46,500 | $46,500 | $46,500 | $46,500 | $59,500 |
| Payroll Burden | $7,440 | $7,440 | $7,440 | $7,440 | $7,440 | $9,520 |
| Total Payroll Expenditures | $53,940 | $53,940 | $53,940 | $53,940 | $53,940 | $69,020 |
| Note: Ratios in assumptions are used as estimators and may therefore have different values than ratios calculated in the ratios section. | ||||||||
| Jul-97 | Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 |
| $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $12,000 | $13,000 | $14,000 |
| $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $36,000 | $40,000 | $40,000 |
| $0 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $12,500 | $35,000 | $35,000 |
| $0 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $12,500 | $35,000 | $35,000 |
| $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $24,000 | $27,500 | $27,500 |
| $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $24,000 | $30,000 | $60,000 |
| $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $18,000 | $22,000 | $50,000 |
| $9,500 | $14,500 | $14,500 | $14,500 | $14,500 | $14,500 | $139,000 | $202,500 | $261,500 |
| Jul-97 | Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 |
| $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $72,000 | $76,000 | $80,000 |
| $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $60,000 | $63,000 | $85,000 |
| $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $45,500 | $46,000 | $46,000 |
| $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $40,500 | $55,000 | $64,000 |
| $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $40,500 | $50,000 | $55,000 |
| $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $33,500 | $34,000 | $45,000 |
| $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $31,000 | $38,000 | $45,000 |
| $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $21,000 | $30,000 | $33,000 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $30,000 | $33,000 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| $32,000 | $32,000 | $32,000 | $32,000 | $32,000 | $32,000 | $344,000 | $422,000 | $486,000 |
| Jul-97 | Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 |
| $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $66,000 | $69,000 | $95,000 |
| $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $28,000 | $29,000 | $30,000 |
| $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $24,000 | $26,000 | $28,000 |
| $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $18,000 | $25,000 | $30,000 |
| $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $12,000 | $15,000 | $18,000 |
| $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $7,000 | $15,000 | $18,000 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $15,000 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $155,000 | $179,000 | $234,000 |
| Jul-97 | Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 |
| $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $36,000 | $40,000 | $44,000 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $30,000 | $33,000 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $36,000 | $70,000 | $77,000 |
| 0 | 0 | 0 | 0 | 0 | 22 | 22 | 25 | 30 |
| $59,500 | $64,500 | $64,500 | $64,500 | $64,500 | $64,500 | $674,000 | $873,500 | $1,058,500 |
| $9,520 | $10,320 | $10,320 | $10,320 | $10,320 | $10,320 | $107,840 | $139,760 | $169,360 |
| $69,020 | $74,820 | $74,820 | $74,820 | $74,820 | $74,820 | $781,840 | $1,013,260 | $1,227,860 |
Appendix: Projected Profit and Loss
Pro-forma Income Statement
| Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 | |
| Sales | $440,365 | $468,000 | $579,000 | $500,000 | $435,000 | $388,000 |
| Direct Cost of Sales | $225,219 | $242,941 | $299,163 | $275,274 | $233,495 | $206,740 |
| Production payroll | $9,500 | $9,500 | $9,500 | $9,500 | $9,500 | $9,500 |
| Other | $500 | $500 | $500 | $500 | $500 | $500 |
| Total Cost of Sales | $235,219 | $252,941 | $309,163 | $285,274 | $243,495 | $216,740 |
| Gross margin | $205,146 | $215,059 | $269,837 | $214,726 | $191,505 | $171,260 |
| Gross margin percent | 46.59% | 45.95% | 46.60% | 42.95% | 44.02% | 44.14% |
| Operating expenses: | ||||||
| Sales and marketing expenses | ||||||
| Sales/Marketing Salaries | $24,000 | $24,000 | $24,000 | $24,000 | $24,000 | $32,000 |
| Ads | $15,000 | $15,000 | $12,000 | $10,000 | $15,000 | $10,000 |
| Catalog | $2,000 | $3,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Mailing | $3,000 | $11,800 | $5,500 | $10,500 | $10,500 | $5,500 |
| Promo | $0 | $0 | $0 | $0 | $0 | $0 |
| Shows | $0 | $0 | $0 | $0 | $0 | $0 |
| Literature | $0 | $7,000 | $0 | $0 | $0 | $0 |
| PR | $0 | $0 | $0 | $1,000 | $0 | $0 |
| Seminar | $1,000 | $0 | $0 | $5,000 | $5,000 | $5,000 |
| Service | $2,000 | $1,000 | $1,000 | $500 | $2,500 | $500 |
| Training | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 |
| Total Sales and Marketing Expense | $52,000 | $66,800 | $49,500 | $58,000 | $64,000 | $60,000 |
| Sales and Marketing Percent | 11.81% | 14.27% | 8.55% | 11.60% | 14.71% | 15.46% |
| General & Administrative Expenses | ||||||
| G&A Salaries | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $15,000 |
| Leased Equipment | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 |
| Utilities | $750 | $750 | $750 | $750 | $750 | $750 |
| Insurance | $500 | $500 | $500 | $500 | $500 | $500 |
| Rent | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 |
| Depreciation | $1,000 | $1,010 | $1,020 | $1,030 | $1,040 | $1,050 |
| Payroll Burden | $7,440 | $7,440 | $7,440 | $7,440 | $7,440 | $9,520 |
| Other | $500 | $505 | $510 | $515 | $520 | $525 |
| Total General and Administrative Expense | $29,690 | $29,705 | $29,720 | $29,735 | $29,750 | $36,845 |
| General and Administrative Percent | 6.74% | 6.35% | 5.13% | 5.95% | 6.84% | 9.50% |
| Other Operating Expenses | ||||||
| Other Salaries | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
| Contract/Consultants | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Other | $250 | $250 | $250 | $250 | $250 | $250 |
| Total Other Operating Expenses | $4,250 | $4,250 | $4,250 | $4,250 | $4,250 | $4,250 |
| Percent of Sales | 0.97% | 0.91% | 0.73% | 0.85% | 0.98% | 1.10% |
| Total Operating Expenses | $85,940 | $100,755 | $83,470 | $91,985 | $98,000 | $101,095 |
| Profit Before Interest and Taxes | $119,206 | $114,304 | $186,367 | $122,741 | $93,505 | $70,165 |
| Interest Expense ST | $600 | $600 | $1,100 | $500 | $500 | $500 |
| Interest Expense LT | $1,997 | $1,976 | $1,955 | $1,934 | $1,912 | $1,891 |
| Taxes Incurred | $23,322 | $22,346 | $36,662 | $24,061 | $18,219 | $13,555 |
| Net Profit | $93,287 | $89,382 | $146,650 | $96,246 | $72,874 | $54,220 |
| Net Profit/Sales | 21.18% | 19.10% | 25.33% | 19.25% | 16.75% | 13.97% |
| Jul-97 | Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 |
| $273,500 | $261,500 | $443,000 | $765,750 | $760,500 | $619,500 | $5,934,115 | $6,739,868 | $7,761,748 |
| $141,630 | $135,380 | $219,740 | $381,384 | $393,350 | $318,440 | $3,072,756 | $3,549,934 | $4,139,824 |
| $9,500 | $14,500 | $14,500 | $14,500 | $14,500 | $14,500 | $139,000 | $202,500 | $261,500 |
| $500 | $500 | $500 | $500 | $500 | $500 | $6,000 | $6,600 | $7,260 |
| $151,630 | $150,380 | $234,740 | $396,384 | $408,350 | $333,440 | $3,217,756 | $3,759,034 | $4,408,584 |
| $121,870 | $111,120 | $208,260 | $369,366 | $352,150 | $286,060 | $2,716,359 | $2,980,834 | $3,353,164 |
| 44.56% | 42.49% | 47.01% | 48.24% | 46.31% | 46.18% | 45.78% | 44.23% | 43.20% |
| $32,000 | $32,000 | $32,000 | $32,000 | $32,000 | $32,000 | $344,000 | $422,000 | $486,000 |
| $4,000 | $4,000 | $20,000 | $15,000 | $20,000 | $10,000 | $150,000 | $316,733 | $332,570 |
| $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $25,000 | $19,039 | $19,991 |
| $10,500 | $10,500 | $10,500 | $22,000 | $8,000 | $5,000 | $113,300 | $0 | $0 |
| $0 | $0 | $1,000 | $0 | $15,000 | $0 | $16,000 | $0 | $0 |
| $3,200 | $0 | $10,000 | $7,000 | $0 | $0 | $20,200 | $0 | $0 |
| $0 | $0 | $0 | $0 | $0 | $0 | $7,000 | $0 | $0 |
| $0 | $0 | $0 | $0 | $0 | $0 | $1,000 | $0 | $0 |
| $5,000 | $5,000 | $5,000 | $0 | $0 | $0 | $31,000 | $0 | $0 |
| $500 | $500 | $500 | $500 | $500 | $250 | $10,250 | $0 | $0 |
| $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $60,000 | $0 | $0 |
| $62,200 | $59,000 | $86,000 | $83,500 | $82,500 | $54,250 | $777,750 | $757,772 | $838,561 |
| 22.74% | 22.56% | 19.41% | 10.90% | 10.85% | 8.76% | 13.11% | 11.24% | 10.80% |
| $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $155,000 | $179,000 | $234,000 |
| $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $30,000 | $31,500 | $33,075 |
| $750 | $750 | $750 | $750 | $750 | $750 | $9,000 | $9,450 | $9,923 |
| $500 | $500 | $500 | $500 | $500 | $500 | $6,000 | $6,300 | $6,615 |
| $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | $84,000 | $88,200 | $92,610 |
| $1,061 | $1,072 | $1,083 | $1,094 | $1,105 | $1,116 | $12,681 | $13,315 | $13,981 |
| $9,520 | $10,320 | $10,320 | $10,320 | $10,320 | $10,320 | $107,840 | $139,760 | $169,360 |
| $530 | $535 | $540 | $545 | $550 | $556 | $6,331 | $6,648 | $6,980 |
| $36,861 | $37,677 | $37,693 | $37,709 | $37,725 | $37,742 | $410,852 | $474,173 | $566,544 |
| 13.48% | 14.41% | 8.51% | 4.92% | 4.96% | 6.09% | 6.92% | 7.04% | 7.30% |
| $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $36,000 | $70,000 | $77,000 |
| $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $12,000 | $30,000 | $30,000 |
| $250 | $250 | $250 | $250 | $250 | $250 | $3,000 | $3,150 | $3,308 |
| $4,250 | $4,250 | $4,250 | $4,250 | $4,250 | $4,250 | $51,000 | $103,150 | $110,308 |
| 1.55% | 1.63% | 0.96% | 0.56% | 0.56% | 0.69% | 0.86% | 1.53% | 1.42% |
| $103,311 | $100,927 | $127,943 | $125,459 | $124,475 | $96,242 | $1,239,602 | $1,335,095 | $1,515,413 |
| $18,559 | $10,193 | $80,317 | $243,907 | $227,675 | $189,818 | $1,476,757 | $1,645,739 | $1,837,751 |
| $500 | $500 | $500 | $1,167 | $1,167 | $500 | $8,133 | $6,000 | $6,000 |
| $1,869 | $1,847 | $1,825 | $1,803 | $1,780 | $1,758 | $22,545 | $19,395 | $15,849 |
| $3,238 | $1,569 | $15,598 | $48,188 | $44,946 | $37,512 | $289,216 | $324,069 | $363,180 |
| $12,952 | $6,277 | $62,394 | $192,750 | $179,782 | $150,048 | $1,156,863 | $1,296,275 | $1,452,722 |
| 4.74% | 2.40% | 14.08% | 25.17% | 23.64% | 24.22% | 19.50% | 19.23% | 18.72% |
| Sales Forecast | |||||||
| Unit Sales | Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 | Jul-97 |
| Systems | 45 | 50 | 75 | 152 | 160 | 133 | |
| Service | 200 | 325 | 300 | 325 | 350 | 375 | |
| Software | 150 | 200 | 225 | 250 | 325 | 318 | |
| Training | 145 | 155 | 165 | 170 | 225 | 200 | |
| Other | 1,000 | 1,000 | 1,200 | 500 | 100 | 100 | |
| Total Unit Sales | 1,540 | 1,730 | 1,965 | 1,397 | 1,160 | 1,126 | 959 |
| Unit Prices | Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 | Jul-97 |
| Systems | $2,000 | $2,000 | $2,000 | $1,829 | $1,891 | $1,966 | |
| Service | $75 | $69 | $58 | $46 | $50 | $47 | |
| Software | $200 | $200 | $200 | $200 | $223 | $217 | |
| Training | $37 | $35 | $39 | $41 | $56 | $50 | |
| Other | $300 | $300 | $300 | $300 | $300 | $300 | |
| Total Sales | Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 | Jul-97 |
| Systems | $90,000 | $100,000 | $150,000 | $278,000 | $302,500 | $261,500 | |
| Service | $15,000 | $22,500 | $17,500 | $15,000 | $17,500 | $17,500 | |
| Software | $30,000 | $40,000 | $45,000 | $50,000 | $72,500 | $69,000 | |
| Training | $5,365 | $5,500 | $6,500 | $7,000 | $12,500 | $10,000 | |
| Other | $300,000 | $300,000 | $360,000 | $150,000 | $30,000 | $30,000 | |
| Total Sales | $440,365 | $468,000 | $579,000 | $500,000 | $435,000 | $388,000 | $273,500 |
| Unit Direct Costs | Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 | Jul-97 |
| Systems | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | |
| Service | $60 | $60 | $60 | $60 | $60 | $60 | |
| Software | $100 | $100 | $100 | $100 | $100 | $100 | |
| Training | $22 | $22 | $22 | $22 | $22 | $22 | |
| Other | $150 | $150 | $150 | $150 | $150 | $150 | |
| Direct Costs | Jan-97 | Feb-97 | Mar-97 | Apr-97 | May-97 | Jun-97 | Jul-97 |
| Systems | $45,000 | $50,000 | $75,000 | $152,000 | $160,000 | $133,000 | |
| Service | $12,000 | $19,500 | $18,000 | $19,500 | $21,000 | $22,500 | |
| Software | $15,000 | $20,000 | $22,500 | $25,000 | $32,500 | $31,800 | |
| Training | $3,219 | $3,441 | $3,663 | $3,774 | $4,995 | $4,440 | |
| Other | $150,000 | $150,000 | $180,000 | $75,000 | $15,000 | $15,000 | |
| Subtotal Direct Costs | $225,219 | $242,941 | $299,163 | $275,274 | $233,495 | $206,740 |
| Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 | |
| 76 | 65 | 120 | 253 | 279 | 258 | 1,666 | 1,750 | 1,850 |
| 400 | 400 | 550 | 850 | 600 | 300 | 4,975 | 6,000 | 7,500 |
| 233 | 243 | 428 | 575 | 548 | 230 | 3,725 | 5,000 | 6,500 |
| 150 | 150 | 200 | 220 | 250 | 200 | 2,230 | 4,000 | 8,000 |
| 100 | 125 | 130 | 100 | 120 | 100 | 4,575 | 5,000 | 5,500 |
| 983 | 1,428 | 1,998 | 1,797 | 1,088 | 17,171 | 21,750 | 29,350 | |
| Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 | |
| $2,132 | $2,115 | $2,083 | $1,966 | $1,980 | $1,984 | $1,977 | $1,984 | $1,977 |
| $50 | $50 | $91 | $124 | $75 | $67 | $73 | $84 | $87 |
| $242 | $253 | $220 | $211 | $204 | $207 | $215 | $195 | $180 |
| $33 | $33 | $50 | $55 | $60 | $50 | $47 | $72 | $79 |
| $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 |
| Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 | |
| $162,000 | $137,500 | $250,000 | $497,500 | $552,500 | $512,000 | $3,293,500 | $3,472,868 | $3,657,248 |
| $20,000 | $20,000 | $50,000 | $105,000 | $45,000 | $20,000 | $365,000 | $504,000 | $652,500 |
| $56,500 | $61,500 | $94,000 | $121,250 | $112,000 | $47,500 | $799,250 | $975,000 | $1,170,000 |
| $5,000 | $5,000 | $10,000 | $12,000 | $15,000 | $10,000 | $103,865 | $288,000 | $632,000 |
| $30,000 | $37,500 | $39,000 | $30,000 | $36,000 | $30,000 | $1,372,500 | $1,500,000 | $1,650,000 |
| $261,500 | $443,000 | $765,750 | $760,500 | $619,500 | $5,934,115 | $6,739,868 | $7,761,748 | |
| Aug-97 | Sep-97 | Oct-97 | Nov-97 | Dec-97 | 1997 | 1998 | 1999 | |
| $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $992 | $988 |
| $60 | $60 | $60 | $60 | $60 | $60 | $60 | $67 | $70 |
| $100 | $100 | $100 | $100 | $100 | $100 | $100 | $98 | $90 |
| $22 | $22 | $22 | $22 | $22 | $22 | $22 | $43 | $47 |
| $150 | $15
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