I felt it was important to do a comparison of MPP and HOLT given General Cigar's difficulties managing its inventories. Here are the results:
MPP FY96 FY97 Growth
Sales 154,676 262,833 70%
Invent 53,702 107,358 100%
%of Sales 34.7 40.9
A/R 31,295 50,963 63%
%of Sales 20.2 19.4
HOLT FY96 FY97 Growth
Sales 9,467 17,278 83%
Invent 1,557 2,584 66%
%Sales 16.5 15.0
A/R 465 1,236 166%
%Sales 4.9 7.2
YTD Results (TTM)
MPP TTMQ1 Growth (vs. 97Q1)
Sales 280,772 36%
Invent 121,903 14%
%Sales 43.4
A/R 44,654 -12%
%Sales 15.9
The most recent data at Edgar for Holt is as of Dec 31, 1997. Holt should be posting an annual report fairly shortly....
HOLT TTMQ3 Growth (vs. 96Q3)
Sales 26,726 75%
Invent 3,319 28%
%Sales 12.4
A/R 1,395 13%
%Sales 5.2
I will update with HOLT's newest numbers as they are posted on Edgar. The numbers show that as a % of sales, both Inventory and A/R at HOLT are a much smaller % of revenues (compared to MPP). While MPP's problems may indicate a slowing of cigar demand, HOLT has much less in inventory and A/R to worry about.
Comments are welcome. |
