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To: H James Morris who wrote (39947)2/14/1999 12:10:00 AM
From: Bill Harmond  Read Replies (1) | Respond to of 164684
 
>>Your not telling us about your investment in eBay. I wonder why?

Because I'm not losing money in it at the moment? I don't follow.



To: H James Morris who wrote (39947)2/14/1999 1:48:00 PM
From: Glenn D. Rudolph  Respond to of 164684
 
SERVICE MERCHAN
Annual ROE Decomposition

Fiscal Year End for SERVICE MERCHAN(SME ) falls in the month of December.

12/31/97 12/31/96 12/31/95 12/31/94 12/31/93
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(1) Net Sales 3,662.78 3,955.02 4,018.52 4,050.38 3,814.62
(2) Pretax Income (142.33) 62.93 81.17 100.93 137.19
(3) Net Income (91.60) 39.33 50.33 56.15 82.58
(4) Total Assets 1,951.46 2,042.83 1,940.57 1,926.90 2,011.57
(5) Shareholders Equity 336.51 427.09 386.74 336.38 279.54
Pretax Margin % (2/1) (3.89) 1.59 2.02 2.49 3.60
x Tax Retent % (3/2) 64.36 62.50 62.00 55.63 60.20
= Profit Margin % (3/1) (2.50) 0.99 1.25 1.39 2.16
x Assets Utilization (1/4) 1.88 1.94 2.07 2.10 1.90
= ROA % (3/4) (4.69) 1.93 2.59 2.91 4.11
x Leverage (4/5) 5.80 4.78 5.02 5.73 7.20
= ROE % (3/5) (27.22) 9.21 13.01 16.69 29.54

Last updated Feb 6, 1999.
© Zacks Investment Research, Inc. 1999

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SERVICE MERCHAN
Quarterly ROE Decomposition

Fiscal Year End for SERVICE MERCHAN(SME ) falls in the month of December.

9/30/98 6/30/98 3/31/98 12/31/97 9/30/97 6/30/97 3/31/97 12/31/96
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(1) Net Sales 605.00 681.65 594.18 1,442.87 656.14 877.36 686.40 1,641.08
(2) Pretax Income (60.96) (10.14) (38.56) 93.07 (35.78) (28.07) (171.55) 125.61
(3) Net Income (38.10) (6.34) (24.10) 58.17 (25.00) (17.55) (107.22) 78.19
(4) Total Assets 1,779.45 1,645.40 1,678.69 1,951.46 1,934.82 1,720.39 1,810.21 2,042.83
(5) Shareholders Equity 318.57 356.55 312.53 336.51 278.05 302.86 320.09 427.09
Pretax Margin % (2/1) (10.08) (1.49) (6.49) 6.45 (5.45) (3.20) (24.99) 7.65
x Tax Retent % (3/2) 62.50 62.50 62.50 62.50 69.89 62.50 62.50 62.25
= Profit Margin % (3/1) (6.30) (0.93) (4.06) 4.03 (3.81) (2.00) (15.62) 4.76
x Assets Utilization (1/4) 0.34 0.41 0.35 0.74 0.34 0.51 0.38 0.80
= ROA % (3/4) (2.14) (0.39) (1.44) 2.98 (1.29) (1.02) (5.92) 3.83
x Leverage (4/5) 5.59 4.61 5.37 5.80 6.96 5.68 5.66 4.78
= ROE % (3/5) (11.96) (1.78) (7.71) 17.29 (8.99) (5.79) (33.50) 18.31

Last updated Feb 6, 1999.
© Zacks Investment Research, Inc. 1999

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