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 ------------------------------------------------------------------------ (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 ------------------------------------------------------------------------ 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 ------------------------------------------------------------------------ (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 ------------------------------------------------------------------------