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COACHMEN INDUSTRIES, INC.

2831 Dexter Drive • P.O. Box 3300 • Elkhart, Indiana 46515 • 574/262-0123 • Fax 574/262-8823



NEWS RELEASE


For immediate release Tuesday, January 30, 2007



COACHMEN INDUSTRIES, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS


Elkhart, Ind. - Coachmen Industries, Inc. (NYSE: COA) today announced its financial results for the fourth quarter and full year ended December 31, 2006.


“In 2006, we encountered contracting markets in both of our industry segments for the second consecutive year, representing the most difficult markets we’ve faced since 1989.  The overall markets for both motorized recreational vehicles and housing declined by more than 10%.  During the past year the recreational vehicle market posted a second straight year of soft results: total wholesale shipments of Class A motorhomes were down 13.7% for the year, which is on top of an 18.1% decline in 2005, while towable shipment growth was aided by demand for temporary housing in hurricane-affected regions of the Gulf Coast.  In housing, single-family housing starts fell 14.7% for the year while single-family starts in the Midwest fell a dramatic 23.1% making it the weakest region in U.S. Census Bureau data.  These declines severely hurt our financial results.  Nonetheless, our continuing efforts to reduce costs and overall operating expenses were instrumental in moderating our losses during these conditions.  The Housing Group generated a $2.7 million pre-tax profit for the year in the face of these conditions, versus a pre-tax loss of $2.4 million in 2005.  On the RV side, we reduced pre-tax losses for the year by over $15 million,” commented Rick Lavers, Chief Executive Officer.  “In addition, we made significant strides on our balance sheet, reducing total inventory levels by $20.1 million from last quarter including a $15.6 million reduction in finished goods while also reducing our debt levels.  However, despite these improvements, we turned in a pre-tax loss of $16.7 million for the year.  While dramatically less than 2005, any loss is simply unacceptable.”




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Coachmen Industries, Inc. Announces Fourth Quarter and Full Year Results

Page 2

January 30, 2007


The Company has historically carried as assets on its books tax loss carry-forwards from past results and other deferred tax assets in the amount of $24.7 million, which can be used to offset taxes on future income.  However, due mainly to the losses incurred by the Company over the last two years, financial accounting standards required the Company to write down all of these deferred tax assets to $0 as of December 31, 2006.


Accordingly, in the fourth quarter the Company was required to record a non-cash charge for the full book value of these deferred tax assets.  These charges, combined with income tax benefits of $5.0 million generated during the quarter, resulted in a net income tax expense of $19.8 million for the quarter even though there is no income tax payment or any effect on cash associated with the reserve of the deferred tax assets.  Accordingly, the Company reported a net loss for the quarter of $31.5 million on a pre-tax loss from continuing operations of $11.6 million.  Nevertheless, despite this charge the tax loss carry-forwards still remain available to the Company for future use even though their carrying value on our books was reduced to zero.  In fact, the majority of the Company’s operating loss carry-forwards do not begin to expire until 2026, and may continue to be used to offset taxes on income the Company generates until at least that time.


Sales for the fourth quarter were $115.8 million, 17.3% less than the $140.0 million reported for the same period last year.  Pre-tax loss from continuing operations for the fourth quarter was reduced to $11.6 million from $19.1 million in 2005.  Results for the fourth quarter of 2006 include pre-tax gains on the sale of properties of $2.3 million.  With the establishment of the $24.7 million valuation allowance against deferred tax assets and net operating loss carry-forwards, at the bottom line, the Company reported a net loss of $31.5 million, or $2.02 per share, versus a net loss of $14.1 million, or $0.91 per share in the fourth quarter of 2005.  Net loss from continuing operations for the quarter was $31.4 million compared with a $10.6 million loss from continuing operations in the fourth quarter last year.  For the full year, net sales were $564.4 million versus $702.4 million last year.  Pre-tax loss from continuing operations for the year was significantly reduced to $16.7 million versus a pre-tax loss of $37.4 million during 2005.  Results for 2006 include net gains on the sale of assets of $8.2 million.  Net loss for 2006 increased to $31.8 million, or $2.03 per share compared with a net loss of $26.4 million or $1.69 per share last year, due in large measure to the establishment of the valuation allowance for deferred tax assets.  Net loss from continuing operations for 2006 was $33.2 million, or $2.12 per share compared with a net loss from continuing operations of $19.4 million, or $1.24 per share last year.


Recreational Vehicle Segment


“We had a number of successes in the fourth quarter, including a very positive reception to our new products at the National RV Trade Show in Louisville and a significant reduction in our inventory levels,” said Michael R. Terlep, President of the Coachmen RV Group.  “Despite these positive developments, our much lower production and sales levels in the quarter adversely impacted the Group’s margins.”  




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Coachmen Industries, Inc. Announces Fourth Quarter and Full Year Results

Page 3

January 30, 2007


The Company’s Recreational Vehicle Group reported sales of $83.3 million during the fourth quarter of 2006, down 14.3% from the $97.2 million reported for the comparable period last year, due to the continued soft demand in the wholesale and retail RV market.  The RV Group generated a pre-tax loss from continuing operations for the fourth quarter of $10.4 million compared with a pre-tax loss of $17.2 million for the year-ago quarter.  For the full year, RV Group sales decreased 22.5% to $404.7 million from $522.2 million last year.  Despite the lower sales, the RV Group’s pre-tax loss was reduced to $25.4 million versus $40.8 million in 2005.  RV Group finished goods inventory was reduced by $11.1 million from the end of the third quarter and now stands at $35.1 million.  


Housing and Building Segment


The continued softening of the national housing market created significant headwinds for the Housing and Building Group, particularly in its core markets.  With the start of the new year, the Group’s new management team has continued developing growth opportunities in new markets beyond traditional scattered-lot single-family homes.  “We are pursuing opportunities for growth on multiple fronts, from military construction and urban infill projects to Gulf Coast reconstruction and multi-family residential structures,” commented Housing and Building Group President Rick Bedell.  “As we are gearing up for production of the second phase of the Fort Bliss barracks project, we are also making progress in the Gulf Region.  The agreement to provide 24 homes in New Orleans that we announced last quarter has been doubled to 48 homes, and we are continuing to sign new builder representatives in the region.”  In addition to pursuing such growth initiatives, the Housing and Building Group’s management is also working to strengthen its position in core residential markets.  The Group is planning to introduce two new traditional home collections to its builders at the 2007 Builder Meetings to be held in March.


For the quarter, the Group reported sales of $32.5 million, down 24.0% from $42.8 million in the fourth quarter of 2005.  With the lower sales level, the Group reduced its pre-tax loss to $0.2 million, including gains on the sale of properties of $2.3 million, compared with a pre-tax loss of $2.2 million for the year-ago quarter.  For the full year, net sales for the Housing and Building Group fell 11.4% to $159.7 million versus $180.2 million in 2005.  With tighter control of costs and gains on the sale of assets, the Group generated a significant turnaround on the bottom line, reporting a pre-tax profit of $2.7 million for 2006, versus a pre-tax loss of $2.4 million in 2005.


Coachmen Industries will conduct a conference call to discuss the financial results contained in this release at 10:00 a.m. (Eastern Time), Wednesday, January 31, 2007.  Members of the news media, investors and the general public are invited to access a live broadcast of the conference call over the internet at www.earnings.com.  The online replay will be available at approximately 12:00 p.m. (Eastern Time) and continue for 30 days.


Coachmen Industries, Inc. is one of America’s leading manufacturers of recreational vehicles, systems-built homes and commercial buildings, with prominent subsidiaries in each industry.  The Company’s well-known RV brand names include COACHMENâ, GEORGIE BOYÔ, SPORTSCOACHâ and VIKINGâ.  Through ALL AMERICAN HOMES®, Coachmen is one of the nation’s largest producers of systems-built



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Coachmen Industries, Inc. Announces Fourth Quarter and Full Year Results

Page 4

January 30, 2007


homes, and also a major builder of commercial structures with its ALL AMERICAN BUILDING SYSTEMSÔ products.  Coachmen Industries, Inc. is a publicly held company with stock listed on the New York Stock Exchange (NYSE) under the ticker COA.


This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Investors are cautioned not to place undue reliance on forward-looking statements, which are inherently uncertain.  Actual results may differ materially from that projected or suggested due to certain risks and uncertainties including, but not limited to, the potential fluctuations in the Company’s operating results, increased interest rates the availability for floorplan financing for the Company’s recreational vehicle dealers and corresponding availability of cash to Company, uncertainties and timing with respect to sales resulting from recovery efforts in the Gulf Coast, uncertainties regarding the impact on sales of the disclosed restructuring steps in both the recreational vehicle and housing and building segments, the ability of the company to generate taxable income in future years to utilize deferred tax


assets and net operating loss carry-forwards available for use, the impact of performance on the valuation of intangible assets, the availability and the price of gasoline, price volatility of raw materials used in production, the Company’s dependence on chassis and other suppliers, the availability and cost of real estate for residential housing, the supply of existing homes within the company’s markets, the impact of home values on housing demand, the ability of the Housing and Building segment to perform in new market segments where it has limited experience, adverse weather conditions affecting home deliveries, competition, government regulations, legislation governing the relationships of the Company with its recreational vehicle dealers, consolidation of distribution channels in the recreational vehicle industry, consumer confidence, uncertainties of matters in litigation, further developments in the war on terrorism and related international crises, oil supplies, and other risks identified in the Company’s SEC filings.



For more information:

     Colleen Zuhl

Jeffery A. Tryka, CFA

     Chief Financial Officer

Director of Planning and Investor Relations

     574-262-0123

574-262-0123



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Coachmen Industries, Inc. Announces Fourth Quarter and Full Year Results

Page 5

January 30, 2007



Coachmen Industries, Inc.

Consolidated Statements of Operations

 

 

 

 

 

 

 

 

 

(In Thousands, Except Per Share Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 Three Months Ended

 

 Twelve Months Ended

 

 

December 31,

 

December 31,

 

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

 

 

 

Net Sales

 

$115,792 

 

$139,977 

 

$564,382 

 

$702,425 

 

 

 

 

 

 

 

 

 

Gross Profit - $

 

 5,727 

 

 3,338 

 

 49,421 

 

 55,960 

Gross Profit - %

 

4.9%

 

2.4%

 

8.8%

 

8.0%

 

 

 

 

 

 

 

 

 

GS&A - $

 

 19,183 

 

 22,219 

 

 73,763 

 

 91,876 

GS&A - %

 

16.6%

 

15.8%

 

13.1%

 

13.1%

 

 

 

 

 

 

 

 

 

(Gain) / Loss on Sale of Property - $

 

 (2,349)

 

 133 

 

 (8,689)

 

 913 

(Gain) / Loss on Sale of Property - %

 

(2.0)%

 

0.1%

 

(1.5)%

 

0.1%

 

 

 

 

 

 

 

 

 

Operating Loss - $

 

 (11,107)

 

 (19,014)

 

 (15,653)

 

 (36,829)

Operating Loss - %

 

(9.6)%

 

(13.6)%

 

(2.8)%

 

(5.2)%

 

 

 

 

 

 

 

 

 

Other Expense

 

 494 

 

 85 

 

 1,047 

 

 525 

 

 

 

 

 

 

 

 

 

Pre-Tax Loss from Continuing Operations - $

 

 (11,601)

 

 (19,099)

 

 (16,700)

 

 (37,354)

Pre-Tax Loss from Continuing Operations - %

 

(10.0)%

 

(13.6)%

 

(3.0)%

 

(5.3)%

 

 

 

 

 

 

 

 

 

Tax Expense (Credit)

 

 19,765 

 

 (8,527)

 

 16,515 

 

 (17,994)

 

 

 

 

 

 

 

 

 

Net Loss from Continuing Operations

 

 (31,366)

 

 (10,572)

 

 (33,215)

 

 (19,360)

 

 

 

 

 

 

 

 

 

Loss from Discontinued Operations (net of taxes)

 

 (137)

 

 (2,956)

 

 (795)

 

 (6,370)

Gain / (Loss) on Sale of Discontinued Operations (net of taxes)

 

 - 

 

 (620)

 

 2,205 

 

 (620)

 

 

 

 

 

 

 

 

 

Net Loss

 

 (31,503)

 

 (14,148)

 

 (31,805)

 

 (26,350)

 

 

 

 

 

 

 

 

 

Loss per Share - Basic and Diluted

 

 

 

 

 

 

 

 

  Continuing Operations

 

 (2.01)

 

 (0.68)

 

 (2.12)

 

 (1.24)

  Discontinued Operations

 

 (0.01)

 

 (0.23)

 

 0.09 

 

 (0.45)

Net Loss per Share

 

 (2.02)

 

 (0.91)

 

 (2.03)

 

 (1.69)

 

 

 

 

 

 

 

 

 

Earnings (Loss) per Share - Diluted

 

 

 

 

 

 

 

 

  Continuing Operations

 

 (1.97)

 

 (0.68)

 

 (2.09)

 

 (1.24)

  Discontinued Operations

 

 (0.01)

 

 (0.23)

 

 0.09 

 

 (0.45)

Net Earnings (Loss) per Share

 

 (1.98)

 

 (0.91)

 

 (2.00)

 

 (1.69)

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

     Basic

 

 15,633 

 

 15,569 

 

 15,633 

 

 15,551 

     Diluted

 

 15,633 

 

 15,569 

 

 15,633 

 

 15,551 






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Coachmen Industries, Inc. Announces Fourth Quarter and Full Year Results

Page 6

January 30, 2007





Coachmen Industries, Inc.

Condensed Consolidated Balance Sheets

(In Thousands)

(Unaudited)

 

 

 

 

 

ASSETS

 

December 31,

 

December 31,

Current Assets

 

 2006

 

 2005

 

 

 

 

 

   Cash and cash equivalents

 

 $2,651 

 

 $2,780 

   Accounts receivable

 

 25,874 

 

 47,174 

   Inventories

 

 83,511 

 

 121,304 

   Refundable income taxes

 

 10,820 

 

 10,284 

   Prepaid expenses and other

 

 6,289 

 

 5,961 

   Deferred income taxes

 

 - 

 

 11,421 

   Assets held for sale

 

 288 

 

 291 

 

 

 

 

 

Total Current Assets

 

 129,433 

 

 199,215 

 

 

 

 

 

Property, plant & equipment, net

 

 57,018 

 

 67,581 

 

 

 

 

 

Goodwill

 

 16,865 

 

 17,383 

 

 

 

 

 

Cash value of life insurance

 

 31,119 

 

 28,880 

 

 

 

 

 

Deferred income taxes

 

 - 

 

 4,279 

 

 

 

 

 

Note Receivable

 

 6,269 

 

 2,493 

 

 

 

 

 

Other

 

 2,430 

 

 2,985 

 

 

 

 

 

Total Assets

 

 $243,134 

 

 $322,816 

 

 

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS' EQUITY

 

December 31, 

 

December 31, 

Current Liabilities

 

 2006 

 

 2005 

   ST borrowings & current portion of LT debt

 

 $10,361 

 

 $14,499 

   Accounts payable, trade

 

 16,998 

 

 31,658 

   Floor plan notes payable

 

 4,156 

 

 4,361 

   Accrued income taxes

 

 18 

 

 533 

   Other accruals

 

 35,116 

 

 54,856 

 

 

 

 

 

Total Current Liabilities

 

 66,649 

 

 105,907 

 

 

 

 

 

Long-term debt

 

 3,862 

 

 12,913 

 

 

 

 

 

Postretirement deferred compensation benefits

 

 7,768 

 

 10,182 

 

 

 

 

 

Deferred income taxes

 

 4,524 

 

 - 

 

 

 

 

 



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Coachmen Industries, Inc. Announces Fourth Quarter and Full Year Results

Page 7

January 30, 2007





Other

 

 - 

 

 11 

 

 

 

 

 

Total Liabilities

 

 82,803 

 

 129,013 

 

 

 

 

 

Shareholders' Equity

 

 160,331 

 

 193,803 

 

 

 

 

 

Total Liabilities and Equity

 

 $243,134 

 

 $322,816 




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Coachmen Industries, Inc. Announces Fourth Quarter and Full Year Results

Page 8

January 30, 2007



Coachmen Industries, Inc.

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

 

 

 

 

 

 

 

 Twelve Months Ended

 

 

 December 31,

 

 

 2006

 

 2005

Net loss

 

 $(31,805)

 

 $(26,350)

Depreciation

 

 6,533 

 

 8,554 

Deferred income tax provision (benefit)

 

 20,224 

 

 (13,198)

Changes in current assets and liabilities

 

 15 

 

 38,603 

   Net Cash Provided by/(Used in) Operations

 

 (5,033)

 

 7,609 

 

 

 

 

 

   Net Cash Provided by/(Used in) Investing Activities

 

 20,391 

 

 (4,418)

 

 

 

 

 

Net payments on borrowings

 

 (13,394)

 

 (12,351)

Net issuance of stock

 

 724 

 

 636 

Dividends paid

 

 (2,818)

 

 (3,756)

Other

 

 1 

 

 68 

   Net Cash Used in Financing Activities

 

 (15,487)

 

 (15,403)

 

 

 

 

 

Decrease in Cash and Cash Equivalents

 

 (129)

 

 (12,212)

 

 

 

 

 

Beginning of period cash and cash equivalents

 

 2,780 

 

 14,992 

 

 

 

 

 

Ending of Period Cash and Cash Equivalents

 

 $2,651 

 

 $2,780 

 

 

 

 

 





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Coachmen Industries, Inc. Announces Fourth Quarter and Full Year Results

Page 9

January 30, 2007




Coachmen Industries, Inc.

Quarterly Segment Data

(In Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 Three Months Ended

 

 Twelve Months Ended

 

 

 December 31,

 

 December 31,

 

 

2006

 

2005

 

2006

 

2005

Sales

 

 

 

 

 

 

 

 

Recreational Vehicle

 

 $83,256 

 

 $97,187 

 

 $404,710 

 

 $522,194 

Housing and Building

 

           32,536 

 

           42,791 

 

         159,672 

 

         180,231 

     Total

 

 $      115,792 

 

 $      139,977 

 

 $      564,382 

 

 $      702,425 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

Recreational Vehicle

 

 $(149)

 

 $(4,807)

 

 $13,620 

 

 $15,307 

Housing and Building

 

 5,876 

 

 8,145 

 

 35,801 

 

 40,653 

Other

 

                    - 

 

                    - 

 

                    - 

 

                    - 

     Total

 

 $          5,727 

 

 $          3,338 

 

 $        49,421 

 

 $        55,960 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Percentage

 

 

 

 

 

 

 

 

Recreational Vehicle

 

(0.2)%

 

(4.9)%

 

3.4%

 

2.9%

Housing and Building

 

18.1%

 

19.0%

 

22.4%

 

22.6%

Other

 

 

 

 

 

 

 

 

     Total

 

4.9%

 

2.4%

 

8.8%

 

8.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

Recreational Vehicle

 

 $10,278 

 

 $12,022 

 

 $38,996 

 

 $55,049 

Housing and Building

 

 6,171 

 

 10,474 

 

 33,152 

 

 43,335 

Other

 

                385 

 

              (144)

 

           (7,074)

 

           (5,595)

     Total

 

 $        16,834 

 

 $        22,352 

 

 $        65,074 

 

 $        92,789 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Percentage

 

 

 

 

 

 

 

 

Recreational Vehicle

 

12.3%

 

12.4%

 

9.6%

 

10.5%

Housing and Building

 

19.0%

 

24.5%

 

20.8%

 

24.0%

Other

 

 

 

 

 

 

 

 

     Total

 

14.5%

 

16.0%

 

11.5%

 

13.2%



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Coachmen Industries, Inc. Announces Fourth Quarter and Full Year Results

Page 10

January 30, 2007





 

 

 

 

 

 

 

 

 

Operating Income / (Loss)

 

 

 

 

 

 

 

 

Recreational Vehicle

 

 $(10,427)

 

 $(16,829)

 

 $(25,376)

 

 $(39,742)

Housing and Building

 

 (294)

 

 (2,328)

 

 2,649 

 

 (2,681)

Other

 

              (386)

 

                143 

 

             7,074 

 

             5,594 

     Total

 

 $      (11,107)

 

 $      (19,014)

 

 $      (15,653)

 

 $      (36,829)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Tax Income / (Loss) from Continuing Operations

 

 

 

 

 

 

Recreational Vehicle

 

 $(10,356)

 

 $(17,219)

 

 $(25,383)

 

 $(40,760)

Housing and Building

 

 (178)

 

 (2,238)

 

 2,665 

 

 (2,403)

Other

 

           (1,067)

 

                358 

 

             6,018 

 

             5,809 

     Total

 

 $      (11,601)

 

 $      (19,099)

 

 $      (16,700)

 

 $      (37,354)

 

 

 

 

 

 

 

 

 





- END -








The following information was filed by All American Group Inc on Monday, March 5, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
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Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

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Increased Reading Area for SEC Filings
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Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
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Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
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Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

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FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
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Intrinsic Value Calculator


Intrinsic Value Calculator
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Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

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Financial Stability Report


Financial Stability Report
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Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

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Financial Ratios
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