Universal Forest Products, Inc.

Page 1

 

 

Exhibit 99(a)

 

Image - Image1.jpeg

News release

 

---------------AT THE COMPANY---------------

Brandon Froysland

Director of Finance

(616) 365-1589

 

FOR IMMEDIATE RELEASE

Wednesday, April 24, 2019

 

 

 

UFPI reports record first-quarter sales, net earnings and EBITDA
- Unit sales up 7 percent, gross profits up 18 percent and EBITDA up 25 percent -
- Semiannual dividend increased 11 percent –

GRAND RAPIDS, Mich., Wednesday, April 24, 2019 – Universal Forest Products, Inc. (Nasdaq: UFPI) today announced record net sales, net earnings and EBITDA for the first quarter of 2019. The company also announced the UFPI Board of Directors voted to increase the semiannual dividend from $0.18 to $0.20 per share at their April 24, 2019, meeting. The dividend is payable on June 15, 2019, to shareholders of record on June 1, 2019.

“I am very proud of the way our teams are executing their businesses by producing record results in a variety of market conditions,” stated CEO Matt Missad. “We grew our margins during the quarter as a result of timely position buying and the contributions of new products and new business. Our investments in automation and efficiency are also beginning to pay dividends, helping us earn more new business and reduce our overall costs of production.” 

While gross sales were impacted by lower lumber pricing, the company’s unit sales increased 7 percent in the first quarter over the same period last year, driven by organic sales growth, acquisitions and increases in value-added sales. The company’s mix of value-added sales relative to commodity sales improved from 62 percent in the first quarter of 2018 to more than 66 percent in the first quarter of 2019. The increase was largely led by unit sales increases in the industrial and construction markets, which grew 16 percent and 5 percent, respectively. Overall, new product sales grew 8 percent. Opportunistic lumber purchases in the fourth quarter of 2018, when prices were low, contributed significantly to the year-over-year increase in gross profits for the first quarter. 

“We continue to focus on new products and services and moving up the value chain for our customers. By utilizing our design, engineering, manufacturing and project management capabilities, we are providing both unique and comprehensive solutions to our customers,” added Matt.

 

-more-


 

Universal Forest Products, Inc.

Page 2

 

The company continues to explore acquisition opportunities that provide a strategic advantage, have scalability within the company and provide a reasonable return on investment.

First Quarter 2019 Highlights (comparisons on a year-over-year basis):

-

Excluding the pre-tax gain of $7 million on the sale of certain real estate in the first quarter of 2018, operating profit of $48.5 million was up 30 percent and net earnings of $35.5 million was up 28 percent

-

EBITDA of $65.9 million, up 25 percent

-

Net sales of $1.02 billion represented a 2 percent increase

-

Unit sales accounted for 7 percent of the company’s gross sales growth; organic sales contributed 4 percent of the growth while acquisitions added 3 percent.  Lower lumber prices reduced gross sales by 5 percent.

-

New product sales were $99.9 million, up 8 percent

By market, the Company reported the following first-quarter results.

Retail

·

$357.5 million in gross sales, down 3 percent compared to the first quarter of 2018. A unit sales increase of 3 percent was offset by selling prices that were 6 percent lower. Retail sales in the first quarter were adversely impacted by challenging weather in February that delayed building and renovation projects.

Industrial

·

$329.7 million in gross sales, up 15 percent over the first quarter of 2018. A unit sales increase of 16 percent was offset by lower selling prices of 1 percent.  Organic growth contributed 6 percent of the unit sales increase; acquisitions contributed 10 percent.

Construction

·

$344.4 million in gross sales, down 3 percent compared to the first quarter of 2018, due to a 5 percent increase in unit sales and an 8 percent decrease in selling prices. Unit sales to commercial construction and residential construction customers rose 15 and 6 percent, respectively, while unit sales to manufactured housing customers fell 6 percent during the quarter. The decrease in manufactured housing sales is primarily attributable to a drop in shipment levels to several Gulf Coast states that experienced higher shipments in 2017 and early 2018 due to hurricane damage.

CONFERENCE CALL

Universal Forest Products will conduct a conference call to discuss information included in this news release and related matters at 8:30 a.m. ET on Thursday, April 25, 2019. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available for analysts and institutional investors domestically at 866-518-4547, and internationally at 213-660-0879. Use conference pass code 4478205. The conference call will be available simultaneously and in its entirety to all interested investors and news media through a webcast at http://www.ufpi.com. A replay of the call will be available through May 25, 2019, at 855-859-2056, 404-537-3406 or 800-585-5367.

 

 

-more-

 


 

Universal Forest Products, Inc.

Page 3

 

 

UNIVERSAL FOREST PRODUCTS, INC.

Universal Forest Products, Inc. is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial.  Founded in 1955, the Company is headquartered in Grand Rapids, Mich., with affiliates throughout North America, Europe, Asia and Australia. For more about Universal Forest Products, go to www.ufpi.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

 

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies.  Management considers EBITDA, a non-GAAP measure, an alternative performance measure which may provide useful information to investors.

 

 

 

 

 

# # #

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Universal Forest Products, Inc.

Page 4

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 2019/2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands, except per share data)

    

2019

2018

2019

2018

NET SALES

 

$

1,015,125

  

100

$

993,857

  

100

$

1,015,125

  

100

$

993,857

  

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD 

 

 

860,858

 

84.8

 

 

862,968

 

86.8

 

 

860,858

 

84.8

 

 

862,968

 

86.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

154,267

 

15.2

 

 

130,889

 

13.2

 

 

154,267

 

15.2

 

 

130,889

 

13.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELLING,   GENERAL  AND ADMINISTRATIVE  EXPENSES

 

 

105,317

 

10.4

 

 

93,335

 

9.4

 

 

105,317

 

10.4

 

 

93,335

 

9.4

 

FOREIGN CURRENCY EXCHANGE LOSS

 

 

626

 

0.1

 

 

(129)

 

 —

 

 

626

 

0.1

 

 

(129)

 

 —

 

NET GAIN ON DISPOSITION OF ASSETS

 

 

(122)

 

 —

 

 

(6,534)

 

(0.7)

 

 

(122)

 

 —

 

 

(6,534)

 

(0.7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS FROM OPERATIONS

 

 

48,446

 

4.8

 

 

44,217

 

4.4

 

 

48,446

 

4.8

 

 

44,217

 

4.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSE, NET

 

 

867

 

0.1

 

 

1,061

 

0.1

 

 

867

 

0.1

 

 

1,061

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE INCOME TAXES

 

 

47,579

 

4.7

 

 

43,156

 

4.3

 

 

47,579

 

4.7

 

 

43,156

 

4.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

11,577

 

1.1

 

 

9,574

 

1.0

 

 

11,577

 

1.1

 

 

9,574

 

1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 

36,002

 

3.5

 

 

33,582

 

3.4

 

 

36,002

 

3.5

 

 

33,582

 

3.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(462)

 

 —

 

 

(749)

 

(0.1)

 

 

(462)

 

 —

 

 

(749)

 

(0.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

35,540

 

3.5

 

$

32,833

 

3.3

 

$

35,540

 

3.5

 

$

32,833

 

3.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - BASIC

 

$

0.58

 

 

 

$

0.53

 

 

 

$

0.58

 

 

 

$

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - DILUTED

 

$

0.58

 

 

 

$

0.53

 

 

 

$

0.58

 

 

 

$

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

 

Year to Date

Market Classification

    

 

2019

 

 

 

 

 

2018

 

%

    

 

2019

    

 

 

 

 

2018

 

%

Retail

 

 

$

357,487

 

 

 

 

 

$

370,402

 

-3%

 

 

$

357,487

 

 

 

 

 

$

370,402

 

-3%

Industrial

 

 

 

329,698

 

 

 

 

 

 

285,484

 

15%

 

 

 

329,698

 

 

 

 

 

 

285,484

 

15%

Construction

 

 

 

344,420

 

 

 

 

 

 

355,781

 

-3%

 

 

 

344,420

 

 

 

 

 

 

355,781

 

-3%

Total Gross Sales

 

 

 

1,031,605

 

 

 

 

 

 

1,011,667

 

2%

 

 

 

1,031,605

 

 

 

 

 

 

1,011,667

 

2%

Sales Allowances

 

 

 

(16,480)

 

 

 

 

 

 

(17,810)

 

7%

 

 

 

(16,480)

 

 

 

 

 

 

(17,810)

 

7%

Total Net Sales

 

 

$

1,015,125

 

 

 

 

 

$

993,857

 

2%

 

 

$

1,015,125

 

 

 

 

 

$

993,857

 

2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

% of Sales

 

2018

 

% of Sales

 

 

2019

 

% of Sales

 

2018

 

% of Sales

SG&A, Excluding Bonus Expense

 

 

$

92,935

 

9.2%

 

$

84,269

 

8.5%

 

 

$

92,935

 

9.2%

 

$

84,269

 

8.5%

Bonus Expense

 

 

 

12,382

 

1.2%

 

 

9,066

 

0.9%

 

 

 

12,382

 

1.2%

 

 

9,066

 

0.9%

Total SG&A

 

 

$

105,317

 

10.4%

 

$

93,335

 

9.4%

 

 

$

105,317

 

10.4%

 

$

93,335

 

9.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A, Excluding Bonus Expense as a Percentage of Gross Profit

 

 

 

60.2%

 

 

 

 

 

 

64.4%

 

 

 

 

 

60.2%

 

 

 

 

 

 

64.4%

 

 


 

Universal Forest Products, Inc.

Page 5

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

MARCH 2019/2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

    

 

2019

    

 

2018

    

LIABILITIES AND EQUITY

    

 

2019

    

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

17,111

 

$

25,326

 

Cash overdraft

 

$

18,732

 

$

30,026

 

Restricted cash

 

 

1,024

 

 

32,425

 

Accounts payable

 

 

170,667

 

 

176,469

 

Investments

 

 

16,197

 

 

10,701

 

Accrued liabilities

 

 

130,985

 

 

106,209

 

Accounts receivable

 

 

444,111

 

 

430,251

 

Current portion of debt

 

 

185

 

 

425

 

Inventories

 

 

580,163

 

 

521,706

 

 

 

 

 

 

 

 

 

Other current assets

 

 

44,866

 

 

23,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT ASSETS

 

 

1,103,472

 

 

1,043,713

 

TOTAL CURRENT LIABILITIES

 

 

320,569

 

 

313,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

90,463

 

 

19,634

 

 

 

 

 

 

 

 

 

INTANGIBLE ASSETS, NET

 

 

271,297

 

 

254,546

 

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

 

 

266,428

 

 

261,327

 

 

 

 

 

 

 

 

 

OTHER LIABILITIES

 

 

96,035

 

 

40,086

 

PROPERTY, PLANT AND EQUIPMENT,  NET

 

 

356,166

 

 

313,571

 

EQUITY

 

 

1,138,366

 

 

1,016,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

1,821,398

 

$

1,631,464

 

TOTAL LIABILITIES AND EQUITY

 

$

1,821,398

 

$

1,631,464

 

 


 

Universal Forest Products, Inc.

Page 6

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 2019/2018

 

 

 

 

 

 

 

 

 

 

(In thousands)

    

 

2019

 

    

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net earnings

 

$

36,002

 

 

$

33,582

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

14,475

 

 

 

12,712

 

Amortization of intangibles

 

 

1,852

 

 

 

1,228

 

Expense associated with share-based and grant compensation arrangements

 

 

1,287

 

 

 

1,094

 

Deferred income taxes credit

 

 

(742)

 

 

 

(519)

 

Unrealized gain on investments

 

 

(1,348)

 

 

 

 —

 

Net gain on disposition of assets

 

 

(122)

 

 

 

(6,534)

 

Changes in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(100,716)

 

 

 

(99,765)

 

Inventories

 

 

(23,649)

 

 

 

(57,403)

 

Accounts payable and cash overdraft

 

 

25,056

 

 

 

39,935

 

Accrued liabilities and other

 

 

(7,924)

 

 

 

(8,502)

 

NET CASH USED IN OPERATING ACTIVITIES

 

 

(55,829)

 

 

 

(84,172)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(15,883)

 

 

 

(24,362)

 

Proceeds from sale of property, plant and equipment

 

 

241

 

 

 

36,250

 

Acquisitions and purchase of noncontrolling interest, net of cash received

 

 

 —

 

 

 

(8,787)

 

Purchases of investments

 

 

(449)

 

 

 

(6,718)

 

Proceeds from sale of investments

 

 

340

 

 

 

5,045

 

Other

 

 

200

 

 

 

(124)

 

NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES

 

 

(15,551)

 

 

 

1,304

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Borrowings under revolving credit facilities

 

 

237,560

 

 

 

296,342

 

Repayments under revolving credit facilities

 

 

(173,232)

 

 

 

(179,429)

 

Borrowings of debt

 

 

 —

 

 

 

1,376

 

Repayments of debt

 

 

(3,029)

 

 

 

(5,232)

 

Proceeds from issuance of common stock

 

 

261

 

 

 

206

 

Distributions to noncontrolling interest

 

 

(500)

 

 

 

(775)

 

Repurchase of common stock

 

 

 —

 

 

 

(848)

 

Other

 

 

 9

 

 

 

(70)

 

NET CASH FROM PROVIDED BY FINANCING ACTIVITIES

 

 

61,069

 

 

 

111,570

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

248

 

 

 

233

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(10,063)

 

 

 

28,935

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

28,198

 

 

 

28,816

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

18,135

 

 

$

57,751

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash and cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

$

27,316

 

 

$

28,339

 

Restricted cash, beginning of period

 

 

882

 

 

 

477

 

All cash and cash equivalents, beginning of period

 

$

28,198

 

 

$

28,816

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

17,111

 

 

$

25,326

 

Restricted cash, end of period

 

 

1,024

 

 

 

32,425

 

All cash and cash equivalents, end of period

 

$

18,135

 

 

$

57,751

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Universal Forest Products, Inc.

Page 7

 

 

EBITDA RECONCILIATION (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 2019/2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands)

 

2019

 

2018

2019

2018

Net earnings

 

$

36,002

 

$

33,582

$

36,002

 

$

33,582

Interest  expense

 

 

2,460

 

 

1,778

 

2,460

 

 

1,778

Interest and investment income

 

 

(1,593)

 

 

(717)

 

(1,593)

 

 

(717)

Net gain on disposition of assets

 

 

(122)

 

 

(6,534)

 

(122)

 

 

(6,534)

Income taxes

 

 

11,577

 

 

9,574

 

11,577

 

 

9,574

Expense associated with share-based compensation arrangements

 

 

1,287

 

 

1,094

 

1,287

 

 

1,094

Depreciation expense

 

 

14,475

 

 

12,712

 

14,475

 

 

12,712

Amortization of intangibles

 

 

1,852

 

 

1,228

 

1,852

 

 

1,228

EBITDA

 

$

65,938

 

$

52,717

$

65,938

 

$

52,717

 

 


 

Universal Forest Products, Inc.

Page 8

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AS A PERCENTAGE OF SALES

CURRENT YEAR’S SALES STATED AT LAST YEAR’S SELLING PRICES (UNAUDITED)

FOR THE THREE MONTHS ENDED - MARCH 2019/2018

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

Actual

Sales Adjusted to Last Year's Selling Price

Actual

 

 

2019

 

 

2019

 

 

2018

 

NET SALES

 

100.0

%

 

100.0

%

 

100.0

%

COST OF GOODS SOLD 

 

84.8

 

 

85.5

 

 

86.8

 

GROSS PROFIT

 

15.2

 

 

14.5

 

 

13.2

 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

10.4

 

 

10.0

 

 

9.4

 

NET GAIN ON DISPOSITION OF ASSETS

 

 -

 

 

 -

 

 

(0.7)

 

EARNINGS FROM OPERATIONS

 

4.8

 

 

4.6

 

 

4.4

 

OTHER EXPENSE, NET

 

0.1

 

 

0.1

 

 

0.1

 

EARNINGS BEFORE INCOME TAXES

 

4.7

 

 

4.5

 

 

4.3

 

INCOME TAXES

 

1.1

 

 

1.1

 

 

1.0

 

NET EARNINGS

 

3.5

 

 

3.4

 

 

3.4

 

LESS NET EARNINGS ATTRIBUTABLE TO

 

 

 

 

 

 

 

 

 

    NONCONTROLLING INTEREST

 

 -

 

 

 -

 

 

(0.1)

 

NET EARNINGS ATTRIBUTABLE TO

 

 

 

 

 

 

 

 

 

    CONTROLLING INTEREST

 

3.5

%

 

3.3

%

 

3.3

%

 

 

 

 

 

 

 

 

 

 

Note: Actual percentages are calculated and may not sum to total due to rounding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018 NET SALES

$

993,857

 

 

 

 

 

 

 

INCREASE BY 2019 UNIT SALES GROWTH

 

7.00

%

 

 

 

 

 

 

ADJUSTED 2019 NET SALES

$

1,063,427

 

 

 

 

 

 

 

LESS ACTUAL 2019 NET SALES

 

1,015,125

 

 

 

 

 

 

 

DIFFERENCE IN NET SALES

$

48,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACTUAL 2019 COST OF GOODS SOLD

$

860,858

 

 

 

 

 

 

 

PLUS DIFFERENCE IN NET SALES (ABOVE)

 

48,302

 

 

 

 

 

 

 

ADJUSTED 2019 COST OF GOODS SOLD

$

909,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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