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, October 23, 2019

 

 

 

UFPI reports record third-quarter earnings
- Net earnings up 26 percent, unit sales up 7  percent -

GRAND RAPIDS, Mich., Wednesday, October 23, 2019 – Universal Forest Products, Inc. (Nasdaq: UFPI), soon to be known as UFP Industries, Inc., today announced net sales of $1.16 billion and record net earnings attributable to controlling interests of $51.9 million, or 84 cents per diluted share, for the quarter ended September 28, 2019.

“Our record results are the reflection of the hard work of our employees and the successful execution of our strategies to grow and improve our business. Our growth in organic unit sales was very strong, and we continue to successfully add new, value-added products and services to our offerings that are improving our profitability,” said CEO Matthew J. Missad.

The Company’s mix of value-added sales relative to commodity sales improved from 62.1 percent in the third quarter of 2018 to 67.6 percent in the third quarter of 2019, and new product sales grew 7 percent over the same period of 2018. Although lower lumber pricing affected the Company’s third-quarter net sales, unit sales increased 7 percent over the same period of last year, driven mostly by organic sales growth. During the third quarter, the Company acquired Hartford, Wisconsin-based Pallet USA and Bonner, Montana-based Northwest Painting, Inc., expanding its value-added offerings and market presence in the Midwest and Northwest.

“While we are pleased that so many of our operations are performing so well, we know we have operations that can do much better given our culture of continuous improvement, and we have been making changes to improve their performance. This summer, we announced a new organizational structure beginning January 1, 2020, that will allow for a more specialized and consistent sales approach, more efficient use of resources and capital, and quicker introduction of new, value-added products and services. I’m happy to say we have already made great progress toward the reorganization, and our employees are very excited about the new UFP Industries and the new business and career opportunities that are being created. This truly is an exciting time for our Company.”

 

-more-

Universal Forest Products, Inc.

Page 2

 

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

-

Operating profit of $70.5 million was up 24 percent and net earnings of $51.9 million was up 26 percent

-

EBITDA of $89.7 million was up 23 percent, far exceeding the Company’s unit sales increase of 7 percent

-

Unit sales grew 7 percent; organic sales accounted for 6 percent of the growth while acquisitions added 1 percent 

-

New product sales were $142.9 million, up 7 percent

-

Net sales of $1.16 billion represented a 4 percent decrease; lower lumber prices contributed significantly to the gross sales reduction, as selling prices were down by 11 percent

-

SG&A, excluding bonus expense, as a percentage of gross profit fell from 55.4 percent in the third quarter of 2018 to 49.8 percent during the third quarter of 2019

By market, the Company reported the following third-quarter 2019 results.

Retail

·

$437 million in gross sales, down 1 percent compared to the third quarter of 2018. A unit sales increase of 10 percent was offset by selling prices that were 11 percent lower. Organic growth was responsible for all of the unit sales increase and was largely driven by robust sales of Deckorators decking and deck accessories and new product sales.

Industrial

·

$332.5 million in gross sales, down 6 percent from the third quarter of 2018. A unit sales increase of 4 percent was offset by lower selling prices of 10 percent. Organic growth contributed 2 percent of the unit sales increase; acquisitions were responsible for 2 percent. The Company’s focus on improving its product mix has resulted in more value-added sales and fewer commodity sales, improving gross profits.

Construction

·

$414.4 million in gross sales, down 5 percent compared to the third quarter of 2018, due to a 13 percent decrease in selling prices and an 8 percent increase in overall unit sales. Unit sales growth was entirely organic, with commercial sales growing 15 percent, residential housing sales growing 6 percent and manufactured housing sales growing 1 percent.

 

CONFERENCE CALL

Universal Forest Products, soon to be known as UFP Industries, Inc., will conduct a conference call to discuss information included in this news release and related matters at 8:30 a.m. ET on Thursday, October 24, 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. Analysts and institutional investors should use conference pass code 4270679. The conference call will be available simultaneously and in its entirety to all interested investors, news media and Universal employees through a webcast at http://www.ufpi.com. A replay of the call will be available through November 24, 2019, at 855-859-2056 or 404-537-3406.

 

 

-more-

Universal Forest Products, Inc.

Page 3

 

UNIVERSAL FOREST PRODUCTS, INC.

Universal Forest Products, Inc., soon to be known as UFP Industries, 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, 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 AND NINE MONTHS ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands, except per share data)

    

2019

2018

2019

2018

NET SALES

 

$

1,163,026

  

100

$

1,212,702

  

100

$

3,417,969

  

100

$

3,500,999

  

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD 

 

 

975,756

 

83.9

 

 

1,054,029

 

86.9

 

 

2,889,706

 

84.5

 

 

3,045,748

 

87.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

187,270

 

16.1

 

 

158,673

 

13.1

 

 

528,263

 

15.5

 

 

455,251

 

13.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELLING,   GENERAL  AND ADMINISTRATIVE  EXPENSES

 

 

115,958

 

10.0

 

 

102,292

 

8.4

 

 

334,165

 

9.8

 

 

300,292

 

8.6

 

FOREIGN CURRENCY EXCHANGE (GAIN) LOSS

 

 

(306)

 

 —

 

 

412

 

 —

 

 

118

 

 —

 

 

213

 

 —

 

NET (GAIN) LOSS ON DISPOSITION OF ASSETS AND IMPAIRMENT OF ASSETS

 

 

1,151

 

0.1

 

 

(1,022)

 

(0.1)

 

 

830

 

 —

 

 

(7,079)

 

(0.2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS FROM OPERATIONS

 

 

70,467

 

6.1

 

 

56,991

 

4.7

 

 

193,150

 

5.7

 

 

161,825

 

4.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSE, NET

 

 

1,490

 

0.1

 

 

1,734

 

0.1

 

 

4,082

 

0.1

 

 

4,862

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE INCOME TAXES

 

 

68,977

 

5.9

 

 

55,257

 

4.6

 

 

189,068

 

5.5

 

 

156,963

 

4.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

16,396

 

1.4

 

 

13,189

 

1.1

 

 

45,340

 

1.3

 

 

36,183

 

1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 

52,581

 

4.5

 

 

42,068

 

3.5

 

 

143,728

 

4.2

 

 

120,780

 

3.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(722)

 

(0.1)

 

 

(849)

 

(0.1)

 

 

(1,814)

 

(0.1)

 

 

(2,684)

 

(0.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

51,859

 

4.5

 

$

41,219

 

3.4

 

$

141,914

 

4.2

 

$

118,096

 

3.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - BASIC

 

$

0.84

 

 

 

$

0.67

 

 

 

$

2.30

 

 

 

$

1.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - DILUTED

 

$

0.84

 

 

 

$

0.66

 

 

 

$

2.30

 

 

 

$

1.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

 

Year to Date

Market Classification

    

 

2019

 

 

 

 

 

2018

 

%

    

 

2019

    

 

 

 

 

2018

 

%

Retail

 

 

$

437,092

 

 

 

 

 

$

441,916

 

-1%

 

 

$

1,315,543

 

 

 

 

 

$

1,356,920

 

-3%

Industrial

 

 

 

332,537

 

 

 

 

 

 

353,660

 

-6%

 

 

 

1,019,535

 

 

 

 

 

 

986,410

 

3%

Construction

 

 

 

414,401

 

 

 

 

 

 

438,115

 

-5%

 

 

 

1,145,064

 

 

 

 

 

 

1,222,395

 

-6%

Total Gross Sales

 

 

 

1,184,030

 

 

 

 

 

 

1,233,691

 

-4%

 

 

 

3,480,142

 

 

 

 

 

 

3,565,725

 

-2%

Sales Allowances

 

 

 

(21,004)

 

 

 

 

 

 

(20,989)

 

0%

 

 

 

(62,173)

 

 

 

 

 

 

(64,726)

 

4%

Total Net Sales

 

 

$

1,163,026

 

 

 

 

 

$

1,212,702

 

-4%

 

 

$

3,417,969

 

 

 

 

 

$

3,500,999

 

-2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

% of Sales

 

2018

 

% of Sales

 

 

2019

 

% of Sales

 

2018

 

% of Sales

SG&A, Excluding Bonus Expense

 

 

$

93,344

 

8.0%

 

$

87,967

 

7.3%

 

 

$

280,898

 

8.2%

 

$

262,382

 

7.5%

Bonus Expense

 

 

 

22,614

 

1.9%

 

 

14,325

 

1.2%

 

 

 

53,267

 

1.6%

 

 

37,910

 

1.1%

Total SG&A

 

 

$

115,958

 

10.0%

 

$

102,292

 

8.4%

 

 

$

334,165

 

9.8%

 

$

300,292

 

8.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

49.8%

 

 

 

 

 

 

55.4%

 

 

 

 

 

53.2%

 

 

 

 

 

 

57.6%

 

 

 

Universal Forest Products, Inc.

Page 5

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

SEPTEMBER 2019/2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

    

 

2019

    

 

2018

    

LIABILITIES AND EQUITY

    

 

2019

    

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

64,498

 

$

26,327

 

Cash overdraft

 

$

 —

 

$

31,115

 

Restricted cash

 

 

729

 

 

1,024

 

Accounts payable

 

 

180,767

 

 

175,912

 

Investments

 

 

17,028

 

 

15,809

 

Accrued liabilities

 

 

204,529

 

 

151,102

 

Accounts receivable

 

 

474,648

 

 

454,935

 

Current portion of debt

 

 

152

 

 

149

 

Inventories

 

 

479,356

 

 

510,057

 

 

 

 

 

 

 

 

 

Other current assets

 

 

55,845

 

 

38,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT ASSETS

 

 

1,092,104

 

 

1,046,851

 

TOTAL CURRENT LIABILITIES

 

 

385,448

 

 

358,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

116,887

 

 

22,345

 

 

 

 

 

 

 

 

 

INTANGIBLE ASSETS, NET

 

 

286,627

 

 

261,666

 

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

 

 

162,853

 

 

186,539

 

 

 

 

 

 

 

 

 

OTHER LIABILITIES

 

 

103,221

 

 

40,630

 

PROPERTY, PLANT AND EQUIPMENT,  NET

 

 

385,007

 

 

346,309

 

EQUITY

 

 

1,229,103

 

 

1,091,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

1,880,625

 

$

1,677,171

 

TOTAL LIABILITIES AND EQUITY

 

$

1,880,625

 

$

1,677,171

 

 

 

Universal Forest Products, Inc.

Page 6

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS ENDED

SEPTEMBER 2019/2018

 

 

 

 

 

 

 

 

 

(In thousands)

    

 

2019

 

    

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net earnings

 

$

143,728

 

 

$

120,780

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

44,652

 

 

 

40,490

 

Amortization of intangibles

 

 

4,690

 

 

 

4,274

 

Expense associated with share-based and grant compensation arrangements

 

 

3,105

 

 

 

2,762

 

Deferred income taxes credit

 

 

(367)

 

 

 

(583)

 

Unrealized gain on investment

 

 

(1,611)

 

 

 

 —

 

Net (gain) loss on disposition of assets and impairment of assets

 

 

830

 

 

 

(7,079)

 

Changes in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(127,841)

 

 

 

(121,067)

 

Inventories

 

 

80,178

 

 

 

(39,448)

 

Accounts payable and cash overdraft

 

 

14,293

 

 

 

38,611

 

Accrued liabilities and other

 

 

36,423

 

 

 

21,361

 

NET CASH FROM (USED IN) OPERATING ACTIVITIES

 

 

198,080

 

 

 

60,101

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(66,338)

 

 

 

(74,541)

 

Proceeds from sale of property, plant and equipment

 

 

1,180

 

 

 

37,612

 

Acquisitions and purchase of noncontrolling interest, net of cash received

 

 

(38,710)

 

 

 

(38,963)

 

Purchases of investments

 

 

(6,475)

 

 

 

(12,401)

 

Proceeds from sale of investments

 

 

4,159

 

 

 

3,298

 

Other

 

 

199

 

 

 

(620)

 

NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES

 

 

(105,985)

 

 

 

(85,615)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Borrowings under revolving credit facilities

 

 

421,464

 

 

 

636,798

 

Repayments under revolving credit facilities

 

 

(460,537)

 

 

 

(668,941)

 

Borrowings of debt

 

 

 —

 

 

 

927

 

Repayments of debt

 

 

(3,099)

 

 

 

(5,511)

 

Issuance of long-term debt

 

 

 —

 

 

 

75,000

 

Proceeds from issuance of common stock

 

 

812

 

 

 

756

 

Distributions to noncontrolling interest

 

 

(1,634)

 

 

 

(2,239)

 

Dividends paid to shareholders

 

 

(12,270)

 

 

 

(11,090)

 

Repurchase of common stock

 

 

 —

 

 

 

(1,843)

 

Other

 

 

41

 

 

 

(55)

 

NET CASH FROM PROVIDED BY FINANCING ACTIVITIES

 

 

(55,223)

 

 

 

23,802

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

157

 

 

 

247

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

37,029

 

 

 

(1,465)

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

28,198

 

 

 

28,816

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

65,227

 

 

$

27,351

 

 

 

 

 

 

 

 

 

 

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

 

$

64,498

 

 

$

26,327

 

Restricted cash, end of period

 

 

729

 

 

 

1,024

 

All cash and cash equivalents, end of period

 

$

65,227

 

 

$

27,351

 

 

 

 

 

 

 

 

 

 

 

 

Universal Forest Products, Inc.

Page 7

 

EBITDA RECONCILIATION (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMER 2019/2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands)

 

2019

 

2018

2019

2018

Net earnings

 

$

52,581

 

$

42,068

$

143,728

 

$

120,780

Interest expense

 

 

1,900

 

 

1,945

 

6,767

 

 

5,971

Interest and investment income

 

 

(317)

 

 

(211)

 

(1,074)

 

 

(1,109)

Unrealized gain on investments

 

 

(93)

 

 

 -

 

(1,611)

 

 

 -

Net (gain) loss on disposition of assets and impairment of assets

 

 

1,151

 

 

(1,022)

 

830

 

 

(7,079)

Income taxes

 

 

16,396

 

 

13,189

 

45,340

 

 

36,183

Expense associated with share-based compensation arrangements

 

 

896

 

 

838

 

3,105

 

 

2,762

Depreciation expense

 

 

15,452

 

 

14,346

 

44,652

 

 

40,490

Amortization of intangibles

 

 

1,744

 

 

1,571

 

4,690

 

 

4,274

EBITDA

 

$

89,710

 

$

72,724

$

246,427

 

$

202,272

 

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 - SEPTEMBER 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 

 

83.9

 

 

85.6

 

 

86.9

 

GROSS PROFIT

 

16.1

 

 

14.4

 

 

13.1

 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

10.0

 

 

8.9

 

 

8.5

 

NET (GAIN) LOSS ON DISPOSITION OF ASSETS AND IMPAIRMENT OF ASSETS

 

0.1

 

 

0.1

 

 

(0.1)

 

EARNINGS FROM OPERATIONS

 

6.1

 

 

5.4

 

 

4.7

 

OTHER EXPENSE, NET

 

0.1

 

 

0.1

 

 

0.1

 

EARNINGS BEFORE INCOME TAXES

 

5.9

 

 

5.3

 

 

4.6

 

INCOME TAXES

 

1.4

 

 

1.3

 

 

1.1

 

NET EARNINGS

 

4.5

 

 

4.0

 

 

3.5

 

LESS NET EARNINGS ATTRIBUTABLE TO

 

 

 

 

 

 

 

 

 

    NONCONTROLLING INTEREST

 

(0.1)

 

 

(0.1)

 

 

(0.1)

 

NET EARNINGS ATTRIBUTABLE TO

 

 

 

 

 

 

 

 

 

    CONTROLLING INTEREST

 

4.5

%

 

4.0

%

 

3.4

%

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018 NET SALES

$

1,212,702

 

 

 

 

 

 

 

2019 SELL PRICE DECLINE

 

11.00

%

 

 

 

 

 

 

DECREASE IN 2019 NET SALES DUE TO SELL PRICE DECLINE

$

133,397

 

 

 

 

 

 

 

ACTUAL 2019 NET SALES

 

1,163,026

 

 

 

 

 

 

 

ADJUSTED 2019 NET SALES

$

1,296,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACTUAL 2019 COST OF GOODS SOLD

$

975,756

 

 

 

 

 

 

 

PLUS DIFFERENCE IN NET SALES (ABOVE)

 

133,397

 

 

 

 

 

 

 

ADJUSTED 2019 COST OF GOODS SOLD

$

1,109,153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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