FSYS » Topics » Liquidity Ratios

This excerpt taken from the FSYS 10-Q filed May 8, 2009.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.8:1.0 at March 31, 2009 and 1.7:1.0 at December 31, 2008, respectively. At March 31, 2009, our total working capital had increased by $9.2 million to $92.0 million from $82.8 million at December 31, 2008. This increase is due primarily due to the following: (1) an increase of $15.2 million in net receivables primarily in BRC operations due to the change in mix of sales between aftermarket and post-production OEM; (2) an increase of $5.5 million in net inventories consisting of $4.9 million in our BRC operations and $0.6 million increase in our IMPCO operations; and (3) a decrease of $21.3 million in accounts payable, which all were partially offset by decreases in working capital due to an increase of $5.9 million in accrued expenses, an increase of $10.8 million in borrowings on revolving lines of credit and a decrease in cash and cash equivalents of $17.5 million.

These excerpts taken from the FSYS 10-K filed Mar 10, 2009.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.7:1.0 and 1.8:1.0 at December 31, 2008 and December 31, 2007, respectively. At December 31, 2008, our total working capital had increased by $12.2 million to $82.8 million from $70.6 million at December 31, 2007. This increase is primarily due to the following: (1) an increase of $18.1 million in net receivables primarily in BRC operations as a result of increased revenue; (2) an increase of $22.3 million in net inventories, primarily in our BRC operations; and (3) an increase of $1.9 million in other current assets, which all were partially offset by (a) an increase of $15.8 million in accounts payable, (b) an increase of $14.5 million in accrued expenses and (c) an increase of $4.4 million in related party payables. The increases in accrued expenses, accounts payable, and related party payables are primarily in our BRC operations as a result of costs associated with increased revenue.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.7:1.0 and 1.8:1.0 at December 31, 2008 and December 31, 2007, respectively. At December 31, 2008, our total working capital had increased by $12.2 million to $82.8 million from $70.6 million at December 31, 2007. This increase is primarily due to the following: (1) an increase of $18.1 million in net receivables primarily in BRC operations as a result of increased revenue; (2) an increase of $22.3 million in net inventories, primarily in our BRC operations; and (3) an increase of $1.9 million in other current assets, which all were partially offset by (a) an increase of $15.8 million in accounts payable, (b) an increase of $14.5 million in accrued expenses and (c) an increase of $4.4 million in related party payables. The increases in accrued expenses, accounts payable, and related party payables are primarily in our BRC operations as a result of costs associated with increased revenue.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.7:1.0 and 1.8:1.0 at December 31, 2008 and December 31, 2007, respectively. At December 31, 2008, our total working capital had increased by $12.2 million to $82.8 million from $70.6 million at December 31, 2007. This increase is primarily due to the following: (1) an increase of $18.1 million in net receivables primarily in BRC operations as a result of increased revenue; (2) an increase of $22.3 million in net inventories, primarily in our BRC operations; and (3) an increase of $1.9 million in other current assets, which all were partially offset by (a) an increase of $15.8 million in accounts payable, (b) an increase of $14.5 million in accrued expenses and (c) an increase of $4.4 million in related party payables. The increases in accrued expenses, accounts payable, and related party payables are primarily in our BRC operations as a result of costs associated with increased revenue.

This excerpt taken from the FSYS 10-Q filed Nov 10, 2008.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.8:1.0 at both September 30, 2008 and December 31, 2007. At September 30, 2008, our total working capital had increased by $17.5 million to $88.1 million from $70.6 million at December 31, 2007. This increase is primarily due to the following: (1) an increase of $15.5 million in net receivables primarily in BRC operations as a result of increased revenue; (2) an increase of $10.0 million in net inventories, primarily in our BRC operations; and (3) an increase of $7.5 million in cash and cash equivalents and $2.8 million in other current assets, which all were partially offset by (a) an increase of $15.7 million in accrued expenses and (b) an increase of $4.9 million in accounts payable. The increases in accrued expenses and accounts payable are primarily in our BRC operations as a result of costs associated with increased revenue.

This excerpt taken from the FSYS 10-Q filed Aug 11, 2008.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.8:1.0 at both June 30, 2008 and December 31, 2007. At June 30, 2008, our total working capital had increased by $20.6 million to $91.2 million from $70.6 million at December 31, 2007. This increase is primarily due to the following: (1) an increase of $13.6 million in net receivables primarily in BRC

 

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operations as a result of increased revenue; (2) an increase of $18.9 million in net inventories, primarily in our BRC operations; and (3) an increase of $16.9 million in cash and cash equivalents and $2.7 million in other current assets, which all were partially offset by an increase of $0.2 million in deferred tax liabilities, $14.4 million in accrued expenses and an increase of $16.9 million in accounts payable. The increases in accrued expenses and accounts payable are primarily in our BRC operations as a result of costs associated with increased revenue.

This excerpt taken from the FSYS 10-Q filed May 12, 2008.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.8:1.0 at March 31, 2008 and at December 31, 2007. At March 31, 2008, our total working capital had increased by $11.9 million to $82.5 million from $70.6 million at December 31, 2007. This increase is due primarily due to the following: (1) an increase of $21.3 million in net receivables primarily in BRC operations as a result of increased revenue; (2) an increase of $5.0 million in net inventories, primarily in our BRC operations, which increased by $6.8 million, partially offset by a decrease in our IMPCO operation of $1.8 million; and (3) an increase of $3.2 million in cash and cash equivalents, which all were partially offset by decreases in working capital due to an increase of $9.8 million in accrued expenses and an increase of $6.4 million in accounts payable. The increases in accrued expenses and accounts payable are primarily in our BRC operations as a result of costs associated with increased revenue.

This excerpt taken from the FSYS 10-K filed Apr 22, 2008.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.8:1.0 at December 31, 2007 and 1.9:1.0 at December 31, 2006. At December 31, 2007, our total working capital had increased by $13.5 million to $70.6 million from $57.1 million at December 31, 2006. This increase is due primarily to the following: (1) increase in inventory during 2007 of $12.5 million primarily in BRC operations, which increased by $11.5 million; (2) a $7.6 million increase in accounts receivable, comparing December 31, 2007 with December 31, 2006, primarily as a result of an increase in BRC operations accounts receivable of $8.8 million partially offset by a decrease in IMPCO operations accounts receivable of $1.2 million; and (3) increase in cash and cash equivalents of $15.3 million, which was all partially offset by a decrease in working capital due to an increase of $21.7 million in accounts payable.

This excerpt taken from the FSYS 10-Q filed Nov 14, 2007.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1:82:1.0 and 1.88:1.0 at September 30, 2007 and at December 31, 2006, respectively. At September 30, 2007, our total working capital had increased by $9.6 million to $65.9 million from $56.3 million at December 31, 2006. This increase is due primarily to an increase of $14.7 million in cash and cash equivalents, an increase of $1.9 million in net receivables and a decrease of $6.0 million in current revolving lines of credit, partially offset by a decrease in related party receivables of $2.3 million, a increase of $10.2 million in net inventories, an increase of $16.9 million in accounts payable and an increase of $2.4 million in accrued expenses.

This excerpt taken from the FSYS 10-K filed Oct 31, 2007.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.9:1.0 at December 31, 2006 and 1.6:1.0 at December 31, 2005. At December 31, 2006, our total working capital had increased by $16.0 million to $56.3 million from $40.3 million at December 31, 2005. This increase is due primarily to the increase in inventory during 2006 both in IMPCO operations and BRC operations, which increased by $11.6 million and $12.1 million, respectively. A further factor was the $5.8 million decrease in accounts payable, comparing December 31, 2006 with December 31, 2005, as a result of a decrease in BRC operations accounts payable of $11.9 million and an increase in IMPCO operations accounts payable of $6.1 million.

 

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This excerpt taken from the FSYS 10-Q filed Oct 31, 2007.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1:97:1.0 and 1.88:1.0 at June 30, 2007 and at December 31, 2006, respectively. At June 30, 2007, our total working capital had increased by $13.0 million to $69.3 million from $56.3 million at December 31, 2006. This increase is due primarily to an increase of $17.4 million in cash and cash equivalents, an increase of $6.0 million in net receivables and a decrease of $3.9 million in current revolving lines of credit, partially offset by a decrease in related party receivables of $1.7 million, a decrease of $1.4 million in net inventories, an increase of $5.1 million in accounts payable and an increase of $4.9 million in other accrued expenses.

This excerpt taken from the FSYS 10-Q filed Oct 31, 2007.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.89:1.0 and 1.88:1.0 at March 31, 2007 and at December 31, 2006, respectively. At March 31, 2007, our total working capital had increased by $2.4 million to $58.7 million from $56.3 million at December 31, 2006. This increase is due primarily to an increase of $2.4 million in net inventories, and an increase of $2.5 million in net receivables, and a decrease of $0.5 million in current revolving lines of credit, offset by a decrease of $0.6 million in accounts payable and an increase of $3.2 million in accrued expenses. The increase in inventories is due to our move towards stocking inventory in order to shorten our lead time required for delivery to our customers.

 

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This excerpt taken from the FSYS 10-Q filed Nov 9, 2006.

Liquidity Ratios

Our ratio of current assets to current liabilities was 1.84:1.0 and 1.61:1.0 at September 30, 2006 and at December 31, 2005, respectively. At September 30, 2006, our total working capital had increased by $16.4 million to $57.0 million from $40.6 million at December 31, 2005. This increase is due primarily to an increase of $21.9 million in net inventories, and an increase of $6.8 million in net receivables, and a decrease of $2.9 million in current revolving lines of credit, offset by a decrease of $13.4 million in cash, an increase of $2.0 million in accounts payable, and an increase of $4.1 million in other accrued expenses. The increase in inventories is due to growth in revenues and our move towards stocking inventory in order to have the ability to provide immediate delivery to our customers.

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