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Integrative Case 2, Track Software, Inc., places you in the role of financial decision maker to introduce the basic concepts of financial goal-setting, measurement of the firm’s performance, and analysis of the firm’s financial condition. Because this seven-year-old software company has cash flow problems, you must prepare and analyze the statement of cash flows. Interest expense is increasing, and the firm’s financing strategy should be evaluated in view of current yields on loans of different maturities. A ratio analysis of Track’s financial statements is used to provide additional information about the firm’s financial condition. You are faced with a cost/benefit tradeoff: Is the additional expense of a new software developer, which will decrease short-term profitability, a good investment for the firm’s long-term potential? In considering these situations, you have become familiar with the importance of financial decisions to the firm’s day-to-day operations and long-term profitability.
Year
Net Profits After Taxes
EPS (NPAT ¸ 50,000 shares)
2009
($50,000)
$ 0
2010
(20,000)
0
2011
15,000
0.30
2012
35,000
0.70
2013
40,000
0.80
2014
43,000
0.86
2015
48,000
0.96
Earnings per share has increased steadily, confirming that Stanley is concentrating his efforts on profit maximization.
1. Calculation of Operating and Free Cash Flows.
2. Earnings per share (EPS) calculation.
Ratio Analysis Track Software, Inc.
Industry
Actual
Average
TS: Time-Series
Ratio
2014
2015
2015
CS: Cross-Sectional
Net working
TS: Improving
capital
$21,000
$58,000
$96,000
CS: Poor
Current ratio
1.06
1.16
1.82
TS: Improving
CS: Poor
Quick ratio
0.63
0.63
1.10
TS: Stable
CS: Poor
Inventory turnover
10.40
5.39
12.45
TS: Deteriorating
CS: Poor
Average collection
TS: Deteriorating
period
29.6 days
35.8 days
20.2 days
CS: Poor
Total asset
TS: Improving
turnover
2.66
2.80
3.92
CS: Poor
Debt ratio
0.78
0.73
0.55
TS: Decreasing
CS: Poor
Times interest
TS: Stable
earned
3.0
3.1
5.6
CS: Poor
Gross profit
TS: Improving
margin
32.1%
33.5%
42.3%
CS: Fair
Operating profit
TS: Improving
margin
5.5%
5.7%
12.4%
CS: Poor
Net profit margin
3.0%
3.1%
4.0%
TS: Stable
CS: Fair
Return on total
TS: Improving
assets (ROA)
8.0%
8.7%
15.6%
CS: Poor
Return on
TS: Deteriorating
equity (ROE)
36.4%
31.6%
34.7%
CS: Fair
Analysis of Track Software based on ratio data: Find and comment on the ratios below relating to the company.
1. Liquidity.
2. Operating Activity
3. Debt.
4. Profitability.
The case study is required to be completed. The case study due on Sunday at 11:59pm. You are to write a minimum of 5 pages using in-text citations and the most recent published journals. All assignments must follow APA format style and submit for grading. The format of the cover page: Title, First Last Name, Course Title, Professor’s Name, Date Submitted. See attached APA format of referencing your paper.
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