2007 2008 2009

Net revenue $ 13,873 $ 13,880 $ 11,449

Cost of sales $ 7,608 $ 7,425 $ 6,718
Gross Margin $ 6,265 $ 6,455 $ 4,731
Selling, General & Administrative $ 3,851 $ 3,955 $ 3,461
Research & Development $ 2,008 $ 1,834 $ 1,648
Impairment of Goodwill $ - $ - $ 1,460
Other operating Expense $ 97 $ 294 $ 398
Total Operating Expenses $ 5,956 $ 6,083 $ 6,967
Operating Income $ 309 $ 372 $ (2,236)
Depreciation and Amortization $ 517 $ 476 $ 474
Net PPE $ 1,611 $ 1,616 $ 1,788
Change in PPE $ 5 $ 172
FCF $ 843 $ (1,934)
 2010 2011 2012 2013 2014
$ 12,665 $ 13,047 $ 13,526 $ 13,885 $ 14,243
$ 7,685 $ 7,583 $ 7,735 $ 7,889 $ 8,075
$ 4,980 $ 5,464 $ 5,791 $ 5,996 $ 6,168
$ 4,839 $ 4,992 $ 5,121 $ 5,249 $ 5,372

$ 4,839 $ 4,992 $ 5,121 $ 5,249 $ 5,372

$ 141 $ 472 $ 670 $ 747 $ 796
$ 536 $ 456 $ 470 $ 487 $ 500
$ 1,520 $ 1,566 $ 1,623 $ 1,666 $ 1,709
$ (268) $ 46 $ 57 $ 43 $ 43
$ 945 $ 882 $ 1,082 $ 1,191 $ 1,253
 Ratio Analysis
A. Profitability Ratios:
1. Return on Assets (net income/total assets)
2. Return on Sales (net income/sales)
3. Assets-to-Equity (total assets/stockholders equity)
4. Return on Equity (net income/stockholders equity)
B. Efficiency Ratios:
1. Asset Turnover (sales/total assets)
2. A/R Turnover Rate (sales/accounts receivable)
3. Inventory Turnover Rate (COGS/average inventory)
4. Fixed Asset Turnover (sales/average fixed assets)
C. Leverage Ratios:
1. Debt Ratio (total liabilities/total assets)
2. Debt-to-Equity Ratio (total liabilities/stockholders equity)
3. Times Interest Earned (earnings before interest and taxes/interest expense)
D. Liquidity Ratios:
1. Current Ratio (current assets/current liabilities)
2. Working Capital (current assets current liabilities)
s
2007 2008 2009 2010 2011 2012
8.54% 10.08% 5.50% 6.14% 6.58% 7.89%
8.55% 9.89% 5.69% 6.26% 6.88% 7.57%
5.86 5.02 6.84 6.70 6.57 6.44
50.07% 50.65% 37.63% 50.15% 45.25% 48.11%

1.00 1.02 0.97 0.95 0.94 0.92

12.49 12.34 12.68 12.49 12.30 12.12
5.25 5.53 6.27 6.18 6.09 5.99
1.35 1.36 1.48 1.46 1.44 1.42

0.80 0.85 0.84 0.83 0.82

4.86 4.02 5.84 5.75 5.67 5.58
10.17 9.80 8.07 7.95 7.83 7.72

0.75 0.70 0.68 0.67 0.66 0.65

(714,000) (889,000) (1,061,000) -1045085.00 -1029408.73 -1013967.59
 2013 2014
7.72% 9.05%
8.33% 9.16%
6.31 6.18
50.63% 52.64%

0.91 0.90
11.94 11.76
5.90 5.82
1.40 1.37

0.80 0.79
5.50 5.41
7.60 7.49

0.64 0.63
-998758.08 -983776.71
Year Sales in million Year annual growth
2007 13,873 2007 0.05%
2008 13,880 2008 -17.51%
2009 11,449 2009 10.62%
2010 12,665 2010 3.02%
2011 13,047 2011 3.67%
2012 13,526 2012 2.65%
2013 13,885 2013 2.58%
2014 14,243 2014

Average growth 0.73%