Frequency Electronics, Inc. (FEIM)

Analysis: Margins & Ratios Industry: Communication Equipment Sector: Technology Live Price: $58.64

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	TTM	TTM-1	2025-04-30	2024-04-30	2023-04-30	2022-04-30	2021-04-30	2020-04-30	2019-04-30	2018-04-30	2017-04-30	2016-04-30	2015-04-30	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30	2009-04-30	2008-04-30	2007-04-30	2006-04-30	2005-04-30	2004-04-30	2003-04-30	2002-04-30	2001-04-30	2000-04-30	1999-04-30	1998-04-30	1997-04-30	1996-04-30
Revenue	55,287,333	53,682,400	50,958,000	56,229,600	55,950,650	53,848,320	49,224,767	69,852,000	60,187,000	69,811,000	55,274,000	40,777,000	48,296,000	54,254,000	41,507,000	49,509,000	39,407,000	50,351,000	60,394,000	76,564,000	71,550,000	68,932,000	63,595,000	53,223,000	49,416,000	52,740,000	64,397,000	56,206,000	52,810,000	55,173,000	50,106,000	31,527,000	41,179,000	49,210,000	26,535,000	19,000,000	32,000,000	27,900,000	25,100,000
Cost of Revenue	36,444,333	37,272,600	36,910,800	38,998,467	38,964,450	37,373,440	33,774,167	42,456,000	36,485,000	39,714,000	36,691,000	32,928,000	39,697,000	37,333,000	35,721,000	33,720,000	34,244,000	39,102,000	39,958,000	53,016,000	46,800,000	43,822,000	38,977,000	33,254,000	31,694,000	42,560,000	46,735,000	39,130,000	34,193,000	37,013,000	34,529,000	25,681,000	27,090,000	30,734,000	12,789,000	10,700,000	23,500,000	16,500,000	15,400,000
Cost of Revenue Margin	68.01%	71.01%	73.99%	70.79%	70.68%	70.38%	68.59%	60.78%	60.62%	56.89%	66.38%	80.75%	82.20%	68.81%	86.06%	68.11%	86.90%	77.66%	66.16%	69.24%	65.41%	63.57%	61.29%	62.48%	64.14%	80.70%	72.57%	69.62%	64.75%	67.09%	68.91%	81.46%	65.79%	62.45%	48.20%	56.32%	73.44%	59.14%	61.35%
Gross Profit	18,843,000	16,409,800	14,047,200	17,231,133	16,986,200	16,474,880	15,450,600	27,396,000	23,702,000	30,097,000	18,583,000	7,849,000	8,599,000	16,921,000	5,786,000	15,789,000	5,163,000	11,249,000	20,436,000	23,548,000	24,750,000	25,110,000	24,618,000	19,969,000	17,722,000	10,180,000	17,662,000	17,076,000	18,617,000	18,160,000	15,577,000	5,846,000	14,089,000	18,476,000	13,746,000	8,300,000	8,500,000	11,400,000	9,700,000
Gross Profit Margin	31.99%	28.99%	26.01%	29.21%	29.32%	29.62%	31.41%	39.22%	39.38%	43.11%	33.62%	19.25%	17.80%	31.19%	13.94%	31.89%	13.10%	22.34%	33.84%	30.76%	34.59%	36.43%	38.71%	37.52%	35.86%	19.30%	27.43%	30.38%	35.25%	32.91%	31.09%	18.54%	34.21%	37.55%	51.80%	43.68%	26.56%	40.86%	38.65%
R&D Expenses	4,201,667	4,454,000	5,360,800	5,317,000	5,630,050	5,631,640	5,198,633	5,308,000	5,135,000	6,076,000	3,380,000	3,149,000	4,975,000	4,690,000	5,077,000	6,506,000	6,950,000	6,876,000	5,929,000	5,666,000	5,813,000	5,727,000	3,860,000	5,081,000	5,350,000	4,666,000	7,101,000	9,438,000	6,291,000	6,834,000	5,336,000	4,605,000	6,568,000	4,847,000	5,368,000	5,800,000	1,400,000	1,500,000	1,100,000
R&D Expenses Margin	7.51%	8.30%	10.80%	9.83%	10.34%	10.81%	11.17%	7.60%	8.53%	8.70%	6.11%	7.72%	10.30%	8.64%	12.23%	13.14%	17.64%	13.66%	9.82%	7.40%	8.12%	8.31%	6.07%	9.55%	10.83%	8.85%	11.03%	16.79%	11.91%	12.39%	10.65%	14.61%	15.95%	9.85%	20.23%	30.53%	4.38%	5.38%	4.38%
SG&A Expenses	10,615,000	11,339,200	11,610,200	12,286,667	12,073,300	11,633,800	10,910,667	13,263,000	11,563,000	12,289,000	10,184,000	9,372,000	11,662,000	13,189,000	11,595,000	12,100,000	10,608,000	11,898,000	13,205,000	14,207,000	14,064,000	14,704,000	13,825,000	11,398,000	10,621,000	11,431,000	13,139,000	11,359,000	10,616,000	12,595,000	11,459,000	7,573,000	8,932,000	8,820,000	5,275,000	5,400,000	13,800,000	5,700,000	6,300,000
SG&A Expenses Margin	19.67%	21.49%	23.23%	22.33%	21.94%	21.93%	22.84%	18.99%	19.21%	17.60%	18.42%	22.98%	24.15%	24.31%	27.94%	24.44%	26.92%	23.63%	21.86%	18.56%	19.66%	21.33%	21.74%	21.42%	21.49%	21.67%	20.40%	20.21%	20.10%	22.83%	22.87%	24.02%	21.69%	17.92%	19.88%	28.42%	43.13%	20.43%	25.10%
Operating Expenses	14,816,667	15,793,200	16,971,000	17,603,667	17,703,350	17,348,720	16,501,867	18,571,000	16,698,000	18,365,000	13,564,000	12,521,000	16,637,000	17,879,000	16,672,000	18,606,000	17,558,000	18,774,000	19,134,000	19,873,000	19,877,000	20,431,000	17,685,000	16,479,000	15,971,000	16,097,000	20,240,000	20,797,000	16,907,000	19,429,000	16,795,000	18,336,000	14,000,000	11,091,000	12,738,000	13,500,000	17,600,000	8,800,000	8,700,000
Operating Expenses Margin	27.18%	29.79%	34.02%	32.16%	32.28%	33.16%	35.64%	26.59%	27.74%	26.31%	24.54%	30.71%	34.45%	32.95%	40.17%	37.58%	44.56%	37.29%	31.68%	25.96%	27.78%	29.64%	27.81%	30.96%	32.32%	30.52%	31.43%	37.00%	32.01%	35.21%	33.52%	58.16%	34.00%	22.54%	48.00%	71.05%	55.00%	31.54%	34.66%
Operating Income (EBIT)	4,026,333	616,600	-2,923,800	-372,533	-717,150	-948,800	-1,113,733	8,825,000	7,004,000	11,732,000	5,019,000	-4,672,000	-8,038,000	-958,000	-10,886,000	-2,817,000	-12,395,000	-7,525,000	1,302,000	3,675,000	4,873,000	4,679,000	6,933,000	3,490,000	1,751,000	-5,917,000	-2,578,000	-3,721,000	1,710,000	-1,269,000	-1,646,000	-12,490,000	89,000	5,939,000	1,008,000	-5,200,000	-9,100,000	2,600,000	1,000,000
Operating Income (EBIT) Margin	4.81%	-0.80%	-8.01%	-2.95%	-2.97%	-3.69%	-4.37%	12.63%	11.64%	16.81%	9.08%	-11.46%	-16.64%	-1.77%	-26.23%	-5.69%	-31.45%	-14.95%	2.16%	4.80%	6.81%	6.79%	10.90%	6.56%	3.54%	-11.22%	-4.00%	-6.62%	3.24%	-2.30%	-3.29%	-39.62%	0.22%	12.07%	3.80%	-27.37%	-28.44%	9.32%	3.98%
Interest Income	173,000	103,800	51,900	105,667	102,750	82,200	68,500	218,000	0	519,000	0	0	0	0	0	0	0	0	0	0	0	671,000	0	395,000	470,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income Margin	0.25%	0.15%	0.07%	0.16%	0.17%	0.14%	0.11%	0.31%	0.00%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.97%	0.00%	0.74%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	123,000	114,600	112,300	123,467	139,150	123,240	102,700	52,000	103,000	104,000	109,000	156,000	77,000	127,000	107,000	83,000	79,000	150,000	131,000	139,000	156,000	195,000	121,000	118,000	121,000	288,000	522,000	0	0	298,000	0	0	0	0	0	0	0	0	0
Interest Expense Margin	0.24%	0.22%	0.23%	0.22%	0.25%	0.22%	0.18%	0.07%	0.17%	0.15%	0.20%	0.38%	0.16%	0.23%	0.26%	0.17%	0.20%	0.30%	0.22%	0.18%	0.22%	0.28%	0.19%	0.22%	0.24%	0.55%	0.81%	0.00%	0.00%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	50,000	-10,800	-60,400	-17,800	-36,400	-41,040	-34,200	144,000	-103,000	415,000	-109,000	-156,000	-77,000	-127,000	-107,000	-83,000	-79,000	-150,000	-131,000	-139,000	-156,000	476,000	-121,000	277,000	349,000	-288,000	-522,000	0	0	-298,000	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	0.00%	-0.08%	-0.15%	-0.06%	-0.08%	-0.08%	-0.07%	0.21%	-0.17%	0.59%	-0.20%	-0.38%	-0.16%	-0.23%	-0.26%	-0.17%	-0.20%	-0.30%	-0.22%	-0.18%	-0.22%	0.69%	-0.19%	0.52%	0.71%	-0.55%	-0.81%	0.00%	0.00%	-0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	-84,000	-171,600	-214,900	-344,333	-761,150	-1,240,920	-1,784,633	-456,000	-861,000	-827,000	-336,000	911,000	701,000	-1,307,000	989,000	-261,000	-1,041,000	-336,000	-642,000	-722,000	-1,271,000	-883,000	242,000	-382,000	173,000	98,000	-3,503,000	-1,909,000	-4,917,000	-8,118,000	-1,919,000	-1,857,000	-1,609,000	-2,297,000	-3,416,000	-6,800,000	-7,800,000	-2,500,000	-2,000,000
Unusual Items Margin	0.15%	-0.10%	-0.30%	-0.49%	-1.25%	-2.32%	-4.93%	-0.65%	-1.43%	-1.18%	-0.61%	2.23%	1.45%	-2.41%	2.38%	-0.53%	-2.64%	-0.67%	-1.06%	-0.94%	-1.78%	-1.28%	0.38%	-0.72%	0.35%	0.19%	-5.44%	-3.40%	-9.31%	-14.71%	-3.83%	-5.89%	-3.91%	-4.67%	-12.87%	-35.79%	-24.38%	-8.96%	-7.97%
EBT Excluding Unusual Items	4,144,333	970,600	-2,433,600	333,933	841,550	1,574,080	2,489,733	9,571,000	8,829,000	12,971,000	5,800,000	-6,338,000	-9,363,000	1,783,000	-12,757,000	-2,212,000	-10,234,000	-6,703,000	2,717,000	5,258,000	7,571,000	5,969,000	6,570,000	3,977,000	1,056,000	-5,825,000	4,950,000	97,000	11,544,000	15,265,000	2,192,000	-8,776,000	3,307,000	10,533,000	7,840,000	8,400,000	6,500,000	7,600,000	5,000,000
EBT Excluding Unusual Items Margin	4.51%	-0.51%	-7.26%	-1.91%	-0.39%	1.03%	5.57%	13.70%	14.67%	18.58%	10.49%	-15.54%	-19.39%	3.29%	-30.73%	-4.47%	-25.97%	-13.31%	4.50%	6.87%	10.58%	8.66%	10.33%	7.47%	2.14%	-11.04%	7.69%	0.17%	21.86%	27.67%	4.37%	-27.84%	8.03%	21.40%	29.55%	44.21%	20.31%	27.24%	19.92%
Pre-Tax Income	4,060,333	799,000	-2,648,500	-10,400	80,400	333,160	705,100	9,115,000	7,968,000	12,144,000	5,464,000	-5,427,000	-8,662,000	476,000	-11,768,000	-2,473,000	-11,275,000	-7,039,000	2,075,000	4,536,000	6,300,000	5,086,000	6,812,000	3,595,000	1,229,000	-5,727,000	1,447,000	-1,812,000	6,627,000	7,147,000	273,000	-10,633,000	1,698,000	8,236,000	4,424,000	1,600,000	-1,300,000	5,100,000	3,000,000
Pre-Tax Income Margin	4.66%	-0.62%	-7.56%	-2.40%	-1.64%	-1.29%	0.64%	13.05%	13.24%	17.40%	9.89%	-13.31%	-17.94%	0.88%	-28.35%	-5.00%	-28.61%	-13.98%	3.44%	5.92%	8.81%	7.38%	10.71%	6.75%	2.49%	-10.86%	2.25%	-3.22%	12.55%	12.95%	0.54%	-33.73%	4.12%	16.74%	16.67%	8.42%	-4.06%	18.28%	11.95%
Income Tax Expense	-3,866,000	-2,360,200	-335,600	-64,400	182,850	280,680	256,567	-11,922,000	129,000	-11,542,000	-130,000	74,000	1,000	-204,000	-1,742,000	56,000	11,176,000	-2,115,000	1,070,000	1,710,000	2,260,000	1,400,000	-560,000	-2,420,000	-1,520,000	5,309,000	560,000	-1,555,000	1,829,000	2,110,000	111,000	-1,773,000	320,000	2,592,000	1,280,000	400,000	-1,400,000	200,000	200,000
Income Tax Expense Margin	-5.53%	-3.39%	0.49%	0.46%	0.77%	0.80%	0.80%	-17.07%	0.21%	-16.53%	-0.24%	0.18%	0.00%	-0.38%	-4.20%	0.11%	28.36%	-4.20%	1.77%	2.23%	3.16%	2.03%	-0.88%	-4.55%	-3.08%	10.07%	0.87%	-2.77%	3.46%	3.82%	0.22%	-5.62%	0.78%	5.27%	4.82%	2.11%	-4.38%	0.72%	0.80%
Net Income	7,965,000	3,182,400	-2,420,000	-17,400	-156,000	9,640	412,833	21,037,000	7,839,000	23,802,000	5,594,000	-5,501,000	-8,663,000	680,000	-9,990,000	-2,529,000	-23,777,000	-4,821,000	1,005,000	2,826,000	4,040,000	3,686,000	7,372,000	6,015,000	2,749,000	-11,036,000	887,000	-257,000	4,798,000	5,037,000	162,000	-8,860,000	1,378,000	5,644,000	3,144,000	1,200,000	100,000	4,900,000	2,800,000
Net Income Margin	10.24%	2.81%	-8.34%	-3.05%	-2.56%	-2.20%	-0.26%	30.12%	13.02%	34.09%	10.12%	-13.49%	-17.94%	1.25%	-24.07%	-5.11%	-60.34%	-9.57%	1.66%	3.69%	5.65%	5.35%	11.59%	11.30%	5.56%	-20.93%	1.38%	-0.46%	9.09%	9.13%	0.32%	-28.10%	3.35%	11.47%	11.85%	6.32%	0.31%	17.56%	11.16%
Depreciation and Amortization	2,191,333	2,520,600	2,655,800	2,570,933	2,411,700	2,274,080	2,218,233	0	1,100,500	2,055,000	2,124,000	2,395,000	3,009,000	3,020,000	3,533,000	2,802,000	2,484,000	2,638,000	2,498,000	2,944,000	2,471,000	2,413,000	2,241,000	1,937,000	1,938,000	2,168,000	1,969,000	1,725,000	1,870,000	2,014,000	2,098,000	1,600,000	1,460,000	1,446,000	2,095,000	2,300,000	2,400,000	1,600,000	1,300,000
Depreciation and Amortization Margin	4.22%	4.89%	5.43%	4.82%	4.50%	4.37%	4.93%	0.00%	1.83%	2.94%	3.84%	5.87%	6.23%	5.57%	8.51%	5.66%	6.30%	5.24%	4.14%	3.85%	3.45%	3.50%	3.52%	3.64%	3.92%	4.11%	3.06%	3.07%	3.54%	3.65%	4.19%	5.08%	3.55%	2.94%	7.90%	12.11%	7.50%	5.73%	5.18%
EBITDA	6,374,667	3,434,200	137,500	2,523,867	2,169,850	1,780,480	1,482,333	9,166,000	9,171,500	14,303,000	7,697,000	-2,876,000	-5,576,000	3,623,000	-8,128,000	329,000	-8,712,000	-4,251,000	4,966,000	6,619,000	7,344,000	7,694,000	9,176,000	5,650,000	3,288,000	-3,271,000	3,938,000	-1,996,000	3,580,000	745,000	880,000	-10,890,000	1,549,000	8,831,000	3,103,000	-2,942,000	-6,703,000	4,200,000	2,300,000
EBITDA Margin	9.12%	4.50%	-1.88%	2.42%	2.31%	1.46%	1.20%	13.12%	15.24%	20.49%	13.93%	-7.05%	-11.55%	6.68%	-19.58%	0.66%	-22.11%	-8.44%	8.22%	8.65%	10.26%	11.16%	14.43%	10.62%	6.65%	-6.20%	6.12%	-3.55%	6.78%	1.35%	1.76%	-34.54%	3.76%	17.95%	11.69%	-15.48%	-20.95%	15.05%	9.16%
NOPAT	7,761,710	2,775,526	-2,759,225	-362,964	-690,000	-877,453	-699,620	20,367,693	6,890,607	22,882,424	5,138,413	-4,735,705	-8,038,928	-1,368,571	-9,274,561	-2,880,790	-24,681,166	-5,263,972	630,607	2,289,583	3,124,908	3,391,033	7,502,947	5,839,318	3,916,598	-11,402,132	-1,580,294	-527,758	1,238,053	-894,355	-976,747	-10,407,354	72,227	4,069,902	716,354	-3,900,000	700,000	2,498,039	933,333
NOPAT Margin	10.15%	2.26%	-8.89%	-3.59%	-3.43%	-3.87%	-3.32%	29.16%	11.45%	32.78%	9.30%	-11.61%	-16.65%	-2.52%	-22.34%	-5.82%	-62.63%	-10.45%	1.04%	2.99%	4.37%	4.92%	11.80%	10.97%	7.93%	-21.62%	-2.45%	-0.94%	2.34%	-1.62%	-1.95%	-33.01%	0.18%	8.27%	2.70%	-20.53%	2.19%	8.95%	3.72%
Owner's Earnings	8,763,333	4,306,800	-1,896,100	121,533	5,500	192,080	739,100	19,895,000	8,831,000	24,049,000	6,226,000	-3,985,000	-7,498,000	2,742,000	-8,154,000	-2,494,000	-22,711,000	-7,416,000	280,000	1,613,000	1,106,000	3,849,000	8,217,000	5,999,000	3,712,000	-9,495,000	750,000	-1,244,000	4,564,000	5,411,000	917,000	-8,094,000	1,297,000	5,161,000	4,571,000	2,100,000	1,500,000	5,400,000	3,800,000
Owner's Earnings Margin	11.98%	5.09%	-7.11%	-2.51%	-2.03%	-1.64%	0.88%	28.48%	14.67%	34.45%	11.26%	-9.77%	-15.53%	5.05%	-19.64%	-5.04%	-57.63%	-14.73%	0.46%	2.11%	1.55%	5.58%	12.92%	11.27%	7.51%	-18.00%	1.16%	-2.21%	8.64%	9.81%	1.83%	-25.67%	3.15%	10.49%	17.23%	11.05%	4.69%	19.35%	15.14%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2025-04-30	2024-04-30	2023-04-30	2022-04-30	2021-04-30	2020-04-30	2019-04-30	2018-04-30	2017-04-30	2016-04-30	2015-04-30	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30	2009-04-30	2008-04-30	2007-04-30	2006-04-30	2005-04-30	2004-04-30	2003-04-30	2002-04-30	2001-04-30	2000-04-30	1999-04-30	1998-04-30	1997-04-30	1996-04-30
Revenue	55,287,333	53,682,400	50,958,000	56,229,600	55,950,650	53,848,320	49,224,767	69,811,000	55,274,000	40,777,000	48,296,000	54,254,000	41,507,000	49,509,000	39,407,000	50,351,000	60,394,000	76,564,000	71,550,000	68,932,000	63,595,000	53,223,000	49,416,000	52,740,000	64,397,000	56,206,000	52,810,000	55,173,000	50,106,000	31,527,000	41,179,000	49,210,000	26,535,000	19,000,000	32,000,000	27,900,000	25,100,000
Cash & Cash Equivalents	5,134,667	7,354,400	6,037,700	5,920,933	5,934,150	5,781,560	5,937,767	4,720,000	18,320,000	-7,636,000	11,561,000	9,807,000	3,808,000	3,683,000	7,869,000	2,163,000	6,082,000	7,222,000	7,698,000	3,460,000	4,782,000	5,275,000	9,954,000	4,911,000	11,029,000	1,336,000	2,639,000	6,701,000	5,699,000	5,952,000	5,383,000	2,121,000	4,994,000	600,000	8,700,000	3,400,000	15,900,000
Cash & Cash Equivalents Margin	7.06%	12.64%	11.41%	10.45%	10.54%	10.82%	13.17%	6.76%	33.14%	-18.73%	23.94%	18.08%	9.17%	7.44%	19.97%	4.30%	10.07%	9.43%	10.76%	5.02%	7.52%	9.91%	20.14%	9.31%	17.13%	2.38%	5.00%	12.15%	11.37%	18.88%	13.07%	4.31%	18.82%	3.16%	27.19%	12.19%	63.35%
Short-Term Investments	6,561,667	7,992,400	8,380,600	10,820,467	11,162,050	14,581,880	13,352,000	0	0	19,685,000	9,964,000	10,313,000	10,570,000	8,199,000	6,149,000	7,815,000	11,111,000	11,186,000	16,030,000	18,270,000	17,658,000	15,357,000	10,418,000	9,998,000	4,414,000	14,268,000	21,836,000	23,532,000	25,690,000	27,829,000	30,848,000	33,407,000	36,013,000	0	0	0	0
Short-Term Investments Margin	16.09%	17.58%	17.95%	19.97%	20.66%	29.53%	29.13%	0.00%	0.00%	48.27%	20.63%	19.01%	25.47%	16.56%	15.60%	15.52%	18.40%	14.61%	22.40%	26.50%	27.77%	28.85%	21.08%	18.96%	6.85%	25.39%	41.35%	42.65%	51.27%	88.27%	74.91%	67.89%	135.72%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	11,696,333	15,346,800	14,418,300	16,741,400	17,096,200	20,363,440	19,289,767	4,720,000	18,320,000	12,049,000	21,525,000	20,120,000	14,378,000	11,882,000	14,018,000	9,978,000	17,193,000	18,408,000	23,728,000	21,730,000	22,440,000	20,632,000	20,372,000	14,909,000	15,443,000	15,604,000	24,475,000	30,233,000	31,389,000	33,781,000	36,231,000	35,528,000	41,007,000	600,000	8,700,000	3,400,000	15,900,000
Cash & Short-Term Investments Margin	23.15%	30.22%	29.36%	30.43%	31.20%	40.35%	42.31%	6.76%	33.14%	29.55%	44.57%	37.08%	34.64%	24.00%	35.57%	19.82%	28.47%	24.04%	33.16%	31.52%	35.29%	38.77%	41.23%	28.27%	23.98%	27.76%	46.35%	54.80%	62.65%	107.15%	87.98%	72.20%	154.54%	3.16%	27.19%	12.19%	63.35%
Net Receivables	17,865,333	17,343,800	15,895,100	16,552,800	16,322,650	15,738,400	15,401,667	23,828,000	15,137,000	14,631,000	13,148,000	19,975,000	11,345,000	13,032,000	9,362,000	18,950,000	19,543,000	22,618,000	18,180,000	16,398,000	18,073,000	14,072,000	12,171,000	13,854,000	19,978,000	16,222,000	15,936,000	12,728,000	15,278,000	10,788,000	13,053,000	15,160,000	9,590,000	12,200,000	18,600,000	14,800,000	13,400,000
Net Receivables Margin	32.47%	32.29%	30.88%	29.50%	29.17%	29.35%	33.29%	34.13%	27.39%	35.88%	27.22%	36.82%	27.33%	26.32%	23.76%	37.64%	32.36%	29.54%	25.41%	23.79%	28.42%	26.44%	24.63%	26.27%	31.02%	28.86%	30.18%	23.07%	30.49%	34.22%	31.70%	30.81%	36.14%	64.21%	58.13%	53.05%	53.39%
Inventory	22,481,333	21,402,200	24,987,800	28,597,667	28,319,050	26,762,400	23,998,900	23,487,000	23,431,000	20,526,000	19,906,000	19,661,000	22,996,000	23,356,000	26,186,000	29,051,000	41,278,000	38,239,000	41,227,000	37,150,000	34,299,000	28,172,000	26,975,000	26,051,000	30,218,000	31,201,000	22,971,000	22,948,000	21,925,000	17,734,000	19,601,000	20,471,000	13,307,000	9,700,000	6,500,000	11,100,000	10,300,000
Inventory Margin	42.12%	40.77%	49.89%	51.15%	50.86%	49.92%	48.34%	33.64%	42.39%	50.34%	41.22%	36.24%	55.40%	47.18%	66.45%	57.70%	68.35%	49.94%	57.62%	53.89%	53.93%	52.93%	54.59%	49.40%	46.92%	55.51%	43.50%	41.59%	43.76%	56.25%	47.60%	41.60%	50.15%	51.05%	20.31%	39.78%	41.04%
Other Current Assets	765,667	602,000	2,957,500	3,673,000	3,483,050	3,476,320	6,805,900	1,071,000	1,196,000	30,000	269,000	444,000	847,000	1,846,000	1,050,000	10,771,000	12,051,000	3,063,000	3,433,000	4,687,000	11,757,000	2,580,000	1,667,000	2,193,000	5,496,000	3,075,000	2,135,000	2,269,000	2,585,000	4,435,000	3,645,000	4,313,000	3,269,000	42,200,000	42,700,000	22,400,000	6,700,000
Other Current Assets Margin	1.26%	1.03%	5.49%	6.26%	5.97%	6.42%	21.17%	1.53%	2.16%	0.07%	0.56%	0.82%	2.04%	3.73%	2.66%	21.39%	19.95%	4.00%	4.80%	6.80%	18.49%	4.85%	3.37%	4.16%	8.53%	5.47%	4.04%	4.11%	5.16%	14.07%	8.85%	8.76%	12.32%	222.11%	133.44%	80.29%	26.69%
Total Current Assets	53,178,000	55,347,000	58,694,600	65,733,333	65,403,050	66,895,440	65,958,633	53,106,000	58,121,000	48,307,000	56,010,000	61,191,000	51,271,000	52,699,000	52,075,000	69,855,000	84,311,000	83,599,000	87,862,000	80,753,000	79,360,000	67,480,000	60,640,000	56,071,000	70,984,000	67,603,000	66,763,000	69,540,000	72,835,000	67,936,000	73,880,000	80,134,000	67,173,000	64,700,000	76,500,000	51,700,000	46,300,000
Total Current Assets Margin	99.90%	105.69%	116.89%	117.97%	117.78%	127.39%	146.24%	76.07%	105.15%	118.47%	115.97%	112.79%	123.52%	106.44%	132.15%	138.74%	139.60%	109.19%	122.80%	117.15%	124.79%	126.79%	122.71%	106.32%	110.23%	120.28%	126.42%	126.04%	145.36%	215.49%	179.41%	162.84%	253.15%	340.53%	239.06%	185.30%	184.46%
Property, Plant & Equipment	13,932,000	15,710,000	15,573,100	13,567,333	12,125,950	11,809,520	11,362,600	14,847,000	12,474,000	14,475,000	17,369,000	19,385,000	22,131,000	13,038,000	14,127,000	14,813,000	13,072,000	12,686,000	11,240,000	8,316,000	8,374,000	7,163,000	7,015,000	7,961,000	9,531,000	7,839,000	6,663,000	6,770,000	11,486,000	11,105,000	11,361,000	11,997,000	9,040,000	9,500,000	9,200,000	9,100,000	8,800,000
Property, Plant & Equipment Margin	26.44%	30.21%	31.76%	25.90%	22.96%	23.26%	25.40%	21.27%	22.57%	35.50%	35.96%	35.73%	53.32%	26.33%	35.85%	29.42%	21.64%	16.57%	15.71%	12.06%	13.17%	13.46%	14.20%	15.09%	14.80%	13.95%	12.62%	12.27%	22.92%	35.22%	27.59%	24.38%	34.07%	50.00%	28.75%	32.62%	35.06%
Goodwill	617,000	617,000	493,600	1,390,400	1,133,150	906,520	755,433	617,000	617,000	617,000	617,000	617,000	617,000	617,000	0	0	617,000	616,000	616,000	616,000	0	14,072,000	218,000	218,000	405,000	453,000	513,000	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	1.17%	1.19%	0.97%	2.58%	2.10%	1.68%	1.40%	0.88%	1.12%	1.51%	1.28%	1.14%	1.49%	1.25%	0.00%	0.00%	1.02%	0.80%	0.86%	0.89%	0.00%	26.44%	0.44%	0.41%	0.63%	0.81%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	0	0	123,400	1,303,067	977,300	1,227,120	1,022,600	0	0	0	0	0	0	0	617,000	617,000	0	1,000	73,000	165,000	18,073,000	0	0	0	0	0	0	591,000	616,000	0	4,938,000	4,987,000	0	0	0	0	0
Intangible Assets Margin	0.00%	0.00%	0.28%	2.10%	1.58%	2.24%	1.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.57%	1.23%	0.00%	0.00%	0.10%	0.24%	28.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%	1.23%	0.00%	11.99%	10.13%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	770,000	462,000	-2,630,400	-451,200	644,900	515,920	429,933	1,365,000	945,000	0	0	0	-21,095,000	800,000	0	0	-8,319,000	-7,977,000	-7,339,000	10,763,000	10,942,000	13,147,000	3,813,000	12,853,000	0	0	3,000,000	0	0	0	0	0	0	0	0	0	0
Long-Term Investments Margin	1.22%	0.73%	-5.93%	-1.50%	0.76%	0.61%	0.51%	1.96%	1.71%	0.00%	0.00%	0.00%	-50.82%	1.62%	0.00%	0.00%	-13.77%	-10.42%	-10.26%	15.61%	17.21%	24.70%	7.72%	24.37%	0.00%	0.00%	5.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	9,441,333	5,664,800	6,822,300	6,333,000	5,188,600	4,311,760	3,593,133	12,045,000	0	16,279,000	0	0	21,095,000	-800,000	0	11,902,000	7,702,000	7,360,000	6,650,000	6,320,000	5,692,000	750,000	0	0	2,990,000	2,945,000	2,842,000	2,644,000	593,000	436,000	280,000	69,000	0	0	0	0	0
Tax Assets Margin	19.06%	11.44%	14.28%	12.08%	9.82%	8.19%	6.82%	17.25%	0.00%	39.92%	0.00%	0.00%	50.82%	-1.62%	0.00%	23.64%	12.75%	9.61%	9.29%	9.17%	8.95%	1.41%	0.00%	0.00%	4.64%	5.24%	5.38%	4.79%	1.18%	1.38%	0.68%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	5,890,333	9,154,000	13,920,800	12,313,267	11,510,300	10,512,840	10,085,167	11,757,000	11,096,000	-5,182,000	10,764,000	17,335,000	17,293,000	20,417,000	16,765,000	16,132,000	22,831,000	21,540,000	20,359,000	1,713,000	1,062,000	817,000	9,734,000	817,000	13,010,000	14,986,000	6,960,000	8,829,000	7,130,000	6,252,000	5,552,000	4,852,000	4,634,000	4,200,000	3,100,000	14,100,000	13,700,000
Other Non-Current Assets Margin	8.07%	15.69%	27.37%	22.40%	20.87%	19.63%	21.50%	16.84%	20.07%	-12.71%	22.29%	31.95%	41.66%	41.24%	42.54%	32.04%	37.80%	28.13%	28.45%	2.49%	1.67%	1.54%	19.70%	1.55%	20.20%	26.66%	13.18%	16.00%	14.23%	19.83%	13.48%	9.86%	17.46%	22.11%	9.69%	50.54%	54.58%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	30,650,667	31,607,800	34,302,800	32,385,600	30,027,500	28,041,520	26,213,733	40,631,000	25,132,000	26,189,000	28,750,000	37,337,000	40,041,000	34,072,000	31,509,000	43,464,000	35,903,000	34,226,000	31,599,000	27,893,000	26,943,000	22,095,000	20,780,000	21,849,000	25,936,000	26,223,000	19,978,000	18,834,000	19,825,000	17,793,000	22,131,000	21,905,000	13,674,000	13,700,000	12,300,000	23,200,000	22,500,000
Total Non-Current Assets Margin	55.96%	59.25%	68.73%	60.03%	55.44%	53.48%	55.73%	58.20%	45.47%	64.22%	59.53%	68.82%	96.47%	68.82%	79.96%	86.32%	59.45%	44.70%	44.16%	40.46%	42.37%	41.51%	42.05%	41.43%	40.28%	46.66%	37.83%	34.14%	39.57%	56.44%	53.74%	44.51%	51.53%	72.11%	38.44%	83.15%	89.64%
Total Assets	83,828,667	84,676,400	91,858,200	97,359,467	94,860,950	94,481,280	91,792,633	93,737,000	83,253,000	74,496,000	85,880,000	86,016,000	91,312,000	86,771,000	83,584,000	113,319,000	120,214,000	117,825,000	119,461,000	108,646,000	106,303,000	89,575,000	81,420,000	77,920,000	96,920,000	93,826,000	86,741,000	88,374,000	92,660,000	85,729,000	96,011,000	102,039,000	80,847,000	78,400,000	88,800,000	74,900,000	68,800,000
Total Assets Margin	155.86%	160.79%	183.54%	176.62%	172.18%	180.04%	201.28%	134.27%	150.62%	182.69%	177.82%	158.54%	219.99%	175.26%	212.10%	225.06%	199.05%	153.89%	166.96%	157.61%	167.16%	168.30%	164.76%	147.74%	150.50%	166.93%	164.25%	160.18%	184.93%	271.92%	233.16%	207.35%	304.68%	412.63%	277.50%	268.46%	274.10%
Accounts Payable	1,723,667	1,466,200	1,738,600	1,796,333	1,957,900	2,023,400	1,866,800	1,359,000	2,348,000	1,464,000	1,080,000	1,080,000	1,424,000	1,188,000	1,841,000	2,437,000	3,165,000	1,720,000	2,336,000	1,205,000	2,644,000	1,654,000	1,720,000	2,305,000	2,215,000	3,771,000	2,202,000	1,896,000	3,470,000	1,294,000	2,359,000	2,408,000	1,019,000	800,000	1,300,000	900,000	1,400,000
Accounts Payable Margin	3.26%	2.80%	3.46%	3.27%	3.56%	3.86%	3.91%	1.95%	4.25%	3.59%	2.24%	1.99%	3.43%	2.40%	4.67%	4.84%	5.24%	2.25%	3.26%	1.75%	4.16%	3.11%	3.48%	4.37%	3.44%	6.71%	4.17%	3.44%	6.93%	4.10%	5.73%	4.89%	3.84%	4.21%	4.06%	3.23%	5.58%
Short-Term Debt	1,806,667	1,775,800	1,384,400	1,359,000	1,606,850	1,472,280	1,610,233	2,027,000	1,640,000	1,753,000	1,744,000	1,715,000	4,965,000	0	0	0	0	0	0	158,000	6,383,000	0	246,000	1,327,000	5,168,000	5,011,000	0	0	3,408,000	179,000	384,000	699,000	0	500,000	500,000	9,700,000	800,000
Short-Term Debt Margin	3.39%	3.39%	2.89%	2.61%	2.96%	2.75%	3.70%	2.90%	2.97%	4.30%	3.61%	3.16%	11.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	10.04%	0.00%	0.50%	2.52%	8.03%	8.92%	0.00%	0.00%	6.80%	0.57%	0.93%	1.42%	0.00%	2.63%	1.56%	34.77%	3.19%
Tax Payables	405,000	298,800	352,300	563,267	477,850	382,280	318,567	815,000	370,000	30,000	112,000	167,000	379,000	155,000	113,000	128,000	1,254,000	1,012,000	1,613,000	1,323,000	96,000	882,000	295,000	886,000	0	-73,000	0	0	0	0	0	0	0	0	0	0	0
Tax Payables Margin	0.64%	0.49%	0.63%	0.91%	0.79%	0.63%	0.52%	1.17%	0.67%	0.07%	0.23%	0.31%	0.91%	0.31%	0.29%	0.25%	2.08%	1.32%	2.25%	1.92%	0.15%	1.66%	0.60%	1.68%	0.00%	-0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	17,944,000	15,712,400	7,807,800	5,475,467	4,305,600	4,205,360	3,504,467	13,607,000	21,639,000	18,586,000	12,218,000	12,512,000	-1,424,000	0	68,000	232,000	640,000	720,000	1,023,000	1,620,000	137,000	554,000	0	0	0	3,980,000	0	0	4,106,000	3,615,000	4,073,000	7,228,000	0	0	0	0	0
Deferred Revenue Margin	34.74%	30.52%	15.08%	10.45%	8.19%	8.33%	6.94%	19.49%	39.15%	45.58%	25.30%	23.06%	-3.43%	0.00%	0.17%	0.46%	1.06%	0.94%	1.43%	2.35%	0.22%	1.04%	0.00%	0.00%	0.00%	7.08%	0.00%	0.00%	8.19%	11.47%	9.89%	14.69%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	2,567,000	2,738,400	2,775,000	2,610,467	2,143,450	2,104,560	2,596,767	1,922,000	2,773,000	3,006,000	5,222,000	769,000	1,995,000	2,644,000	1,504,000	3,710,000	4,205,000	2,975,000	3,188,000	3,868,000	-472,000	1,848,000	1,218,000	1,461,000	-2,569,000	2,745,000	857,000	4,036,000	843,000	834,000	833,000	3,199,000	3,989,000	3,600,000	11,700,000	3,700,000	2,300,000
Other Current Liabilities Margin	5.05%	5.47%	5.57%	4.82%	4.01%	4.01%	6.44%	2.75%	5.02%	7.37%	10.81%	1.42%	4.81%	5.34%	3.82%	7.37%	6.96%	3.89%	4.46%	5.61%	-0.74%	3.47%	2.46%	2.77%	-3.99%	4.88%	1.62%	7.32%	1.68%	2.65%	2.02%	6.50%	15.03%	18.95%	36.56%	13.26%	9.16%
Total Current Liabilities	27,177,333	25,024,400	16,607,300	14,466,400	13,252,000	12,552,640	11,867,467	23,455,000	30,796,000	27,281,000	22,981,000	20,609,000	12,988,000	5,837,000	5,257,000	8,111,000	8,758,000	8,350,000	9,697,000	9,309,000	16,181,000	7,386,000	7,308,000	8,040,000	12,077,000	13,631,000	6,988,000	9,844,000	11,827,000	5,922,000	7,649,000	13,534,000	5,008,000	4,900,000	13,500,000	14,300,000	4,500,000
Total Current Liabilities Margin	52.07%	48.36%	32.88%	27.07%	24.62%	23.95%	25.16%	33.60%	55.72%	66.90%	47.58%	37.99%	31.29%	11.79%	13.34%	16.11%	14.50%	10.91%	13.55%	13.50%	25.44%	13.88%	14.79%	15.24%	18.75%	24.25%	13.23%	17.84%	23.60%	18.78%	18.58%	27.50%	18.87%	25.79%	42.19%	51.25%	17.93%
Long-Term Debt	0	0	600,000	1,874,333	1,405,750	1,124,600	1,390,500	0	0	0	0	0	0	0	0	0	6,000,000	6,000,000	10,100,000	6,000,000	15,000	0	0	0	0	0	0	0	0	0	0	0	0	0	500,000	1,700,000	11,400,000
Long-Term Debt Margin	0.00%	0.00%	0.99%	2.71%	2.03%	1.62%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.93%	7.84%	14.12%	8.70%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.56%	6.09%	45.42%
Capital Lease Obligations	7,525,667	8,351,000	5,306,800	4,405,333	3,472,150	2,777,720	2,314,767	8,756,000	6,185,000	7,636,000	9,097,000	10,081,000	11,313,000	0	0	0	0	0	0	6,158,000	6,398,000	456,000	441,000	2,011,000	911,000	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	14.15%	15.98%	10.71%	8.47%	6.66%	5.32%	4.44%	12.54%	11.19%	18.73%	18.84%	18.58%	27.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.93%	10.06%	0.86%	0.89%	3.81%	1.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	2,667	4,800	3,200	2,133	1,600	1,280	81,067	0	0	8,000	8,000	8,000	8,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,400,000	0	0
Deferred Tax Liabilities Margin	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.02%	0.02%	0.01%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.50%	0.00%	0.00%
Other Non-Current Liabilities	8,158,333	9,492,200	12,336,400	11,380,800	10,931,750	11,974,160	11,883,433	7,933,000	8,096,000	8,446,000	8,850,000	14,136,000	14,600,000	17,845,000	15,065,000	15,876,000	12,517,000	11,665,000	11,318,000	4,374,000	10,164,000	9,827,000	9,624,000	9,546,000	10,322,000	9,311,000	9,120,000	9,337,000	17,609,000	17,903,000	17,796,000	18,074,000	16,849,000	17,000,000	16,000,000	3,800,000	3,500,000
Other Non-Current Liabilities Margin	15.57%	18.22%	25.28%	21.64%	20.60%	24.04%	27.71%	11.36%	14.65%	20.71%	18.32%	26.06%	35.17%	36.04%	38.23%	31.53%	20.73%	15.24%	15.82%	6.35%	15.98%	18.46%	19.48%	18.10%	16.03%	16.57%	17.27%	16.92%	35.14%	56.79%	43.22%	36.73%	63.50%	89.47%	50.00%	13.62%	13.94%
Total Non-Current Liabilities	13,877,333	16,070,600	17,129,500	16,627,200	15,025,750	15,249,360	15,146,100	14,662,000	12,641,000	14,329,000	16,211,000	22,510,000	24,052,000	17,845,000	15,065,000	15,876,000	18,104,000	17,665,000	21,418,000	17,130,000	10,990,000	10,910,000	10,729,000	10,714,000	11,233,000	9,311,000	9,120,000	9,337,000	17,609,000	17,903,000	17,796,000	18,074,000	16,849,000	17,000,000	18,900,000	5,500,000	14,900,000
Total Non-Current Liabilities Margin	26.34%	30.81%	34.78%	30.90%	27.84%	29.82%	34.55%	21.00%	22.87%	35.14%	33.57%	41.49%	57.95%	36.04%	38.23%	31.53%	29.98%	23.07%	29.93%	24.85%	17.28%	20.50%	21.71%	20.31%	17.44%	16.57%	17.27%	16.92%	35.14%	56.79%	43.22%	36.73%	63.50%	89.47%	59.06%	19.71%	59.36%
Total Liabilities	41,054,667	38,592,600	32,485,600	30,259,467	27,652,150	27,301,520	26,596,500	38,117,000	43,437,000	41,610,000	39,192,000	30,607,000	37,040,000	23,682,000	20,322,000	23,987,000	26,862,000	26,015,000	31,115,000	26,439,000	27,171,000	18,296,000	18,037,000	18,754,000	23,310,000	22,942,000	16,108,000	19,181,000	29,436,000	23,825,000	25,445,000	31,608,000	21,857,000	21,900,000	32,400,000	19,800,000	19,400,000
Total Liabilities Margin	78.41%	74.56%	65.36%	56.43%	51.30%	52.85%	58.94%	54.60%	78.58%	102.04%	81.15%	56.41%	89.24%	47.83%	51.57%	47.64%	44.48%	33.98%	43.49%	38.36%	42.73%	34.38%	36.50%	35.56%	36.20%	40.82%	30.50%	34.77%	58.75%	75.57%	61.79%	64.23%	82.37%	115.26%	101.25%	70.97%	77.29%
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	9,534,333	9,425,400	9,294,700	9,251,133	9,229,350	9,216,280	7,980,533	9,717,000	9,512,000	9,374,000	9,298,000	9,226,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,164,000	9,009,000	0	0	0	0
Common Stock Margin	18.04%	18.07%	18.76%	17.15%	17.05%	17.84%	16.00%	13.92%	17.21%	22.99%	19.25%	17.01%	22.08%	18.51%	23.25%	18.20%	15.17%	11.97%	12.81%	13.29%	14.41%	17.22%	18.54%	17.38%	14.23%	16.30%	17.35%	16.61%	18.29%	29.07%	22.25%	18.62%	33.95%	0.00%	0.00%	0.00%	0.00%
Retained Earnings	-13,996,333	-14,713,200	-3,563,400	4,480,267	5,881,150	7,661,600	9,239,300	3,659,000	-20,027,000	-25,621,000	-20,120,000	-11,457,000	-12,137,000	-2,111,000	-65,000	23,712,000	28,533,000	27,528,000	24,702,000	20,662,000	18,660,000	11,286,000	5,271,000	2,522,000	13,558,000	13,541,000	15,527,000	12,440,000	8,897,000	10,415,000	20,939,000	21,226,000	17,239,000	15,700,000	16,000,000	20,400,000	16,300,000
Retained Earnings Margin	-31.27%	-31.32%	-9.59%	3.67%	7.25%	12.50%	21.60%	5.24%	-36.23%	-62.83%	-41.66%	-21.12%	-29.24%	-4.26%	-0.16%	47.09%	47.24%	35.95%	34.52%	29.97%	29.34%	21.21%	10.67%	4.78%	21.05%	24.09%	29.40%	22.55%	17.76%	33.04%	50.85%	43.13%	64.97%	82.63%	50.00%	73.12%	64.94%
Accumulated OCI	0	-29,800	371,700	1,593,067	2,101,600	2,073,560	1,676,533	0	0	0	-440,000	291,000	490,000	46,000	-915,000	2,281,000	1,964,000	2,890,000	4,014,000	3,913,000	4,170,000	5,192,000	4,019,000	3,455,000	4,850,000	3,121,000	2,691,000	4,901,000	3,470,000	1,386,000	-32,000	82,000	-1,543,000	0	0	0	0
Accumulated OCI Margin	0.00%	-0.07%	0.64%	2.52%	3.53%	3.64%	2.84%	0.00%	0.00%	0.00%	-0.91%	0.54%	1.18%	0.09%	-2.32%	4.53%	3.25%	3.77%	5.61%	5.68%	6.56%	9.76%	8.13%	6.55%	7.53%	5.55%	5.10%	8.88%	6.93%	4.40%	-0.08%	0.17%	-5.81%	0.00%	0.00%	0.00%	0.00%
Minority Interest	0	0	0	0	0	27,720	23,100	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	48,000	195,000	224,000	226,000	0	0	0	0	0
Minority Interest Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.10%	0.62%	0.54%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	42,774,000	46,083,800	59,372,600	67,100,000	67,208,800	67,152,040	65,173,033	55,620,000	39,816,000	32,886,000	46,688,000	55,409,000	54,272,000	63,089,000	63,262,000	89,332,000	93,352,000	91,810,000	88,346,000	82,207,000	79,132,000	71,279,000	63,383,000	59,166,000	73,610,000	70,884,000	70,633,000	69,193,000	63,176,000	61,709,000	70,342,000	70,205,000	58,990,000	56,500,000	56,400,000	55,100,000	49,400,000
Total Shareholders’ Equity Margin	77.45%	86.23%	118.19%	120.19%	120.87%	127.13%	142.28%	79.67%	72.03%	80.65%	96.67%	102.13%	130.75%	127.43%	160.53%	177.42%	154.57%	119.91%	123.47%	119.26%	124.43%	133.93%	128.26%	112.18%	114.31%	126.11%	133.75%	125.41%	126.08%	195.73%	170.82%	142.66%	222.31%	297.37%	176.25%	197.49%	196.81%
Total Equity	42,774,000	46,083,800	59,372,600	67,100,000	67,208,800	67,179,760	65,196,133	55,620,000	39,816,000	32,886,000	46,688,000	55,409,000	54,272,000	63,089,000	63,262,000	89,332,000	93,352,000	91,810,000	88,346,000	82,207,000	79,132,000	71,279,000	63,383,000	59,166,000	73,610,000	70,884,000	70,633,000	69,193,000	63,224,000	61,904,000	70,566,000	70,431,000	58,990,000	56,500,000	56,400,000	55,100,000	49,400,000
Total Equity Margin	77.45%	86.23%	118.19%	120.19%	120.87%	127.20%	142.34%	79.67%	72.03%	80.65%	96.67%	102.13%	130.75%	127.43%	160.53%	177.42%	154.57%	119.91%	123.47%	119.26%	124.43%	133.93%	128.26%	112.18%	114.31%	126.11%	133.75%	125.41%	126.18%	196.35%	171.36%	143.12%	222.31%	297.37%	176.25%	197.49%	196.81%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	7,331,667	8,454,400	6,582,100	10,923,867	12,222,900	15,430,560	14,059,233	1,365,000	945,000	19,685,000	9,964,000	10,313,000	-10,525,000	8,999,000	6,149,000	7,815,000	11,111,000	3,209,000	8,691,000	29,033,000	28,600,000	28,504,000	14,231,000	22,851,000	4,414,000	14,268,000	24,836,000	23,532,000	25,690,000	27,829,000	30,848,000	33,407,000	36,013,000	0	0	0	0
Total Investments Margin	17.31%	18.32%	13.39%	19.39%	22.12%	30.69%	30.10%	1.96%	1.71%	48.27%	20.63%	19.01%	-25.36%	18.18%	15.60%	15.52%	18.40%	4.19%	12.15%	42.12%	44.97%	53.56%	28.80%	43.33%	6.85%	25.39%	47.03%	42.65%	51.27%	88.27%	74.91%	67.89%	135.72%	0.00%	0.00%	0.00%	0.00%
Net Debt	2,391,000	996,600	365,600	1,717,133	483,800	-460,400	-666,800	4,036,000	-12,135,000	15,272,000	-2,464,000	274,000	12,470,000	-3,683,000	-7,869,000	-2,163,000	-82,000	-1,222,000	2,402,000	13,670,000	1,616,000	5,635,000	-9,267,000	-2,900,000	-4,950,000	3,675,000	-2,639,000	-6,701,000	-2,291,000	-5,773,000	-4,999,000	-1,422,000	-4,994,000	-100,000	-7,700,000	8,000,000	-3,700,000
Net Debt Margin	7.09%	3.34%	1.49%	3.31%	0.96%	-1.23%	-2.01%	5.78%	-21.95%	37.45%	-5.10%	0.51%	30.04%	-7.44%	-19.97%	-4.30%	-0.14%	-1.60%	3.36%	19.83%	2.54%	10.59%	-18.75%	-5.50%	-7.69%	6.54%	-5.00%	-12.15%	-4.57%	-18.31%	-12.14%	-2.89%	-18.82%	-0.53%	-24.06%	28.67%	-14.74%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2025-04-30	2024-04-30	2023-04-30	2022-04-30	2021-04-30	2020-04-30	2019-04-30	2018-04-30	2017-04-30	2016-04-30	2015-04-30	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30	2009-04-30	2008-04-30	2007-04-30	2006-04-30	2005-04-30	2004-04-30	2003-04-30	2002-04-30	2001-04-30	2000-04-30	1999-04-30	1998-04-30	1997-04-30	1996-04-30
Revenue	55,287,333	53,682,400	50,958,000	56,229,600	55,950,650	53,848,320	49,224,767	69,811,000	55,274,000	40,777,000	48,296,000	54,254,000	41,507,000	49,509,000	39,407,000	50,351,000	60,394,000	76,564,000	71,550,000	68,932,000	63,595,000	53,223,000	49,416,000	52,740,000	64,397,000	56,206,000	52,810,000	55,173,000	50,106,000	31,527,000	41,179,000	49,210,000	26,535,000	19,000,000	32,000,000	27,900,000	25,100,000
Working Capital	26,000,667	30,322,600	42,087,300	51,266,933	52,151,050	54,342,800	54,091,167	29,651,000	27,325,000	21,026,000	33,029,000	40,582,000	38,283,000	46,862,000	46,818,000	61,744,000	75,553,000	75,249,000	78,165,000	71,444,000	63,179,000	60,094,000	53,332,000	48,031,000	58,907,000	53,972,000	59,775,000	59,696,000	61,008,000	62,014,000	66,231,000	66,600,000	62,165,000	59,800,000	63,000,000	37,400,000	41,800,000
Working Capital Margin	47.82%	57.33%	84.01%	90.90%	93.16%	103.44%	121.08%	42.47%	49.44%	51.56%	68.39%	74.80%	92.23%	94.65%	118.81%	122.63%	125.10%	98.28%	109.25%	103.64%	99.35%	112.91%	107.92%	91.07%	91.47%	96.03%	113.19%	108.20%	121.76%	196.70%	160.84%	135.34%	234.28%	314.74%	196.88%	134.05%	166.53%
Total Capital	50,299,667	54,434,800	65,775,900	74,738,067	73,626,750	72,473,200	70,444,000	64,376,000	46,001,000	40,522,000	55,785,000	65,490,000	70,550,000	63,089,000	63,262,000	89,332,000	99,352,000	97,810,000	98,446,000	99,337,000	85,530,000	82,189,000	64,070,000	61,177,000	79,689,000	75,895,000	70,633,000	69,193,000	66,584,000	61,888,000	70,726,000	70,904,000	58,990,000	57,000,000	57,400,000	66,500,000	61,600,000
Total Capital Margin	91.60%	102.21%	131.09%	133.95%	132.37%	136.71%	153.44%	92.21%	83.22%	99.37%	115.51%	120.71%	169.97%	127.43%	160.53%	177.42%	164.51%	127.75%	137.59%	144.11%	134.49%	154.42%	129.65%	116.00%	123.75%	135.03%	133.75%	125.41%	132.89%	196.30%	171.75%	144.08%	222.31%	300.00%	179.38%	238.35%	245.42%
Capital Employed	56,651,333	59,652,000	75,250,900	82,893,067	81,608,950	81,928,640	79,925,167	70,282,000	52,457,000	47,215,000	62,899,000	65,407,000	78,324,000	80,934,000	78,327,000	105,208,000	111,456,000	109,475,000	109,764,000	99,337,000	90,122,000	82,189,000	74,112,000	69,880,000	84,843,000	80,195,000	79,753,000	78,530,000	80,833,000	79,807,000	88,362,000	88,505,000	75,839,000	73,500,000	75,300,000	60,600,000	64,300,000
Capital Employed Margin	103.79%	112.43%	150.66%	149.55%	147.56%	156.10%	176.12%	100.67%	94.90%	115.79%	130.24%	120.56%	188.70%	163.47%	198.76%	208.95%	184.55%	142.98%	153.41%	144.11%	141.71%	154.42%	149.98%	132.50%	131.75%	142.68%	151.02%	142.33%	161.32%	253.14%	214.58%	179.85%	285.81%	386.84%	235.31%	217.20%	256.18%
Invested Capital	45,165,000	47,080,400	59,738,200	68,817,133	67,692,600	66,691,640	64,506,233	59,656,000	27,681,000	48,158,000	44,224,000	55,683,000	66,742,000	59,406,000	55,393,000	87,169,000	93,270,000	90,588,000	90,748,000	95,877,000	80,748,000	76,914,000	54,116,000	56,266,000	68,660,000	74,559,000	67,994,000	62,492,000	60,885,000	55,936,000	65,343,000	68,783,000	53,996,000	56,400,000	48,700,000	63,100,000	45,700,000
Invested Capital Margin	84.54%	89.57%	119.67%	123.50%	121.83%	125.89%	140.27%	85.45%	50.08%	118.10%	91.57%	102.63%	160.80%	119.99%	140.57%	173.12%	154.44%	118.32%	126.83%	139.09%	126.97%	144.51%	109.51%	106.69%	106.62%	132.65%	128.75%	113.27%	121.51%	177.42%	158.68%	139.77%	203.49%	296.84%	152.19%	226.16%	182.07%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2025-04-30	2024-04-30	2023-04-30	2022-04-30	2021-04-30	2020-04-30	2019-04-30	2018-04-30	2017-04-30	2016-04-30	2015-04-30	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30	2009-04-30	2008-04-30	2007-04-30	2006-04-30	2005-04-30	2004-04-30	2003-04-30	2002-04-30	2001-04-30	2000-04-30	1999-04-30	1998-04-30	1997-04-30	1996-04-30
Revenue	55,287,333	53,682,400	50,958,000	56,229,600	55,950,650	53,848,320	49,224,767	69,811,000	55,274,000	40,777,000	48,296,000	54,254,000	41,507,000	49,509,000	39,407,000	50,351,000	60,394,000	76,564,000	71,550,000	68,932,000	63,595,000	53,223,000	49,416,000	52,740,000	64,397,000	56,206,000	52,810,000	55,173,000	50,106,000	31,527,000	41,179,000	49,210,000	26,535,000	19,000,000	32,000,000	27,900,000	25,100,000
Net Income	7,926,333	3,159,200	-2,435,200	-27,400	-163,500	3,640	407,833	23,686,000	5,594,000	-5,501,000	-8,663,000	680,000	-10,026,000	-2,529,000	-23,777,000	-4,821,000	1,005,000	2,826,000	4,040,000	3,686,000	7,374,000	6,015,000	2,749,000	-11,036,000	887,000	-257,000	4,798,000	5,037,000	162,000	-8,860,000	1,378,000	5,644,000	3,144,000	1,200,000	100,000	4,900,000	2,800,000
Net Income Margin	10.19%	2.77%	-8.36%	-3.07%	-2.57%	-2.21%	-0.27%	33.93%	10.12%	-13.49%	-17.94%	1.25%	-24.15%	-5.11%	-60.34%	-9.57%	1.66%	3.69%	5.65%	5.35%	11.60%	11.30%	5.56%	-20.93%	1.38%	-0.46%	9.09%	9.13%	0.32%	-28.10%	3.35%	11.47%	11.85%	6.32%	0.31%	17.56%	11.16%
Depreciation & Amortization	2,204,333	2,587,800	2,689,400	2,593,333	2,428,500	2,287,520	2,229,433	2,055,000	2,124,000	2,434,000	3,025,000	3,301,000	3,319,000	2,802,000	2,484,000	2,638,000	2,712,000	2,944,000	2,471,000	2,413,000	2,241,000	1,937,000	1,938,000	2,168,000	1,969,000	1,725,000	1,870,000	2,014,000	2,098,000	1,600,000	1,460,000	1,446,000	2,095,000	2,300,000	2,400,000	1,600,000	1,300,000
Depreciation & Amortization Margin	4.25%	5.02%	5.48%	4.85%	4.52%	4.39%	4.94%	2.94%	3.84%	5.97%	6.26%	6.08%	8.00%	5.66%	6.30%	5.24%	4.49%	3.85%	3.45%	3.50%	3.52%	3.64%	3.92%	4.11%	3.06%	3.07%	3.54%	3.65%	4.19%	5.08%	3.55%	2.94%	7.90%	12.11%	7.50%	5.73%	5.18%
Deferred Income Tax	-3,928,000	-2,079,000	-500	-523,667	-113,200	-230,400	-278,667	-12,053,000	0	269,000	0	1,389,000	8,000	3,364,000	9,638,000	-1,355,000	-1,265,000	-720,000	-160,000	-320,000	-3,100,000	-3,550,000	753,000	6,077,000	-820,000	-1,305,000	886,000	-2,610,000	411,000	-247,000	358,000	-1,408,000	0	0	-2,600,000	0	0
Deferred Income Tax Margin	-5.54%	-2.81%	1.24%	-0.05%	0.52%	0.15%	-0.15%	-17.27%	0.00%	0.66%	0.00%	2.56%	0.02%	6.79%	24.46%	-2.69%	-2.09%	-0.94%	-0.22%	-0.46%	-4.87%	-6.67%	1.52%	11.52%	-1.27%	-2.32%	1.68%	-4.73%	0.82%	-0.78%	0.87%	-2.86%	0.00%	0.00%	-8.13%	0.00%	0.00%
Stock-Based Compensation	726,667	540,000	546,800	662,333	552,900	442,320	368,600	1,161,000	822,000	197,000	247,000	273,000	312,000	500,000	470,000	662,000	824,000	1,077,000	1,105,000	947,000	862,000	476,000	557,000	566,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	1.21%	0.93%	1.03%	1.12%	0.95%	0.76%	0.64%	1.66%	1.49%	0.48%	0.51%	0.50%	0.75%	1.01%	1.19%	1.31%	1.36%	1.41%	1.54%	1.37%	1.36%	0.89%	1.13%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-5,884,000	-707,400	-118,100	-2,050,533	-2,153,550	-1,903,280	-1,742,700	-19,189,000	-108,000	1,645,000	7,320,000	6,795,000	2,185,000	-4,299,000	8,635,000	-2,931,000	-1,234,000	-5,200,000	-4,218,000	-6,889,000	-7,975,000	-5,295,000	-100,000	5,504,000	-2,334,000	-8,330,000	-7,053,000	4,438,000	-5,482,000	264,000	1,120,000	-4,851,000	-1,799,000	-5,700,000	4,200,000	-2,700,000	1,300,000
Change in Working Capital Margin	-7.88%	0.81%	1.47%	-2.03%	-2.60%	-2.45%	-2.98%	-27.49%	-0.20%	4.03%	15.16%	12.52%	5.26%	-8.68%	21.91%	-5.82%	-2.04%	-6.79%	-5.90%	-9.99%	-12.54%	-9.95%	-0.20%	10.44%	-3.62%	-14.82%	-13.36%	8.04%	-10.94%	0.84%	2.72%	-9.86%	-6.78%	-30.00%	13.13%	-9.68%	5.18%
Accounts Receivable	-3,109,333	-1,701,200	-895,700	-1,297,133	-568,700	-454,960	-379,133	-9,006,000	10,000	-332,000	1,574,000	-752,000	1,970,000	-2,994,000	5,898,000	-3,602,000	-1,723,000	-3,206,000	-1,631,000	465,000	-4,522,000	-1,606,000	2,362,000	5,721,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	-4.57%	-2.36%	-0.82%	-1.61%	-0.42%	-0.34%	-0.28%	-12.90%	0.02%	-0.81%	3.26%	-1.39%	4.75%	-6.05%	14.97%	-7.15%	-2.85%	-4.19%	-2.28%	0.67%	-7.11%	-3.02%	4.78%	10.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	-2,113,333	-760,400	-722,300	-1,404,333	-1,680,400	-1,734,000	-1,696,500	-1,303,000	-3,817,000	-1,220,000	-464,000	3,002,000	17,000	-199,000	-2,105,000	2,172,000	-3,306,000	1,267,000	-3,102,000	-6,017,000	-4,242,000	-1,748,000	-2,010,000	-1,326,000	709,000	-9,012,000	-904,000	-1,526,000	-3,035,000	-1,115,000	546,000	-4,612,000	-3,745,000	-3,200,000	0	-800,000	200,000
Inventory Margin	-3.92%	-1.44%	-1.41%	-2.36%	-2.93%	-3.16%	-3.74%	-1.87%	-6.91%	-2.99%	-0.96%	5.53%	0.04%	-0.40%	-5.34%	4.31%	-5.47%	1.65%	-4.34%	-8.73%	-6.67%	-3.28%	-4.07%	-2.51%	1.10%	-16.03%	-1.71%	-2.77%	-6.06%	-3.54%	1.33%	-9.37%	-14.11%	-16.84%	0.00%	-2.87%	0.80%
Accounts Payable	93,000	14,600	106,400	103,133	134,300	107,440	89,533	-989,000	884,000	384,000	-1,000	-205,000	374,000	-195,000	379,000	-746,000	1,179,000	25,000	614,000	-502,000	880,000	-534,000	814,000	325,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	0.37%	0.15%	0.27%	0.22%	0.27%	0.22%	0.18%	-1.42%	1.60%	0.94%	0.00%	-0.38%	0.90%	-0.39%	0.96%	-1.48%	1.95%	0.03%	0.86%	-0.73%	1.38%	-1.00%	1.65%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	-754,333	1,739,600	1,393,500	547,800	-38,750	178,240	243,400	-7,891,000	2,815,000	2,813,000	6,211,000	4,750,000	-176,000	-911,000	4,463,000	-755,000	2,616,000	-3,286,000	-99,000	-835,000	-91,000	-1,407,000	-1,266,000	784,000	-3,043,000	682,000	-6,149,000	5,964,000	-2,447,000	1,379,000	574,000	-239,000	1,946,000	-2,500,000	4,200,000	-1,900,000	1,100,000
Other Working Capital Margin	0.23%	4.46%	3.42%	1.72%	0.48%	0.83%	0.85%	-11.30%	5.09%	6.90%	12.86%	8.76%	-0.42%	-1.84%	11.33%	-1.50%	4.33%	-4.29%	-0.14%	-1.21%	-0.14%	-2.64%	-2.56%	1.49%	-4.73%	1.21%	-11.64%	10.81%	-4.88%	4.37%	1.39%	-0.49%	7.33%	-13.16%	13.13%	-6.81%	4.38%
Other Non-Cash Items	1,773,000	1,429,000	2,766,400	2,470,467	2,317,400	2,122,280	1,815,333	2,912,000	276,000	2,131,000	2,107,000	-281,000	2,795,000	65,000	7,083,000	9,695,000	881,000	955,000	404,000	2,996,000	2,742,000	2,296,000	1,736,000	3,943,000	2,256,000	559,000	797,000	-6,343,000	242,000	9,691,000	-1,000	3,120,000	103,000	400,000	-900,000	200,000	1,600,000
Other Non-Cash Items Margin	3.30%	2.75%	5.93%	4.94%	4.55%	4.69%	4.13%	4.17%	0.50%	5.23%	4.36%	-0.52%	6.73%	0.13%	17.97%	19.25%	1.46%	1.25%	0.56%	4.35%	4.31%	4.31%	3.51%	7.48%	3.50%	0.99%	1.51%	-11.50%	0.48%	30.74%	0.00%	6.34%	0.39%	2.11%	-2.81%	0.72%	6.37%
Net Cash from Operating Activities	2,818,333	4,929,600	3,448,800	3,124,533	2,536,350	2,479,520	2,597,700	-1,428,000	8,708,000	1,175,000	4,036,000	12,157,000	-1,407,000	-97,000	4,533,000	3,888,000	2,923,000	1,882,000	3,642,000	2,833,000	2,144,000	1,879,000	7,633,000	7,222,000	-1,846,000	-6,646,000	-2,504,000	2,536,000	-2,569,000	2,448,000	4,895,000	3,951,000	3,543,000	-1,800,000	3,200,000	4,000,000	7,000,000
Net Cash from Operating Activities Margin	5.53%	9.47%	6.78%	5.76%	4.81%	4.93%	5.98%	-2.05%	15.75%	2.88%	8.36%	22.41%	-3.39%	-0.20%	11.50%	7.72%	4.84%	2.46%	5.09%	4.11%	3.37%	3.53%	15.45%	13.69%	-2.87%	-11.82%	-4.74%	4.60%	-5.13%	7.76%	11.89%	8.03%	13.35%	-9.47%	10.00%	14.34%	27.89%
Capital Expenditures (PPE)	-1,406,000	-1,463,400	-2,165,500	-2,454,400	-2,267,000	-2,105,080	-1,903,167	-1,808,000	-1,492,000	-918,000	-1,860,000	-1,239,000	-1,483,000	-2,767,000	-1,418,000	-5,233,000	-3,437,000	-4,157,000	-5,405,000	-2,250,000	-1,396,000	-1,953,000	-975,000	-627,000	-2,106,000	-2,712,000	-2,104,000	-1,640,000	-1,343,000	-834,000	-1,541,000	-1,929,000	-668,000	-1,400,000	-1,000,000	-1,100,000	-300,000
Capital Expenditures (PPE) Margin	-2.51%	-2.74%	-4.25%	-4.31%	-3.99%	-3.83%	-3.80%	-2.59%	-2.70%	-2.25%	-3.85%	-2.28%	-3.57%	-5.59%	-3.60%	-10.39%	-5.69%	-5.43%	-7.55%	-3.26%	-2.20%	-3.67%	-1.97%	-1.19%	-3.27%	-4.83%	-3.98%	-2.97%	-2.68%	-2.65%	-3.74%	-3.92%	-2.52%	-7.37%	-3.13%	-3.94%	-1.20%
Acquisitions (Net)	-3,195,000	-1,584,800	518,400	964,400	799,200	206,920	392,433	0	0	-9,585,000	422,000	1,239,000	1,483,000	2,767,000	188,000	5,233,000	3,437,000	4,157,000	5,405,000	2,250,000	-4,483,000	1,953,000	975,000	627,000	0	0	-84,000	-135,000	-2,538,000	0	0	-8,138,000	0	0	6,600,000	0	0
Acquisitions (Net) Margin	-7.84%	-4.07%	0.54%	1.22%	1.06%	-0.02%	0.67%	0.00%	0.00%	-23.51%	0.87%	2.28%	3.57%	5.59%	0.48%	10.39%	5.69%	5.43%	7.55%	3.26%	-7.05%	3.67%	1.97%	1.19%	0.00%	0.00%	-0.16%	-0.24%	-5.07%	0.00%	0.00%	-16.54%	0.00%	0.00%	20.63%	0.00%	0.00%
Purchases of Investments	-460,667	-1,269,000	-2,243,100	-3,195,867	-3,584,300	-4,679,280	-6,779,767	0	0	-1,382,000	-2,511,000	-2,452,000	-5,489,000	-3,705,000	-4,961,000	-575,000	-1,356,000	-1,956,000	-3,162,000	-2,836,000	-8,782,000	-8,771,000	-1,000,000	-6,600,000	-3,140,000	-1,490,000	-11,518,000	-6,393,000	-6,053,000	-7,378,000	-21,154,000	-4,318,000	-24,611,000	-22,900,000	-13,000,000	-25,900,000	0
Purchases of Investments Margin	-1.13%	-2.62%	-4.98%	-6.08%	-6.75%	-9.69%	-19.63%	0.00%	0.00%	-3.39%	-5.20%	-4.52%	-13.22%	-7.48%	-12.59%	-1.14%	-2.25%	-2.55%	-4.42%	-4.11%	-13.81%	-16.48%	-2.02%	-12.51%	-4.88%	-2.65%	-21.81%	-11.59%	-12.08%	-23.40%	-51.37%	-8.77%	-92.75%	-120.53%	-40.63%	-92.83%	0.00%
Sales / Maturities of Investments	3,655,667	3,110,800	3,304,600	3,930,133	5,135,200	6,690,000	8,043,933	0	0	10,967,000	2,089,000	2,498,000	3,539,000	1,812,000	6,477,000	4,397,000	1,267,000	7,271,000	4,993,000	3,006,000	6,636,000	4,000,000	1,514,000	1,036,000	18,566,000	9,568,000	13,068,000	12,514,000	10,435,000	8,598,000	23,615,000	9,384,000	27,468,000	20,600,000	9,600,000	10,500,000	5,900,000
Sales / Maturities of Investments Margin	8.97%	7.16%	7.53%	7.60%	9.48%	13.48%	21.33%	0.00%	0.00%	26.90%	4.33%	4.60%	8.53%	3.66%	16.44%	8.73%	2.10%	9.50%	6.98%	4.36%	10.43%	7.52%	3.06%	1.96%	28.83%	17.02%	24.75%	22.68%	20.83%	27.27%	57.35%	19.07%	103.52%	108.42%	30.00%	37.63%	23.51%
Other Investing Activities	3,195,000	1,584,800	-498,100	-1,243,667	-1,146,500	-954,320	-781,933	0	0	9,585,000	-422,000	-1,239,000	-1,483,000	-2,767,000	55,000	-5,273,000	-3,437,000	-4,157,000	-5,405,000	-2,183,000	24,000	-1,953,000	-1,066,000	-847,000	0	-3,317,000	955,000	-763,000	28,000	120,000	-313,000	0	0	0	-100,000	0	500,000
Other Investing Activities Margin	7.84%	4.07%	-0.48%	-1.64%	-1.62%	-1.37%	-1.08%	0.00%	0.00%	23.51%	-0.87%	-2.28%	-3.57%	-5.59%	0.14%	-10.47%	-5.69%	-5.43%	-7.55%	-3.17%	0.04%	-3.67%	-2.16%	-1.61%	0.00%	-5.90%	1.81%	-1.38%	0.06%	0.38%	-0.76%	0.00%	0.00%	0.00%	-0.31%	0.00%	1.99%
Net Cash from Investing Activities	1,789,000	378,400	-1,083,700	-1,999,400	-1,063,400	-841,760	-1,028,500	-1,808,000	-1,492,000	8,667,000	-2,282,000	-1,193,000	-3,433,000	-4,660,000	341,000	-1,451,000	-3,526,000	1,158,000	-3,574,000	-2,013,000	-8,001,000	-6,724,000	-552,000	-6,411,000	13,320,000	2,049,000	317,000	3,583,000	529,000	506,000	607,000	-5,001,000	2,189,000	-3,700,000	2,100,000	-16,500,000	6,100,000
Net Cash from Investing Activities Margin	5.32%	1.81%	-1.65%	-3.21%	-1.82%	-1.44%	-2.52%	-2.59%	-2.70%	21.25%	-4.73%	-2.20%	-8.27%	-9.41%	0.87%	-2.88%	-5.84%	1.51%	-5.00%	-2.92%	-12.58%	-12.63%	-1.12%	-12.16%	20.68%	3.65%	0.60%	6.49%	1.06%	1.60%	1.47%	-10.16%	8.25%	-19.47%	6.56%	-59.14%	24.30%
Net Debt Issuance	0	-993,000	-600,000	-63,067	-89,650	-189,960	-291,633	0	0	0	0	-4,965,000	4,965,000	0	0	-6,000,000	0	-4,100,000	4,085,000	-357,000	5,684,000	-258,000	-1,399,000	-4,288,000	-151,000	5,000,000	-9,000	-3,716,000	2,981,000	-630,000	-662,000	-929,000	-700,000	-700,000	-1,400,000	-500,000	-700,000
Net Debt Issuance Margin	0.00%	-1.83%	-0.91%	-0.05%	-0.16%	-0.38%	-0.82%	0.00%	0.00%	0.00%	0.00%	-9.15%	11.96%	0.00%	0.00%	-11.92%	0.00%	-5.35%	5.71%	-0.52%	8.94%	-0.48%	-2.83%	-8.13%	-0.23%	8.90%	-0.02%	-6.74%	5.95%	-2.00%	-1.61%	-1.89%	-2.64%	-3.68%	-4.38%	-1.79%	-2.79%
Long-Term Debt Issuance	0	0	-103,500	264,333	198,250	189,000	24,167	0	0	0	0	0	4,965,000	0	0	-6,000,000	0	-4,100,000	4,100,000	5,000,000	0	0	0	0	0	0	0	0	2,981,000	-630,000	-662,000	-929,000	-700,000	-700,000	-1,400,000	-500,000	-700,000
Long-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.51%	0.38%	0.33%	-0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	11.96%	0.00%	0.00%	-11.92%	0.00%	-5.35%	5.73%	7.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.95%	-2.00%	-1.61%	-1.89%	-2.64%	-3.68%	-4.38%	-1.79%	-2.79%
Short-Term Debt Issuance	0	-993,000	-496,500	-327,400	-287,900	-378,960	-315,800	0	0	0	0	-4,965,000	0	0	0	0	0	0	-15,000	-5,357,000	5,684,000	-258,000	-1,399,000	-4,288,000	-151,000	5,000,000	-9,000	-3,716,000	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	-1.83%	-0.92%	-0.57%	-0.54%	-0.70%	-0.58%	0.00%	0.00%	0.00%	0.00%	-9.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.02%	-7.77%	8.94%	-0.48%	-2.83%	-8.13%	-0.23%	8.90%	-0.02%	-6.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-125,667	-75,400	-37,700	-25,133	-160,000	-102,360	-101,200	-377,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-3,107,000	-153,000	293,000	144,000	111,000	153,000	-434,000	95,000	716,000	-777,000	-400,000	900,000	500,000	-700,000
Net Stock Issuance Margin	-0.18%	-0.11%	-0.05%	-0.04%	-0.29%	-0.20%	-0.28%	-0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.89%	-0.24%	0.52%	0.27%	0.20%	0.31%	-1.38%	0.23%	1.45%	-2.93%	-2.11%	2.81%	1.79%	-2.79%
Common Stock Issuance	0	0	0	0	29,750	72,120	135,267	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	158,000	293,000	144,000	177,000	153,000	67,000	95,000	716,000	755,000	100,000	900,000	500,000	0
Common Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.05%	0.14%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.52%	0.27%	0.32%	0.31%	0.21%	0.23%	1.45%	2.85%	0.53%	2.81%	1.79%	0.00%
Common Stock Repurchased	-125,667	-75,400	-37,700	-25,133	-189,750	-174,480	-236,467	-377,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-3,107,000	-311,000	0	0	-66,000	0	-501,000	0	0	-1,532,000	-500,000	0	0	-700,000
Common Stock Repurchased Margin	-0.18%	-0.11%	-0.05%	-0.04%	-0.35%	-0.34%	-0.66%	-0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.89%	-0.48%	0.00%	0.00%	-0.12%	0.00%	-1.59%	0.00%	0.00%	-5.77%	-2.63%	0.00%	0.00%	-2.79%
Preferred Stock Issuance	0	0	0	0	7,900	6,320	5,267	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	158,000	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-6,307,000	-3,784,200	-1,892,100	-1,373,667	-1,288,350	-1,363,280	-1,236,067	-9,567,000	0	-9,354,000	0	0	0	0	0	0	0	0	0	-1,684,000	0	0	0	0	-1,739,000	-1,717,000	-1,706,000	-1,692,000	-1,671,000	-1,664,000	-1,661,000	-1,627,000	0	-1,500,000	-1,500,000	0	0
Net Dividends Paid Margin	-12.21%	-7.33%	-3.66%	-2.61%	-2.40%	-2.68%	-2.66%	-13.70%	0.00%	-22.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.44%	0.00%	0.00%	0.00%	0.00%	-2.70%	-3.05%	-3.23%	-3.07%	-3.33%	-5.28%	-4.03%	-3.31%	0.00%	-7.89%	-4.69%	0.00%	0.00%
Common Dividends Paid	-6,307,000	-3,784,200	-1,892,100	-1,373,667	-1,288,350	-1,363,280	-1,236,067	-9,567,000	0	-9,354,000	0	0	0	0	0	0	0	0	0	-1,684,000	0	0	0	0	-1,739,000	-1,717,000	-1,706,000	-1,692,000	-1,671,000	-1,664,000	-1,661,000	-1,627,000	0	-1,500,000	-1,500,000	0	0
Common Dividends Paid Margin	-12.21%	-7.33%	-3.66%	-2.61%	-2.40%	-2.68%	-2.66%	-13.70%	0.00%	-22.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.44%	0.00%	0.00%	0.00%	0.00%	-2.70%	-3.05%	-3.23%	-3.07%	-3.33%	-5.28%	-4.03%	-3.31%	0.00%	-7.89%	-4.69%	0.00%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	0	0	-53,000	10,333	7,750	6,880	94,800	0	0	0	0	0	0	0	0	-671,000	141,000	200,000	182,000	172,000	22,000	109,000	0	0	0	0	0	17,000	0	0	0	0	172,000	0	2,000,000	500,000	0
Other Financing Activities Margin	0.00%	0.00%	-0.11%	-0.01%	0.00%	0.00%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.33%	0.23%	0.26%	0.25%	0.25%	0.03%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.65%	0.00%	6.25%	1.79%	0.00%
Net Cash from Financing Activities	-6,432,667	-4,852,600	-2,577,300	-1,447,867	-1,527,500	-1,646,520	-1,485,600	-9,944,000	0	-9,354,000	0	-4,965,000	4,965,000	0	55,000	-6,671,000	141,000	-3,900,000	4,267,000	-1,869,000	5,706,000	-149,000	-1,399,000	-7,395,000	-2,043,000	3,576,000	-1,571,000	-5,280,000	1,463,000	-2,728,000	-2,228,000	-1,840,000	-1,305,000	-2,600,000	1,400,000	500,000	-1,400,000
Net Cash from Financing Activities Margin	-12.39%	-9.27%	-4.72%	-2.69%	-2.85%	-3.26%	-3.32%	-14.24%	0.00%	-22.94%	0.00%	-9.15%	11.96%	0.00%	0.14%	-13.25%	0.23%	-5.09%	5.96%	-2.71%	8.97%	-0.28%	-2.83%	-14.02%	-3.17%	6.36%	-2.97%	-9.57%	2.92%	-8.65%	-5.41%	-3.74%	-4.92%	-13.68%	4.38%	1.79%	-5.58%
Effect of FX on Cash	0	0	107,500	70,800	28,250	55,320	46,100	0	0	0	0	0	0	606,000	257,000	890,000	-678,000	384,000	-97,000	-273,000	-342,000	315,000	-639,000	466,000	262,000	-282,000	-304,000	163,000	324,000	343,000	-12,000	0	0	0	0	0	0
Effect of FX on Cash Margin	0.00%	0.00%	0.25%	0.17%	0.07%	0.14%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.22%	0.65%	1.77%	-1.12%	0.50%	-0.14%	-0.40%	-0.54%	0.59%	-1.29%	0.88%	0.41%	-0.50%	-0.58%	0.30%	0.65%	1.09%	-0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	-1,825,333	455,400	-110,200	-255,600	-29,050	44,360	127,867	-13,180,000	7,216,000	488,000	1,754,000	5,999,000	125,000	-4,151,000	5,131,000	-3,344,000	-1,140,000	-476,000	4,238,000	-1,322,000	-493,000	-4,679,000	5,043,000	-6,118,000	9,693,000	-1,303,000	-4,062,000	1,002,000	-253,000	569,000	3,262,000	-2,890,000	4,427,000	-8,100,000	6,700,000	-12,000,000	11,700,000
Net Change in Cash Margin	-1.54%	2.01%	0.65%	0.02%	0.20%	0.36%	0.26%	-18.88%	13.05%	1.20%	3.63%	11.06%	0.30%	-8.38%	13.02%	-6.64%	-1.89%	-0.62%	5.92%	-1.92%	-0.78%	-8.79%	10.21%	-11.60%	15.05%	-2.32%	-7.69%	1.82%	-0.50%	1.80%	7.92%	-5.87%	16.68%	-42.63%	20.94%	-43.01%	46.61%
Cash at Beginning of Period	14,291,667	11,298,000	8,408,400	7,683,533	7,093,450	6,441,640	6,463,600	19,265,000	12,049,000	11,561,000	9,807,000	3,808,000	3,683,000	7,869,000	2,738,000	6,082,000	7,222,000	7,698,000	3,460,000	4,782,000	5,275,000	9,954,000	4,911,000	11,029,000	1,336,000	2,639,000	6,701,000	5,699,000	5,952,000	5,383,000	2,121,000	17,000	567,000	8,700,000	3,400,000	15,900,000	4,300,000
Cash at Beginning of Period Margin	25.92%	21.01%	16.08%	13.98%	13.00%	12.18%	14.57%	27.60%	21.80%	28.35%	20.31%	7.02%	8.87%	15.89%	6.95%	12.08%	11.96%	10.05%	4.84%	6.94%	8.29%	18.70%	9.94%	20.91%	2.07%	4.70%	12.69%	10.33%	11.88%	17.07%	5.15%	0.03%	2.14%	45.79%	10.63%	56.99%	17.13%
Cash at End of Period	12,466,333	11,753,400	8,298,200	7,427,933	7,064,400	6,486,000	6,591,467	6,085,000	19,265,000	12,049,000	11,561,000	9,807,000	3,808,000	3,718,000	7,869,000	2,738,000	6,082,000	7,222,000	7,698,000	3,460,000	4,782,000	5,275,000	9,954,000	4,911,000	11,029,000	1,336,000	2,639,000	6,701,000	5,699,000	5,952,000	5,383,000	-2,873,000	4,994,000	600,000	10,100,000	3,900,000	16,000,000
Cash at End of Period Margin	24.37%	23.03%	16.73%	14.00%	13.19%	12.54%	14.83%	8.72%	34.85%	29.55%	23.94%	18.08%	9.17%	7.51%	19.97%	5.44%	10.07%	9.43%	10.76%	5.02%	7.52%	9.91%	20.14%	9.31%	17.13%	2.38%	5.00%	12.15%	11.37%	18.88%	13.07%	-5.84%	18.82%	3.16%	31.56%	13.98%	63.75%
Operating Cash Flow	2,818,333	4,929,600	3,448,800	3,124,533	2,536,350	2,479,520	2,597,700	-1,428,000	8,708,000	1,175,000	4,036,000	12,157,000	-1,407,000	-97,000	4,533,000	3,888,000	2,923,000	1,882,000	3,642,000	2,833,000	2,144,000	1,879,000	7,633,000	7,222,000	-1,846,000	-6,646,000	-2,504,000	2,536,000	-2,569,000	2,448,000	4,895,000	3,951,000	3,543,000	-1,800,000	3,200,000	4,000,000	7,000,000
Operating Cash Flow Margin	5.53%	9.47%	6.78%	5.76%	4.81%	4.93%	5.98%	-2.05%	15.75%	2.88%	8.36%	22.41%	-3.39%	-0.20%	11.50%	7.72%	4.84%	2.46%	5.09%	4.11%	3.37%	3.53%	15.45%	13.69%	-2.87%	-11.82%	-4.74%	4.60%	-5.13%	7.76%	11.89%	8.03%	13.35%	-9.47%	10.00%	14.34%	27.89%
Capital Expenditure	-1,406,000	-1,463,400	-2,165,500	-2,454,400	-2,267,000	-2,105,080	-1,903,167	-1,808,000	-1,492,000	-918,000	-1,860,000	-1,239,000	-1,483,000	-2,767,000	-1,418,000	-5,233,000	-3,437,000	-4,157,000	-5,405,000	-2,250,000	-1,396,000	-1,953,000	-975,000	-627,000	-2,106,000	-2,712,000	-2,104,000	-1,640,000	-1,343,000	-834,000	-1,541,000	-1,929,000	-668,000	-1,400,000	-1,000,000	-1,100,000	-300,000
Capital Expenditure Margin	-2.51%	-2.74%	-4.25%	-4.31%	-3.99%	-3.83%	-3.80%	-2.59%	-2.70%	-2.25%	-3.85%	-2.28%	-3.57%	-5.59%	-3.60%	-10.39%	-5.69%	-5.43%	-7.55%	-3.26%	-2.20%	-3.67%	-1.97%	-1.19%	-3.27%	-4.83%	-3.98%	-2.97%	-2.68%	-2.65%	-3.74%	-3.92%	-2.52%	-7.37%	-3.13%	-3.94%	-1.20%
Free Cash Flow	1,412,333	3,466,200	1,283,300	670,133	269,350	374,440	694,533	-3,236,000	7,216,000	257,000	2,176,000	10,918,000	-2,890,000	-2,864,000	3,115,000	-1,345,000	-514,000	-2,275,000	-1,763,000	583,000	748,000	-74,000	6,658,000	6,595,000	-3,952,000	-9,358,000	-4,608,000	896,000	-3,912,000	1,614,000	3,354,000	2,022,000	2,875,000	-3,200,000	2,200,000	2,900,000	6,700,000
Free Cash Flow Margin	3.02%	6.74%	2.53%	1.45%	0.81%	1.10%	2.18%	-4.64%	13.05%	0.63%	4.51%	20.12%	-6.96%	-5.78%	7.90%	-2.67%	-0.85%	-2.97%	-2.46%	0.85%	1.18%	-0.14%	13.47%	12.50%	-6.14%	-16.65%	-8.73%	1.62%	-7.81%	5.12%	8.14%	4.11%	10.83%	-16.84%	6.88%	10.39%	26.69%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2025-04-30	2024-04-30	2023-04-30	2022-04-30	2021-04-30	2020-04-30	2019-04-30	2018-04-30	2017-04-30	2016-04-30	2015-04-30	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30	2009-04-30	2008-04-30	2007-04-30	2006-04-30	2005-04-30	2004-04-30	2003-04-30	2002-04-30	2001-04-30	2000-04-30	1999-04-30	1998-04-30	1997-04-30	1996-04-30
Revenue	55,287,333	53,682,400	50,958,000	56,229,600	55,950,650	53,848,320	49,224,767	69,811,000	55,274,000	40,777,000	48,296,000	54,254,000	41,507,000	49,509,000	39,407,000	50,351,000	60,394,000	76,564,000	71,550,000	68,932,000	63,595,000	53,223,000	49,416,000	52,740,000	64,397,000	56,206,000	52,810,000	55,173,000	50,106,000	31,527,000	41,179,000	49,210,000	26,535,000	19,000,000	32,000,000	27,900,000	25,100,000
EBITDA	6,374,667	3,434,200	137,500	2,523,867	2,169,850	1,780,480	1,482,333	14,303,000	7,697,000	-2,876,000	-5,576,000	3,623,000	-8,128,000	329,000	-8,712,000	-4,251,000	4,966,000	6,619,000	7,344,000	7,694,000	9,176,000	5,650,000	3,288,000	-3,271,000	3,938,000	-1,996,000	3,580,000	745,000	880,000	-10,890,000	1,549,000	8,831,000	3,103,000	-2,942,000	-6,703,000	4,200,000	2,300,000
EBITDA Margin	9.12%	4.50%	-1.88%	2.42%	2.31%	1.46%	1.20%	20.49%	13.93%	-7.05%	-11.55%	6.68%	-19.58%	0.66%	-22.11%	-8.44%	8.22%	8.65%	10.26%	11.16%	14.43%	10.62%	6.65%	-6.20%	6.12%	-3.55%	6.78%	1.35%	1.76%	-34.54%	3.76%	17.95%	11.69%	-15.48%	-20.95%	15.05%	9.16%
(-) Tax Adjustment	-4,605,439	-3,073,935	-1,895,648	-1,084,433	-957,014	-547,020	-199,219	-13,593,974	-183,128	-39,216	-644	-1,552,714	1,203,176	7,450	-8,635,504	1,277,293	2,560,781	2,495,258	2,634,514	2,117,892	-754,339	-3,803,338	-4,066,526	-3,032,258	1,524,036	1,712,903	988,052	219,945	357,802	1,815,853	291,920	2,779,256	897,794	-735,500	7,218,615	164,706	153,333
(-) Tax Adjustment Margin	-6.63%	-4.55%	-3.50%	-2.22%	-2.00%	-1.07%	-0.12%	-19.47%	-0.33%	-0.10%	0.00%	-2.86%	2.90%	0.02%	-21.91%	2.54%	4.24%	3.26%	3.68%	3.07%	-1.19%	-7.15%	-8.23%	-5.75%	2.37%	3.05%	1.87%	0.40%	0.71%	5.76%	0.71%	5.65%	3.38%	-3.87%	22.56%	0.59%	0.61%
(-) Change In Working Capital	-5,884,000	-707,400	-118,100	-2,050,533	-2,153,550	-1,903,280	-1,742,700	-19,189,000	-108,000	1,645,000	7,320,000	6,795,000	2,185,000	-4,299,000	8,635,000	-2,931,000	-1,234,000	-5,200,000	-4,218,000	-6,889,000	-7,975,000	-5,295,000	-100,000	5,504,000	-2,334,000	-8,330,000	-7,053,000	4,438,000	-5,482,000	264,000	1,120,000	-4,851,000	-1,799,000	-5,700,000	4,200,000	-2,700,000	1,300,000
(-) Change In Working Capital Margin	-7.88%	0.81%	1.47%	-2.03%	-2.60%	-2.45%	-2.98%	-27.49%	-0.20%	4.03%	15.16%	12.52%	5.26%	-8.68%	21.91%	-5.82%	-2.04%	-6.79%	-5.90%	-9.99%	-12.54%	-9.95%	-0.20%	10.44%	-3.62%	-14.82%	-13.36%	8.04%	-10.94%	0.84%	2.72%	-9.86%	-6.78%	-30.00%	13.13%	-9.68%	5.18%
(-) Capital Expenditure	-1,406,000	-1,463,400	-2,165,500	-2,454,400	-2,267,000	-2,105,080	-1,903,167	-1,808,000	-1,492,000	-918,000	-1,860,000	-1,239,000	-1,483,000	-2,767,000	-1,418,000	-5,233,000	-3,437,000	-4,157,000	-5,405,000	-2,250,000	-1,396,000	-1,953,000	-975,000	-627,000	-2,106,000	-2,712,000	-2,104,000	-1,640,000	-1,343,000	-834,000	-1,541,000	-1,929,000	-668,000	-1,400,000	-1,000,000	-1,100,000	-300,000
(-) Capital Expenditure Margin	-2.51%	-2.74%	-4.25%	-4.31%	-3.99%	-3.83%	-3.80%	-2.59%	-2.70%	-2.25%	-3.85%	-2.28%	-3.57%	-5.59%	-3.60%	-10.39%	-5.69%	-5.43%	-7.55%	-3.26%	-2.20%	-3.67%	-1.97%	-1.19%	-3.27%	-4.83%	-3.98%	-2.97%	-2.68%	-2.65%	-3.74%	-3.92%	-2.52%	-7.37%	-3.13%	-3.94%	-1.20%
Unlevered Free Cash Flow	15,458,106	5,752,135	-14,252	3,204,433	3,013,414	2,125,700	1,521,085	45,277,974	6,496,128	-5,399,784	-14,755,356	-2,858,286	-12,999,176	1,853,550	-10,129,496	-7,830,293	202,219	5,166,742	3,522,486	10,215,108	16,509,339	12,795,338	6,479,526	-6,369,742	2,641,964	1,909,097	7,540,948	-5,552,945	4,661,198	-13,803,853	-1,403,920	8,973,744	3,336,206	2,093,500	-19,121,615	5,635,294	546,667
Unlevered Free Cash Flow Margin	21.12%	5.51%	-4.09%	2.37%	2.92%	1.15%	0.49%	64.86%	11.75%	-13.24%	-30.55%	-5.27%	-31.32%	3.74%	-25.70%	-15.55%	0.33%	6.75%	4.92%	14.82%	25.96%	24.04%	13.11%	-12.08%	4.10%	3.40%	14.28%	-10.06%	9.30%	-43.78%	-3.41%	18.24%	12.57%	11.02%	-59.76%	20.20%	2.18%
(-) Net Interest Income After Taxes	181,321	57,108	-17,763	20,882	37,643	21,713	18,095	809,428	-111,593	-153,873	-76,991	-181,429	-122,839	-81,121	-694	-195,070	-63,448	-86,599	-100,038	344,974	-130,947	463,465	780,635	-21,020	-319,982	0	0	-210,022	0	0	0	0	0	0	0	0	0
(-) Net Interest Income After Taxes Margin	0.19%	0.02%	-0.09%	0.00%	0.05%	0.03%	0.02%	1.16%	-0.20%	-0.38%	-0.16%	-0.33%	-0.30%	-0.16%	0.00%	-0.39%	-0.11%	-0.11%	-0.14%	0.50%	-0.21%	0.87%	1.58%	-0.04%	-0.50%	0.00%	0.00%	-0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	0	-993,000	-600,000	-63,067	-89,650	-189,960	-291,633	0	0	0	0	-4,965,000	4,965,000	0	0	-6,000,000	0	-4,100,000	4,085,000	-357,000	5,684,000	-258,000	-1,399,000	-4,288,000	-151,000	5,000,000	-9,000	-3,716,000	2,981,000	-630,000	-662,000	-929,000	-700,000	-700,000	-1,400,000	-500,000	-700,000
Net Debt Issuance Margin	0.00%	-1.83%	-0.91%	-0.05%	-0.16%	-0.38%	-0.82%	0.00%	0.00%	0.00%	0.00%	-9.15%	11.96%	0.00%	0.00%	-11.92%	0.00%	-5.35%	5.71%	-0.52%	8.94%	-0.48%	-2.83%	-8.13%	-0.23%	8.90%	-0.02%	-6.74%	5.95%	-2.00%	-1.61%	-1.89%	-2.64%	-3.68%	-4.38%	-1.79%	-2.79%
Levered Free Cash Flow	15,276,785	4,702,027	-596,489	3,120,485	2,886,121	1,914,027	1,211,358	44,468,547	6,607,721	-5,245,911	-14,678,365	-7,641,857	-7,911,337	1,934,670	-10,128,802	-13,635,223	265,667	1,153,341	7,707,524	9,513,134	22,324,287	12,073,873	4,299,890	-10,636,722	2,810,946	6,909,097	7,531,948	-9,058,924	7,642,198	-14,433,853	-2,065,920	8,044,744	2,636,206	1,393,500	-20,521,615	5,135,294	-153,333
Levered Free Cash Flow Margin	20.93%	3.66%	-4.92%	2.31%	2.71%	0.74%	-0.35%	63.70%	11.95%	-12.86%	-30.39%	-14.09%	-19.06%	3.91%	-25.70%	-27.08%	0.44%	1.51%	10.77%	13.80%	35.10%	22.69%	8.70%	-20.17%	4.37%	12.29%	14.26%	-16.42%	15.25%	-45.78%	-5.02%	16.35%	9.93%	7.33%	-64.13%	18.41%	-0.61%