65. Assume U.S. GAAP (generally accepted accounting principles) applies unless
otherwise noted.
An analyst is forecasting EPS for a company. She prepares the following common
sized data from its recent annual report and estimates sales for 2009.
2009
2008
2007
forecast
actual
Sales $ millions 2,250.0 2,150.0 1,990.0
Sales as % of sales 100.00% 100.00%
Cost of goods sold 45.00% 45.00%
Operating Expenses 40.00% 40.00%
Interest expense 3.72% 4.02%
Restructuring expense 7.20%
Pre-tax margin 11.28% 3.78%
Taxes (35%) 3.95% 1.32%
Net Income 7.33% 2.46%
The capital structure of the company has not changed and the company has no
short-term interest bearing debt outstanding. The projected net income (in $
millions) for 2009 is closest to:
A. 162.8
B. 164.9
C. 167.4
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