Spreadsheet: jeff_dasovich__14057__OAT Valuation 0416
Sheet: OAT Income Statement

DOLLARS IN MILLIONS (EXCEPT PER SHARE DATA) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | SALES FORECAST
YEAR ENDED DECEMBER 31 |  |  |  |  |  |  |  |  | OAT YEAR OVER YEAR PERCENTAGE CHANGE |  |  |  |  |  |  |  |  |  |  |  | forecast | forecast | forecast | forecast | forecast | forecast | forecast | forecast | forecast | forecast
 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 |  | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | Average |  |  |  |  |  |  | 2001
NET SALES................................................... | 5041 | 4725.2 | 4842.5 | 5015.7 | 5199 | 5954 |  |  |  |  |  |  |  |  |  |  |  |  | Sales Growth |  | 0.06683314991958017 | 0.06683314991958017 | 0.06683314991958017 | 0.06683314991958017 | 0.06683314991958017 | 0.06683314991958017 | 0.06683314991958017 | 0.06683314991958017 | 0.06683314991958017 | 0.06683314991958017
Cost of goods sold.......................................... | 2288.3 | 2136.8 | 2374.4 | 2564.9 | 2807.5 | 3294.4 |  |  |  |  |  |  |  |  |  |  |  |  | Total Sales
Gross profit................................................ | 2752.7 | 2588.4 | 2468.1 | 2450.8 | 2391.5 | 2659.6
Selling, general and administrative expenses................ | 1968.8 | 1904.1 | 1872.5 | 1938.9 | 1981 | 2358.8
Restructuring charges, asset impairments and (gains) losses on divestitures - Net | 182.5 | -2.3 | 128.5 | 1486.3 | -113.4 | -1053.5
Interest expense............................................ | 54 | 61.9 | 69.6 | 85.8 | 106.8 | 131.6
Interest income............................................. | -9 | -11.7 | -10.7 | -6.7 | -7.4 | -6.2
Foreign exchange loss -- net................................ | 5.3 | 18.1 | 11.6 | 10.8 | 8.9 | 8.4
INCOME BEFORE INCOME TAXES.................................. | 551.1 | 618.3 | 396.6 | -1064.3 | 415.6 | 1220.5
Provision for income taxes.................................. | 190.5 | 163.3 | 112.1 | -133.4 | 167.7 | 496.5
Net Income.................................................. | 360.6 | 455 | 284.5 | -930.9 | 247.9 | 724
Preferred dividends -- net of tax........................... | 4.2 | 4.4 | 4.5 | 3.5 | 3.7 | 4
NET INCOME AVAILABLE FOR COMMON............................. | 356.4 | 450.6 | 280 | -934.4 | 244.2 | 720
PER COMMON SHARE:
Net income................................................ | 2.71 | 3.36 | 2.04 | -6.8 | 1.8 | 5.39
Net income -- diluted..................................... | 2.61 | 3.23 | 1.97 | -6.8 | 1.78 | 5.23
Dividends declared........................................ | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 | 1.14
Average Number of Common Shares Outstanding (in thousands) | 131689 | 134027 | 137185 | 137460 | 135466 | 134149
 |  | OAT COMMON-SIZE INCOME STATEMENT
 |  |  | (% of total operating revenue) |  |  |  |  |  | forecast | forecast | forecast | forecast | forecast | forecast | forecast | forecast | forecast | forecast
 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | Average |  | 2001
NET SALES................................................... |  |  |  |  |  |  |  |  | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1
Cost of goods sold.......................................... |  |  |  |  |  |  |  |  | 0.4539377107716723 | 0.4539377107716723 | 0.4539377107716723 | 0.4539377107716723 | 0.4539377107716723 | 0.4539377107716723 | 0.4539377107716723 | 0.4539377107716723 | 0.4539377107716723 | 0.4539377107716723
Gross profit................................................ |  |  |  |  |  |  |  |  | 0.5460622892283277 | 0.5460622892283277 | 0.5460622892283277 | 0.5460622892283277 | 0.5460622892283277 | 0.5460622892283277 | 0.5460622892283277 | 0.5460622892283277 | 0.5460622892283277 | 0.5460622892283277
Selling, general and administrative expenses................ |  |  |  |  |  |  |  |  | 0.3905574290815315 | 0.3905574290815315 | 0.3905574290815315 | 0.3905574290815315 | 0.3905574290815315 | 0.3905574290815315 | 0.3905574290815315 | 0.3905574290815315 | 0.3905574290815315 | 0.3905574290815315
Restructuring charges, asset impairments and (gains) losses on divestitures - Net |  |  |  |  |  |  |  |  | 0.03620313429875024 | 0.03620313429875024 | 0.03620313429875024 | 0.03620313429875024 | 0.03620313429875024 | 0.03620313429875024 | 0.03620313429875024 | 0.03620313429875024 | 0.03620313429875024 | 0.03620313429875024
Interest expense............................................ |  |  |  |  |  |  |  |  | 0.01071216028565761 | 0.01071216028565761 | 0.01071216028565761 | 0.01071216028565761 | 0.01071216028565761 | 0.01071216028565761 | 0.01071216028565761 | 0.01071216028565761 | 0.01071216028565761 | 0.01071216028565761
Interest income............................................. |  |  |  |  |  |  |  |  | -0.001785360047609601 | -0.001785360047609601 | -0.001785360047609601 | -0.001785360047609601 | -0.001785360047609601 | -0.001785360047609601 | -0.001785360047609601 | -0.001785360047609601 | -0.001785360047609601 | -0.001785360047609601
Foreign exchange loss -- net................................ |  |  |  |  |  |  |  |  | 0.001051378694703432 | 0.001051378694703432 | 0.001051378694703432 | 0.001051378694703432 | 0.001051378694703432 | 0.001051378694703432 | 0.001051378694703432 | 0.001051378694703432 | 0.001051378694703432 | 0.001051378694703432
INCOME BEFORE INCOME TAXES.................................. |  |  |  |  |  |  |  |  | 0.1093235469152946 | 0.1093235469152946 | 0.1093235469152946 | 0.1093235469152946 | 0.1093235469152946 | 0.1093235469152946 | 0.1093235469152946 | 0.1093235469152946 | 0.1093235469152946 | 0.1093235469152946
Provision for income taxes.................................. |  |  |  |  |  |  |  |  | 0.03779012100773656 | 0.03779012100773656 | 0.03779012100773656 | 0.03779012100773656 | 0.03779012100773656 | 0.03779012100773656 | 0.03779012100773656 | 0.03779012100773656 | 0.03779012100773656 | 0.03779012100773656
Net Income.................................................. |  |  |  |  |  |  |  |  | 0.07153342590755803 | 0.07153342590755803 | 0.07153342590755803 | 0.07153342590755803 | 0.07153342590755803 | 0.07153342590755803 | 0.07153342590755803 | 0.07153342590755803 | 0.07153342590755803 | 0.07153342590755803
Preferred dividends -- net of tax........................... |  |  |  |  |  |  |  |  | 0.000833168022217814 | 0.000833168022217814 | 0.000833168022217814 | 0.000833168022217814 | 0.000833168022217814 | 0.000833168022217814 | 0.000833168022217814 | 0.000833168022217814 | 0.000833168022217814 | 0.000833168022217814
NET INCOME AVAILABLE FOR COMMON............................. |  |  |  |  |  |  |  |  | 0.0707002578853402 | 0.0707002578853402 | 0.0707002578853402 | 0.0707002578853402 | 0.0707002578853402 | 0.0707002578853402 | 0.0707002578853402 | 0.0707002578853402 | 0.0707002578853402 | 0.0707002578853402
Multiples | OAT | Coke | Pepsi | Danon | Kraft | Kellog
Price | 97.375
Common Shares Outstanding (millions) | 131.689
Price to Sales
Price to EBITDA
Price to Earnings
Price to Earnings per share
Price to Book Value per share
Price to Free Cash Flow