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The Crazy Eddie Fraud Horizontal Analysis Shares 5796 27664 31204 The Crazy Eddie Fraud Horizontal Analysis Crazy Eddie Consolidated Statement of Operations In thousands except for share data Year Ended Year Ended Change Year Ended Change Year Change Ended 03/03/85 03/03/86 85-86 03/01/87 86-87 02/23/88 87-88 Net Sales 8167,147 $262,268 56.91% $352,523 34.41% $315,339 (10.49)% Cost of Goods Sold 127.619 194.371 5231% 272.255 40.07% 346.791 2738% Gross profit 39,528 67,897 71.77% 80,268 18.22% (31,252) (138.93)% Selling, general & administrative expense 26.431 42.975 62.59% 61341 42.74% 96.195 56.82% Operating Income 13,097 24,922 90.29% 18,927 (24.06)% (127,447) (77336)% Other income 1,418 3,210 126.38% 7,403 130.62% Interest expense {5721 £2221 4336% (5.233^ 538.17% 14.12% Income before pension Contribution and income taxes 13,943 27,312 95.88% 21,097 (22.76)% (133,419) (732.41)% Pension contribution 600 800 3333% 500 (37.5)% Income before income taxes 13343 26,512 98.70% 20,597 (2231)% (133,419) (747.76)% Income taxes 6,276 13J268 90.19% 10.001 (24.62)% (243211 (343.19)% Net income 86367 $13.244 108.01% $10.596 (19.99)% ($109.098^ (1129.61)% Earnings per share $1.10 $0.48 -5636% $034 (29.17)% ($3.52) (1135.29)% Weighted average number of shares 5,796 27,664 31,204 30,957 Source: Crazy Eddie Annual Report 1985.1988, Securities and Exchange Commission. JO-K Reports The Crazy Eddie Fraud Crazy Eddie Consolidated Balance Sheet (In Thousands) ear ended Year ended Change Year ended Change Year ended Change 03/03/85 03/02/86 85-86 03/01/87 86-87 02/28/88 87-88 Assets Current Assets: Cash $7,216 $13,296 8426% $9347 (29-70)% $5,100 (45.44)% Short-term investments 15,057 26,840 7826% 121,957 354.39% 9,846 (91.93)% Accounts receivable 1,876 2,246 19.72% 6346 182.55% 3,529 (44.39)% Merchandise inventories 26,543 59,864 125.54% 109,072 8220% 59,444 (45.50)% Prepaid expenses & other current assets 1,509 2,363 56.59% 6,613 179.86% 2,846 (56.96)% Income tax refunds receivable 4^00 32,077 612.82% Deferred income taxes 4.026 Total current assets 5231 104,609 100.40% 261,861 150.32% 112,842 (56.91)% Restricted Cash 7,058 3^56 (52.45)% Deferred Income taxes 1,668 Furniture, fixtures, equipment & leasehold improvements at cost, less accumulated depreciation and amortization 3,696 7.172 94.05% 26,401 268.11% 32,949 24.80% Construction in process 1,154 6,253 441.85% Other Assets 1,419 5,560 291.83% 4,928 (1137)% 3,008 (38.96)% Total Assets 865.528 S126.95Q 93.73% $294,858 13226% $148,799 (49.54)% Liabilities and Stockholders1 Equity Current Liabilities Accounts payable $23,078 $51,723 124.12% $50,022 (329)% 42,752 (14.53)% Short-term debt 0 49,286 24300 (5029)% Current maturities of long-term liabilities 423 2,254 432.86% 285 (87.36)% 153 (4632)% Income taxes payable 11,071 0 Unearned service contract revenue 1,173 3,696 215.09% 3,641 (1.49)% 3,861 6.04% Accrued liabilities 8.733 6,035(30.67)% 5.593 (7.63)% 9.332 66.85% Total current liabilities 33,407 74,799 123.90% 108,827 45.49% 80,598 (25.94)% Long-term liabilities, less current maturities 7,625 7,701 1.00% 8,459 9.84% 632 (92.53)% Convertible subordinated debentures 80,975 80,975 0.00% Unearned service contract revenue 1.829 188.03% 3337 82-45% 5332 59.78% Total Liabilities $41,667 $84329 10239% $201,598 139.06% $167337 (16.90)% Stockholders' Equity Preferred stock - par value SI per share authorized 5,000,000 18 Common stock - par value $.01 per share, authorized 15,000,000 shares, 5,000,000 67 280 317.91% 313 11.79% 315 0.64% outstanding Additional paid-in capital 12365 17,668 42.89% 57,678 226.45% 58,630 1.65% Retained earnings 11,429 24,673 115.88% 35,269 42.95% (73,829) (309.33)% Less treasury stock, at cost, 500,000 shares (3,872) Total stockholders1 equity (deficiency in 23.861 42.621 78.62% 93260 118.81% (18.738) (120.09)% net assets) Total liabilities and stockholders' equity $65.528 S126.950 93.73% $294.858 13226% $148.799 (49.54)% Source: Crazy Eddie Annual Report, 1985, 1988, Securities and Exchange Commission, 10-K Reports Vertical Analysis Crazy Eddie Consolidated Statement of Operations In thousands except for share data Year Year Year Year Ended % Ended % Ended % Ended ?/P3fl? ofsales 03/03/863/03/86 ofsales 03/01/87 ofsales 02/28/88 ofsales Net Sales $167,147 100.00% $262,268 100.00% $352,323 100.00% Cost of Goods Sold $315,539 100.00% iaLfil£ 7635% 194.371 74.11% 272.255 77.23% 346.791 109.90% Gross profit 39,528 23.65% 67,897 25.89% 80,268 22.77% Selling, general & (31,252) (9.90)% Administrative expense 26.431 5.81% Operating Income 2,925 1639% 61341 17.40% 96.195 30.49% 13,097 7.84% 24,922 9.50% 18,927 5.37% Other income (127,447) (4039)% 1,418 0.85% 3,210 1^2% 7,403 Interest expense (572) -034% (mi -031% (5233) -1.48% Income before pension (1.89)% Contribution and income taxes 13,943 834% 27,312 10.41% 21,097 5.98% Pension contribution (133,419) (4228)% 600 036% SQSi 031% 500 Income before income taxes 13,343 7.98% 26,512 10.11% 20,597 5.84% (133,419) -4228% Income taxes 4.17% 13,261 5.06% JPJ01 2.84% (2432H -7.71% Net income 21367 3.81% $J3,244 5.05% $10.596 3.01% ($109.0981 -34.58% Earnings per share $1.10 $0.48 $034 Weighted average number ofshares ($3.52) 5,796 27,664 31,204 Source: Crazy Eddie AmualReport. 1985.1988. Securities and Exchange Commission, 10-KReports 30,957 The Crazy Eddie Fraud Crazy Eddie Consolidated Balance Sheet (In Thousands) Yr. Ended Yr. ended Yr. Ended Yr. Ended 03/03/85 03/02/86 03/01/87 02/28/88 Assets Current Assets: Cash $7,216 11.01% $1336 10.47% $9,347 3.17% $5,100 3.43% Short-term investments 15,057 22.98% 26,840 21.14% 121,957 41.36% 9,846 6.62% Accounts receivable 1,876 2.86% 2,246 1.77% 6,346 2.15% 3,529 2.37% Merchandise inventories 26,543 40.51% 59,864 47.16% 109,072 36.99% 59,444 39.95% Prepaid expenses & other current assets 1,509 2.30% 2,363 1.86% 6,613 2.24% 2,846 1.91% Income tax refunds receivable 4,500 1.53% 32,077 21.56% Deferred income taxes 4.026 137% Total current assets 52,201 79.66% 104,609 82.40% 261,861 88.81% 112.842 75.84% Restricted Cash 7,058 10.77% 3,356 2.64% Deferred Income taxes 1,668 0.57% Furniture, fixtures, equipment & lease hold improvements at cost; less accumu lated depreciation and amortization 3,696 5.64% 7,172 5.65% 26,401 8.95% 32,949 22.14% Construction in process 1,154 1.76% 6,253 4.93% Other Assets 1,419 2.17% 5,560 4.38% 4,928 1.67% 3,008 2.02% Total Assets $65.528 100.00% $126,950 100.00% $294,858 100.00% $148,799 100.00% Liabilities and Stockholders1 Equity Current Liabilities Accounts payable $23,078 35.22% $51,723 40.74% $50,022 16.96% $42,752 28.73% Short-term debt 0 49,286 16.72% 24,500 16.47% Current maturities of long-term liabilities 423 0.65% 2^54 1.78% 285 0.10% 153 0.10% Income taxes payable 11,071 8.72% Unearned service contract revenue 1,173 1.79% 3,696 2.91% 3,641 1.23% 3,861 2.59% Accrued liabilities 8.733 13.33% 6.055 4.77% 5.593 1.90% 9.332 627% Total current liabilities 33,407 50.98% 74,799 58.92% 108,827 36.91% 80,598 54.17% Long-term liabilities, less current 7,625 11.64% 7,701 6.07% 8,459 2.87% 632 0.42% maturities Convertible subordinated debentures 80,975 27.46% 80,975 54.42% Unearned service contract revenue &5 0.97% 1.829 1.44% 3.337 1.13% 5.332 3.58% Total Liabilities $41,667 $84,329 $201,598 $167,537 Stockholders' Equity Preferred stock - par value $1 per share authorized 5,000,000 18 0.01% Common stock - par value $.01 per share, authorized 15,000,000 shares, 5,000,000 outstanding 67 0.10% 280 0.22% 313 0.11% 315 0.21% Additional paid-in capital 12,365 18.87% 17,668 13.92% 57,678 19.56% 58,630 39.40% Retained earnings 11,429 17.44% 24,673 19.44% 35,269 11.96% (73,829) (49.62)% Less treasury stock, at cost, 500,000 shares (3,872) (2.60)% Total stockholders' equity (deficiency in 23.86J 36.41% 42.621 33.57% 93.260 31.63% fl8.738U12.59m net assets) Total liabilities and stockholders' equity $65.528 100.00% $126.950 100.00% $294.858 100.00% $148.799 100.00% Source: Crazy Eddie Annual Report, 1985, 1988, Securities and Exchange Commission, 10-K Reports The Crazy Eddie Fraud Key Ratio Analysis 12S5 1986 1987 2218 Accounts receivable turnover 158.71 113.94 127.25 82.06 Average number of days 63.91 receivables outstanding 2.30 3.20 2.87 4.45 5.71 Inventory turnover 5.2622 5.2618 4.4989 3.2231 4.1158 Average number of days inventory outstanding 69.3622 69.3668 81.1297 113.242 88.6821 Accounts payable turnover 6.84197 6.40773 6.0879 6.3189 6.40616 Average number of days payables outstanding 53.3471 • 56.9623 59.9545 57.7623 56.9763 A/P as a percentage of inventory 82.79% 86.95% 86.40% 45.86% 71.92% The analysis of the financial statements reveals several possible trends that need to be looked into to detemune the cause for changes.
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