Corporate Finance - an Overview of the US Airways - Term Paper Example

Name: College: Course: Tutor: Date: Corporate Finance An Overview of the Selected Airlines Legacy Airlines US Airways US Airways group manages just about 3,200 flights daily. The airline serves up in excess of 200 communities in the U.S., Canada, Mexico, Europe, the Middle East, the Caribbean, Central as well as South America. The airline provides work for over 32,000 aviation practitioners globally, controls the world’s prime convoy of Airbus aircraft. US Airways company is an affiliate of the Star Alliance network, which offers its clientele more than 21,500 flights to 1,356 airports in 193 countries on a daily basis. The group serves about 80 million travelers every year and its operating hubs are Charlotte, NC, Philadelphia plus Phoenix, and a focus city in Washington, D.C. at Ronald Reagan Washington National Airport.  American Airlines American Airlines, Inc. is the primary subsidiary of AMR Corporation (AMR). The airline was set up in 1934, but traces its heredity back to the early days of aviation in the 1920s. The group serves up to 260 airports in over 50 countries and regions with, on standard, in excess of 3,300 flights per day. The collective group fleet figures just about 900 airliners. The group has a high-quality website, AA.com, which presents customers with straightforward admission to confirm as well as reserve fares, plus access to custom-made news, information and journey offers. American Airlines is an original affiliate of the One World alliance, which gets together a number of the top and prevalent names in the airline industry, allowing them to tender their clients supplementary services along with benefits than any airline cannot make available by itself. Jointly, its affiliates and members-elect serve over 900 destinations with at least 10,000 flights on a daily basis to 149 countries and regions. United Airlines United Airlines is the globe’s top airline and is paying attention on being the airline clients desire to take off with, the airline staff fancy to toil for and the airline shareholders crave to invest in. United Airlines is the globe’s most broad universal airway group, including first-class global gateways to Asia along with Australia, Europe, Latin America, Africa as well as the Middle East with frenzied or one-stop tune-up from almost any place in the U.S. The airline boasts of an up to date aircraft convoy which is the most energy proficient (when attuned for cabin size), and the finest modern aircraft order reserve amongst U.S. network carriers. It has industry-leading trustworthiness plan that offers more openings to receive as well as redeem miles internationally. The airline serves most favorable hub places in 10 cities, together with hubs in the four prime cities in the U.S. United Airlines is priced as the globe’s for the most part well-liked airline on FORTUNE magazine’s 2012 airline-business listing of the World’s Most Admired Companies. Hawaiian Airlines Hawaiian Airlines is the country's top-ranked carrier for tune-up quality as well as feat in 2009 in the 20th yearly Airline Quality Rating report, having made that difference in three of the precedent four years. Moreover, Hawaiian has gone in front of each and every one U.S. carrier in on-time performance for each one of the precedent six years (2004-2009). Hawaiian has been a business principal in the least mislaid bags throughout that same time (#1 as of 2005-2007, #2 in 2008 as well as 2009) as detailed by the U.S. Division of Transportation. Customer reviews by Zagat, Travel + Leisure along with Conde Nast Traveler have independently graded Hawaiian the leading domestic airline providing flights to Hawaii. To date Hawaiian is the Hawaii's major and longest-serving airline; in addition to being the principal source of passenger sky service to Hawaii from the states key caller marketplaces on the U.S. mainland. Hawaiian presents frenzied service to Hawaii from further ten U.S. entry cities than any other airline, plus service to the Philippines, American Samoa, Australia, Tahiti also, in the upcoming months, Japan along with South Korea. Hawaiian too provides over 150 every day jet flights between the Hawaiian Islands.  Alaska Airlines Alaska Air Group, Inc. serves more than 90 destinations in the U.S, Canada, also Mexico. Alaska Air Group was structured as a Delaware company in 1985. Alaska Airlines subsidiary is renowned for its esteemed client service. Alaska during its channel jet service offers planned air service for more than 16 million passengers yearly. In addition to its service to destinations in Alaska along with the West Coast, the airline flies to numerous cities in the Midwest, Texas plus the East Coast, and the four main Hawaiian Islands. Alaska as well offers service to British Columbia in Canada, as well as to nine destinations in Mexico. Its core destinations are Anchorage, Seattle, Portland, and Los Angeles. Horizon Air subsidiary is equally distinguished for exceptional client service. Horizon is a regional carrier and starting from 2011, Horizon carries out all of its flying for Alaska Airlines in a facility acquisition agreement. Horizon serves almost 7 million passengers yearly. Its centers are Seattle, Portland plus Boise. Delta Airlines In 1924, the Huff Daland Dusters crop-dusting business, which shaped the ancestry for Delta, was initiated in Macon, Ga. This was the earliest money-making farming flying business in survival. Delta has undergone a lot over the years till 2009 when it rejoiced 80 years of passenger service. It became the single U.S. airline to serve six continents with opening of continuous flights between Los Angeles and Sydney, Australia. The corporation rebranded over 240 domestic airports with Delta logos, replacing Northwest Airlines which it had acquired. In 2010 Delta proclaimed the biggest product upgrading in a decade with strategy to spend more than $2 billion during 2013 to get better the customer familiarity, together with installing new full-flat beds plus special, in-seat video on all wide body aircraft; adding up supplementary First Class cabins to Delta Connection local jets; modernizing as well as adding latest Delta Sky Clubs; and adding extra First Class seats on domestic mainline flights.  The airline also announced strategies for a $1.2 billion renewal and development of amenities at New York's John F. Kennedy International Airport. Delta celebrates its 10th centenary of Sky Team. Low-cost Airlines JetBlue The airline was established in 2000 by discount airline veteran David Neeleman. JetBlue Airways has in a short time turned out to be one of the largest discount airlines in the United States. Initially “JetBlue” for the most part served the East coast; the airline has from that time expanded all through the country and penetrated into the global market. Growth –both financial as well as geographical—has sustained regardless of a challenging economy in recent years. JetBlue has had an early success because it entered the market with one of the leading levels of liquidity of any start-up airline; it met the desires of customers’ whose main concerns are charges and route; in addition it effectively defined its brand and differentiated itself from competitors by offering a higher than average client understanding and amenities for a discounted price. Southwest Airlines With 40 successive years of prosperity, Dallas-based Southwest Airlines keeps on to set itself apart from other carriers with consummate Client Service conveyed by virtually 46,000 workers to over 100 million Clients every twelve months. On May 2, 2011, Southwest concluded the acquirement of AirTran Holdings, Inc. Southwest is the country’s leading carrier in terms of originating home passengers embarked and, together with AirTran, manages the leading convoy of Boeing aircraft in the globe to supply 97 destinations in 41 states, the District of Columbia, the Commonwealth of Puerto Rico, as well as six near-international countries. Southwest has lesser unit costs (adjusted for stage length), on average, than nearly every single one key domestic airline and time and again has one of the top general Client Service account. Southwest’s all-Boeing fleet always offers leather seats and the comfort of full-size compartments. The bulk of Southwest’s fleet is outfitted with the latest, ecological cabin core, as well as satellite-based Wi-Fi connectivity, plus an original in-flight leisure porch, which furnish Clients the facility to watch live TV, news, sports, as well as movies. Regional Airlines Republic Airlines Republic Airways Holdings is an airline investment corporation based in Indianapolis, Indiana. The company’s business replica integrates strong operational actions along with insights for the growth and running of airlines in service all through the U.S. At present, the corporation owns Chautauqua Airlines, Lynx Aviation, Frontier Airlines, Republic Airlines, Midwest Airlines along with Shuttle America, jointly "the airlines." The airlines provides programmed passenger service on just about 1,600 flights each day to 121 cities in 44 states, Canada, Mexico as well as Costa Rica in recognized operations at Frontier, Midwest, and by way of fixed-fee airline services contracts with five key U.S. airlines. The fixed-fee flights are run in an airline associate trade name, such as American Connection, Delta Connection, Continental Express, United Express, also US Airways Express. The airlines at this time provide work for more or less 11,000 aviation experts and manage 288 aircraft. Great Lakes Airlines Great Lakes Aviation came into the limelight thanks to its achievement back to April 15th 1977 with the conception of Spirit Lake Airways. Establish by Doug Voss and Ivan Simpson in Spirit Lake, Iowa, the company offered flight teaching, contract service, along with aircraft repairs. Great Lakes Aviation was formally built-in on October 25th 1979. Its first listed passenger flight commenced operations on October 12th 1981 connecting Spencer and Des Moines, Iowa. Financial Ratio Analysis (Refer to Table 1 in the Appendix) US Air The company had a debt to asset ratio of 0.61 times in 2011, a 3.3 percent from the previous year showing that it is engaged in a very low financial risk. The liquidity level also dipped 5.9 percent in 2011 as the current ratio was at almost 1 time compared to 1.02 times in 2010. Operating profit margin, a measure of profitability, went down from 0.07 in 2010 to 0.03 in 2011. However, the asset turnover gained 3.3 percent to reach 1.6 times in 2011 indicating that the company improved in its efficiency. Market value and price-to-earnings ratios also went up to 2.1 and slightly below $1 in 2011 respectively. No dividends were paid in both 2010 and 2011. Altman Z-score also gained 0.02 points to reach 1.19 in 2011 a sign of probable bankruptcy. American Leverage declined from 0.35 times in 2010 to 0.28 times in 2011, signaling a decreased financial risk engagement. Liquidity remained unchanged at 0.78 times current ratio. Profitability as measured by the operating profit margin ratio went down drastically from 0.01 in 2010 to -0.04 in 2011.Market value and efficiency remained almost unchanged at 13.1times and 1 in 2011 respectively as price-to-earnings increased from -$9.3 in 2010 to -$2.2 in 2011. No dividends were paid in both 2010 and 2011. Altman Z-score changed from 1.01 in 2010 to 1.03 in 2011 a sign of probable financial trouble. United Airlines Results for 2011 were not accessible; nonetheless, the airline reported a debt to asset ratio of 0.3 in 2010 as liquidity was at 1 time in that year. Profitability and efficiency stood at 0.04 and 0.6 in 2010 in that order. Market value was 5.4 in 2010 and price-to-earnings ratio stood at $4.4 in the same year. United did not also pay any dividends as Altman Z-score stood at 1.01 in 2010. Hawaiian The airline reported a significant increase in leverage from 0.15 times in 2010 to 0.29 times in 2011. On the other hand, the company recorded a decrease in liquidity from 2.7 times in 2010 to 1.2 times in 2011, maybe as a result of increased financial leverage. Profitability as well as efficiency also declined from 0.01 to 0.07 and 1.1 to 1.7 in 2010 and 2011 respectively. Market value declined by 21 percent as price-to-earnings was at -$88 in 2011. The airline did not pay any dividends for both periods as Altman Z-score stood at 1.02 down from 1.04 in 2010. Alaska Debt to asset ratio decreased from 0.26 times in 2010 to 0.21 times in 2011 as the current ratio shed off 9 percent to settle at 0.1 in 2011. Profitability went down from 0.12 in 2010 to 0.1 in 2011 as efficiency gained 9 percent to reach 0.83 in 2011. An increase in market value and price-to-earnings ratio occurred. Market value increased by 6 percent as price-to-earnings increased by 9 percent in 2011. The airline did not pay any dividends for both periods as Altman Z-score stood at 2.3 in 2011 up from 1.8 in 2010. Delta Leverage and liquidity ratios decreased by 18 percent and 5 percent in 2011 respectively. Profitability remained almost unchanged in 2011 as efficiency went up by 9 percent to reach 0.8 times in 2011. Market value declined from 1.1 in 2010 to -1.7 in 2011. Price-to-earnings also went down to $5.3 in 2011. No dividend was paid as Altman Z-score increased to 1.5 in 2011 up from 1.4 in 2010; however, this indicates a poor financial health and likelihood of financial difficulties in future. JetBlue The airline reported a 7 percent decline in financial leverage from 0.43 times in 2010. Current ratio and profitability ratios also went down from 1.24 times in 2010 to 1.15 times in 2011 and 0.09 times in 2010 to 0.07 times in 2011 respectively. On the other hand, efficiency and market value ratios increased from 0.57 times in 2010 to 0.64 times in 2011 and 5.6 in 2010 to 6.2 in 2011. Price-to-earnings ratio went up from $16 in 2010 to $21 in 2011; no dividends were paid as Altman Z-score increased to 1.7 in 2011 up from 1.3 in 2010. Southwestern The company’s financial leverage declined from 0.19 times in 2010 to 0.17 times in 2011, signaling a decreased financial risk engagement. Current ratio declined from 1.3 times in 2010 to 1 in 2011, as the operating profit margin ratio went down from 0.08 in 2010 to 0.04 in 2011. Efficiency ratio went up by 0.01 points to 0.9 in 2011, from 8.4 in 2010 to 8.8 in 2011.Price-to-earnings increased marginally to $38.4 in 2011. No dividends were paid in both 2010 and 2011. Altman Z-score changed from 1in 2010 to 2 in 2011 a sign of improved financial performance. Republican The airline reported unchanged leverage in both periods at 0.53 times. On the other hand, the company recorded a decrease in liquidity from 1in 2010 to 0.8 times in 2011. Profitability as well as efficiency also declined from 0.05 times- to 0.04 times and 1.2 times to 1 in 2010 and 2011 respectively. Market value declined by 25 percent as price-to-earnings was at -$3 in 2011. The airline did not pay any dividends for both periods as Altman Z-score stood at 1.17 up from 1.02 in 2010. Great Lakes Financial leverage and liquidity ratios decreased by 358 percent and 3 percent in 2011 respectively. Profitability decreased to 0.05 times in 2011 from 0.08 times in 2010 as efficiency went up by 0.7 percent to reach 1.48 times in 2011. Market value went up from 2 times in 2010 to 2.7 times in 2011. Price-to-earnings also went down to $3.4 in 2011. No dividend was paid as Altman Z-score decreased to 1.56 in 2011 down from 1.58 in 2010; this indicates a poor financial health and likelihood of financial difficulties in future. Overall US Airways had the highest financial leverage and efficiency at 0.59 times and 1.57 times in 2011 respectively. Great Lakes had the liquidity at 2.3 times in 2011 up from 0.6 in 2010. JetBlue had the top most profitability at 0.07 times in 2011 whereas Delta trailed in market value with just -$1.7 in 2011. Southwestern recorded the highest price-to-earnings ratio at $38.4 in 2011 whereas Hawaiian reported the least Altman Z-score of 1.02 in that year. No airline paid dividends in both periods. Performance Analysis (Refer to Table 2 in the Appendix) US Air Mainline yield increased 7.79 percent as mainline capacity, as measured by ASMs, increased 1.4 percent, resulting in a 1.3 point increase in load factor to 83.7 percent. However, operating cost per yield went up by 8.9 percent. CASM increased 1.36 cents, or 11.56 percent, from 11.73 cents in 2010 to 13.09 cents in 2011, breakeven load factor also increased by 2.27 percent. American American’s passenger revenues increased by 7.1 percent, or $1.2 billion, on a 0.7 percent increase in capacity (available seat mile) (ASM). The Company’s CASM increased by 12.07 percent up from 14.27 cents in 2010 and the breakeven load factor gained 2.54 percent to settle at 78.13 percent in 2011. American’s passenger load factor increased 0.1 points while passenger yield increased by 6.2 percent to 14.19 cents. United 2011 results were not obtainable, regardless of that; passenger yield in 2010 was 13.15 cents with a load factor of 83.8 percent. The CASM was 12.44 cents in 2010 with the cost per yield standing at 12.41 cents in the same year. Hawaiian Passenger yield increased by 8.7 percent to 14.6 in 2011, mainly owing to an increase in the number of aircraft in fleet plus the extension of longer haul International routes. Operating cost per yield increased by 12.44 percent up from 14.07 cents in 2010 leading to a 50 percent decline in profit per yield. The load factor declined by 1.2 points to settle at 84.3 percent in 2011, CASM increased by 11.3 percent up from 12.01 cents in 2010. Alaska Mainline ticket yield went up by 3.41 percent to 14.06 cents and there was a 1.9 point increase in load factor in 2011 compared to the prior year. The increase in yield is due to raising prices to help offset the 36 percent increase in raw fuel costs. CASM reduced by 3.29 percent to 7.6 cents in 2011. In addition, operating cost per yield increased marginally by 3.62 percent as breakeven load factor increased by 2.22 points to 83.45 in 2011. Delta Total operating revenue increased by $3.4 billion, on a 10.13 percent increase in passenger mile yield, largely due to higher passenger revenues as the airline adjusted ticket prices in response to higher fuel prices. Consolidated operating cost per available seat mile ("CASM") for 2011 increased to 14.12 cents compared to 12.69 cents in 2010, mainly reflecting higher fuel prices. The company’s load factor decreased by only 0.9 points to 82.1 percent in 2011, operating cost per yield increased by 11.35 percent in 2011. JetBlue The $668 million increase in passenger revenues was attributable to a 7 percent increase in capacity along with a 9.18 percent increase in yield. Cost per available seat mile increased by 12.21 percent in 2011. Operating cost per yield also increased by 10.5 percent to 13.62 cents in 2011, load factor gained 1 point up from 81.4 in the previous year. Southwestern Increase in passenger revenue was primarily was due to higher passenger yields by 2.52 percent to 15.1 cents in 2011 as the Company implemented fare increases in an attempt to buffer a portion of the impact of higher fuel costs. The Company’s load factor also increased 1.6 points to 80.9 percent in 2011, which was a record for the Company. The Company’s operating expenses per ASM for 2011 and 2010 were 12.41 and 11.29 in that order. Cost per yield went up from 14.24 cents in 2010 to 15.34 cents in 2011. Republican Republican Airlines passenger yield went up by 6.8 percent to 13.7 cents in 2011, at the same time the load factor gained 3.1 points to settle at 85.8 percent in that year. CASM went up by 13.4 percent up to 12.4 cents in 2011 as cost per yield gained 13 percent to settle at 23 cents in the same year. Great Lakes Passenger revenues increased 12.6% from 2010. The increase in passenger revenues was largely due to a 3.1 percent increase in passenger yield as well as a 5.6 point increase in load factor. Total operating expenses increased 2.9%, or $3.3 million from the previous year, primarily related to increased fuel costs pushing the CASM up by 7.8 percent to 31.9 cents in 2011. Cost per yield went down from 76.95 cents in 2010 to 72.47 cents in 2011 as the breakeven load factor increased by 6.64 points up from 34.95 in 2010. Overall Delta Airlines had the highest yield of 15.7 cents in 2011, an increase of 10 percent from 2010. Great Lakes had the highest cost per yield, and it reported the least profit per yield. Republican had the top most load factor at 85.8 percent whereas Great Lakes trailed with just 44 percent in 2011. Great Lakes also incurred the highest CASM of 31.9 cents in 2011 as well as the least breakeven load factor of 41.6 percent in that year. Capital Budgeting Company/Details Period Investment Source of Financing US Airways 2007 Acquisition of 97 aircraft Credit Facility American Airlines 2009 Acquisition of additional aircraft fleet and Boeing Loan Agreements and Leases United Airlines 2010 Acquisition of additional aircraft fleet and Boeing Leases and Financial Commitments with Aircraft and Engine Manufacturers Hawaiian Airlines 2011 Acquisition of additional aircraft fleet Financial Commitments with Manufacturers Alaska Airlines 2008 Restructuring Credit Facility Delta Airlines 2010 Redevelopment project at JKF Senior Secured Credit Facilities JetBlue Airlines Southwestern Airlines 2011 Acquisition of AirTran Bank Line-of-Credit Republican Airlines 2009 Acquisition of additional aircraft fleet and Boeing Leases and Credit Facilities Great Lakes Airlines 2008 Acquisition of ground facilities Leases Chapter 11 Airline Bankruptcy Filling Company/Details Date filed for protection Date emerged from bankruptcy Dollar amount of assets when filling Dollar amount of liabilities when filling Altman Z-Score at the time of bankruptcy American Airlines 02/27/12 - 24,363,995,707.92 15,330,698,287.84 1.03 United Airlines 09/12/2002 02/01/2006 27,354,000,000 22,879,750,000 1.42 Hawaiian Airlines 21/03/2003 11/06/2005 317,552,336 3,101,059 1.29 Appendix Table 1: Financial Ratios Values Ratios/Company US Air American United Hawaiian Alaska Delta JetBlue Southwestern Republican Great Lakes Leverage ratio (Debt to Assets) 2011 0.59 0.28 - 0.29 0.21 0.27 0.40 0.17 0.53 0.32 2010 0.61 0.35 0.31 0.15 0.26 0.33 0.43 0.19 0.53 0.07 % change (3.28) (20.00) - 93.33 (19.23) (18.18) (6.98) (10.53) 0.00 358.14 Liquidity ratio (Current Ratio) 2011 0.96 0.78 - 1.18 1.06 0.61 1.15 0.96 0.83 2.29 2010 1.02 0.78 0.95 2.71 1.17 0.64 1.24 1.29 0.92 0.59 % change (5.88) 0.00 - (56.46) (9.40) (4.69) (7.26) (25.58) (9.78) 2.88 Profitability ratio (Operating profit margin) 2011 0.03 (0.04) - 0.01 0.10 0.06 0.07 0.04 (0.04) 0.05 2010 0.07 0.01 0.04 0.07 0.12 0.07 0.09 0.08 0.05 0.08 % change (57.14) (500.00) - (85.71) (16.67) (14.29) (22.22) (50.00) (180.00) (37.50) Efficiency ratio (Asset turnover) 2011 1.57 1.01 - 1.11 0.83 0.81 0.64 0.87 0.73 1.48 2010 1.52 0.89 0.57 1.17 0.76 0.74 0.57 0.78 1.15 1.49 % change 3.29 13.48 - (5.13) 9.21 9.46 12.28 11.54 (36.52) (0.67) Market value ratio (BPS) 2011 0.93 13.09 - 4.39 32.70 (1.65) 6.24 8.83 9.51 2.65 2010 0.52 13.10 5.27 5.53 30.86 1.14 5.61 8.35 12.65 2.02 % change 78.85 (0.08) - (20.61) 5.96 (244.7) 11.23 5.75 (24.82) 31.19 Price-Earnings ratio 2011 2.11 (2.21) - (87.8) 4.80 (5.31) 20.13 38.39 (3.03) 3.40 2010 0.17 (9.29) 4.36 2.57 4.40 3.17 15.58 13.47 (33.29) 5.77 % change 1141.2 76.21 - (3516.) 9.09 (267.5) 29.20 185.00 96.46 (41.07) Dividend yield 2011 - - - - - - - - - - 2010 - - - - - - - - - - % change - - - - - - - - - - Altman Z-score 2011 1.19 1.03 - 1.02 2.31 1.47 1.67 1.98 1.12 1.56 2010 1.17 1.01 1.01 1.04 1.83 1.39 1.34 0.93 1.07 1.58 % change Table 2: Performance Analysis Values Details/Company US Air American United Hawaiian Alaska Delta JetBlue Southwestern Republican Great Lakes RPM 2011 (in cents) 13.97 14.19 - 14.60 14.06 15.70 13.29 15.10 13.69 43.60 RPM 2010 (in cents) 12.96 13.36 13.15 13.33 13.58 14.11 12.07 14.72 12.76 42.30 % change 7.79 6.20 - 8.70 3.41 10.13 9.18 2.52 6.79 3.10 CRPM 2011 (in cents) 15.63 19.79 - 16.08 17.13 17.19 13.62 15.34 23.03 72.47 CRPM 2010 (in cents) 14.24 17.42 18.21 14.07 16.51 15.29 12.19 14.24 20.05 76.95 % change 8.90 11.97 - 12.44 3.62 11.05 10.50 7.17 12.94 (6.18) P/LPM 2011 (in cents) (1.66) (5.60) - (1.48) (3.07) (1.49) (0.33) (0.24) (9.34) (28.87) P/LPM 2010 (in cents) (1.28) (4.06) (5.06) (0.74) (2.93) (1.18) (0.12) (0.48) (7.29) (34.65) % change 22.89 27.50 - 50.00 4.56 20.81 63.64 300 21.95 (20.02) Load factor 2011 (%) 83.70 82.00 - 84.30 85.20 82.10 82.40 80.90 85.80 44.00 Load factor 2010 (%) 82.40 81.90 83.80 85.50 83.30 83.00 81.40 79.30 82.70 38.40 Change in points 1.30 0.10 - (1.20) 1.90 (0.9) 1.00 1.60 3.10 5.60 CASM 2011 (in cents) 13.09 16.22 - 13.54 7.60 14.12 11.06 12.41 12.39 31.90 CASM 2010 (in cents) 11.73 14.27 12.44 12.01 7.85 12.69 9.71 11.29 10.93 29.60 % change 11.56 12.04 - 11.30 (3.29) 10.13 12.21 9.02 13.40 7.80 Break-even load factor 2011 (%) 81.40 78.13 - 80.14 83.45 77.56 79.15 76.57 83.30 41.59 Break-even load factor 2010 (%) 79.13 75.59 76.79 78.24 81.23 74.38 75.30 74.38 79.00 34.95 Change in points 2.27 2.54 - 1.90 2.22 3.18 3.85 2.19 4.30 6.64 References Edmonds, C Edmonds, T Olds, P & Schneider, N, Fundamental Managerial Accounting Concepts, New York, McGraw-Hill Irwin, 2006, print Pamela Peterson Drake, Financial Ratio Analysis viewed 29 March 2013: Yohannes, N, Financial and Operational Performance Analysis, 2011, print Read More