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ESSENTIALS

of Financial Analysis

George T. Friedlob

Lydia L.F. Schleifer

John Wiley & Sons, Inc.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada

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Library of Congress Cataloging-in-Publication Data:

Friedlob, G.Thomas.

Essentials of financial analysis / George T. Friedlob, Lydia L. F. Schleifer.

p. cm.—(Essentials series)

Includes bibliographical references and index.

ISBN 0-471-22830-3 (pbk. : alk. paper)

1. Financial statements. 2. Corporation reports. 3. Financial statements—United

States. 4. Corporation reports—United States. I. Schleifer, Lydia L. F. (Lydia Lancaster

Folger), 1955- II. Title. III. Series.

HG4028.B2 F75 2003

332.63′2042—dc21

2002012427

Printed in the United States of America

10987654321

Contents

Preface

1 Understanding Financial Statements and Annual Reports

2 Analyzing Profitability

3 Analyzing Liquidity and Solvency

4 Analyzing Activity with Financial and Nonfinancial

Measures

121

5 Quality of Earnings and Cash Flows

145

6 Earnings Releases and EVA Analysis

175

7 E-Business

207

Notes

226

Index

229

iii

Preface

investors, creditors, and other stakeholders can make decisions

about those companies. The focus of this book is on the financial

analysis of companies that are publicly traded and therefore make public

the data and information needed by stakeholders, who can then use the

analytical procedures included in this book.

The primary objectives in this book are to

• Provide an overview of financial statements and where and

how to obtain them.

• Explain how to use the information provided in annual reports

and Securities and Exchange Commission (SEC) filings, to

examine a company’s profitability, liquidity, and solvency.

• Examine various techniques for evaluating the market value of

companies based on their financial reports and stock prices.

• Discuss issues related to the quality of earnings and financial

reporting.

• Describe several ways of examining the cash flows of

companies.

• Describe new developments in areas like pro forma reporting,

economic value added (EVA), and discounted cash flow

methods.

T he financial analysis of companies is usually undertaken so that

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