Regina Company, Inc
Regina Company, Inc
Regina Company, Inc
CASE 1.12
million by 1988.
Exhibit 1
Regina Companys 1986-1988
Financial Statements
June 30,
1988 1987 1986
Current assets:
Cash $ 885 $ 514 $ 63
Receivables (net) 51,076 27,801 14,402
Inventories 39,135 19,577 9,762
Other current assets 3,015 1,449 708
Total current assets 94,111 49,341 24,935
Current liabilities:
Short-term borrowings $ -- $ -- $ 2,707
Current portion of long-term debt 1,250 900 --
Accounts payable 13,288 15,072 7,344
Accrued liabilities 4,710 5,468 3,127
Income taxes payable 3,782 2,619 1,554
Total current liabilities 23,030 24,059 14,732
Long-term debt:
Industrial revenue bonds 12,650 13,900 14,800
Mississippi state debt 1,975 -- --
Bank debt 47,432 5,941 --
Total long-term debt 62,057 19,841 14,800
Stockholders’ equity:
Common stock 1 1 1
Additional paid-in capital 7,902 7,771 7,774
Retained earnings 23,269 12,315 5,210
Total stockholders’ equity 31,172 20,087 12,985
Total liabilities and
Stockholders’ equity $118,140 $65,241 $43,202
Exhibit 1, Cont’d
Every year when I look at what our Company has achieved, I ask
myself the question what about the future. I have always said to
you that there are no guarantees for the future, but my level of
confidence has never been greater than today. I feel this way
because the number of different programs/products that we are
bringing to the market have never been greater. There is no
question that we will probably make a few mistakes over the next
year -- we have in the past -- but I also believe that we will
set new records in all areas. By the time this report reaches
you, we should be on the verge of making public announcements
which we believe will very much enhance our growth.
16
Questions
Footnotes
1. J.A. Byrne, “How Don Sheelen Made a Mess That Regina Couldn’t
Clean Up,” Business Week, 12 February 1990, 46-50.