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Walker's Gunnery, a small-arms manufacturer, has current sales of $10 million and operating income (EBIT) of $450,000. The degree of operating leverage for Walker is 2.5. Next year's sales are expected to increase by 5 percent.
Walker has found that, over time, the standard deviation of operating income is $300,000 and operating income is approximately normally distributed about its expected value in any year. Walker's current financial structure contains both debt and preferred stock.
Interest payments total $200,000, and preferred stock dividends total $60,000. Walker's marginal tax rate is 40 percent. What is the probability that Walker's Gunnery will report negative earnings per share during the coming year?
Ward Corp. is expected to have an EBIT of $2,350,000 next year. Depreciation, the increase in net working capital, and capital spending are expected to be $174,000, $103,000, and $124,000, respectively. What is the price per share of the company's st..
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