аЯрЁБс>ўџ lnўџџџkџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅС` №П™jbjb $*|c|c™џџџџџџˆ2222222а $$а§ЖTXXXXXXXtvvvvvv,ГR\Ђ2XXXXXЂh22XXЗhhhXj2X2XthFTš62222Xthh22h H йО ПТІhtЭ0§hahath2аа„ T ФааT Brian Golden ACCT 101 Final Project Corporate Annual Report Project. Alliant Techsystems (ATK) Mrs, Wu You asked me to research and identify a possible corporation for a potential investment. Having consider your request, I have prepared an analysis of Alliant Techsystems, based in Edina, MN and recommend them as an option to for making an investment of stock, but not an investment of a loan. Intro Alliant Techsystems (referred to as ATK) is a supplier and manufacturer of Aerospace and defense products to the United States Government, U.S allies and major prime contractors in the U.S. ATK was incorporated in the state of Delaware as a wholly owned subsidiary of Honeywell Inc. in 1990 in connection with Honeywell’s plan to spin-off to its stockholders certain parts of its businesses. The spin off became effective in September 1990, when Honeywell transferred to ATK substantially all of the assets and liabilities of those businesses. The following table summarizes ATK’s recent significant acquisitions. Date Company Involved April 2001 Thiokol Propulsion Group December 2001 Sporting Equipment Group of Blount international, Inc. (now know as the civil ammunition business) May 2002 Ordnance Business of The Boeing Company (now know as ATK Gun Systems) October 2002 The business of Science and Applied Technology, Inc (now known as ATK Missile Systems) January 2003 Composite Optics, Inc. (COI) November 2003 Micro Craft and GASL (now know together as ATK GASL) March 2004 Mission Research Corporation (now know as ATK Mission Research) September 2004 The PSI Group ATK conducts its business through a number of separate legal entities. These legal entities are grouped into ATK’s operating segments. Effective April 1, 2004, ATK realigned its business operations, forming a new segment, Advanced Propulsion and Space Systems. Following this realignment and the acquisition of Mission Research Corporation, ATK has five segments: ATK Thiokol, Ammunition, Precision Systems, Advanced Propulsion and Space Systems, and ATK Mission Research. ATK Thiokol is a solid propellant rocket motor manufacturer, providing motors for human access to space (Space Shuttle), land- and sea-based strategic missiles, commercial and government space launch vehicles, and missile defense interceptors. The segment also provides advanced ordnance products, demilitarization products and services, operations and technical support for space launches, energetic materials, materials and structures for high temperature and hypersonic environments, and engineering and technical services for the advancement of propulsion systems and energetic materials. Ammunition supplies small-caliber military ammunition, medium-caliber ammunition, medium-caliber gun systems, ammunition and rocket propellants, energetic materials, commercial and military smokeless powder, law enforcement and sporting ammunition, and ammunition-related products. The Precision Systems segment develops, demonstrates, and manufactures gun-launched guided and conventional large-caliber ammunition, tactical missile systems, tactical rocket motors and warheads, composite structures for aircraft and weapons systems, soldier weapon systems, air weapon systems, fuses and proximity sensors, missile warning and radar jamming systems, electronic warfare support systems, barrier systems, and lithium and lithium-ION batteries for military and aerospace applications. Advanced Propulsion and Space Systems supplies highly engineered propulsion solutions for missile defense, space, strategic, tactical, and commercial applications, and advanced ordnance and control systems; high-performance structures for space launch vehicles, rocket motor casings, military and commercial aircraft; telescope, satellite and spacecraft, launch vehicles, satellite pressurant and liquid propellant tanks, optical benches, and antenna reflectors; and advanced hypervelocity and air-breathing propulsion systems for aerospace vehicles and weapon systems. ATK Mission Research provides advance technology research and development to the other 4 segments of the company. Statistical Facts (figures taken from ATK’s annual report, for the fiscal year ended March 31, 2005, in thousands of dollars, unless otherwise noted) Total current assets: $ 3,015,810 Sales: 2,801,129 Net Income: 153,540 Cash at end of year: 12,772 Working Capital (Current assets - Current Liabilities): 2,548,070 Current Ratio (Current Assets / Current Liabilities): 1.930 Current Cash Debt Coverage Ratio (Cash Provided by current operations/Average Current Liabilities): 0.474 Debt to Total Assets Ratio (Total Liabilities / Total Assets): 0.772 Times interest earned ratio ( [Net income + Interest expense + Tax Expense] / Interest Expense): 3.355 Free cash flow (Cash from Operating Activities – Capital expenditures); 133,455 Financial Analysis Liquidity Working capital Current ratio Current cash debt coverage ratio Inventory turnover ratio Days in inventory Receivables turnover ratio Average collection period Solvency Debt to total assets ratio Cash debt coverage ratio Times interest earned ratio Free cash flow Profitability Earnings per share Price-earnings ratio Gross-profit ratios Profit margin ratio Return on assets Ratio Payout Ratio Return on common Stockholder’s equity. Benefits and Risks Growing company Steady growth High Cashflow Innovative and flexible Risks of being government contrator. 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( k(-§ Q)nџџ-џўџРџЎ)o-)w-§ Q)$ -) k-§ Q)nџџ-џўџРџЎ)o-)w-§ Q)$ -) asџџ-џўџРџЎ)) t-§ Q)h-)eџџ-џўџРџЎ) -) c-§`Ѓ)i-§ Q)vi-§`Ѓ)&lџџ-џўџРџЎ) -) a-§`Ѓ)mm-)Nu-§ Q)n-§`Ѓ)iџџ-џўџРџЎ)t-§`Ѓ)iџџ-џўџРџЎ)o-)n-§ Q) b-)&us-§`Ѓ),i-§ Q)n-)ess)-џРЎ)M -( Ѕ,Ma-§`Ѓ)By-) 2002)q ( ЅOrd-§ Q)Nn-)a-§ Q)n-)ceџџ-џўџРџЎ), -) Bus-§`Ѓ)Mi-§ Q)n-)e-§ Q)s-)sџџ-џўџРџЎ) o-§`Ѓ)&f-§ Q) -) T-§ Q)hџџ-џўџРџЎ)e -)"Bџџ-џўџРџЎ)!o-)e-§`Ѓ)i-§ Q)n-)gџџ-џўџРџЎ) -) Cџџ-џўџРџЎ)!o-§`Ѓ)m-)'pa-§ Q)/n-§`Ѓ)yџџ-џўџРџЎ) -) (-§ Q)nџџ-џўџРџЎ)o-)w k-§ Q)Inџџ-џўџРџЎ)o-)w-§ Q)$ -) asџџ-џўџРџЎ)) -§ Q( оA-)$T-§ Q)K-)$ Gu-§ Q)Jn-) S-§`Ѓ))y-)sџџ-џўџРџЎ)t-)e-§`Ѓ)m-)'s)-џ€\)$ -( ,Ocџџ-џўџРџЎ):to-§ Q)'b-)erџџ-џўџРџЎ)' -) 200џџ-џўџРџЎ)K2-) ( T-§ Q)h-)eџџ-џўџРџЎ) -§ Q) b-)us-§`Ѓ),i-§ Q)n-)essџџ-џўџРџЎ)< o-§`Ѓ)&f-§ Q) -) Sc-§`Ѓ)2i-)e-§ Q)n-)ceџџ-џўџРџЎ), -) a-§ Q)n-)dџџ-џўџРџЎ) -§ Q) A-)$pp-§`Ѓ)2li-)eџџ-џўџРџЎ)d-) Tec-§ Q)Xhnџџ-џўџРџЎ)2o-§`Ѓ)lџџ-џўџРџЎ)o-)g-§`Ѓ)yџџ-џўџРџЎ),џ§-џќџ@џ )  -) I-§ Q)n-)cџџ-џўџРџЎ) -) (-§ Q)nџџ-џўџРџЎ)o-)w ( Qk-§ Q)nџџ-џўџРџЎ)o-)w-§ Q)$n-) asџџ-џўџРџЎ)6 -§ Q) A-)$T-§ Q)K-)$ M-§`Ѓ)9i-)ss-§`Ѓ)&il-)eџў-џ§џ€џ\) -) S-§`Ѓ)y-)sџџ-џўџРџЎ)t-)e-§`Ѓ)m-)'s)-џРЎ)$ -( ‹,Ja-§ Q))n-)uar-§`Ѓ)@y-) 2003)q ( ‹Cџџ-џўџРџЎ)!o-§`Ѓ)m-)'pџџ-џўџРџЎ)o-)s-§`Ѓ)iџџ-џўџРџЎ)t-)e-§ Q) -) Opџџ-џўџРџЎ)=t-§`Ѓ)i-)cs,џў-џ§џ€џ\)6 -) I-§ Q)n-)cџџ-џўџРџЎ).-)  (COI)-џ€\)… -( Ф,Nџџ-џўџРџЎ)$o-§ Q)v-)e-§`Ѓ)m-§ Q)'b-)erџџ-џўџРџЎ)' -) 200џџ-џўџРџЎ)K3-) ( ФM-§`Ѓ),i-)crџџ-џўџРџЎ)'o-) Cra-§`Ѓ)Ufџџ-џўџРџЎ)tџў-џ§џ€џ\) -) a-§ Q)n-)dџџ-џўџРџЎ) -) G-§ Q)$Aџџ-џўџРџЎ)$S-§ Q)L-) (-§ Q)nџџ-џўџРџЎ)o-)w-§ Q)$ -) k-§ Q)nџџ-џўџРџЎ)ow to-)pgeџџ-џўџРџЎ)/t-§ Q)h-)erџџ-џўџРџЎ)' -) as-§ Q)) Aџџ-џўџРџЎ)1T-§ Q)K -( §G-§ Q)$A-)$S-§ Q)L-))-џ€\) -( 7,Marc-§ Q)ih-) 2004)q ( 7M-§`Ѓ),i-)ss-§`Ѓ)&iџџ-џўџРџЎ)o-§ Q)n -)&R-§ Q)!e-)searc-§ Q)fh-) Cџџ-џўџРџЎ).o-)rpџџ-џўџРџЎ)*o-)raџџ-џўџРџЎ)'t-§`Ѓ)iџџ-џўџРџЎ)o-§ Q)n -)&(-§ Q)nџџ-џўџРџЎ)o-)w-§ Q)$ -) k-§ Q)nџџ-џўџРџЎ)ow-)< as-§ Q)6 A-)1TKџџ-џўџРџЎ)B -) M-§`Ѓ),i-)ss-§`Ѓ)&iџџ-џўџРџЎ)o-§ Q)n -( pResearc-§ Q)h-))-) -( Њ,Sepџџ-џўџРџЎ)Kt-)e-§`Ѓ)m-§ Q)'b-)erџџ-џўџРџЎ)' -) 200џџ-џўџРџЎ)K4-) ( ЊT-§ Q)h-)eџџ-џўџРџЎ) -) Pџџ-џўџРџЎ)S-)I-§ Q) -) Grџџ-џўџРџЎ)5o-)up-џ€\)2  €€џџ! ф! ф і! і!  у! у ѕ! ѕ!  т! т є! є!  с! с ѓ! ѓ!  р! р ђ! ђ!  п! п ё! ё!  о! о №! №!  н! н я! я!  м! м ю! ю!џўџ еЭеœ.“—+,љЎ0р `hpx€ ˆ˜  Ј С'%`  Brian Golden Title ўџџџ !"ўџџџ$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abўџџџdefghijўџџџ§џџџmўџџџўџџџўџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџRoot Entryџџџџџџџџ РF€2tЊ‘Хo€1TableџџџџџџџџaWordDocumentџџџџџџџџ$*SummaryInformation(џџџџ#шDocumentSummaryInformation8џџџџџџџџџџџџcCompObjџџџџџџџџџџџџXџџџџџџџџџџџџџџџџџџџџџџџџўџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџўџџџџџ РFMicrosoft Word DocumentўџџџNB6WWord.Document.8