Haver Industries is a leading consumer products company. The company's adapted comparative balance sheets and income statements (in $ millions) follow.

Required
a. In his letters to shareholders in 2012, Haver's CEO stated that the company's goal for the next five years was to achieve 4% to 6% sales growth each year and at least 10% growth in earnings per share. Based on the results shown here, did the company meet its targets? How do you know?
b. Managing a broad collection of brands is challenging. In its 2012 annual report, Haver Industries stated that acquisitions and divestitures "are part of the Company's strategic focus on developing brands that offer the greatest potential for growth." The report went on, "This requires some difficult decisions, including a restructuring program to reduce overhead and streamline manufacturing processes." In other words, the company strives to use its assets to earn the greatest possible return. How well has the company managed its assets over the fi ve-year period shown here?
c. Would you recommend Haver Industries shares to a friend who is interested in investing for growth potential? Why or why not?

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Haver Industries Comparative Income Statement For the Years Ended December 31 2012 568,222 $56,74 $51,407 $43,377 $40,238 20,989 19,249 2016 2015 2014 2013 Net sales revenue Cost of goods sold Gross Research &development 33,125 27,872 25,076 22,141 21,236 5,097 28,869 26,331 2,075 ling, general, & administrative expenses Nonoperating income (expense) Interest expense Income before taxes Income taxes Net income 19,773 16,460 14,702 11718 12,052 283 346 834 9,981 238 603 9,350 2,869 8,6846923 6481 5,186 4352 $ 2.79 2.70 2.34 $ 1.80 1.46 $ 1.15 1.03 0.93 $ 0.82 0.76 12,413 3,729 6,383 2,031 Earnings per share Dividends per share Haver Industries Comparative Balance Sheet As of December 31 2016 2015 2014 2013 2012 Assets $6,693 6,389 4,232 5,912 3,427 Marketable securities Receiv 1,744 4,185 5,006 4,062 4,400 2,761 17,115 300 3,038 3,640 2,330 5,725 3,090 3,456 Other current assets Total current assets Property, plant, & 24,329 20,329 14,332 24,163 13,104 13,507 1,875 equipment, net 18,770 89,027 3,569 14,108 23,900 13,349 13,430 Deposits &other assets Total Assets $135,695 $61,527 $57,048$43,706 $40,776 Liabilities 0 4,910 0$ 6,769 1,0793,113 3,617 Current long-term debt Accrued expense Income taxes Other current liabilities n/a 4,757 3,360 2,957 2,925 2,554 4,574 4, 258 2,606 2,265 9,98525,039 12,614 4,764 2,906 Total current liabilities Deferred charges Long-term debt Non-current capital leases Other long-term liabilities 12,354 35,344 632 4,472 3,519 12,704 11,201 2,088 27,070 12,302 252 43,052 39.70 27,520 Total liabilities 39,770 Stockholders' Equity Common stock Capital surplus Retained earnings Treasury 3,976 57,856 5,666 31,004 2,931 13,692 2,425 2,490 11,980 (1.342(1.302 (734 (2,065) 62,908 18,475 17278 16,186 13,706 135,695 $61,527 $57,048 $43,706 $40,776 (34,235) (17,194) Total stockholders Total Liabilities &