Income Statement Projection Vertical Analysis
All figures in USD thousands unless stated	Prior Year		%		Current Year		%		Projection		%
																		Fill in the information in the shaded cells.
Revenues:																		In a Vertical Analysis, each line item is shown as a percentage of Total Revenue. Vertical analysis helps us better understand how each line item on the income statement affects the bottom line.
Net Sales			$ 605,881				$ 587,762				$ -
Other Income			5,408				5,894				-
Total Revenue			611,289		100.0%		593,656				-
Cost and expenses:
Cost of Goods Sold (COGS)		463,721				429,647				-
Gross Profit			147,568				164,009				-							Use Excel formulas and show your work. Remember, you can also view the formulas used by clicking on any cell containing a formula.Double-clicking on a cell with a formula will highlight the cells used within that formula.
Operating Expenses (SG&A)
Expenses:
Rent			37,700				39,585				-
Utilities			7,069				7,493				-
Salaries and Benefits		73,043				78,887				-
Total SG&A			117,812				125,965				-
EBITDA1			29,756				38,044				-
Depreciation Expense		1,674				1,674				-
EBIT2			28,082				36,370				-
Interest Expense			2,076				1,987				-
EBT3			26,006				34,383				-
Provision for Taxes (22%)		5,721				7,564				-
Net Inome			20,285				26,819				-
1EBITDA - Earnings Before Interest, Tax, Depreciation, and Amortization
2EBIT - Earning Before Interest and Tax (also known as Operating Income or Operating Profit)
3EBT - Earnings Before Tax