Using Exhibit 12.9 as a guide, compare C&C Sports performance to the industry averages. What particular observations and recommendations do you have for George Douglas, president of C&C Sports?

EXHIBIT 12.9 C&C Sports industry data 2017 2016 2015 2014 2013 2012 6.6% 11.0% 10.2% 9.6% 7.2% 7.9% 21.9% 20.2% 21.4% 25.7% 24.3% 25.0% 38.7% 36.4% 37.6% 36.7% 41.0% 40.5% 13.9% 12.5% 13.1% 11.9% 13.2% 10.7% 14.0% 14.9% 12.0% 13.4% 14.3% 13.7% Select Common-Size Percentages:1 Cash & equivalents Trade receivables, net Inventory Property and equipment Short-term debt Trade payables Long-term debt Stockholders' equity Gross profit Operating expenses Operating income Income before taxes 12.7% 14.2% 15.7% 16.8% 17.1% 17.1% 12.6% 10.9% 8.7% 6.9% 11.8% 9.6% 35.3% 41.3% 42.7% 42.3% 35.2% 40.3% 39.4% 38.4% 36.6% 34.9% 35.2% 37.6% 35.2% 32.3% 31.0% 29.8% 30.9% 31.3% 4.2% 6.1% 5.6% 5.1% 4.3% 6.3% 3.4% 5.3% 4.8% 4.3% 3.3% 5.7% Select Ratios: 2017 2016 2015 2014 2013 2012 2.0 1.9 2.2 2.0 2.0 1.8 0.8 0.9 0.8 0.7 0.7 0.7 32 days 38 days Current ratio Quick ratio (Acid test) Average collection period Inventory turnover Debt-to-equity Return on assets Return on stockholders' equity2 36 days 3.2 times 36 days 3.6 times 37 days 3.5 times 36 days 3.9 times 3.3 times 4.1 times 1.6 1.6 1.4 1.2 1.8 1.4 6.2% 6.2% 6.1% 5.5% 6.9% 9.1% 16.9% 15.6% 15.0% 15.8% 18.6% 28.1% Risk Management Association's 2013/2018 Annual Statement Studies: Financial Ratio Benchmarks, NCAIS 315280. 2Based on income before taxes rather than net income. EXHIBIT 12.9 C&C Sports industry data 2017 2016 2015 2014 2013 2012 6.6% 11.0% 10.2% 9.6% 7.2% 7.9% 21.9% 20.2% 21.4% 25.7% 24.3% 25.0% 38.7% 36.4% 37.6% 36.7% 41.0% 40.5% 13.9% 12.5% 13.1% 11.9% 13.2% 10.7% 14.0% 14.9% 12.0% 13.4% 14.3% 13.7% Select Common-Size Percentages:1 Cash & equivalents Trade receivables, net Inventory Property and equipment Short-term debt Trade payables Long-term debt Stockholders' equity Gross profit Operating expenses Operating income Income before taxes 12.7% 14.2% 15.7% 16.8% 17.1% 17.1% 12.6% 10.9% 8.7% 6.9% 11.8% 9.6% 35.3% 41.3% 42.7% 42.3% 35.2% 40.3% 39.4% 38.4% 36.6% 34.9% 35.2% 37.6% 35.2% 32.3% 31.0% 29.8% 30.9% 31.3% 4.2% 6.1% 5.6% 5.1% 4.3% 6.3% 3.4% 5.3% 4.8% 4.3% 3.3% 5.7% Select Ratios: 2017 2016 2015 2014 2013 2012 2.0 1.9 2.2 2.0 2.0 1.8 0.8 0.9 0.8 0.7 0.7 0.7 32 days 38 days Current ratio Quick ratio (Acid test) Average collection period Inventory turnover Debt-to-equity Return on assets Return on stockholders' equity2 36 days 3.2 times 36 days 3.6 times 37 days 3.5 times 36 days 3.9 times 3.3 times 4.1 times 1.6 1.6 1.4 1.2 1.8 1.4 6.2% 6.2% 6.1% 5.5% 6.9% 9.1% 16.9% 15.6% 15.0% 15.8% 18.6% 28.1% Risk Management Association's 2013/2018 Annual Statement Studies: Financial Ratio Benchmarks, NCAIS 315280. 2Based on income before taxes rather than net income