Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings
Price to Sales
Book Value Per Common Share 33.99 31.74 30.34 28.70 27.12
Price to Book
Price to Operating Cash Flow
Price to Free Cash Flow
Enterprise Value to EBITDA
Breakdown 2025-03-31 2024-12-31 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Price to Earnings
Price to Sales
Book Value Per Common Share 34.35 33.99 32.12 31.74 31.38 30.57 30.34 28.89 28.70 27.32 27.12
Price to Book
Price to Operating Cash Flow
Price to Free Cash Flow
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY 7.17 0.94 7.43 6.09
Revenue YoY -5.42 -7.20 13.99 16.56
EBITDA YoY 16.10 1.64 9.87 8.18
Net Profit YoY 17.62 2.02 8.70 8.42
Breakdown 2025-03-31 2024-12-31 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Earning YoY -4.55 -26.05 56.58 8.57 4.48
Revenue YoY 7.04 -0.36
EBITDA YoY 40.56 -15.00 33.20 11.53 4.64
Net Profit YoY 10.04 -30.88 68.90 10.00 4.97

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 0.32 0.23 0.20 0.31 0.24
Quick Ratio 0.22 0.26 0.24 0.23 0.25
Current Ratio 0.67 0.72 0.85 0.84 0.77
Debt to Equity 2.59 2.64 2.67 2.71 2.70
Long-Term Debt to Equity 2.26 2.32 2.30 2.38 2.41
Breakdown 2025-03-31 2024-12-31 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Cash Per Common Share 1.95 0.31 0.90 0.23 1.08 0.21 0.20 0.17 0.31 1.93 0.24
Quick Ratio 0.36 0.22 0.33 0.26 0.36 0.25 0.24 0.24 0.23 0.41 0.25
Current Ratio 0.80 0.67 0.86 0.72 0.87 0.75 0.85 0.75 0.84 0.88 0.77
Debt to Equity 2.67 2.59 2.68 2.64 2.63 2.62 2.67 2.69 2.71 2.84 2.70
Long-Term Debt to Equity 2.33 2.26 2.38 2.32 2.34 2.29 2.30 2.35 2.38 2.51 2.41

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA 2.97 2.76 2.84 2.76 2.73
ROE 10.67 10.05 10.41 10.23 10.11
Gross Margin 99.90 99.66 99.71 99.72 99.68
Operating Margin 35.67 28.46 25.95 27.47 29.79
EBITDA Margin 56.28 45.84 41.86 43.42 46.79
Net Profit Margin 15.50 12.46 11.34 11.89 12.78
Breakdown 2025-03-31 2024-12-31 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
ROA 0.74 0.74 1.12 0.69 0.66 0.64
ROE 2.71 2.74 4.08 2.49 2.42 2.46
Gross Margin 99.95 99.78 99.62
Operating Margin 22.20 13.02 19.39
EBITDA Margin 40.99 31.21 36.59
Net Profit Margin 13.75 13.37 19.28

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield
Dividend Payout Ratio
Breakdown 2025-03-31 2024-12-31 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 70,035,000.00 64,079,000.00 61,188,000.00 57,851,000.00 53,957,000.00
   Current Assets 4,325,000.00 4,069,000.00 5,144,000.00 4,239,000.00 3,275,000.00
      Cash and Short-Term Investments 179,000.00 129,000.00 111,000.00 166,000.00 129,000.00
            Cash and Cash Equivalents 179,000.00 129,000.00 111,000.00 166,000.00 129,000.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 1,249,000.00 1,315,000.00 1,373,000.00 1,018,000.00 916,000.00
      Inventory 666,000.00 711,000.00 803,000.00 631,000.00 535,000.00
      Other Current Assets 2,231,000.00 1,914,000.00 2,857,000.00 2,424,000.00 1,695,000.00
   Non-Current Assets 65,710,000.00 60,010,000.00 56,044,000.00 53,612,000.00 50,682,000.00
      Property, Plant, Equipment Net 58,258,000.00 52,859,000.00 49,457,000.00 46,748,000.00 44,440,000.00
      Goodwill 0 0 0 0 0
      Intangible Assets 0 0 0 0 0
      Long-Term Investments 246,000.00 244,000.00 219,000.00 208,000.00 165,000.00
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 7,206,000.00 6,907,000.00 6,368,000.00 6,656,000.00 6,077,000.00
Liabilities 50,513,000.00 46,463,000.00 44,513,000.00 42,239,000.00 39,382,000.00
   Current Liabilities 6,459,000.00 5,652,000.00 6,078,000.00 5,046,000.00 4,239,000.00
      Payables and Expenses 2,375,000.00 2,208,000.00 2,289,000.00 1,867,000.00 1,671,000.00
            Account Payables 2,375,000.00 2,208,000.00 2,289,000.00 1,867,000.00 1,671,000.00
            Current Accrued Liabilities 0 0 0 0 0
      Short-Term Debt 2,025,000.00 1,563,000.00 2,181,000.00 1,811,000.00 1,219,000.00
      Other Current Liabilities 2,059,000.00 1,881,000.00 1,608,000.00 1,368,000.00 1,349,000.00
   Non-Current Liabilities 44,054,000.00 40,811,000.00 38,435,000.00 37,193,000.00 35,143,000.00
      Long-Term Debt 28,183,000.00 25,951,000.00 23,851,000.00 22,925,000.00 20,989,000.00
      Other Non-Current Liabilities 15,871,000.00 14,860,000.00 14,584,000.00 14,268,000.00 14,154,000.00
Equity 19,522,000.00 17,616,000.00 16,675,000.00 15,612,000.00 14,575,000.00
   Shareholders Equity 19,522,000.00 17,616,000.00 16,675,000.00 15,612,000.00 14,575,000.00
      Capital Stock 1,436,000.00 1,387,000.00 1,374,000.00 1,360,000.00 1,344,000.00
      Share Premium 9,601,000.00 8,465,000.00 8,155,000.00 7,803,000.00 7,404,000.00
      Retained Earnings 8,553,000.00 7,858,000.00 7,239,000.00 6,572,000.00 5,968,000.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income -68,000.00 -94,000.00 -93,000.00 -123,000.00 -141,000.00
   Minority Interest 0 0 0 0 0
Investments 846,000.00 780,000.00 675,000.00 675,000.00 585,000.00
Debt 30,208,000.00 27,514,000.00 26,032,000.00 24,736,000.00 22,208,000.00
Net Debt 30,029,000.00 27,385,000.00 25,921,000.00 24,570,000.00 22,079,000.00
Common Shares Outstanding 574,365.60 554,941.70 549,578.02 544,025.27 537,438.39
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 13,441,000.00 14,211,000.00 15,314,000.00 13,435,000.00 11,526,000.00
Cost Of Revenue 14,000.00 49,000.00 44,000.00 38,000.00 37,000.00
Gross Profit 13,427,000.00 14,162,000.00 15,270,000.00 13,397,000.00 11,489,000.00
Operating Expenses 11,041,000.00 11,681,000.00 12,842,000.00 11,194,000.00 9,373,000.00
   Selling, General and Administrative Expenses 624,000.00 657,000.00 688,000.00 630,000.00 612,000.00
   Other Operating Expenses 10,417,000.00 11,024,000.00 12,154,000.00 10,564,000.00 8,761,000.00
Operating Income 2,386,000.00 2,481,000.00 2,428,000.00 2,203,000.00 2,116,000.00
Net Non-Operating Income 1,022,000.00 845,000.00 855,000.00 871,000.00 760,000.00
Interest Expense 1,387,000.00 718,000.00 691,000.00 617,000.00 558,000.00
EBT 3,408,000.00 3,326,000.00 3,283,000.00 3,074,000.00 2,876,000.00
Income Tax 1,582,000.00 508,000.00 459,000.00 260,000.00 80,000.00
Equity Method Investments Income -2,141,000.00 -1,983,000.00 -1,941,000.00 -1,806,000.00 -1,686,000.00
Net Income 2,083,000.00 1,771,000.00 1,736,000.00 1,597,000.00 1,473,000.00
EBIT 4,795,000.00 4,044,000.00 3,974,000.00 3,691,000.00 3,434,000.00
Deprecation and Amortization 2,769,000.00 2,471,000.00 2,436,000.00 2,143,000.00 1,959,000.00
EBITDA 7,564,000.00 6,515,000.00 6,410,000.00 5,834,000.00 5,393,000.00
EPS 0.00 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 563,000.00 552,000.00 547,000.00 539,000.00 527,000.00
Average Shares Outstanding Diluted 563,000.00 552,000.00 547,000.00 540,000.00 528,000.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 4,641,000.00 5,327,000.00 3,932,000.00 2,189,000.00 2,848,000.00
   Operating Net Income 1,936,000.00 1,771,000.00 1,736,000.00 1,597,000.00 1,473,000.00
   Deprecation and Amortization 2,769,000.00 2,471,000.00 2,436,000.00 2,143,000.00 1,959,000.00
   Deferred Income Tax 225,000.00 -59,000.00 -140,000.00 -79,000.00 -8,000.00
   Share Based Compensation 33,000.00 25,000.00 20,000.00 31,000.00 73,000.00
   Change in Working Capital -193,000.00 940,000.00 128,000.00 -1,295,000.00 -552,000.00
   Other Operating Activities -129,000.00 179,000.00 -248,000.00 -208,000.00 -97,000.00
Investing Cash Flow -7,428,000.00 -5,926,000.00 -4,653,000.00 -4,287,000.00 -4,740,000.00
   Capital Expenditure -7,364,000.00 -5,854,000.00 -4,638,000.00 -4,244,000.00 -5,369,000.00
   Net Purchase/Sale of PPE -7,364,000.00 -5,854,000.00 -4,638,000.00 -4,244,000.00 -5,369,000.00
   Net Purchase/Sale of Investments Net -64,000.00 -72,000.00 -15,000.00 -43,000.00 -55,000.00
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 7,364,000.00 5,854,000.00 4,638,000.00 4,244,000.00 6,053,000.00
Financing Cash Flow 2,837,000.00 617,000.00 666,000.00 2,135,000.00 1,773,000.00
   Net Issuance/Repayment of Debt 2,901,000.00 1,451,000.00 1,371,000.00 2,714,000.00 1,928,000.00
   Net Issuance/Repurchase of Equity 1,117,000.00 270,000.00 322,000.00 366,000.00 727,000.00
   Dividends Paid 1,175,000.00 1,092,000.00 1,012,000.00 935,000.00 856,000.00
   Other Financing Activities -2,356,000.00 -2,196,000.00 -2,039,000.00 -1,880,000.00 -1,738,000.00
Net Change in Cash 50,000.00 18,000.00 -55,000.00 37,000.00 -119,000.00
   Cash at Beginning of Period 129,000.00 111,000.00 166,000.00 129,000.00 248,000.00
   Cash at End of Period 179,000.00 129,000.00 111,000.00 166,000.00 129,000.00
Free Cash Flow -2,723,000.00 -527,000.00 -706,000.00 -2,055,000.00 -2,521,000.00
Breakdown 2025-03-31 2024-12-31 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Assets 72,749,000.00 70,035,000.00 65,585,000.00 64,079,000.00 62,870,000.00 60,945,000.00 61,188,000.00 57,985,000.00 57,851,000.00 56,511,000.00 53,957,000.00
   Current Assets 5,368,000.00 4,325,000.00 4,489,000.00 4,069,000.00 4,402,000.00 4,253,000.00 5,144,000.00 4,022,000.00 4,239,000.00 4,315,000.00 3,275,000.00
      Cash and Short-Term Investments 1,123,000.00 179,000.00 501,000.00 129,000.00 594,000.00 114,000.00 111,000.00 90,000.00 166,000.00 1,039,000.00 129,000.00
            Cash and Cash Equivalents 1,123,000.00 179,000.00 501,000.00 129,000.00 594,000.00 114,000.00 111,000.00 90,000.00 166,000.00 1,039,000.00 129,000.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0
      Net Receivables 1,287,000.00 1,249,000.00 1,220,000.00 1,315,000.00 1,220,000.00 1,300,000.00 1,373,000.00 1,190,000.00 1,018,000.00 959,000.00 916,000.00
      Inventory 625,000.00 666,000.00 623,000.00 711,000.00 688,000.00 580,000.00 803,000.00 505,000.00 631,000.00 469,000.00 535,000.00
      Other Current Assets 2,333,000.00 2,231,000.00 2,145,000.00 1,914,000.00 1,900,000.00 2,259,000.00 2,857,000.00 2,237,000.00 2,424,000.00 1,848,000.00 1,695,000.00
   Non-Current Assets 67,381,000.00 65,710,000.00 61,096,000.00 60,010,000.00 58,468,000.00 56,692,000.00 56,044,000.00 53,963,000.00 53,612,000.00 52,196,000.00 50,682,000.00
      Property, Plant, Equipment Net 59,884,000.00 58,258,000.00 53,929,000.00 52,859,000.00 51,727,000.00 50,090,000.00 49,457,000.00 47,076,000.00 46,748,000.00 45,022,000.00 44,440,000.00
      Goodwill 0 0 0 0 0 0 0 0 0 0 0
      Intangible Assets 0 0 0 0 0 0 0 0 0 0 0
      Long-Term Investments 241,000.00 246,000.00 247,000.00 244,000.00 244,000.00 228,000.00 219,000.00 215,000.00 208,000.00 170,000.00 165,000.00
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 7,256,000.00 7,206,000.00 6,920,000.00 6,907,000.00 6,497,000.00 6,374,000.00 6,368,000.00 6,672,000.00 6,656,000.00 7,004,000.00 6,077,000.00
Liabilities 52,945,000.00 50,513,000.00 47,744,000.00 46,463,000.00 45,561,000.00 44,127,000.00 44,513,000.00 42,253,000.00 42,239,000.00 41,811,000.00 39,382,000.00
   Current Liabilities 6,741,000.00 6,459,000.00 5,210,000.00 5,652,000.00 5,073,000.00 5,661,000.00 6,078,000.00 5,352,000.00 5,046,000.00 4,877,000.00 4,239,000.00
      Payables and Expenses 2,600,000.00 2,375,000.00 2,056,000.00 2,208,000.00 2,020,000.00 1,866,000.00 2,289,000.00 1,731,000.00 1,867,000.00 1,650,000.00 1,671,000.00
            Account Payables 2,600,000.00 2,375,000.00 2,056,000.00 2,208,000.00 2,020,000.00 1,866,000.00 2,289,000.00 1,731,000.00 1,867,000.00 1,650,000.00 1,671,000.00
            Current Accrued Liabilities 0 0 0 0 0 0 0 0 0 0 0
      Short-Term Debt 2,041,000.00 2,025,000.00 1,243,000.00 1,563,000.00 1,282,000.00 2,204,000.00 2,181,000.00 2,050,000.00 1,811,000.00 1,719,000.00 1,219,000.00
      Other Current Liabilities 2,100,000.00 2,059,000.00 1,911,000.00 1,881,000.00 1,771,000.00 1,591,000.00 1,608,000.00 1,571,000.00 1,368,000.00 1,508,000.00 1,349,000.00
   Non-Current Liabilities 46,204,000.00 44,054,000.00 42,534,000.00 40,811,000.00 40,488,000.00 38,466,000.00 38,435,000.00 36,901,000.00 37,193,000.00 36,934,000.00 35,143,000.00
      Long-Term Debt 30,285,000.00 28,183,000.00 27,376,000.00 25,951,000.00 25,840,000.00 23,838,000.00 23,851,000.00 22,628,000.00 22,925,000.00 22,757,000.00 20,989,000.00
      Other Non-Current Liabilities 15,919,000.00 15,871,000.00 15,158,000.00 14,860,000.00 14,648,000.00 14,628,000.00 14,584,000.00 14,273,000.00 14,268,000.00 14,177,000.00 14,154,000.00
Equity 19,804,000.00 19,522,000.00 17,841,000.00 17,616,000.00 17,309,000.00 16,818,000.00 16,675,000.00 15,732,000.00 15,612,000.00 14,700,000.00 14,575,000.00
   Shareholders Equity 19,804,000.00 19,522,000.00 17,841,000.00 17,616,000.00 17,309,000.00 16,818,000.00 16,675,000.00 15,732,000.00 15,612,000.00 14,700,000.00 14,575,000.00
      Capital Stock 1,441,000.00 1,436,000.00 1,389,000.00 1,387,000.00 1,379,000.00 1,376,000.00 1,374,000.00 1,361,000.00 1,360,000.00 1,345,000.00 1,344,000.00
      Share Premium 9,729,000.00 9,601,000.00 8,481,000.00 8,465,000.00 8,269,000.00 8,169,000.00 8,155,000.00 7,801,000.00 7,803,000.00 7,411,000.00 7,404,000.00
      Retained Earnings 8,706,000.00 8,553,000.00 8,042,000.00 7,858,000.00 7,739,000.00 7,370,000.00 7,239,000.00 6,686,000.00 6,572,000.00 6,082,000.00 5,968,000.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income -72,000.00 -68,000.00 -71,000.00 -94,000.00 -78,000.00 -97,000.00 -93,000.00 -116,000.00 -123,000.00 -138,000.00 -141,000.00
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0
Investments 870,000.00 846,000.00 790,000.00 780,000.00 726,000.00 714,000.00 675,000.00 616,000.00 675,000.00 586,000.00 585,000.00
Debt 32,326,000.00 30,208,000.00 28,619,000.00 27,514,000.00 27,122,000.00 26,042,000.00 26,032,000.00 24,678,000.00 24,736,000.00 24,476,000.00 22,208,000.00
Net Debt 31,203,000.00 30,029,000.00 28,118,000.00 27,385,000.00 26,528,000.00 25,928,000.00 25,921,000.00 24,588,000.00 24,570,000.00 23,437,000.00 22,079,000.00
Common Shares Outstanding 576,547.05 574,365.60 555,470.30 554,941.70 551,662.80 550,222.19 549,578.02 544,530.99 544,025.27 538,076.66 537,438.39
Breakdown 2025-03-31 2024-03-31 2023-09-30 2023-03-31 2022-03-31 2021-03-31
Revenues 3,906,000.00 3,649,000.00 3,662,000.00 0 0 0
Cost Of Revenue 2,000.00 8,000.00 14,000.00 12,000.00 10,000.00 8,000.00
Gross Profit 3,904,000.00 3,641,000.00 3,648,000.00 0 0 0
Operating Expenses 3,227,000.00 2,962,000.00 2,733,000.00 0 0 0
   Selling, General and Administrative Expenses 170,000.00 171,000.00 168,000.00 184,000.00 171,000.00 163,000.00
   Other Operating Expenses 3,057,000.00 2,791,000.00 2,565,000.00 0 0 0
Operating Income 677,000.00 679,000.00 915,000.00 573,000.00 510,000.00 507,000.00
Net Non-Operating Income -255,000.00 -218,000.00 -219,000.00 -208,000.00 -180,000.00 -167,000.00
Interest Expense 445,000.00 14,000.00 14,000.00 10,000.00 5,000.00 5,000.00
EBT 422,000.00 461,000.00 696,000.00 365,000.00 330,000.00 340,000.00
Income Tax 129,000.00 27,000.00 40,000.00 53,000.00 49,000.00 21,000.00
Equity Method Investments Income 1,000.00 -8,000.00 -7,000.00 -11,000.00 -15,000.00 -14,000.00
Net Income 537,000.00 488,000.00 706,000.00 418,000.00 380,000.00 362,000.00
EBIT 867,000.00 475,000.00 710,000.00 375,000.00 335,000.00 345,000.00
Deprecation and Amortization 734,000.00 664,000.00 630,000.00 631,000.00 567,000.00 517,000.00
EBITDA 1,601,000.00 1,139,000.00 1,340,000.00 1,006,000.00 902,000.00 862,000.00
EPS 0.00 0.00 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 575,000.00 556,000.00 552,000.00 551,000.00 545,000.00 538,000.00
Average Shares Outstanding Diluted 577,000.00 556,000.00 552,000.00 551,000.00 545,000.00 539,000.00
Breakdown 2025-03-31 2024-03-31 2023-09-30 2023-03-31 2022-03-31 2021-03-31
Operating Cash Flow 1,028,000.00 1,050,000.00 0.00 1,537,000.00 1,140,000.00 -136,000.00
   Operating Net Income 483,000.00 488,000.00 238,000.00 418,000.00 380,000.00 362,000.00
   Deprecation and Amortization 734,000.00 664,000.00 -630,000.00 631,000.00 567,000.00 517,000.00
   Deferred Income Tax 13,000.00 154,000.00 0.00 -73,000.00 -55,000.00 -23,000.00
   Share Based Compensation 9,000.00 6,000.00 0.00 9,000.00 4,000.00 9,000.00
   Change in Working Capital -255,000.00 -253,000.00 0.00 251,000.00 107,000.00 -1,111,000.00
   Other Operating Activities 44,000.00 -9,000.00 0.00 301,000.00 137,000.00 110,000.00
Investing Cash Flow -1,991,000.00 -1,556,000.00 0.00 -1,284,000.00 -952,000.00 -1,035,000.00
   Capital Expenditure -1,988,000.00 -1,537,000.00 0.00 -1,265,000.00 -942,000.00 -1,024,000.00
   Net Purchase/Sale of PPE -1,988,000.00 -1,537,000.00 0.00 -1,265,000.00 -942,000.00 -1,024,000.00
   Net Purchase/Sale of Investments Net -3,000.00 -19,000.00 0.00 -19,000.00 -10,000.00 -11,000.00
   Net Purchase/Sale of Business 0 0 0.00 0 0 0
   Net Loan & Lease Activity 0 0 0 0 0
   Other Investing Activities 1,988,000.00 1,537,000.00 0.00 1,265,000.00 942,000.00 1,024,000.00
Financing Cash Flow 1,907,000.00 878,000.00 0.00 -250,000.00 -264,000.00 2,081,000.00
   Net Issuance/Repayment of Debt 2,101,000.00 1,156,000.00 0.00 16,000.00 -9,000.00 2,314,000.00
   Net Issuance/Repurchase of Equity 122,000.00 8,000.00 0.00 6,000.00 0 13,000.00
   Dividends Paid 306,000.00 280,000.00 0.00 259,000.00 240,000.00 223,000.00
   Other Financing Activities -622,000.00 -566,000.00 0.00 -531,000.00 -495,000.00 -469,000.00
Net Change in Cash 944,000.00 372,000.00 0.00 3,000.00 -76,000.00 910,000.00
   Cash at Beginning of Period 179,000.00 129,000.00 0 111,000.00 166,000.00 129,000.00
   Cash at End of Period 1,123,000.00 501,000.00 594,000.00 114,000.00 90,000.00 1,039,000.00
Free Cash Flow -960,000.00 -487,000.00 0.00 272,000.00 198,000.00 -1,160,000.00