Coach's Corner

Financial Analysis Online

Larry Tomassini
Fisher College of Business
The Ohio State University

Project Index
Introduction
Part 1: Selecting a Company
Part 2: Company Background
Part 3: Overview of the Annual Report
Part 4: The Business Environment
Part 5: The Auditors
Part 6: SEC Form10-K Report
Part 7: Industry Background
Part 8: Operating Activities
Part 9: Analysis of Operating Activities
Part 10: Investing Activities
Part 11: Analysis of Investing Activities
Part 12: Debt Financing
Part 13: Equity Financing
Part 14: Analysis of Financing Activities
Part 15: Comparison to Industry Benchmarks

INTRODUCTION

This project aims to develop your understanding of financial statements and their use in decision-making. You will assume the role of a financial analyst. Your task is to study a publicly-held company in order to advise investors and creditors about the company's future prospects. This project includes several assignments, each of which comprises a part of the analyst's task.

Part 1: SELECTING A COMPANY

[Maximum Possible Credit = 5 points]

Your first assignment is to select a company for your project. Assume that you have narrowed the set of companies to these. You should do a quick scan of these web sites and think about these and other features:

  • In what industry(ies) does this company operate?
  • What do you already know about this industry?
  • Do you know anyone with whom you could speak that works for this company or in this industry?
  • Do you have a special interest in knowing more?
  • Is this company or industry in the current news?
  • Is there much information available about this company or industry?
  • Does this company face interesting business or accounting issues?
In addition to the WWW corporate sites, you should use other electronic resources and print materials in the Business Library, to collect information for this project. Some of the electronic sources include:
  1. Hoover's Masterlist Plus -- directory information on thousands of companies, and links to their on-line web sites. Hoover has other useful on-line offerings here.
  2. The LEXIS-NEXIS database.
  3. Fortune -- the bi-weekly business magazine published by Time, Inc. Its annual ranking of the 500 largest American firms--the Fortune 500 is one of the world's most-renowned publications. Now you can search the Fortune 500 database electronically on the WWW.
  4. Media Logic Economic Indicators -- has hundreds of data series from 1948 to the present, including interest rates, CPI, options prices and industry group performance information.
  5. Research magazine -- an excellent source of investment ideas. Published monthly, it offers a comprehensive selection of Standard & Poor's Research Reports and Mutual Fund Reports, Company Profiles, Company Fact Sheets, a Wall Street Analysis and 52-Week Price Charts.
  6. The Securities and Exchange Commission (SEC) -- the primary regulator of US capital markets has a wealth of information on publicly-held companies. Foremost among these is the EDGAR database of corporate information, a complete list of current SEC filings (10-K's, etc.). You can find a list and description of SEC filing documents here. This database is the source of many accounting and investment services on the WWW. Also, the NYU Edgar Project site provides a historical perspective to the database and assist user access to the EDGAR files.
  7. SMG's Glossary of Financial Terms -- An excellent on-line glossary. The section on financial ratios may be particularly helpful in this project.
  8. Standard Industrial Classification (SIC) codes -- 2-4 digit reference numbers that are used to organize US businesses and industries. SIC codes are used as a quick reference in many governmental and corporate reports, as well as in research databases.
In addition, you may find the following helpful materials in the library:
  1. Standard & Poor's Industry Surveys --- Published quarterly, it covers a large number of industries and companies. The "Earnings Supplement" section lists companies within each industry category. It's ratings of insurance companies is now available on-line.
  2. Value Line Investment Survey --- Updated weekly, it comes in three parts. The front page of Part I ("Summary & Index") lists about 100 industries and is cross-referenced by page numbers. In Part 3, you will find the industry information and specific information about companies in the industry.
  3. Forbes --- publishes an "Annual Report on American Industry" in the first issue each year. It describes major industries and ranks more than 1,000 leading companies by profits, growth, and stock market performance.
  4. The Million Dollar Directory --- published in five volumes by Dun & Bradstreet Corporation. One of these, "Series Cross-Reference by Industry," is organized by SIC code numbers. For each SIC code, you will find many companies with each firm's mailing address.
REQUIRED: Send me an e-mail message that indicates your team number, the company that you have selected, and a paragraph about why you chose that company.

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Part 2: COMPANY BACKGROUND

[Maximum Possible Credit = 10 points]

Before you can assess the financial health and prospects of your company, you must inform yourself about its structure and business activities. This part focuses on gathering such background information, including some facts that you will need in later parts of this project. To complete this part, refer to the list of research resources that you used in part 2, above. If you use the business library in your research, you should consult with the reference librarian about available materials. If you are unable to find the source that you seek, (s)he may be able to recommend an alternative or to get a copy from another affiliated library.

REQUIRED: Send me an e-mail message with an attached file that presents the following information in good form:

  1. your company's name, postal address and (if available) internet address;
  2. the year in which your company was founded and the state in which it is incorporated;
  3. the company's independent (external) audit firm;
  4. the company's primary line(s) of business;
  5. the primary and secondary SIC codes for the company [see Pincus, Theme III, Module 1 for discussion]
  6. size of the company, acompanied by an explanation of the company characteristics that provide a measure of its size;
  7. the ticker symbol for your company and the stock exchange on which its shares are listed;
  8. membership of the company's Board of Directors, using whatever characteristics you think are most relevant to depict the composition of the Board [briefly explain each]; and
  9. the majority-owned subsidiaries [maximum of four, ranked by size] of your company.
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Part 3: OVERVIEW OF THE ANNUAL REPORT

[Maximum Possible Credit = 15 points]

Locate the most recent annual report for your company, either on the WWW or in another electronic source (e.g., LEXIS-NEXIS). Review the major sections of this report to familiarize yourself with the content of each and the role of accounting information in the report. Typically, you will find six different sections, discussed below.

  1. Financial Highlights: This summary may cover 10 years or more and include some graphical presentation. These are not complete financial statements, but merely a summary of key financial information.
  2. Company and Products: Usually, this is a lengthy section of public relations information. This is an opportunity for the company to tout its products and operations.
  3. Management Discussion and Analysis: In this section, often called "MD&A," management identifies significant events, trends and developments affecting the firm from the viewpoint of top management.
  4. Financial Statements and Footnotes: As a norm, companies will present a balance sheet, an income statement, a statement of cash flows, and a statement of stockholders' equity or retained earnings. Frequently, the term "Consolidated" is used to indicate that the financial results of the subsidiaries have been combined with those of the parent company. The footnotes (or "notes") are an integral part of the financial statements and disclose accounting methods used by the company. In addition, the notes provide more details regarding certain transactions or disclose matters not otherwise included in the financial statements.
  5. Statement of Management Responsibility and the Report of the Independent Accountants: These reveal the role of management in presenting financial statements and the opinion of third-party auditors. The latter have the task to issue an opinion on the extent to which the financial statements are fair presentations of the firm.
  6. Basic Company Facts: Toward the end of the annual report, the company presents a few pages of basic facts (names of officers and directors, stock exchange information, etc.).
REQUIRED:
  1. Send me an e-mail message that indicates whether there were any substantial deviations in your company's annual report from the six sections, noted above. Also, attach a written response to the following questions, in good form.

  2. Review the most recent year-end balance sheet of the company and indicate the following:
    • the amount of total current assets;
    • the amount of total non-current assets;
    • the amount of total current liabilities;
    • the amount of total non-current liabilities; and
    • the amount of total stockholders' equity.
    For each of the above, note whether this was an increase, a decrease, or no change from the previous year-end balance sheet.

  3. Review the most recent year's income statement and indicate the following:
    • total (operating) revenues;
    • cost of goods sold (if listed);
    • total expenses (before income taxes)
    • any non-operating (or extraordinary) gains and losses; and
    • earnings per common share.
    For each of the above, note whether this was an increase, a decrease, or no change from the previous year's income statement.

  4. Review the statement of cash flows for the most recent year and indicate the following:
    • if the company use the direct or indirect method of presenting this statement;
    • net cash inflow (outflow) from operating activities;
    • net cash inflow (outflow) from financing activities;
    • net cash inflow (outflow) from investing activities; and
    • net increase (decrease) in cash during the year.
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Part 4: THE BUSINESS ENVIRONMENT

[Maximum Possible Credit = 10 points]

Now it's time for you to read some current articles about the business environment in which your company is operating. The environment to which I refer entails economic, legal and socio-political factors. Understanding how these factors influence the company's operations and business strategy will enable you to have a richer basis for interpreting its financial picture. For example, anticipated sales may vary according to various regulatory constraints (e.g., polution controls on automobiles) and legal proceedings (e.g., a patent infringement suit). Your task is to use electronic and other library resources to find out what you can about your company's business environment. The principal electronic source for you is the LEXIS-NEXIS database.

Among the resources you may consult in the library are the following search indices:

  1. ABI-Inform (on CD-ROM, on the WWW, and on LEXIS-NEXIS)
  2. Accountants Index
  3. Business Newsbank (on CD-ROM)
  4. Business Periodicals Index
  5. The Wall Street Joumal Index
REQUIRED:
  1. Find and read two recent articles about your company.

  2. Write a short summary (100-150 words) of each article, and briefly explain what you learned from the article about the company's business environment. Be sure to provide a reference citation for each article.

  3. Send me an e-mail message with an attached file that includes your summaries.
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Part 5: THE AUDITORS

[Maximum Possible Credit = 15 points]

Most of this project focuses on your selected company and its financial statements. In our capital markets, public accounting firms perform an important audit (attest) function to provide confidence in the integrity of those statements. To appreciate the attest function, this assignment focuses your attention on the auditors of your company's financial statements. You will do some research on the accounting firm and, as a result, learn more about what is happening in the public accounting profession.

REQUIRED:

  1. Using both library and electronic resources (e.g., those mentioned in part 1 and in part 4 of this project), do research on the accounting firm that audits your company. If the auditors are a "Big 6" firm, you may find some useful information about them on the WWW. Find and document the following:
    • the name of your company's auditors (accounting firm), and the city in which the audit opinion was signed; and
    • the size of the accounting firm [use multiple measures, indicate the source(s) of your data, and briefly explain why you chose each measure].

  2. Read two recent articles about this audit firm. Then write a short summary (100-150 words) of each and indicate what you learned about the audit firm and the public accounting profession from reading it. Be sure to include a complete reference citation for each article.

  3. Send me an e-mail message and attach the above documentation and article summaries in good form.
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Part 6: SEC FORM 10-K REPORT

[Maximum Possible Credit = 15 points]

In this part of the project, you compare a company's annual report to stockholders with its SEC Form 10-K. The latter must be submitted to the Securities and Exchange Commission (SEC) annually. [You can find out more about the SEC here.] In general, companies having assets of $1 million or more and 500 or more stockholders are subject to SEC regulation if their securities (e.g., stocks or bonds) are traded publicly. Those mandate that the company ("registrant") file regular reports with the Commission. The three most commonly used are:

  1. Form 10-Q (the quarterly report to the SEC);
  2. Form 10-K (the annual report to the SEC); and
  3. Form 8-K (a report of unscheduled events or corporate changes important to shareholders or the SEC). These are filed only as needed (e.g., when a company changes independent auditors).
The SEC Form 10-K Report typically includes 14 sections:
  1. Business
  2. Properties
  3. Legal Proceedings
  4. Submission of Matters to Vote of Security Holders
  5. Market for the Registrant's Common Equity and Related Stockholder Matters
  6. Selected Financial Data
  7. Management's Discussion and Analysis of Financial Condition and Results of Operations
  8. Financial Statements and Supplementary Data
  9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  10. Directors and Executive Officers of the Registrant
  11. Executive Compensation
  12. Security Ownership of Certain Beneficial Owners and Management
  13. Certain Relationships and Related Transactions
  14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
REQUIRED:
  1. Find your company's most recent Form 10-K filing in Edgar or another source.

  2. Send me an e-mail message that indicates whether there were any substantial deviations in your company's 10-K from the 14 sections, noted above. Also, attach a written response to the following questions, in good form.

  3. What, in your opinion, were the three most useful sections of this 10-K? Briefly explain.

  4. What are the most significant ways in which the annual report and the SEC 10-K differ? Discuss why you think these differences exist and if they are appropriate.
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Part 7: INDUSTRY BACKGROUND

[Maximum Possible Credit = 15 points]

To this point, you have learned quite a bit about your chosen company. Now, we shift our focus to gather some background material on the primary industry(ies) in which the company operates. Knowledge of key industry trends and benchmark performance data allow you to compare your specific firm with similar companies with which it competes. Thus, you will be able to interpret your company's financial health and prospects in a more useful and relative performance sense. Your task is to use electronic and other library resources to learn about these industry data. The principal electronic source for you is the LEXIS-NEXIS database.

In addition to the research resources listed in part 1 of this assignment (e.g., Standard & Poor's and Value Line), there are other useful references that focus on industry data. Among these are:

  1. US Industrial Outlook, published annually by the US Department of Commerce contains industry reviews, analyses and forecasts for 350 industries. It also provides a profile of international competitiveness for each industry. Some of these are available on the WWW, so you may want to do a search there before you head off to the library. Links to a few are here to get you started.
  2. Ed Yardeni's Economics Network is a good source. In particular, his Economic Chart Room has some worthwhile current data for certain industries.
  3. Predicast Forecasts --- organizes its industry forecasts by SIC Code and provides estimates of industry sales and annual growth rates.
Also, in addition to the news resources in part 4, most major industries have trade magazines (such Advertising Age). You may find information in these sources that give you insight into particular issues facing your company.

REQUIRED:

  1. Do research on the industry in which your company operates. If it does business in more than one industry, study at least the major industry in which it operates.

  2. Based on your research, write a synopsis (approx. 500-750 words) about the major trends and developments that are occurring the industry. Be sure to cite the source(s) you used to get this information.

  3. Send me an e-mail message with an attached file that includes your synopsis.
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Part 8: OPERATING ACTIVITIES

[Maximum Possible Credit = 25 points]

The purpose of this part is to review the operating activities of your company. By definition, these activities are the central focus of the company. Your review will cover the income statement, as well as the related parts of the balance sheet and statement of cash flows, and will emphasize the elements most affected by operating activities.

REQUIRED: Send me an e-mail message and attach a paper that reports your responses to the following:

  1. Review your company's income statement (and related footnote disclosures) for the past two years and prepare an exhibit that summarizes the following information for each year:
    • Sales revenue;
    • Cost of goods sold;
    • Operating expenses;
    • Income taxes;
    • Net income (loss); and
    • Earnings per share.

  2. Did your company have any extraordinary gains or losses, income from discontinued operations, or cumulative effects of accounting changes during these two years? If so, list and briefly describe them (hint: check footnotes for details).

  3. Review your company's statement of cash flows (and related footnote disclosures) for the past two years. Compare the cash flow from operatng activities to the income from continuing operations for each year. Indicate the amount by which they differ, and explain in 100 words or less why they differ.

  4. Review your company's two most recent year-end balance sheets (and related footnote disclosures) for your company, prepare an exhibit that summarizes the following information for each one:
    • Allowance for bad debts as a percentage of ending accounts receivable (gross);
    • Balance in accounts receivable (net);
    • Balance in inventory(ies);
    • Balance in income taxes payable;
    • Balance in deferred income taxes.

  5. Briefly describe the accounting methods used revenues, accounts receivable, and inventory.

  6. Indicate amount, if any, of the LIFO reserves or liquidations disclosed in the footnotes to your financial statements for the past two years. Whether or not you find any, briefly explain what these are and why they occur.
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Part 9: ANALYSIS OF OPERATING ACTIVITIES

[Maximum Possible Credit = 25 points]

Analysts frequently use accounting information to assess the operating effectiveness and efficiency of a company. In this assignment, you will analyze certain trends in your company's operating results and ratios to make this preliminary assessment.

REQUIRED: Send me an e-mail message and attach a paper that reports your responses to the following:

  1. Using the review of your company's financial statements for the past two years, prepare an exhibit that summarizes the following information for each year:
    • Gross profit margin (%);
    • Operating profit margin (%);
    • Net profit margin (%)
    • Receivables turnover;
    • Inventory turnover;
    • Asset turnover; and
    • Rate of return on total stockholders' equity.

  2. From the computations above and any other data you observe, what specific trends (if any) do you observe? Briefly discuss the implications of each.

  3. Briefly discuss the difference between the concepts of effectiveness and efficiency for a company's operations. Give an example of each.

  4. Based upon your review of the past two years' financial statements for your company, describe the its overall operating effectiveness. Document the accounting numbers or ratios that support your conclusion.

  5. Based upon your review of the past two years' financial statements for your company, describe the its overall operating efficiency. Document the accounting numbers or ratios that support your conclusion.

Part 10: INVESTING ACTIVITIES

[Maximum Possible Credit = 25 points]

The purpose of this part is to review the investing activities in which your company engages. This will focus your attention on the acquisition, use and disposal of noncurrent assets in the balance sheet and the related accounts in the other financial statements. By reviewing these data, you begin to evaluate the investment decision-making and strategies of the firm's management.

REQUIRED: Review your company's financial statements and footnotes for the past two years. Send me an e-mail message and attach a paper that reports your responses to the following:

  1. For each non-current asset account, list the ending balance for the two year-ends and the % change in each account from the beginning of each year.

  2. Briefly describe the reasons for any account balance change (increase or decrease) exceeding 5%, and indicate the source of your information for each. Discuss what this tells you about the recent investing decisions of your company.

  3. Compute the proportion of total assets that are non-current for each of the past two year-ends. What does this tell you about your company's business and strategy? Briefly discuss.

  4. Briefly describe the accounting policies that your firm uses for each non-current asset. If the methods are different, discuss whether these different methods are appropriate and support your reasoning (don't just give a one sentence opinion).

  5. The issue of whether or not to capitalize costs is a controversial one in financial reporting. For example, some interest costs are expensed, and others are capitalized. Some product development costs are expensed, and others are capitalized. Give an example of a item that your company capitalizes and another that it expenses, and present a brief conceptual argument against these accounting methods (i.e., in favor of the opposite treatment).
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Part 11: ANALYSIS OF INVESTING ACTIVITIES

[Maximum Possible Credit = 25 points]

In this assignment, you will analyze the information on investing activities that you collected in the previous part. This analysis provides you an opportunity to consider more deeply the relations and meaning of the numbers.

REQUIRED: Review your company's financial statements and footnotes for the past two years. Send me an e-mail message and attach a paper that reports your responses to the following:

  1. Compute your company's rate of return on total assets for the past two years
    • on an accural basis (i.e., using an income measure); and
    • on a cash flow basis (i.e., using cash flows from operating activities).

  2. How do these return on asset ratios compare, and which is more indicative of the firm's financial performance? Briefly explain.

  3. What do these ratios tell you about your company's investing decisions in recent years?

  4. Briefly discuss what else you would need to know to requirement 3 more completely. Where could you find this information?

  5. Consider information that your company discloses about its segments (choose at least type: divisions, product lines, or geographical regions). For the type you choose, indicate the operating profits of each (by division, by product, etc.) for the past two years.

  6. What additional insights do you get about your company's investments when you view the company by segments, as opposed to a consolidated look at all assets? Explain and give at least one example of an insight you gained from your segment analysis. (More than one would be even better!)

  7. To what extent do different sections of the annual report or of SEC form 10-K enable you to assess the future prospects of a particular business segment. [For example, compare the financial statement numbers and footnotes to the Management Discussion and Analysis section.]

Part 12: DEBT FINANCING

[Maximum Possible Credit = 25 points]

In this assignment, you study the liabilities and related footnote disclosures in your company's annual report and SEC Form 10-K filing. This will enable you to understand the debt financing used by its management.

REQUIRED:

  1. Review the liabilities in your company's most recent year-end balance sheet and compare that with the previous year-end balance sheet. Send me an e-mail message and attach a paper that reports your responses to the remaining requirements.

  2. List the current and the non-current liability account balances from these two balance sheets and compute the increase or decrease for each during this past year. Be sure to include the totals of current and non-current liabilities for each balance sheet.

  3. Using footnotes or other published data, indicate which of the liabilities are interest-bearing and at what rate. Indicate the specific source where you found this interest rate information.

  4. Does your company have any lease commitments and obligations over the next five years? If so, briefly summarize the nature and amount of these.

  5. Does your company have any pension or other post-retirement benefit obligations in their most recent balance sheet? If so, summarize the nature and amount of these obligations, and list the total pension cost/expense for the most recent period (see income statement or related disclosures). Also, comment briefly on whether the pension assets are sufficient at this point to meet the current pension obligation.

  6. Briefly summarize the significant debt financing activities of your company for the past year.

  7. Are their any contingent liabilities reported or disclosed on the most recent year-end balance sheet? What implications, if any, do they have for your company's financial well-being?
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Part 13: EQUITY FINANCING

[Maximum Possible Credit = 25 points]

In this assignment, you study the stockholders' equity and related footnote disclosures in your company's annual report and SEC Form 10-K filing. This will enable you to understand the equity financing used by its management.

REQUIRED:

  1. Review the stockholders' equity section in your company's most recent year-end balance sheet and compare that with the previous year-end balance sheet. Send me an e-mail message and attach a paper that reports your responses to the remaining requirements.

  2. List the stockholders' equity account balances and number of outstanding shares from these two balance sheets and compute the increase or decrease for each during this past year.

  3. If your company has more than one class of stock, briefly summarize the differences in these equity securities. For instance, if the company has any preferred stock, indicate what features the stock has (participating, convertible, cumulative, etc.).

  4. What dividends, if any, did your company declare during the past year? Indicate whether the dividends were paid in cash or stock.

  5. Compute the company's dividend payout ratio and dividend yield ratio on its common stock for each of the past two years.

  6. Describe any trends in these ratios that the company may have in recent years. What does this tell you about the company?

  7. Briefly summarize the significant equity financing activities, if any, of your company for the past year.

  8. Indicate whether the company held any treasury stock at the most recent balance sheet date. If so, indicate how many shares and the average cost at which they were purchased.

  9. Does your company have a stock option plan? If so, compute the % increase in common shares outstanding if all of the existing stock options were exercised.
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Part 14: ANALYSIS OF FINANCING ACTIVITIES

[Maximum Possible Credit = 25 points]

The purpose of this assignment is to evaluate the financing decisions and financing activities that the management of your firm has undertaken.

REQUIRED: Send me an e-mail message and attach a paper that reports your responses to the following:

  1. Review your company's liabilities and stockholders' equity from the assignments in parts 12 and 13, and describe briefly your conclusions about the extent to which your company is using financial leverage.

  2. Did your firm make any material changes in capital structure during the past year? If so, please describe briefly.

  3. Does your company have any outstanding long-term notes or bonds payable? If so, describe briefly the characteristics of this debt (amount, interest payment obligations, and maturity date). Also, find and report the current bond rating in Moody's Bond Record and the current bond price (stated as a % of face value) in The Wall Street Journal or another financial news service. Briefly explain the implications of this price for the effective interest rate vis-a-vis the stated interest rate on the bond.

  4. Recall from your reponse to part 2, requirement 7, the ticker symbol for your company and the stock exchange on which its shares are listed.

  5. Check the Security APL Quote Server, other investor web sites, or in in The Wall Street Journal and determine the current market price for each class of stock outstanding.

  6. Based upon the information you have for your company, compute the following financial ratios for each of the most recent two years:
    • Rate of return on total assets
    • Rate of return on total stockholders' equity
    • Dividend payout ratio
    • Times interest earned

  7. Based upon the information you have for your company, compute the following financial ratios for each of the two most recent year-ends:
    • Current ratio
    • Quick ratio
    • Debt-to-Equity ratio

  8. Briefly comment on the inferences that you draw from the comparative ratios you computed in 6 and 7, above.
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Part 15: COMPARISON TO INDUSTRY BENCHMARKS

[Maximum Possible Credit = 25 points]

Previously, you computed several financial ratios for your company and compared them over time. This assignment focuses you on a different set of comparisons--industry benchmarks. In a competitive environment, the performance of a company relative to its competitors is another important basis on which to evaluate its financial strength.

Before proceeding with this part, it may be helpful to refer back to your sources and your responses to part 7. In addition, you will need to consult other electronic and library sources, such as:

Note that different sources provide information on different financial ratios, so it may be useful to use more than one reference. These references usually are organized by SIC Code. Before proceeding, review your reponse to part 2, requirement 5, regarding the primary and secondary SIC codes for your company.

REQUIRED: Send me an e-mail message and attach a paper that reports your responses to the following:

  1. Review all of the financial ratios that you computed for your company in parts 8-14, and compare them with the comparable ratios for your company's industry. For each of these ratios, indicate how well your company rates in a relative sense and briefly explain your conclusion. If you cannot find an exact industry norm in these reference publications, consider looking at two or three competitor firms' financial statements and computing the same ratios for this comparison.

  2. Provide a synopsis (approx. 500 words) of your conclusions about the relative financial performance and health of your company against industry benchmarks. Support conclusions with reference to specific data and rationale.
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Copyright ©1997 Lawrence A. Tomassini
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