Fly By night

2698 Words Nov 7th, 2013 11 Pages
TOPIC: Financial Statement Analysis

CHAPTER LINK: Chapter 5

Fly-By-Night International Group: Can This Company Be Saved?
Douglas C. Mather, Founder, Chairman, and Chief Executive of Fly-By-Night International Group (FBN), lived the fast-paced, risk-seeking life that he tried to inject into his Company. Flying the Company 's Learjets, he logged 28 world speed records. Once he throttled a company plane to the top of Mount Everest in 3 1/2 minutes.
These activities seemed perfectly appropriate at the time. Mather was a Navy fighter pilot in Vietnam and then flew commercial airlines. In the mid 1970s, he started FBN as a pilot training school. With the defense buildup beginning in the early 1980s, Mather branched
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435 1,845 1,310 2,423 12,124 12,903
Total Current Liabilities. $ 3,110 $ 11,670 $ 4,374 $ 5,345 $ 26,366 $ 85,921
Long-term Debt 9,060 20,041 6,738 9,804 41,021 --
Deferred Income Taxes 1,412 1,322 -- 803 900 --
Other Noncurrent Liabilities -- 248 -- 226 -- --
Total Liabilities $ 13,582 $ 33,281 $ 11,112 $ 16,178 $ 68,287 $ 85,921
Common Stock $ 20 $ 20 $ 20 $ 21 $ 22 $ 34
Additional Paid-in Capital 3,611 3,611 4,323 4,569 5,685 16,516
Retained Earnings 2,244 2,149 2,469 3,208 3,802 (29)
Treasury Stock -- -- -- -- (199) (199)
Total Shareholders ' Equity $ 5,875 $ 5,780 $ 6,812 $ 7,798 $ 9,310 $ 16,322
Total Liabilities and Share- holders ' Equity $ 19,457 $ 39,061 $
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