Ametex

Ametex financial statements have been analyzed from the audited consolidated results of the company in March of each year. During the período1998 to 2001, operations were not consolidated, so we useda consolidation of the balance sheet accounts and audited financial statements of individual companies, cross canceled accounts.
Financial Performance
Because of external factors discussed above,the demand declined and led to the years 2001 and 2002, the company reduce its average prices, resulting in a significant drop in profit and loss statements. To improve this situation, the boardproposed a plan to save costs and achieve greater efficiency.

Thanks to the efforts made by the company, in 2003, was able to increase unit sales abroad, which showed a recovery in sales of 11.3% overthe previous year, despite continued local sales its downward trend given the economic situation.

Gross margin also improved, it went from 15.0% in March 2003 to 23.2% in March 2004. The savings inproduction costs and streamlining administrative costs and marketing originated EBITDA of U.S. $ 4.6 mln and an EBITDA margin of 14.1%, higher than that recorded in March 2003 (U.S. $ 1 , 0 mln and3.4% respectively).

Despite the best results, these were not sufficient to cover the high cost of the company, registering a negative outcome for the third consecutive year. The loss in the 2004 were$ 4.7 million.
Debt Structure
Following the events that began in September 2001, the company lowered its revenue and there was a lack of liquidity with a consequent increase in debt. Besides thedecline in sales by external effects, had to refuse orders due to lack of working capital.

Borrowings increased by $ 20 million in March 2002 over March 2001, growth of 50% of the balance. In the nexttwo years, the debt decreases, however, debt shows an increasing trend compared to equity due to the reduction of the latter by high losses.
In March 2004, financial debt recorded U.S. $ 58.8...