BlackRock Inc
Buy, Hold or Sell?

Let's analyse Blackrock together

Penke I guess you are interested in BlackRock Inc. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of BlackRock Inc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Blackrock (30 sec.)

What can you expect buying and holding a share of Blackrock? (30 sec.)

How much money do you get?

$20.14

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$274.57

Expected worth in 1 year

$293.70

How sure are you?

97.5%

+ What do you gain per year?

Total Gains per Share

$39.27

Return On Investment

5.2%

For what price can you sell your share?

Current Price per Share

$757.65

Expected price per share

$588.58 - $782.57

How sure are you?

50%

1. Valuation of Blackrock (5 min.)

Live pricePrice per Share (EOD)

$757.65

Book Value per Share

$274.57

Intrinsic Value Per Share

$161.30 - $342.29

Total Value Per Share

$435.87 - $616.86

My calculation of the intrinsic value of Blackrock is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($5.25) 3Y: ($7.01) TTM: ($6.36)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.15) 3Y: ($0.01) TTM: ($0.09)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$20.32	$29.00	$21.11 - $30.44
2	$39.58	$59.42	$21.20 - $32.82
3	$57.82	$91.17	$21.29 - $35.20
4	$75.11	$124.13	$21.38 - $37.59
5	$91.48	$158.21	$21.47 - $39.97
6	$107.00	$193.31	$21.56 - $42.35
7	$121.70	$229.36	$21.65 - $44.74
8	$135.62	$266.25	$21.74 - $47.12
9	$148.81	$303.92	$21.83 - $49.51
10	$161.30	$342.29	$21.93 - $51.89

2. Growth of Blackrock (5 min.)

Is Blackrock growing?

	Current year	Previous year	Grow	Grow %
How rich?	$41.2b	$38.5b	$1.6b	4.2%

How much money is Blackrock making?

	Current year	Previous year	Grow	Grow %
Making money	$1.3b	$1.2b	$81m	5.9%
Net Profit Margin	30.4%	29.0%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Blackrock (5 min.)

4. Comparing to competitors in the Asset Management industry (5 min.)

Industry Rankings (Asset Management)

Richest
#6 / 758

Most Revenue
#12 / 758

Most Profit
#7 / 758

Most Efficient
#450 / 758

What can you expect buying and holding a share of Blackrock? (5 min.)

Welcome investor! Blackrock's management wants to use your money to grow the business. In return you get a share of Blackrock.

What can you expect buying and holding a share of Blackrock?

First you should know what it really means to hold a share of Blackrock. And how you can make/lose money.

Speculation

The Price per Share of Blackrock is $757.65. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Blackrock.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Blackrock, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $274.57. Based on the TTM, the Book Value Change Per Share is $4.78 per quarter. Based on the YOY, the Book Value Change Per Share is $1.20 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $5.03 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Blackrock.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	9.15	1.2%	9.13	1.2%	8.46	1.1%	8.43	1.1%	7.08	0.9%
Usd Book Value Change Per Share	4.60	0.6%	4.78	0.6%	1.20	0.2%	3.32	0.4%	3.03	0.4%
Usd Dividend Per Share	4.95	0.7%	5.03	0.7%	4.89	0.6%	4.20	0.6%	3.30	0.4%
Usd Total Gains Per Share	9.55	1.3%	9.82	1.3%	6.09	0.8%	7.51	1.0%	6.32	0.8%
Usd Price Per Share	811.80	-	704.64	-	658.03	-	647.40	-	517.89	-
Price to Earnings Ratio	22.17	-	19.57	-	19.61	-	19.25	-	18.44	-
Price-to-Total Gains Ratio	85.01	-	73.07	-	128.85	-	93.80	-	91.12	-
Price to Book Ratio	2.96	-	2.64	-	2.61	-	2.66	-	2.42	-
Price-to-Total Gains Ratio	85.01	-	73.07	-	128.85	-	93.80	-	91.12	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	757.65
Number of shares	1

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	5.03	4.20
Usd Book Value Change Per Share	4.78	3.32
Usd Total Gains Per Share	9.82	7.51
Gains per Quarter (1 shares)	9.82	7.51
Gains per Year (1 shares)	39.27	30.06

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	20	19	29	17	13	20
2	40	38	68	34	27	50
3	60	57	107	50	40	80
4	81	77	146	67	53	110
5	101	96	185	84	66	140
6	121	115	224	101	80	170
7	141	134	263	117	93	200
8	161	153	302	134	106	230
9	181	172	341	151	119	260
10	201	191	380	168	133	290

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	96.0	1.0	0.0	99.0%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	10.0	2.0	0.0	83.3%	15.0	5.0	0.0	75.0%	34.0	6.0	0.0	85.0%	83.0	14.0	0.0	85.6%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	82.0	0.0	15.0	84.5%
Total Gains per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	19.0	1.0	0.0	95.0%	39.0	1.0	0.0	97.5%	89.0	8.0	0.0	91.8%

Fundamentals of Blackrock

About BlackRock Inc

https://www.blackrock.com
Asset Management
19800
50 Hudson Yards, New York, NY, United States, 10001
Google Maps Bing Maps

BlackRock, Inc. is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks. It also provides global risk management and advisory services. The firm manages separate client-focused equity, fixed income, and balanced portfolios. It also launches and manages open-end and closed-end mutual funds, offshore funds, unit trusts, and alternative investment vehicles including structured funds. The firm launches equity, fixed income, balanced, and real estate mutual funds. It also launches equity, fixed income, balanced, currency, commodity, and multi-asset exchange traded funds. The firm also launches and manages hedge funds. It invests in the public equity, fixed income, real estate, currency, commodity, and alternative markets across the globe. The firm primarily invests in growth and value stocks of small-cap, mid-cap, SMID-cap, large-cap, and multi-cap companies. It also invests in dividend-paying equity securities. The firm invests in investment grade municipal securities, government securities including securities issued or guaranteed by a government or a government agency or instrumentality, corporate bonds, and asset-backed and mortgage-backed securities. It employs fundamental and quantitative analysis with a focus on bottom-up and top-down approach to make its investments. The firm employs liquidity, asset allocation, balanced, real estate, and alternative strategies to make its investments. In real estate sector, it seeks to invest in Poland and Germany. The firm benchmarks the performance of its portfolios against various S&P, Russell, Barclays, MSCI, Citigroup, and Merrill Lynch indices. BlackRock, Inc. was founded in 1988 and is based in New York City with additional offices in Boston

Fundamental data was last updated by Penke on 2024-04-13 07:41:04.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.
The company is very efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is able to pay all its debts by selling its assets.
The company is just not able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is underpriced.
Based on the earnings, the company is fair priced.
Based on how much money comes from the company's main activities, the company is cheap.

1.1. Profitability of BlackRock Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Blackrock earns for each $1 of revenue.

Above 10% is considered healthy but always compare Blackrock to the Asset Management industry mean.
A Net Profit Margin of 28.1% means that $0.28 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of BlackRock Inc:

The MRQ is 28.1%. The company is making a huge profit. +2
The TTM is 30.4%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	28.1%	TTM	30.4%	-2.3%
TTM	30.4%	YOY	29.0%	+1.4%
TTM	30.4%	5Y	30.1%	+0.2%
5Y	30.1%	10Y	30.6%	-0.5%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	28.1%	62.7%	-34.6%
TTM	30.4%	62.7%	-32.3%
YOY	29.0%	71.1%	-42.1%
5Y	30.1%	59.8%	-29.7%
10Y	30.6%	56.8%	-26.2%

Measures how much net profit Blackrock earns for each $1 of revenue.

Revenue is the amount of profit Blackrock generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Blackrock earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Blackrock to the Asset Management industry mean.
Can be used to compare companies within the Asset Management industry.

You typically want a high profit margin. This means that for each $1 in sales, Blackrock makes more profit. This shows the investor how efficiently Blackrock is operating in general and compared to other companies in the same industry. Blackrock operates in the Asset Management industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Blackrock. If profit margins remain low (compared to the Asset Management industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Blackrock is 0.28. This means that Blackrock earned $0.28 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Asset Management industry is 62.7%.
What is the trend?
The trend is important because it shows you how Blackrock is performing over time. The most recent quarter might be important if Blackrock released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackrock up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Blackrock with other companies in the same industry (Asset Management).
Net profit margin should rise over the years.
Can be influenced when Blackrock sells assets (profit will increase while costs remain the same).
It won’t show what part of Blackrock is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Blackrock

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Blackrock = 1,375,000
Total revenue MRQ Blackrock = 4,896,000
$1,375,000 / $4,896,000 = 0.28 or 28.1%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Blackrock is using its assets to generate profit.

Above 5% is considered healthy but always compare Blackrock to the Asset Management industry mean.
1.1% Return on Assets means that Blackrock generated $0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of BlackRock Inc:

The MRQ is 1.1%. Using its assets, the company is less efficient in making profit.
The TTM is 1.1%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	1.1%	TTM	1.1%	0.0%
TTM	1.1%	YOY	1.0%	+0.1%
TTM	1.1%	5Y	0.9%	+0.2%
5Y	0.9%	10Y	0.7%	+0.2%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	1.1%	1.2%	-0.1%
TTM	1.1%	1.1%	+0.0%
YOY	1.0%	0.7%	+0.3%
5Y	0.9%	1.7%	-0.8%
10Y	0.7%	2.3%	-1.6%

Shows how efficient Blackrock is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Blackrock to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Blackrock is using its resources to generate profit. If the return on assets (1.1%) from Blackrock are higher than the Asset Management mean (1.2%) that means Blackrock is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Blackrock is 1.1%. This means the company generated $0.01 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Asset Management industry is 1.2%.
What is the trend?
The trend is important because it shows you how Blackrock is performing over time. The most recent quarter might be important if Blackrock released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackrock up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Blackrock

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Blackrock = 1,375,000
Total assets MRQ (balance sheet) from Blackrock = 123,211,000
1,375,000 / 123,211,000 = 0.01 or 1.1%

ROA is an important ratio as it will tell you how effectively Blackrock is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Blackrock is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Blackrock to the Asset Management industry mean.
3.5% Return on Equity means Blackrock generated $0.03 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of BlackRock Inc:

The MRQ is 3.5%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 3.6%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	3.5%	TTM	3.6%	-0.1%
TTM	3.6%	YOY	3.5%	+0.1%
TTM	3.6%	5Y	3.6%	-0.1%
5Y	3.6%	10Y	3.4%	+0.2%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	3.5%	2.4%	+1.1%
TTM	3.6%	2.2%	+1.4%
YOY	3.5%	1.6%	+1.9%
5Y	3.6%	2.8%	+0.8%
10Y	3.4%	3.4%	+0.0%

Shows how efficient Blackrock is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Blackrock to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Asset Management industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Blackrock is 3.5%. This means Blackrock generated $0.03 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Asset Management industry is 2.4%.
What is the trend?
The trend is important because it shows you how Blackrock is performing over time. The most recent quarter might be important if Blackrock released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackrock up to 10 years back (depending if Blackrock existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Blackrock

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Blackrock = 1,375,000
Shareholders equity (balance sheet) MRQ Blackrock = 39,347,000
1,375,000 / 39,347,000 = 0.03 or 3.5%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of BlackRock Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Blackrock is operating .

Measures how much profit Blackrock makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Blackrock to the Asset Management industry mean.
An Operating Margin of 39.0% means the company generated $0.39 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of BlackRock Inc:

The MRQ is 39.0%. The company is operating very efficient. +2
The TTM is 36.0%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	39.0%	TTM	36.0%	+3.0%
TTM	36.0%	YOY	35.7%	+0.3%
TTM	36.0%	5Y	37.8%	-1.8%
5Y	37.8%	10Y	39.5%	-1.7%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	39.0%	63.2%	-24.2%
TTM	36.0%	51.4%	-15.4%
YOY	35.7%	69.8%	-34.1%
5Y	37.8%	55.2%	-17.4%
10Y	39.5%	51.6%	-12.1%

Measures how efficient Blackrock is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Blackrock to the Asset Management industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Blackrock is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Blackrock is 39.0%. This means that Blackrock earned $0.39 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Asset Management industry is 63.2%.
What is the trend?
The trend is important because it shows you how Blackrock is performing over time. The most recent quarter might be important if Blackrock released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackrock up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Blackrock

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Blackrock = 1,909,000
Total revenue MRQ Blackrock = 4,896,000
$1,909,000 / $4,896,000 = 0.39 or 39.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Blackrock is keeping operating costs low.

Below 1 is considered healthy (always compare to Asset Management industry mean).
An Operation Ratio of 0.61 means that the operating costs are $0.61 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of BlackRock Inc:

The MRQ is 0.610. The company is efficient in keeping operating costs low. +1
The TTM is 0.558. The company is very efficient in keeping operating costs low. +2

Trends

Current period		Compared to		+/-
MRQ	0.610	TTM	0.558	+0.052
TTM	0.558	YOY	0.637	-0.079
TTM	0.558	5Y	0.607	-0.049
5Y	0.607	10Y	0.600	+0.007

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.610	0.450	+0.160
TTM	0.558	0.511	+0.047
YOY	0.637	0.368	+0.269
5Y	0.607	0.461	+0.146
10Y	0.600	0.515	+0.085

Measures how efficient Blackrock is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Blackrock to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Blackrock is 61.0%. This means that Blackrock earned $0.61 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Asset Management industry is 0.45.
What is the trend?
The trend is important because it shows you how Blackrock is performing over time. The most recent quarter might be important if Blackrock released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackrock up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Blackrock

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(820,000 +2,167,000) \ 4,896,000 = 0.61

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of BlackRock Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Blackrock is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Asset Management industry mean).
A Current Ratio of 15.46 means the company has $15.46 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of BlackRock Inc:

The MRQ is 15.462. The company is very able to pay all its short-term debts. +2
The TTM is 14.014. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	15.462	TTM	14.014	+1.448
TTM	14.014	YOY	12.060	+1.954
TTM	14.014	5Y	17.556	-3.543
5Y	17.556	10Y	21.737	-4.181

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	15.462	3.086	+12.376
TTM	14.014	3.144	+10.870
YOY	12.060	4.009	+8.051
5Y	17.556	5.237	+12.319
10Y	21.737	6.647	+15.090

Measures if Blackrock is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Asset Management industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Blackrock if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Blackrock is 15.46. This means Blackrock has $15.46 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Asset Management industry is 3.09.
What is the trend?
The trend is important because it shows you how Blackrock is performing over time. The most recent quarter might be important if Blackrock released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackrock up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Blackrock

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
19,173,000 \ 1,240,000) = 15.46

The current ratio measures if Blackrock is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Blackrock is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Blackrock does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Blackrock is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Blackrock is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Blackrock to the Asset Management industry mean.
A Quick Ratio of 13.67 means the company can pay off $13.67 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of BlackRock Inc:

The MRQ is 13.672. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 9.969. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	13.672	TTM	9.969	+3.702
TTM	9.969	YOY	11.461	-1.492
TTM	9.969	5Y	9.414	+0.555
5Y	9.414	10Y	8.218	+1.197

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	13.672	2.988	+10.684
TTM	9.969	3.357	+6.612
YOY	11.461	4.675	+6.786
5Y	9.414	6.479	+2.935
10Y	8.218	6.503	+1.715

Measures if Blackrock is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Blackrock to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Blackrock can pay off its short term debts. This shows if Blackrock can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Blackrock is 13.67. This means that Blackrock can pay off $13.67 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 2.99.
What is the trend?
The trend is important because it shows you how Blackrock is performing over time. The most recent quarter might be important if Blackrock released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackrock up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Blackrock

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Blackrock: (8,736,000 + 1,871,000 +6,346,000) / 1,240,000 = 13.67

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of BlackRock Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Blackrock assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Blackrock to Asset Management industry mean.
A Debt to Asset Ratio of 0.67 means that Blackrock assets are financed with 66.5% credit (debt) and the remaining percentage (100% - 66.5%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of BlackRock Inc:

The MRQ is 0.665. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.669. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.665	TTM	0.669	-0.004
TTM	0.669	YOY	0.691	-0.022
TTM	0.669	5Y	0.742	-0.073
5Y	0.742	10Y	0.802	-0.060

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.665	0.182	+0.483
TTM	0.669	0.181	+0.488
YOY	0.691	0.173	+0.518
5Y	0.742	0.187	+0.555
10Y	0.802	0.186	+0.616

Measures how much % of Blackrock assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Blackrock than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Blackrock to Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Blackrock is 0.67. This means means that Blackrock is financed with 66.5% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Asset Management industry is 308.6%.
What is the trend?
The trend is important because it shows you how Blackrock is performing over time. The most recent quarter might be important if Blackrock released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackrock up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Blackrock has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Blackrock

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
81,971,000 \ 123,211,000 = 66.5% or 0.67.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Blackrock is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Blackrock to the Asset Management industry mean.
A Debt to Equity ratio of 208.3% means that company has $2.08 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of BlackRock Inc:

The MRQ is 2.083. The company is just not able to pay all its debts with equity.
The TTM is 2.113. The company is just not able to pay all its debts with equity.

Trends

Current period		Compared to		+/-
MRQ	2.083	TTM	2.113	-0.029
TTM	2.113	YOY	2.330	-0.217
TTM	2.113	5Y	3.169	-1.056
5Y	3.169	10Y	4.844	-1.675

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	2.083	0.206	+1.877
TTM	2.113	0.202	+1.911
YOY	2.330	0.202	+2.128
5Y	3.169	0.246	+2.923
10Y	4.844	0.255	+4.589

Measures if Blackrock is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Blackrock is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Blackrock is 2.08. This means that Blackrock can pay off $2.08 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 0.21.
What is the trend?
The trend is important because it shows you how Blackrock is performing over time. The most recent quarter might be important if Blackrock released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackrock up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Blackrock

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
81,971,000 \ 39,347,000 = 2.08 or 208.3%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of BlackRock Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Blackrock generates.

Above 15 is considered overpriced but always compare Blackrock to the Asset Management industry mean.
A PE ratio of 22.17 means the investor is paying $22.17 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of BlackRock Inc:

The EOD is 20.691. Based on the earnings, the company is fair priced.
The MRQ is 22.170. Based on the earnings, the company is fair priced.
The TTM is 19.571. Based on the earnings, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	20.691	MRQ	22.170	-1.479
MRQ	22.170	TTM	19.571	+2.599
TTM	19.571	YOY	19.611	-0.040
TTM	19.571	5Y	19.247	+0.324
5Y	19.247	10Y	18.445	+0.802

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	20.691	6.087	+14.604
MRQ	22.170	5.836	+16.334
TTM	19.571	6.041	+13.530
YOY	19.611	3.370	+16.241
5Y	19.247	5.740	+13.507
10Y	18.445	7.751	+10.694

Measures how much money you pay for each share for every $1 in earnings Blackrock generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Blackrock to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Blackrock is 22.17. This means the investor is paying $22.17 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 5.84.
What is the trend?
The trend is important because it shows you how Blackrock is performing over time. The most recent quarter might be important if Blackrock released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackrock up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Blackrock

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 150,200 = EPS
PE ratio MRQ = 22.17

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of BlackRock Inc:

The EOD is 15.181. Based on how much money comes from the company's main activities, the company is underpriced. +1
The MRQ is 16.266. Based on how much money comes from the company's main activities, the company is underpriced. +1
The TTM is 1.848. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	15.181	MRQ	16.266	-1.085
MRQ	16.266	TTM	1.848	+14.418
TTM	1.848	YOY	-2.239	+4.087
TTM	1.848	5Y	2.010	-0.162
5Y	2.010	10Y	-0.531	+2.541

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	15.181	4.922	+10.259
MRQ	16.266	4.713	+11.553
TTM	1.848	3.487	-1.639
YOY	-2.239	1.706	-3.945
5Y	2.010	2.481	-0.471
10Y	-0.531	2.490	-3.021

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Blackrock is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Asset Management industry mean).
A PB ratio of 2.96 means the investor is paying $2.96 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of BlackRock Inc:

The EOD is 2.759. Based on the equity, the company is underpriced. +1
The MRQ is 2.957. Based on the equity, the company is underpriced. +1
The TTM is 2.639. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	2.759	MRQ	2.957	-0.197
MRQ	2.957	TTM	2.639	+0.318
TTM	2.639	YOY	2.611	+0.028
TTM	2.639	5Y	2.662	-0.024
5Y	2.662	10Y	2.419	+0.244

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	2.759	0.934	+1.825
MRQ	2.957	0.910	+2.047
TTM	2.639	0.910	+1.729
YOY	2.611	0.973	+1.638
5Y	2.662	1.012	+1.650
10Y	2.419	1.163	+1.256

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of BlackRock Inc.

3.1. Institutions holding BlackRock Inc

Institutions are holding 88.228% of the shares of BlackRock Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	8.6545	0.2286	12890245	22044	0.1713
2023-12-31	BlackRock Inc	6.4323	0.1983	9580403	-132774	-1.3669
2023-12-31	State Street Corporation	3.9316	0.2312	5855798	127174	2.22
2023-12-31	Temasek Holdings Ltd.	3.4239	23.1727	5099688	2949	0.0579
2023-12-31	Bank of America Corp	3.4038	0.4146	5069757	30977	0.6148
2023-12-31	Capital Research Global Investors	2.6311	0.7827	3918878	749654	23.6542
2023-12-31	Morgan Stanley - Brokerage Accounts	2.6094	0.278	3886480	517445	15.3588
2023-12-31	Capital World Investors	2.36	0.5075	3514999	1279952	57.2673
2023-12-31	Charles Schwab Investment Management Inc	2.1327	0.6535	3176471	-153079	-4.5976
2023-12-31	Geode Capital Management, LLC	1.7836	0.2249	2656604	37154	1.4184
2023-12-31	JPMorgan Chase & Co	1.7237	0.2002	2567269	24120	0.9484
2023-12-31	Wells Fargo & Co	1.7205	0.5427	2562525	-36298	-1.3967
2023-12-31	Capital Research & Mgmt Co - Division 3	1.6594	0.4498	2471621	58681	2.4319
2023-12-31	FMR Inc	1.5758	0.1464	2347007	241693	11.4801
2023-12-31	NORGES BANK	1.4994	0.3168	2233210	769810	52.6042
2023-12-31	Fisher Asset Management, LLC	1.3531	0.8651	2015337	47128	2.3945
2023-12-31	Wellington Management Company LLP	1.1522	0.2597	1716189	-29459	-1.6876
2023-12-31	Northern Trust Corp	1.0271	0.2248	1529825	-154624	-9.1795
2023-12-31	Ameriprise Financial Inc	1.0179	0.3685	1516148	-52742	-3.3617
2023-12-31	Goldman Sachs Group Inc	0.9706	0.1053	1445642	734121	103.1763
Total		51.0626	30.1713	76054096	+4083926	+5.4%

3.2. Funds holding BlackRock Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.8215	0.2196	4197312	-8844	-0.2103
2024-02-29	Vanguard Institutional 500 Index Trust	2.347	0.2649	3491412	35890	1.0386
2023-12-31	Capital Group Wash Mutual Invtrs Comp	2.071	1.4869	3080747	744254	31.8535
2023-12-31	American Funds Washington Mutual A	2.071	1.4869	3080747	744254	31.8535
2024-03-29	Schwab US Dividend Equity ETF™	1.7739	3.8922	2638837	4012	0.1523
2024-03-28	SPDR® S&P 500 ETF Trust	1.1424	0.2637	1699498	9960	0.5895
2024-02-29	Fidelity 500 Index	1.1274	0.2641	1677119	16876	1.0165
2024-03-28	iShares Core S&P 500 ETF	0.9743	0.2638	1449406	10624	0.7384
2023-12-31	JPM US Equity Income-Composite	0.8166	2.1294	1214767	-48823	-3.8638
2023-12-31	Vanguard Wellington™ Inv	0.7812	0.8784	1162080	0	0
2024-02-29	JPMorgan Equity Income I	0.7731	2.0343	1149993	-19802	-1.6928
2024-02-29	Vanguard Value Index Inv	0.7514	0.5589	1117754	3861	0.3466
2023-12-31	American Funds Income Fund of Amer A	0.6589	0.6639	980180	316598	47.7105
2023-12-31	American Funds Invmt Co of Amer A	0.6415	0.6129	954300	-27355	-2.7866
2023-12-31	Capital Group Investment Co of Amer Comp	0.6415	0.6129	954300	-27355	-2.7866
2024-03-28	Financial Select Sector SPDR® ETF	0.6224	2.0102	925856	1785	0.1932
2024-02-29	Vanguard Institutional Index I	0.6193	0.264	921205	-3690	-0.399
2023-06-30	MFS Large Cap Value (SMA)	0.5895	1.0471	876888	876888	0
2023-12-31	American Funds Growth Fund of Amer A	0.587	0.2847	873280	186794	27.2102
2023-12-31	Capital Group Growth Fnd of Amer Comp	0.587	0.2847	873280	186794	27.2102
Total		22.3979	19.5235	33318961	+3002721	+9.0%

3.3. Insider Transactions

Insiders are holding 0.961% of the shares of BlackRock Inc.

Date	Owner	Type	Amount	Price
2024-02-28	Laurence Fink	SELL	30978	809.92
2024-02-23	Rachel Lord	SELL	36059	818.06
2024-02-12	Stephen Cohen	SELL	950	805.55
2024-02-07	Christopher J Meade	SELL	3100	793.86
2024-02-05	J. Richard Kushel	SELL	520	784.69
2024-02-05	Marc D Comerchero	SELL	450	785.11
2024-02-02	Martin Small	SELL	7036	786.36
2024-02-01	J. Richard Kushel	SELL	3418	781.11
2024-01-22	Christopher J Meade	SELL	18000	282.54
2023-11-06	Laurence Fink	SELL	15385	652.03
2023-07-26	Laurence Fink	SELL	20200	742.04
2023-07-18	Mark Wiedman	SELL	2079	733.82
2023-04-18	Laurence Fink	SELL	35799	694.5
2023-04-17	J. Richard Kushel	SELL	3000	696

4. Summary

4.1. Key Performance Indicators

The key performance indicators of BlackRock Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	4.603	4.783	-4%	1.203	+283%	3.318	+39%	3.026	+52%
Book Value Per Share	-	-	274.567	266.828	+3%	251.886	+9%	241.298	+14%	209.507	+31%
Current Ratio	-	-	15.462	14.014	+10%	12.060	+28%	17.556	-12%	21.737	-29%
Debt To Asset Ratio	-	-	0.665	0.669	-1%	0.691	-4%	0.742	-10%	0.802	-17%
Debt To Equity Ratio	-	-	2.083	2.113	-1%	2.330	-11%	3.169	-34%	4.844	-57%
Dividend Per Share	-	-	4.947	5.035	-2%	4.888	+1%	4.196	+18%	3.296	+50%
Eps	-	-	9.154	9.130	+0%	8.464	+8%	8.428	+9%	7.078	+29%
Free Cash Flow Per Share	-	-	12.477	6.355	+96%	7.263	+72%	6.194	+101%	5.255	+137%
Free Cash Flow To Equity Per Share	-	-	9.128	3.055	+199%	-1.630	+118%	2.283	+300%	1.647	+454%
Gross Profit Margin	-	-	0.927	0.935	-1%	0.935	-1%	0.940	-1%	0.936	-1%
Intrinsic Value_10Y_max	-	-	342.290	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	161.305	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	28.997	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	20.324	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	91.165	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	57.824	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	158.207	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	91.484	-	-	-	-	-	-	-	-
Market Cap	112708014000.000	-8%	121932360000.000	106171381787.843	+15%	100648351844.998	+21%	99775669987.472	+22%	82257838802.231	+48%
Net Profit Margin	-	-	0.281	0.304	-7%	0.290	-3%	0.301	-7%	0.306	-8%
Operating Margin	-	-	0.390	0.360	+8%	0.357	+9%	0.378	+3%	0.395	-1%
Operating Ratio	-	-	0.610	0.558	+9%	0.637	-4%	0.607	+0%	0.600	+2%
Pb Ratio	2.759	-7%	2.957	2.639	+12%	2.611	+13%	2.662	+11%	2.419	+22%
Pe Ratio	20.691	-7%	22.170	19.571	+13%	19.611	+13%	19.247	+15%	18.445	+20%
Price Per Share	757.650	-7%	811.800	704.638	+15%	658.030	+23%	647.399	+25%	517.887	+57%
Price To Free Cash Flow Ratio	15.181	-7%	16.266	1.848	+780%	-2.239	+114%	2.010	+709%	-0.531	+103%
Price To Total Gains Ratio	79.337	-7%	85.007	73.074	+16%	128.852	-34%	93.805	-9%	91.118	-7%
Quick Ratio	-	-	13.672	9.969	+37%	11.461	+19%	9.414	+45%	8.218	+66%
Return On Assets	-	-	0.011	0.011	-2%	0.010	+8%	0.009	+24%	0.007	+66%
Return On Equity	-	-	0.035	0.036	-2%	0.035	+1%	0.036	-4%	0.034	+2%
Total Gains Per Share	-	-	9.550	9.818	-3%	6.090	+57%	7.515	+27%	6.322	+51%
Usd Book Value	-	-	41240000000.000	40208000000.000	+3%	38516500000.000	+7%	37208350000.000	+11%	33431775000.000	+23%
Usd Book Value Change Per Share	-	-	4.603	4.783	-4%	1.203	+283%	3.318	+39%	3.026	+52%
Usd Book Value Per Share	-	-	274.567	266.828	+3%	251.886	+9%	241.298	+14%	209.507	+31%
Usd Dividend Per Share	-	-	4.947	5.035	-2%	4.888	+1%	4.196	+18%	3.296	+50%
Usd Eps	-	-	9.154	9.130	+0%	8.464	+8%	8.428	+9%	7.078	+29%
Usd Free Cash Flow	-	-	1874000000.000	955250000.000	+96%	1105750000.000	+69%	951300000.000	+97%	835075000.000	+124%
Usd Free Cash Flow Per Share	-	-	12.477	6.355	+96%	7.263	+72%	6.194	+101%	5.255	+137%
Usd Free Cash Flow To Equity Per Share	-	-	9.128	3.055	+199%	-1.630	+118%	2.283	+300%	1.647	+454%
Usd Market Cap	112708014000.000	-8%	121932360000.000	106171381787.843	+15%	100648351844.998	+21%	99775669987.472	+22%	82257838802.231	+48%
Usd Price Per Share	757.650	-7%	811.800	704.638	+15%	658.030	+23%	647.399	+25%	517.887	+57%
Usd Profit	-	-	1375000000.000	1375500000.000	0%	1294500000.000	+6%	1299450000.000	+6%	1126650000.000	+22%
Usd Revenue	-	-	4896000000.000	4531000000.000	+8%	4468250000.000	+10%	4305750000.000	+14%	3668400000.000	+33%
Usd Total Gains Per Share	-	-	9.550	9.818	-3%	6.090	+57%	7.515	+27%	6.322	+51%
	EOD	+4 -4	MRQ	TTM	+20 -16	YOY	+29 -7	5Y	+26 -10	10Y	+26 -10

4.2. Fundamental Score

Let's check the fundamental score of BlackRock Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	20.691
Price to Book Ratio (EOD)	Between	0-1	2.759
Net Profit Margin (MRQ)	Greater than	0	0.281
Operating Margin (MRQ)	Greater than	0	0.390
Quick Ratio (MRQ)	Greater than	1	13.672
Current Ratio (MRQ)	Greater than	1	15.462
Debt to Asset Ratio (MRQ)	Less than	1	0.665
Debt to Equity Ratio (MRQ)	Less than	1	2.083
Return on Equity (MRQ)	Greater than	0.15	0.035
Return on Assets (MRQ)	Greater than	0.05	0.011
Total			5/10 (50.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

4.3. Technical Score

Let's check the technical score of BlackRock Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	37.699
Ma 20	Greater than	Ma 50	781.633
Ma 50	Greater than	Ma 100	801.873
Ma 100	Greater than	Ma 200	794.238
Open	Greater than	Close	754.310
Total			2/5 (40.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Current Liabilities		-541,000	-1,282,000	-1,823,000	9,000	-1,814,000	34,000	-1,780,000	2,025,000	245,000
Depreciation and Amortization		209,000	-87,000	122,000	7,000	129,000	-91,000	38,000	-152,000	-114,000

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	123,211,000
Total Liabilities	81,971,000
Total Stockholder Equity	39,347,000

	As reported
Total Liabilities	81,971,000
Total Stockholder Equity	+ 39,347,000
Total Assets	= 123,211,000

Assets

Total Assets	123,211,000
Total Current Assets	19,173,000
Long-term Assets	104,038,000

Total Current Assets

Total Current Assets (as reported)	19,173,000
Cash And Cash Equivalents	8,736,000
Short-term Investments	1,871,000
Net Receivables	6,346,000
Total Current Assets (calculated)	16,953,000
+/-	2,220,000

Long-term Assets

Long-term Assets (as reported)	104,038,000
Property Plant Equipment	2,533,000
Goodwill	15,524,000
Long Term Investments	7,777,000
Intangible Assets	18,258,000
Long-term Assets Other	58,457,000
Long-term Assets (calculated)	102,549,000
+/-	1,489,000

Liabilities & Shareholders' Equity

Total Current Liabilities	1,240,000
Long-term Liabilities	80,731,000
Total Stockholder Equity	39,347,000

Total Current Liabilities

Total Current Liabilities (as reported)	1,240,000
Short-term Debt	995,000
Other Current Liabilities	245,000
Total Current Liabilities (calculated)	1,240,000
+/-	0

Long-term Liabilities

Long-term Liabilities (as reported)	80,731,000
Long term Debt	7,918,000
Capital Lease Obligations	1,784,000
Long-term Liabilities Other	65,130,000
Long-term Liabilities (calculated)	74,832,000
+/-	5,899,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	39,347,000
Common Stock	2,000
Retained Earnings	32,343,000
Accumulated Other Comprehensive Income	-840,000
Other Stockholders Equity	7,842,000
Total Stockholder Equity (calculated)	39,347,000
+/-	0

Other

Capital Stock	2,000
Cash and Short Term Investments	8,736,000
Common Stock Shares Outstanding	150,200
Liabilities and Stockholders Equity	123,211,000
Net Debt	966,000
Net Invested Capital	47,265,000
Net Working Capital	17,933,000
Property Plant and Equipment Gross	3,972,000
Short Long Term Debt Total	9,702,000

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

2001-03-31

2000-12-31

2000-09-30

2000-06-30

2000-03-31

1999-12-31

1999-09-30

1999-06-30

1999-03-31

> Total Assets

0
0
443,400
447,582
388,430
433,729
492,495
537,003
500,443
571,234
643,770
684,478
666,644
734,294
789,574
864,188
836,397
900,668
3,484,802
967,223
909,442
966,452
1,077,001
1,145,235
1,493,918
1,562,544
1,673,104
1,848,000
1,841,052
1,923,921
17,874,676
20,469,492
20,881,989
21,992,177
23,078,534
22,561,515
21,816,404
22,017,252
21,696,672
19,924,000
19,223,000
20,409,000
21,380,000
177,994,000
168,060,000
162,266,000
174,504,000
178,459,000
178,422,000
185,048,000
174,282,000
179,896,000
185,518,000
182,480,000
192,828,000
200,451,000
200,738,000
193,745,000
212,717,000
219,873,000
216,297,000
231,693,000
222,812,000
239,808,000
242,714,000
237,008,000
222,216,000
225,261,000
222,958,000
222,055,000
226,739,000
220,177,000
230,586,000
217,488,000
220,567,000
220,217,000
216,017,000
195,549,000
174,862,000
159,573,000
165,008,000
163,347,000
163,872,000
168,622,000
149,020,000
157,342,000
165,118,000
176,982,000
173,859,000
176,962,000
169,636,000
152,648,000
143,327,000
125,966,000
115,430,000
117,628,000
121,398,000
122,644,000
118,585,000
123,211,000

123,211,000

118,585,000

122,644,000

121,398,000

117,628,000

115,430,000

125,966,000

143,327,000

152,648,000

169,636,000

176,962,000

173,859,000

176,982,000

165,118,000

157,342,000

149,020,000

168,622,000

163,872,000

163,347,000

165,008,000

159,573,000

174,862,000

195,549,000

216,017,000

220,217,000

220,567,000

217,488,000

230,586,000

220,177,000

226,739,000

222,055,000

222,958,000

225,261,000

222,216,000

237,008,000

242,714,000

239,808,000

222,812,000

231,693,000

216,297,000

219,873,000

212,717,000

193,745,000

200,738,000

200,451,000

192,828,000

182,480,000

185,518,000

179,896,000

174,282,000

185,048,000

178,422,000

178,459,000

174,504,000

162,266,000

168,060,000

177,994,000

21,380,000

20,409,000

19,223,000

19,924,000

21,696,672

22,017,252

21,816,404

22,561,515

23,078,534

21,992,177

20,881,989

20,469,492

17,874,676

1,923,921

1,841,052

1,848,000

1,673,104

1,562,544

1,493,918

1,145,235

1,077,001

966,452

909,442

967,223

3,484,802

900,668

836,397

864,188

789,574

734,294

666,644

684,478

643,770

571,234

500,443

537,003

492,495

433,729

388,430

447,582

443,400

> Total Current Assets

0
0
228,000
230,648
170,499
207,698
260,060
299,263
260,257
327,592
398,327
432,280
405,737
460,236
514,965
587,438
561,327
618,172
3,204,049
688,138
635,902
692,762
804,336
867,424
942,256
947,230
1,057,707
1,234,567
1,211,589
1,291,719
8,294,231
2,124,670
2,301,144
2,433,904
3,476,575
3,241,842
2,685,017
2,996,638
3,001,870
3,242,000
2,856,000
3,476,000
4,073,000
6,627,000
4,741,000
4,330,000
4,856,000
5,705,000
5,138,000
6,427,000
5,201,000
5,662,000
5,098,000
5,794,000
7,100,000
32,515,000
30,303,000
27,628,000
32,460,000
30,911,000
27,398,000
36,291,000
32,804,000
45,127,000
46,670,000
40,656,000
39,991,000
40,834,000
39,255,000
40,029,000
39,466,000
37,325,000
40,176,000
36,029,000
38,147,000
35,420,000
37,642,000
34,134,000
31,054,000
32,480,000
30,215,000
27,763,000
29,230,000
23,474,000
22,278,000
22,823,000
25,350,000
28,706,000
25,803,000
26,376,000
25,482,000
20,193,000
18,146,000
17,231,000
16,025,000
16,445,000
15,689,000
16,451,000
15,942,000
19,173,000

19,173,000

15,942,000

16,451,000

15,689,000

16,445,000

16,025,000

17,231,000

18,146,000

20,193,000

25,482,000

26,376,000

25,803,000

28,706,000

25,350,000

22,823,000

22,278,000

23,474,000

29,230,000

27,763,000

30,215,000

32,480,000

31,054,000

34,134,000

37,642,000

35,420,000

38,147,000

36,029,000

40,176,000

37,325,000

39,466,000

40,029,000

39,255,000

40,834,000

39,991,000

40,656,000

46,670,000

45,127,000

32,804,000

36,291,000

27,398,000

30,911,000

32,460,000

27,628,000

30,303,000

32,515,000

7,100,000

5,794,000

5,098,000

5,662,000

5,201,000

6,427,000

5,138,000

5,705,000

4,856,000

4,330,000

4,741,000

6,627,000

4,073,000

3,476,000

2,856,000

3,242,000

3,001,870

2,996,638

2,685,017

3,241,842

3,476,575

2,433,904

2,301,144

2,124,670

8,294,231

1,291,719

1,211,589

1,234,567

1,057,707

947,230

942,256

867,424

804,336

692,762

635,902

688,138

3,204,049

618,172

561,327

587,438

514,965

460,236

405,737

432,280

398,327

327,592

260,257

299,263

260,060

207,698

170,499

230,648

228,000

Cash And Cash Equivalents

0
0
0
157,129
88,670
116,633
158,928
192,590
145,377
99,231
152,832
186,451
111,828
169,533
213,675
255,234
191,214
180,833
241,567
315,941
301,109
296,696
379,431
457,673
312,286
367,386
396,514
484,223
368,098
368,687
943,901
1,160,304
1,018,828
1,356,250
2,320,579
1,656,200
1,194,180
1,427,522
1,793,293
2,032,000
1,793,000
2,305,000
2,763,000
4,708,000
2,703,000
2,183,000
2,636,000
3,460,000
2,779,000
2,861,000
2,983,000
3,560,000
2,647,000
3,639,000
4,515,000
4,903,000
4,232,000
3,793,000
4,080,000
4,551,000
4,585,000
5,497,000
6,324,000
6,001,000
4,572,000
4,971,000
5,749,000
6,231,000
5,084,000
5,237,000
5,615,000
6,175,000
5,814,000
5,582,000
6,247,000
7,038,000
6,081,000
6,724,000
6,580,000
6,488,000
4,061,000
4,023,000
4,607,000
4,829,000
4,406,000
5,466,000
6,507,000
8,664,000
6,267,000
6,416,000
7,361,000
9,323,000
7,262,000
6,481,000
6,797,000
7,416,000
5,644,000
6,834,000
7,316,000
8,736,000

8,736,000

7,316,000

6,834,000

5,644,000

7,416,000

6,797,000

6,481,000

7,262,000

9,323,000

7,361,000

6,416,000

6,267,000

8,664,000

6,507,000

5,466,000

4,406,000

4,829,000

4,607,000

4,023,000

4,061,000

6,488,000

6,580,000

6,724,000

6,081,000

7,038,000

6,247,000

5,582,000

5,814,000

6,175,000

5,615,000

5,237,000

5,084,000

6,231,000

5,749,000

4,971,000

4,572,000

6,001,000

6,324,000

5,497,000

4,585,000

4,551,000

4,080,000

3,793,000

4,232,000

4,903,000

4,515,000

3,639,000

2,647,000

3,560,000

2,983,000

2,861,000

2,779,000

3,460,000

2,636,000

2,183,000

2,703,000

4,708,000

2,763,000

2,305,000

1,793,000

2,032,000

1,793,293

1,427,522

1,194,180

1,656,200

2,320,579

1,356,250

1,018,828

1,160,304

943,901

368,687

368,098

484,223

396,514

367,386

312,286

457,673

379,431

296,696

301,109

315,941

241,567

180,833

191,214

255,234

213,675

169,533

111,828

186,451

152,832

99,231

145,377

192,590

158,928

116,633

88,670

157,129

Short-term Investments

0
0
2,500
2,255
2,196
10,004
14,207
13,316
20,703
142,444
140,708
139,126
170,245
163,003
180,462
208,743
244,637
304,717
2,550,443
234,923
177,288
236,369
240,513
227,497
325,392
282,807
292,267
298,668
338,361
347,253
1,616,211
2,097,574
2,194,863
2,484,127
2,680,751
0
1,922,928
1,941,525
2,145,744
0
0
0
0
0
0
0
0
0
0
1,331,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
62,000
17,000
17,000
0
0
0
0
0
0
0
0
0
0
0
0
7,262,000
7,615,000
7,302,000
6,907,000
1,331,000
0
0
0
1,871,000

1,871,000

1,331,000

6,907,000

7,302,000

7,615,000

7,262,000

17,000

62,000

1,331,000

2,145,744

1,941,525

1,922,928

2,680,751

2,484,127

2,194,863

2,097,574

1,616,211

347,253

338,361

298,668

292,267

282,807

325,392

227,497

240,513

236,369

177,288

234,923

2,550,443

304,717

244,637

208,743

180,462

163,003

170,245

139,126

140,708

142,444

20,703

13,316

14,207

10,004

2,196

2,255

2,500

Net Receivables

0
0
0
2,111
72,468
72,249
77,641
83,284
86,430
78,216
97,266
96,659
114,450
118,711
111,844
114,070
115,527
119,448
226,646
127,316
147,156
146,185
170,707
165,342
245,100
243,796
274,672
339,578
387,279
438,276
1,043,840
1,077,550
1,354,807
1,155,743
1,252,602
1,410,793
1,490,837
1,773,592
1,449,996
1,210,000
1,063,000
1,171,000
1,310,000
1,919,000
2,038,000
2,147,000
2,220,000
2,245,000
2,359,000
2,235,000
2,218,000
2,102,000
2,451,000
2,155,000
2,585,000
4,591,000
5,132,000
4,409,000
6,418,000
4,572,000
5,051,000
6,740,000
5,514,000
5,472,000
6,731,000
3,248,000
3,458,000
3,267,000
3,782,000
4,069,000
4,012,000
3,358,000
4,324,000
4,178,000
4,469,000
4,192,000
4,314,000
4,450,000
4,899,000
5,337,000
5,363,000
5,294,000
5,924,000
3,179,000
3,095,000
2,990,000
3,706,000
3,535,000
3,825,000
3,790,000
4,015,000
3,789,000
3,801,000
3,471,000
3,361,000
3,264,000
3,580,000
3,806,000
3,886,000
6,346,000

6,346,000

3,886,000

3,806,000

3,580,000

3,264,000

3,361,000

3,471,000

3,801,000

3,789,000

4,015,000

3,790,000

3,825,000

3,535,000

3,706,000

2,990,000

3,095,000

3,179,000

5,924,000

5,294,000

5,363,000

5,337,000

4,899,000

4,450,000

4,314,000

4,192,000

4,469,000

4,178,000

4,324,000

3,358,000

4,012,000

4,069,000

3,782,000

3,267,000

3,458,000

3,248,000

6,731,000

5,472,000

5,514,000

6,740,000

5,051,000

4,572,000

6,418,000

4,409,000

5,132,000

4,591,000

2,585,000

2,155,000

2,451,000

2,102,000

2,218,000

2,235,000

2,359,000

2,245,000

2,220,000

2,147,000

2,038,000

1,919,000

1,310,000

1,171,000

1,063,000

1,210,000

1,449,996

1,773,592

1,490,837

1,410,793

1,252,602

1,155,743

1,354,807

1,077,550

1,043,840

438,276

387,279

339,578

274,672

243,796

245,100

165,342

170,707

146,185

147,156

127,316

226,646

119,448

115,527

114,070

111,844

118,711

114,450

96,659

97,266

78,216

86,430

83,284

77,641

72,249

72,468

2,111

Other Current Assets

0
0
225,500
69,153
7,165
8,812
9,284
10,073
7,747
7,701
7,521
10,044
9,214
8,989
8,984
9,391
9,949
13,174
185,393
9,958
10,349
13,512
13,685
16,912
59,478
53,241
94,254
112,098
117,851
137,503
4,690,279
-2,210,758
-2,267,354
-2,562,216
-2,777,357
174,849
-1,922,928
-2,146,001
-2,387,163
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
33,718,000
0
0
0
31,401,000
0
0
0
27,851,000
0
26,321,000
27,485,000
24,246,000
27,309,000
22,977,000
19,628,000
20,672,000
20,830,000
18,485,000
18,738,000
15,506,000
14,980,000
14,392,000
15,358,000
16,692,000
15,711,000
16,170,000
14,106,000
7,388,000
7,083,000
-23,000
5,867,000
5,765,000
-10,743,000
-12,339,000
-13,147,000
-15,082,000

-15,082,000

-13,147,000

-12,339,000

-10,743,000

5,765,000

5,867,000

-23,000

7,083,000

7,388,000

14,106,000

16,170,000

15,711,000

16,692,000

15,358,000

14,392,000

14,980,000

15,506,000

18,738,000

18,485,000

20,830,000

20,672,000

19,628,000

22,977,000

27,309,000

24,246,000

27,485,000

26,321,000

27,851,000

31,401,000

33,718,000

-2,387,163

-2,146,001

-1,922,928

174,849

-2,777,357

-2,562,216

-2,267,354

-2,210,758

4,690,279

137,503

117,851

112,098

94,254

53,241

59,478

16,912

13,685

13,512

10,349

9,958

185,393

13,174

9,949

9,391

8,984

8,989

9,214

10,044

7,521

7,701

7,747

10,073

9,284

8,812

7,165

69,153

225,500

> Long-term Assets

0
0
215,400
216,934
217,931
226,031
232,435
237,740
240,186
243,642
245,443
252,198
260,907
274,058
274,609
276,750
275,070
282,496
280,753
279,085
273,540
273,690
272,665
277,811
551,662
615,314
615,397
613,433
629,463
632,202
9,580,445
11,354,231
11,384,986
11,527,398
11,494,242
19,319,673
12,314,625
12,307,660
12,295,061
16,682,000
16,367,000
16,933,000
17,307,000
171,367,000
163,319,000
157,936,000
169,648,000
172,754,000
173,284,000
178,621,000
169,081,000
174,234,000
180,420,000
176,686,000
185,728,000
167,936,000
170,435,000
166,117,000
180,257,000
188,962,000
188,899,000
195,402,000
190,008,000
194,681,000
196,044,000
196,352,000
182,225,000
184,427,000
183,703,000
182,026,000
187,273,000
182,852,000
190,410,000
181,459,000
182,420,000
184,797,000
178,375,000
161,415,000
143,808,000
127,093,000
134,793,000
135,584,000
134,642,000
145,148,000
126,742,000
134,519,000
139,768,000
148,276,000
148,056,000
150,586,000
144,154,000
132,455,000
125,181,000
108,735,000
99,405,000
101,183,000
105,709,000
106,193,000
102,643,000
104,038,000

104,038,000

102,643,000

106,193,000

105,709,000

101,183,000

99,405,000

108,735,000

125,181,000

132,455,000

144,154,000

150,586,000

148,056,000

148,276,000

139,768,000

134,519,000

126,742,000

145,148,000

134,642,000

135,584,000

134,793,000

127,093,000

143,808,000

161,415,000

178,375,000

184,797,000

182,420,000

181,459,000

190,410,000

182,852,000

187,273,000

182,026,000

183,703,000

184,427,000

182,225,000

196,352,000

196,044,000

194,681,000

190,008,000

195,402,000

188,899,000

188,962,000

180,257,000

166,117,000

170,435,000

167,936,000

185,728,000

176,686,000

180,420,000

174,234,000

169,081,000

178,621,000

173,284,000

172,754,000

169,648,000

157,936,000

163,319,000

171,367,000

17,307,000

16,933,000

16,367,000

16,682,000

12,295,061

12,307,660

12,314,625

19,319,673

11,494,242

11,527,398

11,384,986

11,354,231

9,580,445

632,202

629,463

613,433

615,397

615,314

551,662

277,811

272,665

273,690

273,540

279,085

280,753

282,496

275,070

276,750

274,609

274,058

260,907

252,198

245,443

243,642

240,186

237,740

232,435

226,031

217,931

216,934

215,400

Property Plant Equipment

0
0
18,700
22,677
26,087
28,661
37,678
45,598
50,658
56,728
61,142
70,510
79,420
92,772
93,527
93,923
92,215
90,292
88,455
87,006
87,716
88,098
88,377
93,701
107,977
115,323
123,687
129,451
136,972
142,526
193,752
214,784
226,710
245,120
250,481
266,460
270,607
265,399
274,295
260,000
256,000
252,000
250,000
445,000
450,000
433,000
429,000
428,000
479,000
521,000
545,000
537,000
545,000
571,000
560,000
557,000
529,000
524,000
523,000
525,000
508,000
496,000
468,000
467,000
537,000
545,000
543,000
581,000
581,000
576,000
564,000
559,000
546,000
549,000
571,000
592,000
589,000
581,000
588,000
643,000
656,000
659,000
669,000
715,000
714,000
697,000
693,000
681,000
671,000
741,000
2,501,000
2,383,000
2,434,000
2,443,000
2,456,000
2,547,000
2,540,000
2,509,000
2,487,000
2,533,000

2,533,000

2,487,000

2,509,000

2,540,000

2,547,000

2,456,000

2,443,000

2,434,000

2,383,000

2,501,000

741,000

671,000

681,000

693,000

697,000

714,000

715,000

669,000

659,000

656,000

643,000

588,000

581,000

589,000

592,000

571,000

549,000

546,000

559,000

564,000

576,000

581,000

543,000

545,000

537,000

467,000

468,000

496,000

508,000

525,000

523,000

524,000

529,000

557,000

560,000

571,000

545,000

537,000

545,000

521,000

479,000

428,000

429,000

433,000

450,000

445,000

250,000

252,000

256,000

260,000

274,295

265,399

270,607

266,460

250,481

245,120

226,710

214,784

193,752

142,526

136,972

129,451

123,687

115,323

107,977

93,701

88,377

88,098

87,716

87,006

88,455

90,292

92,215

93,923

93,527

92,772

79,420

70,510

61,142

56,728

50,658

45,598

37,678

28,661

26,087

22,677

18,700

Goodwill

0
0
0
194,257
191,844
0
0
0
0
0
0
0
0
0
0
174,955
0
0
0
177,945
177,945
177,945
176,924
176,924
187,637
189,890
189,814
176,923
200,352
199,385
3,504,726
5,257,017
5,306,882
5,461,961
5,454,521
5,519,714
5,500,414
5,535,174
5,543,993
5,533,000
5,736,000
5,723,000
5,718,000
12,570,000
12,641,000
12,640,000
12,641,000
12,805,000
12,804,000
12,802,000
12,797,000
12,792,000
12,899,000
12,888,000
12,908,000
12,910,000
12,904,000
12,899,000
12,938,000
12,980,000
12,975,000
12,971,000
12,966,000
12,961,000
12,975,000
12,970,000
12,965,000
13,123,000
13,119,000
13,128,000
13,124,000
13,118,000
13,113,000
13,199,000
13,226,000
13,220,000
13,217,000
13,215,000
13,526,000
13,526,000
13,524,000
14,511,000
14,552,000
14,562,000
14,559,000
14,556,000
14,554,000
14,551,000
15,348,000
15,362,000
15,360,000
15,351,000
15,349,000
15,346,000
15,344,000
15,341,000
15,339,000
15,338,000
15,516,000
15,524,000

15,524,000

15,516,000

15,338,000

15,339,000

15,341,000

15,344,000

15,346,000

15,349,000

15,351,000

15,360,000

15,362,000

15,348,000

14,551,000

14,554,000

14,556,000

14,559,000

14,562,000

14,552,000

14,511,000

13,524,000

13,526,000

13,215,000

13,217,000

13,220,000

13,226,000

13,199,000

13,113,000

13,118,000

13,124,000

13,128,000

13,119,000

13,123,000

12,965,000

12,970,000

12,975,000

12,961,000

12,966,000

12,971,000

12,975,000

12,980,000

12,938,000

12,899,000

12,904,000

12,910,000

12,908,000

12,888,000

12,899,000

12,792,000

12,797,000

12,802,000

12,804,000

12,805,000

12,641,000

12,640,000

12,641,000

12,570,000

5,718,000

5,723,000

5,736,000

5,533,000

5,543,993

5,535,174

5,500,414

5,519,714

5,454,521

5,461,961

5,306,882

5,257,017

3,504,726

199,385

200,352

176,923

189,814

189,890

187,637

176,924

177,945

174,955

191,844

194,257

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,096,000
1,463,000
1,512,000
1,540,000
1,528,000
1,598,000
1,525,000
1,631,000
1,951,000
1,879,000
1,864,000
1,750,000
1,711,000
1,773,000
1,878,000
2,151,000
2,092,000
2,095,000
1,951,000
1,921,000
2,204,000
1,436,000
1,372,000
1,578,000
1,504,000
1,476,000
1,731,000
1,595,000
1,857,000
1,942,000
1,928,000
1,981,000
2,050,000
1,813,000
1,760,000
1,796,000
1,917,000
1,989,000
2,117,000
5,489,000
5,240,000
5,171,000
6,307,000
6,919,000
7,145,000
7,595,000
7,101,000
7,262,000
7,615,000
7,302,000
6,907,000
7,466,000
8,172,000
9,124,000
9,835,000
7,777,000

7,777,000

9,835,000

9,124,000

8,172,000

7,466,000

6,907,000

7,302,000

7,615,000

7,262,000

7,101,000

7,595,000

7,145,000

6,919,000

6,307,000

5,171,000

5,240,000

5,489,000

2,117,000

1,989,000

1,917,000

1,796,000

1,760,000

1,813,000

2,050,000

1,981,000

1,928,000

1,942,000

1,857,000

1,595,000

1,731,000

1,476,000

1,504,000

1,578,000

1,372,000

1,436,000

2,204,000

1,921,000

1,951,000

2,095,000

2,092,000

2,151,000

1,878,000

1,773,000

1,711,000

1,750,000

1,864,000

1,879,000

1,951,000

1,631,000

1,525,000

1,598,000

1,528,000

1,540,000

1,512,000

1,463,000

1,096,000

Intangible Assets

0
0
196,700
0
0
197,370
194,757
192,142
189,528
186,914
184,301
181,688
181,487
181,286
181,082
182,827
182,855
192,204
192,298
192,079
185,824
185,592
184,288
184,110
443,685
499,991
491,710
483,982
292,139
290,291
5,881,967
5,882,430
5,851,394
5,820,317
5,789,240
6,553,122
6,543,604
6,507,087
6,476,773
6,441,000
6,405,000
6,371,000
6,335,000
17,648,000
17,626,000
17,586,000
17,546,000
17,512,000
17,472,000
17,434,000
17,395,000
17,356,000
17,480,000
17,441,000
17,442,000
17,402,000
17,362,000
17,322,000
17,513,000
17,501,000
17,459,000
17,418,000
17,378,000
17,344,000
17,429,000
17,394,000
17,360,000
17,372,000
17,347,000
17,412,000
17,387,000
17,363,000
17,338,000
17,423,000
17,400,000
17,389,000
17,378,000
17,367,000
17,854,000
17,839,000
17,824,000
18,477,000
18,407,000
18,369,000
18,344,000
18,317,000
18,290,000
18,263,000
18,516,000
18,514,000
18,476,000
18,453,000
18,415,000
18,377,000
18,339,000
18,302,000
18,265,000
18,228,000
18,291,000
18,258,000

18,258,000

18,291,000

18,228,000

18,265,000

18,302,000

18,339,000

18,377,000

18,415,000

18,453,000

18,476,000

18,514,000

18,516,000

18,263,000

18,290,000

18,317,000

18,344,000

18,369,000

18,407,000

18,477,000

17,824,000

17,839,000

17,854,000

17,367,000

17,378,000

17,389,000

17,400,000

17,423,000

17,338,000

17,363,000

17,387,000

17,412,000

17,347,000

17,372,000

17,360,000

17,394,000

17,429,000

17,344,000

17,378,000

17,418,000

17,459,000

17,501,000

17,513,000

17,322,000

17,362,000

17,402,000

17,442,000

17,441,000

17,480,000

17,356,000

17,395,000

17,434,000

17,472,000

17,512,000

17,546,000

17,586,000

17,626,000

17,648,000

6,335,000

6,371,000

6,405,000

6,441,000

6,476,773

6,507,087

6,543,604

6,553,122

5,789,240

5,820,317

5,851,394

5,882,430

5,881,967

290,291

292,139

483,982

491,710

499,991

443,685

184,110

184,288

185,592

185,824

192,079

192,298

192,204

182,855

182,827

181,082

181,286

181,487

181,688

184,301

186,914

189,528

192,142

194,757

197,370

196,700

Other Assets

0
0
0
0
201,205
216,186
218,248
215,531
217,978
337,059
332,530
330,858
343,388
335,478
354,764
385,064
403,123
473,962
432,546
418,291
347,984
393,090
396,847
412,970
728,533
771,532
814,494
832,866
879,731
915,741
15,459,907
6,990,591
7,195,859
8,030,875
8,107,717
18,785,978
6,816,762
6,712,954
6,399,741
16,256,000
15,916,000
16,547,000
16,914,000
170,484,000
162,542,000
157,174,000
168,927,000
172,138,000
172,542,000
179,273,000
168,325,000
173,322,000
179,610,000
175,946,000
185,044,000
192,292,000
193,054,000
186,754,000
203,298,000
211,901,000
207,767,000
221,042,000
212,912,000
230,478,000
233,900,000
228,485,000
212,754,000
215,188,000
214,045,000
212,672,000
217,293,000
210,121,000
220,079,000
207,654,000
209,874,000
208,820,000
206,315,000
128,138,000
109,771,000
92,572,000
99,971,000
17,000
97,959,000
104,037,000
86,818,000
94,884,000
102,828,000
131,288,000
109,935,000
132,139,000
165,621,000
95,000,000
160,847,000
72,546,000
62,226,000
61,776,000
71,234,000
70,802,000
67,641,000
70,738,000

70,738,000

67,641,000

70,802,000

71,234,000

61,776,000

62,226,000

72,546,000

160,847,000

95,000,000

165,621,000

132,139,000

109,935,000

131,288,000

102,828,000

94,884,000

86,818,000

104,037,000

97,959,000

17,000

99,971,000

92,572,000

109,771,000

128,138,000

206,315,000

208,820,000

209,874,000

207,654,000

220,079,000

210,121,000

217,293,000

212,672,000

214,045,000

215,188,000

212,754,000

228,485,000

233,900,000

230,478,000

212,912,000

221,042,000

207,767,000

211,901,000

203,298,000

186,754,000

193,054,000

192,292,000

185,044,000

175,946,000

179,610,000

173,322,000

168,325,000

179,273,000

172,542,000

172,138,000

168,927,000

157,174,000

162,542,000

170,484,000

16,914,000

16,547,000

15,916,000

16,256,000

6,399,741

6,712,954

6,816,762

18,785,978

8,107,717

8,030,875

7,195,859

6,990,591

15,459,907

915,741

879,731

832,866

814,494

771,532

728,533

412,970

396,847

393,090

347,984

418,291

432,546

473,962

403,123

385,064

354,764

335,478

343,388

330,858

332,530

337,059

217,978

215,531

218,248

216,186

201,205

> Total Liabilities

0
0
295,000
167,056
88,424
112,542
148,947
168,762
98,629
142,362
186,248
198,361
143,640
173,076
193,650
229,534
168,195
191,681
2,519,361
252,676
182,191
202,212
333,328
359,714
623,493
698,352
796,328
916,143
835,742
862,818
6,398,994
8,578,520
8,798,769
9,480,352
10,351,343
10,386,350
9,422,699
9,343,155
8,640,516
7,367,000
6,949,000
7,451,000
8,089,000
153,392,000
143,192,000
137,112,000
148,824,000
152,125,000
151,706,000
160,378,000
149,343,000
154,534,000
159,915,000
157,558,000
167,519,000
174,834,000
175,071,000
167,920,000
186,531,000
193,203,000
189,596,000
204,627,000
195,528,000
212,288,000
215,058,000
208,878,000
193,735,000
196,217,000
193,972,000
192,900,000
197,178,000
190,833,000
201,071,000
187,601,000
190,150,000
187,926,000
183,434,000
162,679,000
141,789,000
126,033,000
132,637,000
130,687,000
130,268,000
133,693,000
114,510,000
123,308,000
129,102,000
139,326,000
136,019,000
138,572,000
131,270,000
113,755,000
104,468,000
87,661,000
77,313,000
78,843,000
82,333,000
82,748,000
77,954,000
81,971,000

81,971,000

77,954,000

82,748,000

82,333,000

78,843,000

77,313,000

87,661,000

104,468,000

113,755,000

131,270,000

138,572,000

136,019,000

139,326,000

129,102,000

123,308,000

114,510,000

133,693,000

130,268,000

130,687,000

132,637,000

126,033,000

141,789,000

162,679,000

183,434,000

187,926,000

190,150,000

187,601,000

201,071,000

190,833,000

197,178,000

192,900,000

193,972,000

196,217,000

193,735,000

208,878,000

215,058,000

212,288,000

195,528,000

204,627,000

189,596,000

193,203,000

186,531,000

167,920,000

175,071,000

174,834,000

167,519,000

157,558,000

159,915,000

154,534,000

149,343,000

160,378,000

151,706,000

152,125,000

148,824,000

137,112,000

143,192,000

153,392,000

8,089,000

7,451,000

6,949,000

7,367,000

8,640,516

9,343,155

9,422,699

10,386,350

10,351,343

9,480,352

8,798,769

8,578,520

6,398,994

862,818

835,742

916,143

796,328

698,352

623,493

359,714

333,328

202,212

182,191

252,676

2,519,361

191,681

168,195

229,534

193,650

173,076

143,640

198,361

186,248

142,362

98,629

168,762

148,947

112,542

88,424

167,056

295,000

> Total Current Liabilities

0
0
16,100
28,905
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,435,000
9,630,000
10,637,000
10,863,000
2,289,905
9,055,000
8,941,000
8,563,000
1,674,000
1,088,000
1,333,000
1,603,000
5,000,000
2,924,000
2,519,000
2,631,000
2,745,000
1,930,000
2,625,000
2,399,000
2,428,000
3,491,000
3,438,000
4,598,000
1,169,000
1,657,000
1,271,000
3,322,000
1,084,000
1,615,000
3,091,000
1,576,000
1,035,000
1,714,000
1,284,000
1,343,000
1,068,000
1,385,000
1,615,000
1,354,000
1,094,000
2,000,000
1,520,000
1,652,000
1,161,000
1,421,000
1,216,000
6,394,000
1,292,000
6,191,000
1,277,000
1,252,000
1,167,000
982,000
914,000
988,000
1,028,000
1,196,000
1,238,000
1,402,000
1,397,000
1,451,000
1,324,000
1,601,000
1,294,000
1,183,000
1,156,000
1,217,000
1,240,000

1,240,000

1,217,000

1,156,000

1,183,000

1,294,000

1,601,000

1,324,000

1,451,000

1,397,000

1,402,000

1,238,000

1,196,000

1,028,000

988,000

914,000

982,000

1,167,000

1,252,000

1,277,000

6,191,000

1,292,000

6,394,000

1,216,000

1,421,000

1,161,000

1,652,000

1,520,000

2,000,000

1,094,000

1,354,000

1,615,000

1,385,000

1,068,000

1,343,000

1,284,000

1,714,000

1,035,000

1,576,000

3,091,000

1,615,000

1,084,000

3,322,000

1,271,000

1,657,000

1,169,000

4,598,000

3,438,000

3,491,000

2,428,000

2,399,000

2,625,000

1,930,000

2,745,000

2,631,000

2,519,000

2,924,000

5,000,000

1,603,000

1,333,000

1,088,000

1,674,000

8,563,000

8,941,000

9,055,000

2,289,905

10,863,000

10,637,000

9,630,000

9,435,000

28,905

16,100

Short-term Debt

0
0
16,100
28,200
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
550,000
360,000
450,000
300,000
300,000
300,000
200,000
200,000
200,000
200,000
200,000
2,234,000
880,000
444,000
100,000
100,000
17,236,000
600,000
100,000
100,000
1,647,000
1,539,000
1,943,000
100,000
100,000
19,426,000
0
0
0
5,936,000
5,937,000
4,938,000
4,938,000
4,947,000
0
4,930,000
0
0
0
4,915,000
0
4,970,000
5,000,000
5,014,000
5,036,000
4,994,000
4,991,000
0
4,966,000
0
0
0
0
0
0
4,966,000
0
0
1,946,000
7,488,000
1,842,000
1,815,000
1,773,000
1,835,000
1,823,000
1,814,000
1,780,000
995,000

995,000

1,780,000

1,814,000

1,823,000

1,835,000

1,773,000

1,815,000

1,842,000

7,488,000

1,946,000

4,966,000

4,991,000

4,994,000

5,036,000

5,014,000

5,000,000

4,970,000

4,915,000

4,930,000

4,947,000

4,938,000

5,937,000

5,936,000

19,426,000

100,000

1,943,000

1,539,000

1,647,000

100,000

600,000

17,236,000

100,000

444,000

880,000

2,234,000

200,000

300,000

450,000

360,000

550,000

28,200

16,100

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
750,000
0
0
0
4,930,000
0
0
0
4,915,000
0
4,970,000
5,000,000
5,014,000
5,036,000
4,994,000
4,994,000
0
4,966,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

4,966,000

4,994,000

5,036,000

5,014,000

5,000,000

4,970,000

4,915,000

4,930,000

750,000

Accounts payable

0
0
0
705
48,088
39,761
41,140
27,014
36,544
43,426
58,645
35,047
50,234
37,752
35,195
13,986
55,930
49,494
108,567
19,430
74,817
49,919
55,959
27,185
89,910
49,338
80,478
75,779
174,626
110,764
748,548
582,461
902,078
937,237
1,022,818
788,968
1,215,245
1,029,636
731,367
545,000
551,000
628,000
712,000
845,000
2,044,000
2,075,000
1,234,000
1,068,000
1,366,000
1,128,000
2,299,000
923,000
1,835,000
848,000
1,427,000
1,055,000
1,657,000
1,271,000
3,322,000
1,084,000
1,615,000
3,091,000
1,576,000
1,035,000
1,714,000
1,284,000
1,343,000
1,068,000
1,385,000
1,615,000
1,354,000
1,094,000
2,000,000
1,520,000
1,652,000
1,161,000
1,421,000
1,216,000
1,403,000
1,292,000
1,225,000
1,277,000
1,252,000
1,167,000
982,000
914,000
988,000
1,028,000
2,273,000
1,238,000
3,745,000
4,348,000
2,555,000
1,324,000
1,601,000
1,202,000
1,183,000
1,156,000
1,217,000
0

1,217,000

1,156,000

1,183,000

1,202,000

1,601,000

1,324,000

2,555,000

4,348,000

3,745,000

1,238,000

2,273,000

1,028,000

988,000

914,000

982,000

1,167,000

1,252,000

1,277,000

1,225,000

1,292,000

1,403,000

1,216,000

1,421,000

1,161,000

1,652,000

1,520,000

2,000,000

1,094,000

1,354,000

1,615,000

1,385,000

1,068,000

1,343,000

1,284,000

1,714,000

1,035,000

1,576,000

3,091,000

1,615,000

1,084,000

3,322,000

1,271,000

1,657,000

1,055,000

1,427,000

848,000

1,835,000

923,000

2,299,000

1,128,000

1,366,000

1,068,000

1,234,000

2,075,000

2,044,000

845,000

712,000

628,000

551,000

545,000

731,367

1,029,636

1,215,245

788,968

1,022,818

937,237

902,078

582,461

748,548

110,764

174,626

75,779

80,478

49,338

89,910

27,185

55,959

49,919

74,817

19,430

108,567

49,494

55,930

13,986

35,195

37,752

50,234

35,047

58,645

43,426

36,544

27,014

41,140

39,761

48,088

705

Other Current Liabilities

0
0
0
0
38,800
63,950
96,498
138,141
60,596
93,630
115,785
146,019
0
0
0
197,024
92,581
118,200
162,650
213,115
0
0
0
210,984
0
0
0
522,637
0
0
865,295
9,435,000
8,177,922
9,339,763
10,413,000
1,200,937
8,755,000
8,641,000
8,363,000
929,000
888,000
1,133,000
1,403,000
1,921,000
2,044,000
2,075,000
1,297,000
1,577,000
564,000
897,000
2,299,000
1,405,000
1,844,000
1,899,000
9,000
14,000
602,000
948,000
1,322,000
1,747,000
668,000
1,079,000
1,487,000
1,865,000
684,000
1,137,000
1,561,000
1,971,000
672,000
1,064,000
1,481,000
1,880,000
769,000
1,140,000
1,614,000
2,153,000
788,000
22,960,000
19,575,000
20,996,000
20,791,000
18,446,000
18,699,000
15,759,000
14,786,000
14,397,000
-3,742,000
-3,673,000
1,196,000
1,238,000
-544,000
-6,091,000
-391,000
-4,616,000
-4,468,000
-541,000
-1,823,000
-1,814,000
-1,780,000
245,000

245,000

-1,780,000

-1,814,000

-1,823,000

-541,000

-4,468,000

-4,616,000

-391,000

-6,091,000

-544,000

1,238,000

1,196,000

-3,673,000

-3,742,000

14,397,000

14,786,000

15,759,000

18,699,000

18,446,000

20,791,000

20,996,000

19,575,000

22,960,000

788,000

2,153,000

1,614,000

1,140,000

769,000

1,880,000

1,481,000

1,064,000

672,000

1,971,000

1,561,000

1,137,000

684,000

1,865,000

1,487,000

1,079,000

668,000

1,747,000

1,322,000

948,000

602,000

14,000

9,000

1,899,000

1,844,000

1,405,000

2,299,000

897,000

564,000

1,577,000

1,297,000

2,075,000

2,044,000

1,921,000

1,403,000

1,133,000

888,000

929,000

8,363,000

8,641,000

8,755,000

1,200,937

10,413,000

9,339,763

8,177,922

9,435,000

865,295

522,637

210,984

213,115

162,650

118,200

92,581

197,024

146,019

115,785

93,630

60,596

138,141

96,498

63,950

38,800

> Long-term Liabilities

0
0
137,100
28,200
0
0
0
0
0
0
7,344
0
0
0
0
0
0
0
2,035,637
0
0
0
0
0
250,000
250,000
250,000
253,791
253,791
253,170
531,359
253,000
253,000
252,000
947,000
8,096,445
947,000
947,000
947,000
5,693,000
5,861,000
6,118,000
6,486,000
148,392,000
140,268,000
134,593,000
146,193,000
149,380,000
149,776,000
157,753,000
146,944,000
152,106,000
156,424,000
154,120,000
162,921,000
173,665,000
173,414,000
166,649,000
183,209,000
192,119,000
187,981,000
201,536,000
193,952,000
211,253,000
213,344,000
207,594,000
192,392,000
195,149,000
192,587,000
191,285,000
195,824,000
189,739,000
199,071,000
186,081,000
188,498,000
186,765,000
182,013,000
161,463,000
135,395,000
124,741,000
126,446,000
129,410,000
129,016,000
132,526,000
113,528,000
122,394,000
128,114,000
138,298,000
134,823,000
137,334,000
129,868,000
112,358,000
103,017,000
86,337,000
75,712,000
77,549,000
81,150,000
81,592,000
76,737,000
80,731,000

80,731,000

76,737,000

81,592,000

81,150,000

77,549,000

75,712,000

86,337,000

103,017,000

112,358,000

129,868,000

137,334,000

134,823,000

138,298,000

128,114,000

122,394,000

113,528,000

132,526,000

129,016,000

129,410,000

126,446,000

124,741,000

135,395,000

161,463,000

182,013,000

186,765,000

188,498,000

186,081,000

199,071,000

189,739,000

195,824,000

191,285,000

192,587,000

195,149,000

192,392,000

207,594,000

213,344,000

211,253,000

193,952,000

201,536,000

187,981,000

192,119,000

183,209,000

166,649,000

173,414,000

173,665,000

162,921,000

154,120,000

156,424,000

152,106,000

146,944,000

157,753,000

149,776,000

149,380,000

146,193,000

134,593,000

140,268,000

148,392,000

6,486,000

6,118,000

5,861,000

5,693,000

947,000

8,096,445

947,000

252,000

253,000

531,359

253,170

253,791

250,000

2,035,637

7,344

28,200

137,100

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,286,000
3,262,000
3,258,000
3,259,000
3,255,000
4,688,000
4,690,000
4,690,000
4,690,000
6,185,000
6,186,000
5,687,000
5,687,000
4,938,000
4,938,000
4,939,000
5,936,000
0
0
0
0
0
4,950,000
4,930,000
4,968,000
4,950,000
4,961,000
4,915,000
5,619,000
4,970,000
5,000,000
5,014,000
5,036,000
4,994,000
4,991,000
4,979,000
4,966,000
5,964,000
5,932,000
4,955,000
5,933,000
7,190,000
7,227,000
7,264,000
7,232,000
6,491,000
6,474,000
7,446,000
7,430,000
6,635,000
6,591,000
6,654,000
6,669,000
7,904,000
7,884,000
0

7,884,000

7,904,000

6,669,000

6,654,000

6,591,000

6,635,000

7,430,000

7,446,000

6,474,000

6,491,000

7,232,000

7,264,000

7,227,000

7,190,000

5,933,000

4,955,000

5,932,000

5,964,000

4,966,000

4,979,000

4,991,000

4,994,000

5,036,000

5,014,000

5,000,000

4,970,000

5,619,000

4,915,000

4,961,000

4,950,000

4,968,000

4,930,000

4,950,000

5,936,000

4,939,000

4,938,000

5,687,000

6,186,000

6,185,000

4,690,000

4,688,000

3,255,000

3,259,000

3,258,000

3,262,000

3,286,000

Warrants

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
79,000
94,000
54,000
6,000
4,000
4,000
1,000
92,000
79,000
38,000
28,000
32,000
36,000
70,000
41,000
54,000
88,000
47,000
49,000
35,000
180,000
258,000
258,000
464,000
517,000
520,000
600,000
194,000
309,000
271,000
320,000
416,000
561,000
686,000
603,000
1,107,000
1,009,000
710,000
1,137,000
1,316,000
1,440,000
1,248,000
2,084,000
2,322,000
2,411,000
2,242,000
1,437,000
1,087,000
1,263,000
1,103,000
828,000
909,000
1,235,000
0
0
0

1,235,000

909,000

828,000

1,103,000

1,263,000

1,087,000

1,437,000

2,242,000

2,411,000

2,322,000

2,084,000

1,248,000

1,440,000

1,316,000

1,137,000

710,000

1,009,000

1,107,000

603,000

686,000

561,000

416,000

320,000

271,000

309,000

194,000

600,000

520,000

517,000

464,000

258,000

180,000

35,000

49,000

47,000

88,000

54,000

41,000

70,000

36,000

32,000

28,000

38,000

79,000

92,000

1,000

4,000

6,000

54,000

94,000

79,000

Other Liabilities

0
0
0
0
1,536
791
3,269
3,607
1,489
5,306
11,818
17,295
93,406
135,324
158,455
18,524
19,684
23,987
106,960
20,131
107,374
152,293
277,369
121,545
283,583
399,014
465,850
63,936
407,325
498,884
4,531,981
4,781,571
4,882,966
5,382,701
5,331,577
5,203,791
4,522,237
4,407,379
3,897,428
3,025,000
3,117,000
3,515,000
3,912,000
139,871,000
130,503,000
124,599,000
136,301,000
139,423,000
139,724,000
146,356,000
135,325,000
140,541,000
146,338,000
142,572,000
151,448,000
158,750,000
159,414,000
153,300,000
169,644,000
177,979,000
173,892,000
186,645,000
178,583,000
196,072,000
198,681,000
196,511,000
180,960,000
183,397,000
182,010,000
180,372,000
184,550,000
178,104,000
187,653,000
174,990,000
176,918,000
176,060,000
172,673,000
132,324,000
114,165,000
97,035,000
104,047,000
103,026,000
101,975,000
109,077,000
90,967,000
98,570,000
103,124,000
111,218,000
110,048,000
112,223,000
104,970,000
92,994,000
85,535,000
69,176,000
59,699,000
61,004,000
0
0
60,507,000
0

60,507,000

61,004,000

59,699,000

69,176,000

85,535,000

92,994,000

104,970,000

112,223,000

110,048,000

111,218,000

103,124,000

98,570,000

90,967,000

109,077,000

101,975,000

103,026,000

104,047,000

97,035,000

114,165,000

132,324,000

172,673,000

176,060,000

176,918,000

174,990,000

187,653,000

178,104,000

184,550,000

180,372,000

182,010,000

183,397,000

180,960,000

196,511,000

198,681,000

196,072,000

178,583,000

186,645,000

173,892,000

177,979,000

169,644,000

153,300,000

159,414,000

158,750,000

151,448,000

142,572,000

146,338,000

140,541,000

135,325,000

146,356,000

139,724,000

139,423,000

136,301,000

124,599,000

130,503,000

139,871,000

3,912,000

3,515,000

3,117,000

3,025,000

3,897,428

4,407,379

4,522,237

5,203,791

5,331,577

5,382,701

4,882,966

4,781,571

4,531,981

498,884

407,325

63,936

465,850

399,014

283,583

121,545

277,369

152,293

107,374

20,131

106,960

23,987

19,684

18,524

158,455

135,324

93,406

17,295

11,818

5,306

1,489

3,607

3,269

791

1,536

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,577,000
5,601,000
5,548,000
5,477,000
5,526,000
5,440,000
5,366,000
5,323,000
5,429,000
5,385,000
5,311,000
5,293,000
5,379,000
5,318,000
5,237,000
5,085,000
5,241,000
5,177,000
5,056,000
4,989,000
5,077,000
4,999,000
4,921,000
4,851,000
4,937,000
4,899,000
4,832,000
4,840,000
5,030,000
4,981,000
4,966,000
3,538,000
3,516,000
3,511,000
3,555,000
3,571,000
3,654,000
3,825,000
3,792,000
3,734,000
3,610,000
3,664,000
3,742,000
3,673,000
3,794,000
3,907,000
3,659,000
2,758,000
2,857,000
2,801,000
2,695,000
3,381,000
3,443,000
0
0
0

3,443,000

3,381,000

2,695,000

2,801,000

2,857,000

2,758,000

3,659,000

3,907,000

3,794,000

3,673,000

3,742,000

3,664,000

3,610,000

3,734,000

3,792,000

3,825,000

3,654,000

3,571,000

3,555,000

3,511,000

3,516,000

3,538,000

4,966,000

4,981,000

5,030,000

4,840,000

4,832,000

4,899,000

4,937,000

4,851,000

4,921,000

4,999,000

5,077,000

4,989,000

5,056,000

5,177,000

5,241,000

5,085,000

5,237,000

5,318,000

5,379,000

5,293,000

5,311,000

5,385,000

5,429,000

5,323,000

5,366,000

5,440,000

5,526,000

5,477,000

5,548,000

5,601,000

5,577,000

> Total Stockholder Equity

0
0
148,400
280,526
300,006
321,187
343,548
368,241
401,814
428,872
457,522
486,117
523,004
561,218
595,924
634,654
668,202
708,987
696,260
713,308
722,951
755,253
734,949
768,352
846,395
853,615
867,190
922,243
988,942
1,041,150
10,607,285
10,781,880
10,998,741
11,103,118
11,268,312
11,596,955
11,814,209
12,129,709
12,187,164
12,066,000
12,073,000
12,745,000
13,060,000
24,329,000
24,648,000
24,954,000
25,400,000
26,094,000
26,479,000
24,424,000
24,727,000
25,048,000
25,303,000
24,672,000
25,057,000
25,403,000
25,345,000
25,589,000
25,999,000
26,460,000
26,478,000
26,881,000
27,106,000
27,366,000
27,375,000
27,776,000
28,136,000
28,503,000
28,394,000
28,568,000
28,904,000
29,098,000
29,156,000
29,555,000
30,042,000
31,825,000
31,978,000
32,130,000
32,415,000
32,374,000
31,309,000
31,893,000
32,407,000
33,547,000
33,013,000
32,730,000
33,873,000
35,283,000
35,380,000
36,033,000
36,817,000
37,693,000
37,489,000
37,089,000
37,162,000
37,744,000
37,712,000
38,208,000
38,627,000
39,347,000

39,347,000

38,627,000

38,208,000

37,712,000

37,744,000

37,162,000

37,089,000

37,489,000

37,693,000

36,817,000

36,033,000

35,380,000

35,283,000

33,873,000

32,730,000

33,013,000

33,547,000

32,407,000

31,893,000

31,309,000

32,374,000

32,415,000

32,130,000

31,978,000

31,825,000

30,042,000

29,555,000

29,156,000

29,098,000

28,904,000

28,568,000

28,394,000

28,503,000

28,136,000

27,776,000

27,375,000

27,366,000

27,106,000

26,881,000

26,478,000

26,460,000

25,999,000

25,589,000

25,345,000

25,403,000

25,057,000

24,672,000

25,303,000

25,048,000

24,727,000

24,424,000

26,479,000

26,094,000

25,400,000

24,954,000

24,648,000

24,329,000

13,060,000

12,745,000

12,073,000

12,066,000

12,187,164

12,129,709

11,814,209

11,596,955

11,268,312

11,103,118

10,998,741

10,781,880

10,607,285

1,041,150

988,942

922,243

867,190

853,615

846,395

768,352

734,949

755,253

722,951

713,308

696,260

708,987

668,202

634,654

595,924

561,218

523,004

486,117

457,522

428,872

401,814

368,241

343,548

321,187

300,006

280,526

148,400

Common Stock

0
0
500
639
639
639
639
640
645
645
644
646
649
650
651
652
654
653
653
653
653
651
650
647
654
655
653
653
652
651
1,174
1,174
1,174
1,174
1,174
1,186
1,186
1,186
1,186
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000

2,000

1,000

1,186

1,174

651

652

653

655

654

647

650

651

653

654

652

651

650

649

646

644

645

640

639

500

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13,291,000
24,553,000
2,663,000
2,902,000
3,260,000
3,723,000
4,019,000
4,390,000
4,736,000
5,046,000
5,333,000
5,627,000
6,010,000
6,444,000
6,767,000
7,210,000
7,653,000
8,208,000
8,598,000
9,080,000
9,673,000
10,164,000
10,597,000
11,052,000
11,533,000
12,033,000
12,271,000
12,684,000
13,183,000
13,660,000
14,073,000
14,523,000
15,065,000
16,966,000
17,529,000
18,138,000
18,852,000
19,282,000
19,779,000
20,267,000
20,873,000
21,662,000
21,872,000
22,532,000
23,340,000
24,334,000
24,872,000
25,620,000
26,672,000
27,688,000
28,338,000
28,678,000
29,348,000
29,876,000
30,237,000
0
0
0

30,237,000

29,876,000

29,348,000

28,678,000

28,338,000

27,688,000

26,672,000

25,620,000

24,872,000

24,334,000

23,340,000

22,532,000

21,872,000

21,662,000

20,873,000

20,267,000

19,779,000

19,282,000

18,852,000

18,138,000

17,529,000

16,966,000

15,065,000

14,523,000

14,073,000

13,660,000

13,183,000

12,684,000

12,271,000

12,033,000

11,533,000

11,052,000

10,597,000

10,164,000

9,673,000

9,080,000

8,598,000

8,208,000

7,653,000

7,210,000

6,767,000

6,444,000

6,010,000

5,627,000

5,333,000

5,046,000

4,736,000

4,390,000

4,019,000

3,723,000

3,260,000

2,902,000

2,663,000

24,553,000

13,291,000

Accumulated Other Comprehensive Income

0
0
0
-231
-259
-83
-812
-2,477
-1,574
-1,590
-1,391
-3,537
-4,906
-2,907
-3,527
231
318
5,447
2,622
6,027
6,290
5,203
5,970
8,254
6,623
4,680
4,490
2,673
3,460
6,049
7,352
44,666
45,412
62,369
85,478
71,020
91,620
91,504
-53,615
-186,000
-192,000
-81,000
-88,000
-96,000
-165,000
-186,000
-95,000
-96,000
-52,000
-40,000
-110,000
-127,000
-90,000
-126,000
-58,000
-59,000
-166,000
-198,000
-79,000
-35,000
-35,000
1,000
-169,000
-273,000
-439,000
-339,000
-408,000
-448,000
-474,000
-560,000
-598,000
-716,000
-677,000
-575,000
-473,000
-432,000
-301,000
-575,000
-616,000
-691,000
-623,000
-664,000
-784,000
-571,000
-810,000
-781,000
-601,000
-337,000
-411,000
-388,000
-526,000
-550,000
-675,000
-1,091,000
-1,472,000
-1,101,000
-975,000
-880,000
-1,101,000
-840,000

-840,000

-1,101,000

-880,000

-975,000

-1,101,000

-1,472,000

-1,091,000

-675,000

-550,000

-526,000

-388,000

-411,000

-337,000

-601,000

-781,000

-810,000

-571,000

-784,000

-664,000

-623,000

-691,000

-616,000

-575,000

-301,000

-432,000

-473,000

-575,000

-677,000

-716,000

-598,000

-560,000

-474,000

-448,000

-408,000

-339,000

-439,000

-273,000

-169,000

1,000

-35,000

-79,000

-198,000

-166,000

-59,000

-58,000

-126,000

-90,000

-127,000

-110,000

-40,000

-52,000

-96,000

-95,000

-186,000

-165,000

-96,000

-88,000

-81,000

-192,000

-186,000

-53,615

91,504

91,620

71,020

85,478

62,369

45,412

44,666

7,352

6,049

3,460

2,673

4,490

4,680

6,623

8,254

5,970

5,203

6,290

6,027

2,622

5,447

318

231

-3,527

-2,907

-4,906

-3,537

-1,391

-1,590

-1,574

-2,477

-812

-83

-259

-231

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22,174,000
22,284,000
22,400,000
22,502,000
22,455,000
20,023,000
20,150,000
20,275,000
20,107,000
19,224,000
19,322,000
19,419,000
19,210,000
19,302,000
19,391,000
19,473,000
19,087,000
19,181,000
19,270,000
19,386,000
19,126,000
19,252,000
19,327,000
19,405,000
19,027,000
19,132,000
19,236,000
19,337,000
18,929,000
19,038,000
19,145,000
19,256,000
18,856,000
18,953,000
19,048,000
19,168,000
18,827,000
18,947,000
19,058,000
19,186,000
18,885,000
19,007,000
19,150,000
19,293,000
19,121,000
19,297,000
19,462,000
19,640,000
19,302,000
19,469,000
19,609,000
19,772,000
19,427,000
19,571,000
19,687,000
0

19,687,000

19,571,000

19,427,000

19,772,000

19,609,000

19,469,000

19,302,000

19,640,000

19,462,000

19,297,000

19,121,000

19,293,000

19,150,000

19,007,000

18,885,000

19,186,000

19,058,000

18,947,000

18,827,000

19,168,000

19,048,000

18,953,000

18,856,000

19,256,000

19,145,000

19,038,000

18,929,000

19,337,000

19,236,000

19,132,000

19,027,000

19,405,000

19,327,000

19,252,000

19,126,000

19,386,000

19,270,000

19,181,000

19,087,000

19,473,000

19,391,000

19,302,000

19,210,000

19,419,000

19,322,000

19,224,000

20,107,000

20,275,000

20,150,000

20,023,000

22,455,000

22,502,000

22,400,000

22,284,000

22,174,000

Treasury Stock

-10,979,000

-10,805,000

-10,325,000

-9,969,000

-9,478,000

-9,087,000

-8,793,000

-8,498,000

-8,204,000

-8,009,000

-8,018,000

-8,030,000

-6,936,000

-6,732,000

-6,742,000

-6,659,000

-6,676,000

-5,387,000

-4,871,000

-4,388,000

-4,108,000

-3,967,000

-3,697,000

-3,433,000

-3,171,000

-3,185,000

-2,919,000

-2,690,000

-2,432,000

-2,489,000

-2,318,000

-2,191,000

-1,927,000

-1,894,000

-1,657,000

-1,416,000

-1,180,000

-1,210,000

-993,000

-750,000

-523,000

-432,000

-274,000

-124,000

-104,000

-218,000

-128,000

-1,000

-2,000

-111,000

-124,000

-137,000

-3,000

-140,000

-143,000

-168,000

-201,000

-210,182

-235,434

-331,977

-371,514

-276,424

-222,031

-119,454

-57,354

-52,035

-33,809

-43,157

-59,057

-62,787

-59,246

-33,821

-51,354

-64,320

-69,285

-78,296

-50,083

-46,492

-9,252

-10,212

-5,431

-3,913

-3,272

-3,132

-604

-765

-2,852

-4,346

-16

Other Stockholders Equity

0
0
52,400
167,184
167,467
167,791
167,391
167,537
175,609
176,437
177,712
177,973
183,458
186,835
188,374
193,024
191,163
188,146
150,886
136,093
106,172
107,418
112,144
109,435
161,939
137,036
108,868
112,033
144,797
156,115
9,719,704
9,742,093
9,858,356
9,811,881
9,794,056
9,902,582
9,961,743
10,107,167
10,196,947
10,260,000
10,303,000
10,748,000
10,860,000
21,987,000
22,034,000
22,147,000
22,139,000
22,390,000
22,452,000
20,022,000
20,021,000
20,056,000
20,002,000
19,099,000
19,047,000
18,987,000
18,687,000
18,552,000
18,398,000
18,263,000
17,907,000
17,765,000
17,613,000
17,492,000
17,199,000
17,061,000
17,009,000
16,916,000
16,595,000
16,442,000
16,317,000
16,152,000
15,758,000
15,605,000
15,448,000
15,289,000
14,748,000
14,565,000
14,177,000
13,781,000
12,151,000
12,288,000
12,316,000
12,454,000
11,949,000
10,977,000
11,132,000
11,284,000
10,917,000
10,799,000
10,669,000
10,666,000
9,824,000
9,500,000
9,284,000
8,967,000
8,448,000
8,231,000
8,015,000
7,842,000

7,842,000

8,015,000

8,231,000

8,448,000

8,967,000

9,284,000

9,500,000

9,824,000

10,666,000

10,669,000

10,799,000

10,917,000

11,284,000

11,132,000

10,977,000

11,949,000

12,454,000

12,316,000

12,288,000

12,151,000

13,781,000

14,177,000

14,565,000

14,748,000

15,289,000

15,448,000

15,605,000

15,758,000

16,152,000

16,317,000

16,442,000

16,595,000

16,916,000

17,009,000

17,061,000

17,199,000

17,492,000

17,613,000

17,765,000

17,907,000

18,263,000

18,398,000

18,552,000

18,687,000

18,987,000

19,047,000

19,099,000

20,002,000

20,056,000

20,021,000

20,022,000

22,452,000

22,390,000

22,139,000

22,147,000

22,034,000

21,987,000

10,860,000

10,748,000

10,303,000

10,260,000

10,196,947

10,107,167

9,961,743

9,902,582

9,794,056

9,811,881

9,858,356

9,742,093

9,719,704

156,115

144,797

112,033

108,868

137,036

161,939

109,435

112,144

107,418

106,172

136,093

150,886

188,146

191,163

193,024

188,374

186,835

183,458

177,973

177,712

176,437

175,609

167,537

167,391

167,791

167,467

167,184

52,400

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Accounts Payable	0	1,202,000	1,207,000	897,000	1,167,000	1,292,000	1,161,000	1,094,000	1,068,000	1,035,000	1,084,000	1,055,000	923,000	1,068,000	845,000	545,000	788,968	582,461	75,779	27,185	19,430	13,986	35,047	27,014	705	0
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-840,000	-1,101,000	-550,000	-337,000	-571,000	-691,000	-432,000	-716,000	-448,000	-273,000	-35,000	-59,000	-127,000	-96,000	-96,000	-186,000	71,020	44,666	2,673	8,254	6,027	231	-3,537	-2,477	-231	0
Additional Paid In Capital	0	0	0	0	0	0	19,258,000	19,339,000	28,580,000	27,485,000	26,616,000	25,585,000	0	0	24,553,000	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	1,784,000	1,835,000	1,872,000	755,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	2,000	2,000	2,000	2,000	2,000	2,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	19,772,000	19,640,000	19,293,000	19,186,000	19,168,000	19,256,000	19,337,000	19,405,000	19,386,000	19,473,000	19,419,000	20,275,000	22,502,000	0	0	0	0	0	0	0	0	0	0	0	0
Cash	8,736,000	7,416,000	9,323,000	8,664,000	4,829,000	6,488,000	7,038,000	6,175,000	6,231,000	6,001,000	4,551,000	4,903,000	3,560,000	3,460,000	4,708,000	2,032,000	1,656,200	1,160,304	484,223	457,673	315,941	255,234	186,451	192,590	157,129	0
Cash And Equivalents	0	7,416,000	9,323,000	8,664,000	4,829,000	6,488,000	7,038,000	6,175,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	8,736,000	7,416,000	9,323,000	8,664,000	4,829,000	6,488,000	7,038,000	6,175,000	6,231,000	6,001,000	4,551,000	4,903,000	3,560,000	3,460,000	4,708,000	2,032,000	1,656,200	3,257,878	782,891	685,170	550,864	463,977	325,577	205,906	159,384	2,500
Common Stock	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	1,000	1,000	1,000	1,000	1,186	1,174	653	647	653	652	646	640	639	0
Common Stock Shares Outstanding	150,706	152,440	154,404	154,841	157,460	162,599	165,075	167,249	169,717	171,799	174,527	178,733	187,868	193,466	140,042	131,904	131,906	83,693	67,144	66,225	66,125	65,570	65,187	64,850	57,499	53,898
Common Stock Total Equity	0	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	1,000	1,000	1,000	1,000	1,186	1,174	653	647	653	652	646	640	639	0
Current Deferred Revenue	0	-1,202,000	-1,207,000	-19,811,000	-17,968,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	3,381,000	2,758,000	3,673,000	3,734,000	3,571,000	3,538,000	4,840,000	4,851,000	4,989,000	5,085,000	5,293,000	5,323,000	5,477,000	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	15,524,000	15,341,000	15,351,000	14,551,000	14,562,000	13,526,000	13,220,000	13,118,000	13,123,000	12,961,000	12,980,000	12,910,000	12,792,000	12,805,000	12,570,000	5,533,000	5,519,714	5,257,017	176,923	176,924	177,945	174,955	0	0	194,257	0
Intangible Assets	18,258,000	18,302,000	18,453,000	18,263,000	18,369,000	17,839,000	17,389,000	17,363,000	17,372,000	17,344,000	17,501,000	17,402,000	17,356,000	17,512,000	17,648,000	6,441,000	6,553,122	5,882,430	483,982	184,110	192,079	182,827	181,688	192,142	0	203,900
Inventory	0	0	22,128,000	29,617,000	24,403,000	0	835,000	625,000	785,000	536,000	486,000	270,000	267,000	131,000	167,000	122,000	395,006	472,483	61,882	15,549	18,669	15,897	0	0	0	0
Liabilities And Stockholders Equity	123,211,000	117,628,000	152,648,000	176,982,000	168,622,000	159,573,000	220,217,000	220,177,000	225,261,000	239,808,000	219,873,000	200,451,000	179,896,000	178,459,000	177,994,000	19,924,000	22,561,515	20,469,492	1,848,000	1,145,235	967,223	864,188	684,478	537,003	447,582	440,800
Long Term Debt	7,918,000	6,654,000	7,446,000	7,264,000	4,955,000	4,979,000	5,014,000	4,915,000	4,930,000	8,327,000	4,939,000	5,687,000	4,690,000	3,259,000	3,191,000	696,000	947,021	253,167	253,791	4,810	0	0	0	0	0	0
Long Term Debt Total	0	6,654,000	7,446,000	7,264,000	4,955,000	4,979,000	5,014,000	4,915,000	4,930,000	0	4,939,000	5,687,000	4,690,000	3,259,000	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	7,777,000	7,466,000	7,262,000	6,919,000	5,489,000	1,796,000	1,981,000	1,595,000	1,578,000	1,921,000	2,151,000	1,750,000	1,631,000	1,540,000	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	966,000	1,073,000	-5,000	-1,400,000	126,000	-1,425,000	-2,024,000	-1,260,000	-1,301,000	2,326,000	2,757,000	3,286,000	2,804,000	1,177,000	960,000	-886,000	-409,179	-663,301	-230,432	-457,673	-315,941	-255,234	-186,451	-192,590	-100,729	197,000
Net Invested Capital	47,265,000	44,398,000	45,139,000	42,547,000	38,502,000	37,437,000	36,839,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	6,346,000	3,264,000	3,789,000	3,535,000	3,179,000	5,337,000	4,192,000	3,358,000	3,267,000	5,472,000	4,572,000	4,591,000	2,102,000	2,245,000	1,919,000	1,210,000	1,410,793	1,077,550	339,578	165,342	127,316	114,070	96,659	83,284	2,111	0
Net Tangible Assets	0	5,010,000	2,981,000	4,791,000	1,932,000	2,116,000	1,632,000	-1,189,000	-1,528,000	-2,889,000	-3,946,000	-4,850,000	-4,970,000	-4,173,000	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	17,933,000	15,151,000	18,796,000	11,171,000	6,841,000	7,853,000	8,576,000	36,231,000	39,766,000	44,092,000	29,827,000	31,346,000	3,234,000	2,960,000	1,627,000	1,568,000	951,937	-7,310,330	0	0	0	0	0	0	201,743	205,800
Non Current Assets Total	104,038,000	101,183,000	132,455,000	148,276,000	145,148,000	127,093,000	184,797,000	182,852,000	184,427,000	194,681,000	188,962,000	167,936,000	174,234,000	172,754,000	171,367,000	16,682,000	19,319,673	11,354,231	613,433	277,811	279,085	276,750	252,198	237,740	216,934	216,200
Non Current Liabilities Other	65,130,000	65,242,000	99,203,000	124,862,000	121,780,000	112,829,000	176,060,000	178,104,000	183,220,000	195,827,000	155,113,000	134,768,000	119,592,000	123,006,000	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	80,731,000	77,549,000	112,358,000	138,298,000	132,526,000	124,741,000	186,765,000	189,739,000	195,149,000	211,253,000	192,119,000	173,665,000	152,106,000	149,380,000	148,392,000	5,693,000	8,096,445	253,000	253,791	0	0	0	0	0	28,200	178,200
Non Currrent Assets Other	58,457,000	54,146,000	86,248,000	107,558,000	105,838,000	93,289,000	151,615,000	150,217,000	151,773,000	161,988,000	155,805,000	135,293,000	140,241,000	139,091,000	139,552,000	2,884,000	4,980,433	-2,097,574	-298,668	-227,497	-234,923	-208,743	-139,126	-13,316	-2,255	0
Noncontrolling Interest In Consolidated Entity	0	132,000	113,000	51,000	66,000	59,000	50,000	52,000	77,000	104,000	135,000	155,000	184,000	189,000	24,553,000	0	0	0	0	0	0	0	0	0	0	0
Other Assets	70,738,000	61,776,000	96,087,000	131,288,000	104,037,000	92,047,000	151,091,000	149,846,000	151,362,000	161,782,000	155,642,000	158,236,000	119,253,000	121,248,000	19,755,000	352,000	485,408	6,990,591	112,098	16,912	9,958	9,391	10,044	10,073	0	0
Other Current Assets	-15,082,000	5,765,000	-15,047,000	-13,110,000	-8,937,000	20,706,000	24,304,000	27,851,000	31,401,000	33,718,000	0	0	0	0	0	0	174,849	-2,210,758	112,098	16,912	9,958	9,391	10,044	10,073	69,153	222,100
Other Current Liab	245,000	-541,000	-475,000	19,192,000	17,816,000	20,996,000	24,446,000	27,867,000	31,415,000	1,865,000	1,747,000	14,000	1,405,000	1,577,000	1,921,000	929,000	1,200,937	9,435,000	522,637	210,984	213,115	197,024	146,019	138,141	0	0
Other Liab	0	61,004,000	92,994,000	111,218,000	109,077,000	97,035,000	155,459,000	155,366,000	156,912,000	164,408,000	158,106,000	158,750,000	121,108,000	123,305,000	21,820,000	1,348,000	1,848,909	2,286,804	662,352	354,904	20,131	229,534	198,361	168,762	0	0
Other Stockholder Equity	7,842,000	8,967,000	10,553,000	11,284,000	12,454,000	13,781,000	15,289,000	16,152,000	16,916,000	17,492,000	18,263,000	18,987,000	20,056,000	22,390,000	21,987,000	10,260,000	9,902,582	9,742,093	112,033	109,435	136,093	193,024	177,973	167,537	167,184	52,900
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	28,580,000	27,485,000	26,616,000	25,585,000	0	1,000	24,553,000	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	3,972,000	3,937,000	3,639,000	681,000	715,000	643,000	592,000	559,000	581,000	467,000	525,000	557,000	537,000	428,000	445,000	260,000	266,460	214,784	129,451	93,701	87,006	93,923	70,510	45,598	22,677	12,300
Property Plant And Equipment Net	2,533,000	2,547,000	2,383,000	681,000	715,000	643,000	592,000	559,000	581,000	467,000	525,000	557,000	537,000	428,000	445,000	260,000	266,460	214,784	129,451	93,701	87,006	93,923	70,510	45,598	22,677	12,300
Property Plant Equipment	0	2,547,000	762,000	681,000	715,000	643,000	592,000	559,000	581,000	467,000	525,000	557,000	537,000	428,000	445,000	260,000	266,460	214,784	129,451	93,701	87,006	93,923	70,510	45,598	0	0
Retained Earnings	32,343,000	29,876,000	27,688,000	24,334,000	21,662,000	19,282,000	16,966,000	13,660,000	12,033,000	10,145,000	8,230,000	6,473,000	5,118,000	3,798,000	2,436,000	1,991,000	1,622,041	993,821	806,884	650,016	570,535	440,747	307,498	200,064	112,703	53,300
Retained Earnings Total Equity	0	29,876,000	27,688,000	24,334,000	21,662,000	19,282,000	16,966,000	13,660,000	12,033,000	10,164,000	8,208,000	6,444,000	5,046,000	3,723,000	24,553,000	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	5,014,000	4,915,000	4,930,000	750,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	9,702,000	8,489,000	9,318,000	7,264,000	4,955,000	5,063,000	5,014,000	4,915,000	4,930,000	8,327,000	7,308,000	8,189,000	6,364,000	4,637,000	5,668,000	1,146,000	1,247,021	497,003	253,791	0	0	0	0	0	56,400	197,000
Short Term Debt	995,000	1,835,000	1,872,000	750,000	152,000	0	5,014,000	4,915,000	4,930,000	4,938,000	0	100,000	100,000	100,000	2,234,000	200,000	300,000	0	0	0	0	0	0	0	28,200	18,800
Short Term Investments	1,871,000	1,331,000	7,262,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,097,574	298,668	227,497	234,923	208,743	139,126	13,316	2,255	2,500
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	28,580,000	27,485,000	26,616,000	25,585,000	0	0	24,553,000	0	0	0	0	0	0	0	0	0	0	0
Total Assets	123,211,000	117,628,000	152,648,000	176,982,000	168,622,000	159,573,000	220,217,000	220,177,000	225,261,000	239,808,000	219,873,000	200,451,000	179,896,000	178,459,000	177,994,000	19,924,000	22,561,515	20,469,492	1,848,000	1,145,235	967,223	864,188	684,478	537,003	447,582	440,800
Total Current Assets	19,173,000	16,445,000	20,193,000	28,706,000	23,474,000	32,480,000	35,420,000	37,325,000	40,834,000	45,127,000	30,911,000	32,515,000	5,662,000	5,705,000	6,627,000	3,242,000	3,241,842	2,124,670	1,234,567	867,424	688,138	587,438	432,280	299,263	230,648	224,600
Total Current Liabilities	1,240,000	1,294,000	1,397,000	1,028,000	1,167,000	1,292,000	1,161,000	1,094,000	1,068,000	1,035,000	1,084,000	1,169,000	2,428,000	2,745,000	5,000,000	1,674,000	2,289,905	9,435,000	0	0	0	0	0	0	28,905	18,800
Total Liab	81,971,000	78,843,000	113,755,000	139,326,000	133,693,000	126,033,000	187,926,000	190,833,000	196,217,000	212,288,000	193,203,000	174,834,000	154,534,000	152,125,000	153,392,000	7,367,000	10,386,350	8,578,520	916,143	359,714	252,676	229,534	198,361	168,762	167,056	334,600
Total Permanent Equity	0	0	0	0	0	0	0	0	28,580,000	27,485,000	26,616,000	25,585,000	0	0	24,553,000	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	39,347,000	37,744,000	37,693,000	35,283,000	33,547,000	32,374,000	31,825,000	29,098,000	28,503,000	27,366,000	26,460,000	25,403,000	25,048,000	26,094,000	24,329,000	12,066,000	11,596,955	10,781,880	922,243	768,352	713,308	634,654	486,117	368,241	280,526	106,200
Treasury Stock	0	-10,805,000	-9,087,000	-8,009,000	-6,732,000	-5,387,000	-3,967,000	-3,185,000	-2,489,000	-1,894,000	-1,210,000	-432,000	-218,000	-111,000	-140,000	-201,000	-371,514	-57,354	-59,057	-51,354	-50,083	-5,431	-604	-16	0	0
Warrants	0	909,000	1,087,000	2,322,000	1,316,000	1,107,000	416,000	194,000	464,000	35,000	54,000	32,000	92,000	6,000	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31
Accounts Payable	0	1,217,000	1,156,000	1,183,000	1,202,000	1,601,000	1,324,000	2,555,000	4,348,000	3,745,000	1,238,000	2,273,000	1,028,000	988,000	914,000	982,000	1,167,000	1,252,000	1,277,000	1,225,000	1,292,000	1,403,000	1,216,000	1,421,000	1,161,000	1,652,000	1,520,000	2,000,000	1,094,000	1,354,000	1,615,000	1,385,000	1,068,000	1,343,000	1,284,000	1,714,000	1,035,000	1,576,000	3,091,000	1,615,000	1,084,000	3,322,000	1,271,000	1,657,000	1,055,000	1,427,000	848,000	1,835,000	923,000	2,299,000	1,128,000	1,366,000	1,068,000	1,234,000	2,075,000	2,044,000	845,000	712,000	628,000	551,000	545,000	731,367	1,029,636	1,215,245	788,968	1,022,818	937,237	902,078	582,461	748,548	110,764	174,626	75,779	80,478	49,338	89,910	27,185	55,959	49,919	74,817	19,430	108,567	49,494	55,930	13,986	35,195	37,752	50,234	35,047	58,645	43,426	36,544	27,014	41,140	39,761	48,088	705	-	-	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Accumulated Other Comprehensive Income	-840,000	-1,101,000	-880,000	-975,000	-1,101,000	-1,472,000	-1,091,000	-675,000	-550,000	-526,000	-388,000	-411,000	-337,000	-601,000	-781,000	-810,000	-571,000	-784,000	-664,000	-623,000	-691,000	-616,000	-575,000	-301,000	-432,000	-473,000	-575,000	-677,000	-716,000	-598,000	-560,000	-474,000	-448,000	-408,000	-339,000	-439,000	-273,000	-169,000	1,000	-35,000	-35,000	-79,000	-198,000	-166,000	-59,000	-58,000	-126,000	-90,000	-127,000	-110,000	-40,000	-52,000	-96,000	-95,000	-186,000	-165,000	-96,000	-88,000	-81,000	-192,000	-186,000	-53,615	91,504	91,620	71,020	85,478	62,369	45,412	44,666	7,352	6,049	3,460	2,673	4,490	4,680	6,623	8,254	5,970	5,203	6,290	6,027	2,622	5,447	318	231	-3,527	-2,907	-4,906	-3,537	-1,391	-1,590	-1,574	-2,477	-812	-83	-259	-231	-	-	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	19,147,000	19,040,000	18,931,000	19,258,000	19,238,000	19,134,000	19,029,000	19,339,000	19,329,000	19,254,000	28,469,000	28,580,000	28,223,000	27,872,000	27,476,000	27,485,000	27,235,000	27,019,000	26,613,000	26,616,000	26,145,000	25,755,000	25,631,000	25,585,000	25,261,000	24,884,000	0	0	0	0	0	0	0	0	0	24,553,000	13,291,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Capital Lease Obligations	1,784,000	1,780,000	1,814,000	1,823,000	1,835,000	1,773,000	1,815,000	1,842,000	1,872,000	1,946,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Capital Stock	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Capital Surpluse	0	19,687,000	19,571,000	19,427,000	19,772,000	19,609,000	19,469,000	19,302,000	19,640,000	19,462,000	19,297,000	19,121,000	19,293,000	19,150,000	19,007,000	18,885,000	19,186,000	19,058,000	18,947,000	18,827,000	19,168,000	19,048,000	18,953,000	18,856,000	19,256,000	19,145,000	19,038,000	18,929,000	19,337,000	19,236,000	19,132,000	19,027,000	19,405,000	19,327,000	19,252,000	19,126,000	19,386,000	19,270,000	19,181,000	19,087,000	19,473,000	19,391,000	19,302,000	19,210,000	19,419,000	19,322,000	19,224,000	20,107,000	20,275,000	20,150,000	20,023,000	22,455,000	22,502,000	22,400,000	22,284,000	22,174,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Cash	8,736,000	7,316,000	6,834,000	5,644,000	7,416,000	6,797,000	6,481,000	7,262,000	9,323,000	7,361,000	6,416,000	6,267,000	8,664,000	6,507,000	5,466,000	4,406,000	4,829,000	4,607,000	4,023,000	4,061,000	6,488,000	6,580,000	6,724,000	6,081,000	7,038,000	6,247,000	5,582,000	5,814,000	6,175,000	5,615,000	5,237,000	5,084,000	6,231,000	5,749,000	4,971,000	4,572,000	6,001,000	6,324,000	5,497,000	4,585,000	4,551,000	4,080,000	3,793,000	4,232,000	4,903,000	4,515,000	3,639,000	2,647,000	3,560,000	2,983,000	2,861,000	2,779,000	3,460,000	2,636,000	2,183,000	2,703,000	4,708,000	2,763,000	2,305,000	1,793,000	2,032,000	1,793,293	1,427,522	1,194,180	1,656,200	2,320,579	1,356,250	1,018,828	1,160,304	943,901	368,687	368,098	484,223	396,514	367,386	312,286	457,673	379,431	296,696	301,109	315,941	241,567	180,833	191,214	255,234	213,675	169,533	111,828	186,451	152,832	99,231	145,377	192,590	158,928	116,633	88,670	157,129	-	-	-
Cash And Equivalents	0	7,316,000	6,834,000	5,644,000	7,416,000	6,797,000	6,481,000	7,262,000	9,323,000	7,361,000	6,416,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Cash And Short Term Investments	8,736,000	7,316,000	6,834,000	5,644,000	7,416,000	6,797,000	6,481,000	7,262,000	9,323,000	7,361,000	6,416,000	6,267,000	8,664,000	6,507,000	5,466,000	4,406,000	4,829,000	4,607,000	4,023,000	4,061,000	6,488,000	6,580,000	6,724,000	6,081,000	7,038,000	6,247,000	5,582,000	5,814,000	6,175,000	5,615,000	5,237,000	5,084,000	6,231,000	5,749,000	4,971,000	4,572,000	6,001,000	6,324,000	5,497,000	4,585,000	4,551,000	4,080,000	3,793,000	4,232,000	4,903,000	4,515,000	3,639,000	2,647,000	3,560,000	2,983,000	4,192,000	2,779,000	3,460,000	2,636,000	2,183,000	2,703,000	4,708,000	2,763,000	2,305,000	1,793,000	2,032,000	3,939,037	3,369,047	3,117,108	1,656,200	5,001,330	3,840,377	3,213,691	3,257,878	2,560,112	715,940	706,459	782,891	688,781	650,193	637,678	685,170	619,944	533,065	478,397	550,864	2,792,010	485,550	435,851	463,977	394,137	332,536	282,073	325,577	293,540	241,675	166,080	205,906	173,135	126,637	90,866	159,384	2,500	-	-
Common Stock	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,186	1,186	1,186	1,186	1,174	1,174	1,174	1,174	1,174	651	652	653	653	655	654	647	650	651	653	653	653	653	654	652	651	650	649	646	644	645	645	640	639	639	639	639	500	-	-
Common Stock Shares Outstanding	150,200	150,505	150,739	151,350	151,839	152,610	153,065	154,147	155,185	154,920	155,038	154,921	155,133	154,360	155,333	157,045	157,524	157,076	156,989	159,988	161,095	162,026	162,813	163,573	164,458	164,431	164,809	165,518	166,520	166,924	167,309	168,071	169,310	169,343	169,794	170,405	171,052	171,465	171,838	172,624	173,694	174,068	174,572	175,262	175,880	176,155	180,312	182,648	181,918	182,556	191,345	195,077	194,297	193,099	193,343	192,924	192,152	136,448	133,900	132,326	131,797	132,802	132,563	132,149	132,877	131,844	131,911	132,425	131,896	67,749	66,921	67,000	66,732	66,983	67,064	67,149	66,881	63,933	66,031	66,072	65,808	65,956	66,430	66,132	65,867	65,601	65,596	65,482	65,220	65,209	65,138	65,158	64,897	64,911	64,751	64,601	64,343	54,217	54,384	54,384
Common Stock Total Equity	0	0	0	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,186	1,186	1,186	1,186	1,174	1,174	1,174	1,174	1,174	651	652	653	653	655	654	647	650	651	653	653	653	653	654	652	651	650	649	646	644	645	645	640	639	639	639	639	500	-	-
Current Deferred Revenue	0	-1,217,000	-1,156,000	-1,183,000	-1,202,000	2,695,000	2,801,000	0	0	0	0	0	3,673,000	3,742,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,219,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Deferred Long Term Liab	0	0	0	3,443,000	3,381,000	2,695,000	2,801,000	2,857,000	2,758,000	3,659,000	3,907,000	3,794,000	3,673,000	3,742,000	3,664,000	3,610,000	3,734,000	3,792,000	3,825,000	3,654,000	3,571,000	3,555,000	3,511,000	3,516,000	3,538,000	4,966,000	4,981,000	5,030,000	4,840,000	4,832,000	4,899,000	4,937,000	4,851,000	4,921,000	4,999,000	5,077,000	4,989,000	5,056,000	5,177,000	5,241,000	5,085,000	5,237,000	5,318,000	5,379,000	5,293,000	5,311,000	5,385,000	5,429,000	5,323,000	5,366,000	5,440,000	5,526,000	5,477,000	5,548,000	5,601,000	5,577,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Good Will	15,524,000	15,516,000	15,338,000	15,339,000	15,341,000	15,344,000	15,346,000	15,349,000	15,351,000	15,360,000	15,362,000	15,348,000	14,551,000	14,554,000	14,556,000	14,559,000	14,562,000	14,552,000	14,511,000	13,524,000	13,526,000	13,526,000	13,215,000	13,217,000	13,220,000	13,226,000	13,199,000	13,113,000	13,118,000	13,124,000	13,128,000	13,119,000	13,123,000	12,965,000	12,970,000	12,975,000	12,961,000	12,966,000	12,971,000	12,975,000	12,980,000	12,938,000	12,899,000	12,904,000	12,910,000	12,908,000	12,888,000	12,899,000	12,792,000	12,797,000	12,802,000	12,804,000	12,805,000	12,641,000	12,640,000	12,641,000	12,570,000	5,718,000	5,723,000	5,736,000	5,533,000	5,543,993	5,535,174	5,500,414	5,519,714	5,454,521	5,461,961	5,306,882	5,257,017	3,504,726	199,385	200,352	176,923	189,814	189,890	187,637	176,924	176,924	177,945	177,945	177,945	0	0	0	174,955	0	0	0	0	0	0	0	0	0	0	191,844	194,257	-	-	-
Intangible Assets	18,258,000	18,291,000	18,228,000	18,265,000	18,302,000	18,339,000	18,377,000	18,415,000	18,453,000	18,476,000	18,514,000	18,516,000	18,263,000	18,290,000	18,317,000	18,344,000	18,369,000	18,407,000	18,477,000	17,824,000	17,839,000	17,854,000	17,367,000	17,378,000	17,389,000	17,400,000	17,423,000	17,338,000	17,363,000	17,387,000	17,412,000	17,347,000	17,372,000	17,360,000	17,394,000	17,429,000	17,344,000	17,378,000	17,418,000	17,459,000	17,501,000	17,513,000	17,322,000	17,362,000	17,402,000	17,442,000	17,441,000	17,480,000	17,356,000	17,395,000	17,434,000	17,472,000	17,512,000	17,546,000	17,586,000	17,626,000	17,648,000	6,335,000	6,371,000	6,405,000	6,441,000	6,476,773	6,507,087	6,543,604	6,553,122	5,789,240	5,820,317	5,851,394	5,882,430	5,881,967	290,291	292,139	483,982	491,710	499,991	443,685	184,110	184,288	185,592	185,824	192,079	192,298	192,204	182,855	182,827	181,082	181,286	181,487	181,688	184,301	186,914	189,528	192,142	194,757	197,370	0	0	196,700	-	-
Inventory	0	17,887,000	18,150,000	17,208,000	0	0	7,302,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	176,000	249,000	293,000	835,000	692,000	719,000	920,000	625,000	666,000	685,000	722,000	785,000	628,000	660,000	869,000	536,000	477,000	451,000	569,000	486,000	505,000	425,000	305,000	270,000	124,000	169,000	265,000	267,000	141,000	158,000	130,000	131,000	201,000	268,000	237,000	167,000	143,000	134,000	195,000	122,000	150,660	167,350	278,572	395,006	361,631	577,777	453,614	472,483	233,276	58,691	68,972	61,882	63,737	64,507	100,022	15,549	41,639	42,383	25,477	18,669	2,347,205	36,133	34,318	15,897	15,764	17,800	17,558	0	0	0	0	0	0	0	0	0	-	-	-
Liabilities And Stockholders Equity	123,211,000	118,585,000	122,644,000	121,398,000	117,628,000	115,430,000	125,966,000	143,327,000	152,648,000	169,636,000	176,962,000	173,859,000	176,982,000	165,118,000	157,342,000	149,020,000	168,622,000	163,872,000	163,347,000	165,008,000	159,573,000	174,862,000	195,549,000	216,017,000	220,217,000	220,567,000	217,488,000	230,586,000	220,177,000	226,739,000	222,055,000	222,958,000	225,261,000	222,216,000	237,008,000	242,714,000	239,808,000	222,812,000	231,693,000	216,297,000	219,873,000	212,717,000	193,745,000	200,738,000	200,451,000	192,828,000	182,480,000	185,518,000	179,896,000	174,282,000	185,048,000	178,422,000	178,459,000	174,504,000	162,266,000	168,060,000	177,994,000	21,380,000	20,409,000	19,223,000	19,924,000	21,696,672	22,017,252	21,816,404	22,561,515	23,078,534	21,992,177	20,881,989	20,469,492	17,874,676	1,923,921	1,841,052	1,848,000	1,673,104	1,562,544	1,493,918	1,145,235	1,077,001	966,452	909,442	967,223	3,484,802	900,668	836,397	864,188	789,574	734,294	666,644	684,478	643,770	571,234	500,443	537,003	492,495	433,729	388,430	447,582	443,400	-	-
Long Term Debt	7,918,000	7,884,000	7,904,000	6,669,000	6,654,000	6,591,000	6,635,000	7,430,000	7,446,000	6,474,000	6,491,000	7,232,000	7,264,000	7,227,000	7,190,000	5,933,000	4,955,000	5,932,000	5,964,000	4,966,000	4,979,000	4,991,000	4,994,000	5,036,000	5,014,000	5,000,000	4,970,000	5,619,000	4,915,000	4,961,000	4,950,000	4,968,000	4,930,000	4,950,000	4,947,000	8,152,000	7,577,000	8,826,000	8,635,000	5,936,000	4,939,000	4,938,000	4,938,000	5,687,000	5,687,000	6,186,000	6,185,000	4,690,000	4,690,000	4,690,000	4,688,000	3,255,000	3,259,000	3,258,000	3,262,000	3,286,000	3,191,000	943,000	942,000	943,000	696,000	946,693	946,552	947,162	947,021	946,879	252,484	253,167	253,167	253,170	253,170	253,791	253,791	250,000	250,000	250,000	4,810	0	0	0	0	2,141,184	0	0	0	0	0	0	0	0	0	0	0	8,040	8,040	0	0	-	-	-
Long Term Debt Total	0	7,884,000	7,904,000	6,669,000	6,654,000	6,591,000	6,635,000	7,430,000	7,446,000	6,474,000	6,491,000	7,232,000	7,264,000	7,227,000	7,190,000	5,933,000	4,955,000	5,932,000	5,964,000	4,966,000	4,979,000	4,991,000	4,994,000	5,036,000	5,014,000	5,000,000	4,970,000	5,619,000	4,915,000	4,961,000	4,950,000	4,968,000	4,930,000	4,950,000	0	0	0	0	0	5,936,000	4,939,000	4,938,000	4,938,000	5,687,000	5,687,000	6,186,000	6,185,000	4,690,000	4,690,000	4,690,000	4,688,000	3,255,000	3,259,000	3,258,000	3,262,000	3,286,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Long Term Investments	7,777,000	9,835,000	9,124,000	8,172,000	7,466,000	6,907,000	7,302,000	7,615,000	7,262,000	7,101,000	7,595,000	7,145,000	6,919,000	6,307,000	5,171,000	5,240,000	5,489,000	2,117,000	1,989,000	1,917,000	1,796,000	1,760,000	1,813,000	2,050,000	1,981,000	1,928,000	1,942,000	1,857,000	1,595,000	1,731,000	1,476,000	1,504,000	1,578,000	1,372,000	1,436,000	2,204,000	1,921,000	1,951,000	2,095,000	2,092,000	2,151,000	1,878,000	1,773,000	1,711,000	1,750,000	1,864,000	1,879,000	1,951,000	1,631,000	1,525,000	1,598,000	1,528,000	1,540,000	1,512,000	1,463,000	1,096,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Debt	966,000	2,348,000	2,884,000	2,848,000	1,073,000	1,567,000	1,969,000	2,010,000	-5,000	1,059,000	75,000	965,000	-1,400,000	720,000	1,724,000	1,527,000	126,000	1,511,000	2,083,000	1,039,000	-1,425,000	-1,545,000	-1,730,000	-1,045,000	-2,024,000	-1,247,000	-612,000	-195,000	-1,260,000	-654,000	-287,000	-116,000	-1,301,000	-799,000	-24,000	4,330,000	2,326,000	2,502,000	3,138,000	3,595,000	2,757,000	2,926,000	3,290,000	3,787,000	3,286,000	3,614,000	4,085,000	3,690,000	2,804,000	1,807,000	2,427,000	476,000	1,177,000	722,000	1,523,000	1,463,000	960,000	-1,619,000	-1,161,000	-647,000	-886,000	-646,600	-180,970	164,572	-409,179	-677,810	-652,507	-92,852	-663,301	-412,542	-115,517	-114,307	-230,432	-146,514	-117,386	-62,286	-457,673	-379,431	-296,696	-301,109	-315,941	1,794,070	-180,833	-191,214	-255,234	-213,675	-169,533	-111,828	-186,451	-145,488	-99,231	-145,377	-192,590	-158,928	-116,633	-88,670	-100,729	153,200	-	-
Net Invested Capital	47,265,000	46,511,000	46,112,000	44,381,000	44,398,000	43,753,000	43,724,000	44,919,000	45,139,000	43,291,000	42,524,000	42,612,000	42,547,000	41,100,000	39,920,000	38,946,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Receivables	6,346,000	3,886,000	3,806,000	3,580,000	3,264,000	3,361,000	3,471,000	3,801,000	3,789,000	4,015,000	3,790,000	3,825,000	3,535,000	3,706,000	2,990,000	3,095,000	3,179,000	5,924,000	5,294,000	5,363,000	5,337,000	4,899,000	4,450,000	4,314,000	4,192,000	4,469,000	4,178,000	4,324,000	3,358,000	4,012,000	4,069,000	3,782,000	3,267,000	3,458,000	3,248,000	6,731,000	5,472,000	5,514,000	6,740,000	5,051,000	4,572,000	6,418,000	4,409,000	5,132,000	4,591,000	2,585,000	2,155,000	2,451,000	2,102,000	2,218,000	2,235,000	2,359,000	2,245,000	2,220,000	2,147,000	2,038,000	1,919,000	1,310,000	1,171,000	1,063,000	1,210,000	1,449,996	1,773,592	1,490,837	1,410,793	1,252,602	1,155,743	1,354,807	1,077,550	1,043,840	438,276	387,279	339,578	274,672	243,796	245,100	165,342	170,707	146,185	147,156	127,316	226,646	119,448	115,527	114,070	111,844	118,711	114,450	96,659	97,266	78,216	86,430	83,284	77,641	72,249	72,468	2,111	-	-	-
Net Tangible Assets	0	4,642,000	4,108,000	5,343,000	5,010,000	4,307,000	3,725,000	3,889,000	2,981,000	2,157,000	1,516,000	3,927,000	4,791,000	3,113,000	1,105,000	1,550,000	1,932,000	585,000	-385,000	970,000	2,116,000	1,638,000	2,234,000	1,944,000	1,632,000	-264,000	-796,000	-986,000	-1,189,000	-1,007,000	-1,452,000	-1,555,000	-1,528,000	-1,931,000	-2,330,000	-2,837,000	-2,889,000	-3,174,000	-3,443,000	-3,850,000	-3,946,000	-4,392,000	-4,538,000	-4,743,000	-4,850,000	-5,211,000	-5,585,000	-4,961,000	-4,970,000	-5,428,000	-5,762,000	-3,749,000	-4,173,000	-4,688,000	-5,138,000	-5,495,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Working Capital	17,933,000	14,725,000	15,295,000	14,506,000	15,151,000	14,424,000	15,907,000	16,695,000	18,796,000	24,080,000	25,138,000	24,607,000	11,171,000	9,225,000	7,542,000	6,519,000	22,307,000	27,978,000	26,486,000	24,024,000	31,188,000	24,660,000	32,918,000	36,221,000	34,259,000	36,495,000	34,509,000	38,176,000	36,231,000	38,112,000	38,414,000	37,870,000	39,766,000	38,648,000	39,372,000	44,956,000	44,092,000	31,228,000	33,200,000	25,783,000	29,827,000	29,138,000	26,357,000	28,646,000	31,346,000	2,502,000	2,356,000	1,607,000	3,234,000	2,802,000	3,802,000	3,208,000	2,960,000	2,225,000	1,811,000	1,817,000	1,627,000	2,470,000	2,143,000	1,768,000	1,568,000	-5,561,130	-5,944,362	-6,369,983	951,937	-7,386,425	-8,203,096	-7,328,856	-7,310,330	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	201,743	-	-	-
Non Current Assets Total	104,038,000	102,643,000	106,193,000	105,709,000	101,183,000	99,405,000	108,735,000	125,181,000	132,455,000	144,154,000	150,586,000	148,056,000	148,276,000	139,768,000	134,519,000	126,742,000	145,148,000	134,642,000	135,584,000	134,793,000	127,093,000	143,808,000	161,415,000	178,375,000	184,797,000	182,420,000	181,459,000	190,410,000	182,852,000	187,273,000	182,026,000	183,703,000	184,427,000	182,225,000	196,352,000	196,044,000	194,681,000	190,008,000	195,402,000	188,899,000	188,962,000	180,257,000	166,117,000	170,435,000	167,936,000	185,728,000	176,686,000	180,420,000	174,234,000	169,081,000	178,621,000	173,284,000	172,754,000	169,648,000	157,936,000	163,319,000	171,367,000	17,307,000	16,933,000	16,367,000	16,682,000	12,295,061	12,307,660	12,314,625	19,319,673	11,494,242	11,527,398	11,384,986	11,354,231	9,580,445	632,202	629,463	613,433	615,397	615,314	551,662	277,811	272,665	273,690	273,540	279,085	280,753	282,496	275,070	276,750	274,609	274,058	260,907	252,198	245,443	243,642	240,186	237,740	232,435	226,031	217,931	216,934	215,400	-	-
Non Current Liabilities Other	65,130,000	61,829,000	67,061,000	70,024,000	65,242,000	64,679,000	75,493,000	91,626,000	99,203,000	117,392,000	125,232,000	122,720,000	124,862,000	115,298,000	110,351,000	103,127,000	121,780,000	117,076,000	117,899,000	121,449,000	112,829,000	129,671,000	151,773,000	172,673,000	176,060,000	176,918,000	174,990,000	187,653,000	178,104,000	184,550,000	180,372,000	182,010,000	183,220,000	180,763,000	201,538,000	198,499,000	195,827,000	178,416,000	161,499,000	155,097,000	155,113,000	146,646,000	132,846,000	137,302,000	134,768,000	128,013,000	119,542,000	123,963,000	119,592,000	115,978,000	128,109,000	123,759,000	123,006,000	118,406,000	107,332,000	117,909,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Non Current Liabilities Total	80,731,000	76,737,000	81,592,000	81,150,000	77,549,000	75,712,000	86,337,000	103,017,000	112,358,000	129,868,000	137,334,000	134,823,000	138,298,000	128,114,000	122,394,000	113,528,000	132,526,000	129,016,000	129,410,000	126,446,000	124,741,000	135,395,000	161,463,000	182,013,000	186,765,000	188,498,000	186,081,000	199,071,000	189,739,000	195,824,000	191,285,000	192,587,000	195,149,000	192,392,000	207,594,000	213,344,000	211,253,000	193,952,000	201,536,000	187,981,000	192,119,000	183,209,000	166,649,000	173,414,000	173,665,000	162,921,000	154,120,000	156,424,000	152,106,000	146,944,000	157,753,000	149,776,000	149,380,000	146,193,000	134,593,000	140,268,000	148,392,000	6,486,000	6,118,000	5,861,000	5,693,000	947,000	947,000	947,000	8,096,445	947,000	252,000	253,000	253,000	531,359	253,170	253,791	253,791	250,000	250,000	250,000	0	0	0	0	0	2,035,637	0	0	0	0	0	0	0	7,344	0	0	0	0	0	0	28,200	137,100	-	-
Non Currrent Assets Other	58,457,000	53,066,000	57,555,000	57,950,000	54,146,000	53,664,000	62,466,000	78,511,000	86,248,000	97,057,000	108,374,000	106,376,000	107,862,000	99,924,000	95,778,000	87,885,000	106,013,000	98,897,000	99,948,000	100,872,000	93,289,000	110,080,000	128,439,000	145,141,000	151,615,000	149,295,000	148,346,000	157,556,000	150,217,000	154,467,000	149,434,000	151,152,000	151,773,000	149,985,000	164,007,000	162,899,000	161,988,000	157,245,000	162,422,000	155,865,000	155,805,000	147,405,000	133,599,000	137,929,000	135,293,000	151,245,000	142,368,000	145,957,000	140,241,000	136,774,000	146,212,000	140,941,000	139,091,000	137,445,000	125,723,000	131,406,000	139,552,000	3,857,000	3,519,000	2,713,000	2,884,000	-2,146,000	-1,942,000	-1,922,928	4,980,433	-2,680,751	-2,734,853	-2,360,186	-2,097,574	-1,704,677	-406,705	-386,976	-298,668	-292,267	-282,807	-325,392	-227,497	-240,513	-236,369	-177,288	-234,923	-2,550,443	-304,717	-244,637	-208,743	-180,462	-163,003	-170,245	-139,126	-140,708	-142,444	-20,703	-13,316	-14,207	-10,004	-2,196	-2,255	-	-	-
Noncontrolling Interest In Consolidated Entity	0	0	0	118,000	132,000	127,000	113,000	107,000	113,000	112,000	115,000	49,000	51,000	59,000	56,000	57,000	66,000	60,000	57,000	53,000	59,000	55,000	54,000	44,000	50,000	55,000	61,000	50,000	52,000	57,000	67,000	75,000	77,000	87,000	96,000	89,000	104,000	114,000	120,000	117,000	135,000	127,000	142,000	144,000	155,000	170,000	178,000	185,000	184,000	175,000	196,000	188,000	189,000	180,000	159,000	174,000	24,553,000	13,291,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Other Assets	70,738,000	67,641,000	70,802,000	71,234,000	61,776,000	62,226,000	72,546,000	160,847,000	95,000,000	165,621,000	132,139,000	109,935,000	131,288,000	102,828,000	94,884,000	86,818,000	104,037,000	97,959,000	17,000	99,971,000	92,572,000	109,771,000	128,138,000	206,315,000	208,820,000	209,874,000	207,654,000	220,079,000	210,121,000	217,293,000	212,672,000	214,045,000	215,188,000	212,754,000	228,485,000	233,900,000	230,478,000	212,912,000	221,042,000	207,767,000	211,901,000	203,298,000	186,754,000	193,054,000	192,292,000	185,044,000	175,946,000	179,610,000	173,322,000	168,325,000	179,273,000	172,542,000	172,138,000	168,927,000	157,174,000	162,542,000	170,484,000	16,914,000	16,547,000	15,916,000	16,256,000	6,399,741	6,712,954	6,816,762	18,785,978	8,107,717	8,030,875	7,195,859	6,990,591	15,459,907	915,741	879,731	832,866	814,494	771,532	728,533	412,970	396,847	393,090	347,984	418,291	432,546	473,962	403,123	385,064	354,764	335,478	343,388	330,858	332,530	337,059	217,978	215,531	218,248	216,186	201,205	0	-	-	-
Other Current Assets	-15,082,000	-13,147,000	-12,339,000	-10,743,000	5,765,000	5,867,000	-23,000	7,083,000	7,388,000	14,106,000	16,170,000	15,711,000	16,692,000	15,358,000	14,392,000	14,980,000	15,506,000	18,738,000	18,485,000	20,830,000	20,672,000	19,628,000	22,977,000	27,309,000	24,246,000	27,485,000	26,321,000	0	27,851,000	0	0	0	31,401,000	0	0	0	33,718,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-2,387,163	-2,146,001	-1,922,928	174,849	-2,777,357	-2,562,216	-2,267,354	-2,210,758	4,690,279	137,503	117,851	112,098	94,254	53,241	59,478	16,912	13,685	13,512	10,349	9,958	185,393	13,174	9,949	9,391	8,984	8,989	9,214	10,044	7,521	7,701	7,747	10,073	9,284	8,812	7,165	69,153	225,500	-	-
Other Current Liab	245,000	-1,780,000	-1,814,000	-1,823,000	-541,000	-4,468,000	-4,616,000	-391,000	-6,091,000	-544,000	1,238,000	1,196,000	-3,673,000	-3,742,000	14,397,000	14,786,000	15,759,000	18,699,000	18,446,000	20,791,000	20,996,000	19,575,000	22,960,000	788,000	2,153,000	1,614,000	1,140,000	769,000	1,880,000	1,481,000	1,064,000	672,000	1,971,000	1,561,000	1,137,000	684,000	1,865,000	1,487,000	1,079,000	668,000	1,747,000	1,322,000	948,000	602,000	14,000	9,000	1,899,000	1,844,000	1,405,000	2,299,000	897,000	564,000	1,577,000	1,297,000	2,075,000	2,044,000	1,921,000	1,403,000	1,133,000	888,000	929,000	8,363,000	8,641,000	8,755,000	1,200,937	10,413,000	9,339,763	8,177,922	9,435,000	865,295	0	0	522,637	0	0	0	210,984	0	0	0	213,115	162,650	118,200	92,581	197,024	0	0	0	146,019	115,785	93,630	60,596	138,141	96,498	63,950	38,800	0	-	-	-
Other Liab	0	60,507,000	0	0	61,004,000	59,699,000	69,176,000	85,535,000	92,994,000	104,970,000	112,223,000	110,048,000	111,218,000	103,124,000	98,570,000	90,967,000	109,077,000	101,975,000	103,026,000	104,047,000	97,035,000	114,165,000	132,324,000	172,673,000	176,060,000	176,918,000	174,990,000	187,653,000	178,104,000	184,550,000	180,372,000	182,010,000	183,397,000	180,960,000	196,511,000	198,681,000	196,072,000	178,583,000	186,645,000	173,892,000	177,979,000	169,644,000	153,300,000	159,414,000	158,750,000	151,448,000	142,572,000	146,338,000	140,541,000	135,325,000	146,356,000	139,724,000	139,423,000	136,301,000	124,599,000	130,503,000	139,871,000	3,912,000	3,515,000	3,117,000	3,025,000	3,897,428	4,407,379	4,522,237	5,203,791	5,331,577	5,382,701	4,882,966	4,781,571	4,531,981	498,884	407,325	63,936	465,850	399,014	283,583	121,545	277,369	152,293	107,374	20,131	106,960	23,987	19,684	18,524	158,455	135,324	93,406	17,295	11,818	5,306	1,489	3,607	3,269	791	1,536	0	-	-	-
Other Stockholder Equity	7,842,000	8,015,000	8,231,000	8,448,000	8,967,000	9,284,000	9,500,000	9,824,000	10,666,000	10,669,000	10,799,000	10,917,000	11,284,000	11,132,000	10,977,000	11,949,000	12,454,000	12,316,000	12,288,000	12,151,000	13,781,000	14,177,000	14,565,000	14,748,000	15,289,000	15,448,000	15,605,000	15,758,000	16,152,000	16,317,000	16,442,000	16,595,000	16,916,000	17,009,000	17,061,000	17,199,000	17,492,000	17,613,000	17,765,000	17,907,000	18,263,000	18,398,000	18,552,000	18,687,000	18,987,000	19,047,000	19,099,000	20,002,000	20,056,000	20,021,000	20,022,000	22,452,000	22,390,000	22,139,000	22,147,000	22,034,000	21,987,000	10,860,000	10,748,000	10,303,000	10,260,000	10,196,947	10,107,167	9,961,743	9,902,582	9,794,056	9,811,881	9,858,356	9,742,093	9,719,704	156,115	144,797	112,033	108,868	137,036	161,939	109,435	112,144	107,418	106,172	136,093	150,886	188,146	191,163	193,024	188,374	186,835	183,458	177,973	177,712	176,437	175,609	167,537	167,391	167,791	167,467	167,184	52,400	-	-
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	28,469,000	28,580,000	28,223,000	27,872,000	27,476,000	27,485,000	27,235,000	27,019,000	26,613,000	26,616,000	26,145,000	25,755,000	25,631,000	25,585,000	25,261,000	24,884,000	0	0	0	0	1,000	1,000	1,000	1,000	1,000	24,553,000	13,291,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Property Plant And Equipment Gross	3,972,000	3,974,000	3,943,000	3,914,000	3,937,000	3,849,000	0	0	0	0	741,000	671,000	681,000	693,000	697,000	714,000	715,000	669,000	659,000	656,000	643,000	588,000	581,000	589,000	592,000	571,000	549,000	546,000	559,000	564,000	576,000	581,000	581,000	543,000	545,000	537,000	467,000	468,000	496,000	508,000	525,000	523,000	524,000	529,000	557,000	560,000	571,000	545,000	537,000	545,000	521,000	479,000	428,000	429,000	433,000	450,000	445,000	250,000	252,000	256,000	260,000	274,295	265,399	270,607	266,460	250,481	245,120	226,710	214,784	193,752	142,526	136,972	129,451	123,687	115,323	107,977	93,701	88,377	88,098	87,716	87,006	88,455	90,292	92,215	93,923	93,527	92,772	79,420	70,510	61,142	56,728	50,658	45,598	37,678	28,661	26,087	22,677	18,700	-	-
Property Plant And Equipment Net	2,533,000	2,487,000	2,509,000	2,540,000	2,547,000	2,456,000	2,443,000	2,434,000	2,383,000	2,501,000	741,000	671,000	681,000	693,000	697,000	714,000	715,000	669,000	659,000	656,000	643,000	588,000	581,000	589,000	592,000	571,000	549,000	546,000	559,000	564,000	576,000	581,000	581,000	543,000	545,000	537,000	467,000	468,000	496,000	508,000	525,000	523,000	524,000	529,000	557,000	560,000	571,000	545,000	537,000	545,000	521,000	479,000	428,000	429,000	433,000	450,000	445,000	250,000	252,000	256,000	260,000	274,295	265,399	270,607	266,460	250,481	245,120	226,710	214,784	193,752	142,526	136,972	129,451	123,687	115,323	107,977	93,701	88,377	88,098	87,716	87,006	88,455	90,292	92,215	93,923	93,527	92,772	79,420	70,510	61,142	56,728	50,658	45,598	37,678	28,661	26,087	22,677	18,700	-	-
Property Plant Equipment	0	2,487,000	2,509,000	1,046,000	2,547,000	965,000	900,000	851,000	762,000	703,000	1,354,000	671,000	681,000	693,000	697,000	714,000	715,000	669,000	659,000	656,000	643,000	588,000	581,000	589,000	592,000	571,000	549,000	546,000	559,000	564,000	576,000	581,000	581,000	543,000	545,000	537,000	467,000	468,000	496,000	508,000	525,000	523,000	524,000	529,000	557,000	560,000	571,000	545,000	537,000	545,000	521,000	479,000	428,000	429,000	433,000	450,000	445,000	250,000	252,000	256,000	260,000	274,295	265,399	270,607	266,460	250,481	245,120	226,710	214,784	193,752	142,526	136,972	129,451	123,687	115,323	107,977	93,701	88,377	88,098	87,716	87,006	88,455	90,292	92,215	93,923	93,527	92,772	79,420	70,510	61,142	56,728	50,658	45,598	37,678	28,661	26,087	0	-	-	-
Retained Earnings	32,343,000	31,711,000	30,855,000	30,237,000	29,876,000	29,348,000	28,678,000	28,338,000	27,688,000	26,672,000	25,620,000	24,872,000	24,334,000	23,340,000	22,532,000	21,872,000	21,662,000	20,873,000	20,267,000	19,779,000	19,282,000	18,852,000	18,138,000	17,529,000	16,966,000	15,065,000	14,523,000	14,073,000	13,660,000	13,183,000	12,684,000	12,271,000	12,033,000	11,533,000	11,052,000	10,613,000	10,145,000	9,660,000	9,113,000	8,604,000	8,230,000	7,678,000	7,233,000	6,822,000	6,473,000	6,066,000	5,697,000	5,390,000	5,118,000	4,815,000	4,441,000	4,077,000	3,798,000	3,354,000	2,991,000	2,777,000	2,436,000	2,286,000	2,076,000	1,961,000	1,991,000	2,042,520	1,929,726	1,759,534	1,622,041	1,387,478	1,227,568	1,093,673	993,821	878,929	878,335	840,033	806,884	753,179	711,244	677,179	650,016	616,185	641,981	609,836	570,535	542,099	514,741	476,067	440,747	406,899	373,733	338,897	307,498	279,166	251,790	225,560	200,064	175,518	152,757	131,900	112,703	95,500	-	-
Retained Earnings Total Equity	0	0	0	30,237,000	29,876,000	29,348,000	28,678,000	28,338,000	27,688,000	26,672,000	25,620,000	24,872,000	24,334,000	23,340,000	22,532,000	21,872,000	21,662,000	20,873,000	20,267,000	19,779,000	19,282,000	18,852,000	18,138,000	17,529,000	16,966,000	15,065,000	14,523,000	14,073,000	13,660,000	13,183,000	12,684,000	12,271,000	12,033,000	11,533,000	11,052,000	10,597,000	10,164,000	9,673,000	9,080,000	8,598,000	8,208,000	7,653,000	7,210,000	6,767,000	6,444,000	6,010,000	5,627,000	5,333,000	5,046,000	4,736,000	4,390,000	4,019,000	3,723,000	3,260,000	2,902,000	2,663,000	24,553,000	13,291,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,966,000	0	4,994,000	4,994,000	5,036,000	5,014,000	5,000,000	4,970,000	0	4,915,000	0	0	0	4,930,000	0	0	0	750,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Short Long Term Debt Total	9,702,000	9,664,000	9,718,000	8,492,000	8,489,000	8,364,000	8,450,000	9,272,000	9,318,000	8,420,000	6,491,000	7,232,000	7,264,000	7,227,000	7,190,000	5,933,000	4,955,000	6,118,000	6,106,000	5,100,000	5,063,000	5,035,000	4,994,000	5,036,000	5,014,000	5,000,000	4,970,000	5,619,000	4,915,000	4,961,000	4,950,000	4,968,000	4,930,000	4,950,000	4,947,000	8,902,000	8,327,000	8,826,000	8,635,000	8,180,000	7,308,000	7,006,000	7,083,000	8,019,000	8,189,000	8,129,000	7,724,000	6,337,000	6,364,000	4,790,000	5,288,000	3,255,000	4,637,000	3,358,000	3,706,000	4,166,000	5,668,000	1,144,000	1,144,000	1,146,000	1,146,000	1,146,693	1,246,552	1,358,752	1,247,021	1,642,769	703,743	925,976	497,003	531,359	253,170	253,791	253,791	250,000	250,000	250,000	0	0	0	0	0	2,035,637	0	0	0	0	0	0	0	7,344	0	0	0	0	0	0	56,400	153,200	-	-
Short Term Debt	995,000	1,780,000	1,814,000	1,823,000	1,835,000	1,773,000	1,815,000	1,842,000	7,488,000	1,946,000	0	0	4,966,000	0	0	0	0	0	0	4,966,000	0	4,991,000	4,994,000	5,036,000	5,014,000	5,000,000	4,970,000	0	4,915,000	0	0	0	4,930,000	0	4,947,000	4,938,000	4,938,000	5,937,000	5,936,000	0	0	0	19,426,000	100,000	100,000	1,943,000	1,539,000	1,647,000	100,000	100,000	600,000	17,236,000	100,000	100,000	444,000	880,000	2,234,000	200,000	200,000	200,000	200,000	200,000	300,000	300,000	300,000	450,000	360,000	550,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	28,200	16,100	-	-
Short Term Investments	1,871,000	0	0	0	1,331,000	6,907,000	7,302,000	7,615,000	7,262,000	0	0	0	0	0	0	0	0	0	0	0	0	17,000	17,000	62,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,331,000	0	0	0	0	0	0	0	0	0	0	2,145,744	1,941,525	1,922,928	0	2,680,751	2,484,127	2,194,863	2,097,574	1,616,211	347,253	338,361	298,668	292,267	282,807	325,392	227,497	240,513	236,369	177,288	234,923	2,550,443	304,717	244,637	208,743	180,462	163,003	170,245	139,126	140,708	142,444	20,703	13,316	14,207	10,004	2,196	2,255	2,500	-	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	28,469,000	28,580,000	28,223,000	27,872,000	27,476,000	27,485,000	27,235,000	27,019,000	26,613,000	26,616,000	26,145,000	25,755,000	25,631,000	25,585,000	25,261,000	24,884,000	0	0	0	0	0	0	0	0	0	24,553,000	13,291,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Total Assets	123,211,000	118,585,000	122,644,000	121,398,000	117,628,000	115,430,000	125,966,000	143,327,000	152,648,000	169,636,000	176,962,000	173,859,000	176,982,000	165,118,000	157,342,000	149,020,000	168,622,000	163,872,000	163,347,000	165,008,000	159,573,000	174,862,000	195,549,000	216,017,000	220,217,000	220,567,000	217,488,000	230,586,000	220,177,000	226,739,000	222,055,000	222,958,000	225,261,000	222,216,000	237,008,000	242,714,000	239,808,000	222,812,000	231,693,000	216,297,000	219,873,000	212,717,000	193,745,000	200,738,000	200,451,000	192,828,000	182,480,000	185,518,000	179,896,000	174,282,000	185,048,000	178,422,000	178,459,000	174,504,000	162,266,000	168,060,000	177,994,000	21,380,000	20,409,000	19,223,000	19,924,000	21,696,672	22,017,252	21,816,404	22,561,515	23,078,534	21,992,177	20,881,989	20,469,492	17,874,676	1,923,921	1,841,052	1,848,000	1,673,104	1,562,544	1,493,918	1,145,235	1,077,001	966,452	909,442	967,223	3,484,802	900,668	836,397	864,188	789,574	734,294	666,644	684,478	643,770	571,234	500,443	537,003	492,495	433,729	388,430	447,582	443,400	-	-
Total Current Assets	19,173,000	15,942,000	16,451,000	15,689,000	16,445,000	16,025,000	17,231,000	18,146,000	20,193,000	25,482,000	26,376,000	25,803,000	28,706,000	25,350,000	22,823,000	22,278,000	23,474,000	29,230,000	27,763,000	30,215,000	32,480,000	31,054,000	34,134,000	37,642,000	35,420,000	38,147,000	36,029,000	40,176,000	37,325,000	39,466,000	40,029,000	39,255,000	40,834,000	39,991,000	40,656,000	46,670,000	45,127,000	32,804,000	36,291,000	27,398,000	30,911,000	32,460,000	27,628,000	30,303,000	32,515,000	7,100,000	5,794,000	5,098,000	5,662,000	5,201,000	6,427,000	5,138,000	5,705,000	4,856,000	4,330,000	4,741,000	6,627,000	4,073,000	3,476,000	2,856,000	3,242,000	3,001,870	2,996,638	2,685,017	3,241,842	3,476,575	2,433,904	2,301,144	2,124,670	8,294,231	1,291,719	1,211,589	1,234,567	1,057,707	947,230	942,256	867,424	804,336	692,762	635,902	688,138	3,204,049	618,172	561,327	587,438	514,965	460,236	405,737	432,280	398,327	327,592	260,257	299,263	260,060	207,698	170,499	230,648	228,000	-	-
Total Current Liabilities	1,240,000	1,217,000	1,156,000	1,183,000	1,294,000	1,601,000	1,324,000	1,451,000	1,397,000	1,402,000	1,238,000	1,196,000	1,028,000	988,000	914,000	982,000	1,167,000	1,252,000	1,277,000	6,191,000	1,292,000	6,394,000	1,216,000	1,421,000	1,161,000	1,652,000	1,520,000	2,000,000	1,094,000	1,354,000	1,615,000	1,385,000	1,068,000	1,343,000	1,284,000	1,714,000	1,035,000	1,576,000	3,091,000	1,615,000	1,084,000	3,322,000	1,271,000	1,657,000	1,169,000	4,598,000	3,438,000	3,491,000	2,428,000	2,399,000	2,625,000	1,930,000	2,745,000	2,631,000	2,519,000	2,924,000	5,000,000	1,603,000	1,333,000	1,088,000	1,674,000	8,563,000	8,941,000	9,055,000	2,289,905	10,863,000	10,637,000	9,630,000	9,435,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	28,905	16,100	-	-
Total Liab	81,971,000	77,954,000	82,748,000	82,333,000	78,843,000	77,313,000	87,661,000	104,468,000	113,755,000	131,270,000	138,572,000	136,019,000	139,326,000	129,102,000	123,308,000	114,510,000	133,693,000	130,268,000	130,687,000	132,637,000	126,033,000	141,789,000	162,679,000	183,434,000	187,926,000	190,150,000	187,601,000	201,071,000	190,833,000	197,178,000	192,900,000	193,972,000	196,217,000	193,735,000	208,878,000	215,058,000	212,288,000	195,528,000	204,627,000	189,596,000	193,203,000	186,531,000	167,920,000	175,071,000	174,834,000	167,519,000	157,558,000	159,915,000	154,534,000	149,343,000	160,378,000	151,706,000	152,125,000	148,824,000	137,112,000	143,192,000	153,392,000	8,089,000	7,451,000	6,949,000	7,367,000	8,640,516	9,343,155	9,422,699	10,386,350	10,351,343	9,480,352	8,798,769	8,578,520	6,398,994	862,818	835,742	916,143	796,328	698,352	623,493	359,714	333,328	202,212	182,191	252,676	2,519,361	191,681	168,195	229,534	193,650	173,076	143,640	198,361	186,248	142,362	98,629	168,762	148,947	112,542	88,424	167,056	295,000	-	-
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	32,470,000	32,184,000	32,022,000	0	30,097,000	29,616,000	29,206,000	0	28,961,000	28,635,000	28,469,000	28,580,000	28,223,000	27,872,000	27,476,000	27,485,000	27,235,000	27,019,000	26,613,000	26,616,000	26,145,000	25,755,000	25,631,000	25,585,000	25,261,000	24,884,000	0	0	0	0	0	0	0	0	0	24,553,000	13,291,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Total Stockholder Equity	39,347,000	38,627,000	38,208,000	37,712,000	37,744,000	37,162,000	37,089,000	37,489,000	37,693,000	36,817,000	36,033,000	35,380,000	35,283,000	33,873,000	32,730,000	33,013,000	33,547,000	32,407,000	31,893,000	31,309,000	32,374,000	32,415,000	32,130,000	31,978,000	31,825,000	30,042,000	29,555,000	29,156,000	29,098,000	28,904,000	28,568,000	28,394,000	28,503,000	28,136,000	27,776,000	27,375,000	27,366,000	27,106,000	26,881,000	26,478,000	26,460,000	25,999,000	25,589,000	25,345,000	25,403,000	25,057,000	24,672,000	25,303,000	25,048,000	24,727,000	24,424,000	26,479,000	26,094,000	25,400,000	24,954,000	24,648,000	24,329,000	13,060,000	12,745,000	12,073,000	12,066,000	12,187,164	12,129,709	11,814,209	11,596,955	11,268,312	11,103,118	10,998,741	10,781,880	10,607,285	1,041,150	988,942	922,243	867,190	853,615	846,395	768,352	734,949	755,253	722,951	713,308	696,260	708,987	668,202	634,654	595,924	561,218	523,004	486,117	457,522	428,872	401,814	368,241	343,548	321,187	300,006	280,526	148,400	-	-
Treasury Stock	0	0	0	-10,979,000	-10,805,000	-10,325,000	-9,969,000	-9,478,000	-9,087,000	-8,793,000	-8,498,000	-8,204,000	-8,009,000	-8,018,000	-8,030,000	-6,936,000	-6,732,000	-6,742,000	-6,659,000	-6,676,000	-5,387,000	-4,871,000	-4,388,000	-4,108,000	-3,967,000	-3,697,000	-3,433,000	-3,171,000	-3,185,000	-2,919,000	-2,690,000	-2,432,000	-2,489,000	-2,318,000	-2,191,000	-1,927,000	-1,894,000	-1,657,000	-1,416,000	-1,180,000	-1,210,000	-993,000	-750,000	-523,000	-432,000	-274,000	-124,000	-104,000	-218,000	-128,000	-1,000	-2,000	-111,000	-124,000	-137,000	-3,000	-140,000	-143,000	-143,000	-168,000	-201,000	-210,182	-235,434	-331,977	-371,514	-276,424	-222,031	-119,454	-57,354	-52,035	-33,809	-43,157	-59,057	-62,787	-59,246	-33,821	-51,354	-64,320	-69,285	-78,296	-50,083	-46,492	-9,252	-10,212	-5,431	-3,913	-3,272	-3,132	-604	-765	-2,852	-4,346	-16	0	0	0	0	-	-	-
Warrants	0	0	0	1,235,000	909,000	828,000	1,103,000	1,263,000	1,087,000	1,437,000	2,242,000	2,411,000	2,322,000	2,084,000	1,248,000	1,440,000	1,316,000	1,137,000	710,000	1,009,000	1,107,000	603,000	686,000	561,000	416,000	320,000	271,000	309,000	194,000	600,000	520,000	517,000	464,000	258,000	258,000	180,000	35,000	49,000	47,000	88,000	54,000	41,000	70,000	36,000	32,000	28,000	38,000	79,000	92,000	1,000	4,000	4,000	6,000	54,000	94,000	79,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Begin Period Cash Flow	7,416,000	9,340,000	8,681,000	4,846,000	6,505,000	7,096,000	6,091,000	6,083,000	5,723,000	4,390,000	4,606,000	3,506,000	3,367,000	4,708,000	2,032,000	1,656,000	1,160,304	484,223	457,673	315,941	255,234	186,451	192,590	157,129	113,450	69,100
Capital Expenditures	344,000	533,000	341,000	194,000	254,000	204,000	155,000	119,000	221,000	66,000	94,000	150,000	247,000	132,000	67,000	77,000	111,317	83,993	55,154	25,592	13,453	42,827	40,479	32,761	18,925	8,400
Cash And Cash Equivalents Changes	0	-1,616,000	720,000	3,733,000	-1,713,000	-498,000	803,000	8,000	360,000	1,333,000	-216,000	1,100,000	139,000	-1,341,000	2,676,000	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	-788,000	-1,979,000	-2,235,000	-1,806,000	-1,736,000	-713,000	-1,081,000	-505,000	-414,000	24,000	-207,000	-12,000	2,164,000	76,000	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	1,320,000	-1,907,000	659,000	3,835,000	-1,659,000	-591,000	803,000	8,000	360,000	1,333,000	-216,000	1,100,000	139,000	-1,341,000	2,676,000	376,000	495,896	676,081	26,550	141,732	60,707	68,783	-6,139	35,461	43,679	44,400
Change In Working Capital	-418,000	-897,000	658,000	169,000	-608,000	-158,000	-152,000	-753,000	-542,000	-320,000	-6,000	-559,000	-383,000	-294,000	-280,000	111,000	-380,344	199,724	-107,134	-5,215	17,079	14,219	32,266	-227	38,656	7,000
Change Receivables	0	416,000	-322,000	-313,000	-433,000	4,000	-521,000	-86,000	-154,000	78,000	14,000	-296,000	118,000	-319,000	-64,000	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-586,000	416,000	-322,000	-313,000	-433,000	4,000	-521,000	-86,000	-154,000	78,000	14,000	-292,000	124,000	-364,000	-223,000	339,000	-273,199	-185,809	-204,577	-27,852	-8,045	16,884	-13,346	-22,093	37,393	-68,800
Change To Inventory	0	151,000	-342,000	115,000	111,000	25,000	-215,000	-632,000	-500,000	-430,000	-230,000	-478,000	0	0	0	0	0	202,394	-57,975	-9,634	10,195	11,801	25,893	5,368	40,215	-221,100
Change To Liabilities	0	-1,343,000	829,000	382,000	-295,000	93,000	803,000	-88,000	319,000	19,000	290,000	407,000	-210,000	-28,000	-45,000	0	138,555	211,064	87,507	4,366	28,686	29,212	39,268	22,110	0	0
Change To Netincome	0	1,259,000	-204,000	265,000	487,000	192,000	-988,000	-24,000	-303,000	-200,000	20,000	-454,000	211,000	259,000	196,000	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-1,358,000	315,000	437,000	-43,000	-173,000	334,000	-258,000	165,000	93,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	427,000	418,000	415,000	358,000	405,000	220,000	240,000	229,000	247,000	278,000	291,000	295,000	299,000	310,000	239,000	232,000	198,824	72,809	30,902	20,686	21,366	20,238	26,021	19,995	18,153	12,900
Dividends Paid	-3,035,000	2,990,000	2,547,000	2,260,000	2,096,000	1,968,000	1,662,000	1,545,000	1,476,000	1,338,000	1,168,000	1,060,000	1,014,000	776,000	397,000	419,000	353,463	135,665	76,606	63,660	25,614	0	0	0	0	12,300
End Period Cash Flow	8,736,000	7,433,000	9,340,000	8,681,000	4,846,000	6,505,000	6,894,000	6,091,000	6,083,000	5,723,000	4,390,000	4,606,000	3,506,000	3,367,000	4,708,000	2,032,000	1,656,200	1,160,304	484,223	457,673	315,941	255,234	186,451	192,590	157,129	113,500
Exchange Rate Changes	0	0	0	0	0	0	192,000	-273,000	-115,000	-132,000	17,000	70,000	2,000	-32,000	47,000	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	3,795,000	4,423,000	4,603,000	3,549,000	2,630,000	2,871,000	3,673,000	2,035,000	2,783,000	3,015,000	3,548,000	2,090,000	2,579,000	2,356,000	1,332,000	1,839,000	476,132	636,891	199,783	205,766	166,142	129,218	126,894	75,846	97,401	45,300
Investments	-1,189,000	-512,000	-386,000	11,000	-140,000	146,000	-291,000	35,000	192,000	428,000	-43,000	508,000	9,000	-475,000	187,000	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-750,000	241,000	2,245,000	-8,000	40,000	-3,000	-3,000	37,000	-3,000	-850,000	995,000	1,429,000	-2,310,000	4,592,000	0	0	0	0	0	0	0	0	0	0	0
Net Income	5,502,000	4,994,000	6,205,000	5,286,000	4,526,000	4,302,000	5,007,000	3,170,000	3,352,000	3,264,000	2,951,000	2,440,000	2,339,000	2,050,000	897,000	786,000	995,272	322,602	233,908	143,141	155,402	133,249	107,434	87,361	59,417	35,600
Other Cashflows From Financing Activities	4,011,000	656,000	1,472,000	4,313,000	1,321,000	1,290,000	456,000	1,259,000	580,000	314,000	272,000	2,254,000	2,201,000	174,000	4,395,000	-27,000	2,612,646	72,405	657,637	6,258	-19,649	-766	-696	-91	-2,646	2,100
Other Cashflows From Investing Activities	0	-597,000	-1,210,000	-71,000	-1,620,000	-750,000	-141,000	-104,000	-436,000	-123,000	-346,000	-194,000	34,000	-21,000	-5,641,000	0	0	2,172	0	0	0	0	0	0	0	0
Other Non Cash Items	-2,126,000	-869,000	-2,203,000	-2,535,000	-2,023,000	-1,627,000	-588,000	-999,000	-411,000	-490,000	151,000	-326,000	211,000	-26,000	315,000	741,000	-309,905	168,258	78,366	97,895	-11,941	-2,714	10,112	1,478	100	-1,800
Sale Purchase Of Stock	-1,884,000	-2,332,000	-1,485,000	-1,809,000	-1,911,000	-2,087,000	-1,421,000	-1,399,000	-1,331,000	-1,344,000	-1,243,000	-1,645,000	-2,885,000	-264,000	-46,000	-46,000	-383,310	-30,973	-77,466	-57,607	-83,418	-12,444	-7,407	-16	-550	-200
Stock Based Compensation	630,000	708,000	734,000	622,000	567,000	564,000	542,000	521,000	514,000	453,000	448,000	451,000	497,000	445,000	317,000	278,000	188,256	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-1,992,000	-5,442,000	-2,287,000	244,000	-2,583,000	-2,765,000	-2,630,000	-1,685,000	-2,064,000	-1,855,000	-3,392,000	-944,000	-2,485,000	-3,170,000	6,749,000	-887,000	958,861	-84,901	-4,268	-99,640	-102,336	-8,172	-6,163	-27,078	-53,751	-4,400
Total Cash From Operating Activities	4,139,000	4,956,000	4,944,000	3,743,000	2,884,000	3,075,000	3,828,000	2,154,000	3,004,000	3,081,000	3,642,000	2,240,000	2,826,000	2,488,000	1,399,000	1,916,000	587,449	720,884	254,937	231,358	179,595	172,045	167,373	108,607	116,326	53,700
Total Cashflows From Investing Activities	0	-1,130,000	-1,937,000	-254,000	-2,014,000	-808,000	-587,000	-188,000	-465,000	239,000	-483,000	-266,000	-204,000	-627,000	-5,519,000	0	0	3,565	0	7,027	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31
Begin Period Cash Flow	7,316,000	6,851,000	5,661,000	7,433,000	6,814,000	6,498,000	7,279,000	9,340,000	7,378,000	6,433,000	6,360,000	8,681,000	6,524,000	5,483,000	4,423,000	4,846,000	4,624,000	4,040,000	4,078,000	6,505,000	6,597,000	6,741,000	6,143,000	7,096,000	6,165,000	5,508,000	5,703,000	6,091,000	5,454,000	5,065,000	4,981,000	6,083,000	5,673,000	4,907,000	4,293,000	5,723,000	6,149,000	5,127,000	4,394,000	4,390,000	3,987,000	3,668,000	3,942,000	4,606,000	4,223,000	3,595,000	2,552,000	3,506,000	2,983,000	2,796,000	2,779,000	3,367,000	2,636,000	2,183,000	2,703,000	4,708,000	2,763,000	2,305,000	1,793,000	2,032,000	1,793,293	1,427,522	1,194,180	1,656,200	2,320,579	1,356,250	1,018,828	1,160,304	943,901	368,687	368,098	484,223	396,514	367,386	312,286	457,673	379,431	296,696	301,109	315,941	241,567	180,833	191,214	255,234	213,675	169,533	111,828	186,451	152,832	99,231	145,377	192,590	158,928	116,633	88,670	157,129	158,500
Capital Expenditures	124,000	78,000	61,000	81,000	134,000	136,000	116,000	147,000	126,000	37,000	130,000	48,000	54,000	40,000	48,000	52,000	94,000	55,000	47,000	58,000	96,000	45,000	30,000	33,000	55,000	45,000	36,000	19,000	31,000	21,000	37,000	30,000	61,000	26,000	36,000	98,000	26,000	6,000	19,000	15,000	34,000	14,000	28,000	18,000	29,000	23,000	57,000	41,000	29,000	59,000	76,000	83,000	36,000	30,000	22,000	44,000	15,000	19,000	17,000	16,000	5,224	31,873	15,309	24,594	26,377	22,635	34,322	27,983	36,979	19,479	12,933	14,602	12,224	13,792	12,454	16,684	10,347	5,353	5,306	4,586	3,800	3,354	2,944	3,355	4,462	6,539	18,116	13,710	13,877	8,569	9,838	8,195	10,308	11,861	4,962	5,630	6,025
Cash And Cash Equivalents Changes	0	0	0	-1,810,000	431,000	502,000	-578,000	-1,971,000	1,967,000	1,001,000	66,000	-2,314,000	2,040,000	976,000	1,061,000	-344,000	135,000	626,000	-19,000	-2,455,000	-57,000	-113,000	740,000	-1,068,000	729,000	657,000	-195,000	-388,000	637,000	389,000	84,000	-1,102,000	410,000	766,000	614,000	-1,430,000	-426,000	1,022,000	733,000	4,000	403,000	319,000	-274,000	-664,000	383,000	628,000	1,043,000	-954,000	523,000	187,000	17,000	-588,000	731,000	453,000	-520,000	-2,005,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	0	-1,218,000	1,656,000	-1,100,000	2,084,000	-3,428,000	606,000	-249,000	-920,000	-1,416,000	170,000	-1,052,000	562,000	-1,915,000	-521,000	-491,000	-518,000	-276,000	-459,000	-580,000	121,000	-818,000	-261,000	77,000	-272,000	-257,000	49,000	-299,000	-352,000	-479,000	-45,000	23,000	-362,000	-121,000	258,000	-25,000	-766,000	119,000	-6,000	105,000	-29,000	-46,000	-147,000	19,000	-149,000	70,000	35,000	217,000	-750,000	486,000	767,000	723,000	180,000	494,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	1,420,000	482,000	1,190,000	-1,772,000	619,000	316,000	-781,000	-2,061,000	1,962,000	945,000	73,000	-2,321,000	2,157,000	1,041,000	1,060,000	-423,000	222,000	584,000	-38,000	-2,427,000	-92,000	-144,000	598,000	-953,000	729,000	657,000	-195,000	-388,000	637,000	389,000	84,000	-1,102,000	410,000	766,000	614,000	-1,430,000	-426,000	1,022,000	733,000	4,000	403,000	319,000	-274,000	-664,000	383,000	628,000	1,043,000	-954,000	523,000	187,000	17,000	-588,000	731,000	453,000	-520,000	-2,005,000	1,945,000	458,000	512,000	-239,000	238,707	365,771	233,342	-462,020	-664,379	964,329	337,422	-141,476	216,403	575,214	589	-116,125	87,709	29,128	55,100	-145,387	78,242	82,735	-4,413	-14,832	74,374	60,734	-10,381	-64,020	41,559	44,142	57,705	-74,623	33,619	53,601	-46,146	-47,213	33,662	42,295	27,963	-68,459	-1,371
Change In Working Capital	813,000	201,000	-47,000	-1,333,000	181,000	581,000	303,000	-1,962,000	1,434,000	512,000	251,000	-1,539,000	1,180,000	168,000	320,000	-1,499,000	572,000	92,000	65,000	-1,337,000	-132,000	711,000	369,000	-1,106,000	511,000	279,000	361,000	-1,303,000	133,000	434,000	-183,000	-1,137,000	396,000	427,000	256,000	-1,621,000	223,000	497,000	412,000	-1,452,000	344,000	219,000	107,000	-676,000	-53,000	299,000	122,000	-927,000	119,000	358,000	107,000	-967,000	276,000	455,000	-210,000	-815,000	142,000	197,000	-10,000	-609,000	210,043	185,361	258,381	-542,785	-82,409	370,727	63,760	-732,422	190,451	163,879	11,740	-166,346	41,824	8,730	43,927	-201,615	-52,350	134,625	21,622	-109,112	349,893	-282,171	8,417	-59,060	38,778	23,473	21,822	-69,854	22,109	21,593	53,493	-64,929	13,324	30,600	14,650	-58,801	-52,944
Change Receivables	0	0	0	-270,000	162,000	38,000	243,000	-27,000	205,000	-263,000	47,000	-311,000	231,000	-664,000	125,000	-5,000	-103,000	-199,000	-32,000	-99,000	9,000	-83,000	43,000	35,000	255,000	-173,000	266,000	-869,000	250,000	288,000	-354,000	-270,000	307,000	-208,000	497,000	-750,000	504,000	1,538,000	-1,340,000	-624,000	2,075,000	-2,046,000	361,000	-376,000	176,000	-421,000	290,000	-341,000	121,000	-2,000	129,000	-130,000	2,000	-58,000	-117,000	-146,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	21,000	-135,000	-202,000	-270,000	162,000	38,000	243,000	-27,000	205,000	-263,000	47,000	-311,000	231,000	-664,000	125,000	-5,000	-103,000	-199,000	-32,000	-99,000	9,000	-83,000	43,000	35,000	255,000	-173,000	266,000	-869,000	250,000	288,000	-354,000	-270,000	307,000	-208,000	497,000	-750,000	504,000	1,538,000	-1,340,000	-624,000	2,075,000	-2,046,000	361,000	-376,000	201,000	-371,000	222,000	-344,000	118,000	-8,000	144,000	-130,000	-30,000	-48,000	-129,000	-157,000	84,000	-143,000	-113,000	-51,000	324,752	338,013	20,814	-344,579	51,375	107,719	-61,644	-370,649	-102,452	33,979	-60,169	-57,167	-78,076	-80,998	30,976	-76,479	7,306	-5,096	712	-30,774	326,680	-325,839	68,200	-77,086	43,048	2,899	36,199	-65,262	-1,916	18,117	42,794	-72,341	-12,580	284	50,122	-59,919	1,993
Change To Inventory	0	-43,000	19,000	0	274,000	-241,000	166,000	-48,000	450,000	0	0	49,000	0	0	0	0	0	-69,000	-267,000	72,000	-384,000	259,000	197,000	-47,000	0	-166,000	189,000	-238,000	-257,000	-17,000	-461,000	103,000	-49,000	162,000	-276,000	-337,000	-112,000	101,000	-149,000	-270,000	56,000	-154,000	-195,000	63,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-665,802	0	-156,959	151,979	-179,079	197,782	151,484	8,858	-155,730	20,923	74,877	10,280	-164,055	104,578	-39,281	23,105	-98,036	64,249	-6,408	12,016	-59,662	38,499	21,149	23,741	-71,588	19,155	22,299	49,576	-65,137	13,834	28,535	17,042	-54,043	-296,427
Change To Liabilities	0	43,000	0	-369,000	-2,067,000	1,490,000	-2,021,000	1,255,000	-98,000	683,000	50,000	-579,000	138,000	840,000	-639,000	43,000	141,000	340,000	375,000	-1,151,000	84,000	682,000	-27,000	-646,000	355,000	329,000	264,000	-145,000	70,000	159,000	407,000	-724,000	131,000	584,000	48,000	-444,000	-192,000	-1,055,000	1,917,000	-651,000	-1,765,000	2,417,000	-7,000	-355,000	19,000	724,000	86,000	-422,000	60,000	333,000	149,000	-752,000	193,000	371,000	144,000	-736,000	0	0	0	0	0	0	0	0	138,555	0	0	0	211,064	83,747	0	0	87,507	0	0	0	4,366	0	0	0	28,686	0	0	0	29,212	526	0	0	39,268	20,720	0	0	22,110	2,633	0	0	0
Change To Netincome	0	-337,000	-337,000	188,000	805,000	-138,000	277,000	315,000	-538,000	-257,000	96,000	363,000	-316,000	237,000	143,000	201,000	294,000	57,000	-16,000	152,000	-94,000	-14,000	159,000	141,000	-1,367,000	90,000	143,000	146,000	-93,000	-30,000	-96,000	195,000	-167,000	39,000	-64,000	-111,000	-181,000	-131,000	-6,000	118,000	-78,000	-144,000	25,000	217,000	-432,000	-43,000	94,000	-73,000	-21,000	118,000	-13,000	127,000	9,000	-31,000	161,000	120,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	253,000	253,000	253,000	314,000	200,000	155,000	-2,027,000	1,031,000	575,000	174,000	-1,465,000	874,000	703,000	272,000	-1,412,000	557,000	368,000	134,000	-1,102,000	173,000	532,000	510,000	-1,388,000	283,000	324,000	-212,000	-445,000	-265,000	-355,000	-489,000	-564,000	165,000	0	0	0	93,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	111,000	108,000	102,000	106,000	110,000	109,000	99,000	100,000	110,000	107,000	101,000	97,000	16,000	117,000	114,000	111,000	111,000	105,000	100,000	89,000	56,000	57,000	54,000	53,000	50,000	65,000	67,000	58,000	58,000	57,000	58,000	56,000	51,000	68,000	65,000	63,000	63,000	70,000	72,000	73,000	76,000	71,000	72,000	72,000	76,000	74,000	72,000	73,000	77,000	76,000	73,000	73,000	79,000	74,000	79,000	78,000	64,000	60,000	58,000	57,000	56,515	60,139	27,647	87,699	55,437	49,305	48,020	46,062	43,508	10,180	9,710	9,411	7,788	8,646	7,462	7,006	5,224	5,357	5,156	4,949	5,480	5,422	5,169	5,295	4,287	5,985	4,965	5,001	7,122	6,768	6,382	5,749	5,003	5,457	4,902	4,633	4,453
Dividends Paid	-743,000	748,000	748,000	796,000	731,000	736,000	737,000	786,000	627,000	629,000	630,000	661,000	554,000	556,000	554,000	596,000	512,000	513,000	515,000	556,000	497,000	502,000	464,000	505,000	403,000	405,000	407,000	447,000	374,000	376,000	376,000	419,000	361,000	362,000	364,000	389,000	322,000	324,000	326,000	366,000	286,000	287,000	286,000	309,000	256,000	259,000	260,000	285,000	245,000	249,000	248,000	272,000	194,000	193,000	193,000	196,000	81,000	108,000	103,000	105,000	106,097	104,859	103,866	104,178	87,876	88,821	88,349	88,417	54,531	27,022	27,221	26,891	19,099	19,073	19,160	19,274	15,975	15,928	15,851	15,906	12,780	12,834	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	8,736,000	7,333,000	6,851,000	5,661,000	7,433,000	6,814,000	6,498,000	7,279,000	9,340,000	7,378,000	6,433,000	6,360,000	8,681,000	6,524,000	5,483,000	4,423,000	4,846,000	4,624,000	4,040,000	4,078,000	6,505,000	6,597,000	6,741,000	6,143,000	6,894,000	6,165,000	5,508,000	5,703,000	6,091,000	5,454,000	5,065,000	4,981,000	6,083,000	5,673,000	4,907,000	4,293,000	5,723,000	6,149,000	5,127,000	4,394,000	4,390,000	3,987,000	3,668,000	3,942,000	4,606,000	4,223,000	3,595,000	2,552,000	3,506,000	2,983,000	2,796,000	2,779,000	3,367,000	2,636,000	2,183,000	2,703,000	4,708,000	2,763,000	2,305,000	1,793,000	2,032,000	1,793,293	1,427,522	1,194,180	1,656,200	2,320,579	1,356,250	1,018,828	1,160,304	943,901	368,687	368,098	484,223	396,514	367,386	312,286	457,673	379,431	296,696	301,109	315,941	241,567	180,833	191,214	255,234	213,675	169,533	111,828	186,451	152,832	99,231	145,377	192,590	158,928	116,633	88,670	157,129
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	31,000	59,000	70,000	32,000	-105,000	-32,000	-100,000	-36,000	-60,000	-39,000	77,000	-93,000	-87,000	-89,000	31,000	13,000	25,000	77,000	-5,000	-80,000	27,000	37,000	-22,000	28,000	-22,000	-28,000	4,000	48,000	-29,000	58,000	-5,000	-56,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	1,874,000	1,498,000	924,000	-475,000	1,839,000	1,624,000	1,529,000	-569,000	1,791,000	1,737,000	1,696,000	-621,000	1,925,000	955,000	1,659,000	-990,000	1,162,000	876,000	875,000	-283,000	427,000	1,220,000	1,398,000	-174,000	1,287,000	1,302,000	1,294,000	-210,000	1,161,000	1,039,000	430,000	-595,000	1,096,000	1,325,000	950,000	-588,000	1,245,000	1,278,000	713,000	-221,000	1,132,000	1,132,000	1,112,000	172,000	325,000	998,000	910,000	-143,000	844,000	1,177,000	797,000	-239,000	1,037,000	1,075,000	452,000	-208,000	553,000	538,000	383,000	-142,000	754,564	642,866	596,497	-154,927	199,757	416,289	184,995	-324,909	446,048	186,208	81,277	-76,642	157,893	81,275	111,491	-150,876	77,549	98,334	68,342	-38,459	333,674	-184,018	48,488	-32,002	70,708	63,465	47,932	-52,887	33,705	50,750	77,093	-34,654	33,445	47,227	35,626	-40,452	8,501
Investments	-186,000	-270,000	-281,000	-168,000	-245,000	-35,000	-184,000	-48,000	-178,000	-87,000	-120,000	-2,000	6,000	23,000	-51,000	33,000	201,000	-386,000	59,000	-14,000	-13,000	186,000	-60,000	33,000	-38,000	-27,000	-196,000	-30,000	86,000	-194,000	59,000	84,000	4,000	-10,000	138,000	60,000	98,000	199,000	-20,000	151,000	-131,000	70,000	-6,000	24,000	722,000	55,000	-21,000	-248,000	9,000	-25,000	-26,000	51,000	-84,000	-40,000	-352,000	1,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-15,000	-15,000	-15,000	-26,000	0	-750,000	-750,000	991,000	14,000	-745,000	13,000	13,000	8,000	1,246,000	999,000	-1,000,000	44,000	992,000	50,000	40,000	40,000	40,000	0	-3,000	0	-700,000	697,000	-3,000	697,000	697,000	0	37,000	0	37,000	0	-1,000,000	0	0	997,000	0	0	-750,000	-100,000	-500,000	0	1,495,000	0	0	-500,000	2,033,000	-104,000	0	-348,000	-460,000	-1,502,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	1,375,000	1,595,000	1,423,000	1,169,000	1,307,000	1,361,000	963,000	1,363,000	1,632,000	1,753,000	1,547,000	1,273,000	1,740,000	1,517,000	1,402,000	627,000	1,334,000	1,119,000	1,013,000	1,060,000	927,000	1,203,000	1,078,000	1,094,000	2,310,000	959,000	867,000	871,000	851,000	877,000	795,000	647,000	869,000	832,000	791,000	860,000	806,000	873,000	841,000	744,000	850,000	729,000	706,000	666,000	650,000	655,000	560,000	575,000	583,000	570,000	622,000	564,000	649,000	584,000	389,000	428,000	257,000	334,000	244,000	62,000	52,545	217,726	274,058	241,671	322,440	255,200	222,244	195,388	169,423	18,913	63,404	70,862	72,918	61,119	53,335	46,536	49,752	-9,814	47,996	55,207	41,310	40,098	38,674	35,320	33,848	33,166	34,836	31,399	28,332	27,376	26,230	25,496	24,546	22,761	20,857	19,197	17,217
Other Cashflows From Financing Activities	601,000	400,000	1,571,000	-168,000	683,000	76,000	-474,000	371,000	1,701,000	309,000	-540,000	638,000	709,000	566,000	1,157,000	1,881,000	-695,000	761,000	1,126,000	232,000	557,000	197,000	186,000	350,000	144,000	72,000	-592,000	829,000	150,000	283,000	392,000	434,000	275,000	129,000	134,000	168,000	6,000	244,000	364,000	1,124,000	30,000	17,000	81,000	144,000	439,000	30,000	1,633,000	191,000	160,000	-62,000	2,087,000	16,000	26,000	54,000	38,000	56,000	4,511,000	40,000	-96,000	15,000	-9,315	239,897	108,024	-71,148	176,421	1,502,616	519,699	1,094,946	56,136	2,658	5,727	7,884	261,169	148,105	391,989	796,374	7,826	-1,667	209	-110	-249,864	238,876	-842	-20,983	-32,624	-27,237	-766	-28,112	-14,148	804	-1,500	-14,156	-11,536	-15,957	29	-60	-2,646
Other Cashflows From Investing Activities	0	-553,000	-361,000	27,000	-597,000	-43,000	-2,000	-3,000	-54,000	-20,000	-1,257,000	-1,100,000	-29,000	-2,000	-25,000	-15,000	-14,000	-3,000	-1,557,000	-46,000	1,000	-699,000	1,000	-53,000	-4,000	-57,000	-80,000	0	0	-54,000	-42,000	-8,000	-266,000	-1,000	-108,000	-61,000	-90,000	-30,000	0	-3,000	-43,000	-341,000	13,000	25,000	22,000	-36,000	18,000	-198,000	2,000	2,000	13,000	17,000	-28,000	-8,000	2,000	13,000	114,000	2,000	5,000	0	0	0	0	0	0	0	0	0	2,172	0	0	0	0	112,184	112,184	112,184	0	0	0	6,412	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-545,000	-457,000	-656,000	-554,000	-503,000	-335,000	169,000	-200,000	-582,000	-533,000	-386,000	-702,000	-944,000	-1,054,000	-344,000	-193,000	-873,000	-503,000	-368,000	-279,000	-422,000	-638,000	-200,000	-367,000	-258,000	-84,000	-68,000	-178,000	45,000	-366,000	-277,000	-401,000	-193,000	-31,000	-165,000	-22,000	135,000	-123,000	-639,000	137,000	-63,000	99,000	207,000	-92,000	-407,000	-41,000	124,000	-2,000	1,000	169,000	52,000	-11,000	-2,000	-75,000	69,000	-18,000	10,000	-67,000	46,000	326,000	512,857	160,089	-126,296	125,539	-448,968	-94,270	-52,743	90,620	83,620	39,909	15,579	29,150	26,083	10,869	23,172	18,242	89,511	1,637	-1,869	8,616	-55,087	56,454	-2,005	-11,303	3,243	3,407	81	-9,445	1,098	3,582	826	7,225	880	270	179	149	45,800
Sale Purchase Of Stock	-384,000	-396,000	-383,000	-721,000	-505,000	-384,000	-507,000	-936,000	-303,000	-309,000	-305,000	-568,000	-17,000	-10,000	-1,125,000	-657,000	-7,000	-109,000	-7,000	-1,788,000	-532,000	-515,000	-321,000	-719,000	-288,000	-287,000	-284,000	-562,000	-281,000	-277,000	-279,000	-562,000	-278,000	-276,000	-279,000	-498,000	-256,000	-256,000	-257,000	-575,000	-259,000	-269,000	-254,000	-461,000	-170,000	-170,000	-1,043,000	-262,000	-102,000	-129,000	-2,548,000	-106,000	27,000	-147,000	-3,000	-114,000	-5,000	-1,000	-1,000	-39,000	-2,141	-623	-7,544	-35,692	-13,207	-83,345	-122,362	-164,396	-6,358	-23,389	-1,187	-39	-4,691	-40,169	-32,522	-84	-9,068	-1,110	-7,003	-40,426	-20,645	-40,440	-5,870	-16,463	-2,618	-652	-232	-8,942	-935	0	0	-6,472	-16	0	0	-60	50
Stock Based Compensation	161,000	146,000	158,000	165,000	172,000	160,000	175,000	201,000	183,000	173,000	182,000	196,000	164,000	160,000	149,000	149,000	140,000	133,000	140,000	154,000	133,000	121,000	135,000	175,000	125,000	127,000	128,000	162,000	113,000	119,000	117,000	172,000	117,000	128,000	126,000	143,000	117,000	100,000	109,000	127,000	108,000	109,000	104,000	127,000	107,000	109,000	121,000	114,000	122,000	133,000	105,000	137,000	110,000	114,000	113,000	108,000	85,000	73,000	77,000	82,000	73,829	71,100	201,882	0	383,712	0	0	0	5,569	-10,183	4,614	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-503,000	-735,000	440,000	-1,194,000	-1,126,000	-1,044,000	-1,921,000	-1,351,000	408,000	-629,000	-1,475,000	-591,000	138,000	-8,000	-522,000	628,000	-1,214,000	139,000	604,000	-2,112,000	-472,000	-820,000	-599,000	-874,000	-547,000	-620,000	-1,283,000	-180,000	-505,000	-370,000	-263,000	-547,000	-364,000	-509,000	-443,000	-748,000	-1,592,000	-336,000	9,000	64,000	-580,000	-619,000	-1,388,000	-805,000	-283,000	-426,000	158,000	-393,000	-310,000	-939,000	-771,000	-465,000	-166,000	-632,000	-617,000	-1,755,000	6,920,000	-66,000	96,000	-201,000	-322,282	-167,755	-192,321	-204,642	-46,325	553,518	127,341	324,327	-4,081	-43,667	-22,548	-14,605	-22,588	-56,184	-53,007	127,511	-15,173	-15,429	-19,239	-49,799	-282,641	200,196	-5,856	-14,035	-1,483	800	-566	-6,923	478	916	-1,482	-6,075	991	0	-31	-28,038	-10,151
Total Cash From Operating Activities	1,998,000	1,576,000	985,000	-394,000	1,973,000	1,760,000	1,645,000	-422,000	1,917,000	1,774,000	1,826,000	-573,000	1,979,000	995,000	1,707,000	-938,000	1,256,000	931,000	922,000	-225,000	523,000	1,265,000	1,428,000	-141,000	1,342,000	1,347,000	1,330,000	-191,000	1,192,000	1,060,000	467,000	-565,000	1,157,000	1,351,000	986,000	-490,000	1,271,000	1,284,000	732,000	-206,000	1,166,000	1,146,000	1,140,000	190,000	354,000	1,021,000	967,000	-102,000	873,000	1,236,000	873,000	-156,000	1,073,000	1,105,000	474,000	-164,000	568,000	557,000	400,000	-126,000	759,788	674,739	611,806	-130,333	226,134	438,924	219,317	-296,926	483,027	205,687	94,210	-62,040	170,117	95,067	123,945	-134,192	87,896	103,687	73,648	-33,873	337,474	-180,664	51,432	-28,647	75,170	70,004	66,048	-39,177	47,582	59,319	86,931	-26,459	43,753	59,088	40,588	-34,822	14,526
Total Cashflows From Investing Activities	0	-773,000	-503,000	-222,000	-1,130,000	-214,000	-302,000	-198,000	-358,000	-144,000	-285,000	-1,150,000	-77,000	-19,000	-124,000	-34,000	93,000	-444,000	-1,545,000	-118,000	-108,000	-558,000	-89,000	-53,000	-97,000	-129,000	-312,000	-49,000	55,000	-269,000	-20,000	46,000	-323,000	-37,000	-6,000	-99,000	-18,000	163,000	-39,000	133,000	-208,000	-285,000	-21,000	31,000	285,000	-4,000	-60,000	-487,000	-18,000	-82,000	-89,000	-15,000	-147,000	-78,000	-372,000	-30,000	-5,519,000	11,000	18,000	104,000	0	0	0	0	0	0	0	0	3,565	298,848	0	0	0	0	0	0	7,027	3,540	8,990	67,874	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Cost Of Revenue	4,160,000	9,086,000	9,556,000	7,939,000	7,133,000	6,993,000	6,811,000	5,109,000	5,229,000	4,997,000	4,622,000	4,297,000	3,585,000	3,505,000	2,279,000	597,000	547,620	1,376,985	819,943	427,731	348,570	341,600	336,947	313,839	0	0
Depreciation And Amortization	427,000	407,000	272,000	786,000	278,000	50,000	89,000	99,000	128,000	157,000	161,000	157,000	156,000	160,000	147,000	275,749	198,824	72,809	30,902	20,686	21,366	20,238	26,021	19,995	18,153	12,900
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	7,039,000	6,385,000	7,450,000	5,695,000	5,551,000	5,702,000	5,254,000	4,686,000	4,748,000	4,462,000	3,879,000	3,522,000	3,315,000	3,027,000	1,320,000	1,695,671	1,368,130	405,451	297,403	142,517	204,930	205,647	158,600	143,038	110,943	453,300
Ebitda	7,466,000	6,792,000	7,722,000	6,481,000	5,829,000	5,752,000	5,343,000	4,785,000	4,876,000	4,619,000	4,040,000	3,679,000	3,471,000	3,187,000	1,467,000	1,971,420	1,566,954	478,260	328,305	163,203	226,296	225,885	184,621	163,033	129,096	466,200
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	1,175,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	14,496,000	8,787,000	9,818,000	8,266,000	7,406,000	7,205,000	6,789,000	6,046,000	6,172,000	6,084,000	5,558,000	5,040,000	5,496,000	5,107,000	2,421,000	4,466,908	4,297,035	2,097,976	1,191,386	725,311	598,212	576,977	533,144	476,872	380,981	341,500
Income Before Tax	7,155,000	6,290,000	8,173,000	6,524,000	5,787,000	5,378,000	5,259,000	4,460,000	4,602,000	4,395,000	3,973,000	3,470,000	3,135,000	3,021,000	1,272,000	1,019,052	1,822,719	528,233	375,755	200,438	250,902	223,948	180,991	149,917	103,450	68,000
Income Tax Expense	1,479,000	1,296,000	1,968,000	1,238,000	1,261,000	1,076,000	270,000	1,290,000	1,250,000	1,131,000	1,022,000	1,030,000	796,000	971,000	375,000	387,340	463,832	189,463	138,558	52,264	95,247	90,699	73,557	62,556	44,033	32,400
Interest Expense	292,000	212,000	205,000	205,000	203,000	184,000	205,000	205,000	204,000	232,000	211,000	215,000	176,000	150,000	68,000	65,702	49,412	0	0	0	0	0	0	0	0	0
Interest Income	386,000	95,000	723,000	62,000	97,000	104,000	49,000	40,000	62,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	-108,000	184,000	-304,000	354,000	50,000	-3,000	37,000	-2,000	7,000	2,000	-1,000	9,000	2,000	0	22,000	0	363,615	16,168	3,289	5,033	253	0	0	0	0	0
Net Income	5,502,000	5,178,000	5,901,000	4,932,000	4,476,000	4,305,000	4,952,000	3,172,000	3,345,000	3,294,000	2,932,000	2,458,000	2,337,000	2,063,000	875,000	786,419	995,272	322,602	233,908	143,141	155,402	133,249	107,434	87,361	59,417	35,600
Net Income Applicable To Common Shares	0	5,178,000	5,901,000	4,932,000	4,476,000	4,305,000	4,970,000	3,172,000	3,345,000	3,294,000	2,932,000	2,458,000	2,337,000	2,063,000	875,000	786,000	995,272	322,602	233,908	143,141	155,402	133,249	107,434	87,361	0	0
Net Income From Continuing Ops	5,494,000	4,994,000	6,205,000	5,286,000	4,526,000	4,302,000	5,007,000	3,170,000	3,352,000	3,264,000	2,951,000	2,440,000	2,339,000	2,050,000	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	122,000	-60,000	-118,000	-143,000	-106,000	-80,000	-156,000	-165,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	117,000	928,000	1,034,000	439,000	105,000	210,000	95,000	84,000	-79,000	116,000	-54,000	-114,000	23,000	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	91,000	0	0	0	60,000	904,000	76,000	767,000	748,000	0	0	-32,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	7,039,000	6,385,000	7,450,000	5,695,000	5,551,000	5,457,000	5,254,000	4,570,000	4,664,000	4,474,000	3,857,000	3,524,000	3,249,000	2,998,000	1,278,000	1,592,597	1,293,664	471,800	340,541	165,798	228,276	215,139	170,176	143,038	110,943	449,000
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	11,617,000	11,384,000	11,886,000	9,892,000	8,904,000	8,600,000	8,346,000	6,509,000	6,737,000	6,607,000	6,323,000	5,813,000	5,800,000	5,614,000	3,400,000	3,432,958	3,550,991	1,626,176	850,845	553,416	369,936	361,838	362,968	333,834	270,038	107,500
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	426,000	151,000	147,000	358,000	405,000	220,000	240,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	600,000	508,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	344,000	331,000	238,000	229,000	350,000	361,000	333,000	325,000	365,000	413,000	0	0	3,199,000	3,097,000	1,897,000	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	1,870,000	1,816,000	1,945,000	1,618,000	1,324,000	1,196,000	1,446,000	1,301,000	1,380,000	1,453,000	1,540,000	1,359,000	5,177,000	4,944,000	2,676,000	1,342,218	2,765,544	443,260	204,850	128,738	107,333	90,076	76,567	58,311	48,570	148,400
Tax Provision	1,386,000	1,296,000	1,968,000	1,238,000	1,261,000	1,076,000	270,000	1,290,000	1,250,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	7,457,000	2,298,000	2,330,000	1,953,000	1,771,000	1,607,000	1,535,000	1,400,000	1,508,000	1,610,000	1,701,000	1,516,000	2,215,000	2,109,000	1,121,000	3,432,958	3,003,371	1,626,176	850,845	553,416	369,936	361,838	362,968	333,834	270,038	-107,500
Total Other Income Expense Net	116,000	-95,000	723,000	829,000	236,000	-140,000	5,000	-21,000	116,000	124,000	305,000	125,000	-4,000	144,000	20,000	-610,917	504,001	66,349	43,138	29,378	23,346	9,492	11,576	6,879	-7,493	-4,300
Total Revenue	18,656,000	17,873,000	19,374,000	16,205,000	14,539,000	14,198,000	13,600,000	11,155,000	11,401,000	11,081,000	10,180,000	9,337,000	9,081,000	8,612,000	4,700,000	5,063,908	4,844,655	2,097,976	1,191,386	725,311	598,212	576,977	533,144	476,872	380,981	341,500

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31
Cost Of Revenue	820,000	880,000	2,291,000	2,247,000	2,202,000	2,193,000	2,290,000	2,401,000	2,465,000	2,466,000	2,391,000	2,234,000	2,129,000	2,124,000	1,827,000	1,859,000	1,895,000	1,777,000	1,751,000	1,710,000	1,664,000	1,754,000	1,761,000	1,814,000	1,817,000	1,449,000	1,348,000	1,351,000	1,286,000	1,291,000	1,290,000	1,242,000	1,292,000	1,335,000	1,320,000	1,282,000	1,218,000	1,276,000	1,238,000	1,265,000	1,193,000	1,132,000	1,128,000	1,169,000	1,093,000	94,000	879,000	920,000	87,000	861,000	924,000	939,000	106,000	879,000	806,000	873,000	-1,079,000	563,000	1	480,000	-1,351,612	618,353	705,572	845,448	919,784	843,268	1,440,340	0	677,584	211,811	242,095	245,495	248,224	213,192	182,032	176,495	113,234	97,412	116,075	101,010	93,977	87,278	83,925	83,390	77,747	75,651	97,025	91,177	79,253	85,482	86,172	86,040	83,865	85,318	73,347	71,309	0	-	-	-
Depreciation And Amortization	-114,000	38,000	129,000	122,000	209,000	83,000	61,000	54,000	38,000	38,000	37,000	34,000	27,000	27,000	27,000	25,000	29,000	28,000	25,000	15,000	15,000	13,000	11,000	11,000	12,000	27,000	25,000	25,000	24,000	25,000	25,000	25,000	24,000	34,000	35,000	35,000	35,000	40,000	41,000	41,000	41,000	40,000	40,000	40,000	40,000	39,000	39,000	39,000	77,000	39,000	38,000	40,000	79,000	40,000	67,000	40,000	64,000	36,000	0	57,000	56,515	70,414	27,647	87,699	55,437	49,305	48,020	46,062	43,508	10,180	9,710	9,411	7,788	8,646	7,462	7,006	5,224	5,357	5,156	4,949	5,480	5,422	5,169	5,295	4,287	5,985	4,965	5,001	7,122	6,768	6,382	5,749	5,003	5,457	4,902	4,633	4,453	-	-	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Ebit	1,909,000	1,571,000	1,615,000	1,438,000	1,427,000	1,526,000	1,668,000	1,764,000	2,087,000	1,979,000	1,938,000	1,571,000	1,875,000	1,767,000	1,415,000	1,318,000	1,615,000	1,521,000	1,298,000	1,276,000	1,382,000	1,425,000	1,462,000	1,397,000	1,485,000	1,409,000	1,255,000	1,154,000	1,232,000	1,231,000	1,179,000	1,044,000	1,198,000	1,220,000	1,255,000	1,106,000	1,144,000	1,120,000	1,153,000	1,045,000	1,139,000	968,000	830,000	942,000	975,000	885,000	837,000	824,000	849,000	789,000	870,000	807,000	950,000	717,000	702,000	658,000	393,000	361,000	0	301,000	389,916	473,141	461,261	415,179	1,020,640	164,366	71,798	121,871	205,574	25,077	89,838	84,963	106,510	58,230	75,868	56,796	48,003	-29,023	46,543	75,064	-34,343	118,633	46,569	50,537	52,954	55,088	50,691	46,915	38,824	39,642	40,076	40,058	39,672	36,926	34,322	32,118	-238,757	28,400	-	-
Ebitda	1,795,000	1,609,000	1,744,000	1,560,000	1,636,000	1,609,000	1,729,000	1,818,000	2,125,000	2,017,000	1,975,000	1,605,000	1,902,000	1,794,000	1,442,000	1,343,000	1,644,000	1,549,000	1,323,000	1,291,000	1,397,000	1,438,000	1,473,000	1,408,000	1,497,000	1,436,000	1,280,000	1,179,000	1,256,000	1,256,000	1,204,000	1,069,000	1,222,000	1,254,000	1,290,000	1,141,000	1,179,000	1,160,000	1,194,000	1,086,000	1,180,000	1,008,000	870,000	982,000	1,015,000	924,000	876,000	863,000	926,000	828,000	908,000	847,000	1,029,000	757,000	769,000	698,000	457,000	397,000	0	358,000	446,431	543,555	488,908	502,878	1,076,077	213,671	119,818	167,933	249,082	35,257	99,548	94,374	114,298	66,876	83,330	63,802	53,227	-23,666	51,699	80,013	-28,863	124,055	51,738	55,832	57,241	61,073	55,656	51,916	45,946	46,410	46,458	45,807	44,675	42,383	39,224	36,751	-234,304	127,100	90,700	90,700
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Gross Profit	4,076,000	3,642,000	2,172,000	1,996,000	2,135,000	2,118,000	2,236,000	2,298,000	2,641,000	2,584,000	2,429,000	2,164,000	2,349,000	2,245,000	1,821,000	1,851,000	2,082,000	1,915,000	1,773,000	1,636,000	1,770,000	1,822,000	1,844,000	1,769,000	1,947,000	1,784,000	1,617,000	1,473,000	1,604,000	1,546,000	1,514,000	1,382,000	1,571,000	1,575,000	1,585,000	1,441,000	1,566,000	1,573,000	1,540,000	1,405,000	1,584,000	1,340,000	1,354,000	1,280,000	1,446,000	2,226,000	1,350,000	1,329,000	2,140,000	1,364,000	1,423,000	1,343,000	2,387,000	1,213,000	1,226,000	1,122,000	2,623,000	577,000	1	507,000	2,415,302	694,867	681,379	1,300,138	1,444,179	1,298,079	1,097,023	1,005,374	1,018,525	323,058	360,733	395,660	369,108	300,807	271,389	250,083	188,677	170,999	183,812	181,823	85,962	213,831	143,906	142,751	137,037	137,132	156,695	146,113	129,391	134,782	135,262	133,709	128,540	127,701	112,571	108,060	98,581	101,000	90,700	90,700
Income Before Tax	1,927,000	1,808,000	1,866,000	1,554,000	1,652,000	1,691,000	1,321,000	1,626,000	2,110,000	2,271,000	2,201,000	1,591,000	2,167,000	1,981,000	1,763,000	613,000	1,634,000	1,460,000	1,335,000	1,358,000	1,174,000	1,429,000	1,416,000	1,359,000	1,486,000	1,404,000	1,243,000	1,140,000	1,187,000	1,210,000	1,148,000	915,000	1,148,000	1,174,000	1,197,000	1,118,000	1,084,000	1,105,000	1,138,000	1,068,000	1,157,000	948,000	918,000	950,000	938,000	905,000	789,000	838,000	815,000	665,000	842,000	813,000	958,000	785,000	622,000	656,000	407,000	435,000	0	92,000	-73,741	313,852	401,727	377,162	497,132	399,907	495,719	429,962	282,697	30,917	101,498	113,122	116,442	99,100	85,859	74,354	63,483	-16,694	78,069	75,580	36,109	94,468	62,884	57,431	56,888	55,740	58,548	52,772	47,021	45,250	45,139	43,581	42,541	38,908	35,653	32,815	30,150	28,400	-	-
Income Tax Expense	438,000	330,000	443,000	385,000	345,000	330,000	358,000	263,000	478,000	518,000	654,000	318,000	427,000	464,000	361,000	-14,000	300,000	341,000	322,000	298,000	247,000	226,000	338,000	265,000	-815,000	445,000	376,000	269,000	336,000	333,000	353,000	268,000	279,000	342,000	371,000	258,000	278,000	232,000	297,000	324,000	307,000	219,000	212,000	284,000	288,000	250,000	229,000	263,000	232,000	95,000	220,000	249,000	309,000	201,000	233,000	228,000	150,000	101,000	0	30,000	-6,937	117,237	147,569	130,131	165,746	63,168	125,012	109,906	99,500	11,108	37,237	41,618	42,826	37,077	31,324	27,331	12,919	-7,265	26,521	20,089	25,347	23,579	24,210	22,111	23,040	22,575	23,712	21,373	18,689	17,874	18,909	18,085	17,995	16,147	14,796	13,618	12,933	12,200	-13,000	-13,000
Interest Expense	82,000	50,000	69,000	59,000	54,000	50,000	54,000	54,000	50,000	48,000	52,000	55,000	54,000	54,000	51,000	46,000	51,000	54,000	52,000	46,000	46,000	46,000	46,000	46,000	46,000	46,000	48,000	65,000	51,000	52,000	51,000	51,000	51,000	50,000	52,000	51,000	58,000	61,000	60,000	53,000	52,000	52,000	53,000	54,000	57,000	57,000	52,000	49,000	48,000	49,000	41,000	38,000	35,000	37,000	38,000	40,000	23,000	15,000	0	15,000	15,165	16,737	16,720	17,378	18,389	9,814	10,223	10,986	3,895	2,022	2,030	1,969	1,840	2,007	2,063	2,014	835	0	0	0	253	152	151	164	164	165	171	183	187	172	201	201	201	215	86	353	0	-	-	-
Interest Income	159,000	171,000	89,000	86,000	225,000	41,000	21,000	138,000	71,000	336,000	8,000	19,000	28,000	224,000	10,000	15,000	29,000	19,000	20,000	29,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Minority Interest	-114,000	45,000	-57,000	-12,000	-48,000	-45,000	114,000	73,000	11,000	-72,000	2,357,000	74,000	192,000	153,000	188,000	-179,000	33,000	1,197,000	10,000	7,000	1,166,000	-13,000	5,000	5,000	6,000	12,000	10,000	9,000	244,000	2,000	6,000	-10,000	7,000	-11,000	7,000	4,000	2,000	-33,000	1,000	-1,000	9,000	0	-1,000	34,000	2,000	3,000	3,000	1,000	28,000	-3,000	3,000	0	-33,000	33,000	-5,000	5,000	1,000	17,000	26,000	0	0	0	-5,360	5,360	8,945	81,539	148,463	124,668	13,774	895	857	642	698	904	1,200	487	812	385	3,552	284	297	-10	10	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Income	1,375,000	1,604,000	1,366,000	1,157,000	1,259,000	1,406,000	1,077,000	1,436,000	1,643,000	1,681,000	1,378,000	1,199,000	1,548,000	1,364,000	1,214,000	806,000	1,301,000	1,119,000	1,003,000	1,053,000	927,000	1,216,000	1,073,000	1,089,000	2,295,000	947,000	857,000	862,000	851,000	875,000	789,000	657,000	861,000	843,000	819,000	822,000	813,000	917,000	808,000	756,000	841,000	730,000	729,000	632,000	690,000	642,000	554,000	572,000	555,000	595,000	619,000	568,000	657,000	551,000	432,000	423,000	256,000	317,000	0	84,000	52,545	217,726	274,058	241,671	322,440	255,200	222,244	195,388	169,423	18,914	63,404	70,862	72,918	61,119	53,335	46,536	49,752	-9,814	47,996	55,207	41,310	40,098	38,674	35,320	33,848	33,165	34,836	31,399	28,332	27,376	26,230	25,496	24,546	22,761	20,857	19,197	17,217	16,200	13,000	13,000
Net Income Applicable To Common Shares	0	1,604,000	1,366,000	1,157,000	1,259,000	1,406,000	1,077,000	1,436,000	1,643,000	1,681,000	1,378,000	1,199,000	1,548,000	1,364,000	1,214,000	806,000	1,301,000	1,119,000	1,003,000	1,053,000	927,000	1,216,000	1,073,000	1,089,000	2,304,000	947,000	857,000	862,000	851,000	875,000	789,000	657,000	861,000	843,000	819,000	822,000	813,000	917,000	808,000	756,000	841,000	730,000	729,000	632,000	690,000	642,000	554,000	572,000	555,000	595,000	619,000	568,000	657,000	551,000	432,000	423,000	256,000	317,000	218,000	84,000	52,545	217,726	274,058	241,671	322,440	255,200	222,244	195,388	169,423	18,913	63,404	70,862	72,918	61,119	53,335	46,536	49,752	-47,996	47,996	55,207	41,355	40,053	38,674	35,320	33,848	33,166	34,836	31,399	28,332	27,376	26,230	25,496	24,546	22,761	20,857	19,197	0	-	-	-
Net Income From Continuing Ops	1,489,000	1,361,000	1,423,000	1,169,000	1,307,000	1,361,000	963,000	1,363,000	1,632,000	1,753,000	1,547,000	1,273,000	1,740,000	1,517,000	1,402,000	627,000	1,334,000	1,119,000	1,013,000	1,060,000	927,000	1,203,000	1,078,000	1,094,000	2,310,000	959,000	867,000	871,000	851,000	877,000	795,000	647,000	834,000	832,000	826,000	860,000	806,000	873,000	841,000	744,000	850,000	729,000	706,000	666,000	650,000	655,000	560,000	575,000	583,000	570,000	622,000	564,000	649,000	584,000	389,000	428,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Interest Income	77,000	-9,000	20,000	27,000	18,000	-9,000	-33,000	-36,000	-4,000	-34,000	-44,000	-36,000	-26,000	-45,000	-41,000	-31,000	-22,000	-35,000	-32,000	-17,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Non Operating Income Net Other	0	0	0	175,000	279,000	215,000	-293,000	-84,000	121,000	384,000	322,000	101,000	373,000	278,000	408,000	-25,000	147,000	12,000	109,000	171,000	-26,000	79,000	22,000	30,000	47,000	56,000	49,000	58,000	13,000	53,000	26,000	3,000	58,000	16,000	-41,000	51,000	-60,000	-52,000	16,000	17,000	24,000	-18,000	69,000	41,000	-67,000	30,000	-40,000	23,000	7,000	-112,000	-24,000	15,000	18,000	78,000	-75,000	2,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Non Recurring	0	0	0	0	91,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	60,000	0	-261,000	261,000	318,000	1,194,000	-816,000	208,000	-162,000	1,865,000	-1,125,000	76,000	767,000	0	0	0	748,000	0	0	0	0	0	0	0	0	0	0	0	-32,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Operating Income	1,909,000	1,637,000	1,615,000	1,438,000	1,427,000	1,526,000	1,668,000	1,764,000	2,039,000	1,935,000	1,931,000	1,545,000	1,848,000	1,757,000	1,406,000	684,000	1,538,000	1,502,000	1,278,000	1,233,000	1,246,000	1,396,000	1,440,000	1,375,000	1,485,000	1,394,000	1,242,000	1,147,000	1,225,000	1,209,000	1,173,000	963,000	1,137,000	1,222,000	1,238,000	1,067,000	1,144,000	1,157,000	1,122,000	1,051,000	1,133,000	966,000	849,000	909,000	1,005,000	875,000	829,000	815,000	808,000	777,000	866,000	798,000	940,000	707,000	697,000	654,000	389,000	357,000	0	271,000	338,784	453,536	404,990	395,690	467,716	271,718	282,001	272,231	246,083	29,008	96,683	100,027	112,396	79,669	81,895	66,582	55,826	-22,376	62,581	69,767	-10,997	118,633	54,802	54,066	55,003	55,496	54,705	49,935	43,016	42,532	42,708	41,920	39,672	36,926	34,322	32,118	-238,757	127,100	90,700	90,700
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Other Operating Expenses	2,987,000	2,781,000	2,845,000	2,806,000	2,810,000	2,781,000	2,856,000	2,937,000	3,065,000	3,085,000	2,890,000	2,846,000	2,631,000	2,611,000	2,243,000	2,407,000	2,391,000	2,190,000	2,246,000	2,099,000	2,093,000	2,180,000	2,162,000	2,201,000	2,279,000	1,839,000	1,723,000	1,677,000	1,665,000	1,628,000	1,631,000	1,585,000	1,726,000	1,688,000	1,667,000	1,656,000	1,640,000	1,692,000	1,656,000	1,619,000	1,644,000	1,506,000	1,633,000	1,540,000	1,534,000	1,445,000	1,400,000	1,434,000	1,387,000	1,448,000	1,481,000	1,484,000	1,553,000	1,385,000	1,335,000	1,341,000	1,155,000	783,000	1	694,000	686,906	859,684	981,961	904,448	976,463	1,026,361	815,022	733,143	772,442	294,050	264,050	295,633	256,712	221,138	189,494	183,501	132,851	193,375	121,231	105,959	96,959	95,198	89,104	88,685	82,034	81,636	101,990	96,178	86,375	92,250	92,554	91,789	88,868	90,775	78,249	75,942	337,338	26,100	-	-
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Reconciled Depreciation	111,000	38,000	37,000	37,000	37,000	38,000	38,000	38,000	38,000	38,000	37,000	34,000	16,000	117,000	114,000	111,000	111,000	105,000	100,000	89,000	56,000	57,000	54,000	53,000	50,000	65,000	67,000	58,000	58,000	57,000	58,000	56,000	51,000	68,000	65,000	63,000	63,000	70,000	72,000	73,000	76,000	71,000	72,000	72,000	76,000	74,000	72,000	73,000	77,000	76,000	73,000	73,000	79,000	74,000	79,000	78,000	64,000	60,000	58,000	57,000	56,515	60,139	27,647	87,699	55,437	49,305	48,020	46,062	43,508	10,180	9,710	9,411	7,788	8,646	7,462	7,006	5,224	5,357	5,156	4,949	5,480	5,422	5,169	5,295	4,287	5,985	4,965	5,001	7,122	6,768	6,382	5,749	5,003	5,457	4,902	4,633	4,453	-	-	-
Research Development	0	145,000	141,000	135,000	151,000	156,000	148,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Selling And Marketing Expenses	100,000	95,000	82,000	80,000	100,000	95,000	76,000	60,000	96,000	54,000	53,000	35,000	73,000	48,000	39,000	69,000	109,000	79,000	81,000	81,000	108,000	77,000	91,000	85,000	102,000	76,000	86,000	69,000	93,000	72,000	75,000	86,000	114,000	76,000	80,000	0	0	0	0	0	0	0	0	0	0	0	786,000	825,000	0	771,000	824,000	0	0	774,000	97,000	100,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Selling General Administrative	526,000	1,962,000	435,000	442,000	471,000	455,000	452,000	438,000	466,000	527,000	409,000	543,000	402,000	412,000	350,000	454,000	358,000	385,000	470,000	293,000	306,000	413,000	299,000	291,000	450,000	363,000	350,000	301,000	355,000	312,000	316,000	318,000	410,000	319,000	312,000	339,000	387,000	376,000	377,000	313,000	410,000	334,000	465,000	331,000	401,000	1,299,000	1,254,000	1,284,000	1,243,000	1,299,000	1,322,000	483,000	1,384,000	1,214,000	1,049,000	1,062,000	2,171,000	161,000	191,000	151,000	1,969,703	170,917	206,395	212,983	2,163,254	194,442	210,780	223,036	229,004	82,905	74,367	56,984	60,761	51,524	46,397	46,167	36,817	29,259	31,363	31,299	28,591	28,167	25,476	25,109	22,172	23,448	22,043	22,412	20,139	20,689	18,684	17,055	15,029	15,577	14,605	13,100	83,030	43,300	-	-
Tax Provision	438,000	213,000	443,000	385,000	345,000	330,000	358,000	263,000	478,000	518,000	654,000	318,000	427,000	464,000	361,000	-14,000	300,000	341,000	322,000	298,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Total Operating Expenses	2,167,000	588,000	554,000	559,000	608,000	588,000	566,000	536,000	600,000	619,000	499,000	612,000	502,000	487,000	416,000	548,000	496,000	413,000	495,000	389,000	429,000	426,000	401,000	387,000	462,000	390,000	375,000	326,000	379,000	337,000	341,000	343,000	434,000	353,000	347,000	374,000	422,000	416,000	418,000	354,000	451,000	374,000	505,000	371,000	441,000	1,351,000	521,000	514,000	1,300,000	587,000	557,000	545,000	1,447,000	506,000	1,335,000	1,341,000	2,234,000	220,000	0	214,000	2,038,518	859,684	276,389	904,448	428,843	1,026,361	815,022	733,143	772,442	294,050	264,050	295,633	256,712	221,138	189,494	183,501	132,851	193,375	121,231	105,959	96,959	95,198	89,104	88,685	82,034	81,636	101,990	96,178	86,375	92,250	92,554	91,789	88,868	90,775	78,249	75,942	337,338	-26,100	-	-
Total Other Income Expense Net	18,000	170,000	251,000	116,000	225,000	165,000	-347,000	-138,000	73,000	340,000	315,000	75,000	346,000	268,000	399,000	-659,000	70,000	-7,000	89,000	128,000	-162,000	50,000	-24,000	8,000	1,000	41,000	36,000	51,000	6,000	31,000	20,000	-78,000	57,000	-10,000	6,000	98,000	-8,000	-1,000	73,000	60,000	72,000	26,000	118,000	89,000	-19,000	77,000	4,000	63,000	14,000	-75,000	13,000	44,000	43,000	105,000	-42,000	38,000	37,000	89,000	0	-194,000	-448,492	-142,552	-467	-19,489	25,543	117,895	210,203	150,360	40,509	3,931	6,845	15,064	5,886	21,439	6,027	9,786	7,823	6,647	16,038	800	47,106	-24,165	8,233	3,529	2,049	408	4,014	3,020	4,192	2,890	2,632	1,862	2,869	1,982	1,331	697	268,907	-98,700	-	-
Total Revenue	4,896,000	4,522,000	4,463,000	4,243,000	4,337,000	4,311,000	4,526,000	4,699,000	5,106,000	5,050,000	4,820,000	4,398,000	4,478,000	4,369,000	3,648,000	3,710,000	3,977,000	3,692,000	3,524,000	3,346,000	3,434,000	3,576,000	3,605,000	3,583,000	3,764,000	3,233,000	2,965,000	2,824,000	2,890,000	2,837,000	2,804,000	2,624,000	2,863,000	2,910,000	2,905,000	2,723,000	2,784,000	2,849,000	2,778,000	2,670,000	2,777,000	2,472,000	2,482,000	2,449,000	2,539,000	2,320,000	2,229,000	2,249,000	2,227,000	2,225,000	2,347,000	2,282,000	2,493,000	2,092,000	2,032,000	1,995,000	1,544,000	1,140,000	1	987,000	1,063,690	1,313,220	1,386,951	1,300,138	1,444,179	1,298,079	1,097,023	1,005,374	1,018,525	323,058	360,733	395,660	369,108	300,807	271,389	250,083	188,677	170,999	183,812	181,823	85,962	213,831	143,906	142,751	137,037	137,132	156,695	146,113	129,391	134,782	135,262	133,709	128,540	127,701	112,571	108,060	98,581	101,000	90,700	90,700

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	18,656,000
Cost of Revenue	-4,160,000
Gross Profit	14,496,000	14,496,000

Operating Income (+$)
Gross Profit	14,496,000
Operating Expense	-7,457,000
Operating Income	7,039,000	7,039,000

Operating Expense (+$)
Research Development	0
Selling General Administrative	1,870,000
Selling And Marketing Expenses	344,000
Operating Expense	7,457,000	2,214,000

Net Interest Income (+$)
Interest Income	386,000
Interest Expense	-292,000
Other Finance Cost	-28,000
Net Interest Income	122,000

Pretax Income (+$)
Operating Income	7,039,000
Net Interest Income	122,000
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	7,155,000	6,923,000 EBIT - interestExpense = 6,747,000 6,981,000 5,794,000
Interest Expense	292,000
Earnings Before Interest and Taxes (EBIT)	7,039,000	7,447,000
Earnings Before Interest and Taxes (EBITDA)	7,466,000

After tax Income (+$)
Income Before Tax	7,155,000
Tax Provision	-1,386,000
Net Income From Continuing Ops	5,494,000	5,769,000
Net Income	5,502,000
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	11,617,000
Total Other Income/Expenses Net	116,000	-122,000

Technical Analysis of Blackrock
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Blackrock. The general trend of Blackrock is NEUTRAL with 0.0% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Blackrock's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (0.0%)		Bearish trend (0.0%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of BlackRock Inc.

The long score for the Support & Resistance is 1/1.
The longshort score for the Support & Resistance is 1/(-1 +1).

Around support: The price is currently trading around a support level. This can be considered as a potential entry level. +1

The bullish price targets are: 773.27 < 780.09 < 782.57.

The bearish price targets are: 741.97 > 700.02 > 588.58.

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BlackRock Inc Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of BlackRock Inc. The current mas is .

The long score for the Moving Averages is 7/14.
The longshort score for the Moving Averages is 0/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close < MA 100: The price is below the MA 100. -1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

BlackRock Inc Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of BlackRock Inc. The current macd is -14.7522032.

The long score for the Moving Average Convergence/Divergence (MACD) is 1/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -2/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Blackrock price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Blackrock. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the Blackrock price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

BlackRock Inc Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of BlackRock Inc. The current adx is 27.50.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -4/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Blackrock shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX > 25 && ADX trending up: The ADX is above 25 and indicates a strong bearish trend. The ADX is trending up, so the bearish trend is strengthening.

BlackRock Inc Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of BlackRock Inc. The current sar is 769.42.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of BlackRock Inc. The current rsi is 37.70. The current phase is Continuation in bear market.

The long score for the Relative Strength Index (RSI) is 0/13.
The longshort score for the Relative Strength Index (RSI) is -4/(-13 +13).

Continuation in bear market: Downtrend continues after a consolidation or pullback. Hold or add to short positions.
Trending down: The RSI is trending down. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

BlackRock Inc Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of BlackRock Inc. The current phase is Oversold in neutral market.

The long score for the Stochastic Oscillator is 0/6.
The longshort score for the Stochastic Oscillator is -6/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Blackrock price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

BlackRock Inc Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of BlackRock Inc. The current cci is -78.32831736.

BlackRock Inc Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of BlackRock Inc. The current cmo is -26.34682634.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

BlackRock Inc Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of BlackRock Inc. The current willr is -80.48250885.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is -1/(-1 +1).

WILLR < -80: The Williams %R is below -80. This indicates that the price is in oversold territory, suggesting a potential price correction or trend reversal to the upside. -1

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of BlackRock Inc.

BlackRock Inc Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of BlackRock Inc. The current atr is 15.16.

BlackRock Inc Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of BlackRock Inc. The current obv is 16,857,869.

BlackRock Inc Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of BlackRock Inc. The current mfi is 17.71.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -2/(-2 +2).

MFI < 50: -1
MFI < 20: -1

BlackRock Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for BlackRock Inc.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-12-05	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-12-06	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-11	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-12	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-13	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-20	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-26	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-28	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-02	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-03	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-04	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-16	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-17	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-19	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-01-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-23	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-30	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-31	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-02	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-07	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-02-09	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-12	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-02-13	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-20	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-02-21	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-02-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-28	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-29	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-01	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-04	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-14	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-15	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-20	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-21	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-25	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-26	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-27	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-02	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-04	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-12	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-17	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-04-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-19	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-25	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside

6.3. Candlestick Patterns

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of BlackRock Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	37.699
Ma 20	Greater than	Ma 50	781.633
Ma 50	Greater than	Ma 100	801.873
Ma 100	Greater than	Ma 200	794.238
Open	Greater than	Close	754.310
Total			2/5 (40.0%)

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Quick analysis of Blackrock (30 sec.)

What can you expect buying and holding a share of Blackrock? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Blackrock (5 min.)

$757.65

$274.57

$161.30 - $342.29

$435.87 - $616.86

2. Growth of Blackrock (5 min.)

Is Blackrock growing?

How much money is Blackrock making?

How much money comes from the company's main activities?

3. Financial Health of Blackrock (5 min.)

4. Comparing to competitors in the Asset Management industry (5 min.)

Industry Rankings (Asset Management)

What can you expect buying and holding a share of Blackrock? (5 min.)

What can you expect buying and holding a share of Blackrock?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Blackrock

About BlackRock Inc

Financial Health

Valuation

1.1. Profitability of BlackRock Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Asset Management)

1.1.2. Return on Assets

Trends

Compared to industry (Asset Management)

1.1.3. Return on Equity

Trends

Compared to industry (Asset Management)

1.2. Operating Efficiency of BlackRock Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Asset Management)

1.2.2. Operating Ratio

Trends

Compared to industry (Asset Management)

1.3. Liquidity of BlackRock Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Asset Management)

1.3.2. Quick Ratio

Trends

Compared to industry (Asset Management)

1.4. Solvency of BlackRock Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Asset Management)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Asset Management)

2. Market Valuation of BlackRock Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Asset Management)

BlackRock Inc
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