Dow Inc
Buy, Hold or Sell?

Let's analyse Dow together

Penke I guess you are interested in Dow 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 Dow 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 Dow (30 sec.)

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

How much money do you get?

$2.78

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$26.99

Expected worth in 1 year

$24.18

How sure are you?

72.5%

+ What do you gain per year?

Total Gains per Share

$-0.03

Return On Investment

0.0%

For what price can you sell your share?

Current Price per Share

$56.99

Expected price per share

$55.20 - $63.62

How sure are you?

50%

1. Valuation of Dow (5 min.)

Live pricePrice per Share (EOD)

$56.99

Book Value per Share

$26.99

Intrinsic Value Per Share

$4.94 - $60.84

Total Value Per Share

$31.93 - $87.83

My calculation of the intrinsic value of Dow 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: ($1.00) 3Y: ($1.56) TTM: ($0.96)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.01) 3Y: ($-0.04) TTM: ($-0.14)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$3.41	$6.23	$3.27 - $6.41
2	$5.98	$12.44	$2.55 - $6.58
3	$7.79	$18.63	$1.83 - $6.74
4	$8.92	$24.78	$1.12 - $6.91
5	$9.43	$30.89	$0.40 - $7.07
6	$9.40	$36.97	$-0.32 - $7.24
7	$8.88	$43.01	$-1.03 - $7.40
8	$7.93	$49.00	$-1.75 - $7.57
9	$6.60	$54.94	$-2.47 - $7.73
10	$4.94	$60.84	$-3.19 - $7.90

2. Growth of Dow (5 min.)

Is Dow growing?

	Current year	Previous year	Grow	Grow %
How rich?	$19.1b	$19.7b	$401m	2.0%

How much money is Dow making?

	Current year	Previous year	Grow	Grow %
Making money	$152.2m	$1.1b	-$993.2m	-652.4%
Net Profit Margin	1.4%	7.8%	-	-

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

Quarterly Yearly

3. Financial Health of Dow (5 min.)

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

Industry Rankings (Chemicals)

Richest
#6 / 310

Most Revenue
#5 / 310

Most Profit
#32 / 310

Most Efficient
#200 / 310

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

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

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

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

Speculation

The Price per Share of Dow is $56.99. 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 Dow.
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 Dow, 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 $26.99. Based on the TTM, the Book Value Change Per Share is $-0.70 per quarter. Based on the YOY, the Book Value Change Per Share is $1.15 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 $0.70 per quarter.

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

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	-0.15	-0.3%	0.20	0.4%	1.56	2.7%	0.75	1.3%	0.78	1.4%
Usd Book Value Change Per Share	-1.37	-2.4%	-0.70	-1.2%	1.15	2.0%	-0.52	-0.9%	0.24	0.4%
Usd Dividend Per Share	0.69	1.2%	0.70	1.2%	0.69	1.2%	0.70	1.2%	0.73	1.3%
Usd Total Gains Per Share	-0.68	-1.2%	-0.01	0.0%	1.84	3.2%	0.18	0.3%	0.97	1.7%
Usd Price Per Share	54.84	-	53.62	-	52.41	-	52.08	-	26.04	-
Price to Earnings Ratio	-92.44	-	-35.88	-	9.67	-	-10.56	-	-5.28	-
Price-to-Total Gains Ratio	-80.72	-	187.54	-	-261.47	-	15.51	-	15.51	-
Price to Book Ratio	2.03	-	1.89	-	1.94	-	2.22	-	1.11	-
Price-to-Total Gains Ratio	-80.72	-	187.54	-	-261.47	-	15.51	-	15.51	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	56.99
Number of shares	17

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.70	0.70
Usd Book Value Change Per Share	-0.70	-0.52
Usd Total Gains Per Share	-0.01	0.18
Gains per Quarter (17 shares)	-0.11	3.01
Gains per Year (17 shares)	-0.46	12.05

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	47	-48	-10	47	-35	2
2	95	-96	-10	95	-70	14
3	142	-143	-10	142	-106	26
4	189	-191	-10	189	-141	38
5	237	-239	-10	236	-176	50
6	284	-287	-10	284	-211	62
7	331	-334	-10	331	-247	74
8	379	-382	-10	378	-282	86
9	426	-430	-10	426	-317	98
10	473	-478	-10	473	-352	110

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	2.0	2.0	0.0	50.0%	10.0	2.0	0.0	83.3%	15.0	5.0	0.0	75.0%	33.0	7.0	0.0	82.5%	47.0	9.0	0.0	83.9%
Book Value Change Per Share	0.0	4.0	0.0	0.0%	7.0	5.0	0.0	58.3%	8.0	12.0	0.0	40.0%	21.0	19.0	0.0	52.5%	33.0	23.0	0.0	58.9%
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%	55.0	0.0	1.0	98.2%
Total Gains per Share	3.0	1.0	0.0	75.0%	10.0	2.0	0.0	83.3%	15.0	5.0	0.0	75.0%	29.0	11.0	0.0	72.5%	41.0	15.0	0.0	73.2%

Fundamentals of Dow

About Dow Inc

https://www.dow.com
Chemicals
35900
2211 H.H. Dow Way, Midland, MI, United States, 48674
Google Maps Bing Maps

Dow Inc., through its subsidiaries, engages in the provision of various materials science solutions for packaging, infrastructure, mobility, and consumer applications in the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America. The company operates through Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings segments. The Packaging & Specialty Plastics segment provides ethylene, and propylene and aromatics products; and polyethylene, polyolefin elastomers, ethylene vinyl acetate, and ethylene propylene diene monomer rubbers for mobility and transportation, consumer, wire and cable, and construction end-markets. The Industrial Intermediates & Infrastructure segment offers purified ethylene, ethylene and ethanol amines, propylene glycol and polyether polyols, aromatic isocyanates and coatings, adhesives, sealants, elastomers, and composites. This segment also provides caustic soda, and ethylene dichloride and vinyl chloride monomers; and cellulose ethers, redispersible latex powders, and acrylic emulsions. The Performance Materials and Coatings segment provides architectural paints and coatings, and industrial coatings that are used in maintenance and protective industries, wood, metal packaging, traffic markings, thermal paper, and leather; and silicon metal, siloxanes, and intermediates used as key materials in manufacturing differentiated downstream silicone products. It also engages in property and casualty insurance, as well as reinsurance business. Dow Inc. was incorporated in 2018 and is headquartered in Midland, Michigan.

Fundamental data was last updated by Penke on 2024-04-13 12:04:05.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a profit.
Using its assets, the company is inefficient 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 less efficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is able to pay all its short-term debts.
The company is just 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 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 expensive.
Based on how much money comes from the company's main activities, the company is fair priced.

1.1. Profitability of Dow Inc.

1.1. Profitability

1.1.1. Net Profit Margin

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

Above 10% is considered healthy but always compare Dow to the Chemicals industry mean.
A Net Profit Margin of -1.0% means that $-0.01 for each $1 in revenue is generated as profit.

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

The MRQ is -1.0%. The company is not making a profit/loss.
The TTM is 1.4%. The company is making a profit. +1

Trends

Current period		Compared to		+/-
MRQ	-1.0%	TTM	1.4%	-2.4%
TTM	1.4%	YOY	7.8%	-6.5%
TTM	1.4%	5Y	3.9%	-2.5%
5Y	3.9%	10Y	6.0%	-2.1%

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
MRQ	-1.0%	3.8%	-4.8%
TTM	1.4%	4.3%	-2.9%
YOY	7.8%	7.0%	+0.8%
5Y	3.9%	5.4%	-1.5%
10Y	6.0%	5.6%	+0.4%

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

Revenue is the amount of profit Dow 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 Dow 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 Dow to the Chemicals industry mean.
Can be used to compare companies within the Chemicals industry.

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

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Dow. If profit margins remain low (compared to the Chemicals 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 Dow is -0.01. This means that Dow earned $-0.01 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 Chemicals industry is 3.8%.
What is the trend?
The trend is important because it shows you how Dow is performing over time. The most recent quarter might be important if Dow 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 Dow 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 Dow with other companies in the same industry (Chemicals).
Net profit margin should rise over the years.
Can be influenced when Dow sells assets (profit will increase while costs remain the same).
It won’t show what part of Dow 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 Dow

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 Dow = -105,000
Total revenue MRQ Dow = 10,621,000
$-105,000 / $10,621,000 = -0.01 or -1.0%

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 Dow is using its assets to generate profit.

Above 5% is considered healthy but always compare Dow to the Chemicals industry mean.
-0.2% Return on Assets means that Dow generated $0.00 profit for each $1 in assets.

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

The MRQ is -0.2%. Using its assets, the company is very inefficient in making profit. -2
The TTM is 0.3%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-0.2%	TTM	0.3%	-0.4%
TTM	0.3%	YOY	1.9%	-1.6%
TTM	0.3%	5Y	0.9%	-0.6%
5Y	0.9%	10Y	1.2%	-0.2%

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
MRQ	-0.2%	1.4%	-1.6%
TTM	0.3%	1.6%	-1.3%
YOY	1.9%	2.7%	-0.8%
5Y	0.9%	2.1%	-1.2%
10Y	1.2%	2.1%	-0.9%

Shows how efficient Dow 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 Dow to the Chemicals 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 Dow is using its resources to generate profit. If the return on assets (-0.2%) from Dow are higher than the Chemicals mean (1.4%) that means Dow 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 Dow is -0.2%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Chemicals industry is 1.4%.
What is the trend?
The trend is important because it shows you how Dow is performing over time. The most recent quarter might be important if Dow 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 Dow 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 Dow

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

Income statement
Balance sheet

Net income MRQ (income statement) from Dow = -105,000
Total assets MRQ (balance sheet) from Dow = 57,967,000
-105,000 / 57,967,000 = 0.00 or -0.2%

ROA is an important ratio as it will tell you how effectively Dow 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 Dow is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Dow to the Chemicals industry mean.
-0.6% Return on Equity means Dow generated $-0.01 for each $1 the owners (shareholders) invested.

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

The MRQ is -0.6%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is 0.8%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-0.6%	TTM	0.8%	-1.3%
TTM	0.8%	YOY	6.0%	-5.3%
TTM	0.8%	5Y	3.2%	-2.4%
5Y	3.2%	10Y	3.6%	-0.4%

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
MRQ	-0.6%	2.6%	-3.2%
TTM	0.8%	2.8%	-2.0%
YOY	6.0%	5.2%	+0.8%
5Y	3.2%	3.5%	-0.3%
10Y	3.6%	3.8%	-0.2%

Shows how efficient Dow 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 Dow to the Chemicals 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 Chemicals 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 Dow is -0.6%. This means Dow generated $-0.01 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Chemicals industry is 2.6%.
What is the trend?
The trend is important because it shows you how Dow is performing over time. The most recent quarter might be important if Dow 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 Dow up to 10 years back (depending if Dow 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 Dow

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Dow = -105,000
Shareholders equity (balance sheet) MRQ Dow = 18,607,000
-105,000 / 18,607,000 = -0.01 or -0.6%

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 Dow Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Dow is operating .

Measures how much profit Dow 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 Dow to the Chemicals industry mean.
An Operating Margin of -0.9% means the company generated $-0.01 for each $1 in revenue (before taxes).

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

The MRQ is -0.9%. The company is operating very inefficient. -2
The TTM is 4.4%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	-0.9%	TTM	4.4%	-5.3%
TTM	4.4%	YOY	11.8%	-7.3%
TTM	4.4%	5Y	10.3%	-5.9%
5Y	10.3%	10Y	13.2%	-2.9%

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
MRQ	-0.9%	7.6%	-8.5%
TTM	4.4%	4.4%	+0.0%
YOY	11.8%	9.2%	+2.6%
5Y	10.3%	7.5%	+2.8%
10Y	13.2%	6.8%	+6.4%

Measures how efficient Dow 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 Dow to the Chemicals 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 Dow 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 Dow is -0.9%. This means that Dow earned $-0.01 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Chemicals industry is 7.6%.
What is the trend?
The trend is important because it shows you how Dow is performing over time. The most recent quarter might be important if Dow 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 Dow 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 Dow

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Dow = 865,000
Total revenue MRQ Dow = 10,621,000
$865,000 / $10,621,000 = -0.01 or -0.9%

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 Dow is keeping operating costs low.

Below 1 is considered healthy (always compare to Chemicals industry mean).
An Operation Ratio of 0.97 means that the operating costs are $0.97 for each $1 in net sales.

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

The MRQ is 0.975. The company is less efficient in keeping operating costs low.
The TTM is 0.953. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.975	TTM	0.953	+0.021
TTM	0.953	YOY	0.904	+0.050
TTM	0.953	5Y	0.913	+0.041
5Y	0.913	10Y	0.884	+0.028

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
MRQ	0.975	1.697	-0.722
TTM	0.953	1.683	-0.730
YOY	0.904	1.594	-0.690
5Y	0.913	1.624	-0.711
10Y	0.884	1.412	-0.528

Measures how efficient Dow 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 Dow to the Chemicals 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 Dow is 97.5%. This means that Dow earned $0.97 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 Chemicals industry is 1.70.
What is the trend?
The trend is important because it shows you how Dow is performing over time. The most recent quarter might be important if Dow 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 Dow 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 Dow

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
(9,646,000 +705,000) \ 10,621,000 = 0.97

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 Dow Inc.

1.3. Liquidity

1.3.1. Current Ratio

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

Above 1.5 is considered healthy (always compare to Chemicals industry mean).
A Current Ratio of 1.77 means the company has $1.77 in assets for each $1 in short-term debts.

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

The MRQ is 1.769. The company is able to pay all its short-term debts. +1
The TTM is 1.831. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	1.769	TTM	1.831	-0.062
TTM	1.831	YOY	1.687	+0.144
TTM	1.831	5Y	1.698	+0.133
5Y	1.698	10Y	1.817	-0.120

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
MRQ	1.769	1.602	+0.167
TTM	1.831	1.637	+0.194
YOY	1.687	1.687	0.000
5Y	1.698	1.763	-0.065
10Y	1.817	1.558	+0.259

Measures if Dow 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 Chemicals 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 Dow 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 Dow is 1.77. This means Dow has $1.77 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Chemicals industry is 1.60.
What is the trend?
The trend is important because it shows you how Dow is performing over time. The most recent quarter might be important if Dow 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 Dow 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 Dow

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
17,614,000 \ 9,957,000) = 1.77

The current ratio measures if Dow 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 Dow 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 Dow 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 Dow 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 Dow is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Dow to the Chemicals industry mean.
A Quick Ratio of 1.14 means the company can pay off $1.14 for each $1 in debt (using most liquid assets).

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

The MRQ is 1.135. The company is just able to pay all its short-term debts with the most liquid assets.
The TTM is 1.188. The company is just able to pay all its short-term debts with the most liquid assets.

Trends

Current period		Compared to		+/-
MRQ	1.135	TTM	1.188	-0.052
TTM	1.188	YOY	0.995	+0.192
TTM	1.188	5Y	1.066	+0.122
5Y	1.066	10Y	1.160	-0.094

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
MRQ	1.135	0.536	+0.599
TTM	1.188	0.574	+0.614
YOY	0.995	0.720	+0.275
5Y	1.066	0.730	+0.336
10Y	1.160	0.746	+0.414

1.4. Solvency of Dow Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

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

Below 1 (100%) is considered healthy but always compare Dow to Chemicals industry mean.
A Debt to Asset Ratio of 0.67 means that Dow assets are financed with 67.0% credit (debt) and the remaining percentage (100% - 67.0%) is financed by its owners/shareholders.

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

The MRQ is 0.670. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.656. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.670	TTM	0.656	+0.014
TTM	0.656	YOY	0.679	-0.023
TTM	0.656	5Y	0.712	-0.056
5Y	0.712	10Y	0.656	+0.057

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
MRQ	0.670	0.415	+0.255
TTM	0.656	0.415	+0.241
YOY	0.679	0.425	+0.254
5Y	0.712	0.415	+0.297
10Y	0.656	0.420	+0.236

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

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Dow to Chemicals 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 Dow is 0.67. This means means that Dow is financed with 67.0% 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 Chemicals industry is 160.2%.
What is the trend?
The trend is important because it shows you how Dow is performing over time. The most recent quarter might be important if Dow 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 Dow 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 Dow has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Dow

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

Balance sheet
Debt to asset ratio = total debt \ total assets
38,859,000 \ 57,967,000 = 67.0% 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 Dow is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Dow to the Chemicals industry mean.
A Debt to Equity ratio of 208.8% means that company has $2.09 debt for each $1 in shareholders equity.

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

The MRQ is 2.088. The company is just not able to pay all its debts with equity.
The TTM is 1.961. The company is just able to pay all its debts with equity.

Trends

Current period		Compared to		+/-
MRQ	2.088	TTM	1.961	+0.128
TTM	1.961	YOY	2.183	-0.222
TTM	1.961	5Y	2.681	-0.720
5Y	2.681	10Y	2.202	+0.479

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
MRQ	2.088	0.764	+1.324
TTM	1.961	0.748	+1.213
YOY	2.183	0.759	+1.424
5Y	2.681	0.761	+1.920
10Y	2.202	0.805	+1.397

Measures if Dow 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 Dow 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 Dow is 2.09. This means that Dow can pay off $2.09 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Chemicals industry is 0.76.
What is the trend?
The trend is important because it shows you how Dow is performing over time. The most recent quarter might be important if Dow 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 Dow 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 Dow

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
38,859,000 \ 18,607,000 = 2.09 or 208.8%

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 Dow 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 Dow generates.

Above 15 is considered overpriced but always compare Dow to the Chemicals industry mean.
A PE ratio of -92.44 means the investor is paying $-92.44 for every $1 in earnings.

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

The EOD is -96.067. Based on the earnings, the company is expensive. -2
The MRQ is -92.443. Based on the earnings, the company is expensive. -2
The TTM is -35.879. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-96.067	MRQ	-92.443	-3.624
MRQ	-92.443	TTM	-35.879	-56.564
TTM	-35.879	YOY	9.672	-45.550
TTM	-35.879	5Y	-10.558	-25.321
5Y	-10.558	10Y	-5.279	-5.279

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
EOD	-96.067	8.527	-104.594
MRQ	-92.443	10.122	-102.565
TTM	-35.879	11.635	-47.514
YOY	9.672	12.827	-3.155
5Y	-10.558	16.383	-26.941
10Y	-5.279	23.407	-28.686

Measures how much money you pay for each share for every $1 in earnings Dow 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 Dow to the Chemicals 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 Dow is -92.44. This means the investor is paying $-92.44 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Chemicals industry is 10.12.
What is the trend?
The trend is important because it shows you how Dow is performing over time. The most recent quarter might be important if Dow 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 Dow 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 Dow

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 \ 703,600 = EPS
PE ratio MRQ = -92.44

* 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 Dow Inc:

The EOD is 11.398. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 10.968. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 42.799. Based on how much money comes from the company's main activities, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	11.398	MRQ	10.968	+0.430
MRQ	10.968	TTM	42.799	-31.831
TTM	42.799	YOY	6.663	+36.136
TTM	42.799	5Y	13.479	+29.320
5Y	13.479	10Y	6.739	+6.739

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
EOD	11.398	3.179	+8.219
MRQ	10.968	3.447	+7.521
TTM	42.799	0.851	+41.948
YOY	6.663	2.414	+4.249
5Y	13.479	2.634	+10.845
10Y	6.739	2.805	+3.934

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Chemicals industry mean).
A PB ratio of 2.03 means the investor is paying $2.03 for each $1 in book value.

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

The EOD is 2.112. Based on the equity, the company is underpriced. +1
The MRQ is 2.032. Based on the equity, the company is underpriced. +1
The TTM is 1.892. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	2.112	MRQ	2.032	+0.080
MRQ	2.032	TTM	1.892	+0.140
TTM	1.892	YOY	1.937	-0.045
TTM	1.892	5Y	2.217	-0.325
5Y	2.217	10Y	1.108	+1.108

Compared to industry (Chemicals)

Period	Company	Industry (mean)	+/-
EOD	2.112	1.320	+0.792
MRQ	2.032	1.520	+0.512
TTM	1.892	1.542	+0.350
YOY	1.937	1.947	-0.010
5Y	2.217	1.728	+0.489
10Y	1.108	2.001	-0.893

2. Total Gains per Share

3. Holders & Insider Transactions

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

3.1. Institutions holding Dow Inc

Institutions are holding 65.974% of the shares of Dow Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	8.6886	0.0737	61514574	-90229	-0.1465
2023-12-31	BlackRock Inc	6.6688	0.066	47214452	328207	0.7
2023-12-31	State Street Corporation	5.0402	0.0952	35683739	838117	2.4052
2023-12-31	JPMorgan Chase & Co	2.6442	0.0986	18720654	2380746	14.5701
2023-12-31	Pzena Investment Management, LLC	2.6216	3.8262	18560356	329676	1.8084
2023-12-31	Morgan Stanley - Brokerage Accounts	2.0746	0.071	14688181	-2088	-0.0142
2023-12-31	Geode Capital Management, LLC	1.9312	0.0784	13672712	275308	2.0549
2023-12-31	Dimensional Fund Advisors, Inc.	1.1974	0.1358	8477662	43597	0.5169
2023-12-31	Goldman Sachs Group Inc	1.163	0.0405	8234180	3706217	81.8518
2023-12-31	Capital World Investors	1.1018	0.0761	7800592	-1363427	-14.878
2023-12-31	Northern Trust Corp	1.0107	0.071	7155607	-449710	-5.9131
2023-12-31	Amvescap Plc.	0.9446	0.0873	6687403	-992310	-12.9212
2023-12-31	NORGES BANK	0.9198	0.0624	6511796	1087032	20.0383
2023-12-31	Pacer Advisors, INC.	0.8968	0.9854	6349100	397165	6.6729
2023-12-31	Bank of New York Mellon Corp	0.8637	0.068	6114828	-268727	-4.2097
2023-12-31	Legal & General Group PLC	0.7906	0.0788	5597682	1408621	33.6262
2023-12-31	Bank of America Corp	0.6987	0.0273	4947063	-505766	-9.2753
2023-12-31	State Farm Mutual Automobile Ins Co	0.6803	0.254	4816352	0	0
2023-12-31	FMR Inc	0.6784	0.0202	4802804	3489302	265.6488
2023-12-31	UBS Group AG	0.6567	0.0763	4649623	-117187	-2.4584
Total		41.2717	6.2922	292199360	+10494544	+3.6%

3.2. Funds holding Dow Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	3.1076	0.0793	22001600	-64635	-0.2929
2024-02-29	Vanguard Institutional 500 Index Trust	2.4737	0.0915	17513611	184115	1.0624
2024-03-28	SPDR® S&P 500 ETF Trust	1.2041	0.0919	8524892	50040	0.5905
2024-02-29	Fidelity 500 Index	1.1882	0.0912	8412163	84638	1.0164
2024-03-28	iShares Core S&P 500 ETF	1.0283	0.0921	7280110	53504	0.7404
2024-02-29	Vanguard Value Index Inv	0.8279	0.2019	5861616	20145	0.3449
2024-03-28	SPDR® Dow Jones Industrial Avrg ETF Tr	0.7986	0.9512	5654065	32740	0.5824
2023-12-31	American Funds Income Fund of Amer A	0.7182	0.2327	5085000	0	0
2024-02-29	Vanguard Institutional Index I	0.6526	0.0912	4620183	-18212	-0.3926
2024-03-28	Materials Select Sector SPDR® ETF	0.5486	3.883	3884295	-17655	-0.4525
2023-12-31	Vanguard Windsor Investor Shares	0.5388	0.8831	3814708	0	0
2024-02-29	Pzena Large Cap Value	0.5388	3.0817	3814708	0	0
2024-02-29	State St S&P 500® Indx SL Cl III	0.4795	0.0908	3394613	13000	0.3844
2024-02-29	Vanguard High Dividend Yield ETF	0.4474	0.2737	3167361	12632	0.4004
2024-03-28	JPMorgan Equity Premium Income ETF	0.4427	0.5388	3134362	7102	0.2271
2024-02-29	DFA US Large Cap Value I	0.3942	0.6429	2790571	-650	-0.0233
2023-12-31	American Funds American Balanced A	0.3661	0.0673	2591965	0	0
2024-03-31	Blackrock Eq Idx Fund CF	0.3537	0.0914	2504294	-3082	-0.1229
2024-02-29	Vanguard Materials ETF	0.3139	3.0799	2222337	1509	0.0679
2023-12-31	Blackrock Russ 1000 Eq Idx Composite	0.3048	0.0883	2158175	2158175	0
Total		16.7277	14.6439	118430629	+2513366	+2.1%

3.3. Insider Transactions

Insiders are holding 0.182% of the shares of Dow Inc.

Date	Owner	Type	Amount	Price	Post Transaction Amount	Link
2023-11-16	Richard K Davis	BUY	5000	51.09
2023-04-28	Debra L Dial	BUY	400	54.17

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Dow 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	-	-	-1.373	-0.703	-49%	1.147	-220%	-0.518	-62%	0.239	-674%
Book Value Per Share	-	-	26.989	28.373	-5%	27.166	-1%	24.369	+11%	27.798	-3%
Current Ratio	-	-	1.769	1.831	-3%	1.687	+5%	1.698	+4%	1.817	-3%
Debt To Asset Ratio	-	-	0.670	0.656	+2%	0.679	-1%	0.712	-6%	0.656	+2%
Debt To Equity Ratio	-	-	2.088	1.961	+7%	2.183	-4%	2.681	-22%	2.202	-5%
Dividend Per Share	-	-	0.694	0.696	0%	0.691	+0%	0.695	0%	0.734	-6%
Eps	-	-	-0.148	0.205	-172%	1.565	-109%	0.749	-120%	0.780	-119%
Free Cash Flow Per Share	-	-	1.250	0.959	+30%	2.024	-38%	1.530	-18%	0.996	+25%
Free Cash Flow To Equity Per Share	-	-	0.246	-0.139	+157%	0.881	-72%	0.214	+15%	-0.173	+170%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	60.841	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	4.938	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	6.234	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	3.415	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	18.626	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	7.792	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	30.892	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	9.430	-	-	-	-	-	-	-	-
Market Cap	40348292654.080	+4%	38826116321.280	37990706687.200	+2%	38091743500.000	+2%	38231772737.440	+2%	19115886368.720	+103%
Net Profit Margin	-	-	-0.010	0.014	-172%	0.078	-113%	0.039	-125%	0.060	-116%
Operating Margin	-	-	-0.009	0.044	-120%	0.118	-107%	0.103	-108%	0.132	-107%
Operating Ratio	-	-	0.975	0.953	+2%	0.904	+8%	0.913	+7%	0.884	+10%
Pb Ratio	2.112	+4%	2.032	1.892	+7%	1.937	+5%	2.217	-8%	1.108	+83%
Pe Ratio	-96.067	-4%	-92.443	-35.879	-61%	9.672	-1056%	-10.558	-89%	-5.279	-94%
Price Per Share	56.990	+4%	54.840	53.620	+2%	52.413	+5%	52.075	+5%	26.038	+111%
Price To Free Cash Flow Ratio	11.398	+4%	10.968	42.799	-74%	6.663	+65%	13.479	-19%	6.739	+63%
Price To Total Gains Ratio	-83.884	-4%	-80.720	187.537	-143%	-261.470	+224%	15.507	-621%	15.507	-621%
Quick Ratio	-	-	1.135	1.188	-4%	0.995	+14%	1.066	+7%	1.160	-2%
Return On Assets	-	-	-0.002	0.003	-169%	0.019	-110%	0.009	-120%	0.012	-116%
Return On Equity	-	-	-0.006	0.008	-174%	0.060	-109%	0.032	-118%	0.036	-116%
Total Gains Per Share	-	-	-0.679	-0.007	-99%	1.838	-137%	0.177	-483%	0.974	-170%
Usd Book Value	-	-	19108000000.000	20103000000.000	-5%	19702000000.000	-3%	17846200000.000	+7%	23996325000.000	-20%
Usd Book Value Change Per Share	-	-	-1.373	-0.703	-49%	1.147	-220%	-0.518	-62%	0.239	-674%
Usd Book Value Per Share	-	-	26.989	28.373	-5%	27.166	-1%	24.369	+11%	27.798	-3%
Usd Dividend Per Share	-	-	0.694	0.696	0%	0.691	+0%	0.695	0%	0.734	-6%
Usd Eps	-	-	-0.148	0.205	-172%	1.565	-109%	0.749	-120%	0.780	-119%
Usd Free Cash Flow	-	-	885000000.000	679750000.000	+30%	1469250000.000	-40%	1124650000.000	-21%	827775000.000	+7%
Usd Free Cash Flow Per Share	-	-	1.250	0.959	+30%	2.024	-38%	1.530	-18%	0.996	+25%
Usd Free Cash Flow To Equity Per Share	-	-	0.246	-0.139	+157%	0.881	-72%	0.214	+15%	-0.173	+170%
Usd Market Cap	40348292654.080	+4%	38826116321.280	37990706687.200	+2%	38091743500.000	+2%	38231772737.440	+2%	19115886368.720	+103%
Usd Price Per Share	56.990	+4%	54.840	53.620	+2%	52.413	+5%	52.075	+5%	26.038	+111%
Usd Profit	-	-	-105000000.000	152250000.000	-169%	1145500000.000	-109%	567650000.000	-118%	800775000.000	-113%
Usd Revenue	-	-	10621000000.000	11155500000.000	-5%	14225500000.000	-25%	12029900000.000	-12%	12853725000.000	-17%
Usd Total Gains Per Share	-	-	-0.679	-0.007	-99%	1.838	-137%	0.177	-483%	0.974	-170%
	EOD	+4 -4	MRQ	TTM	+10 -25	YOY	+11 -24	5Y	+15 -20	10Y	+10 -25

4.2. Fundamental Score

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

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-96.067
Price to Book Ratio (EOD)	Between	0-1	2.112
Net Profit Margin (MRQ)	Greater than	0	-0.010
Operating Margin (MRQ)	Greater than	0	-0.009
Quick Ratio (MRQ)	Greater than	1	1.135
Current Ratio (MRQ)	Greater than	1	1.769
Debt to Asset Ratio (MRQ)	Less than	1	0.670
Debt to Equity Ratio (MRQ)	Less than	1	2.088
Return on Equity (MRQ)	Greater than	0.15	-0.006
Return on Assets (MRQ)	Greater than	0.05	-0.002
Total			3/10 (30.0%)

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.
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4.3. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	56.620
Total			0/1 (0.0%)

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.
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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
EBIT		972,000	-366,000	606,000	285,000	891,000	-282,000	609,000	-701,000	-92,000

Latest Balance Sheet

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

Summary

Total Assets	57,967,000
Total Liabilities	38,859,000
Total Stockholder Equity	18,607,000

	As reported
Total Liabilities	38,859,000
Total Stockholder Equity	+ 18,607,000
Total Assets	= 57,967,000

Assets

Total Assets	57,967,000
Total Current Assets	17,614,000
Long-term Assets	40,353,000

Total Current Assets

Total Current Assets (as reported)	17,614,000
Cash And Cash Equivalents	2,987,000
Short-term Investments	1,705,000
Net Receivables	6,614,000
Inventory	6,076,000
Total Current Assets (calculated)	17,382,000
+/-	232,000

Long-term Assets

Long-term Assets (as reported)	40,353,000
Property Plant Equipment	22,386,000
Goodwill	8,641,000
Long Term Investments	4,007,000
Intangible Assets	2,072,000
Long-term Assets Other	1,761,000
Long-term Assets (calculated)	38,867,000
+/-	1,486,000

Liabilities & Shareholders' Equity

Total Current Liabilities	9,957,000
Long-term Liabilities	28,902,000
Total Stockholder Equity	18,607,000

Total Current Liabilities

Total Current Liabilities (as reported)	9,957,000
Short-term Debt	508,000
Short Long Term Debt	179,000
Accounts payable	4,529,000
Other Current Liabilities	9,449,000
Total Current Liabilities (calculated)	14,665,000
+/-	4,708,000

Long-term Liabilities

Long-term Liabilities (as reported)	28,902,000
Long term Debt	14,034,000
Capital Lease Obligations	2,234,000
Long-term Liabilities Other	7,632,000
Long-term Liabilities (calculated)	23,900,000
+/-	5,002,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	18,607,000
Common Stock	8,000
Retained Earnings	21,774,000
Accumulated Other Comprehensive Income	-7,681,000
Other Stockholders Equity	4,506,000
Total Stockholder Equity (calculated)	18,607,000
+/-	0

Other

Capital Stock	8,000
Cash and Short Term Investments	2,987,000
Common Stock Shares Outstanding	703,600
Current Deferred Revenue	-4,529,000
Liabilities and Stockholders Equity	57,967,000
Net Debt	13,460,000
Net Invested Capital	32,820,000
Net Working Capital	7,657,000
Property Plant and Equipment Gross	61,523,000
Short Long Term Debt Total	16,447,000

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

> Total Assets

67,030,000
65,937,000
67,546,000
64,594,000
66,001,000
69,588,000
68,442,000
68,447,000
66,951,000
69,224,000
69,598,000
68,842,000
69,368,000
69,605,000
69,304,000
70,142,000
70,206,000
69,501,000
69,233,000
68,756,000
69,573,000
68,796,000
67,789,000
69,334,000
69,884,000
68,026,000
68,440,000
81,524,000
80,624,000
79,511,000
80,828,000
82,247,000
83,929,000
79,940,000
81,371,000
80,221,000
79,051,000
77,378,000
79,737,000
64,889,000
64,937,000
60,524,000
60,686,000
59,276,000
59,945,000
61,470,000
60,437,000
61,768,000
61,749,000
62,990,000
63,335,000
62,143,000
59,557,000
60,603,000
59,316,000
58,294,000
58,288,000
57,967,000

57,967,000

58,288,000

58,294,000

59,316,000

60,603,000

59,557,000

62,143,000

63,335,000

62,990,000

61,749,000

61,768,000

60,437,000

61,470,000

59,945,000

59,276,000

60,686,000

60,524,000

64,937,000

64,889,000

79,737,000

77,378,000

79,051,000

80,221,000

81,371,000

79,940,000

83,929,000

82,247,000

80,828,000

79,511,000

80,624,000

81,524,000

68,440,000

68,026,000

69,884,000

69,334,000

67,789,000

68,796,000

69,573,000

68,756,000

69,233,000

69,501,000

70,206,000

70,142,000

69,304,000

69,605,000

69,368,000

68,842,000

69,598,000

69,224,000

66,951,000

68,447,000

68,442,000

69,588,000

66,001,000

64,594,000

67,546,000

65,937,000

67,030,000

> Total Current Assets

19,027,000
19,560,000
21,311,000
20,080,000
20,669,000
23,781,000
22,983,000
22,699,000
21,754,000
23,422,000
23,911,000
23,198,000
23,465,000
23,684,000
24,248,000
25,327,000
25,009,000
24,977,000
25,062,000
24,283,000
25,730,000
24,267,000
24,394,000
24,764,000
24,852,000
24,475,000
23,334,000
26,310,000
24,778,000
23,659,000
24,640,000
25,935,000
28,032,000
27,244,000
28,514,000
28,286,000
26,960,000
25,263,000
25,661,000
18,637,000
18,949,000
16,815,000
18,138,000
16,997,000
17,789,000
19,084,000
19,163,000
20,352,000
20,393,000
20,848,000
22,165,000
21,769,000
19,777,000
20,477,000
19,356,000
18,549,000
18,298,000
17,614,000

17,614,000

18,298,000

18,549,000

19,356,000

20,477,000

19,777,000

21,769,000

22,165,000

20,848,000

20,393,000

20,352,000

19,163,000

19,084,000

17,789,000

16,997,000

18,138,000

16,815,000

18,949,000

18,637,000

25,661,000

25,263,000

26,960,000

28,286,000

28,514,000

27,244,000

28,032,000

25,935,000

24,640,000

23,659,000

24,778,000

26,310,000

23,334,000

24,475,000

24,852,000

24,764,000

24,394,000

24,267,000

25,730,000

24,283,000

25,062,000

24,977,000

25,009,000

25,327,000

24,248,000

23,684,000

23,465,000

23,198,000

23,911,000

23,422,000

21,754,000

22,699,000

22,983,000

23,781,000

20,669,000

20,080,000

21,311,000

19,560,000

19,027,000

Cash And Cash Equivalents

2,581,000
2,846,000
2,923,000
3,293,000
3,223,000
7,039,000
3,562,000
2,223,000
2,206,000
5,444,000
3,608,000
4,128,000
3,885,000
4,318,000
3,514,000
4,883,000
5,272,000
5,940,000
4,385,000
3,843,000
5,768,000
5,654,000
6,288,000
6,224,000
7,623,000
8,577,000
6,610,000
7,309,000
7,032,000
6,607,000
5,848,000
6,218,000
8,394,000
6,188,000
5,186,000
4,823,000
3,403,000
2,669,000
2,969,000
2,446,000
2,823,000
2,367,000
3,633,000
3,724,000
4,496,000
5,104,000
4,133,000
3,491,000
2,911,000
2,988,000
3,143,000
2,367,000
2,216,000
3,886,000
3,319,000
2,924,000
3,080,000
2,987,000

2,987,000

3,080,000

2,924,000

3,319,000

3,886,000

2,216,000

2,367,000

3,143,000

2,988,000

2,911,000

3,491,000

4,133,000

5,104,000

4,496,000

3,724,000

3,633,000

2,367,000

2,823,000

2,446,000

2,969,000

2,669,000

3,403,000

4,823,000

5,186,000

6,188,000

8,394,000

6,218,000

5,848,000

6,607,000

7,032,000

7,309,000

6,610,000

8,577,000

7,623,000

6,224,000

6,288,000

5,654,000

5,768,000

3,843,000

4,385,000

5,940,000

5,272,000

4,883,000

3,514,000

4,318,000

3,885,000

4,128,000

3,608,000

5,444,000

2,206,000

2,223,000

3,562,000

7,039,000

3,223,000

3,293,000

2,923,000

2,846,000

2,581,000

Short-term Investments

0
0
0
6,000
4,000
0
0
0
0
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
4,000
11,000
133,000
176,000
100,000
101,000
20,000
11,000
21,000
1,000
2,000
739,000
465,000
449,000
480,000
472,000
478,000
454,000
537,000
148,000
939,000
627,000
1,896,000
1,844,000
1,705,000

1,705,000

1,844,000

1,896,000

627,000

939,000

148,000

537,000

454,000

478,000

472,000

480,000

449,000

465,000

739,000

2,000

1,000

21,000

11,000

20,000

101,000

100,000

176,000

133,000

11,000

4,000

2,000

4,000

6,000

Net Receivables

9,476,000
9,867,000
10,937,000
9,848,000
10,159,000
9,655,000
10,910,000
11,324,000
10,799,000
10,097,000
11,102,000
10,349,000
10,632,000
10,556,000
11,050,000
11,213,000
10,527,000
10,390,000
11,213,000
11,129,000
10,620,000
10,184,000
9,647,000
10,011,000
8,974,000
8,673,000
8,761,000
9,273,000
9,108,000
9,024,000
9,710,000
10,864,000
10,388,000
12,049,000
13,082,000
13,086,000
12,961,000
12,382,000
12,375,000
8,569,000
8,808,000
7,555,000
7,611,000
6,881,000
7,072,000
7,390,000
8,265,000
9,106,000
9,409,000
9,554,000
9,959,000
9,717,000
8,530,000
7,755,000
7,812,000
7,658,000
7,382,000
6,614,000

6,614,000

7,382,000

7,658,000

7,812,000

7,755,000

8,530,000

9,717,000

9,959,000

9,554,000

9,409,000

9,106,000

8,265,000

7,390,000

7,072,000

6,881,000

7,611,000

7,555,000

8,808,000

8,569,000

12,375,000

12,382,000

12,961,000

13,086,000

13,082,000

12,049,000

10,388,000

10,864,000

9,710,000

9,024,000

9,108,000

9,273,000

8,761,000

8,673,000

8,974,000

10,011,000

9,647,000

10,184,000

10,620,000

11,129,000

11,213,000

10,390,000

10,527,000

11,213,000

11,050,000

10,556,000

10,632,000

10,349,000

11,102,000

10,097,000

10,799,000

11,324,000

10,910,000

9,655,000

10,159,000

9,848,000

10,937,000

9,867,000

9,476,000

Inventory

6,970,000
6,847,000
7,020,000
6,933,000
7,283,000
7,087,000
8,132,000
8,739,000
8,416,000
7,577,000
8,882,000
8,380,000
8,630,000
8,476,000
9,335,000
8,836,000
8,892,000
8,303,000
9,102,000
8,926,000
9,019,000
8,101,000
8,087,000
8,061,000
7,822,000
6,871,000
7,298,000
8,212,000
8,013,000
7,363,000
8,210,000
8,163,000
8,477,000
8,376,000
9,577,000
9,346,000
9,615,000
9,260,000
9,508,000
6,841,000
6,416,000
6,214,000
6,324,000
5,784,000
5,609,000
5,701,000
6,157,000
6,952,000
7,111,000
7,372,000
7,760,000
8,225,000
7,571,000
6,988,000
6,825,000
6,487,000
6,211,000
6,076,000

6,076,000

6,211,000

6,487,000

6,825,000

6,988,000

7,571,000

8,225,000

7,760,000

7,372,000

7,111,000

6,952,000

6,157,000

5,701,000

5,609,000

5,784,000

6,324,000

6,214,000

6,416,000

6,841,000

9,508,000

9,260,000

9,615,000

9,346,000

9,577,000

8,376,000

8,477,000

8,163,000

8,210,000

7,363,000

8,013,000

8,212,000

7,298,000

6,871,000

7,822,000

8,061,000

8,087,000

8,101,000

9,019,000

8,926,000

9,102,000

8,303,000

8,892,000

8,836,000

9,335,000

8,476,000

8,630,000

8,380,000

8,882,000

7,577,000

8,416,000

8,739,000

8,132,000

7,087,000

7,283,000

6,933,000

7,020,000

6,847,000

6,970,000

> Long-term Assets

48,003,000
46,377,000
46,235,000
44,514,000
45,332,000
45,807,000
45,459,000
45,748,000
45,197,000
45,802,000
45,687,000
45,644,000
45,903,000
45,921,000
45,056,000
44,815,000
45,197,000
44,524,000
44,171,000
44,473,000
43,843,000
44,529,000
43,395,000
44,570,000
45,032,000
43,551,000
45,106,000
55,214,000
55,846,000
55,852,000
56,188,000
56,312,000
24,548,000
52,696,000
22,250,000
21,811,000
52,091,000
52,115,000
54,076,000
46,252,000
45,988,000
43,709,000
42,548,000
42,279,000
42,156,000
42,386,000
41,274,000
41,416,000
41,356,000
42,142,000
41,170,000
40,374,000
39,780,000
40,126,000
39,960,000
39,745,000
39,990,000
40,353,000

40,353,000

39,990,000

39,745,000

39,960,000

40,126,000

39,780,000

40,374,000

41,170,000

42,142,000

41,356,000

41,416,000

41,274,000

42,386,000

42,156,000

42,279,000

42,548,000

43,709,000

45,988,000

46,252,000

54,076,000

52,115,000

52,091,000

21,811,000

22,250,000

52,696,000

24,548,000

56,312,000

56,188,000

55,852,000

55,846,000

55,214,000

45,106,000

43,551,000

45,032,000

44,570,000

43,395,000

44,529,000

43,843,000

44,473,000

44,171,000

44,524,000

45,197,000

44,815,000

45,056,000

45,921,000

45,903,000

45,644,000

45,687,000

45,802,000

45,197,000

45,748,000

45,459,000

45,807,000

45,332,000

44,514,000

46,235,000

46,377,000

48,003,000

Property Plant Equipment

20,132,000
18,141,000
17,995,000
16,973,000
17,416,000
17,668,000
17,785,000
18,049,000
17,793,000
17,299,000
17,279,000
17,353,000
17,557,000
17,520,000
17,268,000
17,202,000
17,360,000
17,454,000
17,573,000
17,901,000
17,694,000
18,051,000
18,066,000
18,580,000
18,858,000
17,854,000
18,420,000
22,783,000
23,311,000
23,486,000
23,768,000
24,116,000
24,317,000
23,812,000
23,714,000
23,392,000
23,396,000
23,662,000
26,076,000
23,433,000
23,133,000
23,068,000
22,748,000
22,499,000
22,222,000
22,095,000
21,707,000
21,609,000
21,375,000
21,967,000
21,686,000
21,432,000
21,263,000
21,669,000
21,580,000
21,699,000
21,848,000
22,386,000

22,386,000

21,848,000

21,699,000

21,580,000

21,669,000

21,263,000

21,432,000

21,686,000

21,967,000

21,375,000

21,609,000

21,707,000

22,095,000

22,222,000

22,499,000

22,748,000

23,068,000

23,133,000

23,433,000

26,076,000

23,662,000

23,396,000

23,392,000

23,714,000

23,812,000

24,317,000

24,116,000

23,768,000

23,486,000

23,311,000

22,783,000

18,420,000

17,854,000

18,858,000

18,580,000

18,066,000

18,051,000

17,694,000

17,901,000

17,573,000

17,454,000

17,360,000

17,202,000

17,268,000

17,520,000

17,557,000

17,353,000

17,279,000

17,299,000

17,793,000

18,049,000

17,785,000

17,668,000

17,416,000

16,973,000

17,995,000

18,141,000

20,132,000

Goodwill

13,327,000
13,114,000
13,129,000
12,863,000
13,000,000
12,967,000
13,048,000
13,079,000
12,994,000
12,930,000
12,973,000
12,896,000
12,933,000
12,739,000
12,695,000
12,721,000
12,767,000
12,798,000
12,797,000
12,786,000
12,688,000
12,632,000
12,183,000
12,358,000
12,261,000
12,154,000
12,214,000
15,442,000
15,491,000
15,272,000
15,334,000
15,439,000
0
13,938,000
8,888,000
8,888,000
13,871,000
13,848,000
13,812,000
9,848,000
9,785,000
8,796,000
8,780,000
8,801,000
8,854,000
8,908,000
8,819,000
8,833,000
8,801,000
8,764,000
8,716,000
8,605,000
8,524,000
8,644,000
8,653,000
8,615,000
8,580,000
8,641,000

8,641,000

8,580,000

8,615,000

8,653,000

8,644,000

8,524,000

8,605,000

8,716,000

8,764,000

8,801,000

8,833,000

8,819,000

8,908,000

8,854,000

8,801,000

8,780,000

8,796,000

9,785,000

9,848,000

13,812,000

13,848,000

13,871,000

8,888,000

13,938,000

15,439,000

15,334,000

15,272,000

15,491,000

15,442,000

12,214,000

12,154,000

12,261,000

12,358,000

12,183,000

12,632,000

12,688,000

12,786,000

12,797,000

12,798,000

12,767,000

12,721,000

12,695,000

12,739,000

12,933,000

12,896,000

12,973,000

12,930,000

12,994,000

13,079,000

13,048,000

12,967,000

13,000,000

12,863,000

13,129,000

13,114,000

13,327,000

Long Term Investments

6,508,000
6,325,000
6,118,000
6,347,000
6,489,000
6,603,000
6,324,000
6,507,000
6,539,000
7,229,000
7,148,000
7,140,000
7,327,000
7,154,000
6,811,000
6,877,000
7,241,000
7,493,000
7,172,000
7,321,000
7,344,000
7,322,000
6,916,000
7,251,000
7,523,000
7,697,000
7,756,000
7,353,000
7,588,000
7,424,000
7,467,000
7,405,000
7,032,000
6,846,000
6,893,000
6,732,000
6,902,000
6,865,000
6,403,000
5,526,000
5,744,000
3,992,000
3,371,000
3,482,000
3,464,000
4,102,000
4,056,000
4,518,000
4,963,000
5,238,000
4,888,000
4,644,000
4,517,000
4,382,000
4,323,000
4,158,000
4,193,000
4,007,000

4,007,000

4,193,000

4,158,000

4,323,000

4,382,000

4,517,000

4,644,000

4,888,000

5,238,000

4,963,000

4,518,000

4,056,000

4,102,000

3,464,000

3,482,000

3,371,000

3,992,000

5,744,000

5,526,000

6,403,000

6,865,000

6,902,000

6,732,000

6,893,000

6,846,000

7,032,000

7,405,000

7,467,000

7,424,000

7,588,000

7,353,000

7,756,000

7,697,000

7,523,000

7,251,000

6,916,000

7,322,000

7,344,000

7,321,000

7,172,000

7,493,000

7,241,000

6,877,000

6,811,000

7,154,000

7,327,000

7,140,000

7,148,000

7,229,000

6,539,000

6,507,000

6,324,000

6,603,000

6,489,000

6,347,000

6,118,000

6,325,000

6,508,000

Intangible Assets

5,254,000
5,966,000
5,784,000
5,608,000
5,625,000
5,530,000
5,453,000
5,389,000
5,212,000
5,061,000
4,983,000
4,898,000
4,849,000
4,711,000
4,577,000
4,454,000
4,383,000
4,314,000
4,224,000
4,152,000
3,976,000
3,768,000
3,618,000
3,971,000
3,743,000
3,617,000
3,591,000
6,463,000
6,326,000
6,026,000
5,928,000
5,812,000
0
5,549,000
4,479,000
4,479,000
5,054,000
4,913,000
4,743,000
4,000,000
3,859,000
3,759,000
3,636,000
3,532,000
3,442,000
3,352,000
3,199,000
3,093,000
2,962,000
2,881,000
2,761,000
2,616,000
2,483,000
2,442,000
2,336,000
2,231,000
2,132,000
2,072,000

2,072,000

2,132,000

2,231,000

2,336,000

2,442,000

2,483,000

2,616,000

2,761,000

2,881,000

2,962,000

3,093,000

3,199,000

3,352,000

3,442,000

3,532,000

3,636,000

3,759,000

3,859,000

4,000,000

4,743,000

4,913,000

5,054,000

4,479,000

5,549,000

5,812,000

5,928,000

6,026,000

6,326,000

6,463,000

3,591,000

3,617,000

3,743,000

3,971,000

3,618,000

3,768,000

3,976,000

4,152,000

4,224,000

4,314,000

4,383,000

4,454,000

4,577,000

4,711,000

4,849,000

4,898,000

4,983,000

5,061,000

5,212,000

5,389,000

5,453,000

5,530,000

5,625,000

5,608,000

5,784,000

5,966,000

5,254,000

Long-term Assets Other

783,000
792,000
853,000
901,000
936,000
960,000
663,000
667,000
658,000
724,000
781,000
775,000
830,000
464,000
487,000
511,000
516,000
501,000
532,000
549,000
569,000
621,000
616,000
638,000
643,000
535,000
588,000
615,000
647,000
565,000
575,000
618,000
0
829,000
0
0
2,493,000
1,190,000
1,204,000
1,588,000
1,702,000
1,881,000
1,765,000
1,815,000
1,901,000
1,714,000
1,715,000
1,834,000
1,898,000
1,934,000
1,959,000
1,959,000
1,857,000
2,029,000
2,073,000
1,967,000
1,989,000
1,761,000

1,761,000

1,989,000

1,967,000

2,073,000

2,029,000

1,857,000

1,959,000

1,934,000

1,898,000

1,834,000

1,715,000

1,714,000

1,901,000

1,815,000

1,765,000

1,881,000

1,702,000

1,588,000

1,204,000

1,190,000

2,493,000

829,000

618,000

575,000

565,000

647,000

615,000

588,000

535,000

643,000

638,000

616,000

621,000

569,000

549,000

532,000

501,000

516,000

511,000

487,000

464,000

830,000

775,000

781,000

724,000

658,000

667,000

663,000

960,000

936,000

901,000

853,000

792,000

783,000

Deferred Long Term Asset Charges

1,999,000
2,039,000
2,356,000
1,822,000
1,866,000
2,079,000
2,186,000
2,057,000
2,001,000
2,559,000
2,523,000
2,582,000
2,407,000
3,333,000
3,218,000
3,050,000
2,930,000
1,964,000
1,873,000
1,764,000
1,572,000
2,135,000
1,996,000
1,772,000
2,004,000
1,694,000
2,537,000
2,558,000
2,483,000
3,079,000
3,116,000
2,922,000
0
1,722,000
0
0
0
2,031,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,031,000

1,722,000

2,922,000

3,116,000

3,079,000

2,483,000

2,558,000

2,537,000

1,694,000

2,004,000

1,772,000

1,996,000

2,135,000

1,572,000

1,764,000

1,873,000

1,964,000

2,930,000

3,050,000

3,218,000

3,333,000

2,407,000

2,582,000

2,523,000

2,559,000

2,001,000

2,057,000

2,186,000

2,079,000

1,866,000

1,822,000

2,356,000

2,039,000

1,999,000

> Total Liabilities

45,247,000
44,813,000
46,454,000
43,427,000
43,397,000
46,946,000
44,605,000
43,408,000
41,810,000
45,786,000
45,400,000
44,471,000
44,260,000
47,591,000
47,161,000
45,795,000
45,041,000
41,421,000
41,327,000
40,830,000
42,671,000
45,240,000
44,373,000
44,567,000
44,610,000
25,628,000
42,006,000
51,290,000
50,275,000
31,826,000
52,494,000
52,658,000
53,658,000
33,166,000
53,400,000
52,204,000
51,894,000
49,409,000
51,591,000
46,389,000
46,951,000
46,430,000
47,225,000
46,179,000
47,013,000
48,465,000
45,874,000
45,615,000
44,721,000
44,251,000
43,910,000
42,636,000
40,928,000
39,356,000
38,601,000
37,785,000
38,208,000
38,859,000

38,859,000

38,208,000

37,785,000

38,601,000

39,356,000

40,928,000

42,636,000

43,910,000

44,251,000

44,721,000

45,615,000

45,874,000

48,465,000

47,013,000

46,179,000

47,225,000

46,430,000

46,951,000

46,389,000

51,591,000

49,409,000

51,894,000

52,204,000

53,400,000

33,166,000

53,658,000

52,658,000

52,494,000

31,826,000

50,275,000

51,290,000

42,006,000

25,628,000

44,610,000

44,567,000

44,373,000

45,240,000

42,671,000

40,830,000

41,327,000

41,421,000

45,041,000

45,795,000

47,161,000

47,591,000

44,260,000

44,471,000

45,400,000

45,786,000

41,810,000

43,408,000

44,605,000

46,946,000

43,397,000

43,427,000

46,454,000

44,813,000

45,247,000

> Total Current Liabilities

12,334,000
13,106,000
14,905,000
13,347,000
13,159,000
13,896,000
12,984,000
12,429,000
12,887,000
13,634,000
13,465,000
12,629,000
12,795,000
11,493,000
12,440,000
12,613,000
11,993,000
11,971,000
12,226,000
11,879,000
12,087,000
11,593,000
12,387,000
12,765,000
13,205,000
11,215,000
11,682,000
12,881,000
12,655,000
12,604,000
13,193,000
13,429,000
14,975,000
14,377,000
15,094,000
16,892,000
16,826,000
13,755,000
15,373,000
11,605,000
11,201,000
10,679,000
11,121,000
9,786,000
10,207,000
11,108,000
11,354,000
12,308,000
12,793,000
13,226,000
13,054,000
13,309,000
12,315,000
11,331,000
10,489,000
9,649,000
10,248,000
9,957,000

9,957,000

10,248,000

9,649,000

10,489,000

11,331,000

12,315,000

13,309,000

13,054,000

13,226,000

12,793,000

12,308,000

11,354,000

11,108,000

10,207,000

9,786,000

11,121,000

10,679,000

11,201,000

11,605,000

15,373,000

13,755,000

16,826,000

16,892,000

15,094,000

14,377,000

14,975,000

13,429,000

13,193,000

12,604,000

12,655,000

12,881,000

11,682,000

11,215,000

13,205,000

12,765,000

12,387,000

11,593,000

12,087,000

11,879,000

12,226,000

11,971,000

11,993,000

12,613,000

12,440,000

11,493,000

12,795,000

12,629,000

13,465,000

13,634,000

12,887,000

12,429,000

12,984,000

13,896,000

13,159,000

13,347,000

14,905,000

13,106,000

12,334,000

Short-term Debt

3,054,000
3,221,000
4,367,000
3,335,000
3,101,000
3,222,000
2,316,000
1,577,000
2,561,000
3,290,000
2,353,000
2,353,000
2,186,000
1,068,000
1,333,000
1,351,000
1,132,000
1,140,000
877,000
795,000
781,000
945,000
1,922,000
1,915,000
2,276,000
454,000
747,000
494,000
869,000
272,000
999,000
1,435,000
1,162,000
484,000
1,712,000
3,699,000
910,000
645,000
3,163,000
1,262,000
1,313,000
1,442,000
2,258,000
1,692,000
1,081,000
1,032,000
1,049,000
1,050,000
974,000
706,000
753,000
946,000
826,000
1,011,000
829,000
526,000
658,000
508,000

508,000

658,000

526,000

829,000

1,011,000

826,000

946,000

753,000

706,000

974,000

1,050,000

1,049,000

1,032,000

1,081,000

1,692,000

2,258,000

1,442,000

1,313,000

1,262,000

3,163,000

645,000

910,000

3,699,000

1,712,000

484,000

1,162,000

1,435,000

999,000

272,000

869,000

494,000

747,000

454,000

2,276,000

1,915,000

1,922,000

945,000

781,000

795,000

877,000

1,140,000

1,132,000

1,351,000

1,333,000

1,068,000

2,186,000

2,353,000

3,290,000

2,561,000

1,577,000

2,316,000

3,222,000

3,101,000

3,335,000

4,367,000

3,221,000

3,054,000

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
494,000
869,000
907,000
999,000
1,435,000
0
0
2,833,000
2,833,000
2,601,000
338,000
2,686,000
841,000
895,000
1,021,000
1,874,000
1,304,000
676,000
616,000
644,000
648,000
561,000
392,000
447,000
656,000
549,000
724,000
525,000
209,000
333,000
179,000

179,000

333,000

209,000

525,000

724,000

549,000

656,000

447,000

392,000

561,000

648,000

644,000

616,000

676,000

1,304,000

1,874,000

1,021,000

895,000

841,000

2,686,000

338,000

2,601,000

2,833,000

1,435,000

999,000

907,000

869,000

494,000

Accounts payable

9,280,000
9,885,000
10,538,000
10,012,000
10,058,000
10,674,000
10,668,000
10,852,000
10,326,000
10,344,000
11,112,000
10,276,000
10,609,000
10,425,000
11,107,000
11,262,000
10,861,000
10,831,000
11,349,000
11,084,000
11,306,000
10,648,000
10,465,000
10,850,000
10,929,000
10,220,000
10,935,000
12,387,000
11,786,000
11,697,000
12,194,000
11,994,000
13,813,000
13,141,000
13,382,000
13,193,000
5,549,000
5,378,000
5,103,000
4,188,000
3,855,000
3,889,000
3,769,000
3,296,000
3,400,000
3,763,000
4,200,000
4,664,000
4,601,000
5,577,000
5,769,000
5,693,000
5,008,000
4,940,000
4,575,000
4,286,000
4,293,000
4,529,000

4,529,000

4,293,000

4,286,000

4,575,000

4,940,000

5,008,000

5,693,000

5,769,000

5,577,000

4,601,000

4,664,000

4,200,000

3,763,000

3,400,000

3,296,000

3,769,000

3,889,000

3,855,000

4,188,000

5,103,000

5,378,000

5,549,000

13,193,000

13,382,000

13,141,000

13,813,000

11,994,000

12,194,000

11,697,000

11,786,000

12,387,000

10,935,000

10,220,000

10,929,000

10,850,000

10,465,000

10,648,000

11,306,000

11,084,000

11,349,000

10,831,000

10,861,000

11,262,000

11,107,000

10,425,000

10,609,000

10,276,000

11,112,000

10,344,000

10,326,000

10,852,000

10,668,000

10,674,000

10,058,000

10,012,000

10,538,000

9,885,000

9,280,000

Other Current Liabilities

538,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
541,000
0
0
0
635,000
0
0
0
752,000
500,000
500,000
10,367,000
6,941,000
6,408,000
5,785,000
5,543,000
4,826,000
4,626,000
4,467,000
5,372,000
5,916,000
5,800,000
6,132,000
6,597,000
6,943,000
6,532,000
5,552,000
5,345,000
5,105,000
4,792,000
9,123,000
9,590,000
9,449,000

9,449,000

9,590,000

9,123,000

4,792,000

5,105,000

5,345,000

5,552,000

6,532,000

6,943,000

6,597,000

6,132,000

5,800,000

5,916,000

5,372,000

4,467,000

4,626,000

4,826,000

5,543,000

5,785,000

6,408,000

6,941,000

10,367,000

500,000

752,000

635,000

541,000

538,000

> Long-term Liabilities

32,913,000
31,707,000
31,549,000
30,080,000
30,238,000
33,050,000
31,621,000
30,979,000
28,923,000
32,152,000
31,935,000
31,842,000
31,465,000
36,098,000
34,721,000
33,182,000
33,048,000
29,450,000
29,101,000
28,951,000
30,584,000
33,647,000
31,986,000
31,802,000
31,405,000
14,413,000
30,324,000
38,409,000
37,620,000
19,222,000
39,301,000
39,229,000
38,683,000
18,789,000
38,306,000
35,312,000
35,068,000
35,654,000
36,218,000
34,784,000
35,750,000
35,751,000
36,104,000
36,393,000
36,806,000
37,357,000
34,520,000
33,307,000
31,928,000
31,025,000
30,856,000
29,327,000
28,613,000
28,025,000
28,112,000
28,136,000
27,960,000
28,902,000

28,902,000

27,960,000

28,136,000

28,112,000

28,025,000

28,613,000

29,327,000

30,856,000

31,025,000

31,928,000

33,307,000

34,520,000

37,357,000

36,806,000

36,393,000

36,104,000

35,751,000

35,750,000

34,784,000

36,218,000

35,654,000

35,068,000

35,312,000

38,306,000

18,789,000

38,683,000

39,229,000

39,301,000

19,222,000

37,620,000

38,409,000

30,324,000

14,413,000

31,405,000

31,802,000

31,986,000

33,647,000

30,584,000

28,951,000

29,101,000

29,450,000

33,048,000

33,182,000

34,721,000

36,098,000

31,465,000

31,842,000

31,935,000

32,152,000

28,923,000

30,979,000

31,621,000

33,050,000

30,238,000

30,080,000

31,549,000

31,707,000

32,913,000

Long term Debt Total

20,631,000
19,152,000
18,835,000
18,108,000
18,030,000
20,605,000
19,078,000
18,511,000
17,042,000
18,310,000
18,224,000
18,304,000
18,216,000
19,919,000
18,753,000
17,475,000
17,487,000
16,820,000
16,936,000
17,036,000
19,001,000
18,838,000
17,867,000
17,833,000
17,462,000
0
16,229,000
20,852,000
20,423,000
0
20,471,000
20,072,000
20,004,000
0
19,596,000
17,122,000
17,085,000
19,254,000
17,160,000
17,155,000
17,213,000
15,975,000
16,313,000
16,288,000
16,698,000
16,491,000
16,200,000
15,093,000
14,027,000
14,280,000
14,108,000
13,065,000
12,921,000
14,698,000
14,739,000
14,735,000
14,592,000
0

14,592,000

14,735,000

14,739,000

14,698,000

12,921,000

13,065,000

14,108,000

14,280,000

14,027,000

15,093,000

16,200,000

16,491,000

16,698,000

16,288,000

16,313,000

15,975,000

17,213,000

17,155,000

17,160,000

19,254,000

17,085,000

17,122,000

19,596,000

20,004,000

20,072,000

20,471,000

20,423,000

20,852,000

16,229,000

17,462,000

17,833,000

17,867,000

18,838,000

19,001,000

17,036,000

16,936,000

16,820,000

17,487,000

17,475,000

18,753,000

19,919,000

18,216,000

18,304,000

18,224,000

18,310,000

17,042,000

18,511,000

19,078,000

20,605,000

18,030,000

18,108,000

18,835,000

19,152,000

20,631,000

Capital Lease Obligations Min Short Term Debt

-3,054,000
-3,221,000
-4,367,000
-3,335,000
-3,101,000
-3,222,000
-2,316,000
-1,577,000
-2,561,000
-3,290,000
-2,353,000
-2,353,000
-2,186,000
-1,068,000
-1,333,000
-1,351,000
-1,132,000
-1,140,000
-877,000
-795,000
-781,000
-945,000
-1,922,000
-1,915,000
-2,276,000
-454,000
-747,000
-494,000
-869,000
-272,000
-999,000
-1,435,000
-1,162,000
-484,000
-1,712,000
-3,699,000
-910,000
-645,000
-560,000
938,000
840,000
718,000
-252,000
258,000
812,000
905,000
833,000
771,000
867,000
757,000
645,000
387,000
463,000
273,000
482,000
827,000
687,000
1,726,000

1,726,000

687,000

827,000

482,000

273,000

463,000

387,000

645,000

757,000

867,000

771,000

833,000

905,000

812,000

258,000

-252,000

718,000

840,000

938,000

-560,000

-645,000

-910,000

-3,699,000

-1,712,000

-484,000

-1,162,000

-1,435,000

-999,000

-272,000

-869,000

-494,000

-747,000

-454,000

-2,276,000

-1,915,000

-1,922,000

-945,000

-781,000

-795,000

-877,000

-1,140,000

-1,132,000

-1,351,000

-1,333,000

-1,068,000

-2,186,000

-2,353,000

-3,290,000

-2,561,000

-1,577,000

-2,316,000

-3,222,000

-3,101,000

-3,335,000

-4,367,000

-3,221,000

-3,054,000

Deferred Long Term Asset Charges

1,999,000
2,039,000
2,356,000
1,822,000
1,866,000
2,079,000
2,186,000
2,057,000
2,001,000
2,559,000
2,523,000
2,582,000
2,407,000
3,333,000
3,218,000
3,050,000
2,930,000
1,964,000
1,873,000
1,764,000
1,572,000
2,135,000
1,996,000
1,772,000
2,004,000
1,694,000
2,537,000
2,558,000
2,483,000
3,079,000
3,116,000
2,922,000
0
1,722,000
0
0
0
2,031,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,031,000

1,722,000

2,922,000

3,116,000

3,079,000

2,483,000

2,558,000

2,537,000

1,694,000

2,004,000

1,772,000

1,996,000

2,135,000

1,572,000

1,764,000

1,873,000

1,964,000

2,930,000

3,050,000

3,218,000

3,333,000

2,407,000

2,582,000

2,523,000

2,559,000

2,001,000

2,057,000

2,186,000

2,079,000

1,866,000

1,822,000

2,356,000

2,039,000

1,999,000

Warrants

0
0
0
0
0
0
0
0
0
147,000
147,000
147,000
147,000
147,000
147,000
147,000
147,000
156,000
183,000
191,000
191,000
202,000
202,000
316,000
108,000
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

108,000

316,000

202,000

191,000

183,000

156,000

147,000

Long-term Liabilities Other

10,949,000
11,270,000
11,369,000
10,710,000
10,907,000
11,150,000
11,259,000
12,468,000
11,881,000
13,842,000
13,711,000
13,538,000
13,249,000
16,179,000
15,968,000
15,707,000
15,561,000
12,630,000
12,165,000
11,915,000
11,583,000
14,809,000
14,119,000
13,969,000
13,943,000
14,413,000
14,095,000
17,557,000
17,197,000
19,222,000
18,830,000
19,157,000
18,679,000
18,789,000
18,710,000
18,190,000
16,802,000
16,400,000
5,975,000
5,563,000
6,888,000
6,547,000
6,937,000
7,404,000
8,524,000
7,292,000
7,326,000
7,403,000
7,386,000
7,533,000
7,682,000
7,533,000
7,423,000
7,412,000
7,823,000
7,959,000
8,063,000
7,632,000

7,632,000

8,063,000

7,959,000

7,823,000

7,412,000

7,423,000

7,533,000

7,682,000

7,533,000

7,386,000

7,403,000

7,326,000

7,292,000

8,524,000

7,404,000

6,937,000

6,547,000

6,888,000

5,563,000

5,975,000

16,400,000

16,802,000

18,190,000

18,710,000

18,789,000

18,679,000

19,157,000

18,830,000

19,222,000

17,197,000

17,557,000

14,095,000

14,413,000

13,943,000

13,969,000

14,119,000

14,809,000

11,583,000

11,915,000

12,165,000

12,630,000

15,561,000

15,707,000

15,968,000

16,179,000

13,249,000

13,538,000

13,711,000

13,842,000

11,881,000

12,468,000

11,259,000

11,150,000

10,907,000

10,710,000

11,369,000

11,270,000

10,949,000

Deferred Long Term Liability

1,333,000
1,285,000
1,345,000
1,262,000
1,301,000
1,295,000
1,284,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
982,000
1,027,000
923,000
934,000
916,000
0
0
957,000
957,000
1,099,000
717,000
0
763,000
788,000
789,000
828,000
892,000
973,000
1,174,000
1,208,000
1,284,000
1,426,000
1,456,000
1,443,000
1,422,000
1,358,000
1,347,000
1,428,000
0
1,424,000
0

1,424,000

1,428,000

1,347,000

1,358,000

1,422,000

1,443,000

1,456,000

1,426,000

1,284,000

1,208,000

1,174,000

973,000

892,000

828,000

789,000

788,000

763,000

717,000

1,099,000

957,000

916,000

934,000

923,000

1,027,000

982,000

1,284,000

1,295,000

1,301,000

1,262,000

1,345,000

1,285,000

1,333,000

> Total Stockholder Equity

20,729,000
20,555,000
20,417,000
20,490,000
21,906,000
21,839,000
23,021,000
24,185,000
24,152,000
22,281,000
23,026,000
23,121,000
23,830,000
20,877,000
20,998,000
23,211,000
24,005,000
26,898,000
26,741,000
26,753,000
25,731,000
22,423,000
22,237,000
23,612,000
24,333,000
25,374,000
25,599,000
28,936,000
29,035,000
25,987,000
27,060,000
28,421,000
29,082,000
25,823,000
26,781,000
26,865,000
27,157,000
26,831,000
26,966,000
17,911,000
17,399,000
13,541,000
12,906,000
12,537,000
12,354,000
12,435,000
14,003,000
15,573,000
16,439,000
18,165,000
18,880,000
18,973,000
18,117,000
20,718,000
20,181,000
19,997,000
19,567,000
18,607,000

18,607,000

19,567,000

19,997,000

20,181,000

20,718,000

18,117,000

18,973,000

18,880,000

18,165,000

16,439,000

15,573,000

14,003,000

12,435,000

12,354,000

12,537,000

12,906,000

13,541,000

17,399,000

17,911,000

26,966,000

26,831,000

27,157,000

26,865,000

26,781,000

25,823,000

29,082,000

28,421,000

27,060,000

25,987,000

29,035,000

28,936,000

25,599,000

25,374,000

24,333,000

23,612,000

22,237,000

22,423,000

25,731,000

26,753,000

26,741,000

26,898,000

24,005,000

23,211,000

20,998,000

20,877,000

23,830,000

23,121,000

23,026,000

22,281,000

24,152,000

24,185,000

23,021,000

21,839,000

21,906,000

20,490,000

20,417,000

20,555,000

20,729,000

Common Stock

2,906,000
2,906,000
2,908,000
2,917,000
2,919,000
2,931,000
2,939,000
2,953,000
2,954,000
2,961,000
2,988,000
2,996,000
2,998,000
3,008,000
3,024,000
3,031,000
3,042,000
3,054,000
3,092,000
3,107,000
3,107,000
3,107,000
3,107,000
3,107,000
3,107,000
3,107,000
3,107,000
3,107,000
3,107,000
3,107,000
3,107,000
3,107,000
0
0
0
0
0
0
0
7,000
7,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000

8,000

7,000

3,107,000

3,092,000

3,054,000

3,042,000

3,031,000

3,024,000

3,008,000

2,998,000

2,996,000

2,988,000

2,961,000

2,954,000

2,953,000

2,939,000

2,931,000

2,919,000

2,917,000

2,908,000

2,906,000

Retained Earnings

16,785,000
16,704,000
16,746,000
17,140,000
17,478,000
17,736,000
18,187,000
18,877,000
19,400,000
19,087,000
19,203,000
19,473,000
19,591,000
18,495,000
18,662,000
20,620,000
20,830,000
21,407,000
21,929,000
22,372,000
22,792,000
23,045,000
23,956,000
24,606,000
25,411,000
28,425,000
28,074,000
30,680,000
30,884,000
30,338,000
30,659,000
31,417,000
31,636,000
28,050,000
28,261,000
29,536,000
29,489,000
29,808,000
29,701,000
20,110,000
19,873,000
17,045,000
16,763,000
16,017,000
15,472,000
16,361,000
16,829,000
18,200,000
19,357,000
20,623,000
21,672,000
22,827,000
23,068,000
23,180,000
22,584,000
22,570,000
22,376,000
21,774,000

21,774,000

22,376,000

22,570,000

22,584,000

23,180,000

23,068,000

22,827,000

21,672,000

20,623,000

19,357,000

18,200,000

16,829,000

16,361,000

15,472,000

16,017,000

16,763,000

17,045,000

19,873,000

20,110,000

29,701,000

29,808,000

29,489,000

29,536,000

28,261,000

28,050,000

31,636,000

31,417,000

30,659,000

30,338,000

30,884,000

30,680,000

28,074,000

28,425,000

25,411,000

24,606,000

23,956,000

23,045,000

22,792,000

22,372,000

21,929,000

21,407,000

20,830,000

20,620,000

18,662,000

18,495,000

19,591,000

19,473,000

19,203,000

19,087,000

19,400,000

18,877,000

18,187,000

17,736,000

17,478,000

17,140,000

16,746,000

16,704,000

16,785,000

Accumulated Other Comprehensive Income

-7,681,000

-7,261,000

-7,067,000

-7,065,000

-7,139,000

-9,582,000

-9,204,000

-8,796,000

-8,977,000

-9,665,000

-9,676,000

-9,913,000

-10,855,000

-9,941,000

-10,225,000

-10,529,000

-10,246,000

-9,219,000

-8,988,000

-9,783,000

-9,885,000

-9,146,000

Capital Surplus

2,025,000
1,913,000
1,908,000
2,025,000
2,116,000
2,286,000
2,243,000
2,450,000
2,526,000
2,663,000
2,846,000
3,018,000
3,112,000
3,281,000
3,387,000
3,537,000
3,701,000
3,928,000
4,407,000
4,672,000
4,741,000
4,846,000
4,792,000
4,839,000
4,900,000
4,936,000
4,809,000
4,890,000
4,916,000
4,262,000
4,137,000
4,202,000
6,433,000
6,553,000
6,758,000
6,861,000
6,953,000
7,042,000
7,153,000
7,186,000
7,239,000
7,325,000
7,370,000
7,431,000
7,497,000
7,595,000
7,743,000
7,898,000
7,988,000
8,151,000
8,217,000
8,343,000
8,396,000
8,540,000
8,607,000
8,661,000
8,722,000
0

8,722,000

8,661,000

8,607,000

8,540,000

8,396,000

8,343,000

8,217,000

8,151,000

7,988,000

7,898,000

7,743,000

7,595,000

7,497,000

7,431,000

7,370,000

7,325,000

7,239,000

7,186,000

7,153,000

7,042,000

6,953,000

6,861,000

6,758,000

6,553,000

6,433,000

4,202,000

4,137,000

4,262,000

4,916,000

4,890,000

4,809,000

4,936,000

4,900,000

4,839,000

4,792,000

4,846,000

4,741,000

4,672,000

4,407,000

3,928,000

3,701,000

3,537,000

3,387,000

3,281,000

3,112,000

3,018,000

2,846,000

2,663,000

2,526,000

2,450,000

2,243,000

2,286,000

2,116,000

2,025,000

1,908,000

1,913,000

2,025,000

Treasury Stock

-1,625,000

-1,225,000

-825,000

-625,000

-500,000

-406,000

-305,000

-1,033,000

-1,126,000

-1,659,000

-5,965,000

-5,664,000

-5,865,000

-6,155,000

-4,222,000

-4,246,000

-4,488,000

-4,233,000

-3,201,000

-2,327,000

-1,514,000

-307,000

-134,000

-80,000

-239,000

-313,000

-319,000

-379,000

-557,000

-846,000

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
Accounts Payable	4,529,000	4,940,000	5,577,000	3,763,000	3,889,000	5,378,000	5,360,000	11,697,000	10,220,000	10,648,000	10,831,000	10,425,000	10,344,000	10,674,000	9,885,000
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	-37,775,000	-36,614,000	-33,952,000	-32,948,000	-37,179,000	-37,660,000	-36,846,000	-34,917,000	-33,980,000	-35,426,000
Accumulated Other Comprehensive Income	-7,681,000	-7,139,000	-8,977,000	-10,855,000	-10,246,000	-9,885,000	-8,591,000	0	0	0	0	0	0	0	0
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	2,234,000	1,284,000	1,463,000	1,937,000	2,160,000	0	0	0	0	0	0	0	0	0	0
Capital Stock	8,000	8,000	8,000	8,000	8,000	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	8,540,000	8,151,000	7,595,000	7,325,000	7,042,000	6,553,000	4,262,000	4,936,000	4,846,000	3,928,000	3,281,000	2,663,000	2,286,000	1,913,000
Cash	2,987,000	3,886,000	2,988,000	5,104,000	2,367,000	2,669,000	6,188,000	6,607,000	8,577,000	5,654,000	5,940,000	4,318,000	5,444,000	7,039,000	2,846,000
Cash And Equivalents	0	3,886,000	2,988,000	5,104,000	2,367,000	2,724,000	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	2,987,000	3,886,000	2,988,000	5,104,000	2,388,000	2,769,000	6,192,000	6,607,000	8,577,000	5,654,000	5,940,000	4,318,000	5,446,000	7,039,000	2,846,000
Common Stock	8,000	8,000	8,000	8,000	8,000	0	0	3,107,000	3,107,000	3,107,000	3,054,000	3,008,000	2,961,000	2,931,000	2,906,000
Common Stock Shares Outstanding	709,000	725,600	749,000	742,300	742,500	750,000	750,000	750,000	0	0	0	0	0	0	0
Common Stock Total Equity	0	0	0	8,000	8,000	0	0	3,107,000	3,107,000	3,107,000	3,054,000	3,008,000	2,961,000	2,931,000	2,906,000
Current Deferred Revenue	-4,529,000	275,000	209,000	349,000	193,000	791,000	694,000	0	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	2,031,000	1,722,000	3,079,000	1,694,000	2,135,000	1,964,000	3,333,000	2,559,000	2,079,000	2,039,000
Deferred Long Term Liab	0	1,347,000	1,456,000	1,174,000	789,000	717,000	0	923,000	587,000	622,000	0	0	0	1,295,000	1,285,000
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	8,641,000	8,644,000	8,764,000	8,908,000	8,796,000	13,848,000	13,938,000	15,272,000	12,154,000	12,632,000	12,798,000	12,739,000	12,930,000	12,967,000	13,114,000
Intangible Assets	2,072,000	2,442,000	2,881,000	3,352,000	3,759,000	4,913,000	5,549,000	6,026,000	3,617,000	3,768,000	4,314,000	4,711,000	5,061,000	5,530,000	5,966,000
Inventory	6,076,000	6,988,000	7,372,000	5,701,000	6,214,000	9,260,000	8,376,000	7,363,000	6,871,000	8,101,000	8,303,000	8,476,000	7,577,000	7,087,000	6,847,000
Liabilities And Stockholders Equity	57,967,000	60,603,000	62,990,000	61,470,000	60,524,000	77,378,000	79,940,000	79,511,000	68,026,000	68,796,000	69,501,000	69,605,000	69,224,000	69,588,000	65,937,000
Long Term Debt	14,034,000	14,698,000	14,280,000	16,491,000	15,612,000	19,254,000	19,765,000	20,456,000	16,215,000	18,741,000	0	0	0	0	0
Long Term Debt Total	0	14,698,000	14,280,000	16,491,000	15,975,000	19,254,000	0	0	0	18,838,000	16,820,000	19,919,000	18,310,000	20,605,000	19,152,000
Long Term Investments	4,007,000	4,382,000	5,238,000	4,102,000	3,992,000	6,865,000	6,846,000	7,424,000	7,697,000	7,322,000	7,493,000	7,154,000	7,229,000	6,603,000	6,325,000
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	13,460,000	12,820,000	13,147,000	13,940,000	16,789,000	17,230,000	14,813,000	0	0	0	0	0	0	0	0
Net Invested Capital	32,820,000	36,140,000	32,837,000	29,542,000	30,537,000	46,730,000	46,824,000	0	0	0	0	0	0	0	0
Net Receivables	6,614,000	7,755,000	9,554,000	7,390,000	7,555,000	12,382,000	12,049,000	9,024,000	8,673,000	10,184,000	10,390,000	10,556,000	10,097,000	9,655,000	9,867,000
Net Tangible Assets	0	9,632,000	6,520,000	175,000	986,000	8,070,000	26,101,000	25,145,000	21,818,000	2,225,000	5,942,000	-426,000	437,000	-658,000	-2,525,000
Net Working Capital	7,657,000	9,146,000	7,622,000	7,976,000	6,136,000	11,508,000	12,867,000	11,055,000	13,260,000	12,674,000	13,006,000	12,191,000	9,788,000	9,885,000	6,454,000
Non Current Assets Total	40,353,000	40,126,000	42,142,000	42,386,000	43,709,000	52,115,000	52,696,000	55,852,000	43,551,000	44,529,000	44,524,000	45,921,000	45,802,000	45,807,000	46,377,000
Non Current Liabilities Other	7,632,000	7,412,000	7,533,000	7,292,000	6,547,000	16,400,000	18,789,000	19,222,000	14,413,000	14,809,000	12,630,000	16,179,000	13,842,000	11,150,000	11,270,000
Non Current Liabilities Total	28,902,000	28,025,000	31,025,000	37,357,000	35,751,000	35,654,000	38,554,000	19,222,000	14,413,000	33,647,000	29,450,000	36,098,000	32,152,000	33,050,000	31,707,000
Non Currrent Assets Other	1,761,000	2,029,000	1,934,000	1,714,000	1,881,000	1,190,000	1,423,000	565,000	535,000	621,000	501,000	464,000	724,000	960,000	792,000
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	1,138,000	1,186,000	1,242,000	809,000	931,000	1,026,000	990,000	1,010,000	803,000	569,000
Other Assets	0	2,307,000	2,814,000	30,126,000	3,031,000	2,514,000	2,551,000	3,644,000	0	0	0	0	0	0	0
Other Current Assets	1,937,000	1,848,000	934,000	889,000	658,000	852,000	627,000	665,000	354,000	328,000	344,000	334,000	302,000	0	0
Other Current Liab	9,449,000	5,105,000	6,734,000	5,964,000	5,155,000	6,941,000	7,087,000	635,000	541,000	0	0	0	0	0	0
Other Liab	0	12,330,000	15,596,000	19,167,000	17,886,000	15,214,000	18,025,000	18,299,000	13,838,000	14,187,000	0	0	0	0	0
Other Stockholder Equity	4,506,000	4,669,000	6,511,000	6,921,000	6,734,000	6,908,000	6,364,000	-10,061,000	-8,939,000	-8,342,000	-5,184,000	-7,907,000	-6,430,000	-4,875,000	-4,411,000
Preferred Stock Redeemable	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	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000
Property Plant And Equipment Gross	61,523,000	59,282,000	59,016,000	22,095,000	23,068,000	23,662,000	23,812,000	57,438,000	50,802,000	55,230,000	55,114,000	54,366,000	52,216,000	51,648,000	53,567,000
Property Plant And Equipment Net	22,386,000	21,669,000	21,967,000	22,095,000	23,068,000	23,662,000	23,812,000	0	0	0	0	0	0	0	0
Property Plant Equipment	0	21,669,000	21,967,000	22,095,000	23,068,000	23,662,000	23,812,000	23,486,000	17,854,000	18,051,000	17,454,000	17,520,000	17,299,000	17,668,000	18,141,000
Retained Earnings	21,774,000	23,180,000	20,623,000	16,361,000	17,045,000	29,808,000	28,050,000	30,338,000	28,425,000	23,045,000	21,407,000	18,495,000	19,087,000	17,736,000	16,704,000
Retained Earnings Total Equity	0	0	0	0	0	29,808,000	28,050,000	30,338,000	28,425,000	23,045,000	21,407,000	18,495,000	19,087,000	17,736,000	16,704,000
Short Long Term Debt	179,000	724,000	392,000	616,000	1,021,000	645,000	1,236,000	907,000	995,000	933,000	0	0	0	0	0
Short Long Term Debt Total	16,447,000	16,706,000	16,135,000	19,044,000	19,156,000	19,899,000	21,001,000	0	0	0	0	0	0	0	0
Short Term Debt	508,000	1,011,000	706,000	1,032,000	1,442,000	645,000	1,236,000	272,000	454,000	945,000	1,140,000	1,068,000	3,290,000	3,222,000	3,221,000
Short Term Investments	1,705,000	939,000	245,000	45,000	21,000	100,000	4,000	0	0	0	0	0	2,000	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	57,967,000	60,603,000	62,990,000	61,470,000	60,524,000	77,378,000	79,940,000	79,511,000	68,026,000	68,796,000	69,501,000	69,605,000	69,224,000	69,588,000	65,937,000
Total Current Assets	17,614,000	20,477,000	20,848,000	19,084,000	16,815,000	25,263,000	27,244,000	23,659,000	24,475,000	24,267,000	24,977,000	23,684,000	23,422,000	23,781,000	19,560,000
Total Current Liabilities	9,957,000	11,331,000	13,226,000	11,108,000	10,679,000	13,755,000	14,377,000	12,604,000	11,215,000	11,593,000	11,971,000	11,493,000	13,634,000	13,896,000	13,106,000
Total Liab	38,859,000	39,356,000	44,251,000	48,465,000	46,430,000	49,409,000	52,931,000	31,826,000	25,628,000	45,240,000	41,421,000	47,591,000	45,786,000	46,946,000	44,813,000
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	18,607,000	20,718,000	18,165,000	12,435,000	13,541,000	26,831,000	25,823,000	25,987,000	25,374,000	22,423,000	26,898,000	20,877,000	22,281,000	21,839,000	20,555,000
Treasury Stock	0	0	-1,625,000	-625,000	-500,000	0	0	-1,659,000	-6,155,000	-4,233,000	-307,000	0	0	-239,000	-557,000
Warrants	0	0	0	0	0	0	0	0	0	202,000	156,000	147,000	147,000	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
Accounts Payable	4,529,000	4,293,000	4,286,000	4,575,000	4,940,000	5,008,000	5,693,000	5,769,000	5,577,000	4,601,000	4,664,000	4,200,000	3,763,000	3,400,000	3,296,000	3,769,000	3,889,000	3,855,000	4,188,000	5,103,000	5,378,000	5,549,000	13,193,000	13,382,000	13,141,000	13,813,000	11,994,000	12,194,000	11,697,000	11,786,000	12,387,000	10,935,000	10,220,000	10,929,000	10,850,000	10,465,000	10,648,000	11,306,000	11,084,000	11,349,000	10,831,000	10,861,000	11,262,000	11,107,000	10,425,000	10,609,000	10,276,000	11,112,000	10,344,000	10,326,000	10,852,000	10,668,000	10,674,000	10,058,000	10,012,000	10,538,000	9,885,000	9,280,000
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	-	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-37,775,000	-37,710,000	-37,369,000	-37,484,000	-36,614,000	-35,887,000	-35,457,000	-34,591,000	-33,952,000	-34,188,000	-33,917,000	-33,732,000	-32,948,000	-36,893,000	-36,700,000	-36,135,000	-37,179,000	-37,378,000	-38,068,000	-37,812,000	-37,660,000	-37,535,000	-37,164,000	-36,876,000	-36,846,000	-35,860,000	-35,571,000	-35,734,000	-34,917,000	-35,046,000	-35,839,000	-35,040,000	-33,980,000	-33,609,000	-32,371,000	-32,992,000	-35,426,000	-35,168,000
Accumulated Other Comprehensive Income	-7,681,000	-7,261,000	-7,067,000	-7,065,000	-7,139,000	-9,582,000	-9,204,000	-8,796,000	-8,977,000	-9,665,000	-9,676,000	-9,913,000	-10,855,000	-9,941,000	-10,225,000	-10,529,000	-10,246,000	-9,219,000	-8,988,000	-9,783,000	-9,885,000	-9,146,000	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	-	-
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	0	0	0	0	0	0	0	0	0	0	0	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	2,234,000	1,345,000	1,353,000	1,311,000	1,284,000	1,289,000	1,333,000	1,398,000	1,463,000	1,841,000	1,821,000	1,882,000	1,937,000	1,893,000	1,950,000	2,006,000	2,160,000	2,153,000	2,200,000	2,603,000	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	-	-
Capital Stock	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	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	-	-
Capital Surpluse	0	8,722,000	8,661,000	8,607,000	8,540,000	8,396,000	8,343,000	8,217,000	8,151,000	7,988,000	7,898,000	7,743,000	7,595,000	7,497,000	7,431,000	7,370,000	7,325,000	7,239,000	7,186,000	7,153,000	7,042,000	6,953,000	6,861,000	6,758,000	6,553,000	6,433,000	4,202,000	4,137,000	4,262,000	4,916,000	4,890,000	4,809,000	4,936,000	4,900,000	4,839,000	4,792,000	4,846,000	4,741,000	4,672,000	4,407,000	3,928,000	3,701,000	3,537,000	3,387,000	3,281,000	3,112,000	3,018,000	2,846,000	2,663,000	2,526,000	2,450,000	2,243,000	2,286,000	2,116,000	2,025,000	1,908,000	1,913,000	2,025,000
Cash	2,987,000	3,080,000	2,924,000	3,319,000	3,886,000	2,216,000	2,367,000	3,143,000	2,988,000	2,911,000	3,491,000	4,133,000	5,104,000	4,496,000	3,724,000	3,633,000	2,367,000	2,823,000	2,446,000	2,969,000	2,669,000	3,403,000	4,823,000	5,186,000	6,188,000	8,394,000	6,218,000	5,848,000	6,607,000	7,032,000	7,309,000	6,610,000	8,577,000	7,623,000	6,224,000	6,288,000	5,654,000	5,768,000	3,843,000	4,385,000	5,940,000	5,272,000	4,883,000	3,514,000	4,318,000	3,885,000	4,128,000	3,608,000	5,444,000	2,206,000	2,223,000	3,562,000	7,039,000	3,223,000	3,293,000	2,923,000	2,846,000	2,581,000
Cash And Equivalents	0	3,080,000	2,924,000	3,319,000	3,886,000	2,216,000	2,367,000	3,143,000	2,988,000	2,911,000	3,491,000	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	-	-
Cash And Short Term Investments	2,987,000	3,080,000	2,924,000	3,319,000	3,886,000	2,216,000	2,367,000	3,143,000	2,988,000	2,911,000	3,491,000	4,133,000	5,104,000	4,496,000	3,726,000	3,634,000	2,388,000	2,834,000	2,466,000	3,070,000	2,769,000	3,579,000	4,956,000	5,197,000	6,192,000	8,394,000	6,218,000	5,848,000	6,607,000	7,032,000	7,309,000	6,610,000	8,577,000	7,623,000	6,224,000	6,288,000	5,654,000	5,768,000	3,843,000	4,385,000	5,940,000	5,272,000	4,883,000	3,514,000	4,318,000	3,885,000	4,130,000	3,610,000	5,446,000	2,206,000	2,223,000	3,562,000	7,039,000	3,227,000	3,299,000	2,923,000	2,846,000	2,581,000
Common Stock	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	7,000	7,000	0	0	0	0	0	0	0	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,092,000	3,054,000	3,042,000	3,031,000	3,024,000	3,008,000	2,998,000	2,996,000	2,988,000	2,961,000	2,954,000	2,953,000	2,939,000	2,931,000	2,919,000	2,917,000	2,908,000	2,906,000	2,906,000
Common Stock Shares Outstanding	703,600	707,500	709,900	708,200	713,000	718,100	731,500	739,800	743,300	750,000	752,900	749,800	745,000	740,500	739,300	742,000	740,200	743,000	747,900	747,200	748,800	750,000	750,000	750,000	747,000	747,000	853,846	853,846	883,517	883,517	883,517	285,393	3,883,871	1,478,495	1,487,805	1,759,524	963,529	1,301,389	1,306,757	1,327,848	1,612,308	1,358,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Common Stock Total Equity	0	0	0	0	0	0	0	0	0	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	7,000	7,000	0	0	0	0	0	0	0	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,107,000	3,092,000	3,054,000	3,042,000	3,031,000	3,024,000	3,008,000	2,998,000	2,996,000	2,988,000	2,961,000	2,954,000	2,953,000	2,939,000	2,931,000	2,919,000	2,917,000	2,908,000	2,906,000	2,906,000
Current Deferred Revenue	-4,529,000	-4,293,000	-4,286,000	293,000	275,000	1,136,000	1,118,000	0	0	621,000	462,000	305,000	397,000	354,000	331,000	468,000	522,000	490,000	370,000	699,000	791,000	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	-	-
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	2,031,000	0	0	0	1,722,000	0	2,922,000	3,116,000	3,079,000	2,483,000	2,558,000	2,537,000	1,694,000	2,004,000	1,772,000	1,996,000	2,135,000	1,572,000	1,764,000	1,873,000	1,964,000	2,930,000	3,050,000	3,218,000	3,333,000	2,407,000	2,582,000	2,523,000	2,559,000	2,001,000	2,057,000	2,186,000	2,079,000	1,866,000	1,822,000	2,356,000	2,039,000	1,999,000
Deferred Long Term Liab	0	1,424,000	0	1,428,000	1,347,000	1,358,000	1,422,000	1,443,000	1,456,000	1,426,000	1,284,000	1,208,000	1,174,000	973,000	892,000	828,000	789,000	788,000	763,000	0	717,000	1,099,000	957,000	957,000	0	0	916,000	934,000	923,000	1,027,000	982,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,284,000	1,295,000	1,301,000	1,262,000	1,345,000	1,285,000	1,333,000
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	-	-
Good Will	8,641,000	8,580,000	8,615,000	8,653,000	8,644,000	8,524,000	8,605,000	8,716,000	8,764,000	8,801,000	8,833,000	8,819,000	8,908,000	8,854,000	8,801,000	8,780,000	8,796,000	9,785,000	9,848,000	13,812,000	13,848,000	13,871,000	8,888,000	8,888,000	13,938,000	0	15,439,000	15,334,000	15,272,000	15,491,000	15,442,000	12,214,000	12,154,000	12,261,000	12,358,000	12,183,000	12,632,000	12,688,000	12,786,000	12,797,000	12,798,000	12,767,000	12,721,000	12,695,000	12,739,000	12,933,000	12,896,000	12,973,000	12,930,000	12,994,000	13,079,000	13,048,000	12,967,000	13,000,000	12,863,000	13,129,000	13,114,000	13,327,000
Intangible Assets	2,072,000	2,132,000	2,231,000	2,336,000	2,442,000	2,483,000	2,616,000	2,761,000	2,881,000	2,962,000	3,093,000	3,199,000	3,352,000	3,442,000	3,532,000	3,636,000	3,759,000	3,859,000	4,000,000	4,743,000	4,913,000	5,054,000	4,479,000	4,479,000	5,549,000	0	5,812,000	5,928,000	6,026,000	6,326,000	6,463,000	3,591,000	3,617,000	3,743,000	3,971,000	3,618,000	3,768,000	3,976,000	4,152,000	4,224,000	4,314,000	4,383,000	4,454,000	4,577,000	4,711,000	4,849,000	4,898,000	4,983,000	5,061,000	5,212,000	5,389,000	5,453,000	5,530,000	5,625,000	5,608,000	5,784,000	5,966,000	5,254,000
Inventory	6,076,000	6,211,000	6,487,000	6,825,000	6,988,000	7,571,000	8,225,000	7,760,000	7,372,000	7,111,000	6,952,000	6,157,000	5,701,000	5,609,000	5,784,000	6,324,000	6,214,000	6,416,000	6,841,000	9,508,000	9,260,000	9,615,000	9,346,000	9,577,000	8,376,000	8,477,000	8,163,000	8,210,000	7,363,000	8,013,000	8,212,000	7,298,000	6,871,000	7,822,000	8,061,000	8,087,000	8,101,000	9,019,000	8,926,000	9,102,000	8,303,000	8,892,000	8,836,000	9,335,000	8,476,000	8,630,000	8,380,000	8,882,000	7,577,000	8,416,000	8,739,000	8,132,000	7,087,000	7,283,000	6,933,000	7,020,000	6,847,000	6,970,000
Liabilities And Stockholders Equity	57,967,000	58,288,000	58,294,000	59,316,000	60,603,000	59,557,000	62,143,000	63,335,000	62,990,000	61,749,000	61,768,000	60,437,000	61,470,000	59,945,000	59,276,000	60,686,000	60,524,000	64,937,000	64,889,000	79,737,000	77,378,000	79,051,000	80,221,000	81,371,000	79,940,000	83,929,000	82,247,000	80,828,000	79,511,000	80,624,000	81,524,000	68,440,000	68,026,000	69,884,000	69,334,000	67,789,000	68,796,000	69,573,000	68,756,000	69,233,000	69,501,000	70,206,000	70,142,000	69,304,000	69,605,000	69,368,000	68,842,000	69,598,000	69,224,000	66,951,000	68,447,000	68,442,000	69,588,000	66,001,000	64,594,000	67,546,000	65,937,000	67,030,000
Long Term Debt	14,034,000	14,592,000	14,735,000	14,739,000	14,698,000	12,921,000	13,065,000	14,108,000	14,280,000	13,553,000	15,093,000	16,200,000	16,491,000	16,251,000	15,923,000	15,944,000	15,612,000	16,826,000	16,791,000	17,160,000	19,317,000	17,079,000	17,113,000	17,113,000	19,765,000	0	20,072,000	20,471,000	20,456,000	20,423,000	20,852,000	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	-	-
Long Term Debt Total	0	14,592,000	14,735,000	14,739,000	14,698,000	12,921,000	13,065,000	14,108,000	14,280,000	14,027,000	15,093,000	16,200,000	16,491,000	16,698,000	16,288,000	16,313,000	15,975,000	17,213,000	17,155,000	17,160,000	19,254,000	17,085,000	17,122,000	19,596,000	0	20,004,000	20,072,000	20,471,000	0	20,423,000	20,852,000	16,229,000	0	17,462,000	17,833,000	17,867,000	18,838,000	19,001,000	17,036,000	16,936,000	16,820,000	17,487,000	17,475,000	18,753,000	19,919,000	18,216,000	18,304,000	18,224,000	18,310,000	17,042,000	18,511,000	19,078,000	20,605,000	18,030,000	18,108,000	18,835,000	19,152,000	20,631,000
Long Term Investments	4,007,000	4,193,000	4,158,000	4,323,000	4,382,000	4,517,000	4,644,000	4,888,000	5,238,000	4,963,000	4,518,000	4,056,000	4,102,000	3,464,000	3,482,000	3,371,000	3,992,000	5,744,000	5,526,000	6,403,000	6,865,000	6,902,000	6,732,000	6,893,000	6,846,000	7,032,000	7,405,000	7,467,000	7,424,000	7,588,000	7,353,000	7,756,000	7,697,000	7,523,000	7,251,000	6,916,000	7,322,000	7,344,000	7,321,000	7,172,000	7,493,000	7,241,000	6,877,000	6,811,000	7,154,000	7,327,000	7,140,000	7,148,000	7,229,000	6,539,000	6,507,000	6,324,000	6,603,000	6,489,000	6,347,000	6,118,000	6,325,000	6,508,000
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	-	-
Net Debt	13,460,000	13,190,000	13,373,000	13,256,000	12,820,000	12,543,000	12,687,000	12,810,000	13,147,000	13,518,000	14,071,000	14,593,000	13,940,000	14,771,000	15,818,000	16,560,000	16,789,000	17,438,000	17,750,000	19,480,000	17,230,000	14,592,000	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	-	-
Net Invested Capital	32,820,000	34,492,000	34,941,000	35,445,000	36,140,000	31,587,000	32,694,000	33,435,000	32,837,000	31,027,000	31,314,000	30,847,000	29,542,000	29,728,000	30,129,000	31,093,000	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	-	-
Net Receivables	6,614,000	7,382,000	7,658,000	7,812,000	7,755,000	8,530,000	9,717,000	9,959,000	9,554,000	9,409,000	9,106,000	8,265,000	7,390,000	7,072,000	6,881,000	7,611,000	7,555,000	8,808,000	8,569,000	12,375,000	12,382,000	12,961,000	13,086,000	13,082,000	12,049,000	10,388,000	10,864,000	9,710,000	9,024,000	9,108,000	9,273,000	8,761,000	8,673,000	8,974,000	10,011,000	9,647,000	10,184,000	10,620,000	11,129,000	11,213,000	10,390,000	10,527,000	11,213,000	11,050,000	10,556,000	10,632,000	10,349,000	11,102,000	10,097,000	10,799,000	11,324,000	10,910,000	9,655,000	10,159,000	9,848,000	10,937,000	9,867,000	9,476,000
Net Tangible Assets	0	8,855,000	0	0	9,632,000	7,110,000	7,752,000	7,403,000	6,520,000	4,676,000	3,647,000	1,985,000	175,000	58,000	204,000	490,000	986,000	3,755,000	4,063,000	18,412,000	8,070,000	27,157,000	26,865,000	26,781,000	26,101,000	29,082,000	7,170,000	5,798,000	25,145,000	3,218,000	3,031,000	5,794,000	21,818,000	4,437,000	3,599,000	2,638,000	2,225,000	5,258,000	6,006,000	5,903,000	5,942,000	3,002,000	2,183,000	-127,000	-426,000	2,195,000	1,474,000	1,217,000	437,000	1,946,000	1,717,000	520,000	-658,000	-719,000	-1,981,000	-2,496,000	-2,525,000	-1,314,000
Net Working Capital	7,657,000	8,050,000	8,900,000	8,867,000	9,146,000	7,462,000	8,460,000	9,111,000	7,622,000	7,600,000	8,044,000	7,809,000	7,976,000	7,582,000	7,211,000	7,017,000	6,136,000	7,748,000	7,032,000	10,288,000	11,508,000	10,134,000	11,394,000	13,420,000	12,867,000	13,057,000	12,506,000	11,447,000	11,055,000	12,123,000	13,429,000	11,652,000	13,260,000	11,647,000	11,999,000	12,007,000	12,674,000	13,643,000	12,404,000	12,836,000	13,006,000	13,016,000	12,714,000	11,808,000	12,191,000	10,670,000	10,569,000	10,446,000	9,788,000	8,867,000	10,270,000	9,999,000	9,885,000	7,510,000	6,733,000	6,406,000	-	-
Non Current Assets Total	40,353,000	39,990,000	39,745,000	39,960,000	40,126,000	39,780,000	40,374,000	41,170,000	42,142,000	41,356,000	41,416,000	41,274,000	42,386,000	42,156,000	42,279,000	42,548,000	43,709,000	45,988,000	46,252,000	54,076,000	52,115,000	52,091,000	21,811,000	22,250,000	52,696,000	24,548,000	56,312,000	56,188,000	55,852,000	55,846,000	55,214,000	45,106,000	43,551,000	45,032,000	44,570,000	43,395,000	44,529,000	43,843,000	44,473,000	44,171,000	44,524,000	45,197,000	44,815,000	45,056,000	45,921,000	45,903,000	45,644,000	45,687,000	45,802,000	45,197,000	45,748,000	45,459,000	45,807,000	45,332,000	44,514,000	46,235,000	46,377,000	48,003,000
Non Current Liabilities Other	7,632,000	8,063,000	7,959,000	7,823,000	7,412,000	7,423,000	7,533,000	7,682,000	7,533,000	7,386,000	7,403,000	7,326,000	7,292,000	8,524,000	7,404,000	6,937,000	6,547,000	6,888,000	5,563,000	5,975,000	16,400,000	16,802,000	18,190,000	18,710,000	18,789,000	18,679,000	19,157,000	18,830,000	19,222,000	17,197,000	17,557,000	14,095,000	14,413,000	13,943,000	13,969,000	14,119,000	14,809,000	11,583,000	11,915,000	12,165,000	12,630,000	15,561,000	15,707,000	15,968,000	16,179,000	13,249,000	13,538,000	13,711,000	13,842,000	11,881,000	12,468,000	11,259,000	11,150,000	10,907,000	10,710,000	11,369,000	11,270,000	10,949,000
Non Current Liabilities Total	28,902,000	27,960,000	28,136,000	28,112,000	28,025,000	28,613,000	29,327,000	30,856,000	31,025,000	31,928,000	33,307,000	34,520,000	37,357,000	36,806,000	36,393,000	36,104,000	35,751,000	35,750,000	34,784,000	36,218,000	35,654,000	35,068,000	35,312,000	38,306,000	18,789,000	38,683,000	39,229,000	39,301,000	19,222,000	37,620,000	38,409,000	30,324,000	14,413,000	31,405,000	31,802,000	31,986,000	33,647,000	30,584,000	28,951,000	29,101,000	29,450,000	33,048,000	33,182,000	34,721,000	36,098,000	31,465,000	31,842,000	31,935,000	32,152,000	28,923,000	30,979,000	31,621,000	33,050,000	30,238,000	30,080,000	31,549,000	31,707,000	32,913,000
Non Currrent Assets Other	1,761,000	1,989,000	1,967,000	2,073,000	2,029,000	1,857,000	1,959,000	1,959,000	1,934,000	1,898,000	1,834,000	1,715,000	1,714,000	1,901,000	1,815,000	1,765,000	1,881,000	1,702,000	1,588,000	1,204,000	1,190,000	2,493,000	0	0	829,000	0	618,000	575,000	565,000	647,000	615,000	588,000	535,000	643,000	638,000	616,000	621,000	569,000	549,000	532,000	501,000	516,000	511,000	487,000	464,000	830,000	775,000	781,000	724,000	658,000	667,000	663,000	960,000	936,000	901,000	853,000	792,000	783,000
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,138,000	1,181,000	1,152,000	1,190,000	1,186,000	1,189,000	1,168,000	1,274,000	1,242,000	1,314,000	1,298,000	835,000	809,000	833,000	839,000	977,000	931,000	980,000	982,000	982,000	1,026,000	1,013,000	989,000	998,000	990,000	1,131,000	1,103,000	1,025,000	1,010,000	989,000	854,000	816,000	803,000	698,000	677,000	675,000	569,000	516,000
Other Assets	0	2,678,000	2,478,000	2,425,000	2,307,000	2,475,000	2,540,000	2,646,000	2,814,000	2,783,000	2,883,000	3,044,000	30,126,000	3,326,000	3,138,000	3,158,000	3,031,000	2,583,000	2,658,000	2,993,000	2,514,000	3,096,000	3,421,000	3,421,000	28,884,000	0	0	0	32,366,000	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	-	-
Other Current Assets	1,937,000	1,625,000	1,480,000	1,400,000	1,848,000	1,460,000	1,460,000	1,303,000	934,000	962,000	803,000	608,000	889,000	559,000	606,000	569,000	658,000	891,000	761,000	708,000	852,000	805,000	898,000	658,000	627,000	773,000	690,000	872,000	665,000	625,000	1,516,000	665,000	354,000	433,000	468,000	372,000	328,000	323,000	385,000	362,000	344,000	318,000	395,000	349,000	334,000	318,000	339,000	317,000	302,000	333,000	413,000	379,000	0	0	0	431,000	-	-
Other Current Liab	9,449,000	9,590,000	9,123,000	4,792,000	5,105,000	5,345,000	5,552,000	6,532,000	6,943,000	6,597,000	6,132,000	5,800,000	5,916,000	5,372,000	4,467,000	4,626,000	4,826,000	5,543,000	5,785,000	6,408,000	6,941,000	10,367,000	500,000	500,000	752,000	0	0	0	635,000	0	0	0	541,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	538,000
Other Liab	0	12,171,000	0	0	12,330,000	14,680,000	15,219,000	15,655,000	15,596,000	16,473,000	16,667,000	16,702,000	19,167,000	18,334,000	18,220,000	18,315,000	17,886,000	16,563,000	15,723,000	0	15,214,000	16,161,000	17,494,000	17,494,000	18,025,000	0	18,241,000	17,896,000	18,299,000	16,170,000	16,575,000	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	-	-
Other Stockholder Equity	4,506,000	4,444,000	4,486,000	4,654,000	4,669,000	4,623,000	5,342,000	5,996,000	6,511,000	6,739,000	7,041,000	7,079,000	6,921,000	6,815,000	6,737,000	6,664,000	6,734,000	6,738,000	6,782,000	7,048,000	6,908,000	6,814,000	-9,532,000	-8,238,000	-8,780,000	-8,987,000	-9,272,000	-9,717,000	-10,061,000	-7,907,000	-8,077,000	-8,526,000	-8,939,000	-8,863,000	-8,694,000	-9,130,000	-8,342,000	-5,708,000	-5,071,000	-5,173,000	-5,184,000	-7,434,000	-7,897,000	-8,075,000	-7,907,000	-5,871,000	-6,366,000	-6,011,000	-6,430,000	-4,728,000	-4,095,000	-4,348,000	-4,875,000	-4,294,000	-5,273,000	-4,766,000	-4,411,000	-4,141,000
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	-	-
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	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000
Property Plant And Equipment Gross	61,523,000	60,813,000	60,442,000	59,936,000	59,282,000	58,162,000	0	0	0	0	21,609,000	21,707,000	22,095,000	22,222,000	22,499,000	22,748,000	23,068,000	23,133,000	23,433,000	26,076,000	23,662,000	23,396,000	60,761,000	61,198,000	60,426,000	60,204,000	59,573,000	58,359,000	57,438,000	57,499,000	56,700,000	52,152,000	50,802,000	55,751,000	55,280,000	54,201,000	55,230,000	55,072,000	55,969,000	55,385,000	55,114,000	54,895,000	54,366,000	54,144,000	54,366,000	53,417,000	52,924,000	53,013,000	52,216,000	52,839,000	53,888,000	52,825,000	51,648,000	51,025,000	49,344,000	50,324,000	53,567,000	53,105,000
Property Plant And Equipment Net	22,386,000	21,848,000	21,699,000	21,580,000	21,669,000	21,263,000	21,432,000	21,686,000	21,967,000	21,375,000	21,609,000	21,707,000	22,095,000	22,222,000	22,499,000	22,748,000	23,068,000	23,133,000	23,433,000	26,076,000	23,662,000	23,396,000	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	-	-
Property Plant Equipment	0	21,848,000	21,699,000	21,580,000	21,669,000	21,263,000	21,432,000	21,686,000	21,967,000	21,375,000	21,609,000	21,707,000	22,095,000	22,222,000	22,499,000	22,748,000	23,068,000	23,133,000	23,433,000	26,076,000	23,662,000	23,396,000	23,392,000	23,714,000	23,812,000	24,317,000	24,116,000	23,768,000	23,486,000	23,311,000	22,783,000	18,420,000	17,854,000	18,858,000	18,580,000	18,066,000	18,051,000	17,694,000	17,901,000	17,573,000	17,454,000	17,360,000	17,202,000	17,268,000	17,520,000	17,557,000	17,353,000	17,279,000	17,299,000	17,793,000	18,049,000	17,785,000	17,668,000	17,416,000	16,973,000	17,995,000	18,141,000	20,132,000
Retained Earnings	21,774,000	22,376,000	22,570,000	22,584,000	23,180,000	23,068,000	22,827,000	21,672,000	20,623,000	19,357,000	18,200,000	16,829,000	16,361,000	15,472,000	16,017,000	16,763,000	17,045,000	19,873,000	20,110,000	29,701,000	29,808,000	29,489,000	29,536,000	28,261,000	28,050,000	31,636,000	31,417,000	30,659,000	30,338,000	30,884,000	30,680,000	28,074,000	28,425,000	25,411,000	24,606,000	23,956,000	23,045,000	22,792,000	22,372,000	21,929,000	21,407,000	20,830,000	20,620,000	18,662,000	18,495,000	19,591,000	19,473,000	19,203,000	19,087,000	19,400,000	18,877,000	18,187,000	17,736,000	17,478,000	17,140,000	16,746,000	16,704,000	16,785,000
Retained Earnings Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	29,808,000	29,489,000	29,536,000	28,261,000	28,050,000	31,636,000	31,417,000	30,659,000	30,338,000	30,884,000	30,680,000	28,074,000	28,425,000	25,411,000	24,606,000	23,956,000	23,045,000	22,792,000	22,372,000	21,929,000	21,407,000	20,830,000	20,620,000	18,662,000	18,495,000	19,591,000	19,473,000	19,203,000	19,087,000	19,400,000	18,877,000	18,187,000	17,736,000	17,478,000	17,140,000	16,746,000	16,704,000	16,785,000
Short Long Term Debt	179,000	333,000	209,000	525,000	724,000	549,000	656,000	447,000	392,000	561,000	648,000	644,000	616,000	676,000	1,304,000	1,874,000	1,021,000	895,000	841,000	2,686,000	338,000	2,601,000	2,833,000	2,833,000	0	0	1,435,000	999,000	907,000	869,000	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	-	-
Short Long Term Debt Total	16,447,000	16,270,000	16,297,000	16,575,000	16,706,000	14,759,000	15,054,000	15,953,000	16,135,000	16,429,000	17,562,000	18,726,000	19,044,000	19,267,000	19,542,000	20,193,000	19,156,000	20,261,000	20,196,000	22,449,000	19,899,000	17,995,000	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	-	-
Short Term Debt	508,000	658,000	526,000	829,000	1,011,000	826,000	946,000	753,000	706,000	974,000	1,050,000	1,049,000	1,032,000	1,081,000	1,692,000	2,258,000	1,442,000	1,313,000	1,262,000	3,163,000	645,000	910,000	3,699,000	1,712,000	484,000	1,162,000	1,435,000	999,000	272,000	869,000	494,000	747,000	454,000	2,276,000	1,915,000	1,922,000	945,000	781,000	795,000	877,000	1,140,000	1,132,000	1,351,000	1,333,000	1,068,000	2,186,000	2,353,000	2,353,000	3,290,000	2,561,000	1,577,000	2,316,000	3,222,000	3,101,000	3,335,000	4,367,000	3,221,000	3,054,000
Short Term Investments	1,705,000	1,844,000	1,896,000	627,000	939,000	148,000	537,000	454,000	478,000	472,000	480,000	449,000	465,000	739,000	2,000	1,000	21,000	11,000	20,000	101,000	100,000	176,000	133,000	11,000	4,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,000	2,000	2,000	0	0	0	0	4,000	6,000	0	-	-
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	0	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	57,967,000	58,288,000	58,294,000	59,316,000	60,603,000	59,557,000	62,143,000	63,335,000	62,990,000	61,749,000	61,768,000	60,437,000	61,470,000	59,945,000	59,276,000	60,686,000	60,524,000	64,937,000	64,889,000	79,737,000	77,378,000	79,051,000	80,221,000	81,371,000	79,940,000	83,929,000	82,247,000	80,828,000	79,511,000	80,624,000	81,524,000	68,440,000	68,026,000	69,884,000	69,334,000	67,789,000	68,796,000	69,573,000	68,756,000	69,233,000	69,501,000	70,206,000	70,142,000	69,304,000	69,605,000	69,368,000	68,842,000	69,598,000	69,224,000	66,951,000	68,447,000	68,442,000	69,588,000	66,001,000	64,594,000	67,546,000	65,937,000	67,030,000
Total Current Assets	17,614,000	18,298,000	18,549,000	19,356,000	20,477,000	19,777,000	21,769,000	22,165,000	20,848,000	20,393,000	20,352,000	19,163,000	19,084,000	17,789,000	16,997,000	18,138,000	16,815,000	18,949,000	18,637,000	25,661,000	25,263,000	26,960,000	28,286,000	28,514,000	27,244,000	28,032,000	25,935,000	24,640,000	23,659,000	24,778,000	26,310,000	23,334,000	24,475,000	24,852,000	24,764,000	24,394,000	24,267,000	25,730,000	24,283,000	25,062,000	24,977,000	25,009,000	25,327,000	24,248,000	23,684,000	23,465,000	23,198,000	23,911,000	23,422,000	21,754,000	22,699,000	22,983,000	23,781,000	20,669,000	20,080,000	21,311,000	19,560,000	19,027,000
Total Current Liabilities	9,957,000	10,248,000	9,649,000	10,489,000	11,331,000	12,315,000	13,309,000	13,054,000	13,226,000	12,793,000	12,308,000	11,354,000	11,108,000	10,207,000	9,786,000	11,121,000	10,679,000	11,201,000	11,605,000	15,373,000	13,755,000	16,826,000	16,892,000	15,094,000	14,377,000	14,975,000	13,429,000	13,193,000	12,604,000	12,655,000	12,881,000	11,682,000	11,215,000	13,205,000	12,765,000	12,387,000	11,593,000	12,087,000	11,879,000	12,226,000	11,971,000	11,993,000	12,613,000	12,440,000	11,493,000	12,795,000	12,629,000	13,465,000	13,634,000	12,887,000	12,429,000	12,984,000	13,896,000	13,159,000	13,347,000	14,905,000	13,106,000	12,334,000
Total Liab	38,859,000	38,208,000	37,785,000	38,601,000	39,356,000	40,928,000	42,636,000	43,910,000	44,251,000	44,721,000	45,615,000	45,874,000	48,465,000	47,013,000	46,179,000	47,225,000	46,430,000	46,951,000	46,389,000	51,591,000	49,409,000	51,894,000	52,204,000	53,400,000	33,166,000	53,658,000	52,658,000	52,494,000	31,826,000	50,275,000	51,290,000	42,006,000	25,628,000	44,610,000	44,567,000	44,373,000	45,240,000	42,671,000	40,830,000	41,327,000	41,421,000	45,041,000	45,795,000	47,161,000	47,591,000	44,260,000	44,471,000	45,400,000	45,786,000	41,810,000	43,408,000	44,605,000	46,946,000	43,397,000	43,427,000	46,454,000	44,813,000	45,247,000
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	18,607,000	19,567,000	19,997,000	20,181,000	20,718,000	18,117,000	18,973,000	18,880,000	18,165,000	16,439,000	15,573,000	14,003,000	12,435,000	12,354,000	12,537,000	12,906,000	13,541,000	17,399,000	17,911,000	26,966,000	26,831,000	27,157,000	26,865,000	26,781,000	25,823,000	29,082,000	28,421,000	27,060,000	25,987,000	29,035,000	28,936,000	25,599,000	25,374,000	24,333,000	23,612,000	22,237,000	22,423,000	25,731,000	26,753,000	26,741,000	26,898,000	24,005,000	23,211,000	20,998,000	20,877,000	23,830,000	23,121,000	23,026,000	22,281,000	24,152,000	24,185,000	23,021,000	21,839,000	21,906,000	20,490,000	20,417,000	20,555,000	20,729,000
Treasury Stock	0	0	0	0	0	0	0	0	-1,625,000	-1,225,000	-825,000	-625,000	-625,000	-625,000	-625,000	-625,000	-500,000	-406,000	-305,000	0	0	0	0	0	0	0	-1,033,000	-1,126,000	-1,659,000	-5,965,000	-5,664,000	-5,865,000	-6,155,000	-4,222,000	-4,246,000	-4,488,000	-4,233,000	-3,201,000	-2,327,000	-1,514,000	-307,000	-134,000	-80,000	0	0	0	0	0	0	0	0	0	-239,000	-313,000	-319,000	-379,000	-557,000	-846,000
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	108,000	316,000	202,000	202,000	191,000	191,000	183,000	156,000	147,000	147,000	147,000	147,000	147,000	147,000	147,000	147,000	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
Begin Period Cash Flow	3,940,000	3,033,000	5,108,000	2,380,000	2,764,000	6,207,000	6,624,000	8,580,000	0	0	0	0	0	0	0
Capital Expenditures	2,477,000	2,058,000	2,324,000	1,387,000	1,970,000	2,584,000	2,994,000	3,991,000	3,749,000	3,572,000	2,302,000	2,614,000	2,717,000	2,175,000	2,123,000
Cash And Cash Equivalents Changes	0	0	0	0	0	-3,398,000	-419,000	-1,970,000	2,923,000	-286,000	1,622,000	-1,126,000	-1,595,000	4,193,000	46,000
Cash Flows Other Operating	0	0	0	0	0	-1,043,000	2,165,000	-37,000	1,327,000	315,000	1,911,000	-178,000	-346,000	537,000	410,000
Change In Cash	-953,000	853,000	-2,120,000	2,724,000	-397,000	-3,538,000	-435,000	-1,973,000	3,125,000	-186,000	1,623,000	-1,142,000	-1,477,000	4,059,000	-33,000
Change In Working Capital	1,068,000	-786,000	-1,447,000	1,192,000	387,000	-3,246,000	-11,499,000	-8,377,000	586,000	-332,000	815,000	2,403,000	-97,000	3,431,000	0
Change Receivables	0	0	0	0	0	-1,532,000	-4,734,000	-282,000	950,000	195,000	113,000	116,000	-447,000	-171,000	-990,000
Change To Account Receivables	1,161,000	1,187,000	-2,132,000	171,000	1,253,000	-1,532,000	-11,431,000	-8,833,000	-855,000	195,000	0	0	0	0	0
Change To Inventory	844,000	347,000	-1,768,000	515,000	668,000	-983,000	-891,000	610,000	780,000	224,000	130,000	-871,000	-702,000	-750,000	63,000
Change To Liabilities	0	-1,255,000	2,458,000	-84,000	-948,000	359,000	1,735,000	458,000	-681,000	-79,000	-408,000	261,000	376,000	495,000	304,000
Change To Netincome	0	921,000	-697,000	935,000	3,964,000	-869,000	2,811,000	-2,537,000	-5,164,000	-739,000	-1,420,000	949,000	-669,000	-1,292,000	-1,215,000
Change To Operating Activities	0	-1,065,000	-5,000	590,000	-586,000	-731,000	-258,000	-258,000	-731,000	-252,000	0	0	0	0	0
Depreciation	2,611,000	2,758,000	2,842,000	2,874,000	2,938,000	3,329,000	2,546,000	2,862,000	2,521,000	2,747,000	2,681,000	2,698,000	2,883,000	2,962,000	2,827,000
Dividends Paid	-1,972,000	2,006,000	2,073,000	2,071,000	2,085,000	3,711,000	3,235,000	2,462,000	2,365,000	2,111,000	1,534,000	2,122,000	1,300,000	8,000	24,000
End Period Cash Flow	2,987,000	3,886,000	2,988,000	5,104,000	2,367,000	2,669,000	6,189,000	6,607,000	8,580,000	0	0	0	0	0	0
Exchange Rate Changes	0	0	0	0	0	0	320,000	-77,000	-202,000	-100,000	-1,000	16,000	-121,000	88,000	79,000
Free Cash Flow	2,719,000	5,417,000	4,685,000	4,839,000	3,960,000	1,310,000	-7,923,000	-6,948,000	3,767,000	2,930,000	5,521,000	1,461,000	1,162,000	1,927,000	-48,000
Investments	-3,477,000	-2,970,000	-556,000	-841,000	-2,192,000	-328,000	-165,000	-842,000	119,000	-138,000	106,000	-241,000	-22,000	191,000	2,958,000
Issuance Of Capital Stock	176,000	212,000	320,000	108,000	93,000	112,000	0	0	0	0	0	0	0	0	0
Net Borrowings	0	900,000	-2,696,000	-412,000	-2,967,000	-1,234,000	-328,000	-589,000	187,000	1,755,000	-3,357,000	-779,000	-2,584,000	1,148,000	15,351,000
Net Income	660,000	4,640,000	6,405,000	1,294,000	-1,272,000	4,633,000	595,000	4,404,000	7,783,000	3,839,000	4,816,000	1,100,000	2,784,000	2,321,000	676,000
Other Cashflows From Financing Activities	-11,000	1,778,000	-369,000	4,571,000	3,958,000	-331,000	-180,000	-413,000	-47,000	42,000	23,000	76,000	23,000	-1,694,000	-11,184,000
Other Cashflows From Investing Activities	0	-1,140,000	-10,000	29,000	-34,000	878,000	1,676,000	1,280,000	2,280,000	605,000	727,000	168,000	745,000	2,119,000	-15,602,000
Other Non Cash Items	1,324,000	784,000	927,000	1,026,000	2,972,000	1,046,000	1,308,000	2,069,000	0	0	0	0	0	0	0
Sale Purchase Of Stock	-625,000	-2,325,000	-1,000,000	-125,000	-500,000	2,000,000	218,000	-916,000	-816,000	-3,269,000	137,000	295,000	499,000	376,000	8,516,000
Stock Based Compensation	755,000	242,000	-1,996,000	-418,000	1,133,000	-1,338,000	708,000	-2,656,000	0	0	0	0	0	0	0
Total Cash From Financing Activities	-3,115,000	-3,361,000	-6,071,000	-2,764,000	-4,095,000	-5,164,000	-3,325,000	-4,014,000	-3,041,000	-3,583,000	-4,731,000	-2,530,000	-3,362,000	-178,000	12,659,000
Total Cash From Operating Activities	5,196,000	7,475,000	7,009,000	6,226,000	5,930,000	3,894,000	-4,929,000	-2,957,000	7,516,000	6,502,000	7,823,000	4,075,000	3,879,000	4,102,000	2,075,000
Total Cashflows From Investing Activities	0	-2,970,000	-2,914,000	-841,000	-2,192,000	-2,128,000	-1,941,000	-3,479,000	-1,350,000	-3,105,000	-1,469,000	-2,687,000	-1,994,000	135,000	-14,767,000

	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
Begin Period Cash Flow	3,080,000	2,924,000	3,319,000	3,940,000	2,216,000	2,367,000	3,143,000	3,033,000	2,911,000	3,491,000	4,133,000	5,108,000	4,549,000	3,724,000	3,633,000	2,380,000	2,823,000	2,446,000	2,969,000	2,709,000	3,411,000	4,823,000	5,186,000	6,207,000	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
Capital Expenditures	771,000	648,000	593,000	465,000	775,000	508,000	458,000	317,000	1,177,000	415,000	441,000	291,000	298,000	419,000	275,000	395,000	577,000	472,000	407,000	514,000	1,119,000	597,000	445,000	423,000	1,143,000	692,000	825,000	792,000	959,000	1,141,000	997,000	820,000	892,000	956,000	998,000	903,000	1,106,000	930,000	864,000	672,000	884,000	566,000	506,000	346,000	1,009,000	622,000	581,000	402,000	1,067,000	2,619,000	1,374,000	405,000	942,000	497,000	442,000	294,000
Cash And Cash Equivalents Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-684,000	-1,443,000	-168,000	-1,103,000	-2,206,000	2,176,000	370,000	-759,000	-425,000	-277,000	699,000	-1,967,000	954,000	1,399,000	-64,000	634,000	-114,000	1,925,000	-542,000	-1,555,000	668,000	389,000	1,369,000	-804,000	433,000	-243,000	520,000	-1,836,000	3,238,000	-17,000	-1,339,000	-3,477,000	3,816,000	155,000	145,000	77,000
Cash Flows Other Operating	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-15,000	77,000	-421,000	-684,000	659,000	1,785,000	-533,000	254,000	-492,000	-594,000	173,000	876,000	232,000	910,000	214,000	-29,000	72,000	136,000	-8,000	115,000	732,000	-14,000	769,000	424,000	-851,000	493,000	-373,000	553,000	-126,000	-74,000	158,000	-304,000	143,000	1,010,000	-1,398,000	782,000
Change In Cash	-93,000	156,000	-395,000	-621,000	1,670,000	-151,000	1,856,000	110,000	77,000	2,719,000	-642,000	-975,000	555,000	825,000	91,000	1,253,000	-456,000	377,000	-523,000	260,000	-742,000	-1,412,000	-363,000	-1,021,000	-2,203,000	2,061,000	218,000	-815,000	-322,000	-296,000	707,000	-1,982,000	1,031,000	1,472,000	-55,000	677,000	-75,000	1,976,000	-556,000	-1,531,000	684,000	324,000	1,405,000	-790,000	435,000	-274,000	598,000	-1,901,000	3,309,000	97,000	-1,396,000	-3,487,000	3,786,000	75,000	113,000	85,000
Change In Working Capital	632,000	829,000	110,000	-503,000	741,000	520,000	-456,000	-1,591,000	538,000	-157,000	-800,000	-1,028,000	-168,000	629,000	774,000	-43,000	551,000	596,000	143,000	-903,000	-1,018,000	-185,000	581,000	-2,624,000	-190,000	551,000	1,059,000	392,000	-1,068,000	-1,306,000	1,777,000	-1,608,000	1,613,000	-352,000	-8,000	-667,000	-969,000	1,239,000	-432,000	-170,000	-10,000	302,000	906,000	-383,000	1,521,000	101,000	123,000	658,000	921,000	-1,403,000	271,000	114,000	2,375,000	777,000	327,000	0
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	321,000	-53,000	-276,000	-1,524,000	-2,493,000	-922,000	-543,000	-776,000	271,000	14,000	289,000	-856,000	248,000	688,000	-190,000	204,000	545,000	454,000	-83,000	-721,000	205,000	784,000	-30,000	-846,000	325,000	-38,000	583,000	-754,000	74,000	976,000	-547,000	-950,000	550,000	-252,000	1,067,000	-1,536,000
Change To Account Receivables	796,000	47,000	45,000	43,000	864,000	1,090,000	-26,000	-741,000	90,000	-319,000	-1,037,000	-866,000	-339,000	-357,000	568,000	128,000	259,000	755,000	297,000	-58,000	-110,000	-307,000	409,000	-1,524,000	0	0	-543,000	-776,000	-282,000	14,000	289,000	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
Change To Inventory	67,000	276,000	338,000	163,000	601,000	654,000	-465,000	-443,000	-266,000	-224,000	-800,000	-478,000	-72,000	158,000	540,000	-111,000	185,000	425,000	324,000	-266,000	137,000	-208,000	327,000	-1,239,000	-50,000	-336,000	8,000	-847,000	649,000	199,000	194,000	-432,000	592,000	217,000	33,000	-62,000	912,000	-94,000	204,000	-798,000	556,000	-56,000	499,000	-869,000	168,000	-249,000	510,000	-1,300,000	827,000	122,000	-606,000	-1,045,000	196,000	-348,000	7,000	-605,000
Change To Liabilities	0	127,000	0	0	-395,000	-929,000	-17,000	86,000	971,000	130,000	746,000	611,000	0	336,000	-582,000	-314,000	-22,000	-476,000	0	-225,000	-498,000	65,000	-31,000	823,000	528,000	587,000	298,000	322,000	-237,000	262,000	298,000	135,000	26,000	-597,000	216,000	-326,000	-297,000	-79,000	-94,000	391,000	-211,000	-69,000	50,000	-178,000	396,000	113,000	-433,000	185,000	359,000	-636,000	302,000	351,000	634,000	-534,000	52,000	343,000
Change To Netincome	0	-130,000	-130,000	-130,000	70,000	13,000	-35,000	873,000	-354,000	401,000	158,000	-971,000	-971,000	439,000	341,000	319,000	3,009,000	56,000	56,000	449,500	-155,000	-1,035,000	69,000	252,000	2,726,000	244,000	11,000	-170,000	793,000	-134,000	-2,643,000	-553,000	-2,988,000	-788,000	-706,000	-682,000	-6,000	-312,000	-271,000	-150,000	-826,000	-537,000	-645,000	588,000	1,584,000	-472,000	-229,000	66,000	63,000	-767,000	-286,000	321,000	-956,000	-205,000	176,000	-307,000
Change To Operating Activities	0	217,000	217,000	217,000	-329,000	-295,000	52,000	-493,000	-257,000	256,000	291,000	-295,000	-295,000	492,000	248,000	254,000	129,000	-108,000	-108,000	-303,500	-303,500	-303,500	0	0	0	0	-533,000	254,000	-34,000	-659,000	112,000	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
Depreciation	657,000	657,000	649,000	648,000	654,000	668,000	684,000	752,000	655,000	725,000	745,000	717,000	726,000	724,000	700,000	724,000	713,000	739,000	646,000	840,000	1,146,000	732,000	614,000	837,000	837,000	801,000	739,000	778,000	795,000	780,000	680,000	607,000	600,000	645,000	642,000	634,000	692,000	706,000	677,000	672,000	689,000	665,000	659,000	668,000	680,000	665,000	674,000	679,000	741,000	714,000	697,000	731,000	755,000	716,000	734,000	757,000
Dividends Paid	-491,000	492,000	493,000	496,000	495,000	493,000	505,000	513,000	512,000	518,000	522,000	521,000	519,000	518,000	516,000	518,000	517,000	516,000	517,000	535,000	553,000	1,048,000	1,053,000	1,057,000	1,685,000	565,000	587,000	527,000	771,000	616,000	649,000	602,000	630,000	586,000	577,000	572,000	573,000	530,000	531,000	477,000	490,000	469,000	475,000	100,000	851,000	462,000	389,000	420,000	381,000	385,000	516,000	18,000	1,000	2,000	5,000	0
End Period Cash Flow	2,987,000	3,080,000	2,924,000	3,319,000	3,886,000	2,216,000	1,856,000	3,143,000	2,988,000	2,719,000	3,491,000	4,133,000	5,104,000	4,549,000	3,724,000	3,633,000	2,367,000	2,823,000	2,446,000	2,969,000	2,669,000	3,411,000	4,823,000	5,186,000	6,207,000	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
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	-3,000	115,000	152,000	56,000	-103,000	19,000	-8,000	15,000	-77,000	-73,000	-9,000	-43,000	-39,000	-51,000	14,000	-24,000	-16,000	65,000	-36,000	-14,000	-2,000	31,000	-78,000	65,000	-71,000	-114,000	54,000	10,000	30,000	80,000	-14,000	-8,000
Free Cash Flow	885,000	1,010,000	754,000	70,000	1,303,000	1,432,000	1,856,000	1,286,000	1,398,000	2,719,000	1,563,000	-582,000	1,332,000	1,348,000	1,315,000	844,000	1,373,000	1,252,000	423,000	912,000	251,000	134,000	1,506,000	-581,000	-1,420,000	2,272,000	514,000	-316,000	904,000	204,000	1,221,000	-768,000	1,449,000	1,555,000	408,000	355,000	1,651,000	845,000	531,000	-97,000	1,349,000	836,000	3,235,000	101,000	542,000	481,000	891,000	-453,000	954,000	-1,381,000	-579,000	-580,000	893,000	487,000	855,000	-308,000
Investments	-1,082,000	-1,012,000	-684,000	-150,000	-1,631,000	-576,000	-396,000	-367,000	-207,000	-327,000	-300,000	278,000	-225,000	-82,000	-381,000	-153,000	-597,000	-715,000	-394,000	-486,000	-97,000	-136,000	8,000	-103,000	-178,000	333,000	-112,000	-208,000	-202,000	-206,000	-226,000	-208,000	619,000	-222,000	-205,000	-73,000	-197,000	41,000	31,000	-13,000	17,000	-1,000	5,000	85,000	-55,000	-6,000	-59,000	-121,000	-28,000	-39,000	24,000	21,000	179,000	96,000	-40,000	-44,000
Issuance Of Capital Stock	125,000	8,000	0	55,000	113,000	2,000	62,000	35,000	108,000	12,000	73,000	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
Net Borrowings	0	119,000	119,000	119,000	1,717,000	-105,000	-668,000	-44,000	-253,000	-1,120,000	-1,141,000	-182,000	-182,000	-359,000	-618,000	1,012,000	-991,000	73,000	73,000	-1,024,500	-798,000	-212,000	-463,000	239,000	-143,000	-368,000	85,000	98,000	-27,000	-65,000	-110,000	-387,000	103,000	46,000	-11,000	49,000	-7,000	2,049,000	15,000	-302,000	-826,000	-149,000	-1,384,000	-998,000	573,000	-304,000	99,000	-1,147,000	1,975,000	-210,000	-1,446,000	-2,903,000	2,567,000	-68,000	-874,000	-477,000
Net Income	-95,000	327,000	501,000	-73,000	647,000	760,000	1,681,000	1,552,000	1,761,000	1,706,000	1,932,000	1,006,000	1,254,000	-1,000	-217,000	258,000	-2,310,000	347,000	105,000	586,000	781,000	1,049,000	1,426,000	1,377,000	-2,484,000	805,000	1,359,000	915,000	84,000	818,000	3,227,000	275,000	3,631,000	1,436,000	1,197,000	1,519,000	839,000	964,000	970,000	1,066,000	1,028,000	685,000	2,443,000	660,000	-751,000	591,000	740,000	520,000	83,000	903,000	1,077,000	721,000	513,000	597,000	659,000	552,000
Other Cashflows From Financing Activities	-2,000	210,000	-24,000	-41,000	1,708,000	-96,000	45,000	121,000	-26,000	-349,000	-4,000	-19,000	-44,000	-76,000	-24,000	3,167,000	8,000	73,000	1,786,000	-63,000	60,000	-70,000	-223,000	-98,000	-8,000	-4,000	-1,000	-84,000	16,000	7,000	6,000	26,000	-69,000	1,000	19,000	2,000	12,000	7,000	-2,000	25,000	7,000	6,000	3,000	7,000	17,000	1,000	1,000	57,000	9,000	0	206,000	-192,000	-197,000	-696,000	-1,077,000	276,000
Other Cashflows From Investing Activities	0	-243,000	170,000	292,000	-1,140,000	-110,000	-26,000	-15,000	-719,000	-10,000	-143,000	278,000	416,000	-44,000	-207,000	-207,000	-207,000	-202,000	41,000	-17,000	181,000	-7,000	242,000	462,000	1,186,000	306,000	244,000	-60,000	180,000	912,000	323,000	-135,000	163,000	700,000	121,000	1,296,000	97,000	458,000	19,000	31,000	677,000	0	24,000	26,000	121,000	-1,000	-13,000	61,000	564,000	101,000	48,000	32,000	117,000	245,000	1,174,000	583,000
Other Non Cash Items	187,000	96,000	153,000	881,000	81,000	216,000	175,000	637,000	31,000	1,013,000	191,000	55,000	19,000	742,000	34,000	231,000	2,906,000	175,000	-380,000	271,000	1,947,000	-201,000	-963,000	263,000	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
Sale Purchase Of Stock	-125,000	-125,000	-250,000	-125,000	-125,000	-800,000	-800,000	-600,000	-400,000	-400,000	-200,000	29,000	23,000	1,959,000	-434,000	-125,000	-94,000	-101,000	1,849,000	28,000	1,619,000	79,000	9,000	293,000	45,000	87,000	75,000	282,000	-422,000	-532,000	142,000	92,000	-604,000	-22,000	190,000	-380,000	-1,058,000	-894,000	-619,000	-698,000	-11,000	-98,000	157,000	89,000	88,000	17,000	68,000	122,000	216,000	13,000	117,000	153,000	228,000	13,000	80,000	55,000
Stock Based Compensation	680,000	-23,000	105,000	0	242,000	0	0	0	-200,000	-303,000	-308,000	-1,185,000	-657,000	-188,000	301,000	126,000	172,000	-50,000	290,000	721,000	-951,000	-662,000	219,000	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
Total Cash From Financing Activities	-711,000	-497,000	-1,053,000	-854,000	1,152,000	-1,417,000	-2,079,000	-1,017,000	-1,097,000	-2,474,000	-1,905,000	-595,000	-955,000	-930,000	-1,144,000	265,000	-1,839,000	-589,000	-1,000,000	-667,000	-1,243,000	-1,309,000	-1,759,000	-853,000	-1,791,000	-850,000	-428,000	-231,000	-1,204,000	-1,206,000	-611,000	-871,000	-1,200,000	-561,000	-379,000	-901,000	-1,626,000	632,000	-1,137,000	-1,452,000	-1,320,000	-550,000	-1,859,000	-1,002,000	-173,000	-748,000	-221,000	-1,388,000	1,819,000	-582,000	-1,639,000	-2,960,000	2,597,000	-753,000	-1,876,000	-146,000
Total Cash From Operating Activities	1,656,000	1,658,000	1,347,000	535,000	2,078,000	1,940,000	1,856,000	1,603,000	2,575,000	2,719,000	2,004,000	-291,000	1,630,000	1,767,000	1,590,000	1,239,000	1,950,000	1,724,000	830,000	1,426,000	1,370,000	731,000	1,951,000	-158,000	-277,000	2,964,000	1,339,000	476,000	1,863,000	1,345,000	2,218,000	52,000	2,341,000	2,511,000	1,406,000	1,258,000	2,757,000	1,775,000	1,395,000	575,000	2,233,000	1,402,000	3,741,000	447,000	1,551,000	1,103,000	1,472,000	-51,000	2,021,000	1,238,000	795,000	-175,000	1,835,000	984,000	1,297,000	-14,000
Total Cashflows From Investing Activities	0	-1,846,000	-834,000	-150,000	-2,970,000	-1,339,000	-396,000	-367,000	-1,379,000	-767,000	-755,000	-13,000	-841,000	-82,000	-381,000	-153,000	-597,000	-1,595,000	-880,000	-440,000	-862,000	-842,000	-332,000	-92,000	-135,000	-53,000	-693,000	-1,060,000	-981,000	-435,000	-900,000	-1,163,000	-110,000	-478,000	-1,082,000	320,000	-1,206,000	-431,000	-814,000	-654,000	-229,000	-528,000	-477,000	-235,000	-943,000	-629,000	-653,000	-462,000	-531,000	-559,000	-552,000	-352,000	-646,000	-156,000	692,000	245,000

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
Cost Of Revenue	39,742,000	48,338,000	44,191,000	33,346,000	36,657,000	47,705,000	36,350,000	37,668,000	37,836,000	47,464,000	47,594,000	47,792,000	51,029,000	45,780,000	39,148,000
Depreciation And Amortization	2,611,000	2,758,000	2,842,000	2,874,000	2,938,000	3,329,000	2,546,000	2,862,000	0	0	0	0	0	0	0
Discontinued Operations	0	0	0	0	445,000	1,835,000	1,882,000	1,882,000	1,835,000	0	0	0	0	0	0
Ebit	2,177,000	6,870,000	8,882,000	3,845,000	3,968,000	8,851,000	4,688,000	4,987,000	10,876,000	6,326,000	7,905,000	2,934,000	4,973,000	4,239,000	1,322,000
Ebitda	4,788,000	9,628,000	11,724,000	6,719,000	6,906,000	12,180,000	7,234,000	7,849,000	0	0	0	0	0	0	0
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	445,000	1,835,000	1,882,000	0	0	0	0	0	0	0	0
Gross Profit	4,880,000	8,564,000	10,777,000	5,196,000	6,294,000	12,573,000	7,380,000	10,490,000	10,942,000	10,703,000	9,486,000	8,994,000	8,956,000	7,894,000	5,727,000
Income Before Tax	656,000	6,090,000	8,145,000	2,071,000	-1,247,000	5,918,000	237,000	4,413,000	9,930,000	5,343,000	6,804,000	1,665,000	3,632,000	4,239,000	1,322,000
Income Tax Expense	-4,000	1,450,000	1,740,000	777,000	470,000	1,285,000	1,524,000	9,000	2,147,000	1,426,000	1,988,000	565,000	817,000	481,000	-97,000
Interest Expense	746,000	662,000	731,000	827,000	933,000	1,118,000	914,000	858,000	0	0	0	0	0	0	0
Interest Income	229,000	173,000	55,000	38,000	946,000	426,000	66,000	107,000	0	0	0	0	0	0	0
Minority Interest	-71,000	-58,000	-94,000	570,000	553,000	1,138,000	129,000	86,000	98,000	67,000	29,000	-82,000	42,000	11,000	28,000
Net Income	589,000	4,582,000	6,311,000	1,225,000	-1,717,000	4,499,000	465,000	4,318,000	7,685,000	3,772,000	4,787,000	1,182,000	2,742,000	2,310,000	648,000
Net Income Applicable To Common Shares	0	4,558,000	6,311,000	1,216,000	-1,365,000	4,641,000	466,000	3,978,000	7,345,000	3,432,000	4,447,000	842,000	2,402,000	1,970,000	336,000
Net Income From Continuing Ops	660,000	4,640,000	6,405,000	1,294,000	-1,717,000	4,633,000	1,381,000	5,517,000	7,783,000	3,917,000	4,816,000	1,100,000	2,784,000	2,321,000	1,419,000
Net Interest Income	-517,000	-489,000	-676,000	-789,000	-852,000	-1,009,000	-848,000	-751,000	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	0	0	0	0	1,639,000	549,000	745,000	886,000	1,075,000	577,000	1,263,000	1,149,000	669,000
Non Recurring	0	0	0	0	0	0	3,100,000	452,000	415,000	47,000	-22,000	1,563,000	0	26,000	696,000
Operating Income	2,177,000	6,870,000	8,882,000	3,845,000	3,968,000	7,569,000	4,382,000	4,287,000	10,131,000	5,440,000	6,830,000	2,357,000	3,710,000	3,090,000	653,000
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	42,522,000	51,200,000	47,081,000	35,986,000	39,431,000	52,709,000	39,348,000	43,871,000	4,173,000	463,000	2,093,000	505,000	812,000	509,000	399,000
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	340,000	340,000	340,000	340,000	340,000	340,000	340,000	0
Reconciled Depreciation	2,611,000	2,758,000	2,842,000	2,874,000	2,938,000	3,329,000	2,546,000	0	0	0	0	0	0	0	0
Research Development	829,000	851,000	857,000	768,000	765,000	1,536,000	803,000	1,593,000	1,598,000	1,647,000	1,747,000	1,708,000	1,646,000	1,660,000	1,492,000
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	1,627,000	1,675,000	1,645,000	1,471,000	1,590,000	2,846,000	1,795,000	4,066,000	2,971,000	3,106,000	3,024,000	2,861,000	2,788,000	2,609,000	2,487,000
Tax Provision	-4,000	1,450,000	1,740,000	777,000	470,000	809,000	1,524,000	9,000	0	0	0	0	0	0	0
Total Operating Expenses	2,780,000	2,862,000	2,890,000	2,640,000	2,774,000	5,004,000	2,998,000	6,203,000	811,000	5,263,000	2,656,000	6,637,000	5,246,000	4,804,000	5,074,000
Total Other Income Expense Net	-927,000	-780,000	-737,000	-1,774,000	-5,215,000	-642,000	-3,297,000	877,000	3,390,000	24,000	0	0	0	0	0
Total Revenue	44,622,000	56,902,000	54,968,000	38,542,000	42,951,000	60,278,000	43,730,000	48,158,000	48,778,000	58,167,000	57,080,000	56,786,000	59,985,000	53,674,000	44,875,000

	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	2009-09-30
Cost Of Revenue	9,646,000	9,592,000	9,875,000	10,629,000	10,656,000	12,381,000	12,899,000	12,402,000	11,778,000	11,611,000	10,740,000	10,062,000	9,135,000	8,371,000	7,610,000	8,230,000	8,718,000	9,377,000	9,420,000	10,707,000	16,729,000	10,456,000	10,540,000	11,552,000	75,935,000	-10,666,000	-10,764,000	-10,197,000	10,574,000	9,841,000	9,275,000	7,951,000	8,806,000	9,349,000	10,146,000	9,535,000	11,611,000	11,776,000	12,344,000	11,733,000	12,068,000	11,716,000	12,103,000	11,707,000	11,939,000	11,368,000	12,200,000	12,285,000	12,433,000	12,928,000	13,551,000	12,117,000	11,818,000	10,841,000	11,580,000	11,541,000	10,386,000
Depreciation And Amortization	657,000	657,000	649,000	648,000	654,000	668,000	684,000	752,000	655,000	725,000	745,000	717,000	726,000	724,000	700,000	724,000	713,000	100,000	646,000	840,000	1,146,000	732,000	614,000	837,000	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	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	222,500	222,500	222,500	0	0	0	0	0	0	0	0	0	0	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	-92,000	609,000	891,000	606,000	972,000	1,156,000	2,334,000	2,408,000	2,272,000	2,426,000	2,665,000	1,519,000	2,080,000	924,000	69,000	772,000	976,000	981,000	865,000	1,745,000	3,892,000	1,613,000	1,622,000	2,377,000	-72,434,000	25,878,000	26,057,000	25,060,000	1,144,000	1,309,000	3,565,000	366,000	4,388,000	2,296,000	1,746,000	2,446,000	1,458,000	1,575,000	1,556,000	1,737,000	1,648,000	1,180,000	3,517,000	1,560,000	-540,000	1,143,000	1,296,000	1,035,000	236,000	1,394,000	1,645,000	1,698,000	1,048,000	1,118,000	1,099,000	974,000	699,000
Ebitda	565,000	1,266,000	1,540,000	1,254,000	1,626,000	1,824,000	3,018,000	3,160,000	2,927,000	3,151,000	3,410,000	2,236,000	2,806,000	1,648,000	769,000	1,496,000	1,689,000	1,081,000	1,511,000	2,585,000	5,038,000	2,345,000	2,236,000	3,214,000	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	-
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	-
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	445,000	432,000	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	-
Gross Profit	975,000	1,138,000	1,545,000	1,222,000	1,203,000	1,734,000	2,765,000	2,862,000	2,586,000	3,226,000	3,145,000	1,820,000	1,571,000	1,341,000	744,000	1,540,000	1,486,000	1,387,000	1,594,000	2,875,000	5,889,000	2,178,000	2,249,000	3,347,000	-61,124,000	24,299,000	24,598,000	23,427,000	2,446,000	2,642,000	2,677,000	2,752,000	2,656,000	2,687,000	2,764,000	2,835,000	2,773,000	2,629,000	2,573,000	2,728,000	2,318,000	2,018,000	2,474,000	2,676,000	1,978,000	2,269,000	2,313,000	2,434,000	1,664,000	2,181,000	2,495,000	2,616,000	1,953,000	2,027,000	2,038,000	1,876,000	1,660,000
Income Before Tax	-352,000	417,000	711,000	-120,000	865,000	1,001,000	2,169,000	2,055,000	2,118,000	2,248,000	2,456,000	1,323,000	1,816,000	42,000	-183,000	396,000	-2,196,000	437,000	215,000	858,000	2,714,000	994,000	1,059,000	1,740,000	-786,000	1,429,000	1,814,000	1,128,000	915,000	1,089,000	3,357,000	165,000	4,148,000	2,063,000	1,514,000	2,205,000	1,196,000	1,342,000	1,314,000	1,491,000	1,386,000	916,000	3,238,000	1,264,000	-1,809,000	1,143,000	1,296,000	1,035,000	-1,105,000	1,394,000	1,645,000	1,698,000	1,048,000	1,118,000	1,099,000	974,000	699,000
Income Tax Expense	-257,000	90,000	210,000	-47,000	218,000	241,000	488,000	503,000	357,000	542,000	524,000	317,000	562,000	43,000	34,000	138,000	114,000	90,000	125,000	272,000	530,000	280,000	249,000	363,000	912,000	624,000	455,000	213,000	-282,000	271,000	130,000	-110,000	517,000	627,000	317,000	686,000	279,000	378,000	344,000	425,000	358,000	231,000	795,000	604,000	-99,000	234,000	244,000	186,000	271,000	186,000	240,000	120,000	133,000	114,000	131,000	103,000	204,000
Interest Expense	197,000	192,000	172,000	185,000	175,000	155,000	165,000	167,000	170,000	178,000	187,000	196,000	210,000	202,000	200,000	215,000	222,000	233,000	237,000	247,000	337,000	258,000	261,000	270,000	1,677,000	256,000	226,000	219,000	229,000	220,000	208,000	201,000	240,000	233,000	232,000	241,000	262,000	233,000	242,000	246,000	262,000	264,000	279,000	296,000	1,269,000	0	0	0	1,341,000	0	0	0	0	0	0	0	-
Interest Income	43,000	44,000	66,000	76,000	68,000	41,000	13,000	28,000	20,000	80,000	13,000	8,000	11,000	151,000	284,000	290,000	220,000	258,000	231,000	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	-
Minority Interest	-10,000	-25,000	-16,000	-20,000	-34,000	-21,000	-31,000	17,000	-25,000	-23,000	580,000	560,000	570,000	578,000	560,000	555,000	553,000	587,000	589,000	589,000	1,138,000	36,000	31,000	35,000	42,000	22,000	38,000	27,000	32,000	14,000	19,000	21,000	19,000	61,000	-23,000	41,000	20,000	27,000	3,000	17,000	-20,000	6,000	18,000	25,000	-120,000	9,000	6,000	23,000	18,000	3,000	10,000	11,000	2,000	0	8,000	1,000	-1,000
Net Income	-105,000	302,000	485,000	-73,000	613,000	739,000	1,661,000	1,569,000	1,736,000	1,683,000	1,901,000	991,000	1,236,000	-25,000	-225,000	239,000	-2,323,000	333,000	75,000	541,000	749,000	1,013,000	1,333,000	1,342,000	-2,526,000	783,000	1,321,000	888,000	52,000	804,000	3,208,000	254,000	3,612,000	1,375,000	1,220,000	1,478,000	819,000	937,000	967,000	1,049,000	1,048,000	679,000	2,425,000	635,000	-631,000	582,000	734,000	497,000	65,000	900,000	1,067,000	710,000	511,000	597,000	651,000	551,000	796,000
Net Income Applicable To Common Shares	0	300,000	482,000	-96,000	610,000	735,000	1,661,000	1,561,000	1,759,000	1,683,000	1,891,000	986,000	1,236,000	-28,000	-227,000	237,000	-2,325,000	333,000	75,000	314,500	314,500	1,000,000	1,279,000	1,342,000	-2,526,000	783,000	1,321,000	888,000	-33,000	719,000	3,123,000	169,000	3,527,000	1,290,000	1,135,000	1,393,000	734,000	852,000	882,000	964,000	963,000	594,000	2,340,000	550,000	-716,000	497,000	649,000	412,000	-20,000	815,000	982,000	625,000	426,000	512,000	566,000	466,000	711,000
Net Income From Continuing Ops	-95,000	327,000	501,000	-73,000	647,000	760,000	1,932,000	1,552,000	1,761,000	1,706,000	1,932,000	1,006,000	1,254,000	-4,000	-217,000	258,000	-2,310,000	347,000	90,000	586,000	123,000	1,036,000	1,310,000	1,377,000	-1,698,000	805,000	1,359,000	915,000	1,197,000	818,000	3,227,000	275,000	3,631,000	1,436,000	1,197,000	1,519,000	917,000	964,000	970,000	1,066,000	1,028,000	685,000	2,443,000	660,000	-1,710,000	909,000	1,052,000	849,000	-1,407,000	1,208,000	1,405,000	1,578,000	194,000	597,000	659,000	871,000	495,000
Net Interest Income	-154,000	-148,000	-106,000	-109,000	-107,000	-114,000	-174,000	-139,000	-150,000	-164,000	-174,000	-188,000	-199,000	-196,000	-194,000	-200,000	-199,000	-214,000	-216,000	-247,000	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	-
Non Operating Income Net Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	165,000	231,000	243,000	1,233,000	156,000	54,000	196,000	294,000	96,000	100,000	59,000	124,000	153,000	283,000	185,000	147,000	239,000	236,000	264,000	266,000	333,000	238,000	238,000	59,000	185,000	158,000	175,000	273,000	384,000	301,000	305,000	326,000	258,000	254,000	311,000	230,000
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-108,000	-98,000	-165,000	3,226,000	-139,000	12,000	1,000	452,000	659,000	454,000	-2,000	40,000	0	375,000	0	47,000	0	0	0	-22,000	0	0	0	1,206,000	0	0	357,000	0	0	0	0	-3,000	0	13,000	16,000	-
Operating Income	865,000	1,001,000	711,000	606,000	972,000	1,156,000	2,334,000	2,408,000	2,263,000	2,513,000	2,377,000	1,159,000	848,000	676,000	105,000	927,000	882,000	705,000	860,000	1,659,000	3,236,000	1,459,000	1,425,000	2,051,000	-73,667,000	25,722,000	26,003,000	24,864,000	850,000	1,213,000	3,465,000	307,000	4,264,000	2,143,000	1,463,000	2,261,000	1,311,000	1,336,000	1,320,000	1,473,000	1,382,000	847,000	3,279,000	1,322,000	-599,000	958,000	1,138,000	860,000	-37,000	1,010,000	1,344,000	1,393,000	722,000	860,000	845,000	663,000	469,000
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	0	0	0	0	0	0	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	10,351,000	10,250,000	10,569,000	11,352,000	11,347,000	13,011,000	13,636,000	13,206,000	12,526,000	12,324,000	11,508,000	10,723,000	9,858,000	9,036,000	8,249,000	8,843,000	9,322,000	10,059,000	10,154,000	11,923,000	19,382,000	11,175,000	11,364,000	12,848,000	1,091,000	155,000	157,000	155,000	260,000	166,000	2,428,000	1,344,000	2,809,000	527,000	276,000	561,000	164,000	131,000	83,000	85,000	357,000	55,000	1,938,000	147,000	167,000	138,000	95,000	105,000	566,000	78,000	45,000	123,000	132,000	124,000	125,000	128,000	108,000
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	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	85,000	340,000	0	0	0	-
Reconciled Depreciation	657,000	657,000	649,000	648,000	654,000	668,000	684,000	752,000	655,000	725,000	745,000	717,000	726,000	724,000	700,000	724,000	713,000	739,000	646,000	840,000	1,146,000	732,000	614,000	837,000	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	-
Research Development	213,000	197,000	205,000	214,000	225,000	191,000	217,000	218,000	225,000	210,000	228,000	194,000	214,000	193,000	182,000	179,000	173,000	194,000	208,000	361,000	914,000	193,000	221,000	386,000	2,864,000	406,000	405,000	416,000	425,000	399,000	399,000	361,000	404,000	382,000	429,000	383,000	428,000	409,000	419,000	391,000	477,000	418,000	417,000	435,000	463,000	434,000	406,000	405,000	433,000	402,000	411,000	400,000	443,000	403,000	407,000	407,000	400,000
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	411,000	380,000	408,000	428,000	386,000	356,000	435,000	498,000	436,000	403,000	440,000	366,000	408,000	372,000	357,000	334,000	332,000	388,000	422,000	701,000	1,470,000	409,000	485,000	751,000	5,362,000	723,000	855,000	867,000	911,000	864,000	787,000	742,000	757,000	689,000	773,000	752,000	823,000	753,000	751,000	779,000	838,000	698,000	716,000	772,000	741,000	739,000	674,000	707,000	702,000	691,000	695,000	700,000	659,000	640,000	648,000	662,000	683,000
Tax Provision	-257,000	90,000	210,000	-47,000	218,000	241,000	524,000	503,000	357,000	542,000	524,000	317,000	562,000	43,000	34,000	138,000	114,000	90,000	125,000	272,000	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	-
Total Operating Expenses	705,000	658,000	694,000	723,000	691,000	630,000	737,000	804,000	748,000	713,000	768,000	661,000	723,000	665,000	639,000	613,000	604,000	682,000	734,000	1,216,000	2,653,000	719,000	824,000	1,296,000	12,543,000	-1,423,000	-1,405,000	-1,437,000	1,596,000	1,429,000	-788,000	2,445,000	-1,608,000	544,000	1,301,000	574,000	1,462,000	1,293,000	1,253,000	1,255,000	936,000	1,171,000	-805,000	1,354,000	2,577,000	1,311,000	1,175,000	1,574,000	1,701,000	1,171,000	1,151,000	1,223,000	1,231,000	1,167,000	1,193,000	1,213,000	1,191,000
Total Other Income Expense Net	-468,000	85,000	-34,000	-726,000	-107,000	-155,000	-165,000	-353,000	430,000	-101,000	253,000	352,000	1,167,000	-438,000	-94,000	-331,000	-2,879,000	-54,000	-429,000	-554,000	-234,000	-229,000	-123,000	-41,000	-3,587,000	-321,000	766,000	-445,000	-2,109,000	-2,546,000	2,568,000	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	-
Total Revenue	10,621,000	10,730,000	11,420,000	11,851,000	11,859,000	14,115,000	15,664,000	15,264,000	14,364,000	14,837,000	13,885,000	11,882,000	10,706,000	9,712,000	8,354,000	9,770,000	10,204,000	10,764,000	11,014,000	13,582,000	22,618,000	12,634,000	12,789,000	14,899,000	14,811,000	13,633,000	13,834,000	13,230,000	13,020,000	12,483,000	11,952,000	10,703,000	11,462,000	12,036,000	12,910,000	12,370,000	14,384,000	14,405,000	14,917,000	14,461,000	14,386,000	13,734,000	14,577,000	14,383,000	13,917,000	13,637,000	14,513,000	14,719,000	14,097,000	15,109,000	16,046,000	14,733,000	13,771,000	12,868,000	13,618,000	13,417,000	12,046,000

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

Gross Profit (+$)
totalRevenue	44,622,000
Cost of Revenue	-39,742,000
Gross Profit	4,880,000	4,880,000

Operating Income (+$)
Gross Profit	4,880,000
Operating Expense	-2,780,000
Operating Income	2,177,000	2,100,000

Operating Expense (+$)
Research Development	829,000
Selling General Administrative	1,627,000
Selling And Marketing Expenses	0
Operating Expense	2,780,000	2,456,000

Net Interest Income (+$)
Interest Income	229,000
Interest Expense	-746,000
Other Finance Cost	-0
Net Interest Income	-517,000

Pretax Income (+$)
Operating Income	2,177,000
Net Interest Income	-517,000
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	656,000	3,104,000 EBIT - interestExpense = 1,431,000 585,000 1,335,000
Interest Expense	746,000
Earnings Before Interest and Taxes (EBIT)	2,177,000	1,402,000
Earnings Before Interest and Taxes (EBITDA)	4,788,000

After tax Income (+$)
Income Before Tax	656,000
Tax Provision	--4,000
Net Income From Continuing Ops	660,000	660,000
Net Income	589,000
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	42,522,000
Total Other Income/Expenses Net	-927,000	517,000

Technical Analysis of Dow
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 Dow. The general trend of Dow is UNKNOWN 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 Dow'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 State	Bullish trend		Bearish trend
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 Dow 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: 60.69 < 63.50 < 63.62.

The bearish price targets are: 56.38 > 55.71 > 55.20.

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Dow 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 Dow Inc. The current mas is .

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 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.

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 Dow Inc.

Dow 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 Dow Inc. The current adx is .

Dow 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 Dow Inc.

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 Dow Inc.

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.

Dow 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 Dow Inc.

Dow 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 Dow Inc.

Dow 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 Dow Inc.

Dow 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 Dow Inc.

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 Dow Inc.

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 Dow Inc.

Dow 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 Dow Inc.

Dow 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 Dow Inc.

Dow Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Dow 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
2023-11-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-11-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-01	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-05	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-08	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-13	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal 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.
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-27	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-28	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-01-03	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-04	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-10	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-01-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-17	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-22	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-24	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-30	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-31	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-01	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-02-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-02-06	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
2024-02-07	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-02-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-09	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-02-12	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	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.
2024-02-13	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	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	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	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.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-03-06	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-03-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-14	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-03-18	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-20	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	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).
2024-03-21	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-02	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	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.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-04	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-09	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-11	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-12	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-15	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-04-16	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-04-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.

6.3. Candlestick Patterns

Date	Candlestick Pattern

6.4. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	56.620
Total			0/1 (0.0%)

Create your own Symbol Scanner

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Quick analysis of Dow (30 sec.)

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

$56.99

$26.99

$4.94 - $60.84

$31.93 - $87.83

2. Growth of Dow (5 min.)

Is Dow growing?

How much money is Dow making?

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

3. Financial Health of Dow (5 min.)

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

Industry Rankings (Chemicals)

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

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

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Dow

About Dow Inc

Financial Health

Valuation

1.1. Profitability of Dow Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Chemicals)

1.1.2. Return on Assets

Trends

Compared to industry (Chemicals)

1.1.3. Return on Equity

Trends

Compared to industry (Chemicals)

1.2. Operating Efficiency of Dow Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Chemicals)

1.2.2. Operating Ratio

Trends

Compared to industry (Chemicals)

1.3. Liquidity of Dow Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Chemicals)

1.3.2. Quick Ratio

Trends

Compared to industry (Chemicals)

1.4. Solvency of Dow Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Chemicals)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Chemicals)

2. Market Valuation of Dow Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Chemicals)

Dow Inc
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