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Money to Burn
Our cash management scorecard shows the companies in 37 industries with the least and most excess cash per sales.
CFO Staff, CFO Magazine

For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



RETAILERS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Freds 0.4% -1.4% 1.0% 0.0% 0 17.1% 17.1%
Retail Ventures 0.5% 0.1% 1.0% 0.0% 0 4.2% 4.2%
Shopko Stores 0.7% -0.2% 1.0% 0.0% 0 18.8% 18.8%
BJS Wholesale Club 1.2% -1.3% 1.0% 0.1% 10 19.1% 19.3%
Federated Department Stores 6.1% 2.0% 1.0% 5.0% 768 13.4% 14.5%
J C Penney 16.8% 8.0% 1.0% 15.8% 2,811 7.3% 9.9%
Sears 22.0% 19.0% 1.0% 21.0% 8,635 7.5% 16.3%
Sector Average 4.7% 2.6% 1.0% 3.6% 17.0% 19.1%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



SEMICONDUCTORS & RELATED
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Sanmina SCI 10.5% -23.8% 30.1% 0.0% 0 2.7% 2.7%
ON Semiconductor 17.0% 2.2% 30.1% 0.0% 0 13.1% 13.1%
Benchmark Electronics 19.4% 14.7% 30.1% 0.0% 0 12.4% 12.4%
AMKOR Technology 19.5% 6.4% 30.1% 0.0% 0 6.3% 6.3%
KLA Tencor 72.3% 41.5% 30.1% 42.2% 558 5.8% 7.8%
Maxim Integrated Products 100.9% 43.3% 30.1% 70.8% 816 21.6% 35.6%
Analog Devices 103.4% -19.3% 30.1% 73.2% 1,500 11.7% 21.6%
Novellus Systems 108.3% -32.3% 30.1% 78.2% 723 -0.6% -1.0%
Applied Materials 122.7% 56.8% 30.1% 92.5% 4,143 0.7% 1.3%
Sector Average 48.1% 1.5% 30.1% 17.9% 9.6% 11.3%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



SOFTWARE
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Symantec 0.0% -65.3% 37.8% 0.0% 0
Standard Register 8.4% -5.3% 37.8% 0.0% 0 5.9% 5.9%
Sungard Data Systems 16.2% -4.3% 37.8% 0.0% 0 31.4% 31.4%
Keane 25.6% 9.6% 37.8% 0.0% 0 12.3% 12.3%
Cadence Design Systems 37.4% 18.2% 37.8% 0.0% 0 9.8% 9.8%
AMDOCS 87.0% 14.7% 37.8% 49.2% 730 11.6% 18.2%
Oracle 90.6% 36.4% 37.8% 52.8% 5,007 42.1% 108.8%
Siebel Systems 149.4% 68.1% 37.8% 111.6% 1,512 3.4% 13.1%
Microsoft 152.4% 62.0% 37.8% 114.6% 36,885 21.7% 54.8%
Sector Average 110.3% 41.2% 37.8% 72.5% 21.3% 43.6%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



TRUCKING
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Pacer International 0.0% 0.0% 1.6% 0.0% 0 20.2% 20.2%
Arkansas Best 0.3% -0.6% 1.6% 0.0% 0 17.8% 17.8%
Swift Transportation 0.8% 0.1% 1.6% 0.0% 0 26.9% 26.9%
Yellow Roadway 2.4% 1.8% 1.6% 0.8% 25 9.2% 9.3%
USF 5.3% 2.1% 1.6% 3.7% 84 10.4% 11.5%
CNF 6.3% -1.9% 1.6% 4.7% 239 24.0% 29.0%
C H Robinson Worldwide 6.8% 3.0% 1.6% 5.1% 186 32.3% 48.0%
Werner Enterprises 7.0% 1.1% 1.6% 5.3% 78 35.6% 40.0%
Sector Average 4.0% 0.4% 1.6% 2.4% 22.7% 24.5%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



HOME CONSTRUCTION
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
M I Homes 1.2% 0.1% 4.2% 0.0% 0 25.3% 25.3%
Beazer Homes USA 2.3% 0.0% 4.2% 0.0% 0 16.5% 16.5%
KB HOME 2.4% -3.8% 4.2% 0.0% 0 34.7% 34.7%
Oakwood Homes 3.2% -0.6% 4.2% 0.0% 0 97.6% 97.6%
Ryland Group 10.0% -3.2% 4.2% 5.7% 197 28.1% 32.6%
Lennar 13.5% -0.2% 4.2% 9.3% 824 19.4% 22.7%
Champion Enterprises 13.5% 9.0% 4.2% 9.3% 106 -6.4% -10.6%
Walter Industries 14.6% 7.1% 4.2% 10.3% 114 -1.1% -1.6%
Clayton Homes 14.9% 1.1% 4.2% 10.6% 126 10.1% 10.8%
Toll Brothers 15.4% 7.2% 4.2% 11.2% 308 16.0% 17.8%
Sector Average 7.1% 1.5% 4.2% 2.9% 18.4% 19.4%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



HOUSEHOLD PRODUCTS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Kimberly Clark 2.0% -0.8% 3.4% 0.0% 0 23.7% 23.7%
Colgate Palmolive 2.7% 0.8% 3.4% 0.0% 0 53.9% 53.9%
Energizer Holdings 3.2% 1.9% 3.4% 0.0% 0 15.1% 15.1%
Clorox 4.2% -2.3% 3.4% 0.7% 29 37.4% 37.9%
Scotts 8.2% 7.1% 3.4% 4.7% 90 15.7% 16.6%
Procter and Gamble 14.3% 8.0% 3.4% 10.9% 4,717 26.3% 31.3%
Blyth 15.3% 7.4% 3.4% 11.8% 178 15.8% 19.8%
Dial 27.1% 25.4% 3.4% 23.7% 319 32.5% 55.7%
Sector Average 9.8% 5.1% 3.4% 6.3% 27.1% 30.0%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



INDUSTRIAL TECHNOLOGY
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Mettler Toledo International 3.5% 1.0% 9.5% 0.0% 0 18.7% 18.7%
Diebold 8.3% 1.2% 9.5% 0.0% 0 19.3% 19.3%
Pall 9.3% -7.0% 9.5% 0.0% 0 14.5% 14.5%
Symbol 9.8% 5.4% 9.5% 0.3% 4 9.6% 9.6%
Thermo Electron 19.9% -27.7% 9.5% 10.4% 218 9.0% 9.9%
Danaher 23.2% 4.6% 9.5% 13.7% 725 16.7% 19.5%
Agilent Technologies 26.5% 9.8% 9.5% 17.0% 1,029 -25.7% -40.4%
Waters 37.2% 10.8% 9.5% 27.7% 265 27.6% 40.4%
Tektronix 37.5% -9.0% 9.5% 28.0% 222 7.1% 9.4%
Sector Average 24.4% 1.6% 9.5% 14.9% 3.1% 3.7%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



INDUSTRIAL, DIVERSIFIED
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Teleflex 0.0% -2.5% 3.8% 0.0% 0 11.5% 11.5%
Timken 0.8% 0.3% 3.8% 0.0% 0 6.4% 6.4%
Graphic Packaging International 0.8% 0.2% 3.8% 0.0% 0 2.4% 2.4%
Carlisle 1.3% 0.4% 3.8% 0.0% 0 15.1% 15.1%
Illinois Tool Works 16.8% 13.7% 3.8% 13.0% 1,303 18.7% 22.0%
Briggs and Stratton 19.6% 12.8% 3.8% 15.8% 262 14.9% 20.1%
Unova 21.2% 14.5% 3.8% 17.4% 196 7.7% 11.1%
Mueller Industries 25.5% 13.9% 3.8% 21.7% 217 10.7% 14.4%
Sector Average 7.1% 0.5% 3.8% 3.3% 16.3% 16.9%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



MEDICAL DEVICES & SUPPLIES
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Owens and Minor 0.4% 0.4% 3.7% 0.0% 0 18.7% 18.7%
Invacare 1.3% -0.4% 3.7% 0.0% 0 13.3% 13.3%
Stryker 1.8% -0.1% 3.7% 0.0% 0 32.9% 32.9%
Fisher Scientific International 2.4% -0.3% 3.7% 0.0% 0 13.1% 13.1%
Bausch and Lomb 27.9% -5.8% 3.7% 24.1% 487 11.1% 14.5%
C R Bard 29.4% 6.5% 3.7% 25.7% 368 23.7% 34.1%
Varian Medical Systems 31.0% 2.7% 3.7% 27.2% 284 31.9% 58.6%
Guidant 39.7% 23.2% 3.7% 35.9% 1,330 26.9% 42.3%
Sector Average 11.8% 3.6% 3.7% 8.1% 18.0% 19.6%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



NEWSPAPER PUBLISHERS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
E W Scripps 1.0% -0.2% 1.1% 0.0% 0 18.7% 18.7%
Gannett 1.0% -0.2% 1.1% 0.0% 0 16.0% 16.0%
Knight Ridder 1.1% -0.1% 1.1% 0.0% 1 23.0% 23.0%
New York Times 1.2% -0.5% 1.1% 0.1% 4 22.9% 22.9%
Advo 1.5% -0.1% 1.1% 0.4% 4 37.1% 37.8%
Dow Jones 1.5% 0.3% 1.1% 0.4% 7 169.2% 177.9%
Belo 2.2% -0.4% 1.1% 1.1% 16 14.5% 14.6%
Washington Post 3.2% 1.2% 1.1% 2.1% 59 18.3% 18.7%
Tribune 4.4% 3.2% 1.1% 3.3% 187 17.5% 17.9%
Sector Average 2.1% 0.6% 1.1% 1.0% 18.2% 18.3%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



OIL
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
EOG Resources 0.2% 0.1% 1.1% 0.0% 0 39.1% 39.1%
ConocoPhillips 0.5% -0.1% 1.1% 0.0% 0 22.9% 22.9%
Apache 0.8% -4.2% 1.1% 0.0% 0 35.8% 35.8%
Holly 0.8% -4.9% 1.1% 0.0% 0 23.0% 23.0%
Occidental Petroleum 7.3% 4.9% 1.1% 6.2% 577 34.9% 36.7%
Kerr McGee 15.6% 13.1% 1.1% 14.4% 605 24.3% 26.9%
Devon Energy 17.3% 11.0% 1.1% 16.2% 1,190 40.3% 45.0%
Burlington Resources 17.6% 14.1% 1.1% 16.4% 708 30.1% 32.5%
Sector Average 4.0% 0.8% 1.1% 2.8% 27.7% 29.3%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



OTHER INDUSTRIAL & COMMERCIAL
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
US Xpress Enterprises 0.0% -1.0% 1.8% 0.0% 0 19.5% 19.5%
GTSI 0.0% 0.0% 1.8% 0.0% 0 9.3% 9.3%
Bell Microproducts 0.2% 0.2% 1.8% 0.0% 0 3.0% 3.0%
Aramark 0.5% 0.2% 1.8% 0.0% 0 29.8% 29.8%
GATX 21.9% 8.7% 1.8% 20.1% 250 8.3% 8.7%
Gartner 26.8% 22.5% 1.8% 25.0% 215 30.5% 71.1%
Stewart Information Services 31.3% -3.5% 1.8% 29.5% 662 36.2% -8131.8%
IMS Health 27.8% 7.7% 1.8% 26.1% 360 55.5% 96.0%
Automatic Data Processing 31.3% 0.6% 1.8% 29.5% 1,891 30.1% 46.1%
Sabre Holdings 45.1% 13.4% 1.8% 43.3% 886 9.8% 16.0%
Sector Average 13.2% 8.4% 8.9% 4.3% 6.3% 6.6%
CATERPILLAR INC 1.5% -0.5% 8.9% 0.0% 0 7.3% 7.3%
DEERE & CO 31.0% 21.9% 8.9% 22.2% 3,295 5.2% 6.3%
Other Non-Ferrous Metals Sector Average 16.5% 6.8% 16.5% 0.0% 12.9% 12.9%
PHELPS DODGE CORP 16.5% 6.8% 16.5% 0.0% 0 12.9% 12.9%
Sector Average 8.2% 1.1% 1.8% 6.5% 15.9% 17.9%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



OTHER OIL EQUIPMENT & SERVICES
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
FMC Technologies 1.3% -0.2% 1.9% 0.0% 0 17.7% 17.7%
Smith International 1.4% 0.2% 1.9% 0.0% 0 13.7% 13.7%
EMCOR Group 1.7% -3.8% 1.9% 0.0% 0 6.8% 6.8%
Baker Hughes 1.9% 1.0% 1.9% 0.0% 0 12.6% 12.6%
BJ Services 13.0% 9.2% 1.9% 11.0% 236 13.5% 15.2%
Mcdermott International 15.2% 3.0% 1.9% 13.3% 310 188.5% 24.5%
Cooper Cameron 19.2% 5.6% 1.9% 17.3% 283 10.2% 12.4%
Schlumberger 27.7% 26.5% 1.9% 25.8% 2,892 7.8% 9.8%
Sector Average 10.7% 8.0% 1.9% 8.8% 10.0% 11.5%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



OTHER SPECIALTY RETAILERS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Autozone 0.1% 0.0% 1.4% 0.0% 0 47.8% 47.8%
United Auto Group 0.2% 0.1% 1.4% 0.0% 0 10.1% 10.1%
Advance Auto Parts 0.3% -0.4% 1.4% 0.0% 0 27.0% 27.0%
Guitar Center 0.4% -1.4% 1.4% 0.0% 0 22.9% 22.9%
Tiffany 13.8% 3.0% 1.4% 12.4% 248 18.2% 20.8%
Trans World Entertainment 14.4% -4.4% 1.4% 13.0% 173 7.1% 12.6%
Toys R US 17.3% 14.9% 1.4% 15.9% 1,842 9.6% 12.9%
Bed Bath and Beyond 18.9% 8.9% 1.4% 17.5% 803 32.1% 53.8%
Sector Average 6.6% 2.5% 1.4% 5.2% 22.3% 26.1%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



PHARMACEUTICAL COMPANIES
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Alpharma 4.5% 3.0% 19.8% 0.0% 0 6.4% 6.4%
Merck 7.4% 0.5% 19.8% 0.0% 0 34.4% 34.4%
Ivax 11.1% -16.3% 19.8% 0.0% 0 10.3% 10.3%
Johnson and Johnson 22.7% -1.4% 19.8% 2.9% 1,221 32.1% 33.5%
Watson Pharmaceuticals 38.7% 10.3% 19.8% 18.8% 280 15.7% 17.5%
Wyeth 45.3% 23.7% 19.8% 25.5% 4,037 20.7% 26.3%
Schering Plough 57.7% 29.2% 19.8% 37.8% 3,152 5.2% 7.3%
Forest Laboratories 64.2% 30.6% 19.8% 44.4% 996 34.9% 60.6%
Sector Average 23.2% 1.7% 19.8% 3.4% 22.2% 23.0%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



RESTAURANTS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
CBRL Group 0.7% 0.1% 0.8% 0.0% 0 30.1% 30.1%
Papa Johns 0.8% -0.5% 0.8% 0.0% 0 44.9% 44.9%
Dennys 0.8% 0.1% 0.8% 0.0% 0 43.1% 43.1%
Bob Evans Farms 0.8% 0.6% 0.8% 0.0% 0 23.0% 23.0%
Landrys Restaurants 3.2% -1.0% 0.8% 2.4% 26 14.4% 14.8%
CKE Restraurants 3.8% 2.1% 0.8% 3.0% 43 12.5% 14.0%
Outback Steakhouse 4.5% -1.9% 0.8% 3.7% 101 36.2% 39.7%
Wendys 6.2% -1.4% 0.8% 5.4% 170 24.0% 25.8%
Sector Average 2.6% 0.1% 0.8% 1.7% 19.0% 19.5%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



AUTO PARTS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Genuine Parts 0.2% -0.9% 1.1% 0.0% 0 18.8% 18.8%
TBC 0.2% 0.0% 1.1% 0.0% 0 11.0% 11.0%
American Axle & Manufacturing 0.3% -0.1% 1.1% 0.0% 0 24.7% 24.7%
Johnson Controls 0.6% -1.4% 1.1% 0.0% 0 17.0% 17.0%
Borgwaner 4.7% 2.8% 1.1% 3.7% 113 14.0% 14.9%
Visteon 5.4% -1.2% 1.1% 4.4% 769 -30.7% -38.8%
Tower Automotive 5.7% 4.8% 1.1% 4.7% 131 5.6% 6.1%
Modine Manufacturing 6.6% 4.7% 1.1% 5.5% 60 6.3% 7.0%
Dana 9.2% 7.3% 1.1% 8.1% 647 3.8% 4.3%
Sector Average 3.1% 0.4% 1.1% 2.0% 9.8% 10.6%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



BIOTECHNOLOGY
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Laboratory Corp of America 0.0% -6.8% 15.0% 0.0% 0 20.6% 20.6%
Quest Diagnostics 3.3% -0.1% 15.0% 0.0% 0 23.0% 23.0%
Bio Rad Laboratories 14.8% 9.0% 15.0% 0.0% 0 19.9% 19.9%
Monsanto 15.1% 9.5% 15.0% 0.2% 6 7.0% 7.0%
Chiron 30.5% -37.6% 15.0% 15.5% 274 10.3% 11.2%
Genetech 45.8% -19.0% 15.0% 30.8% 1,017 18.8% 22.0%
Amgen 61.3% -5.0% 15.0% 46.3% 3,871 15.2% 18.3%
Quintiles Transnational 68.7% 32.1% 15.0% 53.7% 294 1.3% 1.7%
Sector Average 33.3% 3.6% 15.0% 18.3% 10.9% 11.9%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



BROADCASTERS, FILM, TV & MUSIC
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Clear Channel Communications 1.4% -0.6% 3.3% 0.0% 0 10.0% 10.0%
Viacom 3.2% 0.1% 3.3% 0.0% 0 4.9% 4.9%
Metro Goldwyn Mayer 3.3% 3.1% 3.3% 0.0% 0 0.7% 0.7%
Univision Communications 5.8% -37.0% 3.3% 2.6% 34 6.8% 6.8%
Time Warner 7.7% 5.8% 3.3% 4.4% 1,748 6.0% 6.2%
Fox Entertainment 14.8% 14.0% 3.3% 11.6% 1,273 13.0% 14.2%
Pegasus Communications 16.9% -0.9% 3.3% 13.6% 117 8.7% 9.4%
Liberty Media 82.6% -37.5% 3.3% 79.4% 3,196 2.1% 2.3%
Sector Average 9.8% 4.2% 3.3% 6.6% 5.9% 6.0%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



BUILDING MATERIALS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Hughes Supply 0.3% -0.4% 2.0% 0.0% 0 10.1% 10.1%
Texas Industries 0.4% -0.2% 2.0% 0.0% 0 8.4% 8.4%
NCI Building Systems 1.6% -0.6% 2.0% 0.0% 0 9.8% 9.8%
Valspar 1.9% 0.8% 2.0% 0.0% 0 14.1% 14.1%
Martin Marietta Materials 7.3% 7.2% 2.0% 5.3% 90 9.6% 10.0%
Vuclan Materials 14.6% 11.2% 2.0% 12.5% 363 13.2% 15.1%
Genlyte Group 14.8% 8.7% 2.0% 12.7% 132 19.2% 25.5%
Lafarge North America 21.1% 14.3% 2.0% 19.0% 631 11.0% 13.4%
Sector Average 10.5% 4.8% 2.0% 8.5% 20.3% 24.8%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



CASINOS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
MGM Mirage 4.6% -1.8% 7.0% 0.0% 0 13.0% 13.0%
Mandalay Resort 6.2% 1.9% 7.0% 0.0% 0 14.3% 14.3%
Argosy Gaming 7.0% -0.3% 7.0% 0.0% 0 19.7% 19.7%
Caesars Entertainment 7.5% 0.6% 7.0% 0.5% 21 9.4% 9.5%
Boyd Gaming 8.5% 0.6% 7.0% 1.5% 19 15.9% 16.1%
Aztar 8.7% -2.2% 7.0% 1.7% 14 14.8% 15.0%
Harrah 9.5% -0.3% 7.0% 2.5% 107 19.4% 19.8%
Isle Of Capri Casinos 12.7% 4.9% 7.0% 5.7% 60 18.1% 18.9%
Sector Average 7.6% 0.1% 7.0% 0.6% 14.1% 14.1%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



CHEMICALS, COMMODITY
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Georgia Gulf 0.1% -0.7% 5.3% 0.0% 0 12.4% 12.4%
Lyondell Chemical 5.2% -1.0% 5.3% 0.0% 0 0.0% 0.0%
Gentek 5.3% 4.5% 5.3% 0.0% 0 1.2% 1.2%
A Schulman 5.7% 0.3% 5.3% 0.5% 5 10.7% 10.8%
Dow Chemical 7.4% 6.5% 5.3% 2.2% 714 11.3% 11.6%
Arch Chemicals 10.7% 10.3% 5.3% 5.5% 55 4.3% 4.7%
Olin 12.0% -3.9% 5.3% 6.7% 107 7.0% 8.3%
Du Pont 12.2% -11.4% 5.3% 7.0% 1,879 17.9% 19.7%
Sector Average 9.1% -1.6% 5.3% 3.9% 12.9% 13.6%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



CHEMICALS, SPECIALTY
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Airgas 0.0% 0.0% 1.1% 0.0% 0 11.3% 11.3%
H B Fuller 0.3% -0.6% 1.1% 0.0% 0 9.7% 9.7%
Spartech 0.4% -0.5% 1.1% 0.0% 0 11.5% 11.5%
Foamex International 0.5% -0.7% 1.1% 0.0% 0 11.0% 11.0%
Lubrizol 12.6% 2.4% 1.1% 11.5% 236 12.5% 15.1%
Cabot 13.8% -8.0% 1.1% 12.6% 227 6.3% 7.3%
W R Grace & CO 15.5% 5.0% 1.1% 14.4% 287 -163.9% -62.5%
Cytec Industries 17.1% 11.0% 1.1% 15.9% 234 12.3% 15.3%
Wellman 18.5% 18.4% 1.1% 17.4% 193 1.7% 2.2%
Sector Average 4.9% 1.0% 1.1% 3.8% 12.9% 13.6%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



CLOTHING & FABRICS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Russell 1.7% 1.2% 7.6% 0.0% 0 11.8% 11.8%
Warnaco Group 4.2% 1.9% 7.6% 0.0% 0 10.2% 10.2%
Kellwood 7.6% 4.6% 7.6% 0.0% 0 15.6% 15.6%
Jones Apparel 8.0% 6.1% 7.6% 0.4% 16 16.5% 16.6%
Phillips 8.4% 7.0% 7.6% 0.8% 12 5.8% 5.9%
Unifi 9.0% 8.5% 7.6% 1.4% 12 1.8% 1.8%
V F Corp 9.9% 3.9% 7.6% 2.3% 117 20.6% 21.5%
Polo Ralph Lauren 14.1% 9.5% 7.6% 6.5% 158 17.0% 18.7%
Sector Average 8.6% 5.0% 7.6% 0.9% 16.2% 16.5%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



COMMUNICATIONS TECHNOLOGY
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Gencorp 0.4% -4.2% 27.0% 0.0% 0 3.8% 3.8%
Amphenol 1.9% -0.6% 27.0% 0.0% 0 27.9% 27.9%
Rockwell Collins 2.6% 0.5% 27.0% 0.0% 0 38.3% 38.3%
Harris 22.3% -5.1% 27.0% 0.0% 0 3.4% 3.4%
Cisco 44.9% 17.3% 27.0% 17.9% 3,385 18.8% 21.4%
Crown Castle 49.7% -44.0% 27.0% 22.7% 211 6.7% 6.9%
Lucent Technologies 53.2% 42.0% 27.0% 26.2% 2,219 -13.2% -88.4%
Scientific Atlanta 65.4% 40.5% 27.0% 38.4% 557 11.0% 17.6%
Qualcomm 114.9% 29.7% 27.0% 87.9% 3,488 18.9% 34.2%
Sector Average 44.2% 18.9% 27.0% 17.2% 8.9% 10.4%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



COMPUTERS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
IBM 8.6% 1.1% 13.4% 0.0% 0 19.6% 19.6%
Unisys 10.8% 5.3% 13.4% 0.0% 0 17.4% 17.4%
NCR 12.3% 6.6% 13.4% 0.0% 0 5.9% 5.9%
Dell 12.4% -0.1% 13.4% 0.0% 0 52.2% 52.2%
Imation 35.4% 2.2% 13.4% 21.9% 255 13.6% 19.7%
EMC 44.9% 8.5% 13.4% 31.4% 1,959 4.3% 5.2%
Storage Technology 46.6% 24.4% 13.4% 33.1% 723 14.1% 29.7%
Apple 73.6% -7.3% 13.4% 60.1% 3,731 0.6% 3.1%
Sector Average 16.9% 4.9% 13.4% 3.5% 11.6% 12.4%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



CONTAINERS & PACKAGING
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Smurfit Stone Container 0.2% -0.2% 1.7% 0.0% 0 2.4% 2.4%
Silgan Holdings 0.5% -0.4% 1.7% 0.0% 0 15.8% 15.8%
Ball 0.7% -1.5% 1.7% 0.0% 0 26.5% 26.5%
Greif 2.6% 0.7% 1.7% 0.9% 18 9.5% 9.6%
Bemis 2.9% 1.4% 1.7% 1.2% 33 14.7% 15.0%
Sonoco 3.1% 1.7% 1.7% 1.4% 39 12.4% 12.6%
Pactiv 4.5% 3.0% 1.7% 2.8% 88 26.1% 27.1%
Packaging Corp Of America 9.9% 5.3% 1.7% 8.2% 143 11.4% 12.6%
Sealed Air 10.3% 9.9% 1.7% 8.7% 306 15.8% 17.4%
Aptargroup 14.8% 9.4% 1.7% 13.1% 146 20.7% 24.3%
Amdocs 87.0% 41.4% 1.7% 85.4% 1,266 10.4% 27.8%
Sector Average 7.2% 3.6% 1.7% 5.6% 13.0% 14.0%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



DISTRIBUTERS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
United Stationers 0.3% -0.2% 0.8% 0.0% 0 21.1% 21.1%
Graybar Electric 0.5% 0.3% 0.8% 0.0% 0 10.3% 10.3%
Tech Data 0.6% -0.9% 0.8% 0.0% 0 8.2% 8.2%
Ingram Micro 1.2% 0.1% 0.8% 0.5% 104 7.9% 8.3%
Avnet 4.4% 3.6% 0.8% 3.6% 325 0.4% 0.4%
PSS World Medical 5.0% 3.1% 0.8% 4.2% 50 5.6% 6.3%
Brightpoint 6.7% 2.6% 0.8% 5.9% 107 16.1% 46.3%
W W Grainger 8.6% 5.1% 0.8% 7.9% 367 19.4% 23.8%
Sector Average 4.1% 1.4% 0.8% 3.3% 3.8% 4.6%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



DRUG RETAILERS AND WHOLESALERS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Duane Reade 0.1% -0.3% 0.9% 0.0% 0 11.1% 11.1%
D & K Healthcare Resources 0.6% 0.2% 0.9% 0.0% 0 13.8% 13.8%
Longs Drug Stores 0.9% -0.2% 0.9% 0.0% 0 15.6% 15.6%
Mckesson 0.9% -0.1% 0.9% 0.0% 19 15.4% 15.5%
Cardinal Health 3.0% 1.1% 0.9% 2.1% 1,214 21.8% 24.7%
Walgreen 3.1% 3.1% 0.9% 2.2% 725 25.7% 28.6%
CVS 3.2% 2.1% 0.9% 2.3% 604 24.9% 27.2%
Caremark RX 9.0% 8.9% 0.9% 8.1% 734 43.1% 95.6%
Sector Average 2.4% 1.1% 0.9% 1.5% 20.6% 22.6%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



ELECTRIC UTILITIES
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Jersey Central Power & Light 0.0% -1.5% 1.3% 0.0% 0 9.9% 9.9%
Florida Power & Light 0.0% 0.0% 1.3% 0.0% 0 22.9% 22.9%
Louisville Gas & Electric 0.2% -0.1% 1.3% 0.0% 0 18.4% 18.4%
Kentucky Power 0.2% 0.0% 1.3% 0.0% 0 15.6% 15.6%
AES 26.3% 14.1% 1.3% 25.0% 2,104 10.8% 12.0%
PG&E 38.9% 14.5% 1.3% 37.6% 3,925 20.8% 26.7%
Covanta Energy 132.8% 124.6% 1.3% 131.5% 287 -273.3% -40.0%
Hawaiian Electric Industries 174.2% 6.0% 1.3% 172.9% 3,080 6.2% 22.8%
Sector Average 8.0% 1.4% 1.3% 6.7% 14.7% 15.4%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



FOOD PRODUCERS, EXLUDING FISH
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 '01 to '03
% pts
Industry Benchmark Excess
Cash %
Excess
Cash $m
ROCE
2003
Adjusted ROCE
Interstate Bakeries 0.0% 0.0% 1.1% 0.0% 0 29.5% 29.5%
Tyson Foods 0.1% -0.8% 1.1% 0.0% 0 12.1% 12.1%
Campbell 0.5% 0.1% 1.1% 0.0% 0 28.2% 28.2%
Dean Foods 0.5% -0.7% 1.1% 0.0% 0 13.4% 13.4%
General Mills 6.7% 5.5% 1.1% 5.6% 587 14.8% 15.5%
Lancaster Colony 12.9% 12.5% 1.1% 11.8% 131 26.4% 34.7%
H J Heinz 14.3% 12.3% 1.1% 13.2% 1,089 23.2% 27.5%
WM Wrigley 17.2% 3.5% 1.1% 16.1% 494 35.7% 48.9%
Sector Average 3.4% 1.2% 1.1% 2.3% 15.8% 16.3%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



FOOD RETAILERS and WHOLESALERS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
United Natural Foods 0.3% -0.4% 0.7% 0.0% 0 13.3% 13.3%
Kroger 0.3% 0.0% 0.7% 0.0% 0 11.1% 11.1%
Nash Finch 0.3% 0.3% 0.7% 0.0% 0 22.6% 22.6%
Safeway 0.5% 0.3% 0.7% 0.0% 0 5.3% 5.3%
Weis Markets 4.4% 2.8% 0.7% 3.7% 76 12.3% 14.1%
Ruddick 4.5% 3.2% 0.7% 3.7% 102 14.8% 17.3%
Whole Foods 5.3% 5.2% 0.7% 4.5% 143 18.6% 21.9%
Village Super Market 5.4% 1.6% 0.7% 4.6% 42 20.2% 28.5%
Sector Average 1.1% 0.5% 0.7% 0.4% 13.3% 13.5%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



GAS UTILITIES
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
WGL Holdings 0.2% -0.4% 0.9% 0.0% 0 12.2% 12.2%
TXU Gas 0.4% -0.8% 0.9% 0.0% 0 11.9% 11.9%
Southern California Gas 0.9% 0.6% 0.9% 0.0% 0 28.3% 28.3%
Questar 1.0% 0.2% 0.9% 0.0% 0 23.6% 23.6%
National Fuel Gas 2.5% 0.8% 0.9% 1.6% 32 20.2% 20.5%
Nicor 3.1% 1.4% 0.9% 2.2% 58 19.3% 20.0%
Equitable Resources 3.6% -1.7% 0.9% 2.6% 28 20.9% 21.2%
UGI 6.3% 2.8% 0.9% 5.4% 164 19.2% 20.9%
Sector Average 2.1% 0.0% 0.9% 1.2% 18.6% 18.8%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



HEALTH CARE PROVIDERS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Triad Hospitals 0.4% -0.4% 3.0% 0.0% 0 12.9% 12.9%
HCA 0.5% 0.1% 3.0% 0.0% 0 23.9% 23.9%
Universal Health Services 1.0% 0.2% 3.0% 0.0% 0 27.1% 27.1%
Lincare Holdings 1.5% 0.5% 3.0% 0.0% 0 37.7% 37.7%
Humana 21.3% 1.3% 3.0% 18.3% 2,239 18.1% 106.6%
Pacificare Health Systems 23.2% 5.6% 3.0% 20.2% 2,226 21.0% 442.1%
Magellan Health Services 24.4% 15.8% 3.0% 21.4% 323 23.5% 39.7%
Amerigroup 25.6% -1.4% 3.0% 22.6% 367 30.2% 147.3%
Sector Average 12.6% 2.7% 3.0% 9.6% 21.2% 28.0%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


The cash management scorecard prepared for CFO magazine by REL Consultancy Group uses public information reported by 1,000 companies to calculate the returns that companies would generate by paying down cpaital employed with the excess amount of cash on their balance sheets.

To calculate the opportunity cost of excess cash, REL first figures out how much of a company's cash exceeds its industry benchmark, which REL determines to be the lowest quartile in a given industry as a percentage of sales. Then it subtracts that excess from the amount of capital a company employs. The company's return on capital employed (ROCE), based on 2003 pretax operating profits, is then compared with what the return would be after excess cash is used to reduce the amount of capital employed.

For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors





For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



AEROSPACE and DEFENSE
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Kaman Corp 0.8% -2.7% 2.7% 0.0% 0 4.7% 4.7%
Northrop Grumman 1.3% -1.4% 2.7% 0.0% 0 7.0% 7.0%
Titan 1.5% -1.0% 2.7% 0.0% 0 13.2% 13.2%
Alliant Techsystems 2.6% 0.2% 2.7% 0.0% 0 13.6% 13.6%
Boeing 9.2% 8.1% 2.7% 6.5% 3,293 7.8% 9.1%
Sequa 11.1% 3.8% 2.7% 8.4% 140 4.1% 4.5%
United Defense Industries 14.0% 7.1% 2.7% 11.3% 232 31.2% 46.5%
Hexcel 18.7% 17.6% 2.7% 16.1% 144 11.3% 15.4%
Sector Average 5.4% 2.1% 2.7% 2.8% 11.6% 12.2%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



AIRLINES
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
ATA 10.6% -3.9% 17.7% 0.0% 0 36.4% 36.4%
Expressjet 14.7% 7.4% 17.7% 0.0% 0 97.3% 97.3%
UAL 17.5% 1.2% 17.7% 0.0% 0 25.9% 25.9%
AMR 18.0% 1.9% 17.7% 0.2% 43 4.6% 4.7%
US Airways 27.1% 14.1% 17.7% 9.4% 497 27.4% 32.5%
Northwest Airlines 30.3% 3.9% 17.7% 12.6% 1,198 5.3% 6.6%
Southwest Airlines 31.4% -9.6% 17.7% 13.7% 813 13.2% 15.0%
Alaska Air 33.2% 2.4% 17.7% 15.5% 379 7.1% 9.1%
Sector Average 22.0% 3.7% 17.7% 4.2% 8.4% 9.0%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


For a fuller discussion, return to the article "Too Much Cash."


Cash Management in 37 Industry Sectors



APPAREL RETAILERS
COMPANY Cash/Annual Sales Impact of Paying down Capital Employed with Excess Cash
2003 2001 to 2003 Increase,
% pts.
Industry Benchmark Excess
Cash, %
Excess Cash,
$millions
ROCE
2003
Adjusted ROCE
Jo Ann Stores 1.0% -0.2% 5.2% 0.0% 0 29.0% 29.0%
Kohl 1.4% -3.1% 5.2% 0.0% 0 23.9% 23.9%
Tjx Cos 1.8% -2.8% 5.2% 0.0% 0 49.3% 49.3%
Ross Stores 5.1% 3.8% 5.2% 0.0% 0 46.5% 46.5%
American Eagle Outfitters 22.2% 5.8% 5.2% 17.0% 258 26.4% 43.3%
GAP 29.6% 17.4% 5.2% 24.3% 3,854 30.4% 81.0%
Abercombie & Fitch 30.5% 19.4% 5.2% 25.3% 432 38.1% 75.4%
Limited Brands 35.0% 29.4% 5.2% 29.8% 2,661 16.3% 29.6%
Sector Average 13.8% 8.2% 5.2% 8.6% 23.1% 29.1%
Total Average 11.5% 3.0% 5.7% 5.8% 14.5% 15.7%


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