Strategy

2001 Working Capital Survey – Chart 10

ENTERTAINMENT & LEISURE
CFO StaffJuly 1, 2001

Behind the Rankings

The management of working capital combines two measures, weighted equally:
1. Days of Working Capital (DWC) = (Receivables + Inventory ­ Payables) ÷ (Sales ÷ 365 Days). If payables exceed the sum of receivables and inventory, DWC is negative.
2. Cash Conversion Efficiency (CCE) = Cash Flow from Operations ÷ Sales.

The overall ranking: (Highest Overall CCE ­ Company CCE) ÷ (Highest Overall CCE ­ Lowest Overall CCE) + (Lowest Overall DWC ­ Company DWC) ÷ (Lowest Overall DWC ­ Highest Overall DWC). Days of Sales Outstanding (DSO), Inventory Turns, and Days of Payables Outstanding (DPO) are not part of the overall ranking criteria. Industry averages consider all companies in an industry, not just the top five.

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Sources: REL Consultancy Group, Piranha Web


Back to “Forget the Float? — The 2001 Working Capital Survey”

ENTERTAINMENT & LEISURE
Over- all Rank Company Name Prior Year Sales Cash Conver. Effic. Days Working Capital Days Sales Outst. Inven. Turns Days Payable Outst.
CCE Rk. DWC Rk. DSO Rk. Ts. Rk. DPO Rk.
12 CARNIVAL CORP $3,779 36% 16 (7) 25 8 72 21 138 24 627
30 WALT DISNEY CO NEW $25,402 24% 56 (4) 32 57 632 25 122 74 41
35 ROYAL CARIBBEAN CRUISES $2,546 22% 74 (6) 27 6 55 46 70 17 862
39 LOEWS CINEPLEX ENTER- TAINMENT CORP $891 11% 346 (62) 4 8 78 186 12 72 46
44 MCDON- ALD’S CORP $14,243 21% 78 4 66 19 157 92 29 17 860
49 GTECH HOLDS. CORP $1,011 27% 34 41 371 39 363 15 202 17 876
58 SIX FLAGS INC $927 20% 97 8 82 13 107 18 160 15 893
94 APPLEBEE S INTNL. INC $690 15% 201 3 58 9 82 53 61 11 951
99 HARLEY DAVIDSON INC $2,906 18% 137 20 170 16 128 9 323 21 735
102 TRICON GLOBAL REST- AURANTS INC $7,093 7% 556 (39) 6 10 94 104 23 52 119
117 BRINKER INTRNL. INC $2,160 11% 331 (10) 18 4 41 33 93 17 877
119 RUBY TUESDAY INC $797 11% 310 (6) 29 3 28 46 71 14 921
122 WENDY S INTER- NATIONAL INC $2,072 12% 278 (1) 44 13 108 40 81 20 775
136 JACK IN THE BOX INC DE $1,630 11% 351 (4) 33 3 30 54 58 13 931
137 RYAN S FAMILY STEAK HOUSES INC $665 11% 328 (1) 40 2 6 83 35 5 989
181 PAPA JOHN S INTER- NATIONAL INC $945 10% 418 4 62 8 75 53 59 10 966
189 BOB EVANS FARMS INC $965 10% 366 10 95 6 60 16 191 3 997
193 EASTMAN KODAK CO $13,994 11% 353 12 117 68 780 5 624 97 13
195 OHIO POWER CO $2,039 20% 104 65 590 58 637 5 665 30 430
200 DARDEN REST- AURANTS INC $3,701 9% 457 4 67 3 19 18 165 15 909
202 CKE REST- AURANTS INC $1,990 7% 569 (4) 31 9 80 42 79 18 841
204 CBRL GROUP INC $1,772 10% 381 13 123 2 12 5 588 13 929
255 AVADO BRANDS INC $644 5% 703 (3) 34 4 40 68 41 12 942
272 POLARIS INDUSTRIES INC $1,426 9% 445 24 208 14 117 8 374 24 642
275 FRIENDLY ICE CREAM CORP $709 4% 733 (3) 36 3 29 30 102 14 924
327 SHONEY’S INC $836 4% 775 5 75 4 37 25 124 12 945
358 ADVANTICA REST- AURANT GROUP $1,590 1% 917 (7) 24 4 38 58 51 22 711
376 ELECTR. ARTS INC $1,420 8% 503 38 332 54 583 28 109 22 695
416 CALLAWAY GOLF CO $838 13% 264 72 641 30 260 3 838 21 761
427 WINNE- BAGO INDUS. INC $743 7% 549 42 377 16 132 7 431 17 865
459 INTER- NATIONAL GAME TECH. $1,004 18% 132 108 879 80 873 4 798 25 601
525 BRUNSWICK CORP $3,812 9% 424 69 615 41 402 5 618 27 549
527 THOR INDUS. INC $894 4% 756 36 310 24 190 9 333 22 688
594 FLEETWOOD ENTERPR. INC $3,713 2% 830 38 322 25 198 12 265 14 920
607 AMF BOWLING INC $733 4% 765 47 430 37 338 9 346 19 826
627 MATTEL INC $4,670 11% 330 93 811 78 861 5 643 26 569
681 COACHMEN INDUS. INC $710 3% 808 52 467 17 134 7 451 11 956
714 MATSU- SHITA ELECTRIC INDUST. CO $71,314 7% 605 79 705 60 670 5 599 30 443
736 VIACOM INC $20,044 7% 582 85 756 58 639 6 545 18 843
855 HASBRO INC $3,787 6% 659 101 845 89 918 4 702 22 700
922 POLAROID CORP $1,856 4% 754 114 893 89 919 2 934 66 64
988 K2 INC $635 0% 950 172 980 79 870 2 937 18 835
321 Industry Average $5,086 11%   29   28   30   24  

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