Strategy

2001 Working Capital Survey – Chart 16

GENERAL INDUSTRIAL SERVICES
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”

GENERAL INDUSTRIAL SERVICES
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.
1 COMDISCO INC $3,867 83% 1 60 535 71 818 21 139 25 602
10 VIAD CORP $1,727 42% 9 14 131 18 149 20 144 20 784
81 DELUXE CORP $1,263 18% 134 13 126 21 165 51 66 11 959
92 CRESCENT OPERATING INC $718 12% 302 (18) 9 31 265 15 205 73 43
135 RYDER SYSTEM INC $5,337 15% 208 20 166 42 412 47 69 27 529
166 WASTE MANAGE- MENT INC NEW $12,492 14% 230 24 207 50 522 78 36 28 499
236 JOHN H HARLAND CO $703 12% 294 33 279 36 336 18 172 17 874
259 NATIONAL DATA CORP $686 11% 312 36 302 73 829 43 77 41 226
264 ADVANCE- PCS $1,968 3% 817 (15) 12 46 463 221 7 62 80
266 R R DONN- ELLEY & SONS $5,183 14% 226 52 468 61 688 21 141 23 674
337 NOVA CORP GA $1,578 6% 616 24 202 28 232 210 10 7 986
349 ADVO INC $1,129 6% 677 20 164 32 286 220 8 14 916
353 SODEXHO MARRIOTT SERVICES INC $4,734 6% 652 22 191 40 384 62 47 24 647
365 CONSOLI- DATED GRAPHICS INC TX $625 13% 270 63 571 75 841 12 252 33 375
366 SERVICE- MASTER CO $5,971 7% 603 28 242 33 291 60 49 9 971
370 C H ROBINSON WORLD- WIDE $2,882 3% 809 7 79 43 424 980 3 36 301
397 WESCO INTER- NATIONAL INC $3,881 4% 746 19 161 22 174 7 434 44 189
402 CINTAS CORP $1,902 12% 304 64 575 44 435 7 446 11 952
445 ARAMARK CORP $7,263 5% 715 29 249 30 252 16 186 21 740
514 IMCO RECYCLING INC $765 7% 587 52 474 57 628 9 334 40 248
515 LABOR- ATORY CORP OF AMERICA HLDGS $1,919 10% 365 73 652 77 849 36 87 10 964
539 SED INTER- NATIONAL HLDGS INC $609 2% 844 28 239 32 273 10 296 41 234
554 HUTTIG BUILDING PRODUCTS INC $800 4% 762 39 346 40 380 12 262 27 547
561 BOWNE & CO INC $1,114 9% 453 70 632 77 852 19 153 19 825
566 WORLD FUEL SERVICES CORP $1,200 1% 900 26 227 43 427 123 20 20 776
587 WACKENHUT CORP $2,505 1% 886 29 244 33 290 126 18 6 987
589 SAFE- GUARD SCIEN- TIFICS $2,770 2% 861 32 266 37 345 22 137 21 725
593 U S XPRESS ENTERPR. INC $708 5% 691 52 471 58 648 66 43 10 969
597 AFFIL- IATED COMPUTER SERVICES INC $1,963 7% 561 67 607 73 827 144 16 9 973
611 WALLACE COMPUTER SERVICES INC $1,565 9% 470 76 682 69 794 9 335 21 722
635 QUANTA SERVICES INC $1,793 3% 782 49 445 94 938 84 34 49 144
673 GTSI CORP $668 1% 913 39 343 67 764 15 211 51 126
678 DONALDSON CO INC $1,092 8% 543 79 702 66 758 7 448 25 600
689 KEVCO INC $840 1% 877 45 402 25 201 8 405 29 462
694 U S OFFICE PRODUCTS CO $2,499 2% 872 46 414 41 400 10 313 23 678
727 SAFETY KLEEN CORP DE $1,686 6% 665 76 688 99 949 31 101 34 344
745 CONCORD EFS INC $1,229 24% 55 188 989 71 809 1 987 66 62
757 ENCOMPASS SERVICES CORP $4,099 2% 859 58 524 85 903 93 28 31 418
774 INTE- GRATED ELEC- TRICAL SERVICES $1,672 1% 874 59 531 105 960 64 45 50 133
782 SCHOOL SPECIALTY INC $639 4% 763 74 663 47 481 4 709 27 535
804 VOLT INFOR- MATION SCIENCES INC $2,201 0% 945 54 493 66 752 33 95 22 702
809 CELLSTAR CORP $2,476 -2% 970 46 420 54 591 9 347 48 155
812 MASTEC INC $1,330 3% 798 75 674 97 943 65 44 26 563
828 IKON OFFICE SOLUTIONS INC $5,447 8% 546 104 854 94 936 10 315 14 914
861 U S A FLORAL PRODUCTS INC $925 -1% 955 65 588 94 937 19 155 52 120
877 AHL SERVICES INC $814 -1% 953 69 618 71 819 62 48 7 981
912 BELL MICRO- PRODUCTS INC $1,804 -2% 979 71 639 62 705 6 536 47 160
920 REYNOLDS & REYNOLDS CO $924 15% 205 177 984 185 994 17 177 23 686
924 NCS HEALTH- CARE $695 -2% 966 83 740 82 886 12 268 25 620
927 SENSOR- MATIC ELEC. CORP $1,100 10% 387 152 962 115 978 3 828 24 639
936 ARROW ELECTR. INC $12,959 -1% 959 95 821 66 750 5 638 37 284
946 VALLEY MEDIA INC $892 -6% 995 69 620 70 798 4 701 76 38
973 MSC INDUSTRIAL DIRECT CO INC $793 3% 787 148 958 47 484 2 974 15 902
995 USEC INC $1,489 13% 269 283 998 85 902 1 991 51 129
999 AVIATION SALES CO $672 -15% 999 236 995 89 920 2 984 38 266
578 Industry Average $2,374 8%   63   61   59   30  

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