Strategy

2001 Working Capital Survey – Chart 29

TECHNOLOGY, HARDWARE & EQUIPMENT
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”

TECHNOLOGY, HARDWARE & EQUIPMENT
Over- all Rank Company Name Prior Year Sales Cash Conver. Effic. Days Working Cap. Days Sales Outst. Inven. Turns Days Payable Outst.
CCE Rk. DWC Rk. DSO Rk. Ts. Rk. DPO Rk.
6 LINEAR TECH- NOLOGY CORP $706 58% 3 49 443 44 438 9 364 7 984
17 ALTERA CORP $1,377 43% 8 70 630 38 360 3 836 15 898
25 INTEL CORP $33,726 35% 18 48 436 47 475 7 447 20 781
27 CISCO SYSTEMS INC $18,928 34% 20 54 486 46 464 7 473 12 940
28 XILINX INC $1,021 35% 17 62 551 40 394 4 763 15 897
43 ADAPTEC INC $811 30% 27 51 464 41 408 5 616 18 842
67 CYPRESS SEMI- CONDUCTOR CORP $1,288 27% 37 53 479 50 521 5 580 36 295
80 INTEGRATED DEVICE TECH. INC $702 25% 49 53 478 41 407 6 520 25 607
98 DELL COMPUTER CORP $25,265 14% 229 (2) 38 41 405 48 67 49 138
113 TEXAS INSTRU- MENTS $11,875 19% 108 34 291 65 742 7 480 63 73
121 APPLIED MATERIALS INC $9,564 20% 106 41 368 82 882 4 800 93 17
125 MICRON TECH- NOLOGY INC $7,336 19% 123 38 324 68 784 8 411 66 66
126 ATMEL CORP $2,013 22% 68 59 529 77 853 3 840 87 25
131 APPLE COMPUTER INC $7,983 12% 287 2 51 48 490 152 15 48 146
141 3COM CORP $4,334 21% 89 55 500 49 519 7 435 25 593
159 AMKOR TECH- NOLOGY INC $2,387 15% 193 30 255 34 303 16 187 22 698
161 SUN MICRO- SYSTEMS INC $15,721 20% 99 58 521 67 773 15 197 21 741
196 LSI LOGIC CORP $2,738 19% 117 62 563 59 665 5 605 39 260
201 ANALOG DEVICES INC $2,578 26% 43 103 853 64 735 3 882 25 617
203 NATIONAL SEMI- CONDUCTOR CORP $2,140 14% 233 35 293 35 321 8 418 34 347
206 COMVERSE TECH. INC $872 13% 253 31 262 90 923 4 734 96 16
211 GATEWAY INC $9,601 8% 535 0 48 25 192 33 96 33 365
212 MAXTOR CORP $2,705 7% 573 (3) 37 40 389 19 152 60 84
219 MICRON ELEC- TRONICS INC $1,556 5% 706 (14) 13 40 388 52 62 60 86
234 ADVANCED MICRO DEVICES INC $4,644 12% 285 33 281 53 569 9 341 45 186
292 IOMEGA CORP $1,300 11% 336 41 366 44 443 9 344 33 376
313 CORNING INC $7,127 18% 139 84 745 70 805 4 692 36 312
314 KEMET CORP $822 13% 261 57 510 38 348 4 768 48 149
331 EMC CORP $8,873 21% 88 106 870 87 915 5 677 20 762
339 QUANTUM CORP $4,727 8% 485 35 295 47 483 16 193 32 400
340 PITNEY BOWES INC $3,881 23% 59 123 922 192 995 6 487 92 19
369 NOKIA CORP $19,821 16% 184 82 726 90 924 7 454 41 238
380 LEXMARK INTER- NATIONAL GROUP INC $3,807 12% 297 61 546 56 620 6 534 35 329
396 EMACHINES INC $814 1% 894 2 53 163 992 8 372 214 4
398 MINNESOTA MINING & MANUFACT- URING CO $16,724 17% 162 92 805 64 730 4 771 23 685
406 FAIRCHILD SEMI- CONDUCTOR INTL INC $1,783 14% 225 78 698 59 655 4 708 44 191
407 TRW INC $17,231 7% 578 37 320 52 560 15 195 34 346
412 CONEXANT SYSTEMS INC $2,104 12% 277 69 622 61 695 4 783 51 125
415 TERADYNE INC $3,044 17% 146 98 836 55 600 4 809 17 866
436 UNISYS CORP $6,885 7% 563 43 388 66 751 11 269 44 190
468 LORAL SPACE & COMMUNI- CATIONS LTD $1,458 -3% 983 (12) 15 7 66 10 311 55 104
471 QUALCOMM INC $3,197 10% 397 62 559 75 839 11 279 38 271
482 TELLABS INC $2,319 17% 150 106 873 94 940 6 565 15 894
493 SANMINA CORP $3,912 7% 570 50 452 45 457 9 332 35 322
543 HEWLETT PACKARD CO $48,782 9% 455 67 609 52 566 6 560 33 382
555 HARRIS CORP FLA $1,807 14% 235 98 830 82 885 7 478 26 576
558 ROCKWELL INTER- NATIONAL CORP NEW $7,151 12% 280 90 796 66 746 4 756 41 222
574 EATON CORP $8,309 8% 479 69 619 52 567 7 474 23 676
609 UNITED TECH- NOLOGIES CORP $26,583 10% 404 82 731 60 680 5 606 30 433
632 BRIGHT- POINT INC $1,977 3% 827 44 390 50 531 10 317 42 216
643 AMPHENOL CORP $1,360 8% 521 76 686 40 378 4 789 29 492
657 IBM CORP $88,396 11% 332 96 826 105 962 11 283 29 458
659 SILICON GRAPHICS INC $2,331 8% 538 76 687 70 804 8 424 25 611
661 DIEBOLD INC $1,744 13% 265 107 876 89 921 6 568 26 557
667 MANUFACT- URERS SVCS LTD $921 0% 948 31 264 52 561 8 395 64 70
675 ECHOSTAR COMMUNI- CATIONS CORP NEW $1,603 -2% 973 24 200 42 419 9 338 43 196
687 COMPAQ COMPUTER CORP $42,383 3% 828 50 458 73 826 14 219 43 206
693 WESTERN DIGITAL CORP $1,958 -5% 991 9 90 34 307 20 145 43 203
696 KONINK- LIJKE PHILIPS ELEC- TRONICS NV $31,537 6% 638 73 653 62 703 5 583 42 215
710 MOTOROLA INC $30,931 6% 631 76 683 61 686 5 639 31 414
722 CABLETRON SYSTEMS INC $1,460 8% 544 86 760 59 662 5 611 27 531
730 SCIENTIFIC ATLANTA INC $1,715 8% 522 89 792 78 862 5 596 39 253
733 INFOCUS CORP $887 5% 725 70 631 72 822 9 345 34 343
746 ADC TELECOMM- UNICATIONS INC $3,288 10% 373 106 868 80 875 4 725 20 779
762 TELEFLEX INC $1,764 9% 426 104 855 73 828 5 648 24 634
766 PERKINELMER INC $1,695 8% 478 98 833 81 880 4 710 35 326
791 IMATION CORP $1,235 7% 581 94 817 69 787 5 636 29 477
802 VIASYSTEMS GROUP INC $1,605 1% 906 60 539 67 770 6 514 53 111
819 TEKTRONIX INC $1,121 -2% 971 48 433 61 684 5 635 55 102
841 CABLE DESIGN TECH- NOLOGIES CORP $798 9% 451 116 901 67 774 4 806 23 683
859 AVAYA INC $7,680 4% 729 94 818 82 884 6 558 24 644
882 STANDARD REGISTER CO $1,266 5% 696 102 849 75 840 6 530 10 968
893 STORAGE TECH. CORP $2,060 9% 471 127 929 106 963 5 598 19 811
896 MCSI INC $896 -1% 958 74 667 69 791 7 437 35 333
905 ANDREW CORP $1,019 11% 355 143 950 88 917 3 846 18 831
909 NCR CORP $5,959 0% 944 82 735 80 872 9 321 25 595
910 GENERAL BINDING CORP $902 5% 711 111 887 72 824 3 822 22 694
914 LM ERICSSON TELEPHONE CO $25,214 6% 623 123 919 108 966 4 720 35 327
916 PIONEER STANDARD ELEC- TRONICS INC $2,551 -1% 956 83 743 59 660 5 576 34 351
917 LANIER WORLDWIDE INC $1,326 8% 502 135 943 112 973 5 579 19 817
923 MEMC ELEC- TRONIC MATERIALS INC $872 -4% 989 65 587 56 619 7 481 45 178
935 KLA TENCOR CORP $1,499 13% 272 173 981 111 972 2 939 14 913
944 ALCATEL SA $23,080 5% 718 132 939 134 987 4 740 65 68
955 ANTEC CORP $999 -2% 972 105 864 60 674 3 873 52 121
965 LUCENT TECH- NOLOGIES INC $33,813 1% 887 129 935 106 964 4 797 31 409
967 ON SEMI- CONDUCTOR CORP $799 5% 688 152 963 114 977 3 897 56 100
969 LAM RESEARCH CORP $1,231 3% 805 142 948 84 901 3 893 25 599
977 SUPERIOR TELECOM INC $2,049 5% 719 162 972 88 916 4 722 47 165
990 XEROX CORP $19,228 1% 907 184 985 144 991 3 848 18 853
992 ASM LITHO- GRAPHY HOLD. NV $1,200 3% 792 210 993 139 990 2 961 44 194
524 Industry Average $8,096 11%   74   69   9   39  

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