Health Development Corporation Spread Sheet (Sol)

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Health Development Corporation Harvard Business School Case 9-299-049 Case Software 9-201-702 2nd Edition

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Copyriht ! 2000 "y the #resident and $ellows of Harvard Collee

%his case was prepared as the "asis for class discussion rather than to illustrate either effective or ineffective handlin of an ad&inistrative situation' Health Development Corporation Spread Sheet (Sol)

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E(hi"it 1)nco&e State&ent for Health *evelop&ent Corporation

1994

%otal +evenue Clu" peratin E(penses ross #rofit +ent and ther E(penses" *epreciation and 3&ortiation peratin )nco&e 5et )nterest E(pense 5on-+ecurrin E(pensesc #re-%a( )nco&e )nco&e %a(es 5et )nco&e E(pense 3d8ust&ents 5on-+ecurrin )te&s *irectors aes and $ees #rofessional $ees %er&inated perations Contri"utions and ther )te&s 3d8usted #re-%a( )nco&e 3d8usted EB)%*3d EB)%*3 :arin

Unlock Access to An 1995

1996

Year Ended December 31, 1997 1998 1999


,.1/ 997 12,4 1././ 779 /990 ,,.7 9..7 2.7 29/7 .747 4299 1,.1 222/ 2,/9 2,42 ./. Development 42/ 17 /19 Health Corporation Spread .4. .1 ./1 ,., Sheet (Sol) 17 . 622 62, 0 ./ 2 1,/ .2 279 ..1 /,0 Access Now 14/ 12/ 1, ... 179 1. 17. .47 No thanks, I don't want my exclusive trial

0 42 24 0 0 .91

./ 40 44 0 2 400

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771 9'.0;

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1449 9,77 4/72 2771 /,2 1219 6./ 40 121/ 499 71/

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a #ro8ections include only current H*C properties and include no assu&ptions reardin additional future ac =1,9000 in losses on a clu" ter&ination in 1997> =40000 in pur d $iure includes =,0000 and =2,000 of losses for the co&pany?s new 3ndover facility for 1999 and 2000 re e *oes not reflect a full year of ownership of H*C?s @e(inton facility which would result in an additional =2000

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itions' chase financin costs in 199,' pectively' 0 of EB)%*3 if annualied'

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E x h i b i t 2 Bal anceSheet sf orHeal t hDevel opmentCorpor at i on

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Unlock3, Access $eptember 1999to An !""et" Current assets Cash and :arAeta"le Securities 3ccounts receiva"le )nventory #repaid and ther Current )te&s %otal Current 3ssets #roperty #lant and E

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1. 120 1,,, 210 .9 .22 /704 /,2 7.,/ 9 71, 470 1197 1210

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E x h i b i t 3

Val ueofHDCwi t hOwnedandLea s edLexi ngt onRea lEs t at e %e*in+ton eal E"tate Unlock Access to An -.nin+ %ea"in+

3d8usted #re-ta( )nco&e 6e(cludin @e(inton +eal Estate Cost of @e(inton +eal Estate )nterest *epreciation @ease cost 3d8usted #re-ta( )nco&e )nterest 6e(cludin @e(inton *epreciation 6e(cludin @e(inton @e(inton real estate interest @e(inton real estate depreciation

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2/12

04 0 Health Development Corporation Spread 1/2 0 Sheet (Sol) 0 92 194/

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EB)%*3

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perations Dalue #lus E(cess Cash %otal Enterprise Dalue @ess Corporate de"t 6e(cludin @e(inton @e(inton real estate de"t E
70 20770

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/artic(lar Esti&ated +evenue of the @e(inton Clu" @ease #ay&ent rowth +ate Effective life of the +eal Estate #urchase #rice *iscount +ate #D of lease rent 5#D of real estate

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Health Development Corporation Spread Sheet (Sol)


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al(e o# HDC .ith -.ned %e*in+ton eal E"tate

al(e o# HDC .ith %e*in+ton %ea"e o# 525 ann(all)

Unlock Access to An 3d8usted #re-ta( )nco&e 6e(cludin @e(inton +eal Estate 2/12 @ess @ease cost 92 3d8usted #re-ta( )nco&e 1/,7 3dd )nterest 6e(cludin @e(inton 471 3dd *epreciation 6e(cludin @e(inton 1071

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Health Development Corporation Spread .229 Sheet (Sol) 

EB)%*3 :ultiple

Dalue of operation with leased real Estate 3dd E(cess Cash @ess Corpoate *e"t

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1/14 70 1917

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2/12 2 20,7 471 1071

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H*C value with leased real estate

1497,

)ncre&ental EB)%3 fro& #urchase :ultiple Dalue of +eal Estate

92 10 920

H*C Dalue with real estate @ess @e(inton real estate de"t @ess E(cess Cash E
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Health Development Corporation Spread Sheet (Sol)

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