FAN UP Market Analysis and Sales Projections Essay Example for Free

FAN UP Market Analysis and Sales Projections Essay FAN UP is positioned within the Smartphone Applications Industry. Mobile devices with remote internet capability, smart phones, have created an entirely new market of users that can be reached on the go. Due to the recent nature of Smartphone technology, we are witnessing rapid growth and innovation in the smart phone applications industry. FAN UP allows the event host the ability to seamlessly pair a sponsor with individuals coming to the event. By doing so, FAN UP will open the door to endless brand reach through Social Media via the user, additional in- ­Ã¢â‚¬ game/concert advertisement, fan appreciation, and a creative way for each event host to use their event to leverage underutilized sponsorships and promote their brand. Industry Analysis Mobile applications have changed a number of industry landscapes in recent history. This industry shows annual growth projections from 2009- ­Ã¢â‚¬ 2014 to be 49.8% and from 2013- ­Ã¢â‚¬ 2018 to be 28.9%. The evidence of this growth is a reason this app will be successful. Competition in the Smartphone Applications Industry is very strong. Because of this, it is important to analyze the different forces at work within the industry. This chart, information gathered from IBIS World, lays out the industry structure: Life Cycle Stage Growth Revenue Volatility Very high Capital Intensity Low Industry Assistance Low Concentration Level Low Regulation Level Medium Technology Change High Barriers to Entry Low Industry Globalization Low Competition Level High The first key external factor in this industry is the number of mobile internet connections. As the number of smart phone purchases increases with the number of mobile internet connections in 2014, app developers will have a larger market for their products. Secondly, as demand from e- ­Ã¢â‚¬ commerce increases in 2014, retailers have expanded their product lines, the platforms on which they operate, and retailers are expected to create more shopping apps to assist time- ­Ã¢â‚¬ strapped consumers. Next, time spent on leisure and sports represents one of the most key external factors. Time spent on leisure and sports is expected to decrease slowly in 2014, resulting in a potential threat for the industry. While the industry now serves a broad audience, leisure time is a major restrictive factor in a consumers ability to use and purchase smart phone app products. The US Census Bureau data re- ­Ã¢â‚¬ iterates more of the same industry trends. â€Å"In 2011, U.S. nonfarm businesses with employees spent a total of $289.9 billion on non- ­Ã¢â‚¬ capitalized and capitalized information and communication technology (ICT) equipment, including computer software. This represents an increase of 10.6% from 2010. Of the $65.2 billion spent on noncapitalized computer software, $29.9 billion was for purchases and payroll for developing software, an increase of 7.3% from 2010. $35.3 billion was for software licensing and service/maintenance agreements, an increase of $3.9 billion (12.6 percent) from 2010.† Although the growth of mobile apps is on the rise, revenue earned from these apps is expected to increase at a slower rate. Over the next five years, consumers are expected to continue wander away from pay- ­Ã¢â‚¬ to- ­Ã¢â‚¬ download apps, forcing developers to embrace the â€Å"freemium† business model that relies on monetizing free downloads after the fact via in- ­Ã¢â‚¬ app purchases. By 2019, free downloads are expected to account for about 95.5% of total mobile app store downloads. In the five years to 2019, revenue is expected to experience a 28.9% increase, reaching a total of a $34.7 billion smart phone application industry. Market Analysis The market analysis for FAN UP is atypical of most apps. FAN UP will start by focusing on the target market of Sports Franchises in the US and Concert and Event Promotion in the US. FAN UP will serve Gym, Health and Fitness Clubs in the US, Ski and Snowboard Resorts in the US, and Amusement Parks in the US in the secondary market. The sports franchise market in the US is comprised of sports teams or clubs that participate in live professional or semiprofessional sporting events (e.g. baseball, basketball, football, hockey, soccer and other team sports) before a paying audience. This market makes up the first half of the target market. Over the five years to 2013, revenue is expected to grow at an average annual rate of 1.4% to $23.6 billion, and includes a 1.5% increase in 2013 alone. The key external factors for the sports franchise market loosely hold true for the entire scope of the FAN UP market. The external factors include per capita disposable income is expected to increase by 0.8% during 2013, the number of households earning more than $100,000 is expected to increase slowly over 2013, external competition from other sports franchises is expected to increase during 2013 which represents a threat in the industry but not the market, and time spent on leisure and sports is expected to decrease slowly during 2013. Industry revenue is expected to expand 1.5% in 2013. Also, some franchises are opening new or remodeling existing stadiums to attract more consumers. Concert and Event Promotion in the US is the second half of the target market. This market creates, manages and promotes live performances and events, ranging from concerts and theater performances to state fairs and air shows. This industry has an annual growth projection of 2.6% from 2013- ­Ã¢â‚¬ 2018 with 49,825 operating businesses. Federal funding for Creative Arts is the key external factor that deviates from the sports franchises market. Many nonprofit establishments in this industry rely to some extent on federal funding, particularly grants from the National Endowment for the Arts, an independent agency that Congress established in 1965 to support the arts. Federal funding for creative arts is expected to increase slowly during 2013. This market has a history of good performance even when other industries struggle. Except for moderate wavering in 2010, the economic downturn ha s done little to deter Americans from attending live concerts and other entertainment events. Over the five years to 2013, industry revenue has grown at an estimated annualized rate of 1.3% to $23.7 billion, including a 3.5% anticipated increase in 2013. Revenue Model FAN UP will create revenue through brokerage fees, reach bonuses, and advertising. This recurring revenues model will be paid by the host of the event (i.e. Carolina Panthers, Live Nation, etc.) for each event in which FAN UP participates. The app will be free from the App Store because, as shown in the data, consumers are increasingly less likely to pay for an app. The brokerage fees are for the access to the app’s consumer base. The reach bonus is in place because with more reach, the more the host can charge the sponsor of the FAN UP sponsorship package. The FAN UP pricing will be dynamic in that negotiations must take place with each new partner in order to agree upon the percentage of the FAN UP sponsorship that FAN UP will receive. The price of the FAN UP sponsorship package will be a negotiation be tween the event host and the brand. Works Cited: 1. IBIS World 2. US Census Bureau 3. http://2012books.lardbucket.org/books/designing- ­Ã¢â‚¬ business- ­Ã¢â‚¬ information- ­Ã¢â‚¬  systems- ­Ã¢â‚¬ apps- ­Ã¢â‚¬ websites- ­Ã¢â‚¬ and- ­Ã¢â‚¬ more/s13- ­Ã¢â‚¬ industry- ­Ã¢â‚¬ analysis- ­Ã¢â‚¬ smartphone - ­Ã¢â‚¬ a.html 4. http://www.softwareengineerinsider.com/articles/smartphone- ­Ã¢â‚¬ app- ­Ã¢â‚¬  development.html#.UvBroChU6xK 5. http://digby.com/mobile- ­Ã¢â‚¬ statistics/

The Mailbox And Postal System Information Technology Essay

The Mailbox And Postal System Information Technology Essay The hardware and software benefited in this project are the physical mailbox itself, a microcontroller, infrared sensors, and MySQL database management system. This chapter will give brief introduction of the mailbox and postal system, fundamental of microcontroller and sensor, and database management system (DBMS). 2.2 Mailbox and Postal System 2.2.1 Introduction of Mailbox Mailboxes are tools for sending letters (Postbox Solutions, 2007). They are very common in human communities. It provides people with one of the most practical way of communicating with other people around the world. There are so many varieties of mailbox regardless of shapes, colours, fonts, logo and etc. However, no matter how different or how strange the mailbox may look like, it still does its job with no compromises. 2.2.2 Relationship of Mailbox and Postal System in History Research by Cornerstone (2010) said that mailboxes is started to be used in the late 1700s in Paris, France. As time passed by, it became popular in the Europe in middle-late 1800s after the British Post Office asked people to install mailboxes at their offices and residents and decided to begin mail delivery. Previously, people have to pick their mails at the local post office by themselves and there were no postmen during that time. The story is different in the U.S in 1863 when the U.S. Postal Service (USPS) began the Free City Delivery. People in the U.S at that time had no mailboxes installed at their houses. Postmen delivered mail to each houses door by door waiting  for a patron  to answer the knock. This method of mail delivery took extra time and patrons were not always home or able to answer the door.  Patrons began to install mail slots and mailboxes at their doors. According to Cornerstone (2010), the U.S. Postal Service in 1896 introduced Rural Free Delivery (RFD). The USPS researched ways to save time and solve the problem with mail-carriers delivering mail to the scattered rural patrons.  They proposed that mailboxes for people lives in the area to be placed at curb sides and roadways. Later in 1923, USPS mandated that every household to have a  proper mailbox to receive mails. In 1915, Roy J. Joroleman, an employee of the post office invented the curved, tunnel-shaped mailbox.   The shaped was designed to prevent water and snow from collecting in the mailbox.  Soon after, the Postmaster General released the design for manufacture and production and this design has been the top-selling type of mailbox (Cornerstone, 2010). Figure 2.1 : A curved, tunnel-shaped mailbox 2.2.3 Centralize Mailbox System The development of the country has seen that there are so many tall, multiple-storey building been built all over the country. Single type mailbox that can always be spotted at each household and offices during the early days is no more practical for residential apartments and office complexes. In order to overcome this problem, centralize mailbox system was introduced. Centralized mailbox system often found at the ground floor of each tall building where every owner of each residential apartment or office will have one for his or her unit. central mailbox.PNG Figure 2.2 : Centralize mailbox system. 2.3 Microcontroller 2.3.1 Introduction to Microcontroller In simple words, a microcontroller is a computer (Brain, 2000). The terms computer can be wide in definition. It can be a desktop personal computer, a laptop computer, a handheld-sized smartphones or the microcontrollers themselves. A microcontroller can be interpreted as a computer due to the reason that it has several similarities as compared to a computer. Generally, the basic architecture of a microcontroller involves four main parts; central processing unit (CPU), random access memory (RAM), read-only memory (ROM), and input output ports (I/O ports). In the case of computers, all computers have a CPU that executes programmes such as a web browser or a word processor. The computer has some RAM installed where the CPU can store variables while doing its work. It also has I/O ports that connect many types of input and output devices, for example the keyboard the input device, and the monitor the output device. inside a microcontroller.PNG Figure 2.3 : The architecture of a microcontroller (Engineers Garage). However, with certain comparison in terms of features, microcontrollers and computers can be differentiated. The desktop computer which often can be found at offices and homes is a general purpose computer, while a microcontroller is a special purpose computer (Brain, 2000). Due to its relatively small size, microcontrollers are embedded inside some other devices and work as the controller of the features of the product. Microcontrollers are also dedicated to run one specific programme only; the programmed that is loaded into the ROM. Finally, often in most of the cases, a microcontroller is small and low in cost, hence good for mass production of products that utilize microcontrollers. 2.4 Sensor 2.4.1 Introduction to Sensor A sensor is a device that measures the physical quantity and converts it into a signal which can be read by an observer or an instrument. Ideal sensors are designed to be linear. The output signal of such a sensor is linearly proportional to the value of the measured property. The sensitivity is then defined as the ratio between output signal and measured property. A good sensor obeys the following rules: Is sensitive to the measured property. Is insensitive to any other property. Does not influence the measured property. 2.4.2 Applications of Sensor Sensors are widely used in our daily life nowadays. There are many types of sensors today. These sensors can be categorized into specific types. Lists of sensors use nowadays are as below: Acoustic sensor such as Geophone, Microphone and Seismometer. Electric current sensor such as Ammeter, Voltmeter and Multimeter. Environment and weather sensor such as Gas detector and Rain sensor. Optical, light and imaging sensor such as flame detector, Infra-red sensor and Photodiode. Pressure sensor such as Barometer, Hydrometer and Pressure sensor. Temperature sensor such as Thermometer. 2.5 Database 2.5.1 Introduction to Database The database is one of the technology terms that most people have become accustomed to hearing either at work or while surfing the internet. The database term used to be an extremely technical term. However, database has become a household term with the rise of computer systems and information technology throughout the culture. Selena (1998) has highlighted the definition of database as a computerized way of keeping collection of records or data. The true usefulness of database is seen especially if the data stored in the database in big volumes because the stored data is easily accessible. Moreover, adding new information and updating any changes should also be considerably painless. Besides that, on-demand record searching in the future will be piece of cake. Another advantage of a database is it can be shared all over the network where the computer that holds the database is connected. At this point, the presence of a Database Management System (DBMS) is very important in order to have a highly systematic database system. DBMS is a program that handles the queries and data stored inside the database. 2.5.2 Types of Databases There are four types of databases that are commonly used where each type of database represents its own data model. Data model means how the data inside the database is structured. The four types are; Flat Model, Hierarchical Model, Relational Model, and Network Model. 2.5.2.1 The Flat Model Database As written by Smith (2010), a flat database is a database that utilizes only one table for the fields of records. For example, a spreadsheet is used to store all the data and records. The information is separated into columns of its category, and each line represents one record. This type of database might be sufficient for small database, but a spreadsheet will seem to be not practical, notably for ones with large amount of records. 2.5.2.2 The Hierarchical Model Database As its name hints, the hierarchical model database resembles a hierarchically-arranged data (Selena, Introduction to Databases for the Web: Pt. 1, 1998). It links records together in a structure like a tree, or like an organizational chart. In this model, each data will be categorized and stored as a sub-data of its category. Every data must fall into only one category. Hierarchical structure database were widely implemented during the early time of database management systems. However, this model of database became irrelevant for some certain data types. For example, in a college environment, the administration might stored student information and sorts them according to their courses. Database operation will be smooth if every student is enrolled in one course only. But, problem will arise whenever a student enrolled in more than one course. Hierarchical database is unable to put a record into two categories, or otherwise, it will be considered as duplications. Figure 2.4 shows an example of the structure of hierarchical database. hierarcy engineering.png Figure 2.4 : The tree structure of hierarchical database model. 2.5.2.3 The Relational Model Database The relational model is the most popular type of database the most database system in use today. As appointed by K. Powell (2010), the relational database concept was derived from the principal of relational algebra, which was realized by Dr. E. F. Codd in his paper, A Relational Model of Data for Large Shared Data Banks. This database model is a very powerful tool, not only to store records, but to access it as well. All the data were stored in tables. Each table contains of rows and columns. A single record will be recorded in one row, and the details of the data are separated in columns, in the table. Every column has a unique name and the content within the column must be of the same type. A table is able to hold many records, and sometimes tables are referred as relation. A database may have more than one table. Each of the tables can be linked or related to each other by referring to the primary key. A primary key is a unique name that every record must have that acts as its identifier. 2.5.2.4 The Network Model Database A network database model is not far different from the hierarchical model. The difference between network and hierarchical model is, in network model, a record may fall into more than one category. Figure 2.5 shows the structure of network database model which is a bit different from relational database models. hierarcy engineering2.png Figure 2.5 : The structure of network database model. 2.6 MySQL 2.6.1 Introduction to MySQL MySQL is a probably the most popular database management system. Referring to the MySQL 5.0 Reference Manual (2010), to perform an operation onto a database such as adding, accessing, and processing data stored in a computer database, ones will need a database management system such as MySQL. A DBMS plays a central role in computers at handling large amounts of data. 200px-MySQL.svg.png Figure 2.6 : The MySQL logo. MySQL is a relational database management system or so called as RDBMS. For the sake of speed and flexibility, a relational database stores data in separate tables compared to flat file database that puts all the data in one big file. The SQL abbreviation in MySQL word stands for Structured Query Language (MySQL 5.0 Reference Manual, 2010). Badurina (2010) stated that MySQL is open source and it falls under GNU Not Unix (GNU) General Public License (GPL). Open source means that anyone is possible to use and modify the software.

Background And Pathophysiology Of Schizophrenia Psychology Essay

Background And Pathophysiology Of Schizophrenia Psychology Essay Schizophrenia is a severe chronic psychotic disorder associated with the brain and is characterised by symptoms classified into three major categories; positive, negative and cognitive symptoms. Positive symptoms include hallucinations, delusions and thought disorder. Negative symptoms consist of social withdrawal and flattening of emotional responses. In addition to this, deficits in cognitive function such as attention and memory are also often present in schizophrenic patients together with anxiety and depression. (Rang, 2007); (Lewis J A Lieberman 2000) Studies have shown several neurotransmitter systems such as serotonin, glutamate and dopamine to be involved in processes leading to the expression of the symptoms experienced in schizophrenia. Among these, the dopamine theory has received the most attention and it will be the focal point of this research. Serotonin, an essential neurotransmitter, has its place in explaining schizophrenia by trying to explain the elements of the disorder which were initially unexplained. This consisted of the negative symptoms and the actions of antipsychotics. Its role was recognised in the 1950s when it was discovered how similar serotonin was to LSD (lysergic acid diethylamide). LSD causes psychotic symptoms as it competes with serotonin and occupies its receptor sites. Atypical antipsychotics as well as blocking dopamine receptors, also act as 5-HT receptor antagonists. This hypothesis was confirmed when typical antipsychotics were combined with a 5-HT2 antagonist such as ritanserin. This resulted in relief of negative symptoms and extrapyramidal side effects. (Sadock, 2000) Glutamate has also been implicated in schizophrenia. This hypothesis is derived from evidence using PCP, a glutamate NMDA receptor antagonist. Administration produces psychotic symptoms and cognitive dysfunction in healthy subjects (Krystal et al. 1994) and negative cognitive symptoms in patients with schizophrenia. (Lahti et al. 1995) Phencyclidine, ketamine and dizocilpine, also glutamate NMDA receptor antagonists, provide psychotic symptoms in humans. Studies have also shown that there is reduction in glutamate receptor density and glutamate concentration in post-mortem brains of schizophrenic patients. (Rang 2007) The most common theory relating to schizophrenia is the dopamine one. The first formulation of the dopamine hypothesis suggests that excess mesolimbic dopamine is the reason for the positive symptoms. The evidence that this idea was based on included amphetamine abuse which increased synaptic dopamine leading to delusions (Laruelle et al. 1996) and that all antipsychotic drugs block dopamine D2 receptors. As this theory implied excess dopamine is responsible for positive symptoms, what is responsible for the negative and cognitive symptoms? Well, research has shown that negative and cognitive symptoms are the result of deficient dopamine in the pre fontal cortex due to D1 receptor dysfunction (K. L. Davis et al. 1991) There have been operational definitions of schizophrenia developed in an attempt the reliability of the diagnosis; The International Classification of Diseases (ICD-10) and The American Psychiatric Associations Diagnostic and Statistical method (DSM-IV-TR) and both contain lists of criteria but also insist that symptoms must have persisted for 6 months. PICTURE Schizophrenia usually presents itself in late adolescence or in early adult life (Kirkbride et al. 2006) with males having an earlier onset than females. In the UK, the mean age of first admission is about 22 years for men and 27 years for women. (Castle R M Murray 1991)Females also tend to have fewer negative symptoms and a better outcome than males. According to leading experts in this disorder, they have found that it is caused my many factors. One major factor is genetics, and schizophrenia occurs in 10% of people who have parents, brother or sister (first degree relatives) with the disorder. People who have grandparents, cousins or aunts and uncles (second degree relatives) also develop this disorder a lot more than the general public. (Kendler et al. 1993) Most importantly, the risk is at its greatest for a person who has a twin with schizophrenia. (Irving Gottesman 1991) PICTURE Several genes are related with the risk of schizophrenia but previously it was believed there is no particular gene that is responsible for the disease itself. Studies have shown that people with schizophrenia also have many rare gene mutations which involve many genes and disrupt the development of the brain. However in recent times, new research has shown there may be several susceptible genes. One such gene is DISC1 which could be linked to the development and treatment of schizophrenia. DISC1 plays a key role in the growth of individual neurons. Mutated Disrupted in Schizophrenia (DISC1) gene is seen to disrupt the growth and development of cells in the brain. When DISC1 levels were reduced in mice, cells in the brain failed to divide and the mice developed symptoms that mimicked schizophrenia in humans. (REFERENCE IMPORTANT ONE) Other than genes, environmental factors are probably important in the development of schizophrenia. These include exposure to infections, immunocompromised, stress and being in contact with toxic chemicals during childhood may slightly alter brain development. (Marcel ET AL REFERENCE 1999) Chlorpromazine was the first drug discovered to have antipsychotic properties, followed by haloperidol which was widely prescribed. This is an example of typical first generation medications and produced D2 receptor blockade. By 1980, second generation atypical drugs were out, most notably clozapine which was seen to be more potent in treating chronic patients. These had the benefits of also reducing negative symptoms and extreme side effects. Pharmaceutical companies in the 1990s started to take advantage of clozapine and develop drugs without its side effects and olanzapine is another popular atypical drug. In 2005, there was a study done known as the CATIE study, in the USA, comparing the effectiveness of antipsychotic drugs in clinical settings. It was seen that there were high rates of discontinuation; 64-82% over 18 months, due to patients not being able to tolerate side effects. Lack of efficacy was also found for all antipsychotic drugs in the study, although olanzapine was most effective (terms of discontinuation rates) than other drugs in the study. Despite this, olanzapine was associated with greater weight gain and increase glycosylated haemoglobin, cholesterol and triglycerides. These changes could have serious implications such as development of metabolic syndrome. (Jeffrey A. Lieberman et al. 2005) So why use or develop Chinese herb extracts as a therapeutic tool for schizophrenia? Although antipsychotic medication is still the foundation for the treatment in schizophrenia, it still leaves some people with unbearable side effects and distressing symptoms. The most common side effects are Parkinsonism, dystonia and akathisia and are most common with haloperidol and fluphenazine. (Schillevoort et al. 2001) (Levinson et al. 1990) Dystonic spasms affect the neck muscles tongue and face, and occur within a few days of treatment and are frequent at high doses. Akathisia is the restless leg syndrome and is characterised by great urges to move and difficulty in sitting still. Anti-cholinergic drugs can relieve these symptoms; they should not be given routinely as they also cause side effects such as blurred vision, constipation, dry mouth and euphoria. It is also important to remember that not all patients will get side effects from taking antipsychotics. Another long term side effect is tardive dyskinesia which is slow irregular movements particularly in the regions of the mouth, lips and protrusion of the tongue. Approximately 5% of the patients on antipsychotic medication developing this each year, but there is evidence that the incidence may be declining with increasing use of atypical antipsychotics. (Tarsy Baldessarini 2006) Due to the side effects, herbal medicines are commonly used for psychiatric purposes in both the developed and developing countries. (Walter Rey 1999) Studies have shown that some Chinese herbal medicines are effective for psychosis and that if used in conjunction with western medication, they enhance antipsychotic efficacy and reduce adverse effects. Another important aspect is that, Chinese herbs may be more accessible, acceptable and cheaper than drugs already available. Chinese herbal medication includes plants, fungi, resins, animal and mineral substances which are given within a formula which typically consist of 4 to 12 herbs. Administration is in the form of decoctions, pills, powders, tablets, phials and as standardized plant extracts. Chinese herbal medication has been known to treat schizophrenia for over 2000 years; although the methods used in Traditional Chinese medicine to diagnose and treat schizophrenia differs from that used in western medicine. In western medicine, it is usually diagnosed by criteria such as the Diagnostic and Statistical Manual (DSM) or the International Classification of Diseases (ICD) but in Traditional Chinese Medication, its diagnosed by the Chinese Classification of Mental Disorder (CCMD). Figure shows the difference between diagnosing and treating Schizophrenia using traditional and Chinese herbal medication Traditional Chinese medicine differentiates schizophrenia into syndromes which determine the course of treatment. Therefore if two people are to be diagnosed with schizophrenia could have different clinical features (syndromes) therefore will require different medications. Each syndrome has a specific herbal formulation, but patients typically have mixed clinical features therefore they require precise formulations made by adding or substituting herbs. (Rathbone et al. 2007) Hype or hope? Is there really a benefit of using Chinese herbs as a therapeutic tool of schizophrenia? There have been several clinical trials done using Chinese herbal medication in the treatment of schizophrenia. One of the earlier studies was done using Dang gui cheng qi tang as the herbal medication given to the treatment group without the addition of the antipsychotic chlorpromazine which the control group received. The setting was in a hospital and participants were divided into groups randomly. It was reported that no participants left the groups early and the result showed that the global state outcome not improved /worse favoured the control group receiving chlorpromazine. (Rathbone et al. 2007) These results should be treated with caution given design limitations such as it being only conducted for 20 days, but nevertheless do not support that herbal medication should be used by itself for the treatment of schizophrenia. Further research and trials have been done which has incorporated using herbal medication together with an antipsychotic versus an antipsychotic alone. In 1997, Chinese herbal medications Dang gui cheng qi tang or xiao plus an antipsychotic was given to a treatment group compared to just the antipsychotic given to the control group. The allocation was randomized, lasted for 12 weeks and included hospital as well as community setting. The result showed that the treatment group scored significantly lower for the outcome of global state not improved/worse than the control group. (Rathbone et al. 2007) Global data score from the Clinical Global Impression scale (a rating scale measuring severity of symptoms, treatment response and efficacy of treatment) also favoured treatment groups that took the herbal medication plus antipsychotic. Ginkgo biloba was used with an antipsychotic for the treatment group in 1996 (Rathbone et al. 2007) and Shui zhi and Da huang were used with chlorpromazine. There were side effects associated with taking antipsychotics and taking herbal medications with antipsychotics showed that extra pyramidal side effects still arose. Constipation was however lower in the treatment group. (Rathbone et al. 2007) In 2001, Zhang et al did a study giving a treatment group Ginkgo biloba with haloperidol with the control group only receiving the latter. When compared, the study showed there was no difference between treatment group and control group when comparing negative symptoms and also when looking at Brief Psychiatric Rating Scale scores. However, the scale of positive symptoms did marginally favour the treatment group. (Rathbone et al. 2007) For all studies done in the past, we have to be aware that application of Chinese herbal medication is based on syndrome differentiation with failure of applying this differentiation resulting in ineffective or harmful treatment. There is no concrete evidence that when given alone, Chinese herbal medications offer benefits which are equal or even greater than antipsychotic drugs. When the herbal drugs are used with antipsychotics, they may offer improvement in symptoms but as there is still limited evidence in regards to Chinese herbs and traditional Chinese medication, this approach must still be considered new and more investigation is needed. Stepholidine is an active ingredient of the Chinese herb Stephania intermedia Lo, and belongs to an alkaloid group tetra-hydroberberine. (S. X. Xu et al. 1989) Initial research had shown that Stepholidine decreased blood pressure without exerting any adverse effects on the heart as well as exhibiting analgesia and any sedating effects on the central nervous system. Recent studies have shown stepholidine to be a pioneering drug in the treatment of schizophrenia because it is a dopamine D1 receptor agonist and a D2 receptor antagonist. Due to the pathogenesis of this disease suggests the dysfunction of D1 receptors in the medial prefrontal cortex, which is accompanied by hyperactivity of D2 receptors in subcortical regions such as ventral tegmental area (VTA) and the nucleus accumbens (NAc), when developing a antipsychotic drug should possess dual agonistic and antagonistic actions on the receptor. Stepholidine and its analogues tick these two important boxes. Stepholidine acts through D1 receptors to increase adenylyl cyclase activity and subsequent signalling pathways regulated by adenylyl cyclase might be responsible for the physiological responses, including rotational behaviour and changes in the firing activity of the neurons induced by Stepholidine. By contrast, Stepholidine inhibits both D2 auto-receptor mediated feedback inhibition of dopamine containing neurons and D2 receptor mediated effects on target non dopamine containing neurons. (Guo-Zhang Jin et al. 2002) There are several symptoms related to schizophrenia and insomnia is one of the most common. This could be partly related to the over-activity of the dopaminergic system. There has been a study done to show whether stepholidine modulates sleep behaviours. This was done in mice and the sleep-wake profiles were observed. From this study it has been concluded that stepholidine significantly increased the amount of NREM sleep and prolonged the duration of NREM sleep episodes, with reduction in the amount of wakefulness. Stepholidine had no effect on either the amount of REM sleep. Because it maintains NREM sleep in mice, it is suggested that it has the potential to be also used in the treatment of insomnia. (Qiu et al. 2009) Figure 1 shows the dual action of Stepholidine. Dopamine (DA)-containing neurons in the ventral tegmental area (VTA) project to the nucleus accumbens (NAc) and medial prefrontal cortex (mPFC). The schizophrenia hypothesis suggests that D1 receptor dysfunction in the mPFC leads to the negative symptoms of schizophrenia and the D2 receptor hyperactivity in the sub-cortex nuclei leads to the positive symptoms of this disorder [1-4]. The D1 receptor agonist effect of SPD in the mPFC is suggested to ameliorate the negative symptoms of schizophrenia, whereas the D2 receptor antagonist effect of SPD that predominates in the sub-cortex would improve the positive symptoms The Stanley Medical Research Institute (SMRI) awarded a grant of Canadian $330,000 to Dr. Shitji Kapur and Dr. David Mamo in 2006 to study L-Stepholidine. The work they would do would be built up from previous knowledge of the drug already known. They conducted preclinical studies in rats and it showed to be a very promising compound. The goal then was to give it to humans and measure its D2 binding in an attempt at showing it indeed is a D2 drug in vivo using PET, and also estimate its expected therapeutic dose for future clinical studies. Having had several correspondences Dr Mamo, he has informed me that the main company in China had stopped the production of Stepholidine and for ensuring that the compound is pure without any contaminants and to assure the local regulatory authority the research was a safe study, they decided not to use stepholidine from China. Dr Kapur and Dr Mamo then collaborated with a chemist to synthesize stepholidine in a lab. Synthesis was fine, but the pr oblem was that they couldnt scale up the production to gram scale. A chemist had told him with further work, production was possible, but the SMRI was not willing to wait for this. The funding had to be given up but not for the reason that the drug wasnt showing promise. Another drawback in stepholidine is its bioavailability. Drugs given orally, acting on the central nervous system, should have good bioavailability and good blood brain barrier penetration. In rat based assays, it was seen that stepholidine, when administered orally, was poorly available to systemic circulation but could cross the blood brain barrier easily, resulting in good entry into the brain. Stepholidine was also found to have good permeability of the membrane that was not affected by efflux transporters such as P-gp or MRP2. Stepholidine which was absorbed from the gastrointestinal tract was also rapidly eliminated by glucuronidation of phenolic hydroxyl group, and less by sulphation, methylation, demethylation and /or N-oxidation. This poor bioavailability achieved by stepholidine could be due to the extensive pre systemic metabolism. A way to overcome this would be to develop pro-drugs, which would be chemically modified versions of stepholidine which will undergo enzymatic or chemical transformation for the active drug to be released. Example of this might be to modify the hydroxyl groups of stepholidine. (Sun et al. 2009) Due to its poor bioavailability, there has been significant development in recently towards the modification of stepholidine by development of series of derivatives. One derivative that has improved bioavailability while maintain the pharmacological properties of stepholidine, is bi-acetylated l-stepholidine. In recent times, although there has been an increase in material prosperity and growing success of traditional western medication, there has been an overall increase in psychotic disorders especially schizophrenia. Psychiatric patients not only want their symptoms to disappear, they also want to continue to lead a normal life without all their troubles. Psychiatric patients have better resources for the treatment now than ever before, but due to frequent disappointments in western medication especially due to its side effects; there has been increased growth of alternative and complementary methods in the treatment of patients. Sometimes patients also seek help from spell breakers, exorcists and herbalists. In recent times, according to the World Health Organisation (WHO) approximately 80% of people in the world have relied on herbs in satisfying their medical care needs, and developed countries such as Germany, Italy and even the USA have shown a dramatic increase in herbal medicine consumption. Stepholidine had led the way in recent drug discovery with it being both a D1 receptor agonist and D2 receptor antagonist activity. This is a unique pharmacological characteristic of DH-THPBs (dihydro) and will be vital in the future when developing new antipsychotic drugs. More so, another DH-THPB, 12-chloroscoulerine has been found to have more potent dual action than stepholidine. In this project, I will analyse research done with stepholidine in regards to it being a therapeutic tool in the treatment of schizophrenia. Word count 2,992

John Steinbecks Of Mice and Men Essay -- Essays Papers

Of Mice and MenRough Draft In the book Of Mice and Men by John Steinbeck, there are many instances of foreshadowing. While they may not be noticed at first, they stick out like a sore thumb in the end. The main characters in the book are Lennie, a huge man with the mind of a young child, and George, a small man who had landed them a job on a ranch. Lennie is a man who doesn't think for himself, and relies on George for guidance. They travel together, forever chasing the dream of getting a piece of land to call their own. The ranch job would get them closer to buying their own little corner of the world. One major example was when Lennie got in a fight with Curley. "'Come on, ya big bastard. Get up on your feet.' He slashed at Lennie."(p.62) Candy warned George and Lennie when ...

Russia and the Lack of Tax Collection :: International Politics Economics USSR Essays

Russia and the Lack of Tax Collection The economic crisis in Russia has become an important topic within the international political and economic world. The virtual collapse of the Russian economy has had a domino effect in terms of decreased economic stability in a number of countries, especially countries in Latin America. Now the problem Russia, the United States, and basically every major country in the world need to solve is the problem of how exactly to get the Russian economy going again to prevent not only the world economy from collapsing, but also to keep Russia from ceasing to exist. According to Daniel Treisman, in his article "Russia’s Taxing Problem," Russia’s inability to collect taxes, amongst other things, is quickly becoming "†¦the greatest threat to it’s economic and political stability," (Treisman, 1998). Tax collecting, a viable source of revenue needed by most countries in order to successfully run a state, almost does not exist in Russia. I plan to present in this paper th at tax collecting and lack thereof is not the only problem causing this crisis, but it is a serious one. It is mainly caused by corruption and the lack of the government to successfully overcome this corruption to help save their country from economic and political disaster. The economic system in Russia has undergone some significant changes in the last decade. (For the purpose of this paper, I am going to attempt to explain a little of what I understand to be important changes in the economy that effected tax collection). Early Russian economy was characterized by strong governmental control over the activities of enterprises. In other words, the state sought to control all aspects of society, including the economy and allocation of monies to businesses and private citizens and the fixing of prices to promote economic stability. This, however, led to the increase of "black" markets where prices were often inflated and also led to wasteful practices of resource use (Alexashenko, 2-3). The economy of Russia has taken a dramatic turn from this characterization, and has attempted to become an economy characterized by more production control by private sector enterprises with less government involvement (Alexashenko, 3-6). This gives private companies and i nvestors more control over their monetary gains and losses and makes it easier for the rich to become richer and the poor to become poorer. It also hurts smaller businesses because they do not have the influence or control of the bigger enterprises.

Plato Essay example -- essays research papers

The great philosopher, Plato, wrote two specific dialogues; the book Timaeus and the book Critias. Plato was a professional teacher who valued intelligence immensely. Plato founded the first Philosophical Academy in Athens in the early fourth century BC. He devoted his life to philosophy and the teachings of his friend Socrates. Plato learned from Socrates and passed on his knowledge to his students. After his friend's sudden death, Plato became dissatisfied with the government in Athens. He filtered away from his family and lived his dream of researching and teaching philosophy. Plato focused on many philosophical aspects and wrote numerous dialogues. In the book Timaeus, Plato spoke of the beginning of the world and the creation of living creatures. Plato believed the human body and soul were created with precise, divine planning.   Ã‚  Ã‚  Ã‚  Ã‚  In the book Timaeus, Plato described the Father of the universe as a very masterful being and a divine planner of the human body. Plato revealed that the Father told the other Gods to create mortal figures of them. Plato recalled the words of God, â€Å"There are three kinds of mortal creature yet uncreated, and unless they are created the world will be imperfect, as it will not have in it every kind of living creature which it must have if it is to be perfect† (57). The Father of the universe is very precise in the way the beings are created. He tells his Gods to use the mixture from the soul of the world to create the ...

Financial Analysis of Macy’s Inc. and Nordstrom

Financial Analysis of Macy’s Inc. and Nordstrom Macy’s Inc. has established itself as a strong player in the retail industry, with over 850 Macy’s and Bloomingdale’s stores in 45 states. Macy’s competes against retail giants like Nordstrom, Kohl’s, JC penny and Saks Fifth Avenue for market share in the increasingly competitive department store industry. This financial report will choose Nordstrom as the major competitor, and serves as the comparison company. The annual report and 10-K filings were obtained from Yahoo! Finance.The financial statements for both companies used in this report are Consolidated Statement of Income, Consolidated Balance Sheets, and Consolidated Statement of Cash Flow from 2010 to 2012. All tables are included in appendix. 1. Company background & Overview Macy's Department Stores, Inc. is a U. S. chain of mid-range department stores. In addition to its internationally renowned flagship Herald Square location in Midto wn Manhattan, New York City, the company operates over 850 other stores in the United States as of September 12, 2012. Nordstrom, Inc. is an upscale fashion specialty retailer chain in the United States.Originally it is a shoe retailer, nowadays the company also sells clothing, accessories, handbags, jewelry, cosmetics, fragrances and home furnishings in some locations. There are now 231 stores operating in 31 states across the U. S. Beginning in 2008, department stores faced financial challenges partially attributed to the global economic crisis. The downturn negatively impacted department store liquidity, consumer spending and credit market conditions. Companies were able to cut operations and supply chain costs, and most have utilized the savings to improve their liquidity and the strength of their balance sheet.Also, developments in mobile phone technology are drawing more consumers away from brick-and-mortar stores toward online retail platforms. As a result, over the five year s to 2012, the number of companies is expected to decrease at an annualized rate of 31. 8% to an estimated 65 operators. 2. Financial analysis 2. 1 Horizontal analysis 2. 1. 1 Horizontal analysis of Balance Sheet In this section, we will look at the comparative statements of balance sheet of Macy’s Inc. for a three-year period. Macy’s fiscal year ends on the Saturday closest to January 31.Fiscal years 2011, 2010 and 2009 ended on January 28, 2012, January 29, 2011 and January 30, 2010, respectively. Fiscal 2009 is chosen as the base year for computing the percentage change in each account in 2010, and fiscal 2010 is the base year for computing the change in 2011. From table 1, two accounts stand out: 2010 cash and cash equivalent decreased by 13% over 2009, while in 2011 it increased by 93% over 2010. Short/Current Long Term Debt increased by 87. 6% in 2010, and kept on increased by 143% in 2011. This huge increased short term debt mainly came from 616 million 5. 35% S enior notes due 2012, 298 million 5. 75% Senior notes due 2013, and 173 million 8. 0% Senior debentures due 2012. The huge increase in short term debt in FY 2011 maybe part of the reason of the big increase in the cash and cash equivalent account. 2. 1. 2 Horizontal analysis of Income Statement From table 2, we can see that net sales for 2011 totaled $26,405 million, compared to net sales of $25,003 million for 2010, an increase of $1,402 million or 5. 6%. Part of this increase is due to an increase on the comparable store basis, and part of it is due to the 39. 6% increases from the company's Internet businesses in 2011.The successive increase in the net sales in the three year trends shows that Macy’s continues to benefit from the successful execution of the My Macy's localization strategy. In 2011, the Gain on sale of properties, impairments, store closing costs and division consolidation costs account increased 200% over 2010. This is because Macy’s had a $54 milli on gain from the sale of store leases related to the 2006 divestiture of Lord ; Taylor in 2011; while the company only announced 25 million Impairments and store closing costs for 2010. In 2011, Macy’s had the 5. 6% increase in sales.Because the management was able to control its cost of goods sold (6. 17% increase) and SG;A expenses (0. 25% increase), plus the big gain from sales of property, the company resulted a 27. 3% increase in operating income. In 2010, Macy’s net sales increased 6. 45% over 2009, part of it is due to the huge decrease in the impairments, store closing costs and division consolidation costs account. The interest expense increased in 2010 over 2009, while the same account decreased 22. 8% in 2011 over 2010. This decreases benefited from lower levels of borrowings during fiscal 2010 and the repayment of debt at maturity. . 2 Vertical analysis 2. 2. 1 Vertical analysis of Balance Sheet From table 3, we can see that accounts receivables, inventory and other current assets accounts, their percentage of total assets didn’t have big difference over the three years trend. The increase of cash and cash equivalent from 7. 1% of total assets in 2010 to 13% in 2011 is the main reason that total current asset in terms of the percentage of total assets had significant increase (from 33% to 40%). Macy’s total current liabilities represent a slightly higher percentage of total liabilities and stockholders’ equity at FY 2011 than FY 2010 and 2009.This increase is balanced by a slight decrease in the relative percentages of long-term debt. 2. 2. 2 Vertical analysis of Income Statement In table 4, the base on which all other items in the income statement are compared is net sales. Macy’s gross profit ratio was very stable and consistent over the three year trends, less than 0. 5% difference among three years. Macy’s profit margin ratio kept growing over three years: from 1. 4% in 2009 to 3. 4% in 2010, and this ratio increased to 4. 8% in 2011. The increasing profit margin indicated that Macy’s management has strong ability to control its expenses. 2. 3 Cash flow analysisTable 5 is the most recent cash flow statement for Macy’s. Net cash provided by operating activities in 2011 was $2,093 million, compared to $1,506 million provided in 2010, reflecting higher net income and a lower pension contribution in 2011. In 2011, Macy’s pension funding contributions was $375 million, which was much lower than $825 million in 2010. The capital expenditure for property and equipment and capitalized software during 2011 was $764 million, the dividends paid was $148 million. Macy’s generated sufficient amounts of cash from operations in 2011 to cover its capital expenditures and dividends.Net cash used by investing activities and financing activities was $617 and $113million respectively for 2011. Investing activities for 2011 include purchases of property and equipment totaling $555 million and capitalized software of $209 million. Cash flows from investing activities included $114 million from the disposition of property and equipment for 2011. For financing activities, Macy’s issued $800 million of debt in 2011, but it is partially offset by the acquisition of company’s common stock at cost of $500 million and the repayment of $454 million debt, and the payment of $148 million of cash dividends.With the excess amounts of cash from operations Macy’s generated in 2011, management budgeted $850 million capital expenditures for 2012, primarily related to new stores, store remodels, maintenance, the renovation of Macy's Herald Square, technology and omnichannel investments, and distribution network improvements, including construction of a new fulfillment center. 2. 4 Ratio analysis 2. 4. 1 Liquidity Analysis Table 6 is the liquidity ratios for both Macy’s and Nordstrom over a three year period. At the beginning of 2012, Macy’s had $1. 4 of current assets for every $1 current liabilities.Compared to Nordstrom, both companies have more than enough assets to cover short-term debts, but Nordstrom is more liquid than Macy’s. Macy’s cash flow from operations to current liabilities ratio has increased from 2010 to 2011, from 31. 90% to 37. 20%. It is mainly because cash generated from operations during 2011 was 40% more than it was during 2010. Both companies’ cash flow from operations to current liabilities ratio is less than one, it means that both companies have generated less cash over the year than it needs to pay off short term liabilities as at the year end. This may signal a need to raise money to meet liabilities.But Nordstrom still has higher ratio than Macy’s, which suggests that it is more liquid than Macy’s in the short term. In 2011, Macy’s only needs 4. 8 days for an account to be outstanding. And the number of days’ sale in receivable for the past three years were all less than a week. Macy’s accounts receivable turnover ratio in the three year period is much higher than Nordstrom, which implies  Macy’s extension of credit and collection of accounts receivable is more efficient. From 2009 to 2011, Macy’s kept on decreasing the days took to sell inventory, from 133 days in 2009 to 124 and 120 days in 2010 and 2011, respectively.Macy’s efficiency in managing inventory improved over years. But Nordstrom was much more efficient in selling its inventory than Macy’s. In the past three years, each year Nordstrom used half of the days that took Macy’s to sell its inventory. 2. 4. 2 Solvency Analysis The solvency of a company is the ability to repay long term debts when due. The more solvent a company is the more protected the owners and partners are from bankruptcy. Table 7 is the debt to equity ratios; debt service coverage ratios and cash flow from operations to capital expe nditure ratios for both Macy’s and Nordstrom from 2009 to 2011.Macy’s debt to equity ratio was under 1 for FY 2009 and 2010, which suggested for these two years Macy’s assets are primarily financed through equity. This ratio was 1. 06 in 2011. When the debt to equity ratio was over 1, implied the majority of assets are financed through debt, which was a red flag for Macy’s. Compared to Macy’s, Nordstrom had a much higher debt to equity ratio which was above 2 for all three years. A high ratio of 2 or more exposes a company to risk such as interest rate increases and causing creditors' uneasiness.Macy’s management is more effective custodians of their shareholder's investments than Nordstrom. A company's debt service coverage ratio refers to its ability to meet periodic obligations on outstanding liabilities with respect to its net operating revenue. Higher this figure better is the debt serving capacity. Macy’s DSCR increased from 1. 42 times in 2010 to 3. 91 times in 2011, which showed the improvement of its debt serving capacity. Nordstrom’s DSCR was higher than Macy’s in the three year period, suggested stronger debt serving capacity than Macy’s.Although the cash flow from operations to capital expenditures ratios for two companies decreased over time in three years, both companies generated enough cash from operations to finance their capital expenditures and covered dividend payments. Nordstrom’s capital expenditure was very close to Macy’s, although it generated less cash from operations than Macy’s, it paid more dividends than Macy’s every year. This is the reason that Nordstrom’s ratio was lower than Macy’s. 2. 4. 3 Profitability Analysis Profitability ratios are used to determine the company's bottom line and its return to its investors.Table 8 is the profit margin ratio, rate of return on assets and return on sales ratio for both Macyâ€⠄¢s and Nordstrom from 2009 to 2011. The profit margin is an overall indicator of management’s ability to control expenses, reflects the amount of income for each dollar of sales. Note the increase in Macy’s profit margin: from 1. 40% in 2009 to 3. 39% in 2010 and 4. 76% in 2011. Nordstrom has higher profit margin ratio than Macy’s in the three years. A higher profit margin indicates a more profitable company that  has better control over  its costs compared to  its competitors.Macy’s effective tax rate from 2009 to 2011 was 30. 9%, 35. 8% and 36. 2%. Its return on assets rations increased from 2. 31% in 2009 to 4. 82% in 2010, and 6. 64% in 2011. It suggests Macy’s generated more profits for each $1 asset. The lower the profit per dollar of assets, the more asset-intensive a business is. Macy’s ROA suggested it is very asset-heavy. Nordstrom used a statutory Federal income tax rate 35%, and its ROA was 8. 01%, 9. 37% and 9. 14% for 20 09, 1010 and 2011 respectively, which were all higher than Macy’s. The higher the return, the more efficient management is in utilizing its asset base.Nordstrom’s management does a better job than Macy’s in this case. Macy’s return on sales ratio also kept on growing over three years, from 2. 16% in 2009 to 4. 12% and 5. 35% in 2010 and 2011 respectively. It implies the company makes more profit for every $1 sales over time. But this ratio for Macy’s still lower than Nordstrom over three years period, suggested Nordstrom’s business operations are more satisfactory than Macy’s. From the profitability analysis, we can see that Macy’s kept on having a healthy development over time, its profitability ability kept on improving.Compared to Nordstrom, the ratios suggest that Macy’s still a less profitable company than Nordstrom. 2. 4. 4 DuPont Analysis DuPont equation provides a broader picture of the return the company is earn ing on its equity. It tells where a company's strength lies and where there is a room for improvement. DuPont analysis  tells us that ROE is affected by  three things: Operating efficiency, which is  measured by profit margin; Asset use efficiency, which is measured by total asset turnover; and Financial leverage, which is  measured by the equity multiplier.So the formula will be: ROE = (Net Income/Revenue)*(Revenue/Assets)*(Assets/Equity) Table 9 is the DuPont analysis for both Macy’s and Nordstrom from 2009 to 2011. Looking at the components of ROE for both companies helps explain the changes in ROE over time. Since Nordstrom had higher profit margin ratio, asset turnover rate and leverage factors, its overall ROE was much higher than Macy’s in the three year trend. It shows Nordstrom is more effective at generating profits, managing assets and finding an optimal amount of leverage, this is why it can boost its ROE.Although Macy’s ROE were lower than N ordstrom’s, its own ROE still kept on growing over years, from 7. 05% in 2009 to 15. 05% and 21. 25% in 2010 and 2011 respectively. It is result of improving its operating efficiency and asset use efficiency, which suggests Macy’s management kept on improving its performance and the company developed in a healthy and growing direction. 3. Conclusions From above analysis, Macy's, Inc. may have more financial risk than other companies in the Multiline Retail industry.It has smaller current ratio and cash from operations to current liabilities ratio than its competitors, implies less liquid in the industry. However, an examination of near-term assets and liabilities shows that, even though there are not enough liquid assets to satisfy current obligations, operating profits are more than adequate to service the debt. Accounts Receivable is typical for the industry, with 4. 8 days worth of sales outstanding. Also, Macy's, Inc. is among the most efficient companies in its in dustry at managing inventories, and it is getting better.The company only has 120 days of its Cost of Goods Sold tied up in inventory. Year over year, Macy's, Inc. has been able to grow revenues. Most impressively, the company has been able to reduce the percentage of sales devoted to selling, general and administrative costs. This was a driver that led to a net income growth from $847. 0M in 2010 to $1. 3B in 2011. Compared to its main competitor, Nordstrom, Macy’s is in a weaker financial position. In short run, as mentioned earlier, the liquidity ratios suggest that Macy’s is less liquid in the short term.In the long run, although Macy’s management is more effective custodians of their shareholder's investments than Nordstrom, Nordstrom still has stronger debt serving capacity than Macy’s and affording to pay more dividends to its shareholders. From the profitability analysis, Macy’s has smaller profit margin ratio, rate of return on assets and rate of return on sales ratio than Nordstrom, indicates that Nordstrom’s management is better at generating more profit and operating assets efficiency than Macy’s. And this result is consistent with the DuPont analysis.Appendix Table 1 Horizontal Analysis of Balance Sheet Macy's Inc. Comparative Balance SheetsPeroid Ending: End of Jan 2010-2012(all amount in thousands of dollars)| | 2012| 2011| 2010| Cash And Cash Equivalents| 2827000| 93%| 1464000| -13. 17%| 1686000| —| Accounts Receivables| 368000| 9%| 338000| -5. 59%| 358000| —| Inventory| 5117000| 8%| 4758000| 3. 10%| 4615000| —| Other Current Assets| 465000| 37%| 339000| 52. 02%| 223000| —| TOTAL CURRENT ASSETS| 8777000| 27%| 6899000| 0. 25%| 6882000| —| Property Plant and Equipment| 8420000| -4%| 8813000| -7. 0%| 9507000| —| Goodwill| 3743000| 0%| 3743000| 0. 00%| 3743000| —| Intangible Assets| 598000| -6%| 637000| -6. 05%| 678000| —| Other Assets| 557000| 3%| 539000| 10. 00%| 490000| —| TOTAL ASSETS| 22095000| 7%| 20631000| -3. 14%| 21300000| —| Accounts Payable| 5160000| 14%| 4537000| 7. 51%| 4220000| —| Short/Current Long Term Debt| 1103000| 143%| 454000| 87. 60%| 242000| —| TOTAL CURRENT LIABILITIES| 6263000| 25%| 4991000| 11. 86%| 4462000| —| Long Term Debt| 6655000| -5%| 6971000| -17. 56%| 8456000| —| Other Liabilities| 2103000| 8%| 1939000| -25. 4%| 2597000| —| Deferred Long Term Liability Charges| 1141000| -5%| 1200000| 6. 01%| 1132000| —| TOTAL LIABILITIES| 16162000| 7%| 15101000| -9. 29%| 16647000| —| Common Stock| 5000| 0%| 5000| 0. 00%| 5000| —| Retained Earnings| 4015000| 34%| 2990000| 34. 26%| 2227000| —| Treasury Stock| -2434000| 0%| -2431000| -3. 34%| -2515000| —| Capital Surplus| 5408000| -5%| 5696000| 0. 12%| 5689000| —| Other Stockholder Equity| -1061000| 45%| -730000| -3. 05%| -753000| —| TOTAL STOCKHOLDER EQUITY | 593 3000| 7%| 5530000| 18. 85%| 4653000| —| Table 2 Horizontal analysis of Income StatementMacy's Inc. Comparative Income StatementPeroid Ending: End of Jan 2010-2012(millions, except per share data)| | 2012| 2011| 2010| Net Sales| 26405| 5. 61%| 25003| 6. 45%| 23489| —| Cost of sales| 15738| 6. 17%| 14824| 6. 09%| 13973| —| Gross margin| 10667| 4. 79%| 10179| 6. 97%| 9516| —| Selling, general and administrative expenses| 8281| 0. 25%| 8260| 2. 46%| 8062| —| Gain on sale of properties, impairments, store closing costs and division consolidation costs| 25| -200. 00%| -25| -93. 61%| -391| —| Operating income| 2411| 27. 30%| 1894| 78. 17%| 1063| —| Interest expense| 447| -22. 0%| 579| 3. 02%| 562| —| Interest income| 4| -20. 00%| 5| -16. 67%| 6| —| Income before tax| 1968| 49. 09%| 1320| 160. 36%| 507| —| Federal, state and local income tax benefit (expense)| 712| 50. 53%| 473| 165. 73%| 178| —| Net income| 1256| 48. 29%| 847| 157. 45%| 329| —| Table 3 Vertical analysis of Balance Sheet Macy's Inc. Common-Size Comparative Balance SheetsPeroid Ending: End of Jan 2010-2012(all amount in thousands of dollars)| | 2012| 2011| 2010| | Dollars| Percent| Dollars| Percent| Dollars| Percent| Cash And Cash Equivalents| 2827000| 13%| 1464000| 7. 0%| 1686000| 7. 92%| Accounts Receivables| 368000| 2%| 338000| 1. 64%| 358000| 1. 68%| Inventory| 5117000| 23%| 4758000| 23. 06%| 4615000| 21. 67%| Other Current Assets| 465000| 2%| 339000| 1. 64%| 223000| 1. 05%| TOTAL CURRENT ASSETS| 8777000| 40%| 6899000| 33. 44%| 6882000| 32. 31%| Property Plant and Equipment| 8420000| 38%| 8813000| 42. 72%| 9507000| 44. 63%| Goodwill| 3743000| 17%| 3743000| 18. 14%| 3743000| 17. 57%| Intangible Assets| 598000| 3%| 637000| 3%| 678000| 3. 18%| Other Assets| 557000| 3%| 539000| 2. 61%| 490000| 2. 0%| TOTAL ASSETS| 22095000| 100%| 20631000| 100. 00%| 21300000| 100. 00%| Accounts Payable| 5160000| 23%| 4537000| 22%| 42200 00| 20%| Short/Current Long Term Debt| 1103000| 5%| 454000| 2%| 242000| 1%| TOTAL CURRENT LIABILITIES| 6263000| 28%| 4991000| 24%| 4462000| 21%| Long Term Debt| 6655000| 30%| 6971000| 34%| 8456000| 40%| Other Liabilities| 2103000| 10%| 1939000| 9%| 2597000| 12%| Deferred Long Term Liability Charges| 1141000| 5%| 1200000| 6%| 1132000| 5%| TOTAL LIABILITIES| 16162000| 73%| 15101000| 73%| 16647000| 78%| Common Stock| 5000| 0%| 5000| 0%| 5000| 0%|Retained Earnings| 4015000| 18%| 2990000| 14%| 2227000| 10%| Treasury Stock| -2434000| -11%| -2431000| -12%| -2515000| -12%| Capital Surplus| 5408000| 24%| 5696000| 28%| 5689000| 27%| Other Stockholder Equity| -1061000| -5%| -730000| -4%| -753000| -4%| TOTAL STOCKHOLDER EQUITY | 5933000| 27%| 5530000| 27%| 4653000| 22%| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 22095000| 100%| 20631000| 100%| 21300000| 100%| Table 4 Vertical analysis of Income Statement Macy's Inc. Common-Size Comparative Income StatementPeroid Ending: End of Jan 2010-2012(m illions, except per share data)| | 2012| 2011| 2010| dollars| percent| dollars| percent| Dollars| Percent| Net Sales| 26405| 100. 00%| 25003| 100. 00%| 23489| 100. 00%| Cost of sales| 15738| 59. 60%| 14824| 59. 29%| 13973| 59. 49%| Gross margin| 10667| 40. 40%| 10179| 40. 71%| 9516| 40. 51%| Selling, general and administrative expenses| 8281| 31. 36%| 8260| 33. 04%| 8062| 34. 32%| Gain on sale of properties, impairments, store closing costs and division consolidation costs| 25| 0. 09%| -25| -0. 10%| -391| -1. 66%| Operating income| 2411| 9. 13%| 1894| 7. 58%| 1063| 4. 53%| Interest expense| 447| 1. 9%| 579| 2. 32%| 562| 2. 39%| Interest income| 4| 0. 02%| 5| 0. 02%| 6| 0. 03%| Income before tax| 1968| 7. 45%| 1320| 5. 28%| 507| 2. 16%| Federal, state and local income tax benefit (expense)| 712| 2. 70%| 473| 1. 89%| 178| 0. 76%| Net income| 1256| 4. 76%| 847| 3. 39%| 329| 1. 40%| Table 5 Consolidated Statements of Cash Flows (Dollars in millions)| 2011| 2010| Cash flows from operatin g activities:| Net income| 1256. 00 | 847. 00 | Depreciation and amortization| 1085. 00 | 1150. 00 | Gain on sale of properties, impairments and store closing costs| (25. 0)| 25. 00 | Decrease in working capital and other, net| (223. 00)| (516. 00)| Net cash provided by operating activities| 2093. 00 | 1506. 00 | Cash flows from investing activities:| Capital expenditures for property and equipment and capitalized software| (764. 00)| (505. 00)| Disposition of property and equipment| 114. 00 | 74. 00 | Other, net| 33. 00 | (34. 00)| Net cash used by investing activities| (617. 00)| (465. 00)| Cash flows from financing activities:| Debt issued| 800. 00 | -| Debt repaid| (454. 00)| (1245. 00)| Dividends paid| (148. 0)| (84. 00)| Acquisition of treasury stock| (502. 00)| (1. 00)| Issuance of common stock| 162. 00 | 43. 00 | Other, net| 29. 00 | 24. 00 | Net cash used by financing activities| (113. 00)| (1263. 00)| Net increase (decrease) in cash and cash equivalents| 1363. 00 | (222. 0 0)| Cash and cash equivalents at beginning of period| 1464. 00 | 1686. 00 | Cash and cash equivalents at end of period| 2827. 00 | 1464. 00 | Table6 Liquidity Ratios | Macy's| Nordstrom| | 2011| 2010| 2009| 2011| 2010| 2009| current ratio| 1. 4| 1. 38| 1. 54| 2. 2| 2. 6| 2| ash flow from operations to current liabilities| 37. 20%| 31. 90%| 36. 50%| 52. 90%| 60. 50%| 69. 20%| number of days' sale in receivables| 4. 8| 5| 6. 1| 65. 5| 72| 80| number of days' sale in inventory| 120| 124| 133| 58| 57| 61| Table7 Solvency Ratios | Macy's| Nordstorm| | 2011| 2010| 2009| 2011| 2010| 2009| debt to equity| 1. 06| 0. 9| 0. 96| 3. 34| 2. 69| 3. 19| debt service coverage ratio| 3. 91| 1. 42| 1. 6| 10. 4| 3. 48| 3. 73| cash flow from operations to capital expenditure| 350%| 390%| 469%| 192%| 253%| 309%| Table 8 Profitability Ratios | Macy's| Nordstrom| 2011| 2010| 2009| 2011| 2010| 2009| profit margin ratio| 4. 76%| 3. 39%| 1. 40%| 6. 28%| 6. 32%| 5. 11%| return on assets| 6. 64%| 4. 92%| 2. 31% | 9. 14%| 9. 37%| 8. 01%| return on sales| 5. 35%| 4. 12%| 2. 16%| 6. 70%| 6. 78%| 5. 68%| Table 9 DuPont Analysis | Macy's| Nordstrom| DuPont analysis factors| 2011| 2010| 2009| 2011| 2010| 2009| profit margin| 4. 76%| 3. 39%| 1. 40%| 6. 28%| 6. 32%| 5. 11%| asset turnover| 1. 2| 1. 21| 1. 1| 1. 28| 1. 3| 1. 31| leverage| 3. 72| 3. 73| 4. 58| 4. 34| 3. 69| 4. 19| ROE| 21. 25%| 15. 30%| 7. 05%| 34. 89%| 30. 32%| 28. 04%|