2001 Working Capital Survey - Chart 16



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.

Sources: REL Consultancy Group, Piranha Web

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

Over- all RankCompany NamePrior Year SalesCash Conver. Effic.Days Working CapitalDays Sales Outst.Inven. TurnsDays Payable Outst.
1COMDISCO INC$3,86783%160535718182113925602
10VIAD CORP$1,72742%914131181492014420784
81DELUXE CORP$1,26318%1341312621165516611959
92CRESCENT OPERATING INC$71812%302(18)931265152057343
135RYDER SYSTEM INC$5,33715%2082016642412476927529
166WASTE MANAGE- MENT INC NEW$12,49214%2302420750522783628499
236JOHN H HARLAND CO$70312%29433279363361817217874
259NATIONAL DATA CORP$68611%3123630273829437741226
264ADVANCE- PCS$1,9683%817(15)124646322176280
266R R DONN- ELLEY & SONS$5,18314%22652468616882114123674
337NOVA CORP GA$1,5786%6162420228232210107986
349ADVO INC$1,1296%6772016432286220814916
353SODEXHO MARRIOTT SERVICES INC$4,7346%6522219140384624724647
365CONSOLI- DATED GRAPHICS INC TX$62513%27063571758411225233375
366SERVICE- MASTER CO$5,9717%603282423329160499971
370C H ROBINSON WORLD- WIDE$2,8823%80977943424980336301
397WESCO INTER- NATIONAL INC$3,8814%7461916122174743444189
402CINTAS CORP$1,90212%3046457544435744611952
445ARAMARK CORP$7,2635%71529249302521618621740
514IMCO RECYCLING INC$7657%5875247457628933440248
515LABOR- ATORY CORP OF AMERICA HLDGS$1,91910%3657365277849368710964
539SED INTER- NATIONAL HLDGS INC$6092%84428239322731029641234
554HUTTIG BUILDING PRODUCTS INC$8004%76239346403801226227547
561BOWNE & CO INC$1,1149%45370632778521915319825
566WORLD FUEL SERVICES CORP$1,2001%90026227434271232020776
587WACKENHUT CORP$2,5051%8862924433290126186987
589SAFE- GUARD SCIEN- TIFICS$2,7702%86132266373452213721725
593U S XPRESS ENTERPR. INC$7085%6915247158648664310969
597AFFIL- IATED COMPUTER SERVICES INC$1,9637%5616760773827144169973
611WALLACE COMPUTER SERVICES INC$1,5659%4707668269794933521722
635QUANTA SERVICES INC$1,7933%7824944594938843449144
673GTSI CORP$6681%91339343677641521151126
678DONALDSON CO INC$1,0928%5437970266758744825600
689KEVCO INC$8401%8774540225201840529462
694U S OFFICE PRODUCTS CO$2,4992%87246414414001031323678
727SAFETY KLEEN CORP DE$1,6866%66576688999493110134344
745CONCORD EFS INC$1,22924%551889897180919876662
757ENCOMPASS SERVICES CORP$4,0992%8595852485903932831418
774INTE- GRATED ELEC- TRICAL SERVICES$1,6721%87459531105960644550133
782SCHOOL SPECIALTY INC$6394%7637466347481470927535
804VOLT INFOR- MATION SCIENCES INC$2,2010%9455449366752339522702
809CELLSTAR CORP$2,476-2%9704642054591934748155
812MASTEC INC$1,3303%7987567497943654426563
828IKON OFFICE SOLUTIONS INC$5,4478%546104854949361031514914
861U S A FLORAL PRODUCTS INC$925-1%95565588949371915552120
877AHL SERVICES INC$814-1%953696187181962487981
912BELL MICRO- PRODUCTS INC$1,804-2%9797163962705653647160
920REYNOLDS & REYNOLDS CO$92415%2051779841859941717723686
924NCS HEALTH- CARE$695-2%96683740828861226825620
927SENSOR- MATIC ELEC. CORP$1,10010%387152962115978382824639
936ARROW ELECTR. INC$12,959-1%9599582166750563837284
946VALLEY MEDIA INC$892-6%995696207079847017638
973MSC INDUSTRIAL DIRECT CO INC$7933%78714895847484297415902
995USEC INC$1,48913%26928399885902199151129
999AVIATION SALES CO$672-15%99923699589920298438266
578Industry Average$2,3748% 63 61 59 30 

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