1%) and finance and insurance services (9.9%). Price of products sold decreased to 74.7% from 77.6% in 1995.
Although this marked a powerful improvement, the business is not yet performing at the 1994 level (72.8%). While the operating performance in 1996 was strong, it tends to benefit within the lower operating results from 1995. 1995's performance was sub-par for many reasons: lower minivan shipments, the launch of the all-new minivans, greater sales incentives, greater material costs, a lower mix of high margin vehicles, lower vehicle shipments to Mexico as well as the production changes at the Newark assembly plant.
The improve in sales of made products resulted from an 11% increase in vehicle shipments and an improve during the average revenue per unit from $18,305 to $19,442. The increase was due to an increased proportion of truck shipments to total vehicle shipments. Per unit revenues increased by 10% in 1996. This was attributable to higher average automotive finance receivables outstanding and vehicles leased.
Chrysler's consolidated combined cash, income equivalents and marketable securities totaled $7.8 billion at December 31, 1996. This was a slight decrease inside previous years' levels of $8.1 billion in 1995 and $8.4 billion in 1994. The decrease in funds and marketable securities was the result of capital expenditures, common stock repurchases, world-wide-web debt repayments and dividend payments. These needs were offset by an increase in dollars flow from operations of 5.0%. The company's modern-day and acid test ratios reflect the decrease in the company's working capital position. The modern day ratio declined to 1.22 from 1.48 in 1995. The acid test ratio fell to 0.41 from 0.52 a year earlier. Though the business is currently a smaller amount liquid, it looks how the business is managing its assets quite effectively. The accounts receivable turns were reduced to 12.27 days from 13.74 although the inventory turns went from 39.31 days in 1995 to 38.39 days in 1996.
The company's operating performance as whole was flat in the previous year. Net Cash being a percent of Net Sales was 3.0%, the same as in 1995. Return on stockholder's equity was 17.3%, down from 17.9% during the previous year. Net funds on automobile sales was down for the second consecutive year. An improve in internet dollars on automobile sales inside the U.S. of $164 million was offset by losses of $352 million outside the U.S. Operating margins on automobile sales worldwide had been 2.1% in 1996, compared to 3.0% in 1995 and 5.4% in 1994. Operating margins within the U.S. had been 3.2%, compared to 2.9% in 1995 and 4.9% in 1994. The low operating earnings, specially outside the U.S. can be mentioned by the prices associated from the launch of many new products, adverse vehicle mix, greater promotion costs, and costs for employee separation programs.
The company's ability to meet modern obligations remained on the exact same in 1996 compared to 1995. The company's modern day ratio was .97 compared to .95 in 1995. The quick or acid test ratio improved slightly in 1996 to .57 from .55 in 1995. Automobile cash and marketable securities have been 1$15.4 billion at December 31, 1996, up $3 billion in the same date in 1995. Asset turnover was mixed. Accounts receivable turns elevated from 9.69 days in 1995 to 10.76 days in 1996. Inventory, working capital and property, plant and equipment management improvements offset the slowing.
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