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At the end of last year, Roberts Inc. reported the following income statement (in millions of...

At the end of last year, Roberts Inc. reported the following income statement (in millions of dollars):

Sales $3,000
Operating costs excluding depreciation 2,450
EBITDA $550
Depreciation 250
EBIT $300
Interest 124
EBT $176
Taxes (25%) 44
Net income $132

Looking ahead to the following year, the company's CFO has assembled this information:

  • Year-end sales are expected to be 15% higher than the $3 billion in sales generated last year.
  • Year-end operating costs, excluding depreciation, are expected to equal 75% of year-end sales.
  • Depreciation is expected to increase at the same rate as sales.
  • Interest costs are expected to remain unchanged.
  • The tax rate is expected to remain at 25%.

On the basis of that information, what will be the forecast for Roberts' year-end net income? Enter your answer in millions. For example, an answer of $25,400,000 should be entered as 25.40. Do not round intermediate calculations. Round your answer to two decimal places.

$    million

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