LBO Model - NYU Stern

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					3/10/20121:39 AM                                                                                                168                                                                f8ee045b-6510-434c-9e27-e3767a4911ed.xlsSources_Uses




                   Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On                                                                                     Written By John P. Burns
                   NOTE - Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration                                                                                  98.12.15
                                                                                                     Project Giddy
                                                                                                 Transaction Structure
                       Performance Case: Base                                                                                                                                         1/15/2006 10:56
                       (FYE January; $ in millions)                                                                                                 C:\Ian\Excel files\[lbo_model1.xls]Sources_Uses

                                       Uses of Funds                                                Sources of Funds                        %                     IRR                Average Life

                       Equity Purchase Price                   $19.0             Existing Debt                                    $0.0       0.0%
                       Debt Retired                              1.0             Bank Revolver                                     0.0       0.0%
                       Debt Assumed                              1.0             Senior Bank Term "A"                             12.0      54.3%                 8.5%                  3.68
                       Cash Infusion                             0.5             Senior Bank Term "B"                              0.0       0.0%
                       Transaction Costs                         0.6             Other Long-Term Debt                              0.0       0.0%
                                                                                 Senior Subordinated Debt                          3.0      13.6%                 15.1%                 6.68
                       Total Uses                              $22.1             Junior Subordinated Debt                          0.0       0.0%
                                                                                 Seller Note                                       0.0       0.0%
                       Current Stock Price                   $55.00              Preferred Stock                                   0.0       0.0%
                       Offer Premium                          15.0%              Common Equity:
                       Offer Price Per Share                 $63.25                 Sponsor Equity                                 6.6      29.9%                 31.1%
                                                                                    Management Equity                              0.5       2.3%                 31.1%
                       Shares Outstanding (MM)                   0.3                New Equity                                     0.0       0.0%
                       Equity Purchase Price                   $19.0             Excess Cash on Balance Sheet                      0.0       0.0%

                                    Acquisition Multiples                        Total Sources                                   $22.1      100.0%

                       2005 EBITDA                             11.1x
                       EST. 2006 EBITDA                         9.9x                  Equity Allocation                   Undiluted Fully-Diluted                       Goodwill Calculation
                       2005 P/E                                54.2x
                       EST. 2006 P/E                            0.0x             Senior Subordinated Debt                         0.0%       2.0%         Purchase Price of Equity               $19.0
                       To 2005 Book                             3.5x             Junior Subordinated Debt                         0.0%       0.0%         Plus:
                       To EST. 2006 Book                        2.8x             Seller Note                                      0.0%       0.0%            Existing Goodwill                      0.0
                                                                                 Preferred Stock                                  0.0%       0.0%         Less:
                                        Exit Multiples                           Sponsor Equity                                  93.0%      91.1%            Net Worth                              5.5
                                                                                 Management Equity                                7.0%       6.9%            Asset Write-Up                         0.0
                       Exit Year                                2010             New Equity                                       0.0%       0.0%            Deferred Taxes                         0.0
                       Exit EBITDA Multiple                      7.0x
                       Exit P/E                                  0.0x            Total Equity Allocation                     100.0%         100.0%        Goodwill                               $13.5
                       Exit Book Multiple                        0.0x

                       Leverage Assumptions                 2005        2006       2007      2008            Other Assumptions / Switches

                       Sr. Debt / EBITDA                         1.0x     4.8x        3.4x       2.3x        Performance Case              1            Base
                       Sr. Debt / (EBITDA - Capex)               1.0x     4.8x        3.4x       2.3x        Circ Breaker                  0             On
                       Total Debt / EBITDA                       1.0x     6.1x        4.4x       3.2x        Preferred Dividend            0           % of Par
                       Total Debt / (EBITDA - Capex)             1.0x     6.1x        4.4x       3.2x        Cash Minimum                  1             On
                                                                                                             Amt. Of Cash Min.           $0.5
                       Coverage Assumptions                 2005        2006       2007      2008
                                                                                                             Transaction Fees:
                       EBITDA / Sr. Interest Expense             2.9x     2.2x        3.1x       4.2x           Advisory                 1.0%
                       (EBITDA - Capex) / Sr. Int. Exp.          2.0x     2.2x        2.8x       3.4x           Financing                3.0%
                       EBITDA / Total Interest Expense           2.9x     1.6x        2.1x       2.8x        Use Excess Cash               0              No
                       (EBITDA - Capex) / Total Int. Exp.        2.0x     2.2x        2.8x       3.4x
3/10/20121:39 AM                                                                                                                                               268                                                                                            f8ee045b-6510-434c-9e27-e3767a4911ed.xlsBalance_Sheet




         Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                                                    Project Giddy
                                                                                                       Historical and Projected Balance Sheet
         Performance Case: Base
         (FYE January; $ in millions)
                                                                                 Historical                                                                                                  Projected
                                                       2001         2002           2003       2004     2005       -          +          Closing    2006       2007      2008     2009     2010        2011     2012     2013     2014     2015
                     ASSETS

         Current Assets:
             Cash & Marketable Securities                  $0.0        $0.0            $0.0     $0.0      $0.5        $0.0       $0.5       $1.0     $0.5       $0.5      $0.5     $0.5     $0.5        $0.5     $2.4     $7.3    $13.0    $19.6
             Accounts Receivable                            0.0         0.0             0.0      0.0       1.0         0.0        0.0        1.0      1.1        1.3       1.4      1.6      1.8         2.0      2.2      2.5      2.8      3.1
             Inventories                                    0.0         0.0             0.0      0.0       1.0         0.0        0.0        1.0      1.1        1.3       1.4      1.6      1.8         2.0      2.2      2.5      2.8      3.1
             Prepaid Expenses                               0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
             Prepaid Income Taxes                           0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
             Other Current Assets #1                        0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
             Other Current Assets #2                        0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
             Other Current Assets #3                        0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0

         Total Current Assets                              $0.0        $0.0            $0.0     $0.0      $2.5                              $3.0     $2.7       $3.0      $3.3     $3.6     $4.0        $4.4     $6.8    $12.2    $18.5    $25.8

         NonCurrent Assets:
            Net PP&E                                       $0.0        $0.0            $0.0     $0.0      $6.5        $0.0       $0.0       $6.5     $5.6       $4.9      $4.4     $4.1     $4.0        $4.0     $4.0     $4.0     $4.0     $4.0
            Other Assets #1                                 0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
            Other Assets #2                                 0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
            Other Assets #3                                 0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
            Transaction Costs                               0.0         0.0             0.0      0.0       0.0         0.0        0.6        0.6      0.5        0.4       0.3      0.1      0.0         0.0      0.0      0.0      0.0      0.0
            New Goodwill                                    0.0         0.0             0.0      0.0       0.0         0.0       13.5       13.5     13.1       12.8      12.5     12.1     11.8        11.5     11.1     10.8     10.4     10.1
            Other NC Assets #1                              0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
            Other NC Assets #2                              0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
            Other NC Assets #3                              0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0

         Total NonCurrent Assets                           $0.0        $0.0            $0.0     $0.0      $6.5                             $20.6    $19.2      $18.1     $17.1    $16.4    $15.8       $15.5    $15.1    $14.8    $14.4    $14.1

                   TOTAL ASSETS                            $0.0        $0.0            $0.0     $0.0      $9.0                             $23.6    $22.0      $21.1     $20.4    $20.0    $19.8       $19.9    $22.0    $27.0    $32.9    $39.9


                                                                                 Historical                                                                                                  Projected
             LIABILITIES & EQUITY                      2001         2002           2003       2004     2005       -          +          Closing    2006       2007      2008     2009     2010        2011     2012     2013     2014     2015

         Current Liabilities:
             Accounts Payable                              $0.0        $0.0            $0.0     $0.0      $1.5        $0.0       $0.0       $1.5     $1.7       $1.9      $2.1     $2.4     $2.6        $3.0     $3.3     $3.7     $4.2     $4.7
             Accrued Expenses                               0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
             Dividend Payable                               0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
             Income Tax Payable                             0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
             Other Current Liabilities #1                   0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
             Other Current Liabilities #2                   0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
             Other Current Liabilities #3                   0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0

         Total Current Liabilities                         $0.0        $0.0            $0.0     $0.0      $1.5                              $1.5     $1.7       $1.9      $2.1     $2.4     $2.6        $3.0     $3.3     $3.7     $4.2     $4.7

              Deferred Taxes                               $0.0        $0.0            $0.0     $0.0      $0.0        $0.0       $0.0       $0.0     ($0.1)     $0.0      $0.0     $0.0     $0.0        $0.0     $0.0     $0.0     $0.0     $0.0
              Other Deferred Liability #1                   0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0       0.0       0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
              Other Deferred Liability #2                   0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0       0.0       0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
              Minority Interest                             0.0         0.0             0.0      0.0       0.0         0.0        0.0        0.0       0.0       0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0

         Long Term Debt:                                                                                                                                                                                                                           Senior Debt    Note: Change Senior / Sub Status
            Existing Debt                                  $0.0        $0.0            $0.0     $0.0      $2.0    ($2.0)         $0.0       $0.0     $0.5       $1.0      $1.0     $1.0     $1.0        $1.0     $1.0     $1.0     $1.0     $1.0      Senior      on the Income Statement Page
            Bank Revolver                                   0.0         0.0             0.0      0.0       0.0      0.0           0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0      Senior
            Senior Bank Term "A"                            0.0         0.0             0.0      0.0       0.0      0.0          12.0       12.0     10.1        8.3       6.8      4.7      2.2         0.0      0.0      0.0      0.0      0.0      Senior
            Senior Bank Term "B"                            0.0         0.0             0.0      0.0       0.0      0.0           0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0      Senior
            Other Long-Term Debt                            0.0         0.0             0.0      0.0       0.0      0.0           0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0   Subordinated
            Senior Subordinated Debt                        0.0         0.0             0.0      0.0       0.0      0.0           3.0        3.0      3.0        3.0       3.0      3.0      3.0         2.0      0.0      0.0      0.0      0.0   Subordinated
            Junior Subordinated Debt                        0.0         0.0             0.0      0.0       0.0      0.0           0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0   Subordinated
            Seller Note                                     0.0         0.0             0.0      0.0       0.0      0.0           0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0   Subordinated

         Total Long Term Debt                              $0.0        $0.0            $0.0     $0.0      $2.0                             $15.0    $13.6      $12.3     $10.8     $8.7     $6.2        $3.0     $1.0     $1.0     $1.0     $1.0

               TOTAL LIABILITIES                           $0.0        $0.0            $0.0     $0.0      $3.5                             $16.5    $15.3      $14.2     $12.9    $11.1     $8.8        $6.0     $4.3     $4.7     $5.2     $5.7

         Net Worth:
             Equity - Common                               $0.0        $0.0            $0.0     $0.0      $5.5    ($5.5)         $7.1       $7.1     $7.1       $7.1      $7.1     $7.1     $7.1        $7.1     $7.1     $7.1     $7.1     $7.1
                           - Preferred                      0.0         0.0             0.0      0.0       0.0      0.0           0.0        0.0      0.0        0.0       0.0      0.0      0.0         0.0      0.0      0.0      0.0      0.0
             Retained Earnings                              0.0         0.0             0.0      0.0       0.0      0.0           0.0        0.0     (0.4)      (0.3)      0.3      1.7      3.8         6.7     10.4     15.0     20.5     27.0

              TOTAL NET WORTH                              $0.0        $0.0            $0.0     $0.0      $5.5                              $7.1     $6.7       $6.8      $7.5     $8.8    $10.9       $13.8    $17.5    $22.2    $27.7    $34.1


         TOTAL LIABILITIES & EQUITY                        $0.0        $0.0            $0.0     $0.0      $9.0                             $23.6    $21.9      $21.0     $20.3    $19.9    $19.7       $19.8    $21.8    $26.9    $32.8    $39.8

         Balance Sheet Check                               $0.0        $0.0            $0.0     $0.0      $0.0                              $0.0     $0.1       $0.1      $0.1     $0.1     $0.1        $0.1     $0.1     $0.1     $0.1     $0.1

         Total Senior Debt                                 $0.0        $0.0            $0.0     $0.0      $2.0                             $12.0    $10.6       $9.3      $7.8     $5.7     $3.2        $1.0     $1.0     $1.0     $1.0     $1.0

         Total Capitalization                              $0.0        $0.0            $0.0     $0.0      $7.5                             $22.1    $20.3      $19.1     $18.2    $17.5    $17.1       $16.8    $18.5    $23.2    $28.7    $35.1
3/10/20121:39 AM                                                                                                                  368                                                                        f8ee045b-6510-434c-9e27-e3767a4911ed.xlsIncome_Statement




  Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                                Project Giddy
                                                                                 Historical and Projected Income Statement
  Performance Case: Base
  (FYE January; $ in millions)
                                                           Historical                                                                  Projected
                                         2001     2002       2003       2004      2005      2006       2007     2008     2009       2010       2011     2012     2013     2014     2015

  Net Sales                               $0.0      $0.0      $0.0        $0.0     $20.0      $22.4     $25.1    $28.1    $31.5         $35.2   $39.5    $44.2    $49.5    $55.5    $62.1

  Cost Of Goods Sold                       0.0       0.0       0.0         0.0      16.0       17.9      20.1     22.5     25.2          28.2    31.6     35.4     39.6     44.4     49.7

  Gross Margin                             0.0       0.0       0.0         0.0       4.0        4.5       5.0      5.6      6.3           7.0     7.9      8.8      9.9     11.1     12.4

  Operating Expenses:
    SG&A                                   0.0       0.0       0.0         0.0       2.0        2.2       2.2      2.2      2.2           2.2     2.2      2.2      2.2      2.2      2.2
    Other Expense #1                       0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0
    Other Expense #2                       0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0
    Other Expense #3                       0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0
    Other Expense #4                       0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0

          Subtotal                         0.0       0.0       0.0         0.0       2.0        2.2       2.2      2.2      2.2           2.2     2.2      2.2      2.2      2.2      2.2

  Consolidated EBITDA                      0.0       0.0       0.0         0.0       2.0        2.2       2.8      3.4      4.1           4.8     5.7      6.6      7.7      8.9     10.2

  Consolidated D&A                         0.0       0.0       0.0         0.0       1.0        0.9       0.7      0.5      0.3           0.1     0.0      0.0      0.0      0.0      0.0

  Consolidated EBIT (Pre-Transaction)      0.0       0.0       0.0         0.0       1.0        1.3       2.1      2.9      3.8           4.7     5.7      6.6      7.7      8.9     10.2

  Transaction Amortization                 0.0       0.0       0.0         0.0       0.0        0.1       0.1      0.1      0.1           0.1     0.0      0.0      0.0      0.0      0.0
  New Goodwill Amortization                0.0       0.0       0.0         0.0       0.0        0.3       0.3      0.3      0.3           0.3     0.3      0.3      0.3      0.3      0.3

          Subtotal                         0.0       0.0       0.0         0.0       0.0        0.5       0.5      0.5      0.5           0.5     0.3      0.3      0.3      0.3      0.3

  Consolidated EBIT (Post-Transaction)     0.0       0.0       0.0         0.0       1.0        0.9       1.6      2.4      3.3           4.2     5.3      6.3      7.3      8.5      9.8
                                                                                                                                                                                            Average Interest (1=Yes, 0=No)        Senior Debt (1=Yes, 0=No)
  Interest Income                          0.0       0.0       0.0         0.0       0.1        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.1      0.2      0.4         0               No

  Interest Expense:
      Existing Debt                        0.0       0.0       0.0         0.0       0.7        0.0       0.0      0.1      0.1           0.1     0.1      0.1      0.1      0.1      0.1         0               No                   1             Senior
      Bank Revolver                        0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0         0               No                   1             Senior
      Senior Bank Term "A"                 0.0       0.0       0.0         0.0       0.0        1.0       0.9      0.7      0.6           0.4     0.2      0.0      0.0      0.0      0.0         0               No                   1             Senior
      Senior Bank Term "B"                 0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0         0               No                   1             Senior
      Other Long-Term Debt                 0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0         0               No                   0          Subordinated
      Senior Subordinated Debt             0.0       0.0       0.0         0.0       0.0        0.4       0.4      0.4      0.4           0.4     0.4      0.3      0.0      0.0      0.0         0               No                   0          Subordinated
      Junior Subordinated Debt             0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0         0               No                   0          Subordinated
      Seller Note                          0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0         0               No                   0          Subordinated

  Total Interest Expense                   0.0       0.0       0.0         0.0       0.7        1.4       1.3      1.2      1.1           0.9     0.7      0.4      0.1      0.1      0.1

  Gain (Loss) On Asset Sales               0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0

  Net Income Before Taxes                  0.0       0.0       0.0         0.0       0.4       (0.5)      0.3      1.2      2.3           3.4     4.7      5.9      7.3      8.6     10.1

  Provision For Income Taxes               0.0       0.0       0.0         0.0       0.0       (0.1)      0.2      0.6      0.9           1.3     1.8      2.2      2.7      3.1      3.7

  Net Income                              $0.0      $0.0      $0.0        $0.0      $0.4      ($0.4)     $0.1     $0.7     $1.3          $2.1    $2.9     $3.7     $4.6     $5.5     $6.5

  Preferred Dividends                      0.0       0.0       0.0         0.0       0.0        0.0       0.0      0.0      0.0           0.0     0.0      0.0      0.0      0.0      0.0

  Net Income To Common Shareholders       $0.0      $0.0      $0.0        $0.0      $0.4      ($0.4)     $0.1     $0.7     $1.3          $2.1    $2.9     $3.7     $4.6     $5.5     $6.5


  Senior Interest Expense                 $0.0      $0.0      $0.0        $0.0      $0.7       $1.0      $0.9     $0.8     $0.7          $0.5    $0.3     $0.1     $0.1     $0.1     $0.1
  Junior Interest Expense                 $0.0      $0.0      $0.0        $0.0      $0.0       $0.4      $0.4     $0.4     $0.4          $0.4    $0.4     $0.3     $0.0     $0.0     $0.0
3/10/20121:39 AM                                                                                                      468                                                            f8ee045b-6510-434c-9e27-e3767a4911ed.xlsCash_Flow




                   Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                      Project Giddy
                                                                              Projected Cash Flow Summary
                   Performance Case: Base
                   (FYE January; $ in millions)
                                                                                                              Projected
                                                                  2006       2007          2008     2009     2010       2011         2012     2013      2014     2015

                   Net To Retained Earnings                      ($0.4)      $0.1          $0.7     $1.3     $2.1           $2.9     $3.7     $4.6      $5.5     $6.5

                   Non-Cash Adjustments:
                     Consolidated D&A                             $0.9       $0.7          $0.5     $0.3     $0.1           $0.0     $0.0     $0.0      $0.0     $0.0
                     Transaction Amortization                      0.1        0.1           0.1      0.1      0.1            0.0      0.0      0.0       0.0      0.0
                     New Goodwill Amortization                     0.3        0.3           0.3      0.3      0.3            0.3      0.3      0.3       0.3      0.3
                     Deferred Taxes                               (0.1)       0.1           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0    Years PIK
                     Accrued Junior Subordinated Debt Interest     0.0        0.0           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0        0
                     Accrued Preferred Dividends                   0.0        0.0           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0        0

                   Funds From Operations                          $0.9       $1.3          $1.7     $2.1     $2.6           $3.3     $4.1     $5.0      $5.8     $6.8

                   Working Capital Source (Use):
                     Accounts Receivable                         ($0.1)     ($0.1)         ($0.2)   ($0.2)   ($0.2)         ($0.2)   ($0.2)   ($0.3)   ($0.3)   ($0.3)
                     Inventories                                  (0.1)      (0.1)          (0.2)    (0.2)    (0.2)          (0.2)    (0.2)    (0.3)    (0.3)    (0.3)
                     Prepaid Expenses                              0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                     Prepaid Income Taxes                          0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                     Other Current Assets #1                       0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                     Other Current Assets #2                       0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                     Other Current Assets #3                       0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                      Accounts Payable                             0.2        0.2            0.2      0.3      0.3            0.3      0.4      0.4      0.4      0.5
                      Accrued Expenses                             0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                      Dividend Payable                             0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                      Income Tax Payable                           0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                      Other Current Liabilities #1                 0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                      Other Current Liabilities #2                 0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                      Other Current Liabilities #3                 0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0

                   (Increase) In Net Working Capital              (0.1)      (0.1)          (0.1)    (0.1)    (0.1)          (0.1)    (0.1)    (0.1)    (0.1)    (0.2)

                   Cash From Operations                            0.8        1.3            1.6      2.0      2.5            3.1      4.0      4.8      5.7      6.6
                   Existing Cash On Balance Sheet                  1.0        0.5            0.5      0.5      0.5            0.5      0.5      2.4      7.3     13.0

                      Capital Expenditures                        $0.0       $0.0          $0.0     $0.0     $0.0           $0.0     $0.0     $0.0      $0.0     $0.0
                      (Inc)/Dec in Other Assets #1                 0.0        0.0           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0
                      (Inc)/Dec in Other Assets #2                 0.0        0.0           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0
                      (Inc)/Dec in Other NC Assets #1              0.0        0.0           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0
                      (Inc)/Dec in Other NC Assets #2              0.0        0.0           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0
                      (Inc)/Dec in Other NC Assets #3              0.0        0.0           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0
                      Inc/(Dec) in Deferred Taxes                 (0.1)      (0.1)          0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0
                      Inc/(Dec) in Other Deferred Liability #1     0.0        0.0           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0
                      Inc/(Dec) in Other Deferred Liability #2     0.0        0.0           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0
                      Inc/(Dec) in Minority Interest               0.0        0.0           0.0      0.0      0.0            0.0      0.0      0.0       0.0      0.0

                   Cash Available For Debt Repayment              $1.9       $1.8          $2.1     $2.5     $3.0           $3.6     $4.5     $7.3     $13.0    $19.6


                   (Inc)/Dec in All NC Assets                      0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
                   Inc/(Dec) in All NC Liabilties                  0.0        0.0            0.0      0.0      0.0            0.0      0.0      0.0      0.0      0.0
3/10/20121:39 AM                                                                                                          568                                                          f8ee045b-6510-434c-9e27-e3767a4911ed.xlsDebt_Repayment




  Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                                        Project Giddy
                                                                                             Projected Debt Repayment Schedule
  Performance Case: Base
  (FYE January; $ in millions)
                                                                                                                       Projected
                                                                   2006         2007         2008       2009       2010       2011        2012       2013       2014       2015
                                                     Year #…              1            2            3          4        5          6             7          8          9          10

  Cash Available For Debt Repayment                                   $1.4         $1.3         $1.6      $2.0       $2.5         $3.1      $4.0       $6.8      $12.5      $19.1

  Asset-Backed Addition To Revolver                                    0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0

  Cash For Retirement Of Existing Debt                                 1.4          1.3          1.6       2.0        2.5          3.1       4.0        6.8       12.5       19.1        Mandatory (1=Mandatory. 0=Auto)
    Existing Debt Mandatory Repayment                                  0.5          0.5          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0            1            Mandatory
    Existing Debt Retired                                              0.5          0.5          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0

  Cash For Retirement Of Senior Bank Term "A"                          1.9          1.8          1.6       2.0        2.5          3.1       4.0        6.8       12.5       19.1
    Senior Bank Term "A" Mandatory Repayment                           0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0              0               Automatic
    Senior Bank Term "A" Retired                                      (1.9)        (1.8)        (1.6)     (2.0)      (2.5)        (2.2)      0.0        0.0        0.0        0.0

  Cash For Retirement Of Senior Bank Term "B"                          0.0          0.0          0.0       0.0        0.0          1.0       4.0        6.8       12.5       19.1
    Senior Bank Term "B" Mandatory Repayment                           0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0              0               Automatic
    Senior Bank Term "B" Retired                                       0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0

  Cash For Retirement Of Other Long-Term Debt                          0.0          0.0          0.0       0.0        0.0          1.0       4.0        6.8       12.5       19.1
    Other Long-Term Debt Mandatory Repayment                           0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0              0               Automatic
    Other Long-Term Debt Retired                                       0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0

  Cash For Retirement Of Senior Subordinated Debt                      0.0          0.0          0.0       0.0        0.0          1.0       4.0        6.8       12.5       19.1
    Senior Subordinated Debt Mandatory Repayment                       0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0              0               Automatic
    Senior Subordinated Debt Retired                                   0.0          0.0          0.0       0.0        0.0         (1.0)     (2.0)       0.0        0.0        0.0

  Cash For Retirement Of Junior Subordinated Debt                      0.0          0.0          0.0       0.0        0.0          0.0       1.9        6.8       12.5       19.1
    Junior Subordinated Debt Mandatory Repayment                       0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0              0               Automatic
    Junior Subordinated Debt Retired                                   0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0

  Cash For Retirement Of Seller Note                                   0.0          0.0          0.0       0.0        0.0          0.0       1.9        6.8       12.5       19.1
    Seller Note Mandatory Repayment                                    0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0              0               Automatic
    Seller Note Retired                                                0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0

  Cash For Retirement Of Preferred Stock                               0.0          0.0          0.0       0.0        0.0          0.0       1.9        6.8       12.5       19.1
    Preferred Stock Retired                                            0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0

  Cash For Retirement Of Bank Revolver                                 0.0          0.0          0.0       0.0        0.0          0.0       1.9        6.8       12.5       19.1
    Bank Revolver Retired                                              0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0
    Bank Revolver Addition                                             0.0          0.0          0.0       0.0        0.0          0.0       0.0        0.0        0.0        0.0

  Additions To Cash                                                   $0.5         $0.5         $0.5      $0.5       $0.5         $0.5      $2.4       $7.3      $13.0      $19.6




  % of A/R and Inventory Increase, which increases Asset-Backed Revolver, if active
  (I.e., if set equal to % of borrowing base utilzed, this percentage will remain constant over time)

                                                                   2006         2007         2008       2009       2010         2011      2012       2013       2014       2015
  % of Working Capital Increase To Revolver                           0.0%         0.0%         0.0%      0.0%       0.0%         0.0%      0.0%       0.0%       0.0%       0.0%
3/10/20121:39 AM                                                                             668                                          f8ee045b-6510-434c-9e27-e3767a4911ed.xlsBook_Depreciation




      Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                     Project Giddy
                                                                               Book Depreciation Schedule

      Performance Case: Base
      (FYE January; $ in millions)                   Depreciation Method                    Goodwill Amortization Tax-Deductible             Computed or Manual Depreciation
                                                   (0=SLN,1=Sum of Years)                      (0=Not Deductible,1=Deductible)                   (0=Computed,1=Manual)
      Existing Equipment                              0        Straight Line                   0         Not Tax-Deductible                    0           Computed

               Gross PP&E                $6.5
               Land                      $0.0

                                     Beginning                                                                             Projected
                                      Amount       Period            Salvage        2006     2007        2008    2009     2010     2011       2012       2013       2014       2015

               Category 1                $0.0               0            $0.0        $0.0      $0.0       $0.0    $0.0     $0.0     $0.0        $0.0       $0.0       $0.0       $0.0
               Category 2                 0.0               0             0.0         0.0       0.0        0.0     0.0      0.0      0.0         0.0        0.0        0.0        0.0
               Category 3                 0.0               0             0.0         0.0       0.0        0.0     0.0      0.0      0.0         0.0        0.0        0.0        0.0
               Category 4                 0.0               0             0.0         0.0       0.0        0.0     0.0      0.0      0.0         0.0        0.0        0.0        0.0
               Category 5                 0.0               0             0.0         0.0       0.0        0.0     0.0      0.0      0.0         0.0        0.0        0.0        0.0

                        Total            $0.0                                        $0.0      $0.0       $0.0    $0.0     $0.0     $0.0        $0.0       $0.0       $0.0       $0.0
      Capital Expenditures
                                                   Capital                                                                 Projected
      Depreciation Period               10       Expenditure          Year          2006     2007        2008    2009     2010     2011       2012       2013       2014       2015

                                                       $0.0           2006           $0.0      $0.0       $0.0    $0.0     $0.0     $0.0        $0.0       $0.0       $0.0       $0.0
                                                        0.0           2007                      0.0        0.0     0.0      0.0      0.0         0.0        0.0        0.0        0.0
                                                        0.0           2008                                 0.0     0.0      0.0      0.0         0.0        0.0        0.0        0.0
                                                        0.0           2009                                         0.0      0.0      0.0         0.0        0.0        0.0        0.0
                                                        0.0           2010                                                  0.0      0.0         0.0        0.0        0.0        0.0
                                                        0.0           2011                                                           0.0         0.0        0.0        0.0        0.0
                                                        0.0           2012                                                                       0.0        0.0        0.0        0.0
                                                        0.0           2013                                                                                  0.0        0.0        0.0
                                                        0.0           2014                                                                                             0.0        0.0
                                                        0.0           2015                                                                                                        0.0

                        Total                          $0.0                          $0.0      $0.0       $0.0    $0.0     $0.0     $0.0        $0.0       $0.0       $0.0       $0.0

      TOTAL CALCULATED BOOK DEPRECIATION                                              0.0          0.0     0.0     0.0      0.0      0.0         0.0        0.0        0.0        0.0
      MANUALLY INPUT BOOK DEPRECIATION                                                0.0          0.0     0.0     0.0      0.0      0.0         0.0        0.0        0.0        0.0

      BOOK DEPRECIATION                                                               0.0          0.0     0.0     0.0      0.0      0.0         0.0        0.0        0.0        0.0

      TRANSACTION COST AMORTIZATION               YEARS -       5                     0.1          0.1     0.1     0.1      0.1      0.0         0.0        0.0        0.0        0.0

      GOODWILL AMORTIZATION                       YEARS -       40                    0.3          0.3     0.3     0.3      0.3      0.3         0.3        0.3        0.3        0.3
3/10/20121:39 AM                                                                                                                     768                                                                     f8ee045b-6510-434c-9e27-e3767a4911ed.xlsTax_Depreciation




   Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                  Project Giddy
                                                                            Tax Depreciation Schedule

   Performance Case: Base
   (FYE January; $ in millions)                   Depreciation Method                                                                                               Goodwill Amortization Tax-Deductible                Computed or Manual Depreciation
                                                (0=SLN,1=Sum of Years)                                                                                             (0=Not Tax-Deductible,1=Tax-Deductible)                  (0=Computed,1=Manual)
   Existing Equipment                              0        Straight Line                                                                                               0           Not Tax-Deductible                    0           Computed

            Gross PP&E                $0.0
            Land                      $0.0

                                  Beginning                                                                        Projected
                                   Amount       Period            Salvage        2006    2007    2008    2009    2010     2011    2012     2013    2014    2015

            Category 1                $0.0               0            $0.0        $0.0    $0.0    $0.0    $0.0    $0.0     $0.0    $0.0     $0.0    $0.0    $0.0
            Category 2                 0.0               0             0.0         0.0     0.0     0.0     0.0     0.0      0.0     0.0      0.0     0.0     0.0
            Category 3                 0.0               0             0.0         0.0     0.0     0.0     0.0     0.0      0.0     0.0      0.0     0.0     0.0
            Category 4                 0.0               0             0.0         0.0     0.0     0.0     0.0     0.0      0.0     0.0      0.0     0.0     0.0
            Category 5                 0.0               0             0.0         0.0     0.0     0.0     0.0     0.0      0.0     0.0      0.0     0.0     0.0

                    Total             $0.0                                        $0.0    $0.0    $0.0    $0.0    $0.0     $0.0    $0.0     $0.0    $0.0    $0.0
   Capital Expenditures
                                                Capital                                                            Projected
   Depreciation Period               10       Expenditure          Year          2006    2007    2008    2009    2010     2011    2012     2013    2014    2015

                                                    $0.0           2006           $0.0    $0.0    $0.0    $0.0    $0.0     $0.0    $0.0     $0.0    $0.0    $0.0
                                                     0.0           2007                    0.0     0.0     0.0     0.0      0.0     0.0      0.0     0.0     0.0
                                                     0.0           2008                            0.0     0.0     0.0      0.0     0.0      0.0     0.0     0.0
                                                     0.0           2009                                    0.0     0.0      0.0     0.0      0.0     0.0     0.0
                                                     0.0           2010                                            0.0      0.0     0.0      0.0     0.0     0.0
                                                     0.0           2011                                                     0.0     0.0      0.0     0.0     0.0
                                                     0.0           2012                                                             0.0      0.0     0.0     0.0
                                                     0.0           2013                                                                      0.0     0.0     0.0
                                                     0.0           2014                                                                              0.0     0.0
                                                     0.0           2015                                                                                      0.0

                    Total                           $0.0                          $0.0    $0.0    $0.0    $0.0    $0.0     $0.0    $0.0     $0.0    $0.0    $0.0

   TOTAL TAX DEPRECIATION                                                          0.0     0.0     0.0     0.0     0.0      0.0     0.0      0.0     0.0     0.0
Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                      Project Gid
                                                                                      Ratio Analy
Performance Case: Base
(FYE January; $ in millions)
                                                        Historical
                                         2001      2002   2003     2004        2005

Capital Structure
Total Debt / Book Capitalization           0.0%     0.0%     0.0%       0.0%   26.7%
Total Debt / Equity                        0.0%     0.0%     0.0%       0.0%   36.4%
Total Debt / Tangible Equity               0.0%     0.0%     0.0%       0.0%    0.0%

Leverage Ratios
Senior Debt / EBITDA                        0.0x     0.0x     0.0x      0.0x     1.0x
Senior Debt / (EBITDA-CapEx)                0.0x     0.0x     0.0x      0.0x     1.0x

Total Debt / EBITDA                         0.0x     0.0x     0.0x      0.0x     1.0x
Total Debt / (EBITDA-CapEx)                 0.0x     0.0x     0.0x      0.0x     1.0x

Interest Coverage
EBITDA / Senior Interest                    0.0x     0.0x     0.0x      0.0x     2.9x
EBITDA / Total Interest                     0.0x     0.0x     0.0x      0.0x     2.9x

(EBITDA-CapEx) / Senior Interest            0.0x     0.0x     0.0x      0.0x     2.0x
(EBITDA-CapEx) / Total Interest             0.0x     0.0x     0.0x      0.0x     2.0x

EBIT / Senior Interest                      0.0x     0.0x     0.0x      0.0x     1.4x
EBIT / Total Interest                       0.0x     0.0x     0.0x      0.0x     1.4x

Return on Average Common Equity            0.0%     0.0%     0.0%       0.0%    0.0%
EBIT / Average Capitalization              0.0%     0.0%     0.0%       0.0%    0.0%

Working Capital Assumptions
Asset Turnover (Sales)                      0.0x     0.0x     0.0x      0.0x     0.0x
Inventory Turnover (COGS)                   0.0x     0.0x     0.0x      0.0x     0.0x
Days Receivable (Sales)                     0.0      0.0      0.0       0.0      0.0
Days Inventory (Sales)                      0.0      0.0      0.0       0.0      0.0
Days Payable (Sales)                        0.0      0.0      0.0       0.0      0.0

Operating Results
Sales Growth             0.0%   0.0%   0.0%   0.0%    0.0%
Gross Margin             0.0%   0.0%   0.0%   0.0%   20.0%
EBITDA Margin            0.0%   0.0%   0.0%   0.0%   10.0%
EBIT Margin              0.0%   0.0%   0.0%   0.0%    5.0%
Pretax Profit To Sales



Liquidity Ratios
Current Ratio            0.0    0.0    0.0    0.0     1.7
Acid Test Ratio          0.0    0.0    0.0    0.0     1.0
Project Giddy
Ratio Analysis


                                              Projected
    Closing   2006     2007     2008     2009    2010     2011     2012     2013


     67.8% 67.2% 64.6% 59.0%             49.8%    36.2% 18.0%       5.4%     4.3%
    210.8% 204.6% 182.2% 144.2%          99.1%    56.8% 22.0%       5.7%     4.5%
      0.0%   0.0%   0.0%   0.0%           0.0%     0.0% 129.4%     15.6%     8.8%


                4.8x     3.4x     2.3x     1.4x    0.7x     0.2x     0.2x     0.1x
                4.8x     3.4x     2.3x     1.4x    0.7x     0.2x     0.2x     0.1x

                6.1x     4.4x     3.2x     2.2x    1.3x     0.5x     0.2x     0.1x
                6.1x     4.4x     3.2x     2.2x    1.3x     0.5x     0.2x     0.1x


                2.2x     3.1x     4.2x     6.1x    9.8x    20.6x    73.4x    85.2x
                1.6x     2.1x     2.8x     3.8x    5.5x     8.5x    18.7x    85.2x

                2.2x     2.8x     3.4x     4.1x    4.8x     5.7x     6.6x     7.7x
                2.2x     2.8x     3.4x     4.1x    4.8x     5.7x     6.6x     7.7x

                0.9x     1.8x     3.0x     5.0x    8.6x    19.3x    69.6x    81.4x
                0.6x     1.2x     2.0x     3.1x    4.8x     8.0x    17.7x    81.4x

              -6.7%     1.4%     9.2%    15.3%    19.1%   21.1%    21.3%    20.9%
               4.1%     8.2%    12.9%    18.4%    24.5%   31.4%    35.4%    35.1%


                1.0x     1.2x     1.4x     1.6x    1.8x     2.0x     2.0x     1.8x
               16.0x    16.0x    16.0x    16.0x   16.0x    16.0x    16.0x    16.0x
               20.0     20.0     20.0     20.0    20.0     20.0     20.0     20.0
               20.0     20.0     20.0     20.0    20.0     20.0     20.0     20.0
               13.3     13.3     13.3     13.3    13.3     13.3     13.3     13.3
12.0%   12.0%   12.0%   12.0%   12.0%   12.0%   12.0%   12.0%
20.0%   20.0%   20.0%   20.0%   20.0%   20.0%   20.0%   20.0%
20.0%   20.0%   20.0%   20.0%   20.0%   20.0%   20.0%   20.0%
 4.0%    2.8%    1.8%    1.0%    0.3%    0.0%    0.0%    0.0%




 2.0     1.6     1.6     1.6     1.5     1.5     1.5     2.1
 1.3     1.0     0.9     0.9     0.9     0.9     0.8     1.4
2014     2015


 3.5%     2.8%
 3.6%     2.9%
 5.8%     4.2%

                  CapEx
  0.1x     0.1x    2001    2002     2003    2004   2005
  0.1x     0.1x     0       0         0       0     0

  0.1x     0.1x
  0.1x     0.1x


 98.4x   113.1x
 98.4x   113.1x

  8.9x    10.2x
  8.9x    10.2x

 94.6x   109.4x
 94.6x   109.4x
                  2000
19.9%    19.0%     0      Common Equity
32.9%    30.9%     0      Capitalization


  1.7x     1.6x     0     Total Assets
 16.0x    16.0x     0     Inventories
 20.0     20.0      0     Account Receivables
 20.0     20.0      0     Inventories
 13.3     13.3      0     Account Payables
12.0%   12.0%
20.0%   20.0%
20.0%   20.0%
 0.0%    0.0%




 3.3     4.4
 2.6     3.8
3/10/20121:39 AM                                                                 1468                               f8ee045b-6510-434c-9e27-e3767a4911ed.xlsWC_BS_Assumptions




Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                           Project Giddy
                                                          Working Capital and Balance Sheet Assumptions
Performance Case: Base
(FYE January; $ in millions)
                                                       Historical                                                  Projected
                                       2001    2002      2003     2004   2005    2006    2007    2008    2009    2010    2011      2012     2013      2014      2015

Current Assets:
Accounts Receivable / Sales             0.0%    0.0%      0.0%    0.0%    5.0%    5.0%    5.0%    5.0%    5.0%    5.0%     5.0%     5.0%      5.0%     5.0%        5.0%
Inventories / Sales                     0.0%    0.0%      0.0%    0.0%    5.0%    5.0%    5.0%    5.0%    5.0%    5.0%     5.0%     5.0%      5.0%     5.0%        5.0%
Prepaid Expenses / Sales                0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Prepaid Income Taxes / Sales            0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other Current Assets #1 / Sales         0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other Current Assets #2 / Sales         0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other Current Assets #3 / Sales         0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%

Current Liabilities:
Accounts Payable / Sales                0.0%    0.0%      0.0%    0.0%    7.5%    7.5%    7.5%    7.5%    7.5%    7.5%     7.5%     7.5%      7.5%     7.5%        7.5%
Accrued Expenses / Sales                0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Dividend Payable / Sales                0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Income Tax Payable / Sales              0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other Current Liabilities #1 / Sales    0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other Current Liabilities #2 / Sales    0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other Current Liabilities #3 / Sales    0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%

Other Assumptions:
Other Assets #1 / Sales                 0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other Assets #2 / Sales                 0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other Assets #3 / Sales                 0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other NC Assets #1 / Sales              0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other NC Assets #2 / Sales              0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Other NC Assets #3 / Sales              0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%

Other Deferred Liability #2 / Sales     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
Minority Interest / Sales               0.0%    0.0%      0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%     0.0%     0.0%      0.0%     0.0%        0.0%
3/10/20121:39 AM                                                                             1568                                   f8ee045b-6510-434c-9e27-e3767a4911ed.xlsInc_Stmt_Assumptions




 Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                           Project Giddy
                                                      Income Statement Assumptions and Historical Performance
 Performance Case: Base
 (FYE January; $ in millions)
                                                                     Historical                                                        Projected
                                                    2001      2002      2003      2004    2005      2006    2007    2008    2009     2010     2011       2012      2013      2014      2015

 Consolidated Sales Growth                            0.0%     0.0%       0.0%     0.0%    0.0%     12.0%   12.0%   12.0%   12.0%    12.0%     12.0%     12.0%     12.0%     12.0%     12.0%

 Cost Of Goods Sold / Sales                           0.0%     0.0%       0.0%     0.0%   80.0%     80.0%   80.0%   80.0%   80.0%    80.0%     80.0%     80.0%     80.0%     80.0%     80.0%

 Gross Margin                                         0.0%     0.0%       0.0%     0.0%   20.0%     20.0%   20.0%   20.0%   20.0%    20.0%     20.0%     20.0%     20.0%     20.0%     20.0%

 Operating Expenses / Sales:
   SG&A                                               0.0%     0.0%       0.0%     0.0%   10.0%     10.0%   10.0%   10.0%   10.0%    10.0%     10.0%     10.0%     10.0%     10.0%     10.0%
   Other Expense #1                                   0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
   Other Expense #2                                   0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
   Other Expense #3                                   0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
   Other Expense #4                                   0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%

 Consolidated EBITDA / Sales                          0.0%     0.0%       0.0%     0.0%   10.0%     10.0%   11.1%   12.0%   12.9%    13.6%     14.3%     14.9%     15.5%     16.0%     16.4%

 Consolidated EBIT (Post-Transaction) / Sales         0.0%     0.0%       0.0%     0.0%    5.0%      4.0%    2.8%    1.8%    1.0%      0.3%      0.0%     0.0%      0.0%      0.0%      0.0%

 Interest (Coupon) Rates
    Interest Income                                   0.0%     0.0%       0.0%     0.0%    0.0%      3.0%    3.0%    3.0%    3.0%     3.0%      3.0%      3.0%      3.0%      3.0%      3.0%
    Existing Debt                                     0.0%     0.0%       0.0%     0.0%    0.0%      9.0%    9.0%    9.0%    9.0%     9.0%      9.0%      9.0%      9.0%      9.0%      9.0%
    Bank Revolver                                     0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
    Senior Bank Term "A"                              0.0%     0.0%       0.0%     0.0%    0.0%      8.5%    8.5%    8.5%    8.5%     8.5%      8.5%      8.5%      8.5%      8.5%      8.5%
    Senior Bank Term "B"                              0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
    Other Long-Term Debt                              0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
    Senior Subordinated Debt                          0.0%     0.0%       0.0%     0.0%    0.0%     13.0%   13.0%   13.0%   13.0%    13.0%     13.0%     13.0%     13.0%     13.0%     13.0%
    Junior Subordinated Debt                          0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
    Seller Note                                       0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
    Preferred Stock (% of Par)                        0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
    Preferred Stock ($ Amount)                       $0.00    $0.00      $0.00    $0.00   $0.00     $0.00   $0.00   $0.00   $0.00    $0.00     $0.00     $0.00     $0.00     $0.00     $0.00
    Preferred Stock Par Value                      $100.00

 Tax Rates:
   Federal Tax Rate                                   0.0%     0.0%       0.0%     0.0%    0.0%     35.0%   35.0%   35.0%   35.0%    35.0%     35.0%     35.0%     35.0%     35.0%     35.0%
   State Tax Rate                                     0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
   Effective Tax Rate                                 0.0%     0.0%       0.0%     0.0%    0.0%      0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%      0.0%
3/10/20121:39 AM                                                                 1668                          f8ee045b-6510-434c-9e27-e3767a4911ed.xlsPerformance_Assumptions




Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                          Project Giddy
                                                    Performance Assumptions
Performance Case: Base
(FYE January; $ in millions)

               Case Selection:   1

                                     Historical   2006    2007    2008    2009      2010       2011    2012     2013      2014     2015

Consolidated Sales Growth
         1 = Base                         0.0%    12.0%   12.0%   12.0%   12.0%     12.0%      12.0%   12.0%    12.0%     12.0%     12.0%
         2 = Optimistic                           15.0%   15.0%   15.0%   15.0%     15.0%      15.0%   15.0%    15.0%     15.0%     15.0%
         3 = Pessimistic                           7.0%    7.0%    7.0%    7.0%      7.0%       7.0%    7.0%     7.0%      7.0%      7.0%
Cost Of Goods Sold / Sales
             Base                        80.0%    80.0%   80.0%   80.0%   80.0%     80.0%      80.0%   80.0%    80.0%     80.0%     80.0%
             Optimistic                           65.0%    0.0%    0.0%    0.0%      0.0%       0.0%    0.0%     0.0%      0.0%      0.0%
             Pessimistic                          75.0%    0.0%    0.0%    0.0%      0.0%       0.0%    0.0%     0.0%      0.0%      0.0%
SG&A / Sales
             Base                        10.0%    10.0%   10.0%   10.0%   10.0%     10.0%      10.0%   10.0%    10.0%     10.0%     10.0%
             Optimistic                            0.0%    0.0%    0.0%    0.0%      0.0%       0.0%    0.0%     0.0%      0.0%      0.0%
             Pessimistic                           0.0%    0.0%    0.0%    0.0%      0.0%       0.0%    0.0%     0.0%      0.0%      0.0%
Other Expense #1 / Sales
             Base                         0.0%     0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
             Optimistic                            0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
             Pessimistic                           0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
Other Expense #2 / Sales
             Base                         0.0%     0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
             Optimistic                            0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
             Pessimistic                           0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
Other Expense #3 / Sales
             Base                         0.0%     0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
             Optimistic                            0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
             Pessimistic                           0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
Other Expense #4 / Sales
             Base                         0.0%     0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
             Optimistic                            0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
             Pessimistic                           0.0%    0.0%    0.0%    0.0%         0.0%    0.0%    0.0%     0.0%      0.0%      0.0%
Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                              Project Giddy
                                                                         Asset Sale Assump
Performance Case: Base
(FYE January; $ in millions)
                                                       Historical
Projected Asset Sales                    2001     2002   2003     2004         2005

Estimated Sale Proceeds                    $0.0     $0.0     $0.0       $0.0    $0.0
Tax Basis of Asset                          0.0      0.0      0.0        0.0     0.0

Gain (Loss) On Asset Sale                   0.0      0.0      0.0        0.0     0.0

Book Basis Of Asset                         0.0      0.0      0.0        0.0     0.0


Allocation To Balance Sheet

Current Assets:
 Cash & Marketable Securities              $0.0     $0.0     $0.0       $0.0    $0.0
 Accounts Receivable                        0.0      0.0      0.0        0.0     0.0
 Inventories                                0.0      0.0      0.0        0.0     0.0
 Prepaid Expenses                           0.0      0.0      0.0        0.0     0.0
 Prepaid Income Taxes                       0.0      0.0      0.0        0.0     0.0
 Other Current Assets #1                    0.0      0.0      0.0        0.0     0.0
 Other Current Assets #2                    0.0      0.0      0.0        0.0     0.0
 Other Current Assets #3                    0.0      0.0      0.0        0.0     0.0

NonCurrent Assets:
 Net PP&E                                  $0.0     $0.0     $0.0       $0.0    $0.0
 Other Assets #1                            0.0      0.0      0.0        0.0     0.0
 Other Assets #2                            0.0      0.0      0.0        0.0     0.0
 Other Assets #3                            0.0      0.0      0.0        0.0     0.0
 Transaction Costs                          0.0      0.0      0.0        0.0     0.0
 New Goodwill                               0.0      0.0      0.0        0.0     0.0
 Other NC Assets #1                         0.0      0.0      0.0        0.0     0.0
 Other NC Assets #2                         0.0      0.0      0.0        0.0     0.0
 Other NC Assets #3                         0.0      0.0      0.0        0.0     0.0

Total Assets                               $0.0     $0.0     $0.0       $0.0    $0.0
Current Liabilities:
 Accounts Payable               $0.0   $0.0   $0.0   $0.0   $0.0
 Accrued Expenses                0.0    0.0    0.0    0.0    0.0
 Dividend Payable                0.0    0.0    0.0    0.0    0.0
 Income Tax Payable              0.0    0.0    0.0    0.0    0.0
 Other Current Liabilities #1    0.0    0.0    0.0    0.0    0.0
 Other Current Liabilities #2    0.0    0.0    0.0    0.0    0.0
 Other Current Liabilities #3    0.0    0.0    0.0    0.0    0.0

 Deferred Taxes                  0.0    0.0    0.0    0.0    0.0
 Other Deferred Liability #1     0.0    0.0    0.0    0.0    0.0
 Other Deferred Liability #2     0.0    0.0    0.0    0.0    0.0
 Minority Interest               0.0    0.0    0.0    0.0    0.0

Long Term Debt:
 Existing Debt                  $0.0   $0.0   $0.0   $0.0   $0.0
 Bank Revolver                   0.0    0.0    0.0    0.0    0.0
 Senior Bank Term "A"            0.0    0.0    0.0    0.0    0.0
 Senior Bank Term "B"            0.0    0.0    0.0    0.0    0.0
 Other Long-Term Debt            0.0    0.0    0.0    0.0    0.0
 Senior Subordinated Debt        0.0    0.0    0.0    0.0    0.0
 Junior Subordinated Debt        0.0    0.0    0.0    0.0    0.0
 Seller Note                     0.0    0.0    0.0    0.0    0.0

Net Worth:
 Equity - Common                $0.0   $0.0   $0.0   $0.0   $0.0
        - Preferred              0.0    0.0    0.0    0.0    0.0
 Retained Earnings               0.0    0.0    0.0    0.0    0.0

Total Liabilities & Equity      $0.0   $0.0   $0.0   $0.0   $0.0

Balance Sheet Check             $0.0   $0.0   $0.0   $0.0   $0.0
  Project Giddy
et Sale Assumptions


                                          Projected
         2006    2007    2008    2009    2010    2011    2012    2013    2014

          $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0

           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0

           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0




          $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0


          $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0
           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0

          $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0    $0.0
$0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0

 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0


$0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0


$0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
 0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0

$0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0

$0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0   $0.0
2015

 $0.0
  0.0

  0.0

  0.0




 $0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0


 $0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

 $0.0
$0.0
 0.0
 0.0
 0.0
 0.0
 0.0
 0.0

 0.0
 0.0
 0.0
 0.0


$0.0
 0.0
 0.0
 0.0
 0.0
 0.0
 0.0
 0.0


$0.0
 0.0
 0.0

$0.0

$0.0
3/10/20121:39 AM                                                                                            2368                                                    f8ee045b-6510-434c-9e27-e3767a4911ed.xlsCapital_Structure




 Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                                 Project Giddy
                                                                                Current and Projected Capital Structure Summary
 Performance Case: Base
 (FYE January; $ in millions)
                                                                                                            Projected
                                      2005             Closing      2006         2007     2008     2009     2010        2011     2012     2013     2014      2015
                                                                                                                                                                                Senior Debt ?**
 Existing Debt                           $2.0              $0.0          $0.5      $1.0     $1.0     $1.0      $1.0       $1.0     $1.0     $1.0      $1.0     $1.0                 Senior
 Bank Revolver                            0.0               0.0           0.0       0.0      0.0      0.0       0.0        0.0      0.0      0.0       0.0      0.0                 Senior
 Senior Bank Term "A"                     0.0              12.0          10.1       8.3      6.8      4.7       2.2        0.0      0.0      0.0       0.0      0.0                 Senior
 Senior Bank Term "B"                     0.0               0.0           0.0       0.0      0.0      0.0       0.0        0.0      0.0      0.0       0.0      0.0                 Senior
 Other Long-Term Debt                     0.0               0.0           0.0       0.0      0.0      0.0       0.0        0.0      0.0      0.0       0.0      0.0              Subordinated
 Senior Subordinated Debt                 0.0               3.0           3.0       3.0      3.0      3.0       3.0        2.0      0.0      0.0       0.0      0.0              Subordinated
 Junior Subordinated Debt                 0.0               0.0           0.0       0.0      0.0      0.0       0.0        0.0      0.0      0.0       0.0      0.0              Subordinated
 Seller Note                              0.0               0.0           0.0       0.0      0.0      0.0       0.0        0.0      0.0      0.0       0.0      0.0              Subordinated
 Preferred Stock                          0.0               0.0           0.0       0.0      0.0      0.0       0.0        0.0      0.0      0.0       0.0      0.0           ** Note - Change on Income Statement
 Common Equity:                           5.5               7.1           6.7       6.8      7.5      8.8      10.9       13.8     17.5     22.2      27.7     34.1

 Book Capitalization                     $7.5             $22.1      $20.3        $19.1    $18.2    $17.5     $17.1      $16.8    $18.5    $23.2     $28.7    $35.1

 Total Debt                              $2.0             $15.0      $13.6        $12.3    $10.8     $8.7      $6.2       $3.0     $1.0     $1.0      $1.0     $1.0

 Book Equity                             $5.5              $7.1          $6.7      $6.8     $7.5     $8.8     $10.9      $13.8    $17.5    $22.2     $27.7    $34.1


 Borrowing Base
   Accounts Receivable (80.0%)                             $0.8          $0.9      $1.0     $1.1     $1.3      $1.4       $1.6     $1.8     $2.0      $2.2     $2.5                  80.0%
   Inventories (50.0%)                                      0.5           0.6       0.6      0.7      0.8       0.9        1.0      1.1      1.2       1.4      1.6                  50.0%

 Total Borrowing Base                                      $1.3          $1.5      $1.6     $1.8     $2.0      $2.3       $2.6     $2.9     $3.2      $3.6     $4.0                    Asset-Backed Revolver

 % of Borrowing Base Utilized                                                                                                                                                       0 = No              No
   Revolver Debt                                           0.0%          0.0%      0.0%     0.0%     0.0%      0.0%       0.0%     0.0%     0.0%      0.0%     0.0%                 1 = Yes
3/10/20121:39 AM                                                                             2468                                       f8ee045b-6510-434c-9e27-e3767a4911ed.xlsIncome_Tax_Calc




 Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                        Project Giddy
                                                                    Income Tax Calculation
 Performance Case: Base
 (FYE January; $ in millions)
                                                                                   Projected
                                        2006      2007     2008      2009       2010       2011     2012     2013     2014     2015

 Net Income Before Taxes                 ($0.5)     $0.3     $1.2        $2.3     $3.4      $4.7      $5.9     $7.3     $8.6    $10.1

 Plus: Book Depreciation                   0.0       0.0      0.0         0.0      0.0        0.0      0.0      0.0      0.0      0.0
 Less: Tax Depreciation                    0.0       0.0      0.0         0.0      0.0        0.0      0.0      0.0      0.0      0.0

 Less: Book Gain On Assets Sold            0.0       0.0      0.0         0.0      0.0        0.0      0.0      0.0      0.0      0.0
 Plus: Tax Gain (Loss) On Assets Sold      0.0       0.0      0.0         0.0      0.0        0.0      0.0      0.0      0.0      0.0

 Plus: Goodwill Amortization               0.3       0.3      0.3         0.3      0.3        0.3      0.3      0.3      0.3      0.3

 Pre-NOL Taxable Income                   (0.2)      0.7      1.6         2.6      3.7        5.0      6.3      7.6      9.0     10.5

 NOL Used To Shelter Income                0.0       0.2      0.0         0.0      0.0        0.0      0.0      0.0      0.0      0.0
 NOL Carryforward                          0.0       0.0      0.0         0.0      0.0        0.0      0.0      0.0      0.0      0.0

 Current Taxable Income                   (0.2)      0.5      1.6         2.6      3.7        5.0      6.3      7.6      9.0     10.5

 Current Tax Expense                       0.0       0.2      0.6         0.9      1.3        1.8      2.2      2.7      3.1      3.7

 Total Book Tax                           (0.1)      0.2      0.6         0.9      1.3        1.8      2.2      2.7      3.1      3.7
 Deferred Taxes                           (0.1)      0.1      0.0         0.0      0.0        0.0      0.0      0.0      0.0      0.0

 Beginning NOL's                           0.0       0.2      0.0         0.0      0.0        0.0      0.0      0.0      0.0      0.0
 Current NOL                               0.2       0.0      0.0         0.0      0.0        0.0      0.0      0.0      0.0      0.0
 NOL Carryforward Utilized                 0.0       0.2      0.0         0.0      0.0        0.0      0.0      0.0      0.0      0.0

 Ending NOL                               $0.2      $0.0     $0.0        $0.0     $0.0      $0.0      $0.0     $0.0     $0.0     $0.0
Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                           Project Gidd
                                                                                     Free Cash Flow Su
Performance Case: Base
(FYE January; $ in millions)             Tax Rate:            35.0%
                                                                                           Projected
                                      2006      2007           2008        2009        2010

EBIT                                    $1.3         $2.1        $2.9         $3.8       $4.7

Less: Taxes on EBIT (35.0%)              0.5          0.7         1.0          1.3        1.6

Plus: Depreciation & Amortization        0.9          0.7         0.5          0.3        0.1

Unlevered Cash Flow                     $1.8         $2.1        $2.4         $2.7       $3.2

Minus:
 Capital Expenditures                    0.0          0.0         0.0          0.0        0.0
 Inc/(Dec) in Working Capital            0.1          0.1         0.1          0.1        0.1
 Deferred Taxes                          0.1         (0.1)        0.0          0.0        0.0
 Inc/(Dec) in All NC Assets              0.0          0.0         0.0          0.0        0.0
 (Inc)/Dec in All NC Liabilties          0.0          0.0         0.0          0.0        0.0

Free Cash Flow                          $1.7         $2.0        $2.3         $2.7       $3.1




       Free Cash Flow Calculation                                     FV of Terminal Value (EBITDA)

NPV of FCFF @ 10.0%                    $19.9                 Terminal Value @ 5.0x
NPV of FCFF @ 11.0%                     18.9                 Terminal Value @ 7.0x
NPV of FCFF @ 12.0%                     17.9                 Terminal Value @ 9.0x


                                                    FV of Terminal Value (Perpetuity)
                                                                     1.0%       2.0%
                                    Terminal Value @ 10.0%             $74.3       $84.4
                                    Terminal Value @ 11.0%              66.9        75.0
                                    Terminal Value @ 12.0%              60.8        67.5
     Project Giddy
ree Cash Flow Summary


          Projected                                                   Normalized
                  2011     2012      2013      2014        2015          2015

                    $5.7    $6.6       $7.7       $8.9       $10.2         $10.2

                     2.0     2.3        2.7        3.1         3.6            3.6

                     0.0     0.0        0.0        0.0         0.0            0.0

                    $3.7    $4.3       $5.0       $5.8        $6.6           $6.6


                     0.0     0.0        0.0        0.0         0.0            0.0
                     0.1     0.1        0.1        0.1         0.2            0.0
                     0.0     0.0        0.0        0.0         0.0            0.0
                     0.0     0.0        0.0        0.0         0.0            0.0
                     0.0     0.0        0.0        0.0         0.0            0.0

                    $3.6    $4.2       $4.8       $5.6        $6.5           $6.6




Value (EBITDA)                                          PV of Terminal Value (EBITDA)
                                                                          5.0x        7.0x
                   $50.9           Terminal Value @ 10.0%                   $19.6       $27.5
                    71.3           Terminal Value @ 11.0%                    17.9        25.1
                    91.7           Terminal Value @ 12.0%                    16.4        23.0


etuity)                                               PV of Terminal Value (Perpetuity)
                 3.0%                                                    1.0%        2.0%
                   $97.4           Terminal Value @ 10.0%                  $28.6        $32.5
                    85.2           Terminal Value @ 11.0%                   23.5         26.4
                    75.8           Terminal Value @ 12.0%                   19.6         21.7
A)
      9.0x
        $35.3
         32.3
         29.5


ty)
      3.0%
         $37.6
          30.0
          24.4
Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                Project Gid
                                                                        Discounted Cash Flo
Performance Case: Base
(FYE January; $ in millions)
                                                      Total Enterprise Value
                                EBITDA Multiple Method                             Perpertuity Gro
                           5.0x         7.0x           9.0x                    1.0%

              10.00%           $39.5      $47.4          $55.3     10.00%         $48.6

              11.00%            36.8       44.0           51.2     11.00%          42.4

              12.00%            34.3       40.9           47.4     12.00%          37.5


                                                        Total Equity Value
                                EBITDA Multiple Method                             Perpertuity Gro
                           5.0x         7.0x           9.0x                    1.0%

              10.00%           $26.4      $34.3          $42.1     10.00%         $35.4

              11.00%            23.7       30.8           38.0     11.00%          29.3

              12.00%            21.2       27.7           34.3     12.00%          24.3


                                                   Total Equity Value Per Share
                                EBITDA Multiple Method                             Perpertuity Gro
                           5.0x         7.0x           9.0x                    1.0%

              10.00%           $88.0     $114.2         $140.4     10.00%      $118.0

              11.00%            78.9      102.8          126.7     11.00%          97.6

              12.00%            70.6       92.4          114.3     12.00%          81.2
    Project Giddy
ounted Cash Flow Analysis


                                               DCF Assumptions
      Perpertuity Growth Method        Multiple Range             2.0x
                 2.0%         3.0%     Discount Rate Range        1.0%
                                       Perpetuity Range           1.0%
                 $52.5         $57.5   Net Debt                  $13.1
                                       Number of Shares           0.3
                   45.3         48.9

                   39.7         42.3


                                                 Percentage Breakdown of DCF Analysis
      Perpertuity Growth Method                                     EBITDA Multiple Method
                 2.0%         3.0%     Cash Flow % of TEV        5.0x       7.0x
                                          @ 10.00%                 50.4%      42.0%
                 $39.3         $44.3      @ 11.00%                 51.3%      42.9%
                                          @ 12.00%                 52.2%      43.8%
                   32.2         35.8   Terminal Value % of TEV
                                          @ 10.00%                 49.6%       58.0%
                   26.5         29.2      @ 11.00%                 48.7%       57.1%
                                          @ 12.00%                 47.8%       56.2%
are
      Perpertuity Growth Method                                    Perpertuity Growth Method
                 2.0%         3.0%     Cash Flow % of TEV        1.0%         2.0%
                                          @ 10.00%                  41.0%        38.0%
                $131.0        $147.8      @ 11.00%                  44.5%        41.7%
                                          @ 12.00%                  47.8%        45.2%
                 107.2         119.2   Terminal Value % of TEV
                                          @ 10.00%                 59.0%       62.0%
                   88.4         97.2      @ 11.00%                 55.5%       58.3%
                                          @ 12.00%                 52.2%       54.8%
CF Analysis
Multiple Method
              9.0x
                36.0%
                36.9%
                37.8%

               64.0%
               63.1%
               62.2%


y Growth Method
             3.0%
                34.7%
                38.6%
                42.4%

               65.3%
               61.4%
               57.6%
Present Value of FCFF (2

Future Value of Terminal
Present Value of Termina

   Total Enterprise Valu

Less: Net Debt

   Equity Value

Fully-Diluted Shares Outs

   Equity Value Per Sha
Present Value of FCFF (2

Future Value of Terminal
Present Value of Termina

   Total Enterprise Valu

Less: Net Debt

   Equity Value

Fully-Diluted Shares Outs

   Equity Value Per Sha




Present Value of FCFF (1

Future Value of Terminal
Present Value of Termina

   Total Enterprise Valu

Less: Net Debt

   Equity Value

Fully-Diluted Shares Outs

   Equity Value Per Sha
                                                 EBITDA Multiple Method

                                    5.0x                  7.0x

esent Value of FCFF (2006 - 2015)   $18.88                $18.88

uture Value of Terminal               50.9                  71.3
 esent Value of Terminal              19.9                  27.9

 Total Enterprise Value             $38.79                $46.75

 ss: Net Debt                         13.1                  13.1

 Equity Value                       $25.64                $33.61

ully-Diluted Shares Outstanding            0.3                   0.3

 Equity Value Per Share             $85.48               $112.02
                                                 EBITDA Multiple Method

                                    5.0x                  7.0x

esent Value of FCFF (2006 - 2015)   $19.92                $19.92

uture Value of Terminal               50.9                  71.3
 esent Value of Terminal              21.6                  30.2

 Total Enterprise Value             $41.51                $50.15

 ss: Net Debt                         13.1                  13.1

 Equity Value                       $28.37                $37.01

ully-Diluted Shares Outstanding            0.3                   0.3

 Equity Value Per Share             $94.57               $123.36



                                                 EBITDA Multiple Method

                                    5.0x                  7.0x

esent Value of FCFF (1999 - 2008)   $17.92                $17.92

uture Value of Terminal               50.9                  71.3
 esent Value of Terminal              21.6                  30.2

 Total Enterprise Value             $39.51                $48.15

 ss: Net Debt                         13.1                  13.1

 Equity Value                       $26.37                $35.01

ully-Diluted Shares Outstanding            0.3                   0.3

 Equity Value Per Share             $87.91               $116.70
                  DISCOUNT RATE    11.00%

Multiple Method                              Perpetuity Growth Method

                      9.0x         1.0%               2.0%

                       $18.88       $18.88             $18.88

                         91.7         66.9               75.0
                         35.8         26.1               29.3

                       $54.71       $45.02             $48.21

                         13.1         13.1               13.1

                       $41.57       $31.87             $35.07

                             0.3       0.3                0.3

                      $138.56      $106.25            $116.89

                  DISCOUNT RATE    10.00%
Multiple Method                              Perpetuity Growth Method

                      9.0x         1.0%               2.0%

                       $19.92       $19.92             $19.92

                         91.7         74.3               84.4
                         38.9         31.5               35.8

                       $58.79       $51.42             $55.71

                         13.1         13.1               13.1

                       $45.64       $38.28             $42.57

                             0.3       0.3                0.3

                      $152.15      $127.60            $141.89

                  DISCOUNT RATE    12.00%

Multiple Method                              Perpetuity Growth Method

                      9.0x         1.0%               2.0%

                       $17.92       $17.92             $17.92

                         91.7         60.8               67.5
                         38.9         21.9               24.3

                       $56.79       $39.84             $42.27

                         13.1         13.1               13.1

                       $43.65       $26.69             $29.13

                             0.3       0.3                0.3

                      $145.49       $88.98             $97.08
y Growth Method

                  3.0%

                   $18.88

                     85.2
                     33.3

                   $52.20

                     13.1

                   $39.06

                      0.3

                  $130.19
y Growth Method

                  3.0%

                   $19.92

                     97.4
                     41.3

                   $61.22

                     13.1

                   $48.08

                      0.3

                  $160.27



y Growth Method

                  3.0%

                   $17.92

                     75.8
                     27.3

                   $45.24

                     13.1

                   $32.10

                      0.3

                  $106.99
3/10/20121:39 AM                                                                                         6168                                                                       f8ee045b-6510-434c-9e27-e3767a4911ed.xlsWACC_Page




                   Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On
                                                                                        Project Giddy
                                                                    Estimated Weighted Average Cost of Capital Calculation
                   Performance Case: Base
                   (FYE January; $ in millions)                 Weighted Average Cost Of Capital Calculation
                                                                         (0 = Computed, 1 = Manual)                   Proportion Setting:      Computed
                                                                       0                Computed WACC

                   Estimated Cost of Debt:                              Amount      Interest Rate      Wtd. Rate
                                                                                                                      Book Capitalization At Closing:
                                    Existing Debt                           $0.0           9.00%          0.00%                                              Amount   Proportions
                                    Bank Revolver                            0.0           0.00%          0.00%
                                    Senior Bank Term "A"                    12.0           8.50%          6.80%              Total Debt                       $15.0        67.8%
                                    Senior Bank Term "B"                     0.0           0.00%          0.00%              Total Preferred                    0.0         0.0%
                                    Other Long-Term Debt                     0.0           0.00%          0.00%              Total Equity                       7.1        32.2%
                                    Senior Subordinated Debt                 3.0          13.00%          2.60%
                                    Junior Subordinated Debt                 0.0           0.00%          0.00%              Total Book Capitalization        $22.1       100.0%
                                    Seller Note                              0.0           0.00%          0.00%

                                    Total                                 $15.0          Pre-Tax          9.40%

                                                                                        After-Tax         6.11%                                Proportions    Rate    Wtd. Factor


                   Estimated Cost of Preferred:                         Amount      Interest Rate                     Atfer Tax Cost of Debt        67.8%     6.11%        4.14%

                                    Preferred Stock                         $0.0           0.00%                      Cost of Preferred              0.0%     0.00%        0.00%

                   Estimated Cost of Equity Capital:                    Amount      Interest Rate                     Cost of Equity                32.2%    22.71%        7.31%

                                    Total Book Equity Capital               $7.1          22.71%                      Weighted Average Cost of Capital                    11.45%




                                    Risk-Free Rate (10 Yr T-Note)         7.00%
                                    Market Risk Premium                   6.50%
                                    Unlevered Beta                         1.02
                                    Target Debt / Equity Ratio           210.8%
                                    Relevered Beta                         2.42
                                       CAPM Cost of Equity               22.71%




                   Manual Interest Rates and Proportions                             Calculation Given Target D / E
                   After-Tax Cost of Debt                 7.00%                     Debt / Equity        0.5000

                   Cost of Preferred                      0.00%                     1+ D / E               1.5

                   Cost of Equity                        16.00%                     Debt / Value          33.3%

                                                                                    Preferred Stock       0.0%
                   Beta Calculation
                   Unlevered Beta = Adjusted (Levered) Beta * [MVE / (Market Cap - (T * Book Value Of Debt))]
                   Relevered Beta = Unlevered Beta / [MVE / (Market Cap - (T * Book Value of Debt))]

                   Levered Beta                           1.1
                   Current Stock Price                $55.00
                   $ of Outstanding Shares               0.3

                   Market Value Of Equity              $16.5
                   Pre-Transaction LT Debt               2.0

                   Market Capitalization               $18.5                       E / V Percentage       32.2%
                   Tax Rate                            35.0%                       Book Equity Value       $7.1
                                                                                   Book Debt Value        $15.0
                   Post-Transaction Book Cap.          $22.1

                   Unlevered Beta                       1.02                       Relevered Beta          2.42
Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On




Performance Case: Base
(FYE January; $ in millions)

EXIT YEAR:                     2010                      Guess Rate:          10.0%

Equity Allocation                                                 Dilution
                                      Investment      Undiluted    Partial     Full
Sponsor Equity                              $6.6         93.0%        91.1%     91.1%
Management Equity                            0.5           7.0%        6.9%      6.9%
New Equity                                   0.0           0.0%        0.0%      0.0%
Other Long-Term Debt                         0.0                       0.0%      0.0%
Senior Subordinated Debt                     3.0                       2.0%      2.0%
Junior Subordinated Debt                     0.0                       0.0%      0.0%
Preferred Stock                              0.0                       0.0%      0.0%
Seller Note                                  0.0                       0.0%      0.0%
Management Performance Option                                                    0.0%

Total Initial Equity Investment            $7.1
Total Overall Investment                  $10.1         100.0%      100.0%     100.0%

Exit Proceeds And Allocation

Exit Year EBITDA                              $4.8
x EBITDA Multiple                              7.0x

Exit Valuation                            $33.7

Plus: Excess Cash                              0.5
    Conversion Costs                           0.1

Less: Total Remaining Debt                    (6.2)
    Total Preferred                            0.0

Net Proceeds To Allocate                  $28.1


Allocation                                              Gross    Conversion     Net
                                          %           Allocation   Costs    Allocation
Other Long-Term Debt Share        0.0%    $0.0   $0.0    $0.0
Senior Subordinated Debt Share    2.0%     0.6   (0.1)    0.4
Junior Subordinated Debt Share    0.0%     0.0    0.0     0.0
Preferred Stock Share             0.0%                    0.0
Seller Note Share                 0.0%                    0.0
Sponsor Equity Share             91.1%                   25.6
Management Equity Share           6.9%                    1.9
New Equity Share                  0.0%                    0.0

             Totals              100.0%
                  Project Giddy
               Returns Calculation



Returns
                                    Closing    2006    2007    2008    2009
Senior Subordinated Debt Returns
Investment                            ($3.0)    $0.0    $0.0    $0.0    $0.0
Interest                                         0.4     0.4     0.4     0.4
Participation                                    0.0     0.0     0.0     0.0
   IRR =                   15.06%     ($3.0)    $0.4    $0.4    $0.4    $0.4

Junior Subordinated Debt Returns
Investment                             $0.0     $0.0    $0.0    $0.0    $0.0
Interest                                         0.0     0.0     0.0     0.0
Participation                                    0.0     0.0     0.0     0.0
   IRR =                               $0.0     $0.0    $0.0    $0.0    $0.0

Preferred Stock Returns
Investment                             $0.0     $0.0    $0.0    $0.0    $0.0
Dividends                                        0.0     0.0     0.0     0.0
Participation                                    0.0     0.0     0.0     0.0
   IRR =                               $0.0     $0.0    $0.0    $0.0    $0.0

Seller Note Returns
Investment                             $0.0     $0.0    $0.0    $0.0    $0.0
Interest                                         0.0     0.0     0.0     0.0
Participation                                    0.0     0.0     0.0     0.0
   IRR =                               $0.0     $0.0    $0.0    $0.0    $0.0

Other Long-Term Debt Returns
Investment                             $0.0     $0.0    $0.0    $0.0    $0.0
Interest                                         0.0     0.0     0.0     0.0
Participation                                    0.0     0.0     0.0     0.0
   IRR =                               $0.0     $0.0    $0.0    $0.0    $0.0

Sponsor Equity Returns
Investment                            ($6.6)    $0.0    $0.0    $0.0    $0.0
Participation                                    0.0     0.0     0.0     0.0
  IRR =                     31.12%   ($6.6)   $0.0   $0.0   $0.0   $0.0

Management Equity Returns
Investment                           ($0.5)   $0.0   $0.0   $0.0   $0.0
Participation                                  0.0    0.0    0.0    0.0

  IRR =                     31.12%   ($0.5)   $0.0   $0.0   $0.0   $0.0

New Equity Returns
Investment                           $0.0     $0.0   $0.0   $0.0   $0.0
Participation                                  0.0    0.0    0.0    0.0
   IRR =                             $0.0     $0.0   $0.0   $0.0   $0.0
2010    2011    2012    2013    2014     2015

 $3.0    $0.0    $0.0    $0.0     $0.0     $0.0
  0.4     0.0     0.0     0.0      0.0      0.0
  0.4     0.0     0.0     0.0      0.0      0.0
 $3.8    $0.0    $0.0    $0.0     $0.0     $0.0


 $0.0    $0.0    $0.0    $0.0     $0.0     $0.0
  0.0     0.0     0.0     0.0      0.0      0.0
  0.0     0.0     0.0     0.0      0.0      0.0
 $0.0    $0.0    $0.0    $0.0     $0.0     $0.0


 $0.0    $0.0    $0.0    $0.0     $0.0     $0.0
  0.0     0.0     0.0     0.0      0.0      0.0
  0.0     0.0     0.0     0.0      0.0      0.0
 $0.0    $0.0    $0.0    $0.0     $0.0     $0.0


 $0.0    $0.0    $0.0    $0.0     $0.0     $0.0
  0.0     0.0     0.0     0.0      0.0      0.0
  0.0     0.0     0.0     0.0      0.0      0.0
 $0.0    $0.0    $0.0    $0.0     $0.0     $0.0


 $0.0    $0.0    $0.0    $0.0     $0.0     $0.0
  0.0     0.0     0.0     0.0      0.0      0.0
  0.0     0.0     0.0     0.0      0.0      0.0
 $0.0    $0.0    $0.0    $0.0     $0.0     $0.0


 $0.0    $0.0    $0.0    $0.0     $0.0     $0.0
 25.6     0.0     0.0     0.0      0.0      0.0
$25.6   $0.0   $0.0   $0.0   $0.0   $0.0


 $0.0   $0.0   $0.0   $0.0   $0.0   $0.0
  1.9    0.0    0.0    0.0    0.0    0.0

 $1.9   $0.0   $0.0   $0.0   $0.0   $0.0


 $0.0   $0.0   $0.0   $0.0   $0.0   $0.0
  0.0    0.0    0.0    0.0    0.0    0.0
 $0.0   $0.0   $0.0   $0.0   $0.0   $0.0
                               Debt Amortization (US$ millions)


18.0


16.0


14.0


12.0


10.0


 8.0


 6.0


 4.0


 2.0


 0.0
       Closing   2006   2007            2008              2009           2010   2011   2012

                                 Senior Debt   Sub Debt    Book equity

				
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