THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------------------------------------2000 1999 % CHANGE 2000 1999 % CHANGE ------------------------------------------------------------------(IN THOUSANDS, EXCEPT (IN THOUSANDS, EXCEPT GROSS MARGIN) GROSS MARGIN) Net sales ........................ $ 637,858 $ 355,777 79% $ 1,789,623 $ 963,797 86% Gross profit ..................... 167,279 70,477 137% 431,477 202,799 113% Gross margin ..................... 26.2% 19.8% 32% 24.1% 21.0% 15% Marketing, sales and fulfillment ................... 138,342 86,842 59% 408,266 233,725 75% Technology and content ........... 71,159 44,451 60% 199,535 102,002 96% General and administrative ....... 26,217 18,382 43% 80,730 44,094 83% Stock-based compensation ......... 4,091 11,789 (65)% 25,909 16,569 56% Amortization of goodwill and other intangibles ............. 79,194 74,343 7% 242,562 132,393 83% Acquisition-related and other .... 11,791 1,779 563% 16,259 5,987 172% Loss from operations ............. (163,515) (167,109) (2)% (541,784) (331,971) 63% Interest income .................. 9,402 12,699 (26)% 29,842 36,479 (18)% Interest expense ................. (33,809) (21,470) 57% (94,827) (66,424) 43% Other income (expense), net ...... 3,353 2,159 55% (4,693) 2,037 --Non-cash investment gains and losses, net .................... 12,366 ----12,366 ----Equity in losses of equity-method Investees ........ (68,321) (23,359) 192% (267,037) (36,876) 624% YEAR ENDED DECEMBER 31, 1999 -----------------------------------------------FOURTH THIRD SECOND FIRST QUARTER QUARTER QUARTER QUARTER -----------------------------------(IN THOUSANDS, EXCEPT PER SHARE DATA) Net sales.................................... $ 676,042 $ 355,777 $ 314,377 $293,643 Gross profit................................. 87,846 70,477 67,531 64,791 Net loss..................................... (323,213) (197,080) (138,008) (61,667) Basic and diluted loss per share (1)......... $ (0.96) $ (0.59) $ (0.43) $ (0.20) Shares used in computation of basic and diluted loss per share..................... 338,389 332,488 322,340 313,794Current Financial Information (Enter the most recent information you can find; if possible, use trailing 12-month data) I. Income Statement Current EBIT = (864.00) $ Current Interest Expense = 125.33 $ Current Capital Spending 275.00 $ Current Depreciation and Amortization =105.00 $ Current Revenues = 2,465.00 $ II. Balance Sheet This period Last period Current Non-cash Working Capital = (418.63) $ (110.08) $ Book Value of Debt = 2,083.00 $ 1480.66 Book Value of Equity = (487.00) $ 266.28 130.51% Cash & Marketable Securities = 1,099.00 $ Non-operating Assets 164.00 $ III. Tax Information NOL carried forward = 1,289.00 $ Marginal tax rate = 35.00% Adjustments to Current Financial Information Do you have any operating leases? Yes Does your firm have R&D expenses? No Are there any other operating expenses to be capitalized? No Discount Rate Inputs Current Beta = 2.18 Current Cost of Borrowing = 9.85% Current Market Value of Debt = 1,779.17 $ Expectations for the future Do you want to enter the growth rate in revenues each year? Yes If no, Compounded Annual Growth Rate in Revenues for next 10 years: 42.60% Do you want me to use current working capital as percent of revenues for the future?No If not, enter non-cash working capital as a percent of revenues in future periods 3.00% How would you like capital expenditures to be estimated? 3 If you would chose 3, enter the sales to capital ratio that you would like maintained 3.02 Stable Growth Inputs Expected Growth Rate in perpetutity = 5% Speed of convergence Expected Operating Margin = 9.32% 1.4 Expected Debt to Capital(MV) Ratio for the firm = 15.00% Expected Beta = 1.10 Expected Cost of Debt = 7.00% Return on Capital for the firm = 16.94% Per Share Inputs Number of Shares outstanding = 351.77 Current Stock Price = 14.25 $ Does your firm have equity options outstanding? Yes If yes, enter the number of options outstanding = 80.34 and the average exercise price of the options outstanding = 27.755 and the average maturity of the options outstanding = 9 and the standard deviation in the firm's stock price = 85% General Information Current long term government bond rate = 5.10% Estimated Market Risk Premium = 4.00%Relative Valuation If you want to do a relative valuation of your firm, enter these inputs: Year on which multiple is to be applied = 10 Value to Sales multiple in that year = 1.15trailing 12-month data)Relative Valuation Output Year in which multiple is used = 10 Year Revenues Value to Sales Ratio for Specialty retailers= 1.15 1 4,314 $ 2 6,471 $ Revenue in chosen year = 23,726 $ 3 9,059 $ Value in chosen year = 27,285 $ 4 11,777 $ Cost of capital in chosen year 2.9448 5 14,132 $ Value today = 9,266 $ 6 16,534 $ + Cash & Securities = 1,263 $ 7 18,849 $ -Debt outstanding = 1,890 $ 8 20,922 $ -Equity options outstanding= 748 $ 9 22,596 $ Value of Equity in stock = 7,891 $ 10 23,726 $ Value per share = 22.43 $ Cumulated Cost of Capital 112.74% 127.10% 143.28% 161.54% 182.11% 203.63% 225.22% 247.66% 270.77% 294.48%Base 1 2 3 4 5 6 7 8 9 10 Terminal Year Revenue Growth Rate 75.00% 50.00% 40.00% 30.00% 20.00% 17.00% 14.00% 11.00% 8.00% 5.00% 5% Revenues $2,465 $4,314 $6,471 $9,059 $11,777 $14,132 $16,534 $18,849 $20,922 $22,596 $23,726 $24,912 Operating Margin -34.61% -16.30% -5.63% 0.60% 4.23% 6.35% 7.59% 8.31% 8.73% 8.98% 9.12% 9.32% EBIT -$853 -$703 -$364 $54 $499 $898 $1,255 $1,566 $1,827 $2,028 $2,164 $2,322 Taxes $0 $0 $0 $0 $0 $0 $122 $548 $639 $710 $757 $813 EBIT(1-t) -$853 -$703 -$364 $54 $499 $898 $1,133 $1,018 $1,187 $1,318 $1,406 $1,509 + Depreciation $105 $137 $164 $192 $218 $243 $262 $275 $289 $303 $318 $334 -Capital Expenditures $275 $693 $813 $971 $1,037 $952 $985 $972 $913 $807 $659 $744 -Chg WC -$309 $55 $65 $78 $82 $71 $72 $69 $62 $50 $34 $36 FCFF -$715 -$1,315 -$1,078 -$803 -$401 $118 $337 $252 $501 $764 $1,032 $1,064 NOL $1,289 $1,992 $2,356 $2,302 $1,803 $906 $0 $0 $0 $0 $0 $0 Terminal Value $28,310 Cost of Capital Calculations Tax Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 9.74% 35.00% 35.00% 35.00% 35.00% 35.00% Debt Ratio 27.38% 27.38% 27.38% 27.38% 27.38% 27.38% 24.91% 24.29% 23.25% 21.19% 15.00% 15.00% Beta 2.18 2.18 2.18 2.18 2.18 2.18 1.97 1.75 1.53 1.32 1.10 1.10 Cost of Equity 13.83% 13.83% 13.83% 13.83% 13.83% 13.83% 12.96% 12.10% 11.23% 10.37% 9.50% 9.50% Cost of Debt 9.85% 9.85% 9.85% 9.85% 9.85% 9.85% 9.28% 9.14% 8.90% 8.43% 7.00% 7.00% After-tax cost of debt 9.85% 9.85% 9.85% 9.85% 9.85% 9.85% 8.38% 5.94% 5.79% 5.48% 4.55% 4.55% Cost of Capital 12.74% 12.74% 12.74% 12.74% 12.74% 12.74% 11.82% 10.60% 9.96% 9.33% 8.76% 8.76% Computed Variables (These are measures of how efficiently your firm is investing over time) Total Capital Invested 1,596.00 $ 2,208 $ 2,922 $ 3,779 $ 4,679 $ 5,459 $ 6,255 $ 7,021 $ 7,708 $ 8,262 $ 8,636 $ 9,082 $ Reinvestment Rate NMF NMF NMF 1575.10% 180.49% 86.87% 75.40% 72.53% 67.75% 58.19% 29.52% 29.52% Increase in Revenue/Increase in Capital 3.02 3.02 3.02 3.02 3.02 3.02 3.02 3.02 3.02 3.02 2.66 Return on Capital -44.07% -16.49% 1.86% 13.19% 19.19% 20.75% 16.28% 16.91% 17.11% 17.02% 16.94% Present Value Calculations Cumulative WACC 1.12737112 1.270965646 1.43284997 1.615353672 1.821103081 2.036336262 2.25219512 2.476604131 2.707650055 2.944772508 Present Value of FCFF (1,167) $ (848) $ (560) $ (248) $ 65 $ 166 $ 112 $ 202 $ 282 $ 351 $ Present Value of Terminal Value 9,614 $ The Valuation PV of FCFF during high growth phase = (1,647) $ PV of Terminal Value = 9,614 $ Value of Operating Assets of the firm = 7,967 $ Value of Cash & Non-operating assets= 1,263.00 $ Value of Firm = 9,230 $ -Value of Outstanding Debt = 1,890 $ Value of Equity = 7,340 $ -Value of Equity Options = 748 $ Value of Equity in Common Stock = 6,592 $ Treasury Stock Approach Value of Equity per share = 18.74 $ 22.15 $ Revenues $4,314 $6,471 $9,059 $11,777 $14,132 $16,534 $18,849 $20,922 $22,596 $23,726 $24,912 EBIT -$703 -$364 $54 $499 $898 $1,255 $1,566 $1,827 $2,028 $2,164 $2,322 EBIT(1-t) -$703 -$364 $54 $499 $898 $1,133 $1,018 $1,187 $1,318 $1,406 $1,509 -Reinvestment $612 $714 $857 $900 $780 $796 $766 $687 $554 $374 $445 FCFF -$1,315 -$1,078 -$803 -$401 $118 $337 $252 $501 $764 $1,032 $1,064 Summary OutputCompany Market Value Percent Owned Della.com 0.00% drugstore.com 0.00% Gear.com 0% HomeGrocer.com 0% Kozmo.com 0.00% Naxon Corporation 0% Pets.com 0.00% 0%Operating Lease Converter Inputs Operating lease expense in current year = 43.00 $ Operating Lease Commitments (From footnote to financials) Year Commitment ! Year 1 is next year, …. 1 68.30 $ 2 39.40 $ 3 20.50 $ 4 1.00 $ 5 -$ 6 and beyond -$ Output Pre-tax Cost of Debt = 9.85% ! If you do not have a cost of debt, use the ratings estimator From the current financial statements, enter the following Reported Operating Income (EBIT) = (864.00) $ ! This is the EBIT reported in the current income statement Reported Debt = 2,083.00 $ ! This is the interest-bearing debt reported on the balance sheet Number of years embedded in yr 6 estimate = 0 ! I use the average lease expense over the first five years to estimate the number of years of expenses in yr 6 Converting Operating Leases into debt Year Commitment Present Value 1 68.30 $ 62.18 $ 2 39.40 $ 32.65 $ 3 20.50 $ 15.47 $ 4 1.00 $ 0.69 $ 5 -$ -$ 6 and beyond -$ -$ ! Commitment beyond year 6 converted into an annuity for ten years Debt Value of leases = 110.98 $ Restated Financials Depreciation on Operating Lease Asset = 22.20 $ ! I use straight line depreciation Adjustment to Operating Earnings = $10.93 ! PV of operating leases * Pre-tax cost of debt Adjustment to Total Debt outstanding = 110.98 $ income statement on the balance sheet line depreciation operating leases * Pre-tax cost of debtR & D Converter This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net income, the book value of assets and the book value of equity. Inputs Over how many years do you want to amortize R&D expenses 5 ! If in doubt, use the lookup table below Enter the current year's R&D expense = 1,594.00 $ The maximum allowed is ten years Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period Do not input numbers in the first column (Year). It will get automatically updated based on the input above. Year R& D Expenses -1 1026.00 ! Year -1 is the year prior to the current year -2 698.00 ! Year -2 is the two years prior to the current year -3 399.00 -4 211.00 -5 89.00 00000 Output Year R&D Expense Unamortized portion Amortization this year Current 1594.00 1.00 1594.00 -1 1026.00 0.80 820.80 205.20 $ -2 698.00 0.60 418.80 139.60 $ -3 399.00 0.40 159.60 79.80 $ -4 211.00 0.20 42.20 42.20 $ -5 89.00 0.00 0.00 17.80 $ 0 0.00 0.00 0.00 -$ 0 0.00 0.00 0.00 -$ 0 0.00 0.00 0.00 -$ 0 0.00 0.00 0.00 -$ 0 0.00 0.00 0.00 -$ Value of Research Asset = $3,035.40 484.60 $ Amortization of asset for current year = $484.60 Adjustment to Operating Income = $1,109.40 ! A positive number indicates an increase in operating income (add to reported EBIT) Tax Effect of R&D Expensing $388 Look Up Table for Amortization Periods Industry NameAmortization Period Advertising 2 Aerospace/Defense 10 Non-technological Service 2 years Air Transport 10 Retail, Tech Service 3 years Aluminum 5 Light Manufacturing 5 years Apparel 3 Heavy Manufacturing 10 years Auto & Truck 10 Research, with Patenting 10 years Auto Parts (OEM) 5 Long Gestation Period 10 years Auto Parts (Replacement) 5 Bank 2 Bank (Canadian) 2 Bank (Foreign) 2Bank (Midwest) 2 Beverage (Alcoholic) 3 Beverage (Soft Drink) 3 Building Materials 5 Cable TV 10 Canadian Energy 10 Cement & Aggregates 10 Chemical (Basic) 10 Chemical (Diversified) 10 Chemical (Specialty) 10 Coal/Alternate Energy 5 Computer & Peripherals 5 Computer Software & Svcs3 Copper 5 Diversified Co. 5 Drug 10 Drugstore 3 Educational Services 3 Electric Util. (Central) 10 Electric Utility (East) 10 Electric Utility (West) 10 Electrical Equipment 10 Electronics 5 Entertainment 3 Environmental 5 Financial Services 2 Food Processing 3 Food Wholesalers 3 Foreign Electron/Entertn 5 Foreign Telecom. 10 Furn./Home Furnishings 3 Gold/Silver Mining 5 Grocery 2 Healthcare Info Systems 3 Home Appliance 5 Homebuilding 5 Hotel/Gaming 3 Household Products 3 Industrial Services 3 Insurance (Diversified) 3 Insurance (Life) 3 Insurance (Prop/Casualty) 3 Internet 3 Investment Co. (Domestic)3 Investment Co. (Foreign) 3 Investment Co. (Income) 3 Machinery 10 Manuf. Housing/Rec Veh 5 Maritime 10 Medical Services 3 Medical Supplies 5 Metal Fabricating 10 Metals & Mining (Div.) 5 Natural Gas (Distrib.) 10 Natural Gas (Diversified)10Newspaper 3 Office Equip & Supplies 5 Oilfield Services/Equip. 5 Packaging & Container 5 Paper & Forest Products 10 Petroleum (Integrated) 5 Petroleum (Producing) 5 Precision Instrument 5 Publishing 3 R.E.I.T. 3 Railroad 5 Recreation 5 Restaurant 2 Retail (Special Lines) 2 Retail Building Supply 2 Retail Store 2 Securities Brokerage 2 Semiconductor 5 Semiconductor Cap Equip 5 Shoe 3 Steel (General) 5 Steel (Integrated) 5 Telecom. Equipment 10 Telecom. Services 5 Textile 5 Thrift 2 Tire & Rubber 5 Tobacco 5 Toiletries/Cosmetics 3 Trucking/Transp. Leasing 5 Utility (Foreign) 10 Water Utility 10appropriate adjustments to operating income, net use the lookup table below allowed is ten years determined by the amortization period in operating income (add to reported EBIT)Other Expenses to Capitalize This spreadsheet converts any expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net income, the book value of assets and the book value of equity. Inputs Over how many years do you want to amortize these expenses 3 Enter the current year's operating expense = 1,594.00 $ The maximum allowed is ten years Enter operating expenses for past years: the number of years that you will need to enter will be determined by the amortization period Do not input numbers in the first column (Year). It will get automatically updated based on the input above. Year Operating Expenses -1 1026.00 ! Year -1 is the year prior to the current year -2 698.00 ! Year -2 is the two years prior to the current year -3 399.00 0000000 Output Year R&D Expense Unamortized portion Amortization this year Current 1594.00 1.00 1594.00 -1 1026.00 0.67 684.00 342.00 $ -2 698.00 0.33 232.67 232.67 $ -3 399.00 0.00 0.00 133.00 $ 0 0.00 0.00 0.00 -$ 0 0.00 0.00 0.00 -$ 0 0.00 0.00 0.00 -$ 0 0.00 0.00 0.00 -$ 0 0.00 0.00 0.00 -$ 0 0.00 0.00 0.00 -$ 0 0.00 0.00 0.00 -$ Value of Expensing Asset = $2,510.67 707.67 $ Amortization of asset for current year = $707.67 Adjustment to Operating Income = $886.33 ! A positive number indicates an increase in operating income (add to reported EBIT) Tax Effect of Expensing $310adjustments to operating income, net allowed is ten years determined by the amortization period in operating income (add to reported EBIT)Enter the expected growth rate in revenues each year for the next 10 years Year Expected Growth Rate 1 75.00% 2 50.00% 3 40.00% 4 30.00% 5 20.00% 6 17.00% 7 14.00% 8 11.00% 9 8.00% 10 5.00% Compounded Average 25.41%Valuing Options or Warrants Enter the current stock price = 18.74 $ Enter the strike price on the option = 27.755 Enter the expiration of the option = 9 Enter the standard deviation in stock prices = 84.90% (volatility) Enter the annualized dividend yield on stock = 0.00% Enter the treasury bond rate = 5.10% Enter the number of warrants (options) outstanding = 80.34 Enter the number of shares outstanding = 351.77 Do not input any numbers below this line VALUING WARRANTS WHEN THERE IS DILUTION Stock Price= 18.7386184 # Warrants issued= 80.34 Strike Price= 27.755 # Shares outstanding= 352 Adjusted S (DO NOT ENTER)= 17.9174042 T.Bond rate= 5.10% Adjusted K (DO NOT ENTER)= 27.755 Variance= 0.7208 Expiration (in years) = 9 Annualized dividend yield= 0.00% Div. Adj. interest rate= 5.10% d1 = 1.28188498 N (d1) = 0.9000585 d2 = -1.26511502 N (d2) = 0.10291505 Value per option = 14.32 $ Value of all options outstanding = $1,151Industry Number of firmsLevered Beta Unlevered Beta Market D/E Market Debt/Capital ROE Advertising 30 1.28 1.13 27.53% 21.59% 7.70% Aerospace/Defense 77 0.80 0.61 47.44% 32.18% 12.16% Air Transport 43 1.55 1.19 57.28% 36.42% -6.39% Apparel 60 0.94 0.90 15.22% 13.21% 15.90% Auto & Truck 24 1.25 0.56 190.17% 65.54% 12.72% Auto Parts 67 1.04 0.82 54.91% 35.45% 13.55% Bank 507 0.64 0.47 81.49% 44.90% 12.62% Bank (Canadian) 7 0.87 0.82 16.72% 14.32% 11.83% Bank (Foreign) 5 1.31 0.74 161.41% 61.75% 16.09% Bank (Midwest) 43 0.75 0.61 63.77% 38.94% 16.70% Beverage (Alcoholic) 25 0.55 0.49 21.85% 17.93% 30.29% Beverage (Soft Drink) 19 0.59 0.54 14.93% 12.99% 26.70% Biotechnology 95 1.61 1.69 3.93% 3.78% 0.88% Building Materials 52 0.85 0.74 47.21% 32.07% -2.18% Cable TV 25 1.77 1.09 75.40% 42.99% -5.41% Canadian Energy 11 0.71 0.59 32.54% 24.55% 15.57% Cement & Aggregates 14 0.76 0.65 30.25% 23.22% 10.66% Chemical (Basic) 21 0.87 0.71 35.14% 26.00% 11.04% Chemical (Diversified) 35 0.80 0.69 26.01% 20.64% 15.10% Chemical (Specialty) 97 0.81 0.64 37.55% 27.30% 12.09% Coal 8 1.12 0.77 48.91% 32.85% 4.96% Computer Software/Svcs 426 2.15 2.39 3.36% 3.25% 13.57% Computers/Peripherals 163 2.22 2.37 7.99% 7.39% 9.45% Diversified Co. 111 0.79 0.62 53.87% 35.01% 12.19% Drug 279 1.74 1.76 7.33% 6.83% 21.02% E-Commerce 42 3.31 4.47 7.13% 6.65% -41.05% Educational Services 34 1.36 1.43 1.27% 1.26% 3.96% Electric Util. (Central) 27 0.74 0.38 138.52% 58.07% 9.52% Electric Utility (East) 29 0.69 0.40 104.47% 51.09% 13.04% Electric Utility (West) 15 0.74 0.39 145.18% 59.21% 4.04% Electrical Equipment 92 1.59 1.53 7.28% 6.79% 18.50% Electronics 190 1.69 1.66 23.33% 18.91% -0.25% Entertainment 91 1.47 1.29 26.38% 20.88% 0.93% Entertainment Tech 33 2.30 2.50 9.75% 8.88% 2.16% Environmental 87 0.77 0.58 68.16% 40.53% 13.16% Financial Svcs. (Div.) 244 0.92 0.51 117.52% 54.03% 16.09% Food Processing 112 0.66 0.54 37.24% 27.14% 19.36% Food Wholesalers 23 0.71 0.61 29.62% 22.85% 16.93% Foreign Electronics 13 1.13 1.13 36.27% 26.61% 3.10% Foreign Telecom. 19 1.72 1.51 38.99% 28.05% -4.77% Furn/Home Furnishings 36 0.94 0.89 16.01% 13.80% 11.30% Grocery 27 0.70 0.46 81.04% 44.76% 12.58% Healthcare Information 34 1.30 1.38 15.34% 13.30% 0.76% Home Appliance 17 0.93 0.80 36.57% 26.78% 25.01% Homebuilding 45 0.83 0.59 66.91% 40.09% 18.59% Hotel/Gaming 80 0.88 0.55 77.81% 43.76% 8.13% Household Products 33 0.77 0.71 15.24% 13.23% 38.06% Human Resources 29 1.12 1.13 12.63% 11.22% 4.52% Industrial Services 201 0.92 0.80 31.46% 23.93% 9.04% Information Services 30 1.17 1.09 12.94% 11.46% 13.95% Insurance (Life) 45 0.88 0.91 18.91% 15.91% 7.61% Insurance (Prop/Cas.) 64 0.83 0.86 13.28% 11.72% 7.93% Internet 314 2.73 3.07 7.47% 6.95% -30.23% Investment Co. 22 0.66 0.42 72.28% 41.95% 9.19% Investment Co.(Foreign) 16 1.20 1.19 3.90% 3.76% 2.06% Machinery 148 0.80 0.61 49.76% 33.23% 7.52%Manuf. Housing/RV 19 1.02 0.95 21.90% 17.97% 5.39% Maritime 23 0.81 0.51 124.70% 55.50% 3.44% Medical Services 214 0.85 0.82 26.35% 20.85% 11.21% Medical Supplies 244 1.05 1.03 7.37% 6.86% 21.59% Metal Fabricating 43 0.85 0.81 18.25% 15.44% 8.39% Metals & Mining (Div.) 58 1.05 0.83 34.37% 25.58% 6.17% Natural Gas (Distrib.) 32 0.61 0.38 90.01% 47.37% 12.94% Natural Gas (Div.) 39 0.86 0.50 102.65% 50.65% 1.21% Newspaper 20 0.90 0.82 19.17% 16.08% 6.15% Office Equip/Supplies 32 1.10 0.89 47.89% 32.38% 18.44% Oilfield Svcs/Equip. 89 1.01 0.91 19.38% 16.23% 9.77% Packaging & Container 35 0.84 0.57 86.10% 46.27% 4.27% Paper/Forest Products 42 0.84 0.61 80.43% 44.58% 4.77% Petroleum (Integrated) 34 0.83 0.74 20.63% 17.10% 11.57% Petroleum (Producing) 136 0.76 0.61 34.00% 25.38% 11.95% Pharmacy Services 14 0.93 0.88 11.51% 10.32% 16.28% Power 20 2.37 0.78 254.87% 71.82% 6.05% Precious Metals 48 0.41 0.40 10.94% 9.86% 4.96% Precision Instrument 111 1.71 1.76 11.35% 10.20% 1.36% Publishing 43 0.96 0.82 26.87% 21.18% 9.20% R.E.I.T. 149 0.68 0.42 69.72% 41.08% 10.74% Railroad 16 0.83 0.57 70.49% 41.35% 9.88% Recreation 83 1.07 0.98 21.08% 17.41% 12.65% Restaurant 88 0.78 0.69 22.72% 18.51% 16.34% Retail (Special Lines) 200 1.02 1.01 15.35% 13.30% 11.82% Retail Building Supply 8 0.94 0.94 4.81% 4.59% 17.87% Retail Store 52 0.95 0.83 23.63% 19.12% 13.83% Securities Brokerage 27 1.32 0.78 192.56% 65.82% 12.09% Semiconductor 113 3.05 3.23 6.97% 6.52% 3.24% Semiconductor Equip 14 2.92 3.16 9.02% 8.28% -2.48% Shoe 25 0.94 0.95 10.96% 9.88% 14.39% Steel (General) 29 0.77 0.59 48.73% 32.76% 6.11% Steel (Integrated) 15 0.92 0.64 76.15% 43.23% 5.20% Telecom. Equipment 130 2.88 3.19 12.83% 11.37% -36.16% Telecom. Services 157 1.80 1.13 77.63% 43.70% 5.96% Textile 19 0.80 0.46 106.88% 51.66% -1.36% Thrift 254 0.61 0.58 25.79% 20.50% 15.62% Tire & Rubber 13 1.16 0.74 92.86% 48.15% 8.17% Tobacco 12 0.69 0.59 31.66% 24.05% 39.37% Toiletries/Cosmetics 25 0.80 0.75 15.25% 13.23% 44.12% Trucking 38 0.88 0.68 50.25% 33.44% 9.60% Utility (Foreign) 6 0.94 0.57 102.27% 50.56% 14.44% Water Utility 17 0.56 0.37 73.55% 42.38% 8.33% Wireless Networking 70 2.66 1.89 65.25% 39.49% -49.67% Market 7323 1.15 0.98 42.70% 29.92% 9.71%ROC Effective Tax Rate Pre-tax Operating Margin After-tax Operating Margin Net Margin 9.65% 15.53% 15.24% 10.67% 3.54% 11.42% 17.78% 10.68% 7.48% 3.57% 10.74% 21.71% 9.44% 6.60% 1.04% 15.45% 22.89% 12.53% 8.77% 5.77% 10.66% 19.75% 13.69% 9.58% 1.66% 16.36% 31.57% 8.62% 6.03% 2.35% NA 27.94% NA NA NA NA 20.84% NA NA NA NA 18.18% NA NA NA NA 31.89% NA NA NA 20.01% 38.18% 22.78% 15.95% 3.71% 19.28% 20.14% 21.69% 15.18% 9.38% 5.51% 5.18% 21.15% 14.80% 18.43% 16.30% 39.26% 9.88% 6.91% 2.97% 6.26% 8.71% 26.68% 18.68% 1.22% 18.65% 36.69% 33.73% 23.61% 9.92% 13.84% 24.56% 19.15% 13.40% 6.08% 12.75% 16.86% 13.08% 9.16% 0.59% 18.48% 27.29% 19.02% 13.31% 4.79% 14.28% 22.04% 13.63% 9.54% 4.15% 12.83% 2.95% 13.27% 9.29% 0.82% 16.63% 14.43% 22.14% 15.49% 11.47% 12.01% 45.12% 9.73% 6.81% 5.25% 9.87% 19.47% 9.43% 6.60% 2.25% 18.91% 11.04% 26.05% 18.23% 13.29% 0.35% 42.26% 0.63% 0.44% 4.27% 17.27% 17.66% 14.98% 10.49% 4.54% 9.76% 24.61% 21.12% 14.78% 5.28% 10.63% 27.32% 27.22% 19.05% 7.09% 8.71% 27.10% 19.20% 13.44% 3.70% 15.35% 13.95% 20.37% 14.26% 12.92% 6.07% 15.01% 5.48% 3.84% 1.88% 6.90% 31.57% 22.20% 15.54% 4.31% 12.53% 26.19% 13.71% 9.60% 6.14% 13.46% 47.46% 24.27% 16.99% 6.09% 1.58% 22.13% 23.35% 16.34% 37.86% 15.75% 27.19% 15.06% 10.54% 4.04% 16.03% 23.47% 5.68% 3.98% 1.65% 10.23% 44.30% 8.63% 6.04% 0.58% 7.39% 36.83% 23.01% 16.10% 6.16% 15.30% 29.49% 11.21% 7.85% 3.48% 15.40% 29.30% 6.78% 4.75% 1.72% 8.76% 13.35% 13.83% 9.68% 6.20% 21.79% 24.15% 11.06% 7.74% 4.00% 10.74% 24.55% 13.85% 9.70% 6.93% 9.93% 15.17% 23.10% 16.17% 5.50% 23.35% 27.40% 20.56% 14.39% 5.29% 11.28% 23.36% 3.94% 2.76% 2.20% 14.55% 24.06% 10.42% 7.29% 2.86% 16.82% 23.99% 27.36% 19.15% 5.24% NA 21.72% NA NA NA 0.00% 14.47% 13.65% 9.56% 34236.08% 0.52% 3.49% 0.86% 0.60% 4.32% 7.79% 1.93% 15.34% 10.74% 3.19% 1.01% 0.26% 31.25% 21.87% 43.43% 10.02% 20.38% 10.72% 7.51% 2.67%7.62% 17.37% 3.24% 2.27% 1.57% 7.71% 46.80% 17.62% 12.34% 3.94% 16.84% 18.55% 12.00% 8.40% 3.74% 19.78% 14.28% 14.47% 10.13% 7.92% 12.35% 40.94% 12.23% 8.56% 4.60% 10.61% 8.66% 17.66% 12.36% 3.98% 11.55% 29.05% 21.38% 14.97% 5.91% 9.37% 22.46% 27.33% 19.13% 6.63% 10.67% 27.50% 21.77% 15.24% 7.20% 14.41% 26.58% 11.37% 7.96% 3.88% 14.00% 18.30% 20.08% 14.06% 1.94% 12.66% 37.91% 14.25% 9.98% 2.69% 9.51% 47.09% 12.85% 9.00% 1.20% 16.57% 24.07% 12.88% 9.01% 3.98% 16.69% 16.89% 47.42% 33.19% 12.84% 17.12% 31.25% 5.24% 3.66% 1.61% 5.55% 11.78% 16.25% 11.38% 1.71% 9.46% 7.11% 28.84% 20.19% 5.13% 7.86% 20.39% 9.53% 6.67% 4.04% 19.07% 19.86% 14.02% 9.81% 4.04% 4.00% 2.12% 45.71% 31.99% 74.70% 10.58% 30.79% 28.39% 19.87% 6.96% 11.81% 23.10% 18.67% 13.07% 9.55% 18.33% 26.35% 18.66% 13.06% 6.21% 15.90% 25.03% 9.03% 6.32% 3.17% 20.30% 37.07% 11.37% 7.96% 6.28% 13.73% 24.55% 7.01% 4.91% 1.19% 9.77% 17.66% 53.97% 37.78% 7.01% 10.99% 20.27% 21.47% 15.03% 6.14% 3.72% 5.83% 8.67% 6.07% 2.18% 16.38% 26.97% 10.48% 7.34% 2.09% 10.77% 19.90% 9.34% 6.53% 1.71% 11.43% 25.44% 11.38% 7.96% 1.32% -4.40% 7.75% -5.01% -3.51% 1.12% 14.81% 11.07% 33.98% 23.79% 7.08% 9.99% 22.26% 9.35% 6.55% 1.03% NA 20.47% NA NA NA 15.14% 16.73% 8.23% 5.76% 1.02% 32.12% 29.00% 22.33% 15.63% 7.79% 24.24% 23.66% 16.96% 11.88% 7.51% 17.25% 29.07% 12.57% 8.80% 2.36% 16.33% 16.74% 27.40% 19.18% 1.79% 11.24% 29.15% 42.88% 30.01% 10.26% 1.85% 4.60% 3.57% 2.50% 1.34% 9.29% 33.04% 15.50% 10.85% 5.62%Cap Ex/Depreciation Non-cash WC/Revenues Payout Ratio Reinvestment Rate Sales/Capital EV/Sales 76.15% -10.68% 20.44% NA 0.90 1.99 93.26% 2.47% 29.95% NA 1.53 1.02 113.22% -10.10% NA 12.84% 1.63 1.06 101.78% 17.98% 44.41% 0.53% 1.76 1.35 75.25% 42.49% 29.61% NA 1.11 0.95 107.73% 5.77% 25.93% 4.38% 2.71 0.52 NA NA 54.19% NA NA NA NA NA 54.21% NA NA NA NA NA 62.98% NA NA NA NA NA 41.54% NA NA NA 104.56% 5.39% 33.20% 1.47% 1.25 2.54 117.68% -0.11% 38.45% 5.42% 1.27 2.80 158.83% 4.69% 0.00% 30.46% 0.37 10.06 99.49% 8.62% NA NA 2.36 0.69 124.86% -17.21% NA 26.39% 0.34 4.23 207.41% 0.25% 24.51% 65.37% 0.79 2.30 98.99% 13.52% 28.86% NA 1.03 1.33 81.91% 13.49% 113.95% NA 1.39 1.46 102.18% 17.17% 47.79% 1.07% 1.39 1.53 91.32% 11.86% 37.82% NA 1.50 1.21 83.42% 5.24% 86.18% NA 1.38 1.07 64.90% -3.08% 10.94% NA 1.07 3.46 102.23% 1.00% 16.92% 1.26% 1.76 1.62 106.67% 4.22% 23.23% 2.78% 1.49 0.94 150.78% 7.72% 54.02% 12.57% 1.04 4.10 26.19% -18.84% NA NA 0.79 2.12 122.72% -10.42% 1.77% 10.97% 1.65 4.61 146.82% 4.35% 69.64% 25.75% 0.66 1.69 171.73% 3.74% 56.88% 35.52% 0.56 2.17 193.37% -6.21% 99.63% 70.80% 0.65 1.63 47.18% -3.63% 53.55% NA 1.08 3.09 63.71% 15.90% NA NA 1.58 0.90 55.42% -1.09% 60.72% NA 0.44 3.10 36.28% -2.80% 1.00% NA 1.31 2.00 108.18% -0.66% 4.30% 4.27% 0.79 1.97 118.60% 37.56% 29.00% 4.07% 0.10 13.98 85.51% 5.53% 52.14% NA 1.49 1.32 230.01% 0.70% 12.71% 46.28% 4.03 0.53 83.11% 10.54% 47.99% NA 1.69 0.69 39.74% -1.59% NA NA 0.46 2.44 75.60% 13.68% 23.54% NA 1.95 0.94 157.37% 0.95% 14.87% 28.37% 3.24 0.37 68.52% -0.11% 78.15% NA 0.91 2.10 105.28% 9.46% 22.14% 2.20% 2.81 0.65 164.27% 44.64% 12.91% 10.04% 1.11 1.22 96.65% -4.19% 25.64% NA 0.61 2.25 92.80% 3.14% 42.09% NA 1.62 2.45 72.28% 5.96% 17.55% NA 4.09 0.48 100.33% 7.45% 26.32% NA 2.00 0.87 53.61% -3.67% 22.95% NA 0.88 3.79 NA NA 23.34% NA NA NA 55527.78% -147.78% 32.64% 33043.21% 0.00 5304.71 36.03% -37.05% NA NA 0.87 4.29 20.24% 13.17% 115.57% NA 0.73 1.78 130.77% -14.32% 13.92% 4.29% 0.05 15.22 94.51% 21.08% 51.69% NA 1.34 1.1879.82% 7.09% 31.37% NA 3.36 0.56 194.11% 0.52% 61.02% 69.61% 0.62 1.53 122.09% -0.37% 5.13% 6.53% 2.00 0.82 110.88% 10.24% 28.87% 2.88% 1.95 2.09 95.02% 13.39% 36.72% NA 1.44 1.28 113.91% 11.55% 80.36% 9.39% 0.86 1.90 190.68% 4.31% 59.10% 41.23% 0.77 1.73 194.78% 9.22% 362.61% 59.54% 0.49 2.54 55.64% -0.81% 46.32% NA 0.70 3.27 58.39% 12.73% 15.54% NA 1.81 0.99 118.80% 10.08% 103.68% 10.79% 1.00 2.27 75.31% 7.94% 41.27% NA 1.27 1.10 73.39% 9.23% 110.40% NA 1.06 1.20 132.46% 0.89% 52.57% 18.71% 1.84 0.88 178.08% -0.91% 24.20% 44.32% 0.50 3.55 205.45% 5.72% 10.67% 31.13% 4.67 0.65 368.87% 4.56% 46.13% 138.10% 0.49 1.92 74.27% 5.35% 57.73% NA 0.47 5.17 68.43% 12.78% 200.71% NA 1.18 1.92 51.70% -1.17% 84.97% NA 1.94 1.21 305.10% 51.15% 37.16% 48.54% 0.12 7.85 147.69% -4.48% 21.48% NA 0.53 2.20 191.92% 0.46% 19.11% 38.09% 0.90 2.33 196.45% -5.95% 10.39% 37.90% 1.40 1.59 104.90% 7.37% 11.38% 2.33% 2.52 0.83 324.15% 4.13% 12.19% 49.97% 2.55 1.36 187.07% 10.10% 20.46% 35.08% 2.80 0.89 130.36% 169.07% 23.63% 2.15% 0.26 3.14 73.58% 8.38% 38.84% NA 0.73 3.73 71.16% 23.57% NA NA 0.61 4.19 104.83% 20.10% 17.77% 1.37% 2.23 1.01 94.73% 17.42% 39.63% NA 1.65 0.71 79.93% 14.93% 29.14% NA 1.44 0.72 49.48% 3.49% NA NA 1.25 1.71 108.91% -2.88% 74.72% 6.90% 0.62 1.82 45.92% 19.54% NA NA 1.53 0.58 NA NA 33.74% NA NA NA 72.91% 8.89% 40.53% NA 2.63 0.43 144.28% 0.41% 55.43% 4.53% 2.05 1.05 91.38% 7.62% 45.12% NA 2.04 2.33 252.92% 4.56% 11.15% 113.25% 1.96 0.78 133.10% 22.85% 45.93% 19.55% 0.85 1.27 186.78% 4.93% 45.09% 31.60% 0.37 3.68 119.39% 1.58% NA 96.87% 0.74 1.97 104.78% 9.64% 46.27% 2.72% 0.86 1.90

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posted:10/4/2007

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