Docstoc

LBO Model Template analysis

Document Sample
LBO Model Template analysis Powered By Docstoc
					10/25/20114:24 AM                                                                                             167                                                                   f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Sources_Uses




                Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off                                                                                           Written By John P. Burns
                NOTE - Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration                                                                                      98.12.15
                                                                                                    Project XXX
                                                                                               Transaction Structure
                    Performance Case: Base                                                                                                                                          3/24/2001 19:16
                    (FYE January; $ in millions)                                                                                       H:\public_html\models\[LBO Model Template.xlt]Sources_Uses

                                     Uses of Funds                                                Sources of Funds                           %                     IRR                Average Life

                    Equity Purchase Price                    $0.0              Existing Debt                                    $0.0             0.0%
                    Debt Retired                              0.0              Bank Revolver                                     0.0             0.0%
                    Debt Assumed                              0.0              Senior Bank Term "A"                              0.0             0.0%
                    Cash Infusion                             0.0              Senior Bank Term "B"                              0.0             0.0%
                    Transaction Costs                         0.0              Other Long-Term Debt                              0.0             0.0%
                                                                               Senior Subordinated Debt                          0.0             0.0%
                    Total Uses                               $0.0              Junior Subordinated Debt                          0.0             0.0%
                                                                               Seller Note                                       0.0             0.0%
                    Current Stock Price                     $0.00              Preferred Stock                                   0.0             0.0%
                    Offer Premium                           25.0%              Common Equity:
                    Offer Price Per Share                   $0.00                Sponsor Equity                                  0.0             0.0%
                                                                                 Management Equity                               0.0             0.0%
                    Shares Outstanding (MM)                   0.0                New Equity                                      0.0             0.0%
                    Equity Purchase Price                    $0.0              Excess Cash on Balance Sheet                      0.0             0.0%

                                 Acquisition Multiples                         Total Sources                                    $0.0             0.0%

                    1999 EBITDA                               0.0x
                    EST. 2000 EBITDA                          0.0x                  Equity Allocation                   Undiluted Fully-Diluted                          Goodwill Calculation
                    1999 P/E                                  0.0x
                    EST. 2000 P/E                             0.0x             Senior Subordinated Debt                         0.0%             0.0%      Purchase Price of Equity                  $0.0
                    To 1999 Book                              0.0x             Junior Subordinated Debt                         0.0%             0.0%      Plus:
                    To EST. 2000 Book                         0.0x             Seller Note                                      0.0%             0.0%         Existing Goodwill                       0.0
                                                                               Preferred Stock                                  0.0%             0.0%      Less:
                                     Exit Multiples                            Sponsor Equity                                   0.0%             0.0%         Net Worth                               0.0
                                                                               Management Equity                                0.0%             0.0%         Asset Write-Up                          0.0
                    Exit Year                                2002              New Equity                                       0.0%             0.0%         Deferred Taxes                          0.0
                    Exit EBITDA Multiple                      6.0x
                    Exit P/E                                  0.0x             Total Equity Allocation                          0.0%             0.0%      Goodwill                                  $0.0
                    Exit Book Multiple                        0.0x

                    Leverage Assumptions                 1999        2000        2001      2002            Other Assumptions / Switches

                    Sr. Debt / EBITDA                         0.0x      0.0x        0.0x       0.0x        Performance Case                  1           Base
                    Sr. Debt / (EBITDA - Capex)               0.0x      0.0x        0.0x       0.0x        Circ Breaker                      0            On
                    Total Debt / EBITDA                       0.0x      0.0x        0.0x       0.0x        Preferred Dividend                0          % of Par
                    Total Debt / (EBITDA - Capex)             0.0x      0.0x        0.0x       0.0x        Cash Minimum                      0            Off
                                                                                                           Amt. Of Cash Min.               $10.0
                    Coverage Assumptions                 1999        2000        2001      2002
                                                                                                           Transaction Fees:
                    EBITDA / Sr. Interest Expense             0.0x      0.0x        0.0x       0.0x          Advisory                       1.0%
                    (EBITDA - Capex) / Sr. Int. Exp.          0.0x      0.0x        0.0x       0.0x          Financing                      3.0%
                    EBITDA / Total Interest Expense           0.0x      0.0x        0.0x       0.0x        Use Excess Cash                    0            No
                    (EBITDA - Capex) / Total Int. Exp.        0.0x      0.0x        0.0x       0.0x
10/25/20114:24 AM                                                                                                                                267                                                                                           f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Balance_Sheet




                    Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                                                                              Project XXX
                                                                                                                Historical and Projected Balance Sheet
                    Performance Case: Base
                    (FYE January; $ in millions)
                                                                                          Historical                                                                                                 Projected
                                                                  1995         1996         1997       1998     1999       -          +          Closing      2000     2001     2002     2003     2004       2005     2006     2007     2008          2009
                               ASSETS

                    Current Assets:
                       Cash & Marketable Securities                  $0.0         $0.0         $0.0      $0.0     $0.0         $0.0       $0.0         $0.0     $0.0     $0.0     $0.0     $0.0     $0.0       $0.0     $0.0     $0.0     $0.0            $0.0
                       Accounts Receivable                            0.0          0.0          0.0       0.0      0.0          0.0        0.0          0.0      0.0      0.0      0.0      0.0      0.0        0.0      0.0      0.0      0.0             0.0
                       Inventories                                    0.0          0.0          0.0       0.0      0.0          0.0        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 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     $0.0                                 $0.0     $0.0     $0.0     $0.0     $0.0     $0.0       $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         $0.0       $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 #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        0.0          0.0      0.0      0.0      0.0      0.0      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        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                             0.0          0.0          0.0       0.0      0.0          0.0        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     $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 ASSETS                              $0.0         $0.0         $0.0      $0.0     $0.0                                 $0.0     $0.0     $0.0     $0.0     $0.0     $0.0       $0.0     $0.0     $0.0     $0.0            $0.0


                                                                                          Historical                                                                                                 Projected
                       LIABILITIES & EQUITY                       1995         1996         1997       1998     1999       -          +          Closing      2000     2001     2002     2003     2004       2005     2006     2007     2008          2009

                    Current Liabilities:
                       Accounts 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
                       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     $0.0                                 $0.0     $0.0     $0.0     $0.0     $0.0     $0.0       $0.0     $0.0     $0.0     $0.0            $0.0

                        Deferred 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 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:
                       Existing 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
                       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 Bank Term "A"                           0.0          0.0          0.0       0.0      0.0          0.0        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 "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
                       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
                       Senior 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
                       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
                       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

                    Total 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

                         TOTAL LIABILITIES                           $0.0         $0.0         $0.0      $0.0     $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 Worth:
                        Equity - Common                              $0.0         $0.0         $0.0      $0.0     $0.0         $0.0       $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                      0.0          0.0          0.0       0.0      0.0          0.0        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      0.0      0.0      0.0      0.0      0.0        0.0      0.0      0.0      0.0             0.0

                        TOTAL NET WORTH                              $0.0         $0.0         $0.0      $0.0     $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 LIABILITIES & EQUITY                       $0.0         $0.0         $0.0      $0.0     $0.0                                 $0.0     $0.0     $0.0     $0.0     $0.0     $0.0       $0.0     $0.0     $0.0     $0.0            $0.0

                    Balance Sheet Check                              $0.0         $0.0         $0.0      $0.0     $0.0                                 $0.0     $0.0     $0.0     $0.0     $0.0     $0.0       $0.0     $0.0     $0.0     $0.0            $0.0
10/25/20114:24 AM                                                                                                      367                                                          f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Income_Statement




                    Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                                                                   Project XXX
                                                                                                   Historical and Projected Income Statement
                    Performance Case: Base
                    (FYE January; $ in millions)
                                                                              Historical                                                                 Projected
                                                           1995      1996       1997       1998     1999      2000      2001        2002     2003     2004       2005     2006     2007        2008         2009

                    Net 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

                    Cost Of Goods Sold                        0.0       0.0       0.0        0.0       0.0       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0

                    Gross Margin                              0.0       0.0       0.0        0.0       0.0       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0

                    Operating Expenses:
                      SG&A                                    0.0       0.0       0.0        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 #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       0.0       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0

                    Consolidated EBITDA                       0.0       0.0       0.0        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 D&A                          0.0       0.0       0.0        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 EBIT (Pre-Transaction)       0.0       0.0       0.0        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 Amortization                  0.0       0.0       0.0        0.0       0.0       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0
                    New Goodwill Amortization                 0.0       0.0       0.0        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       0.0       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0

                    Consolidated EBIT (Post-Transaction)      0.0       0.0       0.0        0.0       0.0       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0

                    Interest Income                           0.0       0.0       0.0        0.0       0.0       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0

                    Interest Expense:
                       Existing 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
                       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       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0
                       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       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0
                       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

                    Total Interest Expense                    0.0       0.0       0.0        0.0       0.0       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0

                    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       0.0       0.0          0.0      0.0      0.0      0.0        0.0      0.0      0.0           0.0          0.0

                    Provision For 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

                    Net Income                               $0.0      $0.0      $0.0       $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 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      $0.0      $0.0         $0.0     $0.0     $0.0     $0.0       $0.0     $0.0     $0.0         $0.0          $0.0
10/25/20114:24 AM                                                                                              467                                                  f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Cash_Flow




                    Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                                         Project XXX
                                                                                Projected Cash Flow Summary
                    Performance Case: Base
                    (FYE January; $ in millions)
                                                                                                         Projected
                                                                   2000        2001       2002   2003   2004       2005     2006   2007   2008   2009

                    Net To Retained Earnings                       $0.0        $0.0       $0.0   $0.0   $0.0         $0.0   $0.0   $0.0   $0.0   $0.0

                    Non-Cash Adjustments:
                      Consolidated D&A                             $0.0        $0.0       $0.0   $0.0   $0.0         $0.0   $0.0   $0.0   $0.0   $0.0
                      Transaction Amortization                      0.0         0.0        0.0    0.0    0.0          0.0    0.0    0.0    0.0    0.0
                      New Goodwill Amortization                     0.0         0.0        0.0    0.0    0.0          0.0    0.0    0.0    0.0    0.0
                      Deferred Taxes                                0.0         0.0        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                          $0.0        $0.0       $0.0   $0.0   $0.0         $0.0   $0.0   $0.0   $0.0   $0.0

                    Working Capital Source (Use):
                      Accounts Receivable                          $0.0        $0.0       $0.0   $0.0   $0.0         $0.0   $0.0   $0.0   $0.0   $0.0
                      Inventories                                   0.0         0.0        0.0    0.0    0.0          0.0    0.0    0.0    0.0    0.0
                      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                             0.0         0.0        0.0    0.0    0.0          0.0    0.0    0.0    0.0    0.0
                       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               0.0         0.0        0.0    0.0    0.0          0.0    0.0    0.0    0.0    0.0

                    Cash From Operations                            0.0         0.0        0.0    0.0    0.0          0.0    0.0    0.0    0.0    0.0
                    Existing Cash On Balance Sheet                  0.0         0.0        0.0    0.0    0.0          0.0    0.0    0.0    0.0    0.0

                       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                  0.0         0.0        0.0    0.0    0.0          0.0    0.0    0.0    0.0    0.0
                       Inc/(Dec) in Other Deferred Liability #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              $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 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
10/25/20114:24 AM                                                                                                            567                                                           f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Debt_Repayment




     Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                                                             Project XXX
                                                                                                 Projected Debt Repayment Schedule
     Performance Case: Base
     (FYE January; $ in millions)
                                                                                                                          Projected
                                                                      2000         2001         2002       2003       2004       2005       2006       2007       2008       2009
                                                        Year #…              1            2            3          4        5          6            7          8          9          10

     Cash Available For Debt Repayment                                   $0.0         $0.0         $0.0      $0.0       $0.0         $0.0     $0.0       $0.0       $0.0       $0.0

     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                                 0.0          0.0          0.0       0.0        0.0          0.0      0.0        0.0        0.0        0.0      Mandatory (1=Mandatory. 0=Auto)
       Existing 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
       Existing 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 Bank Term "A"                          0.0          0.0          0.0       0.0        0.0          0.0      0.0        0.0        0.0        0.0
       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                                       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 Bank Term "B"                          0.0          0.0          0.0       0.0        0.0          0.0      0.0        0.0        0.0        0.0
       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          0.0      0.0        0.0        0.0        0.0
       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          0.0      0.0        0.0        0.0        0.0
       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          0.0      0.0        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      0.0        0.0        0.0        0.0
       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      0.0        0.0        0.0        0.0
       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      0.0        0.0        0.0        0.0
       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      0.0        0.0        0.0        0.0
       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                                                   $0.0         $0.0         $0.0      $0.0       $0.0         $0.0     $0.0       $0.0       $0.0       $0.0




     % 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)

                                                                      2000         2001         2002       2003       2004         2005     2006       2007       2008       2009
     % 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%
10/25/20114:24 AM                                                                              667                                           f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Book_Depreciation




        Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                                        Project XXX
                                                                                 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                 $0.0
                Land                       $0.0

                                       Beginning                                                                             Projected
                                        Amount       Period            Salvage        2000     2001        2002    2003     2004     2005    2006      2007       2008       2009

                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          2000     2001        2002    2003     2004     2005    2006      2007       2008       2009

                                                         $0.0           2000           $0.0      $0.0       $0.0    $0.0     $0.0     $0.0    $0.0       $0.0       $0.0       $0.0
                                                          0.0           2001                      0.0        0.0     0.0      0.0      0.0     0.0        0.0        0.0        0.0
                                                          0.0           2002                                 0.0     0.0      0.0      0.0     0.0        0.0        0.0        0.0
                                                          0.0           2003                                         0.0      0.0      0.0     0.0        0.0        0.0        0.0
                                                          0.0           2004                                                  0.0      0.0     0.0        0.0        0.0        0.0
                                                          0.0           2005                                                           0.0     0.0        0.0        0.0        0.0
                                                          0.0           2006                                                                   0.0        0.0        0.0        0.0
                                                          0.0           2007                                                                              0.0        0.0        0.0
                                                          0.0           2008                                                                                         0.0        0.0
                                                          0.0           2009                                                                                                    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                     0.0          0.0     0.0     0.0      0.0      0.0      0.0       0.0        0.0        0.0

        GOODWILL AMORTIZATION                       YEARS -       40                    0.0          0.0     0.0     0.0      0.0      0.0      0.0       0.0        0.0        0.0
10/25/20114:24 AM                                                                      767                                     f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Tax_Depreciation




 Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                                 Project XXX
                                                                          Tax Depreciation Schedule

 Performance Case: Base
 (FYE January; $ in millions)                   Depreciation Method
                                              (0=SLN,1=Sum of Years)
 Existing Equipment                              0        Straight Line

         Gross PP&E                 $0.0
         Land                       $0.0

                                Beginning                                                                            Projected
                                 Amount       Period            Salvage        2000    2001        2002    2003    2004     2005     2006       2007       2008      2009

         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          2000    2001        2002    2003    2004     2005     2006       2007       2008      2009

                                                  $0.0           2000           $0.0     $0.0       $0.0    $0.0    $0.0     $0.0      $0.0       $0.0       $0.0      $0.0
                                                   0.0           2001                     0.0        0.0     0.0     0.0      0.0       0.0        0.0        0.0       0.0
                                                   0.0           2002                                0.0     0.0     0.0      0.0       0.0        0.0        0.0       0.0
                                                   0.0           2003                                        0.0     0.0      0.0       0.0        0.0        0.0       0.0
                                                   0.0           2004                                                0.0      0.0       0.0        0.0        0.0       0.0
                                                   0.0           2005                                                         0.0       0.0        0.0        0.0       0.0
                                                   0.0           2006                                                                   0.0        0.0        0.0       0.0
                                                   0.0           2007                                                                              0.0        0.0       0.0
                                                   0.0           2008                                                                                         0.0       0.0
                                                   0.0           2009                                                                                                   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 Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                                     Project XX
                                                                                    Ratio Analy
Performance Case: Base
(FYE January; $ in millions)
                                                        Historical
                                          1995     1996   1997     1998      1999

Capital Structure
Total Debt / Book Capitalization           0.0%     0.0%     0.0%     0.0%    0.0%
Total Debt / Equity                        0.0%     0.0%     0.0%     0.0%    0.0%
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     0.0x
Senior Debt / (EBITDA-CapEx)                0.0x     0.0x     0.0x    0.0x     0.0x

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

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

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

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

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%   0.0%
EBITDA Margin            0.0%   0.0%   0.0%   0.0%   0.0%
EBIT Margin              0.0%   0.0%   0.0%   0.0%   0.0%
Pretax Profit To Sales



Liquidity Ratios
Current Ratio            0.0    0.0    0.0    0.0    0.0
Acid Test Ratio          0.0    0.0    0.0    0.0    0.0
 Project XXX
Ratio Analysis


                                              Projected
    Closing   2000     2001     2002     2003    2004     2005     2006     2007


       0.0%    0.0%     0.0%     0.0%     0.0%    0.0%     0.0%     0.0%     0.0%
       0.0%    0.0%     0.0%     0.0%     0.0%    0.0%     0.0%     0.0%     0.0%
       0.0%    0.0%     0.0%     0.0%     0.0%    0.0%     0.0%     0.0%     0.0%


                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x
                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x

                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x
                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x


                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x
                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x

                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x
                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x

                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x
                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x

               0.0%     0.0%     0.0%     0.0%    0.0%     0.0%     0.0%     0.0%
               0.0%     0.0%     0.0%     0.0%    0.0%     0.0%     0.0%     0.0%


                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x
                0.0x     0.0x     0.0x     0.0x    0.0x     0.0x     0.0x     0.0x
                0.0      0.0      0.0      0.0     0.0      0.0      0.0      0.0
                0.0      0.0      0.0      0.0     0.0      0.0      0.0      0.0
                0.0      0.0      0.0      0.0     0.0      0.0      0.0      0.0
0.0%   0.0%   0.0%   0.0%   0.0%   0.0%   0.0%   0.0%
0.0%   0.0%   0.0%   0.0%   0.0%   0.0%   0.0%   0.0%
0.0%   0.0%   0.0%   0.0%   0.0%   0.0%   0.0%   0.0%
0.0%   0.0%   0.0%   0.0%   0.0%   0.0%   0.0%   0.0%




0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
0.0    0.0    0.0    0.0    0.0    0.0    0.0    0.0
2008     2009


 0.0%     0.0%
 0.0%     0.0%
 0.0%     0.0%

                  CapEx
  0.0x     0.0x    1995    1996     1997    1998   1999
  0.0x     0.0x     0       0         0       0     0

  0.0x     0.0x
  0.0x     0.0x


  0.0x     0.0x
  0.0x     0.0x

  0.0x     0.0x
  0.0x     0.0x

  0.0x     0.0x
  0.0x     0.0x
                  1994
 0.0%     0.0%     0      Common Equity
 0.0%     0.0%     0      Capitalization


  0.0x     0.0x     0     Total Assets
  0.0x     0.0x     0     Inventories
  0.0      0.0      0     Account Receivables
  0.0      0.0      0     Inventories
  0.0      0.0      0     Account Payables
0.0%   0.0%
0.0%   0.0%
0.0%   0.0%
0.0%   0.0%




0.0    0.0
0.0    0.0
10/25/20114:24 AM                                                                1467                                    f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41WC_BS_Assumptions




Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                            Project XXX
                                                          Working Capital and Balance Sheet Assumptions
Performance Case: Base
(FYE January; $ in millions)
                                                       Historical                                                  Projected
                                       1995    1996      1997     1998   1999    2000    2001    2002    2003    2004    2005       2006      2007     2008       2009

Current Assets:
Accounts Receivable / 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%
Inventories / 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 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%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%      0.0%     0.0%      0.0%      0.0%        0.0%
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%
10/25/20114:24 AM                                                                                 1567                                      f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Inc_Stmt_Assumptions




Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                          Project XXX
                                                     Income Statement Assumptions and Historical Performance
Performance Case: Base
(FYE January; $ in millions)
                                                                      Historical                                                           Projected
                                                    1995     1996        1997      1998    1999          2000    2001    2002    2003    2004     2005      2006      2007      2008      2009

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

Cost Of Goods Sold / 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%

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

Operating Expenses / Sales:
  SG&A                                                0.0%     0.0%        0.0%     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 #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%    0.0%          0.0%    0.0%    0.0%    0.0%    0.0%     0.0%      0.0%       0.0%      0.0%      0.0%

Consolidated EBIT (Post-Transaction) / 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%

Interest (Coupon) Rates
   Interest Income                                   0.0%      0.0%       0.0%      0.0%    0.0%          0.0%    0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%
   Existing 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%
   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%          0.0%    0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%
   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%          0.0%    0.0%    0.0%    0.0%    0.0%     0.0%      0.0%      0.0%      0.0%      0.0%
   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%         40.0%   40.0%   40.0%   40.0%   40.0%    40.0%     40.0%     40.0%     40.0%     40.0%
  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%
10/25/20114:24 AM                                                               1667                      f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Performance_Assumptions




          Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                    Project XXX
                                                             Performance Assumptions
          Performance Case: Base
          (FYE January; $ in millions)

                        Case Selection:   1

                                              Historical   2000     2001        2002    2003    2004    2005     2006      2007      2008      2009

          Consolidated Sales Growth
                   1 = Base                        0.0%     0.0%     0.0%        0.0%    0.0%    0.0%    0.0%      0.0%      0.0%      0.0%      0.0%
                   2 = Optimistic                           0.0%     0.0%        0.0%    0.0%    0.0%    0.0%      0.0%      0.0%      0.0%      0.0%
                   3 = Pessimistic                          0.0%     0.0%        0.0%    0.0%    0.0%    0.0%      0.0%      0.0%      0.0%      0.0%
          Cost Of Goods Sold / 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%
          SG&A / 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 #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 Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                             Project XXX
                                                                       Asset Sale Assump
Performance Case: Base
(FYE January; $ in millions)
                                                        Historical
Projected Asset Sales                     1995     1996   1997     1998      1999

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 XXX
et Sale Assumptions


                                          Projected
         2000    2001    2002    2003    2004    2005    2006    2007    2008

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

           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0

           0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0




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


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

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

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


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


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

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

$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
  0.0
  0.0
  0.0
  0.0


 $0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

 $0.0
$0.0
 0.0
 0.0
 0.0
 0.0
 0.0
 0.0

 0.0
 0.0
 0.0
 0.0


$0.0
 0.0
 0.0
 0.0
 0.0
 0.0
 0.0
 0.0


$0.0
 0.0
 0.0

$0.0

$0.0
10/25/20114:24 AM                                                                                           2367                                                      f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Capital_Structure




 Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                                                  Project XXX
                                                                                Current and Projected Capital Structure Summary
 Performance Case: Base
 (FYE January; $ in millions)
                                                                                                            Projected
                                       1999            Closing         2000      2001     2002     2003     2004        2005     2006     2007     2008      2009
                                                                                                                                                                              Senior Debt ?**
 Existing 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               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               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 "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               0.0          0.0       0.0      0.0      0.0       0.0        0.0      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:                            0.0               0.0          0.0       0.0      0.0      0.0       0.0        0.0      0.0      0.0       0.0      0.0

 Book Capitalization                      $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 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

 Book Equity                              $0.0              $0.0         $0.0      $0.0     $0.0     $0.0      $0.0       $0.0     $0.0     $0.0      $0.0     $0.0


 Borrowing Base
   Accounts Receivable (80.0%)                              $0.0         $0.0      $0.0     $0.0     $0.0      $0.0       $0.0     $0.0     $0.0      $0.0     $0.0                80.0%
   Inventories (50.0%)                                       0.0          0.0       0.0      0.0      0.0       0.0        0.0      0.0      0.0       0.0      0.0                50.0%

 Total Borrowing Base                                       $0.0         $0.0      $0.0     $0.0     $0.0      $0.0       $0.0     $0.0     $0.0      $0.0     $0.0                  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
10/25/20114:24 AM                                                              2467                                f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41Income_Tax_Calc




 Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                            Project XXX
                                                                       Income Tax Calculation
 Performance Case: Base
 (FYE January; $ in millions)
                                                                                         Projected
                                        2000     2001      2002         2003          2004       2005     2006         2007         2008        2009

 Net Income Before Taxes                  $0.0     $0.0      $0.0         $0.0          $0.0      $0.0      $0.0          $0.0        $0.0         $0.0

 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               0.0      0.0        0.0         0.0           0.0        0.0      0.0           0.0          0.0          0.0

 Pre-NOL Taxable Income                    0.0      0.0        0.0         0.0           0.0        0.0      0.0           0.0          0.0          0.0

 NOL Used To Shelter Income                0.0      0.0        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                    0.0      0.0        0.0         0.0           0.0        0.0      0.0           0.0          0.0          0.0

 Current Tax Expense                       0.0      0.0        0.0         0.0           0.0        0.0      0.0           0.0          0.0          0.0

 Total Book Tax                            0.0      0.0        0.0         0.0           0.0        0.0      0.0           0.0          0.0          0.0
 Deferred Taxes                            0.0      0.0        0.0         0.0           0.0        0.0      0.0           0.0          0.0          0.0

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

 Ending NOL                               $0.0     $0.0      $0.0         $0.0          $0.0      $0.0      $0.0          $0.0        $0.0         $0.0
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                                          Project XXX
                                                                                    Free Cash Flow Su
Performance Case: Base
(FYE January; $ in millions)             Tax Rate:           40.0%
                                                                                          Projected
                                      2000       2001         2002        2003        2004

EBIT                                    $0.0         $0.0       $0.0         $0.0       $0.0

Less: Taxes on EBIT (40.0%)               0.0         0.0        0.0          0.0        0.0

Plus: Depreciation & Amortization         0.0         0.0        0.0          0.0        0.0

Unlevered Cash Flow                     $0.0         $0.0       $0.0         $0.0       $0.0

Minus:
 Capital Expenditures                     0.0         0.0        0.0          0.0        0.0
 Inc/(Dec) in Working Capital             0.0         0.0        0.0          0.0        0.0
 Deferred Taxes                           0.0         0.0        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                          $0.0         $0.0       $0.0         $0.0       $0.0




       Free Cash Flow Calculation                                    FV of Terminal Value (EBITDA)

NPV of FCFF @ 7.0%                      $0.0                Terminal Value @ 4.0x
NPV of FCFF @ 8.0%                       0.0                Terminal Value @ 6.0x
NPV of FCFF @ 9.0%                       0.0                Terminal Value @ 8.0x


                                                    FV of Terminal Value (Perpetuity)
                                                                     1.0%       2.0%
                                    Terminal Value @ 7.0%               $0.0        $0.0
                                    Terminal Value @ 8.0%                 0.0         0.0
                                    Terminal Value @ 9.0%                 0.0         0.0
     Project XXX
ree Cash Flow Summary


          Projected                                                   Normalized
                  2005     2006      2007      2008        2009          2009

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

                     0.0     0.0        0.0        0.0         0.0            0.0

                     0.0     0.0        0.0        0.0         0.0            0.0

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


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

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




Value (EBITDA)                                         PV of Terminal Value (EBITDA)
                                                                         4.0x        6.0x
                    $0.0           Terminal Value @ 7.0%                    $0.0        $0.0
                     0.0           Terminal Value @ 8.0%                      0.0        0.0
                     0.0           Terminal Value @ 9.0%                      0.0        0.0


etuity)                                                PV of Terminal Value (Perpetuity)
                 3.0%                                                     1.0%        2.0%
                    $0.0           Terminal Value @ 7.0%                     $0.0        $0.0
                     0.0           Terminal Value @ 8.0%                      0.0         0.0
                     0.0           Terminal Value @ 9.0%                      0.0         0.0
A)
      8.0x
         $0.0
           0.0
           0.0


ty)
      3.0%
         $0.0
           0.0
           0.0
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                                Project XX
                                                                       Discounted Cash Flo
Performance Case: Base
(FYE January; $ in millions)
                                                       Total Enterprise Value
                                EBITDA Multiple Method                              Perpertuity Gro
                           4.0x         6.0x           8.0x                     1.0%

               7.00%           $0.0        $0.0            $0.0       7.00%        $0.0

               8.00%            0.0          0.0              0.0     8.00%         0.0

               9.00%            0.0          0.0              0.0     9.00%         0.0


                                                         Total Equity Value
                                EBITDA Multiple Method                              Perpertuity Gro
                           4.0x         6.0x           8.0x                     1.0%

               7.00%           $0.0        $0.0            $0.0       7.00%        $0.0

               8.00%            0.0          0.0              0.0     8.00%         0.0

               9.00%            0.0          0.0              0.0     9.00%         0.0


                                                    Total Equity Value Per Share
                                EBITDA Multiple Method                              Perpertuity Gro
                           4.0x         6.0x           8.0x                     1.0%

               7.00%           $0.0        $0.0            $0.0       7.00%        $0.0

               8.00%            0.0          0.0              0.0     8.00%         0.0

               9.00%            0.0          0.0              0.0     9.00%         0.0
     Project XXX
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%
                   $0.0         $0.0   Net Debt                  $0.0
                                       Number of Shares           0.0
                    0.0          0.0

                    0.0          0.0


                                                 Percentage Breakdown of DCF Analysis
      Perpertuity Growth Method                                     EBITDA Multiple Method
                 2.0%         3.0%     Cash Flow % of TEV        4.0x       6.0x
                                          @ 7.00%                   0.0%        0.0%
                   $0.0         $0.0      @ 8.00%                   0.0%        0.0%
                                          @ 9.00%                   0.0%        0.0%
                    0.0          0.0   Terminal Value % of TEV
                                          @ 7.00%                   0.0%        0.0%
                    0.0          0.0      @ 8.00%                   0.0%        0.0%
                                          @ 9.00%                   0.0%        0.0%
are
      Perpertuity Growth Method                                    Perpertuity Growth Method
                 2.0%         3.0%     Cash Flow % of TEV        1.0%         2.0%
                                          @ 7.00%                   0.0%          0.0%
                   $0.0         $0.0      @ 8.00%                   0.0%          0.0%
                                          @ 9.00%                   0.0%          0.0%
                    0.0          0.0   Terminal Value % of TEV
                                          @ 7.00%                   0.0%        0.0%
                    0.0          0.0      @ 8.00%                   0.0%        0.0%
                                          @ 9.00%                   0.0%        0.0%
CF Analysis
Multiple Method
              8.0x
                 0.0%
                 0.0%
                 0.0%

                0.0%
                0.0%
                0.0%


y Growth Method
             3.0%
                0.0%
                0.0%
                0.0%

                0.0%
                0.0%
                0.0%
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

                                     4.0x                  6.0x

esent Value of FCFF (2000 - 2009)      $0.00                $0.00

uture Value of Terminal                     0.0                   0.0
 esent Value of Terminal                    0.0                   0.0

 Total Enterprise Value                $0.00                $0.00

 ss: Net Debt                               0.0                   0.0

 Equity Value                          $0.00                $0.00

ully-Diluted Shares Outstanding             0.0                   0.0

 Equity Value Per Share             #DIV/0!              #DIV/0!
                                                  EBITDA Multiple Method

                                     4.0x                  6.0x

esent Value of FCFF (2000 - 2009)      $0.00                $0.00

uture Value of Terminal                     0.0                   0.0
 esent Value of Terminal                    0.0                   0.0

 Total Enterprise Value                $0.00                $0.00

 ss: Net Debt                               0.0                   0.0

 Equity Value                          $0.00                $0.00

ully-Diluted Shares Outstanding             0.0                   0.0

 Equity Value Per Share             #DIV/0!              #DIV/0!



                                                  EBITDA Multiple Method

                                     4.0x                  6.0x

esent Value of FCFF (1999 - 2008)      $0.00                $0.00

uture Value of Terminal                     0.0                   0.0
 esent Value of Terminal                    0.0                   0.0

 Total Enterprise Value                $0.00                $0.00

 ss: Net Debt                               0.0                   0.0

 Equity Value                          $0.00                $0.00

ully-Diluted Shares Outstanding             0.0                   0.0

 Equity Value Per Share             #DIV/0!              #DIV/0!
                  DISCOUNT RATE    8.00%

Multiple Method                               Perpetuity Growth Method

                      8.0x          1.0%               2.0%

                        $0.00         $0.00              $0.00

                             0.0        0.0                0.0
                             0.0        0.0                0.0

                        $0.00         $0.00              $0.00

                             0.0        0.0                0.0

                        $0.00         $0.00              $0.00

                             0.0        0.0                0.0

                     #DIV/0!       #DIV/0!            #DIV/0!

                  DISCOUNT RATE    7.00%
Multiple Method                               Perpetuity Growth Method

                      8.0x          1.0%               2.0%

                        $0.00         $0.00              $0.00

                             0.0        0.0                0.0
                             0.0        0.0                0.0

                        $0.00         $0.00              $0.00

                             0.0        0.0                0.0

                        $0.00         $0.00              $0.00

                             0.0        0.0                0.0

                     #DIV/0!       #DIV/0!            #DIV/0!

                  DISCOUNT RATE    9.00%

Multiple Method                               Perpetuity Growth Method

                      8.0x          1.0%               2.0%

                        $0.00         $0.00              $0.00

                             0.0        0.0                0.0
                             0.0        0.0                0.0

                        $0.00         $0.00              $0.00

                             0.0        0.0                0.0

                        $0.00         $0.00              $0.00

                             0.0        0.0                0.0

                     #DIV/0!       #DIV/0!            #DIV/0!
y Growth Method

                   3.0%

                     $0.00

                       0.0
                       0.0

                     $0.00

                       0.0

                     $0.00

                       0.0

                  #DIV/0!
y Growth Method

                   3.0%

                     $0.00

                       0.0
                       0.0

                     $0.00

                       0.0

                     $0.00

                       0.0

                  #DIV/0!



y Growth Method

                   3.0%

                     $0.00

                       0.0
                       0.0

                     $0.00

                       0.0

                     $0.00

                       0.0

                  #DIV/0!
10/25/20114:24 AM                                                                      6167                                   f7eaf2f4-bb66-4cf2-aa6b-06a382bfc2d41WACC_Page




Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
                                                                        Project XXX
                                                    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:        Manual
                                                       1                  Manual WACC

Estimated Cost of Debt:                                 Amount     Interest Rate    Wtd. Rate
                                                                                                Book Capitalization At Closing:
                    Existing Debt                           $0.0         0.00%          0.00%                                             Amount       Proportions
                    Bank Revolver                            0.0         0.00%          0.00%
                    Senior Bank Term "A"                     0.0         0.00%          0.00%       Total Debt                               $0.0              0.0%
                    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                              0.0              0.0%
                    Senior Subordinated Debt                 0.0         0.00%          0.00%
                    Junior Subordinated Debt                 0.0         0.00%          0.00%       Total Book Capitalization                $0.0              0.0%
                    Seller Note                              0.0         0.00%          0.00%

                    Total                                   $0.0        Pre-Tax         0.00%

                                                                      After-Tax         0.00%                            Proportions       Rate        Wtd. Factor


Estimated Cost of Preferred:                            Amount     Interest Rate                Atfer Tax Cost of Debt        33.3%         5.00%             1.67%

                    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                66.7%        10.00%             6.67%

                    Total Book Equity Capital               $0.0         7.00%                  Weighted Average Cost of Capital                              8.33%




                    Risk-Free Rate (10 Yr T-Note)          7.00%
                    Market Risk Premium                    6.50%
                    Unlevered Beta                          0.00
                    Target Debt / Equity Ratio             50.0%
                    Relevered Beta                          0.00
                      CAPM Cost of Equity                  7.00%
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off




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

EXIT YEAR:                     2002                      Guess Rate:          10.0%

Equity Allocation                                                 Dilution
                                      Investment      Undiluted    Partial     Full
Sponsor Equity                              $0.0           0.0%        0.0%      0.0%
Management Equity                            0.0           0.0%        0.0%      0.0%
New Equity                                   0.0           0.0%        0.0%      0.0%
Other Long-Term Debt                         0.0                       0.0%      0.0%
Senior Subordinated Debt                     0.0                       0.0%      0.0%
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               $0.0
Total Overall Investment                      $0.0         0.0%        0.0%      0.0%

Exit Proceeds And Allocation

Exit Year EBITDA                              $0.0
x EBITDA Multiple                              6.0x

Exit Valuation                                $0.0

Plus: Excess Cash                              0.0
    Conversion Costs                           0.0

Less: Total Remaining Debt                     0.0
    Total Preferred                            0.0

Net Proceeds To Allocate                      $0.0


Allocation                                              Gross    Conversion     Net
                                          %           Allocation   Costs    Allocation
Other Long-Term Debt Share       0.0%   $0.0   $0.0   $0.0
Senior Subordinated Debt Share   0.0%    0.0    0.0    0.0
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             0.0%                  0.0
Management Equity Share          0.0%                  0.0
New Equity Share                 0.0%                  0.0

             Totals              0.0%
                   Project XXX
               Returns Calculation



Returns
                                   Closing   2000    2001    2002    2003
Senior 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

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                            $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

Management 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

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
2004    2005    2006    2007    2008     2009

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


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


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


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


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


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


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

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


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

				
DOCUMENT INFO
Shared By:
Tags:
Stats:
views:268
posted:2/28/2008
language:English
pages:67