4/28/2013, 142331626.xls.

ms_office, Exhibit 1
Exhibit 1.Baine kitchenware, Inc., Income Statements, years ended December 31, ($ in Thousands)

Operating Results
Revenue
Less: Cost of Goods Sold

2004

2005

2006

$291,940
204,265

$307,964
220,234

$342,251
249,794

Gross Profit
Less: Selling, General & Administrative

87,675
25,293

87,730
27,049

92,457
28,512

Operating Income
Plus: Depreciation & Amortization

62,382
6,987

60,681
8,213

63,945
9,914

EBITDA

69,369

68,894

73,859

EBIT
Plus: other Income (expense)

62,382
15,719

60,681
16,057

63,945
13,506

Earnings Before Tax

Less: Taxes

78,101
24,989

76,738
24,303

77,451
23,821

53,112
$18,589

52,435
$22,871

53,630
$28,345

Net Income
Dividends

4/28/2013, 142331626.xls.ms_office, Exhibit 2

Exhibit 2.Baine kitchenware, Inc., Balance Sheets, December 31, ($ in Thousands)

Exhibit 2. Baine kitchenware, Inc., Balance Sheets, December 31, ($ in Thousands)

Assets
Cash & Cash Equivalents
Marketable Securities
Account Receivable
Inventory
Other Current Assets
Total Current Assets

2004
$67,391
218,403
40,709
47,262
2,586
376,351

2005
$70,853
196,763
43,235
49,728
3,871
364,450

2006
$66,557
164,309
48,780
54,874
5,157
339,677

Property, Plant & Equipment

Good will
Other Assets
Total Assets

99,402
8,134
13,331
$497,218

138,546
20,439
27,394
$550,829

174,321
38,281
39,973
$592,252

Liabilities & Shareholders' Equity

Accounts Payable
$26,106
$28,589
$31,936
Accrued Liabilities
22,605
24,921
27,761
Tax Payable
14,225
17,196
16,884
Total Current Liabilities
62,936
70,706
76,581
Other liabilities
1,794
3,151
4,814
Deferred Taxes
15,111
18,434
22,495
Total Liabilities
79,841
92,291
103,890
Shareholders' Equity
417,377
458,538
488,363
Total Liabilities & Shareholders' Equity
$497,218
$550,829
$592,253
Note: Many items in BKI's historical balance sheets (e.g.,, Property, Plant & Equipment) have been affected by the firm's acquisitions.
a.
Source: Case Work (All Rights Reserved) .

4/28/2013, 142331626.xls.ms_office, Exhibit 3

Exhibit 3. Selected Operating and Financial Data for Public Kitchenware Products, 12 months ended December 31, 2006, ($ in Thousands)

Exhibit 3. Selected Operating and Financial Data for Public Kitchenware Products, 12 months ended December 31, 2006 ($ in Thousands)
Home &
Auto Tech
Easy Living
Blaine
Hearth Design
Appliances
XQL Corp. Bunkerhill, Inc.
Systems
Kitchenware
Revenues
$589,747
$18,080,000
$4,313,300
$3,671,100
$188,955
$342,251
EBIT
106,763
2,505,200
721,297
566,099
19,613
63,946
EBITDA
119,190
3,055,200
796,497
610,399
23,356
73,860
Net Income
$53,698
$1,416,012
$412,307
$335,073
$13,173
$53,630
Cash & securities
a
Net working capital
Net fixed assets
Total Assets

$21,495

$536,099

$21,425

$153,680

$242,102

$230,866

54,316
900,803
$976,614

1,247,520
7,463,564
$9,247,183

353,691
3,322,837
$3,697,953

334,804
815,304
$1,303,788

21,220
68,788
$332,110

32,231
174,321
$592,253

$350,798
372,293
475,377

$4,437,314
4,973,413
3,283,000

$950,802
972,227
2,109,400

$238,056
391,736
804,400

($64,800)

($230,866)

177,302
94,919

0
488,363

776,427
$1,127,225

13,978,375
$18,415,689

5,290,145
$6,240,947

3,962,780
$4,200,836

418,749
$353,949

959,596
$728,730

1.03

1.24

0.96

0.92

0.67

0.56

1.91
10.56
9.46
1.63

1.02
7.35
6.03
4.26

1.45
8.65
7.84
2.51

1.14
7.42
6.88
4.93

1.87
18.05
15.15
4.41

2.13
11.40
9.87
1.96

45.18%
31.12%

31.74%
24.10%

17.97%
15.23%

6.01%
5.67%

-15.47%
-18.31%

-24.06%
-31.68%

Net debtb
Total debt
Book equity
Market capitalization
Enterprise value (MVIC)
Equity beta
LTM Trading Multiples
MVIC/Revenue
MVIC/EBIT
MVIC/EBITDA
Market/Book equity
Net Debt/Equity
Net Debt/ Enterprise Value
a.
Net working capital excludes cash and securities
b.

Net debt is total long-term and short term debt less excess cash

c.

Source: Case Work (All Rights Reserved) .

4/28/2013, 142331626.xls.ms_office, Exhibit 4

Exhibit 4. Cotemporaneous Capital Market Data )April 21, 2007)

Exhibit 4. Contemporaneous Capital Market Data (April 21, 2007)

Yields on U.S. Treasury Securities
Maturity
30 days
60 days
90 days
1 year
5 years
10 years
20 years
30 years
Seasoned corporate bond yields
Moody's Aaa
Aa
A
Baa
Ba
B
a.
Source: Case Work (All Rights Reserved) .

4.55%
4.73%
4.91%
4.90%
4.91%
5.02%
5.26%
5.10%

5.88%
6.04%
6.35%
6.72%
7.88%
8.94%

Default Spread
0.86%
1.02%
1.33%
1.70%
2.86%
3.92%

shareoutstanding
stock price per share
EBIT
Interest Exp
interest rate (assume 6.35%)
Earning before tax
Tax Exp.
tax rate
NI
total asset
total Liab
issuance of long-term debt
total equity
Divident payout ratio (d)
plowback rate (1-d)
Dividends
ROA
ROE
D/E ratio
EPS
DPS
interest coverage ratio=EBIT/Int Exp
P/E ratio
internal growth rate
Sustainable growth rate

2004
41,309

2005
48,970

2006
59,052

62,382
-

60,681
-

63,945
-

78,101
24,989

76,738
24,303

77,451
23,821

53,112

52,435

53,630

497,218
79,841

550,829
92,291

592,252
103,890

417,377
35%
65%
18,589

458,538
44%
56%
22,871

488,363
53%
47%
28,345

11%
12.7%
0.19
1.29
0.45
0

10%
11.4%
0.20
1.07
0.47
0

7.5%
9%

5.7%
7%

9.1%
11.0%
0.21
0.91
0.48
0
17.89
4.5%
5%

post-leverage
39,667
$

16.25
63,945
6,350
6.35%
57,595
23,038
40%
34,557
377,252
203,890
100,000
173,362

9.2%
19.9%
1.18
0.87
10.07
18.65

change
($19,385) buy back $315M

($19,073)
($215,000) cash decreased by $215M
$100,000
long-term debt increased by $100M
($315,001)

0.1%
9.0%
$0.96
($0.04)