The Erie Sensor Company, LLC

Briefing Book
For The

2010-2018 Stockholders Meeting

EMBA 230: Management of Technology and Innovation

Professor Richard G. Donnelly, Ph.D.

ROBERT PAUL ELLENTUCK

December 17, 2010

COPYRIGHT 2010. ALL RIGHTS RESERVED.

ROBERT PAUL ELLENTUCK

THE COPYRIGHT HOLDER EXPRESSLY PROHIBITS ANY AND ALL COPYING, FAXING, SCANNING, XEROXING, REPRODUCING,
TRANSMISSION, DISSEMINATION, FORWARDING, PRINTING, SUBMISSION (EITHER ELECTRONICALLY OR OF A SCANNED OR
OTHERWISE REPRODUCED COPY, OR OF THE ORIGINAL COPYRIGHTED MATERIAL, A COPY OF THE COPYRIGHTED MATERIAL,
OR OF A PORTION OF THE ORIGINAL OR COPIED COPYRIGHTED MATERIAL), OR ANY AND ALL OTHER ACTIONS: ELECTRONIC OR
OTHERWISE, OF ANY PORTION OF THIS COPYRIGHTED MATERIAL OR THE ENTIRE COPYRIGHTED MATERIAL, WHICH MAY IN
ANY WAY VIOLATE THE RIGHTS OF THE COPYRIGHT HOLDER. SUCH PROHIBITION INCLUDES THE ORIGINAL COPYRIGHTED
MATERIAL, A COPY OF THE ORIGINAL COPYRIGHTED MATERIAL, A PORTION OF THE ORIGINAL COPYRIGHTED MATERIAL, A
PORTION OF THE COPIED COPYRIGHTED MATERIAL, AN ELECTRONIC VERSION OF THE COPYRIGHTED MATERIAL, OR ANY
OTHER POTENTIAL VERSION OF THE COPYRIGHTED MATERIAL (WHETHER THE TECHNOLOGY EXISTS AS OF THE COPYRIGHT
DATE,
OR
IS
YET
TO
BE
INVENTED).
THIS
PROHIBITION
EXPLICITLY
EXTENDS
TO
ALL
OF
THE
AB

FINANCIALS

Selected Financial Statistics

ROUND 0
Return on Sales (ROS)
Asset Turnover
Return on Assets (ROA)

ROUND 1

ROUND 2

ROUND 3

ROUND 4

ROUND 5

ROUND 6

ROUND 7

ROUND 8

4.10%

-3.40%

2.40%

4.10%

-1.30%

-7.80%

-18.10%

-7.20%

1.05

0.69

0.95

0.98

0.79

0.85

0.54

0.79

-17.00%
1.11

4.40%

-2.40%

2.30%

4.10%

-1.00%

-6.60%

-9.70%

-5.70%

-18.80%

Leverage (Assets/Equity)

2.6

2.5

2.4

2.3

2.4

2.9

-16.5

Return on Equity (ROE)

8.70%

-6.10%

5.70%

9.90%

-2.30%

-16.00%

-28.20%

-17.20%

-11.40%

Emergency Loan

6,624,027.00

Sales

$ 101,073,427.00

$ 104,145,032.00

$ 139,605,213.00

$ 157,063,126.00

$ 118,019,786.00

$ 114,362,513.00

EBIT

11,996,361.00

15,463,620.00

21,062,412.00

(4,934,455.00) $ (11,700,919.00) $

(3,153,057.00) $ (19,688,605.00)

Profits

4,188,505.00

(3,569,525.00) $

3,407,993.00

6,514,512.00

(1,493,377.00) $

(8,903,442.00) $ (13,080,447.00) $

(6,914,757.00) $ (17,952,258.00)

Cumulative Profit

4,188,505.00

618,980.00

4,026,973.00

10,541,485.00

SG&A / Sales
Contribution Margin %

Team Erie Stockholders Briefing

8.90%
0.28 $

23,667,641.00
5,584,714.00

16.00%
0.31 $

14.90%
0.33 $

8,853,799.00

12.80%
0.33 $

6,940,348.00
9,048,108.00

17.20%
0.31 $

144,666.00

72,405,541.00

$
$

95,710,906.00

$ 105,536,683.00

$ (12,935,781.00) $ (19,850,538.00) $ (37,802,796.00)

15.20%
0.19 $

28.80%
0.28 $

19.30%
0.26 $

16.00%
0.07

Page 3

STOCK MARKET

Stock Market Summary

DATE
ROUND 0
ROUND 1
ROUND 2
ROUND 3
ROUND 4
ROUND 5
ROUND 6
ROUND 7
ROUND 8

CLOSE
$
$
$
$
$
$
$
$
$

34.25
16.06
27.63
36.48
32.07
8.49
1.00
1.00
1.00

CHANGE
SHARES
MARKET CAP ($M)
$
2,000,000 $
$
(18.19)
2,399,957 $
$
11.57
2,279,985 $
$
8.86
2,279,985 $
$
(4.41)
2,279,985 $
$
(23.58)
2,279,985 $
$
(7.49)
2,735,982 $
$
3,282,982 $
$
3,282,982 $

Team Erie Stockholders Briefing

69
39
63
83
73
19
3
3
3

BOOK VALUE
$
23.97
$
24.20
$
26.12
$
28.98
$
28.32
$
24.42
$
16.98
$
12.21
$
(1.76)

EPS
$
$
$
$
$
$
$
$
$

2.09
(1.49)
1.49
2.86
(0.65)
(3.91)
(4.78)
(2.11)
(5.47)

DIVIDEND
YIELD
P/E
$
2.00
5.80%
$
0.00%
$
0.00%
$
0.00%
$
0.00%
$
0.00%
$
0.00%
$
0.00%
$
0.00%

16.4
-10.8
18.5
12.8
-49
-2.2
-0.2
-0.5
-0.2

Page 4

CASH FLOW

Financial Summaries
Cash Flow Statement Survey
Cash flows from Operating Activities
Net Income (Loss)
Adjustment for non-cash items:
Depreciation
Extraordinary gains/losses/writeoffs
Changes in current assets and liabilities:
Accounts payable
Inventory
Accounts receivable
Net cash from operations
Cash flows from Investing Activities
Plant improvements (net)
Cash flows from Financing Activities
Dividends paid
Sales of common stock
Purchase of common stock
Cash from long term debt issued
Early retirement of long term debt
Retirement of current debt
Cash from current debt borrowing

Cash from emergency loan

Net cash from financing activities
NET CHANGE in cash position

Team Erie Stockholders Briefing

ROUND 0

ROUND 1

ROUND 2

ROUND 3

ROUND 4

ROUND 5

ROUND 6

ROUND 7

ROUND 8

4,189.00 $

(3,570.00) $

3,408.00 $

6,515.00 $

(1,493.00) $

(8,903.00) $

(13,080.00) $

(6,915.00) $

(17,952.00)

$
$

7,587.00 $
- $

8,235.00 $
- $

8,737.00 $
(570.00) $

10,123.00 $
- $

9,667.00 $
(750.00) $

9,667.00 $
- $

9,667.00 $
- $

9,667.00 $
- $

9,667.00
-

$
$
$
$

3,583.00
(8,617.00)
(307.00)
6,434.00

$
$
$
$

1,807.00
(35,338.00)
(252.00)
(29,118.00)

(30,677.00) $

$
$
$
$
$
$
$

13,700.00
18,994.00
-

$
$
$
$

$
$
$
$
$
$
$

(2,564.00)
20,273.00
(14,389.00)
14,895.00

$
$
$
$

5,239.00 $
(1,927.00)
21,300.00
(23,668.00)
-

$
$
$
$
$
$
$

4,177.00
(21,343.00)
3,585.00
3,057.00

$
$
$
$

(20,800.00) $
(6,950.00)
-

$
$
$
$
$
$
$

131.00
(6,472.00)
4,814.00
5,896.00

$
$
$
$

4,446.00 $
(8,854.00)
-

$
$
$
$
$
$
$

547.00
(674.00)
5,151.00
5,788.00

(13,900.00)
-

$
$
$
$

$
$
$
$
$
$
$

(4,000.00)
-

$
$
$
$
$
$
$

$
$

- $
(4,000.00) $

23,668.00 $
56,362.00 $

- $
(4,295.00) $

8,854.00 $
1,904.00 $

- $
(8,854.00) $

6,624.00 $
(7,276.00) $

2,434.00 $

(3,434.00) $

15,839.00 $

(15,839.00) $

1,488.00 $

(1,488.00) $

(8,440.00)
31,849.00
3,449.00
23,444.00

3,870.00
17,745.00
(6,624.00)
6,624.00

$
$
$
$

$
$
$
$
$
$
$
$

6,164.00
19,459.00
(1,916.00)
26,460.00

547.00
(27,474.00)
14,362.00

$
$
$
$

20,266.00
(20,129.00)
(808.00)
(8,955.00)

$
$
$
$
$
$
$

(27,905.00)
(14,362.00)
14,362.00

- $
21,615.00 $

- $
(12,565.00) $

(27,905.00)

45,059.00 $

13,895.00 $

(36,861.00)

Page 5

BALANCE SHEET

Financial Summaries
Balance Sheet Survey

ROUND 0
3,434.00
8,307.00
8,617.00
20,358.00

ROUND 1
$
$
$
$

113,800.00 $
(37,933.00) $
75,867.00 $

144,477.00 $
(46,168.00) $
98,309.00 $

131,048.00 $
(46,145.00) $
84,903.00 $

151,848.00 $
(56,268.00) $
95,580.00 $

145,008.00 $
(62,791.00) $
82,217.00 $

145,008.00 $
(72,458.00) $
72,550.00 $

TOTAL ASSETS $

96,225.00 $

150,824.00 $

147,374.00 $

159,970.00 $

149,753.00 $

134,121.00 $

10,004.00
8,854.00
75,044.00
93,902.00

$
$
$
$

$
$
$
$

1,488.00
14,550.00
51,498.00
67,536.00

10,135.00
13,900.00
61,144.00
85,179.00

$
$
$
$

$
$
$
$

9,400.00
52,171.00
61,571.00

10,682.00
6,624.00
61,144.00
78,450.00

$
$
$
$

Accounts Payable
Current Debt
Long Term Debt
Total Liabilities

$
$
$
$

6,583.00
41,700.00
48,283.00

Common Stock
Retained Earnings
Total Equity

$
$
$

18,360.00 $
29,582.00 $
47,942.00 $

32,060.00 $
26,013.00 $
58,072.00 $

30,996.00 $
28,557.00 $
59,553.00 $

30,996.00 $
35,072.00 $
66,068.00 $

30,996.00 $
33,579.00 $
64,574.00 $

30,996.00 $
24,675.00 $
55,671.00 $

TOTAL LIABILITIES &

OWNERS' EQUITY $

96,225.00 $

150,824.00 $

147,374.00 $

159,970.00 $

149,753.00 $

134,121.00 $

Team Erie Stockholders Briefing

$
$
$
$

19,364.00
45,026.00
64,390.00

ROUND 6

$
$
$

5,827.00
6,950.00
75,044.00
87,821.00

$
$
$
$

ROUND 5

Plant and equipment

Accumulated Depreciation
Total Fixed Assets

$
$
$
$

15,839.00
22,949.00
23,683.00
62,471.00

ROUND 4

$
$
$
$

8,391.00
23,668.00
60,694.00
92,752.00

$
$
$
$

ROUND 3

Cash
Accounts Receivable
Inventory
Total Current Assets

$
$
$
$

8,560.00
43,956.00
52,516.00

ROUND 2

$
$
$
$

45,059.00
5,951.00
20,322.00
71,333.00

ROUND 7
$
$
$
$

22,093.00
8,674.00
20,992.00
51,760.00

145,008.00 $
(82,125.00) $
62,883.00 $

145,008.00 $
(91,793.00) $
53,215.00 $

145,008.00
(101,460.00)
43,548.00

134,216.00 $

120,900.00 $

95,308.00

2,242.00
27,474.00
58,039.00
87,755.00

$
$
$
$

$
$
$
$

58,954.00
7,867.00
864.00
67,684.00

ROUND 8

8,406.00
14,362.00
58,039.00
80,807.00

$
$
$
$

28,672.00
14,362.00
58,039.00
101,073.00

34,866.00 $
11,595.00 $
46,461.00 $

35,413.00 $
4,680.00 $
40,093.00 $

35,413.00
(41,178.00)
(5,765.00)

134,216.00 $

120,900.00 $

95,308.00

Page 6

INCOME STATEMENT

Financial Summaries
Income Statement Survey
Sales
Variable Costs (Labor, Material, Carry)
Depreciation
SGA (R&D, Promo, Sales, Admin)
Other (Fees, Writeoffs, TQM, Bonuses)
EBIT
Interest (Short term, Long term)
Taxes
Profit Sharing
Net Profit

Team Erie Stockholders Briefing

$
$
$
$
$
$
$
$
$
$

ROUND 0
101,073
72,513
7,587
8,978
11,996
5,421
2,301
85
4,189

$
$
$
$
$
$
$
$
$
$

ROUND 1
104,145
72,021
8,235
16,670
1,635
5,585
11,076
(1,922)
(3,570)

$
$
$
$
$
$
$
$
$
$

ROUND 2
139,605
94,011
8,737
20,870
524
15,464
10,114
1,873
70
3,408

$
$
$
$
$
$
$
$
$
$

ROUND 3
157,063
105,779
10,123
20,098
21,062
10,836
3,579
133
6,515

$
$
$
$
$
$
$
$
$
$

ROUND 4
118,020
81,913
9,667
20,249
(750)
6,940
9,238
(804)
(1,493)

$
$
$
$
$
$
$
$
$
$

ROUND 5
114,363
92,227
9,667
17,402
(4,934)
8,763
(4,794)
(8,903)

$
$
$
$
$
$
$
$
$
$

ROUND 6
72,406
52,473
9,667
20,886
1,081
(11,701)
8,423
(7,043)
(13,080)

$
$
$
$
$
$
$
$
$
$

ROUND 7
95,711
70,699
9,667
18,471
27
(3,153)
7,485
(3,723)
(6,915)

$
$
$
$
$
$
$
$
$
$

ROUND 8
105,537
98,671
9,667
16,887
(19,689)
7,930
(9,667)
(17,952)

Page 7

PRODUCT INFORMATION

Product Name

ROUND 0
Eat
Ebb
Echo
Edge
Egg

Primary
Segment

Units Sold Unit Inventory

Revision Date

Age Dec.31

MTBF

Pfmn Coord

Size Coord

Price Material Cost

Labor Cost Contr. Marg.

2nd Shift &

Overtime

Automation Next
Round

Capacity
Next Round

Plant Utiliz.

Trad
Low
High
Pfmn
Size

999
1,763
366
358
314

189
39
40
78
62

11/21/2007
5/25/2006
4/19/2009
6/29/2008
5/24/2008

3.1
4.6
1.7
2.5
2.6

17500
14000
23000
25000
19000

5.5
3
8
9.4
4

14.5
17
12
15.5
11

$
$
$
$
$

28.00
21.00
38.00
33.00
33.00

$
$
$
$
$

11.59
7.81
15.98
15.87
13.62

$7.49
$7.12
$8.57
$8.57
$8.57

29%
27%
33%
23%
30%

0%
30%
0%
0%
0%

4
5
3
3
3

1,800
1,400
900
600
600

66%
129%
45%
73%
63%

Trad
Low
High
Pfmn
Size

851
1,523
416
373
401
0

526
1
427
536
434
0

12/21/2011
9/29/2011
7/19/2012
12/19/2011
11/2/2011
7/14/2012

2.1
2.9
2.7
1.8
1.9
0

15000
12000
23000
27000
19000
0

6.5
3.2
8
10.5
5
0

13.5
16
12
14.5
10
0

$
$
$
$
$
$

29.00
24.00
39.00
35.00
34.00
-

$
$
$
$
$
$

10.92
7.09
14.84
16.44
13.56
-

$7.85
$6.94
$8.97
$10.18
$9.95
$0.00

30%
40%
30%
15%
24%
0%

0%
7%
0%
40%
30%
0%

4
5
3.9
3.9
4.8
4.4

1,800
1,400
900
600
600
888

66%
106%
89%
139%
129%
0%

Trad
Low
High
Pfmn
Size
High

1,466
744
462
590
671
515

0
0
114
343
307
227

6/15/2012
11/12/2012
7/19/2012
3/25/2013
10/8/2012
7/14/2012

1.8
2
2.1
2.8
1.5
0.5

14000
12000
23000
27000
16000
24000

7
4
10
10.5
5
9.7

13
15
10.5
14.5
9
10

$
$
$
$
$
$

29.00
24.00
39.00
35.00
34.00
34.50

$
$
$
$
$
$

10.18
7.24
15.49
15.42
12.29
15.88

$8.22
$7.05
$8.34
$8.34
$7.60
$9.43

35%
42%
37%
24%
33%
22%

0%
0%
0%
0%
10%
84%

5
5
4.2
4.2
5
5

1,500
1,100
700
500
500
888

63%
68%
21%
79%
109%
84%

Trad
Low
High
Pfmn
Size
High

1,785
854
445
188
802
1,049
0

344
136
362
650
0
565
0

4/5/2015
11/20/2014
3/15/2014
3/25/2013
12/18/2013
9/15/2014
9/23/2013

2.8
3
3.1
2.3
1.3
1.5
0.3

14000
12000
23000
22000
16000
24000
22000

7
4
10
10
6
9.7
8

13
15
10.5
16
8
10
17

$
$
$
$
$
$
$

28.50
23.50
38.50
34.50
33.50
34.00
38.00

$
$
$
$
$
$
$

9.33
6.55
14.47
12.38
12.19
14.85
-

$8.44
$7.38
$8.37
$8.37
$7.38
$8.66
$0.00

35%
38%
34%
6%
40%
25%
0%

43%
0%
0%
0%
0%
58%
0%

5
5
4.2
4.2
5
5
5

1,500
1,100
700
500
500
888
800

142%
90%
99%
99%
99%
156%
0%

Trad
Low
High
Pfmn
Size
High
Pfmn

1,229
648
499
93
798
616
1

711
0
27
557
169
689
337

4/5/2015
11/20/2014
3/15/2014
2/25/2015
1/31/2015
9/15/2014
3/5/2017

3.8
2.1
2.4
3.3
2.3
1.4
1.3

14000
12000
23000
22000
16000
24000
22000

7
6
11
10
6
12
8

13
13
9
16
8
9
17

$
$
$
$
$
$
$

28.00
21.00
38.00
33.50
33.00
35.00
34.00

$
$
$
$
$
$
$

8.57
7.58
14.57
11.31
15.30
10.35

$8.26
$7.92
$8.97
$0.00
$9.80
$7.92
$7.92

34%
32%
38%
-17%
34%
25%
-2106%

10%
0%
0%
0%
100%
0%
0%

5
5
4.2
4.2
5
5
5

1,500
1,100
700
200
500
888
800

106%
46%
23%
0%
193%
83%
42%

ROUND 5
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent
Exige

Trad
Low
High
Pfmn
Size
High
Low

1,212
822
161
751
794
525
70
0

707
0
446
0
342
647
364
0

4/5/2015
1/2/2016
4/5/2017
2/25/2015
1/31/2015
1/5/2017
3/5/2017
12/15/2015

2.8
3.1
3.4
2.6
2.1
2.4
2.3
0

14000
12000
23000
27000
18000
24000
22000
12000

10
6
11
11
7
12
8
3

11
13
9
15
7
9
17
17

$
$
$
$
$
$
$
$

26.00
19.00
38.00
23.50
31.00
33.00
22.00
13.00

$
$
$
$
$
$
$
$

9.83
6.93
13.67
13.12
11.83
14.37
9.79
-

$8.30
$8.30
$9.40
$9.40
$10.27
$8.30
$8.30
$0.00

27%
19%
18%
3%
25%
20%
-37%
0%

0%
0%
0%
0%
100%
0%
0%
0%

5
5
4.2
4.2
5
5
5
0

1,500
1,100
700
200
500
888
800
0

81%
75%
83%
97%
193%
54%
12%
0%

ROUND 6
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent
Exige

Trad
Trad
High
Pfmn
Size
High
Low

946
116
221
32
351
716
88
0

0
0
271
0
281
105
305
0

9/7/2016
1/2/2016
4/5/2017
3/30/2018
12/24/2016
1/5/2017
3/5/2017
2/3/2017

2
2.5
4.4
3.6
1.6
3.4
3.3
1

14000
12000
23000
27000
18000
24000
22000
12000

9
7
11
11
7
12
8
3

11
12
9
15
5.6
9
17
17

$
$
$
$
$
$
$
$

26.00
19.00
38.00
23.50
31.00
33.00
22.00
13.00

$
$
$
$
$
$
$
$

8.72
7.06
12.86
12.47
11.72
13.52
9.29
-

$8.71
$8.71
$9.87
$9.87
$8.71
$8.71
$8.71
$0.00

32%
16%
30%
4%
25%
29%
-19%
0%

0%
0%
0%
0%
0%
0%
0%
0%

5
5
4.2
4.2
5
5
5
0

1,500
1,100
700
200
500
888
800
0

16%
11%
7%
16%
58%
20%
4%
0%

ROUND 7
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent
Exige

Trad
Low
High
Pfmn
Size
High
Trad

1,212
149
314
6
491
956
305
0

0
0
0
38
0
0
0
0

4/11/2017
3/25/2017
4/5/2017
3/30/2018
2/26/2018
1/5/2017
3/5/2017
2/3/2017

1.9
2.1
3.1
4.6
2.6
2.7
2.5
1.5

14000
12000
23000
27000
18000
24000
22000
12000

9.2
7.1
13.5
11
7
13.5
11
4.2

10.8
12
6.5
15
5.6
6.5
9
15.8

$
$
$
$
$
$
$
$

25.50
17.00
36.00
25.00
29.00
32.00
19.50
13.00

$
$
$
$
$
$
$
$

8.21
6.53
13.79
11.89
10.99
14.09
-

$9.57
$9.57
$10.84
$10.84
$9.57
$9.74
$0.00
$0.00

30%
4%
35%
-65%
28%
25%
6%
0%

0%
0%
0%
0%
0%
4%
0%
0%

5
5
4.2
4.2
5
5
5
0

1,500
1,100
700
200
500
888
800
0

81%
14%
6%
22%
42%
96%
0%
0%

ROUND 8
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent
Exige

Trad
Low
High
Pfmn
Size
High
Trad

1,542
265
333
38
695
685
343
0

0
0
70
0
39
619
0
0

9/4/2018
3/25/2017
4/5/2017
3/30/2018
2/26/2018
1/5/2017
3/5/2017
2/3/2017

1.6
3.1
4.1
3.2
2.2
3.7
3.5
2.5

16000
12000
23000
27000
17000
24000
22000
12000

9.9
7.1
13.5
14.5
8.2
13.5
11
4.2

10.1
12
6.5
15
4.6
6.5
9
15.8

$
$
$
$
$
$
$
$

25.50
17.00
36.00
25.00
29.00
32.00
19.50
13.00

$
$
$
$
$
$
$
$

8.67
6.02
13.01
10.63
13.31
11.15
-

$14.29
$12.57
$14.24
$0.00
$15.59
$15.59
$12.57
$0.00

12%
-10%
22%
8%
8%
-1%
-23%
0%

40%
0%
0%
0%
100%
100%
0%
0%

5
5
4.2
4.2
5
5
5
0

1,500
1,100
700
200
500
888
800
0

103%
24%
58%
0%
147%
147%
43%
0%

ROUND 1
Eat
Ebb
Echo
Edge
Egg
Emu
ROUND 2
Eat
Ebb
Echo
Edge
Egg
Emu
ROUND 3
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent
ROUND 4
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent

Team Erie Stockholders Briefing

Page 8

MARKET SHARE

MARKET SHARE
Actual Market Share in Units
ROUND 0

Trad

Eat

15.60%

Ebb

Low

Pfmn

Size

0.50%

0.20%

1.40%

20.00%

Echo

17.20%

Edge

1.90%

Egg
Total

0.30%
20.00%

ROUND 1

20.00%

Trad

Potential Market Share in Units

High

20.00%

19.80%
20.00%

18.60%
20.00%

Low

High

Pfmn

Size

Eat

11.00%

1.00%

0.40%

0.00%

0.70%

Ebb

2.20%

16.30%

Echo

16.70%

Edge

1.60%

Egg
Total

ROUND 2

0.00%
13.20%

Trad

Eat

19.90%

Ebb

2.60%

17.30%

0.20%
18.90%

17.30%

Low

High

Pfmn

16.10%
2.50%

Egg

0.20%

ROUND 3

Trad

Eat

22.30%

Ebb

4.10%

Trad
14.00%

Ebb

0.90%

High

Pfmn

Size

Ellent
Total
ROUND 5
Eat
Ebb

Low

High

Pfmn

Size

24.60%

Low

High

4.00% Eat

10.50%

0.10%

0.40%

7.10% Ebb

2.10%

12.00%
16.60%
1.60%

1.90% Egg
16.50% Total

12.10%

0.20%
18.70%

17.20%

Low

High

Pfmn

Total ROUND 2

22.70%

3.10% Ebb

3.40%

Total ROUND 3

3.90%

Total ROUND 4

High

Pfmn

4.20% Eat

3.80%

2.90% Ebb

Size

26.00%
0.70%
4.60%

19.00%

24.40%

26.00%

Low

High

Pfmn

Size

0.30%

11.50%

26.00%

1.20%

11.50%

Trad

Low

High

Pfmn

Size

Ebb

0.80%

0.70%

Echo
Egg

14.80%
3.10%
18.10%
Trad

Eat

16.60%

Ebb

0.30%

0.20%

14.80%

Low

High

Pfmn

Size

1.90%

Emu

Team Erie Stockholders Briefing

22.40%

Total

ROUND 3
0.90%
0.30%
0.10%

18.70%

1.90% Egg

1.00%

3.10% Emu
15.10% Total

0.80%
3.70%

Low

High

Pfmn

Size

Total

ROUND 4

2.80% Eat

1.20%

4.00% Ebb

-1.90%

1.50% Echo

0.10%

8.20%

27.10%

1.30%

26.60%

0.00%
-0.60%

Trad

Low

High

Pfmn

Size

13.20%

0.10%

3.80% Eat

0.40%

6.60%

5.00% Ebb

-2.10%

0.50% Echo

0.10%

2.60% Edge

0.00%

2.80% Egg

0.00%

13.10%

9.10%

3.90%
24.50%
25.90%
12.80%
22.30%
Trad

0.60%
7.30%

16.70%

24.50%

25.90%

Low

High

Pfmn

Size

2.40%
2.10%
9.50%
9.10%

Total

ROUND 5

1.60% Emu

0.20%

0.20% Ellent
16.60% Total

0.00%
-1.40%

Total

ROUND 6

3.70% Eat

-0.30%

3.70% Ebb

-3.30%

0.30% Echo

0.50%

1.00% Edge

-0.90%

1.00% Egg

0.20%

6.90%

0.90% Emu

1.60%

22.90%

0.80%
3.10%

9.10%

9.40%

9.10%

0.30% Ellent
10.80% Total

0.00%
-2.00%

Trad

Low

High

Pfmn

Size

5.90%
11.00%

Total

13.40%
13.80%
37.50%
Trad

-1.00%

3.80% Ebb

-3.30%

1.40% Echo

-0.40%

Edge

0.00%

1.50% Egg

0.10%

24.20%

3.10% Emu

0.00%

0.30%
6.20%

35.20%

0.20%

13.40%

4.00% Ellent
18.80% Total

-3.00%
-7.50%

Low

High

Pfmn

Size

5.40%
5.70%

16.70%

3.60%

ROUND 8
-0.10%

2.20% Ebb

-1.40%

0.80% Echo

0.20%

0.40% Edge

-0.30%

2.20% Egg

-0.20%

1.40% Emu

0.60%

19.20%

3.70% Ellent
15.30% Total

-2.70%
-4.00%

11.00%
5.30%

Total
4.60% Eat

19.20%

3.60%

13.70%
31.60%

ROUND 7

5.00% Eat

0.20%

0.80%

1.00% Ellent
11.30% Total

0.10%

0.60% Edge

8.20%

2.00% Emu
0.90%

0.00%

2.40% Edge

0.10%

17.10%

17.60%

15.10%
1.90%

0.10%

1.90% Echo

Ellent
13.20% Total

0.80% Ebb

2.00% Egg

-0.70%

14.90%

4.50% Eat

17.60%

ROUND 2

3.00% Ebb

1.30% Echo

18.70%

0.10% Edge

0.90%

Egg

Total
6.90% Eat

0.50%

5.70%

1.00% Echo

7.30%

Edge

Total ROUND 8

0.10%
2.20%

2.20% Ebb

25.40%
36.20%

1.60% Egg

32.50%

0.00%

1.80% Egg
14.30% Total

0.20%

5.60%

1.00% Ellent
11.30% Total

0.00%

1.70% Edge

-0.20%

0.50% Ebb

0.30%
1.10%

1.80%

1.90% Echo

1.90% Emu

18.10%

3.10% Emu

0.50%

2.80% Egg

4.00% Eat

24.50%

Echo

3.70%
20.50%

Total ROUND 7

ROUND 1

5.30% Ebb

6.00% Eat

2.70%

0.00% Edge

0.20%

Emu

Size

1.00% Echo

8.10%

Edge

Pfmn

1.20% Egg

12.70%

14.20%

High

26.60%

9.80%

0.30% Ellent
8.80% Total

Total
3.50% Eat

0.10% Edge

13.00%

2.50% Emu

Eat

Low

1.30%

0.40% Ebb

19.80%

0.00%
-0.10%
0.00%

0.00%

12.20%

3.40% Eat

0.80%
1.10%

0.00%

1.70% Egg
20.00% Total

0.10%
-0.60%

2.70%

0.10% Edge

1.20%

Egg

0.00%

1.90% Edge

2.10% Emu
19.20% Total

29.20%

0.80% Echo

6.10%

Emu

Total ROUND 6

0.00%

9.30% Ebb

2.80% Egg

22.60%

2.80% Egg
0.20% Ellent
15.20% Total

ROUND 0

5.30% Eat

28.60%

18.00%
36.70%

1.80% Emu

14.60%

22.60%

5.10%

2.60% Edge

24.40%

Size
0.50%

0.60% Echo

4.50%

Edge

Total ROUND 5

19.70%
20.40%

5.10%

2.60% Egg

Low

Echo

Trad
3.30%

0.10%

Trad

24.40%

9.80%

Trad

24.60%

17.20%

5.60%

2.10% Ebb

Ellent
12.60% Total

Size

10.80%

4.00% Eat

14.70%

1.10%

Trad
20.50%

3.10% Ebb

28.70%

19.80%

26.10%

6.50% Eat

4.90%

5.00%

Trad

6.20% Eat

18.60%
20.00%

0.70%

1.70% Edge
12.60%

Total

1.90% Echo
19.80%

1.90% Echo

0.00%
2.90%

14.90%

Trad

2.00% Emu

15.90%

11.60%

Ellent
Total

Pfmn

Total ROUND 1

20.00%

0.30% Edge

2.80%

Ebb

ROUND 8

20.00%

20.00%

1.60% Echo

12.90%

Eat

Ellent
Total

0.30%
20.00%

3.90% Emu
18.80% Total

4.90%

Emu

ROUND 7

1.60% Egg
20.00% Total

2.90% Egg

29.30%

Egg

Ellent
Total

1.90%

29.30%
6.80%

Edge

ROUND 6

17.20%

1.90% Edge

0.70% Edge

31.40%
44.70%

Echo

Ellent
Total

1.90% Echo

1.60% Echo

5.00%

Emu

1.40%

2.20% Emu
18.60% Total

Low

Egg

0.20%

0.20%

5.00%

Edge

0.50%
20.00%

2.80% Egg

29.40%

Echo

Size

28.90%

6.80%

Eat

4.40%

Pfmn

2.50%

22.60%

Egg

ROUND 4

15.60%

9.30% Ebb

Difference

High

16.10%

13.30%

26.40%

5.30% Eat

Low

2.50% Edge

18.00%
36.70%

Edge

Trad

1.90% Echo
22.60%

6.10%

Echo

Emu
Total

Size
0.50%

Edge

22.50%

20.10%
20.80%

6.10%

Echo

Emu
Total

17.20%

Total ROUND 0

Page 9

PERCEPTUAL MAP

PERCEPTUAL MAP
Name
Eat
Ebb
Echo
Edge
Egg

ROUND 0
Pfmn
Size
5.5
14.5
3
17
8
12
9.4
15.5
4
11

Revised
11/21/2007
5/25/2006
4/19/2009
6/29/2008
5/24/2008

Name
Eat
Ebb
Echo
Edge
Egg

ROUND 1
Pfmn
Size
6.5
13.5
3.2
16
8
12
10.5
14.5
5
10

Revised
12/21/2011
9/29/2011
7/19/2012
12/19/2011
11/2/2011

Name
Eat
Ebb
Echo
Edge
Egg
Emu

ROUND 2
Pfmn
Size
7
13
4
15
10
10.5
10.5
14.5
5
9
9.7
10

Revised
6/15/2012
11/12/2012
7/19/2012
3/25/2013
10/8/2012
7/14/2012

Name
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent

ROUND 3
Pfmn
Size
7
13
4
15
10
10.5
10
16
6
8
9.7
10
8
17

Revised
4/5/2015
11/20/2014
3/15/2014
3/25/2013
12/18/2013
9/15/2014
9/23/2013

Name
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent

ROUND 4
Pfmn
Size
7
13
6
13
11
9
10
16
6
8
12
9
8
17

Team Erie Stockholders Briefing

Revised
4/5/2015
11/20/2014
3/15/2014
2/25/2015
1/31/2015
9/15/2014
3/5/2017

Name
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent
Exige

ROUND 5
Pfmn
Size
10
11
6
13
11
9
11
15
7
7
12
9
8
17
3
17

Revised
4/5/2015
1/2/2016
4/5/2017
2/25/2015
1/31/2015
1/5/2017
3/5/2017
12/15/2015

Name
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent
Exige

ROUND 6
Pfmn
Size
9
11
7
12
11
9
11
15
7
5.6
12
9
8
17
3
17

Revised
9/7/2016
1/2/2016
4/5/2017
3/30/2018
12/24/2016
1/5/2017
3/5/2017
2/3/2017

Name
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent
Exige

ROUND 7
Pfmn
Size
9.2
10.8
7.1
12
13.5
6.5
11
15
7
5.6
13.5
6.5
11
9
4.2
15.8

Revised
4/11/2017
3/25/2017
4/5/2017
3/30/2018
2/26/2018
1/5/2017
3/5/2017
2/3/2017

Name
Eat
Ebb
Echo
Edge
Egg
Emu
Ellent
Exige

ROUND 8
Pfmn
Size
9.9
10.1
7.1
12
13.5
6.5
14.5
15
8.2
4.6
13.5
6.5
11
9
4.2
15.8

Revised
9/4/2018
3/25/2017
4/5/2017
3/30/2018
2/26/2018
1/5/2017
3/5/2017
2/3/2017

Page 10

PROFIT HISTORY

Team Erie Stockholders Briefing

Page 11

RETURN ON SALES HISTORY

Team Erie Stockholders Briefing

Page 12

MARKET SHARE HISTORY

Team Erie Stockholders Briefing

Page 13

ASSET TURNOVER

Team Erie Stockholders Briefing

Page 14