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Case Exhibit 1
Operating Results:
Revenue
Less: Cost of Goods Sold
Gross Profit
Less: Selling, General & Administrative
Operating Income
Plus: Depreciation & Amortization
EBITDA
EBIT
Plus: Other Income (expense)
Earnings Before Tax
Less: Taxes
Net Income
Dividends
2004
291,940
204,265
87,676
25,293
62,383
6,987
69,370
2005
307,964
220,234
87,731
27,049
60,682
8,213
68,895
2006
342,251
249,794
92,458
28,512
63,946
9,914
73,860
62,383
15,719
78,101
24,989
53,112
18,589
60,682
16,057
76,738
24,303
52,435
22,871
63,946
13,506
77,451
23,821
53,630
28,345
3.2%
30.0%
21.4%
23.8%
32.0%
18.2%
35.0%
5.5%
28.5%
19.7%
22.4%
31.7%
17.0%
43.6%
11.1%
27.0%
18.7%
21.6%
30.8%
15.7%
52.9%
Margins:
Revenue Growth
Gross Margin
EBIT Margin
EBITDA Margin
Effective Tax Rate (1)
Net Income Margin
Dividend payout ratio
BLAINE KITCHENWARE
Case Exhibit 2
Assets:
Cash & Cash Equivalents
Marketable Securities
Accounts 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
364,449
2006
66,557
164,309
48,780
54,874
5,157
339,678
99,402
8,134
13,331
497,217
138,546
20,439
27,394
550,829
174,321
38,281
39,973
592,253
26,106
22,605
14,225
62,935
1,794
15,111
79,840
417,377
497,217
28,589
24,921
17,196
70,705
3,151
18,434
92,290
458,538
550,829
31,936
27,761
16,884
76,581
4,814
22,495
103,890
488,363
592,253
Exhibit 3 Selected Operating and Financial Data for Public Kitchenware Producers
Revenue
EBIT
EBITDA
Net income
XQL Corp.
$4,313,300
721,297
796,497
$412,307
Bunkerhill, Inc.
$3,671,100
566,099
610,399
$335,073
EasyLiving Systems
$188,955
19,613
23,356
$13,173
$21,495
54,316
900,803
$976,613
$536,099
1,247,520
7,463,564
$9,247,183
$21,425
353,691
3,322,837
$3,697,952
$153,680
334,804
815,304
$1,303,788
$242,102
21,220
68,788
$332,110
$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)
177,302
$94,919
776,427
$1,127,226
13,978,375
$18,415,689
5,290,145
$6,240,947
3,962,780
$4,200,836
418,749
$353,949
1.03
1.24
0.96
0.92
0.67
1.91x
10.56x
9.46x
1.63x
1.02x
7.35x
6.03x
4.26x
1.45x
8.65x
7.84x
2.51x
1.14x
7.42x
6.88x
4.93x
1.87x
18.05x
15.15x
4.41x
Net Debt/Equity
Net Debt/Enterprise Value
45.18%
31.12%
31.74%
24.10%
17.97%
15.23%
6.01%
5.67%
-15.47%
-18.31%
Market capitalization
Enterprise value (MVIC)
Equity beta
Blaine Kitchenware
$342,251
63,946
73,860
$53,630
$230,866
32,231
174,321
$592,253
($230,866)
$488,363
959,596
$728,730
0.56
2.13x
11.40x
9.87x
1.96x
-24.06%
-31.68%
Exhibit 4
Default spread
0.86%
1.02%
1.33%
Err:522
2.86%
3.92%