Golden State Canning Company, Inc.

(thousands of $)
Selected income statement items, year ending December 31,
2007 2006 2005 2004
Sales 842.0 802.0 813.0 808.0
Cost of goods sold, excl. depreciation 600.8 587.9 600.3 607.2
Depreciation 39.1 37.7 21.6 23.0
Gross profit 202.1 176.4 191.1 177.8
SG&A 134.7 156.4 166.7 133.3
Operating profit 67.4 20.0 24.4 44.5
Interest expense 8.7 9.8 8.3 6.8
Profit before tax 58.7 10.2 16.1 37.7
Income taxes 21.1 3.7 5.8 13.6
Net income 37.6 6.5 10.3 24.1

Selected balance sheet items, year ending December 31,

2007 2006 2005 2004 2003
Cash 5.2 1.1 2.9 4.9 4.1
Accounts receivable 70.5 74.7 73.3 61.0 56.9
Inventories 13.2 16.8 14.1 12.5 8.3
Total current assets 88.9 92.6 90.3 78.4 69.3
Net fixed assets 374.9 382.0 361.8 304.6 286.6
Total assets 463.8 474.6 452.1 383.0 355.9

Current portion, LTD 5.0 5.0 5.0 3.0 3.0

Accounts payable 17.4 31.6 23.2 14.6 11.8
Other accrued expenses 5.2 11.4 4.1 5.5 5.7
Revolving credit, bank 45.7 68.6 63.4 51.8 48.4
Total current liabilities 73.3 116.6 95.7 74.9 68.9
Long-term (mortgage) debt 70.0 75.0 80.0 42.0 45.0
Net worth 320.5 283.0 276.4 266.1 242.0
Liabilities & net worth 463.8 474.6 452.1 383.0 355.9

478980557.xls Financial Statements 1