Construction/Concrete

Executive Summary
$ in (1,000)s

Summary Year 1 2 3 4 5
2010 2011 2012 2013 2014
Revenue $16,532 $17,162 $18,193 $19,514 $20,279 Key Assumptions
Operating Expenses 15,497 16,640 17,735 18,980 19,811
EBITDA 1,035 523 458 533 468 Cost of Debt 6%
-Depreciation/Amortization (1,279) (1,334) (1,334) (1,334) (1,334) Cost of Equity 16%
EBIT (244) (812) (876) (801) (866) % Debt 39%
- EBIT*t - - - - - % Equity 61%
EBIT (1-t) (244) (812) (876) (801) (866) WACC 11%
TV Growth % 4%
NOL 1,167 1,979 2,854 3,656 4,522 Tax Rate 38%
Inventory % Sales 42%
+ Depreciation/Amortization 1,279 1,334 1,334 1,334 1,334 Life of Inventory (Qtrs) 3
- Capital Spending - (787) - - - Days Rec. Outstanding 90
-Working Capital (402) (288) 40 (169) (75) Terminal Value Days Payable Outstanding 85
Free Cash Flow to the Firm 633 (553) 498 364 393 5,319 Aticipated Reduction in Historical A/R per Qrt. 10%
Reduction in Historical A/P per Qrt. 25%
Discounted Free Cash Flow 569 (448) 363 238 232 3,136 Year for Last Collection of Historical A/R 2
Year to Payoff Balance for Historical A/P 2
NPV to Firm $4,090 Liquidation Value $6,269 Depreciation 7%
(less debt) ($7,780) Increase in Machinery 10%
NPV to Equity ($3,691) Auto Increase 5%
20,500 Year for Capital Purchases 2
$800
20,000
$600
19,500
$400
19,000

18,500 $200
Free Cash
Revenue Flow to the
18,000 Operating $0 Firm
Expenses
17,500 Discounted
-$200 Free Cash
Flow
17,000 -$400
16,500
-$600
16,000
2010 2011 2012 2013 2014 -$800
2010 2011 2012 2013 2014
Construction/Concrete
Debt Structure
$ in (1,000)s
Yearly Rate Balance 1/1 Due Date Payment
ACB Loans 6% $2,065 2015 $ 32
1 Ga. 7% 885 2015 14
LOC - 1 GA 5% 1,122 N/A
LOC - ACB 5% 1,125 N/A
Equipment Loans 6% 1,101 15
Plant 6% 532 8
Interim Loan 6% 950 2010 15
Opportunity Cost of Capital 16%
Total 6% $7,780 $ 85
Construction/Concrete Income Statement
Consolidated
$ in (1,000)s
2009 1st Qtr. 2010 2nd Qtr. 2010 3rd Qtr. 2010 4th Qtr. 2010 1st Qtr. 2011 2nd Qtr. 2011 3rd Qtr. 2011 4th Qtr. 2011 2012 2013 2014
Revenue
Existing Contracts -
Construction $6,271 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Manufacturing 150 - - - - - - - - - - -
Spancrete 1,537 - - - - - - - - - - -
Other 725 - - - - - - - - - - -
Revenue Existing Contracts 8,683 - - - - - - - - - - -
New Contracts
Construction 6,328 3,071 2,994 2,919 2,846 2,932 3,020 3,110 3,204 13,492 14,841 15,583
Manufacturing 95 61 60 59 58 60 61 63 64 238 237 239
Spancrete 1,474 743 734 725 716 734 752 771 790 2,918 2,908 2,926
Other 920 401 391 381 372 383 394 406 418 1,545 1,527 1,531
Revenue New Contracts 8817 4,276 4,179 4,085 3,992 4,108 4,227 4,350 4,477 18,193 19,514 20,279
Total Revenue 17,500 4,276 4,179 4,085 3,992 4,108 4,227 4,350 4,477 18,193 19,514 20,279

Cost of Sales
Construction 9,178 1,448 1,854 2,216 1,994 2,015 2,055 2,115 2,178 9,156 9,883 10,362
Manufacturing 5,772 1,014 1,197 1,376 1,269 1,283 1,308 1,343 1,379 5,618 6,082 6,378
Total Cost of Sales 14,950 2,462 3,051 3,592 3,263 3,299 3,363 3,458 3,557 14,773 15,965 16,740

Gross Profit 2,550 1,814 1,128 493 729 809 865 892 920 3,420 3,548 3,538
Gross Margin 14.57% 42.43% 26.99% 12.07% 18.26% 19.70% 20.45% 20.50% 20.55% 18.80% 18.18% 17.45%

Expenses
Payroll - Executive 2,081 507 495 482 470 461 452 443 434 1,787 1,840 1,896
Insurance - Hazard/Umbrella 256 64 64 64 64 64 64 64 64 256 256 256
Other 38 10 10 10 10 10 10 10 10 38 38 38
Rent Newnan 106 26 26 26 26 26 26 26 26 106 106 106
Rent Virginia Ave 19 5 5 5 5 5 5 5 5 19 19 19
Utilities 73 18 18 18 18 18 18 18 18 73 73 73
Office Supplies 118 30 30 30 30 30 30 30 30 118 118 118
Dues (Licensing Costs) 63 16 16 16 16 16 16 16 16 63 63 63
Telephone 54 13 13 13 13 13 13 13 13 54 54 54
Travel 43 11 11 11 11 11 11 11 11 43 43 43
Property Taxes 83 21 21 21 21 21 21 21 21 83 83 83
Legal/Accounting 322 81 81 81 81 81 81 81 81 322 322 322
Depreciation/Amortization 1,224 320 320 320 320 334 334 334 334 1,334 1,334 1,334
Total Administrative Expenses 4,480 1,121 1,108 1,096 1,084 1,088 1,079 1,070 1,061 4,296 4,349 4,405

Operating Profit Before Interest & Taxes (1,930) 693 20 (603) (355) (279) (214) (178) (141) (876) (801) (866)
Operating Margin Before Interest & Taxes -11.03% 16.21% 0.48% -14.76% -8.89% -6.78% -5.07% -4.09% -3.15% -4.81% -4.10% -4.27%
Interest Expenses 498 111 102 97 93 97 119 121 121 374 373 373
373

Income Before Taxes (2,428) 582 (82) (700) (448) (376) (334) (298) (262) (1,250) (1,174) (1,239)
Taxes (923) 221 (31) (266) (170) (143) (127) (113) (99) (475) (446) (471)
Tax Loss Offset 221 - - - - - - - - - -
Net Income (1,506) 582 (51) (434) (277) (233) (207) (185) (162) (775) (728) (768)

Interest 498 111 102 97 93 97 119 121 121 374 373 373
Depreciation/Amortization 1,224 320 320 320 320 334 334 334 334 1,334 1,334 1,334

EBITDA ($706) $1,013 $340 ($283) ($35) $55 $119 $156 $193 $458 $533 $468
Construction/Concrete

Balance Sheet

$ in (1,000)s
2009 - Unadjusted Contribution from Owner 2009 1st Qtr. 2010 2nd Qtr. 2010 3rd Qtr. 2010 4th Qtr. 2010 1st Qtr. 2011 2nd Qtr. 2011 3rd Qtr. 2011 4th Qtr. 2011 2012 2013 2014

Assets
Current Assets
Cash/(Overdraft) $88 $625 $713 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10
Bonding Cash - 250 250 250 250 250 250 250 250 250 250 250 250 250
Other Current Assets 350 - 350 350 350 350 350 350 350 350 350 350 350 350
Historical Trade A/R 540 - 540 486 437 394 354 - - - - - - -
Current Trade A/R 5,041 - 5,041 4,276 4,179 4,085 3,992 4,108 4,227 4,350 4,477 4,548 4,878 5,070
Retainage A/R 138 - 138 138 138 138 138 138 138 138 138 138 138 138
Earned Revenue in Excess of Billing 1,336 - 1,336 1,336 1,336 1,336 1,336 1,336 1,336 1,336 1,336 1,336 1,336 1,336
Inventory 774 - 774 1,713 2,027 1,729 1,690 1,709 1,759 1,810 1,862 1,910 2,049 2,129
Def. Tax Asset 923 - 923 702 733 999 1,169 1,312 1,439 1,552 1,651 2,127 2,573 3,044
Total Current Assets 9,190 875 10,065 9,261 9,460 9,290 9,289 9,214 9,509 9,796 10,075 10,669 11,584 12,327

Fixed Assets
Land 1,793 1,793 1,793 1,793 1,793 1,793 1,793 1,793 1,793 1,793 1,793 1,793 1,793
Land Improvements 3,526 3,526 3,526 3,526 3,526 3,526 3,526 3,526 3,526 3,526 3,526 3,526 3,526
Buildings 4,607 4,607 4,607 4,607 4,607 4,607 4,607 4,607 4,607 4,607 4,607 4,607 4,607
Furniture & Fixtures 193 193 193 193 193 193 193 193 193 193 193 193 193
Machinery & Equipment 7,597 7,597 7,597 7,597 7,597 7,597 8,356 8,356 8,356 8,356 8,356 8,356 8,356
Autos & Trucks 556 556 556 556 556 556 584 584 584 584 584 584 584
Total Fixed Assets 18,272 18,272 18,272 18,272 18,272 18,272 19,060 19,060 19,060 19,060 19,060 19,060 19,060

Accumulated Depreciation (2,934) (2,934) (3,254) (3,573) (3,893) (4,213) (4,546) (4,880) (5,214) (5,547) (6,881) (8,215) (9,550)

Net Book Value of Fixed Assets 15,338 15,338 15,018 14,699 14,379 14,059 14,513 14,180 13,846 13,513 12,178 10,844 9,510

Deposits 22 22 22 22 22 22 22 22 22 22 22 22 22
Other Long Term Assets 86 86 86 86 86 86 86 86 86 86 86 86 86

Total Assets $ 24,637 $ 875 $ 25,512 $ 24,388 $ 24,268 $ 23,778 $ 23,457 $ 23,835 $ 23,797 $ 23,751 $ 23,696 $ 22,956 $ 22,537 $ 21,945

Liabilities
Accounts Payable - Old $ 3,069 $ (2,000) $ 1,069 $ 802 $ 601 $ 451 $ 338 $ - $ - $ - $ - $ - $ - $ -
Accounts Payable - New 3,819 3,819 3,139 3,669 4,155 3,830 3,880 3,960 4,069 4,182 4,341 4,641 4,838
Accrued liabilities 432 432 432 432 432 432 432 432 432 432 432 432 432
Billings in Excess of Earned Revenue 68 68 68 68 68 68 68 68 68 68 68 68 68
LOC - ACB 1,750 (625) 1,125 743 540 342 539 1,464 1,509 1,523 1,517 1,452 1,457 1,444
ACB Interim Loans 950 950 950 950 950 950 - - - - - - -
LOC - One Ga 1,747 (625) 1,122 746 550 357 554 1,479 1,524 1,538 1,538 1,479 1,484 1,477
Debt- Plant - ACB 4,130 (2,065) 2,065 2,065 2,065 2,065 2,065 2,065 2,065 2,065 2,065 2,065 2,065 2,065
Debt- Plant - One Ga 1,770 (885) 885 885 885 885 885 885 885 885 885 885 885 885
Debt- Plant - SBA 3,980 (3,980) - - - - - - - - - - - -
Other Debt 59 59 59 59 59 59 59 59 59 59 59 59 59
Preferred Debt Redemption 1,730 (1,730) - - - - - - - - - - - -
Debt - Eqpmt 1,101 1,101 1,101 1,101 1,101 1,101 1,101 1,101 1,101 1,101 1,101 1,101 1,101
RAS Enterprises 375 (375) - - - - - - - - - - - -
Debt- Land 532 532 532 532 532 532 532 532 532 532 532 532 532
Deferred Taxes - - - - - - - - - - - - -
Total Liabilities 25,514 (12,285) 13,229 11,523 11,453 11,398 11,355 11,966 12,135 12,273 12,381 12,416 12,725 12,901

Equity
Common Stock 1 1 1 1 1 1 1 1 1 1 1 1 1
Paid in Capital 259 9,660 9,919 9,919 9,919 9,919 9,919 9,919 9,919 9,919 9,919 9,919 9,919 9,919
R/E Prior Years (531) (531) (2,037) (1,455) (1,506) (1,940) (2,217) (2,451) (2,657) (2,842) (3,005) (3,780) (4,508)
Current Earnings (1,506) (1,506) 582 (51) (434) (277) (233) (207) (185) (162) (775) (728) (768)
Additional Contributed Capital 900 900 900 900 900 900 900 900 900 900 900 900 900
Capital Contribution - 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500
Total Equity (877) 13,160 12,283 12,865 12,814 12,380 12,102 11,869 11,662 11,477 11,315 10,540 9,812 9,044

Total Liabilities and Equity $24,637 $875 $25,512 $24,388 $24,268 $23,778 $23,457 $23,835 $23,797 $23,751 $23,696 $22,956 $22,537 $21,945

0 - 0 (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0)
Construction/Concrete
Cash Flow Statement
$ in (1,000)s
2009 /Contribution 2009 1st Qtr. 2010 2nd Qtr. 2010 3rd Qtr. 2010 4th Qtr. 2010 1st Qtr. 2011 2nd Qtr. 2011 3rd Qtr. 2011 4th Qtr. 2011 2012 2013 2014
Cash Flows from Operations `
Net Income After Taxes ($1,506) ($1,506) $582 ($51) ($434) ($277) ($233) ($207) ($185) ($162) ($775) ($728) ($768)
Adjustments
Depreciation/Amortization 1,224 1,224 320 320 320 320 334 334 334 334 1,334 1,334 1,334
Tax Adjustment (923) (923) 221 (31) (266) (170) (143) (127) (113) (99) (475) (446) (471)
Changes in Working Capital
(Incr)/Decr in A/R (1,328) (1,328) 819 145 138 132 238 (119) (123) (126) (72) (330) (191)
(Incr)/Decr Cash for Performance Bonding - (250) (250) - - - - - - - - - - -
(Incr)/Decr in Revenue in Excess 496 496 - - - - - - - - - - -
(Incr)/Decr in Inventory (70) (70) (939) (313) 298 39 (20) (50) (51) (53) (48) (139) (80)
(Incr)Decr in Other Assets (8) (8) - - - - - - - - - - -
Incr/(Decr) in A/P 183 (2,000) (1,817) (948) 330 335 (438) (288) 80 110 113 159 300 197
Incr/(Decr) in Billings in Excess (29) (29) - - - - - - - - - - -
Incr/(Decr) in Accrued Liabilities (167) (167) - - - - - - - - - - -
Change in Working Capital (923) (2,250) (3,173) (1,069) 162 772 (267) (69) (89) (64) (66) 40 (169) (75)

Net Cash (Used)/Provided by Operating Activities (2,127) (2,250) (4,377) 55 400 391 (395) (112) (89) (29) 6 124 (9) 20

Cash from Investing

Purchase of Fixed Assets (151) - (151) - - - - (787) - - - - - -
Investments in Other Assets (90) - (90) - - - - - - - - - - -
Net Cash (Used)/Provided by Investing Activities (240) - (240) - - - - (787) - - - - - -

Cash from Financing

Proc/(Pmts) of L/C - ACB 110 (625) (515) See Below
Proc/(Pmts) of L/C - One Ga 389 (625) (236) See Below
Proc/(Pmts) of Interim Loans - ACB 108 - 108 - - - - (950) - - - - - -
Proc/(Pmts) L/T Debt - Plant -
-ACB (1,702) (2,065) (3,767) - - - - - - - - - - -
-One Ga (1,487) (885) (2,372) - - - - - - - - - - -
-SBA 3,980 (3,980) - - - - - - - - - - - -
RAS Enterprises 375 (375) - - - - - - - - - - - -
Proc/(Pmts) of Other Debt (20) - (20) - - - - - - - - - - -
Proc/(Pmts) of - Prfd. Debt Redemp. (50) (1,730) (1,780) - - - - - - - - - - -
Proc/(Pmts) of - L/T Debt Eqpmt (225) - (225) - - - - - - - - - - -
Proc/(Pmts) of - L/T Debt Land (17) - (17) - - - - - - - - - - -
Proc/(Pmts) of Taxes Payable - - - - - - - - - - - - - -
Incr/(Decr) in Capital Contributed 900 13,160 14,060
Net Cash (Used)/Provided by Financing Activities 2,361 2,875 5,236 - - - - (950) - - - - - -

Change in Cash before LC Payments/Draws (7) 625 618 55 400 391 (395) (1,849) (89) (29) 6 124 (9) 20

Beg. Cash 95 88 95 713 10 10 10 10 10 10 10 10 10 10

Available Cash before LC Payments/Draws 88 713 713 768 410 401 (385) (1,839) (79) (19) 16 134 1 30

(Pay down) LC ACB (382) (203) (199) - - - - (6) (65) - (13)

(Pay down) LC One GA (376) (197) (193) - - - - 0 (59) - (7)
Draw LC ACB - - - (198) (925) (45) (14) - - (4) -
Draw LC One GA - - - (198) (925) (45) (14) - - (4) -
Ending Cash $88 $713 10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10

Mininimum Cash Balance

Construction/Concrete Income Statement
Administration
$ in (1,000)s
2009 1st Qtr. 2010 2nd Qtr. 2010 3rd Qtr. 2010 4th Qtr. 2010 1st Qtr. 2011 2nd Qtr. 2011 3rd Qtr. 2011 4th Qtr. 2011 2012 2013 2014

Expenses
Payroll and Benefits - Administrative $2,081 $507 $495 $482 $470 $461 $452 $443 $434 $1,787 $1,840 $1,896
Insurance - Hazard/Umbrella 256 64 64 64 64 64 64 64 64 256 256 256
Other 38 10 10 10 10 10 10 10 10 38 38 38
Newman 106 26 26 26 26 26 26 26 26 106 106 106
Virginia Ave. 19 5 5 5 5 5 5 5 5 19 19 19
Utilities 73 18 18 18 18 18 18 18 18 73 73 73
Office Supplies 118 30 30 30 30 30 30 30 30 118 118 118
Dues & Subscriptions 63 16 16 16 16 16 16 16 16 63 63 63
Telephone 54 13 13 13 13 13 13 13 13 54 54 54
Travel & Entertainment 43 11 11 11 11 11 11 11 11 43 43 43
Property Taxes 83 21 21 21 21 21 21 21 21 83 83 83
Legal/Accounting 322 81 81 81 81 81 81 81 81 322 322 322
Interest Interim Loans - 15 15 15 15 15 15 15 15 59 59 59
Interest/SC 393 47 47 47 47 47 47 47 47 189 189 189
Interest ACB Mtg. Loan - 8 8 8 8 8 8 8 8 33 33 33
Interest One Georgia Loan - 14 14 14 14 14 14 14 14 58 58 58
Interest LOC 105 27 18 13 8 13 35 36 36 36 35 35
Depreciation/Amortization 1,224 320 320 320 320 334 334 334 334 1,334 1,334 1,334
Total Expenses $4,978 $1,232 $1,210 $1,193 $1,176 $1,185 $1,198 $1,190 $1,182 $4,670 $4,722 $4,777
Construction/Concrete Income Statement
Construction Division
$ in (1,000)s
2009 1st Qtr. 2010 2nd Qtr. 2010 3rd Qtr. 2010 4th Qtr. 2010 1st Qtr. 2011 2nd Qtr. 2011 3rd Qtr. 2011 4th Qtr. 2011 2012 2013 2014
Revenue
Existing Contracts
Construction 6,271
Other 721
Total Existing Contracts 6,992 - - - - - - - - - - -

New Contracts
Construction 6,328 3,071 2,994 2,919 2,846 2,932 3,020 3,110 3,204 13,492 14,841 15,583
Other 920 400 390 380 371 382 393 405 417 1,757 1,933 2,029
Total New Contracts 7,248 3,471 3,384 3,300 3,217 3,314 3,413 3,515 3,621 15,249 16,774 17,613

Total Revenue 14,240 3,471 3,384 3,300 3,217 3,314 3,413 3,515 3,621 15,249 16,774 17,613

Cost of Sales % of Revenue 92%

Payroll and Benefits 14% 1,990 473 461 450 438 454 467 481 496 2,195 2,415 2,535
Casual Labor 0% - - - - - - - - - - - -
Material 38% 5,420 575 968 1,351 1,152 1,145 1,158 1,192 1,227 5,096 5,407 5,662
Freight Out 3% 449 73 107 104 101 104 108 111 114 480 528 555
Small Tools 0% 0 0 0 0 0 0 0 0 0 0 0 0
Repairs & Maintenance- 0% 54 13 13 12 12 13 13 13 14 58 63 67
Lodging 0% 50 12 12 12 11 12 12 12 13 54 59 62
Per Diems 0% 46 11 11 11 10 11 11 11 12 49 54 57
Repairs & Maintenance- 0% 6 1 1 1 1 1 1 1 1 6 7 7
Equipment Leasing 1% 142 35 34 33 32 33 34 35 36 152 167 175
Fuel/Mileage/Car Allowa 0% 47 11 11 11 11 11 11 12 12 50 55 58
Bonding 1% 75 18 18 17 17 18 18 19 19 81 89 93
Other 6% 898 224 219 213 208 214 221 227 234 933 1,037 1,088
Safety Equipment & Supp 0% 1 0 0 0 0 0 0 0 0 1 1 1

Total Cost of Sales 9,178 1,448 1,854 2,216 1,994 2,015 2,055 2,115 2,178 9,156 9,883 10,362

Gross Profit $5,061 $2,023 $1,530 $1,084 $1,223 $1,298 $1,358 $1,400 $1,443 $6,093 $6,890 $7,251

Gross Margin 35.54% 58.27% 45.21% 32.84% 38.00% 39.18% 39.79% 39.82% 39.86% 39.96% 41.08% 41.17%

1 2 3 4 5
Revenue % Inc. Year 1 Year 2 Year 3 Year 4 Year 5
Construction -10% 12% 10% 10% 5%
Other -10% 12% 10% 10% 5%
Construction/Concrete Income Statement
Manufacturing Division
$ in (1,000)s
2009 1st Qtr. 2010 2nd Qtr. 2010 3rd Qtr. 2010 4th Qtr. 2010 1st Qtr. 2011 2nd Qtr. 2011 3rd Qtr. 2011 4th Qtr. 2011 2012 2013 2014
Revenue
Existing Contracts
Barrier Mfg. 150
Spancrete 1,537
Other 5
Total Existing Contracts 1,692 - - - - - - - - - - -
New Contracts
Barrier Mfg. 95 61 60 59 58 60 61 63 64 273 301 316
Spancrete 1,474 743 734 725 716 734 752 771 790 3,351 3,686 3,870
Other 1 1 1 1 1 1 1 1 6 6 6
Total New Contracts 1,569 805 795 785 775 795 815 835 856 3,630 3,992 4,192

Total Revenue 3,261 805 795 785 775 795 815 835 856 3,630 3,992 4,192

Cost of Sales % of Revenue

Payroll and Benefits 47% 1,529 368 363 359 354 363 372 382 391 1,531 1,684 1,768
Casual Labor 10% 311 77 76 75 74 76 78 79 81 346 380 399
Material 58% 1,906 187 314 439 374 372 376 387 398 1,655 1,757 1,839
Other Direct Materials 30% 970 95 160 223 190 189 191 197 203 842 893 935
Freight Out 9% 299 74 73 72 71 73 75 77 79 333 367 385
Inventory Adjustments -4% (122) - - - - - - - - - - -
Small Tools 0% 6 2 2 1 1 2 2 2 2 7 8 8
Repairs & Maintenance- E 1% 32 8 8 8 8 8 8 8 8 36 39 41
Lodging 0% 13 3 3 3 3 3 3 3 3 15 16 17
Per Diems 0% 5 1 1 1 1 1 1 1 1 6 6 7
Travel & Entertainment 0% 1 0 0 0 0 0 0 0 0 1 1 1
Repairs & Maintenance- Ve 0% 1 0 0 0 0 0 0 0 0 2 2 2
Equipment Leasing 3% 86 21 21 21 20 21 21 22 23 95 105 110
Land Lease 0% 1 0 0 0 0 0 0 0 0 1 1 1
Quality Control 1% 35 9 9 8 8 9 9 9 9 39 43 45
Fuel/Mileage/Car Allowan 2% 55 13 13 13 13 13 14 14 14 61 67 70
Bonding 1% 27 7 7 6 6 7 7 7 7 30 33 34
Other 19% 615 148 146 144 143 146 150 154 157 616 678 712
Safety Equipment & Suppli 0% 3 1 1 1 1 1 1 1 1 3 3 3

Total Cost of Sales 5,772 1,014 1,197 1,376 1,269 1,283 1,308 1,343 1,379 5,618 6,082 6,378

Gross Profit ($2,511) ($208) ($402) ($591) ($494) ($489) ($493) ($508) ($523) ($1,988) ($2,090) ($2,186)

Gross Margin -77.01% -25.90% -50.54% -75.25% -63.69% -61.50% -60.59% -60.86% -61.14% -54.77% -52.34% -52.16%

1 2 3 4 5
Revenue % Inc. (Dec.) Year 1 Year 2 Year 3 Year 4 Year 5
Barrier Mfg. -5% 10% 10% 10% 5%
Spancrete -5% 10% 10% 10% 5%
Other -2% 10% 10% 5% 5%

1 2 3 4 5
Exp Reduction Year 1 Year 2 Year 3 Year 4 Year 5
Payroll and Benefits -10% -8% 3% 3% 3%
Other -10% -10% 3% 2% 2%
Construction/Concrete
Inventory Usage Calculation
$ in (1,000)s
1st Qtr. 2010 2nd Qtr. 2010 3rd Qtr. 2010 4th Qtr. 2010 1st Qtr. 2011 2nd Qtr. 2011 3rd Qtr. 2011 4th Qtr. 2011 1st Qtr. 2012 2nd Qtr. 2012 3rd Qtr. 2012 4th Qtr. 2012 1st Qtr. 2013 2nd Qtr. 2013 3rd Qtr. 2013 4th Qtr. 2013 1st Qtr. 2014 2nd Qtr. 2014 3rd Qtr. 2014 4th Qtr. 2014
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Beg. Inventory 774 1,713 2,027 1,729 1,690 1,709 1,759 1,810 1,862 1,900 1,910 1,910 1,910 2,003 2,049 2,049 2,049 2,102 2,129 2,129
Inventory Purchase 1,796 1,755 1,716 1,677 1,725 1,776 1,827 1,880 1,910 1,910 1,910 1,910 2,049 2,049 2,049 2,049 2,129 2,129 2,129 2,129
Inventory Used 857 1,442 2,014 1,716 1,706 1,726 1,776 1,828 1,872 1,900 1,910 1,910 1,956 2,003 2,049 2,049 2,076 2,102 2,129 2,129
Ending Inventory 1,713 2,027 1,729 1,690 1,709 1,759 1,810 1,862 1,900 1,910 1,910 1,910 2,003 2,049 2,049 2,049 2,102 2,129 2,129 2,129

1st Qtr. 2010 2nd Qtr. 2010 3rd Qtr. 2010 4th Qtr. 2010 1st Qtr. 2011 2nd Qtr. 2011 3rd Qtr. 2011 4th Qtr. 2011 1st Qtr. 2012 2nd Qtr. 2012 3rd Qtr. 2012 4th Qtr. 2012 1st Qtr. 2013 2nd Qtr. 2013 3rd Qtr. 2013 4th Qtr. 2013 1st Qtr. 2014 2nd Qtr. 2014 3rd Qtr. 2014 4th Qtr. 2014
Inventory Usage 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Used
1 857 857
2 857 585 1,442
3 857 585 572 2,014
4 - 585 572 559 1,716
5 - - 572 559 575 1,706
6 - - - 559 575 592 1,726
7 - - - - 575 592 609 1,776
8 - - - - - 592 609 627 1,828
9 - - - - - - 609 627 637 1,872
10 - - - - - - - 627 637 637 1,900
11 - - - - - - - - 637 637 637 1,910
12 - - - - - - - - - 637 637 637 1,910
13 - - - - - - - - - - 637 637 683 1,956
14 - - - - - - - - - - - 637 683 683 2,003
15 - - - - - - - - - - - - 683 683 683 2,049
16 - - - - - - - - - - - - - 683 683 683 2,049
17 - - - - - - - - - - - - - - 683 683 710 2,076
18 - - - - - - - - - - - - - - - 683 710 710 2,102
19 - - - - - - - - - - - - - - - - 710 710 710 2,129
20 - - - - - - - - - - - - - - - - - 710 710 710 2,129
21 - - - - - - - - - - - - - - - - - - 710 710 1,419
22 - - - - - - - - - - - - - - - - - - - 710 710
23 - - - - - - - - - - - - - - - - - - - - -
24 - - - - - - - - - - - - - - - - - - - - -
25 - - - - - - - - - - - - - - - - - - - - -
26 - - - - - - - - - - - - - - - - - - - - -
27 - - - - - - - - - - - - - - - - - - - - -
28 - - - - - - - - - - - - - - - - - - - - -
29 - - - - - - - - - - - - - - - - - - - - -
30 - - - - - - - - - - - - - - - - - - - - -
31 - - - - - - - - - - - - - - - - - - - - -
32 - - - - - - - - - - - - - - - - - - - - -
33 - - - - - - - - - - - - - - - - - - - - -
34 - - - - - - - - - - - - - - - - - - - - -
35 - - - - - - - - - - - - - - - - - - - - -
36 - - - - - - - - - - - - - - - - - - - - -
37 - - - - - - - - - - - - - - - - - - - - -
38 - - - - - - - - - - - - - - - - - - - - -
39 - - - - - - - - - - - - - - - - - - - - -
40 - - - - - - - - - - - - - - - - - - - - -
41 - - - - - - - - - - - - - - - - - - - - -
 Construction/Concrete
Orderly Liquidation Analysis Summary
$ in (1,000)s

Appraised
Assets Value
Working Capital and other assets
[1] Cash and Cash Equivalents -

[2] Accounts Receivable- Net of Estimated Joint Checks 5,718

[2] Retainage Receivable 1,336

[3] Inventory - Raw Materials & Finished Goods 774

[4] Real Estate and Improvements 9,926

[4] Manufacturing Equipment 6,849
[4] Construction Equipment 748
[4] Office Equipment 193
[4] Vehicles 556

Prepaid Items & Other Assets 436

Ongoing Operations to Wind Down Contracted Jobs

[5] Manufacturing Gross Revenues 3,160

Cost of Sales 4,855
Gross Profit (1,695)

[6] Construction Gross Revenues 13,372

Cost of Sales 7,513
Gross Profit 5,859 4,164

[8] Administrative Costs 4,812

Total Value to be Distributed

[7] Less costs associated with liquidation

Real Estate Sales Commission 5%
Equipment Sales Commission 8%
Management Fee $15 a month
Total costs associated with liquidation

Net Total Value to be Distributed

 Estimated Recovery Rate Estimated Liquidation Value
Loan Low High Low High
Value

100% 100% $ - $ -

6% 16% 343 915

50% 75% 668 1,002

50% 100% 387 774

17% 40% 1,704 3,971

25% 35% 1,708 2,397
25% 50% 187 374
10% 25% 19 48
20% 50% 111 278

0% 0% - -

100% 100% (1,695) (1,695)

100% 100% 5,859 5,859

100% 100% 4,812 4,812

4,480 9,112 -
tion Value Quarter Value Received

Midpoint 1st Qtr.

2010 2nd Qtr. 2010 3rd Qtr. 2010 4th Qtr. 2010

$ -

629 315 157 157

835 418 209 209

581 581 -

2,837 2,837
2,052 2,052
280 280
34 34
195 195

(1,695) (1,695)

5,859 2,343 1,758 1,172 586

4,812 2,406 2,406 - -

6,796 4,445 (282) 1,538 1,095

142 142 - - -
205 164 - - 41
180 45 45 45 45
527 351 45 45 86

6,269 4,094 (327) 1,493 1,009