Exhibit 2 - Balance Sheet (in $ thousand, some numbers are rounded)

At December 31 2002 2003 2004 2005

Assets
Cash 705 1,542 1,818 2,158
Accounts Receivable 3,485 4,405 6,821 10,286
Inventories 3,089 2,795 3,201 3,291
Current Assets 7,279 8,742 11,839 15,735
Plant, Property, & Equipment (net) 2,257 2,680 2,958 3,617
Other Assets 645 645 645 645
Land 450 1,750 2,853 2,853
Non-Current Assets 3,352 5,075 6,456 7,115
Total Assets 10,631 13,817 18,295 22,850
Liabilities & Shareholders Equity
Accounts Payable 2,034 2,973 4,899 6,660
Current Portion of Long-term Debt 315 352 525 730
Current Liabilities 2,349 3,325 5,423 7,390
Long-Term Debt 3,258 4,400 5,726 7,123
Shareholders Equity 5,024 6,091 7,146 8,336

Total Liabilities & Shareholders Equity 10,631 13,817 18,295 22,850

2006E

1,955
14,471
3,847
20,273
4,347
645
2,853
7,844 Financing
28,117 Capital Invested
Equity
9,424 Debt
649 Less Cash
10,074
8,480 Operating
9,563 Capital Employed

28,117 Fixed assets

OWC = Inventories + Receivables - payables
 22 23 26 28 29

Driver

OM EBIT/sales 10 9.8 9.4 9.2 9.1

CE T/O sales/Capital emp 7.8 8 8.1 8.3 8.4
FL capital employed/equity
Interest EBT/EBIT 0.63 0.7 0.82 0.85 0.9
Tax EAT/EBT
Inreasing

Cost interest --- fallen

Exhibit 3 - Income Statement (in $ thousand, some numbers are rounded)
For Years Ending December 31 2002 2003 2004 2005 2006E
Sales 24,652 26,797 29,289 35,088 42,597
Cost of Goods Sold 20,461 21,706 23,841 28,597 35,100
Gross Profit 4,191 5,091 5,448 6,491 7,497
General & Administrative 1,999 2,138 2,372 2,877 3,578
Expense
Research & Development 203 203 212 222 232
Depreciation & Amortization 347 412 455 557 669
Earnings before Interest & 1,641 2,338 2,408 2,836 3,018 1,500
Taxes
Interest 187 349 440 547 658 100
Earnings before Taxes 1,454 1,989 1,968 2,289 2,360 1,400
Taxes 264 696 689 801 826 200

Net Income 1,191 1,293 1,279 1,488 1,534 1,200

ROACE Earnings after tax before interest / Average capital Employed

Method 1
EBIT- tax

EBIAT 1300 1500 1600 1800 2000

Capital Employed ( From economical balance sheet)

2002 2003 2004 2005 2006

Capital employed 2000 2500 3000 3500 4000

Average Capital Employed 2000 2250 2750 3250 3750

(Opening + closing)/2

ROACE 65.00 66.67 58.18 55.38 53.33

2002 2003 2004 2005 2006

1. Variable Margin = Variable margin/sales*100
sales
COGS
VM
VM ratio
EBIT

Tax rate = Tax Expense/ EBT*100

EBIT = 1500
Tax=200

14.2857142857143

1290

64.5
Derived Statement of Cash Flows (in $ thousand, some numbers are rounded)
For Years Ending December 31 2003 2004 2005 2006E
Net Income 1,293 1,279 1,488 1,534
Depreciation & Amortization 412 455 557 669
Change in Accounts Receivable -920 -2,416 -3,465 -4,185
Change in Inventories 294 -406 -90 -556
Change in Accounts Payable 939 1,926 1,761 2,765
Operating Cash Flow 2,019 838 250 226

Investment in PP&E -835 -734 -1,215 -1,398

Investment in Other Assets 0 0 0 0
Investment in Land -1,300 -1,103 0 0
Investing Cash Flow -2,135 -1,836 -1,215 -1,398

Debt Issuance 1,494 1,850 2,128 2,006

Retirement of Debt -315 -352 -525 -730
Dividends -226 -224 -298 -307
Financing Cash Flow 953 1,274 1,306 969

Change in Cash 837 276 340 -203