Adventure Works | Doris Hartwig | July 2005

Quarterly Results and

FY 2006 Financial Outlook
Agenda
• Quarterly Results – 4th Quarter FY 05
• FY 2006 Financial Outlook
4th Quarter 2005
Adjusted Financial Highlights
4th Quarter % Change
Adjusted EPS $6.2M 0.0%
Revenues $14.2M (0.5%)
Cash Expense $1.6M 0.7%
Operating Expense $12.5M 0.3%
Operating Income $2.3M (0.2%)
EBITDA $2.8M (1.2%)
Debt ($1.2M) (10.6%)
Earnings Reconciliation
Reported Earnings (loss) per share ($.12)

Investment-related Write-downs $.10

Investment 1 $.07
Investment 2 $.03

Gain on Sale $.05

Investment 1 $.03
Investment 2 $.02
Adjusted Earnings per Share $.03
Balance Sheet Highlights
• Reduced debt by more than 10%
• Anticipate profits from sales of ancillary
subsidiaries
Innovation and Marketing
• 3 new products/services in Research and
Development
• Rollout planned for new division
• Campaigns targeting new markets
4th Quarter Summary
• Economic environment impedes sales
• Renewed commitment to innovation and
marketing
Projected Earnings
90
80
70
60
50 East
40 West
30 North
20
10
0
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
2006 Projected Outlook
• Assumptions
− Economic recovery imminent
− Pending issues
• Legacy holdings
• Regulatory changes
− Capital management
− Balance sheets
FY 2006 Projections
Estimated % Change

Revenue Growth $14.2M (0.5%)

EPS $1.6M 0.7%
Capital Expenditures $12.5M 0.3%
Projected Capital Expenditures
90
80
70
60
50 East
40 West
30 North
20
10
0
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
Summary
• Additional capital flow anticipated in 3rd
Quarter
• Development, marketing key