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Exhibit 1
3
INCOME STATEMEN
Sales Change from Previous Year 49.13%
1994 % 1995 %
Net sales $ 2,412 ### $ 3,597 ###
Cost of goods sold 1,977 81.97% 2,988 83.07%
Gross profit 435 18.03% 609 16.93%
Operating, selling and administrative expense 334 13.85% 501 13.93%
Interest expense 2 0.08% 3 0.08%
Purchase discounts taken (15) -0.62% (24) -0.67%
Profit before taxes 114 4.73% 129 3.59%
Income taxes 48 42.11% Tax Rate 57 44.19% Tax Rate
Profit after taxes 66 2.74% 72 2.00%
Dividends paid 33 1.37% 36 1.00%
BALANCE SHEET
1994 % 1995 %
Cash $ 36 1.49% $ 33 0.92%
Accounts receivbable, net 402 16.67% 624 17.35%
Inventory 198 8.21% 306 8.51%
Total current assets 636 26.37% 963 26.77%
Fixed assets, net 57 2.36% 63 1.75%
Deferred charges 12 0.50% 15 0.42%
Other assets 33 1.37% 37 1.03%
Total assets 738 30.60% 1,078 29.97%
1994 1995
ROE 14.86% 15.00%
Profit Margin 2.74% 2.00%
Asset Turnover 3.27 3.34
Leverage 1.66 2.25
Retention Ratio 50.00% 50.00%
Days Payable Outstanding 41 60
4
E STATEMENT PRO
50.29% 33.13% 31.60% 27.60%
1996 % 1997 % 1998 % 1999 %
$ 5,406 ### $ 7,197 ### $ 9,471 100.00% $12,085 100.00%
4,536 83.91% 6,045 83.99% 7,962 84.07% 7,962 84.07%
870 16.09% 1,152 16.01% 1,509 15.93% 1,509 15.93%
753 13.93% 1,005 13.96% 1,325 13.99% 1,331 14.05%
3 0.06% 3 0.04% 2 0.02% 6 0.06%
(21) -0.39% (18) -0.25% Tax Rate (12) -0.13% (12) -0.13%
135 2.50% 162 2.25% 194 2.05% 185 1.95%
60 44.44% Tax Rate 72 44.44% 86 44.44% 82 44.44%
75 1.39% 90 1.25% 108 1.14% 103 1.08%
37 0.68% 45 0.63% 54 0.57% 51 0.54%
4
PRO FORMA
24.94% 17.68% 9.50%
2000 % 2001 % 2002 %
$15,099 100.00% $17,769 100.00% $17,769 100.00%
7,970 84.15% 7,986 84.32% 8,003 84.50%
1,501 15.85% 1,485 15.68% 1,468 15.50%
1,336 14.11% 1,342 14.17% 1,345 14.20%
6 0.06% 8 0.08% 8 0.08%
(12) -0.13% (12) -0.13% (12) -0.13%
171 1.81% 148 1.56% 128 1.35%
76 44.44% 66 44.44% 57 44.44%
95 1.01% 82 0.87% 71 0.75%
48 0.50% 41 0.43% 36 0.38%
PRO FORMA
2000 % 2001 % 2002 %
$ 9 0.10% $ 7 0.07% $ 2 0.02%
1,608 16.98% 1,619 17.09% 1,630 17.21%
743 7.85% 710 7.50% 672 7.10%
2,361 15.64% 2,336 13.14% 2,304 12.97%
92 0.97% 87 0.92% 80 0.84%
46 0.49% 50 0.53% 54 0.57%
69 0.73% 65 0.69% 59 0.62%
2,569 17.01% 2,538 14.28% 2,497 14.05%