John Case

John M. CaseIncome Statement

1985 1986 1987 1988 1989 1990 1991

Sales 16,024 16,844 17,686 18,570 19,498 20,472 21,496Expansion 0 1,000 1,400 1,960 2,744 3,114 3,535Net Sales 16,024 17,844 19,086 20,530 22,242 23,586 25,030COGS 9454 10,528 11,261 12,113 13,123 13,916 14,768Intial Investment 200 - - - - - -Merchandising 450 450 - - - - -S&A Expense 3429 3,819 4,084 4,393 4,760 5,047 5,357EBIT 2491 3,047 3,741 4,024 4,359 4,623 4,906Financing Expens 249 175 0 0 0 0Interest Expense 1675 1538 1369 908 800 800 800Profit Before Tax 567 1334 2372 3116 3559 3823 4,10688 208 370 486 555 596 944Profit after Tax 478 1126 2002 2630 3004 3227 3,162EPS 0.96 2.25 4.00 5.26 6.01 6.29 6.172.99% 6.31% 10.49% 12.81% 13.51% 13.68% 12.63%1 - Starting in 1991 we used a tax rate of 23% and grew the tax rate by 1 percent each ye

Balance Sheet

(000's)

1985 1986 1987 1988 1989 1990Cash

9486 10564 11299 12154 13167 13963

Acct Rec

4182 4657 4981 5358 5805 6156

Inv

1026 1142 1222 1314 1423 1510

total Current A

14694 16363 17502 18826 20396 216292310 2270 2230 2190 2150 2110

Misc. Asset.

122 136 145 156 169 179

Total Assets

17126 18769 19877 21172 22715 23918

Liab.

6023 6461 5490 4087 2565 489383 427 457 491 532 56426 61 108 142 162 174

Current liab.

6432 6949 6055 4720 3259 1228500 500 500 500 500 508

Retained Earni

10194 11320 13322 15952 18956 22183

Total Liab. & S/

17126 18769 19877 21172 22715 23918

1- All assets were calculated using persentage of net sales2-Assumed a 5 year straight line depreciation with $0 salvage value on the $203-Plug figure4- Calculated as a percentage of Selling and Admin. Expenses5-Calculated as a percentage of Fed. Income Taxes6-500,000 shares from Management group plus warrants issued in 1990 to Ven