1999 2000 2001

Sales $ 1,600,000.00 $ 1,900,000.00 $ 2,600,000.00

Cost of goods sold $ 575,000.00 $ 680,000.00 $ 820,000.00
Gross profit $ 1,025,000.00 $ 1,220,000.00 $ 1,780,000.00

Operating expenses $ 640,000.00 $ 750,000.00 $ 1,010,000.00

General and administrative
expenses $ 150,000.00 $ 175,000.00 $ 295,000.00

EBIDTA $ 235,000.00 $ 295,000.00 $ 475,000.00

Depraciation expense $ 91,720.00 $ 112,500.00 $ 137,500.00
Total operating expense $ 881,720.00 $ 1,037,500.00 $ 1,442,500.00

Operating income (EBIT) $ 143,280.00 $ 182,500.00 $ 337,500.00

Interest expenses $ 137,000.00 $ 131,000.00 $ 125,000.00

Interest income $ 12,500.00 $ 6,400.00 $ 11,400.00

Income before taxes (EBT) $ 18,780.00 $ 57,900.00 $ 223,900.00

Provision for income taxes $ 7,000.00 $ 20,000.00 $ 75,000.00

Net income $ 11,780.00 $ 37,900.00 $ 148,900.00

Cash $ 80,000.00 $ 35,000.00 $ 90,000.00

Short term investments $ 25,000.00 $ 28,000.00 $ 200,000.00
AR $ 117,000.00 $ 35,400.00 $ 60,800.00
Inventories $ 25,000.00 $ 95,000.00 $ 104,000.00
Prepaid expenses $ 75,000.00 $ 22,000.00 $ 50,000.00
Total current assets $ 322,000.00 $ 215,400.00 $ 504,800.00

Property,Plant &equipment $ 1,650,000.00 $ 1,900,000.00 $ 2,750,000.00

Less accumulated depreciation $ 100,000.00 $ 200,000.00 $ 325,000.00
Net property,plant &equipmen $ 1,550,000.00 $ 1,700,000.00 $ 2,425,000.00

Good will net $ 87,500.00 $ 75,000.00 $ 62,500.00

Total assets $ 1,959,500.00 $ 1,990,400.00 $ 2,992,300.00

AP $ 140,000.00 $ 176,000.00 $ 127,000.00

Current maturity of long-term $ 58,000.00 $ 63,000.00 $ 69,000.00
Accured payroll $ 39,000.00 $ 38,000.00 $ 50,000.00
Income taxes payable $ 5,000.00 $ 8,000.00 $ 12,000.00
Other accured expenses $ 7,000.00 $ 15,000.00 $ 8,000.00
Total current liabilities $ 249,000.00 $ 300,000.00 $ 266,000.00

Long term debt $ 1,447,000.00 $ 1,389,000.00 $ 1,326,000.00

Long term Liabilitties $ 1,447,000.00 $ 1,389,000.00 $ 1,326,000.00

Total Liabilities $ 1,696,000.00 $ 1,689,000.00 $ 1,592,000.00

Common stock $ 1,000.00 $ 1,000.00 $ 1,000.00

Additional paid-in capital $ 400,000.00 $ 400,000.00 $ 1,350,000.00
Retained earnings $ (137,500.00) $ (99,600.00) $ 49,300.00
Total owner's equity $ 263,500.00 $ 301,400.00 $ 1,400,300.00

Total Liabilities and owner's eq $ 1,959,500.00 $ 1,990,400.00 $ 2,992,300.00

Net income $ 37,900.00 $ 148,900.00

Adjustement
Depreciation $ 112,500.00 $ 137,500.00
Changes in assets and liabilities
Account receivables $ (10,400.00) $ (25,400.00)
Inventories $ (20,000.00) $ (9,000.00)
Prepaid expenses $ 3,000.00 $ (28,000.00)
Accounts payable $ 36,000.00 $ (49,000.00)
Income taxes payable $ 3,000.00 $ 4,000.00
Accured payroll $ (1,000.00) $ 12,000.00
Other accured expenses $ 8,000.00 $ (7,000.00)
Net cash provided by operating activities $ 169,000.00 $ 184,000.00

Cash flows from investing activities

Short term investments $ 89,000.00 $ (172,000.00)
Addition to property , plant & equpt $ (250,000.00) $ (850,000.00)
Net cash used in investing activities $ (161,000.00) $ (1,022,000.00)

Cash flows from financing activities

Capital stock issue $ 950,000.00
Short term debt $ 5,000.00 $ 6,000.00
Long-term debt $ (58,000.00) $ (63,000.00)
Net cash used by financing activities $ (53,000.00) $ 893,000.00

Net (decrease) increase in cash $ (45,000.00) $ 55,000.00

Cash,beginning of year $ 80,000.00 $ 35,000.00
Cash end of year $ 35,000.00 $ 90,000.00
 1999 2000 2001
Sales $ 2,280,000.00 $ 2,160,000.00 $ 2,360,000.00
Cost of goods sold $ 839,000.00 $ 778,000.00 $ 856,000.00
Gross profit $ 1,441,000.00 $ 1,382,000.00 $ 1,504,000.00

Operating expenses $ 996,000.00 $ 964,000.00 $ 1,035,000.00

General and administrative
$ 119,000.00 $ 123,000.00 $ 127,000.00
expenses

EBIDTA $ 326,000.00 $ 295,000.00 $ 342,000.00

Depraciation expense $ 60,000.00 $ 66,000.00 $ 64,000.00
Total operating expense $ 1,175,000.00 $ 1,153,000.00 $ 1,226,000.00

Operating income (EBIT) $ 266,000.00 $ 229,000.00 $ 278,000.00

Interest expenses $ 4,300.00 $ 4,100.00 $ 3,900.00

Interest income $ 6,400.00 $ 6,600.00 $ 6,600.00

Income before taxes (EBT) $ 268,100.00 $ 231,500.00 $ 280,700.00

Provision for income taxes $ 91,000.00 $ 78,000.00 $ 95,000.00

Net income $ 177,100.00 $ 153,500.00 $ 185,700.00

Cash $ 115,000.00 $ 152,000.00 $ 112,000.00

AR $ 65,000.00 $ 98,000.00 $ 120,000.00
Inventories $ 169,600.00 $ 192,600.00 $ 201,000.00
Prepaid expenses $ 18,200.00 $ 23,400.00 $ 21,000.00
Total current assets $ 367,800.00 $ 466,000.00 $ 454,000.00

Property,Plant &equipment $ 1,470,000.00 $ 1,550,000.00 $ 1,850,000.00

Less accumulated depreciation $ 680,000.00 $ 746,000.00 $ 810,000.00
Net property,plant &equipmen $ 790,000.00 $ 804,000.00 $ 1,040,000.00
Total assets $ 1,157,800.00 $ 1,270,000.00 $ 1,494,000.00

AP $ 97,000.00 $ 80,000.00 $ 96,000.00

Current maturity of long-term $ 1,800.00 $ 2,000.00 $ 2,200.00
Accured payroll $ 47,000.00 $ 49,000.00 $ 57,000.00
Income taxes payable $ 32,000.00 $ 23,000.00 $ 29,000.00
Other accured expenses $ 12,000.00 $ 6,800.00 $ 13,800.00
Total current liabilities $ 189,800.00 $ 160,800.00 $ 198,000.00

Long term debt $ 47,000.00 $ 45,000.00 $ 43,000.00

Differed income taxes $ 26,000.00 $ 15,700.00 $ 18,800.00
Long term Liabilities $ 73,000.00 $ 60,700.00 $ 61,800.00

Total Liabilities $ 262,800.00 $ 221,500.00 $ 259,800.00

Common stock $ 300,500.00 $ 300,500.00 $ 300,500.00

Retained earnings $ 594,500.00 $ 748,000.00 $ 933,700.00
Total owner's equity $ 895,000.00 $ 1,048,500.00 $ 1,234,200.00

Total Liabilities and owner's eq $ 1,157,800.00 $ 1,270,000.00 $ 1,494,000.00

2000 2001
Net income $ 153,500.00 $ 185,700.00
Adjustement
Depreciation $ 66,000.00 $ 64,000.00
Deffered income tax $ (10,300.00) $ 3,100.00
Changes in assets and liabilities
Account receivables $ (33,000.00) $ (22,000.00)
Inventories $ (23,000.00) $ (8,400.00)
Prepaid expenses $ (5,200.00) $ 2,400.00
Accounts payable $ (17,000.00) $ 16,000.00
Income taxes payable $ (9,000.00) $ 6,000.00
Accured payroll $ 2,000.00 $ 8,000.00
Other accured expenses $ (5,200.00) $ 7,000.00
Net cash provided by operating activities $ 118,800.00 $ 261,800.00

Cash flows from investing activities

Addition to property , plant & equpt $ (80,000.00) $ (300,000.00)
Net cash used in investing activities $ (80,000.00) $ (300,000.00)

Cash flows from financing activities

Short term debt $ 200.00 $ 200.00
Long-term debt $ (2,000.00) $ (2,000.00)
Net cash used by financing activities $ (1,800.00) $ (1,800.00)

Net (decrease) increase in cash $ 37,000.00 $ (40,000.00)

Cash,beginning of year $ 115,000.00 $ 152,000.00
Cash end of year $ 152,000.00 $ 112,000.00
 Pelican
1999 2000 2001
Gross margin % 63% 64% 64%
Operating profit before depreciation (EBITDA), % 14% 14% 14%
Operating profit (EBIT), % 12% 11% 12%
Return on sales (ROS), % 8% 7% 8%
Equity ratio, % 77% 83% 83%
Net debt to equity (gearing), % 29% 21% 21%
Return on capital employed (ROCE), % 27% 21% 21%
Return on asset (ROA), % 15% 12% 12%
Return on equity (ROE), % 20% 15% 15%
Working capital $ 178,000.00 $ 305,200.00 $ 256,000.00
Working capitalrequirement $ 137,600.00 $ 210,600.00 $ 225,000.00
T.N $ 40,400.00 $ 94,600.00 $ 31,000.00
 Rotelli
1999 2000 2001
64% 64% 68%
15% 16% 18%
9% 10% 13%
1% 2% 6%
13% 15% 47%
644% 560% 114%
8% 11% 12%
1% 2% 5%
4% 13% 11%
$ 73,000.00 $ (84,600.00) $ 238,800.00
$ 2,000.00 $ (45,600.00) $ 37,800.00
$ 71,000.00 $ (39,000.00) $ 201,000.00
 Turn Over

$3,000,000.00

$2,500,000.00

$2,000,000.00

$1,500,000.00

$1,000,000.00

$500,000.00

$-
1999 2000 2001

NET Income

$200,000.00

$180,000.00

$160,000.00

$140,000.00

$120,000.00

$100,000.00

$80,000.00

$60,000.00

$40,000.00

$20,000.00

$-
1999 2000 2001

TN
$250,000.00

$200,000.00

$150,000.00

$100,000.00

$50,000.00
 $200,000.00

$150,000.00

$100,000.00

$50,000.00

$-
1999 2000 2001

$(50,000.00)

$(100,000.00)

ROA

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%
1999 2000 2001

ROE

25%

20%

15%

10%

5%

0%
1999 2000 2001