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Exhibit 1 -- Pro-Forma Balance Sheet under Seasonal Production, 1994 (thousands of dollars)

Cash
Accounts
Receivable
Inventory
Current Assets
Net Plant &
Equipment

Actual
Dec. 31,
1993
Jan
$ 200 $ 878

Feb
$ 1,526

Mar
$ 1,253

Apr
$ 1,054

May
$ 915

June
$ 696

July
$ 527

Aug
$ 200

Sept
$ 200

Oct
$ 200

Nov
$ 200

2,905
1,060
260
300
300
280
280
300
1,780
3,460
3,980
4,425
586
586
586
586
586
586
586
586
586
586
586
586
--------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------$ 3,691 $ 2,524 $ 2,372 $ 2,139 $ 1,940 $ 1,781 $ 1,562 $ 1,413 $ 2,566 $ 4,246 $ 4,766 $ 5,211

Total Assets

1,176
1,176
1,176
1,176
1,176
1,176
1,176
1,176
1,176
1,176
1,176
1,176
--------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------$ 4,867 $ 3,700 $ 3,548 $ 3,315 $ 3,116 $ 2,957 $ 2,738 $ 2,589 $ 3,742 $ 5,422 $ 5,942 $ 6,387

Accounts Payable

Notes Payable, Bank


Accrued Taxes
Long-Term Debt,
Current portion
Current Liabilities
Long-Term Debt
Shareholders'
Equity
Total Liabilities &
Equity

282
752
88

36
0
31

42
0
(23)

48
0
(162)

42
0
(251)

42
0
(305)

42
0
(394)

48
0
(448)

486
433
(352)

552
1,741
(271)

642
1,745
(126)

686
1,677
33

50
50
50
50
50
50
50
50
50
50
50
50
--------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------$ 1,172 $ 117 $
69 $ (64) $ (159) $ (213) $ (302) $ (350) $ 617 $ 2,072 $ 2,311 $ 2,446
400
3,295
--------$ 4,867

400
3,183
--------$ 3,700

400
3,079
--------$ 3,548

400
2,979
--------$ 3,315

400
2,875
--------$ 3,116

400
2,770
--------$ 2,957

375
2,665
--------$ 2,738

375
2,564
--------$ 2,589

375
2,750
--------$ 3,742

375
2,975
--------$ 5,422

375
3,256
--------$ 5,942

375
3,566
--------$ 6,387

102112

Dec
$ 200
3,400
586
--------$ 4,186

1,176
--------$ 5,362

334
942
40

50
--------$ 1,366
350
3,646
--------$ 5,362

Exhibit 2 -- Pro Forma Income Statement under Seasonal Production, 1994 (thousands of dollars)

Sales
Cost of Goods
Sold
Gross Profit

Jan
120

Feb
140

Mar
160

Apr
140

May
140

June
$ 140

July
160

Aug
$ 1,620

Sept
$ 1,840

Oct
$ 2,140

Nov
$ 2,285

Dec
$ 1,115

84
-------$
36

98
-------$
42

112
-------$
48

98
-------$
42

98
-------$
42

98
-------$
42

112
-------$
48

1,134
-------$ 486

1,288
-------$ 552

1,498
-------$ 642

1,600
-------$ 685

780
-------$ 335

200
7
2
--------

200
4
4
--------

200
4
5
--------

200
4
4
--------

200
4
3
--------

200
4
3
--------

200
3
2
--------

200
5
1
--------

200
12
1
--------

200
17
1
--------

200
17
1
--------

200
14
1
--------

Operating Expense
Interest Expense
Interest Income

Profit Before Taxes

$ (169) $ (158) $ (151) $ (158) $ (159) $ (159) $ (153) $

Income Taxes

Net Profit

282

341

(57) $ (54) $ (51) $ (54) $ (54) $ (54) $ (52) $


96
--------------------------------------------------------$ (112) $ (104) $ (100) $ (104) $ (105) $ (105) $ (101) $ 186

426

116
-------$ 225

469

145
-------$ 281

159
-------$ 310

122

42
-------$
80

102412

Total
$ 10,000
7,000
-------$ 3,000

2,400
95
28
-------$
$

533

182
-------$
351

Exhibit 1 -- Pro-Forma Balance Sheet under Level Production, 1994 (thousands of dollars)

Cash
Accounts
Receivable
Inventory

Actual
Dec. 31,
1993
$ 200

Jan
$
541

Feb
$
983

Mar
$
370

Apr
200

May
$
200

June
$
200

July
$
200

Aug
$
200

2,905
1,060
260
586
1,050
1,502
------------------------$ 3,691 $ 2,652 $ 2,745 $

300
1,940
--------2,610 $

300
2,391
--------2,891 $

280
2,843
--------3,323 $

280
3,294
--------3,774 $

300
3,733
--------4,233 $

1,780
3,220
--------5,201

Total Assets

1,176
1,176
1,176
------------------------$ 4,867 $ 3,828 $ 3,921 $

1,176
--------3,786 $

1,176
--------4,067 $

1,176
--------4,499 $

1,176
--------4,950 $

1,176
--------5,409 $

1,176
--------6,377

Accounts Payable

Current Assets
Net Plant &
Equipment

Notes Payable, Bank


Accrued Taxes
Long-Term Debt,
Current portion
Current Liabilities
Long-Term Debt
Shareholders'
Equity
Total Liabilities &
Equity

282

752
88

233

0
(39)

467

0
(75)

50
50
50
------------------------$ 1,172 $
245 $
442 $
400

400

3,295
--------$ 4,867

400

3,183
--------$

3,828

3,079
--------$

3,921

467

467

0
(109)

421
(145)

994
(181)

50
--------407 $

50
--------792 $

400

400

2,979
--------$

467

3,786

2,875
--------$

4,067

467

467

1,611
(218)

2,241
(288)

2,944
(209)

50
--------1,329 $

50
--------1,910 $

50
--------2,470 $

50
--------3,252

400

375

375

2,770
--------$

467

4,499

2,665
--------$

4,950

375

2,564
--------$

5,409

2,750
--------$

6,377

Inventory Equation:

Last period inventory + Level Production Amt - (Sales* COGS %)

102112

Sept
$
200

Oct
$
200

Nov
$
200

Dec
$
396

Average
Difference %
50%

3,400
586
--------4,382

100%
364%

3,460
2,565
--------6,225 $

100%

1,176
1,176
1,176
1,176
--------------------------------7,401 $ 7,070 $ 6,571 $ 5,558

467

467

4,425
769
--------5,395 $

467

3,684
(149)

2,955
(32)

2,017
96

50
--------4,051 $

50
--------3,439 $

50
--------2,630 $

375

375

375

2,975
--------$

3,980
1,714
--------5,894 $

7,401

3,256
--------$

7,070

6,571

130%

467

179%

942
103

272%
56%

50
--------1,562
350

3,566
---------

142%

100%
285%
100%

3,646
---------

100%

5,558

130%

Exhibit 2 -- Pro Forma Income Statement under Level Production, 1994 (thousands of dollars)

Sales
Cost of Goods
Sold

Gross Profit

Operating Expense $
Interest Expense
$
Interest Income
$

Jan
120

Feb
140

Mar
160

Apr
140

May
140

July
160

Oct
2,140

104
-------$
56

210
2
--------

$
$
$

$
$
$

$
$
$

$
$
$

$
$
$

$
$
$

$
$
$

210
22
1
--------

$
$
$

210
28
1
--------

$
$
$

210
22
1
--------

1,198
-------642

91
-------$
49

210
17
1
--------

Sept
1,840

91
-------$
49

210
12
1
--------

1,055
-------565

91
-------$
49

210
7
1
--------

Aug
1,620

104
-------$
56

210
3
1
--------

June
$ 140

91
-------$
49

210
1
--------

78
-------42

210
3
--------

1,393
-------747

Profit Before Taxes

(166) $ (157) $ (153) $ (163) $ (168) $ (172) $ (170) $

334

406

516

Income Taxes

138
-------268

114
-------221

Net Profit

(56) $ (54) $ (52) $ (55) $ (57) $ (59) $ (58) $


-------------------------------------------------(109) $ (104) $ (101) $ (108) $ (111) $ (114) $ (112) $

175
-------340

COGS %:
Level Prod /Month
Add'l OpEx /Month

65.1%
$ 542.50
9.5833333

102412

$
$
$

Nov
2,285
1,488
-------797

$
$
$

Dec
1,115

Total
$ 10,000

726
-------389

6,510
-------$ 3,490

$
$
$

210
15
1
--------

$
$
$

210
7
1
--------

$
$
$

2,515
134
13
--------

573

174

854

195
-------378

42
-------132

273
-------$
581

9.63
9.625%