Exhibit A - Scenario 1

1983
Net Sales
13,198
CGS
6,825
Gross Profit
6,373
SG&A
R&D
EBITDA

6,299
1,168
-1,094

1984
21,624
9,682
11,942

1985
Assumptions
1986
30,848 30% Growth Rate 40,102
13,989 45% of Sales
18,071
16,859
22,032

PRO FORMA
1987
52,133
23,492
28,641

11,374
2,839
-2,271

14,478 48% of sales

4,182 13% of sales
-1,801

18,821
5,351
-2,140

24,468
6,956
-2,783

611
1,370
336

634 13% Interest

627 Constant
321 Constant

1,445
627
321

2,725
627
321

Earnings Before Tax -1,492

Income Tax
-202

-1,176
0

-1,487
0 No Income Tax

-2,638

-4,560

Net Earnings

-1,176

-1,487

-2,638

-4,560

1985
-652
5,996
9,762
2,605
17,711

1986
200 minimum balance 200
54 Days Receivable 5,933
31.5% of Sales
12,634
Constant
2,605
21,372

Interest Expense
501
Sale of Patents and Technology
0
Other Income
103

Cash
AR
Inventory
Other
Current Assets
Net Fixed Assets
Capital Leases
Investment
face
Total Assets

-1,290
1983
1,243
2,549
3,305
520
7,617
906
321
0
301
9,145

1984
-80
3,359
6,782
2,249
12,310
1,494
374
1,943
322
16,443

1,802
212 Constant
1,049 Constant
303 Constant
21,077

Notes Payable to Biological0 Labs

2,260
1,735
Note Payable to bank 1,307
5,628
4,900
Note Payable to vendor 47
0
0
Accounts Payable
725
1,926
1,853
Accrued Expenses
740
1,086
1,331
Current portion- Long-term
124debt, and capital
119 leases 90
Other
22
37
33
Current Liabilities
2,965
11,056
9,942

Decrease of 23%
PLUG
Zero
13% of COGS
9% of SG&A
Constant
Constant

1987
200
7,713
16,424
2,605
26,942

2,343
212
1,049
303
25,279

3,045
212
1,049
303
31,551

1,332
11,169
0
2,394
1,764
90
33
16,781

1,023
21,064
0
3,112
2,293
90
33
27,614

Deferred Income
0
Long-Term Debt
254
Capital Lease Obligation267
Total Liabilities
3,486

627
0
277
11,960

0 Zero
0 Zero
139 Constant
10,081

0
0
139
16,920

0
0
139
27,753

Stockholder's Equity 5,659

Total Liabilities and SE9,145

4,483
16,443

10,996
21,077

8,358
25,279

3,798
31,551

RO FORMA
1988
67,773
30,539
37,234
31,808
9,043
-3,617
4,533
627
321

Growth Rate

0.3

1985 CGS % of 0.45348159

Sales
1984 CGS% of Sales
0.44774325
Avg. % of Sales0.45061242
1985 SG&A % of
0.46933351
Sales
1984 SG&A % of
0.52598964
Sales
1983 SG&A % of
0.47726928
Sales
% of Sales- Weighted
0.46933351

-7,203

1985 R&D % of 0.13556795

Sales
1984 R&D % of 0.13128931
Sales
Avg. % of Sales0.13342863

-7,203

Interest

0.12938776

1988
200
10,027
21,351
2,605
34,183
3,959
212
1,049
303
39,706
785
35,038
0
4,045
2,981
90
33
42,972
0
0
139
43,111
-3,404
39,706

Days Receivable

54

1985 Inv. % of Sales

0.31645488
1984 Inv. % of Sales
0.313633
Avg % of Sales 0.31504394
1985 FA % of Sales
0.05841546
1984 FA % of Sales
0.0690899
USE 1985 B/c of Econ. Scale

Decrease in Bio0.23230088
Note

1985 AP % of COGS
0.13246122
1985 Accr. Exp.0.09193259
% of SG&A
1984 Accr. Exp.0.09548092
% of SG&A
Avg. % of Sales0.09370675

Exhibit B - Scenario 2
Net Sales
CGS
Gross Profit

1983
13,198
6,825
6,373

1984
21,624
9,682
11,942

1985
30,848
13,989
16,859

SG&A
R&D
EBITDA

6,299
1,168
-1,094

11,374
2,839
-2,271

14,478
4,182
-1,801

501
0
103

611
1,370
336

634
627
321

Earnings Before Tax

Income Tax

-1,492
-202

-1,176
0

-1,487
0

Net Earnings

-1,290

-1,176

-1,487

Cash
AR
Inventory
Other
Current Assets

1983
1,243
2,549
3,305
520
7,617

1984
-80
3,359
6,782
2,249
12,310

1985
-652
5,996
9,762
2,605
17,711

Net Fixed Assets

Capital Leases
Investment
face
Total Assets

906
321
0
301
9,145

1,494
374
1,943
322
16,443

1,802
212
1,049
303
21,077

Notes Payable to Biological Labs

Note Payable to bank
Note Payable to vendor
Accounts Payable
Accrued Expenses
Current portion- Long-term debt, and capital leases
Other
Current Liabilities

0
1,307
47
725
740
124
22
2,965

2,260
5,628
0
1,926
1,086
119
37
11,056

1,735
4,900
0
1,853
1,331
90
33
9,942

Deferred Income
Long-Term Debt
Capital Lease Obligation
Total Liabilities

0
254
267
3,486

627
0
277
11,960

0
0
139
10,081

Stockholder's Equity
Total Liabilities and SE

5,659
9,145

4,483
16,443

10,996
21,077

Interest Expense
Sale of Patents and Technology
Other Income

A-(L+SE)

PRO FORMA
1986
1987
40,102
52,133
18,071
23,492
22,032
28,641

1988
67,773
30,539
37,234

18,046
4,182
-196

23,460
4,182
999

30,498
4,182
2,554

730
627
321

1,213
627
321

1,713
627
321

22

734

1,789

1985 R&D % of Sales

1984 R&D % of Sales
Avg. % of Sales

22

734

1,789

Interest

200 minimum balance

54 Days Receivable
28% of Sales
Constant

1986
200
4,395
11,229
2,605
18,428

1987
200
5,713
14,597
2,605
23,115

1988
200
7,427
18,976
2,605
29,209

Constant
Constant
Constant

2,343
212
1,049
303
22,335

3,045
212
1,049
303
27,725

3,959
212
1,049
303
34,732

Decrease of 23%
PLUG
Zero
13% of COGS
9% of SG&A
Constant
Constant

1,332
5,638
0
2,394
1,691
90
33
11,178

1,023
9,378
0
3,112
2,198
90
33
15,834

785
13,241
0
4,045
2,858
90
33
21,052

Zero
Zero
Constant

0
0
139
11,317

0
0
139
15,973

0
0
139
21,191

11,018
22,335

11,752
27,725

13,541
34,732

Assumptions
30% Growth Rate
45% of Sales

45% of sales
Held Constant

13% Interest
Constant
Constant

No Income Tax

A-(L+SE)

Growth Rate
1985 CGS % of Sales
1984 CGS% of Sales
Avg. % of Sales
1985 SG&A % of Sales
1984 SG&A % of Sales
1983 SG&A % of Sales
% of Sales- Weighted

Days Receivable
1985 Inv. % of Sales
1984 Inv. % of Sales
Avg % of Sales
1985 FA % of Sales
1984 FA % of Sales
USE 1985 B/c of Econ. Scale

Decrease in Bio Note

1985 AP % of COGS
1985 Accr. Exp. % of SG&A
1984 Accr. Exp. % of SG&A
Avg. % of Sales

0.3
0.453482
0.447743
0.450612
0.469334
0.52599
0.477269
0.469334
0.135568
0.131289
0.133429
0.129388

40
0.316455
0.313633
0.28

0.058415
0.06909
SE 1985 B/c of Econ. Scale

0.232301

0.132461
0.091933
0.095481
0.093707

Exhibit C - Scenario 3
1983
Net Sales
13,198
CGS
6,825
Gross Profit
6,373
SG&A
R&D
EBITDA

6,299
1,168
-1,094

Interest Expense
501
Sale of Patents and Technology
0
Other Income
103

1984
21,624
9,682
11,942
11,374
2,839
-2,271

1985
Assumptions
1986
30,848 20% Growth Rate 37,018
13,989 45% of Sales
16,681
16,859
20,337
14,478 45% of sales
4,182 Held Constant
-1,801

PRO FORMA
1987
44,421
20,017
24,404

16,658
4,182
-503

19,990
4,182
233

611
1,370
336

634 10% Interest

627 Constant
321 Constant

461
627
321

700
627
321

Earnings Before Tax -1,492

Income Tax
-202

-1,176
0

-1,487
0 No Income Tax

-16

481

Net Earnings

-1,176

-1,487

-16

481

1985
-652
5,996
9,762
2,605
17,711

1986
200 minimum balance 200
54 Days Receivable 4,057
28% of Sales
10,365
Constant
2,605
17,227

Cash
AR
Inventory
Other
Current Assets
Net Fixed Assets
Capital Leases
Investment
face
Total Assets

-1,290
1983
1,243
2,549
3,305
520
7,617
906
321
0
301
9,145

1984
-80
3,359
6,782
2,249
12,310
1,494
374
1,943
322
16,443

1,802
212 Constant
1,049 Constant
303 Constant
21,077

Notes Payable to Biological0 Labs

2,260
1,735
Note Payable to bank 1,307
5,628
4,900
Note Payable to vendor 47
0
0
Accounts Payable
725
1,926
1,853
Accrued Expenses
740
1,086
1,331
Current portion- Long-term
124debt, and capital
119 leases 90
Other
22
37
33
Current Liabilities
2,965
11,056
9,942

Decrease of 23%
PLUG
Zero
13% of COGS
9% of SG&A
Constant
Constant

Deferred Income
0
Long-Term Debt
254
Capital Lease Obligation267
Total Liabilities
3,486

627
0
277
11,960

0 Zero
0 Zero
139 Constant
10,081

Stockholder's Equity 5,659

Total Liabilities and SE9,145

4,483
16,443

10,996
21,077
A-(L+SE)

1987
200
4,868
12,438
2,605
20,111

2,162
212
1,049
303
20,953

2,595
212
1,049
303
24,270

1,332
4,608
0
2,210
1,561
90
33
9,834

1,023
7,000
0
2,651
1,873
90
33
12,670

0
0
139
9,973

0
0
139
12,809

10,980
20,953

11,461
24,270

RO FORMA
1988
53,305
24,020
29,285
23,987
4,182
1,116
916
627
321

Growth Rate

0.2

1985 CGS % of 0.45348159

Sales
1984 CGS% of Sales
0.44774325
Avg. % of Sales0.45061242
1985 SG&A % of
0.46933351
Sales
1984 SG&A % of
0.52598964
Sales
1983 SG&A % of
0.47726928
Sales
% of Sales- Weighted
0.46933351

1,147

1985 R&D % of 0.13556795

Sales
1984 R&D % of 0.13128931
Sales
Avg. % of Sales0.13342863

1,147

Interest

0.1

Days Receivable

40

1988
200
5,842
14,925
2,605
23,572
3,114
212
1,049
303
28,250
785
9,165
0
3,182
2,248
90
33
15,502
0
0
139
15,641
12,609
28,250
0

1985 Inv. % of Sales

0.31645488
1984 Inv. % of Sales
0.313633
Avg % of Sales
0.28
1985 FA % of Sales
0.05841546
1984 FA % of Sales
0.0690899
USE 1985 B/c of Econ. Scale

Decrease in Bio0.23230088
Note

1985 AP % of COGS
0.13246122
1985 Accr. Exp.0.09193259
% of SG&A
1984 Accr. Exp.0.09548092
% of SG&A
Avg. % of Sales0.09370675

0-30
31-60
61-90
90+
Total AR
Days

2598000
1890000
627000
881000
5996000
54.5463642
54 Days