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Liquidity Comparison ***ASSUMING NET WORTH = TOTAL EQUITY

Pipe Site Prep Foundation Benchmark


Quick Ratio 0.575 0.754 1.540 1.2 .9 - 1.7 (Cash & Equivalents + A/R, net) *not incl less liquid
Current Ratio 0.797 1.186 3.567 1.4 1.1-2.0 assets or retention

Profitability Comparison
Pipe Site Prep Foundation Benchmark
Operating Margin 0.042 0.055 0.055 4.5
Profit Margin 0.253 0.077 0.077
Gross Profit Margin 0.104 0.125 0.125 17.5
General O/H Ratio 0.061 0.070 0.070 materials plus subcontract = trade
Return on Equity (*incl. "unearned compensation")
Pre-Tax 1.901 0.624 3.229
Post-Tax 1.766 0.478 2.472

Asset Management Comparison


Pipe Site Prep Foundation Benchmark
Fixed Asset Turn 4.45 6.81 5.87 how effectively using P & E
Total Asset Turn 1.15 1.59 1.60
Days Sales Outstanding 69.56 42.20 36.49 Avg time fr sale to cash
Working Capital -4825 347 7714.5
Sales/W.C. -5.90 92.23 1.12 low ratio - may indicate inefficient use of W.C.; extremely high ratio -
may indicate siginificant overtrading, which puts creditors at risk
Debt Management Comparison
Pipe Site Prep Foundation Benchmark
Total Debt to Total Assts 5.09% 16.13% 66.58%
Debt to Worth 4.156 3.18 32.25 3.0-0.8 ability to finance current operations
Current Liab/Net Worth 4.16 1.78 19.23 higher ratio, more risk being assumed by creditors; lower ratio usu indicates LT fin safety
Cost of Sales/Payable 12.76 12.18 18.67 short term risk
Days Payable 28.61 29.98 19.55 10.8 - 17.8** higher number = less time btwn purch and payment; may indicate cash shortages or risky actions if number is low
Avg Age of A/P 12.76 12.18 18.67 ** avg length of time trade debt is outstanding
EBIT/Interest 0.522 2.37 11.84 1.6-18.8 indicates firms ability to meet interest obligations and ability to take
on more debt

Fixed Asset/Net Worth 1.57 0.92 5.499 1.6-0.4 **indicates how much the owners' capital has been invested into PP&E
**smaller ratio indicates better cushion for owner in case of liquidation
Sales/Total Assets 1.15 1.59 1.60 1.6-2.6 **measures a firm's ability to generate sales in relation to assets

SUMMARY
Liquidity Ratios
Quick
Current
Cost of Sales/A/P
Days Payable
W.C.
Sales/W.C.

Coverage Ratios
EBIT/Interest

Leverage Ratios
Fixed Assets/Worth
Total Liab./Worth

Operating Ratios
Sales/Fixed Assets
Sales/Total Assets
Pipe Construction Incorporated Pipe Construction Incorporated Pipe Construction Incorporated
Consolidated Statements of Income Consolidated Statements of Income Breakdown of Accounts Receivable

2008 2008 2007


(000) 2008 2007 (000) (000)
(000) (000)
Revenue: ASSETS Construction Contracts:
Subcontracts 28,450 Current Assets Completed and In Progress - self performed 1,500 1,000
Material Sales 15 Cash and Cash equivalents 1,200 1,100 Completed and In Progress - subcontract 2,500 3,000
Total Revenue 28,465 Short-term marketable securities 3,350 2,300 Retentions - self performed 75 50
Accounts receivable, net 5,425 6,375 Retentions - subcontract 150 175
Cost of Revenue: Costs and estimated earnings in excess of billings 1,200 1,175 Total Construction Contracts 4,225 4,225
Subcontracts 25,500 Inventories 6 5
Material Sales 14 Deferred income taxes 125 135 Construction Material Sales 500 1,000
Total Cost of Revenue 25,514 Equity in construction joint ventures - - Other 1,200 1,500
Other current assets 2,200 1,500 Subtotal 5,925 6,725
Gross Profit 2,951 Total Current Assets 13,506 12,590
Less: Allowance for Doubtful Accounts 500 350
General and Administrative Expenses 1,750 Property and equipment, net 6,400 7,650 Total 5,425 6,375
Long-term marketable securities 3,000 2,750
Operating Income 1,201 Investments in affiliates 500 500
Other assets 1,350 1,500
Other income (expense) Total Long-term Assets 11,250 12,400
Interest income 6,422 Pipe Construction Incorporated
Interest expense (2,300) Total Assets 24,756 24,990 Breakdown of Property & Equipment
Gain on sales of property and equipment 125
Equity income of affiliates - LIABILITIES AND STOCKHOLDERS' EQUITY 2008 2007
Other, net 2,300 (000) (000)
Total Other income 6,547 Current liabilities
Current maturities of long-term debt 14,000 15,000 Land 2,000 2,000
Income before provision for income taxes Accounts payable 2,000 3,000 Quarry Property - -
and minority interest 7,748 Billings in excess of costs and estimated earnings 850 700 Buildings and Leasehold Improvements 6,000 7,500
Accrued expenses and other current liabilities 102 94 Equipment and Vehicles 650 750
Provisions for income taxes 550 Total Current liabilities 16,952 18,794 Office Furniture and Equipment 400 400
Total Property and Equipment 9,050 10,650
Income before minority interest 7,198 Long-term debt 1,260 1,320 Less accumulated depreciation, depletion, and amortization
2,650 3,000
Other long-term liabilities 2,350 2,000 Net Property and Equipment 6,400 7,650
Minority interest in consolidated subsidiaries - Deferred income taxes 44 40
Commitments and contingencies
Net Income 7,198 Minority interest in consolidated subsidiaries 75 75
Total Long-Term Liabilities 3,729 3,435

Total Liabilities 20,681 22,229

Stockholders' Equity
Common stock - -
Additional paid-in capital 2,100 210
Retained earnings 2,500 3,051
Accumulated other comprehensive income (loss) 376 798
Total Stockholder's Equity 4,976 4,059

Unearned Compensation (901) (1,298)

Total Equity 4,075 2,761

Total Liabilities and Equity 24,756 24,990

TRUE TRUE
Site Prep Construction Incorporated Site Prep Construction Incorporated Site Prep Construction Incorporated
Consolidated Statements of Income Consolidated Statements of Income Breakdown of Accounts Receivable

2008 2008 2007


(000) 2008 2007 (000) (000)
(000) (000)
Revenue: ASSETS Construction Contracts:
Subcontracts 32,000 Current Assets Completed and In Progress - self performed 1,000 750
Material Sales 5 Cash and Cash equivalents 2,100 2,700 Completed and In Progress - subcontract 250 300
Total Revenue 32,005 Short-term marketable securities 2,300 1,500 Retentions - self performed 450 250
Accounts receivable, net 3,700 5,900 Retentions - subcontract 750 700
Cost of Revenue: Costs and estimated earnings in excess of billings 300 400 Total Construction Contracts 2,450 2,000
Subcontracts 28,000 Inventories 25 25
Material Sales 4 Deferred income taxes 125 135 Construction Material Sales 1,500 4,000
Total Cost of Revenue 28,004 Equity in construction joint ventures - - Other 250 400
Other current assets 2,300 2,700 Subtotal 4,200 6,400
Gross Profit 4,001 Total Current Assets 10,850 13,360
Less: Allowance for Doubtful Accounts 500 500
General and Administrative Expenses 2,225 Property and equipment, net 4,700 5,700 Total 3,700 5,900
Long-term marketable securities 3,000 2,500
Operating Income 1,776 Investments in affiliates 250 250
Other assets 1,350 1,500
Other income (expense) Total Long-term Assets 9,300 9,950
Interest income 3,200 Site Prep Construction Incorporated
Interest expense (750) Total Assets 20,150 23,310 Breakdown of Property & Equipment
Gain on sales of property and equipment 125
Equity income of affiliates - LIABILITIES AND STOCKHOLDERS' EQUITY 2008 2007
Other, net 2,300 (000) (000)
Total Other income 4,875 Current liabilities
Current maturities of long-term debt 5,974 11,045 Land 2,000 2,000
Income before provision for income taxes Accounts payable 2,300 2,500 Quarry Property - -
and minority interest 3,200 Billings in excess of costs and estimated earnings 750 650 Buildings and Leasehold Improvements 4,000 4,500
Accrued expenses and other current liabilities 125 172 Equipment and Vehicles 1,300 1,400
Provisions for income taxes 750 Total Current liabilities 9,149 14,367 Office Furniture and Equipment 400 400
Total Property and Equipment 7,700 8,300
Income before minority interest 2,450 Long-term debt 3,250 2,500 Less accumulated depreciation, depletion, and amortization
3,000 2,600
Other long-term liabilities 2,350 2,500 Net Property and Equipment 4,700 5,700
Minority interest in consolidated subsidiaries - Deferred income taxes 150 120
Commitments and contingencies
Net Income 2,450 Minority interest in consolidated subsidiaries 125 125
Total Long-Term Liabilities 5,875 5,245

Total Liabilities 15,024 19,612

Stockholders' Equity
Common stock 3,500 2,000
Additional paid-in capital 100 100
Retained earnings 750 300
Accumulated other comprehensive income (loss) 376 798
Total Stockholder's Equity 4,726 3,198

Unearned Compensation 400 500

Total Equity 5,126 3,698

Total Liabilities and Equity 20,150 23,310

- -
Foundation Up, Incorporated Foundation Up, Incorporated Foundation Up, Incorporated
Consolidated Statements of Income Consolidated Statements of Income Breakdown of Accounts Receivable

2008 2008 2007


(000) 2008 2007 (000) (000)
(000) (000)
Revenue: ASSETS Construction Contracts:
Subcontracts 32,000 Current Assets Completed and In Progress - self performed 950 750
Material Sales 5 Cash and Cash equivalents 2,100 2,600 Completed and In Progress - subcontract 950 350
Total Revenue 32,005 Short-term marketable securities 350 300 Retentions - self performed 150 75
Accounts receivable, net 3,200 2,425 Retentions - subcontract 750 500
Cost of Revenue: Costs and estimated earnings in excess of billings 300 400 Total Construction Contracts 2,800 1,675
Subcontracts 28,000 Inventories 25 25
Material Sales 4 Deferred income taxes 125 135 Construction Material Sales 500 500
Total Cost of Revenue 28,004 Equity in construction joint ventures 2,500 2,500 Other 400 750
Other current assets 2,400 2,400 Subtotal 3,700 2,925
Gross Profit 4,001 Total Current Assets 11,000 10,785
Less: Allowance for Doubtful Accounts 500 500
General and Administrative Expenses 2,225 Property and equipment, net 5,450 6,000 Total 3,200 2,425
Long-term marketable securities 2,000 1,000
Operating Income 1,776 Investments in affiliates 250 250
Other assets 1,350 1,500
Other income (expense) Total Long-term Assets 9,050 8,750
Interest income 200 Foundation Up, Incorporated
Interest expense (150) Total Assets 20,050 19,535 Breakdown of Property & Equipment
Gain on sales of property and equipment 125
Equity income of affiliates - LIABILITIES AND STOCKHOLDERS' EQUITY 2008 2007
Other, net 2,300 (000) (000)
Total Other income 2,475 Current liabilities
Current maturities of long-term debt 750 750 Land 2,000 2,000
Income before provision for income taxes Accounts payable 1,500 1,800 Quarry Property - -
and minority interest 3,200 Billings in excess of costs and estimated earnings 750 650 Buildings and Leasehold Improvements 2,000 2,500
Accrued expenses and other current liabilities 84 72 Equipment and Vehicles 1,300 1,400
Provisions for income taxes 750 Total Current liabilities 3,084 3,272 Office Furniture and Equipment 400 400
Total Property and Equipment 5,700 6,300
Income before minority interest 2,450 Long-term debt 13,350 12,500 Less accumulated depreciation, depletion, and amortization 250 300
Other long-term liabilities 2,350 2,120 Net Property and Equipment 5,450 6,000
Minority interest in consolidated subsidiaries - Deferred income taxes 150 120
Commitments and contingencies
Net Income 2,450 Minority interest in consolidated subsidiaries 125 125
Total Long-Term Liabilities 15,975 14,865

Total Liabilities 19,059 18,137

Stockholders' Equity
Common stock - -
Additional paid-in capital 100 100
Retained earnings 115 -
Accumulated other comprehensive income (loss) 376 798
Total Stockholder's Equity 591 898

Unearned Compensation 400 500

Total Equity 991 1,398

Total Liabilities and Equity 20,050 19,535

- -
Project #1 - Scope Sheet
Spring 2010

Description Pipe Site Prep Foundation Up

Lump Sum Bid Price $2,750,000 $3,250,000 $2,900,000

Location to Project 5 miles 25 miles 45 miles

Bondable Yes Yes No


Have you ever asserted a claim? No Yes No
Have you ever defended against a claim? Yes No Yes
Current litigation? No No No

EMR 0.97 1.03 1.00


Workers' Comp Insurance Rate $4.25 $5.30 $5.00
General Liability Insurance Rate 1.05% 1.15% 0.95%

Number of Employees:
Officers 4 2 3
Project Management 5 4 6
Jobsite Administration 15 12 12
Estimators 1 1 0
Field Labor 10 15 12

Backlog:
In progress 7 6 8
To be started 2 3 1

Years in Business 25 45 15

Union: No Yes No

Equipment:
Excavators 3 6 2
Dump Trucks 5 8 8
Backhoes 2 4 3
Pickup Trucks 15 12 12
Dozers 3 4 2

Average Age of Equipment:


Excavators 5 8 7
Dump Trucks 6 6 6
Backhoes 3 3 3
Pickup Trucks 10 12 4
Dozers 2 4 3
Phase 1: Site Preparation Work
Site Safety / Traffic / Signalization / Roads 675,000.00
Site Clearing 585,000.00
Rough Grading 75,000.00
Foundation Excavation 375,000.00
Utilties Excavation 175,000.00
Pipe Materials 225,000.00
Pipe Installation 375,000.00
Backfill for Utilities 325,000.00
Fine/Finish Grading 90,000.00
2,900,000.00

2010 Development General Conditions 580,000.00

2010 Development Fee (3%) 104,400.00

Total Phase 1 Budget 3,584,400.00

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