lbo model template
DESCRIPTION
XLSTRANSCRIPT
04/21/202316:01:36 145 document.xlsSources_Uses
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off Written By John P. Burns
NOTE - Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration 98.12.15
Project XXXTransaction Structure
Performance Case: Base 4/21/2023 16:01(FYE January; $ in millions) 'file:///tt/file_convert/55cf973b550346d033906ecb/document.xls'#$Sources_Uses
Uses of Funds Sources of Funds % IRR Average Life
Equity Purchase Price $0.0 Existing Debt $0.0 0.0%Debt Retired 0.0 Bank Revolver 0.0 0.0%Debt Assumed 0.0 Senior Bank Term "A" 0.0 0.0%Cash Infusion 0.0 Senior Bank Term "B" 0.0 0.0%Transaction Costs 0.0 Other Long-Term Debt 0.0 0.0%
Senior Subordinated Debt 0.0 0.0%Total Uses $0.0 Junior Subordinated Debt 0.0 0.0%
Seller Note 0.0 0.0%Current Stock Price $0.00 Preferred Stock 0.0 0.0%Offer Premium 25.0% Common Equity:Offer Price Per Share $0.00 Sponsor Equity 0.0 0.0%
Management Equity 0.0 0.0%Shares Outstanding (MM) 0.0 New Equity 0.0 0.0%Equity Purchase Price $0.0 Excess Cash on Balance Sheet 0.0 0.0%
Acquisition Multiples Total Sources $0.0 0.0%
1999 EBITDA 0.0xEST. 2000 EBITDA 0.0x Equity Allocation Undiluted Fully-Diluted Goodwill Calculation1999 P/E 0.0xEST. 2000 P/E 0.0x Senior Subordinated Debt 0.0% 0.0% Purchase Price of Equity $0.0 To 1999 Book 0.0x Junior Subordinated Debt 0.0% 0.0% Plus:To EST. 2000 Book 0.0x Seller Note 0.0% 0.0% Existing Goodwill 0.0
Preferred Stock 0.0% 0.0% Less:Exit Multiples Sponsor Equity 0.0% 0.0% Net Worth 0.0
Management Equity 0.0% 0.0% Asset Write-Up 0.0 Exit Year 2002 New Equity 0.0% 0.0% Deferred Taxes 0.0 Exit EBITDA Multiple 6.0xExit P/E 0.0x Total Equity Allocation 0.0% 0.0% Goodwill $0.0 Exit Book Multiple 0.0x
Leverage Assumptions 1999 2000 2001 2002 Other Assumptions / Switches
Sr. Debt / EBITDA 0.0x 0.0x 0.0x 0.0x Performance Case 1 BaseSr. Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x Circ Breaker 0 OnTotal Debt / EBITDA 0.0x 0.0x 0.0x 0.0x Preferred Dividend 0 % of ParTotal Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x Cash Minimum 0 Off
Amt. Of Cash Min. $10.0 Coverage Assumptions 1999 2000 2001 2002
Transaction Fees:EBITDA / Sr. Interest Expense 0.0x 0.0x 0.0x 0.0x Advisory 1.0%(EBITDA - Capex) / Sr. Int. Exp. 0.0x 0.0x 0.0x 0.0x Financing 3.0%EBITDA / Total Interest Expense 0.0x 0.0x 0.0x 0.0x Use Excess Cash 0 No(EBITDA - Capex) / Total Int. Exp. 0.0x 0.0x 0.0x 0.0x
04/21/202316:01:36 245 document.xlsBalance_Sheet
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXHistorical and Projected Balance Sheet
Performance Case: Base(FYE January; $ in millions)
Historical Projected1995 1996 1997 1998 1999 - + Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
ASSETS
Current Assets:Cash & Marketable Securities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Accounts Receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inventories 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Prepaid Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Prepaid Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Current Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
NonCurrent Assets:Net PP&E $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Other Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Transaction Costs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 New Goodwill 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total NonCurrent Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
TOTAL ASSETS $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Historical ProjectedLIABILITIES & EQUITY 1995 1996 1997 1998 1999 - + Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Current Liabilities:Accounts Payable $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Accrued Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Dividend Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Income Tax Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Current Liabilities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Deferred Taxes $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Other Deferred Liability #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Deferred Liability #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Long Term Debt:Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Long Term Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
TOTAL LIABILITIES $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Net Worth:Equity - Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
- Preferred 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Retained Earnings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
TOTAL NET WORTH $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
TOTAL LIABILITIES & EQUITY $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Balance Sheet Check $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
04/21/202316:01:36 345 document.xlsIncome_Statement
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXHistorical and Projected Income Statement
Performance Case: Base(FYE January; $ in millions)
Historical Projected1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Net Sales $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cost Of Goods Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Gross Margin 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Operating Expenses:SG&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Consolidated EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Consolidated D&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Consolidated EBIT (Pre-Transaction) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Transaction Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 New Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Consolidated EBIT (Post-Transaction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest Expense:Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Gain (Loss) On Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Income Before Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Provision For Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Income $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Income To Common Shareholde $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
04/21/202316:01:36 445 document.xlsCash_Flow
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXProjected Cash Flow Summary
Performance Case: Base(FYE January; $ in millions)
Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Net To Retained Earnings $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Non-Cash Adjustments:Consolidated D&A $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Transaction Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 New Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Years PIKAccrued Junior Subordinated Debt Interes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0Accrued Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0
Funds From Operations $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Working Capital Source (Use):Accounts Receivable $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Inventories 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Prepaid Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Prepaid Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Accounts Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Accrued Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Dividend Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Income Tax Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Increase) In Net Working Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash From Operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Existing Cash On Balance Sheet 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Capital Expenditures $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 (Inc)/Dec in Other Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (Inc)/Dec in Other Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (Inc)/Dec in Other NC Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (Inc)/Dec in Other NC Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (Inc)/Dec in Other NC Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) in Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) in Other Deferred Liability #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) in Other Deferred Liability #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) in Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Available For Debt Repayment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
(Inc)/Dec in All NC Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) in All NC Liabilties 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
04/21/202316:01:36 545 document.xlsDebt_Repayment
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXProjected Debt Repayment Schedule
Performance Case: Base(FYE January; $ in millions)
Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Year #… 1 2 3 4 5 6 7 8 9 10
Cash Available For Debt Repayment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Asset-Backed Addition To Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Mandatory (1=Mandatory. 0=Auto)Existing Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 AutomaticExisting Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 AutomaticSenior Bank Term "A" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 AutomaticSenior Bank Term "B" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 AutomaticOther Long-Term Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Subordinated Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 AutomaticSenior Subordinated Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Junior Subordinated Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 AutomaticJunior Subordinated Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Seller Note Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 AutomaticSeller Note Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Preferred Stock Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver Addition 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Additions To Cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
% of A/R and Inventory Increase, which increases Asset-Backed Revolver, if active(I.e., if set equal to % of borrowing base utilzed, this percentage will remain constant over time)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
% of Working Capital Increase To Revolver 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
04/21/202316:01:36 645 document.xlsBook_Depreciation
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXBook Depreciation Schedule
Performance Case: Base
(FYE January; $ in millions) Depreciation Method Goodwill Amortization Tax-Deductible Computed or Manual Depreciation
(0=SLN,1=Sum of Years) (0=Not Deductible,1=Deductible) (0=Computed,1=Manual)
Existing Equipment 0 Straight Line 0 Not Tax-Deductible 0 Computed
Gross PP&E $0.0 Land $0.0
Beginning ProjectedAmount Period Salvage 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Category 1 $0.0 0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Category 2 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Category 3 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Category 4 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Category 5 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Capital ExpendituresCapital Projected
Depreciation Period 10 Expenditure Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
$0.0 2000 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2004 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2005 0.0 0.0 0.0 0.0 0.0 0.0 2006 0.0 0.0 0.0 0.0 0.0 2007 0.0 0.0 0.0 0.0 2008 0.0 0.0 0.0 2009 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
TOTAL CALCULATED BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
MANUALLY INPUT BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
TRANSACTION COST AMORTIZATION YEARS - 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GOODWILL AMORTIZATION YEARS - 40 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
04/21/202316:01:36 745 document.xlsTax_Depreciation
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXTax Depreciation Schedule
Performance Case: Base
(FYE January; $ in millions) Depreciation Method
(0=SLN,1=Sum of Years)
Existing Equipment 0 Straight Line
Gross PP&E $0.0 Land $0.0
Beginning ProjectedAmount Period Salvage 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Category 1 $0.0 0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Category 2 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Category 3 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Category 4 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Category 5 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Capital ExpendituresCapital Projected
Depreciation Period 10 Expenditure Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
$0.0 2000 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2004 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2005 0.0 0.0 0.0 0.0 0.0 0.0 2006 0.0 0.0 0.0 0.0 0.0 2007 0.0 0.0 0.0 0.0 2008 0.0 0.0 0.0 2009 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
TOTAL TAX DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXRatio Analysis
Performance Case: Base(FYE January; $ in millions)
Historical1995 1996 1997 1998 1999
Capital StructureTotal Debt / Book Capitalization 0.0% 0.0% 0.0% 0.0% 0.0%Total Debt / Equity 0.0% 0.0% 0.0% 0.0% 0.0%Total Debt / Tangible Equity 0.0% 0.0% 0.0% 0.0% 0.0%
Leverage RatiosSenior Debt / EBITDA 0.0x 0.0x 0.0x 0.0x 0.0xSenior Debt / (EBITDA-CapEx) 0.0x 0.0x 0.0x 0.0x 0.0x
Total Debt / EBITDA 0.0x 0.0x 0.0x 0.0x 0.0xTotal Debt / (EBITDA-CapEx) 0.0x 0.0x 0.0x 0.0x 0.0x
Interest CoverageEBITDA / Senior Interest 0.0x 0.0x 0.0x 0.0x 0.0xEBITDA / Total Interest 0.0x 0.0x 0.0x 0.0x 0.0x
(EBITDA-CapEx) / Senior Interest 0.0x 0.0x 0.0x 0.0x 0.0x(EBITDA-CapEx) / Total Interest 0.0x 0.0x 0.0x 0.0x 0.0x
EBIT / Senior Interest 0.0x 0.0x 0.0x 0.0x 0.0xEBIT / Total Interest 0.0x 0.0x 0.0x 0.0x 0.0x
Return on Average Common Equity 0.0% 0.0% 0.0% 0.0% 0.0%EBIT / Average Capitalization 0.0% 0.0% 0.0% 0.0% 0.0%
Working Capital AssumptionsAsset Turnover (Sales) 0.0x 0.0x 0.0x 0.0x 0.0xInventory Turnover (COGS) 0.0x 0.0x 0.0x 0.0x 0.0xDays Receivable (Sales) 0.0 0.0 0.0 0.0 0.0 Days Inventory (Sales) 0.0 0.0 0.0 0.0 0.0 Days Payable (Sales) 0.0 0.0 0.0 0.0 0.0
Operating ResultsSales Growth 0.0% 0.0% 0.0% 0.0% 0.0%Gross Margin 0.0% 0.0% 0.0% 0.0% 0.0%EBITDA Margin 0.0% 0.0% 0.0% 0.0% 0.0%EBIT Margin 0.0% 0.0% 0.0% 0.0% 0.0%Pretax Profit To Sales
Liquidity RatiosCurrent Ratio 0.0 0.0 0.0 0.0 0.0 Acid Test Ratio 0.0 0.0 0.0 0.0 0.0
Project XXXRatio Analysis
ProjectedClosing 2000 2001 2002 2003 2004 2005 2006 2007
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Project XXXRatio Analysis
Projected2008 2009
0.0% 0.0%0.0% 0.0%0.0% 0.0%
CapEx0.0x 0.0x 1995 1996 1997 1998 19990.0x 0.0x 0 0 0 0 0
0.0x 0.0x0.0x 0.0x
0.0x 0.0x0.0x 0.0x
0.0x 0.0x0.0x 0.0x
0.0x 0.0x0.0x 0.0x
19940.0% 0.0% 0 Common Equity0.0% 0.0% 0 Capitalization
0.0x 0.0x 0 Total Assets0.0x 0.0x 0 Inventories0.0 0.0 0 Account Receivables0.0 0.0 0 Inventories0.0 0.0 0 Account Payables
0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%
0.0 0.0 0.0 0.0
04/21/202316:01:37 1445 document.xlsWC_BS_Assumptions
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXWorking Capital and Balance Sheet Assumptions
Performance Case: Base(FYE January; $ in millions)
Historical Projected1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Current Assets:Accounts Receivable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Inventories / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Prepaid Expenses / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Prepaid Income Taxes / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Current Liabilities:Accounts Payable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Accrued Expenses / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Dividend Payable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Income Tax Payable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
04/21/202316:01:37 1545 document.xlsInc_Stmt_Assumptions
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXIncome Statement Assumptions and Historical Performance
Performance Case: Base(FYE January; $ in millions)
Historical Projected1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Consolidated Sales Growth 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Cost Of Goods Sold / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Gross Margin 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Operating Expenses / Sales:SG&A 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Expense #1 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Expense #2 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Expense #3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Expense #4 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Consolidated EBITDA / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Consolidated EBIT (Post-Transaction) / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Interest (Coupon) RatesInterest Income 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Existing Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Bank Revolver 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Senior Bank Term "A" 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Senior Bank Term "B" 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Long-Term Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Senior Subordinated Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Junior Subordinated Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Seller Note 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Preferred Stock (% of Par) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Preferred Stock ($ Amount) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Preferred Stock Par Value $100.00
Tax Rates:Federal Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%State Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Effective Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
04/21/202316:01:37 1645 document.xlsPerformance_Assumptions
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXPerformance Assumptions
Performance Case: Base(FYE January; $ in millions)
Case Selection: 1
Historical 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Consolidated Sales Growth1 = Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%2 = Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%3 = Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Cost Of Goods Sold / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
SG&A / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #1 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #2 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #3 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #4 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXAsset Sale Assumptions
Performance Case: Base(FYE January; $ in millions)
HistoricalProjected Asset Sales 1995 1996 1997 1998 1999
Estimated Sale Proceeds $0.0 $0.0 $0.0 $0.0 $0.0 Tax Basis of Asset 0.0 0.0 0.0 0.0 0.0
Gain (Loss) On Asset Sale 0.0 0.0 0.0 0.0 0.0
Book Basis Of Asset 0.0 0.0 0.0 0.0 0.0
Allocation To Balance Sheet
Current Assets:Cash & Marketable Securities $0.0 $0.0 $0.0 $0.0 $0.0 Accounts Receivable 0.0 0.0 0.0 0.0 0.0 Inventories 0.0 0.0 0.0 0.0 0.0 Prepaid Expenses 0.0 0.0 0.0 0.0 0.0 Prepaid Income Taxes 0.0 0.0 0.0 0.0 0.0 Other Current Assets #1 0.0 0.0 0.0 0.0 0.0 Other Current Assets #2 0.0 0.0 0.0 0.0 0.0 Other Current Assets #3 0.0 0.0 0.0 0.0 0.0
NonCurrent Assets:Net PP&E $0.0 $0.0 $0.0 $0.0 $0.0 Other Assets #1 0.0 0.0 0.0 0.0 0.0 Other Assets #2 0.0 0.0 0.0 0.0 0.0 Other Assets #3 0.0 0.0 0.0 0.0 0.0 Transaction Costs 0.0 0.0 0.0 0.0 0.0 New Goodwill 0.0 0.0 0.0 0.0 0.0 Other NC Assets #1 0.0 0.0 0.0 0.0 0.0 Other NC Assets #2 0.0 0.0 0.0 0.0 0.0 Other NC Assets #3 0.0 0.0 0.0 0.0 0.0
Total Assets $0.0 $0.0 $0.0 $0.0 $0.0
Current Liabilities:Accounts Payable $0.0 $0.0 $0.0 $0.0 $0.0
Accrued Expenses 0.0 0.0 0.0 0.0 0.0 Dividend Payable 0.0 0.0 0.0 0.0 0.0 Income Tax Payable 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0
Deferred Taxes 0.0 0.0 0.0 0.0 0.0 Other Deferred Liability #1 0.0 0.0 0.0 0.0 0.0 Other Deferred Liability #2 0.0 0.0 0.0 0.0 0.0 Minority Interest 0.0 0.0 0.0 0.0 0.0
Long Term Debt:Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 Seller Note 0.0 0.0 0.0 0.0 0.0
Net Worth:Equity - Common $0.0 $0.0 $0.0 $0.0 $0.0
- Preferred 0.0 0.0 0.0 0.0 0.0 Retained Earnings 0.0 0.0 0.0 0.0 0.0
Total Liabilities & Equity $0.0 $0.0 $0.0 $0.0 $0.0
Balance Sheet Check $0.0 $0.0 $0.0 $0.0 $0.0
Project XXXAsset Sale Assumptions
Projected2000 2001 2002 2003 2004 2005 2006 2007 2008
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Project XXXAsset Sale Assumptions
Projected2009
$0.0 0.0
0.0
0.0
$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0
$0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 0.0 0.0
$0.0
$0.0
04/21/202316:01:37 2345 document.xlsCapital_Structure
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXCurrent and Projected Capital Structure Summary
Performance Case: Base(FYE January; $ in millions)
Projected1999 Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Senior Debt ?**Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 SeniorBank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SeniorSenior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SeniorSenior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SeniorOther Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SubordinatedSenior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SubordinatedJunior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SubordinatedSeller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SubordinatedPreferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ** Note - Change on Income StatementCommon Equity: 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Book Capitalization $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Total Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Book Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Borrowing BaseAccounts Receivable (80.0%) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 80.0%Inventories (50.0%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50.0%
Total Borrowing Base $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Asset-Backed Revolver
% of Borrowing Base Utilized 0 = No NoRevolver Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1 = Yes
04/21/202316:01:37 2445 document.xlsIncome_Tax_Calc
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXIncome Tax Calculation
Performance Case: Base(FYE January; $ in millions)
Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Net Income Before Taxes $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Plus: Book Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Less: Tax Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Book Gain On Assets Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: Tax Gain (Loss) On Assets S 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Plus: Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Pre-NOL Taxable Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
NOL Used To Shelter Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NOL Carryforward 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current Taxable Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current Tax Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Book Tax 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Beginning NOL's 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Current NOL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NOL Carryforward Utilized 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending NOL $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXFree Cash Flow Summary
Performance Case: Base(FYE January; $ in millions) Tax Rate: 40.0%
Projected2000 2001 2002 2003
EBIT $0.0 $0.0 $0.0 $0.0
Less: Taxes on EBIT ( 0.0 0.0 0.0 0.0
Plus: Depreciation & A 0.0 0.0 0.0 0.0
Unlevered Cash Flow $0.0 $0.0 $0.0 $0.0
Minus:Capital Expenditures 0.0 0.0 0.0 0.0 Inc/(Dec) in Working Capital 0.0 0.0 0.0 0.0 Deferred Taxes 0.0 0.0 0.0 0.0 Inc/(Dec) in All NC Assets 0.0 0.0 0.0 0.0 (Inc)/Dec in All NC Liabilties 0.0 0.0 0.0 0.0
Free Cash Flow $0.0 $0.0 $0.0 $0.0
Free Cash Flow Calculation FV of Terminal Value (EBITDA)
NPV of FCFF @ 7.0% $0.0 Terminal Value @ 4.0xNPV of FCFF @ 8.0% 0.0 Terminal Value @ 6.0xNPV of FCFF @ 9.0% 0.0 Terminal Value @ 8.0x
FV of Terminal Value (Perpetuity)1.0%
Terminal Value @ 7.0% $0.0 Terminal Value @ 8.0% 0.0 Terminal Value @ 9.0% 0.0
Project XXXFree Cash Flow Summary
Projected Normalized2004 2005 2006 2007 2008 2009 2009
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
FV of Terminal Value (EBITDA) PV of Terminal Value (EBITDA)4.0x
Terminal Value @ 4.0x $0.0 Terminal Value @ 7.0% $0.0 Terminal Value @ 6.0x 0.0 Terminal Value @ 8.0% 0.0 Terminal Value @ 8.0x 0.0 Terminal Value @ 9.0% 0.0
FV of Terminal Value (Perpetuity) PV of Terminal Value (Perpetuity)2.0% 3.0% 1.0%
$0.0 $0.0 Terminal Value @ 7.0% $0.0 0.0 0.0 Terminal Value @ 8.0% 0.0 0.0 0.0 Terminal Value @ 9.0% 0.0
Project XXXFree Cash Flow Summary
PV of Terminal Value (EBITDA)6.0x 8.0x
$0.0 $0.0 0.0 0.0 0.0 0.0
PV of Terminal Value (Perpetuity)2.0% 3.0%
$0.0 $0.0 0.0 0.0 0.0 0.0
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXDiscounted Cash Flow Analysis
Performance Case: Base(FYE January; $ in millions)
Total Enterprise Value
EBITDA Multiple Method Perpertuity Growth Method4.0x 6.0x 8.0x 1.0%
7.00% $0.0 $0.0 $0.0 7.00% $0.0
8.00% 0.0 0.0 0.0 8.00% 0.0
9.00% 0.0 0.0 0.0 9.00% 0.0
Total Equity Value
EBITDA Multiple Method Perpertuity Growth Method4.0x 6.0x 8.0x 1.0%
7.00% $0.0 $0.0 $0.0 7.00% $0.0
8.00% 0.0 0.0 0.0 8.00% 0.0
9.00% 0.0 0.0 0.0 9.00% 0.0
Total Equity Value Per Share
EBITDA Multiple Method Perpertuity Growth Method4.0x 6.0x 8.0x 1.0%
7.00% $0.0 $0.0 $0.0 7.00% $0.0
8.00% 0.0 0.0 0.0 8.00% 0.0
9.00% 0.0 0.0 0.0 9.00% 0.0
Project XXXDiscounted Cash Flow Analysis
Total Enterprise Value DCF Assumptions
Perpertuity Growth Method Multiple Range 2.0x2.0% 3.0% Discount Rate Range 1.0%
Perpetuity Range 1.0%$0.0 $0.0 Net Debt $0.0
Number of Shares 0.0 0.0 0.0
0.0 0.0
Total Equity Value Percentage Breakdown of DCF Analysis
Perpertuity Growth Method EBITDA Multiple Method2.0% 3.0% Cash Flow % of TEV 4.0x 6.0x
@ 7.00% 0.0% 0.0%$0.0 $0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%0.0 0.0 Terminal Value % of TEV
@ 7.00% 0.0% 0.0%0.0 0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%
Total Equity Value Per Share
Perpertuity Growth Method Perpertuity Growth Method2.0% 3.0% Cash Flow % of TEV 1.0% 2.0%
@ 7.00% 0.0% 0.0%$0.0 $0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%0.0 0.0 Terminal Value % of TEV
@ 7.00% 0.0% 0.0%0.0 0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%
Project XXXDiscounted Cash Flow Analysis
Percentage Breakdown of DCF Analysis
EBITDA Multiple Method8.0x
0.0%0.0%0.0%
0.0%0.0%0.0%
Perpertuity Growth Method3.0%
0.0%0.0%0.0%
0.0%0.0%0.0%
Present Value of FCFF (2000 - 2009)
Future Value of TerminalPresent Value of Terminal
Total Enterprise Value
Less: Net Debt
Equity Value
Fully-Diluted Shares Outstanding
Equity Value Per Share
Present Value of FCFF (2000 - 2009)
Future Value of TerminalPresent Value of Terminal
Total Enterprise Value
Less: Net Debt
Equity Value
Fully-Diluted Shares Outstanding
Equity Value Per Share
Present Value of FCFF (1999 - 2008)
Future Value of TerminalPresent Value of Terminal
Total Enterprise Value
Less: Net Debt
Equity Value
Fully-Diluted Shares Outstanding
Equity Value Per Share
EBITDA Multiple Method
4.0x 6.0x
Present Value of FCFF (2000 - 2009) $0.00 $0.00
Future Value of Terminal 0.0 0.0 Present Value of Terminal 0.0 0.0
Total Enterprise Value $0.00 $0.00
Less: Net Debt 0.0 0.0
Equity Value $0.00 $0.00
Fully-Diluted Shares Outstanding 0.0 0.0
Equity Value Per Share #DIV/0! #DIV/0!
EBITDA Multiple Method
4.0x 6.0x
Present Value of FCFF (2000 - 2009) $0.00 $0.00
Future Value of Terminal 0.0 0.0 Present Value of Terminal 0.0 0.0
Total Enterprise Value $0.00 $0.00
Less: Net Debt 0.0 0.0
Equity Value $0.00 $0.00
Fully-Diluted Shares Outstanding 0.0 0.0
Equity Value Per Share #DIV/0! #DIV/0!
EBITDA Multiple Method
4.0x 6.0x
Present Value of FCFF (1999 - 2008) $0.00 $0.00
Future Value of Terminal 0.0 0.0 Present Value of Terminal 0.0 0.0
Total Enterprise Value $0.00 $0.00
Less: Net Debt 0.0 0.0
Equity Value $0.00 $0.00
Fully-Diluted Shares Outstanding 0.0 0.0
Equity Value Per Share #DIV/0! #DIV/0!
DISCOUNT RATE 8.00%
EBITDA Multiple Method Perpetuity Growth Method
8.0x 1.0% 2.0%
$0.00 $0.00 $0.00
0.0 0.0 0.0 0.0 0.0 0.0
$0.00 $0.00 $0.00
0.0 0.0 0.0
$0.00 $0.00 $0.00
0.0 0.0 0.0
#DIV/0! #DIV/0! #DIV/0!
DISCOUNT RATE 7.00%
EBITDA Multiple Method Perpetuity Growth Method
8.0x 1.0% 2.0%
$0.00 $0.00 $0.00
0.0 0.0 0.0 0.0 0.0 0.0
$0.00 $0.00 $0.00
0.0 0.0 0.0
$0.00 $0.00 $0.00
0.0 0.0 0.0
#DIV/0! #DIV/0! #DIV/0!
DISCOUNT RATE 9.00%
EBITDA Multiple Method Perpetuity Growth Method
8.0x 1.0% 2.0%
$0.00 $0.00 $0.00
0.0 0.0 0.0 0.0 0.0 0.0
$0.00 $0.00 $0.00
0.0 0.0 0.0
$0.00 $0.00 $0.00
0.0 0.0 0.0
#DIV/0! #DIV/0! #DIV/0!
Perpetuity Growth Method
3.0%
$0.00
0.0 0.0
$0.00
0.0
$0.00
0.0
#DIV/0!
Perpetuity Growth Method
3.0%
$0.00
0.0 0.0
$0.00
0.0
$0.00
0.0
#DIV/0!
Perpetuity Growth Method
3.0%
$0.00
0.0 0.0
$0.00
0.0
$0.00
0.0
#DIV/0!
04/21/202316:01:37 3945 document.xlsWACC_Page
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXEstimated Weighted Average Cost of Capital Calculation
Performance Case: Base(FYE January; $ in millions) Weighted Average Cost Of Capital Calculation
(0 = Computed, 1 = Manual) Proportion Setting: Manual1 Manual WACC
Estimated Cost of Debt: Amount Interest Rate Wtd. RateBook Capitalization At Closing:
Existing Debt $0.0 0.00% 0.00% Amount ProportionsBank Revolver 0.0 0.00% 0.00%Senior Bank Term "A" 0.0 0.00% 0.00% Total Debt $0.0 0.0%Senior Bank Term "B" 0.0 0.00% 0.00% Total Preferred 0.0 0.0%Other Long-Term Debt 0.0 0.00% 0.00% Total Equity 0.0 0.0%Senior Subordinated Debt 0.0 0.00% 0.00%Junior Subordinated Debt 0.0 0.00% 0.00% Total Book Capitalization $0.0 0.0%Seller Note 0.0 0.00% 0.00%
Total $0.0 Pre-Tax 0.00%
After-Tax 0.00% Proportions Rate Wtd. Factor
Estimated Cost of Preferred: Amount Interest Rate Atfer Tax Cost of Debt 33.3% 5.00% 1.67%
Preferred Stock $0.0 0.00% Cost of Preferred 0.0% 0.00% 0.00%
Estimated Cost of Equity Capital: Amount Interest Rate Cost of Equity 66.7% 10.00% 6.67%
Total Book Equity Capital $0.0 7.00% Weighted Average Cost of Capital 8.33%
Risk-Free Rate (10 Yr T-Note) 7.00%Market Risk Premium 6.50%Unlevered Beta 0.00 Target Debt / Equity Ratio 50.0%Relevered Beta 0.00
CAPM Cost of Equity 7.00%
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXXReturns Calculation
Performance Case: Base(FYE January; $ in millions)
EXIT YEAR: 2002 Guess Rate: 10.0%
Equity Allocation DilutionInvestment Undiluted Partial Full
Sponsor Equity $0.0 0.0% 0.0% 0.0%Management Equity 0.0 0.0% 0.0% 0.0%New Equity 0.0 0.0% 0.0% 0.0%Other Long-Term Debt 0.0 0.0% 0.0%Senior Subordinated Debt 0.0 0.0% 0.0%Junior Subordinated Debt 0.0 0.0% 0.0%Preferred Stock 0.0 0.0% 0.0%Seller Note 0.0 0.0% 0.0%Management Performance Option 0.0%
Total Initial Equity Investment $0.0 Total Overall Investment $0.0 0.0% 0.0% 0.0%
Exit Proceeds And Allocation
Exit Year EBITDA $0.0 x EBITDA Multiple 6.0x
Exit Valuation $0.0
Plus: Excess Cash 0.0 Conversion Costs 0.0
Less: Total Remaining Debt 0.0 Total Preferred 0.0
Net Proceeds To Allocate $0.0
Allocation Gross Conversion Net
% Allocation Costs AllocationOther Long-Term Debt Share 0.0% $0.0 $0.0 $0.0 Senior Subordinated Debt Share 0.0% 0.0 0.0 0.0 Junior Subordinated Debt Share 0.0% 0.0 0.0 0.0 Preferred Stock Share 0.0% 0.0 Seller Note Share 0.0% 0.0 Sponsor Equity Share 0.0% 0.0 Management Equity Share 0.0% 0.0 New Equity Share 0.0% 0.0
Totals 0.0%
Project XXXReturns Calculation
ReturnsClosing 2000 2001 2002 2003
Senior Subordinated Debt ReturnsInvestment $0.0 $0.0 $0.0 $0.0 $0.0 Interest 0.0 0.0 0.0 0.0 Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Junior Subordinated Debt ReturnsInvestment $0.0 $0.0 $0.0 $0.0 $0.0 Interest 0.0 0.0 0.0 0.0 Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Preferred Stock ReturnsInvestment $0.0 $0.0 $0.0 $0.0 $0.0 Dividends 0.0 0.0 0.0 0.0 Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Seller Note ReturnsInvestment $0.0 $0.0 $0.0 $0.0 $0.0 Interest 0.0 0.0 0.0 0.0 Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Other Long-Term Debt ReturnsInvestment $0.0 $0.0 $0.0 $0.0 $0.0 Interest 0.0 0.0 0.0 0.0 Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Sponsor Equity ReturnsInvestment $0.0 $0.0 $0.0 $0.0 $0.0
Participation 0.0 0.0 0.0 0.0 IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Management Equity ReturnsInvestment $0.0 $0.0 $0.0 $0.0 $0.0 Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
New Equity ReturnsInvestment $0.0 $0.0 $0.0 $0.0 $0.0 Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Project XXXReturns Calculation
2004 2005 2006 2007 2008 2009
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0