Trailing 12 Mo.	Trailing 12 Mo.	Trailing 12 Mo.	Trailing 12 Mo.	Trailing 12 Mo.	Trailing 12 Mo.			Trailing 12 Months Dec 99	Trailing 12 Months Oct 99	Trailing 12 Months Sep 99	Trailing 12 Months Dec 98	Trailing 12 Months Sep 98
	Feb-00	Jun-00	Oct-00	Feb-01	Jun-01	Oct-01	Feb-02	Jun-02	Dec-99	Oct-99	Sep-99
A/R	$2,370,000	$2,938,990	$3,214,918	$2,875,887		$3,902,517			Feb-00				$12,069,720	$2,370,000	$378,734	$685,081	$2,582,503		$2,903,280	$1,518,687	$227,278	$1,166,706	$428,000	$1,594,706	$637,882	$956,824	9.09	$8,697,742	$4,091,736	$227,278	$113,419	$4,719,866	$2,903,280	$3,811,573	122940	$31.00	$31.00
A/P	$378,734	$633,159	$525,610	$330,144		$453,821			Jun-00		$2,938,990	$633,159	$660,383		$2,529,126				$3,694,878	$1,235,584	$102,989	$1,628,153	$418,410	$2,046,563	$818,625	$1,227,938	9.27	$11,382,983	$4,091,736	$102,989	$256,859	$7,137,377	$3,694,878	$5,416,128	122940	$44.06	$44.06
Current Debt	$12,069,720	$660,383	$1,171,568	$893,287		$577,187			Oct-00		$3,214,918	$525,610	$1,171,568	$2,888,622	$2,519,975	$208,318	$375,000	$172,918	$4,010,034	$649,879	$196,940	$1,886,192	$416,756	$2,302,948	$921,179	$1,381,769	9.28	$12,822,814	$1,171,568	$196,940	$407,886	$11,440,301	$4,010,034	$7,725,167	122940	$62.84	54.35
Long Term Debt	$2,370,000		$2,888,622	$2,748,717		$2,924,662			Feb-01		$2,875,887	$330,144	$893,287	$2,748,717	$2,767,603		$606,185	$252,176	$4,057,168	$1,898,181	$224,332	$2,003,081	$399,387	$3,008,653	$1,203,461	$1,805,192	5.811025971	$10,490,017	$3,642,005	$224,332	$129,512	$6,942,832	$4,057,168	$5,500,000	123040	$44.70	$44.70			$5,500,000	6,942,832		5.811025971
Current Liabilities	$378,734	$2,529,126	$2,519,975	$2,767,603		$2,083,443			Jun-01											$0				$0	$0	$0	0	$0	$0	$0	$0	$0	$0	$0	123040	$0.00	54.33
Dividend Paid for Estimated Taxes	$685,081		$208,318			$516,834
Dividend Payable	$2,582,503		$375,000	$606,185		$71,948
Intercompany A/P			$172,918	$252,176		$268,245
Value Book	$2,903,280	$3,694,878	$4,010,034	$4,057,168		$5,991,965
A/L=Curr Liab-A/P-C/D	$1,518,687	$1,235,584	$649,879	$1,898,181	$0	$856,139
Cash	$227,278	$102,989	$196,940	$224,332		$669,171
EARNINGS (last 12 months)	$1,166,706	$1,628,153	$1,886,192	$2,003,081		$2,741,003
plus INTEREST paid last 12 months	$428,000	$418,410	$416,756	$399,387		$314,540
EBIT	$1,594,706	$2,046,563	$2,302,948	$2,402,468	$0	$3,127,491
less Taxes @ 40%1,2	$637,882	$818,625	$921,179	$960,987	$0	$1,250,996
Debt-Free Net Income2	$956,824	$1,227,938	$1,381,769	$1,441,481	$0	$1,876,495
times FACTOR2	9.09	9.27	9.28	7.277250751	0	7.859430811
Aggregate Value2	$8,697,742	$11,382,983	$12,822,814	$10,490,017	$0	$14,748,180
Less DEBT	$4,091,736	$4,091,736	$1,171,568	$3,642,005	$0	$3,501,849
Plus CASH	$227,278	$102,989	$196,940	$224,332	$0	$669,171
Less Deferred Taxes@20%	$113,419	$256,859	$407,886	$129,512	$0	$518,511
Value EBIT	$4,719,866	$7,137,377	$11,440,301	$6,942,832	$0	$11,396,990
Value BOOK	$2,903,280	$3,694,878	$4,010,034	$4,057,168	$0	$5,991,965
Value of Equity AVERAGE	$3,811,573	$5,416,128	$7,725,167	$5,500,000	$0	$8,694,478
Number of Shares Issued	122940	122940	122940	123040	123040	123134	12317
My calculated Share Price	$31.00	$44.06	$62.84	$44.70	$0.00	$70.61
Acct calculated share price	$31.00	$44.06	54.35	$44.70	55.81	$67.92	$64.95	$57.34
EFCG Value				$5,500,000
Value EBIT must equal				6,942,832
Factor	4.157376849			7.277250751
EEMC Stock Estimate
A/R	$200,000
A/P	$20,000
Current Debt	$0
Long Term Debt	$0
Current Liabilities	$300,000
Dividend Paid for Estimated Taxes	$0
Dividend Payable	$0
Intercompany A/P	$0
Value Book	$400,000
A/L=Curr Liab-A/P-C/D	$300,000
Cash	$50,000
EARNINGS (last 12 months)	$50,000
plus INTEREST paid last 12 months	$0
EBIT	$50,000	4.17%
less Taxes @ 15%1,2	$7,500
Debt-Free Net Income2	$42,500
times FACTOR2	5
Aggregate Value2	$212,500
Less DEBT	$0
Plus CASH	$50,000
Less Deferred Taxes@20%	($60,000)
Value EBIT	$322,500
Value BOOK	$400,000
Value of Equity AVERAGE	$361,250
Number of Shares Issued	100
My calculated Share Price	$3,612.50
Acct calculated share price
For 5% oc EEMC	$18,063	0.05
Eqyilivant shares of CAE	255.8069605
Eds share=	179.0648723	$12,162
Rafiel	38.37104407	$2,606
Brown	38.37104407	$2,606