1%
0.241935484
Trailing 12 Mo. Trailing 12 Mo. Trailing 12 Mo. Trailing 12 Mo. Trailing 12 Mo. Trailing 12 Months Oct 99 Trailing 12 Months Sep 99 Trailing 12 Months Dec 98 Trailing 12 Months Sep 98 Trailing 12 Mo. Trailing 12 Mo.  Trailing 12 Months Dec 99
Jun-08 Feb-01 Oct-00 Jun-00 Feb-00 Oct-99 Sep-99 May-00 Apr-00 Dec-99
Gross Revenues     $13,542,339 $12,681,465 $12,069,720 $11,727,663 $11,913,147 $11,625,440 $12,182,544 $13,380,730 $11,962,178 $11,939,454                                                                                                              
A/R     3214918 $2,938,990 $2,370,000 $2,090,172 $2,600,000     $2,885,208 $2,475,892 $2,625,180                                                                                                              
A/P     525610 $633,159 $378,734 $365,384                                                                                                                          
Current Debt     1171568 $1,065,268 $685,081 $695,000 $700,000 $909,460   $674,042 $680,512 $695,081                                                                                                              
Current Liabilities     2519975 $2,529,126 $2,582,503 $2,737,632                                                                                                                          
Intercompany A/P     172918 $128,790                                                                                                                              
ValueBOOK     4010034 $3,694,878 $2,903,280 $2,602,957                                                                                                                          
A/L=Curr Liab-A/P-C/D 0 0 649879 $701,909 $1,518,687 $1,677,247
Cash     196940 $102,989 $227,278 $126,947                                                                                                                          
Earnings     1886192 $1,628,156 $1,166,706 $1,175,647 $1,349,630 ($844,960) ($832,874) $1,421,583 $1,112,920 $1,121,901                                                                                                              
plus INTEREST     416756 $418,410 $428,000 $440,000 $444,000 $580,470   $423,804 $425,949 $430,310                                                                                                              
EBIT $0 $0 $2,302,948 $2,046,566 $1,594,706 $1,615,647 $1,793,630 ($264,490) $1,845,387 $1,538,869 $1,552,211
less Taxes @ 40%1,2 $0 $0 $921,179 $818,626 $637,882 $646,259 $717,452 ($354,883)   $738,155 $615,548 $620,884
Debt-Free Net Income2 $0 $0 $1,381,769 $1,227,940 $956,824 $969,388 $1,076,178 $90,393 $0 $1,107,232 $923,321 $931,327
F factor  for EFCG &  EBIT     9.27 9.27 9.09 8.91 8.86 NA   9.23 9.09 8.99                                                                                                              
Aggregate Value2 $0 $0 $12,808,997 $11,383,000 $8,697,742 $8,637,249 $10,216,721 $8,393,199 $8,372,836
Less Bank DEBT $4,091,736 $4,091,736 $4,091,736 $4,091,736 $4,091,736 $4,817,872
Plus CASH $0 $0 $196,940 $102,989 $227,278 $126,947
Less Deferred Taxes@20% $0 $0 $407,886 $320,784 $113,419 $11,410
ValueEBIT ($4,091,736) ($4,091,736) $8,506,315 $7,073,469 $4,719,866 $3,934,915
ValueBOOK $0 $0 $4,010,034 $3,694,878 $2,903,280 $2,602,957
Value of EquityAVERAGE ($2,045,868) ($2,045,868) $6,258,174 $5,384,173 $3,811,573 $3,268,936
Shares outstanding     122940 122940 122940 122940                                                                                                                          
Share Price(after10:1 split) $31.00 $44.06 $50.90 $43.80 $31.00 $26.59
Liz price
Depreciation $615,209 $615,209 $615,209 $615,209 $685,081 $695,000                                                                                                                          
EBITDA $615,209 $615,209 $2,918,157 $2,661,775 $2,279,787 $2,310,647 $2,493,630 $644,970 ($832,874) $2,519,429 $2,219,381 $2,247,292
EBITDA/SALES #DIV/0! #DIV/0! 22% 21%
EBIT/SALES #DIV/0! #DIV/0! 17% 16%
P&P Bonuses Paid $0 $84,000
PS Bonuses Paid       50000           50000 50000 $92,000                                                                                                              
EBI "B" T (EFCG) $2,096,566 $1,823,630 ($538,874) $1,895,387 $1,588,869 $1,728,211
A/R $2,938,990 $2,370,000 $2,090,172 $2,600,000 $2,885,208 $2,475,892 $2,625,180
Assets $9,250,471 $8,438,301 $8,526,342 $8,538,039 $8,251,518 $9,038,349 $8,783,994 $8,512,608
A/P + A/L
Debt $4,091,735 $4,405,852 $4,817,872 $4,666,863 $4,251,265 $4,445,202 $4,904,258
Cash $102,989
Total Liabilities $5,555,594 $5,535,021 $5,923,384 $5,872,674 $6,754,063 $5,551,442 $5,754,786 $5,805,762
Equity $3,694,878 $2,903,280 $2,602,957 $2,665,365 $1,497,455 $1,232,095 $3,486,907 $3,029,208 $2,706,846
Employees (avg. FT equivalent) 85 80 95 110 90 85 80
Return on Average Equity (EBIBA) 62.4% 94% 61.6% 55.4% 82%
Return on Average Assets 24% 21% 22% 18% 21%
Current Assets $3,559,920 $2,589,709 $3,425,056 $2,788,574 $2,788,574
Current Liabilities $2,529,126 $3,353,387 $2,490,444 $2,620,693 $2,620,693
Current Ratio 1.4 1.1 0.8 1.4 1.1 1.1
A/R   $2,625,179 $2,443,691 $2,625,179 $2,625,179 $2,625,179
A/R Ageing, days 85 72 65 62 77 79 76 80
Month Interest $35,590 $33,650
Month Deprecation $54,264 $54,264
Economic Value Added
After tax Earnings $1,628,156 $1,349,630 ($844,960) $1,421,583 $1,112,920 $1,121,901
Interest Expense $418,410 $444,000 $580,470 $423,804 $425,949 $430,310
EBITA $2,046,566 $1,793,630 ($264,490) $1,845,387 $1,538,869 $1,552,211
Tax $859,558 $753,325 ($111,086) $775,063 $646,325 $651,929
After tax Earnings NOPAT $1,187,008 $1,040,305 ($153,404) $1,070,324 $892,544 $900,282
Capital
Total Liabilities $5,872,674 $5,805,762
A/P
Accum Salaries
Non Interest Bearing $1,205,811 $656,654
Capital, Lent $4,666,863 $5,149,108
Capital Cost Rate Capital 8.94% 8.36%
Capital Cost Rate True CCR 10% 10%
EVA = NOTPAT - C*CCR $573,619 $385,372
Return on Capital 22.3% 17.5%
Revenue per employee $149,243
EBIT per employee $19,403
ACCOUNTS-PAYABLE $51,643
ACCOUNTS-FRANCE $14,165
ACCUMULATED-SALARIES-PAYABLE $44,199
ACCRUED-VACATION $258,093
WITHHELD-IL-TAX $4,048
WITHHELD_CO_TAX $134
WITHHELD-PA-TAX $1,116
ACCRUED-UNEMPL $4,148
GROUP-INSURANCE $156
401K-DEDUCTIONS $65,021
ACCRUED-AUDIT $18,500
ACCRUED-PROPERTY-TAX $105,000
ACCRUED-CORPORATE-TAX $8,000
ACCRUED-EXPENSES-MISC. $2,000
ACCRUED-EXPENSES-FRANCE             $80,430
Non Interest Bearing $656,654
INTERCOMPANY-A/P-FRANCE $111,190
LOAN-STOCKHOLDERS $60,000
LOAN-WORKING-CAPITAL $1,016,924
LOAN-EQUIPMENT $162,100
CAPITAL-LEASES $24,341
MORTGAGE-CURRENT $160,000
EQUIPMENT-TERM-CURRENT $413,333
FRANCE-TERM-CURRENT $16,150
Price per share using EBIT Book avg
Trailing 12 Mo. Trailing 12 Mo. Mar 00  Trailing 12 Mo. Mar 00  Trailing 12 Mo. Feb 00  Trailing 12 Months Dec 99 Trailing 12 Months Oct 99 Trailing 12 Months Sep 99 Trailing 12 Months Dec 98
Jun-00 May-00 Apr-00 Feb-00 Dec-99 Oct-99 Sep-99
Gross Revenues $12,069,720 $11,939,454 $11,727,663 $11,913,147 $11,625,440
Earnings $1,166,706 $1,121,901 $1,175,647 $1,349,630 ($844,960)
Interest $386,163 $388,214 $425,949 $428,000 $430,310 $440,000 $444,000 $580,470
Depreciation & Amortization $615,209 $619,778 $680,512 $685,081 $695,081 $695,000 $700,000 $909,460