All Figures in $ Million Year 1988 Assumptions

Revenue 775 Growth at 5% annual rate

Pre-Tax Margins 3.50% PBT margins are 3.5%

Profit Before Tax 27.125

Income tax 30% Taxes rate at 30%

Profit after tax 19.0

Diluted shares 8.2 Number of Diluted Shares

EPS/Share $ 2.316 On balance sheet value of

Value per Share $ 25.30 company 11 times earning
 Assumptions
wth at 5% annual rate
BT margins are 3.5%

Taxes rate at 30%

mber of Diluted Shares

ance sheet value of

any 11 times earning