Exhibit 2 - Balance Sheet (in $ thousand, some numbers are rounded)

At December 31 2002 2003 2004 2005

Assets
Cash 705 1,542 1,818 2,158
Accounts Receivable 3,485 4,405 6,821 10,286
Inventories 3,089 2,795 3,201 3,291
Current Assets 7,279 8,742 11,839 15,735
Plant, Property, & Equipment (net) 2,257 2,680 2,958 3,617
Other Assets 645 645 645 645
Land 450 1,750 2,853 2,853
Non-Current Assets 3,352 5,075 6,456 7,115
Total Assets 10,631 13,817 18,295 22,850
Liabilities & Shareholders Equity
Accounts Payable 2,034 2,973 4,899 6,660
Current Portion of Long-term Debt 315 352 525 730
Current Liabilities 2,349 3,325 5,423 7,390
Long-Term Debt 3,258 4,400 5,726 7,123
Shareholders Equity 5,024 6,091 7,146 8,336

Total Liabilities & Shareholders Equity 10,631 13,817 18,295 22,850

2006E

1,955
14,471
3,847
20,273
4,347
645
2,853
7,844
28,117

9,424
649
10,074
8,480
9,563

28,117
Column1 Column2 Column3 Column4 Column5 Column6
At December 2002 2003 2004 2005 2006
Capital empl Amount Amount Amount Amount Amount

Plant,
Property, & 2,257 2,680 2,958 3,617 4,347
Equipment
(net)
Other Assets 645 645 645 645 645
Land 450 1,750 2,853 2,853 2,853

Accounts 3,485 4,405 6,821 10,286 14,471

Receivable
Accounts (-)2034 (-)2973 (-)4899 (-)6660 (-)9424
Payable
Inventories 3,089 2,795 3,201 3,291 3,847
Capital 7,892 9,301 11,578 14,032 16,738
employed
Invested
Capital Amount Amount Amount Amount Amount
Cash -705 -1,542 -1,818 -2,158 -1,955

Current
Portion of 315 352 525 730 649
Long-term
Debt
Long-Term 3,258 4,400 5,726 7,123 8,480
Debt
Shareholder 5,024 6,091 7,146 8,336 9,563
s Equity
Invested 7,892 9,301 11,578 14,032 16,738
Capital
 Exhibit 3 - Income Statement (in $ thousand, some numbers are rounded)
For Years Ending December 31 2002 2003 2004 2005
Sales 24,652 26,797 29,289 35,088
Cost of Goods Sold 20,461 21,706 23,841 28,597
Gross Profit 4,191 5,091 5,448 6,491
General & Administrative 1,999 2,138 2,372 2,877
Expense
Research & Development 203 203 212 222
Depreciation & Amortization 347 412 455 557
Earnings before Interest & 1,641 2,338 2,408 2,836
Taxes
Interest 187 349 440 547
Earnings before Taxes 1,454 1,989 1,968 2,289
Taxes 264 696 689 801

Net Income 1,191 1,293 1,279 1,488

 2006E
42,597
35,100
7,497

3,578

232
669

3,018

658
2,360
826
1,534
Column1 Column2 Column3 Column4 Column5 Column6
Years 2002 2003 2004 2005 2006
Net profit mar 4.83 4.83 4.37 4.24 3.6
Opearting pro 6.66 8.72 8.22 8.08 7.09
EBITDA Marg 8.07 10.26 9.77 9.67 8.66
Derived Statement of Cash Flows (in $ thousand, some numbers are rounded)
For Years Ending December 31 2003 2004 2005 2006E
Net Income 1,293 1,279 1,488 1,534
Depreciation & Amortization 412 455 557 669
Change in Accounts Receivable -920 -2,416 -3,465 -4,185
Change in Inventories 294 -406 -90 -556
Change in Accounts Payable 939 1,926 1,761 2,765
Operating Cash Flow 2,019 838 250 226

Investment in PP&E -835 -734 -1,215 -1,398

Investment in Other Assets 0 0 0 0
Investment in Land -1,300 -1,103 0 0
Investing Cash Flow -2,135 -1,836 -1,215 -1,398

Debt Issuance 1,494 1,850 2,128 2,006

Retirement of Debt -315 -352 -525 -730
Dividends -226 -224 -298 -307
Financing Cash Flow 953 1,274 1,306 969

Change in Cash 837 276 340 -203

Column1 Column2 Column3 Column4 Column5 Column6
Years 2002 2003 2004 2005 2,006 €
Working capit 4540 4227 5123 6917 8894

Operating Working Capital Accounts receivables + Inventory - Accounts payables

2002 3,485 3,089 2,034 4540

2003 4,405 2,795 2,973 4,227
2004 6,821 3201 4899 5123
2005 10,286 3291 6660 6917
2006 14,471 3847 9424 8894
Column1 Column2 Column3 Column4 Column5 Column6
Years 2002 2003 2004 2005 2,006 €
Opearting work 18.4 16 17.5 20 21
2002 4540/24652 18.40%
2003 4227/26797 16%
2004 5123/29289 17.50%
2005 6917/35088 20%
2006 8894/42597 21%
Column1 Column2 Column3 Column4 Column5 Column6
Years 2002 2003 2004 2005 2,006 €
DIO 15.1 13 13.4 12 11
DSO 14.1 16.4 23.2 29.3 34
DPO 10 14 21 23 27
DIO Inventory / Cost of goods sold per day
2002 3089/20461 15.10%
2003 2795/21706 13%
2004 3201/23841 13.40%
2005 3291/28597 12%
2006 3847/35100 11%

DSO Accounts receivables / Sales revenue per day

2002 3485/24652 14.10%
2003 4405/26797 16.40%
2004 6821/29289 23.20%
2005 10286/35088 29.30%
2006 14471/42597 34%

DPO Accounts payables / Cost of goods sold per day

2002 2034/20461 10%
2003 2973/21706 14%
2004 4899/23841 21%
2005 6660/28597 23%
2006 9424/35100 27%