LIFO METHOD

1991 1990 1989

Net sales and revenues $149,582 $116,706 $97,411

Cost of sales 112,831 86,190 72,541
Gross profit $ 36,751 $ 30,516 $24,870
Selling, general and administrative expenses 31,754 24,479 19,111
Operating income $ 4,997 $ 6,037 $ 5,759
Other (income) and expense:
Interest expense 2,470 1,777 1,257

Provision for losses on dispositions (375) 250 --

Other, net (98) 20 (50)

$ 1,997 $ 2,047 $ 1,207

Income (loss) from continuing operations
before provision for income taxes 3,000 3,900 4,552

Provision for (benefit from) income taxes 1,242 2,020 2,135

Income (loss) from continuing operations $ 1,758 $ 1,970 $ 2,417

Loss from discontinued operation, net of

applicable income taxes of $166 (234) -- --

Net income (loss) $ 1,524 $ 1,970 $ 2,417
Earnings-per-common and common-
equivalent share:

Primary $1.21 $2.03 $2.98

Fully diluted $1.19 $1.73 $2.26
 FIFO METHOD

1991 1990
1989 1991
Net sales and revenues $149,582 $116,706 $97,411
Cost of sales 112,469 85,828 72,179
Gross profit $ 37,113 $ 30,878 $25,232
Selling, general and administrative expenses 31,754 24,479 19,111
Operating income $ 5,359 $ 6,399 $ 6,121
Other (income) and expense:
Interest expense 2,470 1,777 1,257

Provision for losses on dispositions (375) 250 --

Other, net (98) 20 (50)

$ 1,997 $ 2,047 $ 1,207

Income (loss) from continuing operations
before provision for income taxes 3,000 3,900 4,552

Provision for (benefit from) income taxes 1,242 2,020 2,135

Income (loss) from continuing operations $ 1,758 $ 1,970 $ 2,417

Loss from discontinued operation, net of

applicable income taxes of $166 (234) -- --

Net income (loss) $ 1,524 $ 1,970 $ 2,417
Earnings-per-common and common- equivalent
share:

Primary $1.21
Fully diluted $1.19
 LIFO Method
Exhibit 1 (continued) Consolidated Statement of Financial Position. For years ended August
31 (in thousands of dollars)

1991 1990 1989 inventory proportion(wheitage)

Assets

Current Assets:
Cash and Marketable securities $ 1,450 $ 2,447 $ 1,941

Accounts and notes receivable, less allowances for doubtful

accounts of $884 in 1991, $782 in 1990, and $670 in 1989 19,651 15,036 14,345

Inventories (Note 5) 28,354 24,074 19,558

0.5032 0.500697
Refundable Federal income taxes -- -- --

Other current assets and deferred income tax benefit 1,462 872 800
Total Current Assets $50,917 $42,429 $36,644
Property, Plant and Equipment

Land 93 93 63
Buildings and leasehold improvements 736 736 559
Machinery and equipment 6,358 4,521 3,820
$ 7,187 $ 5,350 $ 4,442
Less - accumulated depreciation 3,296 2,734 2,127
Total Property, Plant and Equipment $ 3,891 $ 2,616 $ 2,315
Other Assets 1,538 3,036 1,830

Total Assets $56,346 $48,081 $40,789

Liabilities and Shareholders' Equity:

Current liabilities:
Current portion of long-term debt (Note 6) $ 572 $ 410 $ 577

Accounts and notes payable 13,848 10,730 11,857

Accrued liabilities 5,376 4,553 3,328
Income taxes payable 498 68 733
Other current liabilities 150 105 105
Total Current Liabilities $20,444 $15,868 $16,600
Other Obligations:
Long-term debt, net of current portion (Note 6) 18,127 15,980 10,449

Minority interests 332 337 335

Other noncurrent liabilities 774 711 781
Total Other Liabilities $19,233 $17,028 $11,565
Shareholders' Equity:
Preferred stock, $1.00 par value, 93,442 shares outstanding having
a preference on involuntary liquidation of a total of $4,671

93 41 41
Common stock, $.50 par value, 1,048,014 shares issued in 1991 524 491 449
Capital in excess of par value 5,631 3,690 3,442
Retained earnings 11,647 10,965 9,413
Common stock in treasury at cost (126,470 shares in 1991) (1,226) 0 (721)
Total Shareholder's Equity $16,669 $15,187 $12,624
Total Liabilities and Shareholders' Equity $56,346 $48,081 $40,789
 FIFO Method

ntory proportion(wheitage) 1991 1990 1989 Inventory prportion into T

Assets

Current Assets:
Cash and Marketable securities $ 1,450 $ 2,447 $ 1,941

Accounts and notes receivable, less allowances for doubtful

accounts of $884 in 1991, $782 in 1990, and $670 in 1989 19,651 15,036 14,345

Inventories (Note 5) 32,794 27,697 21,970

0.4795 0.537395 0.533229
Refundable Federal income taxes -- -- --

Other current assets and deferred income tax benefit 1,700 1110 1038
Total Current Assets $55,595 $46,290 $39,294
Property, Plant and Equipment

Land 93 93 63
Buildings and leasehold improvements 736 736 559
Machinery and equipment 6,358 4,521 3,820
$ 7,187 $ 5,350 $ 4,442
Less - accumulated depreciation 3,296 2,734 2,127
Total Property, Plant and Equipment $ 3,891 $ 2,616 $ 2,315
Other Assets 1,538 3,036 1,830

Total Assets $61,024 $51,942 $43,439

Liabilities and Shareholders' Equity:

Current liabilities:
Current portion of long-term debt (Note 6) $ 572

Accounts and notes payable 13,848

Accrued liabilities 5,376
Income taxes payable 498
Other current liabilities 150
Total Current Liabilities $20,444
Other Obligations:
Long-term debt, net of current portion (Note 6) 18,127

Minority interests 332

Other noncurrent liabilities 774
Total Other Liabilities $19,233
Shareholders' Equity:
Preferred stock, $1.00 par value, 93,442 shares outstanding having
a preference on involuntary liquidation of a total of $4,671

93
Common stock, $.50 par value, 1,048,014 shares issued in 1991 524
Capital in excess of par value 5,631
Retained earnings 15,862
Common stock in treasury at cost (126,470 shares in 1991) -1,226
Total Shareholder's Equity $20,884
Total Liabilities and Shareholders' Equity $60,561
0
 In 1991
LIFO FIFO

Inventory prportion into TA Current Ratio:

CA/CL
2.49056 2.71938

0.505766707336725 Working Capital

CA-CL $30,473 $35,151