13.doc

www.gsmer.net 13 1. 2. 3. 4. 5. 6. 7. Bristol-Myers Squibb Angela Lane Baer&Foster 1998 12 31 1 $18284 2 3 4856 4 4418 5 2312 6 1577 7 800 8 201 9 (148) 10 14016 11 4168 http://www.gsmer.net gsmer

12 1127 13 $3141 1998 12 31 1 $37154 2 21064 3 10035 4 6055 5 548 6 201 7 5708 8 1928 9 $3780 www.gsmer.net Baer&Foster Angela Lane Bristol-Myers Squibb Bristol-Myers Squibb Clairol Ban Excedrin Pampers Pringles Lane Bristol-Myers Squibb 370 Bristol-Myers Squibb 180 310 Bristol-Myers Squibb 160 Lane http://www.gsmer.net gsmer

1. 2. 3. 4. MD&A SEC MD&A Bristol-Myers Squibb 1998 1998 Bristol-Myers Squibb [ ] 183 1997 9% 13-1 Bristol-Myers Squibb Bristol-Myers Squibb Bristol-Myers Squibb 1 2 $20000 20% $20000 1. http://www.gsmer.net gsmer

2. Bristol-Myers Squibb 1998 1997 $18284 $16701 $1583 9.5% 1998 Bristol-Myers Squibb 9.5% www.gsmer.net 1 1997 1998 1998 1998 = $18284 $16701 $1583 2 = = $1583 $16701 = 9.5% 13-1 1998 Bristol-Myers Squibb 9.5% 13-2 13-3 Bristol-Myers Squibb 1998 9.5% 9.7% 1998 1998 8 Bristol-Myers Squibb 1998 8 13-2 12 31 1998 1997 1998 1997 $18284 $16701 $1583 9.5% http://www.gsmer.net gsmer

4856 4464 3392 8.8 13428 12237 1191 9.7 4418 4173 245 5.9 2312 2241 71 3.2 1577 1385 192 13.9 800 800 100.0* 201 225 (24) (10.7) (148) (269) (121) (45.0) 4268 4482 (214) (4.8) 1127 1277 (150) (11.7) $3141 $3205 (64) (2.0) * 100% 13-3 1998 Bristol-Myers Squibb 12.95 8.6% 13.5% 12.1% 4.9% 13-3 12 31 1998 1997 1998 1997 $2244 $1456 $788 54.1% 285 338 (53) (15.7) 3190 2973 217 7.3 1873 1799 74 4.1 1190 1170 20 1.7 8782 7736 1046 13.5 4429 4156 273 6.6 523 619 (96) (15.5) 1587 1625 (38) (2.3) 951 841 110 13.1 $16272 $14977 $1295 8.6% http://www.gsmer.net gsmer

$482 $543 (61) (11.2)% 1380 1017 363 35.7 2302 1939 363 18.7 750 865 (115) (13.3) * 877 668 209 31.3 5791 5032 759 15.1 1541 1447 94 6.5 1364 1279 85 6.6 8696 7758 938 12.1 219 108 11 102.8 1075 544 531 97.6 (622) (533) (89) (16.7) 12540 10950 1590 14.5 (5636) (3850) (1786) (46.4) 7576 7219 357 4.9 * $16272 $14977 $1295 8.6% Bristol-Myers Squibb 1998 1997 Bristol-Myers Squibb 1999 www.gsmer.net 1997 1998 100% 0 8 100% % = $ $ http://www.gsmer.net gsmer

Bristol-Myers Squibb 1998 1997 1996 1995 1994 1993 $18284 $16701 $15065 $13767 $11984 $11413 4856 4464 3965 3637 3122 3029 13428 12237 11100 10130 8862 8384 1994 1993 1993 114.13 30.29 83.84 1993 =100% 1998 1997 1996 1995 1994 1993 160% 146% 132% 121% 105% 100% 160 147 131 120 103 100 160 146 132 121 106 100 13-2 Bristol-Myers Squibb www.gsmer.net 100% 70% 60% 13-4 Bristol-Myers Squibb % = 1998 26.6% $4856 $18284=0.266 13-5 Bristol-Myers Squibb http://www.gsmer.net gsmer

13-3 Bristol-Myers Squibb 13-4 1998 13-4 12 31 1998 1997 1998 1997 $18284 100.0% $16701 100.0% 4856 26.6 4464 26.7 13428 73.4 12237 73.3 4418 24.2 4173 25.0 2312 12.6 2241 13.4 1577 8.6 1385 8.3 800 4.4 201 1.1 225 1.3 (148) (0.8) (269) (1.5) 4268 23.3 4482 26.8 1127 6.1 1277 7.6 $3141 17.2% $3205 19.2% Bristol-Myers Squibb 13-5 1998 13-5 12 31 1998 1997 1998 1997 $2244 13.8% $1456 100.0% 285 1.8 338 2.3 http://www.gsmer.net gsmer

3190 19.6 2973 19.9 1873 11.5 1799 12.0 1190 7.3 1170 7.8 8782 54.0 7736 51.7 4429 27.2 4156 27.7 523 3.2 619 4.1 1587 9.8 1625 10.9 951 5.8 841 5.6 $16272 100.0% $14977 100.0% $482 3.0% $543 3.6% 1380 8.5 1017 6.8 2302 14.1 1939 12.9 750 4.6 865 5.8 * 877 5.4 668 4.5 5791 35.6 5032 33.6 1541 9.5 1447 9.7 1364 8.3 1279 8.5 8696 53.4 7758 51.8 219 1.3 108 0.7 1075 6.6 544 3.6 (622) (3.8) (533) (3.5) 12540 77.1 10950 73.1 (5636) (34.6) (3850) (25.7) 7576 46.6 7219 48.2 $16272 100.0% $14977 100.0% Bristol-Myers Squibb 1.52 87.82 57.91 www.gsmer.net 13-4 13-5 http://www.gsmer.net gsmer

13-6 13-5 13-6 Bristol-Myers Squibb $150000 60000 90000 40000 50000 15000 $35000 100% (=$150000 $150000) 40 (=$60000 $150000) 60 (=$90000 $150000) 27 (=$40000 $150000) 33 (=$50000 $150000) 10 (=$15000 $150000) 23% (=$35000 $150000) www.gsmer.net 13-6 12 31 1998 1997 1998 1997 http://www.gsmer.net gsmer

13.8% 9.7% 1.8 2.3 19.6 19.9 11.5 12.0 7.3 7.8 54.0 51.7 46.0 48.3 100.0% 100.0% 1998 1997 54.0% 51.7% 90 Apple Computer http://www.gsmer.net gsmer

13-7 1998 12 31 Bristol-Myers Squibb 100.0% 100.0% 26.6 54.7 73.4 45.3 50.1 36.5 23.3 8.8 6.1 2.3 17.2 6.5 1.4 17.2% 5.1% Bristol-Myers Squibb 13-7 Bristol-Myers Squibb Bristol-Myers Squibb? Robert Morris Associates Merrill Lynch? Edward Jones http://www.gsmer.net gsmer

13-7 Bristol-Myers Squibb 13-8 1998 12 31 Bristol-Myers Squibb 100.0% 100.0% 26.6 56.7 73.4 43.3 50.1 27.9 23.3 15.4 6.1 5.2 17.2 10.2 17.2% 10.2% Bristol-Myers Squibb http://www.gsmer.net gsmer

Baer&Foster Angela Lane Bristol-Myers Squibb 13-8 Bristol-Myers Squibb Bristol-Myers Squibb 13-4 12 13-9 DeMaris 13-9 19X9 12 31 $35000 $14000 (15000) 8000 7000 42000 $91000 91000 $72000 (170000) (9000) (33000) (140000) $ (7000) http://www.gsmer.net gsmer

13-9 DeMaris $42000 $91000 $72000 DeMaris $170000 General Mills DeMaris TRE 20X3 12 31 20X3 20X2 20X3 20X2 $275000 $225000 $194000 $165000 54000 48000 5000 5000 9000 3000 1000 (1000) 263000 220000 $12000 $ 5000 22.2% 19.5% 140% 73.3% 70.5% 21.3% 19.6% TRE 20X3 12 4.4% 12 2.2% http://www.gsmer.net gsmer

12 31 20X3 20X2 20X3 20X2 $275000 $225000 $50000 22.2% $194000 $165000 $29000 17.6 54000 48000 6000 12.5 5000 5000 9000 3000 6000 200.0 1000 (1000) 2000 * 263000 220000 43000 19.5 $12000 $ 5000 $ 7000 140.0% * 12 31 20X3 20X2 20X3 20X2 $275000 100.0% $225000 100.0% $194000 70.5 $165000 73.3 54000 19.6 48000 21.3 5000 1.8 5000 2.2 9000 3.3 3000 1.4* 1000 0.4 (1000) (0.4) 263000 95.6 220000 97.8 $12000 4.4% $ 5000 2.2% * http://www.gsmer.net gsmer

$100000 $25000 $100000 $25000 4 1 4 1 4 1 1 400% 2 1 4 3 4.0 4 1 4 1 4 1 $175000? www.gsmer.net 13-10 12 31 19X8 19X7 19X6 19X5 $211413 $164095 $162650 $143520 $1.32 $1.02 $1.02 $0.90 10.8% 9.1% 9.8% 9.4% 20.0% 17.5% 19.7% 20.2% $829744 $699650 $663999 $602697 $259314 $223246 $245500 $235300 $570430 $476404 $418499 $367397 3.20 3.13 2.70 2.56 1. 2. 3. 4. 5. 100 4 5 100 Lexis/Nexis Dow Jones News Retrieval http://www.gsmer.net gsmer

Service 20 1 2 3 1 4 5 6 7 8 1 9 http://www.gsmer.net gsmer

10 11 12 $1 13 14 Excel www.gsmer.net = A B $100000 $200000 50000 150000 $ 50000 $ 50000 $50000 A B A http://www.gsmer.net gsmer

13-11 Palisades Furniture Palisades Furniture 20X3 20X4 12 31 13-11 12 31 20X3 20X2 $858000 $803000 513000 509000 345000 294000 126000 114000 118000 123000 244000 237000 101000 57000 4000 24000 14000 81000 43000 33000 17000 $ 48000 $ 26000 20X3 20X2 12 31 20X3 20X2 $ 29000 $ 32000 114000 85000 113000 111000 6000 8000 20X3 20X2 262000 236000 http://www.gsmer.net gsmer

18000 9000 507000 399000 $787000 $644000 $ 42000 $ 27000 73000 68000 27000 31000 142000 126000 289000 198000 431000 324000 186000 186000 170000 134000 356000 320000 $787000 $644000 Palisades Furniture 20X3 20X2 $262000 $236000 = = 1.85 = 1.87 1.70 $142000 $126000 20X3 Palisades Furniture 1.85 1.70 Chesebrough-Pond s 2.50 1.51 General Mills 1.05 13-5? 1.60 1.90 Palisades Furniture 1.85 2.0 http://www.gsmer.net gsmer

Palisades Furniture 20X3 20X2 20X3 20X2 $29000 $0 = $114000 = 1.01 $142000 $32000 $0 $85000 $126000 = 0.93 0.40 20X3 Palisades Furniture 1.01 Chesebrough-Pond s 1.25 0.08 General Mills 0.91 13-6? 0.20 1.00 0.90 1.00 Palisades Furniture 1.85 1.01 Palisades Furniture 0.48 http://www.gsmer.net gsmer

6 6 3 4 Palisades Furniture 20X3 $513000 = $112000 Palisades Furniture = 4.6 3. 0 13-11 $111000 $113000 12 12 3 30 Palisades Furniture 4.6 3.0 Palisades Furniture Toy? Us 12 3 Toy? Us 3 1 31 10 31 www.gsmer.net Palisades Furniture 20X3 http://www.gsmer.net Palisades Furniture gsmer

= $858000 $99500 = 8.6 11. 7 Palisades Furniture $85000 $114000 2 12 Palisades Furniture 8.6 Palisades Furniture Palisades Furniture Comptronix 365 Palisades Furniture 20X3 13-11 Palisades Furniture 1 $858000 = 365 365 = $2351 2 $99500 = $2351 = 42 12 $99500 ($858000 http://www.gsmer.net gsmer

13-7 Palisades Furniture 42 20X3 20X2 $803000 = 365 = $2200 20X2 $85000 = = $2200 39 20X3 20X3 $858000 = 365 = $2351 20X3 $114000 = $2351 = 48 20X3 Palisades Furniture 39 48 20X4 Palisades Furniture Palisades Furniture Palisades Furniture $500000 10 $600000 $250000 1 0.50 www.gsmer.net 20X3 20X2 Palisades Furniture http://www.gsmer.net gsmer

= Palisades Furniture 20X3 20X2 $431000 $787000 = 0.55 $324000 $644000 = 0.50 0.64 Palisades Furniture 20X3? 0.57-0.67 0.64 Palisades Furniture 0.55 Palisades Furniture Palisades Furniture 20X3 20X2 = $101000 $24000 = 4.21 $57000 $14000 = 4.07 2.30 20X3 Palisades Furniture 4.00 2.30? 2.0 3.0 Palisades Furniture 13-8 $100000 Dow Chemical Monsanto http://www.gsmer.net gsmer

Palisades Furniture Palisades Furniture 20X3 20X2 $48000 = $858000 = 0.056 $26000 $803000 = 0.032 0.008 Palisades Furniture Palisades Furniture 0.054 0.047 0.036 Häagen-Dazs Maytag Palisades Furniture $48000 $24000 = $715500 Palisades Furniture = 0.101 0.042 13-11 http://www.gsmer.net gsmer

Gap 0.170 0.129 General Mills 0.124 www.gsmer.net $1 20X3 Palisades Furniture 20X3 Palisades Furniture $48000 $0 = = 0.142 0.121 $338000 [($356000 $320000) 2=$338000] Palisades Furniture 0.142 0.101 0.08 8% 0.142 14.2% Palisades Furniture Palisades Furniture 0.25 Chesebrough-Pond s 0.20 0.20 13-9 Palisades Furniture Palisades Furniture http://www.gsmer.net gsmer

EPS EPS EPS Palisades Furniture 20X3 20X2 EPS 20X3 20X2 10000 Palisades Furniture 20X3 20X2 $48000 $0 $26000 $0 = = $4.8 = $2.6 10000 10000 Palisades Furniture EPS 85% EPS EPS 10-15% EPS 1 2 P/E $1 Palisades Furniture 20X3 $50 20X2 $35 Palisades Furniture 20X3 20X2 $50.00 $35.00 = = 10.4 = 13.5 $4.80 $2.60 Palisades Furniture 20X3 10.4 10.4 20X2 13.5 Palisades Furniture 20X3 8 10 (Pennsylvania Power and Light) 40 Auto Zone Oracle Systems 100 13-10 http://www.gsmer.net gsmer

Palisades Furniture 20X3 $1.20 20X2 $1.00 20X3 20X2 $50 $35 $50 Palisades Furniture 2 % 5%-8% 0-3% Palisades Furniture Palisades Furniture 20X3 20X2 $1.20 = * $50.00 * = 0.024 $1.00 $35.00 = 0.029 Palisades Furniture 20X3 20X2 10000 Palisades Furniture 20X3 20X2 $356000 $320000 = = $35.60 = $32.00 10000 10000 http://www.gsmer.net gsmer

http://www.gsmer.net gsmer 101.6 13-11 13-12 Quaker Oats EVA EVA EVA EVA = EVA 10% 12% 15% EVA EVA EVA EVA www.gsmer.net

EVA EVA 1998 EVA 12% = EVA ] = $2986 $272 $2371 $1141 $5392 0.121 ] = $3258 $8904 0.121 = $3258 $1068 = $2190 1998 21.9 EVA 1988 1998 10 29% 1988 $100 1998 $1287 13-13 www.gsmer.net Anacomp $4 $40 10 $5 $50 $40 Excel http://www.gsmer.net gsmer

Excel Excel Excel Gap Land s End Gap $1000 Land s End Excel Excel Gap Land s End 1. 2. 3. 4. 5. 1. 2. 3. 4. 5. 1. Gap Land s End www.gsmer.net 2. Excel 3. a. 13 b. c. Gap Land s End d. 4. 1 5 5. Gap Land s End 6. 1 7. Gap Gap Banana Republic http://www.gsmer.net gsmer

Old Navy 19X5 19X8 Gap 4 1. 2. 3. 4. 5. 6. * 19X8 19X7 19X6 19X5 19X4 $2960 $2519 $1934 $1587 $1252 1856 1496 1188 1007 814 4 4 1 3 3 340 371 237 163 126 129 141 92 65 52 211 230 145 98 74 44 41 30 23 18 366 314 247 243 193 1379 1147 777 579 481 355 236 579 129 434 2.06 1 1.71 1 1.39 1 1.69 1 1.70 1 888 678 466 338 276 144 142 142 141 145 * www.gsmer.net 19X8 19X7 19X6 19X5 1 $2960 $1856 $2960 $2519 $2519 $1934 $1934 $1587 $1587 =37.3% =40.6% =38.6% =36.5% 2 $211 $230 $145 $98 = 7.1% = 9.1% = 7.5% $2960 $2519 $1934 $1587 = 6.2% 3 $211 $230 $145 $98 = $1.47 = $1.62 = $1.02 144 142 142 141 = $0.70 4 $1856 $1496 $1188 $1007 ($366+$314) 2 2 2 2 =5.5 =5.3 =4.8 =4.6 http://www.gsmer.net gsmer

5 $340 = 85 $371 = 93 $237 = 237 $163 = 54 $4 $4 $4 $3 6 $211 $230 $145 $98 2 2 2 2 =26.9% =40.2% =36.1% 31.9% Gap 19X8 19X5 1. 1 2 2. 100% 3. 4. 5. 6. 7. EVA EVA EVA http://www.gsmer.net gsmer

EPS EVA 1. 2. 3. 4. 5. 6. 7. 8. 9. Gomez 1 1 36 12 31 43 Gomez 10. A 0.50 0.70 11. a b 12. A B a b c 13. 14. 6 American Express 45 15. $0.20 $40.875 16. a. b. c. d. e. f. http://www.gsmer.net gsmer

g. h. 17. EVA CP 13-1 19X6 19X6 19X5 19X4 $6471 $4761 $3790 3907 2865 2301 19X6 19X5 CP 13-2 19X6 19X5 19X4 19X3 19X2 19X1 $6471 $4761 $3790 $3930 $3405 $3004 553 400 299 365 329 287 1. 19X1 2. CP 13-3 T-Shaft Sporting Goods 20X2 20X1 20X0 12 31 20X2 20X1 20X0 $ 6000 $ 6000 $ 5000 46000 32000 19000 32000 26000 24000 2000 2000 1000 96000 88000 87000 $182000 $154000 $136000 1. T-Shaft Sporting Goods 20X2 20X1 20X0 http://www.gsmer.net gsmer

2. T-Shaft Sporting Goods CP 13-4 The Home Depot Home Depot $6471 $19536 3907 14101 1589 3846 39 16 37 38 346 597 $ 553 $ 938 CP 13-5 13-10 Rubbermaid Rubbermaid 19X5 19X8 CP 13-6 13-3 Bristol-Myers Squibb 1. 1998 1997 12 31 2. Bristol-Myers Squibb Chesebrough-Pond s Bristol-Myers Squibb CP 13-7 Bristol-Myers Squibb 1998 a. 1998 b. 1998 CP 13-8 Bristol-Myers Squibb 1. 1998 12 31 2. 1998 1998 1997 12 31 7% 3. Bristol-Myers Squibb 1 2 www.gsmer.net CP 13-9 Bristol-Myers Squibb 1998 http://www.gsmer.net gsmer

a. b. 1998 1997 12 31 7% c. CP 13-10 The Home Depot 1997 1 31 $48 $0 $937739000 487752000 1. Home Depot EPS 2. Home Depot 1 CP 13-11 Campbell Soup $7278 (a) 1390 326 (b) 151 1042 (c) $ (d) Campbell Soup a. 5.53 $787 $755 b. 0.0959 CP 13-12 Campbell Soup $ 53 $2164 (a) (e) 755 826 http://www.gsmer.net gsmer

(b) (c) 185 (d) 2755 2150 (472) $6315 $ (f) Campbell Soup a. 0.6092 b. 0.7306 c. 0.3161 CP 13-13 Bristol-Myers Squibb 1. 1998 EVA 12% 1998 1.28 2. 1998 E 13-1 UTRECK Compgrounds 2000 2001 2001 2000 1999 $312000 $290000 $280000 150000 157000 140000 E 13-2 800-Go-RYDER 1999 1998 $430000 $373000 $202000 $188000 98000 93000 7000 4000 42000 37000 http://www.gsmer.net gsmer

349000 322000 $ 81000 $ 51000 www.gsmer.net 1999 E 13-3 Kelly Realty 1 5 4 3 2 1 $1470 $1187 $1106 $1009 $1043 147 114 83 71 85 E 13-4 RV Center RV Center 20X3 12 31 $ 62000 227000 35000 $324000 $ 48000 128000 176000 148000 $324000 E 13-5 800-Go-RYDER 13-2 1999 1998 1999 1998 E 13-6 Metro Roofing http://www.gsmer.net gsmer

Metro Roofing $ 32000 $ 23000 (45000) (11000) (33000) (1000) 101000 $ 114000 (171000) (79000) (42000) (178000) $ (78000) E 13-7 Slade Sign $ 17000 $ 22000 11000 26000 64000 73000 77000 71000 16000 8000 185000 200000 151000 91000 $454000 257000 a. http://www.gsmer.net gsmer

b. c. d. e. E 13-8 Canyon Oaks Spa 20X2 20X2 20X1 a. b. c. d. www.gsmer.net 20X2 20X1 $ 61000 $ 47000 28000 102000 116000 226000 263000 11000 9000 543000 489000 205000 241000 271000 273000 165000 158000 38000 39000 E 13-9 Stone Mountain Carpets Stone Mountain Carpets 12 31 20X6 20X5 20X6 20X5 $174000 $158000 93000 86000 81000 72000 50000 41000 31000 31000 5000 10000 26000 21000 8000 8000 http://www.gsmer.net gsmer

$ 18000 $ 13000 20X6 20X5 $204000 $191000 $ 96000 $ 89000 $ 3000 $ 3000 20000 20000 20X6 E 13-10 Four-Day Tire www.gsmer.net 20X4 20X3 $ 58000 $ 55000 20000 20000 80000 580000 500000 200000 200000 $ 11.50 $ 7.75 E 13-11 IHOP Texaco 1998 IHOP Texaco $252 $24937 $ 35 $ 4240 109 11177 108 9520 $252 $24937 $164 $36787 9 483 139 35697 $ 16 $ 607 http://www.gsmer.net gsmer

1. 2. 10% E 13-12 $3605 $ 413 0 24.04% 21.89% 33.30% $?????? $? E 13-13 $11806 $ 0 $10196 $ 1448 http://www.gsmer.net gsmer

60.342% 1.51 $? $? (?)? $? $??? $? A www.gsmer.net P 13-1A Bloom Irrigation 2003 2002 2001 2000 1999 1998 $781 $714 $641 $662 $642 $634 51 45 32 48 41 40 366 354 330 296 272 252 1. 1999 2003 1998 2. 1999 2003 13% 16% 20% Bloom Irrigation 3. Bloom Irrigation P 13-2A Blaupunkt http://www.gsmer.net gsmer

Blaupunkt 20X6 12 31 Blaupunkt $781000 100.0% 497000 65.8 284000 34.2 163000 19.7 121000 14.5 15000 0.4 $106000 14.1% Blaupunkt 20X6 12 31 Blaupunkt $350000 70.9% 74000 23.6 4000 0.8 22000 4.7 $450000 100.0% $207000 48.1% 62000 16.6 181000 35.3 $450000 100.0% 1. Blaupunkt Blaupunkt 2. Blaupunkt a b c Blaupunkt 3. Blaupunkt a b Blaupunkt http://www.gsmer.net gsmer

P 13-3A J&J Roofing Metal Components J&J Roofing 9 30 20X5 20X4 20X5 20X4 $ 17000 $ 44000 (14000) (4000) 3000 40000 $(13000) $ (3000) 86000 79000 73000 76000 $ 43000 $ 19000 (101000) (108000) (58000) (89000) $ 18000 $ 27000 31000 4000 $ 49000 $ 31000 Metal Components 9 30 20X5 20X4 20X5 20X4 $ 89000 $ 71000 19000 108000 71000 $(121000) $ (91000) http://www.gsmer.net gsmer

(121000) $ (91000) $ 46000 $ 43000 (15000) (40000) (12000) (9000) 19000 (6000) $ 6000 $ (26000) 54000 80000 $ 60000 $ 54000 P 13-4A Culligan Video $ 22000 19000 83000 141000 8000 657000 49000 103000 38000 160000 31000 71000 40000 1. Culligan Video www.gsmer.net 1 2. a. $26000 b. $85000 c. 5000 $120000 d. $19000 e. $32000 2 http://www.gsmer.net gsmer

P 13-5A Pro Sound Entertainment Pro Sound Entertainment 12 31 20X4 20X3 20X4 20X3 $462000 $427000 229000 218000 233000 209000 136000 134000 97000 75000 11000 12000 86000 63000 30000 27000 $ 56000 $ 36000 Pro Sound Entertainment 12 31 20X4 20X3 20X2 20X4 20X3 20X2 $ 96000 $ 97000 112000 116000 $103000 172000 162000 207000 16000 7000 396000 382000 189000 178000 $585000 $560000 598000 $206000 $223000 119000 117000 325000 340000 6% $100 100000 100000 160000 120000 90000 $585000 $560000 1. Pro Sound Entertainment 20X4 12 31 $53 20X3 12 http://www.gsmer.net gsmer

31 $32.50 2. 20X4 10000 20X3 9000 3. 1. 20X4 20X3 a. b. c. d. e. f. 2. a Pro Sound Entertainment 20X4 b 3. P 13-6A Jacob-Cathey Lockridge-Priest Jacob-Cathey Lockridge-Priest $497000 $371000 258000 209000 138000 79000 19000 72000 48000 Jacob-Cathey Lockridge-Priest $ 19000 $ 22000 18000 20000 46000 42000 100000 87000 3000 2000 186000 173000 328000 265000 98000 108000 $131000* $108000* http://www.gsmer.net gsmer

5% $100 20000 $1 10000 10000 $2.50 5000 125000 197000 157000 $ 112 $ 51 * Jacob-Cathey $86000 Lockridge-Priest $1000 Jacob-Cathey Lockridge-Priest $ 48000 $ 40000 88000 93000 270000 259000 5% $100 20000 $1 10000 10000 $2.50 5000 12500 126000 118000 1. 1. 2. 5. 6. 3. 7. 4. 8. 2. 12% $1000 B P 13-1B SW. Net s 20X6 20X5 20X4 20X3 20X2 20X1 $357 $313 $266 $281 $245 $241 29 21 11 18 14 13 286 254 209 197 181 166 http://www.gsmer.net gsmer

1. 20X2 20X6 20X1 2. 20X2 20X6 5% 7% 3. SW. Net s P 13-2B Travelers Gym Supply Travelers Gym Supply 20X6 12 31 Travelers $957000 100.0% 653000 65.9 304000 34.1 257000 28.1 47000 6.0 11000 0.4 $ 36000 5.6% Travelers Gym Supply 20X6 12 31 Travelers $448000 74.4% 127000 20.0 42000 0.6 13000 5.0 $630000 100.0% $246000 35.6% 136000 19.0 248000 45.4 $630000 100.0% http://www.gsmer.net gsmer

www.gsmer.net 1. Travelers Travelers 2. Travelers a b c Travelers 3. Travelers a b Travelers P 13-3B EAGLE AIR 11 30 20X5 20X4 20X5 20X4 $ (67000) $154000 84000 (23000) 17000 131000 $(50000) $ (91000) 52000 4000 2000 $(87000) $122000 $143000 (179000) (134000) (45000) (64000) (102000) (55000) $ (83000) $ (11000) 92000 103000 $ 9000 $ 92000 KROFLITE http://www.gsmer.net gsmer

11 30 20X5 20X4 20X5 20X4 $184000 $131000 64000 62000 248000 193000 $(303000) $ (453000) 46000 72000 (257000) $ (381000) $ 174000 $ 118000 (66000) (18000) 108000 100000 $ 99000 $ (88000) 116000 204000 $ 215000 $ 116000 Eagle Air Kroflite P 13-4B Home & Garden $ 47000 21000 102000 274000 15000 933000 72000 96000 50000 146000 78000 119000 22000 http://www.gsmer.net gsmer

1. Home & Garden 1 2. a. $76000 b. 14000 $168000 www.gsmer.net c. $6000 d. $51000 e. $48000 2 P 13-5B Mastercraft Jewelry Mastercraft Jewelry 12 31 20X6 20X5 20X6 20X5 $667000 $599000 378000 283000 289000 316000 129000 147000 160000 169000 57000 41000 103000 128000 34000 53000 $ 69000 $ 75000 Mastercraft Jewelry 12 31 20X6 20X5 20X4 20X6 20X5 20X4 $ 37000 $ 40000 208000 151000 $138000 352000 286000 184000 5000 20000 http://www.gsmer.net gsmer

602000 497000 287000 276000 $889000 $773000 707000 $286000 $267000 245000 235000 531000 502000 4% $20 50000 50000 308000 221000 148000 $889000 $773000 1. Mastercraft Jewelry 20X6 12 31 $36.75 20X5 12 31 $50.50 2. 20X6 15000 20X4 14000 3. 1. 20X6 20X5 a. b. c. e. f. g. d. 2. a Mastercraft Jewelry 20X6 b 3. P 13-6B Keyboards Lone Star Music Keyboards Lone Star Music $519000 $603000 387000 454000 72000 93000 8000 38000 56000 http://www.gsmer.net gsmer

Keyboards Lone Star Music $ 39000 $ 25000 13000 6000 164000 189000 183000 211000 15000 19000 414000 450000 938000 974000 338000 366000 691000* 667000* 4% $100 25000 $1 150000 150000 $5 20000 100000 247000 307000 $ 47.50 $ 9 * Keyboards $303000 Lone Star Music $4000 Keyboards Lone Star Music $ 193000 $ 142000 197000 209000 909000 842000 4% $100 25000 $1 150000 150000 $5 20000 100000 215000 263000 1. 1. 5. 2. 3. 4. 6. 7. 8. 2. 10% $1000 http://www.gsmer.net gsmer

1 1. Bill Janus Saturn 12 31 Janus 12 1 Janus? 2. Sara Fulton 3. Augusta National www.gsmer.net 2 Whitewater Supply Whitewater Supply Whitewater Supply 3.0% 6.8% 15.2 11.0 64.2 60.5 1.0 0.0 83.4 78.3 12.6 15.2 4.0 6.5 100.0% 100.0% 12% 17.1% 14.0% 21.1 25.1 7.8 7.9 46.0 47.0 11% 19.7 16.4 65.7 63.4 34.3 36.6 100.0% 100.0% http://www.gsmer.net gsmer

Whitewater Supply Whitewater Supply 100.0% 100.0% (68.2) (64.8) 31.8 35.2 (37.1) (32.3) (5.3) 2.9 (5.8) (1.3) 1.1 0.3 (10.0) 1.9 4.4 (0.8) (5.6)% 1.1% Whitewater Supply Excelsior Excelsior 1.50 Excelsior Excelsior 1.47 Excelsior Excelsior Excelsior 1. Excelsior 2. Excelsior 1 Gap A 10 http://www.gsmer.net gsmer

1. 10 1998 1997 1996 a. b. c. d. 2. a. b. 1997 1 31 1996 1 31 3. 2 1. www.gsmer.net a. b. c. d. 2. 1 2 Dun & Bradstreet Prentice Hall Leo Troy http://www.gsmer.net gsmer

Merck 500 500 500 1. http://www.pathfinder.com/fortune 500 500 2. 3. Bristol-Myers Squibb Merck Pfizer 4. Merck Merck 5. http://www.gsmer.net gsmer