Maxco SC 13E3 Going private transaction

EXHIBIT (c)(2)

 

Maxco, Inc.	Exhibit A
Balance Sheets	Page 1 of 6
(in 000's)

	As Of
	3/31/2001			3/31/2002			3/31/2003			3/31/2004			3/31/2005			6/30/2005
Assets
Current Assets
Cash and Cash Equivalents	$	968		$	345		$	391		$	78		$	1,781		$	1,401
Restricted Cash		—			—			—			—			—			750
Accounts Receivable — Trade		19,998			7,984			7,236			7,629			6,605			6,458
Inventories		6,493			356			176			408			534			646
Income Taxes Receivable and Deferred Taxes		1,343			4,506			—			—			—			—
Current Assets of Discontinued Operations		—			15,223			—			—			—			—
Prepaid Expenses and Other		795			550			227			429			223			405
Total Current Assets		29,597			28,964			8,030			8,544			9,143			9,660
Property and Equipment
Land		732			491			446			446			437			564
Buildings		12,144			9,033			6,166			6,170			5,997			8,192
Machinery, Equipment, and Fixtures		53,728			28,264			28,401			29,068			30,052			30,634
Gross Property and Equipment		66,604			37,788			35,013			35,684			36,486			39,390
Less: Accumulated Depreciation		(19,945	)		(10,252	)		(12,416	)		(15,265	)		(18,018	)		(19,880	)
Net Property and Equipment		46,659			27,536			22,597			20,419			18,468			19,510
Other Assets
Investments		8,224			6,018			1,157			1,138			878			1,014
Notes and Contracts Receivable and Other		4,458			3,710			1,293			1,340			996			761
Real Estate Held for Sale		3,008			3,008			3,008			2,200			1,850			4,702
Accounts Receivable - Related Party		1,751			2,349			392			416			407			407
Intangibles		3,753			1,424			1,424			1,424			1,424			1,424
Non-Current Assets - Discontinued Operations		—			14,029			474			—			—			—
Total Other Assets		21,194			30,538			7,748			6,518			5,555			8,308
Total Assets	$	97,450		$	87,038		$	38,375		$	35,481		$	33,166		$	37,478
Liabilities & Stockholders' Equity
Current Liabilities
Current Maturities of Long-Term Obligations	$	3,480		$	2,663		$	995		$	2,064		$	4,959		$	5,142
Note Payable - Bank		17,088			10,478			18,780			4,885			2,091			4,067
Accounts Payable		19,632			2,880			3,425			4,221			3,870			4,816
Employee and Incentive Compensation		2,741			1,346			1,221			1,525			2,361			2,491
Current Liabilities of Discontinued Operations		—			29,109			303			—			—			—
Taxes, Interest, and Other Liabilities		1,906			2,034			3,004			3,585			3,850			3,899
Total Current Liabilities		44,847			48,510			27,728			16,280			17,131			20,415
Long-Term Liabilities
Long-Term Obligations		25,769			13,363			1,113			11,480			7,070			7,856
Long-Term Liabilities of Discontinued Operations		—			2,178			—			—			—			—
Total Long-Term Liabilities		25,769			15,541			1,113			11,480			7,070			7,856
Total Liabilities		70,616			64,051			28,841			27,760			24,201			28,271
Stockholders' Equity
Preferred Stock		3,866			3,866			3,866			3,866			3,866			3,866
Common Stock		3,101			3,101			3,101			3,101			3,447			3,447
Accumulated Other Comprehensive Loss		(1,140	)		(78	)		(298	)		(172	)		(38	)		(23	)
Retained Earnings		21,007			16,098			2,865			926			1,690			1,917
Total Stockholders' Equity		26,834			22,987			9,534			7,721			8,965			9,207
Total Liabilities & Stockholders' Equity	$	97,450		$	87,038		$	38,375		$	35,481		$	33,166		$	37,478

Maxco, Inc.	Exhibit A
Common-Sized Balance Sheets	Page 2 of 6

	As Of
	3/31/2001			3/31/2002			3/31/2003			3/31/2004			3/31/2005			6/30/2005
Assets
Current Assets
Cash and Cash Equivalents		1.0	%		0.4	%		1.0	%		0.2	%		5.4	%		3.7	%
Restricted Cash		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		2.0	%
Accounts Receivable - Trade		20.5	%		9.2	%		18.9	%		21.5	%		19.9	%		17.2	%
Inventories		6.7	%		0.4	%		0.5	%		1.1	%		1.6	%		1.7	%
Income Taxes Receivable and Deferred Taxes		1.4	%		5.2	%		0.0	%		0.0	%		0.0	%		0.0	%
Current Assets of Discontinued Operations		0.0	%		17.5	%		0.0	%		0.0	%		0.0	%		0.0	%
Prepaid Expenses and Other		0.8	%		0.6	%		0.6	%		1.2	%		0.7	%		1.1	%
Total Current Assets		30.4	%		33.3	%		20.9	%		24.1	%		27.6	%		25.8	%
Property and Equipment
Land		0.8	%		0.6	%		1.2	%		1.3	%		1.3	%		1.5	%
Buildings		12.5	%		10.4	%		16.1	%		17.4	%		18.1	%		21.9	%
Machinery, Equipment, and Fixtures		55.1	%		32.5	%		74.0	%		81.9	%		90.6	%		81.7	%
Gross Property and Equipment		68.3	%		43.4	%		91.2	%		100.6	%		110.0	%		105.1	%
Less: Accumulated Depreciation		-20.5	%		-11.8	%		-32.4	%		-43.0	%		-54.3	%		-53.0	%
Net Property and Equipment		47.9	%		31.6	%		58.9	%		57.5	%		55.7	%		52.1	%
Other Assets
Investments		8.4	%		6.9	%		3.0	%		3.2	%		2.6	%		2.7	%
Notes and Contracts Receivable and Other		4.6	%		4.3	%		3.4	%		3.8	%		3.0	%		2.0	%
Real Estate Held for Sale		3.1	%		3.5	%		7.8	%		6.2	%		5.6	%		12.5	%
Accounts Receivable - Related Party		1.8	%		2.7	%		1.0	%		1.2	%		1.2	%		1.1	%
Intangibles		3.9	%		1.6	%		3.7	%		4.0	%		4.3	%		3.8	%
Non-Current Assets - Discontinued Operations		0.0	%		16.1	%		1.2	%		0.0	%		0.0	%		0.0	%
Total Other Assets		21.7	%		35.1	%		20.2	%		18.4	%		16.7	%		22.2	%
Total Assets		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Liabilities & Stockholders' Equity
Current Liabilities
Current Maturities of Long-Term Obligations		3.6	%		3.1	%		2.6	%		5.8	%		15.0	%		13.7	%
Note Payable - Bank		17.5	%		12.0	%		48.9	%		13.8	%		6.3	%		10.9	%
Accounts Payable		20.1	%		3.3	%		8.9	%		11.9	%		11.7	%		12.9	%
Employee and Incentive Compensation		2.8	%		1.5	%		3.2	%		4.3	%		7.1	%		6.6	%
Current Liabilities of Discontinued Operations		0.0	%		33.4	%		0.8	%		0.0	%		0.0	%		0.0	%
Taxes, Interest, and Other Liabilities		2.0	%		2.3	%		7.8	%		10.1	%		11.6	%		10.4	%
Total Current Liabilities		46.0	%		55.7	%		72.3	%		45.9	%		51.7	%		54.5	%
Long-Term Liabilities
Long-Term Obligations		26.4	%		15.4	%		2.9	%		32.4	%		21.3	%		21.0	%
Long-Term Liabilities of Discontinued Operations		0.0	%		2.5	%		0.0	%		0.0	%		0.0	%		0.0	%
Total Long-Term Liabilities		26.4	%		17.9	%		2.9	%		32.4	%		21.3	%		21.0	%
Total Liabilities		72.5	%		73.6	%		75.2	%		78.2	%		73.0	%		75.4	%
Stockholders' Equity
Preferred Stock		4.0	%		4.4	%		10.1	%		10.9	%		11.7	%		10.3	%
Common Stock		3.2	%		3.6	%		8.1	%		8.7	%		10.4	%		9.2	%
Accumulated Other Comprehensive Loss		-1.2	%		-0.1	%		-0.8	%		-0.5	%		-0.1	%		-0.1	%
Retained Earnings		21.6	%		18.5	%		7.5	%		2.6	%		5.1	%		5.1	%
Total Stockholders' Equity		27.5	%		26.4	%		24.8	%		21.8	%		27.0	%		24.6	%
Total Liabilities & Stockholders' Equity		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Maxco, Inc.	Exhibit A
Income Statements	Page 3 of 6
(in 000's)

	For the Fiscal Year Ended															12 Months
																Ended
	3/31/2001			3/31/2002			3/31/2003			3/31/2004			3/31/2005			6/30/2005
Net Sales	$	39,560		$	34,696		$	36,827		$	40,798		$	45,364		$	45,445
Cost of Sales		24,469			20,514			23,305			26,774			29,039			28,783
Gross Profit		15,091			14,182			13,522			14,024			16,325			16,662
Operating Expenses
Selling, General, and Administrative		11,919			10,979			11,256			10,956			11,396			11,518
Depreciation and Amortization		2,790			3,212			2,949			2,899			2,926			2,934
Gain on Sale of Buildings		—			—			(149	)		—			—			—
Total Operating Expenses		14,709			14,191			14,056			13,855			14,322			14,452
Income from Operations		382			(9	)		(534	)		169			2,003			2,210
Other Income (Expense)
Investment, Interest, and Other Income		727			887			714			150			266			129
Interest Expense		(2,864	)		(2,096	)		(1,944	)		(1,682	)		(1,517	)		(1,517	)
Gain (Loss) on Sale of Assets		675			2,447			(265	)		1,268			(8	)		(7	)
Loss on Investments		(1,362	)		(3,103	)		(9,320	)		(1,115	)		(610	)		(610	)
Total Other Income (Expense)		(2,824	)		(1,865	)		(10,815	)		(1,379	)		(1,869	)		(2,005	)
Earnings Before Income Taxes		(2,442	)		(1,874	)		(11,349	)		(1,210	)		134			205
Income Taxes		745			575			875			—			—			—
Net Income (Loss) After Taxes		(1,697	)		(1,299	)		(10,474	)		(1,210	)		134			205
Equity in Net Loss of Affililatees, Net of Tax		(2,098	)		(528	)		(614	)		(321	)		—			—
Loss from Discontinued Operations, Net of Tax		(1,010	)		(2,674	)		(1,737	)		—			—			—
Net Income (Loss)	$	(4,805	)	$	(4,501	)	$	(12,825	)	$	(1,531	)	$	134		$	205
Other Items:
Capital Expenditures		6,463			572			531			698			1,042			1,493
Depreciation and Amortization		2,790			3,212			2,949			2,899			2,926			2,934
Dividends		408			408			408			408			408			408

Maxco, Inc.	Exhibit A
Common-Sized Income Statements	Page 4 of 6

																12 Months
	For the Fiscal Year Ended															Ended
	3/31/2001			3/31/2002			3/31/2003			3/31/2004			3/31/2005			6/30/2005
Net Sales		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of Sales		61.9	%		59.1	%		63.3	%		65.6	%		64.0	%		63.3	%
Gross Profit		38.1	%		40.9	%		36.7	%		34.4	%		36.0	%		36.7	%
Operating Expenses
Selling, General, and Administrative		30.1	%		31.6	%		30.6	%		26.9	%		25.1	%		25.3	%
Depreciation and Amortization		7.1	%		9.3	%		8.0	%		7.1	%		6.5	%		6.5	%
Gain on Sale of Buildings		0.0	%		0.0	%		-0.4	%		0.0	%		0.0	%		0.0	%
Total Operating Expenses		37.2	%		40.9	%		38.2	%		34.0	%		31.6	%		31.8	%
Income from Operations		1.0	%		0.0	%		-1.5	%		0.4	%		4.4	%		4.9	%
Other Income (Expense)
Investment, Interest, and Other Income		1.8	%		2.6	%		1.9	%		0.4	%		0.6	%		0.3	%
Interest Expense		-7.2	%		-6.0	%		-5.3	%		-4.1	%		-3.3	%		-3.3	%
Gain (Loss) on Sale of Assets		1.7	%		7.1	%		-0.7	%		3.1	%		0.0	%		0.0	%
Loss on Investments		-3.4	%		-8.9	%		-25.3	%		-2.7	%		-1.3	%		-1.3	%
Total Other Income (Expense)		-7.1	%		-5.4	%		-29.4	%		-3.4	%		-4.1	%		-4.4	%
Earnings Before Income Taxes		-6.2	%		-5.4	%		-30.8	%		-3.0	%		0.3	%		0.5	%
Income Taxes		1.9	%		1.7	%		2.4	%		0.0	%		0.0	%		0.0	%
Net Income (Loss) After Taxes		-4.3	%		-3.7	%		-28.4	%		-3.0	%		0.3	%		0.5	%
Equity in Net Loss of Affililatees, Net of Tax		-5.3	%		-1.5	%		-1.7	%		-0.8	%		0.0	%		0.0	%
Loss from Discontinued Operations, Net of Tax		-2.6	%		-7.7	%		-4.7	%		0.0	%		0.0	%		0.0	%
Net Income (Loss)		-12.1	%		-13.0	%		-34.8	%		-3.8	%		0.3	%		0.5	%
Other Items:
Capital Expenditures		16.3	%		1.6	%		1.4	%		1.7	%		2.3	%		3.3	%
Depreciation and Amortization		7.1	%		9.3	%		8.0	%		7.1	%		6.5	%		6.5	%
Dividends		1.0	%		1.2	%		1.1	%		1.0	%		0.9	%		0.9	%

Maxco, Inc.	Exhibit A
Adjustments to Income Statements	Page 5 of 6
(in 000's)

																12 Months
	For the Fiscal Year Ended															Ended
	3/31/2001			3/31/2002			3/31/2003			3/31/2004			3/31/2005			6/30/2005
Reported Earnings Before Income Taxes	$	(2,442	)	$	(1,874	)	$	(11,349	)	$	(1,210	)	$	134		$	205
Normalization Adjustments
Gain on Sale of Buildings		—			—			(149	)		—			—			—
Investment, Interest, and Other Income		(727	)		(887	)		(714	)		(150	)		(266	)		(129	)
Gain on Sale of Assets		(675	)		(2,447	)		265			(1,268	)		8			7
Loss on Investments		1,362			3,103			9,320			1,115			610			610
Total Normalization Adjustments		(40	)		(231	)		8,722			(303	)		352			488
Adjusted Earnings Before Income Taxes		(2,482	)		(2,105	)		(2,627	)		(1,513	)		486			693
less: Income Taxes @ 40%		993			842			1,051			605			(194	)		(277	)
Adjusted Net Income		(1,489	)		(1,263	)		(1,576	)		(908	)		292			416
plus: Depreciation and Amortization		2,790			3,212			2,949			2,899			2,926			2,934
Adjusted Gross Cash Flow		1,301			1,949			1,373			1,991			3,218			3,350
plus: Income Taxes		(993	)		(842	)		(1,051	)		(605	)		194			277
plus: Interest Expense		2,864			2,096			1,944			1,682			1,517			1,517
Adjusted EBITDA		3,172			3,203			2,266			3,068			4,929			5,144
less: Depreciation and Amortization		(2,790	)		(3,212	)		(2,949	)		(2,899	)		(2,926	)		(2,934	)
Adjusted EBIT		382			(9	)		(683	)		169			2,003			2,210

Maxco, Inc.																Exhibit A
Financial Highlights and Ratio Analysis																Page 6 of 6
(in 000's)
	For the Fiscal Year Ended															12 Months
																Ended						Weighted
	3/31/2001			3/31/2002			3/31/2003			3/31/2004			3/31/2005			6/30/2005			Average2			Average
Financial Statistics
Revenue	$	39,560		$	34,696		$	36,827		$	40,798		$	45,364		$	45,445		$	39,449		$	40,630
Assets		97,450			87,038			38,375			35,481			33,166			37,478			58,302			46,294
Equity		26,834			22,987			9,534			7,721			8,965			9,207			15,208			11,808
Interest-Bearing Debt		46,337			26,504			20,888			18,429			14,120			17,065			25,256			20,422
Capital Expenditures		6,463			572			531			698			1,042			1,493			1,861			1,147
EBIT1		382			(9	)		(683	)		169			2,003			2,210			372			600
EBITDA1		3,172			3,203			2,266			3,068			4,929			5,144			3,328			3,553
Growth
Revenue		n/a			-12.3	%		6.1	%		10.8	%		11.2	%		n/a			3.5	%		n/a
EBITDA		n/a			1.0	%		-29.3	%		35.4	%		60.7	%		n/a			11.6	%		n/a
Activity
Inventory Turnover		361.8			57.6			132.4			65.6			54.4			44.6			134.4			93.9
Asset Turnover		0.4			0.4			1.0			1.1			1.4			1.2			0.9			1.0
Liquidity and Working Capital
Current Ratio		0.7			0.6			0.3			0.5			0.5			0.5			0.5			0.5
Net Working Capital / Sales		17.3	%		15.7	%		10.8	%		9.4	%		7.2	%		5.0	%		12.1	%		10.3	%
Days in Accounts Receivable		184.5			84.0			71.7			68.3			53.1			51.9			92.3			73.8
+Days in Inventories		1.0			6.3			2.8			5.6			6.7			8.2			4.5			5.2
-Days in Accounts Payable		(3.0	)		(51.2	)		(53.6	)		(57.5	)		(48.6	)		(60.5	)		(42.8	)		(49.3	)
Net Trade Cycle		182.5			39.1			20.8			16.3			11.2			(0.5	)		54.0			29.6
Leverage and Coverage
Liabilities / Equity		2.6			2.8			3.0			3.6			2.7			3.1			2.9			3.0
Debt / (Debt + Equity)		63.3	%		53.6	%		68.7	%		70.5	%		61.2	%		65.0	%		63.4	%		64.3	%
Assets / Equity		3.6			3.8			4.0			4.6			3.7			4.1			3.9			4.0
Times Interest Earned1		0.1			(0.0	)		(0.4	)		0.1			1.3			1.5			0.2			0.4
Profitability
Gross Profit Margin		38.1	%		40.9	%		36.7	%		34.4	%		36.0	%		36.7	%		37.2	%		36.5	%
EBITDA Margin1		8.0	%		9.2	%		6.2	%		7.5	%		10.9	%		11.3	%		8.4	%		8.6	%
EBIT Margin1		1.0	%		0.0	%		-1.9	%		0.4	%		4.4	%		4.9	%		0.8	%		1.3	%
Net Profit Margin1		-3.8	%		-3.6	%		-4.3	%		-2.2	%		0.6	%		0.9	%		-2.7	%		-2.0	%
EBITDA/Assets1		3.3	%		3.7	%		5.9	%		8.6	%		14.9	%		13.7	%		7.3	%		9.1	%
EBITDA/Equity1		11.8	%		13.9	%		23.8	%		39.7	%		55.0	%		55.9	%		28.8	%		36.3	%
Return on Assets1		-1.5	%		-1.5	%		-4.1	%		-2.6	%		0.9	%		1.1	%		-1.8	%		-1.5	%
Return on Equity1		-5.5	%		-5.5	%		-16.5	%		-11.8	%		3.3	%		4.5	%		-7.2	%		-6.5	%
Other Ratios
Depreciation / Sales		7.1	%		9.3	%		8.0	%		7.1	%		6.5	%		6.5	%		7.6	%		7.4	%
Capital Expenditures / Sales		16.3	%		1.6	%		1.4	%		1.7	%		2.3	%		3.3	%		4.7	%		2.8	%
Income Tax Rate1		40.0	%		40.0	%		40.0	%		40.0	%		40.0	%		40.0	%		40.0	%		40.0	%
DuPont Analysis
Net Profit Margin1		-3.8	%		-3.6	%		-4.3	%		-2.2	%		0.6	%		0.9	%		-2.7	%		-2.0	%
x Assets / Equity		3.6			3.8			4.0			4.6			3.7			4.1			3.9			4.0
x Asset Turnover		0.4			0.4			1.0			1.1			1.4			1.2			0.9			1.0
Return on Equity		-5.5	%		-5.5	%		-16.5	%		-11.8	%		3.3	%		4.5	%		-7.2	%		-6.5	%
1 - Based on adjusted income
2 - Average growth rates represent compound annual growth rates for the five-year period

Maxco, Inc.	Exhibit B
Weighted Average Cost of Capital	Page 1 of 3

Cost of Equity
Risk Free Rate of Return			4.65%
Market / Equity Risk Premium	6.00	%
Selected Equity Beta	0.90			5.40	%
Small Stock Risk Premium				6.41	%
Subject Company (Unsystematic) Risk Premium				2.00	%
Cost of Equity				18.46	%
Cost of Debt
Long-Term, Pretax Cost of Debt				6.19	%
Less: Income Tax Factor of 40%				-2.48	%
Cost of Debt				3.71	%
Weighted Average Cost of Capital
Percentage of Capital Structure Comprised of Equity				75.00	%
Cost of Equity				18.46	%
Percentage of Capital Structure Comprised of Debt				25.00	%
Cost of Debt				3.71	%
Weighted Average Cost of Capital				14.77	%
Rounded				14.80	%

Maxco, Inc.	Exhibit B
Discounted Cash Flow Assumptions	Page 2 of 3
(in 000's)

	For the Year Ended						For the Year Ended
							Year 1			Year 2			Year 3			Year 4			Year 5
	3/31/2004			3/31/2005			3/31/2006			3/31/2007			3/31/2008			3/31/2009			3/31/2010
Revenue	$	40,798		$	45,364		$	47,400		$	50,480		$	53,760		$	55,910		$	57,590
% Growth Rate		n/a			11.2	%		4.5	%		6.5	%		6.5	%		4.0	%		3.0	%
New Contract		—			—			—			—			1,800			3,600			5,600
Total Revenue		40,798			45,364			47,400			50,480			55,560			59,510			63,190
% Growth Rate		n/a			11.2	%		4.5	%		6.5	%		10.1	%		7.1	%		6.2	%
Gross Profit		14,024			16,325			16,750			17,820			19,610			21,010			22,310
% Gross Margin		34.4	%		36.0	%		35.3	%		35.3	%		35.3	%		35.3	%		35.3	%
Operating Expenses		8,988			9,197			9,200			10,100			10,830			11,310			12,010
% Growth Rate		n/a			2.3	%		0.0	%		9.8	%		7.2	%		4.4	%		6.2	%
% Operating Expenses / Revenue		22.0	%		20.3	%		19.4	%		20.0	%		19.5	%		19.0	%		19.0	%
Corporate Overhead		1,968			2,199			2,000			2,060			2,120			2,180			2,250
% Growth Rate		n/a			11.7	%		-9.0	%		3.0	%		3.0	%		3.0	%		3.0	%
Other Income		(1,115	)		(610	)		—			—			—			—			—
% Other Income / Revenue		-2.7	%		-1.3	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Capital Budget
Net Capital Expenditures		698			1,042			2,300			2,369			2,440			1,785			1,896
% CAPEX / Revenue		1.7	%		2.3	%		4.9	%		4.7	%		4.4	%		3.0	%		3.0	%
Depreciation and Amortization		2,899			2,926			3,100			2,800			2,500			2,300			1,840
% Depreciation / Revenue		7.1	%		6.5	%		6.5	%		5.5	%		4.5	%		3.9	%		2.9	%
Property and Equipment		35,684			36,486			38,786			41,155			43,595			45,380			47,276
Accumulated Depreciation		(15,265	)		(18,018	)		(21,118	)		(23,918	)		(26,418	)		(28,718	)		(30,558	)
Net Property and Equipment		20,419			18,468			17,668			17,237			17,177			16,662			16,718
Gross Fixed Asset Turnover		1.1			1.2			1.2			1.2			1.3			1.3			1.3
Net Fixed Asset Turnover		2.0			2.5			2.7			2.9			3.2			3.6			3.8
Net Working Capital		3,816			3,269			3,412			3,634			3,999			4,284			4,548
% Net Working Capital / Sales		9.4	%		7.2	%		7.2	%		7.2	%		7.2	%		7.2	%		7.2	%

Maxco, Inc.	Exhibit B
Discounted Cash Flow Method	Page 3 of 3
(in 000's)

	For the Year Ending
	Year 1			Year 2			Year 3			Year 4			Year 5
	3/31/2006			3/31/2007			3/31/2008			3/31/2009			3/31/2010
Revenue	$	47,400		$	50,480		$	55,560		$	59,510		$	63,190
Cost of Sales		30,650			32,660			35,950			38,500			40,880
Gross Profit		16,750			17,820			19,610			21,010			22,310
Operating Expenses		9,200			10,100			10,830			11,310			12,010
Operating EBITDA		7,550			7,720			8,780			9,700			10,300
Depreciation and Amortization		3,100			2,800			2,500			2,300			1,840
Corporate Overhead		2,000			2,060			2,120			2,180			2,250
Earnings Before Income Taxes		2,450			2,860			4,160			5,220			6,210
Income Taxes @ 40%		980			1,144			1,664			2,088			2,484
Debt-Free Net Income		1,470			1,716			2,496			3,132			3,726
Adjustments:
Plus: Depreciation and Amortization		3,100			2,800			2,500			2,300			1,840
Less: Capital Expenditures		(2,300	)		(2,369	)		(2,440	)		(1,785	)		(1,896	)
Less: Additional Working Capital		(143	)		(222	)		(366	)		(284	)		(265	)
Distributable Cash Flow		2,127			1,925			2,190			3,363			3,405
Fractional Year Remaining		47.2	%		100.0	%		100.0	%		100.0	%		100.0	%
Distributable Cash Flow Remaining		1,004			1,925			2,190			3,363			3,405
Present Value Factor @ 14.8%		0.9679			0.8744			0.7617			0.6635			0.5780
Present Value of Distributable Cash Flow	$	972		$	1,684		$	1,668		$	2,231		$	1,968
Present Value of Cash Flows (Years 1 to 5)		8,523						Year Five Cash Flow						3,405
Present Value of Residual Cash Flow		17,177						Multiplied by: 1 + Growth Rate						1.03
Residual Cash Flow													$	3,507
Total Operating Value		25,700
Add: Nonoperating Assets		9,862						Discount Rate						14.8	%
Less: Residual Growth Rate														-3.0	%
Business Enterprise Value		35,562						Capitalization Rate						11.8	%
Less: Incentive Compensation Liability		(1,300	)
Less: Interest-Bearing Debt		(16,286	)					Residual Cash Flow Value						29,720
Less: Preferred Stock		(5,116	)					Present Value Factor						0.5780
Plus: Cash and Cash Equivalents		1,640
Present Value of Residual													$	17,177
Value of Common Equity		14,500
Indicated Value - Rounded		14,500
Outstanding Shares		3,447
Per Share	$	4.21
EBIT	$	2,450		$	2,860		$	4,160		$	5,220		$	6,210
EBITDA	$	5,550		$	5,660		$	6,660		$	7,520		$	8,050

Maxco, Inc.	Exhibit C
Guideline Public Company Method	Page 1 of 3
ComparativeFinancial Analysis
Most Recent Fiscal Year End (in millions)

	Commercial Metals Co.			Milastar Corporation			Novamerican Steel, Inc.			Olympic Steel, Inc.			Steel Technologies, Inc.			Worthington Industries, Inc.			Median			Maxco Inc.
Size
Sales	$	6,315.8		$	13.0		$	841.3		$	1,010.4		$	1,036.6		$	3,078.9		$	1,023.5		$	45.4
Assets		2,238.3			10.0			426.3			340.7			451.5			1,830.0			438.9			33.2
Total Invested Capital		2,185.0			8.3			448.8			240.6			410.2			1,982.2			429.5			n/a
Growth
Sales 5-year CAGR		15.7	%		9.9	%		12.6	%		15.3	%		13.8	%		14.0	%		13.9	%		3.5	%
Sales Growth Rate		65.8	%		16.1	%		51.6	%		89.2	%		53.5	%		29.4	%		52.5	%		11.2	%
EBITDA 5-year CAGR		17.5	%		10.0	%		40.8	%		85.3	%		18.8	%		22.8	%		20.8	%		11.6	%
EBITDA Growth Rate		193.8	%		29.4	%		322.0	%		1117.2	%		134.0	%		31.1	%		163.9	%		60.7	%
Activity
Inventory Turnover		8.2			50.4			4.2			3.9			5.0			6.5			5.8			54.4
Asset Turnover		2.2			1.0			1.8			2.0			1.6			1.4			1.7			1.4
Liquidity and Working Capital
Current Ratio		1.8			1.0			2.0			3.4			2.5			1.6			1.9			0.5
Net Working Capital / Sales		12.3	%		7.0	%		20.1	%		21.9	%		20.8	%		11.4	%		16.2	%		7.2	%
Days in Accounts Receivable		48.2			46.6			55.4			31.9			54.5			41.3			47.4			53.1
+Days in Inventories		45.4			8.3			89.2			94.1			73.8			56.9			65.4			6.7
-Days in Accounts Payable		35.3			26.8			63.6			27.5			44.6			48.9			40.0			48.6
Net Trade Cycle		58.3			28.1			81.0			98.5			83.7			49.3			69.7			11.2
Leverage and Coverage
Liabilities / Equity		1.7			0.9			1.3			1.1			1.3			1.3			1.3			2.7
Debt / (Debt + Equity)		40.9	%		38.6	%		36.8	%		41.2	%		41.3	%		31.9	%		39.7	%		61.2	%
Assets / Equity		2.7			1.9			2.3			2.1			2.3			2.3			2.3			3.7
Times Interest Earned		4.5			4.6			8.5			4.7			13.8			6.0			5.3			1.3
Profitability
Gross Margin		12.0	%		28.4	%		23.8	%		23.7	%		11.0	%		14.8	%		19.3	%		36.0	%
EBITDA Margin		5.6	%		15.5	%		8.7	%		4.8	%		7.9	%		9.4	%		8.3	%		10.9	%
EBIT Margin		3.3	%		5.3	%		7.5	%		2.7	%		5.2	%		6.2	%		5.3	%		4.4	%
Net Profit Margin		1.5	%		2.0	%		3.9	%		0.9	%		2.4	%		3.9	%		2.2	%		0.6	%
Return on Assets		3.4	%		2.4	%		6.8	%		2.3	%		3.8	%		5.7	%		3.6	%		0.9	%
Return on Equity		9.4	%		4.3	%		14.6	%		5.1	%		8.6	%		13.3	%		9.0	%		3.3	%
Other Ratios
Depreciation / Sales		2.3	%		10.2	%		1.3	%		2.1	%		2.8	%		3.1	%		2.5	%		6.5	%
Capital Expenditures / Sales		1.9	%		11.9	%		3.3	%		0.3	%		2.6	%		1.9	%		2.3	%		2.3	%
Income Tax Rate		35.9	%		12.4	%		33.7	%		36.4	%		45.6	%		35.8	%		35.8	%		40.0	%

Maxco, Inc.						Exhibit C
Guideline Public Company Method						Page 2 of 3
Relative Rankings
	Sales (millions)		Gross Margin		EBITDA Margin		Return on Assets
	Commercial Metals Company	6,315.8	Maxco, Inc.	36.0%	Milastar Corporation	15.5%	Novamerican Steel, Inc.	6.8%
	Worthington Industries, Inc.	3,078.9	Milastar Corporation	28.4%	Maxco, Inc.	10.9%	Worthington Industries, Inc.	5.7%
	Olympic Steel, Inc.	1,010.4	Novamerican Steel, Inc.	23.8%	Worthington Industries, Inc.	9.4%	Steel Technologies, Inc.	3.8%
	Steel Technologies, Inc.	1,036.6	Olympic Steel, Inc.	23.7%	Novamerican Steel, Inc.	8.7%	Commercial Metals Company	3.4%
	Novamerican Steel, Inc.	841.3	Worthington Industries, Inc.	14.8%	Steel Technologies, Inc.	7.9%	Milastar Corporation	2.4%
	Maxco, Inc.	45.4	Commercial Metals Company	12.0%	Commercial Metals Company	5.6%	Olympic Steel, Inc.	2.3%
	Milastar Corporation	13.0	Steel Technologies, Inc.	11.0%	Olympic Steel, Inc.	4.8%	Maxco, Inc.	0.9%
	Return on Equity		5-Year CAGR of Sales		5-Year CAGR of EBITDA		Times Interest Earned
	Novamerican Steel, Inc.	14.6%	Commercial Metals Company	15.7%	Olympic Steel, Inc.	1117.2%	Steel Technologies, Inc.	13.8
	Worthington Industries, Inc.	13.3%	Olympic Steel, Inc.	15.3%	Novamerican Steel, Inc.	322.0%	Novamerican Steel, Inc.	8.5
	Commercial Metals Company	9.4%	Worthington Industries, Inc.	14.0%	Commercial Metals Company	193.8%	Worthington Industries, Inc.	6.0
	Steel Technologies, Inc.	8.6%	Steel Technologies, Inc.	13.8%	Steel Technologies, Inc.	134.0%	Olympic Steel, Inc.	4.7
	Olympic Steel, Inc.	5.1%	Novamerican Steel, Inc.	12.6%	Worthington Industries, Inc.	31.1%	Milastar Corporation	4.6
	Milastar Corporation	4.3%	Milastar Corporation	9.9%	Milastar Corporation	29.4%	Commercial Metals Company	4.5
	Maxco, Inc.	3.3%	Maxco, Inc.	3.5%	Maxco, Inc.	11.6%	Maxco, Inc.	1.3
	Debt / (Debt + Equity)		Current Ratio		Capital Expenditures / Sales		Inventory Turnover
	Worthington Industries, Inc.	31.9%	Olympic Steel, Inc.	3.4	Olympic Steel, Inc.	0.3%	Maxco, Inc.	54.4
	Novamerican Steel, Inc.	36.8%	Steel Technologies, Inc.	2.5	Commercial Metals Company	1.9%	Milastar Corporation	50.4
	Milastar Corporation	38.6%	Novamerican Steel, Inc.	2.0	Worthington Industries, Inc.	1.9%	Commercial Metals Company	8.2
	Commercial Metals Company	40.9%	Commercial Metals Company	1.8	Maxco, Inc.	2.3%	Worthington Industries, Inc.	6.5
	Olympic Steel, Inc.	41.2%	Worthington Industries, Inc.	1.6	Steel Technologies, Inc.	2.6%	Steel Technologies, Inc.	5.0
	Steel Technologies, Inc.	41.3%	Milastar Corporation	1.0	Novamerican Steel, Inc.	3.3%	Novamerican Steel, Inc.	4.2
	Maxco, Inc.	61.2%	Maxco, Inc.	0.5	Milastar Corporation	11.9%	Olympic Steel, Inc.	3.9

 Maxco, Inc.
Guideline Public Company Method
Pricing Multiples  Exhibit C
Page 3 of 3

	Commercial  Metals Co.			Milastar Corporation			Novamerican Steel, Inc.			Olympic Steel, Inc.			Steel Technologies, Inc.			Worthington Industries, Inc.			Mean			Median			Maxco
Fiscal Year End		(8-31	)		(4-30	)		(11-30	)		(12-31	)		(9-30	)		(5-31	)								(3-31	)
Exchange		NYSE			OTC			NSDQ			NSDQ			NSDQ			NYSE									NSDQ
Ticker Symbol		CMC			MILAA			TONS			ZEUS			STTX			WOR									MAXC
Closing Stock Price (10/12/05)	$	28.91		$	2.30		$	37.28		$	15.97		$	24.07		$	18.77								$	5.07
Times: Shares Outstanding		58.122			2.723			10.126			10.152			12.923			87.962									3.45
Market Value of Equity (MVE)		1,680.3			6.3			377.5			162.1			311.1			1,651.0			698.0			344.3			17.5
Plus: Preferred Stock		0.0			0.0			0.0			0.0			0.0			0.0									5.1
Plus: Total Debt		572.9			2.2			84.0			82.6			117.0			388.4									16.3
Less: Cash and Equivalents		(68.2	)		(0.2	)		(12.7	)		(4.1	)		(17.9	)		(57.2	)								(1.6	)
Less: Non-Operating Assets / Other		0.0			0.0			0.0			0.0			0.0			0.0									(8.6	)
Enterprise Value (EV)		2,185.0			8.3			448.8			240.6			410.2			1,982.2			879.2			429.5			28.7
Valuation Multiples
EV / LTM Revenue		34.6	%		63.6	%		53.3	%		23.8	%		39.6	%		64.4	%		46.5	%		46.5	%		63.1	%
EV / 5-Year Wtd. Avg. Revenue		65.0	%		76.0	%		78.5	%		39.9	%		70.3	%		80.6	%		68.4	%		73.2	%		70.6	%
EV / LTM EBITDA		7.0			3.8			3.5			2.1			5.7			6.1			4.7			4.7			5.6
EV / 5-Year Wtd. Avg. EBITDA		11.4			4.8			7.0			5.2			8.6			8.1			7.5			7.6			8.1
EV / 1-Yr. Proj Revenues		33.7	%		na			55.6	%		24.6	%		40.7	%		68.4	%		44.6	%		40.7	%		60.5	%
EV / 2-Yr. Proj Revenues		36.8	%		na			56.6	%		25.2	%		43.7	%		66.8	%		45.8	%		43.7	%		56.8	%

Maxco, Inc.
Selected Going-Private Transactions
Premiums Paid Analysis
Exhibit D
Page 1 of 2

Announced	Seller		Industry		Deal Size (Base Equity Price) ($mm)		1-Day Premium			5-Day Premium			30-Day Premium			Market Cap ($mm)
1/14/2004		Heritage Bancshares, Inc. /TX/		Banking & Finance		12.42		65.46	%		82.29	%		94.01	%		7.51
1/14/2004		HCB Bancshares, Inc.		Banking & Finance		27.02		3.99	%		4.78	%		-2.64	%		25.98
1/22/2004		T-NETIX, Inc.		Computer Software, Supplies & Services		69.24		9.52	%		16.46	%		33.33	%		63.22
1/27/2004		Uni-Marts, Inc.		Retail		16.22		14.21	%		37.20	%		30.06	%		14.20
1/27/2004		Dover Investments Corp.		Real Estate		20.06		35.32	%		11.79	%		14.65	%		30.44
2/20/2004		Johnson Outdoors Inc		Toys & Recreational Products		84.35		18.58	%		19.29	%		27.70	%		146.97
2/20/2004		Trover Solutions, Inc.		Miscellaneous Services		59.51		0.00	%		-3.18	%		1.74	%		59.51
2/23/2004		Arrow Magnolia International, Inc.		Chemicals, Paints & Coatings		5.44		3.23	%		1.91	%		8.11	%		5.27
2/27/2004		Guilford Mills Inc		Textiles		104.52		-15.85	%		-16.48	%		7.04	%		124.21
3/5/2004		Extended Stay America, Inc.		Leisure & Entertainment		1926.84		24.60	%		26.29	%		21.97	%		1546.38
3/22/2004		U.S. Oncology, Inc.		Health Services		1089.67		18.50	%		20.30	%		14.54	%		1098.59
3/31/2004		Ecogen Inc		Chemicals, Paints & Coatings		1.68		127.27	%		61.29	%		78.57	%		7.41
4/8/2004		TBA Global Events		Miscellaneous Services		4.94		69.62	%		76.32	%		17.54	%		2.91
4/10/2004		North Bancshares, Inc.		Banking & Finance		23.51		16.07	%		17.21	%		60.44	%		22.43
4/12/2004		SciQuest, Inc.		Computer Software, Supplies & Services		23.99		6.29	%		6.29	%		6.29	%		22.58
4/13/2004		Gristedes Foods, Inc.		Retail		0.82		8.75	%		-0.57	%		2.35	%		15.71
4/23/2004		Loehmanns Holdings, Inc.		Retail		154.77		5.75	%		9.68	%		24.59	%		146.36
4/29/2004		Schuff International Inc		Construction Contractors & Eng. Svcs.		4.43		11.28	%		15.12	%		17.93	%		13.77
5/24/2004		Lason, Inc.		Computer Software, Supplies & Services		3.72		-16.67	%		-16.67	%		-16.67	%		4.46
6/4/2004		Stephan Co.		Toiletries & Cosmetics		19.86		7.53	%		9.89	%		11.86	%		20.51
6/10/2004		Major Automotive Companies, Inc.		Computer Software, Supplies & Services		6.65		1.45	%		12.90	%		-9.09	%		6.55
6/16/2004		Quality Dining, Inc.		Leisure & Entertainment		20.52		39.13	%		39.74	%		35.02	%		26.67
6/25/2004		Edelbrock Corp.		Wholesale & Distribution		44.88		12.72	%		13.10	%		13.18	%		81.58
6/29/2004		Catalyst International, Inc.		Computer Software, Supplies & Services		19.69		92.31	%		92.31	%		85.19	%		10.24
7/2/2004		Del Laboratories, Inc.		Toiletries & Cosmetics		341.47		14.01	%		14.75	%		22.98	%		299.51
7/8/2004		Microwave Transmission Systems, Inc. /Old/		Electrical Equipment		0.33		-12.73	%		-12.73	%		-12.73	%		6.38
7/16/2004		General Bearing Corp.		Industrial & Farm Equipment & Machinery		5.22		6.10	%		5.54	%		11.42	%		14.19
8/6/2004		Mississippi View Holding Co.		Banking & Finance		n/a		39.19	%		41.10	%		35.53	%		n/a
8/17/2004		RSI Holdings, Inc.		Furniture		0.17		11.11	%		-16.67	%		17.65	%		0.71
8/18/2004		Prime Hospitality Corp.		Leisure & Entertainment		546.53		44.63	%		42.77	%		17.90	%		377.88
8/24/2004		Price Legacy Corp.		Brokerage, Investment & Mgmt. Consulting		705.05		2.01	%		1.15	%		1.91	%		691.13
8/29/2004		LNR Property Corp.		Real Estate		1886.19		6.77	%		10.08	%		16.04	%		1766.62
9/13/2004		Rag Shops, Inc.		Retail		9.15		23.21	%		17.17	%		37.82	%		16.74
9/13/2004		Metro-Goldwyn-Mayer, Inc.		Leisure & Entertainment		2863.63		8.01	%		8.79	%		-1.07	%		2651.24
10/7/2004		Anthony & Sylvan Pools Corp.		Construction Contractors & Eng. Svcs.		29.38		34.15	%		34.15	%		28.65	%		21.90
10/18/2004		Select Medical Corp.		Health Services		1835.81		26.58	%		27.84	%		36.99	%		1450.29
10/20/2004		Boca Resorts, Inc.		Leisure & Entertainment		961.42		27.93	%		30.65	%		24.61	%		751.51
10/26/2004		Security Capital Corp.		Insurance		70.96		5.97	%		8.91	%		9.56	%		66.96
11/8/2004		Cypress Communications Holdings Co., Inc.		Miscellaneous Services		41.50		72.00	%		72.00	%		43.33	%		7.12
12/20/2004		Elmer's Restaurants, Inc.		Leisure & Entertainment		5.68		-0.66	%		-0.53	%		0.00	%		13.92
1/17/2005		Penn Engineering & Manufacturing Corp.		Miscellaneous Manufacturing		325.90		0.00	%		2.82	%		-6.89	%		325.90
1/28/2005		RSI Holdings, Inc.		Furniture		0.19		11.11	%		11.11	%		-23.08	%		0.71
2/23/2005		Insurance Auto Auctions, Inc.		Retail		335.11		26.06	%		24.39	%		28.23	%		265.84
3/1/2005		Blue Martini Software, Inc.		Computer Software, Supplies & Services		52.30		63.27	%		81.82	%		50.94	%		32.03
3/7/2005		Insight Communications Co, Inc.		Broadcasting		599.40		21.38	%		23.68	%		17.62	%		574.19
3/17/2005		Toys "R" Us, Inc.		Retail		5925.14		7.99	%		13.01	%		22.76	%		5486.57
3/25/2005		Calprop Corp.		Construction Contractors & Eng. Svcs.		1.07		62.50	%		71.05	%		170.83	%		3.89
3/25/2005		Vestin Group, Inc.		Banking & Finance		1.36		5.56	%		3.64	%		14.00	%		6.82
3/28/2005		SunGard Data Systems, Inc.		Computer Software, Supplies & Services		10391.30		14.10	%		44.29	%		35.49	%		9106.82
3/29/2005		Vialta, Inc.		Electrical Equipment		18.37		56.52	%		56.52	%		63.64	%		19.11
4/7/2005		Neff Corp.		Miscellaneous Services		173.85		67.63	%		49.35	%		193.36	%		103.71

Maxco, Inc.
Selected Going-Private Transactions
Premiums Paid Analysis
Exhibit D
Page 2 of 2

 

Announced	Seller	Industry	Deal Size (Base Equity Price) ($mm)	1-Day Premium		5-Day Premium		30-Day Premium		Market Cap ($mm)
4/8/2005	ShopKo Stores Inc	Retail	738.98	8.55	%	12.71	%	46.54	%	680.74
4/18/2005	Manchester Technologies, Inc.	Computer Software, Supplies & Services	54.02	35.88	%	17.43	%	-41.82	%	39.76
4/25/2005	DoubleClick, Inc.	Miscellaneous Services	1071.40	-0.82	%	17.73	%	7.46	%	1080.22
4/28/2005	Black Warrior Wireline Corp.	Energy Services	9.38	341.18	%	275.00	%	212.50	%	2.12
4/29/2005	Worldwide Restaurant Concepts, Inc.	Leisure & Entertainment	193.30	42.28	%	41.41	%	39.44	%	135.86
5/2/2005	Neiman Marcus Group Inc	Retail	4894.38	1.71	%	3.52	%	13.77	%	4812.15
5/3/2005	Motion DNA Corp.	Instruments & Photographic Equipment	69.71	89.39	%	316.67	%	31150.00	%	36.47
5/10/2005	Blair Corp.	Computer Software, Supplies & Services	277.02	3.51	%	7.43	%	5.45	%	286.85
5/16/2005	Vermont Teddy Bear Co, Inc.	Retail	32.75	21.50	%	29.22	%	21.50	%	26.96
5/16/2005	iPayment, Inc.	Computer Software, Supplies & Services	565.46	20.44	%	9.60	%	-8.43	%	531.69
5/18/2005	Metals USA Inc	Fabricated Metal Products	446.22	58.39	%	50.89	%	7.53	%	281.73
5/19/2005	United Systems Technology Inc	Computer Software, Supplies & Services	5.62	100.00	%	100.00	%	66.67	%	2.81
5/19/2005	Imperial Sugar Corp.	Food Processing	94.81	-19.35	%	-13.51	%	-23.80	%	137.34
5/31/2005	School Specialty, Inc.	Printing & Publishing	1117.00	24.90	%	26.13	%	29.49	%	894.29
6/1/2005	Mylan Laboratories, Inc.	Drugs, Medical Supplies & Equipment	5386.84	21.21	%	21.29	%	19.90	%	4444.15
6/14/2005	Wyndham International, Inc.	Leisure & Entertainment	1366.50	18.56	%	19.79	%	21.05	%	167.61
6/15/2005	John Q. Hammons Hotels, Inc.	Leisure & Entertainment	126.08	3.23	%	2.43	%	10.55	%	122.14
6/20/2005	Cablevision Systems Corp.	Broadcasting	7890.33	24.67	%	24.49	%	24.54	%	7910.94
7/7/2005	Obsidian Enterprises Inc	Plastics & Rubber	1.31	37.04	%	27.59	%	44.53	%	4.20
7/12/2005	Coast Dental Services Inc	Brokerage, Investment & Mgmt. Consulting	6.93	15.63	%	157.66	%	156.94	%	17.11
7/26/2005	National Vision, Inc.	Instruments & Photographic Equipment	39.57	42.16	%	42.72	%	40.78	%	27.84
7/26/2005	BroadVision, Inc.	Computer Software, Supplies & Services	28.71	-36.36	%	-35.88	%	-30.58	%	45.12
7/28/2005	SS&C Technologies, Inc.	Computer Software, Supplies & Services	856.71	12.88	%	11.46	%	24.13	%	758.97
7/29/2005	PRG-Schultz International, Inc.	Miscellaneous Services	188.49	18.69	%	21.63	%	1.18	%	180.06
8/3/2005	Chart Industries, Inc.	Industrial & Farm Equipment & Machinery	352.30	19821.21	%	19821.21	%	19821.21	%	1.77
8/5/2005	Callaway Golf Co.	Toys & Recreational Products	1239.69	4.84	%	8.41	%	4.50	%	1182.47
8/10/2005	Barbeques Galore Ltd	Household Goods	42.08	92.43	%	65.17	%	110.85	%	21.87
8/17/2005	Beverly Enterprises, Inc.	Health Services	1423.46	0.46	%	-0.23	%	1.96	%	1416.89
9/1/2005	Haggar Corp.	Retail	205.42	25.32	%	29.12	%	36.53	%	163.91
9/6/2005	United Financial Mortgage Corp.	Banking & Finance	35.00	34.93	%	32.71	%	38.57	%	25.94
9/6/2005	Capital Automotive REIT	Brokerage, Investment & Mgmt. Consulting	2046.98	9.03	%	10.18	%	-1.82	%	1644.62
9/12/2005	Hector Communications Corp.	Communications	115.31	13.08	%	15.72	%	20.18	%	101.97
9/13/2005	BayCorp Holdings Ltd.	Electric, Gas Water & Sanitary Services	8.11	45.69	%	42.61	%	15.55	%	5.57
9/15/2005	UICI	Insurance	1706.39	19.05	%	17.09	%	11.08	%	1433.36
9/22/2005	CCC Information Services Group, Inc.	Computer Software, Supplies & Services	439.07	3.92	%	4.08	%	15.42	%	422.51
9/22/2005	Mossimo, Inc.	Apparel	27.31	0.40	%	3.73	%	7.53	%	78.38
9/22/2005	Badger Paper Mills, Inc.	Paper	2.57	-60.38	%	-68.27	%	-68.35	%	6.49
9/27/2005	Party City Corp.	Retail	315.90	42.51	%	33.79	%	25.45	%	221.67
Lower Quartile			15.27	5.75	%	7.43	%	7.04	%	14.20
Median			69.47	16.07	%	17.21	%	17.93	%	65.09
Upper Quartile			573.95	37.04	%	39.74	%	36.53	%	449.80