A FRAMEWORK FOR VALUE CREATION
An Overview of LaBarge, Inc.
March 2003
DELIVERING ON
OUR STRATEGIC GOALS
* Focused strategy in diversified markets
* Strong management team/flexible organizational structure
* Key manufacturing initiatives
* Expanded capabilities
* New customers
* Strong backlog
* Excellent balance sheet
ELECONTRONICS MANUFACTURING SERVICES
* Contract design and manufacturing services for sophisticated, high-
reliability electronics to customers in a wide variety of technology-driven
markets
EMS INDUSTRY OUTLOOK
* $100 billion worldwide market
* Long-term outlook for EMS industry is promising
- Increasing trend toward outsourcing
- CEMs expected to be fastest growing segment of worldwide electronics
assembly market*
*Based on the period of 2001 through 2006. Source: Manufacturing Market
Insider
LABARGE'S PLACE IN THE EMS INDUSTRY
* LaBarge's niche:
- Low- to mid-volume
- High complexity/High reliability
* Broad array of industries
* Typically, large technology-driven companies
- Focused on own core capabilities, boosting efficiencies
- Seeking to outsource turnkey electronic assemblies
FOCUSED STRATEGY
* Outsourcing partner to OEMs
* Broad-based manufacturing capabilities
* Value-added services
* Expanded system integration capabilities
* Flexibility
COMPETITIVE ADVANTAGE - "ONE-STOP" SHOP
Broad-based specialized capabilities
* Interconnect Systems
* Printed Circuit Card Assemblies
* Higher-level Assemblies
* Systems Integration
COMPETITIVE ADVANTAGE - VALUE-ADDED SERVICES
* Extensive package of manufacturing services
- Program management
- Direct link with customer
- Design for manufacturability and testability
- Product design partners
- Product redesign for cost reduction
EXPANDING CAPABILITIES
AND PROCESSES
* Improved manufacturing efficiencies
- Lean methodologies: eliminate waste/increase productivity
- Supply chain management: reduced material costs and inventory
* Enhanced capabilities
* Better capacity utilization
* Investments in new equipment and technology
DIVERSE MARKETS (revenues by market)
2001
Defense - 28%
Government - 26%
Oil and Gas - 23%
Aerospace - 12%
Medical - 3%
Other - 4%
Railroad - 1%
Semiconductor - 3%
2002
Defense - 38%
Government - 23%
Oil and Gas - 20%
Aerospace - 8%
Medical - 4%
Other - 4%
Railroad - 2%
Semiconductor - 1%
BUILDING MOMENTUM IN DEFENSE MARKET
* Long-term industry participant
* Established relationships with prime contractors
* Growing U.S. defense budget
* Provides balance to other market segments suffering from soft economy
RECENT DEFENSE AWARDS
* MESA Radar, $9 million from Northrop Grumman (July 2002)
* Virginia-Class Attack Submarine, $2 million from DRS Power & Control (Dec.
2002)
* F/A-22 Raptor $3.2 million from Raytheon (Aug. 2002)
* Vertical Launching System $1.8 million from United Defense (July 2002)
* AN/FPS-117 Long-Range Radar, $2.7 million from Lockheed Martin (Sept. 2002)
ACTIVITY IN OTHER MARKETS
GOVERNMENT SYSTEMS
* Postal sorting equipment
* Airport security equipment
OIL AND GAS
* Oil field services equipment
AEROSPACE
* Conversions and retrofits
* Space
BACKLOG OF UNSHIPPED ORDERS
(dollars in millions)
$104.4 million at December 29, 2002
1999 - $42.7
2000 - $63.4
2001 - $87.9
2002 -$100.7
ACQUISITION STRATEGY
* Aggressively pursuing companies that:
- Are compatible with LB's core electronics manufacturing business
- Bring:
-New customers
-Enhanced capabilities
-Manufacturing capacity
- Are reasonably priced/accretive to LB's EPS
SALE OF SCADANET NETWORK RAILROAD ASSETS
* Purchased by GE Transportation Systems Global Signaling, LLC
* Transaction valued at $6.8 million
* LaBarge will produce ScadaNET hardware for GE
* LaBarge retains rights to other industries
FINANCIAL STRENGTH
Net debt* was $4.4 million at December 29, 2002, down 66% since last fiscal year
end.
*Total debt minus cash
TOTAL DEBT-TO-EQUITY
7/2/00 - 103%
7/1/01 - 59%
6/30/02 - 46%
12/29/02 - 37%
NET SALES (dollars in millions)
$47.5 million in the fiscal 2003 first half
1999 - $78.6
2000 - $79.6
2001 - $119.2
2002 - $120.1
GROSS MARGIN (as a percentage of sales)
19.5% in the fiscal 2003 first half
1999 - 20.2%
2000 - 22.5%
2001 - 20.8%
2002- 19.5%
DILUTED EARNINGS PER SHARE
$.03 per diluted share in the fiscal 2003 first half
1999 - (0.20)
2000 - 0.11
2001 - 0.26
2002 - 0.26
SELLING & ADMINISTRATIVE EXPENSES (as a percentage of sales)
17.9% in the fiscal 2003 first half
1999 - 16.5%
2000 - 20.3%
2001 - 14.4%
2002 - 14.1%
EMS INDUSTRY RELATIVE STOCK PRICE PERFORMANCE
JANUARY 2002 - FEBRUARY 2003
Date LB $100M -- $499M $500M -- $2B More than $2B
31-Dec-01 100.00% 100.00% 100.00% 100.00%
02-Jan-02 99.71% 99.78% 101.49% 103.54%
03-Jan-02 99.71% 103.31% 105.90% 109.31%
04-Jan-02 100.00% 103.02% 108.49% 110.62%
07-Jan-02 104.41% 102.19% 113.55% 110.61%
08-Jan-02 104.41% 102.57% 112.30% 109.63%
09-Jan-02 106.18% 105.05% 110.12% 111.17%
10-Jan-02 113.24% 103.24% 112.79% 110.51%
11-Jan-02 114.71% 105.54% 112.03% 104.82%
14-Jan-02 112.65% 104.23% 112.20% 102.77%
15-Jan-02 109.12% 105.19% 112.69% 104.46%
16-Jan-02 106.18% 102.75% 110.83% 98.15%
17-Jan-02 105.88% 105.02% 110.59% 102.08%
18-Jan-02 105.88% 101.14% 106.84% 98.68%
22-Jan-02 123.24% 107.17% 103.53% 93.76%
23-Jan-02 123.53% 106.83% 102.20% 98.83%
24-Jan-02 127.35% 113.33% 106.65% 98.34%
25-Jan-02 121.47% 108.11% 106.23% 95.99%
28-Jan-02 142.65% 112.69% 103.08% 95.01%
29-Jan-02 133.24% 109.04% 101.67% 93.50%
30-Jan-02 149.71% 111.85% 102.95% 93.83%
31-Jan-02 132.35% 109.05% 104.51% 95.36%
01-Feb-02 131.18% 107.73% 104.98% 93.28%
04-Feb-02 139.71% 110.64% 102.80% 87.57%
05-Feb-02 144.12% 110.62% 103.23% 84.58%
06-Feb-02 138.82% 104.02% 105.29% 83.25%
07-Feb-02 127.94% 101.38% 101.16% 81.77%
08-Feb-02 127.65% 101.95% 101.36% 83.22%
11-Feb-02 122.06% 101.17% 102.75% 84.70%
12-Feb-02 120.59% 100.09% 102.97% 84.16%
13-Feb-02 120.59% 101.06% 101.97% 83.97%
14-Feb-02 127.65% 102.28% 105.98% 84.35%
15-Feb-02 119.71% 99.27% 106.80% 81.97%
19-Feb-02 126.47% 99.60% 104.34% 77.97%
20-Feb-02 126.47% 100.86% 109.81% 77.61%
21-Feb-02 126.76% 97.93% 105.23% 73.52%
22-Feb-02 135.29% 100.26% 105.32% 71.96%
25-Feb-02 126.47% 100.78% 111.69% 75.58%
26-Feb-02 129.41% 103.22% 114.83% 72.72%
27-Feb-02 127.94% 101.98% 120.69% 73.71%
28-Feb-02 125.00% 101.07% 107.77% 69.53%
01-Mar-02 122.65% 102.06% 111.25% 70.87%
04-Mar-02 121.47% 103.44% 122.06% 82.02%
05-Mar-02 123.53% 105.33% 122.05% 85.09%
06-Mar-02 125.59% 107.31% 122.41% 86.94%
07-Mar-02 123.53% 107.08% 123.42% 88.93%
08-Mar-02 123.53% 108.55% 127.89% 93.70%
11-Mar-02 125.00% 109.70% 126.86% 90.74%
12-Mar-02 125.00% 108.57% 124.44% 84.87%
13-Mar-02 125.00% 106.13% 124.85% 80.91%
14-Mar-02 137.06% 109.82% 123.43% 80.29%
15-Mar-02 132.94% 108.93% 121.29% 79.90%
18-Mar-02 129.71% 110.53% 121.52% 79.04%
19-Mar-02 131.18% 111.66% 122.12% 77.25%
20-Mar-02 142.65% 113.85% 120.51% 77.16%
21-Mar-02 147.06% 110.18% 121.81% 79.07%
22-Mar-02 138.24% 111.01% 123.36% 78.14%
25-Mar-02 130.88% 107.42% 119.52% 74.41%
26-Mar-02 132.35% 108.46% 121.12% 75.19%
27-Mar-02 133.82% 109.94% 119.45% 76.39%
28-Mar-02 140.59% 112.92% 117.87% 79.52%
01-Apr-02 138.82% 113.80% 116.49% 81.85%
02-Apr-02 151.18% 114.67% 117.64% 78.65%
03-Apr-02 164.71% 115.03% 112.86% 77.03%
04-Apr-02 155.88% 117.15% 114.20% 77.89%
05-Apr-02 156.76% 113.98% 115.19% 75.94%
08-Apr-02 152.06% 112.86% 112.44% 73.53%
09-Apr-02 140.00% 113.45% 110.73% 72.07%
10-Apr-02 140.59% 113.80% 113.84% 70.03%
11-Apr-02 145.29% 112.25% 111.85% 69.73%
12-Apr-02 146.18% 116.13% 115.21% 71.15%
15-Apr-02 136.76% 114.11% 112.33% 72.05%
16-Apr-02 140.00% 117.03% 116.25% 77.28%
17-Apr-02 143.53% 117.86% 118.09% 76.33%
18-Apr-02 143.53% 116.53% 116.56% 74.25%
19-Apr-02 137.65% 117.88% 118.12% 75.00%
22-Apr-02 139.71% 118.67% 115.19% 73.07%
23-Apr-02 132.65% 120.10% 115.35% 71.22%
24-Apr-02 133.82% 114.74% 115.00% 68.18%
25-Apr-02 129.41% 112.47% 113.84% 68.25%
26-Apr-02 126.76% 109.52% 112.00% 66.69%
29-Apr-02 123.53% 111.17% 111.54% 66.25%
30-Apr-02 120.59% 110.13% 113.89% 66.62%
01-May-02 118.24% 109.79% 112.38% 66.04%
02-May-02 122.06% 110.32% 110.19% 63.99%
03-May-02 123.53% 109.80% 110.54% 62.98%
06-May-02 122.06% 106.25% 102.92% 62.35%
07-May-02 120.88% 103.94% 106.74% 61.50%
08-May-02 132.06% 108.26% 109.93% 70.67%
09-May-02 135.00% 106.96% 107.26% 69.15%
10-May-02 139.41% 106.21% 104.92% 66.21%
13-May-02 133.82% 105.73% 111.40% 70.43%
14-May-02 132.35% 109.00% 111.81% 75.85%
15-May-02 131.76% 105.52% 111.15% 79.90%
16-May-02 125.59% 105.82% 110.75% 80.24%
17-May-02 123.53% 105.71% 109.59% 80.00%
20-May-02 126.47% 103.94% 108.07% 77.62%
21-May-02 122.35% 101.87% 107.23% 74.90%
22-May-02 123.53% 101.03% 108.41% 75.56%
23-May-02 122.06% 99.06% 107.67% 77.06%
24-May-02 126.47% 97.59% 106.35% 74.96%
28-May-02 126.47% 97.46% 105.53% 74.82%
29-May-02 129.41% 96.41% 102.96% 71.91%
30-May-02 126.47% 100.07% 103.23% 71.59%
31-May-02 127.94% 95.73% 102.14% 71.74%
03-Jun-02 120.59% 92.95% 101.77% 67.96%
04-Jun-02 122.06% 92.70% 97.49% 64.00%
05-Jun-02 123.53% 93.10% 98.58% 64.94%
06-Jun-02 123.53% 91.98% 97.30% 61.87%
07-Jun-02 122.94% 95.08% 95.40% 61.29%
10-Jun-02 118.82% 92.77% 94.82% 60.49%
11-Jun-02 120.59% 92.43% 96.11% 57.99%
12-Jun-02 120.59% 95.71% 96.20% 58.37%
13-Jun-02 119.12% 94.11% 94.22% 56.13%
14-Jun-02 117.35% 93.94% 95.17% 55.82%
17-Jun-02 117.94% 94.44% 95.25% 56.90%
18-Jun-02 119.12% 93.53% 94.32% 54.73%
19-Jun-02 119.12% 87.85% 92.92% 54.63%
20-Jun-02 119.12% 88.60% 88.50% 52.29%
21-Jun-02 119.12% 87.41% 87.81% 52.93%
24-Jun-02 120.59% 87.80% 89.43% 54.28%
25-Jun-02 119.41% 82.63% 83.36% 51.24%
26-Jun-02 113.24% 83.67% 84.17% 49.71%
27-Jun-02 114.71% 81.44% 90.88% 52.09%
28-Jun-02 116.18% 82.69% 96.22% 53.02%
01-Jul-02 117.65% 83.42% 88.58% 47.96%
02-Jul-02 113.24% 81.59% 92.23% 45.31%
03-Jul-02 102.94% 76.53% 93.39% 47.70%
05-Jul-02 108.82% 81.55% 94.05% 52.49%
08-Jul-02 107.35% 78.37% 93.58% 48.46%
09-Jul-02 110.00% 79.29% 91.44% 47.15%
10-Jul-02 117.65% 81.35% 88.40% 44.12%
11-Jul-02 114.71% 78.76% 85.81% 48.37%
12-Jul-02 110.59% 79.25% 85.67% 49.22%
15-Jul-02 106.18% 74.78% 81.02% 51.20%
16-Jul-02 100.00% 75.06% 83.53% 49.53%
17-Jul-02 100.29% 71.79% 82.62% 48.98%
18-Jul-02 100.88% 69.82% 81.99% 50.27%
19-Jul-02 93.24% 71.86% 77.13% 47.39%
22-Jul-02 86.47% 67.72% 72.51% 46.14%
23-Jul-02 86.47% 62.63% 68.09% 43.07%
24-Jul-02 89.71% 62.68% 67.80% 44.85%
25-Jul-02 88.24% 63.19% 62.31% 39.67%
26-Jul-02 92.35% 65.71% 58.93% 39.72%
29-Jul-02 94.71% 68.60% 65.41% 43.67%
30-Jul-02 97.06% 69.26% 64.23% 45.76%
31-Jul-02 97.06% 66.72% 64.11% 44.07%
01-Aug-02 100.00% 63.64% 63.88% 43.38%
02-Aug-02 91.18% 63.16% 62.17% 41.60%
05-Aug-02 88.82% 60.18% 60.30% 39.23%
06-Aug-02 95.29% 64.96% 62.84% 41.79%
07-Aug-02 95.59% 60.86% 63.85% 41.69%
08-Aug-02 94.12% 65.07% 64.85% 43.30%
09-Aug-02 95.59% 62.27% 64.61% 42.96%
12-Aug-02 96.76% 64.52% 63.06% 42.11%
13-Aug-02 94.12% 63.44% 60.88% 40.22%
14-Aug-02 94.41% 61.69% 63.83% 42.38%
15-Aug-02 92.65% 60.67% 64.01% 44.03%
16-Aug-02 92.65% 59.82% 67.47% 46.69%
19-Aug-02 91.76% 62.61% 70.48% 47.85%
20-Aug-02 93.53% 63.13% 68.98% 46.33%
21-Aug-02 95.00% 64.47% 70.47% 48.44%
22-Aug-02 85.29% 63.71% 73.33% 49.87%
23-Aug-02 82.35% 63.10% 68.21% 47.16%
26-Aug-02 85.29% 62.01% 69.19% 48.26%
27-Aug-02 85.29% 60.93% 67.90% 46.33%
28-Aug-02 85.88% 61.27% 64.82% 44.87%
29-Aug-02 88.24% 59.64% 65.34% 46.06%
30-Aug-02 86.76% 60.17% 66.11% 45.89%
03-Sep-02 90.00% 61.34% 65.38% 43.70%
04-Sep-02 93.24% 62.11% 63.81% 45.33%
05-Sep-02 89.41% 58.01% 63.75% 44.21%
06-Sep-02 87.65% 57.31% 67.39% 46.83%
09-Sep-02 88.24% 58.06% 66.95% 46.94%
10-Sep-02 88.82% 57.99% 68.67% 47.26%
11-Sep-02 87.06% 57.37% 68.75% 47.97%
12-Sep-02 89.41% 56.49% 67.16% 45.86%
13-Sep-02 87.06% 57.83% 67.05% 42.91%
16-Sep-02 90.59% 55.33% 63.60% 40.32%
17-Sep-02 91.18% 56.38% 62.07% 39.50%
18-Sep-02 94.12% 57.68% 59.22% 36.12%
19-Sep-02 95.59% 53.61% 56.86% 34.86%
20-Sep-02 92.65% 53.09% 58.73% 33.58%
23-Sep-02 88.53% 51.47% 56.58% 31.72%
24-Sep-02 88.24% 49.21% 54.78% 31.12%
25-Sep-02 88.82% 50.11% 56.97% 34.05%
26-Sep-02 88.53% 49.82% 54.91% 33.81%
27-Sep-02 88.53% 48.67% 53.39% 33.22%
30-Sep-02 88.24% 47.27% 52.65% 31.83%
01-Oct-02 88.24% 49.13% 56.09% 33.44%
02-Oct-02 88.24% 47.49% 58.02% 30.88%
03-Oct-02 87.94% 47.97% 55.81% 31.57%
04-Oct-02 86.76% 46.70% 50.48% 27.61%
07-Oct-02 85.00% 44.79% 46.04% 26.21%
08-Oct-02 84.71% 46.11% 42.22% 25.52%
09-Oct-02 85.88% 45.19% 48.06% 25.31%
10-Oct-02 84.12% 45.14% 46.45% 26.59%
11-Oct-02 84.71% 48.61% 48.17% 28.30%
14-Oct-02 83.82% 50.13% 47.60% 27.56%
15-Oct-02 85.00% 50.43% 50.90% 30.90%
16-Oct-02 80.88% 49.27% 49.31% 27.79%
17-Oct-02 83.82% 51.77% 51.85% 29.11%
18-Oct-02 87.94% 57.44% 51.21% 29.17%
21-Oct-02 87.35% 55.39% 54.01% 31.82%
22-Oct-02 88.24% 57.92% 50.03% 30.76%
23-Oct-02 92.65% 58.42% 55.94% 33.11%
24-Oct-02 92.65% 58.80% 55.68% 33.10%
25-Oct-02 94.12% 63.36% 58.56% 34.31%
28-Oct-02 94.12% 63.02% 59.83% 34.25%
29-Oct-02 92.65% 60.65% 56.81% 32.31%
30-Oct-02 94.12% 63.50% 60.32% 34.82%
31-Oct-02 88.53% 62.81% 58.83% 34.44%
01-Nov-02 88.24% 64.98% 60.31% 36.48%
04-Nov-02 94.12% 65.49% 64.36% 39.79%
05-Nov-02 97.65% 68.04% 64.51% 39.62%
06-Nov-02 95.59% 67.30% 66.05% 41.66%
07-Nov-02 85.00% 63.05% 62.20% 38.03%
08-Nov-02 76.47% 60.13% 62.06% 36.83%
11-Nov-02 77.94% 59.56% 59.07% 34.44%
12-Nov-02 77.06% 58.93% 61.16% 35.83%
13-Nov-02 82.35% 59.80% 60.73% 37.03%
14-Nov-02 82.35% 62.06% 65.43% 39.81%
15-Nov-02 82.35% 61.61% 65.20% 40.15%
18-Nov-02 85.29% 59.33% 60.29% 39.42%
19-Nov-02 82.35% 59.32% 60.28% 37.99%
20-Nov-02 82.35% 62.79% 62.64% 41.16%
21-Nov-02 87.65% 62.83% 67.99% 45.43%
22-Nov-02 92.65% 63.86% 69.54% 47.75%
25-Nov-02 94.12% 66.61% 70.18% 50.12%
26-Nov-02 94.12% 65.35% 67.56% 47.14%
27-Nov-02 95.59% 68.07% 72.98% 49.89%
29-Nov-02 95.59% 67.42% 73.27% 50.47%
02-Dec-02 94.41% 67.27% 69.80% 50.68%
03-Dec-02 92.65% 66.15% 69.13% 48.34%
04-Dec-02 92.35% 65.73% 68.05% 45.00%
05-Dec-02 88.24% 65.22% 68.56% 44.20%
06-Dec-02 84.41% 63.51% 68.33% 44.59%
09-Dec-02 87.06% 62.32% 66.29% 41.45%
10-Dec-02 86.76% 63.42% 66.48% 43.24%
11-Dec-02 86.76% 62.93% 66.77% 43.32%
12-Dec-02 86.76% 62.96% 68.84% 43.51%
13-Dec-02 86.76% 63.81% 65.91% 41.59%
16-Dec-02 88.24% 65.06% 68.21% 42.99%
17-Dec-02 85.29% 64.86% 67.54% 43.21%
18-Dec-02 86.18% 64.86% 65.36% 40.26%
19-Dec-02 83.82% 63.68% 63.93% 39.44%
20-Dec-02 85.29% 64.15% 65.38% 40.46%
23-Dec-02 81.18% 63.61% 66.05% 40.53%
24-Dec-02 82.35% 62.36% 65.90% 40.25%
26-Dec-02 79.71% 62.69% 65.49% 40.10%
27-Dec-02 85.29% 62.18% 65.95% 39.40%
30-Dec-02 80.88% 61.35% 63.58% 39.12%
31-Dec-02 83.82% 62.09% 67.01% 40.39%
02-Jan-03 88.24% 64.21% 67.50% 42.86%
03-Jan-03 86.76% 64.70% 67.15% 42.54%
06-Jan-03 85.59% 63.40% 71.92% 44.74%
07-Jan-03 86.76% 64.21% 72.53% 46.78%
08-Jan-03 87.06% 63.76% 74.61% 44.78%
09-Jan-03 85.29% 64.69% 77.89% 46.69%
10-Jan-03 85.29% 65.21% 81.57% 46.78%
13-Jan-03 83.82% 64.00% 80.09% 45.30%
14-Jan-03 88.24% 65.57% 80.40% 45.47%
15-Jan-03 89.41% 63.61% 79.24% 44.33%
16-Jan-03 88.53% 63.39% 76.44% 43.22%
17-Jan-03 82.94% 61.55% 73.88% 41.16%
21-Jan-03 82.94% 62.10% 73.99% 39.81%
22-Jan-03 88.24% 61.76% 72.97% 39.72%
23-Jan-03 85.59% 60.84% 76.38% 40.43%
24-Jan-03 86.76% 62.02% 73.42% 39.60%
27-Jan-03 86.76% 61.14% 71.49% 38.69%
28-Jan-03 85.29% 62.41% 72.64% 39.71%
29-Jan-03 83.53% 61.93% 72.88% 38.05%
30-Jan-03 84.12% 58.55% 70.81% 36.59%
31-Jan-03 84.41% 60.68% 71.69% 36.25%
03-Feb-03 84.12% 58.97% 71.81% 35.63%
04-Feb-03 83.82% 59.07% 72.00% 35.22%
05-Feb-03 83.82% 58.04% 73.76% 35.85%
06-Feb-03 84.12% 57.04% 74.24% 34.89%
07-Feb-03 83.82% 55.71% 74.31% 34.47%
10-Feb-03 82.94% 56.29% 74.59% 34.66%
11-Feb-03 83.82% 55.99% 75.02% 34.57%
12-Feb-03 82.65% 55.83% 72.62% 33.53%
13-Feb-03 81.18% 57.17% 73.36% 33.32%
14-Feb-03 80.88% 55.13% 74.96% 34.84%
18-Feb-03 79.71% 55.78% 77.05% 36.75%
19-Feb-03 79.71% 54.95% 77.44% 35.76%
20-Feb-03 77.94% 56.75% 76.75% 36.25%
21-Feb-03 80.88% 55.87% 77.55% 36.28%
24-Feb-03 83.53% 55.51% 76.42% 35.67%
25-Feb-03 82.35% 55.70% 77.14% 35.89%
26-Feb-03 80.88% 54.99% 76.56% 35.18%
27-Feb-03 79.41% 56.90% 75.55% 36.02%
28-Feb-03 80.88% 54.49% 76.60% 37.74%
RESULTS/OUTLOOK
* Challenges from economic uncertainty/delays in planned shipments
* Weakest quarter was FY03 first quarter
* Second-quarter improved from first quarter
* Record backlog supports growth in future quarters
* Expect further growth in backlog
* Anticipate stronger sales and profits in second half, especially in fourth
quarter
LABARGE'S FOCUSED COMMITMENT TO AGGRESSIVE, PROFITABLE GROWTH
* Excellent reputation and customer base in diverse industries
* Significant growth potential in defense
* Investment in people, facilities and technology
* Broadening our reach
- Target new customers
- Attain new proprietary skills
- Seek attractive EMS industry acquisitions
* Increased bidding activity/strong backlog
* Excellent balance sheet