SCHEDULE A (Dollars in Thousands, except per share data and ratios)
For the Years Ended Ten Months For the Nine Months
ECOGEN, INC. December 31, Ended Oct 31 --For the Years Ended October 31-- Ended July 31, Sep 21
1992 1993 1994 1995 1996 1997 1997 1998 1998
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SELECTED BALANCE SHEET ITEMS (Unaudited)
Accounts Receivable $733 $1,784 $1,770 $1,790
Inventory 6,345 6,854 8,357 6,628
Current Assets 9,000 18,743 13,071 13,404
Current Liabilities 4,121 6,273 6,001 5,241
Working Capital 4,879 12,469 7,070 8,162
Short Term Debt 0 0 0 0
Current Maturities LTD 0 0 0 0
L T Debt and Preferred St 0 0 0 620 1,297 3,916 3,735
Com Stckhldrs' Equity 18,465 9,496 9,651 5,507 14,403 4,870 5,109
Total Capitalization 18,465 9,496 9,651 6,127 15,700 8,786 8,844
Total Assets 23,356 21,277 19,471 12,371 23,861 17,558 16,862
SELECTED INCOME STATEMENT ITEMS
Sales 3,519 7,151 8,550 9,135 8,600 8,783 7,684 6,674
Cost of Goods Sold 3,227 5,637 5,891 5,508 5,699 6,292 5,106 5,417
Gross Profit 292 1,514 2,659 3,628 2,901 2,491 2,579 1,257
Other Income 5,438 12,501 11,283 2,863 7,940 3,170 2,426 5,398
Interest Expense 8 8 115 142 107 290
Deprec and Amor Exp 423 614 404 1,355 306 580
Sell, Gen & Admin Exp 8,757 9,821 9,249 10,672 8,547 8,661 6,491 5,251
Other Operating Expenses 12,694 12,446 9,278 19,135 4,922 6,668 3,770 2,721
Other Expenses 0 0 0 0 210 0
Pre-Tax Income (4,593) (23,324) (2,743) (9,810)(5,574) (1,609)
Taxes 0 0 0 0 0 0
N I From Continuing Ops (21,366) (11,858) (4,593) (23,324) (2,743) (9,810)(5,574) (1,609)
Dis Ops Extrao 0 0 0 0 0 0 0 0
Net Income (21,366) (11,858) (4,593) (23,324) (2,743) (9,810)(5,574) (1,609)
Preferred Stock dividends 0 0 0 0 120 0 0 0
N I from ContOps ava for Com (21,366) (11,858) (4,593) (23,324) (2,863) (9,810)(5,574) (1,609)
N I avail for Com Sh (21,366) (11,858) (4,593) (23,324) (2,863) (9,810)(5,574) (1,609)
EBITDA (4,161) (22,702) (2,224) (8,313)(5,161) (738)
SELECTED LIQUIDITY, COVERAGE, & LEVERAGE RATIOS
Current ratio 2.18 2.99 2.18 2.56
Collection period (days) 29.29 53.41 73.83 * 83.59 *
Inventory turnover 0.87 0.86 0.83 * 0.88 *
Sales/Assets (Avg) 0.15 0.32 0.42 0.57 0.47 0.42 * 0.45 *
EBIT/Interest+Pref Div -560.59 -2914.55 -11.17 -68.08 * -16.96 *
EBIT/CMLTD+Interest+Pref Div -2837.80 -9.45 -58.54 * -11.95 *
Equity/Assets (Avg) 0.79 0.63 0.47 0.48 0.55 0.47 0.29
Equity/Ttl Capitalization (Avg) 1.00 1.00 1.00 0.96 0.91 0.79 0.57
SELECTED PROFITABILITY RATIOS
N I Cont Ops Avail com/Sales -607.16% -165.82% -53.72% -255.32% -33.29% -111.69% * -75.20%*
N I Cont Ops Avail com/Equity-115.71% -84.82% -47.97% -307.75% -28.76% -101.80% * -117.14%*
N I Cont Ops Avail com/AvAss -91.48% -53.14% -22.54% -146.50% -15.81% -47.37% * -33.96%*
Gross Profit/Sales 8.30% 21.17% 31.10% 39.71% 33.73% 28.36% 33.56% 18.83%
Operating expense/Sales 609.58% 311.38% 216.69% 326.29% 156.62% 174.53% 33.54% 119.46%
Taxes/Pretax income 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SELECTED EARNING AND PRICING RATIOS
LTM EPS from Cont Ops ($6.30) ($3.39) ($1.24) ($4.34) ($0.40) ($1.23) ($0.73) ($0.73)**
Wtd Aver EPS Cont Ops $0.00 $0.00 ***
Forecasted Next Yr EPS(10/99) ($0.40)
Fully diluted EPS as report ($6.30) ($3.39) ($1.24) ($4.34) ($0.40) ($1.23) ($0.70) ($0.20)
Dividend per share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ****
Dividend yield 0.00% 0.00%
Percentage payout 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
LTM Sales per share $1.04 $2.05 $2.30 $1.70 $1.20 $1.10 $0.97 $0.97 **
LTM EBITDA per share ($1.12) ($4.23) ($0.31) ($1.04) ($0.48) ($0.48)**
Book value per share $0.81 $1.83 $0.61 $0.60 $0.60 **
Price / Share $2.75 $1.25
Invested Capital / Share $3.24 $1.71
Price / Share - LTM EPS Cont Ops nmf nmf
Price / Share - Wtd Aver EPS CoOp nmf nmf
Price / Share - Forecasted EPS nmf
Price / Share - Book Value /Sh 4.52 x 2.07 x
Price / Share - Sales per sh LTM 2.49 x 1.29 x
Price / Share - EBITDA / Sh LTM nmf nmf
Inv Cap / Sh - Sales per sh LTM 2.94 x 1.77 x
Inv Cap / Sh - EBITDA per sh LTM nmf nmf
End of Period Shares Outstanding 5,942,386 7,801,523 8,001,680 8,142,573
Wtd Aver Shares Outstand 3,385,000 3,495,000 3,715,000 5,373,000 7,178,000 7,958,000 7,9934,000 8,041,000
SELECTED GROWTH RATE CALCULATIONS
CAGR in Assets 12345 Yrs -8.90% -8.69% -19.09% 0.54% -5.55%
CAGR in Sales 12345 Yrs 103.21% 55.87% 37.44% 25.03% 20.07%
CAGR in FD EPS ConOps 12345yrs nmf nmf nmf nmf nmf
EPS Con Ops 5 yr aver ($2.12)
EPS Con Ops 5 yr std dev $1.49
CAGR in FD EPS 12345 yrs nmf nmf nmf nmf nmf
EPS (5 Year Average) ($2.12)
EPS (5 Year Standard Deviation) $1.49
EPS Cont. Ops. - Earnings per share before discontinued
operations and/or extraordinary and nonrecurring items
nmf - Not meaningful
n/a - Not available
* Annualized
** As of 7/31/98
*** As of 10/31/97
**** Indicated dividend rate