SCHEDULE A (Dollars in Thousands, except per share data and ratios)
AG SERVICES OF AMERICA, INC.
----------------For the Years Ended February 28,---------------- For 3 Months ended May 31 Sep 21
1993 1994 1995 1996 1997 1998 1997 1998 1998
SELECTED BALANCE SHEET ITEMS (Unaudited)
Accounts Receivable $15,580 $17,677 $22,316 $31,821 $43,454 $71,801 $176,418
Inventory 1,691 2,345 2,436 3,075 2,841 2,972 1,331
Current Assets 17,755 23,822 29,362 44,577 49,932 77,383 180,211
Current Liabilities 9,224 788 7,816 20,965 22,557 43,577 146,359
Working Capital 8,531 23,034 21,546 23,611 27,375 33,806 33,852
Short Term Debt 19,850 21,000 39,328 121,820
Current Maturities LTD 0 0 0 0 0 0 0
Long Term Debt 0 13,800 13,800 13,800 0 5,915 6,650
Stockholders' Equity 11,760 14,198 16,660 20,421 38,216 43,756 46,372
Total Capitalization 11,760 27,998 30,460 34,221 38,216 49,671 53,022
Total Assets 20,983 28,786 38,277 55,186 60,773 93,248 199,381
SELECTED INCOME STATEMENT ITEMS
Sales 51,088 61,644 81,936 106,869 137,443 172,717 78,339 97,720
Cost of Goods Sold 46,447 56,296 75,247 98,281 127,698 162,197 73,953 92,362
Gross Profit 4,641 5,348 6,689 8,589 9,745 10,520 4,386 5,358
Other Income 3,474 3,910 5,530 7,817 10,204 13,356 2,436 3,809
Interest Expense 1,308 1,720 2,784 4,258 4,580 5,536 810 1,504
Deprec and Amort Exp 90 188 248 290 257 422 84 110
Sell, Gen & Admin Exp 2,604 3,404 4,263 5,422 6,404 7,316 1,811 2,044
Other Operating Exp 812 1,050 1,409 1,863 2,290 2,963 1,257 1,827
Other Expenses 490 0 0 0 0 0 0 0
Pre-Tax Income 2,901 3,084 3,763 4,863 6,675 8,061 2,944 3,792
Taxes 1,045 1,117 1,361 1,730 2,329 2,880 1,022 1,363
Net Inc Contin Ops 1,856 1,967 2,402 3,133 4,346 5,181 1,922 2,429
Discon Ops and/or Extrao 0 0 0 0 0 0 0 0
Net Income 1,856 1,967 2,402 3,133 4,346 5,181 1,922 2,429
EBITDA 4,299 4,992 6,795 9,410 11,512 14,019 3,838 5,406
SELECTED LIQUIDITY, COVERAGE & LEVERAGE RATIOS
Current Ratio 1.92 30.23 3.76 2.13 2.21 1.78 1.23
Collection Period (Days) 91.50 98.46 89.08 92.45 99.95 121.78 * 235.82 *
Inventory Turnover 33.31 27.90 31.48 35.67 43.17 55.80 * 83.94 *
Sales/Assets (Avg.) 2.92 2.48 2.44 2.29 2.37 2.24 * 1.31 *
EBIT/Interest 3.22 2.79 2.35 2.14 2.46 2.46 * 2.43 *
EBITDA/CMLTD+Interest 3.29 2.90 2.44 2.21 2.51 2.53 * 2.50 *
Equity/Assets (Avg.) 0.62 0.52 0.46 0.40 0.51 0.53 0.31
Equity/Ttl.Capital (Avg.) 1.00 0.65 0.53 0.57 0.81 0.93 0.88
SELECTED PROFITABILITY RATIOS
N I Cont Ops/Sales 3.63% 3.19% 2.93% 2.93% 3.16% 3.00% * 2.96%*
N I Cont Ops/Avg Equity 17.19% 15.16% 15.57% 16.90% 14.82% 12.64% * 12.62%*
N I Cont Ops/Avg Assets 10.62% 7.90% 7.16% 6.70% 7.50% 6.73% * 3.89%*
Gross Profit/Sales 9.08% 8.68% 8.16% 8.04% 7.09% 6.09% 5.60% 5.48%
Operating Expenses/Sale 6.69% 7.23% 6.92% 6.82% 6.33% 5.95% 3.92% 3.96%
Taxes/Pre-Tax Income 36.02% 36.22% 36.16% 35.57% 34.89% 35.73% 34.71% 35.94%
SELECTED EARNINGS AND PRICING RATIOS (Unaudited)
LTM EPS From Cont Ops $0.53 $0.52 $0.60 $0.73 $0.84 $0.96 $1.05 $1.05 **
Wtd Avg EPS Cont Ops 5Yr $0.80 $0.80 ***
For Next Year EPS (2/99) $1.08
Fully Diluted EPS $0.53 $0.52 $0.60 $0.73 $0.84 $0.96 $0.36 $0.45
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%
Last 12 Mo Sales / Share 14.50 $12.60 $15.91 $20.55 $25.68 $31.84 $35.21 $35.21 **
Last 12 Mo EBITDA / Share$1.22 $1.02 $1.32 $1.81 $2.15 $2.58 $2.86 $2.86 **
Book Value Per Share $3.49 $4.09 $4.78 $5.65 $7.44 $8.45 $8.91 $8.91 **
Price Per Share $17.38 $13.88
Invested Capital Per Share $26.11 $38.57
Price Per Share / LTM EPS - Continuing Operations 18.10 x 13.21 x
Price Per Share / Wt. Avg. EPS Cont. Ops. (5 years) 21.59 x 17.24 x
Price Per Share / Forecasted EPS 12.85 x
Price Per Share / Book Value Per Share 2.06 x 1.56 x
Price Per Share / Sales Per Share (LTM) 0.55 x 0.39 x
Price Per Share / EBITDA Per Share (LTM) 6.72 x 4.86 x
Invested Capital Per Share / Sales Per Share (LTM) 0.82 x 1.10 x
Invested Capital Per Share / EBITDA Per Share (LTM) 10.11 x 13.50 x
End of Period Shares Outstanding 3,611,350 5,135,719 5,177,154 5,203,004
Wtd Avg Shares Outs 3,524,278 4,893,838 5,150,556 5,201,231 5,352,257 5,424,977 5,413,000 5,456,000
SELECTED GROWTH RATE CALCULATIONS
CAGR in Assets (1,2,3,4,5 Yrs.) 37.19% 35.06% 38.03% 30.45% 34.76%
CAGR in Sales (1,2,3,4,5 Yrs.) 20.66% 26.64% 27.89% 28.07% 27.59%
CAGR in F.D. EPS Cont. Ops. (1,2,3,4,5 Yrs.) -1.89% 6.40% 11.26% 12.20% 12.62%
EPS Cont. Ops. (5 Year Average) $0.73
EPS Cont. Ops. (5 Year Standard Deviation) $0.16
CAGR in F.D. EPS (1,2,3,4,5 Yrs.) -1.89% 6.40% 11.26% 12.20% 12.62%
EPS (5 Year Average) $0.73
EPS (5 Year Standard Deviation) $0.16
EPS Cont. Ops. - Earnings per share before discontinued
operations and/or extraordinary and nonrecurring items
nmf - Not meaningful
* Annualized
** As of 5/31/98
*** As of 2/28/98
**** Indicated dividend rate