SCHEDULE A (Dollars in Thousands, except per share data and ratios)
For the 9 Months
DEKALB GENETICS CORPORATION For the Years Ended August 31, Ended May 31, Sep 21
1992 1993 1994 1995 1996 1997 1997 1998 1998
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SELECTED BALANCE SHEET ITEMS (Unaudited)
Accounts Receivable $57,600 $54,600 $67,500 $176,300
Inventory 106,000 99,100 139,100 142,400
Current Assets 175,000 190,000 226,500 342,500
Current Liabilities 94,600 87,300 133,500 244,600
Working Capital 86,000 67,700 68,900 80,400 102,700 93,000 97,900
Short Term Debt 42,800 0 34,500 126,000
Current Maturities LTD 0 0 0 0
L T Debt and Preferred Stk 90,100 85,200 85,000 85,000 85,000 90,000 114,000
Com Stckhldrs' Equity 117,900 114,800 121,300 126,300 168,600 196,100 225,900
Total Capitalization 208,000 200,000 206,300 211,300 253,600 286,100 339,900
Total Assets 302,100 313,000 315,200 323,000 363,300 449,600 614,800
SELECTED INCOME STATEMENT ITEMS
Sales 285,900 277,400 300,200 319,400 387,500 451,400 438,000 496,500
Cost of Goods Sold 163,900 162,300 202,100 230,500 221,300 264,800
Gross Profit 136,300 157,100 185,400 220,900 216,700 231,700
Other Income 3,500 1,100 3,600 6,600 2,500 4,200
Interest Expense 8,200 9,600 8,300 7,500 5,300 8,300
Deprec and Amor Exp 10,800 11,100 11,300 13,800 9,300 11,100
Sell, Gen & Admin Exp 75,100 90,300 105,000 116,300 108,100 118,400
Other Operating Expenses 41,300 42,500 47,600 57,300 54,200 72,900
Other Expenses 0 700 0 0 0 0
Pre-Tax Income 13,900 (2,600) 15,200 15,100 28,100 46,400 51,600 36,300
Taxes 4,400 (3,400) 4,600 5,600 11,100 17,600 20,100 11,500
N I From Continuing Ops 9,500 800 10,600 9,500 17,000 28,800 31,500 24,800
Dis Ops Extrao 800 900 0 1,200 0 0 0 0
Net Income 10,300 1,700 10,600 10,700 17,000 28,800 31,500 24,800
EBITDA 34,200 35,800 47,700 67,700 66,200 55,700
SELECTED LIQUIDITY, COVERAGE & LEVERAGE RATIOS
Current Ratio 2.22 1.70 1.75 1.85 2.18 1.70 1.40
Collection Period (Days) 65.82 52.84 49.36 * 87.26 *
Inventory Turnover 1.53 1.97 1.94 * 1.95 *
Sales/Assets (Avg.) 0.95 0.90 0.96 1.00 1.13 1.11 * 0.96 *
EBIT/Interest 2.85 2.57 4.39 7.19 * 3.96 *
EBITDA/CMLTD+Interest 3.73 5.75 9.03 * 5.45 *
Equity/Assets (Avg.) 0.39 0.38 0.38 0.39 0.43 0.45 0.40
Equity/Ttl.Capitalization Avg 0.57 0.57 0.58 0.59 0.63 0.68 0.67
SELECTED PROFITABILITY RATIOS
N I Cont. Ops./Sales 3.32% 0.29% 3.53% 2.97% 4.39% 6.38% 6.61%* 4.33%*
N I Cont. Ops./Avg. Equity 8.06% 0.69% 8.98% 7.67% 11.53% 15.79% * 10.47%*
N I Cont. Ops/Avg. Assets 3.14% 0.26% 3.37% 2.98% 4.95% 7.09% * 4.15%*
Gross Profit/Sales 45.40% 49.19% 47.85% 48.94% 49.47% 46.67%
Operating Expenses/Sales 38.77% 41.58% 39.38% 38.46% 37.05% 38.53%
Taxes/Pre-Tax Income 31.65% 130.77% 30.26% 37.09% 39.50% 37.93% 38.95% 31.68%
SELECTED EARNINGS AND PRICING RATIOS (Unaudited)
LTM EPS From Cont Ops $0.31 $0.03 $0.34 $0.30 $0.51 $0.80 $0.85 $0.60 $0.60**
Wtd Avg EPS Cont Ops5 Yr $0.51 $0.51***
Forecasted Next Year EPS (8/99) $1.18
Fully Diluted EPS (As Reported $0.34 $0.05 $0.34 $0.34 $0.51 $0.80 $0.88 $0.68
Dividend Per Share $0.13 $0.13 $0.13 $0.13 $0.14 $0.14 $0.11 $0.11 $0.14****
Dividend Yield 0.36% 0.15%
Percentage Payout 39.70% 266.00% 39.12% 39.12% 26.86% 17.50% 11.93% 15.44% 23.33%
Last 12 Months Sales / Share $9.28 $8.90 $9.58 $10.12 $11.54 $12.62 $13.96 $13.96 **
Last 12 Months EBITDA / Share $1.09 $1.13 $1.42 $1.89 $1.57 $1.57 **
Book Value Per Share $3.84 $3.72 $3.93 $4.06 $4.94 $5.71 $6.55 $6.55 **
Price Per Share $39.25 $93.50
Invested Capital Per Share $42.87 $100.46
Price / Share - LTM EPS Contin Ops 49.06 x 155.83 x
Price / Share - Wt Avg EPS Cont Ops 5 yrs 76.96 x 183.33 x
Price / Share - Forecasted EPS 79.24 x
Price / Share - Book Value / Share 6.88 x 14.27 x
Price / Share - Sales / Share LTM 3.11 x 6.70 x
Price / Share - EBITDA / Share LTM 20.73 x 59.69 x
Invest Cap / Share - Sales / Share LTM 3.40 x 7.19 x
Invest Cap / Share - EBITDA / Share LTM 22.65 x 64.14 x
End of Period Shares Outstanding 31,093,662 34,103,034 34,361,173 34,474,073
Wtd Aver Shs Outstand 30,808,000 31,162,000 31,327,000 31,554,000 33,576,000 35,760,000 35,830,663 36,518,247
SELECTED GROWTH RATE CALCULATIONS
CAGR in Assets (1,2,3,4,5 Yrs.) 3.61% 2.15% 2.25% 4.72% 8.28%
CAGR in Sales (1,2,3,4,5 Yrs.) -2.97% 2.47% 3.76% 7.90% 9.56%
CAGR in FD EPS Con Ops 1,2,3,4,5 Yrs -90.32% 4.73% -1.09% 13.25% 20.88%
EPS Cont Ops 5 Year Aver $0.40
EPS Cont Ops - 5 Year Std Dev $0.25
CAGR in F.D. EPS 1,2,3,4,5 Yrs -85.07% 0.74% 0.50% 11.08% 19.02%
EPS 5 Year Aver $0.41
EPS 5 Year Std Dev $0.25
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 5/31/98
*** As of 8/31/97
**** Indicated dividend rate