SCHEDULE A (Dollars in Thousands, except per share data and ratios)
Eight Months For the Nine Months
MYCOGEN CORPORATION Ended Aug 31 -----------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 $27,402 $30,700 $42,102 $92,404
Inventory 33,633 37,177 57,135 72,271
Current Assets 79,902 137,795 106,754 179,890
Current Liabilities 21,208 41,047 66,929 118,861
Working Capital 58,694 96,748 39,825 61,029
Short Term Debt 0 1,520 15,602 70,113
Current Maturities LTD 0 0 3,000 3,000 (Est)
L T Debt and Preferred Stk 2,262 0 11,250 11,250 (Est)
Com Stckhldrs' Equity 105,207 107,885 125,406 113,703 181,194 157,214 203,232
Total Capitalization 115,965 181,194 168,464 214,482
Total Assets 112,714 201,533 165,726 159,608 227,469 239,687 342,359
SELECTED INCOME STATEMENT ITEMS
Sales 23,427 112,583 104,383 106,169 146,800 202,407 170,895 177,562
Cost of Goods Sold 62,712 66,966 93,508 126,857 106,869 112,370
Gross Profit 41,671 39,203 53,292 75,550 64,026 65,192
Other Income 25,806 8,512 12,143 9,469 6,364 7,055
Interest Expense 254 389 263 2,483 671 2,159
Deprec and Amor Exp 6,501 8,989 9,078 10,014 6,547 8,277
Sell, Gen & Admin Exp 42,132 36,734 57,480 59,812 43,130 47,536
Other Operating Expenses 56,721 25,035 54,750 58,851 33,070 61,253
Other Expenses 0 0 0 22 0 0
Pre-Tax Income (31,630) (14,443) (47,058) (36,149) (6,481) (38,701)
Taxes 0 0 0 1,534 500 (944)
N I From Continuing Ops (31,630) (14,443) (47,058) (37,683) (6,981) (37,757)
Dis Ops Extrao 0 0 0 0 0 0
Net Income (31,630) (14,443) (47,058) (37,683) (6,981) (37,757)
Preferred Stock dividends 1,604 1,503 578 0 0 0
N I from ConOps ava for Com Sh (3,030) (27,514) (33,234) (15,946) (47,636) (37,683) (6,981) (37,757)
N I ava for Com Sh (3,030) (27,514) (33,234) (15,946) (47,636) (37,683) (6,981) (37,757)
EBITDA (24,875) (5,065) (37,717) (23,652) 737 (28,265)
SELECTED LIQUIDITY, COVERAGE, & LEVERAGE RATIOS
Current Ratio 3.77 3.36 1.60 1.51
Collection period (days) 94.21 72.23 65.64 * 117.41 *
Inventory turnover 1.99 2.64 2.69 * 2.05 *
Sales/Assets (avg) 0.21 0.72 0.57 0.65 0.76 0.87 * 0.72 *
EBIT/Interest+Pref Div -16.89 -7.43 -55.64 -13.56 * -16.22 *
EBITDA/CMLTD+Inter+Pref Div -2.68 -44.85 -4.31 * -7.55 *
Equity / Assets (avg) 0.93 0.68 0.64 0.73 0.76 0.72 0.62
Equity / Ttl Capitaliz (avg) 0.98 0.99 0.97 0.94
SELECTED PROFITABILITY RATIOS
N I ConOps avai com sh/sales -12.93% -24.44% -31.84% -15.02% -32.45% -18.62% -13.43%* -32.74%*
N I ConOps avai com sh/AvEqu -2.88% -25.82% -28.49% -13.34% -32.31% -22.27% * -37.99%*
N I ConOps avai com sh/AvAss -2.69% -17.51% -18.10% -9.80% -24.61% -16.13% * -23.52%*
Gross Profit/Sales 39.92% 36.93% 36.30% 37.33% 37.47% 36.72%
Operating Exp/Sales 94.70% 58.18% 76.45% 58.63% 44.59% 61.27%
Taxes/PreTax Inc 0.00% 0.00% 0.00% -4.24% -7.71% 2.44%
SELECTED EARNINGS AND PRICING RATIOS
LTM EPS from ConOps ($0.21) ($1.69) ($1.81) ($0.83) ($1.81) ($1.22) ($0.84) ($2.12) ($2.12)**
Wtd Avg EPS ConOps 5yr $0.00 $0.00 ***
Forecasted Next yr EPS(8/99) $0.07
FD EPS as reported ($0.21) ($1.69) ($1.81) ($0.83) ($1.81) ($1.22) ($0.23) ($1.13)
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 sh $5.68 $5.52 $5.59 $6.55 $6.27 $6.27 **
LTM EBITDA per share ($1.35) ($0.26) ($1.44) ($0.76) ($1.58) ($1.58)**
Book value per share $5.86 $5.91 $5.01 $5.61 $5.61 **
Price / Share $24.75 $27.81
Invested Capital / Share $25.70 $30.14
Price / Share - LTM EPS ContOps nmf nmf
Price / Share - Wtd Avg EPS ConOps5yr nmf nmf
Price / Share - Forecasted EPS 397.32 x
Price / Share - Book Value per sh 4.94 x 4.95 x
Price / Share - Sales per share LTM 3.78 x 4.44 x
Price / Share - EBITDA/Share LTM nmf nmf
Invested Cap/Sh / Sales/shareLTM 3.93 x 4.81 x
Invested Cap/Sh / EBITDA/Sh LTM nmf nmf
End of period shares O/S 19,400,764 30,678,537 31,381,344 36,195,621
Wtd aver shares 18,377,000 19,225,000 26,275,000 30,920,000 30,663,000 33,353,000
SELECTED GROWTH RATE CALCULATIONS
CAGR in Assets 12345yrs 78.80% 21.26% 12.29% 19.19% 16.29%
CAGR in Sales 12345yrs 380.57% 111.08% 65.49% 58.22% 53.92%
CAGR in F.D. EPS 1,2,3,4,5 Yrs nmf nmf nmf nmf nmf
EPS ContOps 5 yr avg ($1.47)
EPS 5 Year Std Dev $0.39
CAGR in FD EPS 12345yrs nmf nmf nmf nmf nmf
EPS (5 Year Average) ($1.47)
EPS (5 Year Standard Deviation) $0.39
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