SCHEDULE B.2 - FINANCIAL AND OPERATING RATIOS
BIOTECHNICA INTERNATIONAL, INC.
AND COMPARATIVE PUBLICLY TRADED COMPANIES
THAT HAVE RECEIVED OFFERS TO BE ACQUIRED
Dekalb Delta and
Consep Genetics Pine Land
Exchange and Symbol NNM-CSEP NY-DKB NY-DLP Average Median BioTechnica
For the 12 Months ended: (6/30/98) (5/31/98) (5/31/98) (6/30/98)
LIQUIDITY, COVERAGE & LEVERAGE
Current Ratio 1.60 1.40 1.47 1.49 1.47 1.18
Collection Period (Days) 69.35 87.26 251.33 135.98 87.26 141.33
Inventory Turnover 3.08 1.95 2.67 2.57 2.67 1.76
Sales / Assets (Avg.) 1.37 0.96 0.72 1.02 0.96 0.64
EBIT / Interest -3.11 3.96 9.24 4.40 3.96 -1.24
EBITDA / CMLTD + Interest -0.20 5.45 11.62 5.69 5.45 -0.11
Equity / Assets (Avg.) 0.54 0.40 0.31 0.42 0.40 0.12
Equity / Ttl.Cap (Avg.) 0.88 0.67 0.66 0.74 0.67 0.21
PROFITABILITY
N I Cont. Ops/Sales -4.88% 4.33% 6.63% 3.65% 4.33% -17.20%
N I Cont. Ops. / Avg. Eq -12.40% 10.47% 15.63% 8.70% 10.47% -92.42%
N I Cont. Ops. / Avg. As -6.70% 4.15% 4.80% 2.98% 4.15% -10.95%
Gross Profit / Sales 24.40% 46.67% 33.03% 34.70% 33.03% 33.66%
Operating Expenses / Sales 21.38% 38.53% 20.64% 26.85% 21.38% 43.19%
Taxes / Pre-tax Income 0.00% 31.68% 39.12% 23.60% 31.68% -0.03%
SIZE AND GROWTH*
Size Measured by Sales$000 $38,579 $509,900 $202,696 $250,392 $202,696 $21,340
LTM EPS Cont. Ops. Growth nmf -29.41% -32.65% nmf nmf nmf
Forecasted Next Year EPS Growth nmf 96.67% 212.12% 154.39% 154.39% nmf
5 Year Forecasted EPS Growth n/a 25.00% 34.00% 29.50% 29.50% nmf
For the Fiscal Years Ended:
12/31/97 8/31/97 (8/31/97) (6/30/98)
OTHER
EPS Coefficient of Variation (2) nmf 62.50% 30.30% 46.40% 46.40% nmf
5 YEAR COMPOUND ANNUAL GROWTH RATE*
Assets 9.92% 8.28% 37.10% 18.43% 9.92% 27.64%
Sales 17.07% 9.56% 21.79% 16.14% 17.07% 20.97%
EPS Cont. Ops. nmf 20.88% 16.55% 18.72% 18.72% nmf
n/a = Not available * A negative value results in 0 value being assigned.
nmf = Not meaningful (1) Total capitalization is long-term debt + stockholders' equity
EBIT = Earnings before interest and taxes (2) Coefficient of variation is a measure of EPS volatility =
EBITDA = Earnings before interest, taxes, depreciation and amor five year standard deviation of EPS/five year average EPS
CMLTD = Current maturities of long-term debt