| SUMMARY OF DATA-BALTIMORE RESINS, INC. |
| | SALES | SALES | INCOME | INCOME | INVESTED |
| | (2011 tax return) | (2011 P&L) | (2011 tax return) | (2011 P&L) | CAPITAL |
| 2008 | $7,363,032 | $7,363,032 | $281,332 | $281,332 | $1,416,913 |
| 2009 | $6,755,341 | $6,755,341 | $111,117 | $111,117 | $1,280,145 |
| 2010 | $8,099,068 | $8,099,068 | $104,126 | $104,126 | $1,635,571 |
| 2011 | $9,242,585 | $9,202,169 | ($140,747) | ($1,653) | $1,973,412 |
| | $7,865,007 | $7,854,903 | $88,957 | $123,731 | $1,576,510 |
| | | INCOME MID-POINT | | $106,344 |
| COMMENT: I have not evaluated EBIT and EBITDA, because I do not believe that the addition of |
| | those metrics (multiples) would materially change my valuation opinion. |
| COMMENT: I note two offsetting trends, as I average corporate statistics over four trailing years. |
| | Sales have been rising, and income has been dropping. These seem to justify netting out, |
| | as increased sales can be "mined" for profits. In addition, there may have been |
| | some cannabalization towards TOWSON RESINS, Inc. |
Vicky-shema
BALTRESINSCASE-COMPILATIONOFFINANCIALDATA1.xlsx
