Interpreting Financial Results

SIC: 5143 Line of Business:

Dairy products, except dried or canned

Asset Range:

All Asset Ranges within SIC Group

Industry Quartiles

2009 2010 2011 2012

Statement Sampling

Samples: 25 Samples: 17 Samples: 13 Samples: 13 Samples:

Solvency Upper Median Lower Upper Median Lower Upper Median Lower Upper Median Lower Upper Median Lower Quick Ratio 1.20 0.70 0.60 1.30 1.00 0.70 1.00 0.90 0.70 1.50 1.10 0.70 Current Ratio

2.10 1.50 1.10 2.50 1.40 1.20 2.20 1.30 1.20 2.70 1.70 1.40

Current Liabilities / Net Worth (%)

57.70 119.10 187.80 38.80 151.80 251.10 58.80 183.70 240.50 51.60 184.60 319.20

Current Liabilities / Inventory (%)

118.30 223.40 329.90 98.50 211.30 335.90 133.10 193.20 351.90 119.00 192.20 248.20

Total Liabilities / Net Worth (%)

96.30 180.80 285.40 63.70 227.90 344.20 70.90 217.80 319.10 59.20 242.50 339.50

Fixed Assets / Net Worth (%)

7.90 41.90 86.80 18.30 48.80 76.40 8.70 38.20 73.60 6.30 13.80 68.30

Efficiency Upper Median Lower Upper Median Lower Upper Median Lower Upper Median Lower Upper Median Lower Collection Period (days)

18.80 22.30 36.20 19.40 22.50 31.10 19.90 24.80 33.50 16.40 20.80 32.10

Sales / Inventory (times)

29.40 17.30 11.90 42.60 22.10 14.30 53.50 29.50 15.70 45.10 27.40 17.60

Assets / Sales (%)

16.20 21.80 31.20 12.90 21.70 42.90 12.40 15.20 16.80 12.70 13.90 16.00

Sales / Net Working Capital (times)

71.30 22.60 12.60 52.80 19.50 10.90 85.90 35.50 18.90 34.80 24.00 10.40

Accounts Payable / Sales (%)

4.20 5.20 7.30 3.80 6.20 8.60 2.80 5.00 7.30 4.00 4.90 5.50

Profitability Upper Median Lower Upper Median Lower Upper Median Lower Upper Median Lower Upper Median Lower Return on Sales (%)

2.60 1.10 0.30 2.00 1.00 0.60 1.70 0.70 0.10 1.50 0.40 0.10

Return on Assets (%)

11.60 6.30 1.50 6.30 4.20 2.60 10.20 4.60 1.20 8.50 3.30 0.90

Return on Net Worth (%)

39.90 14.60 7.20 26.20 14.60 9.30 18.80 14.20 5.60 14.70 6.70 4.60

Median Variance 2009 2010 2011 2012 Solvency Median 2010 2011 2012 Median 2009 2011 2012 Median 2009 2010 2012 Median 2009 2010 2011 Median 2009 2010 2011 2012 Quick Ratio 0.70 -42.9 -28.6 100.0 100.0 1.00 42.9 10.0 100.0 100.0 0.90 28.6 -10.0 100.0 100.0 - -100.0 -100.0 -100.0 0.0 - -100.0 -100.0 -100.0 0.0 Current Ratio 1.50 6.7 13.3 100.0 100.0 1.40 -6.7 7.1 100.0 100.0 1.30 -13.3 -7.1 100.0 100.0 - -100.0 -100.0 -100.0 0.0 - -100.0 -100.0 -100.0 0.0 Current Liabilities / Net Worth (%)

119.10 -32.7 -64.6 119.1 119.1 151.80 32.7 -31.9 151.8 151.8 183.70 64.6 31.9 183.7 183.7 - -119.1 -151.8 -183.7 - -119.1 -151.8 -183.7

Current Liabilities / Inventory (%)

223.40 12.1 30.2 223.4 223.4 211.30 -12.1 18.1 211.3 211.3 193.20 -30.2 -18.1 193.2 193.2 - -223.4 -211.3 -193.2 - -223.4 -211.3 -193.2

Total Liabilities / Net Worth (%)

180.80 -47.1 -37 180.8 180.8 227.90 47.1 10.1 227.9 227.9 217.80 37 -10.1 217.8 217.8 - -180.8 -227.9 -217.8 - -180.8 -227.9 -217.8

Fixed Assets / Net Worth (%)

41.90 -6.9 3.7 41.9 41.9 48.80 6.9 10.6 48.8 48.8 38.20 -3.7 -10.6 38.2 38.2 - -41.9 -48.8 -38.2 - -41.9 -48.8 -38.2

Efficiency Median 2010 2011 2012 Median 2009 2011 2012 Median 2009 2010 2012 Median 2009 2010 2011 Median 2009 2010 2011 2012 Collection Period (days)

22.30 0.9 11.2 -100.0 -100.0 22.50 -0.9 10.2 -100.0 -100.0 24.80 -11.2 -10.2 -100.0 -100.0 - 100.0 100.0 100.0 0.0 - 100.0 100.0 100.0 0.0

Sales / Inventory (times)

17.30 -27.7 -70.5 100.0 100.0 22.10 27.7 -33.5 100.0 100.0 29.50 70.5 33.5 100.0 100.0 - -100.0 -100.0 -100.0 0.0 - -100.0 -100.0 -100.0 0.0

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Assets / Sales (%)

21.80 0.1 6.6 21.8 21.8 21.70 -0.1 6.5 21.7 21.7 15.20 -6.6 -6.5 15.2 15.2 - -21.8 -21.7 -15.2 - -21.8 -21.7 -15.2

Sales / Net Working Capital (times)

22.60 13.7 -57.1 100.0 100.0 19.50 -13.7 -82.1 100.0 100.0 35.50 57.1 82.1 100.0 100.0 - -100.0 -100.0 -100.0 0.0 - -100.0 -100.0 -100.0 0.0

Accounts Payable / Sales (%)

5.20 -1 0.2 5.2 5.2 6.20 1 1.2 6.2 6.2 5.00 -0.2 -1.2 5 5 - -5.2 -6.2 -5 - -5.2 -6.2 -5

Profitability Median 2010 2011 2012 Median 2009 2011 2012 Median 2009 2010 2012 Median 2009 2010 2011 Median 2009 2010 2011 2012 Return on Sales (%)

1.10 0.1 0.4 1.1 1.1 1.00 -0.1 0.3 1 1 0.70 -0.4 -0.3 0.7 0.7 - -1.1 -1 -0.7 - -1.1 -1 -0.7

Return on Assets (%)

6.30 2.1 1.7 6.3 6.3 4.20 -2.1 -0.4 4.2 4.2 4.60 -1.7 0.4 4.6 4.6 - -6.3 -4.2 -4.6 - -6.3 -4.2 -4.6

Return on Net Worth (%)

14.60 0.4 14.6 14.6 14.60 0.4 14.6 14.6 14.20 -0.4 -0.4 14.2 14.2 - -14.6 -14.6 -14.2 - -14.6 -14.6 -14.2

Norms Data 2009 2010 2011 2012 Cash 1077799 8.40% 444255 7.10% -18148 -0.20% 383075 8.80% % Accounts Receivable 3451523 26.90% 2227530 35.60% 4001715 44.10% 1549713 35.60% % Notes Receivable 12831 0.10% 12514 0.20% 18148 0.20% 4353 0.10% % Other Current 1437065 11.20% 356655 5.70% 553525 6.10% 670382 15.40% % Total Current 8904672 69.40% 4367461 69.80% 6751193 74.40% 3534739 81.20% % Fixed Assets 2296738 17.90% 1451649 23.20% 1778540 19.60% 670382 15.40% % Other Current Assets 1629530 12.70% 437997 7.00% 544451 6.00% 148006 3.40% % Total Assets 12830940 100.00% 6257107 100.00% 9074184 100.00% 4353127 100.00% % Accounts Payable 3169242 24.70% 1526734 24.40% 2477252 27.30% 1327704 30.50% % Bank Loan 115478 0.90% 12514 0.20% 217780 2.40% 65297 1.50% % Notes Payable 667209 5.20% 87599 1.40% 335745 3.70% 60944 1.40% % Other Current 4170056 32.50% 1395336 22.30% 1624279 17.90% 457078 10.50% % Total Current 8121985 63.30% 3022183 48.30% 4655056 51.30% 1911023 43.90% % Other Long Term 1873317 14.60% 1001137 16.00% 1007235 11.10% 552847 12.70% % Deferred Credits 0.00% 0.00% 0.00% 0.00% % Net Worth 2835638 22.10% 2233787 35.70% 3411893 37.60% 1889257 43.40% % Total Liabilities & Net Worth 12830940 100.00% 6257107 100.00% 9074184 100.00% 4353127 100.00% % Net Sales 58857523 100.00% 28834594 100.00% 59698579 100.00% 31317460 100.00% % Gross Profit 8946343 15.20% 4296355 14.90% 11641223 19.50% 3883365 12.40% % Net Profit After Tax 1294866 2.20% 519023 1.80% 656684 1.10% 281857 0.90% % Working Capital 782687 0.00% 1345278 0.00% 2096137 0.00% 1623716 0.00% %

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