Exhibit 2 - Balance Sheet

At December 31 2002 2003

Assets
Cash 705 1,542
Accounts Receivable 3,485 4,405
Inventories 3,089 2,795
Total Current Assets 7,279 8,742

Plant, Property, & Equipment (net) 2,257 2,680

Other Assets 645 645
Land 450 1,750
Total Non-Current Assets 3,352 5,075

Total Assets 10,631 13,817

Liabilities & Shareholders Equity

Accounts Payable 2,034 2,973
Current Portion of Long-term Debt 315 352
Total Current Liabilities 2,349 3,325

Long-Term Debt 3,258 4,400

Shareholders Equity 5,024 6,091

Total Liabilities & Shareholders Equity 10,631 13,817

Exhibit 3 - Income Statement

For Years Ending December 31 2002 2003
Sales 24,652 26,797
Cost of Goods Sold 20,461 21,706
Gross Profit 4,191 5,091

General & Administrative Expense 1,999 2,138

Research & Development 203 203
Depreciation & Amortization 347 412
Earnings before Interest & Taxes 1,641 2,338

Interest 187 349

Earnings before Taxes 1,454 1,989
Taxes 264 696
Net Income 1,191 1,293
 Derived Statement of Cash Flows
For Years Ending December 31 2003 2004
Net Income 1,293 1,279
Depreciation & Amortization 412 455
Change in Accounts Receivable (920) (2,416)
Change in Inventories 294 (406)
Change in Accounts Payable 939 1,926
Operating Cash Flow 2,019 838

Investment in PP&E (835) (734)

Investment in Other Assets - -
Investment in Land (1,300) (1,103)
Investing Cash Flow (2,135) (1,836)

Debt Issuance 1,494 1,850

Retirement of Debt (315) (352)
Dividends (226) (224)
Financing Cash Flow 953 1,274

Change in Cash 837 276

nce Sheet
2004 2005 2006E 2007F 2008F 2009F

1,818 2,158 1,955 3,286 2,377 1,657

6,821 10,286 14,471 11,379 13,086 15,049
3,201 3,291 3,847 3,520 4,049 4,656
11,839 15,735 20,273 18,185 19,512 21,362

2,958 3,617 4,347 4,347 4,347 4,347

645 645 645 645 645 645
2,853 2,853 2,853 2,853 2,853 2,853
6,456 7,115 7,844 7,844 7,844 7,844

18,295 22,850 28,117 26,030 27,356 29,206

4,899 6,660 9,424 7,041 8,097 9,312

525 730 649 763 705 636
5,423 7,390 10,074 7,804 8,802 9,948

5,726 7,123 8,480 7,831 7,067 6,363

7,146 8,336 9,563 10,395 11,487 12,896

18,295 22,850 28,117 26,030 27,356 29,206

me Statement
2004 2005 2006E 2007F 2008F 2009F
29,289 35,088 42,597 34,612 39,803 45,774
23,841 28,597 35,100 28,555 32,838 37,764
5,448 6,491 7,497 6,057 6,966 8,010

2,372 2,877 3,578 2,838 3,264 3,753

212 222 232 239 246 254
455 557 669 669 669 669
2,408 2,836 3,018 2,311 2,787 3,334

440 547 658 712 687 625

1,968 2,289 2,360 1,599 2,100 2,710
689 801 826 560 735 948
1,279 1,488 1,534 1,039 1,365 1,761
ent of Cash Flows
2005 2006E 2007F 2008F 2009F
1,488 1,534 1,039 1,365 1,761
557 669 669 669 669
(3,465) (4,185) 3,092 (1,707) (1,963)
(90) (556) 326 (528) (607)
1,761 2,765 (2,383) 1,056 1,215
250 226 2,743 855 1,075

(1,215) (1,398) (669) (669) (669)

- - - - -
- - - - -
(1,215) (1,398) (669) (669) (669)

2,128 2,006 114 (58) (69)

(525) (730) (649) (763) (705)
(298) (307) (208) (273) (352)
1,306 969 (744) (1,095) (1,126)

340 (203) 1,331 (909) (720)

 2002
Analysis of return
Return on Sales 4.83%
Return on Assets 11.20%
Return on Equity 23.70%

Efficiency
Asset turnover 2.32
Average inventory period 55.10
Inventory turnover 6.62
Average collection period 51.60
Average payment period 36.28

Liquidity
Current ratio 3.10
Quick ratio (acid test) 1.78
Cash ratio 0.30
Working Capital $4,930

Financial stability and Leverage

Equity to assets ratio 0.47
Debt to Equity 1.12
Coverage of fixed investments 2.47
Interest Coverage 8.78

Growth Ratios
2002-2003
Sales 8.70%
Profit 8.59%
Assets 29.96%

Sales between 2002 and 2006 72.79%

Profit between 2002 and 2006 28.84%
 Dealers Inventory an
2005
Dealer inventory at the start of the year
Dealer inventory at the end of the year 10,000
Sales to dealers

Dealer Sell through

Other sales

Total Sales

Debt covenant
EBITDA
Long-term debt

Debt/EBITDA

Stock Price Performance

2002
Share Price 4.11
Shares Outstanding 3.00
Dividends / Share -
Dividends 0.0%
EPS 0.40
P/E ratio 10.28
 Financial Ratios
2003 2004 2005 2006E 2007F 2008F

4.83% 4.37% 4.24% 3.60% 3.00% 3.43%

9.36% 6.99% 6.51% 5.46% 3.99% 4.99%
21.23% 17.90% 17.85% 16.04% 10.00% 11.88%

1.94 1.60 1.54 1.51 1.33 1.46

47.00 49.00 42.00 40.00 45.00 45.00
7.77 7.45 8.69 9.13 8.11 8.11
60.00 85.00 107.00 124.00 120.00 120.00
50.00 75.00 85.00 98.00 90.00 90.00

2.63 2.18 2.13 2.01 2.33 2.22

1.79 1.59 1.68 1.63 1.88 1.76
0.46 0.34 0.29 0.19 0.42 0.27
$5,416 $6,416 $8,345 $10,199 $10,381 $10,710

0.44 0.39 0.36 0.34 0.40 0.42

1.27 1.56 1.74 1.94 1.50 1.38
2.07 1.99 2.17 2.30 2.32 2.37
6.71 5.47 5.19 4.59 3.25 4.06

wth Ratios
2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009
9.30% 19.80% 21.40% -18.75% 15.00% 15.00%
-1.08% 16.33% 3.11% -32.25% 31.32% 29.03%
32.41% 24.89% 23.05% -7.42% 5.10% 6.76%
lers Inventory analysis
2006 2007 2008 2009
10,000 23,000 26,450 30,418
23,000 26,450 30,418 34,980
34,078 27,689 31,843 36,619

21,078 24,239 27,875 32,057

8,519 6,922 7,961 9,155

42,597 34,612 39,803 45,774

covenant
2007 2008 2009
2,980 3,456 4,003
7,831 7,067 6,363

2.63 2.05 1.59

e Performance
2003 2004 2005 2006E
6.21 6.41 8.01 9.49
3.00 3.00 3.00 3.00
0.08 0.07 0.10 0.10
1.2% 1.2% 1.2% 1.1%
0.43 0.43 0.50 0.51
14.44 14.91 16.02 18.61
2009F

3.85%
6.03%
13.66%

1.57
45.00
8.11
120.00
90.00

2.15
1.68
0.17
$11,414

0.44
1.26
2.46
5.34