BLAINE KITCHENWARE KITCHENWARE
Case Exhibit 1 Income Statements, years ended December 31, ($ in Thous Operating Results: Revenue Less: Co Cost of Goods Sold Gross Profit Less: Selling, General & Administrative Operating Income Plus: Depreciation & Amortization EBITDA EBIT Plus: Other Income (expense) Earnings Before Tax Less: Taxes Net Income Dividends
2004 291,940 204,265 87,676 25,293 62,383 6,987 69,370
2005 307,964 220,234 87,731 27,049 60,682 8,213 68,895
2006 342,251 249,794 92,458 28,512 63,946 9,914 73,860
62,383 4,838 67,221 21,508 45,713 16,000
60,682 5,578 66,259 20,984 45,275 22,871
63,946 6,064 70,010 21,532 48,477 28,345
Margins:
Revenue Growth Gross Margin EBIT Margin EBITDA Margin a Effective Tax Rate
3.2% 30.0% 21.4% 23.8% 32.0%
5.5% 28.5% 19.7% 22.4% 31.7%
11.1% 27.0% 18.7% 21.6% 30.8%
BLAINE KITCHENWARE KITCHENWARE
Case Exhibit 2 Balance Sheets, December 31, ($ in Thousands) Assets: Cash & Cash Equivalents Marketable Securities Accounts Receivable Inventory Other Current Assets Total Current Assets
2004 67,391 218,403 40,709 47,262 2,586 376,351
2005 70,853 196,763 43,235 49,728 3 ,8 7 1 364,449
2006 66,557 1 6 4 ,3 0 9 4 8 ,7 8 0 54,874 5 ,1 5 7 339,678
Property, Plant & Equipment Goodwill Other Assets Total Assets
99,402 8,134 13,331 497,217
138,546 20,439 27,394 550,829
174,321 3 8 ,2 8 1 39,973 592,253
26,106 22,605 14,225 62,935 1,794 15,111 79,840
28,589 24,921 17,196 70,705 3 ,1 5 1 18,434 92,290
3 1 ,9 3 6 2 7 ,7 6 1 16,884 76,581 4 ,8 1 4 22,495 103,890
Liabilities & Shareholders' Equity: Equity: Accounts Payable Accrued Liabilities Taxes Payable Total Current Liabilities Other liabilities Deferred Taxes Total L ia iabil it ities
BLAINE KITCHENWARE KITCHENWARE
Case Exhibit 2 Balance Sheets, December 31, ($ in Thousands) Assets: Cash & Cash Equivalents Marketable Securities Accounts Receivable Inventory Other Current Assets Total Current Assets
2004 67,391 218,403 40,709 47,262 2,586 376,351
2005 70,853 196,763 43,235 49,728 3 ,8 7 1 364,449
2006 66,557 1 6 4 ,3 0 9 4 8 ,7 8 0 54,874 5 ,1 5 7 339,678
Property, Plant & Equipment Goodwill Other Assets Total Assets
99,402 8,134 13,331 497,217
138,546 20,439 27,394 550,829
174,321 3 8 ,2 8 1 39,973 592,253
26,106 22,605 14,225 62,935 1,794 15,111 79,840
28,589 24,921 17,196 70,705 3 ,1 5 1 18,434 92,290
3 1 ,9 3 6 2 7 ,7 6 1 16,884 76,581 4 ,8 1 4 22,495 103,890
Liabilities & Shareholders' Equity: Equity: Accounts Payable Accrued Liabilities Taxes Payable Total Current Liabilities Other liabilities Deferred Taxes Total L ia iabil it ities
BLAINE KITCHENWARE Exhibit Exhibit Selecte Selected d Opera Operating ting and Financi Financial al Data Data for Public Public Kitchen Kitchenware ware Produce Producers, rs, 12 Month Monthss en Home & Hearth Design 589,747 106,763 119,190 53,698
Revenue EBIT EBITDA Net income Cash & securities Net working capital Net fixed assets assets Total assets
a
Net debt Total debt Book equity Market capitalization Enterprise value (MVIC) Equity beta
AutoTech Appliances 18,080,000 2,505,200 3,055,200 1,416,012
XQL Corp. 4,313,300 721,297 796,497 412,307
Bunkerhill, Inc. 3,671,100 566,099 610,399 335,073
EasyLiving Systems 188,955 19,613 23,356 13,173
21,495
536,099
21,425
153,680
242,102
54,316 900,803 976,613
1,247,520 7,463,564 9,247,183
353,691 3,322,837 3,697,952
334,804 815,304 1,303,788
21,220 68,788 332,110
350,798 372,293 475,377
4,437,314 4,973,413 3,283,000
950,802 972,227 2,109,400
238,056 391,736 804,400
776,427 1,127,226 1 03
13,978,375 18,415,689 1 24
5,290,145 6,240,947 0 96
3,962,780 4,200,836 0 92
(64,800) 177,302 94,919 418,749 353,949 0 67
BLAINE KITCHENWARE Exhibit Exhibit Selecte Selected d Opera Operating ting and Financi Financial al Data Data for Public Public Kitchen Kitchenware ware Produce Producers, rs, 12 Month Monthss en Home & Hearth Design 589,747 106,763 119,190 53,698
Revenue EBIT EBITDA Net income Cash & securities Net working capital Net fixed assets assets Total assets
a
Net debt Total debt Book equity Market capitalization Enterprise value (MVIC) Equity beta
AutoTech Appliances 18,080,000 2,505,200 3,055,200 1,416,012
XQL Corp. 4,313,300 721,297 796,497 412,307
Bunkerhill, Inc. 3,671,100 566,099 610,399 335,073
EasyLiving Systems 188,955 19,613 23,356 13,173
21,495
536,099
21,425
153,680
242,102
54,316 900,803 976,613
1,247,520 7,463,564 9,247,183
353,691 3,322,837 3,697,952
334,804 815,304 1,303,788
21,220 68,788 332,110
350,798 372,293 475,377
4,437,314 4,973,413 3,283,000
950,802 972,227 2,109,400
238,056 391,736 804,400
776,427 1,127,226
13,978,375 18,415,689
5,290,145 6,240,947
3,962,780 4,200,836
(64,800) 177,302 94,919 418,749 353,949
1.03
1.24
0.96
0.92
0.67
LTM Trading Multiples MVIC/Revenue MVIC/EBIT MVIC/EBITDA Market/Book equity
1.91x 10.56x 9.46x 1.63x
1.02x 7.35x 6.03x 4.26x
1.45x 8.65x 7.84x 2.51x
1.14x 7.42x 6.88x 4.93x
1.87x 18.05x 15.15x 4.41x
Net Debt/Equity Debt/Equity Net Debt/Enterprise Debt/Enterprise Value Value
45.18% 31.12%
31.74% 24.10%
17.97% 15.23%
6.01% 5.67%
-15.47% -18.31%
a
Net working capital excludes excludes cash and securities securities Net debt is total total long term term and short term debt less excess excess cash.
#### ed December 31, 2006 ($ in Thousands) Blaine Kitchenware 342,251 63,946 73,860 53,630 230,866 32,231 174,321 592,253 (230,866) 488,363 959,596 728,730 0.56
2.13x 11.40x 9.87x 1.96x -24.06% -31.68%
BLAINE KITCHENWARE Exhibit Contemporaneous Capital Market Data: April 21, 2007 Yields on US Treasury Securities Maturity 30 days 4.55% 60 days 4.73% 90 days 4.91% 1 year 4.90% 5 years 4.91% 10 years 5.02% 20 years 5.26% 30 years 5.10% Seas Season oned ed corp corpor orat atee bond bond yiel yields ds Moody's Aaa 5.88% Aa 6.04% A 6.35% Baa 6.72% Ba 7.88% B 8.94%
Defa Defaul ultt spre spread ad 0.86% 1.02% 1.33% 1.70% 2.86% 3.92%
