Exhibit 2 - Balance Sheet (in $ thousand, some numbers are rounded)

At December 31 2002 2003 2004 2005

Assets
Cash 705 1,542 1,818 2,158
Accounts Receivable 3,485 4,405 6,821 10,286
Inventories 3,089 2,795 3,201 3,291
Current Assets 7,279 8,742 11,839 15,735
Plant, Property, & Equipment (net) 2,257 2,680 2,958 3,617
Other Assets 645 645 645 645
Land 450 1,750 2,853 2,853
Non-Current Assets 3,352 5,075 6,456 7,115
Total Assets 10,631 13,817 18,295 22,850
Liabilities & Shareholders Equity
Accounts Payable 2,034 2,973 4,899 6,660
Current Portion of Long-term Debt 315 352 525 730
Current Liabilities 2,349 3,325 5,423 7,390
Long-Term Debt 3,258 4,400 5,726 7,123
Shareholders Equity 5,024 6,091 7,146 8,336

Total Liabilities & Shareholders Equity 10,631 13,817 18,295 22,850

2006E

1,955
14,471
3,847 3089 + 3485 4540 2002
20,273 4227 2003
4,347 5122 2004
645 6917 2005
2,853 8894 2006
7,844
At December 31 2002 2003 2004 2005 2006E
28,117 Capital Employed
Operating working
9,424 capital 4540 4227 5122 6917 8894
Accounts Receivable 3,485 4,405 6,821 10,286 14,471
649 Inventories 3,089 2,795 3,201 3,291 3,847
10,074 Other Assets 645 645 645 645 645
Plant, Property, &
8,480 Equipment (net) 2,257 2,680 2,958 3,617 4,347
9,563 Accounts Payable 2,034 2,973 4,899 6,660 9,424
Land 450 1,750 2,853 2,853 2,853
Total Capital Employed 13,761 18,044 23,417 27,609 35,056
28,117 Capital Invested
net debt 2,868 3,211 4,433 5,696 7,175
 Exhibit 3 - Income Statement (in $ thousand, some numbers are rounded)
For Years Ending December 31 2002 2003 2004 2005
Sales 24,652 26,797 29,289 35,088
Cost of Goods Sold 20,461 21,706 23,841 28,597
Gross Profit 4,191 5,091 5,448 6,491
General & Administrative 1,999 2,138 2,372 2,877
Expense
Research & Development 203 203 212 222
Depreciation & Amortization 347 412 455 557
Earnings before Interest & 1,641 2,338 2,408 2,836
Taxes
Interest 187 349 440 547
Earnings before Taxes 1,454 1,989 1,968 2,289
Taxes 264 696 689 801

Net Income 1,191 1,293 1,279 1,488

Accounts Receivable 3,485 4,405 6,821 10,286

Accounts Payable 2,034 2,973 4,899 6,660
Inventories 3,089 2,795 3,201 3,291

DSO - Accounts Receivables / Sales Revenue per day

DPO = Accounts Payable/ COGS per day
DIO = Inventory / COGS per day sold

2002 2003 2004 2005

DIO 55 47 49 42
DSO 51 60 84 106
DPO 36 50 74 84

56.84 60.29 66.23 79.44

Year 2002 2003

Sales Revenue 24,652 26,797
Sales Revenue Per day
 2006E
42,597
35,100 68
7,497 74

3,578 81

232 97
669 118

3,018 19

658
2,360 4540/24652 * 100 18
826 4227/ 26797 * 100 16
1,534 5448/ 29289 * 100
19
6917/ 35088 * 100 20
14,471 8894 / 42597 * 100 21
9,424
3,847
4540
Sales Revenues Per Day = Sales Revenue / 360 4227
COGS per day = COGS / 360 5122
COGS per day = COGS / 360 6917
8894

2006E
40
123
97

97.5

2004 2005 2006E

29,289 35,088 42,597
Derived Statement of Cash Flows (in $ thousand, some numbers are rounded)
For Years Ending December 31 2003 2004 2005 2006E
Net Income 1,293 1,279 1,488 1,534
Depreciation & Amortization 412 455 557 669
Change in Accounts Receivable -920 -2,416 -3,465 -4,185
Change in Inventories 294 -406 -90 -556
Change in Accounts Payable 939 1,926 1,761 2,765
Operating Cash Flow 2,019 838 250 226

Investment in PP&E -835 -734 -1,215 -1,398

Investment in Other Assets 0 0 0 0
Investment in Land -1,300 -1,103 0 0
Investing Cash Flow -2,135 -1,836 -1,215 -1,398

Debt Issuance 1,494 1,850 2,128 2,006

Retirement of Debt -315 -352 -525 -730
Dividends -226 -224 -298 -307
Financing Cash Flow 953 1,274 1,306 969

Change in Cash 837 276 340 -203

 Year 2002 2003 2004 2005 2006
Sales 24,652 26,797 29,289 35,088 42,597
Cost of Goods Sold 20,461 21,706 23,841 28,597 35,100
Variable Margin/ Gross Margin 4,191 5,091 5,448 6,491 7,497
Variable Margin as % of sales 17.00% 19.00% 18.60% 18.50% 17.60%

Year 2002 2003 2004 2005 2006

Sales 24,652 26,797 29,289 35,088 42,597
Earnings before Interest and Taxes 1,641 2,338 2,408 2,836 3,018
Interest 187 349 440 547 658
Earnings before Taxes 1,454 1,989 1,968 2,289 2,360
Taxes 264 696 689 801 826
Operating Margin as % 6.66% 8.72% 8.22% 8.08% 7.09%

Year 2002 2003 2004 2005 2006

Net Income 1,191 1,293 1,279 1,488 1,534
Shareholders Equity 5,024 6,091 7,146 8,336 9,563
Return on Equity 23.70% 21.23% 17.90% 17.85% 16.04%

Year 2002 2003 2004 2005 2006

Net Income 1,191 1,293 1,279 1,488 1,534
Interest 187 349 440 547 658
Adjusted Net operating Income 1,378 1,642 1,719 2,034 2,192
Opening Capital Employed 7,892 7,892 9,301 11,578 14,032
Closing Capital Employed 7,892 9,301 11,578 14,032 16,738
Average Capital Employed 7,892 8,597 10,440 12,805 15,385
Return on Average Capital Employed 17.46% 19.10% 16.47% 15.89% 14.25%
 Year 2002 2003 2004 2005
Return on Average Capital Employed 17.46% 19.10% 16.47% 15.89%
 2006
14.25%
Year 2003 2004 2005 2006

-920 -2,416 -3,465 -4,185

Accounts Receiables in $ thousand

Year 2003 2004

Investment in PP&E -835 -734
Investment in Land -1,300 -1,103
Investing Cash Flow -2,135 -1,836
 2005 2006
-1,215 -1,398
0 0
-1,215 -1,398
 Economical Balance Sheet

At December 31 2002 2003 2004 2005 2006E

Capital Employed
Plant, Property, & Equipment (net) 2,257 2,680 2,958 3,617 4,347
Other Assets 645 645 645 645 645
Land 450 1,750 2,853 2,853 2,853
Non-Current Assets 3,352 5,075 6,456 7,115 7,844
Inventories 3,089 2,795 3,201 3,291 3,847
Accounts Receivable 3,485 4,405 6,821 10,286 14,471
Accounts Payable 2,034 2,973 4,899 6,660 9,424
Operating Working Capital 4,540 4,227 5,122 6,917 8,894
Capital Employed 7,892 9,301 11,578 14,032 16,738
Invested Capital
Shareholders Equity 5,024 6,091 7,146 8,336 9,563
Current Portion of Long-term Debt 315 352 525 730 649
Long-Term Debt 3,258 4,400 5,726 7,123 8,480
Cash 705 1,542 1,818 2,158 1,955
Net Debt 2,868 3,211 4,433 5,696 7,175
Invested Capital 7,892 9,301 11,578 14,032 16,738
 2002 2003 2004 2005 2006
Variable Margin
 2002 2003 2004 2005 2006
Inventory 3089 2795 3201 3291 3847
Accounts Receivables 3485 4405 6821 10286 14471 OWC Ratio = (Wo
Accounts Payable 2034 2973 4899 6660 9424
Operating Working Capital 4540 4227 5122 6917 8894

Year 2002 2003 2004 2005 2006

Sales 24,652 26,797 29,289 35,088 42,597
Operating Working Capital 4540 4227 5122 6917 8894
OWC Ratio 0.184 0.156 0.175 0.197 0.209

22:00.2
23:00.2
24:00.2
25:00.2
2006E: 0.209

DSO - Accounts Receivables / Sales Revenue per day Sales Revenues Per Day
DPO = Accounts Payable/ COGS per day
DIO = Inventory / COGS per day sold

Year 2002 2003 2004 2005 2006E

Sales Revenue 24,652 26,797 29,289 35,088 42,597
Sales Revenue Per day 68 74 81 97 118

Year 2002 2003 2004 2005 2006E

COGS 20,461 21,706 23,841 28,597 35,100
COGS Per day 57 60 66 79 98

Variable margin= (Sales revenue - cost of goods sold) / Sales Operating

margin = Operating income or EBIT / Sales
Return of Equity = Net profit / Owners' equity
Return on Average Capital Employed = EBIT/ Average capital employed
 OWC Ratio = (Working Capital / sales revenue) * 100

Operating Working Capital - Inventory + Accounts Receivable - Accounts Payable

Year 2002 2003 2004 2005 2006

Account receivable 3,485 4,405 6,821 10,286 14,471
Inventory 3,089 2,795 3,201 3,291 3,847
Accounts Payable 2,034 2,973 4,899 6,660 9,424
OWC= 4540 4227 5122 6917 8894

Sales Revenues Per Day = Sales Revenue / 360

COGS per day = COGS / 360
COGS per day = COGS / 360
ng Capital / sales revenue) * 100

Operating Working Capital - Inventory + Accounts Receivable - Accounts Payable

2003 2004 2005 2006

3,485 4,405 6,821 10,286 14,471
9 2,795 3,201 3,291 3,847
2,034 2,973 4,899 6,660 9,424
0 4227 5122 6917 8894

ales Revenue / 360