COMPREHENSIVE INTEGRATED FINANCIAL FORECASTING SYSTEM Intermediate Calculation Section
                 FINANCIAL STATEMENTS ANALYSIS PROGRAM --------------------------------
                FINANCIAL STATEMENTS FORECASTING SYSTEM PP & E Depreciation 18542 21542 24876 28542 32459
Oth Assets Depreciation 17 17 17 17 17
CALCULATED FORECAST DATA: FORECAST VARIABLES:
Company Name: josb Company Name: josb
YR(Most Recent,Last Col) Jan07 2008 2009 2010 2011 2012 YR(Most Recent,Last Col) 2008 2009 2010 2011 2012 2012
Cash and Mkt. Securities 43080 69043 102258 144009 190098 243061 Accts Rec Writeoff 243061
Accts/Notes Receivable 5193 8050 8855 9829 10763 11624 Sales/Ending Accts Rec. 75.0 75.0 75.0 75.0 75.0 11624
Inventories (EOP) 183471 204728 227012 250643 276656 301958 COGS/Ending Inventories 1.1 1.1 1.1 1.1 1.1 301958
Other Current Assets 18560 21060 23560 26060 28560 31060 Inc(Decr)Oth Curr Assets 2500 2500 2500 2500 2500 31060
   CURRENT ASSETS 250304 302881 361685 430541 506077 587703    CURRENT ASSETS N.E. 587703
Investments 0 0 0 0 0 0 Deprec. Base Incr(Decr) 0
Property,Plant,& Equip. 203044 236044 272044 312044 356044 403044 Gdwill in new Cap Assets 403044
less: Accum.Depreciation 85491 104033 125576 150451 178994 211453 New PP&E Aver Depr Life 6 6 6 6 6 211453
Other Assets 535 518 502 485 468 452 Oth Assets Ave Depr Life 15 15 15 15 15 452
   TOTAL ASSETS 368392 435410 508655 592619 683595 779746 OA Amor. Base Incr(Decr) 779746
Acts. & Notes Pay.-Trade 41683 45518 50070 55193 60506 65574 Op Exp/Ending A & N Pay. 11.5 11.5 11.5 11.5 11.5 65574
Notes Payable--Non-Trade 0 0 0 0 0 0 Aver Outst Notes Payable 15000 17500 20000 22500 25000 0
Current Part LT Debt 0 412 0 0 0 0 Current Part LT Debt 412 0
Other Current Liab. 72059 79559 87059 94559 102059 109559 Inc(Decr)Oth Curr. Liab. 7500 7500 7500 7500 7500 109559
   CURRENT LIABILITIES 113742 125489 137129 149752 162565 175133 Conv. Debt for FD EPS 175133
Long Term Debt 412 0 0 0 0 0 Conv. Debt Int Rate for FD EPS 0
Deferred Tax (NCL) 2595 2595 2595 2595 2595 2595 Statutory Tax Rate 41.0% 41.0% 41.0% 41.0% 41.0% 2595
Other Non-Current Liab. 43409 47409 51409 55409 59409 63409 Other Non-Current Liab. 4000 4000 4000 4000 4000 63409
Minority Int. in Subs. 0 0 0 0 0 0 Minority Int. Distribut. 0
   TOTAL LIABILITIES 160158 175493 191133 207756 224569 241137    TOTAL LIABILITIES N.E. 241137
Preferred Stock 0 0 0 0 0 0 Preferred Stock Issued 0
Common Stock 180 180 180 180 180 180 Common Stock N.E. 180
Additional Paid-in Cap. 78101 81601 85601 90101 95101 100601 Additional Paid-in Cap. N.E. 100601
Retained Earnings 129953 178136 231741 294582 363745 437828 Equity Earnings 437828
Treasury Stock 0 0 0 0 0 0 Treasury Stock Purchased 0
   SHAREHOLDER'S EQUITY 208234 259917 317522 384863 459026 538609    SHAREHOLDER'S EQUITY N.E. 538609
   TOTAL EQUITIES 368392 435410 508655 592619 683595 779746    TOTAL EQUITIES N.E. 779746
Sales 546385 603755 664131 737185 807218 871795 Sales Growth Rate 10.5% 10.0% 11.0% 9.5% 8.0% 871795
Other Revenue -559 0 0 0 0 0 Other Revenue Gr. Rate -100.0% 0
Cost of Goods Sold 207947 225201 249713 275707 304321 332154 Cost of Goods Sold Pct. 38.1% 37.3% 37.6% 37.4% 37.7% 38.1% 332154
R&D/Other Expense Line 1 212331 242710 266317 294137 321273 346103 Sell. & Mktg. Exp. Pct. 38.9% 40.2% 40.1% 39.9% 39.8% 39.7% 346103
SG&A/Other Exp. Line 2 52453 55545 59772 64872 70228 75846 Gen. & Admin. Exp. Pct. 9.6% 9.2% 9.0% 8.8% 8.7% 8.7% 75846
   EBIT 73095 80299 88329 102469 111396 117692 Aver. Int. Income Rate 4.5% 4.5% 4.5% 4.5% 4.5% 117692
Interest Expense 938 -1367 -2526 -4041 -5830 -7871 Aver. LT Debt Int. Rate 7.5% 7.5% 7.5% 7.5% 7.5% -7871
Income Tax Expense 28935 33483 37251 43669 48063 51481 Effective Tax Rate 41.0% 41.0% 41.0% 41.0% 41.0% 51481
Minor. Int. in Earnings 0 0 0 0 0 0 Minor. Int. in Earnings 0
Income from Contin. Ops 43222 48183 53605 62841 69163 74082 Income from Contin. Ops N.E. 74082
Income from Discont. Ops 0 0 0 0 0 0 Income from Discont. Ops 0
Extra. Gains (Losses) 0 0 0 0 0 0 Extra. Gains (Losses) 0
Changes in Acct. Princ. 0 0 0 0 0 0 Changes in Acct. Princ. 0
Preferred Stock Dividend 0 0 0 0 0 0 Preferred Stock Dividend 0
   NI AVAIL. TO COM. 43222 48183 53605 62841 69163 74082    NI AVAIL. TO COM. N.E. 74082
Net Income, Cont Ops 43222 48183 53605 62841 69163 74082 PP&E Adjustment 74082
Depreciation and Amort. 15809 18559 21559 24892 28559 32476 PP&E Depreciation Adjust 32476
Other Addbacks 34 0 0 0 0 0 (Gain)Loss fr Asset Sale 0
Other Subtractions 2603 0 0 0 0 0 Other Subtractions 0
  WC Provided by Ops 56462 66742 75164 87733 97722 106558   WC Provided by Ops N.E. 106558
(Inc)Decr in Receivables 1262 -2857 -805 -974 -934 -861 (Inc)Decr in Receivables N.E. -861
(Inc)Decr in Inventories -6829 -21257 -22284 -23631 -26013 -25303 (Inc)Decr in Inventories N.E. -25303
(Inc)Decr in Other CA -5677 -2500 -2500 -2500 -2500 -2500 (Inc)Decr in Other CA N.E. -2500
Inc(Decr) A&N Pay.-Trade -995 3835 4552 5123 5314 5068 Inc(Decr) A&N Pay.-Trade N.E. 5068
Inc(Decr) in Other CL 16688 7500 7500 7500 7500 7500 Inc(Decr) in Other CL N.E. 7500
  Cash from Cont. Ops. 60911 51463 61627 73251 81089 90462   Cash from Cont. Ops. N.E. 90462
Cash from Discont. Ops. 0 0 0 0 0 0 Cash from Discont. Ops. N.E. 0
Cash fr. Extr. Gain/Loss 0 0 0 0 0 0 Cash fr. Extr. Gain/Loss N.E. 0
Increase N.Pay-NonTrade 0 0 0 0 0 0 Increase N.Pay-NonTrade 0
Increase Curr. LT Debt 0 412 0 0 0 0 Increase Curr. LT Debt N.E. 0
Long-Term Debt Issued 90535 0 0 0 0 0 Long-Term Debt Issued 0
Capital Stock Issued 7404 3500 4000 4500 5000 5500 Cap. Stock Iss.(Inc Pfd) 3500 4000 4500 5000 5500 5500
Capital Assets Sold 0 0 0 0 0 0 Asset Sales less W.C. 0
Investments Sold 0 0 0 0 0 0 Investments Sold 0
Other Sources 3947 4000 4000 4000 4000 4000 Other Assets Adjustment 4000
  CASH, NON-OPS SOURCES 101886 7912 8000 8500 9000 9500   CASH, NON-OPS SOURCES N.E. 9500
    CASH, ALL SOURCES 162797 59375 69627 81751 90089 99962     CASH, ALL SOURCES N.E. 99962
Dividends 0 0 0 0 0 0 Common Dividend Per Share 0
Decrease N.Pay-NonTrade 0 0 0 0 0 0 Decrease N.Pay-NonTrade 0
Decrease Curr. LT Debt 0 0 412 0 0 0 Asset Purchases less W.C. 0
Long-Term Debt Redeemed 95920 412 0 0 0 0 Long-Term Debt Redeemed 0
Capital Assets Acquired 31141 33000 36000 40000 44000 47000 PP&E Purchased 33000 36000 40000 44000 47000 47000
Increase In Investments 0 0 0 0 0 0 Increase In Investments 0
Other Uses 0 0 0 0 0 0 Increase in Other Assets 0
  TOTAL CASH USES 127061 33412 36412 40000 44000 47000   TOTAL CASH USES N.E. 47000
Inc.(Decr.) in Cash etc. 35736 25963 33215 41751 46089 52962 Inc.(Decr.) in Cash etc. 25963 33215 41751 46089 52962 52962
Wtd Aver Com Shrs Outs 18342 18442 18692 18942 19192 19442 Common Shrs Issued(Ret) 100 250 250 250 250 19442
EPS Cont Operations 2.36 2.61 2.87 3.32 3.60 3.81 Cash Change (for line 99) 25963 33215 41751 46089 52962
FINANCIAL DATA CHECKS
  Assets - Equities 0 0 0 0 0 0
Rev. - Exp. - NI 0 0 0 0 0 0
WC from OPS 0 0 0 0 0 0
Cash Changes 0 0 0 0 0 0
3.1  SHORT TERM LIQUIDITY RATIOS
  2008 2009 2010 2011 2012
Current  2.41 2.64 2.88 3.11 3.36
Quick (Acid Test)  0.61 0.81 1.03 1.24 1.45
Days Sales In Receivables 4.00 4.65 4.63 4.66 4.69
Days Inventory Held 314.59 315.53 316.18 316.22 317.92
Days Payables in Ops Exp 30.40 30.30 30.27 30.35 30.51
3.2  CAPITAL STRUCTURE AND LT SOLVENCY RATIOS
  2008 2009 2010 2011 2012
LT Debt/Total Assets 0.0% 0.0% 0.0% 0.0% 0.0%
LT Debt/Tangible Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Total Debt/Total Assets 40.3% 37.6% 35.1% 32.9% 30.9%
Total Debt/Tangible Assets 40.4% 37.6% 35.1% 32.9% 30.9%
LT Debt/Owner's Equity 0.0% 0.0% 0.0% 0.0% 0.0%
LT Debt/Tang. Net Worth 0.0% 0.0% 0.0% 0.0% 0.0%
Times Interest Earned -58.75 -34.96 -25.36 -19.11 -14.95
Ret. Earn./Total Assets  40.9% 45.6% 49.7% 53.2% 56.2%
3.3  RETURN-ON-INVESTMENT RATIOS
   2008 2009 2010 2011 2012
Return On Total Assets 11.8% 11.0% 11.0% 10.3% 9.5%
Return On Common Equity 20.6% 18.6% 17.9% 16.4% 14.9%
Book Value per share $14.09 $16.99 $20.32 $23.92 $27.70
Tang. Bk Value per share $14.07 $16.96 $20.29 $23.89 $27.68
Market Value/Book Value 0.0 2.3 2.2 2.0 1.8
Mkt Val/Tang Book Value 0.0 2.3 2.2 2.1 1.8
Market Value/Sales 0.0 1.1 1.2 1.2 1.1
Enterprise Value/EBITDA -0.7 5.7 5.6 5.4 4.7
Enterprise Value/Sales -0.1 0.9 1.0 0.9 0.8
3.4  OPERATING PERFORMANCE RATIOS
  2008 2009 2010 2011 2012
Gross Margin/Sales 62.7% 62.4% 62.6% 62.3% 61.9%
EBIT/Sales 13.3% 13.3% 13.9% 13.8% 13.5%
Oper. Prof. net of tax/Sales 7.8% 7.8% 8.2% 8.1% 8.0%
Net Income/Sales 8.0% 8.1% 8.5% 8.6% 8.5%
3.5  ASSET UTILIZATION RATIOS
  Jan07 2008 2009 2010 2011 2012
Sales/Aver. Accts Rec. 91.2 78.6 78.9 78.4 77.9
Sales/Ending Accts Rec. 105.2 75.0 75.0 75.0 75.0 75.0
COGS/Average Inventory 1.2 1.2 1.2 1.2 1.1
COGS/Ending Inventory 1.1 1.1 1.1 1.1 1.1 1.1
Sales/Aver. Wrkg Capital 3.8 3.3 2.9 2.6 2.3
Sales/Aver. Fixed Assets 4.8 4.8 4.8 4.8 4.7
Sales/Aver. Tot. Assets 1.5 1.4 1.3 1.3 1.2
3.6  CASH FLOW RATIOS
  2008 2009 2010 2011 2012
Oper Cash Flow/Curr Liab 55.8% 57.2% 61.2% 62.6% 63.1%
Oper Cash Flow/Tot Liab 39.8% 41.0% 44.0% 45.2% 45.8%
Cash Flow per share $3.62 $4.02 $4.63 $5.09 $5.48
Price to Cash Flow 0.0 9.7 9.7 9.6 8.9
EBITDA per share $5.36 $5.88 $6.72 $7.29 $7.72
Price to EBITDA 0.0 6.6 6.7 6.7 6.3
Cash per share $3.74 $5.47 $7.60 $9.91 $12.50
Wrking Capital per share $9.62 $12.01 $14.82 $17.90 $21.22
4.1 INCOME STATEMENT ITEMS AS % OF SALES
Jan07 2008 2009 2010 2011 2012
Sales 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of Goods Sold 38.1% 37.3% 37.6% 37.4% 37.7% 38.1%
   GROSS MARGIN 61.9% 62.7% 62.4% 62.6% 62.3% 61.9%
Other Revenue -0.1% 0.0% 0.0% 0.0% 0.0% 0.0%
R&D/Other Expense Line 1 38.9% 40.2% 40.1% 39.9% 39.8% 39.7%
SG&A/Other Exp. Line 2 9.6% 9.2% 9.0% 8.8% 8.7% 8.7%
   OPERATING MARGIN 13.4% 13.3% 13.3% 13.9% 13.8% 13.5%
   EBIT 13.4% 13.3% 13.3% 13.9% 13.8% 13.5%
Interest Expense 0.2% -0.2% -0.4% -0.5% -0.7% -0.9%
Effective Tax Rate 40.1% 41.0% 41.0% 41.0% 41.0% 41.0%
Minor. Int. in Earnings 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
   INCOME--CONTIN. OPS 7.9% 8.0% 8.1% 8.5% 8.6% 8.5%
   (continued on following screen)
4.1 INCOME STATEMENT ITEMS AS % OF SALES (A321, Screen 2 of 2)
Jan07 2008 2009 2010 2011 2012
Income From Discont. Ops 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Extra. Gains & Losses 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Changes in Acct. Princ. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
   NET INCOME 7.9% 8.0% 8.1% 8.5% 8.6% 8.5%
Preferred Stock Dividend 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
 
NET INCOME AVAILABLE TO
   COMMON SHAREHOLDERS 7.9% 8.0% 8.1% 8.5% 8.6% 8.5%
EPS from Cont Operations 2.36 2.61 2.87 3.32 3.60 3.81
Total Earnings per share 2.36 2.61 2.87 3.32 3.60 3.81
Dividends per share 0.00 0.00 0.00 0.00 0.00 0.00
0 1 2 3 4
PROJECTED RETURN CALCULATIONS
-----------------------------
Company PE / S & P PE   0.80 0.80 0.80 0.75
Projected Company PE 0.0 13.6 13.6 13.6 12.8
Projected Price 0.00 39.00 45.12 49.01 48.58
Cumulative Dividends 0.00 0.00 0.00 0.00 0.00
Projected Return