CLARKSON LUMBER COMPANY

Exhibit 1
Operating Expenses for Years Ending December 31, 1993-1995, and First Quarter 1996
(thousands of dollars) 1993 1994 1995 1996 Q1
Net Sales $2,921 $3,477 $4,519 $1,062
Cost of Goods Sold:
Begin Inventory 330 337 432 587
Purchases 2,209 2,729 3,579 819
$2,539 $3,066 $4,011 $1,406
Ending Inventory 337 432 587 607
Total Cost of Goods Sold $2,202 $2,634 $3,424 $799

Gross Profit 719 843 1,095 263

Operating Expenses 622 717 940 244
Earning before interest and taxes $97 $126 $155 $19
Interest Expense 23 42 56 13
Net income before income taxes $74 $84 $99 $6
Provision for income taxes 14 16 22 1
Net Income $60 $68 $77 $5

Exhibit 2
Balance Sheets at December 31, 1993-1995, and March 31, 1996 (Thousands of dollars)
1993 1994 1995 1996 Q1
Cash $43 $52 $56 $53
Accounts receivable - net 306 411 606 583
Inventory 337 432 587 607
Current assets $686 $895 $1,249 $1,243
Property, net 233 262 388 384
Total Assets $919 $1,157 $1,637 $1,627

Notes payable, bank $0 $60 $390 $399

Notes payable to Holtz, current port 0 100 100 100
Notes payable, trade 0 0 127 123
Accts Payable 213 340 376 364
Accrued Expenses 42 45 75 67
Term loan, current portion 20 20 20 20
Current liabilities $275 $565 $1,088 $1,073
Term loan 140 120 100 100
Note payable, Mr. Holtz - 100 - -
Total liabilities $415 $785 $1,188 $1,173
Net Worth 504 372 449 454
Total liabilities and Net Worth $919 $1,157 $1,637 $1,627

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 CLARKSON LUMBER COMPANY

Exhibit 3
Selected Statistics on Lumber Outlets
Low-Profit High-Profit
Outlets Outlets
Percent of Sales
Cost of goods 76.9% 75.1%
Operating expenses 22.0% 20.6%
Cash 1.3% 1.1%
Accounts receivable 13.7% 12.4%
Inventory 12.0% 11.6%
Fixed assets, net 12.1% 9.2%
Total Assets 39.1% 34.3%
Percent of Total Assets:
Current Liabilities 52.7% 29.2%
Long-term liabilities 34.8% 16.0%
Equity 12.5% 54.8%
Current ratio 1.31 2.52
Return on sales -0.7% 4.3%
Return on assets -1.8% 12.2%
Return on equity -14.3% 22.1%

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 CLARKSON LUMBER COMPANY

Ending December 31, 1993-1995, and First Quarter 1996

31, 1993-1995, and March 31, 1996 (Thousands of dollars)

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Sources and Uses 1993-1995 (thousands of dollars)
Line item 1994 1995 1993-1995
Cash increase/dec $9 $4 $13
Accounts receivable inc/dec $105 $195 $300
Inventory inc/dec $95 $155 $250
Current assets inc/dec $209 $354 $563
Property, inc/dec $29 $126 $155
Use of Funds $238 $480 $718

Notes payable, bank inc/dec $60 $330 $390

Notes payable to Holtz, current portion inc$100 $0 $100
Notes payable, trade inc/dec $0 $127 $127
Accts Payable inc/dec $127 $36 $163
Accrued Expenses inc/dec $3 $30 $33
Term loan, current portion inc/dec $0 $0 $0
Current liabilities inc/dec $290 $523 $813
Term loan inc/dec ($20) ($20) ($40)
Note payable, Mr. Holtz inc/dec $100 ($100) $0
Total liabilities inc/dec $370 $403 $773
Net Worth inc/dec ($132) $77 ($55)
Source of Funds $238 $480 $718
Statement of Cash Flows (thousands of dollars)

CF.from operating activities 1994 1995 Combined

Net Income $68 $77 $145

Depreciation $ - $ - $0
Inc/dec accts rec. $105 $195 $300
inc/dec inventory $95 $155 $250
inc/dec trade/accts payable $127 $163 $290
inc/dec accrued exp $3 $30 $33
Net cash operations ($2) ($80) ($82)

CF investing act.
Increase in property ($29) ($126) ($155)
Cash operat. and investing ($31) ($206) ($237)

CF financing
Proceeds bank loans $60 $330 $390
Buy-out equity ($200) ($200)
Proceeds from financing 200 $200
Payment of buy-out debt 0 ($100) ($100)
Payment of term loan ($20) ($20) ($40)
Net cash financing activities $40 $210 $250
Inc/dec cash $9 $4 $13
Cash beginning of year $43 $52
Cash end of year $52 $56
 1993 1994 1995 1996 Q1
Sales Growth Rate 19.03% 29.97% 17.61%
Gross Profits/Sales 24.61% 24.25% 24.23% 24.76%
NI/Sales 2.05% 1.96% 1.70% 0.47%
Sales/Assets 3.18 3.01 2.76 0.65
Return on Assets (NI/Assets) 6.53% 5.88% 4.70% 0.31%
Assets/Equity 1.82 3.11 3.65 3.58
Return on Equity 11.90% 18.28% 17.15% 1.10%
Current Ratio 2.49 1.58 1.15 1.16
Quick Ratio 1.27 0.82 0.61 0.59
Average Collection Period (days) 38.24 43.14 48.95 49.41
Number of Days in Inventory 0.15 0.16 0.17 0.76
Number of Days in Payables 35.31 47.11 40.08 41.00