Exhibit 1

1967 1968 1969

Operations
Net Sales $ 198.00 $ 206.00 $ 212.00
COGS $ 141.00 $ 145.00 $ 154.00
Depreciation $ 4.00 $ 5.00 $ 4.00
SG&A $ 23.00 $ 25.00 $ 29.00
Interest Expense $ 1.00 $ 2.00 $ 3.00
Income before taxes and extraordinary items $ 29.00 $ 29.00 $ 22.00
Income Tax (@50%) $ 14.00 $ 15.00 $ 11.00
Income before extraordinary items $ 15.20 $ 13.90 $ 9.70
Preffered Dividends $ 1.00 $ 0.90 $ 0.90
Net Income $ 14.20 $ 13.00 $ 8.80

Common Stock
EPS before extraordinary items $ 3.34 $ 3.07 $ 2.33
DPS $ 1.20 $ 1.25 $ 1.40
BV per share $ 16.43 $ 17.26 $ 18.28
Market Price 23-59 36-57 22-50
PE ratio 7-18 12-19 9-22
 1970 1971

$ 226.00 $ 208.00
$ 165.00 $ 161.00
$ 4.00 $ 4.00
$ 29.00 $ 29.00
$ 4.00 $ 3.00
$ 24.00 $ 11.00
$ 12.00 $ 5.00
$ 12.40 $ 5.60
$ 0.90 $ 0.90
$ 11.50 $ 4.70

$ 2.75 $ 1.12
$ 1.40 $ 1.40
$ 19.68 $ 18.72
22-35 18-38
8-13 16-34
 Exhibit 2
1971
Assets
Cash $ 9.00
Accounts Recievable $ 49.00
Inventory $ 57.00
Other $ 2.00
Current Assets $ 117.00
Net Plant and Equipment $ 47.00
Other $ 8.00
Total Assets $ 172.00

Liabilities and Net Worth

Accounts Payable $ 30.00
Accrued Tax $ 3.00
Long Term Debt due $ 5.00
Current Liabilities $ 38.00
Long Term Debt $ 34.00
Deffered Tax $ 4.00
Preffered Stock $ 11.00
Common Equity $ 85.00
Total Liabilities and Net Worth $ 172.00
 Exhibit 4
1967 1968 1969 1970 1971
Operations
Net Sales $ 48.50 $ 49.10 $ 53.70 $ 54.80 $ 55.30
Growth Rate 1.2% 9.4% 2.0% 0.9%
COGS $ 32.60 $ 33.10 $ 35.90 $ 37.20 $ 37.90
SG&A $ 10.70 $ 11.10 $ 11.50 $ 11.90 $ 12.30
Depreciation $ 2.00 $ 2.30 $ 2.40 $ 2.30 $ 2.10
Interest Expense $ 0.40 $ 0.70 $ 0.80 $ 0.80 $ 0.80
Other Deductions $ 0.30 $ 0.10 $ 0.20 $ 0.20 $ 0.20
Income before Taxes $ 2.53 $ 1.85 $ 2.97 $ 2.42 $ 2.02
Taxes $ 0.60 $ 0.84 $ 1.31 $ 0.88 $ 0.67
Net Income $ 1.93 $ 1.01 $ 1.66 $ 1.54 $ 1.35

Percentage of Sales
COGS 67% 67% 67% 68% 69%
SG&A 22% 23% 21% 22% 22%
Income before Taxes 5.20% 3.80% 5.50% 4.40% 3.70%

Stockholder Information
Earnings per Share $ 3.19 $ 1.65 $ 2.88 $ 2.64 $ 2.32
Dividends per Share $ 1.60 $ 1.60 $ 1.60 $ 1.60 $ 1.60
Book Value per Share $ 45.66 $ 48.03 $ 49.31 $ 50.20 $ 51.25
Market Price 33-46 35-48 29-41 25-33 23-32
Price/Earnings Ratio 10-14 21-30 10.14 9-13 10-14
 Forecasted
1972 1973 1974 1975 1976

$ 58.62 $ 62.14 $ 65.86 $ 69.81 $ 74.00

6% 6% 6% 6% 6%
$ 38.10 $ 40.39 $ 42.81 $ 45.38 $ 48.10
$ 11.14 $ 10.56 $ 11.20 $ 11.87 $ 12.58
$ 2.23 $ 2.36 $ 2.50 $ 2.65 $ 2.81
$ 0.80 $ 0.80 $ 0.80 $ 0.80 $ 0.80
$ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20
$ 6.15 $ 7.82 $ 8.35 $ 8.92 $ 9.51
$ 2.46 $ 3.13 $ 3.34 $ 3.57 $ 3.80
$ 3.69 $ 4.69 $ 5.01 $ 5.35 $ 5.71

65% 65% 65% 65% 65%

19% 19% 19% 19% 19%
10% 13% 13% 13% 13%
 Exhibit 5
1971
Assets
Cash $ 1.00
Accounts Recievable $ 8.00
Inventory $ 18.00
Other $ 1.00
Current Assets $ 28.00
Investment in Subsidiary $ 3.00
Net Plant and Equipment $ 16.00
Total Assets $ 47.00

Liabilities and Net Worth

Accounts Payable $ 2.00
Other $ 2.00
Current Liabilities $ 4.00
Long Term Debt $ 12.00
Common Equity $ 31.00
Total Liabilities and Net Worth $ 47.00
 Exhibit 8
1972 1973
Net Income Available to Common Stockholders $ 11.00 $ 11.90
Number of Shares outstanding (in millions) 4.21 4.21
Primary EPS $ 2.61 $ 2.83

Deal Structure

Option 1
Cooper has majority with only
unaccounted and speculators.
and convertible at 50$ per sha
Option 2
Cooper buys all stock of Nicho
177000 shares whom they hav
and dividend of 0.9$ per share
share.
 1974 1975 1976
$ 12.80 $ 13.80 $ 15.00
4.21 4.21 4.21
$ 3.04 $ 3.28 $ 3.56

Deal Structure

er has majority with only 50.1% shares by buying only 86000 shares from the
counted and speculators. Preferred stock is given to Porter with 0.9$ as dividend
convertible at 50$ per share.

er buys all stock of Nicholson @50$ except Porter's

00 shares whom they have given preferred stock
dividend of 0.9$ per share and convertible at 50$ per
e.
 Exhibit 4
1967 1968 1969 1970 1971
Operations
Net Sales $ 48.50 $ 49.10 $ 53.70 $ 54.80 $ 55.30
Growth Rate 1.2% 9.4% 2.0% 0.9%
COGS $ 32.60 $ 33.10 $ 35.90 $ 37.20 $ 37.90
SG&A $ 10.70 $ 11.10 $ 11.50 $ 11.90 $ 12.30
Depreciation $ 2.00 $ 2.30 $ 2.40 $ 2.30 $ 2.10
Interest Expense $ 0.40 $ 0.70 $ 0.80 $ 0.80 $ 0.80
Other Deductions $ 0.30 $ 0.10 $ 0.20 $ 0.20 $ 0.20
Income before Taxes $ 2.53 $ 1.85 $ 2.97 $ 2.42 $ 2.02
Taxes $ 0.60 $ 0.84 $ 1.31 $ 0.88 $ 0.67
Net Income $ 1.93 $ 1.01 $ 1.66 $ 1.54 $ 1.35

Percentage of Sales
COGS 67% 67% 67% 68% 69%
SG&A 22% 23% 21% 22% 22%
Income before Taxes 5.20% 3.80% 5.50% 4.40% 3.70%

Stockholder Information
Earnings per Share $ 3.19 $ 1.65 $ 2.88 $ 2.64 $ 2.32
Dividends per Share $ 1.60 $ 1.60 $ 1.60 $ 1.60 $ 1.60
Book Value per Share $ 45.66 $ 48.03 $ 49.31 $ 50.20 $ 51.25
Market Price 33-46 35-48 29-41 25-33 23-32
Price/Earnings Ratio 10-14 21-30 10.14 9-13 10-14
 Forecasted
1972 1973 1974 1975 1976

$ 58.62 $ 62.14 $ 65.86 $ 69.81 $ 74.00

6% 6% 6% 6% 6%
$ 38.10 $ 40.39 $ 42.81 $ 45.38 $ 48.10
$ 11.14 $ 10.56 $ 11.20 $ 11.87 $ 12.58
$ 2.23 $ 2.36 $ 2.50 $ 2.65 $ 2.81
$ 0.80 $ 0.80 $ 0.80 $ 0.80 $ 0.80
$ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 COGS decreases to 65%.
$ 6.15 $ 7.82 $ 8.35 $ 8.92 $ 9.51 SG&A decreases to 19%.
$ 2.46 $ 3.13 $ 3.34 $ 3.57 $ 3.80
$ 3.69 $ 4.69 $ 5.01 $ 5.35 $ 5.71

65% 65% 65% 65% 65%

19% 19% 19% 19% 19%
10% 13% 13% 13% 13%
ecreases to 65%.
ecreases to 19%.
 Cooper and Nicholson Deal O
Assuming Porter hold the preferred stock
1972 1973 1974
Net Income Cooper $ 11.00 $ 11.90 $ 12.80
Net Income Nicholson $ 3.69 $ 4.69 $ 5.01
50.1% of Net Income of Nicholson 1.85 2.35 2.51
Total Income $ 12.85 $ 14.25 $ 15.31
Adjustment for Preferred Stock $ 0.16 $ 0.16 $ 0.16
Net Income to Common Shareholders $ 12.69 $ 14.09 $ 15.15
Shares bought from others 0.086 0.086 0.086
Number of Shares 4.21 4.21 4.21
Total Shares 4.296 4.296 4.296
EPS $ 2.95 $ 3.28 $ 3.53

Assuming Porter converts the preferred stock at 2.

Net Income Cooper $ 11.00 $ 11.90 $ 12.80
Net Income Nicholson $ 3.69 $ 4.69 $ 5.01
50.1% of Net Income of Nicholson 1.85 2.35 2.51
Net Income $ 12.85 $ 14.25 $ 15.31
Shares bought from others 0.086 0.086 0.086
Number of Shares 4.21 4.21 4.21
Convertible preferred stock 0.37 0.37 0.37
Total Shares 4.66 4.66 4.66
EPS $ 2.75 $ 3.06 $ 3.28
 d Nicholson Deal Option 1
the preferred stock and do not convert
1975 1976
$ 13.80 $ 15.00
$ 5.35 $ 5.71 Option 1
2.68 2.86
$ 16.48 $ 17.86 Cooper has majority with 50.1%
by buying only 86000 of the spe
$ 0.16 $ 0.16
and unaccounted shares. Port
$ 16.32 $ 17.70 preferred stock of 0.9$ dividen
0.086 0.086 convertible to 2.08 shares for 1 p
4.21 4.21 stock.
4.296 4.296
$ 3.80 $ 4.12

eferred stock at 2.08 share for 1 preferred stock

$ 13.80 $ 15.00
$ 5.35 $ 5.71
2.68 2.86
$ 16.48 $ 17.86
0.086 0.086
4.21 4.21
0.37 0.37
4.66 4.66
$ 3.53 $ 3.83
 majority with 50.1% of shares
only 86000 of the speculative
ccounted shares. Porter get
d stock of 0.9$ dividend and
to 2.08 shares for 1 preferred
stock.
 Cooper and N
Assuming Porter hold an
1972 1973 1974
Net Income Cooper $ 11.00 $ 11.90 $ 12.80
Net Income Nicholson $ 3.69 $ 4.69 $ 5.01
Total Income $ 14.69 $ 16.59 $ 17.81
Adjustment for Preferred Stock $ 0.16 $ 0.16 $ 0.16
Net Income to Common Shareholders $ 14.53 $ 16.44 $ 17.65
Shares bought from others 0.407 0.407 0.407
Number of Shares 4.21 4.21 4.21
Total Shares 4.617 4.617 4.617
EPS $ 3.15 $ 3.56 $ 3.82

Assuming Porter converts the preferred

Net Income Cooper $ 11.00 $ 11.90 $ 12.80
Net Income Nicholson $ 3.69 $ 4.69 $ 5.01
Total Income $ 14.69 $ 16.59 $ 17.81
Shares bought from others 0.407 0.407 0.407
Number of Shares 4.21 4.21 4.21
Convertible preferred stock 0.37 0.37 0.37
Total Shares 4.99 4.99 4.99
EPS $ 2.95 $ 3.33 $ 3.57
 Cooper and Nicholson Deal Option 2
ing Porter hold and do not convert preferred stock.
1975 1976
$ 13.80 $ 15.00
$ 5.35 $ 5.71 Option 2
$ 19.15 $ 20.71
$ 0.16 $ 0.16 Cooper buys all stock of Nicholso
except Porter's 177000 shares wh
$ 18.99 $ 20.55
have given preferred stock and di
0.407 0.407 0.9$ per share and convertible
4.21 4.21 share for 1 preferred stock at 5
4.617 4.617 share.
$ 4.11 $ 4.45

verts the preferred stock at 2.08 per share for 1 preferred share .
$ 13.80 $ 15.00
$ 5.35 $ 5.71
$ 19.15 $ 20.71
0.407 0.407
4.21 4.21
0.37 0.37
4.99 4.99
$ 3.84 $ 4.15
ys all stock of Nicholson @50$
er's 177000 shares whom they
preferred stock and dividend of
hare and convertible at 2.08
1 preferred stock at 50$ per
share.