Case Study 43 Flinder Valves And Controls

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Exhibit 2 FLINDER VALVES AND CONTROLS INC. Summary of Earnings and Dividends for Flinder Valves and Controls Inc. (dollars in thousands) (Unaudited) Three months ended 3/30 2003 2004 2005 2006 2007 2007 2008 Sales $36,312 $34,984 $35,252 $45,116 $49,364 $11,728 $14,162 Cost of goods sold 25,924 24,200 24,300 31,580 37,044 8,730 10,190 Gross profit 10,388 10,784 10,952 13,536 12,320 2,998 3,972 2,020 2,100 2,252 2,628 2,936 668 896 92 572 108 72 228 14 198 Income before taxes 8,460 9,256 8,808 10,980 9,612 2,344 3,274 Taxes 3,276 3,981 3,620 4,721 4,037 1,009 1,391 Net income 5,184 5,275 5,188 6,259 5,575 1,335 1,883 Cash dividends 1,680 2,008 2,016 2,304 2,304 576 753 Depreciation 784 924 1,088 1,280 1,508 364 394 Capital expenditures 1,486 1,826 2,011 2,213 2,433 580 640 Working capital needs 1,899 3,492-1,200 4,289 4,757 1,130 1,365 Ratio analysis Sales 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Cost of goods sold 71.4 69.2 68.9 70.0 75.0 74.4 72.0 Gross profit 28.6 30.8 31.1 30.0 25.0 25.6 28.0 5.6 6.0 6.4 5.8 5.9 5.7 6.3 0.3 1.6 0.3 0.2 0.5 0.1 1.4 Income before federal taxes 23.3 26.5 25.0 24.3 19.5 20.0 23.1 Net income 14.3 15.1 14.7 13.9 11.3 11.4 13.3 administrative Other income — net administrative Other income — net

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