
Growth rate in sales	4.00%	Projected Cash Flows
Cost of goods sold	2.00%
Selling, G & A Costs	3.00%
Tax Rate	40.00%
PV Factor	10.00%

Year	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010
Net Sales	$ 17,086	17,769	18,480	19,219	19,988	20,788	21,619	22,484	23,383	24,319	25,291
Cost of Goods Sold	8,269	355	370	384	400	416	432	450	468	486	506
Selling, Gen & Adm Expenses	4,961	533	554	577	600	624	649	675	702	730	759
Depreciation	1,502	1,562	1,625	1,690	1,757	1,827	1,901	1,977	2,056	2,138	2,223
Other Deductions	35	36	38	39	41	43	44	46	48	50	52
Profit Before Taxes	2,319	15,282	15,894	16,530	17,191	17,878	18,593	19,337	20,111	20,915	21,752
Taxes	656	6,113	6,358	6,612	6,876	7,151	7,437	7,735	8,044	8,366	8,701
Profit After Taxes	1,663	9,169	9,536	9,918	10,314	10,727	11,156	11,602	12,066	12,549	13,051
Add back: Depr	1,502	1,562	1,625	1,690	1,757	1,827	1,901	1,977	2,056	2,138	2,223

Cash Flow from Oper	$3,165	10,732	11,161	11,607	12,072	12,554	13,057	13,579	14,122	14,687	15,274

Terminal Value @ end of 10yrs											$130,510
Deduct:
Increase in NWC	--	$297	308	321	334	347	361	375	390	406	422
Assumed capital expenditures	--	$1,562	1,625	1,690	1,757	1,827	1,901	1,977	2,056	2,138	2,223
Cash Flows	--	$8,873	9,228	9,597	9,981	10,380	10,795	11,227	11,676	12,143	143,139
PV Factor @ __%	--	0.909	0.826	0.751	0.683	0.621	0.564	0.513	0.467	0.424	0.386
Present Value of Cash Flows	--	$8,066	7,626	7,210	6,817	6,445	6,094	5,761	5,447	5,150	55,186

Total PV of Cash Flows	--	$113,803