Exhibit 2 Forecast (2)

Cartwright Lumber Company

Sales
Assets
Cash
Accounts Rec., net
Inventory
Current Assets
Property, net
Total Assets

Balance Sheet
$ 1,697 $ 2,013 $
2001
2002
$
58 $
48 $
171
222
239
326
468
596
126
140
$
594 $
736 $

forecast

2,694 $
2003
41 $
317
418
776
157
933 $

2,963 $
2004
59 $
219
474
753
207
960

3,200
2005
64

Balance Sheet
% of Sales
2001
2002
3.4%
2.4%
10.1%
11.0%
14.1%
16.2%

Days outstanding
Forecast
2003
2004
1.5%
2%
11.8%
15.5%
16%

7.4%

7.0%

5.8%

7.0%

7.3%
1.4%

9.5%
1.5%

9.5%
1.4%

8.5%
1.40%

2005
2%

2001

2002

2003

2004

37

40

43

27

27

35

35

Liabilities & Net Worth

Notes Payable Bank
Note Payable to Stark, curr. Portion
Notes Payable Trade
Accounts Payable
Accrued Expenses
Term Loan, curr. Portion
Current Liabilities
Term Loan
Total Liabilities
Net Worth
Total Liabilities & Net Worth
Plug

105
124
24
7
260
64
324
270
594

146
192
30
7
375
57
432
304
736

233
256
39
7
535
50
585
348
933

184
41
7
233
43
276
345
621

339

Exhibit 1

Cartwright Lumber Company

Income Statememt

Net Sales
Cost of Goods Sold:
Beginning Inventory
Purchases
Ending Inventory
Total Cost of Goods Sold

Gross Profit
Operating Expenses
Earnings Before Interest & Taxes
Interest Expense
Net Income Before Taxes
Provision for Income Taxes
Net Income

2001
1,697 $

2002
2,013 $

First
Quarter
2003
2004
2,694 $
718

183
1,278
239
1,222

239
1,524
326
1,437

326
2,042
418
1,950

418
660
556
522

475
425
50
13
37
6
31

576
515
61
20
41
7
34

744
658
86
33
53
9
44

196
175
21
10
11
2
9

Taxes
50,000
75,000
over 75,000
Total
Average Tax Rate

0.15
0.25
0.35

5.55
-

6.15
-

7.50
0.75
-

5.55
15%

6.15
15%

8.25
16%

1.65
1.65
15%

Notes

Exhibit 2

Cartwright Lumber Company

Balance Sheet

Assets
Cash
Accounts Rec., net
Inventory
Current Assets
Property, net
Total Assets

2001
58 $
171
239
468
126
594 $

2002
48 $
222
326
596
140
736 $

First
Quarter
2003
2004
41 $
31
317
345
418
556
776
932
157
162
933 $ 1,094

105
-

146
-

233
-

256
39
7
535
50
585
348
933

243
36
7
690
47
737
357
$ 1,094

Liabilities & Net Worth

Notes Payable Bank
Note Payable to Stark, curr. Portion
Notes Payable Trade
Accounts Payable
Accrued Expenses
Term Loan, curr. Portion
Current Liabilities
Term Loan
Total Liabilities
Net Worth
Total Liabilities & Net Worth

124
24
7
260
64
324
270
594

192
30
7
375
57
432
304
736

247
157

2005 Notes

Exhibit 1 % Sales

Cartwright Lumber Company

Income Statememt

Net Sales
Cost of Goods Sold:
Beginning Inventory
Purchases
Ending Inventory
Total Cost of Goods Sold

Gross Profit
Operating Expenses
Earnings Before Interest & Taxes
Interest Expense
Net Income Before Taxes
Provision for Income Taxes
Net Income

2001
1,697 $

2002
2,013 $

First
Quarter
2003
2004
2,694 $
718

183
1,278
239
1,222

239
1,524
326
1,437

326
2,042
418
1,950

418
660
556
522

475
425
50
13
37
6
31

576
515
61
20
41
7
34

744
658
86
33
53
9
44

196
175
21
10
11
2
9

Taxes
50,000
75,000
100,000
over 100,000
Total
Average Tax Rate

0.15
0.25
0.34
0.39

5.55
5.55
15%

6.15
6.15
15%

7.50
0.75
8.25
16%

1.65
1.65
15%

First
Quarter
2003
2004
100%
100%

2001
100%

2002
100%

11%
75%
14%
72%

12%
76%
16%
71%

12%
76%
16%
72%

58%
92%
77%
73%

25%

26%

24%

24%

1%
2%

1%
2%

1%
2%

1%
2%

2%

2%

2%

1%

Exhibit 2 % Sales

Clarkson Lumber Company

Sales
Assets
Cash
Accounts Rec., net
Inventory
Current Assets
Property, net
Total Assets

Balance Sheet
$ 1,697 $
2,013 $
2001
2002
$
58 $
48 $
171
222
239
326
468
596
126
140
$
594 $
736 $

First Quarter

2,694 $
718
2003
2004
41 $
31
317
345
418
556
776
932
157
162
933 $ 1,094

Balance Sheet

Days outstanding
First Quarter

2001
3.4%
10.1%
14.1%

2002
2.4%
11.0%
16.2%

2003
1.5%
11.8%
15.5%

7.4%
35.0%

7.0%
36.6%

5.8%
34.6%

2001

2002

2003

2004

36
51

40
58

42
56

43
70

(Acct. Rec/sales per day)

(Inventory/sales per day)

Liabilities & Net Worth

Notes Payable Bank
Note Payable to Stark, curr. Portion
Notes Payable Trade
Accounts Payable
Accrued Expenses
Term Loan, curr. Portion
Current Liabilities
Term Loan
Total Liabilities
Net Worth
Total Liabilities & Net Worth

105
124
24
7
260
64
324
270
594

146
192
30
7
375
57
432
304
736

233
-

247
157

256
39
7
535
50
585
348
933

243
36
7
690
47
737
357
$ 1,094

27
7.3%
1.4%

9.5%
1.5%

9.5%
1.4%

35

45

45

(Acct. Payable/Cost of Goods Sold per day)

40

Exhibit 1 Forecast

Cartwright Lumber Company

Income Statememt
10% $

Net Sales
Cost of Goods Sold:
Beginning Inventory
Purchases
Ending Inventory
Total Cost of Goods Sold

Gross Profit
Operating Expenses
Earnings Before Interest & Taxes
Interest Expense
Net Income Before Taxes
Provision for Income Taxes
Net Income

0.08

0.05

2001
1,697 $

2002
2,013 $

2003
2004
2005
2006
2,694 $ 2,963 $ 3,200 $ 3,360

183
1,278
239
1,222

239
1,524
326
1,437

326
2,042
418
1,950

475
425
50
13
37
6
31

576
515
61
20
41
7
34

744
658
86
33
53
9
44

418
2,223
474
2,166

474
2,400
512
2,362

512
2,520
538
2,495

797
770
27
30
(3)
(0.53)
(3) $

838
832
6
32
(26)
(4.43)
(22) $

866
874
(8)
34
(42)
(7.07)
(35)

(0.47)
(0.47)
15%

(3.91)
(3.91)
15%

(6.24)
(6.24)
15%

Taxes
50,000
75,000
over 75,000
Total
Average Tax Rate

0.15
0.25
0.35

5.55
5.55
15%

6.15
6.15
15%

7.50
0.75
8.25
16%

2001

75%
14%
72%

25%
0.77%
16%

Exhibit 1 Forecast

Forecast
2002

2003

2004

2005

2006

76%
16%
71%

76%
16%
72%

75%
16%
73%

75%
16%
72%

75%
16%

26%

24%

26%

26%

26%

0.99%

1.22%

1%

1%

1%

17%

17%

17%

17%

17%

Complete the forecast on the Cartwright Lumber

balance sheet with anticipated sales growth of 10%

Exhibit 2 Forecast

Cartwright Lumber Company

Sales
Assets
Cash
Accounts Rec., net
Inventory
Current Assets
Property, net
Total Assets

Balance Sheet
$ 1,697 $ 2,013 $
2001
2002
$
58 $
48 $
171
222
239
326
468
596
126
140
$
594 $
736 $

forecast

2,694 $
2003
41 $
317
418
776
157
933 $

3,225 $
2004
65 $
327
516
907
226
1,133 $

3,200 $
2005
64 $
324
512
901
224
1,125 $

3,360
2006
67
341
538
946
235
1,181

Balance Sheet
% of Sales
2001
2002
3.4%
2.4%
10.1%
11.0%
14.1%
16.2%

Days outstanding
Forecast
2003
2004
1.5%
2%
11.8%
15.5%
16%

2005
2%

2006
2%

16%

16%

7.4%

7.0%

5.8%

7.0%

7.0%

7.0%

7.3%
1.4%

9.5%
1.5%

9.5%
1.4%

8.5%
1.40%

8.5%
1.40%

8.5%
1.40%

2001

2002

2003

2004

2005

2006

37

40

43

37

37

37

27

35

35

23

22

Liabilities & Net Worth

Notes Payable Bank
Note Payable to Stark, curr. Portion
Notes Payable Trade
Accounts Payable
Accrued Expenses
Term Loan, curr. Portion
Current Liabilities
Term Loan
Total Liabilities
Net Worth
Total Liabilities & Net Worth
Plug

105
124
24
7
260
64
324
270
594

146
192
30
7
375
57
432
304
736

233
256
39
7
535
50
585
348
933

465
-

200
45
7
718
43
761
345
1,106

27

465
-

465
-

196
45
8
714
35
749
324
1,072

47
9
521
26
547
289
836

52

345

Cartwright Lumber Company Income Statememt

Net Sales
Cost of Goods Sold:
Beginning Inventory
Purchases
Ending Inventory
Total Cost of Goods Sold
Gross Profit
Operating Expenses
Earnings Before Interest & Taxes
Interest Expense
Net Income Before Taxes
Provision for Income Taxes
Net Income

Cartwright Lumber Company

Sales
Assets
Cash
Accounts Rec., net
Inventory
Current Assets
Property, net
Total Assets

Liabilities & Net Worth

Notes Payable Bank
Note Payable to Stark, curr. Portion
Notes Payable Trade
Accounts Payable
Accrued Expenses
Term Loan, curr. Portion
Current Liabilities
Term Loan
Total Liabilities
Net Worth
Total Liabilities & Net Worth
Plug

10% $ 0.08
0.05
2001
2002
2003
2004
2005
2006
$ 1,697 $ 2,013 $ 2,694 $ 2,963 $ 3,200 $ 3,360

1,278
239
1,222
295

1,524
326
1,437
413

2,042
418
1,950
510

425
50
375
37
338
6
332

515
61
454
41
413
7
406

658
86
572
53
519
9
510

Balance Sheet
$ 1,697 $ 2,013 $ 2,694
2001
2002
2003
$
58 $
48 $
41
171
222
317
239
326
418
468
596
776
126
140
157
$
594 $
736 $
933

105
124
24
7
260
64
324
270
594

146
192
30
7
375
57
432
304
736

1,950
2,223
474
3,698
(735)
770
(1,505)
30
(1,535)
(260.97)
$ (1,274) $

474
2,400
512
2,362

512
2,520
538
2,495

838
832
6
32
(26)
(4.43)
(22) $

866
874
(8)
34
(42)
(7.07)
(35)

forecast
$ 3,225 $ 3,200 $ 3,360
2004
2005
2006
$
65 $
64 $
67
327
324
341
516
512
538
907
901
946
226
224
235
$ 1,133 $ 1,125 $ 1,181

233
-

465
-

256
39
7
535
50
585
348
933

200
45
7
718
43
761
345
$ 1,106

196
45
8
714
35
749
324
$ 1,072

47
9
521
26
547
289
836

345

27

465
-

52

2001

2002

2003

Forecast
2004

2005

2006

14%
72%
17%

16%
71%
21%

16%
72%
19%

75%
16%
125%

75%
16%
72%

75%
16%

3%

3%

3%

26%

26%

26%

2.18%

2.04%

1.97%

1%

1%

1%

2%

2%

2%

17%

17%

17%

Balance Sheet
% of Sales
2001
3.4%
10.1%
14.1%

2002
2.4%
11.0%
16.2%

2003
1.5%
11.8%
15.5%

Forecast
2004
2%

2005
2%

2006
2%

16%

16%

16%

7.4%

7.0%

5.8%

7.0%

7.0%

7.0%

7.3%
1.4%

9.5%
1.5%

9.5%
1.4%

8.5%
1.40%

8.5%
1.40%

8.5%
1.40%

465
-