Exhibit 1 Condensed Operating and Stockholder Information, Robertson Tool Company

(millions of dollars except per-share data)

1998

1999

2000

2001

2002

$ 48.5

$ 49.1

$ 53.7

$ 54.8

$ 55.3

32.6

33.1

35.9

37.2

37.9

10.7

11.1

11.5

11.9

12.3

2.0

2.3

2.4

2.3

2.1

Operations
Sales
Cost of Goods
Selling, General and
Administrative Costs
Depreciation Expense
Interest Expense
Income Before Taxes

.4

.7

.8

.8

.8

2.8

1.9

3.1

2.6

2.2

1.1

.8

1.2

1.0

.9

$1.7

$1.1

$1.9

$1.6

$1.3

Cost of Goods

67%

67%

67%

68%

69%

Sell, Genl, Admin.

22%

23%

21%

22%

22%

Operating Income

6.6%

5.3%

7.3%

6.2%

5.4%

$ 2.91

$ 1.88

$ 3.25

$ 2.74

$ 2.23

1.60

1.60

1.60

1.60

1.60

Taxes
Net Income
Percentage of Sales

Stockholder Information
Earnings Per Share
Dividends Per Share
Book Value Per Share

49.40

49.68

51.33

52.47

53.10

Market Price

33-46

35-48

29-41

25-33

23-32

Price/Earnings Ratio

11-16

10-26

9-13

9-12

10-14

Shares Outstanding

584,000

584,000

584,000

584,000

584,000

Exhibit 2 Balance Sheet at December 31, 2002, Robertson Tool Company

(millions of dollars)
Assets

Liabilities and Net Worth

$ 1

Cash
Accounts Receivable
Inventories

Current Assets
Net Plant and Equipment
Total Assets

Other

18
1

Other

Accounts Payable
Current Liabilities

$ 2
2
4

Long-term Debt

12

Net Worth

31

28
19
$ 47

Collection Period (days)

53

Days of Inventory (days)

173

Sales/Total Assets

1.18

Total

$ 47

Debt as % Capital

28%

Total Assets/Net Worth

1.52

Exhibit 3 Condensed Operating and Stockholder Information, NDP Corporation

(millions of dollars except per-share data)
1998

1999

2000

2001

2002

Sales

$ 45

$ 97

$ 99

$ 98

$ 100

Net Income

1.97

3.20

3.20

1.13

2.98

$ 25

$ 46

$ 49

$ 41

$ 46

11

15

10

13

Net Working Capital

19

35

34

31

33

Long-term Debt

10

18

16

15

17

Shareholders Equity

21

36

40

41

41

$ .78

$ .61

$ .59

$ .21

$ .54

0.20

0
7.45

Operations

Financial Position
Current Assets
Current Liabilities

Stockholders Information
Earnings Per Share
Dividends Per Share
Book Value Per Share

8.31

6.86

7.37

7.38

Market Price

6-17

10-18

7-18

4-10

5-8

Price/Earnings Ratio

8-22

16-30

12-31

19-48

9-15

Shares Outstanding

2,525,600

5,245,900

5,430,100

5,510,000

5,501,000

Exhibit 4 ProFormas for Robertson Tool (millions of dollars)

Actual
2002

Forecasts
2003

2004

2005

2006

2007 to Infinity

$ 55.3

$ 58.6

$ 62.1

$ 65.9

$ 69.8

$ 69.8

Cost of Goods

37.9

39.8

41.6

43.5

45.4

45.4

Gross Profit

17.4

18.8

20.5

22.4

24.4

24.4

Sell & Admin

12.3

12.3

12.4

12.5

13.3

13.3

Depreciation

2.1

2.3

2.5

2.7

2.9

2.9

EBIT

3.0

4.2

5.6

7.2

8.2

8.2

Tax @ 40%

1.2

1.7

2.2

2.9

3.3

3.3

EBIAT

$ 1.8

$ 2.5

$ 3.4

$ 4.3

$ 4.9

$ 4.9

CoGS % Sales

69%

68%

67%

66%

65%

65%

Sell & Admin % Sales

22%

21%

20%

19%

19%

19%

$ 19.0

$ 20.7

$ 21.7

$ 22.6

$ 23.5

(4.0)

(3.5)

(3.6)

(3.8)

(2.9)

2.3

2.5

2.7

2.9

2.9

$ 20.7

$ 21.7

$ 22.6

$ 23.5

$ 23.5

Sales

Net Plant & Equip @

Beginning of Year
Capital Expenditures
Depreciation Expense
Net Plant & Equip @
End of Year

Exhibit 5 Five-Year Forecast of Monmouth, Inc. Earnings, Excluding Robertson Tool

(millions of dollars except per-share data)

Net Income
Shares Outstanding (mil)
Earnings Per Share

2003

2004

2005

2006

2007

$ 11.0

$ 11.9

$ 12.8

$ 13.8

$ 15.0

4.21

4.21

4.21

4.21

4.21

$ 2.61

$ 2.83

$ 3.04

$ 3.27

$ 3.56

Exhibit 6 Selected Financial Information on Quasi-Comparable Firms, 2002

Actuant Corp.

Collection Period (days)

Briggs &
Stratton

Idex Corp.

Lincoln Electric

Snap On Inc.

Stanley Works

Robertson Tool
Co.

55

77

47

61

96

77

53

Inventory % Sales

12%

18%

13%

17%

18%

16%

33%

Operating Margin % Sales

17%

13%

20%

15%

10%

15%

5%

Return on Capital

21%

9%

10%

12%

11%

14%

4%

3.8

3.2

7.1

11.5

7.8

9.3

3.5

balance sheet values

98%

52%

30%

27%

29%

40%

28%

market values

29%

37%

20%

17%

19%

24%

37%

BB-

BB+

BBB

A+

$ 712

$ 1,443

$ 1,191

$ 1,145

$ 1,861

$ 3,014

$ 29

55

119

98

90

129

234

1.80

EBIAT Multiple

12.8

12.1

12.2

12.7

14.4

12.9

16.1

Share Price

$ 42

$ 42

$ 29

$ 22

$ 26

$ 27

$ 30

Earnings Per Share

2.80

3.20

2.00

1.78

1.80

2.32

2.32

Price/Earnings

15.0

13.1

14.5

12.4

14.4

11.6

13.5

Equity Beta

1.00

1.00

1.00

.75

1.05

.95

Asset Beta

.71

.63

.80

.63

.85

.73

Times Interest Earned

Debt % Capital

Bond Rating
Value of Firm ($ mil)
EBIAT ($ mil)

Exhibit 7 Information on United States Capital Markets

I. Interest Rates in May 2003
30-Year U.S.
Treasury Bonds

U.S. Corporate Bonds Rated

A
BBB

AA
4.10%

4.52%

5.07%

BB

6.07%

II. Estimated Market Risk Premium = 5.5% over 30-Year U.S. Treasury Bonds

III. Median Values of Key Ratios by Standard & Poors Rating Category
AAA
AA
A

BBB

BB

Times Interest Earned (X)

EBITDA / Interest (X)
Pre-tax Return on Capital (%)
Debt as % Capital (%)
Number of companies

5.9
7.6
15.1
43.7
213

3.4
4.6
12.5
51.9
297

1.5
2.3
8.8
74.9
345

27.3
31.0
25.2
12.6
6

18.0
21.4
25.4
36.1
15

10.4
12.8
19.7
38.4
118

IV. Debt and Times Interest Earned Ratios for Selected Industries
AAA
AA
A
Food Processing
Debt % Capital
Times Interest Earned
Electrical Equipment
Debt % Capital
Times Interest Earned
Electric Utilities
Debt % Capital
Times Interest Earned

BBB

BB

44%
7.9

51%
6.7

54%
4.3

53%
2.9

36%
7.3

48%
3.2

72%
1.6

46%
4.0

54%
3.4

57%
2.7

73%
2.0

7.96%