Exhibit 1 Condensed Operating and Stockholder Information, Robertson Tool Company (millions of dollars

except per-share data)

1998 1999 2000 2001 2002
Operations
Sales $ 48.5 $ 49.1 $ 53.7 $ 54.8 $ 55.3
Cost of Goods 32.6 33.1 35.9 37.2 37.9
Selling, General and
Administrative Costs 10.7 11.1 11.5 11.9 12.3
Depreciation Expense 2.0 2.3 2.4 2.3 2.1
Interest Expense .4 .7 .8 .8 .8
Income Before Taxes 2.8 1.9 3.1 2.6 2.2
Taxes 1.1 .8 1.2 1.0 .9
Net Income $1.7 $1.1 $1.9 $1.6 $1.3
O/P Income 3.201 2.6023 3.9201 3.3976 2.9862
Percentage of Sales
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%

Stockholder Information
Earnings Per Share $ 2.91 $ 1.88 $ 3.25 $ 2.74 $ 2.23
Dividends Per Share 1.60 1.60 1.60 1.60 1.60
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
68.54%

22.24%
3.80%
1.45%
3.98% 0.392857 0.421053 0.387097 0.384615 0.409091 0.409091
1.63%
2.35%
Exhibit 2 Balance Sheet at December 31, 2002, Robertson Tool Company (millions of dollars)
Assets Liabilities and Net Worth

$ Amount
Cash $ 1 Accounts Payable $ 2
Accounts Receivable 8 Other 2
Inventories 18 Current Liabilities 4
Other 1 Long-term Debt 12
Current Assets 28
Net Plant and Equipment 19 Net Worth 31
Total Assets $ 47 Total $ 47

Collection Period (days) 53 Debt as % Capital 28%

Days of Inventory (days) 173 Total Assets/Net Worth 1.52
Sales/Total Assets 1.18
Exhibit 3 Condensed Operating and Stockholder Information, NDP Corporation
(millions of dollars except per-share data)
1998 1999 2000 2001 2002
Operations
Sales $ 45 $ 97 $ 99 $ 98 $ 100
Net Income 1.97 3.20 3.20 1.13 2.98

Financial Position
Current Assets $ 25 $ 46 $ 49 $ 41 $ 46
Current Liabilities 6 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

Stockholders Information
Earnings Per Share $ .78 $ .61 $ .59 $ .21 $ .54
Dividends Per Share 0 0 0 0.20 0
Book Value Per Share 8.31 6.86 7.37 7.38 7.45
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 Forecasts
2002 2003 2004 2005 2006

Sales $ 55.3 $ 58.6 $ 62.1 $ 65.9 $ 69.8

Cost of Goods 37.9 39.8 41.6 43.5 45.4
Gross Profit 17.4 18.8 20.5 22.4 24.4
Sell & Admin 12.3 12.3 12.4 12.5 13.3
Depreciation 2.1 2.3 2.5 2.7 2.9
EBIT 3.0 4.2 5.6 7.2 8.2
Tax @ 40% 1.2 1.7 2.2 2.9 3.3
EBIAT $ 1.8 $ 2.5 $ 3.4 $ 4.3 $ 4.9

CoGS % Sales 69% 68% 67% 66% 65%

Sell & Admin % Sales 22% 21% 20% 19% 19%

Net Plant & Equip @

Beginning of Year $ 19.0 $ 20.7 $ 21.7 $ 22.6
Capital Expenditures (4.0) (3.5) (3.6) (3.8)
Depreciation Expense 2.3 2.5 2.7 2.9
Net Plant & Equip @
End of Year $ 20.7 $ 21.7 $ 22.6 $ 23.5
2007 to Infinity

$ 69.8
45.4
24.4
13.3
2.9
8.2
3.3
$ 4.9

65%
19%

$ 23.5
(2.9)
2.9

$ 23.5
Exhibit 5 Five-Year Forecast of Monmouth, Inc. Earnings, Excluding Robertson Tool (millions of dollars
except per-share data)
2003 2004 2005 2006 2007

Net Income $ 11.0 $ 11.9 $ 12.8 $ 13.8 $ 15.0

Shares Outstanding (mil) 4.21 4.21 4.21 4.21 4.21
Earnings Per Share $ 2.61 $ 2.83 $ 3.04 $ 3.27 $ 3.56
Exhibit 6 Selected Financial Information on Quasi-Comparable Firms, 2002
Actuant Corp. Briggs & Stratton Idex Corp. Lincoln Electric Snap On Inc. Stanley Works Robertson Tool Co.

Collection Period (days) 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%

Times Interest Earned 3.8 3.2 7.1 11.5 7.8 9.3 3.5
Debt % Capital D/E Equity%cap.
balance sheet values 98% 52% 30% 27% 29% 40% 28% 0.388889
market values 29% 37% 20% 17% 19% 24% 0.37 0.587302 0.63
Bond Rating BB- BB+ BBB - A+ A -

Value of Firm ($ mil) $ 712 $ 1,443 $ 1,191 $ 1,145 $ 1,861 $ 3,014 $ 29

EBIAT ($ mil) 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 Tax 40%
Asset Beta .71 .63 .80 .63 .85 .73 0.73 Beta Levered
0.98047619
Exhibit 7 Information on United States Capital Markets
I. Interest Rates in May 2003
30-Year U.S. U.S. Corporate Bonds Rated
Treasury Bonds AA A BBB BB
4.10% 4.52% 5.07% 6.07% 7.96%

Rf B levered (mkt premium)

Re
II. Estimated Market Risk Premium = 5.5% over 30-Year U.S. Treasury Bonds = 6.07% + 0.980476 5.50%
= 11.4626%
NN Rd = 7.87%
III. Median Values of Key Ratios by Standard & Poors Rating Category Rwacc 8.97%
AAA AA A BBB BB B BBB
Robertson
Times Interest Earned (X) 27.3 18.0 10.4 5.9 3.4 1.5 3.5
EBITDA / Interest (X) 31.0 21.4 12.8 7.6 4.6 2.3 6.375
Pre-tax Return on Capital (%) 25.2 25.4 19.7 15.1 12.5 8.8
Debt as % Capital (%) 12.6 36.1 38.4 43.7 51.9 74.9 37%
Number of companies 6 15 118 213 297 345

IV. Debt and Times Interest Earned Ratios for Selected Industries
AAA AA A BBB BB

Food Processing
Debt % Capital 44% - 51% 54% 53%
Times Interest Earned 7.9 - 6.7 4.3 2.9
Electrical Equipment
Debt % Capital - - 36% 48% 72%
Times Interest Earned - - 7.3 3.2 1.6
Electric Utilities
Debt % Capital - 46% 54% 57% 73%
Times Interest Earned - 4.0 3.4 2.7 2.0
Robertson Corporation
Discounted Cash Flow Analysis
Operating Scenario 1
Mid Year Convention Y Historical Period
1998 1999 2000
Sales $ 48.5 $ 49.1 $ 53.7
% Growth NA 1.24% 9.37%
Cost of Goods 32.6 33.1 35.9
Gross Profit $ 15.90 $ 16.00 $ 17.80
% Margin 32.78% 32.59% 33.15%
Selling, General and 10.7 11.1 11.5
EBITDA 5.2 4.9 6.3
%Margin 10.7% 10.0% 11.7%
Depreciation Expense 2 2.3 2.4
EBIT 3.2 2.6 3.9
%Margin 6.6% 5.3% 7.3%
Taxes 1.28 1.04 1.56
EBIAT 1.92 1.56 2.34
Plus:Depreciation and amort. 2 2.3 2.4
Less: Capital Expenditures
Less:Inc.(dec.) in NWC
Unlevered FCF
WACC 8.97%
Discount Period
Discount Factor
PV of FCF

Enterprise Value
Cumulative PV of FCF $ 8.23

Terminal Value
Terminal Year EBITDA 11.1
Exit Multiple 2.86x
Terminal Value 31.746
Discount Factor 0.650827
PV of terminal Value $ 20.66
% of Enterprize Value 72%

Enterprise Value $ 28.90

Enterprise Value
Exit Multiple
$ 28.90 1.9x 2.4x 2.9x
WACC
 8.0%

WACC
8.5%
9.0%
9.5%
10.0%

Implied Share Price

Exit Multiple
$ 28.93 1.9x 2.4x 2.9x
8.0%

WACC
8.5%
9.0%
9.5%
10.0%
Period CAGR Projection Period CAGR
2001 ('98-'01) 2002 2003 2004 2005 2006
$ 54.8 3.10% $ 55.3 $ 58.6 $ 62.1 $ 65.9 $ 69.8 4.47%
2.05% 0.91% 5.97% 5.97% 6.12% 5.92%
37.2 37.9 39.8 41.6 43.5 45.4
$ 17.60 2.57% 17.4 $ 18.80 $ 20.50 $ 22.40 $ 24.40 6.74%
32.12% 31.46% 32.08% 33.01% 33.99% 34.96%
11.9 12.3 12.3 12.4 12.5 13.3
### 2.32% 5.1 6.5 8.1 ### 11.1 14.31%
10.4% 9.2% 11.1% 13.0% 15.0% 15.9%
2.3 2.1 2.3 2.5 2.7 2.9
### 1.53% 3 4.2 5.6 ### 8.2 18.21%
6.2% 5.4% 7.2% 9.0% 10.9% 11.7%
1.36 1.2 1.68 2.24 2.88 3.28
2.04 1.53% 1.8 2.52 3.36 4.32 4.92 18.21%
2.3 2.1 2.3 2.5 2.7 2.9
-4 -3.5 -3.6 -3.8

$ 0.82 $ 2.36 $ 3.42 $ 4.02

1 2 3 4 5
0.917684 0.84214349 0.772821 0.709206 0.6508265
$ 0.75 $ 1.99 $ 2.64 $ 2.85

Implied equity Value and Share Price Implied Perpetuity Growth

Enterprize Value $ 28.90 Terminal Value FCF
Less:Total Debt -12 WACC
Less: Preferred Stock - Terminal Value
Less: Non Controlling Interest -
Plus: Cash and Cash Equivalents $ 1 Implied Perpetuity
Growth Rate
Implied Equity Value $ 16.90 Implied EV/EBITDA
Enterprize Value
Fully Diluted Shares Outstanding 0.5840 LTM EBITDA

Implied Share Price $ 28.93 Implied EV/EBITDA

Value Implied Perpetuity Growth Rate

tiple Exit Multiple
3.4x 3.9x -0.01% 1.9x 2.4x 2.9x
WACC
 8.0%

WACC
8.5%
9.0%
9.5%
10.0%

re Price
tiple
3.4x 3.9x
Perpetuity Growth
$ 2.85
9%
31.746

-0.01%

ed EV/EBITDA
$ 28.90
$ 5.10

5.666x

Growth Rate
ple
3.4x 3.9x