1) Find Liquidation value

3. Liquidation Value (15 Points) - add proper column headings too
		12/31/19	Adjust "Mark to mark"	Pro forma
	Assets:
	Cash and cash equivalents	$15,670		$15,760
	Accounts receivable	7,837
	Inventories	9,287
	Prepaid expenses & other current assets	3,178
	Total current assets	35,972
	Plan, property and equipment, net	200,604
	Intangibles	-
	Other assets	4,044
	Total assets	$240,620
	Liabilities:
	Accounts payable	$6,270
	Accrued compensation and benefits	11,470
	Other accrued liabilities	8,365
	Total current liabilities	26,105
	Long-term debt	57,710
	Other non-debt liabilities	4,845
	Total liabilities	$88,660
	Net Assets	$151,960

2)Find discounted cash flow value

Exhibit II Sixers Champion Company Consolidated Forcasted Income Statements S ($000s, except per-share data) Service revenues Other revenue Total revenues Contractor expense Direct salaries expense Direct operating and occupancy Cost of Sales General and administrative Depreciation Operating income (EBIT) Interest income Total other income (expense) Income before income tax provision Income tax provision (benefit) Net income 12 Months Ended December 31, 2020 2021 2022 350,188 S 411,532 S 468,703 8.861 8.231 10.101 359,049 419,763 478,804 76,751 96,342 113,013 99,064 104,450 115,088 67,937 76.196 87,257 243,751 276,989 315,359 21,835 29,840 36,298 19.156 22,450 23,150 74,307 90,484 103,997 657 657 850 74,672 91,140 104,846 31,362 38,279 44,035 43,310 S 52,861 S 60,811 850 365 365 $ Net income per common share: S 0.39 S 0.48 S 0.55 EBITDA S 93,463 Note: use Forecast 2020 EBIT and EBITDA for Public Co and Transaction Methods Sixers Champion Company Consolidated Actual & Forecasted Balance Sheets Actual 12/31/19 Forecast As of 1 2/31/21 12/31/20 12/31/22 S S S ($000's) Assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses & other current assets Total current assets Plan, property and equipment, net Intangibles Other assets Total Assets 15,670 7,837 9,287 3.178 35,972 200,604 16,272 8,708 9,776 3,492 38,248 213.408 17,687 S 9,826 10.825 4,388 42,726 222.646 19,678 10,440 11,596 4.750 46,464 234,860 S 4,044 240,620 S 4,444 256,100 5,526 270,898 6,300 287,624 $ $ $ S S S Liabilities and Shareholders' Equity: Accounts payable Accrued compensation and benefits Other accrued liabilities Total current liabilities Long-term debt Other non-debt liabilities Total liabilities Shareholders' Equity: Common stock Additional paid-in-capital Retained earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity 6,270 11,470 8,365 26,105 57,710 4,845 88,660 7,054 11,960 8,825 27,839 49,263 5,383 82,485 8,044 12,042 11,275 31,361 34,818 4,673 70,852 9,615 12,520 11,980 34.115 26,459 4,986 65,560 197 131,159 20,604 151,960 240,620 S 197 131,159 42,259 173,615 256,100 197 131,159 68.690 197 131,159 90 709 200,046 270,898 222,064 287,624 S $ $ Capital Expenditures - $ 12,804 12,532 12,915 Exhibit II Sixers Champion Company Consolidated Forcasted Income Statements S ($000s, except per-share data) Service revenues Other revenue Total revenues Contractor expense Direct salaries expense Direct operating and occupancy Cost of Sales General and administrative Depreciation Operating income (EBIT) Interest income Total other income (expense) Income before income tax provision Income tax provision (benefit) Net income 12 Months Ended December 31, 2020 2021 2022 350,188 S 411,532 S 468,703 8.861 8.231 10.101 359,049 419,763 478,804 76,751 96,342 113,013 99,064 104,450 115,088 67,937 76.196 87,257 243,751 276,989 315,359 21,835 29,840 36,298 19.156 22,450 23,150 74,307 90,484 103,997 657 657 850 74,672 91,140 104,846 31,362 38,279 44,035 43,310 S 52,861 S 60,811 850 365 365 $ Net income per common share: S 0.39 S 0.48 S 0.55 EBITDA S 93,463 Note: use Forecast 2020 EBIT and EBITDA for Public Co and Transaction Methods Sixers Champion Company Consolidated Actual & Forecasted Balance Sheets Actual 12/31/19 Forecast As of 1 2/31/21 12/31/20 12/31/22 S S S ($000's) Assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses & other current assets Total current assets Plan, property and equipment, net Intangibles Other assets Total Assets 15,670 7,837 9,287 3.178 35,972 200,604 16,272 8,708 9,776 3,492 38,248 213.408 17,687 S 9,826 10.825 4,388 42,726 222.646 19,678 10,440 11,596 4.750 46,464 234,860 S 4,044 240,620 S 4,444 256,100 5,526 270,898 6,300 287,624 $ $ $ S S S Liabilities and Shareholders' Equity: Accounts payable Accrued compensation and benefits Other accrued liabilities Total current liabilities Long-term debt Other non-debt liabilities Total liabilities Shareholders' Equity: Common stock Additional paid-in-capital Retained earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity 6,270 11,470 8,365 26,105 57,710 4,845 88,660 7,054 11,960 8,825 27,839 49,263 5,383 82,485 8,044 12,042 11,275 31,361 34,818 4,673 70,852 9,615 12,520 11,980 34.115 26,459 4,986 65,560 197 131,159 20,604 151,960 240,620 S 197 131,159 42,259 173,615 256,100 197 131,159 68.690 197 131,159 90 709 200,046 270,898 222,064 287,624 S $ $ Capital Expenditures - $ 12,804 12,532 12,915