Cabal Communications Corporation Financial Ratios — DLAD

Profitability	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-232.39	-165.63	-278.21	-900.74	-2,738.65
Return on Capital (%)	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -
Gross Margin (%)	41.93	58.94	66.49	65.63	85.12	85.11
EBITDA Margin (%)	-151.77	-117.58	-86.46	-167.46	-328.54	-897.82
Operating Margin (%)	-153.98	-125.01	-103.23	-223.96	-439.91	-902.78
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	- -	- -	- -	- -	- -	- -
Profit Margin (%)	-161.6	-142.11	-121.67	-384.9	-926.77	-2,034.84
Net Income to Common Margin (%)	-172.12	-142.11	-121.67	-384.9	-926.77	-2,034.84
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	6.11	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -

Credit	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Total Debt	3	3	3	6	8	10
ST Debt	1	2	2	1	3	5
LT Debt	2	1	2	4	4	5
Total Debt/EBITDA	-0.77	-0.76	-1.61	-3.7	-4.85	-4.83
Net Debt/EBITDA	-0.76	-0.75	-1.6	-3.66	-4.78	-4.83
Total Debt/EBIT	-0.76	-0.72	-1.34	-2.77	-3.62	-4.8
Net Debt/EBIT	-0.75	-0.71	-1.34	-2.74	-3.57	-4.8
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-415.18	-674.89	-809.15	-2,530.72	-9,372.97	-28,487.45
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	-45.05	-10.9	-14.36	-34.94	-28.48	-26.62
Long-Term Debt/Total Assets (%)	108.31	57.17	89.65	607.96	1,788.74	4,844.5
Total Debt/Equity (%)	-110.86	-61.86	-70.93	-54.6	-62.09	-59.35
Total Debt/Capital (%)	-72.7	-28.71	-29.57	-45.45	-49.23	-56.51
Total Debt/Total Assets (%)	174.77	150.52	184.64	790.83	3,091.99	10,286
Net Debt to Equity	-109.67	-60.88	-70.74	-53.97	-61.22	-59.31
Net Debt/Capital (%)	-71.71	-28.23	-29.49	-44.7	-48.21	-56.46
EBITDA	-4	-4	-2	-2	-2	-2
EBITDA-CapEx	-4	-4	-2	-2	-2	-2
Operating Income (Loss)	-4	-4	-3	-2	-2	-2

Liquidity	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Cash Ratio	- -	- -	- -	0.01	0.01	- -
Current Ratio	0.52	0.15	0.09	0.03	0.03	0.01
Quick Ratio	0.43	0.12	0.07	0.02	0.02	- -
CFO/Avg Current Liab	- -	-0.39	-0.55	-0.45	-0.29	-0.2
Common Equity/Total Assets	-415.18	-674.89	-809.15	-2,530.72	-9,372.97	-28,487.45
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	-45.05	-10.9	-14.36	-34.94	-28.48	-26.62
Long-Term Debt/Total Assets (%)	108.31	57.17	89.65	607.96	1,788.74	4,844.5
Total Debt/Equity (%)	-110.86	-61.86	-70.93	-54.6	-62.09	-59.35
Total Debt/Capital (%)	-72.7	-28.71	-29.57	-45.45	-49.23	-56.51
Total Debt/Total Assets (%)	174.77	150.52	184.64	790.83	3,091.99	10,286
CFO/Total Liabilities	-78.32	-25.29	-39.78	-20.94	-16.26	-12.03
CFO/CapEx	-40.07	-79.22	-717.99	-1,217.44	- -	- -
Altman's Z-Score	-10.99	-17.11	-16.97	-157.94	-195.84	-617.37

Working Capital	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Accounts Receivable Turnover	- -	3.37	5.59	5.44	19.29	51.68
Days Sales Outstanding	- -	108.37	65.28	67.15	18.92	7.06
Inventory Turnover	- -	6.15	7.71	10.33	7.89	- -
Days Inventory Outstanding	- -	59.36	47.34	35.33	46.29	- -
Accounts Payable Turnover	- -	1.53	1.09	0.53	0.12	0.08
Accounts Payable Turnover Days	- -	238.4	335.56	690.92	3,048.44	4,464.61
Cash Conversion Cycle	- -	-70.67	-222.93	-588.44	-2,983.23	-4,457.55
Inventory to Cash Days	- -	49	17.93	31.82	-27.37	7.06
Inventories	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -

Enterprise Value	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Market Capitalization	14	5	3	1	- -	- -
- Cash & Cash Equivalents	- -	- -	- -	- -	- -	- -
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -
+ Total Debt	3	3	3	6	8	10
Enterprise Value	18	8	6	6	8	10
Total Capital	-5	-9	-12	-13	-16	-18
Total Debt/Capital (%)	-72.7	-28.71	-29.57	-45.45	-49.23	-56.51
Total Debt / EV	0.19	0.35	0.55	0.93	1.01	0.97
EV/Sales	6.27	2.59	2.52	6.67	15.83	44.54
EV/EBITDA	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -
Diluted Market Cap	14	5	3	1	- -	- -
Diluted Enterprise Value	18	8	6	6	8	10
EV per Share	1,990.09	687.17	445.43	370.2	202.65	143.09
TTM Sales	3	3	2	1	- -	- -
TTM EBITDA	-4	-4	-2	-2	-2	-2
TTM Operating Income	-4	-4	-3	-2	-2	-2
TTM Cash Flow to Firm	- -	- -	- -	- -	- -	- -
TTM Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -

Multiples	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Price/Earnings	- -	- -	- -	- -	- -	- -
Price/Earnings Average	-2.28	-1.7	-1.68	-0.29	-0.11	-0.05
Price/Earnings High	-19.23	-5.31	-5.35	-1.64	-0.51	-0.44
Price/Earnings Low	-0.26	-0.66	-0.46	-0.05	-0.01	-0.01
Price/Book Value	-1.84	-0.42	-0.19	-0.03	- -	-0.01
Price/Book Value Average	-1.41	-0.6	-0.34	-0.06	-0.02	-0.01
Price/Book Value High	-11.9	-1.88	-1.07	-0.32	-0.1	-0.08
Price/Book Value Low	-0.16	-0.23	-0.09	-0.01	- -	- -
Price/Tangible Book Value	-4.83	-1.17	-0.58	-0.05	- -	-0.02
Price/Tangible Book Value Average	-3.71	-1.67	-1.04	-0.1	-0.04	-0.01
Price/Tangible Book Value High	-31.32	-5.2	-3.32	-0.53	-0.18	-0.12
Price/Tangible Book Value Low	-0.42	-0.65	-0.29	-0.02	- -	- -
Price/Sales	5.11	1.7	1.13	0.54	0.12	1.21
Price/Sales Average	3.92	2.42	2.04	1.13	0.99	1.02
Price/Sales High	33.1	7.55	6.5	6.3	4.69	9.03
Price/Sales Low	0.44	0.94	0.57	0.18	0.09	0.16
Price/Cash Flow	-3.78	-3.28	-1.05	-0.21	-0.03	-0.14
Price/Cash Flow Average	-2.9	-4.68	-1.89	-0.45	-0.23	-0.12
Price/Cash Flow High	-24.47	-14.58	-6.04	-2.48	-1.1	-1.02
Price/Cash Flow Low	-0.33	-1.82	-0.52	-0.07	-0.02	-0.02
Price/Free Cash Flow	-3.87	-3.32	-1.05	-0.21	-0.03	-0.14
Price/Free Cash Flow Average	-2.97	-4.74	-1.89	-0.45	-0.23	-0.12
Price/Free Cash Flow High	-25.1	-14.77	-6.04	-2.48	-1.1	-1.02
Price/Free Cash Flow Low	-0.33	-1.85	-0.53	-0.07	-0.02	-0.02
EV/Sales	6.27	2.59	2.52	6.67	15.83	44.54
EV/Sales Average	5.09	3.31	3.43	7.26	16.7	44.34
EV/Sales High	34.26	8.44	7.89	12.43	20.4	52.35
EV/Sales Low	1.61	1.84	1.95	6.31	15.81	43.48
EV/EBITDA	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	-3.35	-2.82	-3.96	-4.33	-5.08	-4.94
EV/EBITDA High	-22.58	-7.18	-9.13	-7.42	-6.21	-5.83
EV/EBITDA Low	-1.06	-1.56	-2.26	-3.77	-4.81	-4.84
EV/EBIT	- -	- -	- -	- -	- -	- -
EV/EBIT Average	-3.3	-2.65	-3.32	-3.24	-3.8	-4.91
EV/EBIT High	-22.25	-6.75	-7.64	-5.55	-4.64	-5.8
EV/EBIT Low	-1.04	-1.47	-1.89	-2.82	-3.59	-4.82
Last Price	1,620	450	200	30	1.5	3.9
High Price	10,500	2,000	1,150	350	60	29
Low Price	140	250	100	10	1.2	0.5
Enterprise Value	18	8	6	6	8	10
Enterprise Value Average	14	10	9	7	8	10
Enterprise Value High	96	25	20	12	10	12
Enterprise Value Low	5	6	5	6	8	10

Per Share Data Items	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y
Shares Outstanding	- -	- -	- -	- -	- -	- -
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -
Revenue per Share	317.24	265.07	176.82	55.52	12.8	3.21
EBITDA per Share	-481.49	-311.68	-152.87	-92.98	-42.06	-28.84
Operating Income per Share	-488.49	-331.38	-182.53	-124.35	-56.32	-29
Basic EPS, GAAP	-546.03	-376.68	-215.14	-213.71	-118.65	-65.37
Basic EPS from Cont Ops	-512.66	-376.68	-215.14	-213.71	-118.65	-65.37
Diluted EPS, GAAP	-546.03	-376.68	-215.14	-213.71	-118.65	-65.37
Diluted EPS from Cont Ops	-512.66	-376.68	-215.14	-213.71	-118.65	-65.37
Dividend per Share	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-429.06	-137.18	-190.55	-141.1	-54.48	-28.39
Free Cash Flow per Basic Share	-439.76	-138.91	-190.81	-141.22	-54.48	-28.39
Cash & Equivalents per Share	1.52	0.72	0.04	3.95	2.85	0.08
Book Value per Share	-882.71	-1,066.49	-1,075.56	-1,101.19	-618.34	-385.69
Tangible Book Value per Share	-335.21	-384.54	-346.07	-659.14	-328.55	-234.66

Cabal Communications Corporation

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples

Per Share Data Items