Network 1 Financial Group, Inc. Financial Ratios — NTFL

Profitability (USD)

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	06/30/2009	06/30/2010	06/30/2011

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-64.51	-32.02	-10.21	21.38	3.07	6.33	25.63	-12.25	-14.15	-27.77	-43.3	-87.15
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	-17.52	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	-2.38	- -	- -	- -	- -	- -
Gross Margin (%)	36.29	37.59	30.93	32.29	40.86	40.09	38.27	38.48	- -	- -	42.55	43.9	57.48
EBITDA Margin (%)	-30.94	-11.59	-11.22	-0.5	9.07	2.56	3.95	0.02	- -	- -	-10.7	-19.78	-40.23
Operating Margin (%)	-41.04	-17.63	-13.64	-2.45	7.61	1.15	2.92	-0.56	- -	- -	-11.06	-20.08	-40.51
Incremental Operating Margin (%)	- -	- -	- -	- -	54.62	69.81	32.49	- -	1.55	- -	- -	- -	- -
Pretax Margin (%)	-41.46	- -	- -	- -	- -	- -	- -	8.13	- -	- -	-11.32	- -	- -
Profit Margin (%)	-40.04	-47.32	-13.89	-3.57	6.68	1.13	2.48	8.03	- -	- -	-11.9	-20.76	-39.6
Net Income to Common Margin (%)	-40.04	-47.32	-13.89	-3.57	6.68	1.13	2.48	8.03	- -	- -	-12.03	-20.76	-39.6
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	1.18	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	06/30/2009	06/30/2010	06/30/2011

Total Debt	1	1	1	2	- -	1	1	- -	- -	- -	- -	- -	- -
ST Debt	1	- -	1	1	- -	1	1	- -	- -	- -	- -	- -	- -
LT Debt	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	-0.96	-0.8	-1.06	-32.13	0.38	3.89	2.82	- -	- -	- -	-0.35	-0.17	-0.06
Net Debt/EBITDA	-0.31	-0.6	-0.83	-22.37	-0.16	2.06	2.23	-357.26	3.05	2.25	3.59	-0.15	0.03
Total Debt/EBIT	-0.73	-0.53	-0.87	-6.6	0.45	8.67	3.81	- -	- -	- -	-0.34	-0.16	-0.06
Net Debt/EBIT	-0.24	-0.4	-0.68	-4.6	-0.19	4.59	3.02	13.75	3.05	2.25	3.47	-0.15	0.03
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3.8	-30.46	-157.11
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3.8	-30.46	-158.58
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3.93	-30.93	-158.17
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-24.63	-126.7	-199.44	-187.04	-157.49	-145.79	-115.07	-348.37	-417.34	-496.98	-20.1	-88.56	-223.32
Long-Term Debt/Equity (%)	13.91	24.3	37.53	48.56	15.68	8.68	0.3	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	-193.9	-10.17	-6.67	-7.68	-4.62	-3.23	-0.14	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	9.42	11.17	11.22	10.99	6.79	3.85	0.13	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	29.2	36.65	104.69	194.35	24.57	59.59	60.86	- -	- -	- -	9.96	14.18	10.98
Total Debt/Capital (%)	-406.87	-15.34	-18.61	-30.75	-7.24	-22.19	-29.14	- -	- -	- -	-1,725.85	-15.06	-3.55
Total Debt/Total Assets (%)	19.77	16.85	31.29	43.99	10.63	26.47	25.96	- -	- -	- -	7.25	8.99	6.71
Net Debt to Equity	9.45	27.49	82.21	135.34	-10.29	31.58	48.14	-58.23	-54.31	-41.37	-100.74	12.68	-5.16
Net Debt/Capital (%)	-35.1	-11.08	-14.25	-19.77	2.76	-10.66	-21.73	13.86	11.47	7.67	90.53	-13.42	1.6
EBITDA	-2	-1	-1	- -	1	- -	- -	- -	- -	- -	- -	-1	-1
EBITDA-CapEx	-2	-1	-1	- -	1	- -	- -	- -	- -	- -	- -	-1	-1
Operating Income (Loss)	-2	-1	-1	- -	1	- -	- -	- -	- -	- -	- -	-1	-1

Liquidity (USD)

API ChatGPT

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	06/30/2009	06/30/2010	06/30/2011

Cash Ratio	0.59	0.1	0.07	0.18	0.29	0.24	0.09	25.79	243.02	336.72	3.14	0.39	0.47
Current Ratio	2.49	1.68	1.3	1.29	1.81	1.83	1.7	26.69	254.21	371.24	3.59	2.65	2.42
Quick Ratio	1.26	0.82	0.48	0.61	0.91	0.8	0.74	26.69	252.99	370.33	3.45	0.72	1.06
CFO/Avg Current Liab	- -	-0.73	-0.06	-0.13	0.24	0.04	-0.07	0.09	-7.92	-46.05	-1.3	-1.42	-0.77
Common Equity/Total Assets	-24.63	-126.7	-199.44	-187.04	-157.49	-145.79	-115.07	-348.37	-417.34	-496.98	-20.1	-88.56	-223.32
Long-Term Debt/Equity (%)	13.91	24.3	37.53	48.56	15.68	8.68	0.3	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	-193.9	-10.17	-6.67	-7.68	-4.62	-3.23	-0.14	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	9.42	11.17	11.22	10.99	6.79	3.85	0.13	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	29.2	36.65	104.69	194.35	24.57	59.59	60.86	- -	- -	- -	9.96	14.18	10.98
Total Debt/Capital (%)	-406.87	-15.34	-18.61	-30.75	-7.24	-22.19	-29.14	- -	- -	- -	-1,725.85	-15.06	-3.55
Total Debt/Total Assets (%)	19.77	16.85	31.29	43.99	10.63	26.47	25.96	- -	- -	- -	7.25	8.99	6.71
CFO/Total Liabilities	-66.68	-54.67	-4.76	-9.71	23.49	3.55	-5.85	260.89	-4,768.94	-6,183.6	-65.66	-155.53	-88.7
CFO/CapEx	-5.27	-3.26	-0.52	-8.12	6.72	2.5	-6.69	2.6	- -	- -	- -	- -	-34.97
Altman's Z-Score	4.71	1.53	2.54	3.61	7.01	4.75	2.63	28.98	519.84	392.01	3.24	3.41	-1.16

Working Capital (USD)

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	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	06/30/2009	06/30/2010	06/30/2011

Accounts Receivable Turnover	- -	- -	23.6	11.16	10.7	9.1	7.69	11.15	- -	- -	141.04	65.36	33.97
Days Sales Outstanding	- -	- -	15.47	32.69	34.13	40.11	47.46	32.74	- -	- -	2.59	5.58	10.74
Inventory Turnover	- -	4.71	4.87	5.22	4.94	3.81	3.63	6.27	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	77.46	74.96	69.87	73.94	95.71	100.49	58.21	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	4.65	4.7	6.12	6.77	7.01	5.76	5.67	- -	- -	185.72	13.64	4.39
Accounts Payable Turnover Days	- -	78.43	77.6	59.69	53.92	52.08	63.41	64.36	- -	- -	1.97	26.76	83.14
Cash Conversion Cycle	- -	-0.96	12.83	42.88	54.15	83.73	84.54	26.59	- -	- -	0.62	-21.17	-72.4
Inventory to Cash Days	- -	-77.46	-59.49	-37.18	-39.81	-55.6	-53.02	-25.47	- -	- -	2.59	5.58	10.74
Inventories	1	1	1	1	2	2	2	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	1	1	1	2	2	- -	- -	- -	- -	- -	- -
Other Inventory	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	06/30/2009	06/30/2010	06/30/2011

Market Capitalization	20	9	15	17	19	14	6	2	4	2	1	2	1
- Cash & Cash Equivalents	1	- -	- -	- -	1	1	- -	1	1	- -	1	- -	- -
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1	1	1	2	- -	1	1	- -	- -	- -	- -	- -	- -
Enterprise Value	20	9	16	19	19	15	7	1	3	1	- -	2	1
Total Capital	- -	-5	-6	-5	-6	-5	-5	-5	-5	-5	- -	-1	-1
Total Debt/Capital (%)	-406.87	-15.34	-18.61	-30.75	-7.24	-22.19	-29.14	- -	- -	- -	-1,725.85	-15.06	-3.55
Total Debt / EV	0.07	0.08	0.07	0.09	0.02	0.08	0.19	- -	- -	- -	3.94	0.04	0.04
EV/Sales	4.09	1.16	1.73	1.77	1.47	1.29	0.58	0.09	- -	- -	0.01	0.74	0.63
EV/EBITDA	- -	- -	- -	- -	16.23	50.13	14.79	403.73	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	19.36	111.8	20.02	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	6.48	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	4.68	- -	- -	- -	- -	- -
Diluted Market Cap	20	9	15	17	20	15	6	2	4	2	1	2	1
Diluted Enterprise Value	20	9	16	19	20	16	7	2	4	2	- -	2	1
EV per Share	1.38	0.53	0.85	0.99	0.99	0.78	0.38	0.06	0.29	0.09	- -	0.05	0.03
TTM Sales	5	8	9	10	13	11	12	11	- -	- -	3	3	2
TTM EBITDA	-2	-1	-1	- -	1	- -	- -	- -	- -	- -	- -	-1	-1
TTM Operating Income	-2	-1	-1	- -	1	- -	- -	- -	- -	- -	- -	-1	-1
TTM Cash Flow to Firm	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Free Cash Flow to Firm	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Multiples (USD)

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	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	06/30/2009	06/30/2010	06/30/2011

Price/Free Cash Flow	-15.2	-9.69	137.28	-68.44	31.69	125.97	-40.86	11.83	-18.35	-10.74	-3.78	-3.28	-4.41
EV/EBIT	- -	- -	- -	- -	19.36	111.8	20.02	- -	- -	- -	- -	- -	- -
Enterprise Value	20	9	16	19	19	15	7	1	3	1	- -	2	1
Low Price	0.78	0.5	0.5	0.41	0.35	0.45	0.15	0.12	0.12	0.11	0.05	0.02	0.02
EV/Sales	4.09	1.16	1.73	1.77	1.47	1.29	0.58	0.09	- -	- -	0.01	0.74	0.63
EV/EBITDA	- -	- -	- -	- -	16.23	50.13	14.79	403.73	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	22.22	109.44	19.98	2.75	- -	- -	- -	- -	- -
Price/Earnings Average	-8.44	-5.57	-12.8	-34.65	17.71	121.36	23.6	4.6	-15.74	-14.04	-8.89	-5.34	-2.96
Price/Earnings High	-14.42	-7.69	-18.17	-48.86	23.37	167.8	43.72	6.88	-29.29	-26.07	-19.4	-9.29	-4
Price/Earnings Low	-5.73	-2.31	-7.34	-20.65	7.79	65.66	9.37	2.26	-7.88	-7.17	-2.94	-1	-1.43
Price/Book Value	-10.76	-1.57	-2.15	-2.41	-2.92	-2.24	-1.01	-0.46	-0.83	-0.36	-3.36	-2.11	-0.66
Price/Book Value Average	-9.09	-3.78	-2.35	-1.8	-2.33	-2.49	-1.19	-0.77	-0.5	-0.43	-10.18	-3.4	-1.37
Price/Book Value High	-15.54	-5.21	-3.33	-2.54	-3.07	-3.44	-2.2	-1.15	-0.93	-0.8	-22.2	-5.91	-1.85
Price/Book Value Low	-6.18	-1.57	-1.35	-1.07	-1.02	-1.35	-0.47	-0.38	-0.25	-0.22	-3.36	-0.63	-0.66
Price/Tangible Book Value	5.68	4.31	14.38	19.92	10.62	7.37	2.71	1.66	3.46	1.79	0.93	2.95	2.42
Price/Tangible Book Value Average	4.8	10.4	15.67	14.9	8.47	8.17	3.2	2.78	2.09	2.15	2.81	4.75	5.02
Price/Tangible Book Value High	8.21	14.35	22.25	21.01	11.18	11.29	5.94	4.15	3.89	3.99	6.13	8.26	6.78
Price/Tangible Book Value Low	3.26	4.31	8.99	8.88	3.73	4.42	1.27	1.37	1.05	1.1	0.93	0.89	2.42
Price/Sales	4	1.09	1.63	1.65	1.48	1.23	0.5	0.22	- -	- -	0.35	0.69	0.57
Price/Sales Average	3.38	2.64	1.78	1.24	1.18	1.37	0.59	0.37	- -	- -	1.07	1.11	1.17
Price/Sales High	5.77	3.64	2.52	1.74	1.56	1.89	1.09	0.55	- -	- -	2.34	1.93	1.58
Price/Sales Low	2.29	1.09	1.02	0.74	0.52	0.74	0.23	0.18	- -	- -	0.35	0.21	0.57
Price/Cash Flow	-12.31	-6.72	-128.69	-60	34.49	166.06	-34.51	16.37	-18.35	-10.74	-3.78	-3.28	-4.28
Price/Cash Flow Average	-10.4	-16.2	-140.24	-44.86	27.5	184.15	-40.77	27.36	-11.09	-12.85	-11.44	-5.28	-8.88
Price/Cash Flow High	-17.79	-22.34	-199.11	-63.26	36.29	254.62	-75.5	40.92	-20.65	-23.86	-24.97	-9.19	-11.99
Price/Cash Flow Low	-7.07	-6.72	-80.43	-26.74	12.1	99.63	-16.18	13.44	-5.55	-6.56	-3.78	-0.98	-4.28
Price/Free Cash Flow Average	-12.84	-23.36	149.6	-51.17	25.27	139.7	-48.26	19.77	-11.09	-12.85	-11.44	-5.28	-9.14
Price/Free Cash Flow High	-21.95	-32.22	212.4	-72.15	33.34	193.15	-89.37	29.57	-20.65	-23.86	-24.97	-9.19	-12.34
Price/Free Cash Flow Low	-8.72	-9.69	85.8	-30.5	11.11	75.58	-19.15	9.71	-5.55	-6.56	-3.78	-0.98	-4.41
EV/Sales Average	3.47	2.71	1.88	1.35	1.17	1.42	0.67	0.29	- -	- -	0.75	1.21	1.27
EV/Sales High	5.87	3.71	2.63	1.86	1.55	1.94	1.17	0.48	- -	- -	2.02	2.03	1.69
EV/Sales Low	2.39	1.16	1.12	0.86	0.51	0.79	0.32	0.1	- -	- -	0.04	0.31	0.67
EV/EBITDA Average	-11.23	-23.36	-16.76	-269.66	12.92	55.36	17.06	1,347	-8.69	-9.41	-7.03	-6.14	-3.17
EV/EBITDA High	-18.97	-31.98	-23.42	-370.67	17.09	75.75	29.7	2,191.77	-18.81	-19.4	-18.85	-10.29	-4.19
EV/EBITDA Low	-7.73	-10.04	-10.01	-170.2	5.6	30.91	8.12	480.28	-2.83	-3.71	-0.33	-1.58	-1.66
EV/EBIT Average	-8.46	-15.36	-13.78	-55.41	15.4	123.48	23.1	-51.86	-8.69	-9.41	-6.79	-6.05	-3.15
EV/EBIT High	-14.3	-21.03	-19.25	-76.16	20.38	168.95	40.2	-84.38	-18.81	-19.4	-18.23	-10.13	-4.16
EV/EBIT Low	-5.83	-6.6	-8.23	-34.97	6.68	68.94	10.99	-18.49	-2.83	-3.71	-0.32	-1.55	-1.65
Last Price	1.35	0.5	0.8	0.92	1	0.75	0.32	0.14	0.4	0.18	0.05	0.05	0.02
High Price	1.95	1.66	1.24	0.97	1.05	1.15	0.7	0.35	0.45	0.4	0.33	0.14	0.07
Enterprise Value Average	17	22	17	14	15	16	8	3	2	2	2	4	3
Enterprise Value High	29	30	24	19	20	22	14	5	4	4	7	6	3
Enterprise Value Low	12	9	10	9	6	9	4	1	1	1	- -	1	1

Shares Outstanding	17	19	19	19	19	19	19	11	11	11	32	32	48
Diluted Weighted Avg Shares	15	18	19	19	20	20	19	17	11	11	23	40	46
Basic Weighted Avg Shares	15	18	19	19	19	19	19	17	11	11	23	40	46
Revenue per Share	0.34	0.46	0.49	0.56	0.67	0.61	0.64	0.63	- -	- -	0.14	0.07	0.04
EBITDA per Share	-0.1	-0.05	-0.06	- -	0.06	0.02	0.03	- -	-0.02	-0.02	-0.02	-0.01	-0.02
Operating Income per Share	-0.14	-0.08	-0.07	-0.01	0.05	0.01	0.02	- -	-0.02	-0.02	-0.02	-0.01	-0.02
Basic EPS, GAAP	-0.14	-0.22	-0.07	-0.02	0.04	0.01	0.02	0.05	-0.02	-0.02	-0.02	-0.02	-0.02
Basic EPS from Cont Ops	-0.14	-0.22	-0.07	-0.02	0.04	0.01	0.02	0.05	-0.02	-0.02	-0.02	-0.02	-0.02
Diluted EPS, GAAP	-0.14	-0.22	-0.07	-0.02	0.04	0.01	0.02	0.05	-0.02	-0.02	-0.02	-0.02	-0.02
Diluted EPS from Cont Ops	-0.14	-0.22	-0.07	-0.02	0.04	0.01	0.02	0.05	-0.02	-0.02	-0.02	-0.02	-0.02
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.11	-0.07	-0.01	-0.02	0.03	- -	-0.01	0.01	-0.02	-0.02	-0.01	-0.02	-0.01
Free Cash Flow per Basic Share	-0.13	-0.1	-0.02	-0.02	0.02	- -	-0.01	0.01	-0.02	-0.02	-0.01	-0.02	-0.01
Cash & Equivalents per Share	0.07	0.01	0.01	0.02	0.03	0.03	0.01	0.08	0.11	0.09	0.06	- -	- -
Book Value per Share	-0.13	-0.32	-0.37	-0.38	-0.34	-0.33	-0.32	-0.3	-0.48	-0.5	-0.01	-0.02	-0.04
Tangible Book Value per Share	0.24	0.12	0.06	0.05	0.09	0.1	0.12	0.08	0.12	0.1	0.05	0.02	0.01

Network 1 Financial Group, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)