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LIQUOR STORE SALES ESTIMATES
<br />
<br />Gross Sales
<br />Gross Profit
<br />
<br />Operating Expenses
<br />Nonoperating
<br />
<br /> NORTHBOUND
<br />
<br />Actual Actual Estimated
<br />2000 2001 2002 2003 2004 2005.
<br />
<br />3,788,048 3,981,509 4,180,584 4,389,614 4,609,094 4,839,549
<br />941,722 1,018,542 1,045,146 1,097,403 1,152,274 1,209,887
<br />
<br /> 451,197 502,656 543,476 570,650 599,182 629,141
<br /> 5,977 3,484 5,000 5,000 5,000 5,000
<br />
<br />Income Before Transfers 496,502 519,370 506,670 531,754 558,091 585,746
<br />
<br />Notes and Assumptions:
<br />Gross Sales assume 5% annual increase.
<br />Gross Profit - 25%
<br />Operating Expenses- 13% of sales
<br />Nonoperating expenses include interest expense on building debt.
<br />
<br />NORTHBOUND AND WESTBOUND
<br />
<br />Estimated
<br />
<br /> 2000 2001 2002 2003 2004 2005.
<br />
<br />Gross Sales Northbound 3,788,048 3,981,509 4,180,584 3,558,025 3,748,231 3,938,437
<br />Gross Sales Westbound 1,651,733 1,759,932 1,868,131
<br />
<br />Total Gross Sales 3,788,048 3,981,509 4,180,584 5,209,758 5,508,163 5,806,568
<br />Gross Profit 941,722 1,018,542 1,045,146 1,302,440 1,377,041 1,451,642
<br />
<br />Operating Expenses - Northbound 451,197 502,656 543,476 462,543 487,270 511,997
<br />Nonoperating - Northbound 5,977 3,484 5,000 5,000 5,000 5,001
<br />Operating Expenses - Westbound 400,000 400,000 400,000
<br />Nonoperafing - Westbound (50,000) (50,000) (50,000)
<br />
<br />Income Before Transfers 496,502 519,370 506,670 394,896 444,771 494,646
<br />
<br />Notes and Assumptions:
<br />Sales estimates (excluding 2002) taken from Dakota Worldwide market study dated February, 2002.
<br />Sales estimates do not take into account possible loss in sales due to legislative changes (for example, wine in grocery stores).
<br />Dakota Worldwide sales estimates may be based on 2004 opening of second store. This change would significantly
<br /> change the above estimates.
<br />Westbound operating expense includes $215,000 for personnel, $125,000 for supplies, utilities, and services, and $60,000
<br /> for depreciation.
<br />Nonoperafing revenues for Northbound include interest income of approximately $60,000.
<br />Nonoperating expenses for Westbound include an estimate of $50,000 per year in interest on new building debt.
<br />Gross Sales assume 5% annual increase.
<br />Gross Profit - 25%
<br />Operating Expenses - 13% of sales
<br />Nonoperating expenses include interest expense on building debt.
<br />
<br />7/22/02
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