Network Engines (NEI)

[blueskywaves]

Network Engines (NENG) 
 Expanding Sales ~ Expanding Sales Multiple 
  
 09/30/02 to 06/13/03 
 . 
 . 
            Market   TTM     PSR   Q2Q Sales    PSR 
    Date     Cap    Sales    TTM    Guidance    FTM    Cash 
 . 
 06/13/03  $122.7M  $34.6M   3.5x   $22-24M   ~1.4x  $33-35M 
 . 
 03/31/03*   50.0M   34.6M   1.4x   $22-24M   ~0.6x    38.8M 
 12/31/02    30.6M   18.4M   1.7x     NM        NM     41.8M 
 09/30/02    31.0M   14.5M   2.1x     NM        NM     56.2M 
 . 
 . 
 *First full quarter including TidalWire acquisition 
 . 
 PSR - Price to Sales Ratio 
 TTM - Trailing Twelve Months 
 FTM - Forward Twelve Months, based on Q2Q sales guidance x 4 
 NM  - Not Meaningful