SC 13E2

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HRTL9PeJzL+3nD/slo7wmk7zVOt8UJSE9q7VUq+oaLqlAVZMl/rqbaM0rxHVwQDi of0D7EuW5A2lT6dEQHhHJw== 0000950152-05-007111.txt : 20050818 0000950152-05-007111.hdr.sgml : 20050818 20050817190907 ACCESSION NUMBER: 0000950152-05-007111 CONFORMED SUBMISSION TYPE: SC 13E3 PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20050818 DATE AS OF CHANGE: 20050817 GROUP MEMBERS: JOHN R. FOLKERTH GROUP MEMBERS: ROBERT L. FOLKERTH SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SHOPSMITH INC CENTRAL INDEX KEY: 0000089925 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY (NO METALWORKING MACHINERY) [3550] IRS NUMBER: 310811466 STATE OF INCORPORATION: OH FISCAL YEAR END: 0403 FILING VALUES: FORM TYPE: SC 13E3 SEC ACT: 1934 Act SEC FILE NUMBER: 005-32158 FILM NUMBER: 051034422 BUSINESS ADDRESS: STREET 1: 6530 POE AVENUE CITY: DAYTON STATE: OH ZIP: 45414 BUSINESS PHONE: 5138986070 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SHOPSMITH INC CENTRAL INDEX KEY: 0000089925 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY (NO METALWORKING MACHINERY) [3550] IRS NUMBER: 310811466 STATE OF INCORPORATION: OH FISCAL YEAR END: 0403 FILING VALUES: FORM TYPE: SC 13E3 BUSINESS ADDRESS: STREET 1: 6530 POE AVENUE CITY: DAYTON STATE: OH ZIP: 45414 BUSINESS PHONE: 5138986070 SC 13E3 1 l15636asc13e3.htm SHOPSMITH, INC. SC 13E2

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13E-3

(Rule 13e-100)

RULE 13e-3 TRANSACTION STATEMENT
(Pursuant to Section 13(e) of the Securities Exchange Act of 1934

Shopsmith, Inc.

(Name of the Issuer)

Shopsmith, Inc.
John R. Folkerth
Robert L. Folkerth
(Name of Person(s) Filing Statement)

Common Shares
(Title of Class of Securities)

825098106
(CUSIP Number of Class of Securities)

John R. Folkerth
Chief Executive Officer
6530 Poe Avenue
Dayton, Ohio 45414-2591
(937) 898-6070

(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications on Behalf of Person(s) Filing Statement)

Copy to:
Joseph M. Rigot
Thompson Hine, LLP
2000 Courthouse Plaza, N.E.
P.O. Box 8801
Dayton, Ohio 45401-8801
(937) 443-6586

This statement is filed in connection with (check the appropriate box):

þ a. The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

o b. The filing of a registration statement under the Securities Act of 1933.

o c. A tender offer.

o d. None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: þ

Check the following box if the filing is a final amendment reporting the results of the transaction: o

Calculation of Filing Fee

Transaction valuation* $54,000. Amount of filing fee** $6.36.

o Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

* Calculated solely for purposes of determining the filing fee. This amount assumes the acquisition of approximately 200,000 Common Shares for $0.27 per share in cash in lieu of issuing fractional shares to holders of less than 500 shares after the proposed reverse/forward stock splits.

** The amount of the filing fee is calculated, in accordance with Rule 0-11(b)(1), by multiplying the transaction valuation of $54,000 by 0.0001177.

INTRODUCTION

This Rule 13e-3 Transaction Statement is being filed concurrently with the filing of a preliminary proxy statement pursuant to Regulation 14A under the Securities Exchange Act of 1934, which we refer to herein as the Proxy Statement. The information contained in the Proxy Statement, including all annexes thereto, is hereby expressly incorporated herein by reference. As of the date of this Schedule 13E-3, the Proxy Statement is in preliminary form and is subject to completion or amendment. Capitalized terms used but not defined in this Schedule 13E-3 shall have meanings given to them in the Proxy Statement.

Item 1. Summary Term Sheet.

The section entitled “Summary Term Sheet” set forth in the Proxy Statement is incorporated herein by reference.

Item 2. Subject Company Information.

(a) Name and Address.

The name of the subject company is Shopsmith, Inc. (the “Company”). The Company is an Ohio corporation with its principal place of business located at 6530 Poe Avenue, Dayton, Ohio 45414-2591. The Company’s telephone number is (937) 898-6070.

(b) Securities.

The subject class of equity securities is the Company’s common shares, without par value, (the “Common Shares”) of which 2,605,233 shares were outstanding on August 26, 2005.

The information set forth in the Proxy Statement under “Proposal No. 1 – Market for Common Shares” is incorporated herein by reference.

(d) Dividends.

The information set forth in the Proxy Statement under “Proposal No. 1 – Dividend Policy” is incorporated herein by reference.

(e) Prior Public Offerings.

The Company has not made any underwritten public offering of the Common Shares for cash during the three years preceding the date of the filing of this Schedule 13E-3.

(f) Prior Stock Purchases.

The Company has not made any purchases of Common Shares during the two years preceding the date of the filing of this Schedule 13E-3.

Item 3. Identity and Background of Filing Persons.

(a) Name and Address.

The Company, John R. Folkerth and Robert L. Folkerth each are filing persons. For the purposes of this Schedule, John R. Folkerth and Robert L. Folkerth shall be known collectively as the “Natural Person Filers.” The Company is the subject company. The Company’s business address and business telephone number are provided in Item 2(a) above. The business address and telephone number of John R. Folkerth and Robert L. Folkerth are the same as that of the Company.

The executive officers and directors of the Company are set forth below.

Executive Officers
John R. Folkerth, Chairman and Chief Executive Officer
Robert L. Folkerth, President and Chief Operating Officer
Lawrence R. Jones, Vice President – Operations
Mark A. May, Vice President of Finance and Chief Financial Officer

Board of Directors
John R. Folkerth
Robert L. Folkerth
J. Michael Herr
Edward A. Nicholson
Brady L. Skinner

The address of each executive officer and director of the Company is c/o Shopsmith, Inc., 6530 Poe Avenue, Dayton, Ohio 45414-2591.

John R. Folkerth and Robert L. Folkerth are affiliates of the Company by virtue of the fact that they, together own 28.6% of the outstanding Common Shares and are executive officers and directors of the Company. Robert L. Folkerth is the son of John R. Folkerth.

(b) Business and Background of Entities.

Not applicable.

The section entitled “Proposal No. 3” set forth in the Proxy Statement is incorporated herein by reference.

Lawrence R. Jones has served as Vice President – Operations of the Company since August 1999. He served as President of Superay Tool Co., a manufacturer of air tools from 1996 through 1998. After 1998 and before employment with the Company, Mr. Jones served as President of ZLL Marketing, a consulting/sourcing firm.

Mark A. May was named Vice President of Finance and Chief Financial Officer in February 2000. Mr. May has served the Company’s finance department since 1980.

To the Company’s knowledge, during the past five years, neither of the Natural Person Filers has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining either Natural Person Filer from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws. All of the Directors and Executive Officers of the Company are citizens of the United States of America.

(d) Tender Offer.

Not applicable.

Item 4. Terms of the Transaction.

(a) Material Terms.

The sections entitled “Summary Term Sheet,” “Special Factors” and “Proposal No. 1,” and all subsections thereunder, set forth in the Proxy Statement are incorporated herein by reference.

(b) Different Terms.

The sections entitled “Summary Term Sheet,” “Special Factors – Purpose of the Reverse Stock Split,” “Special Factors – Background to the Reverse Stock Split,” “Special Factors – Reasons for the Reverse Stock Split,” “Special Factors – Reasons for the Forward Stock Split,” “Special Factors – Effects on Shareholders With Fewer than 500 Common Shares,” “Special Factors – Effects on Shareholders with 500 or More Common Shares” and “Proposal No. 1 – Special Interests of Directors, Officers, and the Affiliated Persons in the Reverse Stock Split” set forth in the Proxy Statement are incorporated herein by reference.

The section entitled “Special Factors – Dissenters’ and Appraisal Rights” set forth in the Proxy Statement is incorporated herein by reference.

(d) Provisions for Unaffiliated Security Holders.

The Company has not made any provision to grant its unaffiliated security holders access to the corporate files of the Company or to obtain counsel or appraisal services for such unaffiliated security holders at the expense of a filing person.

(e) Eligibility for Listing or Trading.

The sections entitled “Summary Term Sheet,” “Special Factors — Effect of Reverse Stock Split,” “Special Factors – Effects on the Company,” and “Special Factors – Effects on Shareholders with 500 or More Common Shares” set forth in the Proxy Statement are incorporated herein by reference.

Item 5. Past Contacts, Transactions, Negotiations and Agreements.

(a) Transactions.

The section entitled “Transactions with Management” set forth in the Proxy Statement is incorporated herein by reference.

(b) Significant Corporate Events.

The section entitled “Special Factors – Fairness of the Transaction and Recommendation of the Board” set forth in the Proxy Statement is incorporated herein by reference.

The section entitled “Special Factors – Background to the Reverse Stock Split” set forth in the Proxy Statement is incorporated herein by reference.

(e) Agreements Involving the Subject Company’s Securities.

The sections entitled “Summary Term Sheet,” “Proposal No. 1 – Special Interests of Directors, Officers, and the Affiliated Persons in the Reverse Stock Split,” “Security Ownership of Directors and Officers” and “Executive Compensation” set forth in the Proxy Statement are incorporated herein by reference.

Item 6. Purposes of the Transaction and Plans or Proposals.

(b) Use of Securities Acquired.

The sections entitled “Summary Term Sheet” and “Proposal No. 1 – Reverse Stock Split” set forth in the Proxy Statement are incorporated herein by reference.

(1) – (2) None

(3) The section entitled “Proposal No. 2 – Capital Reduction Amendment” set forth in the Proxy Statement is incorporated herein by reference.

(4) The section entitled “Proposal No. 3 – Election of Directors” set forth in the Proxy Statement is incorporated herein by reference.

(5) None.

(6) – (8) The sections entitled “Summary Term Sheet,” “Special Factors – Purpose of the Reverse Stock Split,” “Special Factors – Background to the Reverse Stock Split,” “Special Factors – Reasons for the Reverse Stock Split,” and “Special Factors – Reasons for the Forward Stock Split” set forth in the Proxy Statement are incorporated herein by reference.

Item 7. Purposes, Alternatives, Reasons and Effects.

(a) Purposes.

(b) Alternatives.

The section entitled “Special Factors — Alternatives to the Reverse Stock Split” set forth in the Proxy Statement is incorporated herein by reference.

The sections entitled “Special Factors – Background to the Reverse Stock Split,” “Special Factors – Reasons for the Reverse Stock Split,” and “Special Factors – Reasons for the Forward Stock Split” set forth in the Proxy Statement are incorporated herein by reference.

(d) Effects.

The sections entitled “Special Factors – Effect of the Reverse Stock Split,” “Special Factors – Effects on Shareholders With Fewer than 500 Common Shares,” “Special Factors – Effects on Shareholders with 500 or More Common Shares,” “Proposal No. 1 – Special Interests of Directors, Officers, and the Affiliated Persons in the Reverse Stock Split,” “Special Factors – Federal Income Tax Consequences,” “Proposal No. 1 – Material Federal Income Tax Consequences,” “Fairness of the Transaction and Recommendation of the Board,” and “Special Factors — The Affiliated Persons Position as to the Fairness of and Reasons for the Reverse Stock Split” set forth in the Proxy Statement are incorporated herein by reference.

Item 8. Fairness of the Transaction.

(a) Fairness.

The sections entitled “Special Factors — Fairness of the Transaction and Recommendation of the Board,” “Special Factors — Opinion of Financial Advisor” and “Proposal No. 1- Recommendation of the Board” set forth in the Proxy Statement are incorporated herein by reference.

(b) Factors Considered in Determining Fairness.

The transactions contemplated by the Proxy Statement are not structured so that the approval of at least a majority of the Company’s unaffiliated holders of Common Shares is required.

(d) Unaffiliated Representative.

The section entitled “Special Factors — Fairness of the Transaction and Recommendation of the Board” set forth in the Proxy Statement is incorporated herein by reference.

(e) Approval of Directors.

A majority of the directors of the Company who are not employees of the Company approved the transactions contemplated by this Schedule 13E-3.

(f) Other Offers.

The section entitled “Special Factors — Fairness of the Transaction and Recommendation of the Board” set forth in the Proxy Statement is incorporated herein by reference.

Item 9. Reports, Opinions, Appraisals and Certain Negotiations.

(a) Report, Opinion or Appraisal

The sections entitled “Special Factors — Fairness of the Transaction and Recommendation of the Board,” and “Special Factors — Opinion of Financial Advisor” set forth in the Proxy Statement are incorporated herein by reference.

(b) Preparer and Summary of the Report, Opinion or Appraisal.

The section entitled “Special Factors — Opinion of Financial Advisor” set forth in the Proxy Statement is incorporated herein by reference.

The full text of the fairness opinion of Donnelly Penman & Partners, is annexed to the Proxy Statement as Annex A and is incorporated herein by reference. The Valuation Report of Donnelley Penman & Partners dated June 29, 2005 (“Valuation Report”) is attached hereto as Exhibit (c)(2). The Valuation Report is available for inspection and copying at the Company’s principal executive offices in Dayton, Ohio during the Company’s regular business hours by any interested shareholder of the Company or representative of such holder who has been so designated in writing.

Item 10. Source and Amounts of Funds or Other Consideration.

(a) Source of Funds, (b) Conditions and (c) Expenses.

The section entitled “Special Factors – Source of Funds and Expenses” set forth in the Proxy Statement is incorporated herein by reference.

(d) Borrowed Funds.

Not applicable.

Item 11. Interest in Securities of the Subject Company.

(a) Securities Ownership.

The sections entitled “Proposal No. 1 — Special Interests of Directors, Officers, and the Affiliated Persons in the Reverse Stock Split,” “Security Ownership of Directors and Officers” and “Executive Compensation” set forth in the Proxy Statement is incorporated herein by reference.

(b) Securities Transactions.

None.

Item 12. The Solicitation or Recommendation.

(d) Intent to Tender or Vote in a Going Private Transaction.

To the knowledge of the Company, each executive officer, director and affiliate of the Company currently intends to vote the subject securities in favor of each proposal listed in the Proxy Statement.

(e) Recommendations of Others.

The section entitled “Special Factors — Fairness of the Transaction and Recommendation of the Board” set forth in the Proxy Statement is incorporated herein by reference.

Item 13. Financial Information.

(a) Financial Information

The information and financial statements set forth under the section entitled “Proposal No. 1 – Summary Financial Information” set forth in the Proxy statement are incorporated herein by reference. The Proxy Statement also incorporates by reference the Company’s Annual Report on Form 10-K for the year ended April 2, 2005 and its Quarterly Report on Form 10-Q for the quarter ended July 2, 2005.

(b) Pro Forma Information.

None.

Item 14. Persons/Assets, Retained, Employed, Compensated or Used.

(a) Solicitations or Recommendations

None.

(b) Employees and Corporate Assets

Employees of the Company may perform administrative tasks in connection with the transactions contemplated by the Proxy Statement, and they will not be separately compensated for such services.

Item 15. Additional Information.

All of the information set forth in the Proxy Statement and each Exhibit annexed thereto is incorporated herein by reference.

Item 16. Exhibits.

(a)		Preliminary Proxy Statement for the Annual Meeting of Shareholders of Shopsmith, Inc.*

(c)(1)		Fairness Opinion of Donnelly Penman & Partners dated August 4, 2005.*

(c)(2)		Valuation Report of Donnelly Penman & Partners dated June 29, 2005.

* Incorporated by reference to the Schedule 14A filed with the Securities and Exchange Commission on August 17, 2005.

SIGNATURES

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


	SHOPSMITH, INC.
Dated: August 17, 2005	By	/s/ Mark A. May
		Mark A. May
		Vice President of Finance

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.



Dated: August 17, 2005	/s/ John R. Folkerth
	John R. Folkerth

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.



Dated: August 17, 2005	/s/ Robert L. Folkerth
	Robert L. Folkerth

EXHIBIT INDEX

(a)		Preliminary Proxy Statement for the Annual Meeting of Shareholders of Shopsmith, Inc.*

(c)(1)		Fairness Opinion of Donnelly Penman & Partners dated August 4, 2005.*

(c)(2)		Valuation Report of Donnelly Penman & Partners dated June 29, 2005.


*		Incorporated by reference to the Schedule 14A filed with the Securities and Exchange Commission on August 17, 2005.

EX-99.C.2 2 l15636aexv99wcw2.htm VALUATION REPORT OF DONNELLY PENMAN & PARTNERS EX-C.2

Exhibit c(2)

Valuation Report of Donnelly Penman & Partners dated June 29, 2005

July 27, 2005

Confidential

Valuation Presentation to the Board of Directors

Shopsmith, Inc.

Table of Contents


Section 1:		Valuation Opinion Letter

Section 2:		Valuation Summary

Section 3:		Discounted Cash Flow Analysis

Section 4:		Liquidation Analysis

Section 5:		Stock Price/Volume Analysis

Section 6:		Comparable Company Analysis

Section 7:		Comparable Transaction Approach

Section 8:		Shareholder Profile Summary

Shopsmith, Inc.

Presentation to the Board of Directors

Section 1: Valuation Opinion Letter

Valuation Letter

July 27, 2005

Board of Directors
Shopsmith, Inc.
6530 Poe Avenue
Dayton, OH 45414
Attn: Robert L. Folkerth

Dear Board of Directors:

Donnelly Penman & Partners (“DP&P”) has been asked to render our thoughts as to the fair market per share value of the common equity (“Valuation”) of Shopsmith, Inc. (“Shopsmith” or the “Company”) as of July 1, 2005. It is our understanding that the purpose of this valuation is to ascertain and make a determination of the marketable equity value of Shopsmith, for purposes of evaluation of a reverse stock split or similar “going-private” transaction. In estimating this value, DP&P assumes the Company’s operations to be ongoing and achieving operating results consistent with the forecasted financial statements referred to throughout the document. DP&P defines the term “marketable” as the full value demonstrated or implied by our analysis with no discounts for marketability, which is common when evaluating private or thinly traded public companies.

The results contained within this Valuation are based upon information provided by the management of the Company, as well as certain independently obtained industry information. DP&P was supplied with the audited financial statements and annual reports of the Company for the fiscal years ended April 1998 through 2004 and the reviewed internal financial statements through July 1, 2005. DP&P did not make an independent examination of these statements. DP&P analyzed these historical results and received guidance from Company management with respect to future revenue growth, Earnings Before Interest, Taxes and Depreciation and Amortization (“EBITDA”) levels, required capital expenditures and working capital management. Finally, DP&P held discussions with Company management regarding the business and industry in which Shopsmith competes.

In conducting our analysis to form our conclusion, the principal sources of information used included, but were not limited to:

	1.		Company SEC filings including, but not limited to the 10-K for the years ended April 5, 2003, April 3, 2004 and April 2, 2005;

	2.		Internal financial statements for fiscal years 2001 through 2005 and interim financial results for the months of April, May, and June, 2005 ;

	3.		On-site interviews with senior company management to discuss the business, industry, historical results and future prospects of the Company;

	4.		Analyses of historical capital expenditure requirements and working capital cycle information for historical periods;

17160 Kercheval Avenue • Grosse Pointe, MI 48230-1661
313-446-9900 • Fax 313-446-9955 • www.donnellypenman.com

Member NASD/SIPC

Shopsmith, Inc.
July 27, 2005
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	5.		The Company’s financial budget for the 2006 fiscal year (ending April 2006) and evaluation of year-to-date performance relative to the budget;

	6.		The Company’s five year projections ended April 2010;

	7.		Various detailed internal financial schedules provided by management to support historical financial information;

	8.		Publicly-held company information on competitors and the industry from SEC filings, Capital IQ, and other databases and public sources; and

	9.		Other Company data DP&P deemed relevant.

QUALIFICATIONS

DP&P has been in operation since September 2000. DP&P is a licensed broker dealer with the NASD, a member of the SIPC and operates as an investment bank. DP&P and its principals, during their tenures with DP&P or other full service investment banking firms, have conducted numerous valuations for going-private transactions, tender offers, mergers and acquisitions, initial public equity offerings, minority shareholders, employee stock ownership plans, and for federal and state gift tax and estate tax valuations. DP&P has on staff 9 investment bankers who have a collective 85+ years of experience and individually hold:

	Ø		9 Bachelor degrees in business (B.B.A.);

	Ø		6 Master of Business Administration (M.B.A.) degrees;

	Ø		1 Juris Doctor (J.D.);

	Ø		1 Certified Public Accountant (CPA) designation;

	Ø		1 Chartered Financial Analyst (CFA) designation; and

	Ø		1 Level III Charted Financial Analyst (CFA) candidate.

THE COMPANY & OPERATIONS

Shopsmith, an Ohio corporation organized in 1972, is engaged in the production and marketing of power woodworking tools designed primarily for the home workshop. The principal line of power tools marketed under the name “Shopsmith,” a registered trademark, dates back to 1946 and was purchased by the Company in 1972.

The line is built around the Shopsmith MARK V, a multi-purpose tool, and includes separate function special purpose tools that may be mounted on the MARK V or used independently. The Company distributes these tools directly to consumers through demonstration programs (at which sales representatives solicit orders), telephone sales solicitation, Internet and mail order. During the fiscal year ended April 2, 2005, Shopsmith branded products accounted for substantially all of the Company’s net sales. The Company manufactures a substantial majority of its products sold (as measured by sales dollar volume).

The Shopsmith MARK V is a compact power woodworking tool which performs the functions of five separate tools: a table saw, a wood lathe, a disc sander, a horizontal boring machine, and a vertical drill press. The engineering of the MARK V is such that special purpose tools may be mounted on and powered by the MARK V. The special purpose tools, a jointer, a beltsander, a bandsaw, a planer, a scroll saw, and a strip sander, may also be operated as free standing tools with a stand and power system.

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July 27, 2005
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Other products include MARK V accessories such as a lathe duplicator, which allows a woodworker to duplicate original turnings and a dust collector that, when used with the appropriate fixtures for the MARK V and other Shopsmith products, provides for virtually dust- free woodworking.

The Company also offers a line of accessories to its power tool line. These accessories, only a few of which are manufactured by the Company, include casters, custom saw blades, and molding attachments. Shopsmith accessories are sold directly to the consumer through the same marketing channels used for the Shopsmith power tool line.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)

GAAP are rules prescribed by the accounting profession to provide uniform recording of a particular company’s operating performance. These rules produce deceptively precise figures. In practice, the results produced by utilizing GAAP are not necessarily the most useful ones for analysts, investors or managers. In many instances, accounting earnings can seriously misrepresent economic and business reality. Thus, accounting numbers become the beginning not the end of a business valuation.

The majority of adjustments to bring reported accounting results and economic earnings together relate to purchase accounting adjustments, accounting treatment of working capital increments, capital expenditure policy, depreciation methods and inventory costing methods. Our goal at the end of this exercise is to derive a figure from accounting results that approximates the free cash flow generated by the business. Increases in receivables and inventory, while necessary in a growing business, do not necessarily produce economic earnings in that business. Likewise, a business that is constantly required to make capital expenditures to hold its competitive position and unit volume can show considerably more accounting earnings than are there in economic reality.

Finally, DP&P feels it is necessary to view both accounting earnings and economic earnings over a time frame greater than one year. Our usual focus is to analyze results over a three-year time frame. In doing so, DP&P are able to spot trends and eliminate results reported because of unevenly timed reporting deadlines.

VALUATION METHODOLOGY

A number of appraisal methods and variations have been developed by valuation experts over the years. These approaches consider quantitative (financial and accounting statistics), and qualitative (ability of management, supplier relationships, customer products acceptance, etc.), factors to arrive at an overall valuation.

Certain considerations must be taken into account in a valuation regardless of which individual or combination of methodologies is eventually utilized. They are:

Restrictive agreements or lack of marketability factors, if any, which may inhibit the transfer of a company’s common stock. A further consideration is whether the shares being valued indicate a controlling or minority interest in the business. Valuation studies support that at the shareholder level, minority interest shares are generally less valuable than controlling interest positions. DP&P will typically utilize either a marketability or minority discount, or combination thereof, to value a minority share of a relatively illiquid company on a comparable basis. No such discounts have been applied to Shopsmith’s common stock in

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			*this valuation. If such a discount were applied, it would result in valuation that would be significantly lower than the value assigned in the following analyses.*

	2.		Analysis of an established market price or other sales of the stock being valued. Prices determined in a free and open market are sometimes the best indications of value.

	3.		Review of generally accepted approaches to valuation including Net Book Value; Present Value of Discounted (Estimated) Future Cash Flows; Comparable Company; Liquidation Analysis; and Comparable Acquisition. It should be stressed that none of these valuation tools is inherently better than the others, each method is used in different circumstances, and the synthesis of all selected methods will determine the valuation estimate. Estimates of values of business enterprises or assets do not purport to be appraisals or necessarily reflect the prices at which businesses or their securities actually may be sold. Accordingly, actual results could vary significantly from those assumed in the financial forecasts and related analyses. The analyses performed by DP&P were assigned a weighting based on DP&P’s opinion of their relevance and significance with regard to the specific characteristics of Shopsmith.

	4.		With respect to the comparable company analysis and comparable merger transaction analysis summarized on the following pages, no company utilized as a comparison is identical to Shopsmith, and such analyses necessarily involves complex considerations and judgments concerning the differences in financial and operating characteristics of the financial institutions and other factors that could affect the acquisition or public trading values of the businesses concerned.

	5.		The forecasted financial information contained in or underlying DP&P’s analyses are not necessarily indicative of future results or values, which may be significantly more or less favorable than such forecasts and estimates. The forecasts and estimates were based on numerous variables and assumptions that are inherently uncertain, including without limitation factors related to general economic and competitive conditions. In that regard, DP&P believes that the financial forecasts have been prepared based on detailed reviews of historical performance and detailed discussions with management and reflect a reasonable estimates and assumptions based on currently available information.

PRESENT VALUE OF DISCOUNTED CASH FLOWS (“DCF”)

The DCF approach suggests that a potential investor will pay a price for a security which yields a targeted minimum rate of return on invested capital (both to suppliers of debt and equity). Using this targeted rate of return as a discount factor, the present value of a stream of estimated future cash flows for a given number of years can be computed by discounting each year’s estimated cash flows to the present time. Other factors considered include the expected cyclicality or unpredictability (if any) of a company’s earnings and cash flow.

To state the premise another way, DCF valuation implies that the investor purchases a time series of free cash flows that are generated by the assets purchased. DCF does not value the total cash flow of the business. Rather, it values only the Free Cash Flow to debt and equity holders. In doing so, this analysis separates and ascribes value only to the cash flows that can be taken out of the business. Cash that is generated but used to sustain the business (such as increases in working capital and capital expenditures) is not included in the Free Cash Flow. Cash flow that must be retained in the business creates no

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incremental value to the investor. As noted, DCF valuation uses a discount rate that reflects the firm’s weighted cost of capital or the price it must pay to suppliers of both debt and equity. Accordingly, Free Cash Flow that is discounted is developed independent of financing costs.

DP&P has prepared an estimate of projected future cash flows for Shopsmith for the fiscal years ending April 1, 2006 through 2010. These estimates were derived from five year projections provided and deemed reasonable by Shopsmith’s management. In preparing these estimates, DP&P analyzed historical financial results and held discussions with the Company’s management regarding the Company’s business strategy, customers and markets, operating structure, cost structure, and capital requirements.

Terminal Value

DCF valuation is composed of two values: a forecast of free cash flows for a discrete period and a terminal value that is a surrogate for the present value of the discounted cash flows that are expected to occur in the years after the end of the forecast period.

Terminal value at the end of the period of cash flow forecasts may be arrived at in different ways, such as estimating book value, using a capitalization rate on Free Cash Flow, applying a price/earnings multiple to forecasted earnings or employing a cash flow multiple. We feel using an EBITDA multiple is an appropriate methodology to utilize. In essence, this technique multiplies the EBITDA in the last year of forecast by a multiplier that attempts to estimate the value of the business in that year. We have utilized a takeout multiple of 7.81x EBITDA, which is the median acquisition multiple paid for a group of comparably sized transactions detailed later in this analysis (See Comparable Transaction Analysis).

Cost of Capital (Discount Rate)

The investor is paying today for access to the future cash flows generated by the assets; therefore, these cash flows must be discounted to the present. The proper discount rate can be estimated by calculating the weighted average cost of capital. In essence, the discount rate attempts to approximate the rate of return the suppliers of capital (debt and equity) will expect to earn. In estimating this rate, DP&P has utilized a capital structure that is consistent with companies comparable to Shopsmith and DP&P believes is reasonable for Shopsmith.

DP&P estimated the cost of equity based on the Ibottson Associates weighted cost of capital build up method plus a Company specific risk premium [(.8 Beta)(4.47 % riskless rate + 7.2% equity risk premium + 9.9% size premium)¹ + 5.0% Company risk premium]. DP&P believes a Company specific risk premium is warranted, partially due to the following two items:

	1.		The size premium of 9.9% is for companies with market capitalization ranging between $0.5 million to $64.8 million. At July 25, 2005, Shopsmith’s market capitalization was approximately $0.7 million – the lower end of this range implying a higher than the average size premium.

	2.		Shopsmith has substantial dependence on a single marketing relationship. A change in the Company’s agreement with this partner or the sales techniques employed at the partner’s locations could have a material adverse affect on Shopsmith’s business. Due to these factors, DP&P believes that a company specific risk premium of 5.0% should be applied to cost of equity for Shopsmith.

These factors resulted in a weighted average cost of capital for Shopsmith of approximately 18.04%. DP&P has used an 18.0% discount rate in the Present Value of Discounted Cash Flows Analysis.


¹ Ibbotson Associates 2005 Yearbook – Valuation Edition

Shopsmith, Inc.
July 27, 2005
Page 6 of 10

Utilizing the DCF method as discussed above, DP&P concluded that the value of Shopsmith’s common stock based on the DCF technique was $73,334 or $0.03 per share.

NET BOOK VALUE

The net book value or net equity method implies that a company is worth its accumulated retained earnings, or deficit, plus its original capitalization. Net book value is primarily an amount arrived at over a company’s existence which reflects accounting history expressed in unadjusted dollars. Net book value is an accounting concept that generally reflects the assets of the business at historical costs (less accumulated depreciation or amortization) and liabilities at amounts owed. Used as a valuation methodology, the net book value does not give consideration to the future cash flows that will be generated by the business.

DP&P has reviewed the book value of the Company’s assets in limited detail. DP&P found net book value to be $1,069,901 or $.41 per share as of July 1, 2005.

LIQUIDATION ANALYSIS

The liquidation value of a company is the collective value of its individual assets, valued as if the company will not continue to carry on business. There are generally two types of liquidation value, depending on the time available for the liquidation process:

	•		Orderly Liquidation Value. This assumes that the enterprise can afford to sell its assets to the highest bidder. This indication of value assumes an orderly sale process. It assumes that the seller can take a reasonable amount of time to sell each asset and garner the highest price reasonably available.

	•		Forced Liquidation Value. This assumes that the enterprise must sell all its assets at or near the same time, to one or more purchasers. The assumption is that the typical purchaser for the assets is a dealer who specializes in the liquidation of the entire assets of a company.

For obvious reasons, the Forced Liquidation Value will always be lower than the Orderly Liquidation Value. Depending on the enterprise and the nature of its assets, the difference between the two values can be dramatic. Both of these analyses have two primary assumptions that must be made: The market value of the Company’s assets and the cost to liquidate these assets over a specified period of time.

DP&P cannot reasonably estimate the value of certain assets on Shopsmith’s balance sheet such as land and equipment, the former of which could carry a market value which significantly exceeds its book value. Thus DP&P has relied upon appraisals and estimates prepared by third party appraisal firms to determine the value of the real estate and machinery and equipment. Real estate and machinery appraisals are dated April 12, 2004 and August 28, 2001, respectively. DP&P acknowledges that the value of the appraised assets may have changed significantly since the time of appraisal. Specifically with regard to machinery and equipment, the time since the appraisal is important and there is no guarantee that the equipment appraised has not already been disposed. DP&P has made additional assumptions regarding the value and recovery rates of certain assets. While these assumptions are believed to be reasonable, DP&P makes no representation regarding the actual value that could be achievable in the event of an orderly or forced liquidation. Liquidation value assumptions have been discussed with and deemed reasonable by Shopsmith’s management. DP&P can also not accurately forecast the cost of liquidation or the time frame necessary for liquidation. Based on the asset appraisals provided, the Company’s current balance sheet and the assumptions made by DP&P, it is calculated that the Orderly Liquidation Value realized by Shopsmith would be less than the book value of the Company.

Shopsmith, Inc.
July 27, 2005
Page 7 of 10

The Forced Liquidation Value, as indicated above, would further reduce the value of the Company due to the shortened time frame to liquidate the assets. DP&P does not consider the liquidation of Shopsmith to be a likely scenario in the immediate future, however, DP&P has undertaken an analysis due to the relatively low value of the Company’s assets and future cash flows in relation to the Company’s debt.

Given the assumptions described above and the balance sheet as of July 1, 2005, DP&P has calculated that proceeds available to common shareholders post-liquidation would be $.13 per share.

RECENT TRADING ANALYSIS

DP&P analyzed the quoted trades listed on the OTC Bulletin Board for Shopsmith (OTCBB: SHPS) for varying historical periods. DP&P utilized the closing price as of July 18, 2005 and analyzed historical pricing using a simple average of the closing stock price quoted for a period of 30 and 90 trading days and a 1-year calendar period. Only days in which the security actually traded were counted in the simple average. The closing price as of July 18, 2005 was $.25, with no volume for the day. For the past 30 trading days, as of July 18, 2005, the historical average price was $.25 with a cumulative period volume of 15,919 compiled over 7 distinct trading days only. For the past 90 trading days, as of July 18, 2005, the historical average price was $.26 with a cumulative period volume of 51,161 compiled over 22 distinct trading days only. For the past calendar year, as of July 18, 2005, the historical average price was $.27 with a cumulative period volume of 206,101 compiled over 66 distinct trading days only. It should be noted that volume may reflect “double counting” due to both the buy and sell side of a transaction being counted. In addition, the prices and volumes displayed are from the trading information provided by CapitalIQ, a third party data provider, and may not reflect all transactions that occurred over the aforementioned time period.

Utilizing the calculations discussed above, DP&P concluded that the relevant average trading values for Shopsmith range from $.25 to $.27 per share.

COMPARABLE COMPANY ANALYSIS

This approach assumes that a degree of comparability exists between the Company and other similar companies for which a value has been established over an adequate time horizon in an active and free trading market. Once similarity is established, the relationship to market value is often expressed as a ratio to EBITDA, EBIT or to Revenues. These ratios, then, may be modified to reflect special conditions, risks, or opportunities that are unique to the Company.

There are obvious problems in identifying publicly traded firms whose total business parallels the Company’s. Generally, the Company’s type of product is not identically represented in the operations of the companies to which it is being compared. DP&P has chosen a comparable group of companies believed to focus on the manufacturing or distribution of power tools or companies that have similar type of products that are distributed to similar customers as those serviced by Shopsmith. Specifically, DP&P has identified comparable companies which manufacture power tools for consumers or specialty woodworking equipment.

The publicly traded companies identified are significantly larger than Shopsmith, in terms of both revenue and assets, and do not necessarily operate under the same business model as Shopsmith.

Shopsmith, Inc.
July 27, 2005
Page 8 of 10

Market Comparison Analysis

The valuation of a publicly traded company is normally expressed as a function of its P/E ratio. DP&P believes that the public market provides objective evidence as to value. However, DP&P viewing a company’s public valuation as a function of Business Enterprise Value as a ratio to EBITDA, EBIT and Revenues provides improved comparability.

On this basis, the comparable company group is trading at median value of approximately 1.41x LTM Revenue, 9.90x LTM EBITDA and 12.76x LTM EBIT. Typically, these median values can be applied to the subject company’s LTM financial figures to derive an implied value. In the case of Shopsmith, the only multiple that would generate a positive value is the Revenue multiple due to negative LTM EBIT and EBITDA results for Shopsmith. DP&P has displayed the value derived from the Revenue multiple in the Valuation Summary (see Tab 2 of the complete valuation report), however, has not given this value any weight in the overall valuation conclusion. DP&P believes that the implied value for Shopsmith as derived from the Revenue multiple is not meaningful due to the current negative EBIT and EBITDA margins. Stated differently, the Revenue multiple is only believed to derive a reasonable value if the profitability measures of the subject company align closely with those of the comparable companies selected, which is not the case with Shopsmith.

Given the methodology discussed above, the implied value per share for Shopsmith was $6.32 based on the median revenue multiple from a comparable company group. For the reasons indicated above, DP&P has not given this implied valuation any weighting in DP&P’s overall valuation conclusion.

COMPARABLE ACQUISITION ANALYSIS

The comparable acquisition approach seeks to estimate the price at which a company would “trade in the market for corporate control.” The first step in this approach is to determine a sample of comparable companies that have been involved in a merger or acquisition. From a comparability standpoint, DP&P looked at the following aspects of a company: industry, size and business model. Due to the lack of any transactions reporting valuation multiples in industries directly comparable with Shopsmith, DP&P utilized a broader approach to identify transactions in similar industries and of similar size. DP&P identified 65 transactions which reported transaction multiples through Mergerstat, a third party data provider utilized by DP&P. These transactions represented announced or closed deals which have been announced since January 1, 2000 in which the target participated in the consumer household durables, capital goods or leisure equipment and products industries and enterprise value implied by the transaction was less that $25 million.

Similar to the comparable company approach, DP&P evaluated the total consideration (business value) in relation to its last twelve months Revenue, EBIT and EBITDA. On this basis, the comparable acquisition group had announced transaction multiples at a median value of approximately .82x LTM Revenue, 7.81x LTM EBITDA and 10.37x LTM EBIT. Typically, these median values can be applied to the subject company’s LTM financial figures to derive an implied value. In the case of Shopsmith, the only multiple that would generate a positive value is the Revenue multiple due to negative LTM EBIT and EBITDA results. DP&P has displayed the value derived from the Revenue multiple in the Valuation Summary (see Tab 2 of the complete valuation report), however, has not given this value any weight in the overall valuation conclusion. DP&P believes that the implied value for Shopsmith as derived from the Revenue multiple is not meaningful due to the current negative EBIT and EBITDA margins. Stated differently, the Revenue multiple is only believed to derive a reasonable value if the profitability

Shopsmith, Inc.
July 27, 2005
Page 9 of 10

measures of the subject company align closely with those of the target companies in the transactions selected, which is not the case with Shopsmith.

Given the methodology discussed above, the implied value per share for Shopsmith was $3.30 based on the median revenue multiple from a group of comparable acquisitions. For the reasons indicated above, DP&P has not given this implied valuation any weighting in DP&P’s overall valuation conclusion.

Transactions occur in the public market almost daily at prices significantly above current secondary trading levels. The premium paid over the market trading level of the stock of a company is, in fact, a derived figure rather than an analytical tool. When the various valuation methods outlined previously justify a price over current trading prices, then a premium price is paid. The price paid rests on the conclusion of the analysis. To some degree, the prices paid are a result of the amount of competition among buyers for quality businesses and to a greater degree they reflect the economic benefits of all the synergies that a buyer may bring to a seller in a corporate combination. DP&P examined, within the group of 65 transactions previously defined, the 1-day acquisition premium paid for publicly traded targets. DP&P found the median 1-day premium to be 30.08% above the trading price of the target company 1 day prior to the announcement of the acquisition. DP&P applied this multiple to Shopsmith trading value of $.25 per share as of July 18, 2005 to calculate an implied value of $.33 per share.

VALUATION SUMMARY

There are numerous business valuation methodologies, a number of which DP&P has applied to Shopsmith. Each of these methodologies utilizes judgment and assumptions and generates a range of values. Furthermore, DP&P assigned weightings to the various methodologies based on its assessment of the relevance of each methodology.

Our Valuation is directed to the Board of Directors of the Company and does not constitute a recommendation to the Board of Directors of the Company or the Company’s existing holders of Common Stock. This Valuation has been prepared for the confidential use of the Board of Directors and senior management of the Company and may not be reproduced, summarized, described or referred to or given to any other person without DP&P’s prior written consent. Our Valuation is limited solely to the value of the Company’s common stock as of July 1, 2005 given the relevant market and company specific information available at the present time.

DP&P will typically utilize either a marketability or minority discount, or combination thereof, to value a minority share of a relatively illiquid company on a comparable basis. No such discounts have been applied to Shopsmith’s common stock in this valuation. If such a discount were applied, it would result in valuation that would be significantly lower than the value assigned below.

² See Judson P. Reis, “The Fine Art of Valuation”, Mergers & Acquisition Handbook

Shopsmith, Inc.
July 27, 2005
Page 10 of 10

On the basis of, and subject to, the foregoing, our valuation conclusion is that, as of July 1, 2005, the fair market value of the Company’s common stock is $.18 per share.

Sincerely,

DONNELLY PENMAN & PARTNERS

Shopsmith, Inc.

Presentation to the Board of Directors

Section 2: Valuation Summary

Shopsmith, Inc.
Valuation Summary

Value

Conclusion

Valuation Technique:

Mgt.

Net Book

Liquidation

Comparable Company Implied

Comparable Acquisition

Projections

Value

Analysis

Recent Trading

Value per Share

Implied Value per Share

Liquidation

30 Day

90 Day

1 Year

Book Value

Value Per

Trading

1 Day

DCF

per Share

Share

Avg.

Revenue

EBITDA

EBIT

Premium

Revenue

EBITDA

EBIT

Value Indication per Share:

0.18

0.03

0.41

0.13

0.25

0.26

0.27

6.32

0.33

3.30

Weight

100.0

40.0

10.0

0.0

10.0

0.0

Premium/Discount to Current Trading Price ($.25 - 7/18/2005)

-28.0

Page 1

Shopsmith, Inc.

Presentation to the Board of Directors

Section 3: Discounted Cash Flow Analysis

Shopsmith, Inc.
Discounted Cash Flow Analysis
Valuation Date: July 1, 2005


									*Projected* ⁽³⁾
									For the years ending April 1,
									(in thousands of $'s)
			2006			2007			2008			2009			2010			Exit @ Year End
Net Sales			$	11,922		$	13,036		$	13,614		$	14,277		$	14,631		$	14,631
Net Revenue Growth %				-10.8	%		9.3	%		4.4	%		4.9	%		2.5	%

EBITDA				53			282			374			461			469			469
EBITDA as a % of Net Revenue				0.4	%		2.2	%		2.7	%		3.2	%		3.2	%

Depreciation				160			160			160			160			160


EBIT				(107	)		122			214			301			309

Cash Income Taxes @ 40%				—			49			85			120			124


Net Income			($	107	)	$	73		$	128		$	181		$	186


Adjustments:
Plus: Depreciation and Amortization				160			160			160			160			160
Less: Capital Expenditures				(80	)		(80	)		(80	)		(80	)		(80	)
Less: Increase in Required Working Capital				735			(162	)		(84	)		(97	)		(51	)

Debt Free Cash Flow				707			(9	)		124			164			214

Less: Debt Free Cash Flow Through July 1, 2005				(413	)

Weighted Cost of Capital ²	18.0	%		0.9398			0.8131			0.6891			0.5840			0.4949


Present Value of Cash Flows to Equity Holders			$	277		($	8	)	$	86		$	96		$	106


Total Present Value of Cash Flows (Years 1 to 5)	$	556		EBITDA Exit Multiple ¹		7.81	x

Plus: Residual Cash Flow		1,670

Enterprise Value	$	2,226		Exit Cash Flow		3,666

Less: Net Debt as of 6/30/2005		(2,153	)	Present Value Factor		0.4556


Equity Value (Marketable)	$	73		Present Value of Exit Cash Flow	$	1,670

Shares Outstanding		2,605,233

Equity Value per Share	$	0.03


Footnotes:

¹	Based on the median multiple derived from comparable company transactions

²	Based on build up method using Ibbotson’s 2005 Yearbook and industry average beta and capital structure

³	Based on management estimates. These estimates have not been compiled, reviewed or examined by DP&P.

Page 1

Shopsmith, Inc.

Discounted Cash Flow Method
Weighted Average Cost of Capital — Capital Asset Pricing Model

Assumptions:

Risk-free Rate

⁽¹

⁾

4.47

Equity Risk Premium

Rm-Rf

⁽²

⁾

7.17

Size Premium

⁽³

⁾

9.90

Beta

⁽⁴

⁾

0.80

Subject Company Adjustment

SCA

⁽⁵

⁾

5.00

PreTax Cost of Debt

⁽⁶

⁾

8.25

Effective Tax Rate

⁽⁷

⁾

39.00

Debt as a % of Total Capitalization

% Debt

⁽⁸

⁾

35.20

Equity as a % of Total Capitalization

% Equity

⁽⁸

⁾

64.80


Equity (Ke)
	Ke			=	Rf + B			x	( Rm -Rf ) + SP+			SCA
		25.11	%	=		4.47% + 0.8		x		( 7.17% ) + 9.90% +			5.00	%
Debt (Kd)
	Kd			=		( 1 - t	)			i
		5.03	%	=		( 1 - 39.00%	)			8.25	%
WACC
	WACC			=	( % Equity x Ke )			+	( % Debt x Kd )
				=		( 64.80% x 25.11%	)	+		( 35.20% x 5.03%	)
		18.04	%	=		( 16.27%	)	+		( 1.77%	)
		18	%		Rounded


Footnotes:

⁽¹⁾ Yield on 20-Year Treasury Bonds at July 25, 2005, obtained from Federal Reserve Statistical Release.

⁽²⁾ Information obtained from Ibbotson Associates 2005 yearbook based on the S&P 500.

⁽³⁾ Information obtained from Stocks, Bonds, Bills and Inflation 2005 Yearbook by Ibbotson Associates based on the 10b decile.

⁽⁴⁾ Comparable companies’ levered betas (obtained from Capital IQ) unlevered based on the following formula: Unlevered beta = Levered Beta / (1 + (1-t) * (Debt/Equity))

⁽⁵⁾ Subject Company Adjustment based on recent unprofitable performance of the company and dependance on single marketing relationship.

⁽⁶⁾ Based on Bank Prime rate plus 2% obtained from Federal Reserve Statistical Release dated July 25, 2005.

⁽⁷⁾ Based on the estimated effective tax rate.

⁽⁸⁾ Based on the industry capital structure.

Page 2

Shopsmith, Inc.

Presentation to the Board of Directors

Section 4: Liquidation Analysis

Shopsmith, Inc.
Liquidation Analysis


Balance Sheet Distribution	July 1, 2005			Liquidation Value			Notes
*Assets*
Cash	$	1,099		$	1,099
Accounts Receivable, Net		541,948			433,558		80% of net assumed collectible
Inventory		2,089,145			1,505,000		($1.0mm FG/$1.1mm WIP/RM — 90% on FG and 55% on WIP/RM)
Prepaid Expenses		297,756			—		No value

Total current assets	$	2,929,948


Land & Real Estate		3,157,054			2,885,000		100% of Appraised Value (Gem Real Estate Group, Inc. 4/12/2004)
Machinery & Equipment		2,005,266			142,375		50% of Forced Liquidation Value (Best Appraisals Inc. 8/28/2001)
Tooling		3,455,460			172,773		5% Scrap Value
Other Fixed Assets		1,434,145			143,415		10% Salvage Value (Primarily computer equipment + displays)

Total Gross Property, Plant and Equipment		10,051,925
Less accumulated depreciation		(7,566,796	)

Net Property, Plant and Equipment		2,485,129

Accounts Receivable — Long Term, net		59,409			—		Assumed uncollectible
Other long term assets		2,253			—		No value

Total other assets		61,662


Total assets	$	5,476,738		$	5,283,220


*Liabilities and Shareholders’ Equity*
Accounts Payable	$	1,358,819			(1,358,819	)
Revolving Loan Payable		250,592			(250,592	)
Current Portion of Long Term Debt		100,596			(100,596	)
Customer Advances		77,252			(77,252	)
Compensation and Related		213,798			(213,798	)
Sales Tax Payable		49,883			(49,883	)
Accrued Recourse Liability		241,481			(241,481	)
Accrued Expenses		256,085			(256,085	)
Other		56,368			(56,368	)

Total current liabilities	$	2,604,874


Mortgage Loan		1,801,962			(1,801,962	)


Total stockholder’s equity		1,069,901



Total liabilities and stockholder’s equity	$	5,476,738		($	4,406,837	)


Shopsmith Inc. Gross Liquidation Value				$	5,283,220
Less: Liquidation Expenses (10% of Value)					(528,322	)

Net Amount Disbributable to Creditors				$	4,754,898

Secured Creditor Amounts at 7/1/2005 ⁽¹⁾					(2,153,150	)
Unsecured Creditor Amounts at 7/1/2005⁽²⁾					(2,253,686	)

Remaining Value for Shareholders				$	348,061
Share Outstanding					2,605,233
Liquidation Value per Share				$	0.13


¹		Includes revolving loan payable, current portion of long term debt and mortgage loan.

²		Includes accounts payable, customer advances, compensation and related, sales tax payable, accrued recourse liability, accrued expenses and other liabilities.

Page 1

Shopsmith, Inc.

Presentation to the Board of Directors

Section 5: Stock Price/Volume Analysis

Shopsmith, Inc.
Recent Trading Analysis

Page 1

Shopsmith, Inc.

Presentation to the Board of Directors

Section 6: Comparable Company Analysis

Shopsmith, Inc.
Comparable Company Analysis
Trading Multiples ($ In Millions)

Price/

TEV/LTM

Price/

Tangible Book

Company Name

Market Cap

TEV⁽¹⁾

Total Rev

EBITDA

EBIT

Earnings

Value

Black & Decker Corp. (NYSE:BDK)

7,365.1

8,234.8

1.4x

9.9x

12.0x

14.7x

22.8x

Cooper Industries Ltd. (NYSE:CBE)

6,081.6

6,901.0

1.5x

11.0x

13.5x

17.7x

27.6x

Fortune Brands Inc. (NYSE:FO)

13,763.6

15,992.0

2.2x

11.4x

13.4x

17.8x

n.m.

Makita Corp. (NasdaqNM:MKTA.Y)

2,856.9

2,137.8

1.2x

7.0x

8.3x

14.9x

1.5x

Richelieu Hardware Ltd. (TSX:RCH)

441.5

442.4

1.6x

11.8x

12.8x

19.6x

5.0x

Ryobi Ltd. (TSE:5851)

720.1

1,310.2

0.9x

9.4x

13.9x

14.9x

1.6x

Snap-on Inc. (NYSE:SNA)

2,008.9

2,194.6

0.9x

9.6x

12.7x

23.3x

3.7x

Stanley Works (NYSE:SWK)

4,236.5

4,613.2

1.5x

9.0x

11.0x

17.2x

14.1x

WMH Walter Meier Holding AG (SWX:WMHN)

295.6

332.4

0.6x

11.5x

n.m.

5.7x

High

2.25x

11.84x

13.86x

23.28x

27.64x

Low

0.61x

7.00x

8.30x

14.73x

1.45x

Mean

1.32x

10.06x

12.20x

17.51x

10.25x

Median

1.41x

9.90x

12.76x

17.47x

5.35x


IMPUTED VALUES ($ in thousands):	Revenue			EBITDA			EBIT

Comparable Group Median		1.41x			9.90x			12.76x
Shopsmith Figure (LTM 7/1/2005)	$	13,175			($477	)		($600	)

Total Consideration		18,626		NM			NM
<Less>: Funded Debt (as of 7/1/2005)		(2,153	)		(2,153	)		(2,153	)

Equity Value	$	16,473		NM			NM
Shares Outstanding		2,605,233			2,605,233			2,605,233

Implied Equity Value per Share	$	6.32		NM			NM

⁽¹⁾ Enterprise value (TEV) equals Market Cap+Net Debt+Minority Interest+Preferred Stock

Page 1

Shopsmith, Inc.
Comparable Company Analysis
($ In Millions, Except Per Share Data)


													Preferred
													Stock/
		Stock		Stock Price		Shares							Minority		Enterprise				LTM		LTM			LTM			LTM
Company Name	Exchange/ Ticker	Price		Date		Outstanding		Market Cap		Net Debt			Interest		Value ⁽¹⁾		LTM as of		Revenue		EBITDA			EBIT			EPS
Black & Decker Corp. (NYSE:BDK)	NYSE:BDK	$	92.04		7/18/2005		80.0		7,365.1		869.7			—		8,234.8		4/3/2005		5,824.8		831.9			685.8		$	6.25
Cooper Industries Ltd. (NYSE:CBE)	NYSE:CBE	$	65.50		7/18/2005		92.8		6,081.6		819.4			—		6,901.0		3/31/2005		4,543.1		629.6			512.1		$	3.69
Fortune Brands Inc. (NYSE:FO)	NYSE:FO	$	94.63		7/18/2005		145.4		13,763.6		1,848.7			379.7		15,992.0		3/31/2005		7,120.1		1,406.1			1,189.5		$	5.33
Makita Corp. (NasdaqNM:MKTA.Y)	NasdaqNM:MKTA.Y	$	19.87		7/18/2005		143.8		2,856.9		(734.8	)		12.5		2,137.8		3/31/2005		1,742.5		305.6			257.4		$	1.33
Richelieu Hardware Ltd. (TSX:RCH)	TSX:RCH	$	19.02		7/18/2005		23.2		441.5		(0.5	)		1.4		442.4		5/31/2005		281.7		37.4			34.6		$	0.97
Ryobi Ltd. (TSE:5851)	TSE:5851	$	4.21		7/15/2005		171.2		720.1		582.8			7.2		1,310.2		9/30/2004		1,402.9		139.1			94.5		$	0.28
Snap-on Inc. (NYSE:SNA)	NYSE:SNA	$	34.76		7/18/2005		57.8		2,008.9		185.7			—		2,194.6		4/2/2005		2,403.7		229.2			172.5		$	1.49
Stanley Works (NYSE:SWK)	NYSE:SWK	$	51.17		7/18/2005		82.8		4,236.5		376.7			—		4,613.2		4/2/2005		3,114.9		514.5			420.5		$	2.97
WMH Walter Meier Holding AG (SWX:WMHN)	SWX:WMHN	$	62.06		7/15/2005		4.8		295.6		19.2			17.6		332.4		12/31/2004		547.1		29.0			0.4		$	(3.31	)

Shopsmith Inc. (OTCBB:SHPS)	OTCBB:SHPS	$	0.25		7/18/2005		2.6		0.7		2.5			—		3.2		4/2/2005		13.4		(0.6	)		(0.8	)	$	(0.30	)


⁽¹⁾ Enterprise value equals Market Cap+Net Debt+Minority Interest+Preferred Stock

Page 2

Shopsmith, Inc.
Comparable Company Analysis
Operating Statistics


			LTM						LTM Net						1 Yr					1 Yr Net			Total		Total		Est. LT
	LTM Gross		EBITDA			LTM EBIT			Income			1 Yr Total			EBITDA		1 Yr EBIT			Income			Debt/Total		Debt/LTM		Growth
Company Name	Margin		Margin			Margin			Margin			Rev Growth			Growth		Growth			Growth			Capital		EBITDA		Rate		5-yr Beta
Black & Decker Corp. (NYSE:BDK)		36.02		14.28			11.77			8.89			25.63			32.24		38.35			54.10			44.24		1.4x		9.88		0.99
Cooper Industries Ltd. (NYSE:CBE)		30.33		13.86			11.27			7.70			8.99			17.00		22.51			106.55			36.44		2.1x		9.86		0.93
Fortune Brands Inc. (NYSE:FO)		42.35		19.75			16.71			11.19			14.47			14.49		16.40			28.64			35.33		1.4x		13.33		0.46
Makita Corp. (NasdaqNM:MKTA.Y)		41.81		17.54			14.77			11.37			5.77			21.70		43.15			187.82			3.97		0.3x	NA			0.66
Richelieu Hardware Ltd. (TSX:RCH)		13.26		13.26			12.27			8.03			16.31			12.89		12.81			16.35			3.48		0.1x	NA			(0.27	)
Ryobi Ltd. (TSE:5851)		20.57		9.92			6.74			3.46			0.47			3.97		11.52			(59.54	)		61.16		5.3x	NA			0.37
Snap-on Inc. (NYSE:SNA)		45.62		9.54			7.18			3.62			4.70			17.66		32.39			24.14			23.53		1.4x		10.67		1.20
Stanley Works (NYSE:SWK)		36.38		16.52			13.50			8.99			18.29			17.73		20.59			15.61			35.16		1.3x		12.00		0.87
WMH Walter Meier Holding AG (SWX:WMHN)		25.89		5.30			0.07			(1.29	)		2.11			26.26		(93.83	)	NM				35.49		1.8x	NA			0.92

High		45.62		19.75			16.71			11.37			25.63			32.24		43.15			187.82			61.16		5.3x		13.33		1.20
Low		13.26		5.30			0.07			(1.29	)		0.47			3.97		(93.83	)		(59.54	)		3.48		0.1x		9.86		(0.27	)
Mean		32.47		13.33			10.47			6.88			10.75			18.22		11.54			46.71			30.98		1.7x		11.15		0.68
Median		36.02		13.86			11.77			8.03			8.99			17.66		20.59			26.39			35.33		1.4x		10.67		0.87

Shopsmith Inc. (OTCBB:SHPS)		49.82		(4.80	)		(5.98	)		(5.77	)		(3.14	)	NM		NM			NM			64.90		NM		NA			(0.36	)

Page 3

Shopsmith, Inc.

Presentation to the Board of Directors

Section 7: Comparable Transaction Approach

Shopsmith, Inc.
Transaction Multiples
($’s in millions)

Transaction

1 Day

TEV/LTM

Target

Acquirer

Announced Date

Amount ⁽¹⁾

TEV ⁽²⁾

Premium (%)

Net Sales

EBITDA

EBIT

Concor Ltd. (JSE:CNC)

Wilson Bayly Holmes Ovcon Ltd. (JSE:WBO)

06/20/2005

46.0

18.9

(9.1

)

0.08x

1.47x

n/a

VHQ Entertainment Inc.

03/03/2005

16.0

17.9

31.7

0.70x

2.65x

n/a

Invesprint Corp.

Metro Label Group Inc.

02/25/2005

12.0

11.4

245.7

0.73x

158.58x

n/a

York Group Ltd.

Plaspak Group Ltd. (ASX:PPK)

12/10/2004

13.9

n/a

0.49x

4.03x

5.13x

SDS Group Inc.

HSE Integrated Ltd. (CDNX:HSL)

11/25/2004

12.5

n/a

0.89x

7.81x

n/a

Proprietary Industries Inc. (TSX:PPI)

Northern Financial Corp. (TSX:NFC)

09/27/2004

40.5

22.2

30.9

1.08x

6.67x

n/a

Galaxy Balloons, Inc.

Boss Manufacturing Company Inc

07/30/2004

4.0

n/a

0.53x

6.00x

7.44x

Armour of America Incorporated

Arotech Corp. (NasdaqNM:ARTX)

07/15/2004

22.0

20.2

n/a

1.29x

2.75x

2.76x

Computer Science Innovations, Inc.

Essex Corp. (NasdaqNM:KEYW)

04/21/2004

8.1

6.4

n/a

0.85x

9.50x

10.37x

Epsilor Electronic Industries, Ltd.

Arotech Corp. (NasdaqNM:ARTX)

01/14/2004

10.2

10.0

n/a

1.98x

4.43x

4.72x

FAAC Inc.

Arotech Corp. (NasdaqNM:ARTX)

01/08/2004

14.9

n/a

1.51x

8.10x

8.96x

K2 Licensing & Promotions

K2 Inc. (NYSE:KTO)

11/26/2003

15.8

12.3

6.1

0.38x

47.36x

n/a

Tomark, Inc.

Collegiate Pacific Inc. (AMEX:BOO)

11/10/2003

5.2

4.9

n/a

0.53x

75.51x

n/a

International Consultants, Inc.

MTC Technologies Inc. (NasdaqNM:MTCT)

10/01/2003

7.3

n/a

0.31x

4.06x

4.12x

Engineered Environments Inc.

Engineered Support Systems Inc. (NasdaqNM:EASI)

09/24/2003

15.5

n/a

1.08x

4.70x

n/a

Clayborn Contracting Group Inc.

WPCS International Inc. (NasdaqSC:WPCS)

06/24/2003

1.8

1.4

n/a

0.23x

3.40x

5.14x

Industrial Fabrication & Repair Inc.

Industrial Holding Group, Inc.

05/27/2003

4.5

4.4

n/a

1.54x

31.30x

53.56x

CMT Medical Technologies Ltd. (ENXTPA:CMD)

Shamrock Holdings, Inc.

05/16/2003

6.0

5.0

0.31x

1.23x

1.30x

Southern Maryland Cable, Inc.

Argan Inc. (NasdaqNM:PFLW)

05/13/2003

5.0

4.8

n/a

0.50x

5.58x

13.13x

Wise Optical Vision Group, Inc.

OptiCare Health Systems Inc. (AMEX:OPT)

02/07/2003

20.9

19.1

n/a

0.29x

13.21x

n/a

Pennsylvania Crusher Corporation

K-Tron International Inc. (NasdaqNM:KTII)

01/06/2003

23.5

22.0

n/a

0.63x

4.46x

5.43x

Proyecciones y Ventas Organizadas, S.A. de C.V.

Provo International Inc. (OTCPK:FNTP)

12/23/2002

20.8

20.5

n/a

0.20x

19.63x

21.40x

P.W. Stephens Inc.

Home Solutions of America Inc. (AMEX:HOM)

11/21/2002

14.5

14.4

n/a

1.02x

8.35x

10.31x

L-3 Communications Westwood Corporation

L-3 Communications Holdings Inc. (NYSE:LLL)

08/09/2002

19.2

137.5

0.37x

7.75x

12.77x

AM Nex-Link Communications, Inc.

AM Communications Inc. (OTCPK:AMCM)

06/04/2002

4.0

3.6

n/a

0.96x

74.69x

83.82x

Terra-Mar Inc.

U.S. Laboratories Inc.

05/01/2002

9.2

9.0

n/a

0.55x

4.91x

6.52x

Intelligent Controls, Inc

Franklin Electric Co. Inc. (NasdaqNM:FELE)

04/25/2002

18.7

13.4

163.3

1.34x

133.86x

n/a

American Machine & Tool Company Inc.

Gorman-Rupp Co. (AMEX:GRC)

02/27/2002

15.9

11.1

n/a

0.75x

9.95x

12.55x

Jones Chromatography Limited

Argonaut Technologies Inc. (OTCPK:AGNT)

02/11/2002

18.1

17.9

n/a

3.36x

31.03x

37.57x

E.mergent Incorporated

ClearOne Communications Inc. (OTCPK:CLRO)

01/21/2002

22.6

22.4

13.2

0.97x

13.50x

21.24x

Colvico Inc.

Energy Flow Management Incorporated

01/15/2002

4.0

n/a

0.25x

4.21x

6.25x

Delphax Systems

Delphax Technologies Inc. (NasdaqNM:DLPX)

12/03/2001

14.0

13.8

n/a

0.35x

5.62x

65.37x

Analex Corp, prior to being acquired by Hadron, Inc.

Analex Corp. (AMEX:NLX)

11/01/2001

23.4

n/a

0.74x

17.78x

18.10x

Water Science Technologies Inc.

Aquacell Technologies Inc. (AMEX:AQA)

10/29/2001

0.7

n/a

0.59x

21.15x

28.20x

Aplicaciones Tecnicas de la Energia S.A.

AstroPower Inc. (OTCPK:APWR.Q)

07/31/2001

23.7

23.5

n/a

1.70x

14.16x

15.35x

General Precision, Inc.

Brooks Automation Inc. (NasdaqNM:BRKS)

07/25/2001

28.3

21.7

n/a

1.08x

4.02x

4.24x

North Central Plastics Inc.

Waters Instruments Inc. (NasdaqSC:WTRS)

07/09/2001

10.2

n/a

1.17x

16.80x

133.59x

Columbus Jack Corp

Quality Products Inc. (OTCPK:QPDC)

05/11/2001

2.8

2.7

n/a

0.46x

10.33x

28.19x

Point to Point Network Services Inc.

Home Solutions of America Inc. (AMEX:HOM)

04/30/2001

4.6

4.2

n/a

0.25x

22.84x

83.29x

Exigent International

Harris Corp. (NYSE:HRS)

04/03/2001

23.9

83.2

0.63x

9.69x

n/a

Dorsey Trailers, Inc. (OTCPK:DSYT)

Equity Partners of Maryland

03/22/2001

4.0

n/a

0.03x

1.75x

8.97x

NorthStar Drilling Systems Inc (Canada)

NQL Energy Services Inc. (TSX:NQL)

03/03/2001

22.2

22.1

29.2

1.77x

30.71x

n/a

ADS The Power Resource, Inc.

Magnetek Inc. (NYSE:MAG)

03/02/2001

15.8

14.9

n/a

0.96x

4.72x

4.91x

Page 1

Shopsmith, Inc.
Transaction Multiples
($’s in millions)

Transaction

1 Day

TEV/LTM

Target

Acquirer

Announced Date

Amount ⁽¹⁾

TEV ⁽²⁾

Premium (%)

Net Sales

EBITDA

EBIT

Xenometrix, Inc.

Discovery Partners International Inc. (NasdaqNM:DPII)

02/27/2001

2.1

1.8

55.1

1.25x

3.99x

13.23x

TCI International, Inc.

Dielectric Communications

01/26/2001

39.0

22.7

12.5

0.74x

15.02x

26.59x

PRI Medical Technologies, Inc.

Emergent Group Inc. (OTCBB:EMGP)

01/24/2001

11.8

(26.0

)

1.05x

4.82x

26.58x

Avantron Technologies Inc.

Sunrise Telecom Inc. (NasdaqNM:SRTI)

01/08/2001

12.0

n/a

2.72x

11.21x

12.60x

Young & Associates, Inc.

o2wireless Solutions, Inc

01/03/2001

12.4

11.6

n/a

1.20x

4.96x

5.08x

Adaptive Optics Associates, Inc.

Metrologic Instruments Inc. (NasdaqNM:MTLG)

12/22/2000

19.2

n/a

0.89x

5.99x

8.31x

VideoLearning Systems Inc.

LearnCom Inc (OTCPK:LRCM)

11/15/2000

1.0

0.8

n/a

0.29x

5.63x

6.33x

J-Tec Inc.

Magnetek Inc. (NYSE:MAG)

11/01/2000

24.0

21.7

n/a

0.89x

4.89x

5.28x

Mack Valves Pty Ltd

Balkore Industries Inc. (OTCPK:BLKO)

10/24/2000

3.7

3.6

n/a

0.86x

12.02x

18.27x

Continental Instruments LLC

Napco Security Systems Inc. (NasdaqNM:NSSC)

07/27/2000

7.5

7.2

n/a

1.38x

4.18x

4.46x

Computer Equity Corp.

Applied Digital Solutions Inc. (NasdaqSC:ADSX)

06/30/2000

23.2

14.8

n/a

0.54x

14.35x

26.22x

CANISCO SERVICES L L C

Kenny Industrial Services LLC

06/28/2000

21.5

20.2

n/a

0.30x

7.59x

19.12x

Greenwald Industries Inc.

Eastern Co. (AMEX:EML)

06/20/2000

22.5

n/a

1.28x

8.41x

9.82x

Connectria Corp.

MDSI Mobile Data Solutions Inc. (NasdaqNM:MDSI)

05/09/2000

18.2

18.0

n/a

2.93x

133.69x

n/a

Carl F. Booth & Co. LLC

Decrane Aircraft Holdings Inc.

04/24/2000

19.5

16.7

n/a

1.11x

4.14x

4.48x

A-OK Controls Engineering, Inc.

Sandston Corp. (OTCBB:SDON)

04/13/2000

6.6

5.8

n/a

0.55x

12.14x

49.23x

Fabrica International Inc.

Dixie Group Inc. (NasdaqNM:DXYN)

03/28/2000

19.8

21.8

n/a

0.45x

4.89x

5.71x

Switchboard Apparatus Inc.

Electric City Corp. (AMEX:ELC)

03/24/2000

2.7

2.4

n/a

0.66x

13.62x

29.01x

EFI Electronics Corp.

Square D Company

03/20/2000

12.3

60.0

1.03x

16.74x

n/a

Samuel Bingham Co.

Reinhold Industries Inc. (NasdaqNM:RNHD.A)

03/09/2000

20.3

20.1

n/a

0.82x

7.51x

8.76x

Westland Control Systems Inc

Productivity Technologies Corp. (OTCBB:PRAC)

02/23/2000

6.5

5.2

n/a

0.82x

7.19x

7.30x

IMTEC, Inc.

Brady Corp. (NYSE:BRC)

02/11/2000

23.4

23.3

7.9

1.63x

10.23x

14.26x

High

3.36x

158.58x

133.59x

Low

0.03x

1.23x

1.30x

Mean

52.89

0.90x

18.21x

20.10x

Median

30.08

0.82x

7.81x

10.37x

IMPUTED VALUES ($ in thousands except per share data):


	*Per Share*			*Enterprise Value*
	*1 Day Prem.*			*Revenue*			*EBITDA*			*EBIT*
Comparable Group Median		30.08	%		0.82x			7.81x			10.37x
Shopsmith Figure (LTM 7/1/2005)³	$	0.25		$	13,175			($477	)		($600	)
Total Consideration		n/a			10,751			n/a			n/a
<Less>: Funded Debt (as of 7/1/2005)		n/a			(2,153	)		(2,153	)		(2,153	)
Equity Value		n/a		$	8,598			n/a			n/a
Shares Outstanding		n/a			2,605,233			2,605,233			2,605,233
Implied Equity Value per Share	$	0.33		$	3.30			n/a			n/a

Source: Mergerstat, CapitalIQ

⁽¹⁾Transaction Amount equals total consideration to shareholders plus net assumed liabilities and cash and short term investments.

⁽²⁾(TEV) Total Enterprise Value equals transaction amount divided by percentage acquired less cash and short term investments.

⁽³⁾Stock price as of July 18, 2005

Page 2

Shopsmith, Inc.

Presentation to the Board of Directors

Section 8: Shareholder Profile Summary

Shopsmith, Inc.
Shareholder Profile Summary


						POST-OPTION
			PRE-OPTION CONVERSION			CONVERSION
	SHARES HELD		PERCENTAGE OF SHARES			PERCENTAGE OF SHARES
	Estimated as of 7/1/2005		OUTSTANDING			OUTSTANDING
Summary of Shareholdings
Institutional Holders		0		0.00	%		0.00	%
5% Holders		0		0.00	%		0.00	%
Insider		1,100,865		42.26	%		36.86	%
Public and Other		1,504,368		57.74	%		50.38	%

Total Common Shares ( w/out Options)		2,605,233		100.00	%		87.24	%

Summary of Options
All Directors And Officers		381,000					12.76	%

Total Options		381,000					12.76	%


Total Common Shares (Fully Diluted w/options)		2,986,233					100.00	%

*Information sourced from Capital IQ and Company filings

Page 1

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