SC 13E3/A

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13E-3

(Amendment No. 3)

RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(e)

OF THE SECURITIES EXCHANGE ACT OF 1934

Meadow Valley Corporation

(Name of the Issuer)

Meadow Valley Corporation

Phoenix Parent Corp.

Phoenix Merger Sub, Inc.

Insight Equity Acquisition Resources LLC

Phoenix Holdings Management LLC

Insight Equity I LP

Insight Equity GP I LP

Insight Equity Holdings I LLC

Insight Equity Holdings LLC

Bradley E. Larson

Kenneth D. Nelson

(Name of Persons Filing Statement)

Common Stock, Par Value $0.001 Per Share

(Title of Class of Securities)

583185103

(CUSIP Number of Class of Securities)

Bradley E. Larson
President and Chief Executive Officer
Meadow Valley Corporation
4602 East Thomas Road
Phoenix, Arizona 85018
(602) 437-5400 Insight Equity I LP
c/o Insight Equity Management Company LLC
1400 Civic Place, Suite 250
Southlake, Texas 76092
Attn: Conner Searcy
(817) 488-7775

(Name, Address, and Telephone Number of Person Authorized to Receive Notices and

Communications on Behalf of the Persons Filing Statement)

with copies to:

Gregory R. Hall, Esq.
DLA Piper LLP (US)
2415 E. Camelback Road
Suite 700
Phoenix, Arizona 85016
(480) 606-5100 Ronald J. Lieberman, Esq.
Hunton & Williams LLP
Bank of America Plaza
Suite 4100
600 Peachtree Street, N.E.
Atlanta, Georgia 30308-2216
(404) 888-4139 Robert S. Kant, Esq.
Brian H. Blaney, Esq.
Greenberg Traurig, LLP
2375 E. Camelback Road
Suite 700
Phoenix, Arizona 85016
(602) 445-8000

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

a.	þ	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.
b.	o	The filing of a registration statement under the Securities Act of 1933.
c.	o	A tender offer.
d.	o	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 this is a final amendment reporting the results of the transaction:  o

CALCULATION OF FILING FEE

Transaction Valuation*	Amount of Filing Fee**
$59,986,526	$2,358

*	Calculated solely for the purpose of determining the filing fee. The maximum aggregate transaction value was determined based upon the sum of (a) the product of (i) 5,180,654 shares of Meadow Valley Corporation common stock outstanding on September 16, 2008 and (ii) the merger consideration of $11.25 per share and (b) the product of (i) 266,693 shares of Meadow Valley Corporation common stock subject to currently outstanding options and (ii) the excess of $11.25 over $4.86, the weighted average exercise price with respect to such options (the “Total Consideration”).
**	The filing fee, calculated in accordance with the Securities Exchange Act of 1934, as amended, was determined by multiplying 0.0000393 by the Total Consideration.
þ	Check the box if any part of the fee is offset as provided by Exchange Act 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.

Amount Previously Paid: $2,358

Form or Registration No.: Schedule 14A

Filing Party: Meadow Valley Corporation

Date Filed: September 19, 2008

TABLE OF CONTENTS

Introduction			1
	Item 1.	Summary Term Sheet	1
	Item 2.	Subject Company Information	2
	Item 3.	Identity and Background of Filing Person	2
	Item 4.	Terms of the Transaction	3
	Item 5.	Past Contacts, Transactions, Negotiations and Agreements	3
	Item 6.	Purposes of the Transaction and Plans or Proposals	4
	Item 7.	Purposes, Alternatives, Reasons and Effects	5
	Item 8.	Fairness of the Transaction	6
	Item 9.	Reports, Opinions, Appraisals and Certain Negotiations	8
	Item 10.	Source and Amounts of Funds or Other Consideration	8
	Item 11.	Interest in Securities of the Subject Company	9
	Item 12.	The Solicitation or Recommendation	9
	Item 13.	Financial Statements	9
	Item 14.	Persons/Assets Retained, Employed, Compensated or Used	10
	Item 15.	Additional Information	10
	Item 16.	Exhibits	11
Signatures			13
Exhibit (c)(13)
Exhibit (c)(14)
Exhibit (c)(15)
Exhibit (c)(16)
Exhibit (c)(17)

i

Introduction

This Amendment No. 3 to the Rule 13e-3 Transaction Statement (this “Transaction Statement”) is being filed with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by Meadow Valley Corporation, a Nevada corporation (the “Company”), Phoenix Parent Corp., a Delaware corporation (“Investor”), Phoenix Merger Sub, Inc., a Nevada corporation (“Merger Sub”), Bradley E. Larson, Kenneth D. Nelson, Insight Equity Acquisition Resources LLC, a Texas limited liability company, Phoenix Holdings Management LLC, a Delaware limited liability company, Insight Equity I LP, a Delaware limited partnership, Insight Equity GP I LP, a Delaware limited partnership, Insight Equity Holdings I LLC, a Delaware limited liability company, and Insight Equity Holdings LLC, a Texas limited liability company (collectively, the “Filing Persons”).

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of July 28, 2008 (the “Merger Agreement”), by and among Merger Sub, Investor and the Company. If the Merger Agreement is approved by the Company’s stockholders and certain other conditions to the closing of the merger are either satisfied or waived, at the effective time of the merger Merger Sub will be merged with and into the Company, the separate corporate existence of Merger Sub will cease, the Company will continue its corporate existence under Nevada law as the surviving corporation in the merger and become a wholly-owned subsidiary of Investor, and the separate corporate existence of the Company with all of its rights, privileges, immunities, powers, and franchises shall continue unaffected by the merger. Upon consummation of the merger, each share of Company common stock issued and outstanding immediately prior to the effective time of the merger, other than as provided in the Merger Agreement, including shares owned by the Company (as treasury stock or otherwise), Investor, Merger Sub, or any of their direct or indirect wholly-owned subsidiaries, will be converted into the right to receive $11.25 in cash, without interest and less any applicable withholding taxes.

Concurrently with the filing of this Transaction Statement, the Company is filing with the SEC a revised preliminary proxy statement (the “Preliminary Proxy Statement”) under Regulation 14A of the Exchange Act, pursuant to which the Company’s board of directors is soliciting proxies from stockholders of the Company in connection with the merger. The Preliminary Proxy Statement is attached hereto as Exhibit (a)(1). A copy of the Merger Agreement is attached to the Preliminary Proxy Statement as Appendix A and is incorporated herein by reference. As of the date hereof, the Preliminary Proxy Statement is in preliminary form and is subject to completion or amendment.

Pursuant to General Instruction F to Schedule 13E-3, the information in the Preliminary Proxy Statement, including any and all annexes, exhibits, and appendices thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Preliminary Proxy Statement. The cross references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Preliminary Proxy Statement of the information required to be included in response to the items of Schedule 13E-3. Capitalized terms used but not defined herein have the meanings assigned to them in the Preliminary Proxy Statement.

All information contained in, or incorporated by reference into, this Transaction Statement concerning each Filing Person was supplied by such Filing Person.

The filing of this Transaction Statement shall not be construed as an admission by any of the Filing Persons or by any affiliate of a Filing Person that any Filing Person is an “affiliate” of the Company within the meaning of Rule 13e-3.

Item 1.   Summary Term Sheet.

The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

1

Item 2.   Subject Company Information.

(a) Name and Address.  The Company’s name and the address and telephone number of its principal executive offices are as follows:

Meadow Valley Corporation
4602 East Thomas Road
Phoenix, Arizona 85018
(602) 437-5400

(b) Securities.  The information set forth in the Preliminary Proxy Statement under the following caption is incorporated herein by reference:

“Information Concerning the Special Meeting — Record Date, Outstanding Shares and Quorum”

(c) Trading Market and Price.  The information set forth in the Preliminary Proxy Statement under the following caption is incorporated herein by reference:

“Other Important Information Regarding Meadow Valley — Trading Market and Price for Meadow Valley’s Common Stock”

(d) Dividends.  The information set forth in the Preliminary Proxy Statement under the following caption is incorporated herein by reference:

“Other Important Information Regarding Meadow Valley — Trading Market and Price for Meadow Valley’s Common Stock”

(e) Prior Public Offerings.  None.

(f) Prior Stock Purchases.  The information set forth in the Preliminary Proxy Statement under the following caption is incorporated herein by reference:

“Special Factors — Interests of Meadow Valley’s Officers and Directors in the Merger”

Item 3.   Identity and Background of Filing Person.

(a) Name and Address.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“The Parties to the Merger”

“Other Important Information Regarding Meadow Valley — Security Ownership of Certain Beneficial Owners and Management”

“Other Important Information Regarding Meadow Valley — Officers and Directors of Meadow Valley”

“Important Information Regarding Investor, Merger Sub and the Insight Group”

(b) Business and Background of Entities.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“The Parties to the Merger”

“Other Important Information Regarding Meadow Valley — Officers and Directors of Meadow Valley”

“Important Information Regarding Investor, Merger Sub and the Insight Group”

(c) Business and Background of Natural Persons.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

2

“Other Important Information Regarding Meadow Valley — Officers and Directors of Meadow Valley”

“Important Information Regarding Investor, Merger Sub and the Insight Group”

Item 4.   Terms of the Transaction.

(a) Material Terms.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

“Special Factors”

“Information Concerning the Special Meeting”

“The Merger Agreement”

Appendix A — Agreement and Plan of Merger, dated as of July 28, 2008, by and among Meadow Valley Corporation, Phoenix Parent Corp. and Phoenix Merger Sub, Inc.

(c) Different Terms.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors — Certain Effects of the Merger”

“Special Factors — Interests of Meadow Valley’s Officers and Directors in the Merger”

“Special Factors — Merger Financing”

“Special Factors — Provisions for Unaffiliated Stockholders”

“The Parties to the Merger — Phoenix Parent Corp.”

“The Merger Agreement — Directors and Officers Following the Merger”

“The Merger Agreement — Consideration to be Received in the Merger”

“The Merger Agreement — Indemnification and Insurance”

Appendix A — Agreement and Plan of Merger, dated as of July 28, 2008, by and among Meadow Valley Corporation, Phoenix Parent Corp. and Phoenix Merger Sub, Inc.

(d) Appraisal Rights.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

“Special Factors — Rights of Dissenting Stockholders”

(e) Provisions for Unaffiliated Security Holders.  The information set forth in the Preliminary Proxy Statement under the following caption is incorporated herein by reference:

“Special Factors — Provisions for Unaffiliated Stockholders”

(f) Eligibility for Listing or Trading.  Not applicable.

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

(a) Transactions.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

3

“Summary Term Sheet”

“Special Factors — Background of the Merger”

“Special Factors — Interests of Meadow Valley’s Officers and Directors in the Merger”

(b)-(c) Significant Corporate Events; Negotiations or Contacts.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

“Special Factors — Position of the Rollover Participants Regarding the Fairness of the Merger”

“Special Factors — Purpose and Reasons for the Merger of Investor, Merger Sub and the Insight Group”

“Special Factors — Position of Investor, Merger Sub and the Insight Group Regarding the Fairness of the Merger”

“The Merger — Plans for Meadow Valley After the Merger”

“The Merger — Interests of Meadow Valley’s Officers and Directors in the Merger”

“The Merger Agreement”

Appendix A — Agreement and Plan of Merger, dated as of July 28, 2008, by and among Meadow Valley Corporation, Phoenix Parent Corp. and Phoenix Merger Sub, Inc.

(e) Agreements Involving the Subject Company’s Securities.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

“Special Factors — Background of the Merger”

“Special Factors — Certain Effects of the Merger”

“Special Factors” — Interests of Meadow Valley’s Officers and Directors in the Merger”

“The Merger Agreement”

Appendix A — Agreement and Plan of Merger, dated as of July 28, 2008, by and among Meadow Valley Corporation, Phoenix Parent Corp. and Phoenix Merger Sub, Inc.

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

(b) Use of Securities Acquired.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

“Special Factors — Purpose and Reasons for the Merger of Investor, Merger Sub and the Insight Group”

“Special Factors — Plans for Meadow Valley After the Merger”

“Special Factors — Certain Effects of the Merger”

“Special Factors — Interests of Meadow Valley’s Officers and Directors”

4

“The Merger Agreement — Consideration to be Received in the Merger”

Appendix A — Agreement and Plan of Merger, dated as of July 28, 2008, by and among Meadow Valley Corporation, Phoenix Parent Corp. and Phoenix Merger Sub, Inc.

(c)(1)-(8) Plans.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

“Special Factors — Position of the Rollover Participants Regarding the Fairness of the Merger”

“Special Factors — Purpose and Reasons for the Merger of Investor, Merger Sub and the Insight Group”

“Special Factors — Position of Investor, Merger Sub and the Insight Group Regarding the Fairness of the Merger”

“Special Factors — Plans for Meadow Valley After the Merger”

“Special Factors — Certain Effects of the Merger”

“Special Factors — Merger Financing”

“Special Factors — Interests of Meadow Valley’s Officers and Directors in the Merger”

“The Merger Agreement”

Appendix A — Agreement and Plan of Merger, dated as of July 28, 2008, by and among Meadow Valley Corporation, Phoenix Parent Corp. and Phoenix Merger Sub, Inc.

Item 7.   Purposes, Alternatives, Reasons, and Effects.

(a) Purposes.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

“Special Factors — Purpose and Reasons for the Merger of Investor, Merger Sub and the Insight Group”

“Special Factors — Plans for Meadow Valley After the Merger”

“Special Factors — Certain Effects of the Merger”

(b) Alternatives.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

5

“Special Factors — Position of the Rollover Participants Regarding the Fairness of the Merger”

“Special Factors — Purpose and Reasons for the Merger of Investor, Merger Sub and the Insight Group”

“Special Factors — Position of Investor, Merger Sub and the Insight Group Regarding the Fairness of the Merger”

“Special Factors — Plans for Meadow Valley After the Merger”

(c) Reasons.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

“Special Factors — Opinion of Morgan Joseph to the Special Committee”

“Special Factors — Reports of Alvarez & Marsal to the Special Committee”

“Special Factors — Position of the Rollover Participants Regarding the Fairness of the Merger”

“Special Factors — Purpose and Reasons for the Merger of Investor, Merger Sub and the Insight Group”

“Special Factors — Reports of Advisors to Investor, Merger Sub and the Insight Group”

“Special Factors — Plans for Meadow Valley After the Merger”

“Special Factors — Certain Effects of the Merger”

(d) Effects.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

“Special Factors — Purpose and Reasons for the Merger of Investor, Merger Sub and the Insight Group”

“Special Factors — Plans for Meadow Valley After the Merger”

“Special Factors — Certain Effects of the Merger”

“Special Factors — Merger Financing”

“Special Factors — Interests of Meadow Valley’s Officers and Directors in the Merger”

“Special Factors — Material U.S. Federal Income Tax Consequences of the Merger”

“The Merger Agreement”

Appendix A — Agreement and Plan of Merger, dated as of July 28, 2008, by and among Meadow Valley Corporation, Phoenix Parent Corp. and Phoenix Merger Sub, Inc.

Item 8.   Fairness of the Transaction.

(a)-(b) Fairness; Factors Considered in Determining Fairness.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

6

“Summary Term Sheet”

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

“Special Factors — Opinion of Morgan Joseph to the Special Committee”

“Special Factors — Reports of Alvarez & Marsal to the Special Committee”

“Special Factors — Position of the Rollover Participants Regarding the Fairness of the Merger”

“Special Factors — Purpose and Reasons for the Merger of Investor, Merger Sub and the Insight Group”

“Special Factors — Position of Investor, Merger Sub and the Insight Group Regarding the Fairness of the Merger”

“Information Concerning the Special Meeting — Meadow Valley Recommendation”

Appendix B — Opinion of Morgan Joseph & Co. Inc.

The presentation dated July 25, 2008, prepared by Morgan Joseph & Co. Inc. for the Special Committee of the Board of Directors and the Board of Directors of the Company is attached hereto as Exhibit (c)(2) and is incorporated by reference herein.

(c) Approval of Security Holders.  The transaction is not structured so that approval of at least a majority of unaffiliated security holders is required. The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

“Special Factors — Position of the Rollover Participants Regarding the Fairness of the Merger”

“Special Factors — Position of Investor, Merger Sub and the Insight Group Regarding the Fairness of the Merger”

“Information Concerning the Special Meeting — Record Date, Outstanding Shares and Quorum”

“Information Concerning The Special Meeting — Required Vote, Calculation of Vote, Abstentions and Broker Non-Votes”

(d) Unaffiliated Representative.  An unaffiliated representative was not retained to act solely on behalf of unaffiliated security holders for purposes of negotiating the terms of the transaction or preparing a report concerning the fairness of the transaction. The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

“Special Factors — Position of the Rollover Participants Regarding the Fairness of the Merger”

“Special Factors — Purpose and Reasons for the Merger of Investor, Merger Sub and the Insight Group”

(e) Approval of Directors.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

7

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

(f) Other Offers.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

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

(a)-(b) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal. The reports attached as Exhibits (c)(1)-(c)(5) and (c)(7)-(c)(17) hereto and the information set forth in the Preliminary Proxy Statement under the following captions are incorporated herein by reference:

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

“Special Factors — Opinion of Morgan Joseph to the Special Committee”

“Special Factors — Reports of Alvarez & Marsal to the Special Committee”

“Special Factors — Position of the Rollover Participants Regarding the Fairness of the Merger“

“Special Factors — Purpose and Reasons for the Merger of Investor, Merger Sub and the Insight Group”

“Special Factors — Reports of Advisors to Investor, Merger Sub and the Insight Group”

“Special Factors — Reports of Advisor to YVM”

Appendix B — Opinion of Morgan Joseph & Co. Inc.

(c) Availability of Documents.  The reports, opinions or appraisals referenced in this Item 9 and attached hereto as Exhibits (c)(1)-(c)(5), (c)(9)-(c)(11) and (c)(13)-(c)(17) will be made available for inspection at the principal executive offices of the Company during its regular business hours by any interested stockholder of the Company’s common stock or any representative of such holder that has been so designated in writing. The reports, opinions or appraisals referenced in this Item 9 and attached hereto as Exhibits (c)(7), (c)(8) and (c)(12) will be made available for inspection at the principal executive offices of Insight Equity I LP during its regular business hours by any interested stockholder of the Company’s common stock or any representative of such holder that has been so designated in writing.

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

(a)-(d) Source of Funds; Conditions; Expenses; Borrowed Funds.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors — Merger Financing”

“Special Factors — Fees and Expenses”

“The Merger Agreement — Conditions to the Merger”

Appendix A — Agreement and Plan of Merger, dated as of July 28, 2008, by and among Meadow Valley Corporation, Phoenix Parent Corp. and Phoenix Merger Sub, Inc.

8

Item 11.   Interest in Securities of the Subject Company.

(a) Securities Ownership.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors — Interests of Meadow Valley’s Officers and Directors in the Merger”

“Other Important Information Regarding Meadow Valley — Security Ownership of Certain Beneficial Owners and Management”

(b) Securities Transactions.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors — Interests of Meadow Valley’s Officers and Directors in the Merger”

Item 12.   The Solicitation or Recommendation.

(d) Intent to Tender or Vote in a Going-Private Transaction.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

(e) Recommendation of Others.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting”

“Special Factors — Background of the Merger”

“Special Factors — Reasons for the Merger and Recommendation of the Special Committee and Board of Directors”

“Special Factors — Position of the Rollover Participants Regarding the Fairness of the Merger”

“Special Factors — Position of Investor, Merger Sub and the Insight Group Regarding the Fairness of the Merger”

“Information Concerning the Special Meeting — Meadow Valley Recommendation”

Item 13.   Financial Statements.

(a) Financial Information.  The audited consolidated financial statements set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, as amended, the unaudited consolidated financial statements set forth in the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2008, June 30, 2008 and September 30, 2008, and the information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Other Important Information Regarding Meadow Valley — Summary of Consolidated Financial Data of Meadow Valley”

“Other Important Information Regarding Meadow Valley — Ratio of Earnings to Fixed Charges”

“Other Important Information Regarding Meadow Valley — Net Book Value Per Share of Meadow Valley Common Stock”

“Other Important Information Regarding Meadow Valley — Trading Market and Price for Meadow Valley’s Common Stock”

9

“Where You Can Find More Information”

Appendix C — Annual Report on Form 10-K for the fiscal year ended December 31, 2007

Appendix D — Amendment No. 1 to Annual Report on Form 10-K for the fiscal year ended December 31, 2007

Appendix E — Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2008

(b) Pro forma Information.  Not applicable.

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

(a) Solicitations or Recommendations.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers About the Special Meeting”

“Information Concerning The Special Meeting — Proxy Solicitation and Expense”

(b) Employees and Corporate Assets.  The information set forth in the Preliminary Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers About the Special Meeting”

“Special Factors — Background of the Merger”

“Special Factors — Interests of Meadow Valley’s Officers and Directors in the Merger”

“Special Factors — Fees and Expenses”

“Information Concerning the Special Meeting — Proxy Solicitation and Expense”

Item 15.   Additional Information.

(b) Other Material Information.  The information set forth in the Preliminary Proxy Statement, including all appendices thereto, is incorporated herein by reference.

10

Item 16.   Exhibits.

(a)(1)	Preliminary Proxy Statement of Meadow Valley Corporation (incorporated by reference to the Schedule 14A filed by Meadow Valley Corporation with the Securities and Exchange Commission on September 19, 2008).
(a)(2)	Form of Proxy Card (incorporated herein by reference to the Preliminary Proxy Statement on Schedule 14A filed by Meadow Valley Corporation with the Securities and Exchange Commission on September 19, 2008).
(a)(3)	Letter to Stockholders (incorporated herein by reference to the Preliminary Proxy Statement on Schedule 14A filed by Meadow Valley Corporation with the Securities and Exchange Commission on September 19, 2008 ).
(a)(4)	Notice of Special Meeting of Stockholders (incorporated herein by reference to the Preliminary Proxy Statement on Schedule 14A filed by Meadow Valley Corporation with the Securities and Exchange Commission on September 19, 2008).
(b)(1)	Debt Commitment Letter, dated as of July 27, 2008, of LBC Credit Partners, Inc. to Insight Equity I LP.*
(b)(2)	Debt Commitment Letter, dated as of July 27, 2008, of LBC Credit Partners, Inc. to Insight Equity I LP.*
(c)(1)	Opinion of Morgan Joseph & Co. Inc., dated July 25, 2008 (incorporated herein by reference to Appendix B of the Preliminary Proxy Statement on Schedule 14A filed by Meadow Valley Corporation with the Securities and Exchange Commission on September 19, 2008).
(c)(2)	Presentation, dated July 25, 2008, prepared by Morgan Joseph & Co. Inc. for the Special Committee of the Board of Directors and the Board of Directors of Meadow Valley Corporation.*
(c)(3)	Draft Presentation, dated April 7, 2008, prepared by Alvarez & Marsal Securities, LLC for the Special Committee of the Board of Directors of Meadow Valley Corporation.*
(c)(4)	Presentation, dated June 9, 2008, prepared by Alvarez & Marsal Securities, LLC for the Special Committee of the Board of Directors of Meadow Valley Corporation.*
(c)(5)	Financial Projection, dated as of October 24, 2007, prepared by ThomasLloyd Capital LLC for various potential private equity sponsors.*
(c)(6)	Financial Projection, dated as of April 28, 2008, prepared by Meadow Valley Corporation for Insight Equity I LP, Alvarez & Marsal Securities, LLC, Morgan Joseph & Co. Inc. and the Special Committee of the Board of Directors of Meadow Valley Corporation.*
(c)(7)	Appraisal Report, dated April 7, 2008, prepared by AccuVal Associates, Incorporated for Insight Equity I LP.**†
(c)(8)	Letter, dated April 11, 2008, from AccuVal Associates, Incorporated to Insight Equity I LP.*
(c)(9)	MVCO Confidential Executive Summary, dated March 25, 2008, prepared by Alvarez & Marsal Securities, LLC for the Special Committee of the Board of Directors of Meadow Valley Corporation.**
(c)(10)	Draft Presentation dated April 22, 2008, prepared by Alvarez & Marsal Securities, LLC for the Special Committee of the Board of Directors of Meadow Valley Corporation.**
(c)(11)	Draft Presentation dated April 29, 2008, prepared by Alvarez & Marsal Securities, LLC for the Special Committee of the Board of Directors of Meadow Valley Corporation.**
(c)(12)	Draft Letter Opinion of Value, dated May 10, 2008, prepared by CMC, Inc. for Insight Equity I LP.***†
(c)(13)	Phoenix IV Buyout Analysis, dated September 12, 2007, prepared by ThomasLloyd Capital LLC for YVM Acquisition Corporation.
(c)(14)	Phoenix IV Buyout Analysis, dated September 19, 2007, prepared by ThomasLloyd Capital LLC for YVM Acquisition Corporation.
(c)(15)	Phoenix IV Buyout Analysis, dated October 25, 2007, prepared by Thomas Lloyd Capital LLC for YVM Acquisition Corporation.
(c)(16)	Phoenix I Buyout Analysis, dated January 15, 2008, prepared by ThomasLloyd Capital LLC for YVM Acquisition Corporation.

11

(c)(17)	Phoenix I Buyout Analysis, dated January 15, 2008, prepared by ThomasLloyd Capital LLC for YVM Acquisition Corporation.
(d)(1)	Agreement and Plan of Merger, dated July 28, 2008, by and among Phoenix Merger Sub, Inc., Phoenix Parent Corp., and Meadow Valley Corporation (incorporated herein by reference to Appendix A of the Preliminary Proxy Statement on Schedule 14A filed by Meadow Valley Corporation with the Securities and Exchange Commission on September 19, 2008).
(d)(2)	Rollover Commitment Letter, dated as of July 28, 2008, from Phoenix Holdings Management LLC to Insight Equity Acquisition Resources LLC, Bradley E. Larson and Kenneth D. Nelson.*
(d)(3)	Letter Agreement, dated as of July 28, 2008, from Phoenix Holdings Management LLC to Insight Equity Acquisition Resources LLC, Bradley E. Larson and Kenneth D. Nelson.*
(d)(4)	Amendment, dated as of July 28, 2008, to the Rights Agreement dated as of February 13, 2007, by and between and between Meadow Valley Corporation and Corporate Stock Transfer, Inc., as rights agent (incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by Meadow Valley Corporation with the Securities and Exchange Commission on July 28, 2008).
(d)(5)	Proposal Letter, dated as of April 2, 2008, by and among Insight Equity I LP, YVM Acquisition Corporation, Bradley E. Larson and Kenneth D. Larson.*
(f)	The information set forth in the Preliminary Proxy Statement on Schedule 14A filed by Meadow Valley Corporation with the Securities and Exchange Commission on September 19, 2008 under the caption “Special Factors — Rights of Dissenting Stockholders” is incorporated herein by reference.
(g)	None.

*	Previously filed with the SEC on September 19, 2008.
**	Previously filed with the SEC on October 27, 2008.

***  Previously filed with the SEC on November 10, 2008, but being refiled to include information that was previously redacted.

†      Certain information in this exhibit has been omitted and filed separately with the SEC pursuant to a confidential treatment request under Rule 24b-2 of the Exchange Act. Omitted portions are indicated in this exhibit with [****].

12

SIGNATURES

After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: November 24, 2008

MEADOW VALLEY CORPORATION

By:  /s/  David D. Doty

Name:     David D. Doty

Title:  Chief Financial Officer

PHOENIX PARENT CORP.

By:  /s/  Ted W. Beneski

Name:     Ted W. Beneski

Title:  Chairman of the Board

PHOENIX MERGER SUB, INC.

By:  /s/  Ted W. Beneski

Name:     Ted W. Beneski

Title:  Chairman of the Board

/s/  Bradley E. Larson

BRADLEY E. LARSON

/s/  Kenneth D. Nelson

KENNETH D. NELSON

INSIGHT EQUITY I LP

By: Insight Equity GP I LP

By: Insight Equity Holdings I LLC

By:  /s/  Ted W. Beneski

Name:     Ted W. Beneski

Title:  Chief Executive Officer and
Managing Partner

13

INSIGHT EQUITY GP I LP

By: Insight Equity Holdings I LLC

By:  /s/  Ted W. Beneski

Name:     Ted W. Beneski

Title:  Chief Executive Officer and
Managing Partner

INSIGHT EQUITY HOLDINGS I LLC

By:  /s/  Ted W. Beneski

Name:     Ted W. Beneski

Title:  Chief Executive Officer and
Managing Partner

INSIGHT EQUITY HOLDINGS LLC

By:  /s/  Ted W. Beneski

Name:     Ted W. Beneski

Title:  Chief Executive Officer and
Managing Partner

INSIGHT EQUITY ACQUISITION
RESOURCES LLC

By:  /s/  Ted W. Beneski

Name:     Ted W. Beneski

Title:  Chairman of the Board

PHOENIX HOLDINGS MANAGEMENT LLC

By:  /s/  Ted W. Beneski

Name:     Ted W. Beneski

Title:  Chairman of the Board

14

EX-99.(C)(13)

Exhibit (c)(13)

SCENARIO: Phoenix IV Buyout Analysis PROJECT PHOENIX 9/12/2007 4:40 PM Table of Contents Section Page Sources and Uses of Funds and Financing Terms 1 Implied Valuation at Various Offer Prices 2 Return Analysis 3 IRR Sensitivity Analysis 4 Model Assumptions 6 Pro Forma Coverages 7 Financial Summary 8 Financing Assumptions 9 Income Statements 10 Cash Flow Analysis and Capitalization Table 11 Balance Sheets 12 Debt Capacity 13 Debt Schedule 14 Supporting Data: Pro Forma and Operating Assumptions 16 Depreciation and Amortization Schedules 17 Structure Cash $0 Revolver 10,000 Senior Debt 40,000 Subordinated Debt 20,000 Bridge Loan 0 Preferred Stock 0 Common Stock 53,388 Total Sources of Funds $123,388 Case: Base

SOURCES AND USES OF FUNDS AND FINANCING TERMS PROJECT PHOENIX Case: Base Page 1 ($ in thousands except as otherwise noted) TRANSACTION DATE 12/31/2007 Pro Forma % of LTM SOURCES OF FUNDS $ Capital EBITDA Mult. USES OF FUNDS Cash $0 0.0% 0.0x Purchase of Phoenix I Common Equity $ 89,978 Revolver 10,000 8.1% 0.8x Refinance Senior Debt 15,015 Senior Debt 40,000 32.4% 4.1x Refinance Capital Lease Obligations 76 Subordinated Debt 20,000 16.2% 5.8x Tender of Phx II Shares 14,819 Seller Note 0 0.0% 5.8x Other 0 Preferred Stock 0 0.0% 5.8x Other 0 New Equity 53,388 43.3% 10.2x Transaction Fees and Expenses 3,500 Total Sources of Funds $123,388 100.0% Total Uses of Funds $123,388 TRANSACTION SUMMARY TRADING INFORMATION/VALUATION Phoenix I DEBT SOURCES Amount Rate Enterprise Value Current @ Deal Revolver 10,000 6.00% Share Price 9/4/2007 $ 13.19 $ 16.50 Senior Debt 40,000 6.50% Fully Diluted Shares 5,453 5,453 Subordinated Debt 20,000 10.00% Equity Market Value $ 71,928 $ 89,978 Plus: Debt, Preferred & MI 15,015 15,015 Less: Cash 21,289 21,289 Enterprise Value $ 65,654 $ 83,704 Multiple Analysis EQUITY SOURCES 2007 P EBITDA 5.4x 6.9x Amount Ownership 2008 E EBITDA 4.5x 5.7x Management roll-over 4,000.0 7.5% 2009 E EBITDA 3.4x 4.4x Phoenix I roll-over Equity in Phoenix II 0.0 0.0% 2008 E P/E 26.6x 33.3x Financial Sponsor 49,388.1 92.5% 2009 E P/E 14.7x 18.4x Total Equity $ 53,388.1 100.0% Phoenix I ownership of Phx II: Share Price 9/4/2007 $ 12.20 $ 32,271.6 Shares Held 2,645.2 DEBT CAPACITY ANALYSIS EQUITY SPONSOR IRR CALCULATION Trailing EBITDA $12,134.1 EBITDA Exit Multiple 2011 2012 2013 Debt/EBITDA Coverage 5.0x 7.0x 20.9% 26.4% 31.8% Implied Debt Capacity $60,670.6 8.0x 26.6% 31.9% 37.1% Reg. T Loan 0.0% $ — 9.0x 31.6% 36.8% 41.9% Adj. Debt Capacity $60,670.6 Less Current Debt (15,015) Incremental Debt Capacity 45,655.8 SUMMARY CREDIT/LEVERAGE STATISTICS GOODWILL CALCULATION 2007 Pro Forma 2008 2009 Purchase Price of Equity $ 104,797.3 Total Debt/EBITDA 5.0x 4.1x 2.9x Less: Tangible Book Value of Phoenix II (42,784.8) EBITDA/Interest Expense 2.7x 3.2x 4.2x $ 62,012.5 (EBITDA - Capex)/Interest Expense 1.6x 1.7x 2.6x

IMPLIED VALUATION AT VARIOUS OFFER PRICES PROJECT PHOENIX Case: Base Page 2 PHOENIX I Offer Price $ 14.00 $ 15.00 $ 15.50 $ 16.00 $ 16.50 $ 17.00 $ 17.50 $ 18.00 $ 18.50 $ 19.00 $ 20.00 Premium Calculation            Premium to Current Price ($13.19) 6.1% 13.7% 17.5% 21.3% 25.1% 28.9% 32.7% 36.5% 40.3% 44.0% 51.6% 30 Trading Day Avg. Price (a) $ 13.06 Premium to 30 Day Avg. Price 7.2% 14.9% 18.7% 22.5% 26.3% 30.2% 34.0% 37.8% 41.7% 45.5% 53.1% 60 Trading Day Avg. Price (a) $ 13.42 Premium to 30 Day Avg. Price 4.4% 11.8% 15.5% 19.3% 23.0% 26.7% 30.5% 34.2% 37.9% 41.6% 49.1% 90 Trading Day Avg. Price (a) $ 13.39 Premium to 30 Day Avg. Price 4.6% 12.0% 15.8% 19.5% 23.2% 27.0% 30.7% 34.4% 38.2% 41.9% 49.4% 120 Trading Day Avg. Price (a) $ 13.31 Premium to 30 Day Avg. Price 5.2% 12.7% 16.5% 20.2% 24.0% 27.7% 31.5% 35.2% 39.0% 42.7% 50.3% Enterprise Value Calculation            FD Shares Outstanding (b) 5,643 5,643 5,643 5,643 5,643 5,643 5,643 5,643 5,643 5,643 5,643 Implied Equity Value 78,998 84,640 87,462 90,283 93,104 95,926 98,747 101,568 104,390 107,211 112,854 Plus: Net Debt as of 3/31/07 (14,852) (14,852) (14,852) (14,852) (14,852) (14,852) (14,852) (14,852) (14,852) (14,852) (14,852) Less: Assumed Cash from Option Exercise (b) 519 4,045 4,045 4,045 4,045 4,045 4,045 4,045 4,045 4,045 4,045 Implied Enterprise Value $ 63,626 $ 65,743 $ 68,565 $ 71,386 $ 74,207 $ 77,029 $ 79,850 $ 82,671 $ 85,493 $ 88,314 $ 93,957 Implied Valuation Multiples 2007 P Revenue 219,605 0.29 x 0.30 x 0.31 x 0.33 x 0.34 x 0.35 x 0.36 x 0.38 x 0.39 x 0.40 x 0.43 x FY2008E Revenue (c) 248,260 0.26 x 0.26 x 0.28 x 0.29 x 0.30 x 0.31 x 0.32 x 0.33 x 0.34 x 0.36 x 0.38 x FY2009E Revenue (c) 311,931 0.20 x 0.21 x 0.22 x 0.23 x 0.24 x 0.25 x 0.26 x 0.27 x 0.27 x 0.28 x 0.30 x 2007 P EBITDA 12,134 5.24 x 5.42 x 5.65 x 5.88 x 6.12 x 6.35 x 6.58 x 6.81 x 7.05 x 7.28 x 7.74 x FY2008E EBITDA (c) 14,720 4.32 x 4.47 x 4.66 x 4.85 x 5.04 x 5.23 x 5.42 x 5.62 x 5.81 x 6.00 x 6.38 x FY2009E EBITDA (c) 19,087 3.33 x 3.44 x 3.59 x 3.74 x 3.89 x 4.04 x 4.18 x 4.33 x 4.48 x 4.63 x 4.92 x (a) Based on average closing prices for the respective periods as of 7/13/07. (b) Assumes that all in-the-money options convert to common shares: cash from option exercise is assumed to be added to Phoenix II balance sheet. (c) Projections as provided by Phoenix I management.

RETURN ANALYSIS PROJECT PHOENIX Case: Base Page 3 ($ in thousands except as otherwise noted) EXIT YEAR 12/31/2011 12/31/2012 12/31/2013 Exit Multiple 7.0x 8.0x 9.0x 7.0x 8.0x 9.0x 7.0x 8.0x 9.0x Exit Year EBITDA $23,095 $23,095 $23,095 $25,405 $25,405 $25,405 $27,945 $27,945 $27,945 Exit Year Enterprise Value $161,665.3 $184,760.3 $207,855.4 $177,831.8 $203,236.3 $228,640.9 $195,615.0 $223,560.0 $251,505.0 Less: Net Debt ($47,390.5) ($47,390.5) ($47,390.5) ($41,518) ($41,518) ($41,518) ($34,549) ($34,549) ($34,549) Common Equity Value $114,274.7 $137,369.8 $160,464.8 $136,313.5 $161,718.0 $187,122.5 $161,066.3 $189,011.3 $216,956.3 % Initial Equity Source/Holder Ownership Investment Equity Value of Holding and Implied IRR Management Roll-Over 7.5% $ 4,000.0 $ 8,561.8 $ 10,292.2 $ 12,022.5 $ 10,213.0 $ 12,116.4 $ 14,019.8 $ 12,067.6 $ 14,161.3 $ 16,255.0 IRR 20.9% 26.6% 31.6% 26.4% 31.9% 36.8% 31.8% 37.1% 41.9% New Equity Sponsor 92.5% 49,388.1 $ 105,712.9 $ 127,077.6 $ 148,442.3 $ 126,100.4 $ 149,601.6 $ 173,102.8 $ 148,998.7 $ 174,850.0 $ 200,701.3 IRR 20.9% 26.6% 31.6% 26.4% 31.9% 36.8% 31.8% 37.1% 41.9%

IRR SENSITIVITY ANALYSIS PROJECT PHOENIX Case: Base Page 4 ($ in thousands except as otherwise noted) PURCHASE PRICE PER SHARE $ 14.00 $ 14.50 $ 15.00 $ 15.50 $ 16.00 $ 16.50 $ 17.00 $ 17.50 Implied Premium 6.1% 9.9% 13.7% 17.5% 21.3% 25.1% 28.9% 32.7% (based on Phoenix I price of $13.19 on 9/04/07) Exit Year: 2011 Exit Multiple 5.0 x ... 14.4% 12.5% 10.8% 9.2% 7.7% 6.3% 4.9% 3.7% 6.0 x ... 23.0% 21.0% 19.2% 17.4% 15.8% 14.3% 12.9% 11.6% 7.0 x ... 30.2% 28.0% 26.1% 24.2% 22.5% 20.9% 19.4% 18.0% 8.0 x ... 36.3% 34.1% 32.0% 30.1% 28.3% 26.6% 25.1% 23.6% 9.0 x ... 41.7% 39.4% 37.2% 35.2% 33.4% 31.6% 30.0% 28.5% Exit Year: 2012 Exit Multiple 5.0 x ... 21.1% 19.1% 17.3% 15.6% 14.0% 12.5% 11.1% 9.8% 6.0 x ... 29.2% 27.1% 25.1% 23.3% 21.6% 20.0% 18.6% 17.2% 7.0 x ... 36.0% 33.8% 31.7% 29.8% 28.1% 26.4% 24.8% 23.4% 8.0 x ... 42.0% 39.6% 37.5% 35.5% 33.6% 31.9% 30.3% 28.7% 9.0 x         ... 47.3% 44.8% 42.6% 40.5% 38.6% 36.8% 35.1% 33.5% Exit Year: 2013 Exit Multiple 5.0 x ... 32.3% 29.8% 27.5% 25.4% 23.5% 21.7% 20.0% 17.0% 6.0 x ... 40.3% 37.7% 35.2% 33.0% 31.0% 29.1% 27.3% 24.1% 7.0 x ... 47.2% 44.4% 41.8% 39.5% 37.4% 35.4% 33.5% 30.1% 8.0 x ... 53.2% 50.3% 47.6% 45.2% 43.0% 40.9% 38.9% 35.4% 9.0 x ... 58.5% 55.5% 52.8% 50.3% 48.0% 45.8% 43.8% 40.2%

IRR SENSITIVITY ANALYSIS PROJECT PHOENIX Case: Base Page 5 ($ in thousands except as otherwise noted) Implied Purchase Price per Share Implied Prem. to Current Phoenix I Price based on EBITDA Exit Multiple of: based on EBITDA Exit Multiple of: 7.0x 8.0x 9.0x 7.0x 8.0x 9.0x IRR Exit Year 25.0% 2011 $ 15.29 $ 17.00 $ 18.74 16.0% 28.9% 42.1% 2012 $ 16.93 $ 18.83 $ 20.74 28.4% 42.8% 57.3% 2013 $ 18.79 $ 20.88 $ 22.98 42.4% 58.3% 74.3% 30.0% 2011 $ 14.06 $ 15.51 $ 16.99 6.6% 17.6% 28.8% 2012 $ 15.47 $ 17.07 $ 18.71 17.3% 29.4% 41.8% 2013 $ 17.06 $ 18.82 $ 20.62 29.3% 42.7% 56.3% 35.0% 2011 $ 13.02 $ 14.28 $ 15.55 -1.3% 8.2% 17.9% 2012 $ 14.24 $ 15.62 $ 17.02 8.0% 18.4% 29.1% 2013 $ 15.60 $ 17.13 $ 18.67 18.3% 29.8% 41.5%

MODEL ASSUMPTIONS PROJECT PHOENIX Case: Base Page 6 Pro Forma Merger Overview Phoenix I Phoenix I Phoenix I Stand Alone @ 2014 @ LBO Deal Number of Existing Common Shares Outstanding 5,130 5,130 5,130 Existing Number of Options/Warrants 323 323 323 Average Exercise Price Per Share $ 10.90 $ 10.90 $ 10.90 11 176 Treasury Method Adjustment 323 323 110 Existing Number of Options/Warrants 189 189 189 Average Exercise Price Per Share $ 2.74 $ 2.74 $ 2.74 Treasury Method Adjustment 189 189 157.996490 Existing Number of Options/Warrants 0 0 0 Average Exercise Price Per Share $ — $ — $ - -Treasury Method Adjustment 0 0 0 Existing Number of Options/Warrants 0 0 0 Average Exercise Price Per Share $ — $ — $ -Treasury Method Adjustment 0 0 0 Fully Diluted Shares 5,643 5,643 5,398 Current Market Price Per Share $ 13.19 $ 20.00 $ 16.50 Date of Current Market 9/4/2007 9/4/2007 9/4/2007

PRO FORMA COVERAGES PROJECT PHOENIX Case: Base Page 7 ($ in thousands except as otherwise noted) PRO FORMA COVERAGES Pro Forma Fiscal Year Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 EBITDA/Interest 2.4 x 3.1 x 2.7 x 3.2 x 4.2 x 4.9 x 5.7 x 6.9 x 8.5 x 10.7 x FCF/Interest 1.3 x 1.1 x 1.6 x 1.7 x 2.6 x 3.1 x 3.6 x 4.4 x 5.4 x 6.8 x Senior Debt/EBITDA 4.5 x 3.6 x 4.1 x 3.5 x 2.3 x 1.7 x 1.2 x 0.8 x 0.7 x 0.0 x Senior Debt/FCF (a) 8.5 x 9.6 x 6.8 x 5.2 x 3.0 x 2.4 x 1.9 x 1.3 x 0.8 x 1.4 x Total Debt/EBITDA 6.4 x 5.0 x 5.8 x 4.1 x 2.9 x 2.5 x 2.1 x 1.6 x 1.2 x 0.9 x Total Debt/FCF (a) 11.9 x 13.4 x 9.5 x 7.8 x 4.7 x 3.9 x 3.2 x 2.6 x 2.0 x 1.4 x Proforma Net Debt/EBITDA 4.4 x 3.5 x 4.0 x 4.1 x 2.9 x 2.5 x 2.1 x 1.6 x 1.2 x 0.9 x Proforma Net Debt/FCF (a) 8.3 x 9.3 x 6.6 x 7.8 x 4.7 x 3.9 x 3.2 x 2.6 x 2.0 x 1.4 x FCF/Total Debt Service (a) 0.5 x 0.4 x 0.6 x 0.6 x 1.0 x 1.1 x 1.3 x 1.4 x 6.2 x 1.0 x At Close Excess Availability 10,932 3,025 13,819 21,426 30,171 40,183 51,603 44,565 (a) FCF represents EBITDA less maintenance capital expenditures.

FINANCIAL SUMMARY PROJECT PHOENIX Case: Base Page 8 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Revenues . $183,873 $195,522 $219,605 $248,260 $311,931 $343,124 $377,437 $415,180 $456,698 $502,368 Revenue Growth NM NM NM 13.0% 25.6% 10.0% 10.0% 10.0% 10.0% 10.0% EBITDA $11,020 $14,034 $12,134 $14,720 $19,087 $20,995 $23,095 $25,405 $27,945 $30,739 EBITDA Margin.. 6.0% 7.2% 5.5% 5.9% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% EBIT $6,521 $8,148 $7,888 $9,066 $12,733 $13,871 $15,124 $16,502 $18,017 $19,684 EBIT Margin.. 3.5% 4.2% 3.6% 3.7% 4.1% 4.0% 4.0% 4.0% 3.9% 3.9% FCF (a).. $5,890 $5,217 $7,334 $7,720 $12,087 $13,295 $14,625 $16,088 $17,696 $19,466 FCF Growth... NM -11.4% 40.6% 5.3% 56.6% 10.0% 10.0% 10.0% 10.0% 10.0% Net Income... $ 4,204 $ 4,166 $ 5,558 $2,703 $4,891 $5,745 $6,664 $7,691 $8,836 $10,087 Net Income %... 2.3% 2.1% 2.5% 1.1% 1.6% 1.7% 1.8% 1.9% 1.9% 2.0% Fully Diluted EPS....... $ 1.01 $ 0.90 $ 1.05 $ 0.50 $ 0.91 $ 1.02 $ 1.18 $ 1.36 $ 1.57 $ 1.79 Maintenance Capital Expenditures... $5,130 $8,816 $4,800 $7,000 $7,000 $7,700 $8,470 $9,317 $10,249 $11,274 Expansionary Capital Expenditures.. 0 0 0 0 0 0 0 0 0 0 Total Capital Expenditures... $5,130 $8,816 $4,800 $7,000 $7,000 $7,700 $8,470 $9,317 $10,249 $11,274 Net Interest Expense .. $4,561 $4,582 $4,297 $4,017 $3,683 $3,291 $2,873 (a) Free Cash Flow equals consolidated EBITDA less consolidated maintenance capital expenditures.

FINANCING ASSUMPTIONS PROJECT PHOENIX Case: Base Page 9 Financing Assumptions: Projected At Close 2008 2009 2010 2011 2012 2013 2014 Revolver 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% Senior Debt 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% Subordinated Debt 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Bridge Loan 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Notes Payable 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% Tax Rates: Assumed Blended Rate 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% Earned on Cash Balances 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Working Capital Analysis (a): Projected At Close 2008 2009 2010 2011 2012 2013 2014 Days Receivable 49.64 49.64 49.64 49.64 49.64 49.64 49.64 49.64 Accounts Receivable/Revenue 13.60% 13.60% 13.60% 13.60% 13.60% 13.60% 13.60% 13.60% Inventories/COS 0.61% 0.61% 0.61% 0.61% 0.61% 0.61% 0.61% 0.61% Other Current Assets/Revenue 2.07% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Other Assets/Revenue 0.00% 0.30% 0.30% 0.30% 0.30% 0.30% 0.30% 0.30% Days Payable 29.35 34.84 34.84 34.84 34.84 34.84 34.84 34.84 Accounts Payable/COS 8.04% 9.55% 9.55% 9.55% 9.55% 9.55% 9.55% 9.55% Accrued Liabilities/Total Operating Expense 38.59% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% Other Accrued Expenses/Total Operating Expense 131.17% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% (a) Working capital assumptions are based on management estimates.

INCOME STATEMENTS PROJECT PHOENIX Case: Base Page 10 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales 183,873 195,522 219,605 248,260 311,931 343,124 377,437 415,180 456,698 502,368 Direct costs 164,186 170,326 194,804 220,329 278,864 306,751 337,426 371,168 408,285 449,114 Gross Profit 19,687 25,196 24,801 27,930 33,067 36,373 40,011 44,012 48,413 53,254 Total Operating Expenses (d) 8,667 11,162 12,667 13,210 13,980 15,378 16,916 18,607 20,468 22,515 EBITDA (a) 11,020 14,034 12,134 14,720 19,087 20,995 23,095 25,405 27,945 30,739 Depreciation and Amortization 4,499 5,885 4,246 5,654 6,354 7,124 7,971 8,903 9,928 11,055 EBIT 6,521 8,148 7,888 9,066 12,733 13,871 15,124 16,502 18,017 19,684 Interest Expense: (b) Revolver (c) 600 502 737 977 1,163 1,291 873 Senior Debt 2,600 2,080 1,560 1,040 520 0 0 Subordinated Debt 2,000 2,000 2,000 2,000 2,000 2,000 2,000 Preferred Equity 0 0 0 0 0 0 0 Seller Note Payable 0 0 0 0 0 0 0 Interest Income (639) 0 0 0 0 0 0 Total Interest Expense 4,561 4,582 4,297 4,017 3,683 3,291 2,873 Pretax Income 4,505 8,151 9,574 11,107 12,818 14,726 16,812 Income Taxes 1,802 3,260 3,830 4,443 5,127 5,890 6,725 Net Income 2,703 4,891 5,745 6,664 7,691 8,836 10,087 Number of Shares Outstanding 5,398 5,398 5,643 5,643 5,643 5,643 5,643 Fully Diluted EPS $ 0.50 $ 0.91 $ 1.02 $ 1.18 $ 1.36 $ 1.57 $ 1.79 Operating Margins: EBITDA Margin.. -— -— -— 5.9% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% EBIT Margin.. -— -— — 3.7% 4.1% 4.0% 4.0% 4.0% 3.9% 3.9% NI Margin.. -— -— -— 1.1% 1.6% 1.7% 1.8% 1.9% 1.9% 2.0% (a) Excludes non-cash items. (b) Interest expense is calculated from the previous years’ debt balance. (c) Interest expense on the revolver is calculated on the previous years principal balance.

CASH FLOW ANALYSIS AND CAPITALIZATION TABLE PROJECT PHOENIX Case: Base Page 11 ($ in thousands except as otherwise noted) Projected 2008 2009 2010 2011 2012 2013 2014 EBITDA $14,720 $19,087 $20,995 $23,095 $25,405 $27,945 $30,739 LESS: Interest Expense 4,561 4,582 4,297 4,017 3,683 3,291 2,873 Income Tax 1,802 3,260 3,830 4,443 5,127 5,890 6,725 Preferred Dividends 0 0 0 0 0 0 0 Add: Non-Cash Interest Expense 0 0 0 0 0 0 0 Maintenance Capital Expenditures 7,000 7,000 7,700 8,470 9,317 10,249 11,274 Expansionary Capital Expenditures 0 0 0 0 0 0 0 Total Capital Expenditures 7,000 7,000 7,700 8,470 9,317 10,249 11,274 Changes in Other Assets 745 191 94 103 113 125 137 Changes in Other Liabilities 0 0 0 0 0 0 0 Increases (Decreases) in Working Capital 12,263 (21) 1,067 1,174 1,291 1,420 1,563 Cash Flow Available for Debt Amortization (11,651) 4,075 4,008 4,889 5,872 6,970 8,169 Scheduled Amortization: Senior Debt 8,000 8,000 8,000 8,000 8,000 0 0 Subordinated Debt 0 0 0 0 0 0 20,000 Bridge Loan 0 0 0 0 0 0 0 Notes Payable 0 0 0 0 0 0 0 Total Scheduled Amortization 8,000 8,000 8,000 8,000 8,000 0 20,000 Increase (Decrease) in Cash (19,651) (3,925) (3,992) (3,111) (2,128) 6,970 (11,831) Drawdown of Revolver 0 3,925 3,992 3,111 2,128 0 11,831 Paydown of Revolver 1,638 0 0 0 0 6,970 0 Net Increase (Decrease) in Cash (21,289) 0 0 0 0 0 0 At Projected Capitalization Table: Closing 2008 2009 2010 2011 2012 2013 2014 Revolver $10,000 $8,362 $12,287 $16,279 $19,391 $21,518 $14,549 $26,380 Notes Payable 0 0 0 0 0 0 0 0 Senior Debt 40,000 32,000 24,000 16,000 8,000 0 0 0 Subordinated Debt 20,000 20,000 20,000 20,000 20,000 20,000 20,000 0 Seller note 0 0 0 0 0 0 0 0 Total Debt 70,000 60,362 56,287 52,279 47,391 41,518 34,549 26,380 Preferred Equity 0 0 0 0 0 0 0 0 Common Equity 53,388 56,091 60,982 66,726 73,390 81,081 89,917 100,004 Stockholders’ Equity 53,388 56,091 60,982 66,726 73,390 81,081 89,917 100,004 Total Capitalization $123,388 $116,453 $117,268 $119,005 $120,781 $122,600 $124,466 $126,384 Cash Balances $21,289 $0 $0 $0 $0 $0 $0 $0

BALANCE SHEETS PROJECT PHOENIX Case: Base Page 12 ($ in thousands except as otherwise noted) FYE: 12/31 Unaudited Financing Adjustments At Projected 2007 Debit Credit Closing 2008 2009 2010 2011 2012 2013 2014 ASSETS Cash and Marketable Securities $21,289 $123,388 ($123,388) $21,289 $0 $0 $0 $0 $0 $0 $0 Accounts Receivable 29,867 0 0 29,867 33,764 42,423 46,666 51,332 56,465 62,112 68,323 Inventories 1,184 0 0 1,184 1,340 1,696 1,865 2,052 2,257 2,482 2,731 Other Current and Intercompany 4,547 0 0 4,547 4,547 1,560 1,716 1,887 2,076 2,283 2,512 Total Current Assets 56,887 123,388 (123,388) 56,887 39,651 45,678 50,246 55,271 60,798 66,878 73,566 PP&E , net 37,658 0 0 37,658 44,658 51,658 59,358 67,828 77,145 87,394 98,667 Less Accumulated Depreciation 0 0 0 0 4,946 10,592 17,007 24,270 32,465 41,684 52,031 Net PP&E 37,658 0 0 37,658 39,712 41,066 42,350 43,558 44,680 45,710 46,636 Goodwill, net 0 62,013 0 62,013 62,013 62,013 62,013 62,013 62,013 62,013 62,013 Refundable Deposits 501 0 0 501 488 476 463 451 438 426 413 Claims Receivable 2,464 0 0 2,464 2,341 2,217 2,094 1,971 1,848 1,725 1,602 Note Receivable — less current portion 508 0 0 508 435 363 290 218 145 73 0 Capitalized Transaction Costs 0 3,500 0 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Other Assets 0 0 0 0 745 936 1,029 1,132 1,246 1,370 1,507 Total Assets $98,018 $188,901 ($123,388) $163,530 $148,385 $155,249 $160,487 $166,113 $172,168 $178,693 $185,737 LIABILITIES AND SHAREHOLDERS’ EQUITY Revolver 0 10,000 0 10,000 8,362 12,287 16,279 19,391 21,518 14,549 26,380 Accounts Payable 15,665 0 0 15,665 21,031 26,618 29,280 32,208 35,429 38,972 42,869 Accrued Liabilities 4,888 0 0 4,888 3,963 4,194 4,613 5,075 5,582 6,140 6,754 Other Current Liabilities 16,615 0 0 16,615 3,963 4,194 4,613 5,075 5,582 6,140 6,754 Total Current Liabilities 37,168 10,000 0 47,168 37,319 47,293 54,786 61,748 68,112 65,801 82,758 Total Debt: Other 0 0 0 0 0 0 0 0 0 0 0 Senior Debt 0 40,000 0 40,000 32,000 24,000 16,000 8,000 0 0 0 Subordinated Debt 0 20,000 0 20,000 20,000 20,000 20,000 20,000 20,000 20,000 0 Obligations under capital leases 76 0 (76) 0 0 0 0 0 0 0 0 Note Payable and Accrued Interest 15,015 0 (15,015) 0 0 0 0 0 0 0 0 Seller Note 0 0 0 0 0 0 0 0 0 0 0 Total Long-Term Debt 15,091 60,000 (15,091) 60,000 52,000 44,000 36,000 28,000 20,000 20,000 0 Other Liabilities 2,975 0 0 2,975 2,975 2,975 2,975 2,975 2,975 2,975 2,975 Total Liabilities 55,233 70,000 (15,091) 110,142 92,294 94,268 93,761 92,723 91,086 88,776 85,732 Shareholders’ Equity: Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 Investments in Subsidiaries (a) 10,670 0 (10,670) 0 0 0 0 0 0 0 0 Common Stock + APIC 20,647 53,388 (20,647) 53,388 53,388 53,388 53,388 53,388 53,388 53,388 53,388 Treasury Stock 0 0 0 0 0 0 0 0 0 0 0 Retained Earnings / (Loss) 11,468 0 (11,468) 0 2,703 7,593 13,338 20,002 27,693 36,529 46,616 Total Shareholders’ Equity 42,785 53,388 (42,785) 53,388 56,091 60,982 66,726 73,390 81,081 89,917 100,004 Total Lia. & SH Equity $98,018 $123,388 ($57,876) $163,530 $148,385 $155,249 $160,487 $166,113 $172,168 $178,693 $185,737 0 0 0 0 0 0 0 0 0 (a) Represents holdings of 68% of the outstanding shares of Phoenix I with a current market value of $32,271.6

DEBT CAPACITY PROJECT PHOENIX Case: Base Page 13 ($ in thousands except as otherwise noted) @ Closing Projected Eligible Advance Proforma 2008 2009 2010 2011 2012 2013 2014 Effective Accounts Receivable Advance Rate 90% 75% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% Effective Inventory Advance Rate 85% 65% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% Accounts Receivable 29,867 33,764 42,423 46,666 51,332 56,465 62,112 68,323 Inventory 1,184 1,340 1,696 1,865 2,052 2,257 2,482 2,731 Advance Against Accounts Receivable 20,160 22,791 28,636 31,499 34,649 38,114 41,925 46,118 Advance Against Inventories 654 740 937 1,030 1,134 1,247 1,372 1,509 Total Revolver Advance 20,814 23,531 29,572 32,530 35,783 39,361 43,297 47,627 Outstanding Revolver Balance 10,000 8,362 12,287 16,279 19,391 21,518 14,549 26,380 Total Net PP&E (BV) 37,658 39,712 41,066 42,350 43,558 44,680 45,710 46,636 Effective Advance Rate on Net PP&E 100% 50% 50% 50% 50% 50% 50% 50% 50% 50% Borrowing Base on Net PP&E 18,829 19,856 20,533 21,175 21,779 22,340 22,855 23,318 Senior Term Debt 0 0 0 0 0 0 0 0 Excess/(Shortfall) on Fixed Assets 18,829 19,856 20,533 21,175 21,779 22,340 22,855 23,318 Total Borrowing Availability 39,643 43,387 50,106 53,705 57,562 61,701 66,152 70,945 Total Senior Outstandings (Net Cash) 28,711 40,362 36,287 32,279 27,391 21,518 14,549 26,380 Excess Availability 10,932 3,025 13,819 21,426 30,171 40,183 51,603 44,565

DEBT SCHEDULE PROJECT PHOENIX Case: Base Page 14 ($ in thousands except as otherwise noted) At Projected Closing 2008 2009 2010 2011 2012 2013 2014 Revolver Beginning Balance $ 10,000 $ 8,362 $ 12,287 $ 16,279 $ 19,391 $ 21,518 $ 14,549 Interest Expense 6.0% 600 502 737 977 1,163 1,291 873 Additions — 3,925 3,992 3,111 2,128 — 11,831 Reductions 1,638 — - — - 6,970 -Ending Balance 10,000 8,362 12,287 16,279 19,391 21,518 14,549 26,380 Senior Debt Beginning Balance $ 40,000 $ 32,000 $ 24,000 $ 16,000 $ 8,000 $ — $ -Interest Expense 6.5% 2,600 2,080 1,560 1,040 520 — -Amortization 5 Years 8,000 8,000 8,000 8,000 8,000 Ending Balance 40,000 32,000 24,000 16,000 8,000 — - - Subordinated Debt Beginning Balance $ 20,000 $ 20,000 $ 20,000 $ 20,000 $ 20,000 $ 20,000 $ 20,000 Interest Expense 10.0% 2,000 2,000 2,000 2,000 2,000 2,000 2,000 Amortization — - — - — - 20,000 Ending Balance 20,000 20,000 20,000 20,000 20,000 20,000 20,000 — Present Value of Note — - - - — - -Discount Rate of Note 10.0% Income Taxes 40.0% 1,802 3,260 3,830 4,443 5,127 5,890 6,725 NOL - - — - — - — -Net Income Taxes 1,802 3,260 3,830 4,443 5,127 5,890 6,725 NOL Beginning Balance $ - - $ — $ — $ — $ — $ — $ -Additions — - — - — - -Reductions — - — - — - -Ending Balance Input Required—> — - — - — - — -

PRO FORMA AND OPERATING ASSUMPTIONS PROJECT PHOENIX Case: Base Page 16 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected Pro Forma Consolidated Operations 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales Internal Growth 183,873 195,522 219,605 248,260 311,931 343,124 377,437 415,180 456,698 502,368 External Growth            Total Net Sales 183,873 195,522 219,605 248,260 311,931 343,124 377,437 415,180 456,698 502,368 Direct Costs Internal Growth 164,186 170,326 194,804 220,329 278,864 306,751 337,426 371,168 408,285 449,114 Total Direct Costs 164,186 170,326 194,804 220,329 278,864 306,751 337,426 371,168 408,285 449,114 Gross Profit 19,687 25,196 24,801 27,930 33,067 36,373 40,011 44,012 48,413 53,254 SG&A 8,667 11,162 12,667 13,210 13,980 15,378 16,916 18,607 20,468 22,515 EBITDA (c ) 11,020 14,034 12,134 14,720 19,087 20,995 23,095 25,405 27,945 30,739 Depreciation & Amortization (a) 4,499 5,885 4,246 5,654 6,354 7,124 7,971 8,903 9,928 11,055 EBIT 6,521 8,148 7,888 9,066 12,733 13,871 15,124 16,502 18,017 19,684 Pro Forma FY Ended Projected Operating Assumptions 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales Growth NM 6.3% 12.3% 13.0% 25.6% 10.0% 10.0% 10.0% 10.0% 10.0% Cost of Sales % 89.3% 87.1% 88.7% 88.7% 89.4% 89.4% 89.4% 89.4% 89.4% 89.4% Gross Margin 10.7% 12.9% 11.3% 11.3% 10.6% 10.6% 10.6% 10.6% 10.6% 10.6% Variable SG&A % 4.7% 5.7% 5.8% 5.3% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% Total SG&A % 4.7% 5.7% 5.8% 5.3% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% EBITDA % 6.0% 7.2% 5.5% 5.9% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% Maintenance Capex            Maint. Capex (% of revenues) 2.79% 4.51% 2.19% 2.82% 2.24% 2.24% 2.24% 2.24% 2.24% 2.24% Capital Requirement ... 5,130 8,816 4,800 7,000 7,000 7,700 8,470 9,317 10,249 11,274 Expansionary Capex            Expansionary Capex (% of revenues) .. 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Expansionary Capex... 0 0 0 0 0 0 0 0 0 0 (a) Deprecition in 2007 is set equal to 2006

DEPRECIATION AND AMORTIZATION SCHEDULES PROJECT PHOENIX Case: Base Page 17 ($ in thousands except as otherwise noted) DEPRECIATION ON PP&E AT CLOSING PP&E @ Depreciable Projected Close Life 2007 2008 2009 2010 2011 2012 2013 2014 Total..... 37,658 10.0 $3,766 3,766 3,766 3,766 3,766 3,766 3,766 3,766 DEPRECIATION ON CAPITAL EXPENDITURES Capital Depreciable Projected Expenditure Life 2007 2008 2009 2010 2011 2012 2013 2014 4,800 10.0 $480 480 480 480 480 480 480 480 7,000 10.0 700 700 700 700 700 700 700 7,000 10.0 700 700 700 700 700 700 7,700 10.0 770 770 770 770 770 8,470 10.0 847 847 847 847 9,317 10.0 932 932 932 10,249 10.0 1,025 1,025 11,274 10.0 1,127 0 480 1,180 1,880 2,650 3,497 4,429 5,454 6,581 $4,246 $4,946 $5,646 $6,416 $7,263 $8,194 $9,219 $10,347 AMORTIZATION SCHEDULE Amortization Projected Amount Period 2008 2009 2010 2011 2012 2013 2014 Transaction Fee Amortization $3,500 7.0 $0 $500 $500 $500 $500 $500 $500 $500 Goodwill Amortization 62,013 0.0 $0 $0 $0 $0 $0 $0 $0 $0 Refundable Deposits Amortization 501 40.0 $0 $13 13 13 13 13 13 13 Donor Base and Records Amortization 2,464 20.0 $0 $123 123 123 123 123 123 123 Deferred Bond Amortization 508 7.0 $0 $73 73 73 73 73 73 73 Total Amortization $708 $708 $708 $708 $708 $708 $708 TOTAL DEPRECIATION & AMORTIZATION Projected 2008 2009 2010 2011 2012 2013 2014 Total Depreciation & Amortization $5,654 $6,354 $7,124 $7,971 $8,903 $9,928 $11,055

EX-99.(C)(14)

Exhibit (c)(14)

SCENARIO: Phoenix IV Buyout Analysis PROJECT PHOENIX 9/19/2007 12:09 PM Table of Contents Section Page Sources and Uses of Funds and Financing Terms 1 Implied Valuation at Various Offer Prices 2 Return Analysis 3 IRR Sensitivity Analysis 4 Model Assumptions 6 Pro Forma Coverages 7 Financial Summary 8 Financing Assumptions 9 Income Statements 10 Cash Flow Analysis and Capitalization Table 11 Balance Sheets 12 Debt Capacity 13 Debt Schedule 14 Supporting Data: Pro Forma and Operating Assumptions 16 Depreciation and Amortization Schedules 17 Structure Cash $5,816 Revolver 5,000 Senior Debt 25,000 Subordinated Debt 20,000 Bridge Loan 0 Preferred Stock 0 Common Stock 44,301 Total Sources of Funds $100,117 Case: Base

SOURCES AND USES OF FUNDS AND FINANCING TERMS PROJECT PHOENIX Case: Base Page 1 ($ in thousands except as otherwise noted) TRANSACTION DATE 12/31/2007 Pro Forma % of LTM SOURCES OF FUNDS $ Capital EBITDA Mult. USES OF FUNDS Cash $5,816 5.8% 0.4x Purchase of Phoenix I Common Equity $ 81,798 Revolver 5,000 5.0% 0.8x Refinance Senior Debt 0 Senior Debt 25,000 25.0% 2.7x Refinance Capital Lease Obligations 0 Subordinated Debt 20,000 20.0% 4.3x Tender of Phx II Shares 14,819 Seller Note 0 0.0% 4.3x Other 0 Preferred Stock 0 0.0% 4.3x Other 0 New Equity 44,301 44.2% 7.6x Transaction Fees and Expenses 3,500 Total Sources of Funds $100,117 100.0% Total Uses of Funds $100,117 TRANSACTION SUMMARY TRADING INFORMATION / VALUATION Phoenix I DEBT SOURCES Amount Rate Enterprise Value Current @ Deal Revolver 5,000 6.50% Share Price 9/18/2007 $ 13.23 $ 15.00 Senior Debt 25,000 7.00% Fully Diluted Shares 5,453 5,453 Subordinated Debt 20,000 10.00% Equity Market Value $ 72,146 $ 81,798 Plus: Debt, Preferred & MI (a) $13,730 $14,819 Less: Cash $5,816 $0 Plus: Transaction Costs $0 $3,500 Enterprise Value $ 80,060 $ 100,117 EQUITY SOURCES Multiple Analysis Current @ Deal Amount Ownership LTM EBITDA 6.1x 7.6x Management roll-over 4,000.0 7.7% 2007 P EBITDA 6.6x 8.3x Management carry 0.0 15.0% 2008 E EBITDA 5.4x 6.8x Financial Sponsor 40,301.5 77.3% 2009 E EBITDA 4.2x 5.2x 2008 E P/E 25.4x 34.0x Total Equity $ 44,301.5 100.0% 2009 E P/E 14.6x 19.6x Phoenix I ownership of Phx II: Share Price 9/18/2007 $ 12.20 $ 32,271.6 Shares Held 2,645.2 DEBT CAPACITY ANALYSIS EQUITY SPONSOR IRR CALCULATION LTM EBITDA PHX I $13,100 EBITDA Exit Multiple 2011 2012 2013 Debt/EBITDA Coverage 5.0x 7.0x 23.7% 28.6% 33.5% Implied Debt Capacity $65,500.0 8.0x 29.2% 34.0% 38.8% Reg. T Loan 0.0% $ — 9.0x 34.0% 38.8% 43.6% Adj. Debt Capacity $65,500.0 Less Current Debt (13,730) Incremental Debt Capacity 51,769.6 SUMMARY CREDIT / LEVERAGE STATISTICS GOODWILL CALCULATION 2007 Pro Forma 2008 2009 Purchase Price of Equity $ 96,617.5 Total Debt/EBITDA 5.1x 4.6x 3.5x Less: Tangible Book Value of Phoenix II (44,124.9) EBITDA/Interest Expense 3.0x 3.3x 4.1x $ 52,492.5 (EBITDA — Capex)/Interest Expense 1.9x 1.7x 2.6x (a) At close of deal existing debt is refinanced and the tender for Phoenix II shares is added as minority interest

IMPLIED VALUATION AT VARIOUS OFFER PRICES PROJECT PHOENIX Case: Base Page 2 PHOENIX I Offer Price $ 13.00 $ 14.00 $ 14.50 $ 15.00 $ 15.50 $ 16.00 $ 16.50 $ 17.00 $ 17.50 $ 18.00 $ 19.00 Premium Calculation            Premium to Current Price ($13.23) -1.7% 5.8% 9.6% 13.4% 17.2% 20.9% 24.7% 28.5% 32.3% 36.1% 43.6% 30 Trading Day Avg. Price (a) $13.05 Premium to 30 Day Avg. Price -0.4% 7.2% 11.1% 14.9% 18.7% 22.6% 26.4% 30.2% 34.1% 37.9% 45.6% 60 Trading Day Avg. Price (a) $13.31 Premium to 30 Day Avg. Price -2.3% 5.2% 8.9% 12.7% 16.5% 20.2% 24.0% 27.7% 31.5% 35.2% 42.7% 90 Trading Day Avg. Price (a) $13.35 Premium to 30 Day Avg. Price -2.6% 4.9% 8.6% 12.4% 16.1% 19.9% 23.6% 27.3% 31.1% 34.8% 42.3% 120 Trading Day Avg. Price (a) $13.34 Premium to 30 Day Avg. Price - -2.6% 4.9% 8.7% 12.4% 16.2% 19.9% 23.7% 27.4% 31.1% 34.9% 42.4% Enterprise Value Calculation            FD Shares Outstanding (b) 5,643 5,643 5,643 5,643 5,643 5,643 5,643 5,643 5,643 5,643 5,643 Implied Equity Value 73,355 78,998 81,819 84,640 87,462 90,283 93,104 95,926 98,747 101,568 107,211 Plus: Net Debt as of 3/31/07 7,922 7,922 7,922 7,922 7,922 7,922 7,922 7,922 7,922 7,922 7,922 Less: Assumed Cash from Option Exercise (b) 519 4,045 4,045 4,045 4,045 4,045 4,045 4,045 4,045 4,045 4,045 Implied Enterprise Value $ 80,758 $ 82,875 $ 85,696 $ 88,517 $ 91,339 $ 94,160 $ 96,981 $ 99,803 $ 102,624 $ 105,446 $ 111,088 Implied Valuation Multiples LTM Revenue 202,760 0.40 x 0.41 x 0.42 x 0.44 x 0.45 x 0.46 x 0.48 x 0.49 x 0.51 x 0.52 x 0.55 x 2007 P Revenue 219,605 0.37 x 0.38 x 0.39 x 0.40 x 0.42 x 0.43 x 0.44 x 0.45 x 0.47 x 0.48 x 0.51 x FY2008E Revenue (c) 248,260 0.33 x 0.33 x 0.35 x 0.36 x 0.37 x 0.38 x 0.39 x 0.40 x 0.41 x 0.42 x 0.45 x FY2009E Revenue (c) 311,931 0.26 x 0.27 x 0.27 x 0.28 x 0.29 x 0.30 x 0.31 x 0.32 x 0.33 x 0.34 x 0.36 x LTM EBITDA 13,100 6.16 x 6.33 x 6.54 x 6.76 x 6.97 x 7.19 x 7.40 x 7.62 x 7.83 x 8.05 x 8.48 x 2007 P EBITDA 12,134 6.66 x 6.83 x 7.06 x 7.29 x 7.53 x 7.76 x 7.99 x 8.22 x 8.46 x 8.69 x 9.16 x FY2008E EBITDA (c) 14,720 5.49 x 5.63 x 5.82 x 6.01 x 6.21 x 6.40 x 6.59 x 6.78 x 6.97 x 7.16 x 7.55 x FY2009E EBITDA (c) 19,087 4.23 x 4.34 x 4.49 x 4.64 x 4.79 x 4.93 x 5.08 x 5.23 x 5.38 x 5.52 x 5.82 x (a) Based on average closing prices for the respective periods as of 7/13/07. (b) Assumes that all in-the-money options convert to common shares: cash from option exercise is assumed to be added to Phoenix II balance sheet. (c) Projections as provided by Phoenix I management.

RETURN ANALYSIS PROJECT PHOENIX Case: Base Page 3 ($ in thousands except as otherwise noted) EXIT YEAR 12/31/2011 12/31/2012 12/31/2013 Exit Multiple 7.0x 8.0x 9.0x 7.0x 8.0x 9.0x 7.0x 8.0x 9.0x Exit Year EBITDA $23,095 $23,095 $23,095 $25,405 $25,405 $25,405 $27,945 $27,945 $27,945 Exit Year Enterprise Value $161,665.3 $184,760.3 $207,855.4 $177,831.8 $203,236.3 $228,640.9 $195,615.0 $223,560.0 $251,505.0 Less: Net Debt ($39,572.3) ($39,572.3) ($39,572.3) ($35,110) ($35,110) ($35,110) ($29,706) ($29,706) ($29,706) Common Equity Value $122,093.0 $145,188.1 $168,283.1 $142,721.3 $168,125.9 $193,530.4 $165,908.7 $193,853.7 $221,798.7 % Initial Equity Source/Holder Ownership Investment Equity Value of Holding and Implied IRR Management 22.7% $ 4,000.0 $ 27,684.2 $ 32,920.9 $ 38,157.7 $ 32,361.6 $ 38,122.0 $ 43,882.4 $ 37,619.3 $ 43,955.7 $ 50,292.2 IRR 62.1% 69.3% 75.7% 68.6% 75.6% 81.9% 75.1% 82.0% 88.2% New Equity Sponsor 77.3% 40,301.5 $ 94,408.8 $ 112,267.1 $ 130,125.4 $ 110,359.7 $ 130,003.9 $ 149,648.0 $ 128,289.4 $ 149,897.9 $ 171,506.5 IRR 23.7% 29.2% 34.0% 28.6% 34.0% 38.8% 33.5% 38.8% 43.6%

NEW EQUITY SPONSOR IRR SENSITIVITY ANALYSIS PROJECT PHOENIX Case: Base Page 4 ($ in thousands except as otherwise noted) PURCHASE PRICE PER SHARE $ 14.00 $ 14.50 $ 15.00 $ 15.50 $ 16.00 $ 16.50 $ 17.00 $ 17.50 Implied Premium 5.8% 9.6% 13.4% 17.2% 20.9% 24.7% 28.5% 32.3% (based on Phoenix I price of $13.23 on 9/18/07) Exit Year: 2011 Exit Multiple 5.0 x .... 13.5% 11.6% 9.8% 8.2% 6.7% 5.3% 4.0% 2.7% 6.0 x .... 21.3% 19.3% 17.4% 15.6% 14.0% 12.5% 11.1% 9.8% 7.0 x .... 27.8% 25.7% 23.7% 21.9% 20.2% 18.6% 17.1% 15.7% 8.0 x .... 33.5% 31.2% 29.2% 27.3% 25.5% 23.8% 22.3% 20.8% 9.0 x .... 38.5% 36.2% 34.0% 32.0% 30.2% 28.5% 26.9% 25.3% Exit Year: 2012 Exit Multiple 5.0 x .... 19.1% 17.1% 15.2% 13.5% 11.9% 10.5% 9.1% 7.8% 6.0 x .... 26.6% 24.4% 22.5% 20.7% 19.0% 17.4% 15.9% 14.5% 7.0 x .... 32.9% 30.7% 28.6% 26.7% 24.9% 23.3% 21.7% 20.3% 8.0 x .... 38.5% 36.1% 34.0% 32.0% 30.2% 28.4% 26.8% 25.3% 9.0 x .... 43.4% 41.0% 38.8% 36.7% 34.8% 33.0% 31.4% 29.8% Exit Year: 2013 Exit Multiple 5.0 x .... 29.3% 26.8% 24.5% 22.4% 20.5% 18.7% 17.1% 14.1% 6.0 x .... 36.9% 34.2% 31.8% 29.6% 27.5% 25.6% 23.9% 20.7% 7.0 x .... 43.3% 40.5% 38.0% 35.7% 33.5% 31.6% 29.7% 26.4% 8.0 x .... 49.0% 46.1% 43.5% 41.1% 38.8% 36.8% 34.9% 31.4% 9.0 x .... 54.1% 51.1% 48.4% 45.9% 43.6% 41.5% 39.5% 35.9%

NEW EQUITY SPONSOR IRR SENSITIVITY ANALYSIS PROJECT PHOENIX Case: Base Page 5 ($ in thousands except as otherwise noted) Implied Purchase Price per Share Implied Prem. to Current Phoenix I Price based on EBITDA Exit Multiple of: based on EBITDA Exit Multiple of: 7.0x 8.0x 9.0x 7.0x 8.0x 9.0x IRR Exit Year 25.0% 2011 $ 14.66 $ 16.13 $ 17.60 10.8% 21.9% 33.1% 2012 $ 15.98 $ 17.59 $ 19.22 20.8% 33.0% 45.2% 2013 $ 17.45 $ 19.23 $ 21.02 31.9% 45.4% 58.9% 30.0% 2011 $ 13.54 $ 14.78 $ 16.05 2.4% 11.7% 21.3% 2012 $ 14.67 $ 16.03 $ 17.42 10.9% 21.2% 31.7% 2013 $ 15.93 $ 17.44 $ 18.96 20.4% 31.8% 43.3% 35.0% 2011 $ 12.61 $ 13.68 $ 14.76 -4.7% 3.4% 11.6% 2012 $ 13.57 $ 14.75 $ 15.94 2.6% 11.5% 20.5% 2013 $ 14.66 $ 15.96 $ 17.27 10.8% 20.6% 30.5%

MODEL ASSUMPTIONS PROJECT PHOENIX Case: Base Page 6 Pro Forma Merger Overview Phoenix I Phoenix I Phoenix I Stand Alone @ 2014 @ LBO Deal Number of Existing Common Shares Outstanding 5,130 5,130 5,130 Existing Number of Options/Warrants 323 323 323 Average Exercise Price Per Share $ 10.90 $ 10.90 $ 10.90 11 176 Treasury Method Adjustment 323 323 88 Existing Number of Options/Warrants 189 189 189 Average Exercise Price Per Share $ 2.74 $ 2.74 $ 2.74 Treasury Method Adjustment 189 189 155 Existing Number of Options/Warrants 0 0 0 Average Exercise Price Per Share $ — $ — $ - -Treasury Method Adjustment 0 0 0 Existing Number of Options/Warrants 0 0 0 Average Exercise Price Per Share $ — $ — $ -Treasury Method Adjustment 0 0 0 Fully Diluted Shares 5,643 5,643 5,373 Current Market Price Per Share $ 13.23 $ 20.00 $ 15.00 Date of Current Market 9/18/2007 9/18/2007 9/18/2007

PRO FORMA COVERAGES PROJECT PHOENIX Case: Base Page 7 ($ in thousands except as otherwise noted) PRO FORMA COVERAGES Pro Forma Fiscal Year Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 EBITDA/Interest 2.5 x 3.2 x 2.7 x 3.3 x 4.1 x 4.7 x 5.4 x 6.3 x 7.6 x 9.2 x FCF/Interest 1.3 x 1.2 x 1.7 x 1.7 x 2.6 x 2.9 x 3.4 x 4.0 x 4.8 x 5.8 x Senior Debt/EBITDA 4.0 x 3.1 x 3.6 x 3.5 x 2.3 x 1.7 x 1.2 x 0.8 x 0.7 x 0.0 x Senior Debt/FCF (a) 7.4 x 8.4 x 6.0 x 6.1 x 3.8 x 3.2 x 2.7 x 2.2 x 1.7 x 2.2 x Total Debt/EBITDA 5.8 x 4.5 x 5.3 x 4.6 x 3.5 x 3.0 x 2.6 x 2.2 x 1.8 x 1.4 x Total Debt/FCF (a) 10.8 x 12.2 x 8.7 x 8.7 x 5.5 x 4.8 x 4.1 x 3.4 x 2.8 x 2.2 x Proforma Net Debt/EBITDA 4.0 x 3.1 x 3.6 x 3.2 x 2.4 x 2.1 x 1.7 x 1.4 x 1.1 x 0.8 x Proforma Net Debt/FCF (a) 7.4 x 8.4 x 6.0 x 6.1 x 3.8 x 3.2 x 2.7 x 2.2 x 1.7 x 1.2 x FCF/Total Debt Service (a) 0.5 x 0.4 x 0.6 x 0.6 x 1.0 x 1.1 x 1.2 x 1.4 x 5.3 x 1.0 x At Close Excess Availability 17,923 18,794 27,260 34,155 42,095 51,200 61,603 53,428 (a) FCF represents EBITDA less maintenance capital expenditures.

FINANCIAL SUMMARY PROJECT PHOENIX Case: Base Page 8 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Revenues $183,873 $195,522 $219,605 $248,260 $311,931 $343,124 $377,437 $415,180 $456,698 $502,368 Revenue Growth... NM NM NM 13.0% 25.6% 10.0% 10.0% 10.0% 10.0% 10.0% EBITDA ... $11,020 $14,034 $12,134 $14,720 $19,087 $20,995 $23,095 $25,405 $27,945 $30,739 EBITDA Margin 6.0% 7.2% 5.5% 5.9% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% EBIT $6,521 $8,148 $8,005 $9,177 $12,844 $13,982 $15,235 $16,613 $18,128 $19,795 EBIT Margin 3.5% 4.2% 3.6% 3.7% 4.1% 4.1% 4.0% 4.0% 4.0% 3.9% FCF (a). $5,890 $5,217 $7,334 $7,720 $12,087 $13,295 $14,625 $16,088 $17,696 $19,466 FCF Growth. NM -11.4% 40.6% 5.3% 56.6% 10.0% 10.0% 10.0% 10.0% 10.0% Net Income.. $ 4,204 $ 4,166 $ 5,558 $2,844 $4,940 $5,683 $6,570 $7,561 $8,668 $9,879 Net Income %... 2.3% 2.1% 2.5% 1.1% 1.6% 1.7% 1.7% 1.8% 1.9% 2.0% Fully Diluted EPS..... $ 1.01 $ 0.90 $ 1.05 $ 0.53 $ 0.92 $ 1.01 $ 1.16 $ 1.34 $ 1.54 $ 1.75 Maintenance Capital Expenditures.. $5,130 $8,816 $4,800 $7,000 $7,000 $7,700 $8,470 $9,317 $10,249 $11,274 Expansionary Capital Expenditures..... 0 0 0 0 0 0 0 0 0 0 Total Capital Expenditures..... $5,130 $8,816 $4,800 $7,000 $7,000 $7,700 $8,470 $9,317 $10,249 $11,274 Net Interest Expense $4,436 $4,610 $4,510 $4,285 $4,011 $3,682 $3,331 (a) Free Cash Flow equals consolidated EBITDA less consolidated maintenance capital expenditures.

FINANCING ASSUMPTIONS PROJECT PHOENIX Case: Base Page 9 Financing Assumptions: Projected At Close 2008 2009 2010 2011 2012 2013 2014 Revolver 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% Senior Debt 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% Subordinated Debt 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Bridge Loan 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Notes Payable 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% Tax Rates: Assumed Blended Rate 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% Earned on Cash Balances 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Working Capital Analysis (a): Projected At Close 2008 2009 2010 2011 2012 2013 2014 Days Receivable 55.93 55.93 55.93 55.93 55.93 55.93 55.93 55.93 Accounts Receivable/Revenue 15.32% 15.32% 15.32% 15.32% 15.32% 15.32% 15.32% 15.32% Inventories/COS 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% Other Current Assets/Revenue 1.28% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Other Assets/Revenue 0.00% 0.30% 0.30% 0.30% 0.30% 0.30% 0.30% 0.30% Days Payable 35.57 34.84 34.84 34.84 34.84 34.84 34.84 34.84 Accounts Payable/COS 9.75% 9.55% 9.55% 9.55% 9.55% 9.55% 9.55% 9.55% Accrued Liabilities/Total Operating Expense 42.36% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% Other Accrued Expenses/Total Operating Expense 147.41% 141.35% 133.56% 121.42% 110.38% 100.35% 91.22% 82.93% (a) Working capital assumptions are based on management estimates.

INCOME STATEMENTS PROJECT PHOENIX Case: Base Page 10 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales 183,873 195,522 219,605 248,260 311,931 343,124 377,437 415,180 456,698 502,368 Direct costs 164,186 170,326 194,804 220,329 278,864 306,751 337,426 371,168 408,285 449,114 Gross Profit 19,687 25,196 24,801 27,930 33,067 36,373 40,011 44,012 48,413 53,254 Total Operating Expenses (d) 8,667 11,162 12,667 13,210 13,980 15,378 16,916 18,607 20,468 22,515 EBITDA (a) 11,020 14,034 12,134 14,720 19,087 20,995 23,095 25,405 27,945 30,739 Depreciation and Amortization 4,499 5,885 4,129 5,543 6,243 7,013 7,860 8,792 9,817 10,944 EBIT 6,521 8,148 8,005 9,177 12,844 13,982 15,235 16,613 18,128 19,795 Interest Expense: (b) Revolver (c) 325 1,041 1,484 1,801 2,069 2,282 1,931 Senior Debt 2,711 2,169 1,627 1,084 542 0 0 Subordinated Debt 2,000 2,000 2,000 2,000 2,000 2,000 2,000 Preferred Equity 0 0 0 0 0 0 0 Seller Note Payable 0 0 0 0 0 0 0 Interest Income (600) (600) (600) (600) (600) (600) (600) Total Interest Expense 4,436 4,610 4,510 4,285 4,011 3,682 3,331 Pretax Income 4,741 8,234 9,472 10,950 12,602 14,446 16,464 Income Taxes 1,896 3,293 3,789 4,380 5,041 5,778 6,586 Net Income 2,844 4,940 5,683 6,570 7,561 8,668 9,879 Number of Shares Outstanding 5,373 5,373 5,643 5,643 5,643 5,643 5,643 Fully Diluted EPS $ 0.53 $ 0.92 $ 1.01 $ 1.16 $ 1.34 $ 1.54 $ 1.75 Operating Margins: EBITDA Margin.. -— -— -— 5.9% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% EBIT Margin.. -— -— -— 3.7% 4.1% 4.1% 4.0% 4.0% 4.0% 3.9% NI Margin.. -— -— -— 1.1% 1.6% 1.7% 1.7% 1.8% 1.9% 2.0% (a) Excludes non-cash items. (b) Interest expense is calculated from the previous years’ debt balance. (c) Interest expense on the revolver is calculated on the previous years principal balance.

CASH FLOW ANALYSIS AND CAPITALIZATION TABLE PROJECT PHOENIX Case: Base Page 11 ($ in thousands except as otherwise noted) Projected 2008 2009 2010 2011 2012 2013 2014 EBITDA $14,720 $19,087 $20,995 $23,095 $25,405 $27,945 $30,739 LESS: Interest Expense 4,436 4,610 4,510 4,285 4,011 3,682 3,331 Income Tax 1,896 3,293 3,789 4,380 5,041 5,778 6,586 Preferred Dividends 0 0 0 0 0 0 0 Add: Non-Cash Interest Expense 0 0 0 0 0 0 0 Maintenance Capital Expenditures 7,000 7,000 7,700 8,470 9,317 10,249 11,274 Expansionary Capital Expenditures 0 0 0 0 0 0 0 Total Capital Expenditures 7,000 7,000 7,700 8,470 9,317 10,249 11,274 Changes in Other Assets 745 191 94 103 113 125 137 Changes in Other Liabilities 0 0 0 0 0 0 0 Increases (Decreases) in Working Capital 3,912 3,055 2,034 2,237 2,461 2,707 2,978 Cash Flow Available for Debt Amortization (3,269) 938 2,869 3,620 4,462 5,404 6,435 Scheduled Amortization: Senior Debt 7,746 7,746 7,746 7,746 7,746 0 0 Subordinated Debt 0 0 0 0 0 0 20,000 Bridge Loan 0 0 0 0 0 0 0 Notes Payable 0 0 0 0 0 0 0 Total Scheduled Amortization 7,746 7,746 7,746 7,746 7,746 0 20,000 Increase (Decrease) in Cash (11,015) (6,808) (4,877) (4,126) (3,284) 5,404 (13,565) Drawdown of Revolver 11,015 6,808 4,877 4,126 3,284 0 13,565 Paydown of Revolver 0 0 0 0 0 5,404 0 Net Increase (Decrease) in Cash 0 (0) 0 0 (0) 0 0 At Projected Capitalization Table: Closing 2008 2009 2010 2011 2012 2013 2014 Revolver $5,000 $16,015 $22,823 $27,700 $31,826 $35,110 $29,706 $43,272 Notes Payable 0 0 0 0 0 0 0 0 Senior Debt 38,730 30,984 23,238 15,492 7,746 0 0 0 Subordinated Debt 20,000 20,000 20,000 20,000 20,000 20,000 20,000 0 Seller note 0 0 0 0 0 0 0 0 Total Debt 63,730 66,999 66,061 63,192 59,572 55,110 49,706 43,272 Preferred Equity 0 0 0 0 0 0 0 0 Common Equity 44,301 47,146 52,086 57,769 64,339 71,900 80,568 90,446 Stockholders’ Equity 44,301 47,146 52,086 57,769 64,339 71,900 80,568 90,446 Total Capitalization $108,032 $114,145 $118,147 $120,962 $123,911 $127,011 $130,274 $133,718 Cash Balances $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000

BALANCE SHEETS PROJECT PHOENIX Case: Base Page 12 ($ in thousands except as otherwise noted) June 30, 2007 Unaudited Financing Adjustments At Projected 2007 Debit Credit Closing 2008 2009 2010 2011 2012 2013 2014 ASSETS Cash and Marketable Securities $25,816 $94,301 ($100,117) $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 Accounts Receivable 33,652 0 0 33,652 38,043 47,800 52,580 57,838 63,622 69,984 76,982 Inventories 1,251 0 0 1,251 1,415 1,791 1,970 2,167 2,384 2,622 2,884 Other Current and Intercompany 2,820 0 0 2,820 2,820 1,560 1,716 1,887 2,076 2,283 2,512 Total Current Assets 63,539 94,301 (100,117) 57,723 62,278 71,151 76,266 81,892 88,081 94,889 102,378 PP&E , net 36,493 0 0 36,493 43,493 50,493 58,193 66,663 75,980 86,229 97,503 Less Accumulated Depreciation 0 0 0 0 4,829 10,359 16,658 23,804 31,882 40,985 51,216 Net PP&E 36,493 0 0 36,493 38,664 40,135 41,535 42,859 44,098 45,244 46,287 Goodwill, net 0 52,493 0 52,493 52,493 52,493 52,493 52,493 52,493 52,493 52,493 Refundable Deposits 884 0 0 884 862 840 818 796 774 752 729 Claims Receivable 2,464 0 0 2,464 2,341 2,217 2,094 1,971 1,848 1,725 1,602 Note Receivable — less current portion 481 0 0 481 412 343 275 206 137 69 0 Capitalized Transaction Costs 0 3,500 0 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Other Assets 0 0 0 0 745 936 1,029 1,132 1,246 1,370 1,507 Total Assets $103,861 $150,294 ($100,117) $154,037 $160,794 $170,614 $176,510 $182,849 $189,676 $197,041 $204,996 LIABILITIES AND SHAREHOLDERS’ EQUITY Revolver 0 5,000 0 5,000 16,015 22,823 27,700 31,826 35,110 29,706 43,272 Accounts Payable 18,985 0 0 18,985 21,031 26,618 29,280 32,208 35,429 38,972 42,869 Accrued Liabilities 5,365 0 0 5,365 3,963 4,194 4,613 5,075 5,582 6,140 6,754 Other Current Liabilities 18,672 0 0 18,672 18,672 18,672 18,672 18,672 18,672 18,672 18,672 Total Current Liabilities 43,023 5,000 0 48,023 59,681 72,307 80,265 87,781 94,793 93,490 111,567 Total Debt: Other 0 0 0 0 0 0 0 0 0 0 0 Senior Debt 13,730 25,000 0 38,730 30,984 23,238 15,492 7,746 0 0 0 Subordinated Debt 0 20,000 0 20,000 20,000 20,000 20,000 20,000 20,000 20,000 0 Obligations under capital leases 8 0 0 8 8 8 8 8 8 8 8 Note Payable and Accrued Interest 0 0 0 0 0 0 0 0 0 0 0 Seller Note 0 0 0 0 0 0 0 0 0 0 0 Total Long-Term Debt 13,738 45,000 0 58,738 50,992 43,246 35,500 27,754 20,008 20,008 8 Other Liabilities 2,975 0 0 2,975 2,975 2,975 2,975 2,975 2,975 2,975 2,975 Total Liabilities 59,736 50,000 0 109,736 113,648 118,528 118,740 118,510 117,776 116,473 114,550 Shareholders’ Equity: Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 Investments in Subsidiaries (a) 12,571 0 (12,571) 0 0 0 0 0 0 0 0 Common Stock + APIC 19,230 44,301 (19,230) 44,301 44,301 44,301 44,301 44,301 44,301 44,301 44,301 Treasury Stock 0 0 0 0 0 0 0 0 0 0 0 Retained Earnings / (Loss) 12,324 0 (12,324) 0 2,844 7,785 13,468 20,038 27,599 36,266 46,145 Total Shareholders’ Equity 44,125 44,301 (44,125) 44,301 47,146 52,086 57,769 64,339 71,900 80,568 90,446 Total Lia. & SH Equity $103,861 $94,301 ($44,125) $154,037 $160,794 $170,614 $176,510 $182,849 $189,676 $197,041 $204,996 0 0 0 0 0 0 0 0 0 (a) Investments in subsidiaries goes to zero after deal closes, as Phoenix II becomes part of Phoenix I

DEBT CAPACITY PROJECT PHOENIX Case: Base Page 13 ($ in thousands except as otherwise noted) @ Closing Projected Eligible Advance Proforma 2008 2009 2010 2011 2012 2013 2014 Effective Accounts Receivable Advance Rate 90% 75% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% Effective Inventory Advance Rate 85% 65% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% Accounts Receivable 33,652 38,043 47,800 52,580 57,838 63,622 69,984 76,982 Inventory 1,251 1,415 1,791 1,970 2,167 2,384 2,622 2,884 Advance Against Accounts Receivable 22,715 25,679 32,265 35,491 39,041 42,945 47,239 51,963 Advance Against Inventories 691 782 989 1,088 1,197 1,317 1,449 1,594 Total Revolver Advance 23,406 26,461 33,254 36,580 40,238 44,262 48,688 53,557 Outstanding Revolver Balance 5,000 16,015 22,823 27,700 31,826 35,110 29,706 43,272 Total Net PP&E (BV) 36,493 38,664 40,135 41,535 42,859 44,098 45,244 46,287 Effective Advance Rate on Net PP&E 100% 50% 50% 50% 50% 50% 50% 50% 50% 50% Borrowing Base on Net PP&E 18,247 19,332 20,067 20,768 21,430 22,049 22,622 23,144 Senior Term Debt 0 0 0 0 0 0 0 0 Excess/(Shortfall) on Fixed Assets 18,247 19,332 20,067 20,768 21,430 22,049 22,622 23,144 Total Borrowing Availability 41,653 45,793 53,322 57,348 61,667 66,311 71,310 76,700 Total Senior Outstandings (Net Cash) 23,730 26,999 26,061 23,192 19,572 15,110 9,706 23,272 Excess Availability 17,923 18,794 27,260 34,155 42,095 51,200 61,603 53,428

DEBT SCHEDULE PROJECT PHOENIX Case: Base Page 14 ($ in thousands except as otherwise noted) At Projected Closing 2008 2009 2010 2011 2012 2013 2014 Revolver Beginning Balance $ 5,000 $ 16,015 $ 22,823 $ 27,700 $ 31,826 $ 35,110 $ 29,706 Interest Expense 6.5% 325 1,041 1,484 1,801 2,069 2,282 1,931 Additions 11,015 6,808 4,877 4,126 3,284 — 13,565 Reductions — - — - — 5,404 -Ending Balance 5,000 16,015 22,823 27,700 31,826 35,110 29,706 43,272 Senior Debt Beginning Balance $ 38,730 $ 30,984 $ 23,238 $ 15,492 $ 7,746 $ — $ -Interest Expense 7.0% 2,711 2,169 1,627 1,084 542 - - -Amortization 5 Years 7,746 7,746 7,746 7,746 7,746 Ending Balance 38,730 30,984 23,238 15,492 7,746 — - — Subordinated Debt Beginning Balance $ 20,000 $ 20,000 $ 20,000 $ 20,000 $ 20,000 $ 20,000 $ 20,000 Interest Expense 10.0% 2,000 2,000 2,000 2,000 2,000 2,000 2,000 Amortization — - - - - — - 20,000 Ending Balance 20,000 20,000 20,000 20,000 20,000 20,000 20,000 — Present Value of Note — - — - — -Discount Rate of Note 10.0% Income Taxes 40.0% 1,896 3,293 3,789 4,380 5,041 5,778 6,586 NOL — - — - — - -Net Income Taxes 1,896 3,293 3,789 4,380 5,041 5,778 6,586 NOL Beginning Balance $ — $ — $ — $ — $ — $ — $ -Additions — - — - — - -Reductions — - — - — - -Ending Balance Input Required—> — - — - — - — -

PRO FORMA AND OPERATING ASSUMPTIONS PROJECT PHOENIX Case: Base Page 16 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected Pro Forma Consolidated Operations 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales Internal Growth 183,873 195,522 219,605 248,260 311,931 343,124 377,437 415,180 456,698 502,368 External Growth            Total Net Sales 183,873 195,522 219,605 248,260 311,931 343,124 377,437 415,180 456,698 502,368 Direct Costs Internal Growth 164,186 170,326 194,804 220,329 278,864 306,751 337,426 371,168 408,285 449,114 Total Direct Costs 164,186 170,326 194,804 220,329 278,864 306,751 337,426 371,168 408,285 449,114 Gross Profit 19,687 25,196 24,801 27,930 33,067 36,373 40,011 44,012 48,413 53,254 SG&A 8,667 11,162 12,667 13,210 13,980 15,378 16,916 18,607 20,468 22,515 EBITDA (c ) 11,020 14,034 12,134 14,720 19,087 20,995 23,095 25,405 27,945 30,739 Depreciation & Amortization (a) 4,499 5,885 4,129 5,543 6,243 7,013 7,860 8,792 9,817 10,944 EBIT 6,521 8,148 8,005 9,177 12,844 13,982 15,235 16,613 18,128 19,795 Pro Forma FY Ended Projected Operating Assumptions 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales Growth NM 6.3% 12.3% 13.0% 25.6% 10.0% 10.0% 10.0% 10.0% 10.0% Cost of Sales % 89.3% 87.1% 88.7% 88.7% 89.4% 89.4% 89.4% 89.4% 89.4% 89.4% Gross Margin 10.7% 12.9% 11.3% 11.3% 10.6% 10.6% 10.6% 10.6% 10.6% 10.6% Variable SG&A % 4.7% 5.7% 5.8% 5.3% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% Total SG&A % 4.7% 5.7% 5.8% 5.3% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% EBITDA % 6.0% 7.2% 5.5% 5.9% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% Maintenance Capex            Maint. Capex (% of revenues) ... 2.79% 4.51% 2.19% 2.82% 2.24% 2.24% 2.24% 2.24% 2.24% 2.24% Capital Requirement ... 5,130 8,816 4,800 7,000 7,000 7,700 8,470 9,317 10,249 11,274 Expansionary Capex            Expansionary Capex (% of revenues) ... 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Expansionary Capex. 0 0 0 0 0 0 0 0 0 0 (a) Deprecition in 2007 is set equal to 2006

DEPRECIATION AND AMORTIZATION SCHEDULES PROJECT PHOENIX Case: Base Page 17 ($ in thousands except as otherwise noted) DEPRECIATION ON PP&E AT CLOSING PP&E @ Depreciable Projected Close Life 2007 2008 2009 2010 2011 2012 2013 2014 Total.... 36,493 10.0 $3,649 3,649 3,649 3,649 3,649 3,649 3,649 3,649 DEPRECIATION ON CAPITAL EXPENDITURES Capital Depreciable Projected Expenditure Life 2007 2008 2009 2010 2011 2012 2013 2014 4,800 10.0 $480 480 480 480 480 480 480 480 7,000 10.0 700 700 700 700 700 700 700 7,000 10.0 700 700 700 700 700 700 7,700 10.0 770 770 770 770 770 8,470 10.0 847 847 847 847 9,317 10.0 932 932 932 10,249 10.0 1,025 1,025 11,274 10.0 1,127 0 480 1,180 1,880 2,650 3,497 4,429 5,454 6,581 $4,129 $4,829 $5,529 $6,299 $7,146 $8,078 $9,103 $10,230 AMORTIZATION SCHEDULE Amortization Projected Amount Period 2008 2009 2010 2011 2012 2013 2014 Transaction Fee Amortization $3,500 7.0 $0 $500 $500 $500 $500 $500 $500 $500 Goodwill Amortization 52,493 0.0 $0 $0 $0 $0 $0 $0 $0 $0 Refundable Deposits Amortization 884 40.0 $0 $22 22 22 22 22 22 22 Donor Base and Records Amortization 2,464 20.0 $0 $123 123 123 123 123 123 123 Deferred Bond Amortization 481 7.0 $0 $69 69 69 69 69 69 69 Total Amortization $714 $714 $714 $714 $714 $714 $714 TOTAL DEPRECIATION & AMORTIZATION Projected 2008 2009 2010 2011 2012 2013 2014 Total Depreciation & Amortization $5,543 $6,243 $7,013 $7,860 $8,792 $9,817 $10,944

EX-99.(C)(15)

Exhibit (c)(15)

SCENARIO: Phoenix IV Buyout Analysis PROJECT PHOENIX 10/25/2007 9:10 AM Table of Contents Section Page Sources and Uses of Funds and Financing Terms 1 Implied Valuation at Various Offer Prices 2 Return Analysis 3 IRR Sensitivity Analysis 4 Model Assumptions 6 Pro Forma Coverages 7 Financial Summary 8 Financing Assumptions 9 Income Statements 10 Cash Flow Analysis and Capitalization Table 11 Balance Sheets 12 Debt Capacity 13 Debt Schedule 14 Supporting Data: Pro Forma and Operating Assumptions 16 Depreciation and Amortization Schedules 17 Structure Cash $ 5,385 Revolver 5,000 Senior Debt 25,000 Subordinated Debt 20,000 Bridge Loan 0 Preferred Stock 0 Common Stock 32,500 Total Sources of Funds $87,885 Case: Base

| | | | SOURCES AND USES OF FUNDS AND FINANCING TERMS            PROJECT PHOENIX Case: Base            Page 1 | | | | ($in thousands except as otherwise noted) TRANSACTION DATE 12/31/2007 Pro Forma % of            LTM SOURCES OF FUNDS $        Capital EBITDA Mult. Cash (c) $5,385 6.1% 0.4x Revolver 5,000 5.7% 0.8x Senior Debt 25,000 28.4% 2.7x Subordinated Debt 20,000 22.8% 4.2x Seller Note 0 0.0% 4.2x Preferred Stock 0 0.0% 4.2x Financial Sponsor Equity 32,500 37.0% 6.7x Total Sources of Funds $87,885 100.0% TRANSACTION SUMMARY DEBT SOURCES Amount Rate Revolver 5,000 6.50% Senior Debt 25,000 7.00% Subordinated Debt 20,000 10.00% EQUITY SOURCES Amount Ownership Management Equity from Stock & Option Roll-over * 5,700 14.9% Management Carry 0 15.0% Financial Sponsor 32,500 70.1% Total Equity $ 38,200.4 100.0% * Management Equity reflects the value of contributed shares and options at the offer price of $14.00 DEBT CAPACITY ANALYSIS LTM EBITDA PHX I $13,100 Debt/EBITDA Coverage 5.0x Implied Debt Capacity $65,500.0 Reg. T Loan 0.0% $ — Adj. Debt Capacity $65,500.0 Less Current Debt (18,369) Incremental Debt Capacity 47,131.3 SUMMARY CREDIT / LEVERAGE STATISTICS 2007 Pro Forma 2008 2009 Total Debt/EBITDA 5.0x 4.2x 4.0x EBITDA/Interest Expense 2.8x 3.3x 3.6x (EBITDA — Capex)/Interest Expense 1.7x 1.8x 2.1x USES OF FUNDS
Purchase of Phoenix I Common Equity $ 69,486 Refinance Senior Debt 0 Refinance Capital Lease Obligations 0 Tender of Phx II Shares 14,900 Other 0 Other 0 Transaction Fees and Expenses 3,500 Total Uses of Funds $87,885 TRADING INFORMATION / VALUATION Phoenix I Enterprise Value            Current @ Deal Share Price 10/24/2007 $12.25 $ 14.00 Fully Diluted Shares (a) 5,134 4,963 Equity Market Value $ 62,891 $ 69,486 Plus: Debt, Preferred & MI (b) $30,940 $14,900 Less: Cash $25,816 $0 Plus: Transaction Costs $0 $3,500 Enterprise Value $ 68,015 $ 87,885 Multiple Analysis Current @ Deal
LTM EBITDA 5.2x 6.7x 2007 P EBITDA 5.5x 7.1x 2008 E EBITDA 4.3x 5.6x 2009 E EBITDA 4.1x 5.3x 2008 E P/E 19.5x 26.2x 2009 E P/E 18.1x 24.3x Phoenix I ownership of Phx II: Share Price 10/24/2007 $12.15 $32,139.3 Shares Held 2,645.2 EQUITY SPONSOR IRR CALCULATION EBITDA Exit Multiple 2011 2012 2013 7.0x 20.5% 25.3% 30.1% 8.0x 26.3% 30.9% 35.7% 9.0x 31.3% 35.9% 40.6% GOODWILL CALCULATION Purchase Price of Equity $ 84,385.3 Less: Tangible Book Value of Phoenix II (44,124.9) $ 40,260.3 (a) Fully Diluted Shares equals 5,133,971 shares outstanding plus 212,989 exerciseable options/warrants less 383,708 management roll-over shares and equivalents
(b) At closing assumes net senior debt balance of 0 for Enterprise Calculation purposes due to restricted cash balance and the tender for Phoenix II shares at $12.75 per share (c) Available cash sets aside the $20M needed for bonding capacity

IMPLIED VALUATION AT VARIOUS OFFER PRICES            PROJECT PHOENIX Case: Base            Page 2 PHOENIX I Offer Price $13.00 $14.00 $14.50 $ 15.00 $ 15.50 $16.00 $ 16.50 $17.00 $17.50 $18.00 $ 19.00 Premium Calculation Premium to Current Price ($12.25) 6.1% 14.3% 18.4% 22.4% 26.5% 30.6% 34.7% 38.8% 42.9% 46.9% 55.1% 30 Trading Day Avg. Price (a) $12.19 Premium to 30 Day Avg. Price 6.6% 14.8% 18.9% 23.1% 27.2% 31.3% 35.4% 39.5% 43.6% 47.7% 55.9% 60 Trading Day Avg. Price (a) $12.61 Premium to 30 Day Avg. Price 3.1% 11.0% 15.0% 19.0% 22.9% 26.9% 30.8% 34.8% 38.8% 42.7% 50.7% 90 Trading Day Avg. Price (a) $12.99 Premium to 30 Day Avg. Price 0.1% 7.8% 11.6% 15.5% 19.3% 23.2% 27.0% 30.9% 34.7% 38.6% 46.3% 120 Trading Day Avg. Price (a) $13.08 Premium to 30 Day Avg. Price -0.6% 7.0% 10.9% 14.7% 18.5% 22.3% 26.1% 30.0% 33.8% 37.6% 45.3% Enterprise Value Calculation FD Shares Outstanding (b) 5,319 5,319 5,319 5,319 5,319 5,319 5,319 5,319 5,319 5,319 5,319 Implied Equity Value 69,146 74,465 77,125 79,784 82,444 85,103 87,763 90,422 93,082 95,741 101,060 Plus: Net Debt as of 6/30/07 12,560 12,560 12,560 12,560 12,560 12,560 12,560 12,560 12,560 12,560 12,560 Less: Assumed Cash from Option Exercise (b) 948 2,543 2,543 2,543 2,543 2,543 2,543 2,543 2,543 2,543 2,543 Implied Enterprise Value $ 80,759 $ 84,482 $ 87,142 $ 89,801 $ 92,461 $ 95,120 $ 97,780 $ 100,439 $ 103,099 $ 105,758 $ 111,077 Implied Valuation Multiples LTM Revenue 202,760 0.40 x 0.42 x 0.43 x 0.44 x 0.46 x 0.47 x 0.48 x 0.50 x 0.51 x 0.52 x 0.55 x 2007 P Revenue 212,672 0.38 x 0.40 x 0.41 x 0.42 x 0.43 x 0.45 x 0.46 x 0.47 x 0.48 x 0.50 x 0.52 x FY2008E Revenue (c) 246,382 0.33 x 0.34 x 0.35 x 0.36 x 0.38 x 0.39 x 0.40 x 0.41 x 0.42 x 0.43 x 0.45 x FY2009E Revenue (c) 301,248 0.27 x 0.28 x 0.29 x 0.30 x 0.31 x 0.32 x 0.32 x 0.33 x 0.34 x 0.35 x 0.37 x LTM EBITDA 13,100 6.16 x 6.45 x 6.65 x 6.86 x 7.06 x 7.26 x 7.46 x 7.67 x 7.87 x 8.07 x 8.48 x 2007 P EBITDA 12,352 6.54 x 6.84 x 7.05 x 7.27 x 7.49 x 7.70 x 7.92 x 8.13 x 8.35 x 8.56 x 8.99 x FY2008E EBITDA (c) 15,661 5.16 x 5.39 x 5.56 x 5.73 x 5.90 x 6.07 x 6.24 x 6.41 x 6.58 x 6.75 x 7.09 x FY2009E EBITDA (c) 16,591 4.87 x 5.09 x 5.25 x 5.41 x 5.57 x 5.73 x 5.89 x 6.05 x 6.21 x 6.37 x 6.70 x (a) Based on average closing prices for the respective periods as of 10/24/07. (b) Assumes that all in-the-money options convert to common shares: cash from option exercise is assumed to be added to Phoenix II balance sheet. (c) Projections as provided by Phoenix I management.

RETURN ANALYSIS            PROJECT PHOENIX Case: Base            Page 3 ($in thousands except as otherwise noted) EXIT YEAR 12/31/2011 12/31/2012 12/31/2013 Exit Multiple 7.0x8.0x 9.0x7.0x 8.0x9.0x 7.0x8.0x 9.0x Exit Year EBITDA$20,075 $20,075 $20,075 $22,083 $22,083$22,083$24,291 $24,291 $24,291 Exit Year Enterprise Value$140,525.5 $160,600.6 $180,675.7 $154,578.1 $176,660.7 $198,743.2 $170,035.9 $194,326.7 $218,617.6 Less: Net Debt ($42,692.7) ($42,692.7) ($42,692.7) ($40,242) ($40,242) ($40,242) ($37,114) ($37,114) ($37,114) Common Equity Value $97,832.9 $117,908.0 $137,983.0 $114,335.6 $136,418.2 $158,500.8 $132,921.6 $157,212.5 $181,503.3 % Initial Equity Source/HolderOwnership Investment Equity Value of Holding and Implied IRR Management 29.9% $5,700.2 $29,273.4 $35,280.2 $41,287.0 $34,211.3 $40,818.8 $ 47,426.3 $39,772.6 $47,040.8 $54,309.1 IRR 50.5% 57.7% 64.0% 56.5% 63.5% 69.8% 62.5% 69.4% 75.6% New Equity Sponsor 70.1% 32,500.2 $68,559.5 $82,627.8 $96,696.0 $80,124.3 $95,599.4 $111,074.5 $93,149.0 $110,171.6 $127,194.2 IRR 20.5% 26.3% 31.3%25.3%30.9% 35.9% 30.1% 35.7% 40.6%

NEW EQUITY SPONSOR IRR SENSITIVITY ANALYSIS            PROJECT PHOENIX Case: Base            Page 4 ($in thousands except as otherwise noted) PURCHASE PRICE PER SHARE $14.00 $ 14.50 $ 15.00 $ 15.50 $ 16.00 $ 16.50 $ 17.00 $ 17.50 Implied Premium 14.3% 18.4% 22.4% 26.5% 30.6% 34.7% 38.8% 42.9% (based on Phoenix I price of $12.25 on 10/24/07) Exit Year: 2011 Exit Multiple 5.0 x 5.6% 3.8% 2.1% 0.6% -0.8% -2.1% -3.4% -4.5% 6.0 x ... 13.8% 11.8% 10.1% 8.4% 6.9% 5.4% 4.1% 2.8% 7.0 x ... 20.5% 18.4% 16.6% 14.8% 13.2% 11.7% 10.3% 8.9% 8.0 x ... 26.3% 24.1% 22.1% 20.3% 18.6% 17.0% 15.5% 14.1% 9.0 x ... 31.3% 29.1% 27.0% 25.1% 23.3% 21.7% 20.1% 18.7% Exit Year: 2012 Exit Multiple 5.0 x 10.9% 9.0% 7.3% 5.7% 4.2% 2.8% 1.5% 0.2% 6.0 x ... 18.7% 16.7% 14.9% 13.1% 11.5% 10.0% 8.7% 7.3% 7.0 x ... 25.3% 23.2% 21.2% 19.4% 17.7% 16.1% 14.6% 13.2% 8.0 x ... 30.9% 28.7% 26.7% 24.8% 23.0% 21.3% 19.8% 18.4% 9.0 x ... 35.9% 33.6% 31.5% 29.5% 27.7% 26.0% 24.4% 22.9% Exit Year: 2013 Exit Multiple 5.0 x 20.7% 18.3% 16.1% 14.1% 12.3% 10.6% 9.1% 6.2% 6.0 x ... 28.5% 26.0% 23.7% 21.6% 19.6% 17.9% 16.2% 13.2% 7.0 x ... 35.2% 32.5% 30.1% 27.9% 25.8% 24.0% 22.2% 19.0% 8.0 x ... 41.0% 38.2% 35.7% 33.4% 31.2% 29.3% 27.4% 24.1% 9.0 x ... 46.1% 43.2% 40.6% 38.2% 36.0% 34.0% 32.1% 28.7%

NEW EQUITY SPONSOR IRR SENSITIVITY ANALYSIS            PROJECT PHOENIX Case: Base ($ in thousands except as otherwise noted) Implied Purchase Price per Share Implied Prem. to Current Phoenix I Price based on EBITDA Exit Multiple of: based on EBITDA Exit Multiple of: 7.0x 8.0x 9.0x 7.0x 8.0x 9.0x IRR Exit Year

25.0% 2011 $14.66 $ 16.13 $ 17.60 19.7% 31.7% 43.7% 2012 $15.98 $ 17.59 $ 19.22 30.4% 43.6% 56.9% 2013 $ 17.45 $ 19.23 $ 21.02 42.5% 57.0% 71.6% 30.0% 2011 $13.54 $ 14.78 $ 16.05 10.6% 20.7% 31.0% 2012 $14.67 $ 16.03 $ 17.42 19.7% 30.9% 42.2% 2013 $ 15.93 $ 17.44 $ 18.96 30.1% 42.3% 54.8% 35.0% 2011 $12.61 $ 13.68 $ 14.76 2.9% 11.6% 20.5% 2012 $13.57 $ 14.75 $ 15.94 10.8% 20.4% 30.2% 2013 $ 14.66 $ 15.96 $ 17.27 19.7% 30.3% 41.0%

MODEL ASSUMPTIONS            PROJECT PHOENIX Case: Base            Page 6 ro Forma Merger Overview Phoenix I Phoenix I Phoenix I Stand Alone @ 2014 @ LBO Deal Number of Existing Common Shares Outstanding 5,130 5,130 5,130 Existing Number of Options/Warrants 319 319 319 Average Exercise Price Per Share $5.00 $ 5.00 $5.00 11 176 Treasury Method Adjustment 189 240 205 Existing Number of Options/Warrants 75 75 75 Average Exercise Price Per Share $ 12.60 $ 12.60 $ 12.60 Treasury Method Adjustment 0 28 8 Existing Number of Options/Warrants 0 0 0 Average Exercise Price Per Share $ — $- $ -Treasury Method Adjustment 0 0 0 Existing Number of Options/Warrants 0 0 0 Average Exercise Price Per Share $ — $- $ -Treasury Method Adjustment 0 0 0 Fully Diluted Shares 5,319 5,397 5,343 Current Market Price Per Share $ 12.25 $ 20.00 $ 14.00 Date of Current Market 10/24/2007 10/24/2007 10/24/2007

PRO FORMA COVERAGES            PROJECT PHOENIX Case: Base            Page 7 ($in thousands except as otherwise noted) PRO FORMA COVERAGES Pro Forma Fiscal Year Ended Expected            Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

EBITDA/Interest 2.3 x 3.0 x 2.6 x 3.3 x 3.6 x 4.0 x 4.6 x 5.2 x 6.0 x 7.0 x FCF/Interest 1.2 x 1.1 x 1.6 x 1.8 x 2.1 x 2.3 x 2.6 x 3.0 x 3.5 x 4.1 x Senior Debt/EBITDA 4.4 x 3.4 x 3.9 x 3.5 x 2.8 x 2.0 x 1.4 x 0.9 x 0.8 x 0.0 x Senior Debt/FCF (a) 8.2 x 9.3 x 6.4 x 5.3 x 4.8 x 4.2 x 3.7 x 3.2 x 2.6 x 3.4 x Total Debt/EBITDA 6.2 x 4.9 x 5.5 x 4.2 x 4.0 x 3.5 x 3.1 x 2.7 x 2.4 x 2.0 x Total Debt/FCF (a) 11.6 x 13.1 x 9.1 x 7.6 x 6.9 x 6.1 x 5.4 x 4.7 x 4.1 x 3.4 x Proforma Net Debt/EBITDA 4.4 x 3.4 x 3.9 x 2.9 x 2.8 x 2.4 x 2.1 x 1.8 x 1.5 x 1.2 x Proforma Net Debt/FCF (a) 8.1 x 9.2 x 6.3 x 5.3 x 4.8 x 4.2 x 3.7 x 3.2 x 2.6 x 2.2 x FCF/Total Debt Service (a) 0.4 x 0.4 x 0.6 x 0.7 x 0.7 x 0.8 x 0.9 x 1.0 x 3.7 x 0.8 x At Close Excess Availability 13,715 20,389 27,394 32,722 38,879 45,963 54,080 43,321 (a) FCF represents EBITDA less maintenance capital expenditures.

FINANCIAL SUMMARY            PROJECT PHOENIX Case: Base            Page8 ($in thousands except as otherwise noted) Pro Forma FY Ended            Expected            Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Revenues $183,873 $195,522 $212,672 $246,382 $301,248 $331,373 $364,510 $400,961 $441,057 $485,163 Revenue GrowthNMNM            NM 15.9% 22.3% 10.0% 10.0% 10.0% 10.0% 10.0% EBITDA $11,020 $14,034 $12,352 $15,661 $16,591 $18,250 $20,075 $22,083 $24,291 $26,720 EBITDA Margin6.0%7.2% 5.8% 6.4% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% EBIT $6,521 $8,148 $8,223 $10,118 $10,348 $11,237 $12,215 $13,291 $14,474 $15,776 EBIT Margin3.5%4.2% 3.9% 4.1% 3.4% 3.4% 3.4% 3.3% 3.3% 3.3% FCF (a) $5,890 $5,217 $7,552 $8,661 $9,591 $10,550 $11,605 $12,766 $14,042 $15,446 FCF GrowthNM-11.4% 44.7% 14.7% 10.7% 10.0% 10.0% 10.0% 10.0% 10.0% Net Income $4,204 $ 4,166 $ 5,558 $3,222 $3,468 $4,036 $4,700 $5,443 $6,275 $7,178 Net Income %2.3%2.1% 2.6% 1.3% 1.2% 1.2% 1.3% 1.4% 1.4% 1.5% Fully Diluted EPS $1.01 $ 0.90 $ 1.05 $ 0.60 $ 0.65 $ 0.75 $ 0.87 $ 1.01 $ 1.16 $ 1.33 Maintenance Capital Expenditures $5,130 $8,816 $4,800 $7,000 $7,000 $7,700 $8,470 $9,317 $10,249 $11,274 Expansionary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 Total Capital Expenditures $5,130 $8,816 $4,800 $7,000 $7,000 $7,700 $8,470 $9,317 $10,249 $11,274 Net Interest Expense . $4,748 $4,568 $4,510 $4,382 $4,218 $4,016 $3,812 (a) Free Cash Flow equals consolidated EBITDA less consolidated maintenance capital expenditures.

FINANCING ASSUMPTIONS            PROJECT PHOENIX Case: Base            Page9 Financing Assumptions: Projected At Close 2008 2009 2010 2011 2012 2013 2014 Revolver 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% Senior Debt 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% Subordinated Debt 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Bridge Loan 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Notes Payable 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% Tax Rates: Assumed Blended Rate 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% Earned on Cash Balances 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Working Capital Analysis (a): Projected At Close 2008 2009 2010 2011 2012 2013 2014 Days Receivable 57.76 57.76 57.76 57.76 57.76 57.76 57.76 57.76 Accounts Receivable/Revenue 15.82% 15.82% 15.82% 15.82% 15.82% 15.82% 15.82% 15.82% Inventories/COS 0.66% 0.66% 0.66% 0.66% 0.66% 0.66% 0.66% 0.66% Other Current Assets/Revenue 1.33% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Other Assets/Revenue 0.00% 0.30% 0.30% 0.30% 0.30% 0.30% 0.30% 0.30% Days Payable 36.78 34.84 34.84 34.84 34.84 34.84 34.84 34.84 Accounts Payable/COS 10.08% 9.55% 9.55% 9.55% 9.55% 9.55% 9.55% 9.55% Accrued Liabilities/Total Operating Expense 45.01% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% Other Accrued Expenses/Total Operating Expense 117.72% 162.37% 153.30% 139.36% 126.69% 115.18% 104.71% 95.19%
(a) Working capital assumptions are based on management estimates.

INCOME STATEMENTS            PROJECT PHOENIX Case: Base            Page 10 ($in thousands except as otherwise noted) Pro Forma FY Ended            Expected            Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales 183,873 195,522 212,672 246,382 301,248 331,373 364,510 400,961 441,057 485,163 Direct costs 164,186 170,326 188,399 219,221 272,477 299,725 329,697 362,667 398,934 438,827 Gross Profit 19,687 25,196 24,273 27,161 28,771 31,648 34,813 38,294 42,124 46,336 Total Operating Expenses (d) 8,667 11,162 11,921 11,500 12,180 13,398 14,738 16,212 17,833 19,616 EBITDA (a) 11,020 14,034 12,352 15,661 16,591 18,250 20,075 22,083 24,291 26,720 Depreciation and Amortization 4,499 5,885 4,129 5,543 6,243 7,013 7,860 8,792 9,817 10,944 EBIT 6,521 8,148 8,223 10,118 10,348 11,237 12,215 13,291 14,474 15,776 Interest Expense: (b) Revolver (c) 325 739 1,289 1,767 2,211 2,616 2,412 Senior Debt 3,036 2,429 1,821 1,214 607 0 0 Subordinated Debt 2,000 2,000 2,000 2,000 2,000 2,000 2,000 Preferred Equity 0 0 0 0 0 0 0 Seller Note Payable 0 0 0 0 0 0 0 Interest Income (613) (600) (600) (600) (600) (600) (600) Total Interest Expense 4,748 4,568 4,510 4,382 4,218 4,016 3,812 Pretax Income 5,370 5,780 6,727 7,833 9,072 10,458 11,963 Income Taxes 2,148 2,312 2,691 3,133 3,629 4,183 4,785 Net Income 3,222 3,468 4,036 4,700 5,443 6,275 7,178 Number of Shares Outstanding 5,343 5,343 5,397 5,397 5,397 5,397 5,397 Fully Diluted EPS $0.60 $ 0.65 $ 0.75 $ 0.87 $ 1.01 $ 1.16 $ 1.33 Operating Margins: EBITDA Margin -— -— -— 6.4% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% EBIT Margin -— -— -— 4.1% 3.4% 3.4% 3.4% 3.3% 3.3% 3.3% NI Margin -— -— -— 1.3% 1.2% 1.2% 1.3% 1.4% 1.4% 1.5% (a) Excludes non-cash items. (b) Interest expense is calculated from the previous years’ debt balance. (c) Interest expense on the revolver is calculated on the previous years principal balance.

CASH FLOW ANALYSIS AND CAPITALIZATION TABLE            PROJECT PHOENIX Case: Base            Page 11 ($in thousands except as otherwise noted) Projected 2008 2009 2010 2011 2012 2013 2014 EBITDA $15,661 $16,591 $18,250 $20,075 $22,083 $24,291 $26,720 LESS: Interest Expense 4,748 4,568 4,510 4,382 4,218 4,016 3,812 Income Tax 2,148 2,312 2,691 3,133 3,629 4,183 4,785 Preferred Dividends 0 0 0 0 0 0 0 Add: Non-Cash Interest Expense 0 0 0 0 0 0 0 Maintenance Capital Expenditures 7,000 7,000 7,700 8,470 9,317 10,249 11,274 Expansionary Capital Expenditures 0 0 0 0 0 0 0 Total Capital Expenditures 7,000 7,000 7,700 8,470 9,317 10,249 11,274 Changes in Other Assets 739 16590 99109 120132 Changes in Other Liabilities0 000 0 0 0 Increases (Decreases) in Working Capital (849) 2,332 1,949 2,144 2,359 2,595 2,854 Cash Flow Available for Debt Amortization 1,875 214 1,309 1,846 2,450 3,128 3,862 Scheduled Amortization: Senior Debt 8,674 8,674 8,674 8,674 8,674 0 0 Subordinated Debt 0 0 0 0 0 0 20,000 Bridge Loan 0 0 0 0 0 0 0 Notes Payable 0 0 0 0 0 0 0 Total Scheduled Amortization 8,674 8,674 8,674 8,674 8,674 0 20,000 Increase (Decrease) in Cash (6,799) (8,459) (7,364) (6,827) (6,224) 3,128 (16,138) Drawdown of Revolver 6,368 8,459 7,364 6,827 6,224 016,138 Paydown of Revolver 0 0 0 0 0 3,128 0 Net Increase (Decrease) in Cash (431) 0 0 0 0 0 0 At            Projected Capitalization Table: Closing 2008 2009 2010 2011 2012 2013 2014 Revolver $5,000 $11,368 $19,827 $27,192 $34,019 $40,242 $37,114 $53,252 Notes Payable 0 0 0 0 0 0 0 0 Senior Debt 43,369 34,695 26,021 17,347 8,674 0 0 0 Subordinated Debt 20,000 20,000 20,000 20,000 20,000 20,000 20,000 0 Seller note 0 0 0 0 0 0 0 0 Total Debt 68,369 66,063 65,848 64,539 62,693 60,242 57,114 53,252 Preferred Equity 00 00 00 00 Common Equity32,50035,722 39,190 43,226 47,926 53,369 59,644 66,822 Stockholders’ Equity 32,500 35,722 39,190 43,226 47,926 53,369 59,644 66,822 Total Capitalization $100,869 $101,785 $105,039 $107,765 $110,619 $113,612 $116,758 $120,074 Cash Balances $20,431 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000

     

BALANCE SHEETS            PROJECT PHOENIX Case: Base            Page 12 ($in thousands except as otherwise noted) June 30, 2007 Unaudited Financing Adjustments            At            Projected 2007 Debit            Credit            Closing 2008 2009 2010 2011 2012 2013 2014 ASSETS Cash and Marketable Securities (a) $25,816 $82,500 ($87,885) $20,431 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 Accounts Receivable 33,652 0 0 33,652 38,986 47,668 52,434 57,678 63,446 69,790 76,769 Inventories 1,251 0 0 1,251 1,456 1,809 1,990 2,189 2,408 2,649 2,914 Other Current and Intercompany 2,820 0 0 2,820 2,820 1,506 1,657 1,823 2,005 2,205 2,426 Total Current Assets 63,539 82,500 (87,885) 58,154 63,262 70,983 76,082 81,690 87,859 94,645 102,109 PP&E , net 36,493 0 0 36,493 43,493 50,493 58,193 66,663 75,980 86,229 97,503 Less Accumulated Depreciation 0 0 0 0 4,829 10,359 16,658 23,804 31,882 40,985 51,216 Net PP&E 36,493 0 0 36,493 38,664 40,135 41,535 42,859 44,098 45,244 46,287 Goodwill, net 040,260 0 40,260 40,260 40,260 40,260 40,260 40,260 40,260 40,260 Refundable Deposits 884 0 0 884 862 840 818 796 774 752729 Claims Receivable 2,464 0 0 2,464 2,341 2,217 2,094 1,971 1,848 1,725 1,602 Note Receivable — less current portion 481 0 0 481 412 343 275 206 137 69 0 Capitalized Transaction Costs0 3,500 0 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Other Assets 0 0 0 0 739 904 994 1,094 1,203 1,323 1,455 Total Assets $103,861 $126,261 ($87,885) $142,236 $149,540 $158,183 $164,058 $170,375 $177,179 $184,517 $192,443 LIABILITIES AND SHAREHOLDERS’ EQUITY Revolver 0 5,000 0 5,000 11,368 19,827 27,192 34,019 40,242 37,114 53,252 Accounts Payable 18,985 0 0 18,985 20,925 26,009 28,609 31,470 34,617 38,079 41,887 Accrued Liabilities 5,365 0 0 5,365 5,175 5,481 6,029 6,632 7,295 8,025 8,827 Other Current Liabilities 14,034 0 0 14,034 18,672 18,672 18,672 18,672 18,672 18,672 18,672 Total Current Liabilities 38,384 5,000 0 43,384 56,140 69,989 80,502 90,793 100,827 101,890 122,638 Total Debt: Other 0 0 0 0 0 0 0 0 0 0 0 Senior Debt 18,369 25,000 0 43,369 34,695 26,021 17,347 8,674 0 0 0 Subordinated Debt 0 20,000 0 20,000 20,000 20,000 20,000 20,000 20,000 20,000 0 Obligations under capital leases 8 0 0 8 8 8 8 8 8 8 8 Note Payable and Accrued Interest 0 0 0 0 0 0 0 0 0 0 0 Seller Note 0 0 0 0 0 0 0 0 0 0 0 Total Long-Term Debt 18,376 45,000 0 63,376 54,703 46,029 37,355 28,682 20,008 20,008 8 Other Liabilities 2,975 0 0 2,975 2,975 2,975 2,975 2,975 2,975 2,975 2,975 Total Liabilities 59,736 50,000 0 109,736 113,818 118,993 120,832 122,450 123,810 124,873 125,621
Shareholders’ Equity: Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 Investments in Subsidiaries (a) 12,571 0 (12,571) 0 0 0 0 0 0 0 0 Common Stock + APIC 19,230 32,500 (19,230) 32,500 32,500 32,500 32,500 32,500 32,500 32,500 32,500 Treasury Stock 0 0 0 0 0 0 0 0 0 0 0 Retained Earnings / (Loss) 12,324 0 (12,324) 0 3,222 6,690 10,726 15,426 20,869 27,144 34,322 Total Shareholders’ Equity 44,125 32,500 (44,125) 32,500 35,722 39,190 43,226 47,926 53,369 59,644 66,822 Total Lia. & SH Equity $103,861 $82,500 ($44,125) $142,236 $149,540 $158,183 $164,058 $170,375 $177,179 $184,517 $192,443 0 0 0 0 0 0 0 0 0 (a) Investments in subsidiaries goes to zero after deal closes, as Phoenix II becomes part of Phoenix I. Cash balance adjusted to reflect recent open market purchases of Phoenix II shares.

DEBT CAPACITY            PROJECT PHOENIX Case: Base            Page13 ($in thousands except as otherwise noted) @ Closing            Projected Eligible            Advance            Proforma 2008 2009 2010 2011 2012 2013 2014 Effective Accounts Receivable Advance Rate 90% 75% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% Effective Inventory Advance Rate 85% 65% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% Accounts Receivable 33,652 38,986 47,668 52,434 57,678 63,446 69,790 76,769 Inventory1,2511,456 1,809 1,990 2,189 2,408 2,649 2,914 Advance Against Accounts Receivable 22,715 26,316 32,176 35,393 38,933 42,826 47,108 51,819 Advance Against Inventories 691 804 1,000 1,100 1,210 1,331 1,464 1,610 Total Revolver Advance 23,406 27,120 33,175 36,493 40,142 44,156 48,572 53,429 Outstanding Revolver Balance 5,000 11,368 19,827 27,192 34,019 40,242 37,114 53,252 Total Net PP&E (BV) 36,493 38,664 40,135 41,535 42,859 44,098 45,244 46,287 Effective Advance Rate on Net PP&E 100% 50% 50% 50% 50% 50% 50% 50% 50% 50% Borrowing Base on Net PP&E 18,247 19,332 20,067 20,768 21,430 22,049 22,622 23,144 Senior Term Debt 0 0 0 0 0 0 0 0 Excess/(Shortfall) on Fixed Assets 18,247 19,332 20,067 20,768 21,430 22,049 22,622 23,144 Total Borrowing Availability 41,653 46,452 53,243 57,261 61,572 66,205 71,194 76,573 Total Senior Outstandings (Net Cash) 27,938 26,063 25,848 24,539 22,693 20,242 17,114 33,252 Excess Availability 13,715 20,389 27,394 32,722 38,879 45,963 54,080 43,321

DEBT SCHEDULE            PROJECT PHOENIX Case: Base            Page 14 ($in thousands except as otherwise noted) At            Projected Closing 2008 2009 2010 2011 2012 2013 2014 Revolver Beginning Balance $ 5,000 $ 11,368 $ 19,827 $ 27,192 $ 34,019 $ 40,242 $ 37,114 Interest Expense 6.5% 325 739 1,289 1,767 2,211 2,616 2,412 Additions 6,368 8,459 7,364 6,827 6,224 — 16,138 Reductions — - — - — 3,128 -Ending Balance 5,000 11,368 19,827 27,192 34,019 40,242 37,114 53,252 Senior Debt Beginning Balance$ 43,369 $ 34,695 $26,021 $17,347 $ 8,674 $ — $ -Interest Expense 7.0% 3,036 2,429 1,821 1,214 607 — -Amortization 5 Years 8,674 8,674 8,674 8,674 8,674 Ending Balance 43,369 34,695 26,021 17,347 8,674 — — - Subordinated Debt Beginning Balance$ 20,000 $ 20,000 $20,000 $ 20,000 $20,000 $20,000 $20,000 Interest Expense 10.0% 2,000 2,000 2,000 2,000 2,000 2,000 2,000 Amortization — — — — — — 20,000 Ending Balance 20,000 20,000 20,000 20,000 20,000 20,000 20,000 - Present Value of Note- - — — — -Discount Rate of Note 10.0% Income Taxes40.0% 2,148 2,312 2,691 3,133 3,629 4,183 4,785 NOL — — — — — — -Net Income Taxes 2,148 2,312 2,691 3,133 3,629 4,183 4,785 NOL Beginning Balance $- $ — $ — $ — $ — $ — $ -Additions — — — — — — -Reductions — — — — — — - Ending BalanceInput Required—>- — — — — — — -

PRO FORMA AND OPERATING ASSUMPTIONS            PROJECT PHOENIX Case: Base            Page 16 Pro Forma FY Ended            Expected            Projected Pro Forma Consolidated Operations 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales Internal Growth 183,873 195,522 212,672 246,382 301,248 331,373 364,510 400,961 441,057 485,163 External Growth Total Net Sales 183,873 195,522 212,672 246,382 301,248 331,373 364,510 400,961 441,057 485,163 Direct Costs Internal Growth 164,186 170,326 188,399 219,221 272,477 299,725 329,697 362,667 398,934 438,827 Total Direct Costs 164,186 170,326 188,399 219,221 272,477 299,725 329,697 362,667 398,934 438,827 Gross Profit 19,687 25,196 24,273 27,161 28,771 31,648 34,813 38,294 42,124 46,336 SG&A 8,667 11,162 11,921 11,500 12,180 13,398 14,738 16,212 17,833 19,616 EBITDA (c ) 11,020 14,034 12,352 15,661 16,591 18,250 20,075 22,083 24,291 26,720 Depreciation & Amortization (a) 4,499 5,885 4,129 5,543 6,243 7,013 7,860 8,792 9,81710,944 EBIT 6,521 8,148 8,223 10,118 10,348 11,237 12,215 13,291 14,474 15,776 Pro Forma FY Ended            Projected Operating Assumptions 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales Growth            NM 6.3% 8.8% 15.9% 22.3% 10.0% 10.0% 10.0% 10.0% 10.0% Cost of Sales % 89.3% 87.1% 88.6% 89.0% 90.4% 90.4% 90.4% 90.4% 90.4% 90.4% Gross Margin 10.7% 12.9% 11.4% 11.0% 9.6% 9.6% 9.6% 9.6% 9.6% 9.6% Variable SG&A % 4.7% 5.7% 5.6% 4.7% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% Total SG&A % 4.7% 5.7% 5.6% 4.7% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% EBITDA % 6.0% 7.2% 5.8% 6.4% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% Maintenance Capex Maint. Capex (% of revenues) 2.79% 4.51% 2.26% 2.84% 2.32% 2.32% 2.32% 2.32% 2.32% 2.32% Capital Requirement 5,130 8,816 4,800 7,000 7,000 7,700 8,470 9,317 10,249 11,274 Expansionary Capex Expansionary Capex (% of revenues) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Expansionary Capex 0 0 0 0 0 0 0 0 0 0 (a) Deprecition in 2007 is set equal to 2006

DEPRECIATION AND AMORTIZATION SCHEDULES            PROJECT PHOENIX Case: Base            Page 17 ($in thousands except as otherwise noted) DEPRECIATION ON PP&E AT CLOSING PP&E @ Depreciable Projected Close            Life 2007 2008 2009 2010 2011 2012 2013 2014 Total ... 36,493 10.0 $3,649 3,649 3,649 3,649 3,649 3,649 3,649 3,649 DEPRECIATION ON CAPITAL EXPENDITURES Capital            Depreciable Projected Expenditure            Life 2007 2008 2009 2010 2011 2012 2013 2014 4,800 10.0 $480 480 480 480 480 480 480 480 7,000 10.0 700 700 700 700 700 700 700 7,000 10.0 700 700 700 700 700 700 7,700 10.0 770 770 770 770 770 8,470 10.0 847 847 847 847 9,317 10.0 932 932 932 10,249 10.0 1,025 1,025 11,274 10.0 1,127 0 480 1,180 1,880 2,650 3,497 4,429 5,454 6,581 $4,129 $4,829 $5,529 $6,299 $7,146 $8,078 $9,103 $10,230 AMORTIZATION SCHEDULE Amortization Projected Amount            Period 2008 2009 2010 2011 2012 2013 2014 Transaction Fee Amortization $3,500 7.0 $0 $500 $500 $500 $500 $500 $500 $500 Goodwill Amortization 40,260 0.0 $0 $0 $0 $0 $0 $0 $0 $0 Refundable Deposits Amortization 884 40.0 $0 $22 22 22 22 22 22 22 Donor Base and Records Amortization 2,464 20.0 $0 $123 123 123 123 123 123 123 Deferred Bond Amortization 481 7.0 $0 $69 69 69 69 69 69 69 Total Amortization $714 $714 $714 $714 $714 $714 $714 TOTAL DEPRECIATION & AMORTIZATION Projected 2008 2009 2010 2011 2012 2013 2014 Total Depreciation & Amortization $5,543 $6,243 $7,013 $7,860 $8,792 $9,817 $10,944

EX-99.(C)(16)

Exhibit (c)(16)

SCENARIO: Phoenix I Buyout Analysis 1/15/2008 10:32 AM Table of Contents Section Page Sources and Uses of Funds and Financing Terms 1 Implied Valuation at Various Offer Prices 2 Return Analysis 3 IRR Sensitivity Analysis 4 Model Assumptions 6 Pro Forma Coverages 7 Financial Summary 8 Financing Assumptions 9 Income Statements 10 Cash Flow Analysis and Capitalization Table 11 Balance Sheets 12 Debt Capacity 13 Debt Schedule 14 Supporting Data: Pro Forma and Operating Assumptions 15 Depreciation and Amortization Schedules 16 Structure Cash $0 Revolver 0 Senior Debt 18,000 Subordinated Debt 7,000 Bridge Loan 0 Preferred Stock 29,792 Common Stock 0 Total Sources of Funds $54,792 Case: Sell PHX II

SOURCES AND USES OF FUNDS AND FINANCING TERMS PROJECT PHOENIX Case: Sell PHX II Page 1 ($ in thousands except as otherwise noted) TRANSACTION DATE 1/31/2008 Pro Forma % of LTM SOURCES OF FUNDS $        Capital EBITDA Mult. USES OF FUNDS Cash (c) $0 0.0% 0.0x Purchase of Phoenix I Common Equity $ 69,486 Revolver 0 0.0% 0.0x Refinance Senior Debt 0 Senior Debt (d) 18,000 32.9% 2.9x Refinance Capital Lease Obligations 0 Subordinated Debt 7,000 12.8% 4.0x Sale of Phx II Shares (17,194) Seller Note 0 0.0% 4.0x Other 0 New Equity Class A Preferred 29,792 54.4% 8.7x Other 0 New Equity Class B Common 0 0.0% 8.7x Transaction Fees and Expenses 2,500 Total Sources of Funds $54,792 100.0% 8.7x Total Uses of Funds $54,792 TRANSACTION SUMMARY TRADING INFORMATION / VALUATION Phoenix I DEBT SOURCES Amount Rate Enterprise Value Current @ Deal Revolver 0 8.50% Share Price 1/10/2008 $ 12.02 $ 14.00 Senior Debt 18,000 9.50% Fully Diluted Shares (a) 5,134 4,963 Subordinated Debt 7,000 14.00% Equity Market Value $ 61,710 $ 69,486 Plus: Debt, Preferred & MI (b) $17,033 ($17,194) Less: Cash $18,438 $0 Plus: Transaction Costs $0 $2,500 Enterprise Value $ 60,305 $ 54,792 EQUITY SOURCES Multiple Analysis Current @ Deal Amount Ownership LTM EBITDA 9.5x 8.7x Class A Preferred Units Management * 5,372 15.3% 2007 P EBITDA 7.6x 6.9x Class B Common Units Management 0 0.0% 2008 E EBITDA 4.8x 4.4x Class B Common Units Management Promote (e) 0 3.5% 2009 E EBITDA 4.1x 3.7x Class A Preferred Units New Equity 29,792 79.1% 2008 E P/E 12.8x 10.8x Class B Common Units New Equity 0 0.0% 2009 E P/E 10.0x 8.4x Class B Common Units Subordinated Debt 0 2.08% Total Equity $ 35,163.6 100.0% Phoenix I ownership of Phx II: Cash from PHX II Sale Share Price 1/10/2008 $ 6.50 $ 17,193.9 * Management Equity reflects the value of contributed shares and options at the offer price of $14.00 Shares Held 2,645.2 DEBT CAPACITY ANALYSIS NEW EQUITY IRR CALCULATION LTM EBITDA PHX I $6,315 EBITDA Exit Multiple 2011 2012 2013 Debt/EBITDA Coverage 5.0x 6.0x 32.3% 29.0% 26.8% Implied Debt Capacity $31,573.9 7.0x 37.7% 33.0% 29.9% Reg. T Loan 0.0% $ — 8.0x 42.5% 36.5% 32.6% Adj. Debt Capacity $31,573.9 Less Current Debt (4,160) Incremental Debt Capacity 27,413.5 SUMMARY CREDIT / LEVERAGE STATISTICS GOODWILL CALCULATION 2007 Pro Forma 2008 2009 Purchase Price of Equity $ 57,663.6 Total Debt/EBITDA 4.3x 2.2x 1.9x Less: Tangible Book Value of Phoenix II (16,273.9) EBITDA/Interest Expense 2.5x 4.9x 6.3x $ 41,389.6 (EBITDA — Capex)/Interest Expense 1.5x 4.3x 5.7x (a) Fully Diluted Shares equals 5,133,971 shares outstanding plus 212,989 exerciseable options/warrants less 383,708 management roll-over shares and equivalents (b) At closing assumes net senior debt balance of 0 for Enterprise Calculation purposes due to restricted cash balance (c) Available cash sets aside the $18M needed for bonding capacity (d) $20M of Senior Debt is issued to secure PHX I followed by the paydown of $17.19 from the sale of PHX II (e) Contingent Promote based on New Equity IRR in 2012 at an 8.0x EBITDA multiple

IMPLIED VALUATION AT VARIOUS OFFER PRICES PROJECT PHOENIX Case: Sell PHX II Page 2 PHOENIX I OFFER PRICE $ 13.00 $ 14.00 $ 14.50 $ 15.00 $ 15.50 $ 16.00 $ 16.50 $ 17.00 $ 17.50 $ 18.00 $ 19.00 Premium Calculation Premium to Current Price ($12.02) 8.2% 16.5% 20.6% 24.8% 29.0% 33.1% 37.3% 41.4% 45.6% 49.8% 58.1% 30 Trading Day Avg. Price (a) $12.70 Premium to 30 Day Avg. Price 2.4% 10.3% 14.2% 18.1% 22.1% 26.0% 30.0% 33.9% 37.8% 41.8% 49.7% 60 Trading Day Avg. Price (a) $12.60 Premium to 30 Day Avg. Price 3.2% 11.1% 15.1% 19.1% 23.0% 27.0% 31.0% 35.0% 38.9% 42.9% 50.8% 90 Trading Day Avg. Price (a) $12.50 Premium to 30 Day Avg. Price 4.0% 12.0% 16.0% 20.0% 24.0% 28.0% 32.0% 36.0% 40.0% 44.0% 52.0% 120 Trading Day Avg. Price (a) $12.64 Premium to 30 Day Avg. Price 2.9% 10.8% 14.7% 18.7% 22.6% 26.6% 30.6% 34.5% 38.5% 42.4% 50.3% Enterprise Value Calculation FD Shares Outstanding (b) 5,316 5,316 5,316 5,316 5,316 5,316 5,316 5,316 5,316 5,316 5,316 Implied Equity Value 69,114 74,430 77,089 79,747 82,405 85,063 87,721 90,380 93,038 95,696 101,013 Plus: Net Debt as of 6/30/07 5,722 5,722 5,722 5,722 5,722 5,722 5,722 5,722 5,722 5,722 5,722 Less: Assumed Cash from Option Exercise (b) 948 2,543 2,543 2,543 2,543 2,543 2,543 2,543 2,543 2,543 2,543 Implied Enterprise Value $ 73,888 $ 77,609 $ 80,267 $ 82,926 $ 85,584 $ 88,242 $ 90,900 $ 93,558 $ 96,217 $ 98,875 $ 104,191 IMPLIED VALUATION MULTIPLES LTM Revenue 126,819 0.58 x 0.61 x 0.63 x 0.65 x 0.67 x 0.70 x 0.72 x 0.74 x 0.76 x 0.78 x 0.82 x 2007 P Revenue 132,094 0.56 x 0.59 x 0.61 x 0.63 x 0.65 x 0.67 x 0.69 x 0.71 x 0.73 x 0.75 x 0.79 x FY2008E Revenue (c) 167,729 0.44 x 0.46 x 0.48 x 0.49 x 0.51 x 0.53 x 0.54 x 0.56 x 0.57 x 0.59 x 0.62 x FY2009E Revenue (c) 231,739 0.32 x 0.33 x 0.35 x 0.36 x 0.37 x 0.38 x 0.39 x 0.40 x 0.42 x 0.43 x 0.45 x LTM EBITDA 6,315 11.70 x 12.29 x 12.71 x 13.13 x 13.55 x 13.97 x 14.39 x 14.82 x 15.24 x 15.66 x 16.50 x 2007 P EBITDA 7,917 9.33 x 9.80 x 10.14 x 10.47 x 10.81 x 11.15 x 11.48 x 11.82 x 12.15 x 12.49 x 13.16 x FY2008E EBITDA (c) 12,473 5.92 x 6.22 x 6.44 x 6.65 x 6.86 x 7.07 x 7.29 x 7.50 x 7.71 x 7.93 x 8.35 x FY2009E EBITDA (c) 14,687 5.03 x 5.28 x 5.47 x 5.65 x 5.83 x 6.01 x 6.19 x 6.37 x 6.55 x 6.73 x 7.09 x (a) Based on average closing prices for the respective periods as of 1/10/08 (b) Assumes that all in-the-money options convert to common shares (c) Projections as provided by Phoenix I management

RETURN ANALYSIS PROJECT PHOENIX Case: Sell PHX II Page 3 ($ in thousands except as otherwise noted) EXIT YEAR 12/31/2011 12/31/2012 12/31/2013 Exit Multiple 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x Exit Year EBITDA $18,712 $18,712 $18,712 $20,583 $20,583 $20,583 $22,642 $22,642 $22,642 Exit Year Enterprise Value 112,273 130,985 149,697 123,500 144,084 164,667 135,850 158,492 181,134 Less: Net Debt (1,307) (1,307) (1,307) 6,024 6,024 6,024 14,718 14,718 14,718 Common Equity Value $110,965.9 $129,678.0 $148,390.2 $129,523.8 $150,107.2 $170,690.6 $150,568.1 $173,209.8 $195,851.5 % Initial Equity Source/Holder Ownership Investment Equity Value of Holding and Implied IRR Management Class A Shares 15.3% $ 5,372 $ 17,213.1 $ 20,115.8 $ 23,018.4 $ 20,155.2 $ 23,358.2 $ 26,561.2 $ 23,498.4 $ 27,032.0 $ 30,565.6 Class B Shares 3.5% $ — $ 2,872.7 $ 3,357.1 $ 3,841.5 $ 3,107.5 $ 3,601.4 $ 4,095.2 $ 3,347.1 $ 3,850.4 $ 4,353.7 Total $ 20,085.8 $ 23,472.9 $ 26,859.9 $ 23,262.8 $ 26,959.6 $ 30,656.4 $ 26,845.5 $ 30,882.4 $ 34,919.3 IRR 40.0% 45.7% 50.8% 34.7% 38.8% 42.5% 28.3% 31.4% 34.1% New Equity Class A Shares 79.1% 29,792 $ 89,171.1 $ 104,208.0 $ 119,244.9 $ 104,412.4 $ 121,005.2 $ 137,597.9 $ 121,731.5 $ 140,036.8 $ 158,342.2 Class B Shares 0.0% 0 $ — $ - $ — $ — $ — $ — $ — $ — $ -Total $ 89,171.1 $ 104,208.0 $ 119,244.9 $ 104,412.4 $ 121,005.2 $ 137,597.9 $ 121,731.5 $ 140,036.8 $ 158,342.2 IRR 32.3% 37.7% 42.5% 29.0% 33.0% 36.5% 26.8% 29.9% 32.6% Subordinated Debt Class B Shares 2.1% 0 $ 1,709.0 $ 1,997.2 $ 2,285.3 $ 1,848.7 $ 2,142.5 $ 2,436.2 $ 1,991.2 $ 2,290.6 $ 2,590.0 Debt 7,000 Total IRR 20.1% 21.1% 22.0% 19.3% 20.0% 20.7% 19.9% 20.5% 21.1%

NEW EQUITY IRR SENSITIVITY ANALYSIS PROJECT PHOENIX Case: Sell PHX II Page 4 ($ in thousands except as otherwise noted) PURCHASE PRICE PER SHARE $ 14.00 $ 14.50 $ 15.00 $ 15.50 $ 16.00 $ 16.50 $ 17.00 $ 17.50 Implied Premium 16.5% 20.6% 24.8% 29.0% 33.1% 37.3% 41.4% 45.6% (based on Phoenix I price of $12.02 on 1/10/08) Exit Year: 2011 Exit Multiple 5.0 x ... 26.2% 23.8% 21.6% 19.6% 17.7% 16.0% 14.4% 12.9% 6.0 x ... 32.3% 29.8% 27.5% 25.4% 23.4% 21.6% 19.9% 18.3% 7.0 x ... 37.7% 35.0% 32.6% 30.5% 28.4% 26.5% 24.8% 23.1% 8.0 x ... 42.5% 39.8% 37.3% 35.0% 32.9% 31.0% 29.2% 27.5% 9.0 x         ... 46.9% 44.1% 41.5% 39.2% 37.0% 35.0% 33.1% 31.4% Exit Year: 2012 Exit Multiple 5.0 x ... 24.4% 22.5% 20.8% 19.2% 17.7% 16.3% 15.0% 13.8% 6.0 x ... 28.9% 27.0% 25.2% 23.5% 22.0% 20.6% 19.3% 18.0% 7.0 x ... 33.0% 30.9% 29.1% 27.4% 25.8% 24.3% 23.0% 21.7% 8.0 x ... 36.5% 34.5% 32.6% 30.8% 29.2% 27.7% 26.3% 24.9% 9.0 x ... 39.8% 37.7% 35.7% 33.9% 32.3% 30.7% 29.3% 27.9% Exit Year: 2013 Exit Multiple 5.0 x ... 27.0% 25.1% 23.4% 21.8% 20.4% 19.1% 17.9% 15.6% 6.0 x ... 30.5% 28.6% 26.8% 25.2% 23.8% 22.4% 21.1% 18.9% 7.0 x ... 33.7% 31.7% 29.9% 28.2% 26.7% 25.3% 24.0% 21.7% 8.0 x ... 36.5% 34.4% 32.6% 30.9% 29.4% 28.0% 26.6% 24.3% 9.0 x ... 39.0% 36.9% 35.1% 33.4% 31.8% 30.4% 29.0% 26.6%

NEW EQUITY IRR SENSITIVITY ANALYSIS PROJECT PHOENIX Case: Sell PHX II Page 5 ($ in thousands except as otherwise noted) Implied Purchase Price per Share Implied Prem. to Current Phoenix I Price based on EBITDA Exit Multiple of: based on EBITDA Exit Multiple of: 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x IRR Exit Year 25.0% 2011 $ 15.57 $ 16.93 $ 18.28 29.5% 40.8% 52.1% 2012 $ 15.11 $ 16.26 $ 17.45 25.7% 35.3% 45.2% 2013 $ 14.59 $ 15.62 $ 16.67 21.4% 30.0% 38.7% 30.0% 2011 $ 14.46 $ 15.60 $ 16.76 20.3% 29.8% 39.4% 2012 $ 13.77 $ 14.74 $ 15.72 14.6% 22.7% 30.8% 2013 $ 13.15 $ 13.96 $ 14.79 9.4% 16.1% 23.1% 35.0% 2011 $ 13.51 $ 14.50 $ 15.50 12.4% 20.6% 28.9% 2012 $ 12.72 $ 13.53 $ 14.35 5.9% 12.6% 19.4% 2013 $ 12.04 $ 12.69 $ 13.35 0.2% 5.6% 11.1%

MODEL ASSUMPTIONS PROJECT PHOENIX Case: Sell PHX II Page 6 Pro Forma Merger Overview Phoenix I Phoenix I Phoenix I Stand Alone @ 2014 @ LBO Deal Number of Existing Common Shares Outstanding 5,130 5,130 5,130 Existing Number of Options/Warrants 319 319 319 Average Exercise Price Per Share $ 5.00 $ 5.00 $ 5.00 11 176 Treasury Method Adjustment 187 240 205 Existing Number of Options/Warrants 75 75 75 Average Exercise Price Per Share $ 12.60 $ 12.60 $ 12.60 Treasury Method Adjustment 0 28 8 Existing Number of Options/Warrants 0 0 0 Average Exercise Price Per Share $ — $ — $ -Treasury Method Adjustment 0 0 0 Existing Number of Options/Warrants 0 0 0 Average Exercise Price Per Share $ — $ — $ -Treasury Method Adjustment 0 0 0 Fully Diluted Shares 5,316 5,397 5,343 Current Market Price Per Share $ 12.02 $ 20.00 $ 14.00 Date of Current Market 1/10/2008 1/10/2008 1/10/2008

PRO FORMA COVERAGES PROJECT PHOENIX Case: Sell PHX II Page 7 ($ in thousands except as otherwise noted) PRO FORMA COVERAGES Pro Forma Fiscal Year Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 EBITDA/Interest 1.8 x 2.3 x 3.1 x 4.9 x 6.3 x 7.2 x 8.9 x 13.6 x 37.4 x - -95.4 x FCF/Interest NM NM 2.2 x 4.3 x 5.7 x 6.4 x 7.9 x 12.1 x 33.3 x -84.8 x Subordinated Debt/EBITDA NM NM 0.6 x 0.6 x 0.5 x 0.4 x 0.4 x 0.1 x 0.0 x 0.0 x Subordinated Debt/FCF NM NM 0.6 x 0.6 x 0.5 x 0.5 x 0.4 x 0.1 x 0.0 x 0.0 x Senior Debt/EBITDA 4.8 x 3.9 x 2.8 x 2.0 x 1.4 x 0.9 x 0.5 x 0.1 x 0.0 x 0.0 x Senior Debt/FCF (a) NM NM 4.0 x 1.9 x 1.6 x 1.2 x 0.7 x 0.5 x 0.2 x 0.0 x Total Debt/EBITDA 6.3 x 5.1 x 3.7 x 2.2 x 1.9 x 1.5 x 1.0 x 0.6 x 0.1 x 0.0 x Total Debt/FCF (a) NM NM 5.3 x 2.5 x 2.1 x 1.7 x 1.2 x 0.7 x 0.2 x 0.0 x Proforma Net Debt/EBITDA 2.3 x 1.9 x 1.4 x 0.7 x 0.7 x 0.4 x 0.1 x -0.3 x -0.7 x -1.0 x Proforma Net Debt/FCF (a) NM NM 1.9 x 0.8 x 0.7 x 0.5 x 0.1 x -0.3 x -0.7 x -1.1 x FCF/Total Debt Service (a) NM NM 0.8 x 1.6 x 2.0 x 2.3 x 2.1 x 2.3 x 9.9 x #DIV/0! (a) FCF represents EBITDA less maintenance capital expenditures.

FINANCIAL SUMMARY PROJECT PHOENIX Case: Sell PHX II Page 8 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Revenues . $116,822 $112,786 $132,094 $167,729 $231,739 $289,050 $317,955 $349,751 $384,726 $423,198 Revenue Growth NM -3.5% 17.1% 27.0% 38.2% 24.7% 10.0% 10.0% 10.0% 10.0% EBITDA $4,648 $5,727 $7,917 $12,473 $14,687 $17,011 $18,712 $20,583 $22,642 $24,906 EBITDA Margin.. 4.0% 5.1% 6.0% 7.4% 6.3% 5.9% 5.9% 5.9% 5.9% 5.9% EBIT $2,549 $3,242 $6,747 $10,591 $12,665 $14,799 $16,291 $17,932 $19,738 $21,724 EBIT Margin.. 2.2% 2.9% 5.1% 6.3% 5.5% 5.1% 5.1% 5.1% 5.1% 5.1% FCF (a).. $3,708 $4,797 $5,517 $10,853 $13,287 $15,111 $16,622 $18,284 $20,113 $22,124 FCF Growth... NM 29.4% 15.0% 96.7% 22.4% 13.7% 10.0% 10.0% 10.0% 10.0% Net Income... $ 543 $ 538 $ 2,787 $ 4,835 $ 6,200 $ 7,469 $ 8,512 $ 9,852 $ 11,480 $ 13,191 Net Income %... 0.5% 0.5% 2.1% 2.9% 2.7% 2.6% 2.7% 2.8% 3.0% 3.1% Fully Diluted EPS....... $ 0.13 $ 0.12 $ 0.53 $ 0.13 $ 0.15 $ 0.17 $ 0.18 $ 0.19 $ 0.20 $ 0.22 Maintenance Capital Expenditures... $940 $930 $2,400 $1,620 $1,400 $1,900 $2,090 $2,299 $2,529 $2,782 Expansionary Capital Expenditures.. 0 0 0 0 0 0 0 0 0 0 Total Capital Expenditures... $940 $930 $2,400 $1,620 $1,400 $1,900 $2,090 $2,299 $2,529 $2,782 Net Interest Expense .. $2,532 $2,331 $2,350 $2,104 $1,512 $605 ($261) (a) Free Cash Flow equals consolidated EBITDA less consolidated maintenance capital expenditures.

FINANCING ASSUMPTIONS PROJECT PHOENIX Case: Sell PHX II Page 9 Financing Assumptions: Projected At Close 2008 2009 2010 2011 2012 2013 2014 Revolver 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% Senior Debt 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% Subordinated Debt 14.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Bridge Loan 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Notes Payable 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% Preferred Equity 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% PIK YES 1.0824 1.0824 1.0824 1.0824 1.0824 1.0824 1.0824 Tax Rates: Assumed Blended Rate 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% Earned on Cash Balances 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Working Capital Analysis (a): Projected At Close 2008 2009 2010 2011 2012 2013 2014 Days Receivable 63.56 60.00 60.00 60.00 60.00 60.00 60.00 60.00 Accounts Receivable/Revenue 17.41% 16.44% 16.44% 16.44% 16.44% 16.44% 16.44% 16.44% Inventories/COS 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% Other Current Assets/Revenue -0.61% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Other Assets/Revenue -0.14% 0.30% 0.30% 0.30% 0.30% 0.30% 0.30% 0.30% Days Payable 41.48 35.00 35.00 35.00 35.00 35.00 35.00 35.00 Accounts Payable/COS 11.36% 9.59% 9.59% 9.59% 9.59% 9.59% 9.59% 9.59% Accrued Liabilities/Total Operating Expense 52.40% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% Other Accrued Expenses/Total Operating Expense 229.24% 311.77% 266.74% 243.13% 221.02% 200.93% 182.66% 166.06% (a) Working capital assumptions are based on management estimates.

INCOME STATEMENTS PROJECT PHOENIX Case: Sell PHX II Page 10 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales 116,822 112,786 132,094 167,729 231,739 289,050 317,955 349,751 384,726 423,198 Direct costs 106,607 100,197 117,067 149,267 210,052 264,359 290,795 319,874 351,862 387,048 Gross Profit 10,215 12,589 15,027 18,462 21,687 24,691 27,160 29,876 32,864 36,150 Total Operating Expenses (d) 5,567 6,862 7,110 5,989 7,000 7,680 8,448 9,293 10,222 11,244 EBITDA (a) 4,648 5,727 7,917 12,473 14,687 17,011 18,712 20,583 22,642 24,906 Depreciation and Amortization 2,099 2,485 1,170 1,882 2,022 2,212 2,421 2,651 2,904 3,182 EBIT 2,549 3,242 6,747 10,591 12,665 14,799 16,291 17,932 19,738 21,724 Interest Expense: (b) Revolver (c) — 206 647 822 822 822 279 Senior Debt 2,105 1,684 1,263 842 250 — -Subordinated Debt 980 980 980 980 980 322 -Seller Note Payable — - — - — - -Interest Income (553) (540) (540) (540) (540) (540) (540) Total Interest Expense 2,532 2,331 2,350 2,104 1,512 605 (261) Pretax Income 8,058 10,334 12,449 14,186 16,420 19,133 21,985 Income Taxes 3,223 4,134 4,979 5,675 6,568 7,653 8,794 Net Income 4,835 6,200 7,469 8,512 9,852 11,480 13,191 Preferred Equity Interest PIK 2,899 3,138 3,396 3,676 3,979 4,307 4,662 Income to Retained Earnings 1,936 3,063 4,073 4,836 5,873 7,173 8,528 Number of Shares Outstanding 38,062 41,200 44,596 48,272 52,251 56,558 61,221 Fully Diluted EPS $ 0.13 $ 0.15 $ 0.17 $ 0.18 $ 0.19 $ 0.20 $ 0.22 Operating Margins: EBITDA Margin 7.4% 6.3% 5.9% 5.9% 5.9% 5.9% 5.9% EBIT Margin. 6.3% 5.5% 5.1% 5.1% 5.1% 5.1% 5.1% NI Margin 2.9% 2.7% 2.6% 2.7% 2.8% 3.0% 3.1% (a) Excludes non-cash items. (b) Interest expense is calculated from the previous years’ debt balance. (c) Interest expense on the revolver is calculated on the previous years principal balance.

CASH FLOW ANALYSIS AND CAPITALIZATION TABLE PROJECT PHOENIX Case: Sell PHX II Page 11 ($ in thousands except as otherwise noted) Projected 2008 2009 2010 2011 2012 2013 2014 EBITDA $12,473 $14,687 $17,011 $18,712 $20,583 $22,642 $24,906 LESS: Interest Expense 5,431 5,468 5,746 5,781 5,492 4,912 4,401 Income Tax 3,223 4,134 4,979 5,675 6,568 7,653 8,794 Preferred Dividends — - — - - - — -Add: Non-Cash Interest Expense 2,899 3,138 3,396 3,676 3,979 4,307 4,662 Maintenance Capital Expenditures 1,620 1,400 1,900 2,090 2,299 2,529 2,782 Expansionary Capital Expenditures — - — - - - - — Total Capital Expenditures 1,620 1,400 1,900 2,090 2,299 2,529 2,782 Changes in Other Assets 693 192 172 87 95 105 115 Changes in Other Liabilities — - — - — - -Increases (Decreases) in Working Capital 2,838 7,381 5,242 2,525 2,778 3,056 3,361 Cash Flow Available for Debt Amortization 1,566 (750) 2,368 6,231 7,331 8,694 10,114 Scheduled Amortization: Senior Debt 4,432 4,432 4,432 6,231 2,633 — -Subordinated Debt — - — - 4,698 2,302 -Bridge Loan — - — - — - -Notes Payable — - - - - — - — Total Scheduled Amortization 4,432 4,432 4,432 6,231 7,331 2,302 — Increase (Decrease) in Cash (2,866) (5,182) (2,064) — - 6,392 10,114 Drawdown of Revolver 2,428 5,182 2,064 — - — -Paydown of Revolver — - — - — 6,392 3,282 Net Increase (Decrease) in Cash $ (438) $ — $ — $ — $ — $ — $ 6,832 At Projected Capitalization Table: Closing 2008 2009 2010 2011 2012 2013 2014 Revolver - 2,428 7,610 9,674 9,674 9,674 3,282 -Notes Payable — - — - — - — -Senior Debt 22,160 17,728 13,296 8,864 2,633 — - -Subordinated Debt 7,000 7,000 7,000 7,000 7,000 2,302 — -Seller note — - — - — - - - - Total Debt 29,160 27,156 27,906 25,538 19,307 11,976 3,282 — Preferred Equity 35,164 38,062 41,200 44,596 48,272 52,251 56,558 61,221 Common Equity — 1,936 4,999 9,072 13,908 19,781 26,953 35,482 Stockholders’ Equity 35,164 39,999 46,199 53,668 62,180 72,032 83,512 96,702 Total Capitalization $64,324 $67,155 $74,105 $79,206 $81,487 $84,008 $86,794 $96,702 Cash Balances $18,438 $18,000 $18,000 $18,000 $18,000 $18,000 $18,000 $24,832

BALANCE SHEETS PROJECT PHOENIX Case: Sell PHX II Page 12 ($ in thousands except as otherwise noted) September 30, 2007 Unaudited Financing Adjustments At Projected 2007 Debit Credit Closing 2008 2009 2010 2011 2012 2013 2014 ASSETS Cash and Marketable Securities (a) $18,438 $71,986 $71,986 18,438 $18,000 $18,000 $18,000 $18,000 $18,000 $18,000 $24,832 Accounts Receivable 23,004 — - 23,004 27,572 38,094 47,515 52,267 57,493 63,243 69,567 Inventories 2,258 — - 2,258 2,880 4,052 5,100 5,610 6,171 6,788 7,467 Other Current and Intercompany (811) — - (811) (811) 1,159 1,445 1,590 1,749 1,924 2,116 Total Current Assets 42,890 71,986 71,986 42,890 47,640 61,305 72,060 77,466 83,413 89,954 103,982 PP&E , net 9,303 — - 9,303 10,923 12,323 14,223 16,313 18,612 21,141 23,923 Less Accumulated Depreciation — - — - 1,332 2,805 4,467 6,338 8,439 10,794 13,426 Net PP&E 9,303 - - - 9,303 9,591 9,519 9,756 9,975 10,173 10,347 10,497 Goodwill, net — 41,390 — 41,390 41,390 41,390 41,390 41,390 41,390 41,390 41,390 Refundable Deposits 200 — - 200 195 190 185 180 175 170 165 Claims Receivable 2,464 — - 2,464 2,341 2,218 2,094 1,971 1,848 1,725 1,602 Note Receivable — less current portion 453 — - 453 388 324 259 194 129 65 -Capitalized Transaction Costs — 2,500 — 2,500 2,143 1,786 1,429 1,071 714 357 -Other Assets (190) — - (190) 503 695 867 954 1,049 1,154 1,270 Total Assets $ 55,120 115,875 71,986 $ 99,009 $ 104,191 $ 117,425 $ 128,040 $ 133,201 $ 138,891 $ 145,162 $ 158,905 LIABILITIES AND SHAREHOLDERS’ EQUITY Revolver — - — - 2,428 7,610 9,674 9,674 9,674 3,282 -Accounts Payable 13,304 — - 13,304 14,313 20,142 25,349 27,884 30,673 33,740 37,114 Accrued Liabilities 3,726 — - 3,726 2,695 3,150 3,456 3,802 4,182 4,600 5,060 Other Current Liabilities 16,300 — - 16,300 18,672 18,672 18,672 18,672 18,672 18,672 18,672 Total Current Liabilities 33,329 — - 33,329 38,108 49,574 57,151 60,032 63,201 60,294 60,846 Total Debt: Other - - - — - — - — - — - -Senior Debt 4,160 35,194 (17,194) 22,160 17,728 13,296 8,864 2,633 — - - -Subordinated Debt — 7,000 — 7,000 7,000 7,000 7,000 7,000 2,302 — -Obligations under capital leases — - — - — - — - — - -Note Payable and Accrued Interest — - — - — - — - — - -Seller Note — - - - — - — - — - — - Total Long-Term Debt 4,160 42,194 (17,194) 29,160 24,728 20,296 15,864 9,633 2,302 — - Other Liabilities 1,356 — - 1,356 1,356 1,356 1,356 1,356 1,356 1,356 1,356 Total Liabilities 38,846 42,194 (17,194) 63,846 64,192 71,226 74,372 71,021 66,859 61,650 62,202 Shareholders’ Equity: Preferred Stock — - 35,164 35,164 38,062 41,200 44,596 48,272 52,251 56,558 61,221 Investments in Subsidiaries (a) 12,873 — (12,873) — - — - — - — -Common Stock + APIC 1,193 - (1,193) — - — - — - — -Treasury Stock — - — - — - — - — - -Retained Earnings / (Loss) 2,208 - (2,208) — 1,936 4,999 9,072 13,908 19,781 26,953 35,482 Total Shareholders’ Equity 16,274 — 18,890 35,164 39,999 46,199 53,668 62,180 72,032 83,512 96,702 Total Lia. & SH Equity $ 55,120 $ 42,194 $ 1,696 $ 99,009 $ 104,191 $ 117,425 $ 128,040 $ 133,201 $ 138,891 $ 145,162 $ 158,905 0 0 0 0 0 0 0 0 0 (a) Investments in subsidiaries comes from Phoenix II

DEBT CAPACITY PROJECT PHOENIX Case: Sell PHX II Page 13 ($ in thousands except as otherwise noted) @ Closing Projected Eligible Advance Proforma 2008 2009 2010 2011 2012 2013 2014 Effective Accounts Receivable Advance Rate 90% 75% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% Effective Inventory Advance Rate 85% 65% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% Accounts Receivable 23,004 27,572 38,094 47,515 52,267 57,493 63,243 69,567 Inventory 2,258 2,880 4,052 5,100 5,610 6,171 6,788 7,467 Advance Against Accounts Receivable 15,528 18,611 25,714 32,073 35,280 38,808 42,689 46,958 Advance Against Inventories 1,248 1,591 2,239 2,818 3,099 3,409 3,750 4,125 Total Revolver Advance 16,776 20,202 27,952 34,890 38,379 42,217 46,439 51,083 Outstanding Revolver Balance 0 2,428 7,610 9,674 9,674 9,674 3,282 0 Total Net PP&E (BV) 9,303 9,591 9,519 9,756 9,975 10,173 10,347 10,497 Effective Advance Rate on Net PP&E 100% 50% 50% 50% 50% 50% 50% 50% 50% 50% Borrowing Base on Net PP&E 4,652 4,795 4,759 4,878 4,987 5,086 5,174 5,248 Senior Term Debt 0 0 0 0 0 0 0 0 Excess/(Shortfall) on Fixed Assets 4,652 4,795 4,759 4,878 4,987 5,086 5,174 5,248 Total Borrowing Availability 21,427 24,997 32,712 39,768 43,367 47,304 51,613 56,331 Total Senior Outstanding (Net Cash) 3,722 2,156 2,906 538 (5,693) (8,326) (14,718) (24,832) Excess Availability 17,705 22,841 29,806 39,230 49,060 55,630 66,331 81,164

DEBT SCHEDULE PROJECT PHOENIX Case: Sell PHX II Page 14 ($ in thousands except as otherwise noted) At Projected Closing 2008 2009 2010 2011 2012 2013 2014 Revolver Beginning Balance $ — $ 2,428 $ 7,610 $ 9,674 $ 9,674 $ 9,674 $ 3,282 Interest Expense 8.5% — 206 647 822 822 822 279 Additions 2,428 5,182 2,064 — - — -Reductions — - — - — 6,392 3,282 Ending Balance — 2,428 7,610 9,674 9,674 9,674 3,282 — Senior Debt Beginning Balance $ 22,160 $ 17,728 $ 13,296 $ 8,864 $ 2,633 $ — $ - -Interest Expense 9.5% 2,105 1,684 1,263 842 250 — -Amortization 5 Years 4,432 4,432 4,432 6,231 2,633 — -Ending Balance 22,160 17,728 13,296 8,864 2,633 — - — Subordinated Debt Beginning Balance $ 7,000 $ 7,000 $ 7,000 $ 7,000 $ 7,000 $ 2,302 $ -Interest Expense 14.0% 980 980 980 980 980 322 -Amortization — - — - 4,698 2,302 -Ending Balance 7,000 7,000 7,000 7,000 7,000 2,302 — - Preferred Equity Beginning Balance $ 35,164 $ 38,062 $ 41,200 $ 44,596 $ 48,272 $ 52,251 $ 56,558 Dividend Income (PIK) 8.0% 2,899 3,138 3,396 3,676 3,979 4,307 4,662 Amortization — - — - - - - -Ending Balance 35,164 38,062 41,200 44,596 48,272 52,251 56,558 61,221 Income Taxes 40.0% 3,223 4,134 4,979 5,675 6,568 7,653 8,794 NOL — - — - — - -Net Income Taxes 3,223 4,134 4,979 5,675 6,568 7,653 8,794 NOL Beginning Balance $ — $ — $ — $ — $ — $ — $ -Additions — - — - — - -Reductions - - - — - — - -Ending Balance — - — - — - — -

PRO FORMA AND OPERATING ASSUMPTIONS PROJECT PHOENIX Case: Sell PHX II Page 15 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected Pro Forma Consolidated Operations 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales Internal Growth 116,822 112,786 132,094 167,729 231,739 289,050 317,955 349,751 384,726 423,198 External Growth Total Net Sales 116,822 112,786 132,094 167,729 231,739 289,050 317,955 349,751 384,726 423,198 Direct Costs Internal Growth 106,607 100,197 117,067 149,267 210,052 264,359 290,795 319,874 351,862 387,048 Total Direct Costs 106,607 100,197 117,067 149,267 210,052 264,359 290,795 319,874 351,862 387,048 Gross Profit 10,215 12,589 15,027 18,462 21,687 24,691 27,160 29,876 32,864 36,150 SG&A 5,567 6,862 7,110 5,989 7,000 7,680 8,448 9,293 10,222 11,244 EBITDA (c ) 4,648 5,727 7,917 12,473 14,687 17,011 18,712 20,583 22,642 24,906 Depreciation & Amortization (a) 2,099 2,485 1,170 1,882 2,022 2,212 2,421 2,651 2,904 3,182 EBIT 2,549 3,242 6,747 10,591 12,665 14,799 16,291 17,932 19,738 21,724 Pro Forma FY Ended Expected Projected Operating Assumptions 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales Growth NM -3.5% 17.1% 27.0% 38.2% 24.7% 10.0% 10.0% 10.0% 10.0% Cost of Sales % 91.3% 88.8% 88.6% 89.0% 90.6% 91.5% 91.5% 91.5% 91.5% 91.5% Gross Margin 8.7% 11.2% 11.4% 11.0% 9.4% 8.5% 8.5% 8.5% 8.5% 8.5% Variable SG&A % 4.8% 6.1% 5.4% 3.6% 3.0% 2.7% 2.7% 2.7% 2.7% 2.7% Total SG&A % 4.8% 6.1% 5.4% 3.6% 3.0% 2.7% 2.7% 2.7% 2.7% 2.7% EBITDA % 4.0% 5.1% 6.0% 7.4% 6.3% 5.9% 5.9% 5.9% 5.9% 5.9% Maintenance Capex Maint. Capex (% of revenues) 0.80% 0.82% 1.82% 0.97% 0.60% 0.66% 0.66% 0.66% 0.66% 0.66% Capital Requirement ... 940 930 2,400 1,620 1,400 1,900 2,090 2,299 2,529 2,782 Expansionary Capex Expansionary Capex (% of revenues) .. 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Expansionary Capex... 0 0 0 0 0 0 0 0 0 0 (a) Depreciation in 2007 is set equal to 2006

DEPRECIATION AND AMORTIZATION SCHEDULES PROJECT PHOENIX Case: Sell PHX II Page 16 ($ in thousands except as otherwise noted) DEPRECIATION ON PP&E AT CLOSING PP&E @ Depreciable Projected Close Life 2007 2008 2009 2010 2011 2012 2013 2014 Total..... 9,303 10.0 $930 930 930 930 930 930 930 930 DEPRECIATION ON CAPITAL EXPENDITURES Capital Depreciable Projected Expenditure Life 2007 2008 2009 2010 2011 2012 2013 2014 2,400 10.0 $240 240 240 240 240 240 240 240 1,620 10.0 162 162 162 162 162 162 162 1,400 10.0 140 140 140 140 140 140 1,900 10.0 190 190 190 190 190 2,090 10.0 209 209 209 209 2,299 10.0 230 230 230 2,529 10.0 253 253 2,782 10.0 278 0 240 402 542 732 941 1,171 1,424 1,702 $1,170 $1,332 $1,472 $1,662 $1,871 $2,101 $2,354 $2,632 AMORTIZATION SCHEDULE Amortization Projected Amount Period 2008 2009 2010 2011 2012 2013 2014 Transaction Fee Amortization $2,500 7.0 $0 $357 $357 $357 $357 $357 $357 $357 Goodwill Amortization 41,390 0.0 $0 $0 $0 $0 $0 $0 $0 $0 Refundable Deposits Amortization 200 40.0 $0 $5 5 5 5 5 5 5 Donor Base and Records Amortization 2,464 20.0 $0 $123 123 123 123 123 123 123 Deferred Bond Amortization 453 7.0 $0 $65 65 65 65 65 65 65 Total Amortization $550 $550 $550 $550 $550 $550 $550 TOTAL DEPRECIATION & AMORTIZATION Projected 2008 2009 2010 2011 2012 2013 2014 Total Depreciation & Amortization $1,882 $2,022 $2,212 $2,421 $2,651 $2,904 $3,182

EX-99.(C)(17)

Exhibit (c)(17)

SCENARIO: Phoenix I Buyout Analysis PROJECT PHOENIX 1/15/2008 1:45 PM Table of Contents Section Page Sources and Uses of Funds and Financing Terms 1 Implied Valuation at Various Offer Prices 2 Return Analysis 3 Equity Sponsor IRR Sensitivity Analysis 4 Model Assumptions 6 Pro Forma Coverages 7 Financial Summary 8 Financing Assumptions 9 Income Statements 10 Cash Flow Analysis and Capitalization Table 11 Balance Sheets 12 Debt Capacity 13 Debt Schedule 14 Supporting Data: Pro Forma and Operating Assumptions 15 Depreciation and Amortization Schedules 16 Structure Cash $0 Revolver 0 Senior Debt 18,000 Subordinated Debt 7,000 Bridge Loan 0 Preferred Stock 0 Common Stock 30,585 Total Sources of Funds $55,585 Case: Sell PHX II

SOURCES AND USES OF FUNDS AND FINANCING TERMS PROJECT PHOENIX Case: Sell PHX II Page 1 ($ in thousands except as otherwise noted) TRANSACTION DATE 1/31/2008 Pro Forma % of LTM SOURCES OF FUNDS $        Capital EBITDA Mult. USES OF FUNDS Cash (c) $0 0.0% 0.0x Purchase of Phoenix I Common Equity $ 69,486 Revolver 0 0.0% 0.0x Refinance Senior Debt 0 Senior Debt (d) 18,000 32.4% 2.9x Refinance Capital Lease Obligations 0 Subordinated Debt 7,000 12.6% 4.0x Sale of Phx II Shares (16,400) Seller Note 0 0.0% 4.0x Other 0 Equity Sponsor 30,585 55.0% 8.8x Other 0 Preferred Stock 0 0.0% 8.8x Transaction Fees and Expenses 2,500 Total Sources of Funds $55,585 100.0% 8.8x Total Uses of Funds $55,585 TRANSACTION SUMMARY TRADING INFORMATION / VALUATION Phoenix I DEBT SOURCES Amount Rate Enterprise Value Current @ Deal Revolver 0 8.50% Share Price 1/14/2008 $ 12.00 $ 14.00 Senior Debt 18,000 9.50% Fully Diluted Shares (a) 5,134 4,963 Subordinated Debt 7,000 14.00% Equity Market Value $ 61,608 $ 69,486 Plus: Debt, Preferred & MI (b) $17,033 ($16,400) Less: Cash $18,438 $0 Plus: Transaction Costs $0 $2,500 Enterprise Value $ 60,203 $ 55,585 EQUITY SOURCES Multiple Analysis Current @ Deal Amount Ownership LTM EBITDA 9.5x 8.8x Management Equity* 5,372 14.9% 2007 P EBITDA 7.6x 7.0x Management Promote 0 10.0% 2008 E EBITDA 4.8x 4.5x Equity Sponsor 30,585 73.0% 2009 E EBITDA 4.1x 3.8x Subordinated Debt 0 2.1% 2008 E P/E 12.7x 11.0x Total Equity $ 35,957.1 100.0% 2009 E P/E 9.9x 8.6x * Management Equity reflects the value of contributed shares and options at the offer price of $14.00 Phoenix I ownership of Phx II: Cash from PHX II Sale Share Price 1/14/2008 $ 6.20 $ 16,400.3 Shares Held 2,645.2 DEBT CAPACITY ANALYSIS EQUITY SPONSOR IRR CALCULATION LTM EBITDA PHX I $6,315 EBITDA Exit Multiple 2011 2012 2013 Debt/EBITDA Coverage 5.0x 6.0x 28.2% 25.8% 24.1% Implied Debt Capacity $31,573.9 7.0x 33.4% 29.6% 27.1% Reg. T Loan 0.0% $ — 8.0x 38.1% 33.0% 29.7% Adj. Debt Capacity $31,573.9 Less Current Debt (4,160) Incremental Debt Capacity 27,413.5 SUMMARY CREDIT / LEVERAGE STATISTICS GOODWILL CALCULATION 2007 Pro Forma 2008 2009 Purchase Price of Equity $ 58,457.1 Total Debt/EBITDA 4.3x 2.2x 1.9x Less: Tangible Book Value of Phoenix II (16,273.9) EBITDA/Interest Expense 2.5x 4.9x 6.3x $ 42,183.2 (EBITDA — Capex)/Interest Expense 1.5x 4.3x 5.7x (a) Fully Diluted Shares equals 5,133,971 shares outstanding plus 212,989 exerciseable options/warrants less 383,708 management roll-over shares and equivalents (b) At closing assumes net senior debt balance of 0 for Enterprise Calculation purposes due to restricted cash balance (c) Available cash sets aside the $18M needed for bonding capacity (d) $20M of Senior Debt is issued to secure PHX I followed by the paydown of $16.40 from the sale of PHX II

IMPLIED VALUATION AT VARIOUS OFFER PRICES PROJECT PHOENIX Case: Sell PHX II Page 2 PHOENIX I OFFER PRICE $ 13.00 $ 14.00 $ 14.50 $ 15.00 $ 15.50 $ 16.00 $ 16.50 $ 17.00 $ 17.50 $ 18.00 $ 19.00 Premium Calculation            Premium to Current Price ($12.00) 8.3% 16.7% 20.8% 25.0% 29.2% 33.3% 37.5% 41.7% 45.8% 50.0% 58.3% 30 Trading Day Avg. Price (a) $12.63 Premium to 30 Day Avg. Price 2.9% 10.8% 14.8% 18.7% 22.7% 26.6% 30.6% 34.6% 38.5% 42.5% 50.4% 60 Trading Day Avg. Price (a) $12.60 Premium to 60 Day Avg. Price 3.2% 11.1% 15.1% 19.1% 23.0% 27.0% 31.0% 35.0% 38.9% 42.9% 50.8% 90 Trading Day Avg. Price (a) $12.48 Premium to 90 Day Avg. Price 4.2% 12.2% 16.2% 20.2% 24.2% 28.2% 32.2% 36.2% 40.2% 44.3% 52.3% 120 Trading Day Avg. Price (a) $12.62 Premium to 120 Day Avg. Price 3.0% 11.0% 14.9% 18.9% 22.9% 26.8% 30.8% 34.8% 38.7% 42.7% 50.6% Enterprise Value Calculation            FD Shares Outstanding (b) 5,316 5,316 5,316 5,316 5,316 5,316 5,316 5,316 5,316 5,316 5,316 Implied Equity Value 69,111 74,427 77,085 79,743 82,402 85,060 87,718 90,376 93,034 95,692 101,008 Plus: Net Debt as of 6/30/07 5,722 5,722 5,722 5,722 5,722 5,722 5,722 5,722 5,722 5,722 5,722 Less: Assumed Cash from Option Exercise (b) 948 2,543 2,543 2,543 2,543 2,543 2,543 2,543 2,543 2,543 2,543 Implied Enterprise Value $ 73,885 $ 77,606 $ 80,264 $ 82,922 $ 85,580 $ 88,239 $ 90,897 $ 93,555 $ 96,213 $ 98,871 $ 104,187 IMPLIED VALUATION MULTIPLES LTM Revenue 126,819 0.58 x 0.61 x 0.63 x 0.65 x 0.67 x 0.70 x 0.72 x 0.74 x 0.76 x 0.78 x 0.82 x 2007 P Revenue 132,094 0.56 x 0.59 x 0.61 x 0.63 x 0.65 x 0.67 x 0.69 x 0.71 x 0.73 x 0.75 x 0.79 x FY2008E Revenue (c) 167,729 0.44 x 0.46 x 0.48 x 0.49 x 0.51 x 0.53 x 0.54 x 0.56 x 0.57 x 0.59 x 0.62 x FY2009E Revenue (c) 231,739 0.32 x 0.33 x 0.35 x 0.36 x 0.37 x 0.38 x 0.39 x 0.40 x 0.42 x 0.43 x 0.45 x LTM EBITDA 6,315 11.70 x 12.29 x 12.71 x 13.13 x 13.55 x 13.97 x 14.39 x 14.82 x 15.24 x 15.66 x 16.50 x 2007 P EBITDA 7,917 9.33 x 9.80 x 10.14 x 10.47 x 10.81 x 11.15 x 11.48 x 11.82 x 12.15 x 12.49 x 13.16 x FY2008E EBITDA (c) 12,473 5.92 x 6.22 x 6.44 x 6.65 x 6.86 x 7.07 x 7.29 x 7.50 x 7.71 x 7.93 x 8.35 x FY2009E EBITDA (c) 14,687 5.03 x 5.28 x 5.46 x 5.65 x 5.83 x 6.01 x 6.19 x 6.37 x 6.55 x 6.73 x 7.09 x (a) Based on average closing prices for the respective periods as of 1/14/08 (b) Assumes that all in-the-money options convert to common shares (c) Projections as provided by Phoenix I management

RETURN ANALYSIS PROJECT PHOENIX Case: Sell PHX II Page 3 ($ in thousands except as otherwise noted) EXIT YEAR 12/31/2011 12/31/2012 12/31/2013 Exit Multiple 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x Exit Year EBITDA $18,712 $18,712 $18,712 $20,583 $20,583 $20,583 $22,642 $22,642 $22,642 Exit Year Enterprise Value 112,273 130,985 149,697 123,500 144,084 164,667 135,850 158,492 181,134 Less: Net Debt (1,307) (1,307) (1,307) 6,013 6,013 6,013 14,552 14,552 14,552 Common Equity Value $110,965.9 $129,678.0 $148,390.2 $129,513.0 $150,096.4 $170,679.8 $150,401.8 $173,043.5 $195,685.2 % Initial Equity Source/Holder Ownership Investment Equity Value of Holding and Implied IRR Management Common Shares 14.9% $ 5,372 $ 16,578.1 $ 19,373.6 $ 22,169.2 $ 19,349.0 $ 22,424.1 $ 25,499.2 $ 22,469.7 $ 25,852.3 $ 29,234.9 Management Promote 10.0% $ 11,096.6 $ 12,967.8 $ 14,839.0 $ 12,951.3 $ 15,009.6 $ 17,068.0 $ 15,040.2 $ 17,304.3 $ 19,568.5 Total $ 27,674.6 $ 32,341.4 $ 37,008.2 $ 32,300.3 $ 37,433.7 $ 42,567.2 $ 37,509.9 $ 43,156.7 $ 48,803.5 IRR 52.0% 58.1% 63.7% 44.0% 48.4% 52.3% 27.3% 30.4% 33.1% Equity Sponsor Common Shares 73.0% 30,585 $ 80,980.6 $ 94,636.3 $ 108,292.0 $ 94,515.9 $ 109,537.2 $ 124,558.5 $ 109,760.1 $ 126,283.5 $ 142,806.9 IRR 28.2% 33.4% 38.1% 25.8% 29.6% 33.0% 24.1% 27.1% 29.7% Subordinated Debt Common Shares 2.1% 0 $ 2,310.7 $ 2,700.3 $ 3,089.9 $ 2,696.9 $ 3,125.5 $ 3,554.1 $ 3,131.8 $ 3,603.3 $ 4,074.8 Debt 7,000 Total IRR 20.1% 21.1% 22.0% 19.3% 20.0% 20.7% 18.7% 19.3% 19.9%

EQUITY SPONSOR IRR SENSITIVITY ANALYSIS PROJECT PHOENIX Case: Sell PHX II Page 4 ($ in thousands except as otherwise noted) PURCHASE PRICE PER SHARE $ 14.00 $ 14.50 $ 15.00 $ 15.50 $ 16.00 $ 16.50 $ 17.00 $ 17.50 Implied Premium 16.7% 20.8% 25.0% 29.2% 33.3% 37.5% 41.7% 45.8% (based on Phoenix I price of $12.00 on 1/14/08) Exit Year: 2011 Exit Multiple 5.0 x ... 22.3% 20.0% 18.0% 16.1% 14.3% 12.7% 11.1% 9.7% 6.0 x ... 28.2% 25.8% 23.7% 21.7% 19.8% 18.1% 16.5% 15.0% 7.0 x ... 33.4% 30.9% 28.7% 26.6% 24.7% 22.9% 21.2% 19.7% 8.0 x ... 38.1% 35.5% 33.2% 31.0% 29.1% 27.2% 25.5% 23.9% 9.0 x ... 42.3% 39.7% 37.3% 35.1% 33.0% 31.1% 29.3% 27.7% Exit Year: 2012 Exit Multiple 5.0 x         ... 21.2% 19.4% 17.7% 16.2% 14.8% 13.5% 12.3% 11.1% 6.0 x ... 25.7% 23.8% 22.1% 20.5% 19.1% 17.7% 16.4% 15.2% 7.0 x ... 29.6% 27.7% 25.9% 24.3% 22.8% 21.4% 20.1% 18.8% 8.0 x ... 33.1% 31.2% 29.4% 27.7% 26.1% 24.7% 23.3% 22.1% 9.0 x ... 36.3% 34.3% 32.5% 30.7% 29.2% 27.7% 26.3% 25.0% Exit Year: 2013 Exit Multiple 5.0 x ... 24.1% 22.3% 20.7% 19.2% 17.9% 16.6% 15.4% 13.3% 6.0 x ... 27.6% 25.8% 24.1% 22.6% 21.2% 19.9% 18.7% 16.5% 7.0 x ... 30.6% 28.8% 27.1% 25.5% 24.1% 22.7% 21.5% 19.3% 8.0 x         ... 33.4% 31.5% 29.7% 28.1% 26.7% 25.3% 24.0% 21.8% 9.0 x ... 35.9% 33.9% 32.2% 30.5% 29.0% 27.7% 26.4% 24.0%

EQUITY SPONSOR IRR SENSITIVITY ANALYSIS PROJECT PHOENIX Case: Sell PHX II Page 5 ($ in thousands except as otherwise noted) Implied Purchase Price per Share Implied Prem. to Current Phoenix I Price based on EBITDA Exit Multiple of: based on EBITDA Exit Multiple of: 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x IRR Exit Year 25.0% 2011 $ 14.69 $ 15.91 $ 17.14 22.4% 32.6% 42.8% 2012 $ 14.22 $ 15.28 $ 16.36 18.5% 27.3% 36.3% 2013 $ 13.73 $ 14.67 $ 15.62 14.5% 22.2% 30.1% 30.0% 2011 $ 13.65 $ 14.70 $ 15.75 13.8% 22.5% 31.3% 2012 $ 13.01 $ 13.90 $ 14.79 8.4% 15.8% 23.2% 2013 $ 12.43 $ 13.16 $ 13.92 3.6% 9.7% 16.0% 35.0% 2011 $ 12.81 $ 13.70 $ 14.61 6.7% 14.1% 21.7% 2012 $ 12.06 $ 12.80 $ 13.54 0.5% 6.6% 12.8% 2013 $ 11.42 $ 12.01 $ 12.61 -4.8% 0.1% 5.1%

MODEL ASSUMPTIONS PROJECT PHOENIX Case: Sell PHX II Page 6 Pro Forma Merger Overview Phoenix I Phoenix I Phoenix I Stand Alone @ 2014 @ LBO Deal Number of Existing Common Shares Outstanding 5,130 5,130 5,130 Existing Number of Options/Warrants 319 319 319 Average Exercise Price Per Share $ 5.00 $ 5.00 $ 5.00 11 176 Treasury Method Adjustment 186 240 205 Existing Number of Options/Warrants 75 75 75 Average Exercise Price Per Share $ 12.60 $ 12.60 $ 12.60 Treasury Method Adjustment 0 28 8 Existing Number of Options/Warrants 0 0 0 Average Exercise Price Per Share $ — $ — $ -Treasury Method Adjustment 0 0 0 Existing Number of Options/Warrants 0 0 0 Average Exercise Price Per Share $ — $ — $ -Treasury Method Adjustment 0 0 0 Fully Diluted Shares 5,316 5,397 5,343 Current Market Price Per Share $ 12.00 $ 20.00 $ 14.00 Date of Current Market 1/14/2008 1/14/2008 1/14/2008

PRO FORMA COVERAGES PROJECT PHOENIX Case: Sell PHX II Page 7 ($ in thousands except as otherwise noted) PRO FORMA COVERAGES Pro Forma Fiscal Year Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 EBITDA/Interest 1.8 x 2.3 x 3.1 x 4.9 x 6.3 x 7.2 x 8.9 x 13.4 x 26.2 x 74.7 x FCF/Interest NM NM 2.2 x 4.3 x 5.7 x 6.4 x 7.9 x 11.9 x 23.3 x 66.3 x Subordinated Debt/EBITDA NM NM 0.6 x 0.6 x 0.5 x 0.4 x 0.4 x 0.3 x 0.3 x 0.0 x Subordinated Debt/FCF NM NM 0.6 x 0.6 x 0.5 x 0.5 x 0.4 x 0.4 x 0.3 x 0.0 x Senior Debt/EBITDA 4.8 x 3.9 x 2.8 x 2.0 x 1.4 x 0.9 x 0.6 x 0.3 x 0.3 x 0.0 x Senior Debt/FCF (a) NM NM 4.0 x 1.9 x 1.6 x 1.2 x 0.7 x 0.3 x 0.0 x 0.0 x Total Debt/EBITDA 6.3 x 5.1 x 3.7 x 2.2 x 1.9 x 1.5 x 1.0 x 0.6 x 0.3 x 0.0 x Total Debt/FCF (a) NM NM 5.3 x 2.5 x 2.1 x 1.7 x 1.2 x 0.7 x 0.3 x 0.0 x Proforma Net Debt/EBITDA 2.3 x 1.9 x 1.4 x 0.7 x 0.7 x 0.4 x 0.1 x -0.3 x -0.6 x -1.0 x Proforma Net Debt/FCF (a) NM NM 1.9 x 0.8 x 0.7 x 0.5 x 0.1 x -0.3 x -0.7 x -1.1 x FCF/Total Debt Service (a) NM NM 0.8 x 1.6 x 2.0 x 2.3 x 2.8 x 3.5 x 60.3 x 3.2 x (a) FCF represents EBITDA less maintenance capital expenditures.

FINANCIAL SUMMARY PROJECT PHOENIX Case: Sell PHX II Page 8 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Revenues . $116,822 $112,786 $132,094 $167,729 $231,739 $289,050 $317,955 $349,751 $384,726 $423,198 Revenue Growth NM -3.5% 17.1% 27.0% 38.2% 24.7% 10.0% 10.0% 10.0% 10.0% EBITDA $4,648 $5,727 $7,917 $12,473 $14,687 $17,011 $18,712 $20,583 $22,642 $24,906 EBITDA Margin.. 4.0% 5.1% 6.0% 7.4% 6.3% 5.9% 5.9% 5.9% 5.9% 5.9% EBIT $2,549 $3,242 $6,747 $10,591 $12,665 $14,799 $16,291 $17,932 $19,738 $21,724 EBIT Margin.. 2.2% 2.9% 5.1% 6.3% 5.5% 5.1% 5.1% 5.1% 5.1% 5.1% FCF (a).. $3,708 $4,797 $5,517 $10,853 $13,287 $15,111 $16,622 $18,284 $20,113 $22,124 FCF Growth... NM 29.4% 15.0% 96.7% 22.4% 13.7% 10.0% 10.0% 10.0% 10.0% Net Income... $ 543 $ 538 $ 2,787 $ 4,835 $ 6,200 $ 7,469 $ 8,512 $ 9,841 $ 11,324 $ 12,834 Net Income %... 0.5% 0.5% 2.1% 2.9% 2.7% 2.6% 2.7% 2.8% 2.9% 3.0% Fully Diluted EPS....... $ 0.13 $ 0.12 $ 0.53 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Maintenance Capital Expenditures... $940 $930 $2,400 $1,620 $1,400 $1,900 $2,090 $2,299 $2,529 $2,782 Expansionary Capital Expenditures.. 0 0 0 0 0 0 0 0 0 0 Total Capital Expenditures... $940 $930 $2,400 $1,620 $1,400 $1,900 $2,090 $2,299 $2,529 $2,782 Net Interest Expense .. $2,532 $2,331 $2,350 $2,104 $1,530 $864 $333 (a) Free Cash Flow equals consolidated EBITDA less consolidated maintenance capital expenditures.

FINANCING ASSUMPTIONS PROJECT PHOENIX Case: Sell PHX II Page 9 Financing Assumptions: Projected At Close 2008 2009 2010 2011 2012 2013 2014 Revolver 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% Senior Debt 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% Subordinated Debt 14.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Bridge Loan 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Notes Payable 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% Preferred Equity 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% PIK YES 1.0824 1.0824 1.0824 1.0824 1.0824 1.0824 1.0824 Tax Rates: Assumed Blended Rate 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% Earned on Cash Balances 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Working Capital Analysis (a): Projected At Close 2008 2009 2010 2011 2012 2013 2014 Days Receivable 63.56 60.00 60.00 60.00 60.00 60.00 60.00 60.00 Accounts Receivable/Revenue 17.41% 16.44% 16.44% 16.44% 16.44% 16.44% 16.44% 16.44% Inventories/COS 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% Other Current Assets/Revenue - -0.61% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Other Assets/Revenue -0.14% 0.30% 0.30% 0.30% 0.30% 0.30% 0.30% 0.30% Days Payable 41.48 35.00 35.00 35.00 35.00 35.00 35.00 35.00 Accounts Payable/COS 11.36% 9.59% 9.59% 9.59% 9.59% 9.59% 9.59% 9.59% Accrued Liabilities/Total Operating Expense 52.40% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% Other Accrued Expenses/Total Operating Expense 229.24% 311.77% 266.74% 243.13% 221.02% 200.93% 182.66% 166.06% (a) Working capital assumptions are based on management estimates.

INCOME STATEMENTS PROJECT PHOENIX Case: Sell PHX II Page 10 ($ in thousands except as otherwise noted) Pro Forma FY Ended Expected Projected 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Sales 116,822 112,786 132,094 167,729 231,739 289,050 317,955 349,751 384,726 423,198 Direct costs 106,607 100,197 117,067 149,267 210,052 264,359 290,795 319,874 351,862 387,048 Gross Profit 10,215 12,589 15,027 18,462 21,687 24,691 27,160 29,876 32,864 36,150 Total Operating Expenses (d) 5,567 6,862 7,110 5,989 7,000 7,680 8,448 9,293 10,222 11,244 EBITDA (a) 4,648 5,727 7,917 12,473 14,687 17,011 18,712 20,583 22,642 24,906 Depreciation and Amortization 2,099 2,485 1,170 1,882 2,022 2,212 2,421 2,651 2,904 3,182 EBIT 2,549 3,242 6,747 10,591 12,665 14,799 16,291 17,932 19,738 21,724 Interest Expense: (b) Revolver (c) — 206 647 822 669 424 -Senior Debt 2,105 1,684 1,263 842 421 — -Subordinated Debt 980 980 980 980 980 980 980 Seller Note Payable — - — - — - - -Interest Income (553) (540) (540) (540) (540) (540) (647) Total Interest Expense 2,532 2,331 2,350 2,104 1,530 864 333 Pretax Income 8,058 10,334 12,449 14,186 16,402 18,874 21,390 Income Taxes 3,223 4,134 4,979 5,675 6,561 7,549 8,556 Net Income 4,835 6,200 7,469 8,512 9,841 11,324 12,834 Preferred Equity Interest PIK 0 0 0 0 0 0 0 Income to Retained Earnings 4,835 6,200 7,469 8,512 9,841 11,324 12,834 Number of Shares Outstanding 0 0 0 0 0 0 0 Fully Diluted EPS #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Operating Margins: EBITDA Margin 7.4% 6.3% 5.9% 5.9% 5.9% 5.9% 5.9% EBIT Margin. 6.3% 5.5% 5.1% 5.1% 5.1% 5.1% 5.1% NI Margin 2.9% 2.7% 2.6% 2.7% 2.8% 2.9% 3.0% (a) Excludes non-cash items. (b) Interest expense is calculated from the previous years’ debt balance. (c) Interest expense on the revolver is calculated on the previous years principal balance.

CASH FLOW ANALYSIS AND CAPITALIZATION TABLE PROJECT PHOENIX Case: Sell PHX II Page 11 ($ in thousands except as otherwise noted) Projected 2008 2009 2010 2011 2012 2013 2014 EBITDA $12,473 $14,687 $17,011 $18,712 $20,583 $22,642 $24,906 LESS: Interest Expense 2,532 2,331 2,350 2,104 1,530 864 333 Income Tax 3,223 4,134 4,979 5,675 6,561 7,549 8,556 Preferred Dividends — - — - — - - -Add: Non-Cash Interest Expense — - — - — - — Maintenance Capital Expenditures 1,620 1,400 1,900 2,090 2,299 2,529 2,782 Expansionary Capital Expenditures — - — - — - — Total Capital Expenditures 1,620 1,400 1,900 2,090 2,299 2,529 2,782 Changes in Other Assets 693 192 172 87 95 105 115 Changes in Other Liabilities — - — - — - -Increases (Decreases) in Working Capital 2,838 7,381 5,242 2,525 2,778 3,056 3,361 Cash Flow Available for Debt Amortization 1,566 (750) 2,368 6,231 7,320 8,539 9,758 Scheduled Amortization: Senior Debt 4,432 4,432 4,432 4,432 4,432 — -Subordinated Debt — - - - - — - 7,000 Bridge Loan — - — - — - -Notes Payable — - — - — - — Total Scheduled Amortization 4,432 4,432 4,432 4,432 4,432 — 7,000 Increase (Decrease) in Cash (2,866) (5,182) (2,064) 1,799 2,888 8,539 2,758 Drawdown of Revolver 2,428 5,182 2,064 — - — -Paydown of Revolver — - — 1,799 2,888 4,987 — Net Increase (Decrease) in Cash $ (438) $ 0 $ (0) $ — $ — $ 3,552 $ 2,758 At Projected Capitalization Table: Closing 2008 2009 2010 2011 2012 2013 2014 Revolver — 2,428 7,610 9,674 7,875 4,987 — -Notes Payable — - — - — - — -Senior Debt 22,160 17,728 13,296 8,864 4,432 — - - -Subordinated Debt 7,000 7,000 7,000 7,000 7,000 7,000 7,000 -Seller note — - — - — - — - Total Debt 29,160 27,156 27,906 25,538 19,307 11,987 7,000 — Preferred Equity — - — - — - — -Common Equity 35,957 40,792 46,993 54,462 62,974 72,815 84,139 96,973 Stockholders’ Equity 35,957 40,792 46,993 54,462 62,974 72,815 84,139 96,973 Total Capitalization $65,118 $67,948 $74,899 $80,000 $82,281 $84,802 $91,139 $96,973 Cash Balances $18,438 $18,000 $18,000 $18,000 $18,000 $18,000 $21,552 $24,309

BALANCE SHEETS PROJECT PHOENIX Case: Sell PHX II Page 12 ($ in thousands except as otherwise noted) September 30, 2007 Unaudited Financing Adjustments At Projected 2007 Debit Credit Closing 2008 2009 2010 2011 2012 2013 2014 ASSETS Cash and Marketable Securities (a) $18,438 $71,986 $71,986 18,438 $18,000 $18,000 $18,000 $18,000 $18,000 $21,552 $24,309 Accounts Receivable 23,004 — - 23,004 27,572 38,094 47,515 52,267 57,493 63,243 69,567 Inventories 2,258 — - 2,258 2,880 4,052 5,100 5,610 6,171 6,788 7,467 Other Current and Intercompany (811) — - (811) (811) 1,159 1,445 1,590 1,749 1,924 2,116 Total Current Assets 42,890 71,986 71,986 42,890 47,640 61,305 72,060 77,466 83,413 93,506 103,459 PP&E , net 9,303 — - 9,303 10,923 12,323 14,223 16,313 18,612 21,141 23,923 Less Accumulated Depreciation — - — - 1,332 2,805 4,467 6,338 8,439 10,794 13,426 Net PP&E 9,303 — - 9,303 9,591 9,519 9,756 9,975 10,173 10,347 10,497 Goodwill, net — 42,183 — 42,183 42,183 42,183 42,183 42,183 42,183 42,183 42,183 Refundable Deposits 200 — - 200 195 190 185 180 175 170 165 Claims Receivable 2,464 — - 2,464 2,341 2,218 2,094 1,971 1,848 1,725 1,602 Note Receivable - less current portion 453 — - 453 388 324 259 194 129 65 -Capitalized Transaction Costs — 2,500 - 2,500 2,143 1,786 1,429 1,071 714 357 -Other Assets (190) — - (190) 503 695 867 954 1,049 1,154 1,270 Total Assets $ 55,120 116,669 71,986 $ 99,803 $ 104,984 $ 118,219 $ 128,833 $ 133,995 $ 139,685 $ 149,507 $ 159,175 LIABILITIES AND SHAREHOLDERS’ EQUITY Revolver — - — - 2,428 7,610 9,674 7,875 4,987 — -Accounts Payable 13,304 — - 13,304 14,313 20,142 25,349 27,884 30,673 33,740 37,114 Accrued Liabilities 3,726 — - 3,726 2,695 3,150 3,456 3,802 4,182 4,600 5,060 Other Current Liabilities 16,300 — - 16,300 18,672 18,672 18,672 18,672 18,672 18,672 18,672 Total Current Liabilities 33,329 — - 33,329 38,108 49,574 57,151 58,233 58,514 57,012 60,846 Total Debt: Other - - - — - — - — - — - -Senior Debt 4,160 34,400 16,400 22,160 17,728 13,296 8,864 4,432 — - - -Subordinated Debt — 7,000 — 7,000 7,000 7,000 7,000 7,000 7,000 7,000 -Obligations under capital leases — - — - — - — - — - -Note Payable and Accrued Interest — - — - — - — - — - -Seller Note — - - - — - — - — - — - Total Long-Term Debt 4,160 41,400 16,400 29,160 24,728 20,296 15,864 11,432 7,000 7,000 — Other Liabilities 1,356 — - 1,356 1,356 1,356 1,356 1,356 1,356 1,356 1,356 Total Liabilities 38,846 41,400 16,400 63,846 64,192 71,226 74,372 71,021 66,870 65,368 62,202 Shareholders’ Equity: Preferred Stock — - — - — - — - — - -Investments in Subsidiaries (a) 12,873 - 12,873 — - — - — - — -Common Stock + APIC 1,193 35,957 1,193 35,957 35,957 35,957 35,957 35,957 35,957 35,957 35,957 Treasury Stock — - — - — - — - — - -Retained Earnings / (Loss) 2,208 — 2,208 - 4,835 11,036 18,505 27,017 36,858 48,182 61,016 Total Shareholders’ Equity 16,274 35,957 16,274 35,957 40,792 46,993 54,462 62,974 72,815 84,139 96,973 Total Lia. & SH Equity $ 55,120 $ 77,357 $ 32,674 $ 99,803 $ 104,984 $ 118,219 $ 128,833 $ 133,995 $ 139,685 $ 149,507 $ 159,175 0 0 0 0 0 0 0 0 0 (a) Investments in subsidiaries comes from Phoenix II

DEBT CAPACITY PROJECT PHOENIX Case: Sell PHX II Page 13 ($ in thousands except as otherwise noted) @ Closing Projected Eligible Advance Proforma 2008 2009 2010 2011 2012 2013 2014 Effective Accounts Receivable Advance Rate 90% 75% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% 67.5% Effective Inventory Advance Rate 85% 65% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% 55.3% Accounts Receivable 23,004 27,572 38,094 47,515 52,267 57,493 63,243 69,567 Inventory 2,258 2,880 4,052 5,100 5,610 6,171 6,788 7,467 Advance Against Accounts Receivable 15,528 18,611 25,714 32,073 35,280 38,808 42,689 46,958 Advance Against Inventories 1,248 1,591 2,239 2,818 3,099 3,409 3,750 4,125 Total Revolver Advance 16,776 20,202 27,952 34,890 38,379 42,217 46,439 51,083 Outstanding Revolver Balance 0 2,428 7,610 9,674 7,875 4,987 0 0 Total Net PP&E (BV) 9,303 9,591 9,519 9,756 9,975 10,173 10,347 10,497 Effective Advance Rate on Net PP&E 100% 50% 50% 50% 50% 50% 50% 50% 50% 50% Borrowing Base on Net PP&E 4,652 4,795 4,759 4,878 4,987 5,086 5,174 5,248 Senior Term Debt 0 0 0 0 0 0 0 0 Excess/(Shortfall) on Fixed Assets 4,652 4,795 4,759 4,878 4,987 5,086 5,174 5,248 Total Borrowing Availability 21,427 24,997 32,712 39,768 43,367 47,304 51,613 56,331 Total Senior Outstanding (Net Cash) 3,722 2,156 2,906 538 (5,693) (13,013) (21,552) (24,309) Excess Availability 17,705 22,841 29,806 39,230 49,060 60,316 73,164 80,641

DEBT SCHEDULE PROJECT PHOENIX Case: Sell PHX II Page 14 ($ in thousands except as otherwise noted) At Projected Closing 2008 2009 2010 2011 2012 2013 2014 Revolver Beginning Balance $ — $ 2,428 $ 7,610 $ 9,674 $ 7,875 $ 4,987 $ -Interest Expense 8.5% — 206 647 822 669 424 -Additions 2,428 5,182 2,064 — - — -Reductions — - — 1,799 2,888 4,987 -Ending Balance — 2,428 7,610 9,674 7,875 4,987 — - Senior Debt Beginning Balance $ 22,160 $ 17,728 $ 13,296 $ 8,864 $ 4,432 $ — $ - -Interest Expense 9.5% 2,105 1,684 1,263 842 421 — -Amortization 5 Years 4,432 4,432 4,432 4,432 4,432 — -Ending Balance 22,160 17,728 13,296 8,864 4,432 — - — Subordinated Debt Beginning Balance $ 7,000 $ 7,000 $ 7,000 $ 7,000 $ 7,000 $ 7,000 $ 7,000 Interest Expense 14.0% 980 980 980 980 980 980 980 Amortization — - — - — - 7,000 Ending Balance 7,000 7,000 7,000 7,000 7,000 7,000 7,000 - - Preferred Equity Beginning Balance $ — $ — $ — $ — $ — $ — $ -Dividend Income (PIK) 8.0% — - - - - — - -Amortization — - — - — - -Ending Balance — - — - — - — - Income Taxes 40.0% 3,223 4,134 4,979 5,675 6,561 7,549 8,556 NOL — - — - — - -Net Income Taxes 3,223 4,134 4,979 5,675 6,561 7,549 8,556 NOL Beginning Balance $ — $ — $ — $ — $ — $ — $ -Additions — - — - — - -Reductions — - — - - - — -Ending Balance — - — - — - — -

DEBT SCHEDULE PROJECT PHOENIX Case: Sell PHX II Page 14 ($ in thousands except as otherwise noted) At Projected Closing 2008 2009 2010 2011 2012 2013 2014 Revolver Beginning Balance $ — $ 2,428 $ 7,610 $ 9,674 $ 7,875 $ 4,987 $ -Interest Expense 8.5% — 206 647 822 669 424 -Additions 2,428 5,182 2,064 — - — -Reductions — - — 1,799 2,888 4,987 -Ending Balance — 2,428 7,610 9,674 7,875 4,987 — - Senior Debt Beginning Balance $ 22,160 $ 17,728 $ 13,296 $ 8,864 $ 4,432 $ — $ - -Interest Expense 9.5% 2,105 1,684 1,263 842 421 — -Amortization 5 Years 4,432 4,432 4,432 4,432 4,432 — -Ending Balance 22,160 17,728 13,296 8,864 4,432 — - — Subordinated Debt Beginning Balance $ 7,000 $ 7,000 $ 7,000 $ 7,000 $ 7,000 $ 7,000 $ 7,000 Interest Expense 14.0% 980 980 980 980 980 980 980 Amortization — - — - — - 7,000 Ending Balance 7,000 7,000 7,000 7,000 7,000 7,000 7,000 - - Preferred Equity Beginning Balance $ — $ — $ — $ — $ — $ — $ -Dividend Income (PIK) 8.0% — - - - - — - -Amortization — - — - — - -Ending Balance — - — - — - — - Income Taxes 40.0% 3,223 4,134 4,979 5,675 6,561 7,549 8,556 NOL — - — - — - -Net Income Taxes 3,223 4,134 4,979 5,675 6,561 7,549 8,556 NOL Beginning Balance $ — $ — $ — $ — $ — $ — $ -Additions — - — - — - -Reductions — - — - - - — -Ending Balance — - — - — - — -

DEPRECIATION AND AMORTIZATION SCHEDULES PROJECT PHOENIX Case: Sell PHX II Page 16 ($ in thousands except as otherwise noted) DEPRECIATION ON PP&E AT CLOSING PP&E @ Depreciable Projected Close Life 2007 2008 2009 2010 2011 2012 2013 2014 Total..... 9,303 10.0 $930 930 930 930 930 930 930 930 DEPRECIATION ON CAPITAL EXPENDITURES Capital Depreciable Projected Expenditure Life 2007 2008 2009 2010 2011 2012 2013 2014 2,400 10.0 $240 240 240 240 240 240 240 240 1,620 10.0 162 162 162 162 162 162 162 1,400 10.0 140 140 140 140 140 140 1,900 10.0 190 190 190 190 190 2,090 10.0 209 209 209 209 2,299 10.0 230 230 230 2,529 10.0 253 253 2,782 10.0 278 0 240 402 542 732 941 1,171 1,424 1,702 $1,170 $1,332 $1,472 $1,662 $1,871 $2,101 $2,354 $2,632 AMORTIZATION SCHEDULE Amortization Projected Amount Period 2008 2009 2010 2011 2012 2013 2014 Transaction Fee Amortization $2,500 7.0 $0 $357 $357 $357 $357 $357 $357 $357 Goodwill Amortization 42,183 0.0 $0 $0 $0 $0 $0 $0 $0 $0 Refundable Deposits Amortization 200 40.0 $0 $5 5 5 5 5 5 5 Donor Base and Records Amortization 2,464 20.0 $0 $123 123 123 123 123 123 123 Deferred Bond Amortization 453 7.0 $0 $65 65 65 65 65 65 65 Total Amortization $550 $550 $550 $550 $550 $550 $550 TOTAL DEPRECIATION & AMORTIZATION Projected 2008 2009 2010 2011 2012 2013 2014 Total Depreciation & Amortization $1,882 $2,022 $2,212 $2,421 $2,651 $2,904 $3,182