exv99wxcyx15y

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