Table T-VSR.1
Versar Inc.
Balance Sheets (in $ millions)
.	1999	1998	1997
Assets	.	.	.
Cash	58	72	96
Receivables	15939	14631	12655
Inventory	.	.	.
Other current assets	1724	2162	3958
Total Current Assets	17721	16865	16709
Fixed Assets	2466	2779	2098
Intangibles	996	1069	2501
Other	1197	775	562
Total Assets	22380	21488	21870
Liabilities	.	.	.
Notes payable/credit	.	3664	274
Current portion of LTD	1135	1114	819
Trade Payable	4290	3303	2883
Tax Payable	.	.	.
Other Current Liabilites	3893	5664	3593
Total Current Liabilities	9318	13745	7569
Long Term Debt (LTD)	4108	688	1437
Postretirement benefits	.	.	.
Deferred Taxes	.	.	.
Other	2831	3664	3341
Equity	6123	3391	9523
Total	22380	21488	21870
Source: Versar Inc. 1999 and prior Annual Reports

Table T-VSR.2
Versar Inc.
Income Statements (in $ millions)
.	1999	1998	1997	1996
Sales	58886	50420	44935	44283
Cost of Goods Sold	20165	15525	13239	12364
Gross Profit	38721	34895	31696	31919
Operating Expenses	36649	34517	30430	31047
Operating Profit	2072	378	1266	872
Interest	521	251	97	96
Other	.	.	.
Profit before tax	1551	127	1169	776
Tax	-286	-149	60	-216
Profit after tax	1837	276	1109	992
Extraordinary item		-10429
Net Profit	1837	-10153	1109	992
EPS	.29	(1.78)	.24	.19
Dividends	.	.	.	.
Stock price	2	4.5	5	3.5
Source: Versar Inc. 1999 and prior Annual Reports

Table T-VSR.3
Versar Inc.
Normalized Balance Sheets
.	1999	1998	1997
Assets	.	.	.
Cash	0	0	0
Receivables	71	68	58
Inventory	0	0	0
Other current assets	8	10	18
Total Current Assets	79	78	76
Fixed Assets	11	13	10
Intangibles	4	5	11
Other	5	4	3
Total Assets	100	100	100
Liabilities	.	.	.
Notes payable	0	17	1
Current portion of LTD	5	5	4
Trade Payable	19	15	13
Tax Payable	0	0	0
Other Current Liabilites	17	26	16
Total Current Liabilities	42	64	35
Long Term Debt (LTD)	18	3	7
Postretirement benefits	0	0	0
Deferred Taxes	0	0	0
Other	13	17	15
Equity	27	16	44
Total	100	100	100
Source: Versar Inc. 1999 and prior Annual Reports

Table T-VSR.4
Versar Inc.
Normalized Income Statements
.	1999	1998	1997	1996
Sales	100	100	100	100
Cost of Goods Sold	34	31	29	28
Gross Profit	66	69	71	72
Operating Expenses	62	68	68	70
Operating Profit	4	1	3	2
Interest	1	0	0	0
Other	1	0	0	0
Profit before tax	3	0	3	2
Tax	0	0	0	0
Profit after tax	3	1	2	2
Source: Versar Inc. 1999 and prior Annual Reports

Table T-VSR.5
Versar Inc.
Ratios
.	1999	1998	1997
Current ratio	1.9	1.23	2.21
Quick ratio	1.72	1.07	1.68
Working capital (in $ millions)	8403	3120	9140
Receivables turnover	3.69	3.45	3.55
DSO (in days)	99	106	103
Inventory turnover	0	0	0
DSI (in days)	0	0	0
Payables turnover	4.7	4.7	4.59
DPO (in days)	78	78	80
Working capital turnover	7.01	16.16	4.92
TIE	3.98	1.51	13.05
Fixed assets/equity	0.4	0.82	0.22
Debt/equity	2.19	4.26	0.95
Pbt/equity	0.25	0.04	0.12
Pbt/total assets	0.07	0.01	0.05
Pat/equity	0.3	0.08	0.12
Pat/total assets	0.08	0.01	0.05
Sales/fixed assets	23.88	18.14	21.42
Sales/total assets	2.63	2.35	2.05
Payout	0	0	0
P/E	7	-3	21
Source: Versar Inc. 1999 and prior Annual Reports

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