Table 19 Base Year Income Forecast for Valuation Purposes Notes Referenced in Forecasted Base Year for Valuation Purposes 1. Sales. The valuator tried to balance the fact that the company is challenged to continue to grow at similar rates over the last 5 years. A weighted average over 3 years was used to determine base year sales. 2. Operating Expenses (Except for specific line items that follow. Generally speaking these operating expenses have been maintained at the same level as estimated in Table 11 adjusted for normalization entries (Table 12). These expenses also reflect that they have been reasonably maintained at the same percentage of sales as shown in the 2006 forecast.
