Company Fundamentals\Company Profile

A Wright Investors' Service Research Report:

X-Rite Incorporated
440 Wheelers Farms Road
Milford, CT 06461 U.S.A.

COMPANY PROFILE
Figures in U.S. Dollars

Wright Quality Rating:DBNN Key Data

X-Rite, Incorporated (X-Rite) is a technology company that develops a range of Ticker:

color management systems and solutions. The Company's technologies assist XRIT
manufacturers, retailers and distributors in achieving precise color appearance
throughout their global supply chain. X-Rite products also assist printing companies, 2009 Sales:
graphic designers and professional photographers in achieving precise color
191,667,000
reproduction of images across a range of devices and from the first to the last print.
The Company's products also provide retailers color harmony solutions at point of
purchase. X-Rite operates in two segments: Color Measurement and Color Major Industry:
Standards. During the fiscal year ended January 2, 2010 (fiscal 2009), X-Rite Electronics
introduced six products and upgraded six products.
Stock Chart Officers Sub Industry:
Chairman Diversified Electronics
John E. Utley
Country:
President & Chief Executive United States
Thomas J. Vacchiano Jr.
Currency:
Executive Vice President, U.S. Dollars
Chief Financial Officer &
Secretary
Fiscal Year Ends:
Rajesh K. Shah
December

Employees
753

Exchanges:
NAS

Share Type:
Common
Stock Price (12/17/2010): 4.75
Recent stock performance
Market Capitalization:
1 Week 5.1%
406,550,505
4 Weeks 8.4%
13 Weeks 33.1%
52 Weeks 125.1% Total Shares
Outstanding:
Earnings / Dividends (as of 10/2/2010) 85,589,580
Earnings Dividends
Most Recent Qtr -0.00 0.00 Closely Held Shares:
Last 12 Months 0.00 0.00 53,906,957
Ratio Analysis
Price / Earnings Ratio N/A Dividend Yield 0.00%
Price / Sales Ratio 2.12 Payout Ratio N/A
 Price / Book Ratio 1.88 % Held by Insiders 62.98%

Address
4300 44th Street S E Phone
Grand Rapids, MICHIGAN 49512 +1 616 803-2100
UNITED STATES Home Page
http://www.xrite.com/home.aspx

Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report:

X-Rite Incorporated
440 Wheelers Farms Road
Provided By CorporateInformation.com Milford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report

Report Date: 12/17/2010

Company Description

X-Rite, Incorporated (X-Rite) is a technology company that develops a range of color management systems and
solutions. The Company's technologies assist manufacturers, retailers and distributors in achieving precise color
appearance throughout their global supply chain. X-Rite products also assist printing companies, graphic
designers and professional photographers in achieving precise color reproduction of images across a range of
devices and from the first to the last print. The Company's products also provide retailers color harmony
solutions at point of purchase. X-Rite operates in two segments: Color Measurement and Color Standards. During
the fiscal year ended January 2, 2010 (fiscal 2009), X-Rite introduced six products and upgraded six products.

Competitor Analysis

X-Rite Incorporated operates in the Photographic equipment and supplies sector. This analysis compares X-Rite
Incorporated with three other companies: IMAX Corporation of Canada (2009 sales of 193.77 million Canadian
Dollars [US$193.00 million] of which 38% was IMAX Systems), Cognex Corporation ($175.73 million of which
79% was Modular Vision System), and Badger Meter, Inc. ($250.34 million of which 100% was Flow
Measurement).

Sales Analysis

X-Rite Incorporated reported sales of $191.67 million for the year ending December of 2009. This represents a
sharp decrease of 26.7% versus 2008, when the company's sales were $261.49 million. Contributing to the drop
in overall sales was the 27.5% decline in Color Measurement, from $219.37 million to $159.14 million. There were
also decreases in sales in Color Standards (down 22.8% to $32.53 million) .
Recent Sales at X-Rite Incorporated
261
249

180 192

126 131

2004 2005 2006 2007 2008 2009

(Figures in Millions of U.S. Dollars)
Although X-Rite Incorporated is headquartered in the United States, it derives most of its sales outside of its
home market: sales in the United States were $67.83 million which was only 35.4% of 2009's sales. On a
geographical basis, contributing to the decline in the company's sales in 2009 were the declines in Europe, where
sales dropped 37.6% to $72.06 million. Sales in the United States were also lower, falling 20.9% (to $67.83
million) . X-Rite Incorporated currently has 753 employees. With sales of $191.67 million , this equates to sales of
US$254,538 per employee. The sales per employee levels at the three comparable companies vary greatly, from
US$216,367 to US$593,857, as shown in the following table. Some of the variation may be due to the way each
of these companies counts employees (and if they count subcontractors, independent contractors, etc).
Sales Comparisons (Fiscal Year ending 2009)
Sales Sales Sales/
Company (US$mlns) Growth Emp (US$) Largest Region
 X-Rite Incorporated 191.667 -26.7% 254,538 Europe (37.6%)
IMAX Corporation 193.004 71.6% 593,857 the United States (62.3%)
Cognex Corporation 175.727 -27.6% 241,052 the United States (34.4%)
Badger Meter, Inc. 250.337 -10.5% 216,367 the United States (90.1%)

Recent Stock Performance

In recent years, this stock has performed terribly. In 1995, the stock traded as high as $24.00, versus $4.75 on
12/17/2010. The stock price has more than doubled recently: For the 52 weeks ending 12/17/2010, the stock
of this company was up 125.1% to $4.75. During the past 13 weeks, the stock has increased 33.1%. During the
past 52 weeks, the stock of X-Rite Incorporated has outperformed the three comparable companies, which saw
gains between 12.2% and 107.2%. Note that the earnings number includes a $.09 pre-tax charge ($.06
Restruct) in 2009 (includes a $.01 pre-tax restructuring charge Dec, $.04 Pretax($.01 Restruct) charge Sep,
$.02 pre-tax restructuring charge Jun and $.02 pre-tax restructuring charge Mar). This company is currently
trading at 2.12 times sales. This is at a lower ratio than all three comparable companies, which are trading
between 2.62 and 9.11 times their annual sales. X-Rite Incorporated is trading at 1.88 times book value.
However, at the end of fiscal year 2009, this company's intangible assets ($323.95 million) were higher than its
common equity ($212.12 million), which means that the price to book ratio is not a very useful indicator. The
company's price to book ratio is lower than that of all three comparable companies, which are trading between
2.87 and 18.01 times book value.
Summary of company valuations (as of 12/17/2010).
Price/ Price/ 52 Wk
Company P/E Book Sales Pr Chg
X-Rite Incorporated N/A 1.88 2.12 125.10%
IMAX Corporation 32.4 18.01 9.11 107.20%
Cognex Corporation 29.3 2.87 7.09 81.77%
Badger Meter, Inc. 23.9 4.10 2.62 12.18%
The market capitalization of this company is $406.55 million . Closely held shares (i.e., those held by officers,
directors, pension and benefit plans and those shareholders who own more than 5% of the stock) amount to
over 50% of the total shares outstanding: thus, it is impossible for an outsider to acquire a majority of the
shares without the consent of management and other insiders. The capitalization of the floating stock (i.e., that
which is not closely held) is $150.49 million .

Dividend Analysis

This company has paid no dividends during the last 12 months. X-Rite Incorporated last paid a dividend during
calendar year 2006, when it paid dividends of $0.10 per share.
Profitability Analysis

On the $191.67 million in sales reported by the company in 2009, the cost of goods sold totalled $54.40 million,
or 28.4% of sales (i.e., the gross profit was 71.6% of sales). This gross profit margin is significantly better than
the company achieved in 2008, when cost of goods sold totalled 36.1% of sales. In 2009, the gross margin was
the highest of the previous five years (and in 2008 was as low as 63.9%). The company's earnings before
interest, taxes, depreciation and amorization (EBITDA) were $34.93 million, or 18.2% of sales. This EBITDA
margin is better than the company achieved in 2008, when the EBITDA margin was equal to 14.4% of sales. In
2009, earnings before extraordinary items at X-Rite Incorporated were -$25.24 million, or -13.2% of sales. This
profit margin is an improvement over the level the company achieved in 2008, when the profit margin was -
45.1% of sales. The company has reported losses before extraordinary items for each of the past 4
years. (2006 was the last year the company reported profits from ordinary operations, when it reported $11.05
million in earnings). The company's return on equity in 2009 was -12.1%. This was significantly better than the -
63.9% return the company achieved in 2008. (Extraordinary items have been excluded).
Profitability Comparison
Gross Earns
Profit EBITDA bef.
Company Year Margin Margin extra
X-Rite Incorporated 2009 71.6% 18.2% -13.2%
X-Rite Incorporated 2008 63.9% 14.4% -45.1%
 IMAX Corporation 2009 58.4% 21.5% 2.9%
Cognex Corporation 2009 73.4% 1.4% -2.8%
Badger Meter, Inc. 2009 42.0% 20.1% 13.6%
X-Rite Incorporated reports profits by product line. During 2009, the itemized operating profits at all divisions
were $3.82 million, which is equal to 2.0% of total sales. Of all the product lines, Color Standards had the highest
operating profits in 2009, with operating profits equal to 17.3% of sales. In 2008, Color Measurement had the
highest operating profits (4.0% of sales versus -150.6% for Color Standards). Color Measurement had the lowest
operating profit margin in 2009, with the operating profit showing a loss equivalent to 1.1% of sales. (This
product line is the largest product line at X-Rite Incorporated, accounting for approximately 83% of sales in
2009). However, as mentioned previously, Color Measurement had the best operating profit margin during 2008.

Inventory Analysis

As of December 2009, the value of the company's inventory totalled $28.47 million. Since the cost of goods sold
was $54.40 million for the year, the company had 191 days of inventory on hand (another way to look at this is
to say that the company turned over its inventory 1.9 times per year). Although the inventory level dropped by
$10.24 million during FY2009, there was an increase in days in inventory from December 2008, when the
company had $38.71 million, which was only 150 days of sales in inventory. The 191 days in inventory is higher
than the three comparable companies, which had inventories between 49 and 131 days sales at the end of 2009.
At the end of December 2009, the order backlog at X-Rite Incorporated totalled $17.30 million, versus $23.20
million in December 2008. This is a drop of 25.4%. This drop follows a decline of 16.2% from 2007 to 2008.

Research and Development

Research and Development Expenses at X-Rite Incorporated in 2009 were $22.59 million, which is equivalent to
11.8% of sales. In 2008, X-Rite Incorporated spent $29.40 million on R&D, which was 11.2% of sales. The R&D
expenditures at the three comparable companies were fairly dispersed: IMAX Corporation spent 2.2% of its sales
on R&D, Cognex Corporation spent 17.7%, and Badger Meter, Inc. spent 2.8%.

Financial Position

As of December 2009, the company's long term debt was $176.40 million and total liabilities (i.e., all monies
owed) were $230.83 million. The long term debt to equity ratio of the company is 0.73. This is significantly lower
than the long term debt to equity ratio as of in December 2008, when the long term debt to equity ratio stood at
1.26. As of December 2009, the accounts receivable for the company were $31.51 million, which is equivalent to
60 days of sales. This is slightly higher than at the end of 2008, when X-Rite Incorporated had 51 days of sales
in accounts receivable.
Financial Positions
LT Debt/ Days Days R&D/
Company Year Equity AR Inv. Sales
X-Rite Incorporated 2009 0.73 60 191 11.8%
IMAX Corporation 2009 0.00 199 49 2.2%
Cognex Corporation 2009 0.00 64 131 17.7%
Badger Meter, Inc. 2009 0.00 52 82 2.8%

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Distributed by Wright Investors' Service, Inc.
All Rights Reserved

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: X-Rite Incorporated

Per Share- U.S. Dollars

Value Ratios Equity Capital Earnings Dividends

Year Price

% Book 12 Month 12 Month

Market Price/ Price/ % Profit Value Earnings % Dividends
Calendar Price Earnings Book Dividend Earned Rate Begin Per % Payout Per
Year Last Ratio Ratio Yield Growth (ROE) Yr Share Change Ratio Share

2001 8.51 94.6 2.7 1.2% -0.3% 2.8% 3.17 AD 0.09 -84.5% 111.1% 0.10

ABD-
2002 6.99 n/c 1.8 1.4% -4.8% -2.3% 3.96 n/c n/c 0.10
0.09

2003 C 11.32 41.9 3.3 0.9% 5.0% 7.9% 3.40 ABD 0.27 n/c 37.0% 0.10

2004 C 16.01 27.1 4.1 0.6% 12.6% 15.2% 3.89 AD 0.59 118.5% 16.9% 0.10
2005 10.00 19.2 1.8 1.0% 7.7% 9.5% 5.46 AD 0.52 -11.9% 19.2% 0.10
- - ABD-
2006 C 12.30 n/c 2.1 0.8% 5.89 n/c n/c 0.10
19.2% 17.5% 1.03
- -
2007 C 11.62 n/c 1.8 0.0% 6.50 AD -0.72 n/c n/c 0.00
11.1% 11.1%
- - ABD-
2008 1.49 n/c 0.2 0.0% 6.35 n/c n/c 0.00
49.1% 49.1% 3.12

- -
2009 2.18 n/c 0.8 0.0% 2.74 AD -0.33 n/c n/c 0.00
12.0% 12.0%

12/17/2010 4.75 n/a 1.9 0.0% n/a n/a 2.52 0.00 n/c n/c 0.00
(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS $.09 PRETAX CHG($.06 RESTRUCT) IN
2009 (INCLS $.01 PRETAX RESTRUCT CHG DEC, $.04 PRETAX($.01 RESTRUCT) CHG SEP, $.02 PRETAX RESTRUCT
CHG JUN & $.02 PRETAX RESTRUCT CHG MAR), INCLS $.01 PRETAX CR RESTRUCT & $1.8 PRETAX CHG ($.15 PRETAX
CHG RESTRUCT) IN 2008 ($1.64 PRETAX CHG ($.01 PRETAX CHG RESTRUCT) DEC, $.01 PRETAX CR RESTRUCT SEP,
$.12 PRETAX CHG RESTRUCT JUN & $.03 PRETAX CHG RESTRUCT MAR), INCLS $.03 PRETAX CR & $.40 PRETAX CHG &
EXCLS $.28 CR IN 2007(INCLS $.24 PRETAX CHG & EXCLS $.02 CR DEC, INCLS $.06 PRETAX CHG SEP, INCLS $.03
PRETAX CR & $.04 PRETAX CHG & EXCLS NOM CHG JUN & INCLS $.06 PRETAX CHG & EXCLS $.26 CR MAR), INCLS
$1.23 PRETAX CHG IN 2006 ($.15 PRETAX CHG ($.11 RESTRUCT) DEC, $1.03 PRETAX CHG ($.54 RESTRUCT) SEP,
$.03 PRETAX CHG JUN, $.02 PRETAX CHG MAR), INCLS $.05 PRETAX CR & $.01 PRETAX CHG IN 2005 ($.05 PRETAX
CR, NOM PRETAX CHG JUN & $.01 PRETAX CHG MAR), INCLS $.42 PRETAX CR & $.41 PRETAX CHG IN 2004 ($.42
PRETAX CR DEC, $.01 PRETAX CHG SEP, $.17 PRETAX CHG JUN & $.23 PRETAX CHG MAR), INCLS $.41 PRETAX CHG
IN 2003 ($.40 PRETAX CHG DEC, NOM PRETAX CHG JUN & $.01 PRETAX CHG MAR), EXCLS $.38 CHG & INCLS $.35
PRETAX CHG IN 2002 (INCLS $.03 PRETAX CHG DEC, INCLS $.32 PRETAX CHG JUN & EXCLS $.38 CHG MAR), INCLS
$.09 PRETAX CHG IN 2001 (INCLS $.05 PRETAX CHG DEC & $.04 PRETAX CHG RESTRUCT SEP)

(B): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - -ADOPTED SFAS 157 FOR FAIR
VALUE MEASUREMENTS & SFAS 159 FOR THE FAIR VALUE OPTION FOR FINANCIAL ASSETS AND FINANCIAL
LIABILITIES IN 2008, EARNINGS IMPACT IMMATERIAL RESPECTIVELY, - ADOPTED SFAS 123R FOR STOCK-BASED
COMPENSATION, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED SFAS 150 FOR CERTAIN FINANCIAL INSTRUMENTS
WITH CHARACTERISTICS OF BOTH LIABILITIES & EQUITY & FIN 46 FOR CONSOLIDATION OF VARIABLE INTEREST
ENTITIES IN 2003, EARNINGS IMPACT NOT SPECIFIED & EARNINGS IMPACT IMMATERIAL RESPECTIVELY, ADOPTED
SFAS 142 FOR GOODWILL & OTHER INTANGIBLE ASSETS IN 2002, EARNINGS IMPACT NOT SPECIFIED, ADOPTED
SFAS 133 FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES AND SFAS 138 WHICH AMENDS REPORTING OF
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES IN 2000, EARNINGS IMPACT IMMATERIAL

(C): ACQ'D - PANTONE, INC. IN 2007, AMAZYS HOLDING AG (AMAZYS) IN 2006, MONIGA GREMMO SRL IN 2004,
COLORX SPECTROPHOTOMETER PRODUCT LINE & RELATED ASSETS OF THERMO ELECTRON CORPORATION, CCDOT
METER PRODUCT LINE OF CENTURFAX LTD & ASSETS OF MONACO SYSTEMS INCORPORATED OF ANDOVER IN 2003,
ASSETS OF OPTRONIK GMBH & HOLOVISION PRODUCTS GROUP OF VERIDIAN-ERIM INTERNATIONAL IN 2000

(D): BASED ON FULLY DILUTED SHARES

Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news
media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by
any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable,
but accuracy, completeness and opinions are not guaranteed.
Company Fundamentals\Sales Analysis
SALES ANALYSIS: X-Rite Incorporated
Figures in thousands of U.S. Dollars

Earnings before
Interest, After Tax Income
Taxes, before
Depreciation, and Extraordinary
Cost of Amortization Charges and
Sales Goods Sold (EBITDA) Credits Employees
After Tax
Amount Year- Amount Amount Amount Sales Income
in to-year in % of in % of in % of Per Per
Year thousands Growth thousands Sales thousands Sales thousands Sales Number Employee Employee

2000 103,449 3.2% 31,226 30.2% 24,880 24.1% 12,408 12.0% 745 138,858 16,655
-
2001 91,658 28,419 31.0% 8,101 8.8% 1,933 2.1% 688 133,224 2,810
11.4%
2002 98,468 7.4% 31,324 31.8% 4,802 4.9% -1,794 -1.8% 623 158,055 -2,880

2003 117,144 19.0% 36,393 31.1% 10,296 8.8% 5,481 4.7% 636 184,189 8,618
2004 126,241 7.8% 38,867 30.8% 21,996 17.4% 12,424 9.8% 643 196,331 19,322
2005 130,939 3.7% 38,732 29.6% 21,253 16.2% 11,052 8.4% 659 198,693 16,771
-
2006 179,803 37.3% 60,560 33.7% -6,053 -3.4% -25,491 968 185,747 -26,334
14.2%

2007 248,710 38.3% 78,953 31.7% 34,106 13.7% -20,805 -8.4% 1,018 244,312 -20,437
- -
2008 261,491 5.1% 94,287 36.1% -31,654 -117,824 913 286,409 -129,051
12.1% 45.1%
- -
2009 191,667 54,404 28.4% 30,106 15.7% -25,242 753 254,538 -33,522
26.7% 13.2%
Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a
retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is
believed reliable, but accuracy, completeness and opinions are not guaranteed.
Company Fundamentals\Price Analysis

PRICE ANALYSIS: X-Rite Incorporated

Per Share- U.S. Dollars

High Low Closing Quarterly 12 months

Quarter Price Price Price %Change %Change

Jan - Mar 10.313 6.500 9.810 n/a n/a

2001

Apr - Jun 10.300 8.150 8.840 -9.9% n/a

Jul - Sep 9.750 6.700 7.900 -10.6% n/a

Oct - Dec 10.000 6.750 8.510 7.7% n/a

Jan - Mar 9.750 7.750 8.000 -6.0% -18.5%

2002

Apr - Jun 9.270 5.010 8.510 6.4% -3.7%

Jul - Sep 8.990 6.870 7.730 -9.2% -2.2%

Oct - Dec 8.400 6.600 6.990 -9.6% -17.9%

Jan - Mar 9.520 6.770 8.410 20.3% 5.1%

2003

Apr - Jun 11.560 8.270 10.000 18.9% 17.5%

Jul - Sep 12.480 9.730 11.380 13.8% 47.2%

Oct - Dec 11.800 10.190 11.320 -0.5% 61.9%

Jan - Mar 15.350 11.180 14.960 32.2% 77.9%

2004

Apr - Jun 16.985 11.700 14.540 -2.8% 45.4%

Jul - Sep 15.250 12.400 14.570 0.2% 28.0%

Oct - Dec 16.730 13.070 16.010 9.9% 41.4%

Jan - Mar 17.230 13.890 15.040 -6.1% 0.5%

2005

Apr - Jun 16.240 10.000 11.510 -23.5% -20.8%

Jul - Sep 12.850 11.320 12.400 7.7% -14.9%

Oct - Dec 13.200 9.710 10.000 -19.4% -37.5%

Jan - Mar 13.320 10.000 13.280 32.8% -11.7%

2006

Apr - Jun 13.530 10.500 10.990 -17.2% -4.5%

Jul - Sep 11.590 7.500 10.740 -2.3% -13.4%

Oct - Dec 12.550 10.260 12.300 14.5% 23.0%

Jan - Mar 13.360 10.900 12.950 5.3% -2.5%

2007

Apr - Jun 15.490 12.320 14.770 14.1% 34.4%

Jul - Sep 16.420 12.700 14.440 -2.2% 34.5%

 Oct - Dec 16.220 11.050 11.620 -19.5% -5.5%

Jan - Mar 11.800 5.910 5.970 -48.6% -53.9%

2008

Apr - Jun 6.490 1.100 2.560 -57.1% -82.7%

Jul - Sep 4.070 2.000 3.520 37.5% -75.6%

Oct - Dec 3.600 1.250 1.490 -57.7% -87.2%

Jan - Mar 1.630 0.950 1.040 -30.2% -82.6%

2009

Apr - Jun 2.775 1.000 1.500 44.2% -41.4%

Jul - Sep 2.100 1.360 2.010 34.0% -42.9%

Oct - Dec 2.200 1.800 2.180 8.5% 46.3%

Jan - Mar 3.500 2.040 3.030 39.0% 191.3%

2010

Apr - Jun 3.980 3.050 3.695 21.9% 146.3%

Jul - Sep 3.840 3.190 3.790 2.6% 88.6%

12/17/2010 4.750 33.1% 125.1%

Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS: X-Rite Incorporated
Per Share- U.S. Dollars
Fiscal Year Ends in December

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Calendar % Q1 Q2 Q3 Q4 % Q1 Q2 Q3 Q4 %
Years Earnings Change Mar. Jun. Sep. Dec. Dividends Change Mar. Jun. Sep. Dec. Payout
1999 0.62 93.8% 0.14 0.15 0.14 0.19 0.10 n/c 0.03 0.03 0.03 0.03 15.5%
2000 C BD 0.58 -6.5% 0.17 0.17 0.09 0.15 0.10 0.0% 0.03 0.03 0.03 0.03 17.2%
2001 AD 0.09 -84.5% 0.11 0.08 0.02 -0.12 0.10 0.0% 0.03 0.03 0.03 0.03 n/c
ABD -
2002 n/c -0.01 -0.27 0.01 0.18 0.10 0.0% 0.03 0.03 0.03 0.03 n/c
0.09
2003 C ABD 0.27 n/c 0.05 0.10 0.01 0.11 0.10 0.0% 0.03 0.03 0.03 0.03 33.8%
2004 C AD 0.59 118.5% -0.18 -0.03 0.07 0.73 0.10 0.0% 0.03 0.03 0.03 0.03 13.9%
2005 AD 0.52 -11.9% -0.01 0.14 0.04 0.35 0.10 0.0% 0.03 0.03 0.03 0.03 19.2%
ABD -
2006 C n/c 0.01 0.06 -1.14 0.04 0.10 0.0% 0.03 0.03 0.03 0.03 n/c
1.03
-
2007 C AD -0.72 n/c 0.01 0.07 -0.10 -0.70 0.00 0.00 0.00 0.00 0.00 0.0%
100.0%
ABD -
2008 n/c -0.58 -0.72 -0.53 -1.29 0.00 n/c 0.00 0.00 0.00 0.00 0.0%
3.12
2009 AD -0.33 n/c -0.11 -0.10 -0.12 0.00 0.00 n/c 0.00 0.00 0.00 0.00 0.0%
2010 n/a n/c -0.02 0.02 -0.00 n/a n/a n/c 0.00 0.00 0.00 n/a n/c

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS $.09 PRETAX CHG($.06 RESTRUCT)
IN 2009 (INCLS $.01 PRETAX RESTRUCT CHG DEC, $.04 PRETAX($.01 RESTRUCT) CHG SEP, $.02 PRETAX
RESTRUCT CHG JUN & $.02 PRETAX RESTRUCT CHG MAR), INCLS $.01 PRETAX CR RESTRUCT & $1.8 PRETAX
CHG ($.15 PRETAX CHG RESTRUCT) IN 2008 ($1.64 PRETAX CHG ($.01 PRETAX CHG RESTRUCT) DEC, $.01 PRETAX
CR RESTRUCT SEP, $.12 PRETAX CHG RESTRUCT JUN & $.03 PRETAX CHG RESTRUCT MAR), INCLS $.03 PRETAX
CR & $.40 PRETAX CHG & EXCLS $.28 CR IN 2007(INCLS $.24 PRETAX CHG & EXCLS $.02 CR DEC, INCLS $.06
PRETAX CHG SEP, INCLS $.03 PRETAX CR & $.04 PRETAX CHG & EXCLS NOM CHG JUN & INCLS $.06 PRETAX
CHG & EXCLS $.26 CR MAR), INCLS $1.23 PRETAX CHG IN 2006 ($.15 PRETAX CHG ($.11 RESTRUCT) DEC, $1.03
PRETAX CHG ($.54 RESTRUCT) SEP, $.03 PRETAX CHG JUN, $.02 PRETAX CHG MAR), INCLS $.05 PRETAX CR & $.01
PRETAX CHG IN 2005 ($.05 PRETAX CR, NOM PRETAX CHG JUN & $.01 PRETAX CHG MAR), INCLS $.42 PRETAX
CR & $.41 PRETAX CHG IN 2004 ($.42 PRETAX CR DEC, $.01 PRETAX CHG SEP, $.17 PRETAX CHG JUN & $.23
PRETAX CHG MAR), INCLS $.41 PRETAX CHG IN 2003 ($.40 PRETAX CHG DEC, NOM PRETAX CHG JUN & $.01
PRETAX CHG MAR), EXCLS $.38 CHG & INCLS $.35 PRETAX CHG IN 2002 (INCLS $.03 PRETAX CHG DEC, INCLS
$.32 PRETAX CHG JUN & EXCLS $.38 CHG MAR), INCLS $.09 PRETAX CHG IN 2001 (INCLS $.05 PRETAX CHG DEC
& $.04 PRETAX CHG RESTRUCT SEP)

(B):INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - -ADOPTED SFAS 157 FOR
FAIR VALUE MEASUREMENTS & SFAS 159 FOR THE FAIR VALUE OPTION FOR FINANCIAL ASSETS AND
FINANCIAL LIABILITIES IN 2008, EARNINGS IMPACT IMMATERIAL RESPECTIVELY, - ADOPTED SFAS 123R FOR
STOCK-BASED COMPENSATION, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED SFAS 150 FOR CERTAIN
FINANCIAL INSTRUMENTS WITH CHARACTERISTICS OF BOTH LIABILITIES & EQUITY & FIN 46 FOR
CONSOLIDATION OF VARIABLE INTEREST ENTITIES IN 2003, EARNINGS IMPACT NOT SPECIFIED & EARNINGS
IMPACT IMMATERIAL RESPECTIVELY, ADOPTED SFAS 142 FOR GOODWILL & OTHER INTANGIBLE ASSETS IN
2002, EARNINGS IMPACT NOT SPECIFIED, ADOPTED SFAS 133 FOR DERIVATIVE INSTRUMENTS AND HEDGING
ACTIVITIES AND SFAS 138 WHICH AMENDS REPORTING OF DERIVATIVE INSTRUMENTS AND HEDGING
ACTIVITIES IN 2000, EARNINGS IMPACT IMMATERIAL

(C):ACQ'D - PANTONE, INC. IN 2007, AMAZYS HOLDING AG (AMAZYS) IN 2006, MONIGA GREMMO SRL IN 2004,
COLORX SPECTROPHOTOMETER PRODUCT LINE & RELATED ASSETS OF THERMO ELECTRON CORPORATION,
CCDOT METER PRODUCT LINE OF CENTURFAX LTD & ASSETS OF MONACO SYSTEMS INCORPORATED OF
ANDOVER IN 2003, ASSETS OF OPTRONIK GMBH & HOLOVISION PRODUCTS GROUP OF VERIDIAN-ERIM
INTERNATIONAL IN 2000

(D): BASED ON FULLY DILUTED SHARES

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