Quarterly Results and FY 2006 Financial Outlook Adventure Works | Doris Hartwig | July 2005 Quarterly Results and FY 2006 Financial Outlook

Agenda Quarterly Results – 4th Quarter FY 05 FY 2006 Financial Outlook

4th Quarter 2005 Adjusted Financial Highlights % Change Adjusted EPS $6.2M 0.0% Revenues $14.2M (0.5%) Cash Expense $1.6M 0.7% Operating Expense $12.5M 0.3% Operating Income $2.3M (0.2%) EBITDA $2.8M (1.2%) Debt ($1.2M) (10.6%)

Earnings Reconciliation Reported Earnings (loss) per share ($.12) Investment-related Write-downs $.10 Investment 1 Investment 2 $.07 $.03 Gain on Sale $.05 $.02 Adjusted Earnings per Share

Balance Sheet Highlights Reduced debt by more than 10% Anticipate profits from sales of ancillary subsidiaries

Innovation and Marketing 3 new products/services in Research and Development Rollout planned for new division Campaigns targeting new markets

4th Quarter Summary Economic environment impedes sales Renewed commitment to innovation and marketing

Projected Earnings

2006 Projected Outlook Assumptions Economic recovery imminent Pending issues Legacy holdings Regulatory changes Capital management Balance sheets

FY 2006 Projections Estimated % Change Revenue Growth $14.2M (0.5%) EPS $1.6M 0.7% Capital Expenditures $12.5M 0.3%

Projected Capital Expenditures

Summary Additional capital flow anticipated in 3rd Quarter Development, marketing key