Income Statement

2010 2011
1 Revenue from NiMH $130.11 $177.36
2 Revenue from Ultracapacitor $50.16 $56.35
3 Total Revenue 1+2 $180.27 $233.71
4 NiMH Variable Costs $84.57 $114.41
5 Ultracapacitor Variable Costs $62.70 $69.54
6 Total Variable cost 3+4 $147.27 $183.95
7 Gross Profit 3-7 $33.00 $49.75
8 NiMH R&D Expense $5.00 $5.00
9 Ultracapacitor R&D Expense $0.00 $0.00
10 Total expenses 8+9 $5.00 $5.00
11 Contribution Margin 6-10 $28.00 $44.75
12 From NiMH $40.54 $57.94
13 From Ultracapacitor ($12.54) ($13.19)
14 Other Fixed Expenses $36.05 $36.05
15 Operating Profit ($8.05) $8.70
16 Cumulative Profit $0.00 $0.00

Unit Sales
Year NiMH
Power Tools Two Way Radios
2010 9.1M 3.6M
2011 13.4M 4.0M
2012 18.5 4.4
2013 22.7 4.6
2014 22.3 4.6
2015 11.4 4.6
2016 6.6 4.5
2017 2.6 4.4
2018 2.7 4.2
2019 2.7 4.1

2013 vs 2012 23 5
2012 0.7939914163 0.1888412017
2013 0.8136200717 0.164874552

25.424 5.1152
Income Statement
2010 2011
Revenue from NiMH $130.11M $177.36M
Revenue from Ultracapacitor $50.16M $56.35M
Total Revenue $180.27M $233.71M
NiMH Variable Costs $84.57M $114.41M
Ultracapacitor Variable Costs $62.70M $69.54M
Gross Profit $33.00M $49.75M
NiMH R&D Expense $5.00M $5.00M
Ultracapacitor R&D Expense $0.00M $0.00M
Contribution Margin $28.00M $44.75M
From NiMH $40.54M $57.94M
From Ultracapacitor -$12.54M -$13.19M
Other Fixed Expenses $36.05M $36.05M
Operating Profit -$8.05M $8.70M
Cumulative Profit $0.00M $0.00M

Income Statement
2010 2011
Revenue from NiMH $130.11M $177.36M
Revenue from Ultracapacitor $50.16M $56.35M
Total Revenue $180.27M $233.71M
NiMH Variable Costs $84.57M $114.41M
Ultracapacitor Variable Costs $62.70M $69.54M
Gross Profit $33.00M $49.75M
NiMH R&D Expense $5.00M $5.00M
Ultracapacitor R&D Expense $0.00M $0.00M
Contribution Margin $28.00M $44.75M
From NiMH $40.54M $57.94M
From Ultracapacitor -$12.54M -$13.19M
Other Fixed Expenses $36.05M $36.05M
Operating Profit -$8.05M $8.70M
Cumulative Profit $0.00M $0.00M
Income Statement
2010 2011
Revenue from NiMH $130.11M $177.36M
Revenue from Ultracapacitor $50.16M $56.35M
Total Revenue $180.27M $233.71M
NiMH Variable Costs $84.57M $114.41M
Ultracapacitor Variable Costs $62.70M $69.54M
Gross Profit $33.00M $49.75M
NiMH R&D Expense $5.00M $5.00M
Ultracapacitor R&D Expense $0.00M $0.00M
Contribution Margin $28.00M $44.75M
From NiMH $40.54M $57.94M
From Ultracapacitor -$12.54M -$13.19M
Other Fixed Expenses $36.05M $36.05M
Operating Profit -$8.05M $8.70M
Cumulative Profit $0.00M $0.00M
2012 COMPOUND Income Statement
$233.09 31% *Data as percent of total re 2010
$60.96 8% Revenue from NiMH 72.20%
$294.05 26% 17.72% Revenue from Ultracapacito 27.80%
148.93 30% Total Revenue 100.00%
74.24 7% NiMH Variable Costs 46.90%
223.17 21% Ultracapacitor Variable Cost 34.80%
$70.88 42% Gross Profit 18.30%
$5.00 0% NiMH R&D Expense 2.80%
$0.00 #DIV/0! Ultracapacitor R&D Expense 0.00%
$5.00 0% Contribution Margin 15.50%
$65.88 47% 33.00% From NiMH 22.50%
$79.16 37% 24.99% From Ultracapacitor -7.00%
($13.28) 1% 1.93% Other Fixed Expenses 20.00%
$36.05 0% Operating Profit -4.50%
$29.83 243% Cumulative Profit 0.00%
 $0.00

Ultracapacitor
Power Packs Total Power Tools Two Way Radios Power Packs
0.4M 13.0M 0.5M 1.4M 0.6M
0.4M 17.7M 0.6M 1.6M 0.6M
0.5 23.3 0.7 1.7 0.7
0.6 27.9 0.7 1.7 0.8
0.7 27.6 0.8 1.8 0.9
0.9 16.9 0.5 1.8 1
1 12.1 1.5 1.8 1.1
0.3 7.3 0.7 1.8 0.3
0.3 7.2 0.7 1.8 0.3
0.3 7.1 0.7 1.76 0.3

20 20 0 0 14
0.021459227 0.2333333333 0.5666666667 0.233333333
0.021505376 0.21875 0.53125 0.25

0.672 31.2112 0.721 1.751 0.824

 2012 2013
$233.09M $278.94M
$60.96M $64.94M
$294.05M $343.89M
$148.93M $175.24M
$74.24M $77.98M
$70.88M $90.67M
$7.00M $8.00M
$2.00M $2.00M
$65.88M $81.67M
$79.16M $96.70M
-$13.28M -$15.03M
$36.05M $36.05M
$29.83M $45.62M
$0.00M $45.62M

2012 2013 2014

$233.09M $278.94M $276.61
$60.96M $64.94M $68.12
$294.05M $343.89M $344.73
$148.93M $175.24M $167.70M
$74.24M $77.98M $80.52M
$70.88M $90.67M $96.50M
$7.00M $8.00M $8.00M
$2.00M $2.00M $2.00M
$65.88M $81.67M $86.50M
$79.16M $96.70M $100.90M
-$13.28M -$15.03M -$14.40M
$36.05M $36.05M $36.05M
$29.83M $45.62M $50.45M
$0.00M $45.62M $96.07M
 2012 2013 2014 2015
$233.09M $278.94M $276.61M $168.58M
$60.96M $64.94M $68.12M $65.85M
$294.05M $343.89M $344.73M $234.43M
$148.93M $175.24M $167.70M $93.78M
$74.24M $77.98M $80.52M $76.69M
$70.88M $90.67M $96.50M $63.97M
$7.00M $8.00M $8.00M $8.00M
$2.00M $2.00M $2.00M $2.00M
$65.88M $81.67M $86.50M $53.97M
$79.16M $96.70M $100.90M $66.81M
-$13.28M -$15.03M -$14.40M -$12.84M
$36.05M $36.05M $36.05M $36.05M
$29.83M $45.62M $50.45M $17.91M
$0.00M $45.62M $96.07M $113.98M
 2011 2012
75.90% 79.30%
24.10% 20.70%
100.00% 100.00%
49.00% 50.60%
29.80% 25.20%
21.30% 24.10%
2.10% 1.70%
0.00% 0.00%
19.10% 22.40%
24.80% 26.90%
-5.60% -4.50%
15.40% 12.30%
3.70% 10.10%
0.00% 0.00%
Total
2.5M
2.8M
3
3.2
3.5
3.3
4.4
2.8
2.8
2.76

7
percentage distribution
percentage distribution

3.296
Unit Sales
Year NiMH
Power Tools Two Way Radios
2010 9.1M 3.6M
2011 13.4M 4.0M
2012 18.5M 4.4M
Potential and Existing Customers by Market
Year Power Tools
Adopters Potential Adopters
2010 23.9M 68.1M
2011 35.8M 58.1M
2012 51.7M 44.0M
 Ultracapacitor
Power Packs Total Power Tools
0.4M 13.0M 0.5M
0.4M 17.7M 0.6M
0.5M 23.3M 0.7M
Power Tools Two Way Radios
Potential Market Size Adopters Potential Adopters
92.0M 18.1M 17.9M
93.8M 20.9M 14.8M
95.7M 23.5M 11.8M
Two Way Radios Power Packs Total
1.4M 0.6M 2.5M
1.6M 0.6M 2.8M
1.7M 0.7M 3.0M
y Radios Power Packs
Potential Market Size Adopters Potential Adopters
36.0M 3.4M 26.6M
35.6M 3.9M 26.4M
35.3M 4.4M 26.3M
r Packs
Potential Market Size
30.0M
30.3M
30.6M
Current Battery Performance vs. Customer Desired Performance
Feature Power Tools
NiMH UC
Energy Density(watt hours/K 520.4 7.2
Recharge Cycles(cycles) 408.8 5,124.10
Self Discharge(months) 2.7 12.4
Recharge Time(minutes) 176.1 10
Price(dollars) 10 20
Performance
Two Way Radios Power Packs
Desired NiMH UC Desired NiMH
High600.0 520.4 7.2 High3,000.0 520.4
Low500.0 408.8 5,124.10 Low400.0 408.8
Low2.0 2.7 12.4 Medium3.0 2.7
Medium30.0 176.1 10 Low60.0 176.1
Medium10.0 10 20 Medium10.0 10
ower Packs
UC Desired
7.2 Medium500.0
5,124.10 Low1,000.0
12.4 High36.0
10 Medium30.0
20 Medium9.0
Year NiMH Ultracapacitor
Power ToolsTwo Way RaPower Packs Total Power Tools
2010 9.1M 3.6M 0.4M 13.0M 0.5M
2011 13.4M 4.0M 0.4M 17.7M 0.6M
2012 18.5 4.4 0.5 23.3 0.7
2013 22.7 4.6 0.6 27.9 0.7
2014 22.3 4.6 0.7 27.6 0.8
2015 11.4 4.6 0.9 16.9 0.5

4
ltracapacitor nimh uc
Two Way Radios Power Packs Total
1.4M 0.6M 2.5M
1.6M 0.6M 2.8M
1.7 0.7 3
1.7 0.8 3.2 29.5 3
1.8 0.9 3.5 32.364 3.52
1.8 0.9 3.2
Unit Sales
Year NiMH
Power Tools Two Way Radios Power Packs
2010 9.1M 3.6M 0.4M
2011 13.4M 4.0M 0.4M
2012 18.5M 4.4M 0.5M

Year NiMH
Power Tools Two Way Radios Power Packs
2010 9.1M 3.6M 0.4M
2011 13.4M 4.0M 0.4M
2012 18.5 4.4 0.5
2013 22.6 4.6 0.6
2014 21.9 4.6 0.7
2015 10.6 4.4 0.8
2016 6.3 4.2 1
2017 2.4 4.1 0.3
2018 13.4 3.9 1.4
2019 10.2 3.4 1.6
8 3.4 1.6

-->
Market News
Overall sales in Two Way Radios grew by 29% this year to 9.1 million units annually.
Overall sales in Power Tools declined by 3% this year to 11.8 million units annually.
Your research and development team has reported a breakthrough improvement in the energy density o

2020
Overall sales in Power Tools declined by 20% this year to 12.2 million units annually.
Your research and development team has reported a breakthrough improvement in the months to self d

2019
Overall sales in Power Tools grew by 352% this year to 15.3 million units annually.
Overall sales in Power Packs grew by 250% this year to 2.0 million units annually.
Overall sales in Two Way Radios declined by 1% this year to 6.4 million units annually.

2018
Management is concerned about your inaccurate forecast of ultracapacitors sales which has resulted in
Lithium-ion battery producers are attempting to grow market share in the portable power pack market th
Competition in the mature power tools market segment has pushed prices down still further. Portable po
Overall sales in Power Tools declined by 60% this year to 3.4 million units annually.
Overall sales in Two Way Radios declined by 1% this year to 6.5 million units annually.
Overall sales in Power Packs declined by 73% this year to 0.6 million units annually.

2017
Power tool customers have discovered that very fast recharges reduce the importance of battery life. W
Competition in the mature power tools market segment has pushed prices down again. Portable power
Overall sales in Power Tools declined by 29% this year to 8.4 million units annually.

2016
Competition in the mature power tools market segment has pushed prices down. Portable power tool m
Portable power pack customers are placing greater importance on prices from their battery suppliers.
Overall sales in Power Packs grew by 16% this year to 1.8 million units annually.
Overall sales in Power Tools declined by 48% this year to 11.9 million units annually.

2015
Overall sales in Power Packs grew by 16% this year to 1.6 million units annually.
Overall sales in Power Tools declined by 2% this year to 23.0 million units annually.

2014
Overall sales in Power Tools grew by 22% this year to 23.4 million units annually.
Overall sales in Power Packs grew by 16% this year to 1.4 million units annually.

2013
Overall sales in Power Tools grew by 37% this year to 19.1 million units annually.
 2012
2012
2013
2014
2015
2016
2017
2018
2019
2020
2012 Harvard Business School Publishing.

Unit Sales
Year NiMH
Power Tools Two Way Radios Power Packs
2010 9.1M 3.6M 0.4M
2011 13.4M 4.0M 0.4M
2012 18.5M 4.4M 0.5M
2013 22.6M 4.6M 0.6M
2014 21.9M 4.6M 0.7M
2015 10.6M 4.4M 0.8M
2016 6.3M 4.2M 1.0M
2017 2.4M 4.1M 0.3M
2018 13.4M 3.9M 1.4M
2019 10.2M 3.4M 1.6M
2020 9.8M 2.7M 1.8M

Income Statement
2010 2011 2012
Revenue from Ni $130.11M $177.36M $233.09M
Revenue from Ultr$50.16M $56.35M $60.96M
Total Revenue $180.27M $233.71M $294.05M
NiMH Variable Cos$84.57M $114.41M $148.93M
Ultracapacitor Var$62.70M $69.54M $74.24M
Gross Profit $33.00M $49.75M $70.88M
NiMH R&D Expens$5.00M $5.00M $0.00M
Ultracapacitor R $0.00M $0.00M $9.00M
Contribution Marg$28.00M $44.75M $65.88M
From NiMH $40.54M $57.94M $79.16M
From Ultracapacit-$12.54M -$13.19M -$13.28M
Other Fixed Expe $36.05M $36.05M $36.05M
Operating Profit -$8.05M $8.70M $29.83M
Cumulative Profit $0.00M $0.00M $0.00M

Sales Variance
Year NiMH
Pro Forma Sales Actual Sales Sales Variance
2010 13.0M 13.0M 0.10%
2011 13.0M 17.7M 36.40%
2012 17.7M 23.3M 31.70%
2013 23.3M 27.8M 19.40%
2014 27.8M 27.2M -2.30%
2015 18.0M 15.8M -12.30%
2016 8.0M 11.6M 44.80%
2017 8.0M 6.8M -15.10%
2018 5.0M 18.6M 272.50%
2019 18.6M 15.1M -18.70%
2020 13.0M 14.3M 10%
 Ultracapacitor
Total Power Tools Two Way Radios Power Packs Total
13.0M 0.5M 1.4M 0.6M 2.5M
17.7M 0.6M 1.6M 0.6M 2.8M
23.3M 0.7M 1.7M 0.7M 3.0M

Ultracapacitor
Total Power Tools Two Way Radios Power Packs Total
13.0M 0.5M 1.4M 0.6M 2.5M
17.7M 0.6M 1.6M 0.6M 2.8M
23.3 0.7 1.7 0.7 3
27.8 0.8 1.7 0.8 3.3
27.2 1.1 1.9 0.9 3.9
15.8 1.3 2.3 1 4.6
11.5 2.1 2.4 1.1 5.6
6.8 0.9 2.4 0.3 3.6
18.7 2 2.5 0.6 5.1
15.2 2 3.7 0.7 6.4
13 1.5 3.7 0.7 5.9
 ts annually.

ovement in the energy density of ultracapacitors.

its annually.
ovement in the months to self discharge of NiMH batteries.

units annually.

ors sales which has resulted in a negative sales variance for this year.
portable power pack market through aggressive price reductions. Buyers of portable power packs are now demanding price re
es down still further. Portable power tool makers are requesting a 12% price reduction in batteries to $7.50 per unit.

units annually.
ts annually.

he importance of battery life. When power tools can be recharged nearly instantly, customers don't need batteries that last seve
es down again. Portable power tool makers are requesting a 6% price reduction in batteries to $8.50 per unit.

es down. Portable power tool makers are requesting a 10% price reduction in batteries to $9.00 per unit.
s from their battery suppliers.

ts annually.
 Ultracapacitor
Total Power Tools Two Way Radios Power Packs Total
13.0M 0.5M 1.4M 0.6M 2.5M
17.7M 0.6M 1.6M 0.6M 2.8M
23.3M 0.7M 1.7M 0.7M 3.0M
27.8M 0.8M 1.7M 0.8M 3.3M
27.2M 1.1M 1.9M 0.9M 3.9M
15.8M 1.3M 2.3M 1.0M 4.6M
11.6M 2.1M 2.4M 1.1M 5.5M
6.8M 0.9M 2.4M 0.3M 3.7M
18.6M 2.0M 2.5M 0.6M 5.1M
15.1M 2.0M 3.7M 0.7M 6.4M
14.3M 2.0M 6.4M 0.8M 9.2M

2013 2014 2015 2016 2017 2018

$278.22M $271.70M $157.87M $115.80M $67.93M $139.68M
$66.18M $77.51M $91.70M $110.22M $73.15M $90.26M
$344.40M $349.21M $249.57M $226.02M $141.08M $229.94M
$175.71M $169.41M $97.26M $70.47M $40.64M $110.14M
$78.99M $88.96M $99.77M $95.78M $46.94M $58.84M
$89.69M $90.84M $52.54M $59.77M $53.50M $60.95M
$0.00M $0.00M $1.00M $3.00M $0.50M $0.00M
$10.00M $8.00M $4.00M $3.00M $2.50M $7.00M
$80.69M $80.84M $44.54M $54.77M $47.50M $57.95M
$102.51M $102.30M $60.60M $44.33M $24.29M $29.04M
-$21.82M -$21.46M -$16.06M $10.44M $23.21M $28.91M
$36.05M $36.05M $36.05M $36.05M $36.05M $36.05M
$44.64M $44.78M $8.48M $18.72M $11.45M $21.90M
$44.64M $89.42M $97.90M $116.62M $128.07M $149.97M

Ultracapacitor
Pro Forma Sales Actual Sales Sales Variance
2.5M 2.5M 0.30%
2.5M 2.8M 12.70%
2.8M 3.0M 8.90%
3.0M 3.3M 10.30%
3.3M 3.9M 17.40%
3.9M 4.6M 17.60%
4.6M 5.5M 19.80%
5.5M 3.7M -33.50%
2.8M 5.1M 83.20%
5.1M 6.4M 25.80%
6.0M 9.2M 52.80%
 Income Statement
2010 2011 2012
1 Revenue from NiMH $130.11 $177.36 $233.09
2 Revenue from Ultracapacitor $50.16 $56.35 $60.96
3 Total Revenue 1+2 $180.27 $233.71 $294.05
4 NiMH Variable Costs $84.57 $114.41 148.93
5 Ultracapacitor Variable Costs $62.70 $69.54 74.24
6 Total Variable cost 3+4 $147.27 $183.95 223.17
7 Gross Profit 3-7 $33.00 $49.75 $70.88
8 NiMH R&D Expense $5.00 $5.00 $5.00
9 Ultracapacitor R&D Expense $0.00 $0.00 $0.00
10 Total expenses 8+9 $5.00 $5.00 $5.00
11 Contribution Margin 6-1 $28.00 $44.75 $65.88
12 From NiMH $40.54 $57.94 $79.16
13 From Ultracapacitor ($12.54) ($13.19) ($13.28)
14 Other Fixed Expenses $36.05 $36.05 $36.05
15 Operating Profit ($8.05) $8.70 $29.83
16 Cumulative Profit $0.00 $0.00 $0.00

Income Statement
*Dollars per unit 2010 2011 2012
Revenue from NiMH $10.00 $10.00 $10.00
Revenue from Ultracapacitor $20.00 $20.00 $20.00
Total Revenue $11.62 $11.37 $11.16
NiMH Variable Costs $6.50 $6.45 $6.39
Ultracapacitor Variable Costs $25.00 $24.68 $24.36
Gross Profit $2.13 $2.42 $2.69
NiMH R&D Expense $0.38 $0.28 $0.21
Ultracapacitor R&D Expense $0.00 $0.00 $0.00
Contribution Margin $1.80 $2.18 $2.50
From NiMH $3.12 $3.27 $3.40
From Ultracapacitor ($5.00) ($4.68) ($4.36)
Other Fixed Expenses $2.32 $1.75 $1.37
Operating Profit ($0.52) $0.42 $1.13
Cumulative Profit $0.00 $0.00 $0.00
w demanding price reductions of 25% to $6.75 for future orders.

atteries that last several hours. As a consequence, the desired energy density and importance of energy has dropped while the
 2019 2020
$113.34M $107.21M
$112.93M $161.35M
$226.27M $268.57M
$88.22M $82.48M
$71.61M $100.88M
$66.44M $85.21M
$0.00M $0.00M
$6.00M $6.00M
$59.44M $79.21M
$25.12M $24.73M
$34.32M $54.47M
$36.05M $36.05M
$23.39M $43.15M
$173.35M $216.51M
 COMPOUND Income Statement
31% *Data as percent of total revenue 2010 2011
8% Revenue from NiMH 72.20% 75.90%
26% 17.72% Revenue from Ultracapacitor 27.80% 24.10%
30% Total Revenue 100.00% 100.00%
7% NiMH Variable Costs 46.90% 49.00%
21% Ultracapacitor Variable Costs 34.80% 29.80%
42% Gross Profit 18.30% 21.30%
0% NiMH R&D Expense 2.80% 2.10%
#DIV/0! Ultracapacitor R&D Expense 0.00% 0.00%
0% Contribution Margin 15.50% 19.10%
47% 33.00% From NiMH 22.50% 24.80%
37% 24.99% From Ultracapacitor -7.00% -5.60%
1% 1.93% Other Fixed Expenses 20.00% 15.40%
0% Operating Profit -4.50% 3.70%
243% Cumulative Profit 0.00% 0.00%
rgy has dropped while the importance of recharge time has increased for power tool users.
 2012
79.30%
20.70%
100.00%
50.60%
25.20%
24.10%
1.70%
0.00%
22.40%
26.90%
-4.50%
12.30%
10.10%
0.00%
 Year NiMH
Power Tools Two Way Radios Power Packs
2010 9.1M 3.6M 0.4M
2011 13.4M 4.0M 0.4M
2012 18.5 4.4 0.5
Expected 25.345 4.4 0.5

1st st Investment in UC. Strategy is to gradually phase out NIMH and Increase sales of UC. Invest

Income Statement
2010 2011 2012
Revenue from NiMH $130.11M $177.36M $233.09M
Revenue from Ultracap$50.16M $56.35M $60.96M
Total Revenue $180.27M $233.71M $294.05M
NiMH Variable Costs $84.57M $114.41M $148.93M
Ultracapacitor Variable$62.70M $69.54M $74.24M
Gross Profit $33.00M $49.75M $70.88M
NiMH R&D Expense $5.00M $5.00M $0.00M
Ultracapacitor R&D Ex$0.00M $0.00M $9.00M
Contribution Margin $28.00M $44.75M $65.88M
From NiMH $40.54M $57.94M $79.16M
From Ultracapacitor -$12.54M -$13.19M -$13.28M
Other Fixed Expenses $36.05M $36.05M $36.05M
Operating Profit -$8.05M $8.70M $29.83M
Cumulative Profit $0.00M $0.00M $0.00M

Income Statement
2010 2011 2012
Revenue from NiMH $130.11M $177.36M $233.09M
Revenue from Ultracap$50.16M $56.35M $60.96M
Total Revenue $180.27M $233.71M $294.05M
NiMH Variable Costs $84.57M $114.41M $148.93M
Ultracapacitor Variable$62.70M $69.54M $74.24M
Gross Profit $33.00M $49.75M $70.88M
NiMH R&D Expense $5.00M $5.00M $0.00M
Ultracapacitor R&D Ex$0.00M $0.00M $9.00M
Contribution Margin $28.00M $44.75M $65.88M
From NiMH $40.54M $57.94M $79.16M
From Ultracapacitor -$12.54M -$13.19M -$13.28M
Other Fixed Expenses $36.05M $36.05M $36.05M
Operating Profit -$8.05M $8.70M $29.83M
Cumulative Profit $0.00M $0.00M $0.00M
 Ultracapacitor
Total Power Tools Two Way Radios Power Packs Total
13.0M 0.5M 1.4M 0.6M 2.5M
17.7M 0.6M 1.6M 0.6M 2.8M
23.3 0.7 1.7 0.7 3
30.245 0.959 1.7 0.7 3.359

ncrease sales of UC. Investment in UC for Energy density and process improvement

2013
$278.13M
$66.33M
$344.47M
$175.65M
$79.27M
$89.55M
$0.00M
$9.00M
$80.55M
$102.48M
-$21.93M
$36.05M
$44.49M
$44.49M

2013 2014
$278.13M $271.20M
$66.33M $78.61M
$344.47M $349.81M
$175.65M $169.10M
$79.27M $90.55M
$89.55M $90.16M
$0.00M $0.00M
$10.00M $10.00M
$80.55M $80.16M
$102.48M $102.11M
-$21.93M -$21.94M
$36.05M $36.05M
$44.49M $44.11M
$44.49M $88.60M
37% growth in power tools
Year NiMH
Power Tools Two Way Radios Power Packs Total
2010 9.1M 3.6M 0.4M 13.0M
2011 13.4M 4.0M 0.4M 17.7M
2012 18.5 4.4 0.5 23.3
Expected 2013 25.345 4.4 0.5 30.245
2013 22.6 4.6 0.6 27.8
Expected 2014 27.572 4.6 0.696 32.868
2014 21.9 4.6 0.7 27.2
Expected 2015 21.462 4.6 0.812 26.874
2015 10.6 4.4 0.8 15.8
Expected 2016 6 4.4 0.928 11.328
2016 10.5 4.2 1.1 15.8
Expected 2017 4.2 1.287
2017 6.4 4.1 0.7 11.2
expected 2018 3.776 4.059 0.336 8.171
2018 10.8 3.9 1.4 16.1
Expected 2019 17.172 3.9 2.31 23.382
2019 9.8 3.6 1.6 15
expected 2020 8.918 3.6 1.6 14.118

Income Statement
2010 2011 2012 2013
Revenue from NiMH $130.11M $177.36M $233.09M $278.22M
Revenue from Ultracap$50.16M $56.35M $60.96M $66.18M
Total Revenue $180.27M $233.71M $294.05M $344.40M
NiMH Variable Costs $84.57M $114.41M $148.93M $175.71M
Ultracapacitor Variable$62.70M $69.54M $74.24M $78.83M
Gross Profit $33.00M $49.75M $70.88M $89.86M
NiMH R&D Expense $5.00M $5.00M $0.00M $0.00M
Ultracapacitor R&D Ex $0.00M $0.00M $10.00M $10.00M
Contribution Margin $28.00M $44.75M $65.88M $79.86M
From NiMH $40.54M $57.94M $79.16M $102.51M
From Ultracapacitor -$12.54M -$13.19M -$13.28M -$22.65M
Other Fixed Expenses $36.05M $36.05M $36.05M $36.05M
Operating Profit -$8.05M $8.70M $29.83M $43.80M
Cumulative Profit $0.00M $0.00M $0.00M $43.80M

Sales Variance
Year NiMH Ultracapacitor
Pro Forma Sales Actual Sales Sales Variance Pro Forma Sale
2010 13.0M 13.0M 0.10% 2.5M
2011 13.0M 17.7M 36.40% 2.5M
2012 17.7M 23.3M 31.70% 2.8M
2013 28.0M 27.8M -0.60% 3.3M
2014 27.0M 27.2M 0.60% 3.3M
2015 15.0M 15.8M 5.20% 5.0M
2016 11.0M 15.9M 44.10% 5.0M
2017 10.0M 11.3M 12.60% 6.0M
2018 8.0M 16.1M 101.30% 3.0M
2019 10.0M 15.0M 49.90% 4.5M
2020 10.0M 15.1M 50.70% 5.0M

Feature Performance
Year Technology Metric Energy Density Recharge Cycle
'10 NiMH Investment $0.0M $0.0M
Performance 500 400
UC Investment $0.0M $0.0M
Performance 5 5,000.00
'11 NiMH Investment $0.0M $0.0M
Performance 510.2 404.4
UC Investment $0.0M $0.0M
Performance 6.1 5,061.90
'12 NiMH Investment $0.0M $0.0M
Performance 520.4 408.8
UC Investment $0.0M $0.0M
Performance 7.2 5,124.10
'13 NiMH Investment $0.0M $0.0M
Performance 530.6 413.2
UC Investment $4.0M $0.0M
Performance 21.2 5,186.40
'14 NiMH Investment $0.0M $0.0M
Performance 540.9 417.7
UC Investment $5.0M $0.0M
Performance 85 5,249.10
'15 NiMH Investment $0.0M $0.0M
Performance 551.1 422.2
UC Investment $4.0M $0.0M
Performance 223.1 5,330.70
'16 NiMH Investment $0.0M $0.0M
Performance 561.3 427.5
UC Investment $0.0M $0.0M
 Performance 239.4 5,419.00
'17 NiMH Investment $0.0M $0.0M
Performance 571.6 432.8
UC Investment $0.0M $0.0M
Performance 256.2 5,524.10
'18 NiMH Investment $0.0M $0.0M
Performance 581.9 438.6
UC Investment $1.5M $0.0M
Performance 295.5 5,639.40
'19 NiMH Investment $0.0M $0.0M
Performance 592.1 444.9
UC Investment $2.0M $0.0M
Performance 461 5,789.30
'20 NiMH Investment $0.0M $0.0M
Performance 602.4 451.4
UC Investment $2.0M $0.0M
Performance 683.8 5,972.20

Potential and Existing Customers by Market

Year Power Tools Two Way Radios
Adopters Potential Adopters Potential MarketAdopters
2010 23.9M 68.1M 92.0M 18.1M
2011 35.8M 58.1M 93.8M 20.9M
2012 51.7M 44.0M 95.7M 23.5M
2013 70.5M 27.2M 97.6M 25.9M
2014 87.0M 12.6M 99.6M 27.9M
2015 93.3M 8.3M 101.6M 29.5M
2016 98.9M 4.7M 103.6M 30.8M
2017 101.3M 4.3M 105.7M 31.6M
2018 105.1M 2.7M 107.8M 32.2M
2019 107.5M 2.4M 109.9M 32.5M
2020 109.7M 2.4M 112.1M 32.6M
Ultracapacitor
Power Tools Two Way Radios Power Packs Total
0.5M 1.4M 0.6M 2.5M
0.6M 1.6M 0.6M 2.8M
0.7 1.7 0.7 3
0.959 1.7 0.7 3.359
0.8 1.7 0.8 3.3 Overall sales PT - 22% PP -16%
0.976 1.7 0.928 3.604
1.1 1.9 0.9 3.9
1.078 1.9 1.044 4.022
1.3 2.3 1 4.6
0.676 2.3 1.16 4.136
2 2.4 1.1 5.5
2 2.4 1.287 5.687
0.9 2.4 0.3 3.6
0.531 2.4 0.144 3.075
0.9 2.5 0.3 3.7
1.431 2.5 0.495 4.426
0.9 2.9 0.3 4.1
0.819 2.9 0.3 4.019

2014 2015 2016 2017 2018

$271.70M $157.87M $142.66M $95.72M $120.76M
$77.51M $91.70M $108.57M $72.40M $74.64M
$349.21M $249.57M $251.23M $168.12M $195.40M
$169.41M $97.26M $96.89M $67.91M $96.32M
$88.32M $97.67M $76.52M $45.95M $43.05M
$91.48M $54.63M $77.82M $54.25M $56.02M
$0.00M $0.00M $1.00M $0.00M $0.00M
$8.00M $6.00M $5.00M $4.00M $5.00M
$81.48M $46.63M $71.82M $48.25M $52.02M
$102.30M $60.60M $45.77M $26.80M $24.43M
-$20.82M -$13.97M $26.05M $21.45M $27.59M
$36.05M $36.05M $36.05M $36.05M $36.05M
$45.42M $10.58M $35.76M $12.20M $15.97M
$89.23M $99.81M $135.57M $147.77M $163.74M
Actual Sales Sales Variance
2.5M 0.30%
2.8M 12.70%
3.0M 8.90%
3.3M 0.30%
3.9M 17.40%
4.6M -8.30%
5.4M 8.60%
3.6M -39.70%
3.8M 25.30%
4.2M -6.60%
4.8M -3.90%

Self Discharge Recharge Time Variable Cost

$5.0M $0.0M $0.0M
2 180 $6.50
$0.0M $0.0M $0.0M
12 10 $25.00
$5.0M $0.0M $0.0M
2.2 178.1 $6.50
$0.0M $0.0M $0.0M
12.2 10 $24.70
$5.0M $0.0M $0.0M
2.7 176.1 $6.40
$0.0M $0.0M $0.0M
12.4 10 $24.40
$0.0M $0.0M $0.0M
3 174.2 $6.30
$0.0M $0.0M $6.0M
12.5 10 $23.80
$0.0M $0.0M $0.0M
3.4 172.3 $6.20
$0.0M $0.0M $5.0M
12.7 10 $22.80
$0.0M $0.0M $0.0M
3.7 170.1 $6.20
$0.0M $0.0M $4.0M
13 10 $21.30
$0.0M $0.0M $0.0M
4 167.9 $6.10
$0.0M $0.0M $6.0M
 13.3 10 $14.10
$0.0M $0.0M $1.0M
4.7 165.6 $6.00
$0.0M $5.0M $0.0M
13.6 10 $12.70
$0.0M $0.0M $0.0M
5.6 163.2 $6.00
$0.0M $0.0M $2.5M
14 10 $11.40
$0.0M $0.0M $0.0M
6.8 160.4 $5.90
$0.0M $0.0M $3.0M
14.5 10 $11.20
$0.0M $0.0M $0.0M
9.1 157.4 $5.80
$0.0M $0.0M $3.0M
15.2 10 $11.10

Way Radios Power Packs

Potential AdopterPotential Market Si Adopters Potential AdopPotential Market Size
17.9M 36.0M 3.4M 26.6M 30.0M
14.8M 35.6M 3.9M 26.4M 30.3M
11.8M 35.3M 4.4M 26.3M 30.6M
9.1M 34.9M 4.9M 26.0M 30.9M
6.7M 34.6M 5.5M 25.7M 31.2M
4.7M 34.2M 6.2M 25.3M 31.5M
3.1M 33.9M 6.9M 24.9M 31.8M
1.9M 33.6M 7.3M 24.9M 32.2M
1.0M 33.2M 7.8M 24.6M 32.5M
.4M 32.9M 8.4M 24.4M 32.8M
.0M 32.6M 9.0M 24.1M 33.1M
Overall sales PT - 22% PP -16%

2019 2020
$112.43M $113.02M
$83.41M $95.41M
$195.83M $208.43M
$88.61M $88.07M
$47.06M $53.32M
$60.16M $67.05M
$0.00M $0.00M
$5.00M $5.00M
$55.16M $62.05M
$23.81M $24.95M
$31.35M $37.10M
$36.05M $36.05M
$19.11M $25.99M
$182.84M $208.84M
otential Market Size
Year NiMH Ultracapacitor
Power Tools Two Way Radios Power Packs Total Power Tools Two Way Radios
2010 9.1M 3.6M 0.4M 13.0M 0.5M 1.4M
2011 13.4M 4.0M 0.4M 17.7M 0.6M 1.6M
2012 18.5 4.4 0.5 23.3 0.7 1.7

Unit Sales
Year NiMH Ultracapacitor
Power ToolsTwo Way RadioPower Packs Total Power Tools Two Way Rad
2010 9.1M 3.6M 0.4M 13.0M 0.5M 1.4M
2011 13.4M 4.0M 0.4M 17.7M 0.6M 1.6M
2012 18.5M 4.4M 0.5M 23.3M 0.7M 1.7M
2013 22.6 4.6 0.6 27.8 0.8 1.8
EX 27.572 4.6 0.696 32.868 0.976 1.8
2014 21.8 4.6 0.7 27.1 1.1 2
EX 21.364 4.6 0.819 26.783 1.078 2
2015 11.9 4.4 0.9 17.2 1.2 2.21
EX 6.783 4.4 1.044 12.227 0.684 2.21
2016 10.1 4.2 1.1 15.4 2 2.3
ex 9.292 4.158 1.287 14.737 1.84 2.3
2017 6.3 4.1 0.7 11.1 0.9 2.4
EX 3.78 4.018 0.336 8.134 0.54 2.352
2018 10.7 3.9 1.4 16 1 2.5
ex 17.227 3.9 2.31 23.437 1.61 2.5
2019 9.7 3.4 1.6 14.7 1 3.5

Sales Variance
Year NiMH Ultracapacitor
Pro Forma Actual Sales Sales VariancePro Forma Actual Sales Sales Variance
2010 13.0M 13.0M 0.10% 2.5M 2.5M 0.30%
2011 13.0M 17.7M 36.40% 2.5M 2.8M 12.70%
2012 17.7M 23.3M 31.70% 2.8M 3.0M 8.90%
2013 23.3M 27.8M 19.40% 3.0M 3.3M 10.60%
2014 27.0M 27.1M 0.50% 3.7M 3.9M 6.10%
2015 16.0M 17.2M 7.30% 4.5M 4.4M -1.90%
2016 12.0M 15.5M 29.10% 4.5M 5.3M 18.20%
2017 10.0M 11.2M 11.90% 5.5M 3.5M -35.80%
2018 10.0M 16.0M 59.90% 3.5M 3.8M 8.50%
2019 15.0M 14.8M -1.60% 4.0M 4.8M 20.70%
2020 14.0M 14.4M 3% 4.5M 7.6M 68.30%
Income Statement
2010 2011 2012 2013 2014 2015
Revenue fr $130.11M $177.36M $233.09M $278.13M $264.52M $167.37M
Revenue fro$50.16M $56.35M $60.96M $66.33M $78.52M $88.33M
Total Reven $180.27M $233.71M $294.05M $344.47M $343.04M $255.71M
NiMH Variab$84.57M $114.41M $148.93M $175.65M $169.16M $105.77M
Ultracapacit$62.70M $69.54M $74.24M $79.27M $90.46M $96.44M
Gross Profit $33.00M $49.75M $70.88M $89.55M $83.43M $53.50M
NiMH R&D E$5.00M $5.00M $0.00M $0.00M $0.00M $1.00M
Ultracapaci $0.00M $0.00M $9.00M $10.00M $7.00M $5.00M
Contributio $28.00M $44.75M $65.88M $80.55M $73.43M $46.50M
From NiMH $40.54M $57.94M $79.16M $102.48M $95.36M $61.61M
From Ultraca-$12.54M -$13.19M -$13.28M -$21.93M -$21.93M -$15.11M
Other Fixed $36.05M $36.05M $36.05M $36.05M $36.05M $36.05M
Operating Pr-$8.05M $8.70M $29.83M $44.49M $37.37M $10.44M
Cumulative $0.00M
P $0.00M $0.00M $44.49M $81.87M $92.31M

Income Statement
*Data as per 2010 2011 2012 2013 2014 2015
Revenue fr 72.20% 75.90% 79.30% 80.70% 77.10% 65.50%
Revenue fro 27.80% 24.10% 20.70% 19.30% 22.90% 34.50%
Total Reven 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
NiMH Variab 46.90% 49.00% 50.60% 51.00% 49.30% 41.40%
Ultracapacit 34.80% 29.80% 25.20% 23.00% 26.40% 37.70%
Gross Profit 18.30% 21.30% 24.10% 26.00% 24.30% 20.90%
NiMH R&D E 2.80% 2.10% 0.00% 0.00% 0.00% 0.40%
Ultracapaci 0.00% 0.00% 3.10% 2.90% 2.00% 2.00%
Contributio 15.50% 19.10% 22.40% 23.40% 21.40% 18.20%
From NiMH 22.50% 24.80% 26.90% 29.70% 27.80% 24.10%
From Ultraca -7.00% -5.60% -4.50% -6.40% -6.40% -5.90%
Other Fixed 20.00% 15.40% 12.30% 10.50% 10.50% 14.10%
Operating Pr -4.50% 3.70% 10.10% 12.90% 10.90% 4.10%
Cumulative P 0.00% 0.00% 0.00% 12.90% 23.90% 36.10%

Feature Performance
Year TechnologyMetric Energy DensitRecharge CSelf DischargeRecharge Ti
'10 NiMH Investment $0.0M $0.0M $5.0M $0.0M
Performance 500 400 2 180
UC Investment $0.0M $0.0M $0.0M $0.0M
Performance 5 5,000.00 12 10
'11 NiMH Investment $0.0M $0.0M $5.0M $0.0M
Performance 510.2 404.4 2.2 178.1
UC Investment $0.0M $0.0M $0.0M $0.0M
 Performance 6.15,061.90 12.2 10
'12 NiMH Investment $0.0M $0.0M $5.0M $0.0M
Performance 520.4 408.8 2.7 176.1
UC Investment $0.0M $0.0M $0.0M $0.0M
Performance 7.2 5,124.10 12.4 10
'13 NiMH Investment $0.0M $0.0M $0.0M $0.0M
Performance 530.6 413.2 3 174.2
UC Investment $4.5M $0.0M $0.0M $0.0M
Performance 22.8 5,186.40 12.5 10
'14 NiMH Investment $0.0M $0.0M $0.0M $0.0M
Performance 540.9 417.7 3.4 172.3
UC Investment $5.0M $0.0M $0.0M $0.0M
Performance 93.3 5,249.10 12.7 10
'15 NiMH Investment $0.0M $0.0M $0.0M $0.0M
Performance 551.1 422.2 3.7 170.1
UC Investment $3.0M $0.0M $0.0M $0.0M
Performance 200 5,330.70 13 10
'16 NiMH Investment $0.0M $0.0M $0.0M $0.0M
Performance 561.3 427.5 4 167.9
UC Investment $0.0M $0.0M $0.0M $0.0M
Performance 215.7 5,419.00 13.3 10
'17 NiMH Investment $0.0M $0.0M $0.0M $0.0M
Performance 571.6 432.8 4.7 165.6
UC Investment $0.0M $0.0M $0.0M $5.0M
Performance 231.9 5,524.10 13.6 10
'18 NiMH Investment $0.0M $0.0M $0.0M $0.0M
Performance 581.9 438.6 5.6 163.2
UC Investment $2.0M $0.0M $0.0M $0.0M
Performance 294.1 5,639.40 14 10
'19 NiMH Investment $0.0M $0.0M $0.0M $0.0M
Performance 592.1 444.9 6.8 160.4
UC Investment $3.0M $0.0M $0.0M $0.0M
Performance 668.1 5,789.30 14.5 10
'20 NiMH Investment $0.0M $0.0M $0.0M $0.0M
Performance 602.4 451.4 9.1 157.4
UC Investment $3.0M $0.0M $0.0M $0.0M
Performance 1,573.10 5,972.20 15.2 10

-->

Market News
Overall sales in Two Way Radios grew by 29% this year to 9.0 million units annually.
Your research and development team has reported a breakthrough improvement in the energy density of ultracapac
 2020
Overall sales in Power Tools declined by 8% this year to 10.7 million units annually.
Your research and development team has reported a breakthrough improvement in the months to self discharge of N

2019
Overall sales in Power Tools grew by 61% this year to 11.7 million units annually.
Overall sales in Power Packs grew by 65% this year to 1.7 million units annually.

2018
Management is concerned about your inaccurate forecast of ultracapacitors sales which has resulted in a negative s
Lithium-ion battery producers are attempting to grow market share in the portable power pack market through aggre
Competition in the mature power tools market segment has pushed prices down still further. Portable power tool ma
Overall sales in Power Tools declined by 40% this year to 7.2 million units annually.
Overall sales in Two Way Radios declined by 2% this year to 6.4 million units annually.
Overall sales in Power Packs declined by 52% this year to 1.0 million units annually.

2017
Power tool customers have discovered that very fast recharges reduce the importance of battery life. When power to
Competition in the mature power tools market segment has pushed prices down again. Portable power tool makers
Overall sales in Power Packs grew by 17% this year to 2.1 million units annually.
Overall sales in Power Tools declined by 8% this year to 12.1 million units annually.
Overall sales in Two Way Radios declined by 1% this year to 6.5 million units annually.

2016
Competition in the mature power tools market segment has pushed prices down. Portable power tool makers are req
Portable power pack customers are placing greater importance on prices from their battery suppliers.
Overall sales in Power Packs grew by 16% this year to 1.8 million units annually.
Overall sales in Power Tools declined by 43% this year to 13.1 million units annually.

2015
Overall sales in Power Packs grew by 17% this year to 1.6 million units annually.
Overall sales in Power Tools declined by 2% this year to 23.0 million units annually.

2014
Overall sales in Power Tools grew by 22% this year to 23.4 million units annually.
Overall sales in Power Packs grew by 16% this year to 1.4 million units annually.

2013
Overall sales in Power Tools grew by 37% this year to 19.1 million units annually.

2012
 Ultracapacitor Income Statement
Power Packs Total 2010 2011
0.6M 2.5M Revenue from NiMH $130.11M $177.36M
0.6M 2.8M Revenue from Ultracapacitor $50.16M $56.35M
0.7 3 Total Revenue $180.27M $233.71M
NiMH Variable Costs $84.57M $114.41M
Ultracapacitor Variable Costs $62.70M $69.54M
Gross Profit $33.00M $49.75M
NiMH R&D Expense $5.00M $5.00M
Ultracapacitor R&D Expense $0.00M $0.00M
Power PackTotal Contribution Margin $28.00M $44.75M
0.6M 2.5M From NiMH $40.54M $57.94M
0.6M 2.8M From Ultracapacitor -$12.54M -$13.19M
0.7M 3.0M Other Fixed Expenses $36.05M $36.05M
0.8 3.3 Operating Profit -$8.05M $8.70M
0.928 3.704 Cumulative Profit $0.00M $0.00M
0.9 4
1.053 4.131
1 4.41
1.16 4.054
1.1 5.4
1.287 5.427
0.3 3.6
0.144 3.036
0.3 3.8
0.495 4.605
0.3 4.8

es Variance
 2016 2017 2018 2019 2020
$139.39M $95.13M $119.91M $110.72M $108.13M
$106.34M $70.66M $74.99M $95.32M $149.58M
$245.73M $165.79M $194.91M $206.05M $257.70M
$94.21M $66.82M $94.47M $86.20M $83.22M
$89.02M $51.88M $47.07M $54.09M $83.94M
$62.51M $47.09M $53.36M $65.76M $90.54M
$1.00M $0.00M $0.00M $0.00M $0.00M
$5.00M $4.00M $6.00M $6.00M $6.00M
$56.51M $41.09M $49.36M $59.76M $84.54M
$44.19M $27.31M $25.44M $24.53M $24.91M
$12.33M $13.78M $23.92M $35.23M $59.63M
$36.05M $36.05M $36.05M $36.05M $36.05M
$20.46M $5.03M $13.31M $23.70M $48.49M
$112.77M $117.80M $131.11M $154.81M $203.30M

2016 2017 2018 2019 2020

56.70% 57.40% 61.50% 53.70% 42.00%
43.30% 42.60% 38.50% 46.30% 58.00%
100.00% 100.00% 100.00% 100.00% 100.00%
38.30% 40.30% 48.50% 41.80% 32.30%
36.20% 31.30% 24.20% 26.30% 32.60%
25.40% 28.40% 27.40% 31.90% 35.10%
0.40% 0.00% 0.00% 0.00% 0.00%
2.00% 2.40% 3.10% 2.90% 2.30%
23.00% 24.80% 25.30% 29.00% 32.80%
18.00% 16.50% 13.10% 11.90% 9.70%
5.00% 8.30% 12.30% 17.10% 23.10%
14.70% 21.70% 18.50% 17.50% 14.00%
8.30% 3.00% 6.80% 11.50% 18.80%
45.90% 71.10% 67.30% 75.10% 78.90%

Variable Cost
$0.0M
$6.50
$0.0M
$25.00
$0.0M
$6.50
$0.0M
 $24.70
$0.0M
$6.40
$0.0M
$24.40
$0.0M
$6.30
$4.5M
$23.90
$0.0M
$6.20
$5.0M
$23.00
$0.0M
$6.20
$4.0M
$21.80
$1.0M
$6.10
$5.0M
$16.70
$1.0M
$6.00
$0.0M
$14.70
$0.0M
$5.90
$2.0M
$12.40
$0.0M
$5.80
$3.0M
$11.20
$0.0M
$5.80
$3.0M
$11.10

ergy density of ultracapacitors.

onths to self discharge of NiMH batteries.

as resulted in a negative sales variance for this year.

ack market through aggressive price reductions. Buyers of portable power packs are now demanding price reductions of 25% t
er. Portable power tool makers are requesting a 12% price reduction in batteries to $7.50 per unit.

battery life. When power tools can be recharged nearly instantly, customers don't need batteries that last several hours. As a co
rtable power tool makers are requesting a 6% price reduction in batteries to $8.50 per unit.

power tool makers are requesting a 10% price reduction in batteries to $9.00 per unit.
y suppliers.
 2012
$233.09M
$60.96M
$294.05M
$148.93M
$74.24M
$70.88M
$5.00M
$0.00M
$65.88M
$79.16M
-$13.28M
$36.05M
$29.83M
$0.00M
ng price reductions of 25% to $6.75 for future orders.

t last several hours. As a consequence, the desired energy density and importance of energy has dropped while the importance
ropped while the importance of recharge time has increased for power tool users.