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AMBER C STEED* 1 Montana Cooperative Fishery Research Unit and Department of Ecology, Montana State University, Post Office Box , Bozeman, Montana , USA ALEXANDER V ZALE US Geological Survey, Montana Cooperative Fishery Research Unit, and Department of Ecology, Montana State University, Post Office Box , Bozeman, MontanaW V C g J t ۈ x r s ֘A M K ` F b N iJAN R h j ̃y W ł B i 2 `3 c Ɠ ȓ ɔ ܂ i y j j B DCM I C ͏ۈ x r Ђ̕ s ֘A w z Z ^ ʔ̃T C g ł BDCM I C ł͐ p i ͂ ߂Ƃ A 34 _ ̏ i 舵 Ă ܂ B z Z ^ ʔ DCM I C ł̂ y ݂ B1Q 12 Earnings Results – April 26, 12 1Q 12 Financial Results – Strong Earnings Improvement 3 Q1'11Q1'12 Variance Net Sales $456$500 10% Gross Profit ($7)$22 $29% Margin (16%) 44% 600 bps SAG $78 $65 ($13) (17%) Adjusted EBITDA $5$ 46 $41% Margin 12% 92% 800 bpsOperating Leverage (1) 93% Diluted EPS (2) ($050) ($044) $006 Adjusted Diluted EPS Http Www Math Jhu Edu Gradexam Analysisexams Pdf •ÇŽ† —Î ƒMƒ"ƒKƒ€ ƒ`ƒFƒbƒN

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