Monarch Staffing, Inc. (MSTF)

Monarch Staffing Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2006	FY 2005	FY 2004
Period Ending	Sep 30, 2007	Dec 31, 2006	Dec 31, 2005	Dec 31, 2004
Cash & Equivalents	0	0	1.04	-
Cash & Short-Term Investments	0	0	1.04	-
Cash Growth	-	-100.00%	-	-
Receivables	1.46	1.3	0.74	-
Total Current Assets	1.47	1.3	1.78	-
Goodwill	1.25	1.25	1.25	-
Other Long-Term Assets	0.04	0.08	-	-
Total Assets	2.75	2.62	3.02	-
Accounts Payable	0.53	0.52	0.94	-
Accrued Expenses	0.83	0.69	0.53	-
Short-Term Debt	0.91	0.58	0.43	-
Current Portion of Long-Term Debt	0.08	0.06	0.26	-
Total Current Liabilities	2.35	1.85	2.15	-
Long-Term Debt	2.22	1.67	0.59	-
Other Long-Term Liabilities	0.12	0.18	0.6	-
Total Liabilities	4.69	3.69	3.35	-
Common Stock	0.02	0.01	0.01	-
Retained Earnings	-1.74	-0.62	0.25	-
Comprehensive Income & Other	-0.23	-0.46	-0.58	-
Shareholders' Equity	-1.94	-1.07	-0.33	-
Total Liabilities & Equity	2.75	2.62	3.02	-
Total Debt	3.21	2.31	1.28	-
Net Cash (Debt)	-3.2	-2.31	-0.24	-
Net Cash Per Share	-0.32	-0.23	-0.02	-
Filing Date Shares Outstanding	30.29	9.96	9.86	36.78
Total Common Shares Outstanding	21.7	9.86	9.86	36.78
Working Capital	-0.89	-0.55	-0.37	-
Book Value Per Share	-0.09	-0.11	-0.03	-
Tangible Book Value	-3.19	-2.31	-1.57	-
Tangible Book Value Per Share	-0.15	-0.23	-0.16	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.