EXHIBIT O
<TABLE>
<CAPTION>
Earnings History EWG's and FUCO's
Percent of
Ravenswood Finsa Phoenix(24.5%) Aggregate Consolidated Consolidated
<S> <C> <C> <C> <C> <C> <C>
Six Months ended 6/30/00 55,837,400 0 (828,923) 55,008,477
Twelve months ended 12/31/99 47,394,281 (391,414) (2,979,809) 44,023,058
Six Months ended 6/30/99 2,978,766 (297,610) (1,539,712) 1,141,444
------------- --------- --------------- -----------
Total Twelve months ended 6/30/00 100,252,915 (93,804) (2,269,019) 97,890,092 283,259,000 34.56%
============= ========= =============== =========== =========================
Six Months ended 6/30/99 2,978,766 (297,610) (1,539,712) 1,141,444
Twelve months ended 12/31/98 0 (93,721) (2,905,143) (2,998,864)
Six Months ended 6/30/98 0 (93,721) (1,552,071) (1,645,792)
------------- --------- --------------- -----------
Total Twelve months ended 6/30/99 2,978,766 (297,610) (2,892,784) (211,628) (37,973,000) 0.56%
============= ========= =============== =========== =========================
</TABLE>
Note: Ravenswood acquired June 18, 1999
Phoenix earnings converted to US $'s at exchange rate on ending date I.e. 6/30
and 12/31
