EX-99.C.5 6 y51534ex99-c_5.txt PRELIMINARY DRAFT MATERIALS 1 Exhibit 99(c)(5) [UBS WARBURG LOGO] STRICTLY PRIVATE AND CONFIDENTIAL Project Mill Presentation to the Special Committee of the Board of Directors March 19, 2001 MARCH 2001 Preliminary Draft -- For Discussion Purposes Only [Please note that references to "base" case correspond to the Scenario 2 projections and references to "downside" case correspond to the Scenario 1 projections.] 2 The accompanying material was compiled on a confidential basis for use solely by The Special Committee of the Board of Directors of Springs Industries, Inc. (the "Company") in evaluating the proposal described herein. This material was prepared for a specific use by specific persons and was not prepared to conform with any disclosure standards under applicable federal securities laws or otherwise. Neither the Company nor UBS Warburg ("UBS Warburg") nor any of their respective officers, directors, employees, affiliates, advisors, agents or representatives warrants the accuracy or completeness of any of the material set forth herein. Nothing contained in the accompanying material is, or shall be relied upon as, a promise or representation as to the past or the future. It should be understood that any estimates, valuations and/or projections contained in the accompanying material were prepared or derived from information supplied by the Company without any independent verification thereof by UBSW. Accordingly, no representation or warranty can be or is made by UBS Warburg as to the accuracy or achievability of any such valuations, estimates and/or projections. 3 CONTENTS Section 1 TRANSACTION OVERVIEW ................................. 1 Section 2 INDUSTRY AND COMPANY OVERVIEW ........................ 10 Section 3 FINANCIAL OVERVIEW ................................... 39 Section 4 PRELIMINARY VALUATION ANALYSES ....................... 52
APPENDICES A Comparable Company Descriptions B Comparable Transaction Descriptions C Heartland Transaction Summaries
[UBS WARBURG LOGO] 4 TRANSACTION OVERVIEW Section 1 [UBS WARBURG LOGO] 5 TRANSACTION OVERVIEW - Heartland Industrial Partners, L.P. ("Heartland") and members of the Close Family and certain management shareholders (collectively, the "Continuing Shareholders") have proposed to acquire all of the outstanding shares of the common stock of Springs Industries, Inc. ("Springs" or the "Company") not owned by the Continuing Shareholders for $44.00 per share in cash - Pursuant to the draft Recapitalization Agreement (the "Agreement") dated March 12, 2001 to be entered into by Springs and Heartland Springs Investment Company ("Merger Subsidiary"), an entity controlled by Heartland, Springs will undertake a recapitalization whereby: - Merger Subsidiary will merge with and into the Company (the "Merger"); - shares of the Company (other than the shares held by the Continuing Shareholders) will be converted into the right to receive $44.00 per share in cash (the "Cash Merger Consideration"), subject to the terms and conditions as set forth in the Agreement; - For the purposes of our analyses, UBS Warburg has assumed the Merger will close on June 30, 2001 [UBS WARBURG LOGO] Section 1: Transaction Overview 2 6 HEARTLAND OVERVIEW - Heartland is a private equity investment fund formed in 1999 with equity commitments in excess of $1.1 billion ($2 billion targeted by the final close of the fund) with offices in Greenwich, CT, New York, NY and Detroit, MI - Primary investment focus is on mid- to large-cap, industrial companies with a "buy, build and grow" platform scale-up investment strategy to be concentrated among five industrial sectors - Targeted industries include those that are poised for consolidation and have long-term growth potential: automotive, aerospace material/components, metal forming/fabrication, specialty chemicals, home textiles/furnishings, machine tools, and heavy equipment - Heartland was founded by David Stockman, a former partner at The Blackstone Group and a former Reagan Administration cabinet officer; Timothy Leuliette, the former president and COO of Penske Corporation; and Daniel Tredwell, a former managing director of Chase Securities. Heartland currently has 7 partners and 20 professionals - Transactions completed to date have focused on the automotive supply sector. Three of these transactions resulted in the creation of Metaldyne Corporation in January 2001. Summaries of these transactions can be found in Appendix D - MascoTech, Inc. -- November 2000 (Metaldyne) - Simpson Industries, Inc. -- December 2000 (Metaldyne) - Global Metal Technologies, Inc. -- January 2001 (Metaldyne) - Collins & Aikman Corporation -- March 2001 (60% ownership) [UBS WARBURG LOGO] Section 1: Transaction Overview 3 7 PRINCIPAL TERMS & CONDITIONS Form of Transaction: - Leveraged recapitalization via reverse merger Merger Consideration: - $44.00 per share in cash Tax Structure: - Fully taxable to selling shareholders Accounting Treatment: - Recapitalization accounting under GAAP (no push-down of goodwill) Significant Conditions and - Special Committee approval of the proposed amendment to the Company's Other Terms: Articles of Incorporation (the "Amendment") and the Agreement and recommendation of same to the Board of Directors - Approval by Springs' Board of Directors and recommendation to the Company's shareholders (other than the Continuing Shareholders) - Affirmative vote by 2/3 of the votes by the Company's shareholders in favor of the Amendment, with the Class A and Class B shareholders voting together as a single class (with the holders of Class B shares entitled to four votes per share) (Close Family shares represent 73% of the vote) - Affirmative vote by 2/3 of the votes by the Company's shareholders in favor of the Merger, with the Class A and Class B shareholders voting together as a single class (with the holders of Class B shares entitled to one vote per share) (Close Family shares represent 41% of the vote) - Customary conditions relating to regulatory approvals and no material adverse effect - Financing out is subject to (i) the terms and conditions of the bank commitment letter; (ii) bank financing shall have been completed on substantially the terms and conditions in the bank commitment letter (or on terms and conditions which are not materially more onerous); (iii) compliance with respect to the Shareholders Agreement; and (iv) the terms and conditions of the equity commitment letter - No shop provision subject to fiduciary out
[UBS WARBURG LOGO] Section 1: Transaction Overview 4 8 Termination Conditions: - Customary termination conditions and provisions including: - termination by mutual consent - termination by either Springs or Heartland, if (i) the Merger is not consummated on or before 180 days from the signing of the Agreement; (ii) failure to receive the requisite vote in favor of the Amendment; and (iii) failure to receive the requisite vote in favor of the Merger; - termination by Heartland, if the Special Committee or Board of Directors shall have failed to make or withdrawn its approval or recommendation of the Merger - termination by the Company, if the Company receives from any third party an Acquisition Proposal providing for consideration greater than the Cash Merger Consideration and which the Special Committee and the Board of Directors accept or recommend in respect of their fiduciary duties; - no termination fee (except for expense reimbursement in the case of a termination under certain circumstances);
[UBS WARBURG LOGO] Section 1: Transaction Overview 5 9 PURCHASER FINANCING - Heartland intends to finance the Merger through the use of: (i) $700 million senior secured credit facilities provided by JP Morgan Chase ("Morgan Chase"); (ii) a $200 million receivables purchase facility; and (iii) $225 million of equity capital provided by Heartland in addition to the equity rolled over by Continuing Shareholders - The Morgan Chase credit facilities are comprised of a term loan facility, a revolving credit facility and a receivables purchase facility - term loan facility is comprised of two tranches: (i) a 5.5-year, amortizing, term loan facility (the "Tranche A Term Loan Facility") in the amount of $200 million and (ii) a 7-year, amortizing, term loan facility (the "Tranche B Term Loan Facility") in the amount of $300 million - secured revolving credit facility is available in the amount of up to $200 million (undrawn and available at closing) for a period of 5.5 years - receivables purchase facility in the amount of up to $200 million ($165 million provided at closing) through which the Company will securitize its trade receivables through the issuance of commercial paper (backed by the cash flows from the eligible trade receivables sold to a special purpose subsidiary or trust). This facility has a term of one year which may be extended for additional one-year terms - pricing, subject to a leverage performance grid, will initially be set at a spread to adjusted LIBOR ("LIBOR") or to the commercial paper rate, as follows: - Tranche A Term Loan Facility: LIBOR + 1.75% - Tranche B Term Loan Facility: LIBOR + 2.25% - Secured Revolving Credit Facility: LIBOR + 1.75% - Receivable Purchase Facility: CP Rate (at market) [UBS WARBURG LOGO] Section 1: Transaction Overview 6 10 PURCHASER FINANCING (CONTINUED) - Significant financing conditions include: - Morgan Chase (Bank Financing) - (i) customary conditions relating to fees, documentation, compliance with law, etc.; (ii) no material adverse change in the Company or in the financial, banking or capital markets as they relate to hindering Morgan Chase's ability to syndicate the facilities; (iii) knowledge that no other competing financing for a Heartland affiliate occurs during the syndication without the consent of Morgan Chase; (iv) Morgan Chase's completion of ongoing legal, environmental, tax and accounting due diligence; and (v) satisfied as to the nature of the environmental and employee health/safety exposures and receipt of environmental assessments (including Phase I and II reports, as applicable) satisfactory to Morgan Chase - Heartland (Equity Financing) -- (i) satisfaction of the conditions to Merger Subsidiary's obligations under the Agreement; and (ii) termination of commitment congruent with the termination provisions in the Agreement - An estimated sources and uses of funds for the transaction (as provided by Morgan Chase) is illustrated below: [UBS WARBURG LOGO] Section 1: Transaction Overview 7 11 ESTIMATED SOURCES
AMOUNT ($MM) ----- Sr. Bank Term Revolver 0.0 Receivables Purchasing Facility 165.0 Sr. Bank Term Loan 200.0 Sr. Bank Term Loan 300.0 Assumed Debt 28.6 ------- TOTAL DEBT 693.6 ------- Heartland Equity 225.0 Shareholder Rollover 276.3 ------- TOTAL EQUITY 501.3 ======= TOTAL SOURCES 1,194.9 =======
ESTIMATED USES
AMOUNT ($MM) ----- Purchase of Springs Equity 803.4 Repay Indebtedness 308.9 Assumed Debt 28.6 Excess Cash (working capital) 14.3 Fees & Expenses 40.0 ======= TOTAL USES 1,194.9 =======
[UBS WARBURG LOGO] Section 1: Transaction Overview 8 12 VALUATION ANALYSIS AT VARIOUS SHARE PRICES SPRINGS TRANSACTION VALUE AT PROPOSED OFFER PRICE(1)
($MM, EXCEPT PER SHARE) ----------------------- Proposed Transaction Price Per Share 44.00 Total Diluted Shares Outstanding 19.96 ------- 878.2 ------- Less: Option Proceeds (72.7) ======= TRANSACTION EQUITY MARKET VALUE 805.5 ======= Plus: Springs Debt (incl. make whole pmts.) 340.2 Plus: Unfunded Pension Liability 22.8 Plus: Unfunded Deferred Comp. Liability 40.5 Less: Cash and Equivalents (2.9) ======= TRANSACTION ENTERPRISE VALUE 1,206.2 =======
SPRING SHARES SOLD VS ROLLED
SHARES AMOUNT (1) SHARES SOLD (MM) ($MM) ----------- ---- ----- Public 11.0 485.2 Close Family 1.0 44.0 ----- ------ TOTAL SHARES SOLD 12.0 529.2 ----- ------ Close Family Shares Rolled 6.3 276.3 ===== ====== TOTAL SHARES OUTSTANDING 18.3 805.5 ===== ======
NOTE: (1) At $44.00 per share IMPLIED VALUATION MULTIPLES AT VARIOUS SHARE PRICES(2) PER SHARE VALUE ($) 40.00 42.00 44.00 46.00 48.00 50.00 52.00 ----- ----- ----- ----- ----- ----- ----- TEV/LTM Revenue (x) 0.50 0.51 0.53 0.55 0.57 0.58 0.60 TEV/LTM EBITDA (x) 4.4 4.5 4.7 4.9 5.0 5.2 5.3 TEV/LTM Free Cash Flow(3)(x) 6.9 7.1 7.4 7.6 7.9 8.1 8.4 TEV/LTM EBIT (x) 7.6 7.9 8.2 8.4 8.7 9.0 9.3 EMV/LTM Net Income (x) 10.1 10.6 11.1 11.7 12.2 12.8 13.4
NOTES: (1) Based on fiscal year-end 2000 balance sheet (2) Implied multiples based on adjusted fiscal year 2000 results (3) Free cash flow is defined as EBITDA less capital expenditures [UBS WARBURG LOGO] Section 1: Transaction Overview 9 13 INDUSTRY AND COMPANY OVERVIEW Section 2 [UBS WARBURG LOGO] 14 COMPANY OVERVIEW * SPRINGS IS A LEADER IN THE HOME TEXTILE FURNISHINGS MARKET BEDDING PRODUCTS - Leader in double digit growth Bed-In-A-Bag category -- in both mid-market and high end - Strength in core color programs, account management and replenishment capabilities - Heavy focus and strong competitive advantage in printed ensembles and "fashion products" (coordinated sheets, comforters, bedding accessories and curtains) which face limited competition from imports - Have made investments in distribution and system applications to improve customer service and achieve one of the best service records in the industry. Direct importers lack the infrastructure to effectively compete in this area BATH PRODUCTS - Springs has a balanced portfolio of towels, bath rugs, showers curtains and accessories - Springs has been traditionally #3 in towels but now has the opportunity to make significant gains: - Market leader Pillowtex is in bankruptcy - Springs terry modernization should improve product costs and quality - Springs is developing major off-shore sourcing partnership - Through acquisition and internal growth, Springs has developed a #1 market share position in shower curtains and accessories WINDOWS AND OTHER HOME FURNISHINGS - Major window blinds product innovation (cut-to-size) has stimulated SPRINGS MAJOR PRODUCT SEGMENTS [SPRINGS MAJOR PRODUCT SEGMENTS PLOTPOINTS] Bedding 43% Other(Windows, Baby, Other) 36% Bath 21%
2000 Sales: $2.3 billion 2000 EBITDA BY SEGMENT [2000 EBITDA BY SEGMENT PLOTPOINTS] Bedding 55% Other(Windows, Baby, Other) 29% Bath 16%
2000 EBITDA: $254 million [UBS WARBURG LOGO] Section 2: Industry and Company Overview 11 15 INDUSTRY TRENDS AND OBSERVATIONS - The home furnishings/textiles industry continues to be subjected to numerous pressures resulting from: - industry structure/characteristics - channel and customer issues - imports - Industry structure/characteristics - mature, highly fragmented and competitive - stable, albeit slow, growth - excess capacity resulting in plant shut downs and restructuring charges - over leveraged and capital intensive - Channel and customer issues - continued channel shift from department stores to mass merchants and specialty retailers - pricing pressure resulting from channel consolidation and imports - retailer issues: product differentiation, inability to pass on price increases, possible direct sourcing initiatives - shift of inventory risk from retailers to the mills; supply chain issues - continued favorable consumer demographics - Imports - continued and increasing pressure from imports in bedding and towels (low and high price points); changing quota restrictions - increased emphasis on global sourcing - Recent industry trends/events include: - softening retail environment and retailer inventory adjustments resulting in a slow down in sales and higher inventories for the Company and its competitors - increasing raw material prices - particularly cotton, energy and grey cloth - over capacity and cost pressure resulting in plant shut downs and restructuring costs (e.g., WestPoint) [UBS WARBURG LOGO] Section 2: Industry and Company Overview 12 16 - margin pressure from plant standings - Pillowtex bankruptcy filing [UBS WARBURG LOGO] Section 2: Industry and Company Overview 13 17 HOME TEXTILE INDUSTRY TOTAL HOME TEXTILE MARKET GROWTH (1) [TOTAL HOME TEXTILE MARKET GROWTH PLOTPOINTS]
1998 1999 2000 2001 2002 2003 2004 2005 ($bn) 16.3 17.0 17.7 18.5 19.2 20.1 20.9 21.8
2000-2005 CAGR = 4.2% SOURCE: Company Reports NOTES: (1) KSA estimated growth rates (2) Wholesale value including imports. Data estimates by KSA US MARKET BY PRODUCT LINE
TREND 1999 SHIPMENTS(2) GROWTH AMOUNT RATE PRODUCT LINE ($MM) % TOTAL (%) ------------ ----- ------- --- Bath Towels 2,482 14.6 4.3 Sheets/Pillowcases 2,463 14.5 3.5 Comforters/Bedspreads 1,717 10.1 5.0 Sleep Pillows 1,133 6.7 3.0 Ready-Made Window Coverings 1,025 6.0 4.0 Bath Rugs 961 5.7 4.0 Shower Curtains 589 3.5 3.0 Down Comforters 432 2.5 5.0 Mattress Pads 341 2.0 4.0 ------ ----- --- SPRINGS' SERVED MARKETS 11,143 65.6 4.0 ------ ----- --- TOTAL SERVED MARKET 17,000 100.0 4.2 ====== ===== ===
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 14 18 IMPORT TRENDS DIRECT IMPORT MARKET SHARE
1995 1996 1997 1998 1999 2000 ---- ---- ---- ---- ---- ---- TOTAL BEDDING CAGR(1995-2000) 11.7% 12.1% 11.3% 13.3% 16.6% 19.1% 21.0% TOTAL BATH CAGR(1995-2000) 11.4% 9.4% 10.1% 11.8% 12.6% 14.4% 16.1%
- Home textile imports have grown steadily and tend to be concentrated in: - Specialty products - high labor content "up-market" goods such as high thread count and heavily embroidered sheets and bedding - high volume and low-end functional products - Imports beginning to enter into high price point segment - encouraged by relative labor cost advantage - encouraged by "big box" retailers in search of low cost supply [UBS WARBURG LOGO] Section 2: Industry and Company Overview 15 19 COMPETITIVE ANALYSIS - Springs' is one of the largest home furnishings company in the United States with FY 2000 revenues of $2,275 million - There are few large competitors in the market and many smaller specialist players - In the three core business segments that Springs' operates in (Bedding, Bath, Window Fashions), they are number one, two or three in market share - Springs' focus on core customers in the specialty retail and mass merchandiser categories (i.e., Bed Bath & Beyond, Walmart, etc.) has resulted in stable growth and market share positions [UBS WARBURG LOGO] Section 2: Industry and Company Overview 16 20 HOME FURNISHINGS MARKET -- 2000 NET SALES (%) [HOME FURNISHINGS MARKET -- 2000 NET SALES (%) PIECHART] Springs 25% West Point 20% Pillowtex 16% Dan River 7% Mohawk 6% Other 25%
SPRINGS PRODUCT MARKET RANKINGS
PRODUCT CATEGORY MARKET RANK ---------------- ----------- Top-of-Bed 1 Canadian Bedding 1 Bath Accessories 1 Shower Curtains 1 Retail Fabrics 1 Bath Rugs 2 Retail Sheets/Pillowcases 2 Bed-In-A-Bag 2 Retail Towels 3 Institutional Towels 3 Hard Window Treatment/Hardware 3 Baby Bedding/Bath 3 -----------
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 17 21 CUSTOMERS - 70% of sales are to Springs' top ten customers which are heavily weighted to the strongest, most dynamically growing retailers in the US - These retailers are steadily raising supplier performance and capability standards -- thereby permitting Springs to develop increasing competitive advantage versus smaller, undercapitalized, narrow-product-line competitors - Large mass merchants and specialty chain customers are actively reducing their supplier bases and seeking "one-stop shopping" with home furnishings suppliers with Springs' breadth of product range - Retailers demand high standards from full service vendors. - supply chain execution systems - low prices - specification creep - on time delivery DISTRIBUTION OF SPRINGS' SALES BY CUSTOMER [DISTRIBUTION OF SPRINGS' SALES BY CUSTOMER PIECHART] Wal-Mart 28.1% Kmart 7.6% Home Depot 6.0% LNT 5.0% BBB 4.5% Target 4.0% JC Penneys 3.6% Sears 3.6% Lowes 2.8% Federated 1.9% All Others 32.9%
Retail Total Gross Sales: $2.5 billion SOURCE: Company Reports [UBS WARBURG LOGO] Section 2: Industry and Company Overview 18 22 Pricing Trends - Industry prices have increased steadily but at relatively low growth rates (4.1% or less) over the past 10 years - Price increases have, to a certain extent, been counter balanced by "specification creep" (i.e., larger and heavier weight bath towels for the same price) - EDLP's (Every Day Low Prices - i.e. Wal-Mart) are in constant search of the lowest prices and at times source from international suppliers in order to keep prices low - Imports have historically focused on low quality products but have increasingly focused on high-end content with greater variety. This has the potential to result in price pressure throughout the entire spectrum of the industry WHOLESALE TOWEL PRICES (PRICE PER DOZEN) [WHOLESALE TOWEL PRICES GRAPH]
1990-1999 CAGR 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Domestic Mills 4.1% $16.26 $16.61 $16.7 $16.75 $17.51 $17.62 $19.11 $20.95 $21.63 $23.35 Imports 4.0% $5.28 $5.42 $4.66 $5.22 $5.22 $5.43 $6.01 $6.24 $6.96 $7.52
SOURCE: Company Reports WHOLESALE SHEET (PRICE PER DOZEN) [WHOLESALE SHEET GRAPH]
1990-1999 CAGR 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Total Consumption 1.5% $47.31 $49.09 $48.64 $49.22 $49.76 $52.68 $54.30 $53.56 $53.39 $55.04 US Mill Shipments 1.4% $49.49 $51.60 $51.16 $50.40 $51.68 $55.01 $56.83 $56.00 $55.20 $56.73
SOURCE: Company Reports [UBS WARBURG LOGO] Section 2: Industry and Company Overview 19 23 COST STRUCTURE & PROFITABILITY COGS AS A % OF SALES
cogs 1997 1998 1999 2000 Springs 81.8 82.4 81.1 81.3 Pillowtex(1) 83.7 81.9 87.6 na WestPoint 74.7 73.3 73.2 73.9 Dan River 78.1 78.6 81.6 81.6
SG&A AS A % OF SALES
sg&a 1997 1998 1999 2000 Springs 12.0 12.1 12.5 12.1 Pillowtex(1) 9.0 8.5 8.5 na WestPoint 12.4 12.7 12.6 13.5 Dan River 11.4 11.3 10.3 10.1
EBIT MARGIN (%)
1997 1998 1999 2000 Springs 6 5 6 7 Pillowtex(1) 7 10 4 na WestPoint 13 14 14 13 Dan River 9 9 8 8
EBITDA MARGIN (%)
ebitda 1997 1998 1999 2000 Springs 9.8 8.7 10.8 11.3 Pillowtex(1) 10.1 13.1 7.9 na WestPoint 17.6 18.5 18.7 17.1 Dan River 14.8 14.8 14.3 13.9
NOTE: (1) Filed for bankruptcy 11/14/00 - Springs has traditionally had lower EBIT and EBITDA margins, along with higher costs as a percentage of sales, when compared to its peers - Evidence of the Company's cost reduction initiatives can be seen in the improving trend in EBIT and EBITDA margins from 1997 to 2000 - Springs has smaller, less efficient plants than its peers WestPoint and Dan River [UBS WARBURG LOGO] Section 2: Industry and Company Overview 20 24 CAPITAL INTENSITY EBITDA AS A % OF TANGIBLE ASSETS
1997 1998 1999 2000 Springs 15 14.6 15.5 16.9 Pillowtex(1) 5.1 14.5 8.7 na WestPoint 23.3 24.9 23.9 22 Dan River 18 12.7 16.1 14.6
CAPITAL EXPENDITURES AS A % OF SALES
1997 1998 1999 2000 Springs 4.5 5.3 4.1 4.7 Pillowtex(1) 3.5 8.8 5.8 na WestPoint 9.2 8.3 7.9 4.2 Dan River 5.1 7.6 5.8 5.1
NOTE: (1) Filed for bankruptcy 11/14/00 21 25 Inflation - Purchasing and Cost Savings - Springs is taking a number of measures to cut costs: - a move from a 5-shift schedule to a 4-shift schedule - benefits due to investments in PP&E and technology - source more raw materials internationally - Price increases in raw materials are generally not transferable to retail customers, hence, resulting in margin erosion
COMMODITY PRICES: COTTON (US$) POLYESTER (US$) FIBERFILL (US$) 2000 0.56/lb 0.52/lb 0.40/lb 2001 0.64/lb 0.50/lb 0.42/lb 2002 0.70/lb 0.55/lb 0.46/lb 2003 0.72/lb 0.60/lb 0.50/lb
- Wage rates, energy and chemical prices have also increased, a trend expected to continue [UBS WARBURG LOGO] Section 2: Industry and Company Overview 22 26 INFORMATION TECHNOLOGY - Springs' IT system currently consists of 15 platforms running over 120 applications with over 300 FTE employees - Annual cost is approximately $66 million driven by: - quantity and redundancy of systems - age of hardware and applications (9.5 years) - large support group and related workload - Annual IT cost is approximately 2.8% of revenues versus: - < 2.0% for American manufacturing companies (Gartner Group sample) - < 1.5% for textile manufacturing companies (Gartner Group sample) - Key IT objective for Springs is to develop an IT plan and strategy congruent with the strategic needs of the Company: - improved information, better integration and decision support - supply chain management and connectivity - customer and brand management - cost competitive and efficient - Alternative IT plan scenarios: - Baseline - $158 million cash outlay over next 3 years - Required Incremental - $197 million cash outlay over next 3 years - Integration Program (ERP) - equal to the Required Incremental cash outlay [UBS WARBURG LOGO] Section 2: Industry and Company Overview 23 27 HISTORICAL 5-YEAR FINANCIAL SUMMARY
CAGR 1995 - 2000 ($MM) 1995 1996 1997 1998 1999 2000 (%) --------------------------------------------------------------------------------------------------------------------------------- OPERATING DATA: Net Sales 2,223.2 2,221.0 2,226.1 2,180.5 2,220.4 2,275.1 0.5 % Growth 7.5% (0.1)% 0.2% (2.0)% 1.8% 2.5% EBITDA(1) 232.0 203.2 213.6 191.5 235.3 254.0 1.8 % Margin 10.4% 9.1% 9.1% 8.8% 10.6% 11.2% EBIT(1) 133.5 113.8 129.0 104.5 134.0 144.1 1.5 % Margin 6.0% 5.1% 5.8% 4.8% 6.0% 6.3% Net Income(1) 71.6 106.9 78.3 59.6 68.0 72.4 0.2 % Margin 3.2% 4.8% 3.5% 2.7% 3.1% 3.2% Diluted EPS(1) 3.69 5.18 3.79 3.15 3.74 3.99 1.5 % Growth 0.0% 40.4% (26.8)% (16.9)% 18.7% 6.7% Diluted Shares Outstanding 19.4 20.6 20.7 18.9 18.2 18.2 Balance Sheet Data: Cash and Equivalents 2.6 30.7 0.4 48.1 4.2 2.9 Net PP&E 614.0 534.6 540.5 549.7 625.6 617.9 0.1 Total Assets 1,527.5 1,398.5 1,408.7 1,425.5 1,575.0 1,584.0 0.7 Total Debt(2) 361.9 184.6 186.2 289.3 340.2 333.2 (1.6) Shareholders Equity 734.5 780.8 804.6 724.1 774.9 819.8 2.2 Cash Flow Data: Depreciation and Amortization 98.5 89.4 84.6 87.0 101.3 109.4 2.1 Capital Expenditures 75.2 75.1 98.5 115.0 166.8 93.3 4.4 ---------------------------------------------------------------------------------------------------------------------------------
SOURCE: Company Reports NOTES: (1) Excludes non-recurring items (2) Includes short-term and long-term debt [UBS WARBURG LOGO] Section 2: Industry and Company Overview 24 28 QUALITY OF EARNINGS ANALYSIS ANALYTICAL ADJUSTMENTS TO EARNINGS
(US$mm, except per share data) FY 1998 FY 1999 FY 2000 ------------------------------------------------------------------------------------ EBITDA Adjustments: EBITDA-Reported 191.5 235.3 253.9 "Above the Line" Non-Recurring Items- Expense (Income) 12.9 0.0 3.1 ------------------------------------------------------------------------------------ EBITDA-Adjusted 204.4 235.3 257.0 ------------------------------------------------------------------------------------ EBITDA-Reported-Margin % 8.8 10.6 11.2 EBITDA-Adjusted-Margin % 9.4 10.6 11.3 EBIT Adjustments: EBIT-Reported 104.5 134.0 144.5 "Above the Line" Non-Recurring Items- Expense (Income) 12.9 0.0 3.1 ------------------------------------------------------------------------------------ EBIT-Adjusted 117.4 134.0 147.6 ------------------------------------------------------------------------------------ EBIT-Reported-Margin % 4.8 6.0 6.4 EBIT-Adjusted-Margin % 5.4 6.0 6.5 Net Income Adjustments: Net Income to Common-Reported 37.3 69.0 67.1 After-Tax Total Non-Recurring Items- Expense (Income) 22.0 (1.1) 5.2 ------------------------------------------------------------------------------------ Net Income to Common-Adjusted 59.3 67.9 72.3 ------------------------------------------------------------------------------------ Net Income-Reported-Margin % 1.7 3.1 3.0 Net Income-Adjusted-Margin % 2.7 3.1 3.2 Wtd. Avg. Diluted Shares (Class A & Class B) 18.938 18.168 18.160 EPS-Reported 1.97 3.80 3.70 ------------------------------------------------------------------------------------ EPS-Adjusted 3.13 3.73 3.98 ------------------------------------------------------------------------------------
SOURCE: Company 10K and internal reports DETAIL OF ADJUSTMENTS/NON-RECURRING ITEMS
(US$mm, except per share data) FY 1998 FY 1999 FY 2000 ------------------------------------------------------------------------------------------- Reported Restructuring & Realignment Expenses (Income): Katherine/Elliott Plants Shutdown -- -- 2.4 Griffin/Jackson Plants Shutdown -- -- 2.9 Rockhill Plant Shutdown and Other 19.9 -- -- ------------------------------------------------------------------------------------------- Total Restructuring & Realignment Expense (Income) ($) 19.9 0.0 5.3 ------------------------------------------------------------------------------------------- Effective Tax Rate (%) 36.5 38.0 37.0 ------------------------------------------------------------------------------------------- After-Tax Restructuring & Realignment Expense (Income) ($) 12.6 0.0 3.3 ------------------------------------------------------------------------------------------- Other Non-Recurring/One-Time Expenses (Income): "Above the EBIT Line" Items Acctg. Change - Supplies Inventory (Gain) -- -- (1.5) Wisconsin Sales Tax Assessment -- -- 2.5 Blindmaker Receivable Charge-Off -- -- 2.1 Employee Severance Expenses 5.4 -- -- Receivables Charge-Off - Window Fashions 7.5 -- -- ------------------------------------------------------------------------------------------- Total "Above the EBIT Line" Non-Recurring Items ($) 12.9 0.0 3.1 ------------------------------------------------------------------------------------------- "Below the EBIT Line" Items Gain on Sale/Leaseback of NYC Building -- (1.5) (1.8) Gain on Sale of Closed Mfg. Facilities -- (4.3) -- Impairment Charge-Property for Sale/Disposal 1.2 3.0 1.6 Gain on Sale of UltraSuede & Rockhill Facility (13.9) -- -- Impairment Charge-Terry Mfg. Facility Consolidation 4.8 -- -- Loss on Sale of Industrial Products & Springfield Facility 2.7 -- -- Year 2000 Expenses 7.1 1.0 -- ------------------------------------------------------------------------------------------- Total "Below the EBIT Line" Non-Recurring Items 1.9 (1.8) (0.2) ------------------------------------------------------------------------------------------- Total Other Non-Recurring Items ($) 14.8 (1.8) 2.9 Grand Total Non-Recurring Items ($) 34.7 (1.8) 8.2 Effective Tax Rate (%) 36.5 38.0 37.0 ------------------------------------------------------------------------------------------- After-Tax Grand Total Non-Recurring Items ($) 22.0 (1.1) 5.2 -------------------------------------------------------------------------------------------
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 25 29 FYE 2000 Balance Sheet
Assets FYE 2000 --------------------------------------------------------- Current Assets: Cash and Cash Equivalents 2.9 Accounts Receivable, net 291.1 Inventories, net 508.1 Other 34.4 --------------------------------------------------------- Total Current Assets 836.4 --------------------------------------------------------- Property, Plant & Equipment, net 617.9 Goodwill and Other Assets 129.9 ========================================================= TOTAL ASSETS 1,584.1 =========================================================
Liabilities & Shareholders' Equity FYE 2000 --------------------------------------------------------- Current Liabilities: Short-Term Borrowings 24.7 Current Maturities of Long-Term Debt 25.2 Accounts Payable 106.7 Other Accrued Liabilities 114.4 --------------------------------------------------------- Total Current Liabilities 271.0 --------------------------------------------------------- Noncurrent Liabilities: Long-Term Debt 283.3 Accrued Benefits and Deferred Compensation 176.1 Other 34.0 --------------------------------------------------------- Total Noncurrent Liabilities 493.4 --------------------------------------------------------- Total Shareholders' Equity 819.8 ========================================================= TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 1,584.1 =========================================================
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 26 30 SPRINGS STOCK PRICE HISTORY -- ANNOTATED -- LAST TWELVE MONTHS
SMI PRICE VOLUME 3/16/00 37.56 93.30 3/17/00 37.94 85.00 3/20/00 37.25 62.20 3/21/00 38.06 85.10 3/22/00 38.13 75.40 3/23/00 38.13 45.00 3/24/00 38.13 40.90 3/27/00 37.63 176.30 3/28/00 37.88 54.00 3/29/00 38.00 27.70 3/30/00 38.38 39.70 3/31/00 38.00 64.70 4/3/00 38.50 33.60 4/4/00 38.31 61.80 4/5/00 38.44 53.20 4/6/00 39.19 37.70 4/7/00 39.19 62.80 4/10/00 38.75 33.50 4/11/00 40.06 66.90 4/12/00 40.06 70.10 4/13/00 38.94 39.60 4/14/00 38.19 72.10 4/17/00 38.69 68.20 4/18/00 39.00 60.00 4/19/00 40.38 88.10 4/20/00 41.75 96.20 4/24/00 42.06 101.90 4/25/00 43.19 98.40 4/26/00 43.19 40.70 4/27/00 42.06 59.50 4/28/00 41.06 141.20 5/1/00 43.50 154.80 5/2/00 45.63 174.90 5/3/00 47.06 214.60 5/4/00 48.56 161.50 5/5/00 47.38 166.20 5/8/00 47.38 142.00 5/9/00 46.94 273.40 5/10/00 47.44 232.40 5/11/00 48.81 119.50 5/12/00 48.19 113.20 5/15/00 47.06 108.20 5/16/00 47.25 161.40 5/17/00 47.00 50.90 5/18/00 46.81 93.60 5/19/00 46.50 101.30 5/22/00 46.31 105.00 5/23/00 45.19 84.90 5/24/00 46.56 191.80 5/25/00 46.31 179.90 5/26/00 47.25 105.80 5/30/00 47.44 61.00 5/31/00 47.50 167.70 6/1/00 43.88 390.70 6/2/00 42.38 208.80 6/5/00 42.94 158.20 6/6/00 41.88 299.50 6/7/00 41.63 110.40 6/8/00 39.94 147.00 6/9/00 39.88 57.60 6/12/00 39.94 76.10 6/13/00 38.75 138.10 6/14/00 39.25 127.60 6/15/00 39.50 74.90 6/16/00 39.56 150.60 6/19/00 35.88 243.00 6/20/00 35.81 231.30 6/21/00 34.69 224.50 6/22/00 34.31 121.20 6/23/00 34.00 94.00 6/26/00 34.25 161.50 6/27/00 33.44 214.30 6/28/00 34.06 397.70 6/29/00 34.38 76.90 6/30/00 32.00 213.80 7/3/00 32.63 48.70 7/5/00 32.75 87.50 7/6/00 31.56 221.50 7/7/00 31.75 72.20 7/10/00 31.75 143.60 7/11/00 32.31 102.60 7/12/00 32.13 91.60 7/13/00 31.88 78.80 7/14/00 32.06 62.30 7/17/00 32.31 60.80 7/18/00 31.50 74.60 7/19/00 31.38 36.70 7/20/00 32.88 153.40 7/21/00 34.06 194.20 7/24/00 33.63 80.60 7/25/00 33.31 80.60 7/26/00 33.06 88.80 7/27/00 32.88 75.60 7/28/00 32.44 48.60 7/31/00 32.25 44.70 8/1/00 31.75 66.50 8/2/00 32.13 29.40 8/3/00 31.88 61.90 8/4/00 31.56 83.40 8/7/00 32.19 51.40 8/8/00 31.94 122.40 8/9/00 31.69 95.20 8/10/00 31.75 37.00 8/11/00 31.81 29.10 8/14/00 32.13 20.10 8/15/00 31.31 48.60 8/16/00 31.13 27.90 8/17/00 31.56 24.70 8/18/00 31.44 27.60 8/21/00 31.00 30.80 8/22/00 31.75 69.50 8/23/00 31.38 40.30 8/24/00 31.56 31.20 8/25/00 31.31 34.80 8/28/00 30.75 43.70 8/29/00 30.00 46.70 8/30/00 30.06 41.10 8/31/00 29.88 33.60 9/1/00 29.81 33.50 9/5/00 29.69 77.80 9/6/00 31.25 66.90 9/7/00 31.25 31.40 9/8/00 31.13 34.70 9/11/00 30.06 30.20 9/12/00 29.63 42.50 9/13/00 29.19 39.00 9/14/00 29.44 30.40 9/15/00 28.88 53.90 9/18/00 28.63 40.70 9/19/00 28.94 36.20 9/20/00 28.19 109.70 9/21/00 27.88 72.60 9/22/00 27.50 97.30 9/25/00 27.38 48.30 9/26/00 27.13 48.10 9/27/00 27.19 33.50 9/28/00 27.50 76.10 9/29/00 28.19 52.60 10/2/00 27.88 33.20 10/3/00 28.38 70.50 10/4/00 28.81 75.00 10/5/00 28.94 48.50 10/6/00 27.13 89.30 10/9/00 27.06 31.30 10/10/00 26.94 21.90 10/11/00 26.06 49.70 10/12/00 25.63 64.10 10/13/00 25.44 47.10 10/16/00 25.38 47.80 10/17/00 24.56 35.00 10/18/00 24.06 86.00 10/19/00 23.94 118.10 10/20/00 23.00 138.20 10/23/00 22.63 145.80 10/24/00 22.75 47.80 10/25/00 22.88 93.30 10/26/00 22.75 84.60 10/27/00 23.00 103.30 10/30/00 23.44 71.40 10/31/00 23.56 79.10 11/1/00 23.50 112.10 11/2/00 23.75 113.90 11/3/00 23.75 70.30 11/6/00 24.81 102.80 11/7/00 25.38 107.10 11/8/00 26.63 138.60 11/9/00 25.88 84.40 11/10/00 25.56 57.00 11/13/00 26.31 100.10 11/14/00 26.44 62.50 11/15/00 26.19 65.20 11/16/00 25.75 99.90 11/17/00 26.81 83.40 11/20/00 26.94 140.70 11/21/00 27.44 110.00 11/22/00 27.13 96.30 11/24/00 27.88 55.80 11/27/00 28.06 78.10 11/28/00 27.81 70.60 11/29/00 27.81 53.40 11/30/00 27.25 73.50 12/1/00 27.81 68.70 12/4/00 27.88 80.90 12/5/00 28.25 37.00 12/6/00 26.00 313.20 12/7/00 23.94 319.70 12/8/00 24.31 226.90 12/11/00 27.00 1838.20 12/12/00 28.75 593.80 12/13/00 29.19 201.70 12/14/00 28.00 114.40 12/15/00 27.56 71.80 12/18/00 28.13 121.20 12/19/00 28.75 92.30 12/20/00 28.38 87.20 12/21/00 28.13 87.10 12/22/00 30.19 99.60 12/26/00 30.06 76.30 12/27/00 31.13 42.10 12/28/00 31.63 87.30 12/29/00 32.44 83.50 1/2/01 30.94 130.50 1/3/01 31.81 168.90 1/4/01 31.94 103.10 1/5/01 30.63 83.90 1/8/01 31.94 87.80 1/9/01 31.56 131.60 1/10/01 31.88 99.90 1/11/01 32.06 140.80 1/12/01 31.94 67.30 1/16/01 32.31 76.30 1/17/01 33.13 96.00 1/18/01 33.31 58.90 1/19/01 33.19 69.00 1/22/01 32.19 76.60 1/23/01 34.50 78.80 1/24/01 33.56 61.80 1/25/01 34.19 44.20 1/26/01 33.88 50.80 1/29/01 34.14 33.60 1/30/01 34.15 37.50 1/31/01 35.38 47.80 2/1/01 35.18 140.60 2/2/01 36.00 99.70 2/5/01 36.35 56.60 2/6/01 36.69 65.50 2/7/01 37.23 37.10 2/8/01 36.11 100.50 2/9/01 36.28 48.50 2/12/01 36.60 100.10 2/13/01 37.50 55.70 2/14/01 36.72 73.40 2/15/01 36.44 36.20 2/16/01 36.10 25.90 2/20/01 43.82 1000.10 2/21/01 43.73 413.80 2/22/01 44.45 418.00 2/23/01 45.15 371.90 2/26/01 45.20 101.30 2/27/01 44.95 111.90 2/28/01 44.61 95.30 3/1/01 44.87 106.00 3/2/01 44.69 101.40 3/5/01 44.65 107.30 3/6/01 44.64 125.60 3/7/01 44.55 178.80 3/8/01 44.50 103.20 3/9/01 44.51 65.00 3/12/01 44.55 86.4 3/13/01 44.65 107.3 3/14/01 43.75 228.6 3/15/01 43.87 50.1
SOURCE: Factset ANNOTATIONS A Springs announces record first quarter sales & net income B WestPoint announces proposed recapitalization plan C WestPoint announces termination of recapitalization plan D Springs cut to "Hold" from "Buy" at First Union and CSFB E Springs reports record second quarter sales & net income F CSFB raises estimates after Springs beats second quarter estimates G Springs announces third quarter results of $1.00 vs. the Company's $1.02 estimate H Springs Industries eliminates some production in two plants affecting 320 people I Springs acquires Maybank's yarn mill in Georgia J Springs announces fourth quarter earnings of $0.61 vs. the Company's $0.65 estimate K Springs announces proposal from Heartland L Springs cut to "Neutral" from "Buy" at Wachovia Securities
SELECTED STATISTICS (1)(2) ($) -------------------------------------------------- Pre-announcement Price (2/16/01) 36.10 30 Day Average 35.05 90 Day Average 31.21 52 Week Average 33.70 52 Week High 48.81 52 Week Low 22.63
NOTE: (1) Statistics at or prior to 2/16/01 (2) Closing Prices [UBS WARBURG LOGO] Section 2: Industry and Company Overview 27 31 Springs Stock Price History -- Last Three Years 3/16/98 - 3/16/01
DATE SMI S&P 500 ---- --- ------- 03/16/1998 100.00 100.00 03/17/1998 100.89 100.11 03/18/1998 100.00 100.58 03/19/1998 101.56 100.97 03/20/1998 101.78 101.84 03/23/1998 100.45 101.51 03/24/1998 101.00 102.44 03/25/1998 98.11 102.10 03/26/1998 99.44 101.99 03/27/1998 99.55 101.50 03/30/1998 98.89 101.32 03/31/1998 98.22 102.08 04/01/1998 98.33 102.68 04/02/1998 99.44 103.77 04/03/1998 97.88 104.02 04/06/1998 97.44 103.90 04/07/1998 96.33 102.81 04/08/1998 96.77 102.07 04/09/1998 98.33 102.91 04/13/1998 98.55 102.82 04/14/1998 99.33 103.38 04/15/1998 100.11 103.71 04/16/1998 99.78 102.68 04/17/1998 99.67 104.03 04/20/1998 99.44 104.11 04/21/1998 96.99 104.39 04/22/1998 96.88 104.75 04/23/1998 96.33 103.73 04/24/1998 95.32 102.65 04/27/1998 96.44 100.67 04/28/1998 97.66 100.54 04/29/1998 97.33 101.42 04/30/1998 98.11 103.01 05/01/1998 98.22 103.87 05/04/1998 98.00 103.97 05/05/1998 97.77 103.36 05/06/1998 97.66 102.38 05/07/1998 98.44 101.47 05/08/1998 99.55 102.67 05/11/1998 99.67 102.54 05/12/1998 100.78 103.38 05/13/1998 100.67 103.67 05/14/1998 99.44 103.53 05/15/1998 99.33 102.73 05/18/1998 99.33 102.46 05/19/1998 100.22 102.80 05/20/1998 100.45 103.69 05/21/1998 100.67 103.28 05/22/1998 99.78 102.89 05/26/1998 99.00 101.37 05/27/1998 98.55 101.20 05/28/1998 100.22 101.70 05/29/1998 100.00 101.07 06/01/1998 99.33 101.09 06/02/1998 99.00 101.29 06/03/1998 99.89 100.32 06/04/1998 101.34 101.44 06/05/1998 102.56 103.20 06/08/1998 102.23 103.38 06/09/1998 108.24 103.63 06/10/1998 104.90 103.06 06/11/1998 103.45 101.42 06/12/1998 102.34 101.81 06/15/1998 100.22 99.79 06/16/1998 86.86 100.77 06/17/1998 87.31 102.58 06/18/1998 85.75 102.51 06/19/1998 85.63 101.98 06/22/1998 85.08 102.22 06/23/1998 84.74 103.73 06/24/1998 82.52 104.97 06/25/1998 82.85 104.63 06/26/1998 83.30 105.00 06/29/1998 80.73 105.49 06/30/1998 82.18 105.06 07/01/1998 83.85 106.42 07/02/1998 82.74 106.22 07/06/1998 81.85 107.23 07/07/1998 79.51 106.99 07/08/1998 77.51 108.07 07/09/1998 76.50 107.35 07/10/1998 76.39 107.88 07/13/1998 76.28 107.96 07/14/1998 76.39 109.11 07/15/1998 74.83 108.85 07/16/1998 74.72 109.70 07/17/1998 75.17 109.96 07/20/1998 75.28 109.71 07/21/1998 74.72 107.95 07/22/1998 73.83 107.86 07/23/1998 72.49 105.60 07/24/1998 71.49 105.70 07/27/1998 70.71 106.30 07/28/1998 70.27 104.72 07/29/1998 71.71 104.26 07/30/1998 71.27 105.90 07/31/1998 68.26 103.84 08/03/1998 68.37 103.07 08/04/1998 66.37 99.34 08/05/1998 65.48 100.20 08/06/1998 64.59 100.96 08/07/1998 66.82 100.94 08/10/1998 66.15 100.36 08/11/1998 64.25 99.05 08/12/1998 65.14 100.46 08/13/1998 63.36 99.60 08/14/1998 65.59 98.47 08/17/1998 64.81 100.41 08/18/1998 65.37 102.03 08/19/1998 65.26 101.74 08/20/1998 65.48 101.14 08/21/1998 64.81 100.18 08/24/1998 65.37 100.82 08/25/1998 64.03 101.26 08/26/1998 61.92 100.46 08/27/1998 60.36 96.60 08/28/1998 60.13 95.17 08/31/1998 58.91 88.70 09/01/1998 61.92 92.12 09/02/1998 61.69 91.77 09/03/1998 60.02 91.01 09/04/1998 58.02 90.24 09/08/1998 65.70 94.83 09/09/1998 59.69 93.23 09/10/1998 58.69 90.82 09/11/1998 59.02 93.49 09/14/1998 59.80 95.41 09/15/1998 58.91 96.15 09/16/1998 61.47 96.87 09/17/1998 59.58 94.40 09/18/1998 62.14 94.52 09/21/1998 62.69 94.87 09/22/1998 60.36 95.40 09/23/1998 63.25 98.78 09/24/1998 63.47 96.61 09/25/1998 63.70 96.80 09/28/1998 66.48 97.17 09/29/1998 64.37 97.20 09/30/1998 61.92 94.23 10/01/1998 58.24 91.39 10/02/1998 59.69 92.90 10/05/1998 60.47 91.60 10/06/1998 58.35 91.23 10/07/1998 59.58 89.94 10/08/1998 58.24 88.90 10/09/1998 57.02 91.21 10/12/1998 58.02 92.44 10/13/1998 59.24 92.17 10/14/1998 58.24 93.17 10/15/1998 59.35 97.06 10/16/1998 58.80 97.88 10/19/1998 61.25 98.44 10/20/1998 61.47 98.58 10/21/1998 63.14 99.13 10/22/1998 61.92 99.93 10/23/1998 61.69 99.20 10/26/1998 62.92 99.36 10/27/1998 64.03 98.71 10/28/1998 63.25 98.96 10/29/1998 62.58 100.62 10/30/1998 63.03 101.80 11/02/1998 66.93 103.00 11/03/1998 67.26 102.93 11/04/1998 68.04 103.65 11/05/1998 68.26 105.06 11/06/1998 70.27 105.72 11/09/1998 70.82 104.72 11/10/1998 70.27 104.54 11/11/1998 71.16 103.86 11/12/1998 71.49 103.56 11/13/1998 74.05 104.30 11/16/1998 72.16 105.24 11/17/1998 71.94 105.56 11/18/1998 68.71 106.04 11/19/1998 69.04 106.80 11/20/1998 69.04 107.81 11/23/1998 68.60 110.09 11/24/1998 66.48 109.61 11/25/1998 70.71 109.97 11/27/1998 68.82 110.48 11/30/1998 69.38 107.82 12/01/1998 70.49 108.90 12/02/1998 74.83 108.52 12/03/1998 72.94 106.57 12/04/1998 69.27 109.03 12/07/1998 69.49 110.05 12/08/1998 67.71 109.46 12/09/1998 69.93 109.66 12/10/1998 67.48 107.95 12/11/1998 67.48 108.08 12/14/1998 65.59 105.74 12/15/1998 68.82 107.74 12/16/1998 70.16 107.66 12/17/1998 72.83 109.33 12/18/1998 70.60 110.08 12/21/1998 70.94 111.45 12/22/1998 69.71 111.52 12/23/1998 69.49 113.83 12/24/1998 70.82 113.62 12/28/1998 71.38 113.55 12/29/1998 74.61 115.06 12/30/1998 73.05 114.14 12/31/1998 73.83 113.89 01/04/1999 75.17 113.79 01/05/1999 73.61 115.34 01/06/1999 72.27 117.89 01/07/1999 72.16 117.65 01/08/1999 71.38 118.14 01/11/1999 73.05 117.11 01/12/1999 71.49 114.85 01/13/1999 71.16 114.37 01/14/1999 71.27 112.32 01/15/1999 73.39 115.19 01/19/1999 73.72 116.00 01/20/1999 75.72 116.43 01/21/1999 72.38 114.44 01/22/1999 71.27 113.52 01/25/1999 71.60 114.33 01/26/1999 71.05 116.03 01/27/1999 69.60 115.19 01/28/1999 73.94 117.24 01/29/1999 74.39 118.57 02/01/1999 70.60 117.95 02/02/1999 70.27 116.93 02/03/1999 74.39 117.86 02/04/1999 69.49 115.68 02/05/1999 68.37 114.84 02/08/1999 67.26 115.24 02/09/1999 66.70 112.68 02/10/1999 65.03 113.37 02/11/1999 65.48 116.19 02/12/1999 65.37 113.98 02/16/1999 64.37 115.07 02/17/1999 63.25 113.41 02/18/1999 63.70 114.64 02/19/1999 62.58 114.82 02/22/1999 60.69 117.87 02/23/1999 59.02 117.78 02/24/1999 56.68 116.14 02/25/1999 59.13 115.36 02/26/1999 59.24 114.74 03/01/1999 56.90 114.54 03/02/1999 57.02 113.55 03/03/1999 57.46 113.75 03/04/1999 58.13 115.51 03/05/1999 57.80 118.18 03/08/1999 57.91 118.85 03/09/1999 57.13 118.58 03/10/1999 57.02 119.23 03/11/1999 56.68 120.24 03/12/1999 56.57 119.95 03/15/1999 54.79 121.12 03/16/1999 56.46 121.04 03/17/1999 57.13 120.25 03/18/1999 59.58 121.99 03/19/1999 56.68 120.39 03/22/1999 56.01 120.17 03/23/1999 53.34 116.94 03/24/1999 53.23 117.54 03/25/1999 53.79 119.52 03/26/1999 51.78 118.86 03/29/1999 52.12 121.39 03/30/1999 52.00 120.52 03/31/1999 48.22 119.19 04/01/1999 49.00 119.87 04/05/1999 49.55 122.41 04/06/1999 50.22 122.11 04/07/1999 50.78 122.94 04/08/1999 49.55 124.53 04/09/1999 52.12 124.93 04/12/1999 52.12 125.89 04/13/1999 51.67 125.07 04/14/1999 52.12 123.09 04/15/1999 52.78 122.57 04/16/1999 54.23 122.21 04/19/1999 57.13 119.48 04/20/1999 61.58 121.02 04/21/1999 65.92 123.80 04/22/1999 64.03 125.90 04/23/1999 64.92 125.72 04/26/1999 64.48 126.01 04/27/1999 63.81 126.27 04/28/1999 65.14 125.17 04/29/1999 67.71 124.42 04/30/1999 66.59 123.71 05/03/1999 71.60 125.51 05/04/1999 71.38 123.42 05/05/1999 72.38 124.84 05/06/1999 72.16 123.42 05/07/1999 73.27 124.62 05/10/1999 75.61 124.19 05/11/1999 74.72 125.60 05/12/1999 74.39 126.38 05/13/1999 76.50 126.71 05/14/1999 73.94 123.95 05/17/1999 73.27 124.11 05/18/1999 71.60 123.54 05/19/1999 70.94 124.55 05/20/1999 73.61 124.05 05/21/1999 77.51 123.26 05/24/1999 73.83 121.07 05/25/1999 72.16 119.01 05/26/1999 72.05 120.89 05/27/1999 70.27 118.73 05/28/1999 70.60 120.62 06/01/1999 69.38 119.92 06/02/1999 74.05 119.97 06/03/1999 74.83 120.41 06/04/1999 74.83 123.02 06/07/1999 74.83 123.65 06/08/1999 73.05 122.06 06/09/1999 71.16 122.18 06/10/1999 70.60 120.71 06/11/1999 68.49 119.86 06/14/1999 69.04 119.90 06/15/1999 68.71 120.56 06/16/1999 67.37 123.27 06/17/1999 68.93 124.15 06/18/1999 68.04 124.42 06/21/1999 68.82 124.99 06/22/1999 69.71 123.78 06/23/1999 70.38 123.52 06/24/1999 70.71 121.91 06/25/1999 71.71 121.87 06/28/1999 72.61 123.36 06/29/1999 75.61 125.22 06/30/1999 77.73 127.19 07/01/1999 76.39 127.95 07/02/1999 76.28 128.90 07/06/1999 77.17 128.62 07/07/1999 77.06 129.33 07/08/1999 75.50 129.20 07/09/1999 75.06 130.02 07/12/1999 73.72 129.63 07/13/1999 74.50 129.12 07/14/1999 72.61 129.55 07/15/1999 74.39 130.61 07/16/1999 73.72 131.46 07/19/1999 72.38 130.43 07/20/1999 73.94 127.60 07/21/1999 73.94 127.80 07/22/1999 73.83 126.10 07/23/1999 73.27 125.73 07/26/1999 73.39 124.88 07/27/1999 72.94 126.27 07/28/1999 72.38 126.51 07/29/1999 71.49 124.25 07/30/1999 70.82 123.11 08/02/1999 70.49 123.05 08/03/1999 69.49 122.51 08/04/1999 69.71 120.95 08/05/1999 70.82 121.72 08/06/1999 71.49 120.48 08/09/1999 71.27 120.25 08/10/1999 71.16 118.73 08/11/1999 70.82 120.63 08/12/1999 70.16 120.28 08/13/1999 71.71 123.02 08/16/1999 71.49 123.30 08/17/1999 70.38 124.54 08/18/1999 70.16 123.49 08/19/1999 70.38 122.64 08/20/1999 70.27 123.84 08/23/1999 70.27 126.03 08/24/1999 70.04 126.34 08/25/1999 70.49 128.03 08/26/1999 69.60 126.20 08/27/1999 68.49 124.92 08/30/1999 67.15 122.68 08/31/1999 66.93 122.34 09/01/1999 68.37 123.33 09/02/1999 67.26 122.22 09/03/1999 69.27 125.76 09/07/1999 69.27 125.13 09/08/1999 68.82 124.54 09/09/1999 68.82 124.87 09/10/1999 68.60 125.24 09/13/1999 66.59 124.54 09/14/1999 66.04 123.81 09/15/1999 66.26 122.12 09/16/1999 64.03 122.16 09/17/1999 63.70 123.73 09/20/1999 64.25 123.74 09/21/1999 63.14 121.15 09/22/1999 62.81 121.43 09/23/1999 60.36 118.64 09/24/1999 60.02 118.35 09/27/1999 60.36 118.91 09/28/1999 60.47 118.80 09/29/1999 60.02 117.52 09/30/1999 60.47 118.85 10/01/1999 60.36 118.86 10/04/1999 60.13 120.88 10/05/1999 60.13 120.58 10/06/1999 60.47 122.81 10/07/1999 60.58 122.09 10/08/1999 60.36 123.79 10/11/1999 60.36 123.71 10/12/1999 59.80 121.66 10/13/1999 60.36 119.11 10/14/1999 60.25 118.92 10/15/1999 59.58 115.58 10/18/1999 59.13 116.20 10/19/1999 58.80 116.87 10/20/1999 58.69 119.47 10/21/1999 63.59 118.93 10/22/1999 68.71 120.60 10/25/1999 70.60 119.86 10/26/1999 70.16 118.78 10/27/1999 70.27 120.15 10/28/1999 70.04 124.38 10/29/1999 70.94 126.28 11/01/1999 70.94 125.47 11/02/1999 71.38 124.88 11/03/1999 72.61 125.54 11/04/1999 74.94 126.26 11/05/1999 75.61 126.96 11/08/1999 77.39 127.59 11/09/1999 75.84 126.50 11/10/1999 74.16 127.26 11/11/1999 73.39 128.00 11/12/1999 74.39 129.35 11/15/1999 70.16 129.20 11/16/1999 72.72 131.58 11/17/1999 71.49 130.71 11/18/1999 73.50 132.03 11/19/1999 72.49 131.76 11/22/1999 70.94 131.66 11/23/1999 70.49 130.15 11/24/1999 68.82 131.30 11/26/1999 71.05 131.26 11/29/1999 70.82 130.44 11/30/1999 71.27 128.69 12/01/1999 69.71 129.51 12/02/1999 70.16 130.55 12/03/1999 70.60 132.80 12/06/1999 68.15 131.88 12/07/1999 68.15 130.57 12/08/1999 67.37 130.08 12/09/1999 67.59 130.47 12/10/1999 68.60 131.30 12/13/1999 68.60 131.13 12/14/1999 68.26 130.01 12/15/1999 68.37 130.95 12/16/1999 66.48 131.46 12/17/1999 67.48 131.67 12/20/1999 69.04 131.39 12/21/1999 67.59 132.81 12/22/1999 70.27 133.06 12/23/1999 69.82 135.12 12/27/1999 72.49 135.01 12/28/1999 69.93 135.06 12/29/1999 70.38 135.60 12/30/1999 70.94 135.69 12/31/1999 71.16 136.13 01/03/2000 71.05 134.83 01/04/2000 67.93 129.66 01/05/2000 70.04 129.91 01/06/2000 69.04 130.04 01/07/2000 68.93 133.56 01/10/2000 68.93 135.05 01/11/2000 69.82 133.29 01/12/2000 71.16 132.71 01/13/2000 70.38 134.32 01/14/2000 70.71 135.75 01/18/2000 70.60 134.83 01/19/2000 69.93 134.90 01/20/2000 68.15 133.94 01/21/2000 67.15 133.55 01/24/2000 66.70 129.86 01/25/2000 67.59 130.65 01/26/2000 65.70 130.10 01/27/2000 66.04 129.58 01/28/2000 65.81 126.03 01/31/2000 64.81 129.20 02/01/2000 65.59 130.58 02/02/2000 66.26 130.56 02/03/2000 69.15 132.03 02/04/2000 67.48 131.98 02/07/2000 68.37 131.96 02/08/2000 67.93 133.59 02/09/2000 70.71 130.80 02/10/2000 70.38 131.28 02/11/2000 70.04 128.52 02/14/2000 70.16 128.79 02/15/2000 70.16 129.91 02/16/2000 70.94 128.57 02/17/2000 70.04 128.63 02/18/2000 69.04 124.72 02/22/2000 68.71 125.29 02/23/2000 68.60 126.08 02/24/2000 63.14 125.40 02/25/2000 61.14 123.54 02/28/2000 60.58 124.90 02/29/2000 63.14 126.61 03/01/2000 62.81 127.79 03/02/2000 66.26 128.03 03/03/2000 66.59 130.57 03/06/2000 64.81 128.91 03/07/2000 63.81 125.61 03/08/2000 64.48 126.63 03/09/2000 66.82 129.87 03/10/2000 65.59 129.26 03/13/2000 63.47 128.20 03/14/2000 61.80 125.93 03/15/2000 63.03 128.99 03/16/2000 66.93 135.13 03/17/2000 67.59 135.69 03/20/2000 66.37 134.96 03/21/2000 67.82 138.41 03/22/2000 67.93 139.04 03/23/2000 67.93 141.52 03/24/2000 67.93 141.53 03/27/2000 67.04 141.19 03/28/2000 67.48 139.70 03/29/2000 67.71 139.77 03/30/2000 68.37 137.86 03/31/2000 67.71 138.85 04/03/2000 68.60 139.54 04/04/2000 68.26 138.49 04/05/2000 68.49 137.81 04/06/2000 69.82 139.11 04/07/2000 69.82 140.50 04/10/2000 69.04 139.40 04/11/2000 71.38 139.04 04/12/2000 71.38 135.94 04/13/2000 69.38 133.47 04/14/2000 68.04 125.69 04/17/2000 68.93 129.85 04/18/2000 69.49 133.57 04/19/2000 71.94 132.26 04/20/2000 74.39 132.92 04/24/2000 74.94 132.48 04/25/2000 76.95 136.89 04/26/2000 76.95 135.37 04/27/2000 74.94 135.73 04/28/2000 73.16 134.58 05/01/2000 77.51 136.04 05/02/2000 81.29 134.01 05/03/2000 83.85 131.12 05/04/2000 86.53 130.60 05/05/2000 84.41 132.74 05/08/2000 84.41 131.96 05/09/2000 83.63 130.84 05/10/2000 84.52 128.15 05/11/2000 86.97 130.44 05/12/2000 85.86 131.66 05/15/2000 83.85 134.57 05/16/2000 84.19 135.84 05/17/2000 83.74 134.15 05/18/2000 83.41 133.17 05/19/2000 82.85 130.36 05/22/2000 82.52 129.78 05/23/2000 80.51 127.30 05/24/2000 82.96 129.63 05/25/2000 82.52 128.01 05/26/2000 84.19 127.68 05/30/2000 84.52 131.80 05/31/2000 84.63 131.63 06/01/2000 78.17 134.24 06/02/2000 75.50 136.88 06/05/2000 76.50 135.98 06/06/2000 74.61 135.08 06/07/2000 74.16 136.33 06/08/2000 71.16 135.43 06/09/2000 71.05 134.99 06/12/2000 71.16 133.98 06/13/2000 69.04 136.15 06/14/2000 69.93 136.25 06/15/2000 70.38 137.01 06/16/2000 70.49 135.69 06/19/2000 63.92 137.69 06/20/2000 63.81 136.75 06/21/2000 61.80 137.05 06/22/2000 61.14 134.55 06/23/2000 60.58 133.56 06/26/2000 61.02 134.84 06/27/2000 59.58 134.40 06/28/2000 60.69 134.80 06/29/2000 61.25 133.65 06/30/2000 57.02 134.78 07/03/2000 58.13 136.16 07/05/2000 58.35 134.00 07/06/2000 56.24 134.97 07/07/2000 56.57 137.03 07/10/2000 56.57 136.72 07/11/2000 57.57 137.21 07/12/2000 57.24 138.33 07/13/2000 56.79 138.60 07/14/2000 57.13 139.91 07/17/2000 57.57 139.95 07/18/2000 56.12 138.40 07/19/2000 55.90 137.31 07/20/2000 58.57 138.57 07/21/2000 60.69 137.15 07/24/2000 59.91 135.67 07/25/2000 59.35 136.62 07/26/2000 58.91 134.57 07/27/2000 58.57 134.31 07/28/2000 57.80 131.56 07/31/2000 57.46 132.57 08/01/2000 56.57 133.25 08/02/2000 57.24 133.30 08/03/2000 56.79 134.59 08/04/2000 56.24 135.55 08/07/2000 57.35 137.07 08/08/2000 56.90 137.39 08/09/2000 56.46 136.47 08/10/2000 56.57 135.30 08/11/2000 56.68 136.37 08/14/2000 57.24 138.20 08/15/2000 55.79 137.54 08/16/2000 55.46 137.12 08/17/2000 56.24 138.62 08/18/2000 56.01 138.22 08/21/2000 55.23 138.93 08/22/2000 56.57 138.81 08/23/2000 55.90 139.54 08/24/2000 56.24 139.75 08/25/2000 55.79 139.58 08/28/2000 54.79 140.29 08/29/2000 53.45 139.89 08/30/2000 53.56 139.22 08/31/2000 53.23 140.62 09/01/2000 53.12 140.91 09/05/2000 52.90 139.64 09/06/2000 55.68 138.26 09/07/2000 55.68 139.22 09/08/2000 55.46 138.47 09/11/2000 53.56 137.99 09/12/2000 52.78 137.31 09/13/2000 52.00 137.58 09/14/2000 52.45 137.21 09/15/2000 51.45 135.82 09/18/2000 51.00 133.84 09/19/2000 51.56 135.27 09/20/2000 50.22 134.47 09/21/2000 49.67 134.26 09/22/2000 49.00 134.23 09/25/2000 48.78 133.33 09/26/2000 48.33 132.24 09/27/2000 48.44 132.18 09/28/2000 49.00 135.12 09/29/2000 50.22 133.10 10/02/2000 49.67 133.07 10/03/2000 50.56 132.17 10/04/2000 51.34 132.90 10/05/2000 51.56 133.08 10/06/2000 48.33 130.55 10/09/2000 48.22 129.91 10/10/2000 48.00 128.51 10/11/2000 46.44 126.44 10/12/2000 45.66 123.21 10/13/2000 45.32 127.32 10/16/2000 45.21 127.37 10/17/2000 43.76 125.08 10/18/2000 42.87 124.36 10/19/2000 42.65 128.68 10/20/2000 40.98 129.43 10/23/2000 40.31 129.33 10/24/2000 40.53 129.54 10/25/2000 40.76 126.47 10/26/2000 40.53 126.42 10/27/2000 40.98 127.83 10/30/2000 41.76 129.59 10/31/2000 41.98 132.44 11/01/2000 41.87 131.68 11/02/2000 42.32 132.34 11/03/2000 42.32 132.19 11/06/2000 44.21 132.70 11/07/2000 45.21 132.67 11/08/2000 47.44 130.58 11/09/2000 46.10 129.73 11/10/2000 45.55 126.57 11/13/2000 46.88 125.20 11/14/2000 47.10 128.14 11/15/2000 46.66 128.77 11/16/2000 45.88 127.15 11/17/2000 47.77 126.73 11/20/2000 48.00 124.40 11/21/2000 48.89 124.84 11/22/2000 48.33 122.52 11/24/2000 49.67 124.32 11/27/2000 50.00 124.99 11/28/2000 49.55 123.80 11/29/2000 49.55 124.33 11/30/2000 48.55 121.84 12/01/2000 49.55 121.86 12/04/2000 49.67 122.77 12/05/2000 50.33 127.54 12/06/2000 46.33 125.22 12/07/2000 42.65 124.49 12/08/2000 43.32 126.93 12/11/2000 48.11 127.88 12/12/2000 51.22 127.05 12/13/2000 52.00 126.01 12/14/2000 49.89 124.24 12/15/2000 49.11 121.58 12/18/2000 50.11 122.56 12/19/2000 51.22 120.97 12/20/2000 50.56 117.18 12/21/2000 50.11 118.12 12/22/2000 53.79 121.00 12/26/2000 53.56 121.86 12/27/2000 55.46 123.13 12/28/2000 56.35 123.62 12/29/2000 57.80 122.33 01/02/2001 55.12 118.90 01/03/2001 56.68 124.86 01/04/2001 56.90 123.54 01/05/2001 54.57 120.30 01/08/2001 56.90 120.07 01/09/2001 56.24 120.53 01/10/2001 56.79 121.68 01/11/2001 57.13 122.94 01/12/2001 56.90 122.15 01/16/2001 57.57 122.92 01/17/2001 59.02 123.18 01/18/2001 59.35 124.90 01/19/2001 59.13 124.39 01/22/2001 57.35 124.43 01/23/2001 61.47 126.05 01/24/2001 59.80 126.41 01/25/2001 60.91 125.78 01/26/2001 60.36 125.54 01/29/2001 60.83 126.40 01/30/2001 60.85 127.28 01/31/2001 63.04 126.57 02/01/2001 62.68 127.26 02/02/2001 64.14 125.04 02/05/2001 64.77 125.48 02/06/2001 65.37 125.29 02/07/2001 66.33 124.24 02/08/2001 64.34 123.47 02/09/2001 64.64 121.82 02/12/2001 65.21 123.26 02/13/2001 66.82 122.19 02/14/2001 65.43 121.93 02/15/2001 64.93 122.92 02/16/2001 64.32 120.59 02/20/2001 78.08 118.50 02/21/2001 77.92 116.31 02/22/2001 79.20 116.08 02/23/2001 80.45 115.44 02/26/2001 80.53 117.45 02/27/2001 80.09 116.55 02/28/2001 79.48 114.89 03/01/2001 79.95 115.01 03/02/2001 79.63 114.35 03/05/2001 79.55 115.02 03/06/2001 79.54 116.17 03/07/2001 79.38 116.92 03/08/2001 79.29 117.18 03/09/2001 79.31 114.28 03/12/2001 79.38 109.35 03/13/2001 79.55 110.97 03/14/2001 77.95 108.10 03/15/2001 78.16 108.74
SOURCE: Factset
SELECTED STATISTICS(1)(2) ($) SELECTED STATISTICS(1) ($) Pre-announcement: Pre-announcement: Current Price (2/16/01) 36.10 3 Year Average 38.53 30 Day Average 35.05 3 Year High 60.75 90 Day Average 31.21 3 Year Low 22.63
NOTES: (1) Statistics at or prior to 2/16/01 (2) Closing Prices [UBS WARBURG LOGO] Section 2: Industry and Company Overview 28 32 SPRINGS INDUSTRIES -- THREE YEAR HISTORICAL PRICE PERFORMANCE RELATIVE SHARE PRICE PERFORMANCE
DATE SPRINGS BURLINGTON CROWN CRAFTS DAN RIVER GALEY & LORD MOHAWK IND. WESTPOINT PEER GROUP 03/16/1998 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 03/17/1998 100.89 100.00 100.29 100.00 99.69 100.68 98.08 99.65 03/18/1998 100.00 100.38 98.53 100.73 99.69 99.77 98.56 99.55 03/19/1998 101.56 102.68 93.82 100.00 99.69 104.56 98.80 101.41 03/20/1998 101.78 101.92 90.29 101.82 101.25 108.66 98.32 102.55 03/23/1998 100.45 102.68 93.24 101.09 102.81 111.16 98.32 103.68 03/24/1998 101.00 102.68 95.00 100.73 103.44 120.05 96.15 106.05 03/25/1998 98.11 103.07 94.41 102.19 106.25 117.54 95.67 105.40 03/26/1998 99.44 103.45 97.06 103.65 106.88 113.44 100.00 105.66 03/27/1998 99.55 102.68 97.65 102.92 111.25 115.95 106.73 108.53 03/30/1998 98.89 104.21 97.65 105.11 110.63 113.90 109.13 109.00 03/31/1998 98.22 107.66 98.53 110.95 115.00 114.81 110.10 111.01 04/01/1998 98.33 106.90 97.65 111.68 119.38 115.95 112.02 112.06 04/02/1998 99.44 108.43 98.82 108.76 119.38 115.49 110.58 111.61 04/03/1998 97.88 106.51 102.35 110.95 125.31 114.35 110.10 111.36 04/06/1998 97.44 108.81 101.47 112.04 127.50 114.81 113.46 113.13 04/07/1998 96.33 105.75 98.53 112.77 129.69 112.07 113.46 111.66 04/08/1998 96.77 103.07 97.06 113.50 130.63 107.52 115.87 110.38 04/09/1998 98.33 104.98 96.76 114.23 136.88 110.25 115.38 111.91 04/13/1998 98.55 103.45 97.06 116.06 136.25 110.93 115.38 111.95 04/14/1998 99.33 104.60 93.24 123.36 141.25 112.98 118.75 114.52 04/15/1998 100.11 106.51 91.76 120.80 136.25 115.49 122.36 116.27 04/16/1998 99.78 102.68 92.65 112.77 132.50 118.45 118.51 114.55 04/17/1998 99.67 103.45 91.76 112.41 133.13 122.32 118.27 115.88 04/20/1998 99.44 102.68 94.12 117.52 131.88 121.41 124.04 117.55 04/21/1998 96.99 103.45 96.47 119.71 130.63 119.82 122.12 116.81 04/22/1998 96.88 105.75 98.53 117.52 131.56 117.08 124.04 116.91 04/23/1998 96.33 104.21 101.18 116.79 131.88 116.63 126.20 117.16 04/24/1998 95.32 103.83 103.53 116.42 129.38 116.40 127.88 117.44 04/27/1998 96.44 99.62 100.00 114.60 127.50 112.07 118.51 112.00 04/28/1998 97.66 103.45 100.29 113.14 127.81 108.43 121.15 112.27 04/29/1998 97.33 104.21 102.65 112.41 130.94 109.34 128.85 115.21 04/30/1998 98.11 107.28 104.12 112.77 130.63 112.53 128.85 116.95 05/01/1998 98.22 108.81 105.29 112.77 132.50 116.63 133.17 120.04 05/04/1998 98.00 113.03 102.06 116.06 135.94 116.86 132.21 120.98 05/05/1998 97.77 110.34 101.76 118.98 135.00 122.32 125.00 120.28 05/06/1998 97.66 109.20 100.59 117.52 134.38 122.32 126.44 120.28 05/07/1998 98.44 108.81 104.12 118.25 129.06 124.15 123.80 119.93 05/08/1998 99.55 110.73 104.71 120.80 129.06 126.88 125.00 121.80 05/11/1998 99.67 113.03 104.71 118.61 127.50 125.06 127.40 122.11 05/12/1998 100.78 110.34 102.06 117.88 125.00 121.64 123.56 119.01 05/13/1998 100.67 110.73 100.29 114.60 124.06 120.27 122.84 118.04 05/14/1998 99.44 110.73 100.29 108.76 123.44 121.18 123.08 117.93 05/15/1998 99.33 109.20 102.06 107.30 121.88 119.59 120.67 116.26 05/18/1998 99.33 108.81 102.65 108.76 124.06 116.40 119.95 115.18 05/19/1998 100.22 109.20 100.59 110.95 125.00 120.27 123.56 117.73 05/20/1998 100.45 105.75 97.65 110.22 126.25 118.22 123.80 116.32 05/21/1998 100.67 107.28 89.71 109.85 127.19 116.40 123.32 115.57 05/22/1998 99.78 108.81 63.24 110.22 125.31 114.81 122.84 114.03 05/26/1998 99.00 105.36 67.06 105.11 124.38 109.11 123.08 111.24 05/27/1998 98.55 101.53 68.53 105.11 122.50 104.56 120.19 108.08 05/28/1998 100.22 109.58 68.53 108.76 122.81 107.06 122.60 111.53 05/29/1998 100.00 108.05 66.47 111.68 123.75 110.71 125.96 113.61 06/01/1998 99.33 106.51 64.12 114.60 123.13 110.71 124.52 112.97 06/02/1998 99.00 108.05 65.59 114.23 123.44 110.93 124.04 113.26 06/03/1998 99.89 110.34 66.47 113.14 123.44 111.16 122.60 113.32 06/04/1998 101.34 109.96 66.47 113.14 122.19 117.54 122.12 115.14 06/05/1998 102.56 108.81 66.76 114.23 123.75 118.45 120.67 114.96 06/08/1998 102.23 106.90 68.24 112.41 90.94 119.59 121.15 113.22 06/09/1998 108.24 103.07 68.24 112.41 91.25 117.08 119.23 111.07 06/10/1998 104.90 103.07 67.35 109.85 85.00 119.82 120.67 111.82 06/11/1998 103.45 101.92 66.76 110.22 79.69 116.63 118.75 109.68 06/12/1998 102.34 100.00 66.76 109.49 77.50 114.81 118.75 108.52 06/15/1998 100.22 98.47 67.94 108.39 76.25 112.53 117.79 107.07 06/16/1998 86.86 99.62 67.94 106.20 76.25 110.93 118.27 106.75 06/17/1998 87.31 99.62 66.76 106.57 76.25 109.80 118.03 106.28 06/18/1998 85.75 96.93 67.06 106.57 76.88 108.43 117.31 105.13 06/19/1998 85.63 91.19 66.47 108.03 76.25 108.88 115.14 103.54 06/22/1998 85.08 93.49 66.76 101.82 76.88 109.11 112.26 102.79 06/23/1998 84.74 92.72 67.65 99.64 74.69 112.30 115.63 104.43 06/24/1998 82.52 91.19 68.24 97.81 74.69 113.67 117.07 104.88 06/25/1998 82.85 91.57 69.12 100.00 75.31 112.07 119.23 105.31 06/26/1998 83.30 85.82 70.88 103.65 75.31 110.02 122.60 104.83 06/29/1998 80.73 85.06 71.18 104.38 74.06 113.90 122.60 105.95 06/30/1998 82.18 86.21 72.35 99.27 74.38 115.49 126.92 107.66 07/01/1998 83.85 85.44 72.94 101.09 74.69 117.08 125.48 107.78 07/02/1998 82.74 82.76 73.24 102.92 73.75 117.31 123.56 106.86 07/06/1998 81.85 82.76 74.12 100.73 74.06 121.41 124.52 108.38 07/07/1998 79.51 81.23 77.35 100.00 72.19 115.72 125.96 106.59 07/08/1998 77.51 81.99 77.65 102.19 72.81 117.08 125.48 107.27 07/09/1998 76.50 78.16 77.65 102.19 73.75 120.05 125.24 107.46 07/10/1998 76.39 77.78 77.65 102.92 74.38 120.27 128.85 108.61 07/13/1998 76.28 74.33 74.71 104.38 74.38 124.60 128.37 109.19 07/14/1998 76.39 77.39 73.24 104.38 74.69 123.69 136.54 111.87 07/15/1998 74.83 75.48 73.24 103.28 73.75 120.27 135.58 109.94 07/16/1998 74.72 79.31 72.65 103.65 73.13 119.36 133.89 109.89 07/17/1998 75.17 79.69 73.53 105.84 74.69 120.73 144.47 113.83 07/20/1998 75.28 78.16 73.82 105.84 72.81 120.50 137.98 111.44 07/21/1998 74.72 75.86 74.71 102.55 72.19 123.46 132.21 110.00 07/22/1998 73.83 76.25 74.71 98.54 72.19 120.96 135.34 109.86 07/23/1998 72.49 75.48 73.82 97.08 72.19 117.77 136.54 108.86 07/24/1998 71.49 73.18 73.53 98.54 72.81 118.00 136.30 108.54 07/27/1998 70.71 68.20 74.12 95.62 69.38 116.63 134.62 106.20 07/28/1998 70.27 67.05 73.53 92.70 65.00 117.08 133.41 105.27 07/29/1998 71.71 69.73 70.59 92.70 61.88 116.86 134.38 105.72 07/30/1998 71.27 67.82 68.24 92.70 63.75 116.63 138.94 106.62 07/31/1998 68.26 65.13 48.24 88.32 61.88 113.44 137.98 103.46 08/03/1998 68.37 66.28 41.47 87.59 62.50 110.48 123.56 98.15 08/04/1998 66.37 62.07 37.35 83.94 56.25 108.88 120.55 95.10 08/05/1998 65.48 61.30 38.53 83.94 52.50 109.11 119.71 94.61 08/06/1998 64.59 63.60 39.41 83.94 53.44 109.80 120.43 95.60 08/07/1998 66.82 62.07 42.06 83.58 52.50 111.39 123.56 96.77 08/10/1998 66.15 59.77 41.76 83.94 52.50 113.67 121.63 96.51 08/11/1998 64.25 59.39 42.06 86.13 52.50 112.53 122.60 96.52 08/12/1998 65.14 60.15 42.06 88.32 52.81 117.54 129.33 100.50 08/13/1998 63.36 59.00 40.88 88.69 52.50 116.86 135.58 101.85 08/14/1998 65.59 59.39 40.88 87.59 52.81 117.54 134.86 101.87 08/17/1998 64.81 59.39 39.41 87.23 51.25 123.92 135.10 103.87 08/18/1998 65.37 63.60 40.88 87.23 52.50 126.20 135.58 105.74 08/19/1998 65.26 65.90 40.59 86.50 52.19 127.11 131.73 105.28 08/20/1998 65.48 65.13 38.82 86.50 52.50 122.55 129.57 102.93 08/21/1998 64.81 66.67 38.82 85.40 48.75 120.05 131.73 102.76 08/24/1998 65.37 66.67 38.24 85.40 47.50 120.27 129.81 102.18 08/25/1998 64.03 65.90 37.65 85.04 48.13 118.91 126.68 100.63 08/26/1998 61.92 64.75 35.88 81.75 46.25 115.72 123.32 97.92 08/27/1998 60.36 61.69 35.29 78.83 47.19 112.07 121.39 95.34 08/28/1998 60.13 60.15 34.71 77.01 46.88 104.33 117.79 91.23 08/31/1998 58.91 60.54 35.88 76.28 46.56 96.81 113.94 87.67 09/01/1998 61.92 60.54 37.94 73.72 45.63 97.72 114.42 87.95 09/02/1998 61.69 62.84 41.18 71.17 45.94 95.90 111.54 86.92 09/03/1998 60.02 62.84 40.88 70.80 45.00 93.85 103.85 83.88 09/04/1998 58.02 62.84 42.06 69.71 45.00 92.03 106.73 84.09 09/08/1998 65.70 65.13 42.65 70.07 46.25 94.08 109.13 86.06 09/09/1998 59.69 60.54 40.59 69.71 47.19 90.66 106.73 83.24 09/10/1998 58.69 59.00 40.00 69.71 47.50 86.79 104.33 80.94 09/11/1998 59.02 58.24 40.88 68.61 51.88 89.29 102.16 81.16 09/14/1998 59.80 59.39 41.18 67.88 50.00 89.07 104.81 81.95 09/15/1998 58.91 61.30 40.59 62.04 50.31 88.84 104.33 81.66 09/16/1998 61.47 59.77 40.00 64.23 50.63 87.70 108.17 82.27 09/17/1998 59.58 55.17 39.12 64.23 51.88 83.83 104.33 78.97 09/18/1998 62.14 54.79 39.12 66.42 53.75 87.47 112.02 82.64 09/21/1998 62.69 54.41 37.65 66.06 55.00 92.48 109.38 83.41 09/22/1998 60.36 55.17 37.35 64.96 55.00 102.28 111.06 87.19 09/23/1998 63.25 57.09 37.35 63.87 54.38 105.69 115.14 89.79 09/24/1998 63.47 56.32 36.47 62.77 54.69 105.01 114.42 89.09 09/25/1998 63.70 55.17 36.47 62.04 55.31 102.96 113.22 87.81 09/28/1998 66.48 53.64 36.47 63.14 57.19 100.23 113.22 86.79 09/29/1998 64.37 52.49 37.35 64.60 58.13 98.86 114.18 86.59 09/30/1998 61.92 59.00 37.35 64.23 59.69 99.77 117.31 89.18 10/01/1998 58.24 54.41 37.35 61.31 58.75 98.63 109.62 85.34 10/02/1998 59.69 55.56 37.65 60.95 59.69 97.49 115.38 86.93 10/05/1998 60.47 52.87 34.41 58.39 59.38 92.94 110.10 82.98 10/06/1998 58.35 54.79 33.53 58.39 59.38 94.08 111.78 84.20 10/07/1998 59.58 51.34 31.76 58.39 58.75 91.57 106.01 80.87 10/08/1998 58.24 47.89 32.35 58.03 56.25 83.83 98.08 75.14 10/09/1998 57.02 47.51 30.59 56.93 55.63 87.02 101.44 76.91 10/12/1998 58.02 50.19 30.59 52.92 55.63 88.38 99.76 77.10 10/13/1998 59.24 49.81 30.29 53.28 55.31 87.93 100.48 77.08 10/14/1998 58.24 49.04 29.41 52.55 52.50 88.38 112.50 80.37 10/15/1998 59.35 49.43 29.41 52.55 53.44 94.53 105.29 80.40 10/16/1998 58.80 49.43 29.12 52.55 55.00 106.38 107.45 85.02 10/19/1998 61.25 51.72 27.94 54.01 56.88 112.07 106.25 87.17 10/20/1998 61.47 55.17 27.65 59.49 60.00 112.30 109.13 89.37 10/21/1998 63.14 53.64 27.06 59.49 64.69 111.39 107.45 88.50 10/22/1998 61.92 53.64 26.18 58.03 65.94 111.16 108.17 88.56 10/23/1998 61.69 54.79 25.88 60.58 66.25 109.34 106.73 87.97 10/26/1998 62.92 57.47 27.65 57.66 66.88 111.39 107.93 89.42 10/27/1998 64.03 56.71 26.47 55.84 67.19 109.11 103.37 86.99 10/28/1998 63.25 55.94 27.35 57.30 68.13 109.34 104.33 87.40 10/29/1998 62.58 55.94 26.76 52.55 68.44 113.67 106.25 89.02 10/30/1998 63.03 57.09 26.47 50.73 68.13 110.02 109.38 88.80 11/02/1998 66.93 56.32 27.65 53.28 68.13 112.98 117.79 92.35 11/03/1998 67.26 57.09 27.94 54.38 68.44 117.54 117.79 94.12 11/04/1998 68.04 57.09 28.24 52.92 68.13 117.77 117.07 93.86 11/05/1998 68.26 56.32 28.82 52.19 68.13 117.08 115.87 93.10 11/06/1998 70.27 60.54 27.65 51.82 65.00 116.17 118.51 94.18 11/09/1998 70.82 63.98 27.65 49.27 63.13 114.12 120.67 94.53 11/10/1998 70.27 62.45 27.06 49.64 62.81 110.93 116.59 91.95 11/11/1998 71.16 62.84 26.18 51.46 61.88 109.57 116.35 91.56 11/12/1998 71.49 62.84 26.76 50.73 61.25 110.71 117.31 92.15 11/13/1998 74.05 63.60 27.06 48.54 57.50 111.62 115.63 91.75 11/16/1998 72.16 63.22 26.47 47.81 54.69 111.16 113.46 90.65 11/17/1998 71.94 63.98 25.88 47.81 55.00 113.90 114.42 91.98 11/18/1998 68.71 64.37 26.18 49.64 56.25 117.54 118.03 94.54 11/19/1998 69.04 64.37 30.59 49.64 55.94 121.41 116.83 95.63 11/20/1998 69.04 64.75 29.71 48.91 54.06 127.56 117.07 97.61 11/23/1998 68.60 66.28 29.71 49.27 53.75 138.27 118.51 101.89 11/24/1998 66.48 65.90 28.24 49.27 53.13 135.54 116.35 100.18 11/25/1998 70.71 66.28 28.82 48.18 53.44 131.66 116.83 99.08 11/27/1998 68.82 65.90 29.41 48.18 53.44 130.98 117.07 98.87 11/30/1998 69.38 65.90 29.12 47.45 54.06 135.99 115.38 99.99 12/01/1998 70.49 65.13 28.82 52.55 53.75 133.26 114.18 98.95 12/02/1998 74.83 63.60 28.53 52.92 53.13 130.30 113.46 97.43 12/03/1998 72.94 62.45 28.82 56.20 49.69 129.84 112.98 96.99 12/04/1998 69.27 63.60 26.76 53.28 47.19 131.66 112.50 97.23 12/07/1998 69.49 63.22 27.65 52.92 47.50 131.21 109.62 96.17 12/08/1998 67.71 61.30 28.24 52.55 47.50 132.12 108.65 95.80 12/09/1998 69.93 61.69 28.24 53.65 47.50 133.49 109.13 96.56 12/10/1998 67.48 61.30 28.82 54.74 45.94 134.40 107.21 96.24 12/11/1998 67.48 59.39 28.24 52.19 45.63 130.75 106.01 94.05 12/14/1998 65.59 60.15 28.24 51.82 46.25 126.88 102.40 91.87 12/15/1998 68.82 55.56 28.24 52.19 47.19 125.97 105.05 91.51 12/16/1998 70.16 55.17 28.53 52.19 46.25 128.02 98.80 90.23 12/17/1998 72.83 53.64 28.82 52.55 46.25 129.39 106.73 92.75 12/18/1998 70.60 53.26 29.12 50.00 43.75 130.75 106.97 92.87 12/21/1998 70.94 56.32 29.12 50.36 44.38 131.66 112.50 95.48 12/22/1998 69.71 59.00 28.82 50.73 43.13 126.88 108.17 93.11 12/23/1998 69.49 60.54 29.12 49.27 42.50 134.85 107.69 95.77 12/24/1998 70.82 61.30 27.94 49.27 42.19 139.64 106.25 97.01 12/28/1998 71.38 58.62 28.24 51.82 43.13 145.10 107.69 98.96 12/29/1998 74.61 61.30 28.24 56.20 42.50 142.60 108.41 99.19 12/30/1998 73.05 63.60 29.12 61.31 42.50 145.56 112.02 102.13 12/31/1998 73.83 68.20 29.12 68.61 43.13 153.30 121.39 108.97 01/04/1999 75.17 65.13 29.12 65.33 44.38 148.97 115.63 105.04 01/05/1999 73.61 63.60 29.41 61.31 44.06 146.92 116.11 103.88 01/06/1999 72.27 63.60 29.12 58.39 42.50 148.06 114.90 103.58 01/07/1999 72.16 63.98 29.71 58.39 41.88 143.96 113.46 101.87 01/08/1999 71.38 61.30 30.59 58.76 42.50 143.51 108.65 99.86 01/11/1999 73.05 62.07 30.59 64.23 42.19 139.86 110.58 99.79 01/12/1999 71.49 60.92 28.82 62.04 40.31 141.00 110.82 99.66 01/13/1999 71.16 58.24 28.82 63.87 41.25 138.27 109.62 98.05 01/14/1999 71.27 59.39 28.53 63.14 38.75 138.27 106.97 97.30 01/15/1999 73.39 59.00 29.41 63.50 36.88 137.59 103.61 95.97 01/19/1999 73.72 59.39 31.18 63.50 35.00 141.91 104.57 97.73 01/20/1999 75.72 59.77 30.88 63.14 35.63 141.46 104.33 97.58 01/21/1999 72.38 59.39 31.18 62.04 31.88 139.18 104.33 96.47 01/22/1999 71.27 59.00 31.76 63.50 32.81 135.76 105.53 95.81 01/25/1999 71.60 59.39 35.29 63.14 32.50 135.54 105.05 95.77 01/26/1999 71.05 50.57 35.00 62.77 30.00 138.27 104.81 94.65 01/27/1999 69.60 50.96 34.71 59.85 28.44 135.76 101.92 92.73 01/28/1999 73.94 46.74 33.82 58.39 28.75 143.51 102.88 94.59 01/29/1999 74.39 40.61 30.59 57.66 27.50 140.32 102.28 91.86 02/01/1999 70.60 42.53 30.29 55.84 27.50 140.55 100.48 91.64 02/02/1999 70.27 42.53 27.94 57.30 28.13 140.32 99.28 91.26 02/03/1999 74.39 39.46 28.82 56.93 27.19 138.50 100.72 90.42 02/04/1999 69.49 44.06 29.41 55.11 25.63 135.76 100.00 90.03 02/05/1999 68.37 40.23 29.41 54.74 25.00 133.49 103.00 89.33 02/08/1999 67.26 41.76 30.00 54.74 25.00 133.03 106.01 90.40 02/09/1999 66.70 41.00 29.71 55.11 25.31 132.80 108.41 90.92 02/10/1999 65.03 40.61 29.41 54.38 25.00 131.44 107.21 89.95 02/11/1999 65.48 40.61 30.00 54.74 24.38 129.61 106.01 89.01 02/12/1999 65.37 38.70 30.00 54.38 22.50 129.84 105.29 88.36 02/16/1999 64.37 40.23 29.41 53.28 23.75 125.28 100.96 85.85 02/17/1999 63.25 38.31 28.82 52.92 24.69 126.20 100.48 85.62 02/18/1999 63.70 38.31 29.41 46.72 25.00 131.21 98.80 86.34 02/19/1999 62.58 38.70 29.12 46.35 25.31 128.02 94.95 84.20 02/22/1999 60.69 38.70 29.71 44.53 25.00 125.28 99.76 84.59 02/23/1999 59.02 38.31 29.12 37.96 25.63 127.11 97.12 83.83 02/24/1999 56.68 37.93 28.53 38.69 25.31 122.32 93.27 81.06 02/25/1999 59.13 37.16 29.12 38.32 24.38 119.82 96.88 81.09 02/26/1999 59.24 37.93 29.12 38.32 23.44 118.45 98.08 81.09 03/01/1999 56.90 37.55 28.24 38.32 22.19 117.77 93.03 79.19 03/02/1999 57.02 37.55 28.82 39.42 21.25 112.98 95.43 78.38 03/03/1999 57.46 37.55 28.53 39.05 20.94 110.71 94.23 77.22 03/04/1999 58.13 37.16 29.41 39.78 20.94 111.16 96.39 78.03 03/05/1999 57.80 36.78 28.24 40.15 20.63 115.03 99.04 79.97 03/08/1999 57.91 35.63 28.09 41.24 20.31 114.81 104.33 81.28 03/09/1999 57.13 33.72 28.24 42.34 20.00 112.07 99.52 78.65 03/10/1999 57.02 32.95 28.24 43.43 20.00 113.21 97.84 78.46 03/11/1999 56.68 34.48 26.47 43.07 19.69 112.98 96.39 78.15 03/12/1999 56.57 34.10 24.71 43.43 19.69 111.16 93.75 76.65 03/15/1999 54.79 34.10 24.12 43.80 20.00 110.93 92.07 76.10 03/16/1999 56.46 36.02 24.12 42.34 19.69 108.20 99.04 77.51 03/17/1999 57.13 34.87 23.82 41.61 20.00 104.56 106.73 78.29 03/18/1999 59.58 35.25 24.12 41.61 19.69 103.64 105.05 77.57 03/19/1999 56.68 35.25 24.41 42.34 20.00 103.19 107.69 78.28 03/22/1999 56.01 37.16 26.47 43.07 19.69 102.73 111.30 79.71 03/23/1999 53.34 37.55 26.76 41.61 18.44 99.77 110.34 78.35 03/24/1999 53.23 42.91 27.06 42.34 18.44 97.27 109.62 78.46 03/25/1999 53.79 44.83 26.47 41.61 19.38 98.41 112.98 80.18 03/26/1999 51.78 42.91 25.29 41.97 20.63 94.76 111.30 78.15 03/29/1999 52.12 43.30 23.82 41.97 22.50 99.77 112.98 80.42 03/30/1999 52.00 40.61 23.53 41.97 22.81 104.33 111.54 80.96 03/31/1999 48.22 40.61 23.53 49.64 22.19 109.34 106.49 81.68 04/01/1999 49.00 42.15 23.82 47.81 21.25 103.87 110.70 81.25 04/05/1999 49.55 41.38 23.53 45.62 20.94 105.69 110.58 81.46 04/06/1999 50.22 40.61 23.82 43.43 21.25 108.20 109.13 81.57 04/07/1999 50.78 43.30 23.24 44.53 21.88 108.66 115.38 84.19 04/08/1999 49.55 44.06 23.53 43.43 21.56 112.30 118.27 86.31 04/09/1999 52.12 44.06 23.53 46.72 22.19 111.85 119.47 86.80 04/12/1999 52.12 42.15 24.12 45.26 22.50 110.93 122.36 86.90 04/13/1999 51.67 43.30 24.71 44.53 21.88 110.48 123.80 87.34 04/14/1999 52.12 42.91 26.76 45.99 21.88 111.62 126.44 88.62 04/15/1999 52.78 43.30 27.94 47.81 21.56 110.93 128.49 89.24 04/16/1999 54.23 49.04 27.94 50.00 21.88 113.67 133.17 92.87 04/19/1999 57.13 52.87 28.24 48.54 21.25 118.91 142.55 98.00 04/20/1999 61.58 51.34 27.06 48.18 20.00 117.08 140.26 96.27 04/21/1999 65.92 50.19 25.88 50.36 20.63 116.86 136.54 95.02 04/22/1999 64.03 49.81 26.18 50.73 20.00 113.44 132.45 92.62 04/23/1999 64.92 49.04 26.18 53.65 20.94 114.35 133.65 93.39 04/26/1999 64.48 49.43 25.88 52.55 22.81 115.49 134.38 94.07 04/27/1999 63.81 46.36 25.59 54.74 22.50 117.54 127.64 92.28 04/28/1999 65.14 47.89 25.59 54.38 23.13 118.45 125.48 92.26 04/29/1999 67.71 50.96 26.47 53.28 21.88 120.96 131.01 95.21 04/30/1999 66.59 49.81 27.06 56.93 22.81 117.54 131.73 94.43 05/03/1999 71.60 49.43 27.65 58.76 22.50 121.87 131.73 95.93 05/04/1999 71.38 49.43 27.35 59.12 21.88 126.42 134.62 98.26 05/05/1999 72.38 48.66 26.47 58.39 21.88 130.75 132.93 98.94 05/06/1999 72.16 49.04 27.35 58.03 21.88 133.94 136.30 101.07 05/07/1999 73.27 48.66 27.06 58.76 20.00 137.36 138.46 102.70 05/10/1999 75.61 49.04 26.76 57.30 20.94 139.41 137.98 103.24 05/11/1999 74.72 50.57 26.76 58.03 20.63 133.94 141.23 102.74 05/12/1999 74.39 49.43 26.76 58.76 20.31 132.57 141.59 102.21 05/13/1999 76.50 50.96 27.94 60.58 20.63 129.16 140.14 101.17 05/14/1999 73.94 49.81 27.94 57.66 20.63 125.06 138.46 98.86 05/17/1999 73.27 50.19 26.47 59.85 20.63 120.05 130.77 95.13 05/18/1999 71.60 50.96 24.71 59.49 20.63 115.26 131.25 93.74 05/19/1999 70.94 52.87 25.29 58.39 20.63 109.34 131.73 92.26 05/20/1999 73.61 53.26 25.59 59.12 20.63 113.21 134.13 94.39 05/21/1999 77.51 53.64 25.88 59.85 20.63 112.98 133.17 94.18 05/24/1999 73.83 54.02 26.18 57.66 20.94 113.90 127.88 92.85 05/25/1999 72.16 54.02 25.29 58.03 20.94 115.49 124.52 92.38 05/26/1999 72.05 55.17 24.71 54.01 20.31 113.44 125.96 91.99 05/27/1999 70.27 57.09 23.53 51.82 20.63 110.02 120.91 89.56 05/28/1999 70.60 60.15 23.82 53.65 20.63 106.15 121.63 89.26 06/01/1999 69.38 59.00 23.53 58.03 21.56 105.24 119.23 88.40 06/02/1999 74.05 59.39 24.41 57.30 20.94 107.06 108.41 85.83 06/03/1999 74.83 59.39 24.71 56.93 20.31 111.85 116.11 89.63 06/04/1999 74.83 59.00 23.53 56.57 20.63 116.63 116.83 91.28 06/07/1999 74.83 55.94 22.35 56.57 20.31 115.72 121.39 91.65 06/08/1999 73.05 55.94 22.06 57.30 20.31 112.07 122.12 90.70 06/09/1999 71.16 55.17 22.06 56.20 19.06 114.12 119.23 90.22 06/10/1999 70.60 54.79 21.76 56.57 18.13 113.21 116.59 89.03 06/11/1999 68.49 55.17 21.18 56.57 18.44 112.98 115.75 88.77 06/14/1999 69.04 55.94 21.47 55.84 20.00 114.12 115.63 89.31 06/15/1999 68.71 55.17 21.18 55.11 17.81 110.93 113.94 87.42 06/16/1999 67.37 55.94 21.76 56.93 16.25 112.07 110.82 87.10 06/17/1999 68.93 54.02 21.47 55.84 16.25 116.63 111.54 88.34 06/18/1999 68.04 54.02 21.47 54.74 15.63 115.72 111.06 87.78 06/21/1999 68.82 52.49 21.18 54.74 15.94 116.17 112.02 87.91 06/22/1999 69.71 52.49 21.18 46.72 17.50 115.72 111.06 86.94 06/23/1999 70.38 53.64 21.18 45.26 19.38 112.98 108.65 85.55 06/24/1999 70.71 52.49 21.76 43.43 20.00 110.25 109.13 84.47 06/25/1999 71.71 52.11 21.76 43.80 20.31 110.93 110.58 85.09 06/28/1999 72.61 56.71 22.65 47.45 22.50 111.62 107.69 85.83 06/29/1999 75.61 56.71 21.47 47.45 24.06 111.39 112.26 87.14 06/30/1999 77.73 56.71 20.59 43.07 21.88 110.71 114.66 87.13 07/01/1999 76.39 57.09 20.29 44.53 23.75 111.16 113.94 87.35 07/02/1999 76.28 56.71 20.59 45.99 23.75 110.25 112.98 86.81 07/06/1999 77.17 55.56 20.29 45.62 23.13 110.02 112.38 86.25 07/07/1999 77.06 52.49 20.00 43.43 24.06 108.43 112.26 84.94 07/08/1999 75.50 52.87 20.88 42.34 22.81 106.61 111.78 84.16 07/09/1999 75.06 50.96 20.59 42.34 23.75 107.06 113.46 84.46 07/12/1999 73.72 52.11 20.59 40.88 23.75 106.38 113.22 84.28 07/13/1999 74.50 51.34 20.88 40.88 23.75 103.87 113.70 83.46 07/14/1999 72.61 50.19 20.88 40.51 22.19 101.59 117.55 83.50 07/15/1999 74.39 50.57 20.59 40.51 20.63 98.63 122.60 83.99 07/16/1999 73.72 50.19 20.29 39.42 22.19 96.36 125.00 83.86 07/19/1999 72.38 50.57 20.29 40.15 21.56 94.76 122.60 82.72 07/20/1999 73.94 48.66 20.29 40.15 20.63 97.49 121.39 82.83 07/21/1999 73.94 53.64 20.29 41.24 22.50 97.04 123.80 84.58 07/22/1999 73.83 47.51 20.59 42.34 22.19 105.69 121.63 85.64 07/23/1999 73.27 48.28 20.29 41.97 21.88 102.05 121.15 84.40 07/26/1999 73.39 44.83 20.29 40.51 21.88 104.78 118.51 83.71 07/27/1999 72.94 41.76 20.88 38.32 21.88 103.64 117.79 82.36 07/28/1999 72.38 41.76 21.18 40.51 20.63 102.51 114.66 81.18 07/29/1999 71.49 41.00 21.18 39.05 21.25 101.14 107.81 78.47 07/30/1999 70.82 42.53 21.18 39.42 21.25 101.82 104.81 78.15 08/02/1999 70.49 41.76 21.03 39.42 20.63 100.23 103.85 77.15 08/03/1999 69.49 42.53 21.18 39.05 20.00 97.49 104.33 76.48 08/04/1999 69.71 40.61 21.18 37.96 20.31 93.62 100.00 73.48 08/05/1999 70.82 41.38 21.47 38.32 20.00 89.75 99.76 72.31 08/06/1999 71.49 42.91 20.59 37.96 20.00 87.24 103.61 72.86 08/09/1999 71.27 41.76 18.24 38.69 20.63 87.24 103.13 72.48 08/10/1999 71.16 41.38 17.06 40.88 22.50 87.47 102.28 72.45 08/11/1999 70.82 42.91 17.65 41.97 23.44 87.47 103.85 73.38 08/12/1999 70.16 42.53 17.65 40.51 22.81 87.24 106.73 73.93 08/13/1999 71.71 42.91 17.65 41.61 22.81 85.65 108.89 74.21 08/16/1999 71.49 43.30 17.06 41.61 22.19 85.42 109.62 74.36 08/17/1999 70.38 42.15 16.47 41.61 21.25 84.05 108.65 73.32 08/18/1999 70.16 41.76 16.47 41.97 21.25 87.02 108.29 74.14 08/19/1999 70.38 40.61 16.18 43.80 20.63 86.10 103.00 72.14 08/20/1999 70.27 40.23 16.18 43.80 20.63 86.79 102.64 72.19 08/23/1999 70.27 39.85 15.88 42.70 20.31 88.84 101.92 72.46 08/24/1999 70.04 39.85 16.18 41.61 20.31 84.28 100.00 70.32 08/25/1999 70.49 39.46 16.47 42.34 20.31 86.56 98.08 70.49 08/26/1999 69.60 39.85 16.47 41.97 20.63 82.46 98.20 69.24 08/27/1999 68.49 38.70 17.06 42.34 20.94 82.92 95.91 68.56 08/30/1999 67.15 36.40 17.06 40.88 20.94 82.00 91.11 66.26 08/31/1999 66.93 34.87 17.65 40.88 20.63 82.46 92.31 66.47 09/01/1999 68.37 33.33 17.79 40.88 20.63 83.60 94.23 67.11 09/02/1999 67.26 35.25 17.65 41.24 20.31 81.78 88.94 65.34 09/03/1999 69.27 37.16 17.06 41.61 20.63 83.14 88.46 66.05 09/07/1999 69.27 36.40 17.06 42.34 20.00 83.83 94.95 68.06 09/08/1999 68.82 31.42 17.06 41.24 20.00 80.64 98.32 66.92 09/09/1999 68.82 31.03 16.76 40.88 20.00 77.45 97.60 65.53 09/10/1999 68.60 32.18 16.47 39.78 19.69 80.41 104.81 68.75 09/13/1999 66.59 31.42 16.47 40.51 19.69 80.64 103.61 68.38 09/14/1999 66.04 30.27 16.47 40.15 18.75 77.45 98.80 65.60 09/15/1999 66.26 28.74 16.18 39.78 18.75 76.31 101.92 65.79 09/16/1999 64.03 29.12 15.88 39.42 18.75 76.31 100.48 65.41 09/17/1999 63.70 29.50 15.88 39.42 16.56 76.77 101.92 65.94 09/20/1999 64.25 27.97 15.59 38.69 16.25 75.63 102.40 65.31 09/21/1999 63.14 26.82 15.29 37.23 15.94 74.72 100.48 64.07 09/22/1999 62.81 26.82 15.29 38.69 15.63 74.49 100.00 63.95 09/23/1999 60.36 27.97 15.59 37.59 15.63 72.89 93.51 61.67 09/24/1999 60.02 26.82 15.88 37.23 15.94 73.35 96.15 62.37 09/27/1999 60.36 26.82 16.18 37.96 16.25 71.75 95.91 61.86 09/28/1999 60.47 27.59 16.18 37.96 15.94 70.62 93.87 61.01 09/29/1999 60.02 27.59 14.71 37.59 15.00 71.75 92.07 60.72 09/30/1999 60.47 27.59 14.12 37.96 13.13 72.67 90.87 60.56 10/01/1999 60.36 31.80 14.71 37.59 13.75 72.44 88.94 60.80 10/04/1999 60.13 30.27 15.00 37.59 14.69 72.21 88.22 60.27 10/05/1999 60.13 30.65 15.00 37.59 13.44 71.98 89.66 60.63 10/06/1999 60.47 28.74 14.71 37.59 13.13 72.67 88.70 60.15 10/07/1999 60.58 29.50 15.00 37.59 12.81 73.58 88.94 60.67 10/08/1999 60.36 27.59 14.71 35.40 12.81 76.54 88.94 61.08 10/11/1999 60.36 28.35 14.41 37.23 12.19 77.22 90.87 62.12 10/12/1999 59.80 27.97 14.12 35.04 12.50 77.22 92.43 62.34 10/13/1999 60.36 29.12 14.12 34.67 12.50 77.22 86.78 60.88 10/14/1999 60.25 28.35 14.12 34.31 11.56 82.92 84.62 61.89 10/15/1999 59.58 26.82 13.53 34.31 11.88 80.87 76.92 58.62 10/18/1999 59.13 27.97 13.53 33.58 11.56 84.97 76.92 60.13 10/19/1999 58.80 26.82 14.12 33.58 11.88 85.19 74.04 59.17 10/20/1999 58.69 26.82 14.12 35.04 11.88 82.00 74.28 58.30 10/21/1999 63.59 24.90 13.82 35.04 10.94 80.18 73.56 57.04 10/22/1999 68.71 26.82 13.82 33.58 10.63 82.23 75.00 58.40 10/25/1999 70.60 25.29 13.53 34.31 9.38 80.41 71.15 56.33 10/26/1999 70.16 26.05 13.53 36.13 8.75 81.55 68.99 56.33 10/27/1999 70.27 24.90 13.53 35.04 7.81 82.46 72.12 57.18 10/28/1999 70.04 21.84 14.41 33.58 8.13 84.28 69.47 56.33 10/29/1999 70.94 22.61 14.41 31.02 7.50 83.60 72.84 57.02 11/01/1999 70.94 22.99 15.29 31.39 7.50 83.83 73.80 57.52 11/02/1999 71.38 23.37 18.53 30.66 6.56 84.97 75.00 58.35 11/03/1999 72.61 22.99 19.41 31.39 7.19 87.24 76.68 59.65 11/04/1999 74.94 23.75 18.82 31.75 6.56 87.47 77.88 60.20 11/05/1999 75.61 23.75 18.53 32.85 6.25 89.98 81.01 62.01 11/08/1999 77.39 23.37 16.18 32.48 7.50 89.52 79.57 61.30 11/09/1999 75.84 24.14 15.88 32.85 8.13 90.21 76.44 60.80 11/10/1999 74.16 23.37 15.59 31.02 8.13 88.61 77.16 60.18 11/11/1999 73.39 24.14 15.00 29.93 9.69 88.38 76.20 59.95 11/12/1999 74.39 24.14 14.12 29.20 10.94 87.70 75.00 59.35 11/15/1999 70.16 24.52 14.12 29.56 14.38 88.15 74.28 59.58 11/16/1999 72.72 24.52 14.12 30.29 13.44 86.33 72.36 58.42 11/17/1999 71.49 26.44 14.12 30.29 10.63 88.38 72.60 59.40 11/18/1999 73.50 26.05 13.53 30.29 13.44 87.70 73.08 59.36 11/19/1999 72.49 24.90 13.53 29.20 12.81 84.74 72.36 57.82 11/22/1999 70.94 24.90 13.24 29.20 13.44 89.07 70.19 58.64 11/23/1999 70.49 22.61 13.24 28.83 13.44 92.03 69.23 58.84 11/24/1999 68.82 23.37 13.24 28.83 12.50 95.22 73.08 61.13 11/26/1999 71.05 23.75 13.53 29.93 12.50 94.53 84.13 64.34 11/29/1999 70.82 22.22 12.06 32.12 13.13 92.71 81.49 62.79 11/30/1999 71.27 22.61 12.35 32.48 12.50 90.89 80.77 62.06 12/01/1999 69.71 22.61 12.65 31.75 11.25 86.33 77.40 59.45 12/02/1999 70.16 22.61 12.65 31.02 10.63 89.07 76.68 60.05 12/03/1999 70.60 22.99 12.65 29.20 10.94 94.76 76.68 61.88 12/06/1999 68.15 22.22 12.65 28.47 9.06 91.80 75.00 60.10 12/07/1999 68.15 23.37 12.06 28.47 10.00 93.85 73.56 60.60 12/08/1999 67.37 23.37 12.06 25.55 10.00 93.85 73.80 60.45 12/09/1999 67.59 23.75 12.06 26.28 9.38 92.94 71.88 59.68 12/10/1999 68.60 22.99 11.76 28.83 9.38 92.94 71.63 59.64 12/13/1999 68.60 24.52 11.76 28.47 9.69 87.70 68.99 57.43 12/14/1999 68.26 23.37 11.76 29.20 10.00 92.94 69.71 59.21 12/15/1999 68.37 22.61 13.82 28.47 10.00 91.34 67.55 57.92 12/16/1999 66.48 22.99 13.82 28.83 9.69 91.12 66.11 57.51 12/17/1999 67.48 22.61 13.53 28.10 10.00 93.62 60.82 56.65 12/20/1999 69.04 22.22 12.94 27.01 10.00 91.57 61.06 55.86 12/21/1999 67.59 22.61 12.94 27.74 10.00 91.80 62.26 56.42 12/22/1999 70.27 23.37 12.35 28.10 10.00 90.21 62.98 56.27 12/23/1999 69.82 23.37 11.76 28.83 10.31 90.89 63.46 56.68 12/27/1999 72.49 21.84 11.76 28.83 10.00 90.89 63.94 56.50 12/28/1999 69.93 22.99 10.88 28.83 10.00 91.34 64.66 57.06 12/29/1999 70.38 24.52 11.47 28.10 10.63 92.71 66.35 58.31 12/30/1999 70.94 23.75 12.35 28.10 10.00 97.04 65.38 59.31 12/31/1999 71.16 24.52 13.53 29.93 9.69 96.13 67.31 59.90 01/03/2000 71.05 22.99 14.12 29.93 10.00 89.52 67.31 57.45 01/04/2000 67.93 23.37 14.41 29.56 10.00 87.47 65.38 56.27 01/05/2000 70.04 22.61 14.41 28.83 9.69 89.07 66.35 56.85 01/06/2000 69.04 21.84 14.12 28.83 10.00 88.61 66.35 56.55 01/07/2000 68.93 18.39 14.12 29.20 10.31 89.75 66.59 56.35 01/10/2000 68.93 21.46 13.24 29.20 10.00 90.43 68.03 57.57 01/11/2000 69.82 21.07 12.94 28.47 10.63 88.84 66.35 56.43 01/12/2000 71.16 20.69 12.94 28.83 10.63 85.65 67.07 55.55 01/13/2000 70.38 20.31 13.24 28.83 11.88 88.84 66.35 56.39 01/14/2000 70.71 22.61 12.94 29.20 12.50 91.12 66.11 57.58 01/18/2000 70.60 22.99 12.94 29.56 12.50 90.21 62.98 56.46 01/19/2000 69.93 22.99 12.94 29.93 12.50 90.66 62.74 56.57 01/20/2000 68.15 22.99 12.65 30.29 11.56 85.88 62.50 54.89 01/21/2000 67.15 19.92 12.94 28.47 11.25 86.33 61.54 53.99 01/24/2000 66.70 21.07 12.35 27.74 11.25 85.88 61.78 54.06 01/25/2000 67.59 20.69 12.94 29.93 12.50 81.09 62.50 52.88 01/26/2000 65.70 20.69 11.76 28.10 11.25 81.32 62.74 52.77 01/27/2000 66.04 19.92 12.06 27.74 11.25 82.69 62.74 53.05 01/28/2000 65.81 19.16 11.76 27.01 10.94 84.05 63.22 53.40 01/31/2000 64.81 19.16 11.76 27.74 10.63 85.42 63.22 53.89 02/01/2000 65.59 18.01 11.18 28.10 11.25 85.88 64.90 54.35 02/02/2000 66.26 18.39 11.47 31.02 10.94 85.19 67.07 55.06 02/03/2000 69.15 18.39 10.59 31.75 11.25 84.74 68.99 55.51 02/04/2000 67.48 18.01 10.59 29.20 10.31 84.97 66.83 54.62 02/07/2000 68.37 17.62 10.59 29.93 10.31 83.14 66.59 53.93 02/08/2000 67.93 18.01 10.29 28.83 11.25 82.46 65.63 53.45 02/09/2000 70.71 16.86 10.59 28.83 10.94 79.27 65.63 52.16 02/10/2000 70.38 16.48 10.00 29.20 10.63 80.87 56.97 50.05 02/11/2000 70.04 17.24 10.29 31.39 10.63 79.50 53.85 49.01 02/14/2000 70.16 18.39 10.00 32.12 9.69 81.55 64.66 53.10 02/15/2000 70.16 18.39 9.41 32.12 10.00 82.46 65.87 53.75 02/16/2000 70.94 18.77 9.41 32.85 10.31 82.46 65.38 53.76 02/17/2000 70.04 18.39 9.41 34.31 10.31 81.78 63.22 52.93 02/18/2000 69.04 17.24 9.41 33.21 10.00 83.14 63.46 53.12 02/22/2000 68.71 16.86 9.41 32.85 10.31 77.90 66.83 52.30 02/23/2000 68.60 17.24 9.12 32.12 9.69 76.31 68.27 52.17 02/24/2000 63.14 17.62 8.24 34.67 9.69 75.40 67.31 51.82 02/25/2000 61.14 16.86 7.94 33.58 10.00 78.82 63.94 51.72 02/28/2000 60.58 16.86 7.94 32.12 9.69 79.73 64.66 52.11 02/29/2000 63.14 17.24 7.65 32.12 9.69 80.87 64.42 52.48 03/01/2000 62.81 18.77 7.94 31.02 9.06 81.09 65.14 52.96 03/02/2000 66.26 19.54 7.35 31.02 8.75 79.95 64.90 52.63 03/03/2000 66.59 19.92 7.35 31.02 8.44 78.13 65.14 52.16 03/06/2000 64.81 21.84 6.76 31.39 9.06 75.17 62.50 50.83 03/07/2000 63.81 20.69 7.06 31.39 9.06 76.54 62.74 51.13 03/08/2000 64.48 22.22 6.76 31.02 9.69 71.98 63.46 50.14 03/09/2000 66.82 24.90 6.47 31.39 9.06 74.03 62.74 51.13 03/10/2000 65.59 24.90 6.47 32.12 10.00 72.21 62.50 50.56 03/13/2000 63.47 23.75 6.76 31.02 9.38 70.16 63.22 49.76 03/14/2000 61.80 22.22 6.47 29.93 10.00 74.26 62.02 50.39 03/15/2000 63.03 22.22 6.18 30.66 9.69 77.45 63.94 52.03 03/16/2000 66.93 22.99 6.47 32.12 10.00 76.77 63.70 52.03 03/17/2000 67.59 24.14 6.47 31.02 9.38 75.63 63.22 51.63 03/20/2000 66.37 24.52 6.47 31.75 10.00 71.75 62.98 50.45 03/21/2000 67.82 26.44 6.47 31.75 9.69 71.75 63.46 50.96 03/22/2000 67.93 32.18 6.76 31.39 10.00 71.53 64.90 52.46 03/23/2000 67.93 29.12 6.47 32.12 10.00 74.94 64.42 52.88 03/24/2000 67.93 26.82 6.47 31.39 10.00 74.94 65.87 52.78 03/27/2000 67.04 26.44 6.18 31.75 9.69 73.12 68.27 52.81 03/28/2000 67.48 24.52 6.18 35.04 9.69 74.03 66.83 52.56 03/29/2000 67.71 26.05 6.47 37.23 9.69 76.99 67.79 54.31 03/30/2000 68.37 28.35 6.18 35.40 9.69 85.19 71.15 58.31 03/31/2000 67.71 26.82 6.18 37.59 9.69 81.55 73.08 57.54 04/03/2000 68.60 24.90 6.47 36.50 10.31 83.83 72.12 57.59 04/04/2000 68.26 24.14 6.47 35.77 10.00 83.60 69.95 56.64 04/05/2000 68.49 22.99 6.47 34.31 10.00 80.18 69.71 55.10 04/06/2000 69.82 24.90 6.47 34.67 10.00 81.55 69.95 56.04 04/07/2000 69.82 23.75 6.47 34.31 9.69 81.09 69.47 55.47 04/10/2000 69.04 24.14 6.32 31.75 9.06 81.09 69.23 55.24 04/11/2000 71.38 22.99 6.18 30.66 9.69 81.09 67.55 54.45 04/12/2000 71.38 22.61 7.06 31.39 10.00 84.05 65.87 54.97 04/13/2000 69.38 22.22 6.47 31.39 9.69 83.83 65.63 54.70 04/14/2000 68.04 20.31 6.76 31.75 9.69 80.41 62.74 52.38 04/17/2000 68.93 19.54 7.35 32.12 9.06 80.64 64.90 52.96 04/18/2000 69.49 19.92 7.94 31.02 9.38 79.50 65.63 52.83 04/19/2000 71.94 19.54 7.94 32.12 10.00 81.32 65.63 53.47 04/20/2000 74.39 19.54 7.94 33.21 11.88 85.42 66.83 55.37 04/24/2000 74.94 20.69 9.41 33.94 13.44 89.75 66.35 57.09 04/25/2000 76.95 24.14 9.41 34.31 13.75 89.52 66.59 57.82 04/26/2000 76.95 25.67 9.41 34.67 15.00 88.61 70.19 58.99 04/27/2000 74.94 26.44 10.00 34.31 15.00 89.75 70.67 59.66 04/28/2000 73.16 26.82 10.00 33.21 14.69 90.43 72.12 60.28 05/01/2000 77.51 27.20 10.00 33.58 14.38 92.94 73.32 61.55 05/02/2000 81.29 26.05 10.29 34.31 15.00 89.29 73.32 60.22 05/03/2000 83.85 25.29 10.00 34.31 15.00 89.52 72.84 59.99 05/04/2000 86.53 25.67 10.29 33.94 14.69 90.89 73.80 60.77 05/05/2000 84.41 26.05 10.59 32.85 14.38 90.89 75.00 61.11 05/08/2000 84.41 25.67 10.59 32.12 14.06 87.24 74.76 59.69 05/09/2000 83.63 25.67 10.00 32.12 14.69 87.02 73.80 59.34 05/10/2000 84.52 24.90 9.41 32.12 15.00 88.15 71.88 58.98 05/11/2000 86.97 26.05 9.12 31.75 13.44 92.71 71.39 60.45 05/12/2000 85.86 26.82 9.12 31.02 12.81 89.07 71.63 59.38 05/15/2000 83.85 27.20 8.82 31.75 13.13 87.93 73.56 59.71 05/16/2000 84.19 27.20 9.41 32.12 12.81 89.98 74.04 60.56 05/17/2000 83.74 25.67 9.12 31.39 13.13 86.79 71.88 58.51 05/18/2000 83.41 24.90 8.24 31.02 12.50 85.88 69.47 57.25 05/19/2000 82.85 24.52 7.94 30.66 11.88 84.28 69.23 56.50 05/22/2000 82.52 22.99 7.94 28.10 11.88 86.33 50.96 51.28 05/23/2000 80.51 22.22 7.94 28.10 12.50 88.84 47.12 50.86 05/24/2000 82.96 20.31 7.94 28.10 12.50 85.19 42.55 47.92 05/25/2000 82.52 21.46 7.35 28.47 12.19 84.51 42.55 47.91 05/26/2000 84.19 22.99 7.06 29.20 12.50 82.69 43.51 47.97 05/30/2000 84.52 22.61 7.06 29.20 11.88 83.60 42.79 47.94 05/31/2000 84.63 20.31 6.76 29.20 11.25 86.79 39.18 47.42 06/01/2000 78.17 21.07 6.76 29.20 12.19 86.56 41.83 48.33 06/02/2000 75.50 24.90 6.76 28.83 11.88 87.93 42.07 49.58 06/05/2000 76.50 24.14 6.47 28.47 11.25 86.33 43.75 49.32 06/06/2000 74.61 23.37 6.47 28.83 11.56 84.97 42.79 48.48 06/07/2000 74.16 22.99 6.47 28.47 11.56 82.92 44.23 48.12 06/08/2000 71.16 22.99 6.18 27.01 11.56 82.92 43.27 47.71 06/09/2000 71.05 21.46 6.18 27.74 11.56 80.87 44.71 47.21 06/12/2000 71.16 21.07 5.88 27.74 11.88 78.59 42.79 45.82 06/13/2000 69.04 20.69 6.18 28.47 10.94 77.90 40.63 44.90 06/14/2000 69.93 19.54 5.88 27.37 11.56 78.59 42.55 45.39 06/15/2000 70.38 18.01 6.47 27.37 11.56 81.78 42.31 46.09 06/16/2000 70.49 18.01 6.18 28.47 11.56 78.13 38.70 43.90 06/19/2000 63.92 13.03 6.47 28.47 11.25 79.04 37.02 42.70 06/20/2000 63.81 14.18 6.47 29.20 11.25 79.95 33.65 42.29 06/21/2000 61.80 13.41 6.18 28.83 12.19 76.31 34.62 41.23 06/22/2000 61.14 13.03 6.18 28.83 10.63 75.63 33.89 40.63 06/23/2000 60.58 12.26 6.47 29.20 11.25 76.31 34.38 40.92 06/26/2000 61.02 13.03 5.29 28.10 11.25 79.04 38.46 43.04 06/27/2000 59.58 12.26 5.29 27.74 10.63 81.78 39.18 43.94 06/28/2000 60.69 12.64 5.59 27.01 10.31 82.23 41.35 44.75 06/29/2000 61.25 12.64 5.29 25.18 10.00 87.70 43.27 46.95 06/30/2000 57.02 10.34 5.59 27.74 10.31 79.27 42.79 43.79 07/03/2000 58.13 12.26 5.29 27.01 10.31 88.38 43.75 47.39 07/05/2000 58.35 12.64 5.29 27.01 10.63 84.97 43.75 46.36 07/06/2000 56.24 12.26 5.29 27.37 10.94 85.65 44.47 46.77 07/07/2000 56.57 12.26 5.00 27.74 10.94 88.15 45.67 47.96 07/10/2000 56.57 12.26 5.00 25.91 12.50 89.75 46.15 48.58 07/11/2000 57.57 13.41 5.00 25.91 15.31 88.61 44.95 48.23 07/12/2000 57.24 13.79 5.00 24.82 15.94 87.70 44.23 47.75 07/13/2000 56.79 14.94 4.71 25.18 15.63 88.61 43.27 47.99 07/14/2000 57.13 15.33 5.29 27.01 15.00 90.89 45.43 49.59 07/17/2000 57.57 15.33 4.71 27.37 15.63 89.29 44.47 48.82 07/18/2000 56.12 15.33 4.41 28.10 14.69 88.15 43.75 48.22 07/19/2000 55.90 14.94 2.06 28.10 15.00 87.93 43.99 48.06 07/20/2000 58.57 14.94 2.94 28.10 18.13 89.75 42.79 48.51 07/21/2000 60.69 13.41 3.53 28.10 18.13 89.52 43.75 48.44 07/24/2000 59.91 13.41 3.53 27.01 18.75 89.52 43.51 48.32 07/25/2000 59.35 13.03 3.24 27.01 17.81 91.34 44.23 48.99 07/26/2000 58.91 12.64 3.24 27.01 17.50 94.53 43.27 49.67 07/27/2000 58.57 9.96 2.94 26.64 17.19 94.53 43.75 49.21 07/28/2000 57.80 10.73 2.94 27.37 17.19 94.31 43.75 49.35 07/31/2000 57.46 9.96 2.94 26.28 16.25 97.27 46.15 50.74 08/01/2000 56.57 10.73 2.65 25.18 15.94 98.41 46.39 51.23 08/02/2000 57.24 10.73 2.79 25.55 15.63 97.72 46.63 51.09 08/03/2000 56.79 9.58 2.35 24.82 15.63 96.13 46.63 50.26 08/04/2000 56.24 10.34 2.35 24.82 17.50 97.72 47.12 51.18 08/07/2000 57.35 10.34 2.94 24.45 18.75 99.32 47.12 51.77 08/08/2000 56.90 10.34 2.94 24.82 17.81 99.77 46.39 51.69 08/09/2000 56.46 10.34 2.65 24.82 18.13 98.41 48.08 51.74 08/10/2000 56.57 10.34 2.65 24.09 17.50 95.44 47.12 50.39 08/11/2000 56.68 10.34 2.65 24.09 17.50 97.95 49.28 51.85 08/14/2000 57.24 10.73 2.65 24.82 17.19 97.95 50.72 52.39 08/15/2000 55.79 10.34 2.65 25.18 17.19 97.04 51.92 52.40 08/16/2000 55.46 9.20 2.35 26.64 17.50 96.81 54.09 52.85 08/17/2000 56.24 9.58 1.91 26.64 18.75 94.76 54.09 52.30 08/18/2000 56.01 9.20 2.06 28.10 19.06 94.08 53.61 51.99 08/21/2000 55.23 10.34 2.21 28.47 19.69 94.08 51.68 51.72 08/22/2000 56.57 11.88 2.35 27.74 20.63 95.90 51.92 52.71 08/23/2000 55.90 11.11 2.35 27.37 21.88 92.26 51.92 51.39 08/24/2000 56.24 11.11 2.06 27.37 22.81 92.71 52.16 51.65 08/25/2000 55.79 11.49 2.06 27.37 20.63 90.89 52.16 51.01 08/28/2000 54.79 11.11 2.06 26.28 20.94 87.47 51.44 49.52 08/29/2000 53.45 10.34 1.76 27.01 22.19 89.29 51.92 50.22 08/30/2000 53.56 10.73 2.35 26.28 21.56 87.02 52.16 49.55 08/31/2000 53.23 10.73 2.35 25.91 22.19 86.56 54.09 49.98 09/01/2000 53.12 10.73 3.82 25.91 21.25 88.38 53.37 50.38 09/05/2000 52.90 10.73 4.41 25.91 22.50 85.42 52.88 49.35 09/06/2000 55.68 11.88 4.71 25.55 22.50 96.58 54.09 53.60 09/07/2000 55.68 11.88 5.88 25.91 20.94 98.63 54.81 54.48 09/08/2000 55.46 11.49 5.59 25.55 20.63 94.31 54.33 52.78 09/11/2000 53.56 11.49 4.41 25.55 20.94 92.71 53.85 52.08 09/12/2000 52.78 11.11 4.41 25.55 19.38 93.62 53.85 52.22 09/13/2000 52.00 10.34 4.41 25.18 19.06 89.52 54.57 50.88 09/14/2000 52.45 11.49 4.71 25.18 18.75 87.24 54.81 50.42 09/15/2000 51.45 9.20 4.12 25.91 18.13 84.97 53.85 48.92 09/18/2000 51.00 8.81 3.82 25.18 17.50 81.55 51.92 47.05 09/19/2000 51.56 9.20 3.53 25.91 16.56 80.64 51.44 46.68 09/20/2000 50.22 9.58 3.82 25.55 17.50 78.82 52.64 46.54 09/21/2000 49.67 8.43 4.41 25.55 18.13 77.45 51.68 45.64 09/22/2000 49.00 8.43 4.41 24.82 19.69 80.18 51.20 46.43 09/25/2000 48.78 7.66 4.41 24.82 21.88 81.78 50.48 46.71 09/26/2000 48.33 8.05 4.71 25.18 20.31 80.18 46.39 45.01 09/27/2000 48.44 7.66 4.12 25.18 20.00 79.73 46.15 44.67 09/28/2000 49.00 8.05 4.12 24.09 20.63 82.92 44.95 45.39 09/29/2000 50.22 7.66 5.00 25.18 20.00 79.50 47.12 44.91 10/02/2000 49.67 8.05 5.29 24.09 20.00 78.36 43.99 43.62 10/03/2000 50.56 7.66 5.88 24.45 20.00 77.68 43.03 43.09 10/04/2000 51.34 8.05 5.59 24.09 17.50 78.36 44.71 43.71 10/05/2000 51.56 8.43 5.59 24.45 16.88 80.41 43.99 44.24 10/06/2000 48.33 8.05 5.00 23.72 15.00 80.64 42.79 43.70 10/09/2000 48.22 8.05 5.59 23.72 15.00 79.04 40.87 42.63 10/10/2000 48.00 8.43 5.00 23.72 15.63 77.22 34.13 40.13 10/11/2000 46.44 8.05 5.29 22.99 15.63 71.98 33.41 38.07 10/12/2000 45.66 9.20 6.18 17.52 15.63 70.39 33.17 37.32 10/13/2000 45.32 8.81 6.18 17.52 15.31 71.07 32.93 37.38 10/16/2000 45.21 8.05 7.65 16.06 15.00 71.98 31.73 37.10 10/17/2000 43.76 8.43 7.35 15.33 15.00 69.93 29.33 35.72 10/18/2000 42.87 8.05 6.76 14.96 15.00 70.39 29.33 35.74 10/19/2000 42.65 8.43 6.47 15.33 15.00 73.35 29.57 36.88 10/20/2000 40.98 8.05 7.06 16.06 14.06 73.35 28.85 36.62 10/23/2000 40.31 8.43 6.76 16.06 15.63 71.30 27.16 35.60 10/24/2000 40.53 8.43 6.47 15.33 13.13 71.30 27.64 35.54 10/25/2000 40.76 8.43 6.18 14.60 13.13 70.84 27.16 35.18 10/26/2000 40.53 8.05 5.00 15.69 13.13 73.80 27.40 36.18 10/27/2000 40.98 7.28 4.71 14.60 13.13 73.58 28.37 36.14 10/30/2000 41.76 7.28 4.71 13.87 13.44 77.22 28.37 37.30 10/31/2000 41.98 7.66 5.00 14.23 13.75 79.50 27.64 37.98 11/01/2000 41.87 8.05 4.41 14.60 15.00 78.59 27.64 37.83 11/02/2000 42.32 7.66 3.82 15.33 14.69 78.82 28.13 37.98 11/03/2000 42.32 8.05 3.24 15.33 14.38 79.04 27.88 38.02 11/06/2000 44.21 8.43 3.24 15.69 14.69 79.27 27.88 38.22 11/07/2000 45.21 8.81 3.53 16.06 14.69 77.90 28.37 38.03 11/08/2000 47.44 8.43 2.94 15.33 15.00 77.22 27.88 37.52 11/09/2000 46.10 8.81 2.94 15.33 10.31 75.40 27.64 36.67 11/10/2000 45.55 9.20 3.24 14.60 11.56 74.72 28.13 36.68 11/13/2000 46.88 9.20 3.09 14.60 11.56 76.31 27.16 36.92 11/14/2000 47.10 9.58 2.65 13.14 11.25 77.90 29.09 37.94 11/15/2000 46.66 9.58 2.65 12.77 11.25 77.45 28.37 37.55 11/16/2000 45.88 8.81 2.35 12.41 11.25 78.82 28.37 37.81 11/17/2000 47.77 8.81 2.21 11.31 10.00 79.95 27.40 37.74 11/20/2000 48.00 8.43 1.76 12.77 10.00 81.55 25.72 37.78 11/21/2000 48.89 8.43 2.06 12.04 9.69 81.32 24.76 37.36 11/22/2000 48.33 8.43 1.76 12.77 9.69 80.41 23.80 36.82 11/24/2000 49.67 8.81 1.76 12.77 9.69 81.09 24.28 37.27 11/27/2000 50.00 8.43 1.47 12.41 10.00 84.51 26.44 38.93 11/28/2000 49.55 8.43 1.62 12.41 9.38 83.60 25.48 38.32 11/29/2000 49.55 8.43 1.76 12.04 9.69 86.79 25.00 39.23 11/30/2000 48.55 8.05 1.62 12.41 9.69 86.33 24.52 38.88 12/01/2000 49.55 8.43 1.76 12.77 9.69 89.98 24.28 40.12 12/04/2000 49.67 8.43 1.62 12.55 10.00 87.93 23.08 39.08 12/05/2000 50.33 8.05 1.62 13.08 10.00 91.80 23.77 40.53 12/06/2000 46.33 8.81 1.32 12.79 11.25 91.12 25.46 40.99 12/07/2000 42.65 9.20 1.32 13.43 15.63 91.80 24.92 41.42 12/08/2000 43.32 9.20 1.47 13.14 14.69 93.62 25.15 42.03 12/11/2000 48.11 9.96 1.32 13.37 15.00 94.99 24.38 42.43 12/12/2000 51.22 11.11 1.32 13.14 12.81 92.26 25.04 41.82 12/13/2000 52.00 9.96 1.47 13.61 13.13 89.29 25.38 40.77 12/14/2000 49.89 9.96 1.18 13.20 13.13 89.75 25.62 40.95 12/15/2000 49.11 9.58 1.18 13.43 13.44 90.89 25.04 41.11 12/18/2000 50.11 10.34 1.32 13.14 13.13 90.89 24.00 40.92 12/19/2000 51.22 9.20 1.32 12.73 13.13 89.98 24.31 40.45 12/20/2000 50.56 9.20 1.32 12.55 12.50 87.47 24.19 39.54 12/21/2000 50.11 9.20 1.18 12.55 12.50 88.38 23.08 39.51 12/22/2000 53.79 9.20 1.32 12.55 12.50 92.26 23.69 40.97 12/26/2000 53.56 9.58 1.18 12.32 13.13 91.80 25.12 41.33 12/27/2000 55.46 9.96 1.32 12.85 13.13 100.91 27.50 45.16 12/28/2000 56.35 10.34 1.32 13.49 12.50 105.69 28.81 47.22 12/29/2000 57.80 10.73 1.32 12.96 12.50 99.77 28.81 45.30 01/02/2001 55.12 9.58 1.32 13.66 12.50 99.32 30.54 45.48 01/03/2001 56.68 9.96 1.62 14.01 11.88 103.87 34.62 48.27 01/04/2001 56.90 9.58 1.76 14.54 11.56 107.74 34.23 49.39 01/05/2001 54.57 9.96 1.76 14.60 12.50 107.74 33.42 49.28 01/08/2001 56.90 9.96 1.62 14.54 12.50 112.07 32.62 50.46 01/09/2001 56.24 10.73 1.62 14.48 11.25 111.16 31.73 49.98 01/10/2001 56.79 11.11 1.91 14.60 11.25 109.34 31.77 49.49 01/11/2001 57.13 11.11 1.76 14.42 11.88 109.34 32.12 49.60 01/12/2001 56.90 10.73 2.06 14.48 12.50 112.53 32.23 50.66 01/16/2001 57.57 10.34 2.21 14.60 13.13 115.03 32.73 51.61 01/17/2001 59.02 9.96 2.35 14.60 14.38 112.98 34.85 51.56 01/18/2001 59.35 10.34 2.35 14.60 14.69 112.98 37.50 52.43 01/19/2001 59.13 10.73 2.65 14.60 14.69 109.34 37.12 51.21 01/22/2001 57.35 10.34 2.35 15.18 14.69 110.93 34.85 51.02 01/23/2001 61.47 10.34 2.21 17.46 13.44 113.21 35.38 52.03 01/24/2001 59.80 10.34 2.35 18.34 14.69 110.02 35.19 51.07 01/25/2001 60.91 10.73 2.35 18.74 14.69 112.53 35.19 52.00 01/26/2001 60.36 10.34 2.21 18.69 14.06 110.02 34.65 50.89 01/29/2001 60.83 10.67 2.12 18.86 14.10 112.44 35.58 52.04 01/30/2001 60.85 11.34 2.12 18.69 14.35 111.78 33.62 51.38 01/31/2001 63.04 11.40 2.12 17.58 14.30 114.81 34.77 52.64 02/01/2001 62.68 10.91 2.31 18.22 13.15 117.36 35.19 53.50 02/02/2001 64.14 11.52 2.35 18.10 14.50 116.41 34.19 53.09 02/05/2001 64.77 11.89 2.31 16.35 13.10 116.23 33.88 52.79 02/06/2001 65.37 11.65 2.31 16.23 13.45 116.52 34.54 53.04 02/07/2001 66.33 11.52 2.26 16.64 14.23 114.70 33.73 52.25 02/08/2001 64.34 11.52 2.12 16.64 13.80 112.07 33.27 51.22 02/09/2001 64.64 13.36 2.82 17.11 13.25 107.19 33.65 50.13 02/12/2001 65.21 14.10 2.26 16.82 13.75 108.06 34.00 50.65 02/13/2001 66.82 13.49 2.07 16.88 13.75 108.76 33.65 50.65 02/14/2001 65.43 13.49 1.88 17.17 14.35 109.34 32.62 50.58 02/15/2001 64.93 13.49 2.52 17.34 14.95 111.85 33.15 51.64 02/16/2001 64.32 13.43 2.26 17.17 15.50 112.15 32.19 51.45 02/20/2001 78.08 13.79 2.02 17.28 19.10 114.84 33.73 53.06 02/21/2001 77.92 13.55 1.98 17.11 15.75 116.56 33.81 53.40 02/22/2001 79.20 13.12 2.21 16.64 15.00 114.70 33.85 52.65 02/23/2001 80.45 13.18 2.21 16.06 15.25 112.62 33.23 51.76 02/26/2001 80.53 13.49 2.02 15.47 17.95 113.20 34.42 52.46 02/27/2001 80.09 13.49 2.02 15.59 17.10 111.27 33.35 51.47 02/28/2001 79.48 13.79 2.21 14.13 17.75 109.16 32.38 50.48 03/01/2001 79.95 14.10 2.31 14.07 18.65 108.39 32.08 50.25 03/02/2001 79.63 14.10 2.24 13.78 21.00 110.18 31.54 50.78 03/05/2001 79.55 14.71 2.35 13.84 25.00 112.87 33.19 52.51 03/06/2001 79.54 14.53 2.35 13.14 20.25 110.07 35.15 51.81 03/07/2001 79.38 15.33 2.12 14.01 20.60 111.38 34.85 52.39 03/08/2001 79.29 15.94 2.31 14.54 21.00 112.77 34.85 53.04 03/09/2001 79.31 16.67 2.33 13.43 22.00 112.73 35.81 53.43 03/12/2001 79.38 16.25 2.26 14.01 21.75 112.36 35.77 53.24 03/13/2001 79.55 15.94 2.21 14.01 20.50 109.45 36.15 52.26 03/14/2001 77.95 15.63 2.31 13.84 21.65 105.77 35.38 50.81 03/15/2001 78.16 15.63 2.21 13.87 21.00 107.85 35.85 51.60
SOURCE: FactSet [UBS WARBURG LOGO] Section 2: Industry and Company Overview 29 33 SPRINGS INDUSTRIES -- ONE YEAR HISTORICAL PRICE PERFORMANCE RELATIVE SHARE PRICE PERFORMANCE
DATE SPRINGS BURLINGTON CROWN CRAFTS DAN RIVER GALEY & LORD MOHAWK IND. WESTPOINT PEER GROUP 3/16/00 100.00 100.00 100 100.00 100 100.00 100 100.00 3/17/00 101.00 105.00 100.00 96.59 93.75 98.52 99.25 99.22 3/20/00 99.17 106.67 100.00 98.86 100.00 93.47 98.87 96.95 3/21/00 101.33 115.00 100.00 98.86 96.88 93.47 99.62 97.93 3/22/00 101.50 140.00 104.55 97.73 100.00 93.18 101.89 100.83 3/23/00 101.50 126.67 100.00 100.00 100.00 97.63 101.13 101.62 3/24/00 101.50 116.67 100.00 97.73 100.00 97.63 103.40 101.44 3/27/00 100.17 115.00 95.45 98.86 96.88 95.25 107.17 101.50 3/28/00 100.83 106.67 95.45 109.09 96.88 96.44 104.91 101.01 3/29/00 101.16 113.33 100.00 115.91 96.88 100.30 106.42 104.37 3/30/00 102.16 123.33 95.45 110.23 96.88 110.98 111.70 112.07 3/31/00 101.16 116.67 95.45 117.05 96.88 106.23 114.72 110.58 4/3/00 102.50 108.33 100.00 113.64 103.13 109.20 113.21 110.67 4/4/00 102.00 105.00 100.00 111.36 100.00 108.90 109.81 108.86 4/5/00 102.33 100.00 100.00 106.82 100.00 104.45 109.43 105.90 4/6/00 104.33 108.33 100.00 107.95 100.00 106.23 109.81 107.70 4/7/00 104.33 103.33 100.00 106.82 96.88 105.64 109.06 106.60 4/10/00 103.16 105.00 97.73 98.86 90.63 105.64 108.68 106.16 4/11/00 106.66 100.00 95.45 95.45 96.88 105.64 106.04 104.65 4/12/00 106.66 98.33 109.09 97.73 100.00 109.50 103.40 105.64 4/13/00 103.66 96.67 100.00 97.73 96.88 109.20 103.02 105.13 4/14/00 101.66 88.33 104.55 98.86 96.88 104.75 98.49 100.67 4/17/00 103.00 85.00 113.64 100.00 90.63 105.04 101.89 101.78 4/18/00 103.83 86.67 122.73 96.59 93.75 103.56 103.02 101.53 4/19/00 107.49 85.00 122.73 100.00 100.00 105.93 103.02 102.76 4/20/00 111.15 85.00 122.73 103.41 118.75 111.28 104.91 106.40 4/24/00 111.98 90.00 145.45 105.68 134.38 116.91 104.15 109.71 4/25/00 114.98 105.00 145.45 106.82 137.50 116.62 104.53 111.12 4/26/00 114.98 111.67 145.45 107.95 150.00 115.43 110.19 113.37 4/27/00 111.98 115.00 154.55 106.82 150.00 116.91 110.94 114.65 4/28/00 109.32 116.67 154.55 103.41 146.88 117.80 113.21 115.85 5/1/00 115.81 118.33 154.55 104.55 143.75 121.07 115.09 118.29 5/2/00 121.46 113.33 159.09 106.82 150.00 116.32 115.09 115.74 5/3/00 125.29 110.00 154.55 106.82 150.00 116.62 114.34 115.29 5/4/00 129.28 111.67 159.09 105.68 146.88 118.40 115.85 116.78 5/5/00 126.12 113.33 163.64 102.27 143.75 118.40 117.74 117.44 5/8/00 126.12 111.67 163.64 100.00 140.63 113.65 117.36 114.71 5/9/00 124.96 111.67 154.55 100.00 146.88 113.35 115.85 114.04 5/10/00 126.29 108.33 145.45 100.00 150.00 114.84 112.83 113.36 5/11/00 129.95 113.33 140.91 98.86 134.38 120.77 112.08 116.17 5/12/00 128.29 116.67 140.91 96.59 128.13 116.02 112.45 114.12 5/15/00 125.29 118.33 136.36 98.86 131.25 114.54 115.47 114.75 5/16/00 125.79 118.33 145.45 100.00 128.13 117.21 116.23 116.40 5/17/00 125.12 111.67 140.91 97.73 131.25 113.06 112.83 112.46 5/18/00 124.63 108.33 127.27 96.59 125.00 111.87 109.06 110.03 5/19/00 123.79 106.67 122.73 95.45 118.75 109.79 108.68 108.59 5/22/00 123.29 100.00 122.73 87.50 118.75 112.46 80.00 98.56 5/23/00 120.30 96.67 122.73 87.50 125.00 115.73 73.96 97.74 5/24/00 123.96 88.33 122.73 87.50 125.00 110.98 66.79 92.10 5/25/00 123.29 93.33 113.64 88.64 121.88 110.09 66.79 92.08 5/26/00 125.79 100.00 109.09 90.91 125.00 107.72 68.30 92.18 5/30/00 126.29 98.33 109.09 90.91 118.75 108.90 67.17 92.14 5/31/00 126.46 88.33 104.55 90.91 112.50 113.06 61.51 91.14 6/1/00 116.81 91.67 104.55 90.91 121.88 112.76 65.66 92.89 6/2/00 112.81 108.33 104.55 89.77 118.75 114.54 66.04 95.28 6/5/00 114.31 105.00 100.00 88.64 112.50 112.46 68.68 94.78 6/6/00 111.48 101.67 100.00 89.77 115.63 110.68 67.17 93.16 6/7/00 110.82 100.00 100.00 88.64 115.63 108.01 69.43 92.48 6/8/00 106.32 100.00 95.45 84.09 115.63 108.01 67.92 91.69 6/9/00 106.16 93.33 95.45 86.36 115.63 105.34 70.19 90.73 6/12/00 106.32 91.67 90.91 86.36 118.75 102.37 67.17 88.06 6/13/00 103.16 90.00 95.45 88.64 109.38 101.48 63.77 86.28 6/14/00 104.49 85.00 90.91 85.23 115.63 102.37 66.79 87.24 6/15/00 105.16 78.33 100.00 85.23 115.63 106.53 66.42 88.58 6/16/00 105.32 78.33 95.45 88.64 115.63 101.78 60.75 84.37 6/19/00 95.51 56.67 100.00 88.64 112.50 102.97 58.11 82.06 6/20/00 95.34 61.67 100.00 90.91 112.50 104.15 52.83 81.28 6/21/00 92.35 58.33 95.45 89.77 121.88 99.41 54.34 79.24 6/22/00 91.35 56.67 95.45 89.77 106.25 98.52 53.21 78.08 6/23/00 90.52 53.33 100.00 90.91 112.50 99.41 53.96 78.64 6/26/00 91.18 56.67 81.82 87.50 112.50 102.97 60.38 82.72 6/27/00 89.02 53.33 81.82 86.36 106.25 106.53 61.51 84.45 6/28/00 90.68 55.00 86.36 84.09 103.13 107.12 64.91 86.00 6/29/00 91.51 55.00 81.82 78.41 100.00 114.24 67.92 90.22 6/30/00 85.19 45.00 86.36 86.36 103.13 103.26 67.17 84.16 7/3/00 86.86 53.33 81.82 84.09 103.13 115.13 68.68 91.08 7/5/00 87.19 55.00 81.82 84.09 106.25 110.68 68.68 89.10 7/6/00 84.03 53.33 81.82 85.23 109.38 111.57 69.81 89.88 7/7/00 84.53 53.33 77.27 86.36 109.38 114.84 71.70 92.18 7/10/00 84.53 53.33 77.27 80.68 125.00 116.91 72.45 93.36 7/11/00 86.02 58.33 77.27 80.68 153.13 115.43 70.57 92.69 7/12/00 85.52 60.00 77.27 77.27 159.38 114.24 69.43 91.76 7/13/00 84.86 65.00 72.73 78.41 156.25 115.43 67.92 92.23 7/14/00 85.36 66.67 81.82 84.09 150.00 118.40 71.32 95.30 7/17/00 86.02 66.67 72.73 85.23 156.25 116.32 69.81 93.82 7/18/00 83.86 66.67 68.18 87.50 146.88 114.84 68.68 92.68 7/19/00 83.53 65.00 31.82 87.50 150.00 114.54 69.06 92.36 7/20/00 87.52 65.00 45.45 87.50 181.25 116.91 67.17 93.24 7/21/00 90.68 58.33 54.55 87.50 181.25 116.62 68.68 93.09 7/24/00 89.52 58.33 54.55 84.09 187.50 116.62 68.30 92.86 7/25/00 88.69 56.67 50.00 84.09 178.13 118.99 69.43 94.15 7/26/00 88.02 55.00 50.00 84.09 175.00 123.15 67.92 95.45 7/27/00 87.52 43.33 45.45 82.95 171.88 123.15 68.68 94.57 7/28/00 86.36 46.67 45.45 85.23 171.88 122.85 68.68 94.84 7/31/00 85.86 43.33 45.45 81.82 162.50 126.71 72.45 97.52 8/1/00 84.53 46.67 40.91 78.41 159.38 128.19 72.83 98.45 8/2/00 85.52 46.67 43.18 79.55 156.25 127.30 73.21 98.19 8/3/00 84.86 41.67 36.36 77.27 156.25 125.22 73.21 96.59 8/4/00 84.03 45.00 36.36 77.27 175.00 127.30 73.96 98.37 8/7/00 85.69 45.00 45.45 76.14 187.50 129.38 73.96 99.50 8/8/00 85.02 45.00 45.45 77.27 178.13 129.97 72.83 99.34 8/9/00 84.36 45.00 40.91 77.27 181.25 128.19 75.47 99.43 8/10/00 84.53 45.00 40.91 75.00 175.00 124.33 73.96 96.84 8/11/00 84.69 45.00 40.91 75.00 175.00 127.60 77.36 99.65 8/14/00 85.52 46.67 40.91 77.27 171.88 127.60 79.62 100.69 8/15/00 83.36 45.00 40.91 78.41 171.88 126.41 81.51 100.70 8/16/00 82.86 40.00 36.36 82.95 175.00 126.11 84.91 101.57 8/17/00 84.03 41.67 29.55 82.95 187.50 123.44 84.91 100.51 8/18/00 83.69 40.00 31.82 87.50 190.63 122.55 84.15 99.92 8/21/00 82.53 45.00 34.09 88.64 196.88 122.55 81.13 99.41 8/22/00 84.53 51.67 36.36 86.36 206.25 124.93 81.51 101.29 8/23/00 83.53 48.33 36.36 85.23 218.75 120.18 81.51 98.76 8/24/00 84.03 48.33 31.82 85.23 228.13 120.77 81.89 99.26 8/25/00 83.36 50.00 31.82 85.23 206.25 118.40 81.89 98.03 8/28/00 81.86 48.33 31.82 81.82 209.38 113.95 80.75 95.18 8/29/00 79.87 45.00 27.27 84.09 221.88 116.32 81.51 96.52 8/30/00 80.03 46.67 36.36 81.82 215.63 113.35 81.89 95.24 8/31/00 79.53 46.67 36.36 80.68 221.88 112.76 84.91 96.05 9/1/00 79.37 46.67 59.09 80.68 212.50 115.13 83.77 96.82 9/5/00 79.03 46.67 68.18 80.68 225.00 111.28 83.02 94.85 9/6/00 83.19 51.67 72.73 79.55 225.00 125.82 84.91 103.01 9/7/00 83.19 51.67 90.91 80.68 209.38 128.49 86.04 104.71 9/8/00 82.86 50.00 86.36 79.55 206.25 122.85 85.28 101.43 9/11/00 80.03 50.00 68.18 79.55 209.38 120.77 84.53 100.09 9/12/00 78.87 48.33 68.18 79.55 193.75 121.96 84.53 100.35 9/13/00 77.70 45.00 68.18 78.41 190.63 116.62 85.66 97.78 9/14/00 78.37 50.00 72.73 78.41 187.50 113.65 86.04 96.91 9/15/00 76.87 40.00 63.64 80.68 181.25 110.68 84.53 94.03 9/18/00 76.21 38.33 59.09 78.41 175.00 106.23 81.51 90.42 9/19/00 77.04 40.00 54.55 80.68 165.63 105.04 80.75 89.71 9/20/00 75.04 41.67 59.09 79.55 175.00 102.67 82.64 89.45 9/21/00 74.21 36.67 68.18 79.55 181.25 100.89 81.13 87.71 9/22/00 73.21 36.67 68.18 77.27 196.88 104.45 80.38 89.22 9/25/00 72.88 33.33 68.18 77.27 218.75 106.53 79.25 89.76 9/26/00 72.21 35.00 72.73 78.41 203.13 104.45 72.83 86.49 9/27/00 72.38 33.33 63.64 78.41 200.00 103.86 72.45 85.84 9/28/00 73.21 35.00 63.64 75.00 206.25 108.01 70.57 87.23 9/29/00 75.04 33.33 77.27 78.41 200.00 103.56 73.96 86.31 10/2/00 74.21 35.00 81.82 75.00 200.00 102.08 69.06 83.83 10/3/00 75.54 33.33 90.91 76.14 200.00 101.19 67.55 82.80 10/4/00 76.71 35.00 86.36 75.00 175.00 102.08 70.19 84.00 10/5/00 77.04 36.67 86.36 76.14 168.75 104.75 69.06 85.02 10/6/00 72.21 35.00 77.27 73.86 150.00 105.04 67.17 83.98 10/9/00 72.05 35.00 86.36 73.86 150.00 102.97 64.15 81.93 10/10/00 71.71 36.67 77.27 73.86 156.25 100.59 53.58 77.13 10/11/00 69.38 35.00 81.82 71.59 156.25 93.77 52.45 73.16 10/12/00 68.22 40.00 95.45 54.55 156.25 91.69 52.08 71.72 10/13/00 67.72 38.33 95.45 54.55 153.13 92.58 51.70 71.83 10/16/00 67.55 35.00 118.18 50.00 150.00 93.77 49.81 71.30 10/17/00 65.39 36.67 113.64 47.73 150.00 91.10 46.04 68.66 10/18/00 64.06 35.00 104.55 46.59 150.00 91.69 46.04 68.70 10/19/00 63.73 36.67 100.00 47.73 150.00 95.55 46.42 70.89 10/20/00 61.23 35.00 109.09 50.00 140.63 95.55 45.28 70.39 10/23/00 60.23 36.67 104.55 50.00 156.25 92.88 42.64 68.42 10/24/00 60.57 36.67 100.00 47.73 131.25 92.88 43.40 68.30 10/25/00 60.90 36.67 95.45 45.45 131.25 92.28 42.64 67.61 10/26/00 60.57 35.00 77.27 48.86 131.25 96.14 43.02 69.54 10/27/00 61.23 31.67 72.73 45.45 131.25 95.85 44.53 69.46 10/30/00 62.40 31.67 72.73 43.18 134.38 100.59 44.53 71.69 10/31/00 62.73 33.33 77.27 44.32 137.50 103.56 43.40 72.99 11/1/00 62.56 35.00 68.18 45.45 150.00 102.37 43.40 72.69 11/2/00 63.23 33.33 59.09 47.73 146.88 102.67 44.15 72.99 11/3/00 63.23 35.00 50.00 47.73 143.75 102.97 43.77 73.07 11/6/00 66.06 36.67 50.00 48.86 146.88 103.26 43.77 73.45 11/7/00 67.55 38.33 54.55 50.00 146.88 101.48 44.53 73.08 11/8/00 70.88 36.67 45.45 47.73 150.00 100.59 43.77 72.10 11/9/00 68.89 38.33 45.45 47.73 103.13 98.22 43.40 70.47 11/10/00 68.05 40.00 50.00 45.45 115.63 97.33 44.15 70.50 11/13/00 70.05 40.00 47.73 45.45 115.63 99.41 42.64 70.95 11/14/00 70.38 41.67 40.91 40.91 112.50 101.48 45.66 72.92 11/15/00 69.72 41.67 40.91 39.77 112.50 100.89 44.53 72.16 11/16/00 68.55 38.33 36.36 38.64 112.50 102.67 44.53 72.66 11/17/00 71.38 38.33 34.09 35.23 100.00 104.15 43.02 72.53 11/20/00 71.71 36.67 27.27 39.77 100.00 106.23 40.38 72.62 11/21/00 73.04 36.67 31.82 37.50 96.88 105.93 38.87 71.81 11/22/00 72.21 36.67 27.27 39.77 96.88 104.75 37.36 70.77 11/24/00 74.21 38.33 27.27 39.77 96.88 105.64 38.11 71.63 11/27/00 74.71 36.67 22.73 38.64 100.00 110.09 41.51 74.82 11/28/00 74.04 36.67 25.00 38.64 93.75 108.90 40.00 73.65 11/29/00 74.04 36.67 27.27 37.50 96.88 113.06 39.25 75.39 11/30/00 72.55 35.00 25.00 38.64 96.88 112.46 38.49 74.72 12/1/00 74.04 36.67 27.27 39.77 96.88 117.21 38.11 77.11 12/4/00 74.21 36.67 25.00 39.09 100.00 114.54 36.23 75.12 12/5/00 75.21 35.00 25.00 40.73 100.00 119.58 37.31 77.89 12/6/00 69.22 38.33 20.45 39.82 112.50 118.69 39.97 78.78 12/7/00 63.73 40.00 20.45 41.82 156.25 119.58 39.12 79.61 12/8/00 64.73 40.00 22.73 40.91 146.88 121.96 39.49 80.77 12/11/00 71.88 43.33 20.45 41.64 150.00 123.74 38.28 81.55 12/12/00 76.54 48.33 20.45 40.91 128.13 120.18 39.31 80.37 12/13/00 77.70 43.33 22.73 42.36 131.25 116.32 39.85 78.36 12/14/00 74.54 43.33 18.18 41.09 131.25 116.91 40.21 78.69 12/15/00 73.38 41.67 18.18 41.82 134.38 118.40 39.31 79.01 12/18/00 74.88 45.00 20.45 40.91 131.25 118.40 37.68 78.65 12/19/00 76.54 40.00 20.45 39.64 131.25 117.21 38.16 77.74 12/20/00 75.54 40.00 20.45 39.09 125.00 113.95 37.98 75.99 12/21/00 74.88 40.00 18.18 39.09 125.00 115.13 36.23 75.93 12/22/00 80.37 40.00 20.45 39.09 125.00 120.18 37.19 78.74 12/26/00 80.03 41.67 18.18 38.36 131.25 119.58 39.43 79.43 12/27/00 82.86 43.33 20.45 40.00 131.25 131.45 43.17 86.79 12/28/00 84.19 45.00 20.45 42.00 125.00 137.69 45.22 90.74 12/29/00 86.36 46.67 20.45 40.36 125.00 129.97 45.22 87.06 1/2/01 82.36 41.67 20.45 42.55 125.00 129.38 47.94 87.41 1/3/01 84.69 43.33 25.00 43.64 118.75 135.31 54.34 92.77 1/4/01 85.02 41.67 27.27 45.27 115.63 140.36 53.74 94.91 1/5/01 81.53 43.33 27.27 45.45 125.00 140.36 52.47 94.71 1/8/01 85.02 43.33 25.00 45.27 125.00 145.99 51.20 96.98 1/9/01 84.03 46.67 25.00 45.09 112.50 144.81 49.81 96.05 1/10/01 84.86 48.33 29.55 45.45 112.50 142.43 49.87 95.11 1/11/01 85.36 48.33 27.27 44.91 118.75 142.43 50.42 95.33 1/12/01 85.02 46.67 31.82 45.09 125.00 146.59 50.60 97.37 1/16/01 86.02 45.00 34.09 45.45 131.25 149.85 51.38 99.19 1/17/01 88.19 43.33 36.36 45.45 143.75 147.18 54.70 99.08 1/18/01 88.69 45.00 36.36 45.45 146.88 147.18 58.87 100.77 1/19/01 88.35 46.67 40.91 45.45 146.88 142.43 58.26 98.41 1/22/01 85.69 45.00 36.36 47.27 146.88 144.51 54.70 98.05 1/23/01 91.85 45.00 34.09 54.36 134.38 147.48 55.55 100.00 1/24/01 89.35 45.00 36.36 57.09 146.88 143.32 55.25 98.14 1/25/01 91.02 46.67 36.36 58.36 146.88 146.59 55.25 99.94 1/26/01 90.18 45.00 34.09 58.18 140.63 143.32 54.40 97.81 1/29/01 90.89 46.40 32.73 58.73 141.00 146.47 55.85 100.01 1/30/01 90.92 49.33 32.73 58.18 143.50 145.61 52.77 98.74 1/31/01 94.19 49.60 32.73 54.73 143.00 149.55 54.58 101.17 2/1/01 93.66 47.47 35.64 56.73 131.50 152.88 55.25 102.82 2/2/01 95.84 50.13 36.36 56.36 145.00 151.64 53.68 102.02 2/5/01 96.77 51.73 35.64 50.91 131.00 151.41 53.19 101.46 2/6/01 97.68 50.67 35.64 50.55 134.50 151.79 54.22 101.94 2/7/01 99.11 50.13 34.91 51.82 142.25 149.41 52.95 100.42 2/8/01 96.13 50.13 32.73 51.82 138.00 145.99 52.23 98.44 2/9/01 96.59 58.13 43.64 53.27 132.50 139.63 52.83 96.34 2/12/01 97.44 61.33 34.91 52.36 137.50 140.77 53.37 97.34 2/13/01 99.83 58.67 32.00 52.55 137.50 141.67 52.83 97.34 2/14/01 97.76 58.67 29.09 53.45 143.50 142.43 51.20 97.21 2/15/01 97.01 58.67 38.91 54.00 149.50 145.71 52.05 99.25 2/16/01 96.11 58.40 34.91 53.45 155.00 146.09 50.54 98.88 2/20/01 116.66 60.00 31.27 53.82 191.00 149.60 52.95 101.98 2/21/01 116.42 58.93 30.55 53.27 157.50 151.83 53.07 102.63 2/22/01 118.34 57.07 34.18 51.82 150.00 149.41 53.13 101.18 2/23/01 120.20 57.33 34.18 50.00 152.50 146.71 52.17 99.48 2/26/01 120.33 58.67 31.27 48.18 179.50 147.47 54.04 100.83 2/27/01 119.67 58.67 31.27 48.55 171.00 144.95 52.35 98.92 2/28/01 118.76 60.00 34.18 44.00 177.50 142.20 50.84 97.02 3/1/01 119.45 61.33 35.64 43.82 186.50 141.20 50.35 96.57 3/2/01 118.98 61.33 34.55 42.91 210.00 143.53 49.51 97.60 3/5/01 118.87 64.00 36.36 43.09 250.00 147.04 52.11 100.92 3/6/01 118.84 63.20 36.36 40.91 202.50 143.38 55.18 99.58 3/7/01 118.60 66.67 32.73 43.64 206.00 145.09 54.70 100.69 3/8/01 118.47 69.33 35.64 45.27 210.00 146.90 54.70 101.94 3/9/01 118.50 72.53 36.00 41.82 220.00 146.85 56.21 102.69 3/12/01 118.60 70.67 34.91 43.64 217.50 146.37 56.15 102.33 3/13/01 118.87 69.33 34.18 43.64 205.00 142.58 56.75 100.44 3/14/01 116.47 68.00 35.64 43.09 216.50 137.78 55.55 97.66 3/15/01 116.79 68.00 34.18 43.18 210.00 140.49 56.27 99.16
SOURCE: FactSet [UBS WARBURG LOGO] Section 2: Industry and Company Overview 30 34 Shares Traded at Specific Prices -- Latest Twelve Months(1) TOTAL VOLUME: 23,900,000 (APPROXIMATELY 1.3x THE TOTAL SHARES OUTSTANDING)
PRICE RANGE(2)($) % OF TOTAL VOLUME TRADED ----------------- ------------------------ 20.00-22.99 1.6 23.00-25.99 8.7 26.00-28.99 23.9 29.00-31.99 14.2 32.00-34.99 15.6 35.00-37.99 7.7 38.00-40.99 7.9 41.00-43.99 7.8 44.00-46.99 5.0 47.00-49.99 7.5
NOTES: (1) Source: Factset (2) Based on closing prices for the latest twelve months ending February 16, 2000 - Approximately 87% of Springs shares traded over the last twelve months were at prices less than $44.00 per share [UBS WARBURG LOGO] Section 2: Industry and Company Overview 31 35 RESEARCH COMMENTARY
FIRM RECOMMENDATION PRICE TARGET COMMENT ---- -------------- ------------ ------- CSFB Not Rated na "We reduced our 2001 earnings per share estimate to (2/20/01) $3.80 from $4.15. We project sales and earnings to fall in the first half, owing to continued weakness at re-tail and further initiatives to reduce inventory. We expect at least a small sales recovery in the second half against easy comparisons. We estimate that full-year sales will be essentially flat at $2.27 billion. We project that the gross margin will remain unchanged at 18.7%. Reduced profitability from planned production curtailments and higher sales of closeout and off-price products in the first half should be offset by improved profitability in the second half. We expect SG&A to increase modestly to 12.5% from 12.4%." Merrill Lynch Accumulate na "We think it likely that margin pressure will (2/2/01) continue to be driven by claims, low cost sourced goods, weakness particularly at starting price points, and commodity and energy inflation. Cost savings initiatives as well as recent downsized capacity should enable Springs to run plants at fuller levels thus improving overhead absorption rates. Lower outsourced production (and thus inventory) should also reduce working capital requirements. Springs' goal is to reduce inventory by $30 million in 2001. The Company has downsized its capital expenditure plans significantly (to $110 million) delaying non-essential projects. In our view, the conservative approach toward capital projects will further strengthen the balance sheet, which should position Springs to weather the storms presented by the current difficult economic environment." Wachovia Securities Buy 37 "Over the last seven years, dollar volume in the bed (11/27/00) and bath industries has increased at annual rates of 6.2% and 5.5% respectively. Demographics remain favorable for continued growth over the next five years, in our opinion. These trends are expected to persist till 2006. Although Springs has been profitable throughout its history, the level of profit margins has been uninspiring. A new management team and well-defined strategy appear to have energized the company and we believe the longer term result will be a higher operating margin."
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 32 36 ECONOMIC VS VOTING OWNERSHIP CLASS A OWNERSHIP
Class Total Amount (%) (%) ------ --- --- 13F Institutions 8,013,346 73.7 44.5 Close Family 173,097 1.6 1.0 Other Insiders 150,437 1.4 0.8 Other/Retail 2,531,108 23.3 14.0 ---------- ----- ---- TOTAL CLASS A SHARES 10,867,988 100.0 60.3 ========== ===== ====
ECONOMIC OWNERSHIP [PIE CHART] 13F Institutions 44.5% Other/Retail 14.1% Other Insider 0.8% Close Family 40.6%
CLASS B OWNERSHIP
Class Total Amount (%) (%) ------ --- --- Close Family 7,149,291 99.9 39.7 Other/Retail 5,472 0.1 nm ---------- ----- ----- TOTAL CLASS B SHARES 7,154,763 100.0 39.7 ---------- ===== ----- TOTAL SHARES OUTSTANDING 18,022,751 100.0 ========== =====
VOTING OWNERSHIP [PIE CHART] 13F Institutions 20.3% Other/Retail 6.5% Other Insider 0.4% Close Family 72.8%
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 33 37 FINANCIAL OVERVIEW SECTION 3 [UBS WARBURG LOGO] 38 HISTORICAL PERFORMANCE AGAINST BUDGET - ANNUAL -- ONE YEAR FORWARD LOOKING
($MM) 1997 1998 1999 2000 ----- ---- ---- ---- ---- Revenues Actual 2,226.1 2,180.5 2,234.1 2,275.1 Budget 2,308.9 2,314.6 2,171.0 2,327.2 --------- --------- --------- --------- Variance (82.8) (134.1) 63.1 (57.7) Variance % (vs Budget) (3.6) (5.8) 2.8 (2.5) EBIT Actual 129.1 117.4 134.0 147.6 Budget 161.8 165.0 157.4 180.2 --------- --------- --------- --------- Variance (32.7) (47.4) (23.4) (32.6) Variance % (vs Budget) (20.2) (40.5) (14.9) (22.1) Net Income Before Unusual Items Actual 73.5 59.3 67.9 72.3 Budget 81.8 80.6 76.5(1) 91.5 --------- --------- --------- --------- Variance (8.3) (21.3) (8.6) (19.2) Variance % (vs Budget) (10.1) (35.9) (11.2) (26.6) --------- --------- --------- ---------
NOTE: (1) Budget amount adjusted to exclude pre-tax "contingency expense" of $24 million. - Springs has consistently missed its budget forecasts over the past few years - On average, for the years presented, Springs has missed its annual EBIT budget by approximately 24% - Applying this average percentage variance to Springs' budgeted 2001 EBIT would imply a range of outcomes between $115 million and $152 million (budgeted amount) [UBS WARBURG LOGO] Section 3: Financial Overview 36 39 HISTORICAL RESULTS VS MCKINSEY PROJECTIONS - MANAGEMENT HAS DIFFICULTY FORECASTING AND IMPLEMENTING LONG RANGE STRATEGIC PLANS - Manufacturing and purchasing initiatives offset by inflation and other negative influences - Top-line growth difficult in retailing environment -- competitive pressures, import threats, low pricing flexibility and specification creep EBIT [BAR GRAPH]
($MM) 1998 1999 2000 2001 ---- ---- ---- ---- Initial Diagnostic 120 183 245 305 1999 View 106 134 180 224 Actual/Base 106 134 148 152 Downside 139
[UBS WARBURG LOGO] Section 3: Financial Overview 35 40 OVERVIEW OF MANAGEMENT'S PROJECTIONS MANAGEMENT "BASE" CASE - Net sales grow at a compound average growth rate of 5.0% through the projection period (2000 - 2005) - substantially above the Company's historical experience of 2.0% over the last ten years and 0.5% over the last five years - Management "Base" Case projections assume market share gains in the following core product segments:
% US MARKET 2000 - 2005 1995 - 2000 ----------- GAIN GAIN 2000 2005 (%) (%) ---- ---- --- --- Core Bed 15.9 16.1 + 0.2 + 2.0 Total Bath 17.2 21.6 + 4.4 + 0.4 Windows 12.8 13.7 + 0.9 - 0.3 ---- ---- --- ---
- EBITDA margins are projected to improve over historical results, increasing from 11.2% in 2000 to 13.3% by 2005P - Capital expenditures for 2001E and beyond are expected to remain in the range of $110 million - $125 million and reflect the Company's planned IT investments as well as normal maintenance and operating expenditures MANAGEMENT "DOWNSIDE" CASE - Revenues grow at an average annual rate of 2.1% through the projection period, consistent with historical experience - EBITDA margins are consistent with historical results, increasing from 11.2% in 2000 to 11.7% in 2005P - Capital expenditures, depreciation and amortization are the same as in the "Base" Case - No working capital improvements [UBS WARBURG LOGO] Section 3: Financial Overview 36 41 BUSINESS MIX MANAGEMENT "BASE" CASE
2000A REVENUES(1) 2005P REVENUES CAGR ----------------- -------------- ---- OPERATING BUSINESS SEGMENTS ($MM) % TOTAL ($MM) % TOTAL 1995 - 2000 (%) 2000 - 2005 (%) --------------------------- ----- ------- ----- ------- --------------- --------------- Core Bedding 742.2 32.6 903.7 31.1 na 4.0 Other Bedding 231.9 10.2 367.3 12.7 na 9.6 ------- ----- ------- ----- --- --- TOTAL BEDDING 974.1 42.8 1,271.0 43.8 3.1 5.5 ------- ----- ------- ----- --- --- Bath 482.5 21.2 670.3 23.1 0.7 6.8 ------- ----- ------- ----- --- --- TOTAL BEDDING AND BATH 1,456.6 64.0 1,941.3 66.9 2.3 5.9 ------- ----- ------- ----- --- --- Windows 371.9 16.3 458.3 15.8 na 4.3 Baby 71.4 3.1 87.6 3.0 na 4.2 Other 375.1 16.5 415.2 14.3 na 2.1 ======= ===== ======= ===== === === TOTAL 2,275.1 100.0 2,902.4 100.0 0.5 5.0 ======= ===== ======= ===== === ===
MANAGEMENT "DOWNSIDE" CASE
2000A REVENUES(1) 2005P REVENUES CAGR ----------------- -------------- ---- OPERATING BUSINESS SEGMENTS ($MM) % TOTAL ($MM) % TOTAL 1995 - 2000 (%) 2000 - 2005 (%) --------------------------- ----- ------- ----- ------- --------------- --------------- Core Bedding 742.2 32.6 789.5 31.4 na 1.2 Other Bedding 231.9 10.2 287.6 11.4 na 4.4 ------- ----- ------- ----- --- --- TOTAL BEDDING 974.1 42.8 1,077.1 42.9 3.1 2.0 ------- ----- ------- ----- --- --- Bath 482.5 21.2 589.4 23.5 0.7 4.1 ------- ----- ------- ----- --- --- TOTAL BEDDING AND BATH 1,456.6 64.0 1,666.5 66.3 2.3 2.7 ------- ----- ------- ----- --- --- Windows 371.9 16.3 420.8 16.7 na 2.5 Baby 71.4 3.1 80.3 3.2 na 2.4 Other 375.1 16.5 345.0 13.7 na (1.7) ======= ===== ======= ===== === === TOTAL 2,275.1 100.0 2,512.6 100.0 0.5 2.0 ======= ===== ======= ===== === ===
NOTE: (1) FY 2000 net sales based on internal unaudited financial reports (before audit-related GAAP adjustments) versus $2,275.1 million net sales reported in the draft FY 2000 Annual Report. Reconciliation pending. [UBS WARBURG LOGO] Section 3: Financial Overview 37 42 EBIT BRIDGE -- 2000A VS 2001E "BASE" CASE [BAR GRAPH] 2000 EBIT 147.6 AIP Restatement - 12.0 Growth + 9.5 Claims Reduction + 13.7 Mfg. Initiatives + 50.0 Purchasing Initiatives + 18.2 Inflation & Other - 69.9 Contingency Expense - 5.5 2001P Base Case -151.6
[UBS WARBURG LOGO] Section 3: Financial Overview 38 43 Management "Base" Case
($MM) FOR THE FISCAL YEARS ENDED FOR THE PROJECTED FISCAL YEARS ENDING ----- -------------------------- ------------------------------------- 1999 2000 2001 2002 2003 2004 2005 ---- ---- ---- ---- ---- ---- ---- Operating Data: Net Sales 2,220.4 2,275.1 2,322.7 2,477.2 2,637.7 2,766.2 2,902.4 % Growth 1.8 2.4 2.1 6.6 6.5 4.9 4.9 EBITDA -- Adjusted (1) 235.6 257.0 262.8 299.4 349.5 365.8 380.1 % Margin 10.6 11.3 11.3 12.1 13.2 13.2 13.1 EBIT -- Adjusted (1) 134.0 147.6 151.6 180.4 224.0 234.1 241.6 % Margin 6.0 6.5 6.5 7.3 8.5 8.5 8.3 Net Income -- Adjusted (1) 67.9 72.3 78.3 96.4 125.9 135.6 143.8 % Margin 3.1 3.2 3.4 3.9 4.8 4.9 5.0 Diluted EPS -- Adjusted (1) 3.73 3.98 4.31 5.31 6.93 7.47 7.92 % Growth 19.2 6.7 8.2 23.1 30.6 7.8 6.0 Diluted Shares Outstanding 18.17 18.16 18.16 18.16 18.16 18.16 18.16 Balance Sheet Data: Cash & Equivalents 4.2 2.9 -- -- -- 7.5 92.0 Net PP&E 625.6 617.9 626.1 640.1 640.2 645.3 629.1 Total Assets 1,575.0 1,584.1 1,587.6 1,624.1 1,647.1 1,682.7 1,772.3 Total Debt 340.2 333.2 299.4 262.8 184.4 108.6 77.0 Shareholders' Equity 774.9 819.8 875.0 948.3 1,051.1 1,163.6 1,284.3 Cash Flow Data: Depreciation & Amortization 101.3 109.4 111.2 119.0 125.5 131.7 138.5 Capital Expenditures 166.8 93.3 110.0 123.0 114.0 125.0 110.0 ----- ---- ----- ----- ----- ----- -----
NOTE: (1) Excludes non-recurring items for fiscal years 1999 and 2000 [UBS WARBURG LOGO] Section 3: Financial Overview 39 44 MANAGEMENT "DOWNSIDE" CASE
($MM) FOR THE FISCAL YEARS ENDED FOR THE PROJECTED FISCAL YEARS ENDING ----- -------------------------- ------------------------------------------------------------- 1999 2000 2001 2002 2003 2004 2005 ---- ---- ---- ---- ---- ---- ---- Operating Data: Net Sales 2,220.4 2,275.1 2,264.8 2,320.7 2,387.9 2,446.6 2,512.6 % Growth 1.8 2.4 (0.5) 2.5 2.9 2.5 2.7 EBITDA -- Adjusted (1) 235.6 257.0 249.7 264.4 281.2 287.8 295.1 % Margin 10.6 11.3 11.0 11.4 11.8 11.8 11.7 EBIT -- Adjusted (1) 134.0 147.6 138.5 145.4 155.7 156.1 156.6 % Margin 6.0 6.5 6.1 6.3 6.5 6.4 6.2 Net Income -- Adjusted (1) 67.9 72.3 70.2 75.1 83.6 86.2 89.2 % Margin 3.1 3.2 3.1 3.2 3.5 3.5 3.6 Diluted EPS -- Adjusted (1) 3.73 3.98 3.87 4.14 4.61 4.75 4.91 % Growth 19.2 6.7 (2.9) 7.0 11.3 3.0 3.4 Diluted Shares Outstanding 18.17 18.16 18.16 18.16 18.16 18.16 18.16 Balance Sheet Data: Cash & Equivalents 4.2 2.9 -- -- -- -- 13.0 Net PP&E 625.6 617.9 626.1 640.1 640.2 645.3 629.1 Total Assets 1,575.0 1,584.1 1,570.6 1,577.3 1,576.5 1,584.1 1,582.0 Total Debt 340.2 333.2 292.4 251.1 194.1 142.5 77.0 Shareholders' Equity 774.9 819.8 866.9 918.9 979.5 1,042.6 1,108.7 Cash Flow Data: Depreciation & Amortization 101.3 109.4 111.2 119.0 125.5 131.7 138.5 Capital Expenditures 166.8 93.3 110.0 123.0 114.0 125.0 110.0 ----- ---- ----- ----- ----- ----- -----
NOTE: (1) Excludes non-recurring items for fiscal years 1999 and 2000 [UBS WARBURG LOGO] Section 3: Financial Overview 40 45 MANAGEMENT "BASE" CASE VS "DOWNSIDE" CASE
($MM) 2000A(1) 2001E 2002P 2003P 2004P 2005P ----- -------- ----- ----- ----- ----- ----- "Base" Case Revenue 2,275.1 2,322.7 2,477.2 2,637.7 2,766.2 2,902.4 EBITDA 257.0 262.8 299.4 349.5 365.8 380.1 EBIT 147.6 151.6 180.4 224.0 234.1 241.6 Net Income 72.3 76.0 94.0 123.4 133.0 141.1 Diluted EPS 3.98 4.13 5.11 6.60 7.11 7.43 "Downside" Case Revenue 2,275.1 2,264.8 2,320.7 2,387.9 2,446.6 2,512.6 EBITDA 257.0 249.7 264.4 281.2 287.8 295.1 EBIT 147.6 138.5 145.4 155.7 156.1 156.6 Net Income 72.3 67.9 72.7 81.1 83.5 86.5 Diluted EPS 3.98 3.69 3.95 4.34 4.47 4.55 Difference ("Base" vs "Downside") Revenue -- 57.9 156.5 249.8 319.6 389.8 EBITDA -- 13.1 35.0 68.3 78.0 85.0 EBIT -- 13.1 35.0 68.3 78.0 85.0 Net Income -- 8.1 21.3 42.3 49.5 54.6 Diluted EPS -- 0.44 1.16 2.26 2.64 2.88 ------- -------- ------- ------- ------- -------
NOTE: (1) Excludes non-recurring items for fiscal year 2000 [UBS WARBURG LOGO] Section 3: Financial Overview 41 46 CONTRIBUTION ANALYSIS -- SALES "BASE" CASE CONTRIBUTION ANALYSIS -- SALES GROWTH (%)
PROJECTED -------------------------------------------------------- 2000A 2001 2002 2003 2004 2005 ----- ---- ---- ---- ---- ---- Core Bedding (BIAB, Top of Bed & Retail Sheets) (2.3) (0.8) 4.3 5.4 5.0 6.4 Other Bedding (Institutional Sheets, AFI, Freestanding Window, Custom Design) 24.3 12.3 12.2 10.7 7.4 5.7 ---- ---- ---- ---- --- --- TOTAL BEDDING 3.0 2.3 6.3 6.8 5.7 6.2 ---- ---- ---- ---- --- --- Bath (Retail Towels, Springs Rugs, Institutional Towels, Regal Rugs, Shower Curtain, Bath Acc.) 0.8 6.3 9.2 8.4 5.5 4.7 ---- ---- ---- ---- --- --- TOTAL BEDDING & BATH 2.3 3.6 7.3 7.4 5.6 5.7 ---- ---- ---- ---- --- --- Windows 4.0 4.3 4.0 5.0 4.0 4.0 Baby (5.4) 2.8 5.0 5.0 4.0 4.0 Other (Retail & Specialty, Springs Direct, Springs Canada, Int'l & Other) (0.3) (6.3) 7.1 4.5 2.8 2.7 ==== ==== ==== ==== === === TOTAL REVENUE 1.8 2.1 6.6 6.5 4.9 4.9 ==== ==== ==== ==== === ===
"DOWNSIDE" CASE CONTRIBUTION ANALYSIS -- SALES GROWTH (%)
PROJECTED ------------------------------------------------------- 2000A 2001 2002 2003 2004 2005 ----- ---- ---- ---- ---- ---- Core Bedding (BIAB, Top of Bed & Retail Sheets) (2.3) (1.6) 1.0 2.1 2.0 2.8 Other Bedding (Institutional Sheets, AFI, Freestanding Window, Custom Design) 24.3 4.3 5.4 5.0 3.7 3.6 ---- ----- ---- --- --- --- TOTAL BEDDING 3.0 (0.2) 2.1 2.8 2.5 3.0 ---- ----- ---- --- --- --- Bath (Retail Towels, Springs Rugs, Institutional Towels, Regal Rugs, Shower Curtain, Bath Acc.) 0.8 4.2 5.1 3.9 3.6 3.6 ---- ----- ---- --- --- --- TOTAL BEDDING & BATH 2.3 1.3 3.1 3.2 2.9 3.2 ---- ----- ---- --- --- --- Windows 4.0 4.3 2.7 2.5 1.5 1.5 Baby (5.4) 2.9 2.4 2.5 1.9 2.0 Other (Retail & Specialty, Springs Direct, Springs Canada, Int'l & Other) (0.3) (12.5) (0.7) 2.1 1.8 1.8 ==== ===== ==== === === === TOTAL REVENUE 1.8 (0.5) 2.5 2.9 2.5 2.7 ==== ===== ==== === === ===
[UBS WARBURG LOGO] Section 3: Financial Overview 42 47 Contribution Analysis -- EBITDA Margin "BASE" CASE CONTRIBUTION ANALYSIS -- EBITDA MARGIN (%)
ACTUAL PROJECTED ------------ ------------------------------------ 1999 2000 2001 2002 2003 2004 2005 ---- ---- ---- ---- ---- ---- ---- Core Bedding (BIAB, Top of Bed & Retail Sheets) 15.4 15.3 14.1 14.2 15.8 15.8 15.6 Other Bedding (Institutional Sheets, AFI, Freestanding Window, Custom Design) 12.8 11.8 10.0 11.6 13.7 13.8 13.8 ---- ---- ---- ---- ---- ---- ---- TOTAL BEDDING 14.9 14.5 13.0 13.5 15.2 15.2 15.1 ---- ---- ---- ---- ---- ---- ---- Bath (Retail Towels, Springs Rugs, Institutional Towels, Regal Rugs, Shower Curtain, Bath Acc.) 8.0 8.4 11.2 12.4 13.3 13.2 12.9 Windows 11.3 10.5 12.0 13.4 14.6 14.6 14.6 Baby 3.3 (0.6) 7.3 7.2 7.1 7.0 6.8 Other (Retail & Specialty, Springs Direct, Springs Canada, Int'l & Other) 3.5 9.1 8.3 8.7 8.7 8.5 8.3 ==== ==== ==== ==== ==== ==== ==== TOTAL EBITDA MARGIN (BEFORE CONTINGENCY EXPENSE) 10.5 11.2 11.5 12.3 13.5 13.4 13.3 ==== ==== ==== ==== ==== ==== ====
"DOWNSIDE" CASE CONTRIBUTION ANALYSIS -- EBITDA MARGIN (%)
ACTUAL PROJECTED ------------ ------------------------------------ 1999 2000 2001 2002 2003 2004 2005 ---- ---- ---- ---- ---- ---- ---- Core Bedding (BIAB, Top of Bed & Retail Sheets) 15.4 15.3 13.9 14.1 15.1 15.1 15.0 Other Bedding (Institutional Sheets, AFI, Freestanding Window, Custom Design) 12.8 11.8 10.0 10.4 11.4 12.1 12.6 ---- ---- ---- ---- ---- ---- ---- TOTAL BEDDING 14.9 14.5 12.9 13.2 14.1 14.3 14.4 ---- ---- ---- ---- ---- ---- ---- Bath (Retail Towels, Springs Rugs, Institutional Towels, Regal Rugs, Shower Curtain, Bath Acc.) 8.0 8.4 10.8 11.5 12.2 11.8 11.7 Windows 11.3 10.5 11.6 11.3 10.7 10.8 10.7 Baby 3.3 (0.6) 6.8 5.8 5.3 5.2 4.9 Other (Retail & Specialty, Springs Direct, Springs Canada, Int'l & Other) 3.5 9.1 6.0 7.2 6.6 6.6 6.4 ==== ==== ==== ==== ==== ==== ==== TOTAL EBITDA MARGIN (BEFORE CONTINGENCY EXPENSE) 10.5 11.2 11.0 11.4 11.8 11.8 11.7 ==== ==== ==== ==== ==== ==== ====
[UBS WARBURG LOGO] Section 3: Financial Overview 43 48 EBITDA Bridge Analysis-2000A vs. 2005P
"BASE" CASE ($MM) ----------- 2000 Adj 257 Revenue Growth + 70 Variable Contribution Margin Improvement + 40 Fixed Overhead Absorption + 18 Brand Related Expense + 5 Selling and Merchandising + 9 Segment G&A Absorption + 6 Corporate O/H Expense Absorption - 28 Contingency/Expense - 6 Other + 10 2005P -380
"DOWNSIDE" CASE ($MM) --------------- 2000 Adj 257 Revenue Growth + 27 Variable Contribution Margin Improvement - 5 Fixed Overhead Absorption + 21 Brand Related Expense + 5 Selling and Merchandising + 11 Segment G&A Absorption + 6 Corporate O/H Expense Absorption - 28 Contingency/Expense 0 Other + 2 2005P -295
[UBS WARBURG LOGO] Section 3: Financial Overview 44 49 PRELIMINARY VALUATION ANALYSES SECTION 4 [UBS WARBURG LOGO] 50 VALUATION FRAMEWORK - Springs' valuation involves an appropriate balancing of various valuation methodologies, market benchmarks, perspectives and structures VALUATION METHODOLOGIES Comparable Public Company Analysis - To determine the current public market value and trading multiples of companies similar to Springs, in order to impute a "public market" valuation range Premiums Paid Analysis - To determine the historical stock price premiums paid for public companies over the last few years, in order to compare such premiums to the premium being paid in the Merger Comparable Transaction Analysis - To determine the historical private market value and transaction multiples of companies similar to Springs, in order to impute a "private market" valuation range for Springs Discounted Cash Flow Analysis - To determine the present value of the projected after-tax, free cash flows of Springs utilizing a range of discount rates and terminal value methodologies Leveraged Recapitalization Analysis - To determine the range of feasible purchase prices given a financial buyer's return criteria and typical capital structure Present Value of Hypothetical - To determine the present value of Future Stock Prices Analysis hypothetical future stock prices implied by a range of P/E multiples and utilizing a range of discount rates [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 45 51 VALUATION ANALYSIS AT VARIOUS SHARE PRICES SPRINGS TRANSACTION VALUE AT PROPOSED OFFER PRICE(1) ($MM, EXCEPT PER SHARE) Proposed Transaction Price Per Share 44.00 Total Diluted Shares Outstanding 19.96 -------- 878.2 -------- Less: Option Proceeds (72.7) ======== TRANSACTION EQUITY MARKET VALUE 805.5 ======== Plus: Springs Debt (incl. make whole pmts.) 340.2 Plus: Unfunded Pension Liability 22.8 Plus: Unfunded Deferred Comp. Liability 40.5 Less: Cash and Equivalents (2.9) ======== TRANSACTION ENTERPRISE VALUE 1,206.2 ========
IMPLIED VALUATION MULTIPLES AT VARIOUS SHARE PRICES(2) PER SHARE VALUE ($) 40.00 42.00 44.00 46.00 48.00 50.00 52.00 ----- ----- ----- ----- ----- ----- ----- TEV/LTM Revenue (x) 0.50 0.51 0.53 0.55 0.57 0.58 0.60 TEV/LTM EBITDA (x) 4.4 4.5 4.7 4.9 5.0 5.2 5.3 TEV/LTM Free Cash Flow(3)(x) 6.9 7.1 7.4 7.6 7.9 8.1 8.4 TEV/LTM EBIT (x) 7.6 7.9 8.2 8.4 8.7 9.0 9.3 EMV/LTM Net Income (x) 10.1 10.6 11.1 11.7 12.2 12.8 13.4 ----- ----- ----- ----- ----- ----- -----
NOTES: (1) Based on fiscal year-end 2000 balance sheet (2) Implied multiple based on adjusted fiscal year 2000 results (3) Free cash flow is defined as EBITDA less capital expenditures [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 46 52 Comparable Company Analysis
MARGIN TO REVENUE 2000 CURRENT(1) EQUITY NET ENTERPRISE ---------------- PRICE VALUE DEBT VALUE EBITDA COMPANY TICKER ($) ($MM) ($MM) ($MM) (%) EBIT ------ ----- ----- ---- ----- ------ ---- Burlington Industries, Inc(5) BUR 2.55 137.0 592.4 729.4 6.0 0.9 Crown Crafts, Inc CRW 0.47 4.0 90.6 94.6 nm nm Dan River DRF 2.37 51.6 365.6 417.2 13.9 7.8 Galey & Lord GNL 4.20 50.4 525.0 575.4 10.9 6.5 Mohawk Industries MHK 29.59 1,564.0 300.2 1,864.2 12.3 9.7 Westpoint WXS 9.32 462.6 1,477.7 1,940.3 17.1 12.6 12.0 Mean 426.5 551.8 978.3 12.0 7.5 Median 51.6 365.6 575.4 12.3 7.8 Harmonic Mean 17.3 253.9 317.3 17.1 12.6 High 1,564.0 1,477.7 1,940.3 6.0 0.9 Low 4.0 90.6 94.6 10.6 3.2 Springs Ind.(2/16/01) SMI 36.10 651.7 400.7 1,052.4 Springs Ind. @ 44/sh SMI 44.00 796.7 400.7 1,197.4
ENTERPRISE VALUE TO: 2000(2) P/E 2000 ------------------------------ --------------- ---------------- SALES EBITDA EBIT FCF(3) 2000(2) 2001(4) EBITDA EBIT COMPANY (X) (X) (X) (X) (X) (X) (%) (%) ----- ------ ---- ------ ------- ------- ------ ---- Burlington Industries, Inc(5) 0.45 7.5 nm nm nm 21.8 6.0 0.9 Crown Crafts, Inc 0.33 nm nm nm nm nm nm nm Dan River 0.63 4.5 8.0 7.1 4.8 13.9 13.9 7.8 Galey & Lord 0.59 5.4 9.0 5.6 nm 5.1 10.9 6.5 Mohawk Industries 0.57 4.7 5.9 5.7 9.6 9.7 12.3 9.7 Westpoint 1.07 6.3 8.5 8.3 7.0 6.3 17.1 12.6 Mean 0.64 5.2 7.8 6.7 7.1 8.8 13.5 9.2 Median 0.59 5.0 8.2 6.4 7.0 8.0 13.1 8.8 Harmonic Mean 0.56 5.1 7.6 6.5 6.6 7.6 13.2 8.6 High 1.07 6.3 9.0 8.3 9.6 13.9 17.1 12.6 Low 0.33 4.5 5.9 5.6 4.8 5.1 10.9 6.5 Springs Ind.(2/16/01) 0.46 4.1 7.1 6.4 9.1 9.2 11.3 6.5 Springs Ind. @ 44/sh 0.53 4.7 8.1 7.3 11.1 11.2 11.3 6.5
NOTES: (1) Closing stock prices as of March 16, 2001 (2) Latest twelve months ending December 31, 2000 (3) Free cash flow (FCF) is defined as EBITDA less capital expenditures (4) Source: I/B/E/S (5) Burlington Industries is not included in the summary calculation [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 47 53 PREMIUMS PAID ANALYSES-TWO YEAR HISTORICAL - THE FOLLOWING ANALYSIS SHOWS THE PREMIUMS PAID IN CONTROL PRECEDENT TRANSACTIONS(1)
PREMIUM TO STOCK PRICE (%) ------------------------------------------ ONE DAY ONE WEEK ONE MONTH NUMBER OF DEALS PRIOR PRIOR PRIOR --------------- ----- ----- ----- Deals Completed in 2001 YTD Cash Deals 33 36.7 41.2 53.8 Other Deals 52 29.4 41.4 38.0 All Deals 85 29.7 41.2 47.0 Deals Completed in 2000 Cash Deals 287 23.6 32.7 38.1 Other Deals 381 27.8 34.5 42.4 All Deals 668 27.0 34.0 41.4 Deals Completed in 1999 Cash Deals 303 22.7 28.9 34.7 Other Deals 344 24.4 30.1 38.6 All Deals 647 24.2 29.8 37.2 Combined Averages Cash Deals 623 27.7 34.3 42.2 Other Deals 777 27.2 35.3 39.7 All Deals 1,400 27.0 35.0 41.9 Implied Premium of Proposed Offer @ $44.00/share(2)(%) 21.9 21.3 36.2 @ $46.00/share(2)(%) 27.4 26.8 42.4 @ $48.00/share(2)(%) 33.0 33.0 48.6 @ $50.00/share(2)(%) 38.5 38.5 54.8 @ $52.00/share(2)(%) 44.0 44.0 60.9
NOTES: (1) Based on US Transactions from 1/1/99 to 3/14/01; $200m - $2,000m deal size range (2) Premiums calculated based on Springs' closing stock prices one day, one week, and one month prior to announcement ($36.10, $36.28, and $32.31, respectively) [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 48 54 PREMIUMS PAID ANALYSES -- 10 YEAR HISTORICAL - UBS WARBURG ANALYZED PREMIUMS PAID IN CONTROL AND MINORITY CLOSE-OUT PRECEDENT TRANSACTIONS OVER A TEN YEAR PERIOD
AVERAGE FINAL STOCK PRICE PREMIUMS IN CONTROL TRANSACTIONS BY CONSIDERATION (1),(2) ------------------------------------- 1 DAY 1 WEEK 1 MONTH ----- ------ ------- Cash (383 Deds) 33.7% 37.4% 40.9% Stock (79 Deds) 25.8% 29.2% 30.6% Both (64 Deds) 29.1% 35.4% 41.3% All (526 Deds) 31.9% 35.9% 39.4% Springs @ $44/share 21.9% 21.3% 36.2%
AVERAGE FINAL STOCK PRICE PREMIUMS IN MINORITY CLOSE-OUT TRANSACTIONS BY CONSIDERATION (1) ------------------------------------- 1 DAY 1 WEEK 1 MONTH ----- ------ ------- Cash (101 Deds) 27.8% 29.1% 30.2% Stock (31 Deds) 17.7% 19.4% 22.7% Both (6 Deds) 29.6% 29.4% 26.9% All (138 Deds) 25.6% 26.9% 28.4% Springs @ $44/share 21.9% 21.3% 36.2%
NOTES: (1) Data collected from precedent transactions announced from January 1990 through February 2001 (2) Control transactions are transactions in which the acquiror owned greater than 50% after the transaction post-closing [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 49 55 COMPARABLE TRANSACTION ANALYSIS
ONE ONE ONE EQUITY 3 YEAR DAY WEEK MONTH ENTERPRISE MARKET LTM REVENUE EBITDA FCF EBIT DATE PREMIUM PREMIUM PREMIUM VALUE VALUE REVENUE GROWTH MARGIN MARGIN MARGIN ACQUIROR/TARGET ANNC. (%) (%) (%) ($MM) ($MM) ($MM) (%) (%) (%) (%) --------------- ---- ------- ------- ------- ----- ----- ------- ------ ------ ------ ------ Berkshire Hathaway/ 9/6/00 18.8 23.8 26.7 3,277.1 2,393.9 4,095.7 7.2 13.1 9.6 7.5 Shaw Industries Investor Group/ 10/6/99 77.9 75.4 58.2 106.4 66.1 117.6 27.6 15.1 12.5 11.5 Conso International GCW Southeast Partners/ 8/30/99 65.5 84.6 50.0 155.5 32.5 267.6 (6.1) 9.9 7.4 2.6 Johnston Industries Dan River/ 6/29/98 19.5 22.2 38.9 267.3 172.9 242.9 (20.1) 6.0 (7.5) 3.2 Bibb Company Pillowtex Corp/ 9/11/97 1.5 8.6 30.5 912.5 406.9 1,100.1 1.3 7.1 1.8 3.8 Fieldcrest Cannon, Inc Springs Industries/ 2/6/95 na na na 143.5 118.0 272.1 3.8 5.4 2.1 1.3 Dundee Mills, Inc Mean 36.6 42.9 40.8 810.4 531.7 1,016.0 2.3 9.4 4.3 5.0 Median 19.5 23.8 38.9 211.4 145.5 269.8 2.6 8.5 4.7 3.5 Harmonic Mean 6.2 21.9 37.5 214.7 95.2 283.2 nm 8.1 nm 3.1 Low 1.5 8.6 26.7 106.4 32.5 117.6 (20.1) 5.4 (7.5) 1.3 High 77.9 84.6 58.2 3,277.1 2,393.9 4,095.7 27.6 15.1 12.5 11.5 Heartland/Springs 2/20/01 21.9 21.3 28.5 1,206.2 805.5 2,275.1 2.5 11.3 7.2 6.5 Industries @ $44 per share Investor Group/ 4/24/00 27.5 30.4 28.5 2,113.8 649.2 1,883.3 6.7 18.7 10.8 14.2 WestPoint Stevens
TOTAL ENTERPRISE VALUE EQUITY MULTIPLES MARKET NET ------------------------------- VALUE/ INCOME LTM LTM LTM LTM NET MARGIN REVENUE EBITDA FCF EBIT INCOME ACQUIROR/TARGET (%) (X) (X) (X) (X) (X) --------------- ------ ------- ------ --- ---- ------ Berkshire Hathaway/ 4.4 0.80 6.1 8.3 10.7 13.3 Shaw Industries Investor Group/ 4.9 0.90 6.0 7.2 7.9 11.5 Conso International GCW Southeast Partners/ (1.1) 0.58 5.9 7.9 22.6 nm Johnston Industries Dan River/ (0.4) 1.10 18.4 nm 33.9 nm Bibb Company Pillowtex Corp/ 1.5 0.83 11.7 47.3 21.8 23.9 Fieldcrest Cannon, Inc Springs Industries/ (0.5) 0.53 9.8 25.4 40.7 nm Dundee Mills, Inc Mean 1.5 0.79 9.6 19.2 22.9 16.2 Median 0.6 0.81 8.0 8.3 22.2 13.3 Harmonic Mean nm 0.74 8.1 11.2 16.5 14.7 Low (1.1) 0.53 5.9 7.2 7.9 11.5 High 4.9 1.10 18.4 47.3 40.7 23.9 Heartland/Springs 3.2 0.53 4.7 7.4 8.2 11.1 Industries @ $44 per share Investor Group/ 5.5 1.12 6.0 10.4 7.9 6.2 WestPoint Stevens
NOTE: (1) WestPoint transaction was terminated on 5/19/00 [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 50 56 DISCOUNTED CASH FLOW ANALYSIS - KEY ASSUMPTIONS - Discounted cash flow analyses incorporate the Company's projected operating performance for the period 2001 -- 2005. Projections are based on the Company's "Base" Case and "Downside" Case - Projections do not include acquisitions or plant closings - Tax rate assumed at 38% - Discount rates (weighted average cost of capital) assumed at 8.75% to 12.75% - Exit EBITDA multiples are consistent with the comparable public company analysis and the results are summarized below:
IMPLIED VALUATION AT VARIOUS EXIT MULTIPLES ($ PER SHARE) RELEVANT RANGE IMPLIED SHARE VALUE DERIVED RANGE "BASE" CASE EBITDA 4.0x - 6.0x 49.80-89.58 EBIT 6.0x - 8.0x 52.54-69.46 FCF 6.0x - 8.0x 53.03-85.05 Perpetuity Growth 0.0% - 2.0% 41.40-95.11 $45.00-$85.00 "DOWNSIDE" CASE EBITDA 4.0x - 6.0x 36.48-67.47 EBIT 6.0x - 8.0x 32.16-43.17 FCF 6.0x - 8.0x 34.23-56.50 Perpetuity Growth 0.0% - 2.0% 30.00-71.85 $33.00 - $63.00
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 51 57 Typical Financial Sponsor Investment Criteria - A leveraged recapitalization is a transaction structure designed to avoid a step-up in the accounting basis of an acquired company (as reflected in the Company's books), thereby avoiding the incurrence of incremental goodwill amortization and asset depreciation - In a leveraged recapitalization transaction, a substantial shareholder group partners with a financial sponsor to repurchase the remaining public shares of the Company - Following the recapitalization, the Company is taken private by the newly formed shareholder group, i.e., shareholders "rolling over" their equity and the financial sponsor investing new equity - Financial buyers and their debt sources typically require the following parameters (depending upon market conditions and target industry): Internal Rate of Return: Greater than 25% Total Debt/EBITDA: No more than 3.0x - 4.5x in Year 1 EBITDA/Interest Expense: No less than 2.0x in year 1 Cumulative Senior Debt Paydown: No less than 50% by Year 5
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 52 58 Springs Leveraged Recapitalization Issues - Large capital expenditures can limit the use of leverage to recapitalize the Company - Reduced leverage would pressure returns to financial sponsor - Projected or required returns limit flexibility in shareholder buyout price - Acceptable rates of return may rely upon a recovery or expansion in industry valuation multiples and achievement of projected financial results - Industry growth rates, profitability and other issues may pressure exit valuation - Reduced equity capital and increased leverage may hinder the ability to effect future acquisitions or grow organically [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 53 59 LEVERAGED RECAPITALIZATION ANALYSIS KEY ASSUMPTIONS Leveraged recapitalization analyses were generated by using the "Base" Case projections and "Downside" Case projections. In addition to the assumptions inherent in the projections, the following additional assumptions were made: - A purchase price per share range from $42.00 to $50.00, implying an equity value range from $766.1 to $925.4 and a total enterprise value range from $1,166.8 to $1,326.1 - In order to satisfy coverage requirements and financing market constraints, the following debt structure and interest rates were assumed in the $44.00 per share analysis: ESTIMATED SOURCE
Amount ($mm) ($) -------------------------------------------------- Sr. Bank Term Revolver 167.5 Receivables Purchasing Facility 0.0 Sr. Bank Term Loan 200.0 Sr. Bank Term Loan 300.0 Assumed Debt 28.1 -------------------------------------------------- Total Debt 695.6 -------------------------------------------------- Heartland Equity 225.0 Shareholder Rollover 276.3 -------------------------------------------------- Total Equity 501.3 ================================================== TOTAL SOURCES 1,196.9 ==================================================
ESTIMATED USES
Amount ($mm) ($) ------------------------------------------------------------------------- Purchase of Springs Equity (including rollover equity) 805.5 Repay Indebtedness 308.9 Assumed Debt 28.1 Excess Cash (working capital) 14.3 Fees & Expenses 40.0 ========================================================================= TOTAL USES 1,196.9 =========================================================================
- Recapitalization accounting was assumed (no push-down of goodwill) - Assumed closing date of June 30, 2001 - Management options for 10% of the Company - Financing from the term revolver was used instead of the receivables purchasing facility - Investors are assumed to exit in 4.5 years (2005) at an EBITDA multiple of 5.0x [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 54 60 LEVERAGED RECAPITALIZATION ANALYSIS SUMMARY IRRs AT VARIOUS PURCHASE PRICES Assuming Approximately 42.0% Equity Investment (including rollover equity) and an EBITDA Exit Multiple of 5.0x
INTERNAL RATE OF RETURN PURCHASE PRICE ----------------------- PER SHARE BASE DOWNSIDE -------------- --------- ------------ $44.00 27.6% 15.7% $46.00 26.2% 14.2% $48.00 24.8% 12.7% $50.00 23.5% 11.2%
LEVERAGE AND COVERAGE STATISTICS -- "BASE" CASE
PURCHASE PRICE PER SHARE ------------------------------------------ $44.00 $46.00 $48.00 $50.00 ---------------------------------------------------------------------- 2000 Pro Forma: Total Debt/EBITDA 2.7x 2.8x 2.9x 3.0x EBITDA/Interest Expense 4.3x 4.1x 4.0x 3.9x % Debt Paydown by 2005 55.6% 53.1% 50.8% 48.5%
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 55 61 PRESENT VALUE OF HYPOTHETICAL FUTURE STOCK PRICES(1) "BASE" CASE [BAR CHART]
Base Case 2001P 2002P 2003P 2004P 2005P 8.0x 33.11 37.26 43.91 43.02 41.49 9.0x 37.17 41.71 49.07 47.97 46.15 10.0x 41.23 46.16 54.23 52.91 50.81
"DOWNSIDE" CASE [BAR CHART]
Downside 2001P 2002P 2003P 2004P 2005P 8.0x 29.79 29.42 30.08 28.61 27.32 9.0x 33.44 32.89 33.52 31.76 30.21 10.0x 37.09 36.36 36.95 34.9 33.1
NOTE: (1) Hypothetical future stock prices and dividend stream discounted at 12.5% (levered cost of equity) [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 56 62 PRESENT VALUE ANALYSIS OF HYPOTHETICAL FUTURE STOCK PRICE "BASE" CASE
2000-2005 ($ PER SHARE) 2001P 2002P 2003P 2004P 2005P CAGR ----------------------------------------------------------------------------------------------------------- Projected Springs EPS 4.31 5.31 6.93 7.47 7.92 14.8% HYPOTHETICAL FUTURE STOCK PRICE P/E Multiple: 8.0x 34.48 42.48 55.44 59.76 63.36 9.0x 38.79 47.79 62.37 67.23 71.28 10.0x 43.10 53.10 69.30 74.70 79.20 FUTURE DIVIDENDS PER SHARE(1) 1.27 1.27 1.27 1.27 1.27 PRESENT VALUE OF HYPOTHETICAL STOCK PRICE(2) P/E Multiple: 8.0x 33.11 37.26 43.91 43.02 41.49 9.0x 37.17 41.71 49.07 47.97 46.15 10.0x 41.23 46.16 54.23 52.91 50.81
NOTES: (1) Assumes constant per share dividend policy (2) Hypothetical future stock prices and dividend stream discounted at 12.5% (levered cost of equity) [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 57 63 PRESENT VALUE ANALYSIS OF HYPOTHETICAL FUTURE STOCK PRICE "DOWNSIDE" CASE
2000-2005 ($ PER SHARE) 2001P 2002P 2003P 2004P 2005P CAGR ----------------------------------------------------------------------------------------------------------- Projected Springs EPS 3.87 4.14 4.61 4.75 4.91 4.3% HYPOTHETICAL FUTURE STOCK PRICE P/E Multiple: 8.0x 30.96 33.12 36.88 38.00 39.28 9.0x 34.83 37.26 41.49 42.75 44.19 10.0x 38.70 41.40 46.10 47.50 49.10 Dividends Per SHARE(1) 1.27 1.27 1.27 1.27 1.27 PRESENT VALUE OF HYPOTHETICAL STOCK PRICE(2) P/E Multiple: 8.0x 29.79 29.42 30.08 28.61 27.32 9.0x 33.44 32.89 33.52 31.76 30.21 10.0x 37.09 36.36 36.95 34.90 33.10
NOTES: (1) Assumes constant per share dividend policy (2) Hypothetical future stock prices and dividend stream discounted at 12.5% (levered cost of equity) [UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 58 64 COMPARABLE COMPANY DESCRIPTIONS APPENDIX A [UBS WARBURG LOGO] 65 COMPARABLE COMPANY DESCRIPTIONS
COMPARABLE COMPANY DESCRIPTIONS -------------------------------------------------------------------------------- Burlington Industries, Burlington Industries is a diversified manufacturer Inc. of soft goods for apparel and interior furnishings. It is a developer, marketer and manufacturer of fabrics and other textile products used in a variety of apparel and interior furnishings end uses. Burlington is organized in three industry segments: Performance Wear, Casual Wear and Interior Furnishings. Crown Crafts, Inc. Crown Crafts, Inc. operates directly and indirectly through its subsidiaries, in two principal business segments within the textile industry: Adult Home Furnishing and Juvenile Products, and Infant Products. Adult Home Furnishing and Juvenile Products consists of Bedroom Products (adult comforters and accessories), Throws and Decorative Home Accessories (primarily jacquard-woven throws in cotton, acrylic, rayon or chenille), and similar products targeted to the juvenile segment. The Infant Products segment consists of four main business segments: infant bedding, bibs, infant soft goods and accessories. Sales are generally made directly to retailers, department and specialty stores, mass merchants, large chain stores and gift stores. These products are marketed under a variety of company-owned trademarks, as unbranded merchandise and with customers' private labels in three product groups: bedroom products, throws and decorative home accessories, and infant and juvenile products. Dan River, Inc. Dan River, Inc. is a designer, manufacturer and marketer of products for the home fashions and apparel fabrics markets. Dan River designs, manufactures and markets a line of value-added home fashion products consisting of bedroom furnishings such as comforters, sheets, pillowcases, shams, bed skirts, decorative pillows and draperies. The company also designs, manufactures and markets a range of high quality woven cotton and cotton-blend apparel fabrics. Dan River also manufactures and sells specialty engineered yarns and woven fabrics for use in making high-pressure hoses and other industrial products.
[UBS WARBURG LOGO] Appendix A: Comparable Company Descriptions 60 66 COMPARABLE COMPANY DESCRIPTIONS (CONTINUED)
COMPARABLE COMPANY DESCRIPTIONS -------------------------------------------------------------------------------- Galey & Lord, Inc. Galey & Lord, Inc. was incorporated in Delaware in 1987 for the purpose of acquiring substantially all of the assets of the Blends Apparel and Prints divisions of Burlington Industries, Inc. in February 1988. The company is a global manufacturer of textiles for sportswear, including cotton casuals, denim and corduroy, and is an international manufacturer of work wear fabrics. The company also is a manufacturer of dyed and printed fabrics for use in home fashions. WestPoint Stevens Inc. WestPoint Stevens Inc. is the successor corporation to West Point-Pepperell, Inc. through a series of mergers occurring in December 1993. The company is engaged in the manufacture, marketing and distribution of bed and bath home fashions products. The company manufactures and markets home fashions consumer products for distribution to chain and department stores, mass merchants and specialty stores. Home fashions products are manufactured and distributed under its owned trademarks and pursuant to various licensing agreements. WestPoint Stevens manufactures and markets a broad range of bed and bath products, including: decorative sheets, designer sheets, sheets, accessories and towels for the hospitality industry; blankets; private label sheets, accessories and towels.
[UBS WARBURG LOGO] Appendix A: Comparable Company Descriptions 61 67 COMPARABLE TRANSACTION DESCRIPTIONS APPENDIX B [UBS WARBURG LOGO] 68 COMPARABLE TRANSACTION DESCRIPTION
TARGET COMPANY DESCRIPTIONS -------------------------------------------------------------------------------- Shaw Industries, Inc. Shaw Industries, Inc. is a global carpet manufacturer. Shaw designs and manufactures approximately 1,600 styles of tufted and woven carpet for residential and commercial use under the PHILADELPHIA, TRUSTMARK, CABIN CRAFTS, SHAW COMMERCIAL CARPETS, STRATTON, NETWORX, SHAWMARK, EVANS BLACK, SALEM, SUTTON, KOSSET, CROSSLEY, ABINGDON, REDBOOK, MINSTER, INVICTA and TERZA trade names and under certain private labels. The company's manufacturing operations are fully integrated from the processing of yarns through the finishing of carpet. The company's carpet is sold in a range of prices, patterns, colors and textures with the majority of its sales in the medium to high retail price range. Shaw sells its products to retailers, distributors and commercial users throughout the United States, Canada, Mexico, Australia and the United Kingdom and, to a lesser degree, exports to additional overseas markets. Conso International Conso International Corporation is the world's Corporation largest manufacturer of decorative trimmings for the home furnishings industry and, through its subsidiary, Simplicity Pattern Co., Inc. ("Simplicity"), is a producer of patterns and other instructional material for home sewing of apparel, home decorating, and crafts. The company, including its British Trimmings ("BT") subsidiary, produces and sells a range of knitted and woven fringes, decorative cords, tasseled accessories, jacquard and other woven braids, and apparel trims, as well as sewing tapes and supplies. Conso also distributes window accoutrements and other home furnishings accessories. Through its salesforce, the Company's products are marketed to manufacturers, distributors and retailers. Manufacturing facilities are located in the United States, the United Kingdom, Mexico, and India. Johnston Industries The company is a designer, manufacturer and marketer of finished and unfinished (greige) cotton, synthetic and blended fabrics used in a broad range of industrial and consumer applications. The company's products are sold to a number of "niche" markets, including segments of the home furnishings, hospitality, industrial, automotive and specialty markets. In addition, the company reprocesses and markets waste textile fiber and off-quality fabrics for sale to a range of specialty markets. The company also manufactures fabrics used in engineered composite materials serving mainly the recreation and construction markets. The company conducts its operations through four business units: (i) the Greige Fabrics Division, (ii) the Finished Fabrics Division, (iii) the Fiber Products Division, and (iv) JICR.
[UBS WARBURG LOGO] Appendix B: Comparable Transaction Descriptions 63 69 COMPARABLE TRANSACTION DESCRIPTION (CONTINUED)
TARGET COMPANY DESCRIPTIONS -------------------------------------------------------------------------------- Bibb Company The Bibb Company, is a domestic manufacturer and marketer of textile products, principally sheets, pillowcases and other bedding accessories for use in the home, hotels, hospitals, and others serving the hospitality market. The company also manufactures specially treated and engineered textile products used primarily in producing high-pressure automobile hoses and conveyor belts. Fieldcrest Cannon, Inc. Fieldcrest operates a single segment business in the textile industry and is principally involved in the manufacture and sale of home furnishing products. Fieldcrest designs, manufactures and markets a broad range of household textile products consisting of towels, sheets, comforters, bath rugs and furniture coverings. These products are marketed primarily by the company's own sales and marketing staff and distributed nationally to customers for ultimate retail sale. Customers consist mainly of department stores, chain stores, mass merchants, specialty home furnishing stores, catalog warehouse clubs and other retail outlets, and institutional, government and contract accounts. Dundee Mills, Dundee Mills, Incorporated, is a manufacturer of Incorporated towels, infant and toddler bedding, knitted infant apparel, and baby and healthcare products. The business of Dundee is divided into three primary divisions: terry towel products, baby and healthcare products, and broadcloth fabric.
[UBS WARBURG LOGO] Appendix B: Comparable Transaction Descriptions 64 70 HEARTLAND TRANSACTION SUMMARIES APPENDIX C [UBS WARBURG LOGO] 71 HEARTLAND TRANSACTION SUMMARIES - LEVERAGED RECAPITALIZATION OF MASCOTECH, INC. Company Description: MascoTech, Inc. manufactures and supplies metal formed components used in a variety of applications. The company's products are used in drivetrain applications, as well as specialty fasteners, towing systems, specialty container products, and other industrial products. MascoTech was a publicly listed company on the New York Stock Exchange. Date Announced: August 2, 2000 Date Completed: November 29, 2000 Terms: Cash payment of $16.90/share based on 44.8m shares + additional amount based on proceeds on the disposition of Saturn Electronics & Engineering Inc. and net debt of $1.38 billion Value of Transaction: $2.1 billion Other Details: MascoTech, Simpson Industries, and GMTI combined to operate as one company called Metaldyne Corporation in January 2001
VALUATION ANALYSIS
ENTERPRISE VALUE (LTM) --------------------------------- REVENUE EBITDA EBIT ------------------------------------------------------ 1.19x 6.6x 9.1x
[UBS WARBURG LOGO] Appendix C: Heartland Transaction Summaries 66 72 HEARTLAND TRANSACTION SUMMARIES (CONTINUED) - ACQUISITION OF SIMPSON INDUSTRIES, INC. Company Description: Simpson Industries, Inc. supplies powertrain and chassis products to original equipment manufacturers in the worldwide automotive and medium and heavy duty diesel engine markets. Simpson's products are focused in three groups: noise, vibration & harshness; wheel-end and suspension; and modular engine assemblies. Simpson's manufacturing facilities are located in the United States, Canada, Mexico, Brazil, England, India, France, Spain and South Korea. Simpson Industries, Inc. was a publicly listed company on the NASDAQ. Date Announced: September 29, 2000 Date Completed: December 18, 2000 Terms: $13.00/share in cash based on 18.8mm shares + net debt of $121 million Value of Transaction: $354.1 million Other Details: MascoTech, Simpson Industries, and GMTI combined to operate as one company called Metaldyne Corporation in January 2001
VALUATION ANALYSIS
ENTERPRISE VALUE (LTM) --------------------------------- REVENUE EBITDA EBIT ------------------------------------------------------ 0.65x 5.3x 9.1x ----- ---- ----
[UBS WARBURG LOGO] Appendix C: Heartland Transaction Summaries 67 73 HEARTLAND TRANSACTION SUMMARIES (CONTINUED) - ACQUISITION OF GLOBAL METAL TECHNOLOGIES, INC. (GMTI) Company Description: GMTI is a major supplier of aluminum die cast components to the automotive industry with sales in excess of $230 million. The Company is a major supplier of transmission, engine and chassis components with four die casting operations, two tool shops and one machining operation. GMTI Inc. one of the largest automotive suppliers utilizing die cast components in North America. GMTI was acquired from the Pritzker Family & TMB Industries. Date Announced: Undisclosed Date Completed: January 1, 2001 Terms: Undisclosed Value of Transaction: Undisclosed Other Details: MascoTech, Simpson Industries, and GMTI combined to operate as one company called Metaldyne Corporation in January 2001
[UBS WARBURG LOGO] Appendix C: Heartland Transaction Summaries 68 74 HEARTLAND TRANSACTION SUMMARIES (CONTINUED) ACQUISITION OF COLLINS & AIKMAN CORPORATION Company Description: Collins & Aikman Corporation supplies automotive interior systems, including textile and plastic products, acoustics, and convertible top systems. The Company operates facilities world-wide, including automotive design, development, and testing centers, as well as manufacturing centers for automotive trim products. Collins & Aikman Corporation is a publicly traded company on the New York Stock Exchange. Date Announced: January, 12, 2001 Date Completed: Pending result of shareholder vote on March 6, 2001 Terms: Heartland purchased 25 million newly issued shares for $5/share, and 27 million shares from Blackstone Capital Partners L.P. and Wasserstein Perella Partners L.P. Value of Transaction: $260 million in cash Other Details: Heartland will own approximately 60% of the outstanding shares of Collins & Aikman
VALUATION ANALYSIS
ENTERPRISE VALUE (LTM) --------------------------------- REVENUE EBITDA EBIT ------------------------------------------------------ 0.59x 5.3x 8.1x
[UBS WARBURG LOGO] Appendix C: Heartland Transaction Summaries 69