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FORM 13F INFORMATION TABLE
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Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
VALUE SHRS or SH/ PUT/ INVESTMENT OTHER Voting Authority
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE Shared None
AMR Corp com 001765106 $2 50 SH Sole 50
Alliance Capital Mgmt. Ltd. Partnership com 018548107 $344 "8,300" SH Sole "8,300"
Allstate Corp com 020002101 $215 "9,042" SH Sole "9,042"
America Online Inc Del Com com 02364J104 $74 "1,100" SH Sole "1,100"
Amerisource Health com 03071P102 "$4,094" "272,960" SH Sole "272,960"
American Pwr Conversion Com com 029066107 "$6,376" "148,700" SH Sole "148,700"
Block H&R Inc. com 093671105 "$8,369" "187,025" SH Sole "187,025"
Bridgehampton National Bank com N/A "$1,078" "52,572" SH Sole "52,572"
Bristol Myers com 110122108 $62 "1,074" SH Sole "1,074"
CMS Energy Corp Com com 125896100 $90 "5,000" SH Sole "5,000"
CVS Corporation Delaware com 126650100 "$8,220" "219,100" SH Sole "219,100"
Digital Recorders com 253869101 $19 "8,000" SH Sole "8,000"
Donaldson Lufkin & Jenrette Inc. com 257661108 $390 "7,545" SH Sole "7,545"
Donaldson Lufkin&Jen NW DLJDIRECT com 257661504 $3 250 SH Sole 250
Exxon Mobil Corp Com com 302290101 $82 "1,056" SH Sole "1,056"
Gannett Inc. com 364730101 "$7,875" "111,900" SH Sole "111,900"
"Gap, Inc." com 364760108 "$6,078" "122,021" SH Sole "122,021"
General Electric com 369604103 "$5,335" "34,279" SH Sole "34,279"
Health Care Reit Inc. com 42217K106 $10 700 SH Sole 700
Hewlett Packard com 428236103 "$10,112" "76,100" SH Sole "76,100"
Highwoods Properties com 431284108 $231 "10,800" SH Sole "10,800"
Illinois Tool Wks Inc. com 452308109 "$6,845" "123,890" SH Sole "123,890"
Intel Corp. com 458140100 "$10,984" "83,250" SH Sole "83,250"
Johnson & Johnson com 478160104 "$2,339" "33,300" SH Sole "33,300"
KeyCorp com 493267108 $57 "2,996" SH Sole "2,996"
"Knight Ridder, Inc" com 499040103 "$9,287" "181,200" SH Sole "181,200"
Merck & Co. com 589331107 $28 450 SH Sole 450
Meredith Corp Com com 589433101 "$3,584" "129,450" SH Sole "129,450"
"Morgan Stanley, Dean Witter & Co." com 617446448 "$8,805" "106,250" SH Sole "106,250"
Pfizer Inc. com 717081103 "$6,958" "190,305" SH Sole "190,305"
Sabre Hldgs Corp com 785905100 $1 36 SH Sole 36
Schering-Plough com 806605101 "$3,835" "103,300" SH Sole "103,300"
Sealed Air Corp. com 81211K100 "$4,083" "75,174" SH Sole "75,174"
Sears Roebuck & Co. com 812387108 $92 "3,000" SH Sole "3,000"
Spdr Tr Unit Ser 1 com 78462F103 "$4,211" "28,000" SH Sole "28,000"
Summit Bancorp com 866005101 $118 "4,500" SH Sole "4,500"
Tanger Factory Outlet Ctrs Inc. com 875465106 $649 "33,800" SH Sole "33,800"
Target Corp com 87612E106 "$8,641" "115,600" SH Sole "115,600"
Tennant Co. com 880345103 $112 "3,600" SH Sole "3,600"
United Parcel Service CL B com 911312106 $31 500 SH Sole 500
Vodafone Airtouch PLC Sponsored ADR com 92857T107 "$7,433" "133,780" SH Sole "133,780"
Wachovia Corp. com 929771103 "$5,128" "75,900" SH Sole "75,900"
Wal-Mart Stores com 931142103 "$7,038" "124,570" SH Sole "124,570"
Walgreen Co. com 931422109 "$5,466" "212,260" SH Sole "212,260"
"Winston Hotels, Inc." com 97563A102 $62 "8,000" SH Sole "8,000"
Sealed Air Corp New pfd 81211K209 $31 600 SH Sole 600
TOTAL "$154,877"
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