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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 1765106 $1 50 SH Sole 50
Agilent com 00846U101 $606 "8,213" SH Sole "8,213"
Alliance Capital Mgmt. Ltd. Partnership com 18548107 $375 "7,900" SH Sole "7,900"
Allstate Corp com 20002101 $201 "9,042" SH Sole "9,042"
America Online Inc Del Com com 02364J104 $58 "1,100" SH Sole "1,100"
Amerisource Health com 03071P102 "$7,876 " "254,060" SH Sole "254,060"
American Pwr Conversion Com com 29066107 "$6,885 " "168,700" SH Sole "168,700"
Block H&R Inc. com 93671105 "$6,583 " "203,325" SH Sole "203,325"
Bridgehampton National Bank com N/A "$1,078 " "52,572" SH Sole "52,572"
Bristol Myers com 110122108 $63 "1,074" SH Sole "1,074"
CMS Energy Corp Com com 125896100 $111 "5,000" SH Sole "5,000"
CVS Corporation Delaware com 126650100 "$8,884 " "222,100" SH Sole "222,100"
Digital Recorders com 253869101 $16 "8,000" SH Sole "8,000"
Donaldson Lufkin & Jenrette Inc. com 257661108 $320 "7,545" SH Sole "7,545"
Donaldson Lufkin&Jen NW DLJDIRECT com 257661504 $2 250 SH Sole 250
Exxon Mobil Corp Com com 302290101 $83 "1,056" SH Sole "1,056"
Gannett Inc. com 364730101 "$6,657 " "111,300" SH Sole "111,300"
"Gap, Inc." com 364760108 "$3,813 " "122,021" SH Sole "122,021"
General Electric com 369604103 "$5,162 " "97,397" SH Sole "97,397"
Health Care Reit Inc. com 42217K106 $11 700 SH Sole 700
Hewlett Packard com 428236103 "$9,478 " "75,900" SH Sole "75,900"
Highwoods Properties com 431284108 $259 "10,800" SH Sole "10,800"
Illinois Tool Wks Inc. com 452308109 "$7,050 " "123,690" SH Sole "123,690"
Intel Corp. com 458140100 "$11,129 " "83,250" SH Sole "83,250"
Johnson & Johnson com 478160104 "$3,270 " "32,100" SH Sole "32,100"
KeyCorp com 493267108 $53 "2,996" SH Sole "2,996"
"Knight Ridder, Inc" com 499040103 "$9,595 " "180,400" SH Sole "180,400"
Merck & Co. com 589331107 $34 450 SH Sole 450
Meredith Corp Com com 589433101 "$4,096 " "121,350" SH Sole "121,350"
"Morgan Stanley, Dean Witter & Co." com 617446448 "$8,804 " "105,750" SH Sole "105,750"
Pfizer Inc. com 717081103 "$9,120 " "190,005" SH Sole "190,005"
Sabre Hldgs Corp com 785905100 $1 36 SH Sole 36
Schering-Plough com 806605101 "$6,116 " "121,100" SH Sole "121,100"
Sealed Air Corp. com 81211K100 "$3,937 " "75,174" SH Sole "75,174"
Sears Roebuck & Co. com 812387108 $65 "2,000" SH Sole "2,000"
Spdr Tr Unit Ser 1 com 78462F103 "$3,923 " "27,000" SH Sole "27,000"
Summit Bancorp com 866005101 $111 "4,500" SH Sole "4,500"
Tanger Factory Outlet Ctrs Inc. com 875465106 $512 "21,800" SH Sole "21,800"
Target Corp com 8.76E+110 "$6,792 " "117,100" SH Sole "117,100"
Tennant Co. com 880345103 $135 "3,600" SH Sole "3,600"
United Parcel Service CL B com 911312106 $30 500 SH Sole 500
Vodafone Airtouch PLC Sponsored ADR com 92857T107 "$5,544 " "133,780" SH Sole "133,780"
Wachovia Corp. com 929771103 "$5,211 " "96,050" SH Sole "96,050"
Wal-Mart Stores com 931142103 "$7,177 " "124,550" SH Sole "124,550"
Walgreen Co. com 931422109 "$6,832 " "212,260" SH Sole "212,260"
"Winston Hotels, Inc." com 97563A102 $60 "8,000" SH Sole "8,000"
Sealed Air Corp New pfd 81211K209 $30 600 SH Sole 600
TOTAL "$158,149 "
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