<PAGE>
================================================================================
Exhibit 99(c)(2)
Investment Banking Presentation
to the Independent Committee of the Board of Directors of Opal
Regarding
PROJECT OPAL
The Robinson-Humphrey Company
September 12, 2000
================================================================================
<PAGE>
PROJECT OPAL
Table of Contents
================================================================================
I. Analysis of Proposed Transaction
II. Summary Financial Information
III. Stock Price and Volume History
IV. Stock Ownership
V. Valuation Analysis
o Summary
o Selected Public Companies Analysis
o Selected Merger and Acquisition Transactions
o Discounted Cash Flow Analysis
o Net Operating Loss
o Analysis of Premiums Paid in Selected Minority Tender Offers
VI. MergerStat Review Premiums
APPENDIX
I. Stock Price and Volume History
o Daily from September 7, 1999 to Present
o Weekly from September 5, 1997 to Present
<PAGE>
I. Analysis of Proposed Transaction
<PAGE>
PROJECT OPAL
Analysis of Proposed Transaction
(in thousands, except share data and ratios)
================================================================================
---------------------------------------------------------
Assumptions
Tender offer price $6.00
Current diluted shares outstanding (1) 14,331,202
Implied market capitalization $85,987
Net Debt (2) 89,669
----------
Implied enterprise value $175,656
==========
---------------------------------------------------------
---------------------------------------------------------
Proposed Transaction
Shares to be tendered 5,796,131
Options to be tendered 2,569,358
----------
Total diluted shares to be tendered 8,365,489
==========
Size of tender $50,193
---------------------------------------------------------
--------------------------------------------------------------------------------
Price Premium (3)
----- ----------
Stock Information
Price as of September 7, 2000 $4.94 21.5 %
Price prior to SC13D filing by Minolta as of August 31, 2000 3.00 100.0
30-day average 3.27 83.6
60-day average 3.20 87.6
52-week high 4.94 21.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Results Multiple (3)
------- -----------
Opal Financial Information (2)
Revenues $ 288,825 0.6 x
EBITDA 6,639 26.5
EBIT (9,211) NM
Net income (loss) (21,458) NM
Book value 10,159 8.5
--------------------------------------------------------------------------------
----------
(1) Based on shares outstanding as of June 30, 2000 and using a stock price of
$6.00 for the treasury stock method.
(2) As of or for the latest twelve months ended June 30, 2000 (excluding
extraordinary items).
(3) Based on tender offer price of $6.00 per share.
<PAGE>
II. Summary Financial Information
<PAGE>
PROJECT OPAL
Historical and Projected Income Statements - Base Case (1)
(in thousands, except share and share data and ratios)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Transition
Fiscal Year Ended December 31, Quarter Quarter
----------------------------------------- Ended Ended
1996 1997 1998 1999 3/31/00 6/30/00
-------- -------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Revenues $141,297 $121,699 $144,251 $221,286 $78,991 $82,847
Cost of revenues 95,970 96,315 103,892 177,005 58,664 62,055
-------- -------- -------- -------- ------- -------
Gross profit 45,327 25,384 40,359 44,281 20,327 20,792
Operating expenses 40,659 50,820 38,272 67,038 18,712 20,586
-------- -------- -------- -------- ------- -------
Operating income (loss) 4,668 (25,436) 2,087 (22,757) 1,615 206
Other income (expense) (1,699) (349) (516) (4,871) (2,308) (1,624)
-------- -------- -------- -------- ------- -------
Income before income taxes (benefit) 2,969 (25,785) 1,571 (27,628) (693) (1,418)
Income taxes (benefit) (3) (727) (2) 35 (621) 246 (685)
-------- -------- -------- -------- ------- -------
Income (loss) before extraordinary loss 3,696 (25,783) 1,536 (27,007) (939) (733)
Extraordinary items, after tax 0 15,000 0 10,357 0 0
-------- -------- -------- -------- ------- -------
Net income (loss) $3,696 ($10,783) $1,536 ($16,650) ($939) ($733)
======== ======== ======== ======== ======= =======
Net income (loss) per share (4) $0.34 ($1.01) $0.14 ($1.37) ($0.07) ($0.06)
======== ======== ======== ======== ======= =======
Weighted average shares (4) 10,802 10,700 10,887 12,152 13,260 13,266
======== ======== ======== ======== ======= =======
EBITDA (5) $14,717 $2,975 $12,324 $1,065 $4,974 $4,617
======== ======== ======== ======== ======= =======
Revenue growth NM 18.5% 53.4% NM NM
Cost of revenues as % of revenues 67.9% 79.1% 72.0% 80.0% 74.3% 74.9%
Gross margin 32.1% 20.9% 28.0% 20.0% 25.7% 25.1%
Operating expenses as % of revenues 28.8% 41.8% 26.5% 30.3% 23.7% 24.8%
Operating margin 3.3% NM 1.4% NM 2.0% NM
Pretax margin 2.1% NM 1.1% NM NM NM
Income tax rate (3) NM NM 2.2% 2.2% NM NM
Net margin 2.6% NM 1.1% NM NM NM
EBITDA margin 10.4% NM 8.5% 0.5% 6.3% 5.6%
<CAPTION>
Fiscal Year Ending March 31,(2)
----------------------------------------------------
2000E 2001E 2002E 2003E 2004E
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Revenues $358,936 $427,686 $510,117 $607,039 $698,095
Cost of revenues 259,775 311,126 372,385 443,138 509,609
-------- -------- -------- -------- --------
Gross profit 99,161 116,560 137,732 163,901 188,486
Operating expenses 83,991 95,374 107,635 125,050 143,808
-------- -------- -------- -------- --------
Operating income (loss) 15,170 21,186 30,097 38,850 44,678
Other income (expense) (6,636) (5,900) (5,271) (4,125) (4,125)
-------- -------- -------- -------- --------
Income before income taxes (benefit) 8,534 15,286 24,826 34,725 40,553
Income taxes (benefit) (3) 777 1,257 1,793 5,213 13,788
-------- -------- -------- -------- --------
Income (loss) before extraordinary loss 7,757 14,029 23,033 29,513 26,765
Extraordinary items, after tax 0 0 0 0 0
-------- -------- -------- -------- --------
Net income (loss) $7,757 $14,029 $23,033 $29,513 $26,765
======== ======== ======== ======== ========
Net income (loss) per share (4) $0.54 $0.98 $1.61 $2.06 $1.87
======== ======== ======== ======== ========
Weighted average shares (4) 14,331 14,331 14,331 14,331 14,331
======== ======== ======== ======== ========
EBITDA (5) $29,016 $34,732 $43,643 $52,396 $58,224
======== ======== ======== ======== ========
Revenue growth 62.2% 19.2% 19.3% 19.0% 15.0%
Cost of revenues as % of revenues 72.4% 72.7% 73.0% 73.0% 73.0%
Gross margin 27.6% 27.3% 27.0% 27.0% 27.0%
Operating expenses as % of revenues 23.4% 22.3% 21.1% 20.6% 20.6%
Operating margin 4.2% 5.0% 5.9% 6.4% 6.4%
Pretax margin 2.4% 3.6% 4.9% 5.7% 5.8%
Income tax rate (3) 9.1% 8.2% 7.2% 15.0% 34.0%
Net margin 2.2% 3.3% 4.5% 4.9% 3.8%
EBITDA margin 8.1% 8.1% 8.6% 8.6% 8.3%
</TABLE>
----------
(1) Projections have been provided by the management of Opal. Fiscal years
1996, 1997, and 1998 reflect only the domestic operations of Opal.
(2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E
ends March 31, 2001).
(3) Income tax rates reflect utilization of net operating loss carry forwards.
(4) Based on 14,331,202 fully diluted shares outstanding for the period 2000E
to 2004E.
(5) Excludes extraordinary items.
<PAGE>
PROJECT OPAL
Historical and Projected Balance Sheets - Base Case (1)
(in thousands, except ratios)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Transition
As of December 31, Quarter Quarter
-------------------------------------------- Ended Ended
1996 1997 1998 1999 3/31/00 6/30/00
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Current assets:
Cash, equivalents and marketable securities $ 57 $ 697 $ 1,707 $ 3,505 $ 3,922 $ 3,970
Accounts receivable, net 25,804 20,542 22,893 39,926 52,254 64,184
Inventories 28,771 17,642 25,689 56,987 45,861 52,420
Other 3,150 2,726 2,944 9,387 8,645 11,199
-------- -------- -------- -------- -------- --------
Total current assets 57,782 41,607 53,233 109,805 110,682 131,773
-------- -------- -------- -------- -------- --------
Net property and equipment 19,444 4,765 4,735 6,468 7,927 7,983
Capitalized and deferred software 0 8,431 10,155 9,481 9,484 9,685
Goodwill, net 0 0 0 21,773 20,926 20,077
Prepaid rent and other non-current assets 13,824 6,389 2,171 3,679 4,486 4,519
-------- -------- -------- -------- -------- --------
Total assets $ 91,050 $ 61,192 $ 70,294 $151,206 $153,505 $174,037
======== ======== ======== ======== ======== ========
Current liabilities:
Accounts payable $ 10,442 $ 10,475 $ 14,363 $ 37,678 $ 30,692 $ 45,104
Revolving credit loans 0 0 0 26,840 33,745 40,678
Current portion of long-term debt 12,297 749 7,524 6,184 8,901 3,601
Income taxes payable 0 0 0 735 798 818
Accrued expenses 0 1,845 644 10,159 7,925 6,757
Other current liabilities 16,981 15,993 16,310 13,788 11,132 13,827
-------- -------- -------- -------- -------- --------
Total current liabilities 39,720 29,062 38,841 95,384 93,193 110,785
-------- -------- -------- -------- -------- --------
Deferred income taxes 0 0 0 680 680 680
Long-term debt 506 844 326 38,533 45,011 49,360
Other 3,236 6,555 4,688 3,479 3,258 3,053
-------- -------- -------- -------- -------- --------
Total liabilities 43,462 36,461 43,855 138,076 142,142 163,878
-------- -------- -------- -------- -------- --------
Stockholders' equity 47,588 24,731 26,439 13,130 11,363 10,159
-------- -------- -------- -------- -------- --------
Total liabilities and stockholders' equity $ 91,050 $ 61,192 $ 70,294 $151,206 $153,505 $174,037
======== ======== ======== ======== ======== ========
Key metrics:
Inventory turnover 3.3 x 5.5 x 4.4 x 3.3 x 3.7 x 4.2 x
Days outstanding - A/R 66.5 61.4 52.8 56.7 60.4 70.5
Days outstanding - A/P 39.6 39.6 44.6 66.2 47.6 66.1
Quick ratio 0.7 x 0.8 x 0.7 x 0.6 x 0.7 x 0.7 x
Fixed asset turns 7.3 x 25.5 x 30.5 x 34.2 x 10.0 x 10.4 x
Capital expenditures/revenues 7.4% 8.5% 8.3% 5.8% 5.8% 4.1%
<CAPTION>
As of Fiscal Year End (2),
--------------------------------------------------------
2000E 2001E 2002E 2003E 2004E
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Current assets:
Cash, equivalents and marketable securities $ 3,500 $ 3,500 $ 7,642 $ 15,889 $ 15,889
Accounts receivable, net 49,169 58,587 69,879 83,156 95,629
Inventories 37,111 44,447 53,198 63,305 72,801
Other 9,594 10,530 11,559 12,691 13,936
-------- -------- -------- -------- --------
Total current assets 99,374 117,063 142,278 175,041 198,255
-------- -------- -------- -------- --------
Net property and equipment 8,063 8,224 8,389 8,556 8,727
Capitalized and deferred software 9,976 10,075 10,176 10,278 10,381
Goodwill, net 17,530 14,134 10,738 7,342 3,946
Prepaid rent and other non-current assets 4,564 4,655 4,749 4,844 4,940
-------- -------- -------- -------- --------
Total assets $139,507 $154,152 $176,329 $206,061 $226,250
======== ======== ======== ======== ========
Current liabilities:
Accounts payable $ 35,586 $ 42,620 $ 51,012 $ 60,704 $ 60,671
Revolving credit loans 8,230 2,640 0 0 0
Current portion of long-term debt 1,747 7,486 13,035 15,715 9,369
Income taxes payable 1,595 2,075 2,611 6,031 15,383
Accrued expenses 6,825 6,893 6,962 7,031 7,102
Other current liabilities 13,965 14,105 14,246 14,388 14,532
-------- -------- -------- -------- --------
Total current liabilities 67,947 75,818 87,866 103,869 107,057
-------- -------- -------- -------- --------
Deferred income taxes 680 680 680 680 680
Long-term debt 48,676 41,390 28,456 12,640 2,844
Other 3,084 3,114 3,146 3,177 3,209
-------- -------- -------- -------- --------
Total liabilities 120,387 121,003 120,147 120,366 113,790
-------- -------- -------- -------- --------
Stockholders' equity 19,120 33,149 56,182 85,695 112,460
-------- -------- -------- -------- --------
Total liabilities and stockholders' equity $139,507 $154,152 $176,329 $206,061 $226,250
======== ======== ======== ======== ========
Key metrics:
Inventory turnover 7.0 x 7.0 x 7.0 x 7.0 x 7.0 x
Days outstanding - A/R 50.0 50.0 50.0 50.0 50.0
Days outstanding - A/P 50.0 50.0 50.0 50.0 50.0
Quick ratio 0 9 x 1.0 x 1.0 x 1.1 x 1.2 x
Fixed asset turns 44.5 x 52.0 x 60.8 x 70.9 x 80.0 x
Capital expenditures/revenues 3.3% 2.6% 2.2% 1.8% 1.6%
</TABLE>
----------
(1) Projections have been provided by the management of Opal. Fiscal years
1996, 1997 and 1998 reflect only the domestic operations of Opal.
(2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E
ends March 31, 2001).
<PAGE>
PROJECT OPAL
Historical and Projected Cash Flow Statements - Base Case (1)
(in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Transition
Fiscal Year Ended December 31, Quarter Quarter
-------------------------------------------- Ended Ended
1996 1997 1998 1999 3/31/00 6/30/00
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Operating activities:
Net income (loss) $ 3,696 $(25,783) $ 1,536 $(27,400) $ (939) $ (733)
Extraordinary loss 0 0 0 393 0 0
Depreciation of properly, plant, and equipment 5,226 3,639 2,292 2,835 798 985
Amortization and write-off of capitalized and
deferred software costs and other 4,823 9,772 7,945 10,924 2,319 2,153
Amortization and write-off of goodwill 0 0 0 1,956 847 849
Provision (recovery) for losses on accounts receivable 328 402 202 (384) 522 225
Provision (recovery) for losses on inventory 2,132 7,471 3,075 4,998 (2,752) 550
Deferred tax benefit 0 0 0 (621) 0 0
Non-cash restructuring charges 0 4,178 0 931 0 0
Other 147 31 (101) (393) 144 0
Changes in assets and liabilities that provided (used) cash (10,783) 7,620 (9,791) (12,099) (11,851) (6,711)
-------- -------- -------- -------- -------- --------
Net cash provided by (used in) operating activities 5,569 7,330 5,158 (18,860) (10,912) (2,742)
-------- -------- -------- -------- -------- --------
Investing activities:
Purchase of Europe and Australian subsidiaries 0 0 0 (20,500) 0 0
Collection of notes receivable 9,333 890 1,980 473 104 0
Additions to property, plant, and equipment (2,453) (2,275) (2,430) (2,546) (2,257) (1,041)
Additions to capitalized software costs and deferred
software costs (7,949) (8,056) (9,502) (10,250) (2,322) (2,354)
Proceeds from disposal of property, plant, and equipment 161 13,947 29 880 0 0
Proceeds from divestitures of business 1,923 (39) 0 0 0 0
-------- -------- -------- -------- -------- --------
Net cash provided by (used in) investing activities 1,015 4,467 (9,923) (31,943) (4,475) (3,395)
-------- -------- -------- -------- -------- --------
Financing activities:
Proceeds from revolving credit line 574 1,201 6,859 4,304 6,905 6,933
Proceeds from long-term debt 261 (12,386) (885) 35,531 10,000 0
Proceeds from stock related activities 0 0 0 13,634 0 0
Payments of debt and capital lease obligations,
including current maturities 0 0 0 (868) (1,036) (748)
Payment of bank loans (7,764) 0 0 0 0 0
Other (286) 44 (199) 0 (65) 0
-------- -------- -------- -------- -------- --------
Net cash provided by (used in) financing activities (7,215) (11,141) 5,775 52,601 15,804 6,185
-------- -------- -------- -------- -------- --------
Effect of exchange rate 134 (16) 0 0 0 0
Net change in cash and cash equivalents (497) 640 1,010 1,798 417 48
Cash and cash equivalents, beginning of year 554 57 691 1,707 3,505 3,922
-------- -------- -------- -------- -------- --------
Cash and cash equivalents, end of year $ 57 $ 697 $ 1,707 $ 3,505 $ 3,922 $ 3,970
======== ======== ======== ======== ======== ========
<CAPTION>
Fiscal Year Ending March 31, (2)
--------------------------------------------------------
2000E 2001E 2002E 2003E 2004E
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Operating activities:
Net income (loss) $ 7,757 $ 14,029 $ 23,033 $ 29,513 $ 26,765
Extraordinary loss 0 0 0 0 0
Depreciation of properly, plant, and equipment 2,950 2,950 2,950 2,950 2,950
Amortization and write-off of capitalized and
deferred software costs and other 8,250 7,950 7,950 7,950 7,950
Amortization and write-off of goodwill 3,396 3,396 3,396 3,396 3,396
Provision (recovery) for losses on accounts receivable 0 0 0 0 0
Provision (recovery) for losses on inventory 0 0 0 0 0
Deferred tax benefit 0 0 0 0 0
Non-cash restructuring charges 0 0 0 0 0
Other 0 0 0 0 0
Changes in assets and liabilities that provided (used) cash 18,009 (1,781) (11,996) (11,257) (16,756)
-------- -------- -------- -------- --------
Net cash provided by (used in) operating activities 40,362 26,544 25,333 32,552 24,305
-------- -------- -------- -------- --------
Investing activities:
Purchase of Europe and Australian subsidiaries 0 0 0 0 0
Collection of notes receivable 0 0 0 0 0
Additions to property, plant, and equipment (3,086) (3,111) (3,115) (3,117) (3,117)
Additions to capitalized software costs and deferred
software costs (8,742) (8,049) (8,051) (8,052) (8,052)
Proceeds from disposal of property, plant, and equipment 0 0 0 0 0
Proceeds from divestitures of business 0 0 0 0 0
-------- -------- -------- -------- --------
Net cash provided by (used in) investing activities (11,828) (11,160) (11,166) (11,169) (11,169)
-------- -------- -------- -------- --------
Financing activities:
Proceeds from revolving credit line (25,515) (5,590) (2,640) 0 0
Proceeds from long-term debt (3,489) (9,794) (7,385) (13,136) (13,136)
Proceeds from stock related activities 0 0 0 0 0
Payments of debt and capital lease obligations,
including current maturities 0 0 0 0 0
Payment of bank loans 0 0 0 0 0
Other 0 0 0 0 0
-------- -------- -------- -------- --------
Net cash provided by (used in) financing activities (29,004) (15,384) (10,025) (13,136) (13,136)
-------- -------- -------- -------- --------
Effect of exchange rate 0 0 0 0 0
Net change in cash and cash equivalents (470) 0 4,142 8,247 0
Cash and cash equivalents, beginning of year 3,970 3,500 3,500 7,642 15,889
-------- -------- -------- -------- --------
Cash and cash equivalents, end of year $ 3,500 $ 3,500 $ 7,642 $ 15,889 $ 15,889
======== ======== ======== ======== ========
</TABLE>
----------
(1) Projections have been provided by the management of Opal. Fiscal years
1996, 1997 and 1998 reflect only the domestic operations of Opal.
(2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E
ends March 31, 2001).
<PAGE>
PROJECT OPAL
Historical and Projected Income Statements - Downside Case (1)
(in thousands, except share and share data and ratios)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Transition
Fiscal Year Ended December 31, Quarter Quarter
--------------------------------------------------- Ended Ended
1996 1997 1998 1999 3/31/00 6/30/00
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Revenues $ 141,297 $ 121,699 $ 144,251 $ 221,286 $ 78,991 $ 82,847
Cost of revenues 95,970 96,315 103,892 177,005 58,664 62,055
--------- --------- --------- --------- --------- ---------
Gross profit 45,327 25,384 40,359 44,281 20,327 20,792
Operating expenses 40,659 50,820 38,272 67,038 18,712 20,586
--------- --------- --------- --------- --------- ---------
Operating income (loss) 4,668 (25,436) 2,087 (22,757) 1,615 206
Other income (expense) (1,699) (349) (516) (4,871) (2,308) (1,624)
--------- --------- --------- --------- --------- ---------
Income before income taxes (benefit) 2,969 (25,785) 1,571 (27,628) (693) (1,418)
Income taxes (benefit) (3) (727) (2) 35 (621) 246 (685)
--------- --------- --------- --------- --------- ---------
Income (loss) before extraordinary loss 3,696 (25,783) 1,536 (27,007) (939) (733)
Extraordinary items, after tax 0 15,000 0 10,357 0 0
--------- --------- --------- --------- --------- ---------
Net income (loss) $ 3,696 $ (10,783) $ 1,536 $ (16,650) $ (939) $ (733)
========= ========= ========= ========= ========= =========
Net income (loss) per share (4) $ 0.34 $ (1.01) $ 0.14 $ (1.37) $ (0.07) $ (0.06)
========= ========= ========= ========= ========= =========
Weighted average shares (4) 10,802 10,700 10,887 12,152 13,260 13,266
========= ========= ========= ========= ========= =========
EBITDA (5) $ 14,717 $ 2,975 $ 12,324 $ 1,065 $ 4,974 $ 4,617
========= ========= ========= ========= ========= =========
Revenue growth NM 18.5% 53.4% NM NM
Cost of revenues as % of revenues 67.9% 79.1% 72.0% 80.0% 74.3% 74.9%
Gross margin 32.1% 20.9% 28.0% 20.0% 25.7% 25.1%
Operating expenses as % of revenues 28.8% 41.8% 26.5% 30.3% 23.7% 24.8%
Operating margin 3.3% NM 1.4% NM 2.0% NM
Pretax margin 2.1% NM 1.1% NM NM NM
Income tax rate (3) NM NM 2.2% 2.2% NM NM
Net margin 2.6% NM 1.1% NM NM NM
EBITDA margin 10.4% NM 8.5% 0.5% 6.3% 5.6%
<CAPTION>
Fiscal Year Ending March 31, (2)
-----------------------------------------------------------------
2000E 2001E 2002E 2003E 2004E
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Revenues $ 331,929 $ 381,718 $ 438,976 $ 504,823 $ 580,546
Cost of revenues 247,287 284,380 327,037 376,093 432,507
--------- --------- --------- --------- ---------
Gross profit 84,642 97,338 111,939 128,730 148,039
Operating expenses 82,982 91,612 100,965 111,061 121,915
--------- --------- --------- --------- ---------
Operating income (loss) 1,660 5,726 10,974 17,669 26,125
Other income (expense) (6,636) (5,900) (5,271) (4,125) (4,125)
--------- --------- --------- --------- ---------
Income before income taxes (benefit) (4,976) (174) 5,703 13,544 22,000
Income taxes (benefit) (3) (453) (14) 411 2,032 7,480
--------- --------- --------- --------- ---------
Income (loss) before extraordinary loss (4,524) (160) 5,293 11,512 14,520
Extraordinary items, after tax 0 0 0 0 0
--------- --------- --------- --------- ---------
Net income (loss) $ (4,524) $ (160) $ 5,293 $ 11,512 $ 14,520
========= ========= ========= ========= =========
Net income (loss) per share (4) $ (0.32) $ (0.01) $ 0.37 $ 0.80 $ 1.01
========= ========= ========= ========= =========
Weighted average shares (4) 14,331 14,331 14,331 14,331 14,331
========= ========= ========= ========= =========
EBITDA (5) $ 16,256 $ 20,022 $ 25,270 $ 31,965 $ 40,421
========= ========= ========= ========= =========
Revenue growth 50.0% 15.0% 15.0% 15.0% 15.0%
Cost of revenues as % of revenues 74.5% 74.5% 74.5% 74.5% 74.5%
Gross margin 25.5% 25.5% 25.5% 25.5% 25.5%
Operating expenses as % of revenues 25.0% 24.0% 23.0% 22.0% 21.0%
Operating margin 0.5% 1.5% 2.5% 3.5% 4.5%
Pretax margin (1.5%) (0.0%) 1.3% 2.7% 3.8%
Income tax rate (3) 9.1% 8.2% 7.2% 15.0% 34.0%
Net margin (1.4%) (0.0%) 1.2% 2.3% 2.5%
EBITDA margin 4.9% 5.2% 5.8% 6.3% 7.0%
</TABLE>
----------
(1) Based on projections provided by the management of Opal. Fiscal years
1996, 1997 and 1998 reflect only the domestic operations of Opal.
(2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E
ends March 31, 2001).
(3) Income tax rates reflect utilization of net operating loss carry forwards.
(4) Based on 14,331,202 fully diluted shares outstanding for the period 2000E
to 2004E.
(5) Excludes extraordinary items.
<PAGE>
III. Stock Price and Volume History
<PAGE>
PROJECT OPAL
Price and Volume
Daily from September 7, 1999 to September 8, 2000
--------------------------------------------------------------------------------
Date Volume High Low Close
---- ------ ---- --- -----
05-Sep-2000 67800 4.9375 4.6250 4.9375
01-Sep-2000 465500 5.1250 3.0625 4.9375
31-Aug-2000 29900 3.0625 2.8750 3.0000
30-Aug-2000 4500 3.0000 2.9375 3.0000
29-Aug-2000 11300 3.0625 2.9375 3.0000
28-Aug-2000 13200 3.0625 2.8750 2.9375
25-Aug-2000 4100 3.0000 2.7500 3.0000
24-Aug-2000 2600 3.0000 2.9375 3.0000
23-Aug-2000 12300 3.0000 2.8125 3.0000
22-Aug-2000 25600 3.0000 2.9375 3.0000
21-Aug-2000 10200 3.0625 2.9375 3.0000
18-Aug-2000 12100 3.0000 2.8125 3.0000
17-Aug-2000 5100 3.0000 2.8750 3.0000
16-Aug-2000 2200 3.0000 2.8750 3.0000
15-Aug-2000 1400 3.0000 2.8750 3.0000
14-Aug-2000 9500 3.0000 2.8750 3.0000
11-Aug-2000 7600 3.0000 2.9375 3.0000
10-Aug-2000 2000 3.0000 3.0000 3.0000
09-Aug-2000 1200 3.0625 3.0000 3.0000
08-Aug-2000 700 3.0000 3.0000 3.0000
07-Aug-2000 8600 3.1875 3.0000 3.0000
04-Aug-2000 8900 3.0625 2.9375 3.0625
03-Aug-2000 17600 3.0000 2.9375 3.0000
02-Aug-2000 2900 3.0625 3.0000 3.0625
01-Aug-2000 21500 3.0625 3.0000 3.0000
31-Jul-2000 17200 3.1250 3.0000 3.0625
28-Jul-2000 2000 3.1250 3.1250 3.1250
27-Jul-2000 13800 3.2500 3.1250 3.1875
26-Jul-2000 9500 3.3125 3.1250 3.2500
25-Jul-2000 500 3.3750 3.3750 3.3750
24-Jul-2000 4700 3.3750 3.2500 3.2500
21-Jul-2000 12200 3.3125 3.0000 3.3125
20-Jul-2000 3300 3.2500 3.1875 3.1875
19-Jul-2000 31000 3.2500 3.1875 3.1875
18-Jul-2000 16100 3.0625 3.0000 3.0625
17-Jul-2000 6200 3.1250 3.0000 3.0000
14-Jul-2000 4900 3.1250 3.0000 3.1250
13-Jul-2000 18300 3.0625 2.8750 3.0000
12-Jul-2000 10600 3.1875 3.0000 3.0625
11-Jul-2000 19800 3.0625 3.0000 3.0625
10-Jul-2000 3600 3.0625 3.0000 3.0000
07-Jul-2000 4500 3.0625 3.0000 3.0000
06-Jul-2000 700 3.0625 3.0625 3.0625
05-Jul-2000 3100 3.1250 3.0625 3.1250
03-Jul-2000 500 3.1250 3.1250 3.1250
30-Jun-2000 1300 3.2500 3.1250 3.1250
29-Jun-2000 3300 3.2500 3.1250 3.1250
28-Jun-2000 16000 3.2500 3.1250 3.1250
27-Jun-2000 5100 3.0000 3.0000 3.0000
26-Jun-2000 4800 3.1250 3.1250 3.1250
23-Jun-2000 6000 3.1875 3.0625 3.1250
22-Jun-2000 9100 3.1875 3.0625 3.0625
21-Jun-2000 3600 3.1875 3.0625 3.1250
20-Jun-2000 2100 3.2500 3.1250 3.2500
19-Jun-2000 6800 3.3750 3.0625 3.0625
16-Jun-2000 11700 3.3750 3.1875 3.2500
15-Jun-2000 18600 3.2500 3.0625 3.1250
14-Jun-2000 2800 3.1875 3.0625 3.1875
13-Jun-2000 7900 3.3750 3.1250 3.1250
12-Jun-2000 12500 3.3750 3.1875 3.3750
09-Jun-2000 2600 3.1250 3.0625 3.0625
08-Jun-2000 8700 3.1250 3.1250 3.1250
07-Jun-2000 9300 3.1250 3.0625 3.1250
06-Jun-2000 10700 3.3750 3.0625 3.2500
05-Jun-2000 23100 3.2500 3.0000 3.1875
02-Jun-2000 7900 3.3750 3.0000 3.1250
01-Jun-2000 6600 3.2500 3.0000 3.1250
31-May-2000 2500 3.3750 3.2500 3.3125
30-May-2000 3300 3.3750 3.2500 3.2500
26-May-2000 5400 3.3125 3.1875 3.3125
25-May-2000 8700 3.2500 3.1250 3.2500
24-May-2000 4000 3.3750 3.1875 3.1875
23-May-2000 26700 3.4375 3.2500 3.4375
22-May-2000 12900 3.3750 3.2500 3.3750
19-May-2000 16000 3.6250 3.3750 3.3750
18-May-2000 10300 3.5000 3.4375 3.5000
17-May-2000 2000 3.5625 3.5000 3.5000
16-May-2000 7100 3.6250 3.5625 3.5625
15-May-2000 14700 3.7500 3.5000 3.6250
12-May-2000 16400 3.8750 3.6250 3.6250
11-May-2000 600 3.9375 3.8750 3.8750
10-May-2000 500 3.8125 3.7500 3.8125
09-May-2000 2700 3.9375 3.7500 3.8750
08-May-2000 3900 3.9375 3.7500 3.8750
05-May-2000 12800 3.9375 3.6875 3.8125
04-May-2000 19700 3.8750 3.5625 3.6875
03-May-2000 7400 3.7500 3.6250 3.7500
02-May-2000 19900 3.9375 3.8125 3.8125
01-May-2000 10000 4.0000 3.8125 3.8125
28-Apr-2000 27400 4.0625 3.8750 3.8750
27-Apr-2000 54600 4.0000 3.1250 3.9375
26-Apr-2000 19200 3.3750 3.1875 3.2500
25-Apr-2000 82200 3.5625 3.1250 3.3125
24-Apr-2000 10600 3.6875 3.5000 3.5000
20-Apr-2000 8300 3.7500 3.6250 3.7500
19-Apr-2000 3700 3.8125 3.7500 3.7500
18-Apr-2000 19000 3.9375 3.7500 3.8125
17-Apr-2000 31500 3.7500 3.6250 3.6875
14-Apr-2000 29000 3.8750 3.6250 3.6250
13-Apr-2000 23600 3.8125 3.7500 3.7500
12-Apr-2000 10900 3.9375 3.7500 3.8750
11-Apr-2000 9900 3.9375 3.7500 3.9375
10-Apr-2000 34300 4.0625 3.7500 3.8750
07-Apr-2000 37400 4.1875 3.7500 4.0000
06-Apr-2000 12000 3.8750 3.6250 3.6250
05-Apr-2000 6000 3.7500 3.6875 3.6875
04-Apr-2000 48300 3.9375 3.6875 3.6875
03-Apr-2000 16900 3.9375 3.7500 3.7500
31-Mar-2000 15100 3.8750 3.8125 3.8750
30-Mar-2000 12900 3.8125 3.5625 3.7500
29-Mar-2000 3700 3.6250 3.5625 3.6250
28-Mar-2000 18400 3.6875 3.6250 3.6875
27-Mar-2000 8800 3.8750 3.6250 3.6250
24-Mar-2000 16300 3.7500 3.5000 3.6875
23-Mar-2000 24800 3.7500 3.5625 3.7500
22-Mar-2000 17000 3.8125 3.5625 3.5625
21-Mar-2000 1500 3.8125 3.6875 3.8125
20-Mar-2000 8000 3.9375 3.7500 3.8125
17-Mar-2000 5900 3.7500 3.6250 3.7500
16-Mar-2000 7400 3.8125 3.5625 3.8125
15-Mar-2000 13500 3.6875 3.3750 3.6250
14-Mar-2000 23500 3.9375 3.5625 3.7500
13-Mar-2000 12600 3.8125 3.5625 3.8125
10-Mar-2000 24400 4.0000 3.6875 3.6875
09-Mar-2000 12800 3.8750 3.6250 3.7500
08-Mar-2000 9000 4.0000 3.8125 3.9375
07-Mar-2000 6000 3.9375 3.8750 3.9375
06-Mar-2000 8900 4.1250 4.0000 4.0000
03-Mar-2000 24700 4.2500 4.0000 4.1250
02-Mar-2000 27100 4.2500 3.8750 4.0000
01-Mar-2000 52200 4.1875 3.8125 4.0000
29-Feb-2000 9300 3.8125 3.6875 3.6875
28-Feb-2000 5300 3.8125 3.6875 3.6875
25-Feb-2000 26500 3.8125 3.6875 3.8125
24-Feb-2000 29800 4.0000 3.8125 3.8125
23-Feb-2000 13200 4.2500 4.0000 4.0625
22-Feb-2000 58800 4.5000 4.1250 4.2500
18-Feb-2000 60300 4.3750 4.0000 4.0000
17-Feb-2000 49700 4.3125 4.1250 4.3125
16-Feb-2000 48300 4.2500 3.9375 4.1875
15-Feb-2000 59700 3.9375 3.5000 3.7500
14-Feb-2000 23600 3.6250 3.3750 3.5000
11-Feb-2000 11100 3.4375 3.3750 3.3750
10-Feb-2000 2000 3.5000 3.3750 3.4375
09-Feb-2000 21400 3.5000 3.3750 3.3750
08-Feb-2000 8300 3.4375 3.3750 3.3750
07-Feb-2000 6500 3.5000 3.3125 3.4375
04-Feb-2000 11700 3.5000 3.3125 3.4375
03-Feb-2000 8300 3.5000 3.3750 3.4375
02-Feb-2000 8300 3.4375 3.3125 3.3750
01-Feb-2000 5300 3.5625 3.3750 3.3750
31-Jan-2000 14200 3.5000 3.3125 3.5000
28-Jan-2000 10200 3.5625 3.4375 3.4375
27-Jan-2000 5400 3.6250 3.5000 3.5000
26-Jan-2000 13100 3.6875 3.5000 3.5000
25-Jan-2000 28500 3.5625 3.3750 3.5000
24-Jan-2000 13400 3.5625 3.3750 3.4375
21-Jan-2000 19500 3.5625 3.3125 3.4375
20-Jan-2000 11300 3.6250 3.3750 3.4375
19-Jan-2000 55000 3.7500 3.4375 3.5625
18-Jan-2000 25900 3.8125 3.6250 3.6250
14-Jan-2000 17700 3.7500 3.6250 3.6875
13-Jan-2000 45400 4.0000 3.6875 3.7500
12-Jan-2000 18100 4.3125 4.0000 4.0000
11-Jan-2000 26500 4.3750 4.1250 4.1250
10-Jan-2000 54100 4.5000 4.3125 4.3125
07-Jan-2000 68200 4.6250 4.2500 4.3750
06-Jan-2000 366600 4.6875 4.1250 4.4375
05-Jan-2000 135000 4.2500 2.9375 4.0000
04-Jan-2000 10000 2.9375 2.7500 2.8750
03-Jan-2000 36100 3.0625 2.9375 3.0000
31-Dec-1999 39500 2.9375 2.6875 2.8750
30-Dec-1999 27600 2.8125 2.6875 2.8125
29-Dec-1999 18600 2.7500 2.6250 2.6875
28-Dec-1999 22900 2.9375 2.6875 2.7500
27-Dec-1999 13500 2.9375 2.7500 2.9375
23-Dec-1999 34400 3.0000 2.5000 3.0000
22-Dec-1999 15700 3.0000 2.7500 3.0000
21-Dec-1999 17300 3.0000 2.8125 3.0000
20-Dec-1999 9700 3.0000 2.8125 3.0000
17-Dec-1999 37800 3.0000 2.8125 3.0000
16-Dec-1999 19900 3.0000 2.8125 3.0000
15-Dec-1999 55500 3.0000 2.8750 3.0000
14-Dec-1999 15400 3.0000 2.9375 3.0000
13-Dec-1999 22600 3.0625 2.9375 3.0000
10-Dec-1999 29900 3.0625 2.9375 3.0000
09-Dec-1999 15000 3.0625 2.8750 3.0625
08-Dec-1999 82000 3.0625 2.8125 3.0000
07-Dec-1999 5700 3.1250 3.0000 3.0625
06-Dec-1999 30000 3.1250 2.9375 3.0000
03-Dec-1999 3700 3.1875 2.9375 3.0000
02-Dec-1999 6400 3.1875 3.0000 3.0625
01-Dec-1999 27300 3.0625 2.9375 3.0000
30-Nov-1999 5600 3.0625 3.0000 3.0000
29-Nov-1999 13100 3.1250 3.0000 3.0625
26-Nov-1999 6500 3.1875 3.0625 3.1875
24-Nov-1999 5000 3.2500 3.1875 3.1875
23-Nov-1999 22100 3.2500 3.0000 3.1875
22-Nov-1999 22900 3.2500 3.0625 3.0625
19-Nov-1999 28000 3.3125 3.1250 3.1250
18-Nov-1999 23400 3.3750 3.1875 3.1875
17-Nov-1999 8000 3.3750 3.1875 3.1875
16-Nov-1999 9000 3.3750 3.2500 3.2500
15-Nov-1999 22800 3.3750 3.1875 3.1875
12-Nov-1999 21300 3.3125 3.0000 3.2500
11-Nov-1999 28400 3.2500 3.0000 3.0000
10-Nov-1999 15900 3.3750 3.1250 3.1250
09-Nov-1999 3600 3.3750 3.1875 3.2500
08-Nov-1999 15700 3.3750 3.1875 3.2500
05-Nov-1999 3800 3.3125 3.1875 3.2500
04-Nov-1999 18600 3.3125 3.0625 3.1875
03-Nov-1999 9600 3.3125 3.1250 3.1250
02-Nov-1999 13200 3.2500 3.1250 3.1250
01-Nov-1999 4800 3.3125 3.1875 3.2500
29-Oct-1999 9600 3.4375 3.1875 3.2500
28-Oct-1999 1300 3.4375 3.3750 3.3750
27-Oct-1999 10200 3.4375 3.2500 3.3125
26-Oct-1999 12400 3.5000 3.3750 3.5000
25-Oct-1999 3200 3.4375 3.4375 3.4375
22-Oct-1999 2900 3.5625 3.4375 3.4375
21-Oct-1999 3900 3.5000 3.4375 3.4375
20-Oct-1999 6100 3.5000 3.4375 3.4375
19-Oct-1999 11400 3.6875 3.5000 3.6250
18-Oct-1999 2300 3.5625 3.4375 3.5625
15-Oct-1999 6000 3.6250 3.3750 3.4375
14-Oct-1999 17300 3.6250 3.3750 3.3750
13-Oct-1999 24400 3.5000 3.3750 3.5000
12-Oct-1999 11300 3.4375 3.3750 3.4375
11-Oct-1999 12600 3.3750 3.2500 3.3750
08-Oct-1999 6000 3.3750 3.3125 3.3125
07-Oct-1999 5200 3.3750 3.2500 3.2500
06-Oct-1999 8900 3.3750 3.2500 3.2500
05-Oct-1999 25600 3.5000 3.2500 3.2500
04-Oct-1999 3400 3.5000 3.4375 3.4375
01-Oct-1999 13200 3.5000 3.4375 3.5000
30-Sep-1999 65400 3.6250 3.3750 3.5000
29-Sep-1999 28400 3.7500 3.6250 3.6250
28-Sep-1999 2600 3.7500 3.7500 3.7500
27-Sep-1999 6300 3.8125 3.7500 3.7500
24-Sep-1999 1900 3.7500 3.6875 3.6875
23-Sep-1999 5200 3.8125 3.7500 3.7500
22-Sep-1999 1000 3.8750 3.8750 3.8750
21-Sep-1999 11100 3.8125 3.7500 3.7500
20-Sep-1999 2400 3.9375 3.8750 3.8750
17-Sep-1999 11400 3.9375 3.8125 3.9375
16-Sep-1999 4700 3.8125 3.8125 3.8125
15-Sep-1999 3700 3.8750 3.8125 3.8125
14-Sep-1999 4800 3.8750 3.8125 3.8750
13-Sep-1999 3400 3.8750 3.8750 3.8750
10-Sep-1999 31700 4.0000 3.8750 3.9375
09-Sep-1999 6200 4.0000 3.9375 4.0000
08-Sep-1999 10400 4.0000 3.9375 4.0000
07-Sep-1999 7700 4.1250 4.0000 4.0000
Low Price on 12/29/99--$2.69
High price on 9/07/00--$4.94
<PAGE>
PROJECT OPAL
Analysis of Trading Volume
Daily from September 7, 1999 - September 7, 2000
--------------------------------------------------------------------------------
Share Price Trading Volume Percentage
----------- -------------- ----------
$2.50 - $3.00 600,800 12.2
$3.00 - $3.50 1,366,000 27.8
$3.50 - $4.00 1,472,400 29.9
$4.00 - $4.50 1,349,900 27.4
$4.50 - $5.00 129,500 2.6
<PAGE>
PROJECT OPAL
Price and Volume
Weekly from September 5, 1997 to September 1, 2000
--------------------------------------------------------------------------------
Date Volume Price Close
---- ------ -----------
09/05/1997 255.70 2.50
09/12/1997 365.80 2.94
09/19/1997 187.50 2.94
09/26/1997 123.00 2.88
10/03/1997 138.80 2.81
10/10/1997 190.60 3.00
10/17/1997 154.90 3.00
10/24/1997 143.30 2.81
10/31/1997 223.50 2.94
11/07/1997 158.80 2.81
11/14/1997 171.80 2.94
11/21/1997 230.60 3.00
11/28/1997 135.40 3.19
12/05/1997 168.50 2.69
12/12/1997 212.10 2.44
12/19/1997 667.60 3.00
12/26/1997 167.20 2.75
01/02/1998 421.30 2.69
01/09/1998 113.60 2.81
01/16/1998 93.90 2.88
01/23/1998 136.30 3.13
01/30/1998 250.70 3.75
02/06/1998 173.10 3.38
02/13/1998 95.20 3.31
02/20/1998 111.20 3.06
02/27/1998 111.70 3.31
03/06/1998 305.50 3.75
03/13/1998 120.90 3.63
03/20/1998 467.60 4.94
03/27/1998 275.90 4.50
04/03/1998 184.50 4.44
04/09/1998 168.00 4.19
04/17/1998 128.20 4.50
04/24/1998 242.00 4.63
05/01/1998 179.40 4.56
05/08/1998 248.90 4.75
05/15/1998 95.90 4.38
05/22/1998 146.90 4.50
05/29/1998 158.70 4.44
06/05/1998 194.40 4.13
06/12/1998 147.20 4.19
06/19/1998 71.40 4.44
06/26/1998 139.60 4.06
07/02/1998 221.20 3.38
07/10/1998 89.70 3.44
07/17/1998 331.70 4.31
07/24/1998 92.10 3.81
07/31/1998 259.30 4.19
08/07/1998 125.60 4.19
08/14/1998 161.20 4.00
08/21/1998 134.80 4.06
08/28/1998 198.90 3.44
09/04/1998 172.70 3.19
09/11/1998 70.00 3.06
09/18/1998 95.20 3.00
09/25/1998 73.80 3.00
10/02/1998 192.40 3.75
10/09/1998 188.90 3.00
10/16/1998 53.90 3.13
10/23/1998 71.50 3.25
10/30/1998 155.00 3.63
11/06/1998 67.50 3.75
11/13/1998 91.80 3.69
11/20/1998 71.50 3.69
11/27/1998 134.00 4.00
12/04/1998 166.20 3.94
12/11/1998 121.50 3.50
12/18/1998 61.50 3.31
12/24/1998 63.30 3.25
12/31/1998 217.20 3.19
01/08/1999 97.40 3.25
01/15/1999 147.30 3.13
01/22/1999 131.30 3.25
01/29/1999 205.10 3.13
02/05/1999 111.60 3.13
02/12/1999 123.20 3.06
02/19/1999 132.50 3.13
02/26/1999 409.90 3.75
03/05/1999 236.30 4.00
03/12/1999 144.60 3.63
03/19/1999 129.70 3.50
03/26/1999 99.60 3.25
04/01/1999 301.00 3.06
04/09/1999 134.10 3.00
04/16/1999 114.70 3.00
04/23/1999 210.70 3.00
04/30/1999 192.70 3.31
05/07/1999 118.30 3.25
05/14/1999 940.20 4.06
05/21/1999 424.50 4.50
05/28/1999 200.60 4.44
06/04/1999 574.10 5.38
06/11/1999 896.00 5.38
06/18/1999 270.90 5.31
06/25/1999 292.80 5.56
07/02/1999 253.40 5.56
07/09/1999 162.30 5.38
07/16/1999 94.30 5.63
07/23/1999 169.70 5.13
07/30/1999 108.70 4.50
08/06/1999 139.30 4.00
08/13/1999 24.90 4.00
08/20/1999 30.70 4.00
08/27/1999 43.30 3.94
09/03/1999 119.00 4.06
09/10/1999 56.00 3.94
09/17/1999 28.00 3.94
09/24/1999 21.60 3.69
10/01/1999 115.90 3.50
10/08/1999 49.10 3.31
10/15/1999 71.60 3.44
10/22/1999 26.60 3.44
10/29/1999 36.70 3.25
11/05/1999 50.00 3.25
11/12/1999 84.90 3.25
11/19/1999 91.20 3.13
11/26/1999 56.50 3.19
12/03/1999 56.10 3.00
12/10/1999 162.60 3.00
12/17/1999 151.20 3.00
12/23/1999 77.10 3.00
12/31/1999 122.10 2.88
01/07/2000 615.90 4.38
01/14/2000 161.80 3.69
01/21/2000 111.70 3.44
01/28/2000 70.60 3.44
02/04/2000 47.80 3.44
02/11/2000 49.30 3.38
02/18/2000 241.60 4.00
02/25/2000 128.30 3.81
03/03/2000 118.60 4.13
03/10/2000 61.10 3.69
03/17/2000 62.90 3.75
03/24/2000 67.60 3.69
03/31/2000 58.90 3.88
04/07/2000 120.60 4.00
04/14/2000 107.70 3.63
04/20/2000 62.50 3.75
04/28/2000 194.00 3.88
05/05/2000 69.80 3.81
05/12/2000 24.10 3.63
05/19/2000 50.10 3.38
05/26/2000 57.70 3.31
06/02/2000 20.30 3.13
06/09/2000 54.40 3.06
06/16/2000 53.50 3.25
06/23/2000 27.60 3.13
06/30/2000 30.50 3.13
07/07/2000 8.80 3.00
07/14/2000 57.20 3.13
07/21/2000 68.80 3.31
07/28/2000 30.50 3.13
08/04/2000 68.10 3.06
08/11/2000 20.10 3.00
08/18/2000 30.30 3.00
08/25/2000 54.80 3.00
09/01/2000 524.40 4.94
Low Price on 12/15/97 - $2.38
High Price on 6/07/99 - $5.69
<PAGE>
PROJECT OPAL
Price and Volume
Weekly from September 5, 1997 to September 1, 2000
--------------------------------------------------------------------------------
Date Volume Price Close
---- ------ -----------
09/05/1997 255.70 2.50
09/12/1997 365.80 2.94
09/19/1997 187.50 2.94
09/26/1997 123.00 2.88
10/03/1997 138.80 2.81
10/10/1997 190.60 3.00
10/17/1997 154.90 3.00
10/24/1997 143.30 2.81
10/31/1997 223.50 2.94
11/07/1997 158.80 2.81
11/14/1997 171.80 2.94
11/21/1997 230.60 3.00
11/28/1997 135.40 3.19
12/05/1997 168.50 2.69
12/12/1997 212.10 2.44
12/19/1997 667.60 3.00
12/26/1997 167.20 2.75
01/02/1998 421.30 2.69
01/09/1998 113.60 2.81
01/16/1998 93.90 2.88
01/23/1998 136.30 3.13
01/30/1998 250.70 3.75
02/06/1998 173.10 3.38
02/13/1998 95.20 3.31
02/20/1998 111.20 3.06
02/27/1998 111.70 3.31
03/06/1998 305.50 3.75
03/13/1998 120.90 3.63
03/20/1998 467.60 4.94
03/27/1998 275.90 4.50
04/03/1998 184.50 4.44
04/09/1998 168.00 4.19
04/17/1998 128.20 4.50
04/24/1998 242.00 4.63
05/01/1998 179.40 4.56
05/08/1998 248.90 4.75
05/15/1998 95.90 4.38
05/22/1998 146.90 4.50
05/29/1998 158.70 4.44
06/05/1998 194.40 4.13
06/12/1998 147.20 4.19
06/19/1998 71.40 4.44
06/26/1998 139.60 4.06
07/02/1998 221.20 3.38
07/10/1998 89.70 3.44
07/17/1998 331.70 4.31
07/24/1998 92.10 3.81
07/31/1998 259.30 4.19
08/07/1998 125.60 4.19
08/14/1998 161.20 4.00
08/21/1998 134.80 4.06
08/28/1998 198.90 3.44
09/04/1998 172.70 3.19
09/11/1998 70.00 3.06
09/18/1998 95.20 3.00
09/25/1998 73.80 3.00
10/02/1998 192.40 3.75
10/09/1998 188.90 3.00
10/16/1998 53.90 3.13
10/23/1998 71.50 3.25
10/30/1998 155.00 3.63
11/06/1998 67.50 3.75
11/13/1998 91.80 3.69
11/20/1998 71.50 3.69
11/27/1998 134.00 4.00
12/04/1998 166.20 3.94
12/11/1998 121.50 3.50
12/18/1998 61.50 3.31
12/24/1998 63.30 3.25
12/31/1998 217.20 3.19
01/08/1999 97.40 3.25
01/15/1999 147.30 3.13
01/22/1999 131.30 3.25
01/29/1999 205.10 3.13
02/05/1999 111.60 3.13
02/12/1999 123.20 3.06
02/19/1999 132.50 3.13
02/26/1999 409.90 3.75
03/05/1999 236.30 4.00
03/12/1999 144.60 3.63
03/19/1999 129.70 3.50
03/26/1999 99.60 3.25
04/01/1999 301.00 3.06
04/09/1999 134.10 3.00
04/16/1999 114.70 3.00
04/23/1999 210.70 3.00
04/30/1999 192.70 3.31
05/07/1999 118.30 3.25
05/14/1999 940.20 4.06
05/21/1999 424.50 4.50
05/28/1999 200.60 4.44
06/04/1999 574.10 5.38
06/11/1999 896.00 5.38
06/18/1999 270.90 5.31
06/25/1999 292.80 5.56
07/02/1999 253.40 5.56
07/09/1999 162.30 5.38
07/16/1999 94.30 5.63
07/23/1999 169.70 5.13
07/30/1999 108.70 4.50
08/06/1999 139.30 4.00
08/13/1999 24.90 4.00
08/20/1999 30.70 4.00
08/27/1999 43.30 3.94
09/03/1999 119.00 4.06
09/10/1999 56.00 3.94
09/17/1999 28.00 3.94
09/24/1999 21.60 3.69
10/01/1999 115.90 3.50
10/08/1999 49.10 3.31
10/15/1999 71.60 3.44
10/22/1999 26.60 3.44
10/29/1999 36.70 3.25
11/05/1999 50.00 3.25
11/12/1999 84.90 3.25
11/19/1999 91.20 3.13
11/26/1999 56.50 3.19
12/03/1999 56.10 3.00
12/10/1999 162.60 3.00
12/17/1999 151.20 3.00
12/23/1999 77.10 3.00
12/31/1999 122.10 2.88
01/07/2000 615.90 4.38
01/14/2000 161.80 3.69
01/21/2000 111.70 3.44
01/28/2000 70.60 3.44
02/04/2000 47.80 3.44
02/11/2000 49.30 3.38
02/18/2000 241.60 4.00
02/25/2000 128.30 3.81
03/03/2000 118.60 4.13
03/10/2000 61.10 3.69
03/17/2000 62.90 3.75
03/24/2000 67.60 3.69
03/31/2000 58.90 3.88
04/07/2000 120.60 4.00
04/14/2000 107.70 3.63
04/20/2000 62.50 3.75
04/28/2000 194.00 3.88
05/05/2000 69.80 3.81
05/12/2000 24.10 3.63
05/19/2000 50.10 3.38
05/26/2000 57.70 3.31
06/02/2000 20.30 3.13
06/09/2000 54.40 3.06
06/16/2000 53.50 3.25
06/23/2000 27.60 3.13
06/30/2000 30.50 3.13
07/07/2000 8.80 3.00
07/14/2000 57.20 3.13
07/21/2000 68.80 3.31
07/28/2000 30.50 3.13
08/04/2000 68.10 3.06
08/11/2000 20.10 3.00
08/18/2000 30.30 3.00
08/25/2000 54.80 3.00
09/01/2000 524.40 4.94
Low Price on 12/15/97 - $2.38
High Price on 6/07/99 - $5.69
<PAGE>
PROJECT OPAL
Analysis of Trading Volume
Weekly from September 5, 1997 to September 1, 2000
--------------------------------------------------------------------------------
Date 9/5/97 - 9/1/00
Share Price Actual Volume Percentage
----------- ------------- ----------
$2.40 - $3.00 5,213,186 21.1
$3.00 - $3.60 6,368,940 25.9
$3.60 - $4.20 6,786,978 27.6
$4.20 - $4.80 3,319,717 13.5
$4.80 - $5.40 1,352,477 5.5
$5.40 - $6.00 1,573,792 6.4
<PAGE>
PROJECT OPAL
Indexed Price Comparison
Daily from September 7, 1999 - September 7, 2000
--------------------------------------------------------------------------------
Date Opal SP50 Peer Group(1)
---- ----- ---- -------------
9/7/1999 100.00 100.00 100.00
9/8/1999 100.00 99.53 100.24
9/9/1999 100.00 99.79 102.87
9/10/1999 98.44 100.09 101.62
9/13/1999 96.88 99.53 100.79
9/14/1999 96.88 98.95 100.28
9/15/1999 95.31 97.59 98.89
9/16/1999 95.31 97.63 94.17
9/17/1999 98.44 98.89 93.80
9/20/1999 96.88 98.90 95.86
9/21/1999 93.75 96.83 93.33
9/22/1999 96.88 97.04 92.76
9/23/1999 93.75 94.81 90.35
9/24/1999 92.19 94.59 91.47
9/27/1999 93.75 95.03 90.86
9/28/1999 93.75 94.95 90.99
9/29/1999 90.63 93.92 87.53
9/30/1999 87.50 94.98 89.00
10/1/1999 87.50 94.99 88.15
10/4/1999 85.94 96.60 86.96
10/5/1999 81.25 96.36 87.21
10/6/1999 81.25 98.15 90.80
10/7/1999 81.25 97.57 89.92
10/8/1999 82.81 98.93 85.33
10/11/1999 84.38 98.87 85.65
10/12/1999 85.94 97.23 82.56
10/13/1999 87.50 95.19 80.83
10/14/1999 84.38 95.04 80.02
10/15/1999 85.94 92.37 78.95
10/18/1999 89.06 92.87 72.59
10/19/1999 90.63 93.40 71.38
10/20/1999 85.94 95.48 73.41
10/21/1999 85.94 95.05 72.20
10/22/1999 85.94 96.39 72.41
10/25/1999 85.94 95.79 72.52
10/26/1999 87.50 94.92 72.85
10/27/1999 82.81 96.02 68.95
10/28/1999 84.38 99.41 71.02
10/29/1999 81.25 100.92 74.30
11/1/1999 81.25 100.27 74.30
11/2/1999 78.13 99.80 72.81
11/3/1999 78.13 100.33 73.22
11/4/1999 79.69 100.90 75.03
11/5/1999 81.25 101.46 75.51
11/8/1999 81.25 101.97 76.39
11/9/1999 81.25 101.10 75.18
11/10/1999 78.13 101.70 74.19
11/11/1999 75.00 102.30 73.66
11/12/1999 81.25 103.38 74.85
11/15/1999 79.69 103.25 74.18
11/16/1999 81.25 105.16 75.05
11/17/1999 79.69 104.46 75.46
11/18/1999 79.69 105.52 85.38
11/19/1999 78.13 105.30 85.69
11/22/1999 76.56 105.22 86.41
11/23/1999 79.69 104.01 86.20
11/24/1999 79.69 104.93 88.18
11/26/1999 79.69 104.90 87.72
11/29/1999 76.56 104.25 86.83
11/30/1999 75.00 102.85 84.96
12/1/1999 75.00 103.50 85.93
12/2/1999 76.56 104.34 88.37
12/3/1999 75.00 106.14 91.25
12/6/1999 75.00 105.40 89.82
12/7/1999 76.56 104.35 91.38
12/8/1999 75.00 103.96 92.33
12/9/1999 76.56 104.27 92.58
12/10/1999 75.00 104.93 91.54
12/13/1999 75.00 104.80 90.43
12/14/1999 75.00 103.90 89.41
12/15/1999 75.00 104.66 88.01
12/16/1999 75.00 105.06 91.67
12/17/1999 75.00 105.23 92.34
12/20/1999 75.00 105.01 91.56
12/21/1999 75.00 106.14 93.23
12/22/1999 75.00 106.34 93.77
12/23/1999 75.00 107.99 96.76
12/27/1999 73.44 107.90 94.00
12/28/1999 68.75 107.94 96.95
12/29/1999 67.19 108.37 97.66
12/30/1999 70.31 108.44 99.20
12/31/1999 71.88 108.80 98.46
1/3/2000 75.00 107.76 100.42
1/4/2000 71.88 103.63 95.84
1/5/2000 100.00 103.83 94.67
1/6/2000 110.94 103.92 89.87
1/7/2000 109.38 106.74 92.22
1/10/2000 107.81 107.93 96.08
1/11/2000 103.13 106.52 94.08
1/12/2000 100.00 106.06 95.56
1/13/2000 93.75 107.35 97.09
1/14/2000 92.19 108.49 96.81
1/18/2000 90.63 107.75 96.08
1/19/2000 89.06 107.81 96.23
1/20/2000 85.94 107.04 96.04
1/21/2000 85.94 106.73 94.20
1/24/2000 85.94 103.78 95.88
1/25/2000 87.50 104.41 95.63
1/26/2000 87.50 103.97 94.46
1/27/2000 87.50 103.56 94.54
1/28/2000 85.94 100.72 95.24
1/31/2000 87.50 103.26 94.80
2/1/2000 84.38 104.36 93.72
2/2/2000 84.38 104.34 97.38
2/3/2000 85.94 105.52 100.80
2/4/2000 85.94 105.47 104.03
2/7/2000 85.94 105.46 107.38
2/8/2000 84.38 106.76 105.04
2/9/2000 84.38 104.54 104.80
2/10/2000 85.94 104.92 105.51
2/11/2000 84.38 102.72 102.16
2/14/2000 87.50 102.92 104.06
2/15/2000 93.75 103.82 104.37
2/16/2000 104.69 102.76 104.84
2/17/2000 107.81 102.80 106.68
2/18/2000 100.00 99.68 105.30
2/22/2000 106.25 100.13 104.88
2/23/2000 101.56 100.76 106.28
2/24/2000 95.31 100.22 105.94
2/25/2000 95.31 98.73 103.03
2/28/2000 92.19 99.82 107.29
2/29/2000 92.19 101.18 110.18
3/1/2000 100.00 102.13 109.79
3/2/2000 100.00 102.32 109.83
3/3/2000 103.13 104.35 111.75
3/6/2000 100.00 103.02 113.87
3/7/2000 98.44 100.38 112.62
3/8/2000 98.44 101.20 112.98
3/9/2000 93.75 103.79 118.45
3/10/2000 92.19 103.30 117.74
3/13/2000 95.31 102.46 116.48
3/14/2000 93.75 100.64 112.62
3/15/2000 90.63 103.09 109.04
3/16/2000 95.31 108.00 110.84
3/17/2000 93.75 108.44 113.89
3/20/2000 95.31 107.86 117.05
3/21/2000 95.31 110.62 116.01
3/22/2000 89.06 111.12 117.30
3/23/2000 93.75 113.10 117.56
3/24/2000 92.19 113.11 115.24
3/27/2000 90.63 112.84 118.77
3/28/2000 92.19 111.65 115.83
3/29/2000 90.63 111.71 112.96
3/30/2000 93.75 110.18 110.09
3/31/2000 96.88 110.97 111.57
4/3/2000 93.75 111.52 109.74
4/4/2000 92.19 110.68 112.77
4/5/2000 92.19 110.14 115.49
4/6/2000 90.63 111.17 118.17
4/7/2000 100.00 112.28 121.46
4/10/2000 96.88 111.40 117.09
4/11/2000 98.44 111.12 115.67
4/12/2000 96.88 108.64 111.06
4/13/2000 93.75 106.67 108.53
4/14/2000 90.63 100.45 102.86
4/17/2000 92.19 103.78 107.92
4/18/2000 95.31 106.75 111.72
4/19/2000 93.75 105.70 111.73
4/20/2000 93.75 106.23 114.94
4/24/2000 87.50 105.88 112.04
4/25/2000 82.81 109.40 116.95
4/26/2000 81.25 108.19 117.24
4/27/2000 98.44 108.48 116.50
4/28/2000 96.88 107.55 114.80
5/1/2000 95.31 108.72 117.76
5/2/2000 95.31 107.10 117.61
5/3/2000 93.75 104.79 114.28
5/4/2000 92.19 104.38 114.18
5/5/2000 95.31 106.09 116.83
5/8/2000 96.88 105.46 115.13
5/9/2000 96.88 104.57 111.58
5/10/2000 95.31 102.41 107.85
5/11/2000 96.88 104.25 108.13
5/12/2000 90.63 105.22 111.76
5/15/2000 90.63 107.55 108.65
5/16/2000 89.06 108.56 113.74
5/17/2000 87.50 107.21 108.89
5/18/2000 87.50 106.42 108.94
5/19/2000 84.38 104.18 106.07
5/22/2000 84.38 103.72 103.17
5/23/2000 85.94 101.73 100.03
5/24/2000 79.69 103.60 99.72
5/25/2000 81.25 102.30 99.69
5/26/2000 82.81 102.04 100.72
5/30/2000 81.25 105.33 106.02
5/31/2000 82.81 105.19 104.08
6/1/2000 78.13 107.28 110.86
6/2/2000 78.13 109.39 115.52
6/5/2000 79.69 108.68 120.21
6/6/2000 81.25 107.95 117.77
6/7/2000 78.13 108.95 119.67
6/8/2000 78.13 108.24 120.47
6/9/2000 76.56 107.89 121.65
6/12/2000 84.38 107.08 120.10
6/13/2000 78.13 108.81 117.36
6/14/2000 79.69 108.89 112.94
6/15/2000 78.13 109.50 113.37
6/16/2000 81.25 108.44 109.94
6/19/2000 76.56 110.04 113.81
6/20/2000 81.25 109.29 113.11
6/21/2000 78.13 109.53 115.63
6/22/2000 76.56 107.53 114.89
6/23/2000 78.13 106.74 113.60
6/26/2000 78.13 107.76 115.69
6/27/2000 75.00 107.41 113.66
6/28/2000 78.13 107.73 118.49
6/29/2000 78.13 106.81 116.64
6/30/2000 78.13 107.71 119.85
7/3/2000 78.13 108.82 119.96
7/5/2000 78.13 107.09 115.91
7/6/2000 76.56 107.87 115.15
7/7/2000 75.00 109.51 119.56
7/10/2000 75.00 109.27 118.81
7/11/2000 76.56 109.66 119.89
7/12/2000 76.56 110.55 120.32
7/13/2000 75.00 110.77 124.03
7/14/2000 78.13 111.81 123.42
7/17/2000 75.00 111.85 123.39
7/18/2000 76.56 110.61 120.34
7/19/2000 79.69 109.74 120.33
7/20/2000 79.69 110.75 121.89
7/21/2000 82.81 109.61 114.62
7/24/2000 81.25 108.43 111.33
7/25/2000 84.38 109.18 108.14
7/26/2000 81.25 107.55 103.79
7/27/2000 79.69 107.34 100.80
7/28/2000 78.13 105.14 100.51
7/31/2000 76.56 105.95 102.91
8/1/2000 75.00 106.49 102.05
8/2/2000 76.56 106.53 104.71
8/3/2000 75.00 107.56 104.10
8/4/2000 76.56 108.33 103.64
8/7/2000 75.00 109.54 105.57
8/8/2000 75.00 109.80 106.33
8/9/2000 75.00 109.07 105.99
8/10/2000 75.00 108.13 105.09
8/11/2000 75.00 108.99 103.69
8/14/2000 75.00 110.45 106.28
8/15/2000 75.00 109.92 103.82
8/16/2000 75.00 109.58 105.20
8/17/2000 75.00 110.78 103.00
8/18/2000 75.00 110.46 105.14
8/21/2000 75.00 111.04 104.89
8/22/2000 75.00 110.94 105.82
8/23/2000 75.00 111.52 107.69
8/24/2000 75.00 111.69 109.84
8/25/2000 75.00 111.55 109.98
8/28/2000 73.44 112.12 112.87
8/29/2000 75.00 111.80 112.60
8/30/2000 75.00 111.27 111.38
8/31/2000 75.00 112.38 111.65
9/1/2000 123.44 112.61 115.12
9/5/2000 123.44 111.60 112.06
9/6/2000 120.31 110.50 110.53
9/7/2000 123.44 111.26 112.72
---------------------------------------------------
Peer Group includes ENCD, PTNX, TACT, EFII, CANNY, HWP, RICOY, LXK, LR, IKN,
DANKY, GISX, and XRX.
<PAGE>
PROJECT OPAL
Indexed Price Comparison
Weekly from September 5, 1997 to September 1, 2000
--------------------------------------------------------------------------------
Indexed Prices (%)
[GRAPHIC OMITTED]
[The following table was depicted as a mountain chart in the printed material.]
Date Opal SP50 Peer Group(1)
---- ----- ---- -------------
9/5/1997 100.00 100.00 100.00
9/12/1997 117.50 99.45 99.18
9/19/1997 117.50 102.31 102.17
9/26/1997 115.00 101.74 104.67
10/3/1997 112.50 103.87 105.16
10/10/1997 120.00 104.08 103.45
10/17/1997 120.00 101.63 99.69
10/24/1997 112.50 101.36 98.70
10/31/1997 117.50 98.45 93.32
11/7/1997 112.50 99.83 91.13
11/14/1997 117.50 99.92 90.02
11/21/1997 120.00 103.66 94.00
11/28/1997 127.50 102.84 92.27
12/5/1997 107.50 105.89 97.65
12/12/1997 97.50 102.62 88.43
12/19/1997 120.00 101.91 86.49
12/26/1997 110.00 100.80 85.61
1/2/1998 107.50 104.95 90.69
1/9/1998 112.50 99.85 87.10
1/16/1998 115.00 103.49 90.36
1/23/1998 125.00 103.07 90.42
1/30/1998 150.00 105.51 90.12
2/6/1998 135.00 108.98 92.98
2/13/1998 132.50 109.80 91.08
2/20/1998 122.50 111.32 93.79
2/27/1998 132.50 112.95 95.94
3/6/1998 150.00 113.63 93.61
3/13/1998 145.00 115.02 93.71
3/20/1998 197.50 118.31 95.16
3/27/1998 180.00 117.91 97.81
4/3/1998 177.50 120.84 98.02
4/9/1998 167.50 119.55 99.45
4/17/1998 180.00 120.85 100.11
4/24/1998 185.00 119.25 107.05
5/1/1998 182.50 120.66 107.66
5/8/1998 190.00 119.28 108.37
5/15/1998 175.00 119.34 101.10
5/22/1998 180.00 119.53 100.34
5/29/1998 177.50 117.41 96.23
6/5/1998 165.00 119.89 97.05
6/12/1998 167.50 118.28 93.43
6/19/1998 177.50 118.47 89.47
6/26/1998 162.50 121.97 92.35
7/2/1998 135.00 123.40 90.43
7/10/1998 137.50 125.32 92.91
7/17/1998 172.50 127.74 95.71
7/24/1998 152.50 122.79 92.46
7/31/1998 167.50 120.63 89.84
8/7/1998 167.50 117.26 86.60
8/14/1998 160.00 114.39 85.53
8/21/1998 162.50 116.38 87.37
8/28/1998 137.50 110.56 81.61
9/4/1998 127.50 104.83 78.56
9/11/1998 122.50 108.61 77.49
9/18/1998 120.00 109.80 77.54
9/25/1998 120.00 112.45 79.66
10/2/1998 150.00 107.92 77.10
10/9/1998 120.00 105.96 76.11
10/16/1998 125.00 113.71 83.36
10/23/1998 130.00 115.24 85.82
10/30/1998 145.00 118.26 86.78
11/6/1998 150.00 122.81 92.31
11/13/1998 147.50 121.17 93.09
11/20/1998 147.50 125.24 90.65
11/27/1998 160.00 128.34 95.05
12/4/1998 157.50 126.66 94.60
12/11/1998 140.00 125.55 96.12
12/18/1998 132.50 127.88 96.55
12/24/1998 130.00 131.99 98.07
12/31/1998 127.50 132.31 101.32
1/8/1999 130.00 137.25 104.23
1/15/1999 125.00 133.82 102.18
1/22/1999 130.00 131.88 101.27
1/29/1999 125.00 137.74 110.55
2/5/1999 125.00 133.41 103.17
2/12/1999 122.50 132.41 106.50
2/19/1999 125.00 133.39 101.37
2/26/1999 150.00 133.29 98.55
3/5/1999 160.00 137.29 99.94
3/12/1999 145.00 139.35 100.93
3/19/1999 140.00 139.85 102.42
3/26/1999 130.00 138.08 101.39
4/1/1999 122.50 139.25 101.22
4/9/1999 120.00 145.13 106.16
4/16/1999 120.00 141.97 103.80
4/23/1999 120.00 146.05 110.39
4/30/1999 132.50 143.71 111.62
5/7/1999 130.00 144.77 112.82
5/14/1999 162.50 144.00 113.99
5/21/1999 180.00 143.19 123.58
5/28/1999 177.50 140.13 122.24
6/4/1999 215.00 142.91 121.95
6/11/1999 215.00 139.24 121.61
6/18/1999 212.50 144.54 125.84
6/25/1999 222.50 141.58 124.92
7/2/1999 222.50 149.75 134.27
7/9/1999 215.00 151.04 137.16
7/16/1999 225.00 152.71 144.22
7/23/1999 205.00 146.06 132.96
7/30/1999 180.00 143.02 132.50
8/6/1999 160.00 139.96 132.65
8/13/1999 160.00 142.91 130.38
8/20/1999 160.00 143.87 134.36
8/27/1999 157.50 145.12 133.65
9/3/1999 162.50 146.09 136.18
9/10/1999 157.50 145.49 137.34
9/17/1999 157.50 143.74 126.77
9/24/1999 147.50 137.49 123.62
10/1/1999 140.00 138.08 119.14
10/8/1999 132.50 143.81 115.32
10/15/1999 137.50 134.27 106.70
10/22/1999 137.50 140.11 97.86
10/29/1999 130.00 146.70 100.42
11/5/1999 130.00 147.49 102.06
11/12/1999 130.00 150.27 101.15
11/19/1999 125.00 153.06 115.81
11/26/1999 127.50 152.48 118.55
12/3/1999 120.00 154.28 123.33
12/10/1999 120.00 152.53 123.71
12/17/1999 120.00 152.96 124.79
12/23/1999 120.00 156.97 130.76
12/31/1999 115.00 158.15 133.06
1/7/2000 175.00 155.16 124.63
1/14/2000 147.50 157.70 130.83
1/21/2000 137.50 155.14 127.31
1/28/2000 137.50 146.40 128.71
2/4/2000 137.50 153.31 140.60
2/11/2000 135.00 149.31 138.06
2/18/2000 160.00 144.89 142.31
2/25/2000 152.50 143.52 139.25
3/3/2000 165.00 151.68 151.02
3/10/2000 147.50 150.16 159.12
3/17/2000 150.00 157.63 153.92
3/24/2000 147.50 164.41 155.74
3/31/2000 155.00 161.30 150.79
4/7/2000 160.00 163.22 164.15
4/14/2000 145.00 146.02 139.01
4/20/2000 150.00 154.41 155.33
4/28/2000 155.00 156.34 155.15
5/5/2000 152.50 154.20 157.90
5/12/2000 145.00 152.95 151.04
5/19/2000 135.00 151.44 143.34
5/26/2000 132.50 148.33 136.12
6/2/2000 125.00 159.01 156.13
6/9/2000 122.50 156.82 164.41
6/16/2000 130.00 157.63 148.59
6/23/2000 125.00 155.16 153.53
6/30/2000 125.00 156.57 161.98
7/7/2000 120.00 159.18 161.58
7/14/2000 125.00 162.53 166.80
7/21/2000 132.50 159.32 154.91
7/28/2000 125.00 152.83 135.83
8/4/2000 122.50 157.47 140.07
8/11/2000 120.00 158.42 140.13
8/18/2000 120.00 160.56 142.09
8/25/2000 120.00 162.15 148.63
9/1/2000 197.50 163.69 155.58
----------
[1] Peer Group includes ENCD, PTNX, TACT, EFII, CANNY, HWP, RICOY, LXK, LR,
IKN, DANKY, GISX, AND XRX.
<PAGE>
PROJECT OPAL
Analysis of Trading Volume
(in millions, except per share data and ratios)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market Price
Market Price -----------------
52 Week As of As % of Shares Outstanding
---------------- ------------------
Ticker Exchange Company High Low 09/07/00 High Total Float (1)
------ -------- ------------------------------------- ------- ------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Printer Companies
ENCD OTC Encad, Inc. $ 7.31 $ 2.69 $ 3.31 45.3% 11.8 8.7
PTNX OTC Printronix, Inc. 24.75 9.69 12.50 50.5% 6.2 4.8
TACT OTC Transact Technologies Incorporated 11.50 5.25 7.75 67.4% 5.6 5.1
EFII NYSE Electronics for Imaging, Inc. 69.31 21.06 27.31 39.4% 54.7 54.4
CANNY NYSE Canon, Inc. (ADR) 51.75 25.75 43.69 84.4%* 871.6 862.8
HWP NYSE Hewlett-Packard Company 138.00 53.24 123.81 89.7%* 997.0 804.8
RICOY OTC Ricoh Company, Ltd (ADR) 113.46 80.46 91.81 80.9%* 138.3 136.9
LXK NYSE Lexmark International Group. Inc. 135.88 43.16 64.00 47.1% 127.5 126.1
------------------------------------------------------------------------------------------------
Average 49.9%
================================================================================================
<CAPTION>
Average Volume
Daily Volume (2) Daily Volume as a % Float as a % of Daily
--------------------- ------------------------- Total Shares Volume
Ticker Exchange Company Average High Low Average High Low Outstanding ($000)
------ -------- ------------------------------------ ------- ------ ----- ------- ------ ------ --------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Printer Companies
ENCD OTC Encad, Inc 0.08 0.40 0.00 1.0% 4.6% 0.0% 0.7% $ 395
PTNX OTC Printronix, Inc. 0.02 0.25 0.00 0.4% 5.2% 0.0% 0.3% 161
TACT OTC Transact Technologies Incorporated 0.02 0.21 0.00 0.5% 4.2% 0.0% 0.4% 202
EFII NYSE Electronics for Imaging, Inc. 1.12 22.79 0.16 2.1% 41.9% 0.3% 2.0% 50,131
CANNY NYSE Canon, Inc. (ADR) NA NA NA NA NA NA NA NA
HWP NYSE Hewlett-Packard Company 4.07 21.43 0.69 0.5% 2.7% 0.1% 0.4% 397,543
RICOY OTC Ricoh Company, Ltd. (ADR) NA NA NA NA NA NA NA NA
LXK NYSE Lexmark International Group. Inc. 1.32 11.87 0.22 1.0% 9.4% 0.2% 1.0% 112,233
----------------------------------------------------------------------------------------------------------------
Average 1.11 9.49 0.18 0.9% 11.3% 0.1% 0.8% $ 93,477
================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Market Price
Market Price -----------------
52 Week As of As % of Shares Outstanding
--------------- ------------------
Ticker Exchange Company High Low 09/07/00 High Total Float (1)
------ -------- ------------------------------------- ------ ------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
U.S. Copiers
LR NYSE Lanier, Worldwide, Inc. $ 6.50 $ 0.44 $ 1.06 16.3% 83.0 74.2
IKN NYSE Ikon Office Solutions 12.44 3.88 4.94 39.7% 145.9 145.7
DANKY OTC Danka Business Systems 14.13 1.41 2.25 15.9% 59.2 13.5
GISX OTC Global Imaging Systems, Inc. 20.88 5.81 6.94 33.2% 18.1 9.2
XRX NYSE Xerox Corporation 49.50 14.56 15.94 32.2% 666.8 661.6
-----------------------------------------------------------------------------------------------
Average 27.5%
===============================================================================================
-----------------------------------------------------------------------------------------------
Combined Average 38.7%
===============================================================================================
NYSE OPAL $ 5.13 $ 2.50 54.94 96.3% 14.4 5.4
<CAPTION>
Average Volume
Daily Volume (2) Daily Volume as a % Float as a % of Daily
--------------------- ------------------------- Total Shares Volume
Ticker Exchange Company Average High Low Average High Low Outstanding ($000)
------ -------- ------------------------------------ ------- ------ ----- ------- ------ ------ --------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
U.S Copiers
LR NYSE Lanier, Worldwide, Inc. 0.89 7.18 0.05 1.2% 9.7% 0.1% 1.1% $ 2,046
IKN NYSE Ikon Office Solutions 0.56 9.99 0.08 0.4% 6.9% 0.1% 0.4% 3,679
DANKY OTC Danka Business Systems 0.42 4.29 0.07 3.1% 31.8% 0.5% 0.7% 3,138
GISX OTC Global Imaging Systems, Inc. 0.09 0.99 0.01 1.0% 10.7% 0.1% 0.5% 938
XRX NYSE Xerox Corporation 5.87 46.24 1.26 0.9% 7.0% 0.2% 0.9% 145,793
----------------------------------------------------------------------------------------------------------------
Average 1.57 13.74 0.29 1.3% 13.2% 0.2% 0.7% $ 31,119
================================================================================================================
----------------------------------------------------------------------------------------------------------------
Combined Average 1.32 11.42 0.23 1.1% 12.2% 0.1% 0.8% $ 65,133
================================================================================================================
NYSE OPAL 0.02 0.47 0.00 0.4% 8.6% 0.0% 0.1% $ 67
</TABLE>
----------
Note NA indicates data is not available; NM indicates data is not meaningful;
* indicates multiple is excluded from calculations; F indicates Fiscal Year
Estimate.
(1) Source: Bloomberg dated July 31, 2000.
(2) From September 7, 1999 to present.
<PAGE>
IV. Stock Ownership
<PAGE>
PROJECT OPAL
Ownership Analysis
--------------------------------------------------------------------------------
Number of As Percent
Shares of Total
--------- ----------
Total Shares Outstanding as of June 30, 2000: 13,266,131 100.0%
Top Institutional Ownership [1] Date
----------------------------------------- ----------
DIMENSIONAL FD ADVISORS, INC 20-Jul-00 299,093 2.25%
VAN DEN BERG MANAGEMENT, INC 20-Jul-00 174,630 1.32%
COLLEGE RETIRE EQUITIES 20-Jul-00 55,364 0.42%
VANGUARD GROUP 20-Jul-00 48,617 0.37%
HOWSON TATTERSALL INVESTMENT COUNSEL LTD 20-Jul-00 44,078 0.33%
CONNING ASSET MANAGEMENT CO 20-Jul-00 24,900 0.19%
NORTHERN TRUST QUANTITATIVE ADVISORS, INC 20-Jul-00 14,517 0.11%
MELLON PRIVATE ASSET MGMT 20-Jul-00 13,963 0.11%
BARCLAYS GLOBAL INVESTORS 20-Jul-00 12,287 0.09%
LEGG MASON WOOD WALKER, INC 20-Jul-00 9,990 0.08%
AMSOUTH BANCORPORATION 20-Jul-00 2,754 0.02%
NORTHERN TRUST GLOBAL INVESTMENTS 20-Jul-00 1,800 0.01%
MERRILL, LYNCH & COMPANY, INC 20-Jul-00 1,554 0.01%
LOOMIS, SAYLES & COMPANY, L.P. 20-Jul-00 1,000 0.01%
COMMERCE BANCSHARES INC 31-Mar-00 300 0.00%
--------------------------------------------------------------------------------
Total Institutional Holdings 704,847 5.31%
================================================================================
Number of As a Percent
Insider and 5% Ownership [2] Date Shares of Total
----------------------------------------- ---------- ---------- ------------
MINOLTA INVESTMENT CO 12-Jul-99 7,570,000 57.06%
EDWARD E. LUCENTE 25-Jul-00 140,617[3] 1.06%
ALBERT A. BUTLER 25-Jul-00 6,803[4] 0.05%
MARINO J. NICCOLA 25-Jul-00 6,164[5] 0.05%
THOMAS L. MCGOOGAN 25-Jul-00 5,062[6] 0.04%
F. RIDGON CURRIE 25-Jul-00 8,363[7] 0.06%
MICHAEL C. DOW 25-Jul-00 53,112[8] 0.40%
HIROSHI FUJI 25-Jul-00 0[9] 0.00%
TIM GARNER 25-Jul-00 0[10] 0.00%
ALLEN A. HANS 25-Jul-00 0[9] 0.00%
RYUSHO KUTANI 25-Jul-00 0[9] 0.00%
JAN SUNDELIN 25-Jul-00 0[11] 0.00%
YOSHISUKE TAKEKIDA 25-Jul-00 0[9] 0.00%
WILLIAM R. BOWLES 25-Jul-00 1,470[9] 0.01%
ROBERT J. MATERNA 25-Jul-00 0[9] 0.00%
-------------------------------------------------------------------------------
Total Insider and 5% Holdings 7,791,591 58.73%
================================================================================
--------------------------------------------------------------------------------
Total Retail Holdings 4,769,693 35.95%
================================================================================
[1] Source: Management of Opal and CDA Spectrum
[2] Insider figures are from May 15, 2000 proxy. Options provided by
management of Opal
[3] Excludes exercisable options to purchase 589,000 shares.
[4] Excludes exercisable options to purchase 70,000 shares.
[5] Excludes exercisable options to purchase 80,000 shares.
[6] Excludes exercisable options to purchase 25,980 shares.
[7] Excludes exercisable options to purchase 20,000 shares.
[8] Excludes exercisable options to purchase 54,932 shares.
[9] Excludes non-exercisable options of 10,000 shares.
[10] Excludes non-exercisable options of 20,000 shares.
[11] Excludes non-exercisable options of 100,000 shares.
[PIE GRAPH OMITTED]
<PAGE>
PROJECT OPAL
Schedule of Outstanding Options (1)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Per Share Cumulative Cumulative Cumulative
Options Exercise Aggregate Options Exercise In-the-Money In-the-Money
Outstanding Price Exercise Price Outstanding Price Options Options Price
----------- --------- -------------- ----------- ---------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
133,333 $ 2.44 $ 324,999 133,333 $ 324,999 133,333 $ 324,999
66,666 2.69 179,165 199,999 504,164 66,666 179,165
6,000 2.81 16,875 205,999 521,039 6,000 16,875
7,466 2.81 20,998 213,465 542,037 7,466 20,998
7,466 2.81 20,998 220,931 563,035 7,466 20,998
87,357 2.81 245,692 308,288 808,727 87,357 245,692
5,000 2.88 14,375 313,288 823,102 5,000 14,375
5,000 2.88 14,375 318,288 837,477 5,000 14,375
19,500 2.88 56,063 337,788 893,539 19,500 56,063
10,000 3.00 30,000 347,788 923,539 10,000 30,000
112,000 3.00 336,000 459,788 1,259,539 112,000 336,000
8,000 3.06 24,500 467,788 1,284,039 8,000 24,500
50,000 3.06 153,125 517,788 1,437,164 50,000 153,125
10,000 3.06 30,625 527,788 1,467,789 10,000 30,625
100,000 3.06 306,250 627,788 1,774,039 100,000 306,250
600 3.06 1,838 628,388 1,775,877 600 1,838
20,000 3.06 61,250 648,388 1,837,127 20,000 61,250
10,000 3.06 30,625 658,388 1,867,752 10,000 30,625
50,000 3.06 153,125 708,388 2,020,877 50,000 153,125
50,000 3.06 153,125 758,388 2,174,002 50,000 153,125
413,085 3.06 1,265,073 1,171,473 3,439,075 413,085 1,265,073
5,000 3.31 16,563 1,176,473 3,455,637 5,000 16,563
50,000 3.44 171,875 1,226,473 3,627,512 50,000 171,875
14,180 3.69 52,289 1,240,653 3,679,801 14,180 52,289
10,000 3.75 37,500 10,000 37,500 10,000 37,500
10,000 3.75 37,500 20,000 75,000 10,000 37,500
10,000 3.75 37,500 30,000 112,500 10,000 37,500
10,000 3.75 37,500 40,000 150,000 10,000 37,500
10,000 3.75 37,500 50,000 187,500 10,000 37,500
10,000 3.75 37,500 60,000 225,000 10,000 37,500
270,000 3.75 1,012,500 330,000 1,237,500 270,000 1,012,500
10,000 3.75 37,500 340,000 1,275,000 10,000 37,500
20,000 3.75 75,000 360,000 1,350,000 20,000 75,000
5,000 3.88 19,375 365,000 1,369,375 5,000 19,375
5,000 3.88 19,375 370,000 1,388,750 5,000 19,375
25,000 3.88 96,875 395,000 1,485,625 25,000 96,875
100,000 3.94 393,750 495,000 1,879,375 100,000 393,750
500,000 3.94 1,968,750 995,000 3,848,125 500,000 1,968,750
25,000 3.94 98,438 1,020,000 3,946,563 25,000 98,438
25,000 3.94 98,438 1,045,000 4,045,000 25,000 98,438
100,000 3.94 393,785 1,145,000 4,438,785 100,000 393,785
36,672 4.38 160,440 1,181,672 4,599,225 36,672 160,440
40,000 4.44 177,500 1,221,672 4,776,725 40,000 177,500
5,633 4.44 24,996 1,227,305 4,801,721 5,633 24,996
1,500 4.63 6,938 1,228,805 4,808,659 1,500 6,938
700 4.63 3,238 1,229,505 4,811,896 700 3,238
20,850 4.63 96,431 1,250,355 4,908,328 20,850 96,431
5,000 5.13 25,625 1,255,355 4,933,953 5,000 25,625
5,000 5.50 27,500 1,260,355 4,961,453 5,000 27,500
</TABLE>
<PAGE>
PROJECT OPAL
Schedule of Outstanding Options (1)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Per Share Cumulative Cumulative Cumulative
Options Exercise Aggregate Options Exercise In-the-Money In-the-Money
Outstanding Price Exercise Price Outstanding Price Options Options Price
----------- --------- -------------- ----------- ---------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
6,000 $ 5.63 $ 33,750 1,266,355 $4,995,203 6,000 $ 33,750
5,000 5.63 28,125 1,271,355 5,023,328 5,000 28,125
5,000 5.63 28,125 1,276,355 5,051,453 5,000 28,125
5,000 5.63 28,125 1,281,355 5,079,578 5,000 28,125
5,000 5.63 28,125 1,286,355 5,107,703 5,000 28,125
42,350 5.63 238,219 1,328,705 5,345,921 42,350 238,219
5,000 8.75 43,750 1,333,705 5,389,671 0 0
5,000 8.75 43,750 1,338,705 5,433,421 0 0
25,000 8.75 218,750 1,363,705 5,652,171 0 0
5,000 8.88 44,375 1,368,705 5,696,546 0 0
5,000 8.88 44,375 1,373,705 5,740,921 0 0
5,000 8.88 44,375 1,378,705 5,785,296 0 0
5,000 8.88 44,375 1,383,705 5,829,671 0 0
15,000 8.88 133,125 1,398,705 5,962,796 0 0
5,000 15.00 75,000 1,403,705 6,037,796 0 0
----------- -------------- ------------ -------------
2,644,358 $9,717,597 2,569,358 $9,025,722
=========== ============== ============ =============
</TABLE>
========================================================================
Purchase Cumulative Additional
Price Exercise In-the-Money Shares Fully Diluted
Per Share Price Options Outstanding Shares Out (2)
--------- ---------- ------------ ----------- ---------------
$6.00 $9,025,722 2,569,358 1,065,071 14,331,202
Purchase Cumulative Net Value of
Price In-the-Money Value of Exercise In-the-Money
Per Share Options Options Price Options
--------- ------------ ----------- ---------- ------------
$6.00 2,569,358 $15,416,148 $9,025,722 $6,390,426
=======================================================================
----------
(1) Options schedule provided by management of Opal as of July 27, 2000.
(2) Assumes 13,266,131 shares outstanding as of June 30, 2000 (assumes a stock
price $6.00 for the treasury stock method).
<PAGE>
V. Valuation Analysis
<PAGE>
PROJECT OPAL
Valuation Summary (1)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
Pre NOL
---------------------------------
Weighted
Valuation Methodology Average Median High Low
---------------------------------------------------------------------- -------- ------ ------ ----
<S> <C> <C> <C> <C>
Analysis of Comparable Public Companies - Combined $ 4.61 $ 1.05 $10.13 NM
Analysis of Comparable Merger and Acquisition Transactions - All 4.97 NM 18.26 NM
Analysis of Comparable Merger and Acquisition Transactions - Key Peers 5.30 NM 15.16 NM
Discounted Cash Flow Analysis - Base Case 8.51 8.43 12.83 4.84
Discounted Cash Flow Analysis - Downside Case 4.30 4.23 7.78 1.36
----------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Post NOL
-----------------------------------
Weighted
Valuation Methodology NOL Average Median High Low
---------------------------------------------------------------------- ----- -------- ------ ------ ------
<S> <C> <C> <C> <C> <C>
------
Analysis of Comparable Public Companies - Combined + $0.90 = $ 5.52 $1.96 $11.03 NM
Analysis of Comparable Merger and Acquisition Transactions - All 0.90 5.88 NM 19.16 NM
Analysis of Comparable Merger and Acquisition Transactions - Key Peers 0.90 6.20 NM 16.06 NM
Discounted Cash Flow Analysis - Base Case 0.90 9.41 9.33 13.74 $ 5.74
Discounted Cash Flow Analysis - Downside Case 0.90 5.20 5.13 8.69 2.27
------
------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Analysis of Premiums Paid in Selected Minority Investments (2) 1 Day $ 3.74
1 Week $ 3.74
4 Weeks $ 3.83
----------------------------------------------------------------------------------------------
</TABLE>
----------
(1) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price of $6.00 for the treasury stock method).
(2) Based on $3.00 price prior to SC13D filing by Minolta as of August 31,
2000.
<PAGE>
PROJECT OPAL
Analysis of Comparable Public Companies
Valuation Summary - Combined
($ in thousands, except per share data)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Implied
LTM Number of Implied Implied Equity
Operating Comparable Average Enterprise Equity Per
Valuation Parameter Results (1) Companies Multiples Value Value(2) Share (3) Weighting
-------------------------------------- ----------- ---------- --------- ---------- -------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Enterprise Value/LTM Revenues $288,825 9 0.8 x $234,844 $145,175 $10.13 15.0%
Enterprise Value/LTM EBITDA 6,639 7 6.4 42,450 -- -- 10.0%
Enterprise Value/LQA EBITDA (4) 18,469 7 6.4 118,099 28,430 1.98 15.0%
Enterprise Value/LTM EBITDA - CAPEX (18,559) 7 9.5 NM -- -- 5.0%
Enterprise Value/LTM EBIT (9,211) 7 10.8 NM -- -- 5.0%
Market Value/LTM Net Income (Loss) (5) (21.458) 6 9.3 NA -- -- 5.0%
Market Value/2000E Net Income (5) 7,757 6 10.2 NA 79,218 5.53 25.0%
Market Value/2001E Net Income (5) 14,029 8 9.3 NA 130,137 9.08 15.0%
Market Value/LTM Book Value 10,159 9 1.5 NA 15,089 1.05 5.0%
-------------------------------------
Average $ 44,228 $3.09
-------------------------------------
Weighted Average 66,120 4.61
-------------------------------------
Median 15,089 1.05
-------------------------------------
High 145,175 10.13
-------------------------------------
Low NM NM
-------------------------------------
</TABLE>
----------
(1) Latest twelve months operating results are for the twelve months ended
June 30, 2000.
(2) Reflects net debt (total debt less cash and cash equivalents) of
approximately $89.7 million as of June 30, 2000.
(3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price of $600 for the treasury stock method).
(4) Annualized EBITDA from quarter ended June 30, 2000.
(5) Assumes a tax rate of 4.8%, 9.1% and 8.2% for the latest twelve months
ended June 30, 2000, and the fiscal years 2000E and 2001E, respectively
<PAGE>
PROJECT OPAL
Analysis of Comparable Public Companies
(in millions, except per share data and ratios)
<TABLE>
<CAPTION>
Market Price Market Price
52 Week ----------------------
-------------- As of As % of
Ticker Exchange Company FYE LTM High Low 09/07/00 High
-------- ---------- ------------------------------------ ----- ----- ------ ----- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Printer Companies
-----------------
ENCD OTC Encad, Inc DC 6/00 $7.31 $2.69 $3.31 45.3%
PTNX OTC Printronix, Inc. MR 6/00 24.75 9.69 12.50 50.5%
TACT OTC Transact Technologies Incorporated DC 6/00 11.50 5.25 7.75 67.4%
EFII NYSE Electronics for Imaging, Inc. DC 6/00 69.31 21.06 27.31 39.4%
CANNY NYSE Canon, Inc. (ADR) DC 6/00 51.75 25.75 43.69 84.4% *
HWP NYSE Hewlett-Packard Company OC 7/00 138.00 53.24 123.81 89.7%
RICOY OTC Ricoh Company, Ltd (ADR) MR 3/00 113.46 80.46 91.81 80.9% *
LXK NYSE Lexmark International Group, Inc. DC 6/00 135.88 43.16 64.00 47.1%
---------------------------------------------------------------------------------------------
Average 56.6%
=============================================================================================
U.S. Copiers
------------
LR NYSE Lanier Worldwide, Inc. JN 3/00 $6.50 $0.44 $1.06 16.3%
IKN NYSE Ikon Office Solutions SP 6/00 12.44 3.88 4.94 39.7%
DANKY OTC Danka Business Systems MR 6/00 14.13 1.41 2.25 15.9%
GISX OTC Global Imaging Systems, Inc. MR 6/00 20.88 5.81 6.94 33.2%
XRX NYSE Xerox Corporation DC 6/00 49.50 14.56 15.94 32.2%
---------------------------------------------------------------------------------------------
Average 27.5%
=============================================================================================
---------------------------------------------------------------------------------------------
Combined Average 43.3%
=============================================================================================
NYSE OPAL MR 6/00 $5.13 $2.50 $4.94 96.3%
<CAPTION>
Earnings Per Share(1) Price/Earnings
Est. 5yr ----------------------- -----------------------
EPS Growth Cal. Cal. Cal. Cal.
Ticker Exchange Company Rate LTM 2000 2001 LTM 2000 2001
-------- ---------- ------------------------------------ ------------ ----- ------ ------ ----- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Printer Companies
-----------------
ENCD OTC Encad, Inc 25.0% ($0.07) ($0.06) NA NM x NM x NA x
PTNX OTC Printronix, Inc. NA 1.22 1.26 1.97 10.2 9.9 6.3
TACT OTC Transact Technologies Incorporated NA (0.09) (0.07) 0.34 NM NM 22.8
EFII NYSE Electronics for Imaging, Inc. 15.0% 1.81 1.70 2.00 15.1 16.1 13.7
CANNY NYSE Canon, Inc. (ADR) 22.0% 0.77 1.26 1.47 56.7 * 34.7 * 29.7 *
HWP NYSE Hewlett-Packard Company 15.0% 3.39 3.72 4.58 F 36.5 * 33.3 * 27.0 *
RICOY OTC Ricoh Company, Ltd (ADR) NA 2.26 2.68 2.72 40.6 * 34.3 * 33.8 *
LXK NYSE Lexmark International Group, Inc. 20.0% 2.50 2.60 3.06 25.6 * 24.6 * 20.9 *
---------------------------------------------------------------------------------------------------------
Average 12.7 x 13.0 x 14.3 x
=========================================================================================================
U.S. Copiers
------------
LR NYSE Lanier Worldwide, Inc. 11.0% $0.35 $0.20 $0.27 F 3.0 x 5.3 x 3.9 x
IKN NYSE Ikon Office Solutions NA 0.66 0.75 0.90 F 7.5 6.6 5.5
DANKY OTC Danka Business Systems 28.0% 0.11 (0.14) 0.46 20.5 * NM 4.9
GISX OTC Global Imaging Systems, Inc. 25.0% 0.80 0.86 1.15 8.7 8.1 6.0
XRX NYSE Xerox Corporation 16.0% 1.42 1.04 1.44 11.2 15.3 11.1
---------------------------------------------------------------------------------------------------------
Average 7.6 x 8.8 x 6.3 x
=========================================================================================================
---------------------------------------------------------------------------------------------------------
Combined Average 9.3 x 10.2 x 9.3 x
=========================================================================================================
NYSE OPAL 19.0% ($1.99) $0.54 $0.98 NM x 9.1 x 5.0 x
<CAPTION>
Market Book Price/
Ticker Exchange Company Shares Cap Value Book
-------- ---------- ------------------------------------ -------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Printer Companies
-----------------
ENCD OTC Encad, Inc 11.8 $39.2 $48.8 0.8 x
PTNX OTC Printronix, Inc. 6.2 77.1 70.4 1.1
TACT OTC Transact Technologies Incorporated 5.6 43.4 12.0 3.6
EFII NYSE Electronics for Imaging, Inc. 54.7 1,492.7 577.0 2.6
CANNY NYSE Canon, Inc. (ADR) 871.6 38,078.0 11,758.3 3.2 *
HWP NYSE Hewlett-Packard Company 997.0 (2) 123,441.1 14,611.0 8.4 *
RICOY OTC Ricoh Company, Ltd (ADR) 138.3 12,696.6 5,257.3 2.4 *
LXK NYSE Lexmark International Group, Inc. 127.5 8,157.1 701.0 11.6 *
--------------------------------------------------------------------------------------
Average 2.0 x
======================================================================================
U.S. Copiers
------------
LR NYSE Lanier Worldwide, Inc. 83.0 $88.2 $155.7 0.6 x
IKN NYSE Ikon Office Solutions 145.9 720.2 1,445.0 0.5
DANKY OTC Danka Business Systems 59.2 133.1 168.9 0.8
GISX OTC Global Imaging Systems, Inc. 18.1 125.8 113.9 1.1
XRX NYSE Xerox Corporation 666.8 10,626.4 4,591.0 2.3
--------------------------------------------------------------------------------------
Average 1.1 x
======================================================================================
--------------------------------------------------------------------------------------
Combined Average 1.5 x
======================================================================================
NYSE OPAL 14.3 $70.8 $10.2 7.0 x
</TABLE>
----------
Note NA indicates data is not available, NM indicates data is not meaningful; *
indicates multiple is excluded from calculations; F indicates Fiscal Year
Estimate.
(1) Earnings estimates are from First Call as of September 07, 2000 except
Opal, which are provided by management of Opal.
(2) Shares outstanding are reported as of April 30, 2000.
<PAGE>
PROJECT OPAL
Analysis of Comparable Public Companies
(in millions, except per share data and ratios)
<TABLE>
<CAPTION>
LTM
--------------------------------------
Total Total Enterprise
Company Debt Cash(1) Value (2) Revenues EBIT EBITDA
------------------------------------ ------- --------- ------------ ---------- ------ --------
<S> <C> <C> <C> <C> <C> <C>
Printer Companies
-----------------
Encad, Inc $0.0 $15.5 $23.8 $109.0 ($2.1) $0.6
Printronix, Inc. 21.5 13.5 85.2 185.1 12.6 21.0
Transact Technologies Incorporated 8.1 0.4 51.1 48.1 (0.5) 1.9
Electronics for Imaging, Inc. 3.3 456.3 1,039.7 609.6 133.9 (4) 148.2 (4)
Canon, Inc. (ADR) 3,550.0 4,809.0 36,819.0 27,865.2 2,195.8 3,750.0
Hewlett-Packard Company 5,015.0 5,052.0 123,404.1 46.881.0 3,843.0 5,440.1
Ricoh Company, Ltd. (ADR) 5,001.2 1,085.8 16,612.0 14,050.1 863.3 1,464.7
Lexmark International Group, Inc. 200.6 52.6 8.305.1 3,632.7 495.1 578.4
--------------------------------------------------------------------------------------------------------------------
Average
====================================================================================================================
U.S. Copies
-----------
Lanier Worldwide, Inc. $677.9 $10.3 $755.8 $1,382.4 $98.4 $202.1
Ikon Office Solutions 3,514.2 49.2 4,185.1 5,497.8 261.4 (5) 456.5 (5)
Danka Business Systems 804.0 53.9 883.2 2,390.1 95.2 (6) 255.4 (6)
Global Imaging Systems, Inc. 259.9 2.4 383.3 510.1 52.3 71.3
Xerox Corporation 17,061.0 0.1 27,687.3 19,185.0 1,344.0 (7) 2,317.0 (7)
--------------------------------------------------------------------------------------------------------------------
Average
====================================================================================================================
--------------------------------------------------------------------------------------------------------------------
Combined Average
====================================================================================================================
OPAL $93.0 $4.0 $159.0 $288.8 ($9.2) (8) $6.6 (8)
<CAPTION>
LTM Enterprise Value/LTM
------------------------------------------------------ ---------------------------------
Tax EDIT EBITDA
Company Cash Flow (3) Rate Margin Margin Revenues EBIT EBITDA
------------------------------------ --------------- ------ -------- -------- ---------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
Printer Companies
-----------------
Encad, Inc ($1.1) 23.0% (1.9%) 0.6% 0.2 x NM x 36.9 x
Printronix, Inc. 7.9 32.9% 6.8% 11.3% 0.5 6.8 4.1
Transact Technologies Incorporated (1.7) 23.9% (1.1%) 3.9% 1.1 NM 27.5 *
Electronics for Imaging, Inc. 134.2 33.0% 22.0% 24.3% 1.7 7.8 7.0
Canon, Inc. (ADR) 2,980.4 53.0% * 7.9% 13.5% * 1.3 * 16.8 * 9.8 *
Hewlett-Packard Company 3,972.1 26.0% 8.2% 11.6% 2.6 * 32.1 * 22.7 *
Ricoh Company, Ltd. (ADR) 912.0 40.3% * 6.1% * 10.4% 1.2 * 19.2 * 11.3 *
Lexmark International Group, Inc. 309.0 30.6% 13.6% 15.9% 2.3 * 16.8 * 14.4 *
-----------------------------------------------------------------------------------------------------------------------------------
Average 28.2% 7.9% 11.3% 0.9 * 7.3 x 5.5 x
===================================================================================================================================
U.S. Copies
-----------
Lanier Worldwide, Inc. $100.1 35.5% 7.1% 14.6% O.5 x 7.7 x 3.7 x
Ikon Office Solutions 354.6 57.4% 4.8% * 8.3% 0.8 16.0 9.2
Danka Business Systems 137.5 28.0% 4.0% 10.7% 0.4 9.3 3.5
Global Imaging Systems, Inc. 60.6 44.8% 10.3% 14.0% 0.8 7.3 5.4
Xerox Corporation 1,715.0 31.0% 7.0% 12.1% 1.4 20.6 11.9
-----------------------------------------------------------------------------------------------------------------------------------
Average 39.3% 6.6% 11.9% 0.8 x 12.2 x 6.7 x
===================================================================================================================================
-----------------------------------------------------------------------------------------------------------------------------------
Combined Average 33.3% 7.3% 11.6% 0.8 x 10.8 x 6.4 x
===================================================================================================================================
OPAL ($18.6) (9) 4.8% (3.2%) 2.3% 0.6 x NM x 24.1 x
<CAPTION>
Enterprise
Value/LTM 3 Year CAGR
--------------- -----------------------
Net
Company Cash Flow (3) Revenues Income
------------------------------------ --------------- ---------- --------
<S> <C> <C> <C>
Printer Companies
-----------------
Encad, Inc NM x (11.1%) (58.1%)
Printronix, Inc. 10.7 5.7% (16.8%)
Transact Technologies Incorporated NM (12.3%) (74.3%)
Electronics for Imaging, Inc. 7.7 23.6% 17.5%
Canon, Inc. (ADR) 12.4 * 10.0% (13.2%) *
Hewlett-Packard Company 31.1 * 9.3% 5.8%
Ricoh Company, Ltd. (ADR) 18.2 * 4.1% * (19.0%)
Lexmark International Group, Inc. 26.9 * 17.7% 46.2%
----------------------------------------------------------------------------------
Average 9.2 x 5.5% (13.3%)
==================================================================================
U.S. Copies
-----------
Lanier Worldwide, Inc. 7.5 x 10.6% (16.8%)
Ikon Office Solutions 11.8 3.8% (31.6%)
Danka Business Systems 6.4 17.7% NM
Global Imaging Systems, Inc. 6.3 69.8% 87.8%
Xerox Corporation 16.1 2.9% (1.0%)
----------------------------------------------------------------------------------
Average 9.6 x 21.0% 9.6%
==================================================================================
----------------------------------------------------------------------------------
Combined Average 9.5 x 12.5% (4.1%)
==================================================================================
OPAL NM x 34.8% NM
</TABLE>
Note NA indicate, data is not available, NM indicate, data is not meaningful, *
indicates multiple is excluded from calculation, F indicates Fical Year
Estimate.
(1) Total cash includes cash and cash equivalents plus short term investments.
(2) Enterprise value equals market value plus total debt less cash and cash
equivalents.
(3) Cash Flow equals EBITDA less capital expenditures.
(4) Excludes approximately $1.4 million in merger-related expenditures.
(5) Excludes approximately $101.1 million in shareholder litigation settlement
and $105.3 million in restructuring and asset impairment charges.
(6) Excludes approximately $l2.3 million in restructuring charge credits.
(7) Excludes approximately $27.0 million of Tektronix in-process research and
development, $21.0 million gain on the affiliate's sale of stock, $504.0
million restructuring charge and asset impairments and $115.0 million in
Mexico provision.
(8) Excludes tax adjusted one time items, using LTM tax rate.
(9) Latest twelve months of capital expenditures as of March 31, 2000.
<PAGE>
PROJECT OPAL
Analysis of Comparable Merger and Acquisition Transactions
Valuation Summary - All Transactions
($ in thousands, except per share data)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Implied
LTM Number of Implied Implied Equity
Operating Comparable Average Enterprise Equity Per
Valuation Parameter Results (1) Transactions Multiples Value Value (2) Share (3) Weighting
------------------------------- ----------- ------------ --------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Enterprise Value/LTM Revenues $288,825 12 1.2 x $351,345 $261,676 $18.26 20.0%
Enterprise Value/LTM EBITDA 6,639 9 8.7 57,502 -- -- 15.0%
Enterprise Value/LQA EBITDA (4) 18,469 9 8.7 159,974 70,305 4.91 25.0%
Enterprise Value/LTM EBITDA - CAPEX (18,559) 6 9.9 NM -- -- 10.0%
Enterprise Value/LTM EBIT (9,211) 7 11.0 NM -- -- 10.0%
Market Value/LTM Net Income (Loss) (21,458) 7 16.7 NA -- -- 15.0%
Market Value/LTM Book Value 10,159 14 2.7 117,017 27,348 1.91 5.0%
-----------------------------------------------
Average $51,333 $3.58
Weighted Average 71,279 4.97
Median NM NM
High 261,676 18.26
Low NM NM
-----------------------------------------------
</TABLE>
----------
(1) Latest twelve months operating results are for the twelve months ended
June 30, 2000.
(2) Reflects net debt (total debt less cash and cash equivalents) of
approximately $89.7 million as of June 30, 2000.
(3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price of $6.00 for the treasury stock method).
(4) Annualized EBITDA from quarter ended June 30, 2000.
<PAGE>
PROJECT OPAL
Valuation Summary - Key Peer Transactions
($ in thousands, except per share data)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Implied
LTM Number of Implied Implied Equity
Operating Comparable Average Enterprise Equity Per
Valuation Parameter Results (1) Transactions Multiples Value Value (2) Share (3) Weighting
------------------------------- ----------- ------------ --------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Enterprise Value/LTM Revenues $288,825 3 1.1 x $306,908 $217,239 $15.16 15.0%
Enterprise Value/LTM EBITDA 6,639 3 9.3 61,922 -- -- 10.0%
Enterprise Value/LQA EBITDA (4) 18,469 3 9.3 172,272 82,603 5.76 20.0%
Enterprise Value/LTM EBITDA - CAPEX (18,559) 1 11.8 NM -- -- 5.0%
Enterprise Value/LTM EBIT (9,211) 2 10.5 NM -- -- 10.0%
Market Value/LTM Net Income (Loss) (21,458) 2 12.6 NA -- -- 15.0%
Market Value/Forward Net Income 7,757 3 16.6 NA 129,033 9.00 20.0%
Market Value/LTM Book Value 10,159 3 1.9 NA 19,537 1.36 5.0%
-----------------------------------------------
Average $39,463 $2.75
Weighted Average 75,890 5.30
Median NM NM
High 217,239 15.16
Low NM NM
-----------------------------------------------
</TABLE>
----------
(1) Latest twelve months operating results are for the twelve months ended
June 30, 2000.
(2) Reflects net debt (total debt less cash and cash equivalents) of
approximately $89.7 million as of June 30, 2000.
(3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price of $6.00 for the treasury stock method).
(4) Annualized EBITDA from quarter ended June 30, 2000.
<PAGE>
PROJECT OPAL
Analysis of Comparable Merger and Acquisition Transactions - All Transactions
($ in millions)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date Equity
Announced Acquiror Target Target Business Description Value(l)
---------- ----------------------------- ------------------------------ ------------------------------------- --------
<S> <C> <C> <C> <C>
03/21/00 Zebra Technologies Corp Comtec Information Systems Inc Manufacture portable printing devices $88.7
09/22/99 Xerox Corp Tektronix Inc-Color Printing Manufacture color inkjet printers 925.0
07/14/99 Electronics for Imaging, Inc. Management Graphics Inc Manufacture digital imaging products 27.9
06/08/99 Minolta Co Ltd QMS Inc Manufacture printing processors 66.9
05/14/99 Investor Group Kemtek Information Systems Inc Manufacture mid range printers 42.0
03/09/99 Anchor Gaming Powerhouse Technologies Manufacture video lottery systems 222.4
01/07/99 Illinois Tool Works Trident International Manufacture printing machinery 110.2
12/17/98 Pinnacle Systems Truevision Manufacture color imaging products 11.5
12/11/98 ACS Electronics Technology 80 Manufacture computer card systems 9.7
10/06/98 Gretag Imaging Group Raster Graphics Manufacture computer plotters 12.8
07/10/98 Zebra Technologies Eltron International Manufacture computer printers 210.5
04/22/98 Evans & Sutherland Computer AccelGraphics Manufacture graphics accelerators 51.9
03/06/98 ASK AS Proxima, Corporation Manufacture PC liq crys display prods 79.8
01/16/98 International Verifact Checkmate Electronics Manufacture, whl payment systems 47.2
07/15/97 Axiohm SA DH Technology Manufacture, whl computer printers 199.4
01/22/97 Western Atlas Norand Corporation Manufacture electronic info systems 269.9
06/11/96 Robotic Vision Systems Computer Identics Manufacture bar code scanners 42.0
<CAPTION>
Equity Value / LTM
-------------------- Enterprise Value / LTM
Date Enterprise Book ---------------------------------------------
Announced Acquirer Value(1) Net Income Value Revenues EBIT EBITDA Cash Flow(2)
---------- ---------------------------- ----------- ---------- ----- -------- ---- ------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/21/00 Zebra Technologies Corp $88.4 9.3 x 4.7 x 1.53 x 8.9 x 8.2 x 9.5 x
09/22/99 Xerox Corp 1160.4 659.8 * 1.5 0.62 48.1 * 11.6 287.1 *
07/14/99 Electronics for Imaging, Inc NA NA NA NA NA NA NA
06/08/99 Minolta Co Ltd 78.6 146.3 * 2.6 * 0.55 * 88.1 * 7.1 * 8.2 *
05/14/99 Investor Group 32.9 8.1 0.9 0.86 10.8 7.5 11.8
03/09/99 Anchor Gaming 262.2 48.6 * 2.5 1.30 27.4 * 9.0 321.3 *
01/07/99 Illinois Tool Works 89.7 15.7 2.7 2.73 * 8.8 7.9 8.5
12/17/98 Pinnacle Systems 8.0 22.8 1.2 0.23 * 14.1 4.3 5.2
12/11/98 ACS Electronics 8.0 18.5 1.2 1.53 12.6 11.7 13.5
10/06/98 Gretag Imaging Group 11.6 NM 21.6 * 0.25 * NM NM NM
07/10/98 Zebra Technologies 199.9 17.1 3.3 1.71 10.1 8.9 23.5 *
04/22/98 Evans & Sutherland Computer 35.2 NM 2.1 1.09 NM NM NM
03/06/98 ASK AS 49.9 NM 1.2 0.37 NM NM NM
01/16/98 International Verifact 43.6 NM 1.6 1.30 NM 27.6 * NM
07/15/97 Axiohm SA 156.4 25.4 2.6 1.52 11.3 8.9 10.7
01/22/97 Western Atlas 316.1 NM 6.3 1.31 129.8 * 23.2 * NM
06/11/96 Robotic Vision Systems 40.8 79.1 * 5.8 1.45 76.1 * 38.8 * 155.3 *
<CAPTION>
All Transactions:
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average 16.7 x 2.7 x 1.22 x 11.0 x 8.7 x 9.9 x
Median 17.1 2.3 1.22 11.1 8.9 10.1
High 25.4 6.3 1.71 14.1 11.7 13.5
Low 8.1 0.9 0.37 8.8 4.3 5.2
-------------------------------------------------------------------------------------
<CAPTION>
Key Peers Transactions (3):
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average 12.6 x 1.9 x 1.06 x 10.5 x 9.3 x 11.8 x
Median 12.6 1.5 0.86 10.5 8.9 11.8
High 17.1 3.3 1.71 10.8 11.6 11.8
Low 8.1 0.9 0.62 10.1 7.5 11.8
-------------------------------------------------------------------------------------
</TABLE>
----------
Note: Includes completed and pending transactions.
NA indicates data is not available; NM indicates data is not meaninful;
* indicates multiple is excluded from calculations
Source: SDC as of July 27, 2000.
(1) Enterprise value equals equity value plus total debt less cash and cash
equivalents.
(2) Cash Flow equals EBITDA minus capital expenditures.
(3) Key peers transactions denoted in bold.
<PAGE>
PROJECT OPAL
Discounted Cash Flow Analysis
Valuation Summary - Base Case
($ in thousands, except per share data)
--------------------------------------------------------------------------------
Terminal Value EBITDA Multiples (1)
-----------------------------------------------------
6x 7x 8x 9x 10x
-------- -------- -------- -------- --------
22% $187,425 $208,967 $230,510 $252,053 $273,596
--------
23% 181,213 201,894 222,575 243,256 263,938
Discount 24% 175,282 195,143 215,003 234,864 254,725
Rates(2) 25% 169,617 188,696 207,775 226,854 245,933
26% 164,205 182,538 200,872 219,206 237,539
--------
27% 159,030 176,654 194,277 211,900 229,523
------------------------------------
Implied Enterprise Value $211,556
Less: Net Debt (3) $ 89,669
Implied Equity Value $121,887
Per Share (4) $ 8.51
====================================
----------
(1) Based on EBITDA multiples from Analysis of Comparable Public Companies and
Analysis of Comparable Merger and Acquisition Transactions.
(2) Based on current market conditions and Analysis of Comparable Public
Companies.
(3) Reflects net debt (total debt less cash and cash equivalents) as of June
30, 2000.
(4) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price of $6.00 for the treasury stock method).
<PAGE>
PROJECT OPAL
Discounted Cash Flow Analysis - Base Case (1)
($ in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fiscal Year Ending March 31, (2)
----------------------------------------------------------------
2000E 2001E 2002E 2003E 2004E
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Revenues $ 358,936 $ 427,686 $ 510,117 $ 607,039 $ 698,095
Revenue Growth 19.2% 19.3% 19.0% 15.0%
EBITDA 29,016 34,732 43,643 52,396 58,224
EBITDA Margin 8.1% 8.1% 8.6% 8.6% 8.3%
EBIT 8,534 15,286 24,826 34,725 40,553
Income Tax Rate 35.0% 35.0% 35.0% 35.0% 35.0%
Cash Sources:
Earnings Before Interest and After Tax 5,547 9,936 16,137 22,572 26,359
Depreciation and Amortization Expense 20,482 19,446 18,817 17,671 17,671
--------- --------- --------- --------- ---------
Total Cash Sources 26,029 29,382 34,954 40,243 44,030
--------- --------- --------- --------- ---------
Cash Uses:
Capital Expenditures 11,828 11,160 11,166 11,169 11,169
Increase in Working Capital (23,527)(3) 9,967 11,934 11,193 13,680
--------- --------- --------- --------- ---------
Total Cash Uses (11,699) 21,127 23,100 22,362 24,849
--------- --------- --------- --------- ---------
Free Cash Flow $ 37,728 $ 8,255 $ 11,854 $ 17,881 $ 19,181
========= ========= ========= ========= =========
</TABLE>
----------
(1) Projections have been provided by the management of Opal.
(2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E
ends March 31, 2001).
(3) Based on pro forma balance sheet as of May 7, 1999.
<PAGE>
PROJECT OPAL
Discounted Cash Flow Analysis
Valuation Summary - Downside Case
($ in thousands, except per share data)
--------------------------------------------------------------------------------
Terminal Value EBITDA Multiples (1)
-----------------------------------------------------
6x 7x 8x 9x 10x
-------- -------- -------- -------- --------
18% $130,531 $148,199 $165,867 $183,535 $201,203
19% 125,844 142,782 159,720 176,659 193,597
Discount 20% 121,382 137,626 153,870 170,115 186,359
Rates(2) 21% 117,133 132,717 148,300 163,884 179,468
22% 113,084 128,039 142,995 157,950 172,906
23% 109,224 123,581 137,939 152,296 166,653
------------------------------------
Implied Enterprise Value $151,222
Less: Net Debt (3) $ 89,669
Implied Equity Value $ 61,553
Per Share (4) $ 4.30
====================================
----------
(1) Based on EBITDA multiples from Analysis of Comparable Public Companies and
Analysis of Comparable Merger and Acquisition Transactions.
(2) Based on current market conditions and Analysis of Comparable Public
Companies.
(3) Reflects net debt (total debt less cash and cash equivalents) as of June
30, 2000.
(4) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price of $6.00 for the treasury stock method).
<PAGE>
PROJECT OPAL
Discounted Cash Flow Analysis - Downside Case (1)
($ in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fiscal Year Ending March 31, (2)
----------------------------------------------------------------
2000E 2001E 2002E 2003E 2004E
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Revenues $ 331,929 $ 381,718 $ 438,976 $ 504,823 $ 580,546
Revenue Growth 15.0% 15.0% 15.0% 15.0%
EBITDA 16,256 20,022 25,270 31,965 40,421
EBITDA Margin 4.9% 5.2% 5.8% 6.3% 7.0%
EBIT 1,660 5,726 10,974 17,669 26,125
Income Tax Rate 35.0% 35.0% 35.0% 35.0% 35.0%
Cash Sources:
Earnings Before Interest and After Tax 1,079 3,722 7,133 11,485 16,981
Depreciation and Amortization Expense 14,596 14,296 14,296 14,296 14,296
--------- --------- --------- --------- ---------
Total Cash Sources 15,675 18,018 21,429 25,781 31,277
--------- --------- --------- --------- ---------
Cash Uses:
Capital Expenditures 11,828 11,160 11,166 11,169 11,169
Increase in Working Capital (23,527)(3) 9,967 11,934 11,193 13,680
--------- --------- --------- --------- ---------
Total Cash Uses (11,699) 21,127 23,100 22,362 24,849
--------- --------- --------- --------- ---------
Free Cash Flow $ 27,374 ($3,109) ($1,671) $ 3,419 $ 6,428
========= ========= ========= ========= =========
</TABLE>
----------
(1) Projections have been provided by the management of Opal.
(2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E
ends March 31, 2001).
(3) Based on pro forma balance sheet as of May 7, 1999.
<PAGE>
PROJECT OPAL
NOL Valuation - United States at Change of Control
($ in millions)
--------------------------------------------------------------------------------
-----------------------------------------------------------------
NOL
Amount US$ 38.9
Value of Equity at Change of Control US$ 70.3
NOL expiration 2007 to 2013
NOL availability in years 13
30 Year Treasury Bond (09/07/00) 5.71%
=================================================================
<TABLE>
<CAPTION>
Year 2000 2001 2002 2003 2004 2005 2006 2007
--------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining NOL US$ 38.9 US$ 34.9 US$ 30.9 US$ 26.9 US$ 22.8 US$ 18.8 US$ 14.8 US$ 10.8
--------- --------- --------- --------- --------- --------- --------- ---------
Amount to reduce net income US$ 4.0 US$ 4.0 US$ 4.0 US$ 4.0 US$ 4.0 US$ 4.0 US$ 4.0 US$ 4.0
--------- --------- --------- --------- --------- --------- --------- ---------
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL US$ 2.61 US$ 2.61 US$ 2.61 US$ 2.61 US$ 2.61 US$ 2.61 US$ 2.61 US$ 2.61
========= ========= ========= ========= ========= ========= ========= =========
<CAPTION>
Year 2008 2009 2010 2011 2012 2013
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Remaining NOL US$ 6.8 US$ 2.8 US$ 0.0 US$ 0.0 US$ 0.0 US$ 0.0
--------- --------- --------- --------- --------- ---------
Amount to reduce net income US$ 4.0 US$ 2.8 US$ 0.0 US$ 0.0 US$ 0.0 US$ 0.0
--------- --------- --------- --------- --------- ---------
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL US$ 2.61 US$ 1.79 US$ 0.00 US$ 0.00 US$ 0.00 US$ 0.00
========= ========= ========= ========= ========= =========
</TABLE>
------------------------------------------
Discount rate (1) 24.5%
NPV US$ $ 9.4
NPV, per share (2) US$ $0.65
==========================================
----------
(1) Based on current market conditions and Analysis of Comparable Public
Companies.
(2) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price of $6.00 for the treasury stock method).
<PAGE>
PROJECT OPAL
NOL Valuation - United States
($ in millions)
-------------------------------------------------------------------------------
-----------------------------------------------------------------
NOL
Amount US $17.3
NOL expiration 2007 to 2019
NOL availability in years 19
30 Year Treasury Bond (09/07/00) 5.71%
=================================================================
<TABLE>
<CAPTION>
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008
-------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining NOL US$ 17.3 US$ 16.3 US$ 15.4 US$ 14.5 US$ 13.7 US$ 12.9 US$ 12.2 US$ 11.5 US$ 10.8
-------- -------- -------- -------- -------- -------- -------- -------- --------
Amount to reduce net
income US$ 1.0 US$ 0.9 US$ 0.9 US$ 0.8 US$ 0.8 US$ 0.7 US$ 0.7 US$ 0.7 US$ 0.6
-------- -------- -------- -------- -------- -------- -------- -------- --------
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL US$ 0.64 US$ 0.61 US$ 0.57 US$ 0.54 US$ 0.51 US$ 0.48 US$ 0.45 US$ 0.43 US$ 0.40
======== ======== ======== ======== ======== ======== ======== ======== ========
<CAPTION>
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017
-------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining NOL US$ 10.2 US$ 9.6 US$ 9.1 US$ 8.5 US$ 8.1 US$ 7.6 US$ 7.2 US$ 6.8 US$ 6.4
-------- -------- -------- -------- -------- -------- -------- -------- --------
Amount to reduce net
income US$ 0.6 US$ 0.5 US$ 0.5 US$ 0.5 US$ 0.5 US$ 0.4 US$ 0.4 US$ 0.4 US$ 0.4
-------- -------- -------- -------- -------- -------- -------- -------- --------
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL US$ 0.38 US$ 0.36 US$ 0.34 US$ 0.32 US$ 0.30 US$ 0.28 US$ 0.27 US$ 0.25 US$ 0.24
======== ======== ======== ======== ======== ======== ======== ======== ========
<CAPTION>
Year 2018 2019
-------- --------
<S> <C> <C>
Remaining NOL US$ 6.0 US$ 5.7
-------- --------
Amount to reduce net
income US$ 0.3 US$ 0.3
-------- --------
Tax rate 35.0% 35.0%
After tax amount of NOL US$ 0.22 US$ 0.21
======== ========
</TABLE>
-----------------------------------------
Discount rate (1) 24.5%
NPV US$ $ 2.1
NPV, per share(2) US$ $ 0.15
=========================================
----------
(1) Based on current market conditions and Analysis of Comparable Public
Companies.
(2) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price $6.00 for the treasury stock method).
<PAGE>
PROJECT OPAL
NOL Valuation - Canada
($ in millions)
--------------------------------------------------------------------------------
-----------------------------------------------------------------
NOL
Amount CAD 5.1
NOL expiration 2000 to 2019
NOL availability in years 19
30 Year treasury Bond (09/07/00) 5.71%
=================================================================
<TABLE>
<CAPTION>
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008
-------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining NOL CAD 5.1 CAD 4.8 CAD 4.6 CAD 4.3 CAD 4.1 CAD 3.8 CAD 3.6 CAD 3.4 CAD 3.2
-------- -------- -------- -------- -------- -------- -------- -------- --------
Amount to reduce net income CAD 0.3 CAD 0.3 CAD 0.3 CAD 0.2 CAD 0.2 CAD 0.2 CAD 0.2 CAD 0.2 CAD 0.2
-------- -------- -------- -------- -------- -------- -------- -------- --------
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL CAD 0.19 CAD 0.18 CAD 0.17 CAD 0.16 CAD 0.15 CAD 0.14 CAD 0.13 CAD 0.13 CAD 0.12
======== ======== ======== ======== ======== ======== ======== ======== ========
<CAPTION>
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017
-------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining NOL CAD 3.0 CAD 2.8 CAD 2.7 CAD 2.5 CAD 2.4 CAD 2.3 CAD 2.1 CAD 2.0 CAD 1.9
-------- -------- -------- -------- -------- -------- -------- -------- --------
Amount to reduce net income CAD 0.2 CAD 0.2 CAD 0.2 CAD 0.1 CAD 0.1 CAD 0.1 CAD 0.1 CAD 0.1 CAD 0.1
-------- -------- -------- -------- -------- -------- -------- -------- --------
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL CAD 0.11 CAD 0.11 CAD 0.10 CAD 0.09 CAD 0.09 CAD 0.08 CAD 0.08 CAD 0.07 CAD 0.07
======== ======== ======== ======== ======== ======== ======== ======== ========
<CAPTION>
Year 2018 2019
-------- --------
<S> <C> <C>
Remaining NOL CAD 1.8 CAD 1.7
-------- --------
Amount to reduce net income CAD 0.1 CAD 0.1
-------- --------
Tax rate 35.0% 35.0%
After tax amount of NOL CAD 0.07 CAD 0.06
========= =========
</TABLE>
--------------------------------------
Discount rate (1) 24.5%
NPV(2) US$ $ 0.4
NPV per share.(2,3) US$ $ 0.03
======================================
----------
(1) Based on current market conditions and Analysis of Comparable Public
Companies.
(2) Based on a Canadian exchange rate of 0.675 to the U.S. dollar from
Bloomberg as of September 7, 2000.
(3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price of $6.00 for the treasury stock method).
<PAGE>
PROJECT OPAL
NOL Valuation - Europe
($ in million)
--------------------------------------------------------------------------------
-----------------------------------------------------------------
NOL
Amount EUR 7.7
NOL expiration 2007 to 2019
NOL availability in years 19
30 Year Treasury Bond (09/07/00) 5.71%
=================================================================
<TABLE>
<CAPTION>
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008
-------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining NOL EUR 7.7 EUR 7.3 EUR 6.8 EUR 6.5 EUR 6.1 EUR 5.7 EUR 5.4 EUR 5.1 EUR 4.8
-------- -------- -------- -------- -------- -------- -------- -------- --------
Amount to reduce net income EUR 0.4 EUR 0.4 EUR 0.4 EUR 0.4 EUR 0.3 EUR 0.3 EUR 0.3 EUR 0.3 EUR 0.3
-------- -------- -------- -------- -------- -------- -------- -------- --------
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL EUR 0.29 EUR 0.27 EUR 0.25 EUR 0.24 EUR 0.23 EUR 0.21 EUR 0.20 EUR 0.19 EUR 0.18
======== ======== ======== ======== ======== ======== ======== ======== ========
<CAPTION>
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017
-------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining NOL EUR 4.5 EUR 4.3 EUR 4.0 EUR 3.8 EUR 3.6 EUR 3.4 EUR 3.2 EUR 3.0 EUR 2.8
-------- -------- -------- -------- -------- -------- -------- -------- --------
Amount to reduce net income EUR 0.3 EUR 0.2 EUR 0.2 EUR 0.2 EUR 0.2 EUR 0.2 EUR 0.2 EUR 0.2 EUR 0.2
-------- -------- -------- -------- -------- -------- -------- -------- --------
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL EUR 0.17 EUR 0.16 EUR 0.15 EUR 0.14 EUR 0.13 EUR 0.13 EUR 0.12 EUR 0.11 EUR 0.11
======== ======== ======== ======== ======== ======== ======== ======== ========
<CAPTION>
Year 2018 2019
--------- --------
<S> <C> <C>
Remaining NOL EUR 2.7 EUR 2.5
--------- --------
Amount to reduce net income EUR 0.2 EUR 0.1
--------- --------
Tax rate 35.0% 35.0%
After tax amount of NOL EUR 0.10 EUR 0.09
========= ========
</TABLE>
--------------------------------------
Discount rate(1) 24.5%
NPV (2) US$ $ 0.8
NPV, per share(2,3) US$ $ 0.06
======================================
----------
(1) Based on current market conditions and Analysis of Comparable Public
Companies.
(2) Based on a Euro exchange rate of 0.8786 to the US dollar from Bloomberg as
of September 7, 2000
(3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price of $6.00 for the treasury stock method.)
<PAGE>
PROJECT OPAL
NOL Valuation - Japan
($ in millions)
--------------------------------------------------------------------------------
-----------------------------------------------------------------
NOL
Amount JPY 178.0
NOL expiration 2007 to 2019
NOL availability in years 19
30 Year Tresury Bond (09/07/00) 5.71%
=================================================================
<TABLE>
<CAPTION>
Year 2000 2001 2002 2003 2004 2005 2006 2007
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining NOL JPY 178.0 JPY 167.9 JPY 158.3 JPY 149.3 JPY 140.7 JPY 132.7 JPY 125.1 JPY 118.0
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Amount to reduce net income JPY 10.2 JPY 9.6 JPY 9.0 JPY 8.5 JPY 8.0 JPY 7.6 JPY 7.1 JPY 6.7
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL JPY 6.61 JPY 6.23 JPY 5.88 JPY 5.54 JPY 5.22 JPY 4.93 JPY 4.64 JPY 4.38
========== ========== ========== ========== ========== ========== ========== ==========
<CAPTION>
Year 2008 2009 2010 2011 2012 2013 2014 2015
---------- ---------- ---------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining NOL JPY 111.2 JPY 104.9 JPY 98.9 JPY 93.3 JPY 87.9 JPY 82.9 JPY 78.2 JPY 73.7
---------- ---------- ---------- --------- --------- --------- --------- ---------
Amount to reduce net income JPY 6.4 JPY 6.0 JPY 5.6 JPY 5.3 JPY 5.0 JPY 4.7 JPY 4.5 JPY 4.2
---------- ---------- ---------- --------- --------- --------- --------- ---------
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL JPY 4.13 JPY 3.89 JPY 3.67 JPY 3.46 JPY 3.26 JPY 3.08 JPY 2.90 JPY 2.74
========== ========== ========== ========= ========= ========= ========= =========
<CAPTION>
Year 2016 2017 2018 2019
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Remaining NOL JPY 69.5 JPY 65.5 JPY 61.8 JPY 58.3
--------- --------- --------- ---------
Amount to reduce net income JPY 4.0 JPY 3.7 JPY 3.5 JPY 3.3
--------- --------- --------- ---------
Tax rate 35.0% 35.0% 35.0% 35.0%
After tax amount of NOL JPY 2.58 JPY 2.43 JPY 2.29 JPY 2.16
========= ========= ========= =========
</TABLE>
--------------------------------------
Discount rate(1) 24.5%
NPV (2) US$ $ 0.2
NPV, per share (2,3) US$ $ 0.01
======================================
----------
(1) Based on current market conditions and Analysis of Comparable Public
Companies.
(2) Based on Yen exchange rate of 0.0095 to the U.S. dollar from Bloomberg as
of September 7, 2000.
(3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000
(assumes a stock price of $6.00 for the treasury stock method.)
<PAGE>
PROJECT OPAL
Analysis of Premiums Paid in Selected Minority Investments (1)
Transactions Announced from January 1, 1997 to Present
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date Date
Announced Effective Target Name Target Business Description
--------- --------- ----------- ---------------------------
<C> <C> <S> <C>
01/27/97 05/30/97 Revco DS Inc Own, operate drug store
02/26/97 07/02/97 Petrolite Corp Manufacture fuel additives, waxes
03/11/97 04/15/97 TPC Corp Pvd gas transmission services
04/08/97 06/12/97 Premiere Radio Networks Inc Own, op radio bdcstg stations
04/21/97 05/28/97 Goulds Pumps Inc Manufacture centrifugal pumps
05/06/97 01/05/98 Physicians Health Services Inc Own and operate HMO's
06/19/97 08/15/97 Advanced Logic Research Inc Manufacture microcomputer systems
06/20/97 06/20/97 Hugoton Energy Corp Oil and gas exploration, production
07/02/97 09/23/97 American Filtrona Corp Manufacture bonded fiber
09/26/97 09/26/97 Laclade Steel Co Own, operate steel moth
09/29/97 10/13/97 Metricom Inc Manufacture wireless common products
10/01/97 09/14/98 MCI Communications Corp Pvd telecommunication services
10/09/97 12/23/97 Melamine Chemicals Inc Manufacture melamine crystal
10/27/97 02/10/98 HomeSide Inc Mortgage bank
11/17/97 03/10/98 Shared Technologies Fairchild Inc Manufacture telecommunications equip
11/21/97 01/28/98 BDM International Inc Pvd comp info technology services
12/12/97 02/13/98 Impact Systems Inc Paper production control systems
01/08/98 07/23/98 Teleport Communications Group Inc Pvd telecommunication services
01/15/98 06/11/98 OHM Coop Operate hazardous matte sites
02/20/98 04/03/98 Brylane Inc Own, op mail-order house
03/23/98 07/28/98 Bristol Hotel Co Own operate hotels
03/27/98 03/27/98 Grand Prix Association Of Long Beach Inc Own, op motorsport facilities
04/20/98 09/15/98 Atria Communities Inc (Vencor Inc) Provide residential care services
05/04/98 06/29/98 Union Tam Petroleum Holdings Inc Oil and gas exploration, prodn
06/16/98 06/16/98 Whittaker Corp Manufacture pharmaceuticals
08/27/98 07/14/99 Capstar Broadcasting Corp Own and operate radio stations
09/21/98 09/21/98 China Pacific Inc Real estate development firm
10/22/98 03/31/99 Essex International Inc Manufacture, whl electrical wire prods
11/10/98 12/07/99 Planet Hollywood International Inc Own & operate restaurants
03/26/99 03/26/99 LXR Biotechnology Inc Pvd coml physical rsch services
03/29/99 03/29/99 Bluegreen Corp Real estate development firm
03/30/99 03/30/99 Microfield Graphic Inc Manufacture computer peripherals
04/19/99 05/27/99 Qwest Communications International Inc Pvd telephone commun services
06/28/99 10/25/99 Zenith National Insurance Corp Issuance company
10/04/99 10/04/99 Williams Industries Inc Construct and mnfr steel prod
11/29/99 11/29/99 Shorewood Packaging Corp Manufacture paperboard packaging prod
02/11/00 06/20/00 Cornerstone Properties Inc Real estate investment trust
03/14/00 06/20/00 Howmet International Inc (Cordant Technologies Inc) Manufacture investment engine parts
<CAPTION>
Date Date
Announced Effective Target Name Acquiror Name
--------- --------- ----------- -------------
<C> <C> <S> <C>
01/27/97 05/30/97 Revco DS Inc CVS Corp
02/26/97 07/02/97 Petrolite Corp Baker Hughes Inc
03/11/97 04/15/97 TPC Corp PacifiCorp Holdings Inc (PacifiCorp)
04/08/97 06/12/97 Premiere Radio Networks Inc Jacor Communications Inc
04/21/97 05/28/97 Goulds Pumps Inc ITT Industries Inc
05/06/97 01/05/98 Physicians Health Services Inc Foundation Health Systems Inc
06/19/97 08/15/97 Advanced Logic Research Inc Gateway 2000 Inc
06/20/97 06/20/97 Hugoton Energy Corp Belco Oil & Gas Corp
07/02/97 09/23/97 American Filtrona Corp Bunzl PLC
09/26/97 09/26/97 Laclade Steel Co Birmingham Steel Corp
09/29/97 10/13/97 Metricom Inc Vulcan Ventures Inc
10/01/97 09/14/98 MCI Communications Corp WorldCom Inc
10/09/97 12/23/97 Melamine Chemicals Inc Borden Chemical Inc
10/27/97 02/10/98 HomeSide Inc National Australia Bank Ltd
11/17/97 03/10/98 Shared Technologies Fairchild Inc Intermedia Communications Inc
11/21/97 01/28/98 BDM International Inc TRW Inc
12/12/97 02/13/98 Impact Systems Inc Voith Sulzer Paper Technology North America Inc
01/08/98 07/23/98 Teleport Communications Group Inc AT&T Corp
01/15/98 06/11/98 OHM Coop International Technology Corp
02/20/98 04/03/98 Brylane Inc Redoute-Catalogue SA
03/23/98 07/28/98 Bristol Hotel Co Felcor Lodging Trust Inc
03/27/98 03/27/98 Grand Prix Association Of Long Beach Inc Dover Downs Entertainment Inc
04/20/98 09/15/98 Atria Communities Inc (Vencor Inc) Kapson Senior Quarters Corp
05/04/98 06/29/98 Union Tam Petroleum Holdings Inc Atlantic Richfield Co (ARCO)
06/16/98 06/16/98 Whittaker Corp Canpartners Investments IV
08/27/98 07/14/99 Capstar Broadcasting Corp Chancellor Media Corp
09/21/98 09/21/98 China Pacific Inc Great China Industries Ltd
10/22/98 03/31/99 Essex International Inc Superior Telecom Inc
11/10/98 12/07/99 Planet Hollywood International Inc Kingdom Planet Hollywood Ltd
03/26/99 03/26/99 LXR Biotechnology Inc Grace Brothers Ltd
03/29/99 03/29/99 Bluegreen Corp Morgan Stanley Real Estate Fund III
03/30/99 03/30/99 Microfield Graphic Inc Steelcase Inc
04/19/99 05/27/99 Qwest Communications International Inc BellSouth Corp
06/28/99 10/25/99 Zenith National Insurance Corp Fairfax Financial Holdings Ltd
10/04/99 10/04/99 Williams Industries Inc Kravata of Virginia Inc
11/29/99 11/29/99 Shorewood Packaging Corp Chesapeake Corp
02/11/00 06/20/00 Cornerstone Properties Inc Equity Office Properties Trust
03/14/00 06/20/00 Howmet International Inc (Cordant Technologies Inc) Alcoa Inc
<CAPTION>
% of
Date Date Shares
Announced Effective Target Name Acquiror Business Description Acquired
--------- --------- ----------- ----------------------------- --------
<C> <C> <S> <C> <C>
01/27/97 05/30/97 Revco DS Inc Own and operate drug stores 19.0
02/26/97 07/02/97 Petrolite Corp Manufacture oil, gas field machinery 47.0
03/11/97 04/15/97 TPC Corp Pvd telephone commun services 22.5
04/08/97 06/12/97 Premiere Radio Networks Inc Own, op radio bdcstg stations 36.4
04/21/97 05/28/97 Goulds Pumps Inc Manufacture brakes and chassis sys 10.0
05/06/97 01/05/98 Physicians Health Services Inc Own, op HMO's holding company 27.0
06/19/97 08/15/97 Advanced Logic Research Inc Manufacture personal computers 42.0
06/20/97 06/20/97 Hugoton Energy Corp Oil and gas exploration, prodn 14.9
07/02/97 09/23/97 American Filtrona Corp Manufacture, whl paper, plastic prod 25.8
09/26/97 09/26/97 Laclade Steel Co Manufacture steel, steel prod 48.1
09/29/97 10/13/97 Metricom Inc Investment firm 23.4
10/01/97 09/14/98 MCI Communications Corp Pvd telecommunication services 19.7
10/09/97 12/23/97 Melamine Chemicals Inc Manufacture formaldehyde, resins 23.4
10/27/97 02/10/98 HomeSide Inc Bank, insurance co 26.0
11/17/97 03/10/98 Shared Technologies Fairchild Inc Pvd telecommunications services 23.3
11/21/97 01/28/98 BDM International Inc Elect equip, credit reporting 25.8
12/12/97 02/13/98 Impact Systems Inc Provide paper tech dvlp services 23.0
01/08/98 07/23/98 Teleport Communications Group Inc Own, op telecommunications sys 28.5
01/15/98 06/11/98 OHM Coop Pvd pollution engineering services 35.0
02/20/98 04/03/98 Brylane Inc Provide mail order services 47.5
03/23/98 07/28/98 Bristol Hotel Co Real estate investment trust 30.0
03/27/98 03/27/98 Grand Prix Association Of Long Beach Inc Own. op race track, casinos 14.6
04/20/98 09/15/98 Atria Communities Inc (Vencor Inc) Provide residential care services 37.6
05/04/98 06/29/98 Union Tam Petroleum Holdings Inc Oil and gas exploration, production 25.6
06/16/98 06/16/98 Whittaker Corp Investor group 17.6
08/27/98 07/14/99 Capstar Broadcasting Corp Own, op radio broadcasting sum 25.0
09/21/98 09/21/98 China Pacific Inc Manufacture steel products 36.2
10/22/98 03/31/99 Essex International Inc Manufacture copper wire/cable prod 48.0
11/10/98 12/07/99 Planet Hollywood International Inc Own, operate restaurants 14.2
03/26/99 03/26/99 LXR Biotechnology Inc Securities brokerage firm 21.0
03/29/99 03/29/99 Bluegreen Corp Pvd fund mgmt, fin advisory svc 17.3
03/30/99 03/30/99 Microfield Graphic Inc Manufacture office furniture, hardwar 21.6
04/19/99 05/27/99 Qwest Communications International Inc Pvd telecommunication services 20.0
06/28/99 10/25/99 Zenith National Insurance Corp Insurance company 38.4
10/04/99 10/04/99 Williams Industries Inc Investment company 17.3
11/29/99 11/29/99 Shorewood Packaging Corp Manufacture paper and pulp products 14.9
02/11/00 06/20/00 Cornerstone Properties Inc Real estate investment trust 30.0
03/14/00 06/20/00 Howmet International Inc (Cordant Technologies Inc) Manufacture, whl aluminum products 15.4
<CAPTION>
% Premium Prior to Announcement
Date Date -------------------------------
Announced Effective Target Name 1 day 1 week 4 weeks
--------- --------- ----------- ----- ------ -------
<C> <C> <S> <C> <C> <C>
01/27/97 05/30/97 Revco DS Inc 7.6% 11.5% 17.7%
02/26/97 07/02/97 Petrolite Corp 62.7 83.5 78.1
03/11/97 04/15/97 TPC Corp 52.2 65.0 55.5
04/08/97 06/12/97 Premiere Radio Networks Inc 17.4 19.2 19.2
04/21/97 05/28/97 Goulds Pumps Inc 61.7 57.4 60.9
05/06/97 01/05/98 Physicians Health Services Inc 23.5 27.0 51.7
06/19/97 08/15/97 Advanced Logic Research Inc 29.2 30.3 34.8
06/20/97 06/20/97 Hugoton Energy Corp (9.7) (2.3) (11.6)
07/02/97 09/23/97 American Filtrona Corp 8.8 2.2 3.4
09/26/97 09/26/97 Laclade Steel Co 106.5 106.5 106.5
09/29/97 10/13/97 Metricom Inc (4.9) (4.1) 16.6
10/01/97 09/14/98 MCI Communications Corp 103.0 101.0 94.3
10/09/97 12/23/97 Melamine Chemicals Inc 70.8 72.6 70.8
10/27/97 02/10/98 HomeSide Inc 14.7 12.1 7.3
11/17/97 03/10/98 Shared Technologies Fairchild Inc 66.7 106.9 163.7
11/21/97 01/28/98 BDM International Inc 31.1 43.5 38.0
12/12/97 02/13/98 Impact Systems Inc 57.1 49.2 44.3
01/08/98 07/23/98 Teleport Communications Group Inc (2.4) 1.7 17.0
01/15/98 06/11/98 OHM Coop 24.2 45.1 0.0
02/20/98 04/03/98 Brylane Inc 0.0 (1.9) 4.2
03/23/98 07/28/98 Bristol Hotel Co (11.1) (5.9) (0.9)
03/27/98 03/27/98 Grand Prix Association Of Long Beach Inc (5.3) 3.3 2.9
04/20/98 09/15/98 Atria Communities Inc (Vencor Inc) 2.5 7.3 (0.3)
05/04/98 06/29/98 Union Tam Petroleum Holdings Inc 41.5 46.8 36.5
06/16/98 06/16/98 Whittaker Corp (7.7) (9.0) (19.3)
08/27/98 07/14/99 Capstar Broadcasting Corp (6.1) (3.8) (17.8)
09/21/98 09/21/98 China Pacific Inc (19.7) (36.9) (26.4)
10/22/98 03/31/99 Essex International Inc 38.0 106.5* 69.5
11/10/98 12/07/99 Planet Hollywood International Inc 12.5 12.5 35.8
03/26/99 03/26/99 LXR Biotechnology Inc 14.3 6.7 6.7
03/29/99 03/29/99 Bluegreen Corp 51.1 38.8 32.0
03/30/99 03/30/99 Microfield Graphic Inc 35.8 16.1 20.0
04/19/99 05/27/99 Qwest Communications International Inc (42.4)* (48.0) (33.5)
06/28/99 10/25/99 Zenith National Insurance Corp 12.8 13.1 23.1
10/04/99 10/04/99 Williams Industries Inc (17.2) (14.3) (20.0)
11/29/99 11/29/99 Shorewood Packaging Corp 22.1 27.8 32.1
02/11/00 06/20/00 Cornerstone Properties Inc 21.3 21.8 16.4
03/14/00 06/20/00 Howmet International Inc (Cordant Technologies Inc) 13.5 12.8 14.3
<CAPTION>
--------------------------------------------------------------------------------------
AVERAGE 24.8% 24.7% 27.5%
MEDIAN 16.1 14.6 18.5
======================================================================================
</TABLE>
----------
* - Excluded from average
Source: SDC as of September 9, 2000
(1) Excludes transactions by Investor groups and shares acquired which equals
less than 10%.
<PAGE>
VI. MergerStat Review Premiums
<PAGE>
PROJECT OPAL
Summary of Recent Mergers and Acquisition Activity
(dollars in millions)
<TABLE>
<CAPTION>
1992 1993 1994 1995 1996 1997 1998 1999 AVERAGE
------- -------- -------- -------- -------- -------- ---------- ---------- -------
All Industries:
---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Numberof Net Acquisition
Announcements 2,574 2,663 2,997 3,510 5,848 7,800 7,809 9,278
Total Dollar Value Paid [1] $96,688 $176,400 $226,671 $356,016 $494,962 $657,063 $1,191,861 $1,425,885
Average Premium Paid Over
Market [2] 41.0% 38.7% 41.9% 44.7% 36.6% 35.7% 40.7% 43.3% 40.3%
Median Premium Paid Over
Market [2] 34.7% 33.0% 35.0% 29.2% 27.3% 27.5% 30.1% 34.6% 31.4%
Average Price/Earnings
Ratio Paid 22.7 x 24.4 x 24.5 x 23.8 x 26.2 x 27.4 x 25.1 x 24.3 x 24.8 x
Median Price/Earnings
Ratio Paid 18.1 x 20.0 x 20.2 x 19.1 x 20.3 x 22.9 x 20.6 x 20.5 x 20.2 x
------
</TABLE>
---------------
[1] Includes only transactions with a publicly disclosed purchase price. All
statistics are based on the stock closing price one day prior to
announcement.
[2] Premium calculations are based on the seller's closing market price five
business days before the initial annoucement and exclude negative
premiums.
Source: Mergerstat Review
<PAGE>
PROJECT OPAL
Distribution of M&A Premiums Offered
1990 - 1999
<TABLE>
<CAPTION>
Over 20% Over 40% Over 60% Over 80%
Year Under 20% Through 40% Through 60% Through 80% Through 100% Over 100% TOTAL
---- --------- ----------- ----------- ----------- ------------ --------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1990 61 34.9% 44 25.1% 34 19.4% 14 8.0% 7 4.0% 15 8.6% 175 100.0%
1991 50 36.5% 42 30.7% 28 20.4% 7 5.1% 4 2.9% 6 4.4% 137 100.0%
1992 42 29.6% 42 29.6% 21 14.8% 19 13.4% 14 9.9% 4 2.8% 142 100.0%
1993 47 27.2% 63 36.4% 34 19.7% 14 8.1% 9 5.2% 6 3.5% 173 100.0%
1994 66 25.4% 89 34.2% 52 20.0% 28 10.8% 7 2.7% 18 6.9% 260 100.0%
1995 106 32.7% 108 33.3% 55 17.0% 22 6.8% 6 1.9% 27 8.3% 324 100.0%
1996 136 35.7% 117 30.7% 70 18.4% 34 8.9% 10 2.6% 14 3.7% 381 100.0%
1997 171 35.1% 169 34.7% 84 17.2% 35 7.2% 15 3.1% 13 2.7% 487 100.0%
1998 175 34.2% 156 30.5% 83 16.2% 46 9.0% 17 3.3% 35 6.8% 512 100.0%
1999 179 24.8% 251 34.7% 147 20.3% 74 10.2% 26 3.6% 46 6.4% 723 100.0%
</TABLE>
Distribution of M&A P/E Ratios Offered
1992 - 1997
<TABLE>
<CAPTION>
Over 8.5x Over 10.5x Over 13.0x Over 17.0x
Year Under 8.5x Through 10.5x Through 13.0x Through 17.0x Through 25.0x Over 25.0x TOTAL
---- ---------- ------------- ------------- ------------- ------------- ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1992 10 9.6% 2 1.9% 17 16.3% 16 15.4% 26 25.0% 33 31.7% 104 100.0%
1993 5 3.9% 5 3.9% 6 4.7% 27 21.3% 41 32.3% 43 33.9% 127 100.0%
1994 10 5.0% 12 5.9% 16 7.9% 39 19.3% 48 23.8% 77 38.1% 202 100.0%
1995 14 5.5% 14 5.5% 29 11.4% 45 17.6% 68 26.7% 85 33.3% 255 100.0%
1996 29 8.1% 16 4.5% 24 6.7% 60 16.8% 96 26.9% 132 37.0% 357 100.0%
1997 45 8.5% 17 3.2% 29 5.5% 54 10.2% 153 28.8% 233 43.9% 531 100.0%
1998 83 12.1% 40 5.8% 54 7.8% 76 11.0% 170 24.7% 265 38.5% 688 100.0%
1999 78 10.6% 30 4.1% 56 7.6% 109 14.7% 214 29.0% 252 34.1% 739 100.0%
</TABLE>
Source: Mergerstat Review
<PAGE>
PROJECT OPAL
M&A Premiums and P/E Ratios Offered by Deal Size
1992 - 1999
1. Median Percent Premium Offered
<TABLE>
<CAPTION>
Purchase Price: 1992 (Base) 1993 (Base) 1994 (Base) 1995 (Base) 1996 (Base)
--------------- ------------- -------------- --------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$25.0 million or less 33.3% (35) 32.3% (38) 42.9% (45) 42.9% (53) 32.2% (39)
$25.0 through $50.0 million 21.6% (30) 36.7% (28) 33.9% (36) 24.4% (53) 26.4% (56)
$50.0 through $100.0 million 32.3% (22) 31.5% (31) 27.8% (53) 35.4% (44) 27.3% (68)
$l00.0 million or more 39.0% (55) 32.0% (76) 35.8% (126) 29.9% (174) 26.6% (218)
Cash Consideration 29.6% (35) 32.5% (46) 36.8% (59) 28.4% (91) 26.7% (115)
<CAPTION>
Purchase Price: 1997 (Base) 1998 (Base) 1999 (Base)
--------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
$25.0 million or less 36.9% (52) 39.8% (55) 35.5% (86)
$25.0 through $50.0 million 22.4% (40) 34.7% (54) 33.0% (74)
$50.0 through $100.0 million 26.6% (63) 38.5% (79) 34.9% (106)
$l00.0 million or more 27.6% (332) 27.5% (323) 34.3% (456)
Cash Consideration 25.8% (191) 30.1% 213 33.4% 380
</TABLE>
II. Median P/E Ratio Offered
<TABLE>
<CAPTION>
Purchase Price: 1992 (Base) 1993 (Base) 1994 (Base) 1995 (Base) 1996 (Base)
--------------- ------------- -------------- --------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$25.0 million or less 15.5 (29) 17.6 (17) 17.5 (23) 17.0 (31) 16.2 (64)
$25.0 through $500 million 18.4 (22) 20.3 (18) 20.3 (27) 14.8 (33) 20.3 (53)
$30.0 through $100.0 million 21.1 (17) 18.1 (26) 17.1 (42) 19.2 (38) 20.5 (54)
$l00.O million or more 23.2 (36) 24.2 (66) 21.8 (110) 21.1 (153) 21.3 (186)
Cash Consideration 17.4 (27) 19.9 (32) 23.3 (38) 18.0 (68) 21.1 (106)
Public Companies 18.1 (89) 19.7 (113) 19.8 (184) 19.4 (239) 21.7 (288)
<CAPTION>
Purchase Price: 1997 (Base) 1998 (Base) 1999 (Base)
--------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
$25.0 million or less 15.9 (99) 12.6 (193) 14.9 (154)
$25.0 through $500 million 18.7 (48) 20.2 (88) 19.4 (91)
$30.0 through $100.0 million 22.7 (69) 22.3 (95) 20.5 (104)
$l00.O million or more 25.2 (315) 24.2 (312) 21.9 (390)
Cash Consideration 21.0 (183) 17.5 227 20.1 336
Public Companies 25.0 (389) 24.0 362 21.7 434
</TABLE>
Source: Mergerstat Review
<PAGE>
APPENDIX
<PAGE>
I. Stock Price and Volume History
<PAGE>
PROJECT OPAL
Trading Statistics
Daily from September 7, 1999 to September 7, 2000
----------------------------------------------------------------------
Average Closing Price: Average Daily Volume:
---------------------- ---------------------
One Year $3.44 One Year 19,289
90 Days 3.29 90 Days 15,170
60 Days 3.20 60 Days 17,895
30 Days 3.27 30 Days 27,500
5 Days 4.53 5 Days 124,980
High Close (09/07/00) 4.94 High Volume (09/01/00) 465,500
Low Close (12/29/99) 2.69 Low Volume (07/25/00) 500
----------------------------------------------------------------------
Date High Low Close Volume
----------- ----- ----- ----- --------
07-Sep-2000 $5.00 $4.69 $4.94 39,300
06-Sep-2000 4.94 4.69 4.81 22,400
05-Sep-2000 4.94 4.63 4.94 67,800
01-Sep-2000 5.13 3.06 4.94 465,500
31-Aug-2000 3.06 2.88 3.00 29,900
30-Aug-2000 3.00 2.94 3.00 4,500
29-Aug-2000 3.06 2.94 3.00 11,300
28-Aug-2000 3.06 2.88 2.94 13,200
25-Aug-2000 3.00 2.75 3.00 4,100
24-Aug-2000 3.00 2.94 3.00 2,600
23-Aug-2000 3.00 2.81 3.00 12,300
22-Aug-2000 3.00 2.94 3.00 25,600
21-Aug-2000 3.06 2.94 3.00 10,200
18-Aug-2000 3.00 2.81 3.00 12,100
<PAGE>
Date High Low Close Volume
----------- ----- ----- ----- --------
17-Aug-2000 $3.00 $2.88 $3.00 5,100
16-Aug-2000 3.00 2.88 3.00 2,200
15-Aug-2000 3.00 2.88 3.00 1,400
14-Aug-2000 3.00 2.88 3.00 9,500
11-Aug-2000 3.00 2.94 3.00 7,600
10-Aug-2000 3.00 3.00 3.00 2,000
09-Aug-2000 3.06 3.00 3.00 1,200
08-Aug-2000 3.00 3.00 3.00 700
07-Aug-2000 3.19 3.00 3.00 8,600
04-Aug-2000 3.06 2.94 3.06 8,900
03-Aug-2000 3.00 2.94 3.00 17,600
02-Aug-2000 3.06 3.00 3.06 2,900
01-Aug-2000 3.06 3.00 3.00 21,500
31-Jul-2000 3.13 3.00 3.06 17,200
28-Jul-2000 3.13 3.13 3.13 2,000
27-Jul-2000 3.25 3.13 3.19 13,800
26-Jul-2000 3.31 3.13 3.25 9,500
25-Jul-2000 3.38 3.38 3.38 500
24-Jul-2000 3.38 3.25 3.25 4,700
21-Jul-2000 3.31 3.00 3.31 12,200
20-Jul-2000 3.25 3.19 3.19 3,300
19-Jul-2000 3.25 3.19 3.19 31,000
18-Jul-2000 3.06 3.00 3.06 16,100
17-Jul-2000 3.13 3.00 3.00 6,200
14-Jul-2000 3.13 3.00 3.13 4,900
13-Jul-2000 3.06 2.88 3.00 18,300
12-Jul-2000 3.19 3.00 3.06 10,600
11-Jul-2000 3.06 3.00 3.06 19,800
10-Jul-2000 3.06 3.00 3.00 3,600
07-Jul-2000 3.06 3.00 3.00 4,500
06-Jul-2000 3.06 3.06 3.06 700
05-Jul-2000 3.13 3.06 3.13 3,100
03-Jul-2000 3.13 3.13 3.13 500
30-Jun-2000 3.25 3.13 3.13 1,300
29-Jun-2000 3.25 3.13 3.13 3,300
28-Jun-2000 3.25 3.13 3.13 16,000
27-Jun-2000 3.00 3.00 3.00 5,100
26-Jun-2000 3.13 3.13 3.13 4,800
<PAGE>
Date High Low Close Volume
----------- ----- ----- ----- --------
23-Jun-2000 $3.19 $3.06 $3.13 6,000
22-Jun-2000 3.19 3.06 3.06 9,100
21-Jun-2000 3.19 3.06 3.13 3,600
20-Jun-2000 3.25 3.13 3.25 2,100
19-Jun-2000 3.38 3.06 3.06 6,800
16-Jun-2000 3.38 3.19 3.25 11,700
15-Jun-2000 3.25 3.06 3.13 18,600
14-Jun-2000 3.19 3.06 3.19 2,800
13-Jun-2000 3.38 3.13 3.13 7,900
12-Jun-2000 3.38 3.19 3.38 12,500
09-Jun-2000 3.13 3.06 3.06 2,600
08-Jun-2000 3.13 3.13 3.13 8,700
07-Jun-2000 3.13 3.06 3.13 9,300
06-Jun-2000 3.38 3.06 3.25 10,700
05-Jun-2000 3.25 3.00 3.19 23,100
02-Jun-2000 3.38 3.00 3.13 7,900
01-Jun-2000 3.25 3.00 3.13 6,600
3l-May-2000 3.38 3.25 3.31 2,500
30-May-2000 3.38 3.25 3.25 3,300
26-May-2000 3.31 3.19 3.31 5,400
25-May-2000 3.25 3.13 3.25 8,700
24-May-2000 3.38 3.19 3.19 4,000
23-May-2000 3.44 3.25 3.44 26,700
22-May-2000 3.38 3.25 3.38 12,900
19-May-2000 3.63 3.38 3.38 16,000
18-May-2000 3.50 3.44 3.50 10,300
17-May-2000 3.56 3.50 3.50 2,000
16-May-2000 3.63 3.56 3.56 7,100
15-May-2000 3.75 3.50 3.63 14,700
12-May-2000 3.88 3.63 3.63 16,400
11-May-2000 3.94 3.88 3.88 600
10-May-2000 3.81 3.75 3.81 500
09-May-2000 3.94 3.75 3.88 2,700
08-May-2000 3.94 3.75 3.88 3,900
05-May-2000 3.94 3.69 3.81 12,800
04-May-2000 3.88 3.56 3.69 19,700
03-May-2000 3.75 3.63 3.75 7,400
02-May-2000 3.94 3.81 3.81 19,900
<PAGE>
Date High Low Close Volume
----------- ----- ----- ----- --------
01-May-2000 $4.00 $3.81 $3.81 10,000
28-Apr-2000 4.06 3.88 3.88 27,400
27-Apr-2000 4.00 3.13 3.94 54,600
26-Apr-2000 3.38 3.19 3.25 19,200
25-Apr-2000 3.56 3.13 3.31 82,200
24-Apr-2000 3.69 3.50 3.50 10,600
20-Apr-2000 3.75 3.63 3.75 8,300
19-Apr-2000 3.81 3.75 3.75 3,700
18-Apr-2000 3.94 3.75 3.81 19,000
17-Apr-2000 3.75 3.63 3.69 31,500
14-Apr-2000 3.88 3.63 3.63 29,000
13-Apr-2000 3.81 3.75 3.75 23,600
12-Apr-2000 3.94 3.75 3.88 10,900
11-Apr-2000 3.94 3.75 3.94 9,900
10-Apr-2000 4.06 3.75 3.88 34,300
07-Apr-2000 4.19 3.75 4.00 37,400
06-Apr-2000 3.88 3.63 3.63 12,000
05-Apr-2000 3.75 3.69 3.69 6,000
04-Apr-2000 3.94 3.69 3.69 48,300
03-Apr-2000 3.94 3.75 3.75 16,900
31-Mar-2000 3.88 3.81 3.88 15,100
30-Mar-2000 3.81 3.56 3.75 12,900
29-Mar-2000 3.63 3.56 3.63 3,700
28-Mar-2000 3.69 3.63 3.69 18,400
27-Mar-2000 3.88 3.63 3.63 8,800
24-Mar-2000 3.75 3.50 3.69 16,300
23-Mar-2000 3.75 3.56 3.75 24,800
22-Mar-2000 3.81 3.56 3.56 17,000
21-Mar-2000 3.81 3.69 3.81 1,500
20-Mar-2000 3.94 3.75 3.81 8,000
17-Mar-2000 3.75 3.63 3.75 5,900
16-Mar-2000 3.81 3.56 3.81 7,400
15-Mar-2000 3.69 3.38 3.63 13,500
14-Mar-2000 3.94 3.56 3.75 23,500
13-Mar-2000 3.81 3.56 3.81 12,600
10-Mar-2000 4.00 3.69 3.69 24,400
09-Mar-2000 3.88 3.63 3.75 12,800
08-Mar-2000 4.00 3.81 3.94 9,000
<PAGE>
Date High Low Close Volume
----------- ----- ----- ----- --------
07-Mar-2000 $3.94 $3.88 $3.94 6,000
06-Mar-2000 4.13 4.00 4.00 8,900
03-Mar-2000 4.25 4.00 4.13 24,700
02-Mar-2000 4.25 3.88 4.00 27,100
0l-Mar-2000 4.19 3.81 4.00 52,200
29-Feb-2000 3.81 3.69 3.69 9,300
28-Feb-2000 3.81 3.69 3.69 5,300
25-Feb-2000 3.81 3.69 3.81 26,500
24-Feb-2000 4.00 3.81 3.81 29,800
23-Feb-2000 4.25 4.00 4.06 13,200
22-Feb-2000 4.50 4.13 4.25 58,800
18-Feb-2000 4.38 4.00 4.00 60,300
17-Feb-2000 4.31 4.13 4.31 49,700
16-Feb-2000 4.25 3.94 4.19 48,300
15-Feb-2000 3.94 3.50 3.75 59,700
14-Feb-2000 3.63 3.38 3.50 23,600
11-Feb-2000 3.44 3.38 3.38 11,100
10-Feb-2000 3.50 3.38 3.44 2,000
09-Feb-2000 3.50 3.38 3.38 21,400
08-Feb-2000 3.44 3.38 3.38 8,300
07-Feb-2000 3.50 3.31 3.44 6,500
04-Feb-2000 3.50 3.31 3.44 11,700
03-Feb-2000 3.50 3.38 3.44 8,300
02-Feb-2000 3.44 3.31 3.38 8,300
01-Feb-2000 3.56 3.38 3.38 5,300
31-Jan-2000 3.50 3.31 3.50 14,200
28-Jan-2000 3.56 3.44 3.44 10,200
27-Jan-2000 3.63 3.50 3.50 5,400
26-Jan-2000 3.69 3.50 3.50 13,100
25-Jan-2000 3.56 3.38 3.50 28,500
24-Jan-2000 3.56 3.38 3.44 13,400
21-Jan-2000 3.56 3.31 3.44 19,500
20-Jan-2000 3.63 3.38 3.44 11,300
19-Jan-2000 3.75 3.44 3.56 55,000
18-Jan-2000 3.81 3.63 3.63 25,900
14-Jan-2000 3.75 3.63 3.69 17,700
13-Jan-2000 4.00 3.69 3.75 45,400
12-Jan-2000 4.31 4.00 4.00 18,100
<PAGE>
Date High Low Close Volume
----------- ----- ----- ----- --------
11-Jan-2000 $4.38 $4.13 $4.13 26,500
I0-Jan-2000 4.50 4.31 4.31 54,100
07-Jan-2000 4.63 4.25 4.38 68,200
06-Jan-2000 4.69 4.13 4.44 366,600
05-Jan-2000 4.25 2.94 4.00 135,000
04-Jan-2000 2.94 2.75 2.88 10,000
03-Jan-2000 3.06 2.94 3.00 36,100
31-Dec-1999 2.94 2.69 2.88 39,500
30-Dec-1999 2.81 2.69 2.81 27,600
29-Dec-1999 2.75 2.63 2.69 18,600
28-Dec-1999 2.94 2.69 2.75 22,900
27-Dec-1999 2.94 2.75 2.94 13,500
23-Dec-1999 3.00 2.50 3.00 34,400
22-Dec-I999 3.00 2.75 3.00 15,700
21-Dec-1999 3.00 2.81 3.00 17,300
20-Dec-1999 3.00 2.81 3.00 9,700
17-Dec-1999 3.00 2.81 3.00 37,800
16-Dec-1999 3.00 2.81 3.00 19,900
15-Dec-1999 3.00 2.88 3.00 55,500
14-Dec-1999 3.00 2.94 3.00 15,400
13-Dec-1999 3.06 2.94 3.00 22,600
10-Dec-1999 3.06 2.94 3.00 29,900
09-Dec-1999 3.06 2.88 3.06 15,000
08-Dec-1999 3.06 2.81 3.00 82,000
07-Dec-1999 3.13 3.00 3.06 5,700
06-Dec-1999 3.13 2.94 3.00 30,000
03-Dec-1999 3.19 2.94 3.00 3,700
02-Dec-1999 3.19 3.00 3.06 6,400
01-Dec-1999 3.06 2.94 3.00 27,300
30-Nov-I999 3.06 3.00 3.00 5,600
29-Nov-1999 3.13 3.00 3.06 13,100
26-Nov-1999 3.19 3.06 3.19 6,500
24-Nov-1999 3.25 3.19 3.19 5,000
23-Nov-1999 3.25 3.00 3.19 22,100
22-Nov-1999 3.25 3.06 3.06 22,900
19-Nov-1999 3.31 3.13 3.13 28,000
18-Nov-1999 3.38 3.19 3.19 23,400
17-Nov-1999 3.38 3.19 3.19 8,000
<PAGE>
Date High Low Close Volume
----------- ------ ----- ----- --------
16-Nov-1999 $3.38 $3.25 $3.25 9,000
15-Nov-1999 3.38 3.19 3.19 22,800
12-Nov-1999 3.31 3.00 3.25 21,300
11-Nov-1999 3.25 3.00 3.00 28,400
10-Nov-1999 3.38 3.13 3.13 15,900
09-Nov-1999 3.38 3.19 3.25 3,600
08-Nov-1999 3.38 3.19 3.25 15,700
05-Nov-1999 3.31 3.19 3.25 3,800
04-Nov-1999 3.31 3.06 3.19 18,600
03-Nov-1999 3.31 3.13 3.13 9,600
02-Nov-1999 3.25 3.13 3.13 13,200
01-Nov-1999 3.31 3.19 3.25 4,800
29-Oct-1999 3.44 3.19 3.25 9,600
28-Oct-1999 3.44 3.38 3.38 1,300
27-Oct-1999 3.44 3.25 3.31 10,200
26-Oct-1999 3.50 3.38 3.50 12,400
25-Oct-1999 3.44 3.44 3.44 3,200
22-Oct-1999 3.56 3.44 3.44 2,900
21-Oct-1999 3.50 3.44 3.44 3,900
20-Oct-1999 3.50 3.44 3.44 6,100
19-Oct-1999 3.69 3.50 3.63 11,400
18-Oct-1999 3.56 3.44 3.56 2,300
15-Oct-1999 3.63 3.38 3.44 6,000
14-Oct-1999 3.63 3.38 3.38 17,300
13-Oct-1999 3.50 3.38 3.50 24,400
12-Oct-1999 3.44 3.38 3.44 11,300
11-Oct-1999 3.38 3.25 3.38 12,600
08-Oct-1999 3.38 3.31 3.31 6,000
07-Oct-1999 3.38 3.25 3.25 5,200
06-Oct-1999 3.38 3.25 3.25 8,900
05-Oct-1999 3.50 3.25 3.25 25,600
04-Oct-1999 3.50 3.44 3.44 3,400
01-Oct-1999 3.50 3.44 3.50 13,200
30-Sep-1999 3.63 3.38 3.50 65,400
29-Sep-1999 3.75 3.63 3.63 28,400
28-Sep-1999 3.75 3.75 3.75 2,600
27-Sep-1999 3.81 3.75 3.75 6,300
24-Sep-1999 3.75 3.69 3.69 1,900
<PAGE>
Date High Low Close Volume
----------- ------ ----- ----- --------
23-Sep-1999 $3.81 $3.75 $3.75 5,200
22-Sep-1999 3.88 3.88 3.88 1,000
21-Sep-1999 3.81 3.75 3.75 11,100
20-Sep-1999 3.94 3.88 3.88 2,400
17-Sep-1999 3.94 3.81 3.94 11,400
16-Sep-1999 3.81 3.81 3.81 4,700
15-Sep-1999 3.88 3.81 3.81 3,700
14-Sep-1999 3.88 3.81 3.88 4,800
13-Sep-1999 3.88 3.88 3.88 3,400
10-Sep-1999 4.00 3.88 3.94 31,700
09-Sep-1999 4.00 3.94 4.00 6,200
08-Sep-1999 4.00 3.94 4.00 10,400
07-Sep-1999 4.13 4.00 4.00 7,700
--------------------------------------------------------------------------------
Source: FACTSET
<PAGE>
PROJECT OPAL
Trading Statistics
Weekly from September 5, 1997 to September 8, 2000
--------------------------------------------------------------------------------
Average Closing Price: Average Weekly Volume:
--------------------- ---------------------
One Year $3.47 One Year 93,719
90 Weeks 3.66 90 Weeks 143,888
60 Weeks 3.60 60 Weeks 93,393
30 Weeks 3.53 30 Weeks 87,165
5 Weeks 3.71 5 Weeks 161,520
High Close (07/16/99) 5.63 High Volume (05/14/99) 940,200
Low Close (12/12/97) 2.44 Low Volume (07/07/00) 8,800
--------------------------------------------------------------------------------
Date High Low Close Volume
----------- ------ ----- ----- --------
08-Sep-2000 $5.00 $4.63 $4.63 178,000
01-Sep-2000 5.13 2.88 4.94 524,400
25-Aug-2000 3.06 2.75 3.00 54,800
18-Aug-2000 3.00 2.81 3.00 30,300
11-Aug-2000 3.19 2.94 3.00 20,100
04-Aug-2000 3.13 2.94 3.06 68,100
28-Jul-2000 3.38 3.13 3.13 30,500
21-Jul-2000 3.31 3.00 3.31 68,800
14-Jul-2000 3.19 2.88 3.13 57,200
07-Jul-2000 3.13 3.00 3.00 8,800
30-Jun-2000 3.25 3.00 3.13 30,500
23-Jun-2000 3.38 3.06 3.13 27,600
16-Jun-2000 3.38 3.06 3.25 53,500
09-Jun-2000 3.38 3.00 3.06 54,400
02-Jun-2000 3.38 3.00 3.13 20,300
26-May-2000 3.44 3.13 3.31 57,700
19-May-2000 3.75 3.38 3.38 50,100
<PAGE>
Date High Low Close Volume
----------- ------ ----- ----- --------
12-May-2000 $3.94 $3.63 $3.63 24,100
05-May-2000 4.00 3.56 3.81 69,800
28-Apr-2000 4.06 3.13 3.88 194,000
20-Apr-2000 3.94 3.63 3.75 62,500
14-Apr-2000 4.06 3.63 3.63 107,700
07-Apr-2000 4.19 3.63 4.00 120,600
31-Mar-2000 3.88 3.56 3.88 58,900
24-Mar-2000 3.94 3.50 3.69 67,600
17-Mar-2000 3.94 3.38 3.75 62,900
10-Mar-2000 4.13 3.63 3.69 61,100
03-Mar-2000 4.25 3.69 4.13 118,600
25-Feb-2000 4.50 3.69 3.81 128,300
18-Feb-2000 4.38 3.38 4.00 241,600
11-Feb-2000 3.50 3.31 3.38 49,300
04-Feb-2000 3.56 3.31 3.44 47,800
28-Jan-2000 3.69 3.38 3.44 70,600
21-Jan-2000 3.81 3.31 3.44 111,700
14-Jan-2000 4.50 3.63 3.69 161,800
07-Jan-2000 4.69 2.75 4.38 615,900
31-Dec-1999 2.94 2.63 2.88 122,100
23-Dec-1999 3.00 2.50 3.00 77,100
17-Dec-1999 3.06 2.81 3.00 151,200
10-Dec-1999 3.13 2.81 3.00 162,600
03-Dec-1999 3.19 2.94 3.00 56,100
26-Nov-1999 3.25 3.00 3.19 56,500
19-Nov-1999 3.38 3.13 3.13 91,200
12-Nov-1999 3.38 3.00 3.25 84,900
05-Nov-1999 3.31 3.06 3.25 50,000
29-Oct-1999 3.50 3.19 3.25 36,700
22-Oct-1999 3.69 3.44 3.44 26,600
15-Oct-1999 3.63 3.25 3.44 71,600
08-Oct-1999 3.50 3.25 3.31 49,100
01-Oct-1999 3.81 3.38 3.50 115,900
24-Sep-1999 3.94 3.69 3.69 21,600
17-Sep-1999 3.94 3.81 3.94 28,000
10-Sep-1999 4.13 3.88 3.94 56,000
03-Sep-1999 4.19 3.88 4.06 119,000
<PAGE>
Date High Low Close Volume
----------- ------ ----- ----- --------
27-Aug-1999 $4.13 $3.88 $3.94 43,300
20-Aug-1999 4.13 3.88 4.00 30,700
13-Aug-1999 4.19 3.88 4.00 24,900
06-Aug-1999 4.50 3.75 4.00 139,300
30-Jul-1999 5.19 4.38 4.50 108,700
23-Jul-1999 5.75 5.06 5.13 169,700
16-Jul-1999 5.63 5.00 5.63 94,300
09-Jul-1999 5.69 5.31 5.38 162,300
02-Jul-1999 5.63 5.38 5.56 253,400
25-Jun-1999 5.63 5.25 5.56 292,800
18-Jun-1999 5.50 5.25 5.31 270,900
11-Jun-1999 5.94 4.50 5.38 896,000
04-Jun-1999 6.00 4.31 5.38 574,100
28-May-1999 4.50 4.00 4.44 200,600
21-May-1999 4.56 3.75 4.50 424,500
14-May-1999 4.50 3.31 4.06 940,200
07-May-1999 3.44 3.25 3.25 118,300
30-Apr-1999 3.44 3.00 3.31 192,700
23-Apr-1999 3.06 2.88 3.00 210,700
16-Apr-1999 3.06 2.88 3.00 114,700
09-Apr-1999 3.13 2.88 3.00 134,100
01-Apr-1999 3.38 2.63 3.06 301,000
26-Mar-1999 3.69 3.25 3.25 99,600
19-Mar-1999 3.63 3.25 3.50 129,700
12-Mar-1999 4.00 3.63 3.63 144,600
05-Mar-1999 4.00 3.25 4.00 236,300
26-Feb-1999 3.88 3.06 3.75 409,900
19-Feb-1999 3.13 2.81 3.13 132,500
12-Feb-1999 3.19 3.00 3.06 123,200
05-Feb-1999 3.25 3.00 3.13 111,600
29-Jan-1999 4.00 3.13 3.13 205,100
22-Jan-1999 3.56 3.13 3.25 131,300
15-Jan-1999 3.38 3.06 3.13 147,300
08-Jan-1999 3.44 3.06 3.25 97,400
31-Dec-1998 3.31 3.00 3.19 217,200
24-Dec-1998 3.44 3.19 3.25 63,300
18-Dec-1998 3.56 3.25 3.31 61,500
<PAGE>
Date High Low Close Volume
----------- ------ ----- ----- --------
11-Dec-1998 $3.94 $3.50 $3.50 121,500
04-Dec-1998 4.25 3.81 3.94 166,200
27-Nov-1998 4.00 3.25 4.00 134,000
20-Nov-1998 3.88 3.50 3.69 71,500
13-Nov-1998 4.06 3.50 3.69 91,800
06-Nov-1998 3.94 3.63 3.75 67,500
30-Oct-1998 4.06 3.25 3.63 155,000
23-Oct-1998 3.50 2.94 3.25 71,500
16-Oct-1998 3.13 2.88 3.13 53,900
09-Oct-1998 4.00 2.81 3.00 188,900
02-Oct-1998 3.94 3.00 3.75 192,400
25-Sep-1998 3.19 2.75 3.00 73,800
18-Sep-1998 3.19 2.88 3.00 95,200
11-Sep-1998 3.44 3.00 3.06 70,000
04-Sep-1998 3.69 2.88 3.19 172,700
28-Aug-1998 4.13 3.25 3.44 198,900
21-Aug-1998 4.25 3.75 4.06 134,800
14-Aug-1998 4.13 3.75 4.00 161,200
07-Aug-1998 4.19 3.63 4.19 125,600
31-Jul-1998 4.44 3.56 4.19 259,300
24-Jul-1998 4.31 3.75 3.81 92,100
17-Jul-1998 4.56 3.38 4.31 331,700
10-Jul-1998 3.56 3.19 3.44 89,700
02-Jul-1998 4.06 3.38 3.38 221,200
26-Jun-1998 4.38 3.88 4.06 139,600
19-Jun-1998 4.50 4.13 4.44 71,400
12-Jun-1998 4.44 4.00 4.19 147,200
05-Jun-1998 4.56 4.00 4.13 194,400
29-May-1998 4.63 4.00 4.44 158,700
22-May-1998 4.56 3.81 4.50 146,900
15-May-1998 4.75 4.19 4.38 95,900
08-May-1998 4.88 4.25 4.75 248,900
01-May-1998 4.63 4.31 4.56 179,400
24-Apr-1998 5.00 4.50 4.63 242,000
17-Apr-1998 4.63 4.19 4.50 128,200
09-Apr-1998 4.50 3.75 4.19 168,000
03-Apr-1998 4.63 4.13 4.44 184,500
<PAGE>
Date High Low Close Volume
----------- ------ ----- ----- --------
27-Mar-1998 $5.00 $4.00 $4.50 275,900
20-Mar-1998 5.00 3.63 4.94 467,600
13-Mar-1998 3.81 3.50 3.63 120,900
06-Mar-1998 3.94 3.13 3.75 305,500
27-Feb-1998 3.31 3.06 3.31 111,700
20-Feb-1998 3.31 2.94 3.06 111,200
13-Feb-1998 3.50 3.19 3.31 95,200
06-Feb-1998 3.88 3.13 3.38 173,100
30-Jan-1998 3.88 3.06 3.75 250,700
23-Jan-1998 3.25 3.00 3.13 136,300
16-Jan-1998 2.94 2.69 2.88 93,900
09-Jan-1998 2.88 2.69 2.81 113,600
02-Jan-1998 2.88 2.38 2.69 421,300
26-Dec-1997 3.00 2.69 2.75 167,200
19-Dec-1997 3.13 2.25 3.00 667,600
12-Dec-1997 2.88 2.38 2.44 212,100
05-Dec-1997 3.19 2.63 2.69 168,500
28-Nov-1997 3.19 3.00 3.19 135,400
21-Nov-1997 3.06 2.75 3.00 230,600
14-Nov-1997 3.00 2.69 2.94 171,800
07-Nov-1997 2.94 2.75 2.81 158,800
31-Oct-1997 2.94 2.44 2.94 223,500
24-Oct-1997 3.06 2.81 2.81 143,300
17-Oct-1997 3.13 2.88 3.00 154,900
10-Oct-1997 3.06 2.81 3.00 190,600
03-Oct-1997 3.00 2.75 2.81 138,800
26-Sep-1997 3.00 2.75 2.88 123,000
19-Sep-1997 3.00 2.75 2.94 187,500
12-Sep-1997 3.19 2.50 2.94 365,800
05-Sep-1997 2.94 2.44 2.50 255,700
--------------------------------------------------------------------------------
Source: FACTSET
