<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________________
SCHEDULE 13E-3
Rule 13e-3 Transaction Statement
(PURSUANT TO SECTION 13(E) OF THE SECURITIES EXCHANGE ACT OF 1934)
[AMENDMENT NO. 1]
_________________
OHM CORPORATION
(Name of Issuer)
INTERNATIONAL TECHNOLOGY CORPORATION
(Name of Person(s) Filing Statement)
Common Stock, Par Value $0.10 Per Share
(TITLE OF CLASS OF SECURITIES)
670839 10 9
(CUSIP NUMBER OF CLASS OF SECURITIES)
ANTHONY J. DELUCA
PRESIDENT AND CHIEF EXECUTIVE OFFICER
INTERNATIONAL TECHNOLOGY CORPORATION
2790 MOSSIDE BOULEVARD
MONROEVILLE, PENNSYLVANIA 15146-2792
(412) 372-7701
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES AND
COMMUNICATIONS ON BEHALF OF THE PERSON(S) FILING STATEMENT)
____________________
Copy to:
PETER F. ZIEGLER, ESQ.
KAREN E. BERTERO, ESQ.
GIBSON, DUNN & CRUTCHER LLP
333 SOUTH GRAND AVENUE
LOS ANGELES, CALIFORNIA 90071-3197
(213) 229-7000
a. [_] This statement is filed in connection with (check the appropriate box):
The filing of solicitation materials or an information statement subject
to Regulation 14A [17 CFR 240.14a-1 to 240.14b-1], Regulation 14C [17
CFR 240.14c-1 to 240.14c-101] or Rule 13e-3(c) [(S) 240.13e-3(c)] under
the Securities Exchange Act of 1934. [Amended in Release No. 34-23789
((P) 84,044), effective January 20, 1987, 51 F. R. 42048.]
b. [X] The filing of a registration statement under the Securities Act of 1933.
c. [_] A tender offer.
d. [_] None of the above.
Check the following box if the soliciting materials or information statement
referred to in checking box (a) are preliminary copies: [_]
____________________
CALCULATION OF FILING FEE
<TABLE>
<CAPTION>
===================================================================================================================================
Transaction Valuation* Amount of Filing Fee
<S> <C> <C>
$142,423,935.00 $42,015.06
===================================================================================================================================
* Determined pursuant to Rule 0-11(b)(2) of the Securities Exchange Act of 1934.
[X] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting
fee was previously paid. Identify the previous filing by registration statement number, or the form or schedule and the date
of its filing.
Amount Previously Paid: $42,015.06 Filing Party: International Technology Corporation
Form or Registration No.: Registration Statement on Form S-4 Date Filed: February 12, 1998
(Reg. No. 333-46183)
====================================================================================================================================
</TABLE>
<PAGE>
INTRODUCTION
This Amendment No. 1 (this "Amendment") amends and supplements the Rule
13e-3 Transaction Statement on Schedule 13E-3 (the "Schedule 13E-3") filed by
International Technology Corporation, a Delaware corporation ("ITC"), relating
to the acquisition of OHM Corporation, an Ohio corporation ("OHM"), by ITC.
ITEM 17. MATERIAL TO BE FILED AS EXHIBITS.
The response to Item 17 is hereby amended and supplemented as follows:
(b)(3) -- Materials presented by Donaldson, Lufkin & Jenrette Securities
Corporation to the Board of Directors of ITC.
(b)(4) -- Materials presented by BT Alex. Brown Incorporated to the Board
of Directors of OHM.
2
<PAGE>
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
INTERNATIONAL TECHNOLOGY CORPORATION
By: /s/ Anthony J. DeLuca
_____________________________________
Anthony J. DeLuca
President and Chief Executive Officer
Dated: April 14, 1998
3
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
- --------
NO. DESCRIPTION PAGE*
- --- ----------- -----
<S> <C> <C>
(b)(3) -- Materials presented by Donaldson, Lufkin & Jenrette Securities
Corporation to the Board of Directors of ITC.
(b)(4) -- Materials presented by BT Alex. Brown Incorporated to the Board
of Directors of OHM.
</TABLE>
4
<PAGE>
EXHIBIT (b)(3)
CONFIDENTIAL
PROJECT ENTERPRISE
PRESENTATION TO THE BOARD OF DIRECTORS OF SCOTTY
JANUARY 9, 1998
DONALDSON, LUFKIN & JENRETTE
<PAGE>
EXPLANATORY NOTE
Please note that in the following presentation, SPOCK refers to OHM
Corporation and SCOTTY refers to International Technology Corporation.
<PAGE>
PROJECT ENTERPRISE
TABLE OF CONTENTS
1 INDUSTRY FUNDAMENTALS
2 TRANSACTION SUMMARY
3 SCOPE OF ASSIGNMENT AND VALUATION METHODOLOGY
4 REVIEW OF SPOCK'S AND SCOTTY'S STOCK PRICE PERFORMANCE & TRADING ACTIVITY
5 SPOCK VALUATION ANALYSIS
6 ADDITIONAL CONSIDERATIONS
DONALDSON, LUFKIN & JENRETTE
<PAGE>
PROJECT ENTERPRISE
INDUSTRY FUNDAMENTALS
DONALDSON, LUFKIN & JENRETTE
1
<PAGE>
PROJECT ENTERPRISE
INDUSTRY FUNDAMENTALS
CHANGING INDUSTRY DYNAMICS.
. In recent years the environmental consulting/engineering and remediation
industry has undergone several fundamental changes which have altered the
market's growth dynamics. The changes include:
- Limited enforcement of existing legislation and eroding regulatory
drivers; projects are being driven by economic factors rather than
government regulations;
- Excess people capacity and slowing demand;
- Uncertain government spending patterns; and
- More onerous contract terms.
. AS A RESULT OF THESE FUNDAMENTAL BUSINESS CHANGES, ALL OF THE PARTICIPANTS IN
THE INDUSTRY HAVE EXPERIENCED SUBSTANTIAL DETERIORATION IN REVENUE GROWTH AND
PROFITABILITY OVER THE PAST SEVERAL YEARS, WHICH HAS LED TO SIGNIFICANT STOCK
PRICE DECLINES AND LIMITED ACCESS TO CAPITAL.
DONALDSON, LUFKIN & JENRETTE
2
<PAGE>
PROJECT ENTERPRISE
INDUSTRY FUNDAMENTALS (CONT'D)
DETERIORATION IN FINANCIAL PERFORMANCE
. Over the past several years as the government and commercial marketplace have
become increasingly competitive, most industry participants have seen a
deterioration in their financial performance.
. Margins have eroded due to overcapacity and fierce price competition; the
marketplace demands cost efficiencies.
. Earnings predictability is inconsistent at best due to the dependence on
the government marketplace (DOD, DOE and EPA).
[CHART OF EBITDA AS A % OF GROSS REVENUES(1) APPEARS HERE]
(% OF GROSS REVENUES)
YEAR %
---- ----
1992 9.5%
1993 8.0%
1994 7.9%
1995 8.3%
1995 5.9%
LTM AS OF 9/31/97 5.3%
[CHART OF EBIT AS A % OF GROSS REVENUES(1) APPEARS HERE]
(% OF GROSS REVENUES)
YEAR %
---- ----
1992 6.7%
1993 5.2%
1994 5.2%
1995 5.8%
1996 3.0%
LTM AS OF 9/30/97 2.6%
(1) Industry includes: Dames & Moore, EMCON, Fluor Daniel GTI, Harding Lawson
Associates,ICF Kaiser, International Technology, OHM Corporation, Roy F. Weston,
Sevenson Environmental Services, Tetra Tech and TRC Companies.
DONALDSON, LUFKIN & JENRETTE
3
<PAGE>
INDUSTRY FUNDAMENTALS (CONT'D)
DECLINING STOCK PERFORMANCE.
. The following chart illustrates the poor stock performance of the industry
over the past five years. As a result, most of the companies in the
industry have had limited access to capital to grow their businesses.
ENVIRONMENTAL CONSULTING/ENGINEERING & REMEDIATION INDEX VS. S&P 500
DECEMBER 31, 1992 - DECEMBER 31, 1997
MONTHLY FROM DECEMBER 31, 1992 - DECEMBER 31, 1997
[GRAPH REPRESENTING THE DATA LISTED BELOW APPEARS BELOW]
<TABLE>
<CAPTION>
DATE S&P500 INDEX
<S> <C> <C>
12/31/92 100.00 100.00
1/29/93 100.70 107.71
2/26/93 101.76 103.93
3/31/93 103.66 98.63
4/30/93 101.03 85.50
5/28/93 103.32 91.92
6/30/93 103.40 90.21
7/30/93 102.85 93.28
8/31/93 106.39 94.34
9/30/93 105.33 93.84
10/29/93 107.37 90.69
11/30/93 105.99 92.43
12/31/93 107.06 94.40
1/31/94 110.53 105.83
2/28/94 107.21 107.78
3/31/94 102.31 100.20
4/29/94 103.49 99.19
5/31/94 104.77 87.92
6/30/94 101.96 78.44
7/29/94 105.18 82.11
8/31/94 109.13 83.78
9/30/94 106.19 82.29
10/31/94 108.41 81.85
11/30/94 104.13 69.27
12/30/94 105.41 71.95
1/31/95 107.97 67.42
2/28/95 111.86 69.04
3/31/95 114.92 71.87
4/28/95 118.13 76.81
5/31/95 122.42 78.60
6/30/95 125.03 80.23
7/31/95 129.00 81.70
8/31/95 128.96 82.73
9/29/95 134.13 80.16
10/31/95 133.46 69.40
11/30/95 138.94 68.77
12/29/95 141.36 67.81
1/31/96 145.97 65.10
2/29/96 146.99 63.92
3/29/96 148.15 62.58
4/30/96 150.14 65.43
5/31/96 153.57 70.04
6/28/96 153.92 66.53
7/31/96 146.88 59.43
8/30/96 149.64 61.63
9/30/96 157.74 66.16
10/31/96 161.87 64.20
11/29/96 173.74 67.20
12/31/96 170.01 66.95
1/31/97 180.43 68.59
2/28/97 181.50 66.52
3/31/97 173.77 62.69
4/30/97 183.92 61.05
5/30/97 194.69 62.96
6/30/97 203.15 67.55
7/31/97 219.02 68.72
8/29/97 206.44 71.88
9/30/97 217.41 73.72
10/31/97 209.91 74.44
11/28/97 219.27 72.90
12/31/97 222.72 72.13
</TABLE>
Index Includes: Dames & Moore, EMCON, Fluor Daniel GTI, Harding Lawson, ICF
Kaiser, International Technology, OHM Corporation, Roy F. Weston, Sevenson
Environmental, TRC Companies and URS Corp.
Indexed prices are market cap. weighted.
DONALDSON, LUFKIN & JENRETTE
4
<PAGE>
PROJECT ENTERPRISE
INDUSTRY FUNDAMENTALS (CONT'D)
STRATEGIES TO OVERCOME CHANGING INDUSTRY DYNAMICS.
. Companies are attempting to overcome many of the challenges in the
environmental consulting/engineering and remediation industry through a
variety of strategies.
- Pursuing new market opportunities, i.e. Brownfield sites,
international, environmental technologies;
- Expansion within the "needs" priority, focusing on both the water and
solid waste markets;
- Consolidation, including joint-venturing;
- Restructuring, primarily through overhead reductions;
- Improvement of the balance sheet by more aggressive working capital
management; and
- Capacity rationalization.
. Most industry participants are focused on acquisition opportunities to
further diversify away from difficult trends within the hazardous waste
market.
DONALDSON, LUFKIN & JENRETTE
5
<PAGE>
PROJECT ENTERPRISE
INDUSTRY FUNDAMENTALS -- CASE STUDY
SCOTTY PROVIDES A GOOD CASE STUDY FOR HOW TO ADDRESS THE CHANGING INDUSTRY
DYNAMICS.
SCOTTY
. The following table illustrates many of the initiatives that Scotty is
implementing in order to address the fundamental changes in the industry.
<TABLE>
<CAPTION>
INITIATIVE STRATEGY INITIAL RESULTS
- ------------------------------------------------------------ -------------------------------------------------------
<S> <C>
. COST CUTTING initiatives that have included an overall . Cost structure of Scotty has been significantly reduced.
rationalization of the organization and the Company's S,G&A has dropped approximately 260 bps over the past
infrastructure. Emphasis has been put on leveraging the 24 months.
resources of the Company functionally rather than on
traditional branch offices, which has led to seven office
closures, movement of the corporate office, as well as
rebalancing of labor, as 135 employees were eliminated in
October, 1996.
. IMPROVEMENT OF THE COMPANY'S FINANCIAL POSITION AND BALANCE . Strong financial position with $62 million in cash and
SHEET primarily through the relationship with the Carlyle 35% debt-to-capitalization (debt includes liabilities of
Group, a Washington, D.C. based merchant bank. Through discontinued operations).
Carlyle's $45 million investment and their ongoing
relationship, Scotty now has the opportunity to aggressively
pursue acquisition opportunities.
</TABLE>
DONALDSON, LUFKIN & JENRETTE
6
<PAGE>
PROJECT ENTERPRISE
INDUSTRY FUNDAMENTALS--CASE STUDY (CONT'D)
SCOTTY
INITIATIVE/STRATEGY
. AGGRESSIVE CONSOLIDATION STRATEGY in which the Company expects to: (i)
significantly increase its scale in order to drive profitability, and (ii)
diversify its concentration away from the hazardous waste market and broaden
the Company's capabilities (75% of business is in hazardous waste market).
. PURSUE NEW MARKET OPPORTUNITIES, such as Brownfield properties and
international markets, in order to enhance growth.
INITIAL RESULTS
. With the acquisition of Spock, Scotty will be the largest industry
participant and one of the lowest cost service providers. The Company is
actively pursuing additional opportunities with a focus on diversification
and international opportunities.
. Numerous Brownfield projects underway, development of software products--
Environmental Information Management, Technology Development lab established
in Oak Ridge and an investment in a Taiwanese environmental services company.
DONALDSON, LUFKIN & JENRETTE
7
<PAGE>
PROJECT ENTERPRISE
TRANSACTION SUMMARY
DONALDSON, LUFKIN & JENRETTE
8
<PAGE>
PROJECT ENTERPRISE
STRATEGY UNDERLYING TRANSACTION
TRANSACTION FURTHER ESTABLISHES SCOTTY AS A LEADER IN THE ENVIRONMENTAL
CONSULTING/ENGINEERING AND REMEDIATION INDUSTRY.
. Creates major industry player with over $1.0 billion combined revenue which
should be well positioned for further consolidation of the environmental
consulting/engineering and remediation industry.
. Substantial cost savings are expected to be generated by consolidating
Scotty's and Spock's workforces, facilities and proposal preparation and
bidding efforts.
. Other economic benefits.
- Rationalization of excess capacity.
- Increased operating leverage should enhance profit margins.
. The two companies have significant overlap.
- Geographic coverage.
- Service offerings.
DONALDSON, LUFKIN & JENRETTE
9
<PAGE>
PROJECT ENTERPRISE
COST SAVINGS OVERVIEW
ANNUAL COST SAVINGS OF APPROXIMATELY $32.5 MILLION FALL INTO THREE BROAD
CATEGORIES.
<TABLE>
<CAPTION>
($ in millions)
.Corporate and Regional G&A
1998(1) 1999
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Projected cost savings from Corporate SG&A Departments $ 5.3 $10.5
Projected cost savings from rationalization of regional management structure 3.5 7.0
Projected cost savings from facility closures (net of breakage costs) 0.8 1.5
- ------------------------------------------------------------------------------------------------------------------------
Savings $ 9.6 $19.0
<CAPTION>
.Proposal Preparation and Bidding
1998(1) 1999
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Projected cost savings from bid/proposal marketing $ 3.5 $ 7.0
Projected savings from business development rationalization $ 2.0 4.0
- ------------------------------------------------------------------------------------------------------------------------
Savings $ 5.5 $11.0
<CAPTION>
.Operating Improvements
1998(1) 1999
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Projected cost savings of insurance programs $ 0.8 $ 1.5
Projected improved billability 0.5 1.0
- ------------------------------------------------------------------------------------------------------------------------
Savings $ 1.3 $ 2.5
- ------------------------------------------------------------------------------------------------------------------------
Total savings $16.4 $32.5
- ------------------------------------------------------------------------------------------------------------------------
(1) 1998 is a half-year impact of cost savings.
</TABLE>
DONALDSON, LUFKIN & JENRETTE
10
<PAGE>
PROJECT ENTERPRISE
MECHANICS OF THE TRANSACTION
. Scotty will commence a tender offer for 14.4 million of Spock's outstanding
shares for $11.50 in cash.
. Immediately prior to the close of the tender offer, Spock will spin-off its
stake in NSC Corporation (4.01 million shares) to its shareholders.
. Following the tender offer, Spock will repurchase 17% of its outstanding
shares (4.8 million) from Waste Management, Inc. for $11.50 in cash.
. In the second step, the remaining Spock shares will be converted into Scotty
shares at an exchange rate of 1.39 to 1.00 to complete the merger.
. Scotty will finance the tender offer with a bridge facility expected to be
provided by Citibank and Bank of Boston.
. At the close of the transaction, the bridge facility will then be rolled
into a combination term loan/revolver which will also be used to refinance
both Scotty's and Spock's outstanding debt.
. The total transaction value is approximately $366.8 million.
DONALDSON, LUFKIN & JENRETTE
11
<PAGE>
PROJECT ENTERPRISE
PRO FORMA OWNERSHIP SUMMARY
<TABLE>
<CAPTION>
(shares in millions) CURRENTLY REPURCHASED IN TENDERED IN ISSUED IN SCOTTY SHARES HELD FULLY DILUTED
OUTSTANDING TRANSACTION TRANSACTION TRANSACTION AFTER TRANSACTION OWNERSHIP
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SCOTTY SHAREHOLDERS
Shares underlying Scotty
in-the-money Convertible
Debt 5.9 - - - 5.9 21.7%
Scotty Primary Shares Held 9.7 - - 11.7 9.7 35.6
- ------------------------------------------------------------------------------------------------------------------------------------
Total Scotty Shares 15.6 - - 11.7
SPOCK SHAREHOLDERS
WMX Shares 9.7 4.8 1.9 - 4.1 15.0%
Kirk Brothers Shares 4.3 - 3.0 - 1.8 6.7
Wayne Huizenga 1.0 - 0.7 - 0.4 1.5
Public Shares Held 12.5 - 8.7 - 5.4 19.5
- ------------------------------------------------------------------------------------------------------------------------------------
Total Spock Shares 27.6 -
Total Scotty Shares 15.6 - 11.7 27.3 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DONALDSON, LUFKIN & JENRETTE
12
<PAGE>
PROJECT ENTERPRISE
SCOTTY 1998 EPS ACCRETION/DILUTION ANALYSIS
THE TRANSACTION WILL BE HIGHLY ACCRETIVE TO SCOTTY'S SHAREHOLDERS.
. Anticipated impact on Scotty's earnings per share.
<TABLE>
<CAPTION>
FISCAL YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------
1998 1999
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Scotty Stand-Alone EPS $0.21 $0.48
Pro Forma Combined EPS 0.52 1.09
EPS Accretion/(Dilution) 149.7% 126.5%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
PRETAX SYNERGIES
-------------------------------------------------------------------------------------------
$0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Scotty Stand-Alone 1998 EPS-$0.21
Pro Forma 1998 EPS $0.17 $0.28 $0.39 $0.49 $0.60 $0.71 $0.81 $0.92
Accretion/(Dilution) (16.7%) 34.1% 84.8% 135.5% 186.3% 237.0% 287.7% 338.4%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DONALDSON, LUFKIN & JENRETTE
13
<PAGE>
PROJECT ENTERPRISE
SCOPE OF ASSIGNMENT AND VALUATION METHODOLOGY
DONALDSON, LUFKIN & JENRETTE
14
<PAGE>
PROJECT ENTERPRISE
SCOPE OF ASSIGNMENT AND VALUATION METHODOLOGY
. As part of DLJ's engagement letter dated December 22, 1997, DLJ has been
requested to provide a fairness opinion for the proposed acquisition of Spock by
Scotty.
. DLJ participated in the discussions between the managements of Spock and
Scotty for due diligence and negotiating the merger agreement.
. DLJ reviewed the stock price performance and trading activity of Spock's
and Scotty's common stock.
. DLJ employed several valuation methodologies for Spock.
- Comparable company analysis.
- Comparable transaction analysis.
- Discounted cash flow analysis.
. Valuation of Spock was based upon Spock's management projections which
were reduced by Scotty management.
. DLJ also valued Scotty, to ensure that the market value is reasonable.
- Comparable company analysis.
- Discounted cash flow analysis.
DONALDSON, LUFKIN & JENRETTE
15
<PAGE>
PROJECT ENTERPRISE
REVIEW OF SPOCK'S AND SCOTTY'S STOCK
PRICE PERFORMANCE & TRADING ACTIVITY
DONALDSON, LUFKIN & JENRETTE
16
<PAGE>
PROJECT ENTERPRISE
LATEST TWELVE MONTHS STOCK PRICE HISTORY
[GRAPH REPRESENTING THE DATA LISTED BELOW APPEARS HERE]
SPOCK
WEEKLY FROM JANUARY 3, 1997 - JANUARY 2, 1998
PRICE/VOLUME ANALYSIS
<TABLE>
<CAPTION>
DATE VOLUME(1) PRICE CLOSE
- ---------- -------- --------------
<S> <C> <C>
1/3/97 274.90 8.75
1/10/97 189.80 8.50
1/17/97 185.00 8.75
1/24/97 121.30 8.38
1/31/97 239.30 9.00
2/7/97 128.00 8.38
2/14/97 145.70 8.00
2/21/97 140.70 8.25
2/28/97 151.00 7.88
3/7/97 184.90 8.38
3/14/97 147.50 8.38
3/21/97 156.90 8.13
3/27/97 80.60 8.00
4/4/97 163.20 7.63
4/11/97 108.50 7.50
4/18/97 106.20 7.88
4/25/97 78.90 7.38
5/2/97 102.60 7.88
5/9/97 150.30 7.50
5/16/97 83.40 7.75
5/23/97 154.90 8.00
5/30/97 105.70 8.00
6/6/97 146.30 8.13
6/13/97 168.60 8.25
6/20/97 182.80 8.38
6/27/97 197.00 8.50
7/3/97 76.30 8.38
7/11/97 178.90 8.38
7/18/97 218.80 8.25
7/25/97 158.80 7.88
8/1/97 195.40 8.13
8/8/97 231.40 8.50
8/15/97 143.70 8.44
8/22/97 231.30 8.31
8/29/97 103.20 8.31
9/5/97 177.90 8.13
9/12/97 179.30 8.00
9/19/97 252.70 6.81
9/26/97 243.20 7.50
10/3/97 355.20 8.13
10/10/97 313.20 8.31
10/17/97 458.40 8.94
10/24/97 196.60 9.13
10/31/97 198.90 8.63
11/7/97 178.10 8.63
11/14/97 128.80 9.06
11/21/97 104.80 8.38
11/28/97 36.00 8.50
12/5/97 192.90 8.38
12/12/97 87.70 8.31
12/19/97 158.70 7.81
12/26/97 101.70 7.56
1/2/98 115.80 7.69
</TABLE>
Low Price on 9/19/97 - $6.81
High Price on 10/21/97 - $9.31
(1) Volume in thousands
[GRAPH REPRESENTING THE DATA LISTED BELOW APPEARS HERE]
SCOTTY
WEEKLY FROM JANUARY 3, 1997 - JANUARY 2, 1998
<TABLE>
<CAPTION>
Date Volume(1) Price Close
------ -------- -------------
<S> <C> <C>
1/3/97 129.00 8.63
1/10/97 76.70 8.50
<PAGE>
1/17/97 188.10 8.75
1/24/97 91.10 8.50
1/31/97 119.90 8.38
2/7/97 129.80 8.38
2/14/97 135.70 8.25
2/21/97 43.50 8.38
2/28/97 101.30 8.63
3/7/97 47.90 8.50
3/14/97 53.80 8.25
3/21/97 100.80 7.75
3/27/97 227.50 6.88
4/4/97 96.60 6.75
4/11/97 105.10 7.25
4/18/97 134.00 7.38
4/25/97 86.30 7.25
5/2/97 143.10 7.38
5/9/97 94.60 7.00
5/16/97 43.20 7.00
5/23/97 74.50 7.00
5/30/97 77.00 7.25
6/6/97 156.60 7.63
6/13/97 163.90 7.88
6/20/97 60.30 7.75
6/27/97 48.70 7.50
7/3/97 46.70 7.63
7/11/97 233.80 8.00
7/18/97 97.80 7.75
7/25/97 202.90 7.63
8/1/97 397.20 7.31
8/8/97 192.00 7.50
8/15/97 105.30 7.19
8/22/97 166.90 7.00
8/29/97 260.40 7.31
9/5/97 159.10 7.63
9/12/97 288.40 8.00
9/19/97 159.10 8.88
9/26/97 154.80 8.81
10/3/97 103.50 8.50
10/10/97 186.80 9.44
10/17/97 69.50 8.81
10/24/97 280.70 8.69
10/31/97 111.60 9.13
11/7/97 84.50 9.13
11/14/97 109.10 8.56
11/21/97 52.00 8.38
11/28/97 80.20 8.25
12/5/97 75.20 7.75
12/12/97 120.10 8.00
12/19/97 151.30 7.00
12/26/97 150.50 7.69
1/2/98 199.80 7.44
</TABLE>
Low Price on 4/3/97 - $6.50
High Price on 10/9/97 - $9.50
(1) Volume in thousands
DONALDSON, LUFKIN & JENRETTE
17
<PAGE>
FIVE YEAR STOCK PRICE HISTORY
SPOCK
WEEKLY FROM DECEMBER 3, 1992 - JANUARY 2, 1998
[GRAPH REPRESENTING THE DATA LISTED BELOW APPEARS HERE]
<TABLE>
<CAPTION>
DATE VOLUME(1) PRICE CLOSE
---- ------ -----------
<S> <C> <C>
12/31/92 52.50 7.50
1/8/93 120.50 8.25
1/15/93 84.50 8.88
1/22/93 104.20 8.88
1/29/93 72.80 9.38
2/5/93 66.00 8.63
2/12/93 18.40 8.63
2/19/93 33.80 9.00
2/26/93 62.30 8.75
3/5/93 42.60 9.00
3/12/93 104.00 8.50
3/19/93 25.10 8.50
3/26/93 27.80 8.25
4/2/93 71.00 8.13
4/8/93 34.10 7.75
4/16/93 56.70 8.25
4/23/93 44.60 7.88
4/30/93 48.00 7.50
5/7/93 63.20 8.00
5/14/93 39.40 7.63
5/21/93 92.00 7.75
5/28/93 53.90 8.00
6/4/93 8.90 7.88
6/11/93 20.30 7.75
6/18/93 72.30 8.38
6/25/93 75.20 8.88
7/2/93 72.00 9.00
7/9/93 97.30 9.13
7/16/93 40.40 9.13
7/23/93 41.40 9.38
7/30/93 90.80 10.25
8/6/93 92.60 9.63
8/13/93 39.40 9.50
8/20/93 26.60 9.63
8/27/93 120.10 9.88
9/3/93 94.50 9.88
9/10/93 49.90 9.75
9/17/93 81.90 10.25
9/24/93 83.80 10.38
10/1/93 316.00 11.63
10/8/93 120.70 11.38
10/15/93 42.40 11.50
10/22/93 358.60 11.75
10/29/93 85.60 12.00
11/5/93 141.00 11.50
11/12/93 59.50 11.75
11/19/93 51.10 12.13
11/26/93 34.80 11.75
12/3/93 97.00 11.75
12/10/93 1433.80 11.25
12/17/93 557.50 11.13
12/23/93 714.70 11.13
12/31/93 258.70 11.50
1/7/94 360.00 11.88
1/14/94 294.60 11.88
1/21/94 988.00 13.38
1/28/94 452.60 14.25
2/4/94 1035.10 15.75
2/11/94 486.70 16.25
2/18/94 618.10 16.75
2/25/94 339.90 15.50
3/4/94 346.60 15.88
3/11/94 305.80 15.50
3/18/94 350.60 16.13
3/25/94 369.60 17.25
3/31/94 254.80 16.25
4/8/94 497.30 17.63
4/15/94 392.20 16.75
4/22/94 749.70 16.25
4/29/94 323.50 17.63
5/6/94 581.90 16.25
5/13/94 1173.60 15.13
5/20/94 531.00 15.25
5/27/94 509.30 13.75
6/3/94 511.10 13.63
6/10/94 820.30 12.25
6/17/94 504.30 11.50
6/24/94 407.90 11.00
7/1/94 346.40 11.00
7/8/94 296.00 11.00
7/15/94 319.90 11.50
7/22/94 469.40 13.13
7/29/94 146.90 12.88
8/5/94 845.00 11.50
8/12/94 150.20 11.50
8/19/94 213.10 11.50
8/26/94 199.70 11.75
9/2/94 250.60 12.50
9/9/94 120.90 11.50
9/16/94 478.50 11.25
9/23/94 206.00 11.75
9/30/94 160.30 11.50
10/7/94 313.90 10.63
10/14/94 183.70 10.88
10/21/94 147.90 10.63
10/28/94 180.40 11.38
11/4/94 561.50 9.88
11/11/94 168.40 9.63
11/18/94 98.30 9.38
11/25/94 123.80 9.25
12/2/94 4467.90 6.88
12/9/94 1485.20 7.38
12/16/94 300.60 7.63
12/23/94 260.50 8.13
12/30/94 242.30 8.50
1/6/95 273.00 8.50
1/13/95 262.50 7.50
1/20/95 227.90 7.38
1/27/95 229.80 7.00
2/3/95 168.40 7.63
2/10/95 226.90 7.63
2/17/95 216.40 7.63
2/24/95 276.20 7.25
3/3/95 607.70 7.25
3/10/95 902.30 8.50
3/17/95 217.60 8.50
3/24/95 218.30 8.13
3/31/95 1996.90 10.13
4/7/95 1218.70 12.13
4/13/95 458.10 11.25
4/21/95 355.20 11.38
4/28/95 231.30 11.13
5/5/95 198.70 11.00
5/12/95 199.90 11.00
5/19/95 221.90 11.13
5/26/95 569.50 11.63
6/2/95 328.70 12.13
6/9/95 312.40 11.38
6/16/95 269.50 11.13
6/23/95 358.40 10.88
6/30/95 512.20 12.13
7/7/95 716.80 12.88
7/14/95 664.70 14.38
7/21/95 676.70 13.63
7/28/95 905.10 13.13
8/4/95 724.10 12.50
8/11/95 445.70 11.75
8/18/95 393.40 11.75
8/25/95 258.60 11.63
9/1/95 259.40 11.00
9/8/95 245.00 11.00
9/15/95 463.80 9.88
9/22/95 1049.70 10.50
9/29/95 856.90 9.00
10/6/95 227.60 8.88
10/13/95 153.90 8.88
10/20/95 131.70 8.75
10/27/95 116.50 8.38
11/3/95 212.20 8.50
11/10/95 160.20 8.88
11/17/95 154.40 8.25
11/24/95 74.90 8.25
12/1/95 235.10 8.50
12/8/95 300.50 7.75
12/15/95 598.90 7.50
12/22/95 484.60 7.50
12/29/95 398.90 7.38
1/5/96 150.30 8.13
1/12/96 134.70 7.88
1/19/96 144.60 7.38
1/26/96 280.50 7.25
2/2/96 146.40 7.75
2/9/96 119.50 7.25
2/16/96 294.40 7.38
2/23/96 64.60 7.38
3/1/96 127.90 7.00
3/8/96 130.90 7.13
3/15/96 155.70 7.25
3/22/96 85.00 7.13
3/29/96 113.90 7.38
4/4/96 163.30 7.25
4/12/96 145.60 7.38
4/19/96 194.00 7.75
4/26/96 318.70 9.13
5/3/96 328.70 8.38
5/10/96 208.80 8.38
5/17/96 132.50 8.50
5/24/96 181.10 9.25
5/31/96 87.00 8.88
6/7/96 62.80 8.25
6/14/96 93.40 8.00
6/21/96 98.00 7.88
6/28/96 287.90 7.00
7/5/96 98.90 7.25
7/12/96 133.00 6.75
7/19/96 119.70 7.00
7/26/96 129.40 6.50
8/2/96 171.00 7.00
8/9/96 115.50 7.50
8/16/96 78.10 7.38
8/23/96 85.20 7.00
8/30/96 43.40 7.13
9/6/96 108.80 7.00
9/13/96 84.40 7.00
9/20/96 140.20 7.25
9/27/96 221.40 7.63
10/4/96 309.20 8.25
10/11/96 119.30 8.38
10/18/96 68.20 7.88
10/25/96 94.10 7.75
11/1/96 89.00 7.63
11/8/96 112.90 7.50
11/15/96 187.60 7.38
11/22/96 163.40 7.38
11/29/96 249.70 8.50
12/6/96 182.20 7.63
12/13/96 195.60 8.00
12/20/96 217.60 8.13
12/27/96 117.10 8.00
1/3/97 274.90 8.75
1/10/97 189.80 8.50
1/17/97 185.00 8.75
1/24/97 121.30 8.38
1/31/97 239.30 9.00
2/7/97 128.00 8.38
2/14/97 145.70 8.00
2/21/97 140.70 8.25
2/28/97 151.00 7.88
3/7/97 184.90 8.38
3/14/97 147.50 8.38
3/21/97 156.90 8.13
3/27/97 80.60 8.00
4/4/97 163.20 7.63
4/11/97 108.50 7.50
4/18/97 106.20 7.88
4/25/97 78.90 7.38
5/2/97 102.60 7.88
5/9/97 150.30 7.50
5/16/97 83.40 7.75
5/23/97 154.90 8.00
5/30/97 105.70 8.00
6/6/97 146.30 8.13
6/13/97 168.60 8.25
6/20/97 182.80 8.38
6/27/97 197.00 8.50
7/3/97 76.30 8.38
7/11/97 178.90 8.38
7/18/97 218.80 8.25
7/25/97 158.80 7.88
8/1/97 195.40 8.13
8/8/97 231.40 8.50
8/15/97 143.70 8.44
8/22/97 231.30 8.31
8/29/97 103.20 8.31
9/5/97 177.90 8.13
9/12/97 179.30 8.00
9/19/97 252.70 6.81
9/26/97 243.20 7.50
10/3/97 355.20 8.13
10/10/97 313.20 8.31
10/17/97 458.40 8.94
10/24/97 196.60 9.13
10/31/97 198.90 8.63
11/7/97 178.10 8.63
11/14/97 128.80 9.06
11/21/97 104.80 8.38
11/28/97 36.00 8.50
12/5/97 192.90 8.38
12/12/97 87.70 8.31
12/19/97 158.70 7.81
12/26/97 101.70 7.56
1/2/98 115.80 7.69
</TABLE>
Low price on 4/3/97 - $ 6.50
High price on 1/15/93 - $29.00
(1) Volume in thousands
PRICE VOLUME ANALYSIS
SCOTTY
WEEKLY FROM DECEMBER 31, 1992 - JANUARY 2, 1998
[GRAPH REPRESENTING THE DATA LISTED BELOW APPEARS HERE]
<TABLE>
<CAPTION>
DATE VOLUME(1) PRICE CLOSE
---- ------ -----------
<S> <C> <C>
12/31/92 223.18 23.00
1/8/93 147.65 24.00
1/15/93 331.73 29.00
1/22/93 211.13 27.50
1/29/93 161.00 27.50
2/5/93 150.48 27.00
2/12/93 161.98 27.00
2/19/93 84.65 26.50
2/26/93 48.28 26.00
3/5/93 55.75 26.50
3/12/93 61.60 24.50
3/19/93 50.83 25.00
3/26/93 47.68 21.50
4/2/93 124.63 21.50
4/8/93 139.55 21.50
4/16/93 100.05 20.50
4/23/93 34.08 21.50
4/30/93 27.00 22.00
5/7/93 56.23 21.50
5/14/93 83.30 21.00
5/21/93 57.10 21.50
5/28/93 97.05 23.00
6/4/93 78.33 22.50
6/11/93 34.33 22.00
6/18/93 31.68 21.00
6/25/93 42.85 20.00
7/2/93 81.48 20.00
7/9/93 78.73 20.50
7/16/93 65.40 20.50
7/23/93 41.80 19.00
7/30/93 105.85 23.00
8/6/93 54.40 22.50
8/13/93 57.48 23.00
8/20/93 90.40 22.50
8/27/93 47.65 22.50
9/3/93 51.93 23.00
9/10/93 27.78 22.00
9/17/93 106.60 20.00
9/24/93 227.48 17.50
10/1/93 146.28 17.00
10/8/93 56.70 16.50
10/15/93 309.03 15.50
10/22/93 90.68 15.50
10/29/93 64.23 15.50
11/5/93 74.38 15.50
11/12/93 74.98 16.00
11/19/93 60.88 15.50
11/26/93 41.20 15.00
12/3/93 135.15 15.50
12/10/93 303.73 17.00
12/17/93 387.98 15.00
12/23/93 233.13 14.50
12/31/93 170.30 15.00
1/7/94 131.28 14.00
1/14/94 176.68 13.50
1/21/94 111.80 13.00
1/28/94 122.80 14.00
2/4/94 76.50 13.50
2/11/94 195.98 12.00
2/18/94 183.80 13.00
2/25/94 166.75 14.50
3/4/94 119.33 13.50
3/11/94 53.25 13.50
3/18/94 128.70 14.00
3/25/94 51.60 13.50
3/31/94 84.98 12.00
4/8/94 108.60 11.50
4/15/94 114.80 10.50
4/22/94 248.90 11.50
4/29/94 72.70 11.50
5/6/94 217.78 12.00
5/13/94 41.70 11.50
5/20/94 50.85 11.00
5/27/94 111.10 11.00
6/3/94 71.93 11.00
6/10/94 97.95 12.00
6/17/94 51.20 12.00
6/24/94 98.98 10.50
7/1/94 55.00 11.00
7/8/94 35.28 10.00
7/15/94 109.48 10.50
7/22/94 77.73 10.50
7/29/94 329.13 12.00
8/5/94 96.20 12.50
8/12/94 23.63 12.00
8/19/94 72.10 12.50
8/26/94 215.08 13.50
9/2/94 47.33 13.00
9/9/94 60.48 13.50
9/16/94 157.58 15.00
9/23/94 98.90 14.00
9/30/94 72.58 14.50
10/7/94 361.53 16.50
10/14/94 173.50 17.00
0/21/94 96.90 17.00
0/28/94 133.78 16.50
11/4/94 96.88 15.00
1/11/94 81.68 14.00
1/18/94 80.95 14.00
1/25/94 71.68 13.00
12/2/94 83.10 12.00
12/9/94 69.50 12.00
2/16/94 142.58 12.00
2/23/94 71.50 12.00
2/30/94 134.38 12.50
1/6/95 74.40 11.50
1/13/9 129.98 11.00
1/20/5 98.23 11.00
1/2795 74.80 11.00
2/3/95 77.53 10.50
2/0/95 52.40 11.00
2/17/95 67.43 11.50
2/24/95 96.78 11.50
3/3/95 93.80 11.50
3/10/95 132.50 11.00
3/17/95 101.45 11.00
3/24/95 85.70 10.50
3/31/95 263.60 9.50
4/7/95 137.38 10.00
4/13/95 116.08 11.50
4/21/95 67.68 11.00
4/28/95 31.85 11.50
5/5/95 55.23 10.50
5/12/95 462.68 11.50
5/19/95 328.15 13.50
5/26/95 146.50 12.00
6/2/95 34.90 11.50
6/9/95 57.90 12.00
6/16/95 87.43 11.50
6/23/95 94.20 11.00
6/30/95 118.38 12.00
7/7/95 36.63 11.50
7/14/95 155.78 13.00
7/21/95 129.88 12.00
7/28/95 82.10 12.00
8/4/95 304.45 14.00
8/11/95 158.58 14.00
8/18/95 78.60 13.00
8/25/95 239.88 13.50
9/1/95 121.13 12.50
9/8/95 306.20 15.50
9/15/95 201.93 14.00
9/22/95 59.60 14.00
9/29/95 56.10 13.50
10/6/95 63.33 12.50
0/13/95 56.80 11.50
0/20/95 34.40 11.50
0/27/95 171.55 11.50
11/3/95 59.23 11.50
1/10/95 51.80 10.50
1/17/95 100.25 10.50
1/24/95 58.90 10.00
12/1/95 141.13 10.00
12/8/95 155.83 9.50
2/15/95 221.45 9.50
2/22/95 80.35 9.50
2/29/95 293.48 11.00
1/5/96 67.40 11.00
1/12/96 133.60 9.50
1/19/96 64.50 10.00
1/26/96 125.53 9.00
2/2/96 150.63 9.00
2/9/96 195.18 9.50
2/16/96 59.70 10.00
2/23/96 52.38 9.50
3/1/96 65.95 9.00
3/8/96 60.73 9.00
3/15/96 63.08 9.00
3/22/96 118.25 10.00
3/29/96 320.23 10.00
4/4/96 135.98 9.50
4/12/96 141.83 10.50
4/19/96 56.65 10.00
4/26/96 232.98 9.50
5/3/96 932.13 9.50
5/10/96 577.88 11.00
5/17/96 445.95 11.00
5/24/96 336.25 11.50
5/31/96 115.20 11.00
6/7/96 128.85 11.50
6/14/96 186.33 11.00
6/21/96 373.75 11.00
6/28/96 155.78 11.00
7/5/96 166.75 10.00
7/12/96 291.03 9.50
7/19/96 332.80 9.00
7/26/96 173.05 8.50
8/2/96 91.25 8.00
8/9/96 146.38 8.50
8/16/96 254.05 8.50
8/23/96 65.23 8.50
8/30/96 752.85 11.00
9/6/96 533.18 11.50
9/13/96 260.65 11.00
9/20/96 229.78 10.50
9/27/96 180.28 11.00
10/4/96 337.63 11.50
0/11/96 127.25 10.50
0/18/96 147.58 10.50
0/25/96 149.75 9.50
11/1/96 99.60 9.50
11/8/96 158.10 10.00
1/15/96 207.28 10.00
1/22/96 192.73 9.50
1/29/96 117.50 10.13
12/6/96 189.10 9.38
2/13/96 217.60 8.75
2/20/96 190.80 8.75
2/27/96 200.50 8.50
1/3/97 129.00 8.63
1/10/97 76.70 8.50
1/17/97 188.10 8.75
1/24/97 91.10 8.50
1/31/97 119.90 8.38
2/7/97 129.80 8.38
2/14/97 135.70 8.25
2/21/97 43.50 8.38
2/28/97 101.30 8.63
3/7/97 47.90 8.50
3/14/97 53.80 8.25
3/21/97 100.80 7.75
3/27/97 227.50 6.88
4/4/97 96.60 6.75
4/11/97 105.10 7.25
4/18/97 134.00 7.38
4/25/97 86.30 7.25
5/2/97 143.10 7.38
5/9/97 94.60 7.00
5/16/97 43.20 7.00
5/23/97 74.50 7.00
5/30/97 77.00 7.25
6/6/97 156.60 7.63
6/13/97 163.90 7.88
6/20/97 60.30 7.75
6/27/97 48.70 7.50
7/3/97 46.70 7.63
7/11/97 233.80 8.00
7/18/97 97.80 7.75
7/25/97 202.90 7.63
8/1/97 397.20 7.31
8/8/97 192.00 7.50
8/15/97 105.30 7.19
8/22/97 166.90 7.00
8/29/97 260.40 7.31
9/5/97 159.10 7.63
9/12/97 288.40 8.00
9/19/97 159.10 8.88
9/26/97 154.80 8.81
10/3/97 103.50 8.50
0/10/97 186.80 9.44
0/17/97 69.50 8.81
0/24/97 280.70 8.69
0/31/97 111.60 9.13
11/7/97 84.50 9.13
1/14/97 109.10 8.56
1/21/97 52.00 8.38
1/28/97 80.20 8.25
12/5/97 75.20 7.75
2/12/95 120.10 8.00
2/19/97 151.30 7.00
2/26/97 150.50 7.69
0/21/94 96.90 17.00
0/28/94 133.78 16.50
11/4/94 96.88 15.00
1/11/94 81.68 14.00
1/18/94 80.95 14.00
1/25/94 71.68 13.00
12/2/94 83.10 12.00
12/9/94 69.50 12.00
2/16/94 142.58 12.00
2/23/94 71.50 12.00
2/30/94 134.38 12.50
1/6/95 74.40 11.50
1/13/95 129.98 11.00
1/20/95 98.23 11.00
1/27/95 74.80 11.00
2/3/95 77.53 10.50
2/10/95 52.40 11.00
2/17/95 67.43 11.50
2/24/95 96.78 11.50
3/3/95 93.80 11.50
3/10/95 132.50 11.00
3/17/95 101.45 11.00
3/24/95 85.70 10.50
3/31/95 263.60 9.50
4/7/95 137.38 10.00
4/13/95 116.08 11.50
4/21/95 67.68 11.00
4/28/95 31.85 11.50
5/5/95 55.23 10.50
5/12/95 462.68 11.50
5/19/95 328.15 13.50
5/26/95 146.50 12.00
6/2/95 34.90 11.50
6/9/95 57.90 12.00
6/16/95 87.43 11.50
6/23/95 94.20 11.00
6/30/95 118.38 12.00
7/7/95 36.63 11.50
7/14/95 155.78 13.00
7/21/95 129.88 12.00
7/28/95 82.10 12.00
8/4/95 304.45 14.00
8/11/95 158.58 14.00
8/18/95 78.60 13.00
8/25/95 239.88 13.50
9/1/95 121.13 12.50
9/8/95 306.20 15.50
9/15/95 201.93 14.00
9/22/95 59.60 14.00
9/29/95 56.10 13.50
10/6/95 63.33 12.50
0/13/95 56.80 11.50
0/20/95 34.40 11.50
0/27/95 171.55 11.50
11/3/95 59.23 11.50
1/10/95 51.80 10.50
1/17/95 100.25 10.50
1/24/95 58.90 10.00
12/1/95 141.13 10.00
12/8/95 155.83 9.50
2/15/95 221.45 9.50
2/22/95 80.35 9.50
2/29/95 293.48 11.00
1/5/96 67.40 11.00
1/12/96 133.60 9.50
1/19/96 64.50 10.00
1/26/96 125.53 9.00
2/2/96 150.63 9.00
2/9/96 195.18 9.50
2/16/96 59.70 10.00
2/23/96 52.38 9.50
3/1/96 65.95 9.00
3/8/96 60.73 9.00
3/15/96 63.08 9.00
3/22/96 118.25 10.00
3/29/96 320.23 10.00
4/4/96 135.98 9.50
4/12/96 141.83 10.50
4/19/96 56.65 10.00
4/26/96 232.98 9.50
5/3/96 932.13 9.50
5/10/96 577.88 11.00
5/17/96 445.95 11.00
5/24/96 336.25 11.50
5/31/96 115.20 11.00
6/7/96 128.85 11.50
6/14/96 186.33 11.00
6/21/96 373.75 11.00
6/28/96 155.78 11.00
7/5/96 166.75 10.00
7/12/96 291.03 9.50
7/19/96 332.80 9.00
7/26/96 173.05 8.50
8/2/96 91.25 8.00
8/9/96 146.38 8.50
8/16/96 254.05 8.50
8/23/96 65.23 8.50
8/30/96 752.85 11.00
9/6/96 533.18 11.50
9/13/96 260.65 11.00
9/20/96 229.78 10.50
9/27/96 180.28 11.00
10/4/96 337.63 11.50
0/11/96 127.25 10.50
0/18/96 147.58 10.50
0/25/96 149.75 9.50
11/1/96 99.60 9.50
11/8/96 158.10 10.00
1/15/96 207.28 10.00
1/22/96 192.73 9.50
1/29/96 117.50 10.13
12/6/96 189.10 9.38
2/13/96 217.60 8.75
2/20/96 190.80 8.75
2/27/96 200.50 8.50
1/3/97 129.00 8.63
1/10/97 76.70 8.50
1/17/97 188.10 8.75
1/24/97 91.10 8.50
1/31/97 119.90 8.38
2/7/97 129.80 8.38
2/14/97 135.70 8.25
2/21/97 43.50 8.38
2/28/97 101.30 8.63
3/7/97 47.90 8.50
3/14/97 53.80 8.25
3/21/97 100.80 7.75
3/27/97 227.50 6.88
4/4/97 96.60 6.75
4/11/97 105.10 7.25
4/18/97 134.00 7.38
4/25/97 86.30 7.25
5/2/97 143.10 7.38
5/9/97 94.60 7.00
5/16/97 43.20 7.00
5/23/97 74.50 7.00
5/30/97 77.00 7.25
6/6/97 156.60 7.63
6/13/97 163.90 7.88
6/20/97 60.30 7.75
6/27/97 48.70 7.50
7/3/97 46.70 7.63
7/11/97 233.80 8.00
7/18/97 97.80 7.75
7/25/97 202.90 7.63
8/1/97 397.20 7.31
8/8/97 192.00 7.50
8/15/97 105.30 7.19
8/22/97 166.90 7.00
8/29/97 260.40 7.31
9/5/97 159.10 7.63
9/12/97 288.40 8.00
9/19/97 159.10 8.88
9/26/97 154.80 8.81
10/3/97 103.50 8.50
0/10/97 186.80 9.44
0/17/97 69.50 8.81
0/24/97 280.70 8.69
0/31/97 111.60 9.13
11/7/97 84.50 9.13
1/14/97 109.10 8.56
1/21/97 52.00 8.38
1/28/97 80.20 8.25
12/5/97 75.20 7.75
2/12/95 120.10 8.00
2/19/97 151.30 7.00
2/26/97 150.50 7.69
1/2/98 199.80 7.44
</TABLE>
Low price on 7/24/96 - $ 6.38
High price on 4/6/94 - $18.50
(1) Volume in thousands
DONALDSON, LUFKIN & JENRETTE
18
<PAGE>
SELECTED INDICES -- LATEST TWELVE MONTHS
WEEKLY FROM JANUARY 3, 1997 - JANUARY 2, 1998
[GRAPH REPRESENTING THE DATA LISTED BELOW APPEARS HERE]
STOCK PRICE COMPARISON
<TABLE>
<CAPTION>
DATE SPOCK SCOTTY S&P500 ENVIRONMENTAL CONSULTING/
ENGINEERING INDEX
<S> <C> <C> <C> <C>
1/3/97 100.00 100.00 100.00 100.00
1/10/97 97.14 98.55 101.53 99.26
1/17/97 100.00 101.45 103.76 99.54
1/24/97 95.71 98.55 103.01 98.78
1/31/97 102.86 97.10 105.10 97.82
2/7/97 95.71 97.10 105.55 98.02
2/14/97 91.43 95.65 108.08 97.82
2/21/97 94.29 97.10 107.18 95.74
2/28/97 90.00 100.00 105.72 97.86
3/7/97 95.71 98.55 107.61 95.32
3/14/97 95.71 95.65 106.03 89.96
3/21/97 92.86 89.86 104.82 90.48
3/27/97 91.43 79.71 103.46 89.79
4/4/97 87.14 78.26 101.32 88.63
4/11/97 85.71 84.06 98.61 89.05
4/18/97 90.00 85.51 102.45 89.02
4/25/97 84.29 84.06 102.32 89.28
5/2/97 90.00 85.51 108.68 88.47
5/9/97 85.71 81.16 110.26 84.93
5/16/97 88.57 81.16 110.92 88.13
5/23/97 91.43 81.16 113.23 89.95
5/30/97 91.43 84.06 113.40 88.12
6/6/97 92.86 88.41 114.70 90.13
6/13/97 94.29 91.30 119.42 92.23
6/20/97 95.71 89.86 120.14 91.87
6/27/97 97.14 86.96 118.62 91.27
7/3/97 95.71 88.41 122.58 93.40
7/11/97 95.71 92.75 122.55 92.86
7/18/97 94.29 89.86 122.36 92.10
7/25/97 90.00 88.41 125.50 95.78
8/1/97 92.86 84.78 126.62 95.79
8/8/97 97.14 86.96 124.80 96.73
8/15/97 96.43 83.33 120.42 93.60
8/22/97 95.00 81.16 123.46 97.46
8/29/97 95.00 84.78 120.25 98.09
9/5/97 92.86 88.41 124.20 98.46
9/12/97 91.43 92.75 123.51 100.07
9/19/97 77.86 102.90 127.07 102.54
9/26/97 85.71 102.17 126.36 102.76
10/3/97 92.86 98.55 129.01 105.31
10/10/97 95.00 109.42 129.27 107.76
10/17/97 102.14 102.17 126.22 105.52
10/24/97 104.29 100.72 125.88 103.67
10/31/97 98.57 105.80 122.27 102.89
11/7/97 98.57 105.80 123.99 103.15
11/14/97 103.57 99.28 124.11 99.62
11/21/97 95.71 97.10 128.75 98.24
11/28/97 97.14 95.65 127.72 99.66
12/5/97 95.71 89.86 131.52 100.03
12/12/97 95.00 92.75 127.45 102.15
12/19/97 89.29 81.16 126.57 100.56
12/26/97 86.43 89.13 125.19 102.40
1/2/98 87.86 86.23 130.35 102.28
</TABLE>
Environmental/Consulting Index Includes: Dames&Moore, EMCON, Fluor Daniel GTI,
Harding Associates, ICF Kaiser, International Technology, Sevenson, TRC Cos.,
Roy F. Weston
DONALDSON, LUFKIN & JENRETTE
19
<PAGE>
PROJECT ENTERPRISE
STOCK PRICE HISTORY
<TABLE>
<CAPTION>
SPOCK SCOTTY
SELECTED STOCK PRICES SELECTED STOCK PRICES
- ---------------------------------------------- ------------------------------------------------
<S> <C> <C> <C>
Current Price (1/7/97) $7.63 Current Price (1/7/97) $8.00
52-week high 9.50 52-week high 9.56
52-week low 6.81 52-week low 6.38
- ---------------------------------------------- ------------------------------------------------
<CAPTION>
AVERAGE AVERAGE
AVERAGE CLOSING PRICES PRIOR TO ANNOUNCEMENT DAILY VOLUME AVERAGE CLOSING PRICES PRIOR TO ANNOUNCEMENT DAILY VOLUME
- ---------------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30 days prior $7.87 24,790 30 days prior $7.68 36,348
60 days prior 8.25 24,827 60 days prior 8.06 26,915
90 days prior 8.39 34,236 90 days prior 8.39 25,109
120 days prior 8.25 37,992 120 days prior 8.03 31,444
360 days prior 8.18 34,044 360 days prior 7.93 27,394
- ---------------------------------------------------------------- ----------------------------------------------------------------
<CAPTION>
BLENDED PRICE PER SHARE IMPLIED BY TRANSACTION
-------------------------------------------------------
<S> <C>
Cash Consideration $8.00
Scotty Stock Consideration 3.39
NSC Distribution 0.35
-------------------------------------------------------
Total Consideration $11.74
-------------------------------------------------------
</TABLE>
DONALDSON, LUFKIN & JENRETTE
20
<PAGE>
PROJECT ENTERPRISE
SPOCK VALUATION ANALYSIS
DONALDSON, LUFKIN & JENRETTE
21
<PAGE>
PROJECT ENTERPRISE
SPOCK STAND-ALONE PROJECTIONS
<TABLE>
<CAPTION>
($ in millions)
PROJECTED YEAR ENDING MARCH 31,
----------------------------------------------------
1997 1998 1999 2000 2001 CAGR
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Revenues $517.7 $618.0 $702.4 $791.4 $848.8 13.2%
Growth - 19.4% 13.7% 12.7% 7.3%
EBITDA 42.2 49.4 54.7 60.7 63.8
Margin 8.2% 8.0% 7.8% 7.7% 7.5%
EBIT 26.2 32.4 36.6 40.8 42.7
Margin 5.1% 5.2% 5.2% 5.2% 5.0%
------------------------------------------------------------------------------
</TABLE>
DONALDSON, LUFKIN & JENRETTE
22
<PAGE>
PROJECT ENTERPRISE
COMPARABLE COMPANY MULTIPLES
<TABLE>
<CAPTION>
MULTIPLES IMPLIED INDUSTRY MULTIPLES
IMPLIED BY MULTIPLES WITH ----------------------------------------------------------------
TRANSACTION SYNERGIES LOW AVERAGE HIGH
=======================================================================================================================
<S> <C> <C> <C> <C> <C>
LTM Revenues 0.7x 0.7x 0.2x 0.6x 1.6x
LTM EBITDA 8.5 4.9 3.0 7.1 12.7
LTM EBIT 13.6 6.3 4.5 9.7 13.0
Proj. 1997 Net Income 24.0 9.6 9.3 19.1 40.6
Proj. 1998 Net Income 19.6 8.8 8.0 18.0 35.3
=======================================================================================================================
</TABLE>
DONALDSON, LUFKIN & JENRETTE
23
<PAGE>
PROJECT ENTERPRISE
COMPARABLE COMPANY ANALYSIS
. DLJ analyzed the trading multiples of the following public companies, all of
which participate in the environmental consulting/engineering and
remediation industry:
Dames & Moore, Inc. Sevenson
EMCON Tetra Tech, Inc.
Fluor Daniel GTI TRC Company, Inc.
Harding Lawson Associates URS Corp.
ICF Kaiser Int'l Inc. Roy F. Weston
International Technology Corp. ATC Group Services
OHM Corp.
DONALDSON, LUFKIN & JENRETTE
24
<PAGE>
PROJECT ENTERPRISE
COMPARABLE TRANSACTION ANALYSIS
<TABLE>
<CAPTION>
MULTIPLES IMPLIED RANGE OF MULTIPLES
IMPLIED BY MULTIPLES WITH -----------------------------------------------
TRANSACTION SYNERGIES LOW AVERAGE HIGH
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LTM Revenue 0.7x 0.7x 0.2x 0.6x 1.9x
LTM EBITDA 8.5 4.9 4.0 7.8 10.6
LTM EBIT 13.6 6.3 4.1 12.6 18.7
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DONALDSON, LUFKIN & JENRETTE
25
<PAGE>
PROJECT ENTERPRISE
COMPARABLE TRANSACTION ANALYSIS (CONT'D)
. The following are selected mergers and acquisitions in the environmental
consulting/engineering and remediation industry, and the transaction multiples
paid based upon trailing financial data:
<TABLE>
<CAPTION>
TOTAL TOTAL ENTERPRISE MULTIPLES
DATE ENTERPRISE ----------------------------------
CLOSED TARGET ACQUIROR VALUE REVENUES EBITDA EBIT
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Pending Safety Kleen Philip Services, Inc. $1,891.6 1.9x 9.7x 16.3x
Pending Halliburton, NUS, Brown & Root Tetra Tech Inc. 32.0 0.3 NA NA
Pending ATC Group Services, Inc. WPG Corp. Develop. Assoc. 120.9 1.1 9.0 10.6
11/17/97 Woodward-Clyde URS Corp. 125.7 0.4 7.4 12.0
06/18/97 Beneco Enterprises, Inc. OHM Corp. 14.7 0.2 4.0 4.1
04/18/97 Scientific Ecology GTS Duratek Corp. 29.0 0.3 NM NM
11/20/96 International Technology Corp. Carlyle Group LP 212.3 0.6 8.0 18.0
05/10/96 Groundwater Technology Fluor Corporation 80.0 0.5 NM 14.3
02/29/96 Organic Waste Tech., Inc. EMCON 19.4 1.1 7.5 11.2
01/16/96 Earth Technology Corp. Tyco International 99.8 0.6 6.1 9.5
09/15/95 PRC Environmental Tetra Tech 39.2 0.4 10.6 14.0
05/23/95 Rust International OHM Corp. 117.2 0.5 7.8 18.7
04/06/95 Walk, Haydel Dames & Moore Inc. 36.3 1.0 NM NM
03/31/95 O-Brien-Kreitzberg Dames & Moore Inc. 52.4 0.5 NM NM
02/23/95 Hazwaste Industries Earth Technology Corp. 30.9 0.7 7.6 10.2
11/21/94 Riedel Environ. Services Canonie Environ. Ser. 19.0 0.3 NM NM
11/14/94 Enserch Foster Wheeler 97.0 0.6 NA NA
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C>
HIGH 1.9x 10.6x 18.7x
LOW 0.2 4.0 4.1
MEAN 0.6 7.8 12.6
- -----------------------------------------------------------------------------------------------------------------------------------
PENDING SPOCK SCOTTY 0.7 8.5 13.6
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DONALDSON, LUFKIN & JENRETTE
26
<PAGE>
PROJECT ENTERPRISE
DISCOUNTED CASH FLOW ANALYSIS OF SPOCK (1)
SPOCK EQUITY VALUE PER SHARE INCLUDING SYNERGIES (2)
<TABLE>
<CAPTION>
DISCOUNT RATE
----------------------------------------------
10.0% 11.0% 12.0% 13.0%
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EBITDA 6.5x $17.59 $16.81 $16.08 $15.38
TERMINAL 7.0x 18.72 17.90 17.11 16.37
MULTIPLE 7.5x 19.86 18.98 18.15 17.36
- ----------------------------------------------------------------------------------------
</TABLE>
SPOCK EQUITY VALUE PER SHARE
<TABLE>
<CAPTION>
DISCOUNT RATE
----------------------------------------------
10.0% 11.0% 12.0% 13.0%
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EBITDA 6.5x $10.42 $9.92 $9.44 $9.00
TERMINAL 7.0x 11.18 10.65 10.14 9.66
MULTIPLE 7.5x 11.95 11.38 10.84 10.33
- ----------------------------------------------------------------------------------------
</TABLE>
(1) Discounted to December 31, 1997.
(2) Includes $32.5 million of synergies, with a half-year impact of $16.4
million in 1998.
DONALDSON, LUFKIN & JENRETTE
27
<PAGE>
PROJECT ENTERPRISE
ADDITIONAL CONSIDERATIONS
DONALDSON, LUFKIN & JENRETTE
28
<PAGE>
PROJECT ENTERPRISE
NEWCO VS. SELECTED COMPARABLES
THE TRANSACTION CLEARLY PLACES NEWCO AS THE INDUSTRY LEADER.
<TABLE>
<CAPTION>
ICF KAISER
NEWCO(1) DAMES & MOORE INC. INT'L INC. URS CORP. WESTON (ROY F)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT MARKET DATA
Current Stock Price (01/07/98) $12.94 $2.31 $15.13 $4.06
Market Value 233.1 52.0 160.2 39.7
Enterprise Value(2) 363.7 180.5 261.2 45.1
MARKET MULTIPLES:
Price/Proj. 1997 Calendar EPS(3) - 12.8X 9.3X 14.1X 40.6X
Price/Proj. 1998 Calendar EPS(3) - 11.1 8.0 13.0 35.3
Enterprise Value/LTM Gross Revenues - 0.5 0.2 0.4 0.2
Enterprise Value/EBDAIT(4) - 6.7 5.8 5.7 NM
Enterprise Value/EBIT(5) - 9.0 8.5 8.8 NM
LTM OPERATING DATA:
Gross Revenues $1,078.6 $683.4 $1,064.7 $694.8 $243.9
Operating Cash Flow (EBDAIT)(4) 111.8 54.0 30.9 45.6 ($4.8)
Operating Earnings (EBIT)(5) 84.7 40.2 21.2 29.8 ($10.3)
Proj. 1997 Calendar Year EPS(3) $1.01 $0.25 $1.07 $0.10
Proj. 1998 Calendar Year EPS(3) 1.17 0.29 1.17 0.12
- ------------------------------------------------------------------------------------------------------------------------- -----
</TABLE>
(1) Newco LTM Revenue, EBITDA and Ebit reflect projected 1998 figures
based on information supplied by Scotty and Spock.
(2) Defined as Market Capitalization plus Debt less Cash.
(3) As Reported by First Call.
(4) Defined as Earnings before Depreciation, Amortization, Interest and
Taxes.
(5) Defined as Earnings before Interest and Taxes.
DONALDSON, LUFKIN & JENRETTE
29
<PAGE>
PROJECT ENTERPRISE
EPS ACCRETION
THE TRANSACTION WILL BE HIGHLY ACCRETIVE TO SCOTTY'S SHAREHOLDERS.
. Anticipated impact on Scotty's earnings per share.
<TABLE>
<CAPTION>
FISCAL YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------
1998 1999
=============================================================================================================================
<S> <C> <C>
Scotty Stand-Alone EPS $0.21 $0.48
Pro Forma Combined EPS 0.52 1.09
EPS Accretion/(Dilution) 149.7% 126.5%
=============================================================================================================================
PRETAX SYNERGIES
-----------------------------------------------------------------------------------------
$0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0
=============================================================================================================================
Scotty Stand-Alone 1998 EPS-$0.21
Pro Forma 1998 EPS $0.17 $0.28 $0.39 $0.49 $0.60 $0.71 $0.81 $0.92
Accretion/(Dilution) (16.7%) 34.1% 84.8% 135.5% 186.3% 237.0% 287.7% 338.4%
=============================================================================================================================
</TABLE>
DONALDSON, LUFKIN & JENRETTE
30
<PAGE>
PROJECT ENTERPRISE
BALANCE SHEET AND CREDIT IMPLICATIONS
THE TRANSACTION WILL INCREASE THE LEVERAGE OF SCOTTY, BUT AFTER SYNERGIES
DEBT WILL ONLY BE 3.2X EBITDA.
<TABLE>
<CAPTION>
($ in millions)
AS OF DECEMBER 31, 1997
--------------------------------------------------------------
ACTUAL PRO FORMA/1/
===============================================================================================================================
<S> <C> <C>
Cash $60.0 $30.0
- -------------------------------------------------------------------------------------------------------------------------------
Total Debt 69.5 332.8
Stockholders' Equity 161.6 234.4
- -------------------------------------------------------------------------------------------------------------------------------
Total Capitalization $231.1 $567.2
Total Debt as % of Book Capitalization 30.1% 58.7%
Net Debt/2/ /EBITDA 1.1x 3.2x
EBITDA/Gross Interest 4.2 3.8
EBITDA-Maint. Capex/Gross Interest 3.6 2.7
===============================================================================================================================
</TABLE>
(1) Pro forma credit statistics include $32.5 million of synergies
(2) Pro forma net debt includes $332.8 million of debt, $20.4 million of long-
term accrued liabilities of discontinued operations and $30.0 million of
cash.
DONALDSON, LUFKIN & JENRETTE
31
<PAGE>
PROJECT ENTERPRISE
CURRENT STAND-ALONE PROJECTIONS
<TABLE>
<CAPTION>
($ in millions)
PROJECTED YEAR ENDING MARCH 31,
-------------------------------------------------
1997 1998 1999 2000 2001 CAGR
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Revenues $401.3 $480.0 $550.6 $615.4 $687.2 14.4%
Growth NM 19.6% 14.7% 11.8% 11.7%
EBITDA 28.0 34.2 39.3 42.4 46.1
Margin 7.0% 7.1% 7.1% 6.9% 6.7%
EBIT 19.0 23.1 27.3 30.0 33.2
Margin 4.7% 4.8% 5.0% 4.9% 4.8%
- ------------------------------------------------------------------------------
</TABLE>
DONALDSON, LUFKIN & JENRETTE
32
<PAGE>
PROJECT ENTERPRISE
COMPARABLE COMPANY VALUATION OF SCOTTY
SCOTTY IS HIGHLY VALUED ON A MULTIPLE BASIS COMPARED TO THE OTHER COMPANIES IN
THE INDUSTRY.
<TABLE>
<CAPTION>
INDUSTRY MULTIPLES
----------------------
SCOTTY SPOCK LOW AVERAGE HIGH
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ent. Val./LTM Revenues 0.5x 0.5x 0.2x 0.6x 1.6x
Ent. Val./LTM EBITDA 7.1 5.9 3.0 7.1 12.7
Ent. Val./LTM EBIT 13.0 9.3 4.5 9.7 13.0
Ent. Val./LTM 1997 EPS NM 15.0x 9.3x 19.1x 40.6x
Ent. Val./LTM 1998 EPS 27.1 12.3 8.0 18.0 35.3
- ------------------------------------------------------------------
</TABLE>
DONALDSON, LUFKIN & JENRETTE
33
<PAGE>
PROJECT ENTERPRISE
DISCOUNTED CASH FLOW ANALYSIS OF SCOTTY
ON A DISCOUNTED CASH FLOW BASIS, SCOTTY'S EQUITY APPEARS TO BE FAIRLY VALUED.
<TABLE>
<CAPTION>
SCOTTY EQUITY VALUE
($ in millions)
DISCOUNT RATE
-----------------------------------------
10.0% 11.0% 12.0% 13.0%
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EBITDA 6.5x $186.68 $175.82 $165.51 $155.73
TERMINAL 7.0x 202.94 191.36 180.37 169.94
MULTIPLE 7.5x 219.19 206.89 195.22 184.15
- -------------------------------------------------------------------
<CAPTION>
SCOTTY EQUITY VALUE PER SHARE
DISCOUNT RATE
-----------------------------------------
10.0% 11.0% 12.0% 13.0%
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EBITDA 6.5x $11.91 $11.22 $10.56 $ 9.94
TERMINAL 7.0x 12.95 12.21 11.51 10.85
MULTIPLE 7.5x 13.99 13.20 12.46 11.75
- -------------------------------------------------------------------
</TABLE>
DONALDSON, LUFKIN & JENRETTE
34
<PAGE>
EXHIBIT (b)(4)
EXHIBITS IN SUPPORT OF FAIRNESS OPINION
PROJECT ENTERPRISE
<PAGE>
The information contained in this document was obtained from the
managements of O Corporation ("SPOCK") and of I Corporation ("SCOTTY") and other
sources that we believe to be reliable, but has not been independently verified.
This document has been prepared for the use of Board of Directors of SPOCK
only. It is confidential and may not be disclosed or provided to any third
parties without the written permission of BT Alex. Brown Incorporated ("BT Alex.
Brown").
This document is prepared as of January 12, 1998 and reflects information
made available to us prior to such date. It does not include information
regarding all of the assessments made by BT Alex. Brown in arriving at its
conclusions.
<PAGE>
PROJECT ENTERPRISE
TABLE OF CONTENTS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TAB
---
<S> <C>
Summary of Transaction 1
Review of SPOCK 2
Review of SCOTTY 3
Valuation Analysis 4
Pro Forma Merger Analysis 5
Appendix 6
</TABLE>
-1-
<PAGE>
PROJECT ENTERPRISE
SUMMARY CONSIDERATION
- --------------------------------------------------------------------------------
STAGE 1: FRONT-END CASH TENDER OFFER
- ------------------------------------
SPOCK will repurchase 5,235,381 shares from W Company (19.0% of
SPOCK's outstanding shares) for $11.50 per share in cash. SCOTTY will
tender for 13,933,000 shares (50.6% of SPOCK's outstanding shares) for
$11.50 per share in cash.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Shares Tendered
----------------------------------- Total Shares
SCOTTY Tender SPOCK Repurchase Acquired Price Consideration
------------- ---------------- -------- ----- -------------
<S> <C> <C> <C> <C> <C>
Stage 1: 13,933,000 5,235,381 19,168,381 $11.50 $220,436,382
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
STAGE 2: BACK-END COMMON STOCK EXCHANGE
- ---------------------------------------
Each of the remaining 8,386,166 SPOCK shares (30.4% of SPOCK's
outstanding shares) will be exchanged for 1.394 SCOTTY shares.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SPOCK Shares Exchange SCOTTY Price Exchange SCOTTY
Exchanged Ratio Per Share (a) Value Shares Issued Consideration
------------- -------- ------------- -------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Stage 2: 8,386,166 1.394 $8.25 $11.50 11,690,315 $96,445,102
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
STAGE 3: DISTRIBUTION OF N COMPANY SHARES
- -----------------------------------------
Each SPOCK shareholder of record immediately prior to the closing of
the tender offer will receive a pro rata distribution of N Company
shares owned by SPOCK (approximately 0.14 N Company shares per SPOCK
share).
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
N Company Stock
N Company Shares Price Per Share (a) Consideration
---------------- ------------------- -------------
<S> <C> <C> <C>
Stage 3: 4,010,000 $2.38 $9,523,750
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -----------------------------------------------
(a) Stock price as of January 12, 1998.
-3-
<PAGE>
PROJECT ENTERPRISE
SUMMARY CONSIDERATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SUMMARY AGGREGATE CONSIDERATION (a)
-----------------------------------
<S> <C>
Stage 1: Cash $220,436,382
Stage 2: SCOTTY Shares 96,445,102
Stage 3: N Company Shares 9,523,750
------------
Aggregate Consideration $326,405,234
------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE CONSIDERATION PER AVERAGE SHARE (a)
---------------------------------------------
<S> <C>
Stage 1: Cash $ 8.00
Stage 2: SCOTTY Shares 3.50
Stage 3: N Company Shares 0.35
-------
Aggregate Consideration $11.85
-------
</TABLE>
- --------------------------------------------------------------------------------
(a) Assumes 27,554,547 basic shares outstanding, SCOTTY stock price of $8.25 and
N Company stock price of $2.38 as of 1/12/98.
- -------------------------------------------------------------------------------
-4-
<PAGE>
PROJECT ENTERPRISE
CONSIDERATION SENSITIVITY SUMMARY
(IN MILLIONS EXCEPT PER SHARE DATA)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------
SCOTTY PRICE DECLINES 20% CURRENT SCOTTY PRICE SCOTTY PRICE INCREASES 20%
---------------------------------- --------------------------------- ----------------------------------
Consideration: Consideration: Consideration:
---------------------------------- --------------------------------- ----------------------------------
Consideration Type: Per Share Aggregate (a) Per Share Aggregate (a) Per Share Aggregate (a)
- ------------------- ----------------- ----------------- ----------------- -------------- ------------------ ----------------
<S> <C> <C> <C> <C> <C> <C>
Cash $ 8.00 $220.4 $ 8.00 $220.4 $ 8.00 $220.4
SCOTTY Stock 2.80 77.2 3.50 96.4 4.20 115.7
N Company Shares 0.35 9.5 0.35 9.5 0.35 9.5
------ ------ ------ ------ ------ ------
Total $11.15 $307.1 $11.85 $326.4 $12.55 $345.7
====== ====== ====== ====== ====== ======
% of Total Consideration:
- -------------------------
Cash 71.8% 71.8% 67.5% 67.5% 63.8% 63.8%
SCOTTY Stock 25.1% 25.1% 29.5% 29.5% 33.5% 33.5%
N Company Shares 3.1% 3.1% 2.9% 2.9% 2.8% 2.8%
------ ------ ------ ------ ------ ------
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
====== ====== ====== ====== ====== ======
</TABLE>
- -------------------------------------------------------------
(a) Aggregate consideration based on basic shares outstanding.
-5-
<PAGE>
PROJECT ENTERPRISE
SELECTED CONTRACT PROVISIONS
- --------------------------------------------------------------------------------
Taxation and Accounting Treatment Transaction will be fully taxable to
SPOCK's shareholders and will be
accounted for as a purchase.
Outstanding Options/Warrants All SPOCK employees and director
options vest upon filing of 14D-1.
Option holders will have three
alternatives: 1) cash out for the
difference of $11.50 and the option
exercise price; 2) exercise option to
participate in total consideration;
or 3) roll option into the combined
company at 1.394x adjustment. W
Company warrants will be cancelled in
exchange for cancellation of the W
guarantee. H options will be
cancelled in exchange for $1.5
million in cash.
"No Shop" Provison SPOCK may not initiate, solicit,
encourage or otherwise facilitate any
inquiries regarding an alternative
business combination.
Fiduciary Out SPOCK Board may withdraw its
recommendation in order to satisfy
its fiduciary duties.
Break-Up Fee Fee of $15 million payable to SCOTTY
if (i) the SPOCK Board exercises its
"fiduciary out" or otherwise
withdraws its recommendation to
shareholders or (ii) the minimum
condition is not satisfied and SPOCK
enters into an alternative agreement
within one year.
Due Diligence/Board Approval Due diligence complete. Meetings of
SCOTTY and SPOCK boards to occur on
1/9/98 and 1/14/98, respectively.
Governance SPOCK to receive two seats on the
combined company's board of
directors.
Key Conditions to Closing of Tender Offer Tender of at least 13,933,000 of
SPOCK's shares.
Expiration or termination of HSR
waiting period.
No definitive written merger or
similar agreement between SPOCK and a
third party.
No material breach by SPOCK and no
material adverse effect.
No material adverse effect in credit
markets.
Timing Tender offer to be commenced within 5
business days after execution of
merger agreement. Closing of merger
expected by April 15, 1998.
- --------------------------------------------------------------------------------
-6-
<PAGE>
PROJECT ENTERPRISE
Strategic Rationale
- ------------------------------------------------------------------------------
. Changing industry dynamics and profitability trends
. Increased scale
. Complementary market presence and customer mix
. Accretive to SCOTTY earnings per share estimates
- ------------------------------------------------------------------------------
-7-
<PAGE>
PROJECT ENTERPRISE
FINANCIAL SUMMARY OF PROPOSED TRANSACTION
(IN MILLIONS EXCEPT PER SHARE DATA)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
I. VALUATION ------------------------------------------------------------------------
--------- Aggregate Per Share
---------------- ---------------
<S> <C> <C>
Aggregate Consideration
Cash $220.4 $8.00
SCOTTY Equity 96.4 3.50
N Company 9.5 0.35
---------------- ---------------
Aggregate Consideration $326.4 $11.85
Net Debt as of 9/30/97 48.2
Value of Options (a) 9.8
----------------
Enterprise Value $384.3
-------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
II. MULTIPLES -------------- -------------------------------- -------------------------------
--------- TRANSACTION SELECTED PRECEDENT
ENTERPRISE VALUE MULTIPLES: SPOCK MULTIPLES PUBLIC COMPANIES TRANSACTIONS
----------- -------------- -------------------------------- -------------------------------
REVENUES Low Mean High Low Mean High
--- ---- ---- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LTM 9/30/97 $526.0 0.7 x 0.2 x 0.4 x 0.8 0.3 x 0.7 x 1.3 x
1997E(b) 517.6 0.7
1998E(b) 618.0 0.6
EBITDA
LTM 9/30/97 $45.1 8.5 x 2.4 x 5.4 x 7.2 x 5.2 x 8.0 x 12.7 x
1997E(b) 42.2 9.1
1998E(b) 47.7 8.1
LTM EBIT $24.6 15.6 x 3.4 x 8.1 x 13.1 x 3.4 x 12.8 x 22.1 x
EQUITY VALUE MULTIPLES: (c)
EARNINGS PER SHARE
LTM 9/30/97 $0.49 24.0 x 11.7 x 17.6 x 29.9 x 5.6 x 20.7 x 42.6 x
1997E(I/B/E/S) 0.51 23.2 11.9 13.5 15.8
1998E(I/B/E/S) 0.62 19.1 10.7 16.3 30.0
BOOK VALUE $151.8 2.2 x 0.8 x 1.3 x 1.6 x 0.5 x 2.5 x 8.0 x
--------------- -------------------------------- -------------------------------
</TABLE>
<TABLE>
<CAPTION>
III. PREMIUM ANALYSIS
----------------
--------------- -------------------------------
TRANSACTION PRECEDENT
STOCK PRICE PREMIUM TRANSACTIONS
----------- --------------- -------------------------------
Low Mean High
--- ---- ----
<S> <C> <C> <C> <C> <C>
ONE DAY PRIOR (1/9/98) $7.88 50.4% (6.4)% 24.8% 48.2%
4 WEEK PRIOR PRICE (12/15/97) $7.88 50.4% (6.4)% 38.4% 95.2%
52-WEEK HIGH $9.31 27.2%
52-WEEK LOW $6.81 73.9%
--------------- ------------------------------
</TABLE>
- --------------------------------------------------------------
(a) Represents in-the-money employee options valued using the treasury stock
method at offer price plus $1.5 million for H options.
(b) Based on SPOCK management's internal financial forecasts.
(c) Equity value multiples based on per share consideration.
- --------------------------------------------------------------------------------
-8-
<PAGE>
PROJECT ENTERPRISE
TRANSACTION MULTIPLE SENSITIVITY ANALYSIS
(in millions except per share data)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------
SCOTTY PRICE DECLINES 20% CURRENT SCOTTY PRICE SCOTTY PRICE INCREASES 20%
-------------------------------- -------------------------------- --------------------------------
Consideration: Consideration: Consideration:
-------------------------------- -------------------------------- --------------------------------
CONSIDERATION TYPE: Per Share Aggregate Per Share Aggregate Per Share Aggregate
- ------------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Cash $8.00 $220.4 $8.00 $220.4 $8.00 $220.4
SCOTTY Stock 2.80 77.2 3.50 96.4 4.20 115.7
N Company Shares 0.35 9.5 0.35 9.5 0.35 9.5
--------------- ---------------- --------------- ---------------- --------------- ----------------
Aggregate Consideration (a) $11.15 $307.1 $11.85 $326.4 $12.55 $345.7
=============== ================ =============== ================ =============== ================
Net Debt 48.2 48.2 48.2
Value of Options (b) 9.8 9.8 9.8
---------------- ---------------- ---------------
Enterprise Value $365.1 $384.3 $403.6
================ ================ ===============
TRANSACTION MULTIPLES:
- ----------------------
Enterprise Value Multiples:
Revenues
LTM 9/30/97 0.7 x 0.7 x 0.8 x
1997E (c) 0.7 x 0.7 x 0.8 x
1998E (c) 0.6 x 0.6 x 0.7 x
EBITDA
LTM 9/30/97 8.1 x 8.5 x 8.9 x
1997E (c) 8.7 x 9.1 x 9.6 x
1998E (c) 7.7 x 8.1 x 8.5 x
LTM EBIT 14.8 x 15.6 x 16.4 x
Equity Value Multiples: (d)
Earnings Per Share
LTM 9/30/97 22.6 x 24.0 x 25.4 x
1997E (1/B/E/S) 21.9 x 23.2 x 24.6 x
1998E (1/B/E/S) 18.0 x 19.1 x 20.2 x
Book Value 2.1 x 2.2 x 2.3 x
--------------------------------
</TABLE>
- -------------------------------------------------------------
(a) Aggregate consideration based on basic shares outstanding.
(b) Represents in-the-money employee options valued using the treasury stock
method at tender price of $11.50 plus $1.5 million for H options.
(c) Based on SPOCK management's internal financial forecasts.
(d) Equity value multiples based on per share consideration.
-9-
<PAGE>
PROJECT ENTERPRISE
OVERVIEW OF SPOCK
(in millions except per share data)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
OPERATING PERFORMANCE
- ---------------------
YEAR ENDING DECEMBER 31,
----------------------------------------- LTM
1994 1995 1996 09/30/97
------------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
Revenues $323.4 $457.9 $551.0 $526.0
EBITDA (a) 29.8 37.0 46.1 45.1
Margin 9.2% 8.1% 8.4% 8.6%
Net Income (e) 7.4 9.1 11.5 13.4
Margin 2.3% 2.0% 2.1% 2.5%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
TRADING INFORMATION
- -------------------
<S> <C> <C>
Stock Price as of: 01/12/98 $7.81
52-Week High $9.31
52-Week Low $6.81
Fully-Diluted Shares Outstanding (b) 27.6
Equity Market Value $215.6
Enterprise Value (c) $263.8
1997E EPS (I/B/E/S) $0.51
1997E P/E 15.3 x
1998E EPS (I/B/E/S) $0.62
1998E P/E 12.6 x
LTM EBITDA (a) $45.1
Enterprise Value/LTM EBITDA 5.9 x
Dividend Yield 0.0%
Predicted Beta (d) 0.94
</TABLE>
STOCK PRICE AND VOLUME HISTORY
From 1/1/96 to 1/12/98
[GRAPH OF STOCK PRICE AND VOLUME HISTORY APPEARS HERE]
Date Price Volume
1/1/96 $7.38 0
1/2/96 $7.50 46,100
1/3/96 $8.13 33,600
1/4/96 $8.00 49,800
1/5/96 $8.13 20,800
1/8/96 $8.00 8,000
1/9/96 $7.88 52,200
1/10/96 $7.50 38,700
1/11/96 $7.75 15,900
1/12/96 $7.88 19,900
1/15/96 $7.75 38,800
1/16/96 $7.88 19,200
1/17/96 $7.63 27,200
1/18/96 $7.75 14,100
1/19/96 $7.38 45,300
1/22/96 $7.13 41,100
1/23/96 $7.25 60,000
1/24/96 $7.25 136,700
1/25/96 $7.25 15,900
1/26/96 $7.25 26,800
1/29/96 $7.25 24,000
1/30/96 $7.25 34,200
1/31/96 $7.75 45,900
2/1/96 $7.63 19,400
2/2/96 $7.75 22,900
2/5/96 $7.63 13,400
2/6/96 $7.38 21,300
2/7/96 $7.38 18,600
2/8/96 $7.38 22,500
2/9/96 $7.25 43,700
2/12/96 $7.63 38,200
2/13/96 $7.50 21,000
2/14/96 $7.13 132,500
2/15/96 $7.38 51,000
2/16/96 $7.38 51,700
2/19/96 $7.38 0
2/20/96 $7.25 10,000
2/21/96 $7.38 27,900
2/22/96 $7.38 12,900
2/23/96 $7.38 13,800
2/26/96 $7.13 39,700
2/27/96 $7.13 30,600
2/28/96 $7.25 21,900
2/29/96 $7.25 16,400
3/1/96 $7.00 19,300
3/4/96 $7.25 27,900
3/5/96 $7.13 22,100
3/6/96 $7.00 27,100
3/7/96 $7.25 29,600
3/8/96 $7.13 24,200
3/11/96 $7.25 10,200
3/12/96 $7.25 25,200
3/13/96 $7.50 65,300
3/14/96 $7.38 40,200
3/15/96 $7.25 14,800
3/18/96 $7.13 4,500
3/19/96 $7.38 26,900
3/20/96 $7.25 23,600
3/21/96 $7.25 13,200
3/22/96 $7.13 16,800
3/25/96 $7.13 17,100
3/26/96 $7.25 16,100
3/27/96 $7.13 19,800
3/28/96 $7.25 9,600
3/29/96 $7.38 51,300
4/1/96 $7.25 45,700
4/2/96 $7.38 50,400
4/3/96 $7.38 49,900
4/4/96 $7.25 17,300
4/5/96 $7.25 0
4/8/96 $7.25 28,400
4/9/96 $7.50 63,800
4/10/96 $7.38 17,600
4/11/96 $7.38 4,700
4/12/96 $7.38 31,100
4/15/96 $7.50 17,900
4/16/96 $7.63 62,700
4/17/96 $7.50 27,700
4/18/96 $7.63 19,500
4/19/96 $7.75 66,200
4/22/96 $7.63 35,300
4/23/96 $7.75 23,800
4/24/96 $7.75 37,200
4/25/96 $8.38 66,700
4/26/96 $9.13 155,700
4/29/96 $9.00 102,400
4/30/96 $8.88 101,800
5/1/96 $8.75 52,300
5/2/96 $8.63 39,200
5/3/96 $8.38 33,000
5/6/96 $8.50 35,700
5/7/96 $8.25 56,900
5/8/96 $7.88 67,400
5/9/96 $8.38 23,400
5/10/96 $8.38 25,400
5/13/96 $8.50 31,900
5/14/96 $8.63 18,300
5/15/96 $8.75 33,100
5/16/96 $8.38 26,200
5/17/96 $8.50 23,000
5/20/96 $8.63 21,800
5/21/96 $8.38 21,000
5/22/96 $8.38 11,200
5/23/96 $8.75 61,000
5/24/96 $9.25 66,100
5/27/96 $9.25 0
5/28/96 $8.88 36,000
5/29/96 $8.63 16,600
5/30/96 $8.50 11,700
5/31/96 $8.88 22,700
6/3/96 $8.88 11,400
6/4/96 $8.75 14,300
6/5/96 $8.63 8,500
6/6/96 $8.50 7,700
6/7/96 $8.25 20,900
6/10/96 $8.13 19,500
6/11/96 $8.25 18,500
6/12/96 $8.13 21,400
6/13/96 $8.13 14,400
6/14/96 $8.00 19,600
6/17/96 $8.00 12,000
6/18/96 $8.13 16,200
6/19/96 $8.13 22,900
6/20/96 $8.00 28,500
6/21/96 $7.88 18,400
6/24/96 $7.50 39,400
6/25/96 $7.50 34,700
6/26/96 $7.38 35,300
6/27/96 $6.63 103,000
6/28/96 $7.00 75,500
7/1/96 $7.50 30,700
7/2/96 $7.00 36,900
7/3/96 $7.25 26,200
7/4/96 $7.25 0
7/5/96 $7.25 5,100
7/8/96 $7.00 55,500
7/9/96 $7.13 9,200
7/10/96 $7.00 18,700
7/11/96 $6.88 30,200
7/12/96 $6.75 19,400
7/15/96 $6.75 13,800
7/16/96 $6.75 56,300
7/17/96 $6.75 21,400
7/18/96 $6.75 11,800
7/19/96 $7.00 16,400
7/22/96 $6.88 10,600
7/23/96 $6.75 13,600
7/24/96 $6.38 56,700
7/25/96 $6.50 14,800
7/26/96 $6.50 33,700
7/29/96 $6.50 25,700
7/30/96 $6.50 29,900
7/31/96 $6.75 48,800
8/1/96 $7.25 44,300
8/2/96 $7.00 22,300
8/5/96 $6.88 15,100
8/6/96 $6.88 16,600
8/7/96 $7.13 37,300
8/8/96 $7.25 21,200
8/9/96 $7.50 25,300
8/12/96 $7.13 25,000
8/13/96 $7.13 8,700
8/14/96 $7.13 25,600
8/15/96 $7.13 13,000
8/16/96 $7.38 5,800
8/19/96 $7.38 30,100
8/20/96 $7.25 14,100
8/21/96 $7.25 19,500
8/22/96 $7.13 2,000
8/23/96 $7.00 19,500
8/26/96 $7.00 6,800
8/27/96 $7.00 7,200
8/28/96 $7.00 7,800
8/29/96 $7.00 7,500
8/30/96 $7.13 14,100
9/2/96 $7.13 0
9/3/96 $7.13 33,000
9/4/96 $7.38 26,000
9/5/96 $7.00 23,500
9/6/96 $7.00 26,300
9/9/96 $7.13 17,500
9/10/96 $6.88 24,400
9/11/96 $7.00 11,300
9/12/96 $7.25 16,500
9/13/96 $7.00 14,700
9/16/96 $7.00 13,000
9/17/96 $7.00 25,700
9/18/96 $7.00 23,900
9/19/96 $7.00 40,200
9/20/96 $7.25 37,400
9/23/96 $7.25 45,800
9/24/96 $7.38 50,800
9/25/96 $7.75 36,200
9/26/96 $7.88 49,000
9/27/96 $7.63 39,600
9/30/96 $7.88 47,100
10/1/96 $8.25 78,300
10/2/96 $9.00 73,700
10/3/96 $8.25 90,400
10/4/96 $8.25 19,700
10/7/96 $8.25 33,100
10/8/96 $8.00 43,600
10/9/96 $8.13 17,200
10/10/96 $8.13 9,900
10/11/96 $8.38 15,500
10/14/96 $8.25 14,000
10/15/96 $8.13 7,300
10/16/96 $8.00 10,300
10/17/96 $8.00 10,800
10/18/96 $7.88 25,800
10/21/96 $7.63 20,500
10/22/96 $7.63 24,300
10/23/96 $7.63 14,400
10/24/96 $7.75 15,500
10/25/96 $7.75 19,400
10/28/96 $7.63 13,100
10/29/96 $7.63 6,400
10/30/96 $7.63 20,400
10/31/96 $7.63 15,800
11/1/96 $7.63 33,300
11/4/96 $7.50 17,500
11/5/96 $7.13 22,800
11/6/96 $7.13 19,600
11/7/96 $7.25 33,900
11/8/96 $7.50 19,100
11/11/96 $7.63 58,000
11/12/96 $7.38 21,200
11/13/96 $7.13 30,300
11/14/96 $7.00 37,100
11/15/96 $7.38 41,000
11/18/96 $7.38 19,700
11/19/96 $7.25 39,400
11/20/96 $7.38 26,500
11/21/96 $7.38 44,600
11/22/96 $7.38 33,200
11/25/96 $8.00 82,000
11/26/96 $8.25 109,500
11/27/96 $8.25 30,100
11/28/96 $8.25 0
11/29/96 $8.50 28,100
12/2/96 $8.13 49,500
12/3/96 $8.13 31,600
12/4/96 $8.13 36,700
12/5/96 $8.13 32,000
12/6/96 $7.63 32,400
12/9/96 $8.25 48,500
12/10/96 $8.13 47,300
12/11/96 $8.00 37,200
12/12/96 $8.25 23,900
12/13/96 $8.00 38,700
12/16/96 $7.50 61,800
12/17/96 $7.75 24,100
12/18/96 $8.13 41,300
12/19/96 $8.13 62,900
12/20/96 $8.13 27,500
12/23/96 $8.13 50,800
12/24/96 $8.00 18,700
12/25/96 $8.00 0
12/26/96 $8.00 30,400
12/27/96 $8.00 17,200
12/30/96 $8.25 141,700
12/31/96 $8.38 58,700
1/1/97 $8.38 0
1/2/97 $8.63 39,200
1/3/97 $8.75 35,300
1/6/97 $8.75 46,400
1/7/97 $8.63 33,900
1/8/97 $8.75 53,700
1/9/97 $8.50 22,500
1/10/97 $8.50 33,300
1/13/97 $8.38 43,900
1/14/97 $8.63 47,800
1/15/97 $8.63 33,800
1/16/97 $8.63 34,000
1/17/97 $8.75 25,500
1/20/97 $8.63 29,600
1/21/97 $8.50 25,200
1/22/97 $8.50 11,800
1/23/97 $8.50 23,100
1/24/97 $8.38 31,600
1/27/97 $8.75 82,900
1/28/97 $8.88 61,200
1/29/97 $8.88 53,100
1/30/97 $9.00 16,700
1/31/97 $9.00 25,400
2/3/97 $8.88 23,100
2/4/97 $8.75 19,700
2/5/97 $8.38 55,200
2/6/97 $8.38 9,000
2/7/97 $8.38 21,000
2/10/97 $8.25 15,200
2/11/97 $8.38 12,800
2/12/97 $8.50 30,200
2/13/97 $8.38 33,500
2/14/97 $8.00 54,000
2/17/97 $8.00 0
2/18/97 $8.63 50,200
2/19/97 $8.50 34,500
2/20/97 $8.25 43,900
2/21/97 $8.25 12,100
2/24/97 $8.38 35,100
2/25/97 $8.38 24,800
2/26/97 $8.13 12,800
2/27/97 $8.00 53,100
2/28/97 $7.88 25,200
3/3/97 $7.88 23,400
3/4/97 $7.75 11,700
3/5/97 $7.75 49,300
3/6/97 $8.25 39,200
3/7/97 $8.38 61,300
3/10/97 $8.25 27,800
3/11/97 $8.38 35,400
3/12/97 $8.38 23,100
3/13/97 $8.38 34,600
3/14/97 $8.38 26,600
3/17/97 $8.13 59,600
3/18/97 $8.25 28,200
3/19/97 $8.13 17,700
3/20/97 $8.13 10,800
3/21/97 $8.13 40,600
3/24/97 $8.00 28,400
3/25/97 $8.00 32,300
3/26/97 $8.00 11,200
3/27/97 $8.00 8,700
3/28/97 $8.00 0
3/31/97 $7.88 41,400
4/1/97 $7.75 31,800
4/2/97 $7.63 12,700
4/3/97 $7.50 43,500
4/4/97 $7.63 33,800
4/7/97 $7.63 17,700
4/8/97 $7.88 41,900
4/9/97 $7.88 23,200
4/10/97 $7.75 14,000
4/11/97 $7.50 11,700
4/14/97 $7.75 23,300
4/15/97 $7.63 8,700
4/16/97 $7.50 6,200
4/17/97 $7.38 26,500
4/18/97 $7.88 41,500
4/21/97 $7.75 14,900
4/22/97 $7.75 8,500
4/23/97 $7.50 23,100
4/24/97 $7.63 13,700
4/25/97 $7.38 18,700
4/28/97 $7.38 10,100
4/29/97 $7.38 18,700
4/30/97 $7.38 24,400
5/1/97 $7.63 23,400
5/2/97 $7.88 26,000
5/5/97 $8.00 46,700
5/6/97 $7.75 21,500
5/7/97 $7.75 25,800
5/8/97 $7.50 33,300
5/9/97 $7.50 23,000
5/12/97 $7.50 15,000
5/13/97 $7.63 19,200
5/14/97 $7.38 6,500
5/15/97 $7.50 9,300
5/16/97 $7.75 33,400
5/19/97 $7.88 62,300
5/20/97 $7.88 8,400
5/21/97 $7.88 55,200
5/22/97 $7.88 5,600
5/23/97 $8.00 23,400
5/26/97 $8.00 0
5/27/97 $7.88 18,500
5/28/97 $7.88 10,300
5/29/97 $7.88 48,300
5/30/97 $8.00 28,600
6/2/97 $7.75 59,500
6/3/97 $7.88 29,900
6/4/97 $8.00 18,300
6/5/97 $8.13 24,600
6/6/97 $8.13 14,000
6/9/97 $8.25 37,800
6/10/97 $8.25 40,600
6/11/97 $8.25 23,300
6/12/97 $8.38 38,000
6/13/97 $8.25 28,900
6/16/97 $8.25 56,800
6/17/97 $8.25 18,300
6/18/97 $8.38 22,500
6/19/97 $8.63 40,200
6/20/97 $8.38 45,000
6/23/97 $8.38 31,700
6/24/97 $8.44 69,900
6/25/97 $8.38 47,800
6/26/97 $8.44 20,100
6/27/97 $8.50 27,500
6/30/97 $8.38 22,400
7/1/97 $8.44 22,200
7/2/97 $8.38 16,500
7/3/97 $8.38 15,200
7/4/97 $8.38 0
7/7/97 $8.25 67,400
7/8/97 $8.38 42,500
7/9/97 $8.38 23,900
7/10/97 $8.38 26,000
7/11/97 $8.38 19,100
7/14/97 $8.13 53,500
7/15/97 $8.13 35,700
7/16/97 $8.38 71,400
7/17/97 $8.38 26,400
7/18/97 $8.25 31,800
7/21/97 $8.06 25,400
7/22/97 $8.06 13,500
7/23/97 $8.00 46,100
7/24/97 $8.00 38,700
7/25/97 $7.88 35,100
7/28/97 $7.94 20,200
7/29/97 $8.06 53,700
7/30/97 $8.00 41,700
7/31/97 $8.19 40,900
8/1/97 $8.13 38,900
8/4/97 $8.06 56,300
8/5/97 $8.19 32,600
8/6/97 $8.19 22,800
8/7/97 $8.50 81,000
8/8/97 $8.50 38,700
8/11/97 $8.19 21,100
8/12/97 $8.25 12,500
8/13/97 $8.19 18,800
8/14/97 $8.44 48,300
8/15/97 $8.44 43,000
8/18/97 $8.50 39,400
8/19/97 $8.50 45,200
8/20/97 $8.38 44,600
8/21/97 $8.25 44,500
8/22/97 $8.31 57,600
8/25/97 $8.38 18,700
8/26/97 $8.38 43,200
8/27/97 $8.25 18,600
8/28/97 $8.25 17,800
8/29/97 $8.31 4,900
9/1/97 $8.31 0
9/2/97 $8.19 18,100
9/3/97 $8.13 25,200
9/4/97 $8.25 81,900
9/5/97 $8.13 52,700
9/8/97 $8.13 23,400
9/9/97 $8.06 65,000
9/10/97 $8.06 22,200
9/11/97 $7.94 19,300
9/12/97 $8.00 49,400
9/15/97 $8.00 22,800
9/16/97 $8.06 58,700
9/17/97 $7.94 34,000
9/18/97 $7.69 65,000
9/19/97 $6.81 72,200
9/22/97 $7.31 63,500
9/23/97 $7.19 51,800
9/24/97 $7.38 60,600
9/25/97 $7.44 16,400
9/26/97 $7.50 50,900
9/29/97 $7.56 21,100
9/30/97 $7.50 14,500
10/1/97 $7.88 46,300
10/2/97 $8.31 186,300
10/3/97 $8.13 87,000
10/6/97 $8.25 137,200
10/7/97 $7.94 44,400
10/8/97 $7.75 61,900
10/9/97 $7.75 29,500
10/10/97 $8.31 40,200
10/13/97 $8.88 83,900
10/14/97 $9.13 118,700
10/15/97 $9.00 74,400
10/16/97 $8.94 67,200
10/17/97 $8.94 114,200
10/20/97 $8.88 17,800
10/21/97 $9.31 59,600
10/22/97 $9.25 61,600
10/23/97 $9.00 24,900
10/24/97 $9.13 32,700
10/27/97 $8.69 35,000
10/28/97 $8.25 82,700
10/29/97 $8.63 29,500
10/30/97 $8.31 16,800
10/31/97 $8.63 34,900
11/3/97 $8.31 76,700
11/4/97 $8.38 28,600
11/5/97 $8.50 7,300
11/6/97 $8.63 30,700
11/7/97 $8.63 34,800
11/10/97 $8.81 49,800
11/11/97 $8.88 27,800
11/12/97 $8.63 8,700
11/13/97 $8.56 13,500
11/14/97 $9.06 29,000
11/17/97 $9.25 28,900
11/18/97 $9.00 23,900
11/19/97 $8.75 9,100
11/20/97 $8.56 18,500
11/21/97 $8.38 24,400
11/24/97 $8.44 11,200
11/25/97 $8.50 11,400
11/26/97 $8.56 5,200
11/27/97 $8.56 0
11/28/97 $8.50 8,200
12/1/97 $8.44 17,800
12/2/97 $8.63 40,700
12/3/97 $8.63 74,200
12/4/97 $8.44 43,500
12/5/97 $8.38 16,700
12/8/97 $8.19 16,600
12/9/97 $8.38 12,400
12/10/97 $8.31 16,400
12/11/97 $8.38 18,700
12/12/97 $8.31 23,600
12/15/97 $7.88 33,000
12/16/97 $8.00 47,600
12/17/97 $8.13 26,000
12/18/97 $8.13 10,900
12/19/97 $7.81 41,200
12/22/97 $7.69 37,000
12/23/97 $7.69 29,400
12/24/97 $7.63 17,000
12/25/97 $7.63 0
12/26/97 $7.56 18,300
12/29/97 $7.50 25,800
12/30/97 $7.44 45,700
12/31/97 $7.63 30,600
1/1/98 $7.63 0
1/2/98 $7.69 13,700
1/5/98 $7.63 28,700
1/6/98 $7.75 20,300
1/7/98 $7.63 7,700
1/8/98 $7.81 12,400
1/9/98 $7.88 65,700
1/12/98 $7.81 49,900
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
CAPITALIZATION INFORMATION (September 30, 1997)
- --------------------------
<S> <C>
Cash $8.5
Convertible Debt 46.8
Other Debt 10.0
Common Equity 151.8
Goodwill and Other Intangibles 45.4
----------
Tangible Shareholders' Equity $106.4
Convertible Subordinated Debentures:
Rating B2/B+
Coupon/Maturity 8.0% / 2006
Conversion Price $24.00
- --------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes equity in net earnings of affiliate and miscellaneous income and
expenses.
(b) Includes options calculated using the treasury stock method at current stock
price.
(c) Defined as equity value plus total debt of $56.7 million less cash and cash
equivalents of $8.5 million. As reported on 9/30/97 balance sheet.
(d) Barra estimate as of December 1997.
(e) Represents net income from continuing operations. Excludes non-recurring
charges.
-11-
<PAGE>
PROJECT ENTERPRISE
SPOCK STOCK PRICE HISTORY (1/1/96 - 1/12/98)
[GRAPH OF STOCK PRICE HISTORY APPEARS HERE]
Stock Orange
Date Price Stars
------ ------ ------
1/1/96 7.375
1/2/96 7.5
1/3/96 8.125
1/4/96 8
1/5/96 8.125
1/8/96 8
1/9/96 7.875
1/10/96 7.5
1/11/96 7.75
1/12/96 7.875
1/15/96 7.75
1/16/96 7.875
1/17/96 7.625
1/18/96 7.75
1/19/96 7.375
1/22/96 7.125
1/23/96 7.25
1/24/96 7.25
1/25/96 7.25
1/26/96 7.25
1/29/96 7.25
1/30/96 7.25
1/31/96 7.75
2/1/96 7.625
2/2/96 7.75
2/5/96 7.625
2/6/96 7.375
2/7/96 7.375
2/8/96 7.375
2/9/96 7.25
2/12/96 7.625
2/13/96 7.5
2/14/96 7.125
2/15/96 7.375
2/16/96 7.375
2/19/96 7.375
2/20/96 7.25
2/21/96 7.375
2/22/96 7.375
2/23/96 7.375
2/26/96 7.125
2/27/96 7.125
2/28/96 7.25
2/29/96 7.25
3/1/96 7
3/4/96 7.25
3/5/96 7.125
3/6/96 7
3/7/96 7.25
3/8/96 7.125
3/11/96 7.25
3/12/96 7.25
3/13/96 7.5
3/14/96 7.375
3/15/96 7.25
3/18/96 7.125
3/19/96 7.375
3/20/96 7.25
3/21/96 7.25
3/22/96 7.125
3/25/96 7.125
3/26/96 7.25
3/27/96 7.125
3/28/96 7.25
3/29/96 7.375
4/1/96 7.25
4/2/96 7.375
4/3/96 7.375
4/4/96 7.25
4/5/96 7.25
4/8/96 7.25
4/9/96 7.5
4/10/96 7.375
4/11/96 7.375
4/12/96 7.375
4/15/96 7.5
4/16/96 7.625
4/17/96 7.5
4/18/96 7.625 7.625
4/19/96 7.75
4/22/96 7.625
4/23/96 7.75
4/24/96 7.75
4/25/96 8.375
4/26/96 9.125
4/29/96 9
4/30/96 8.875
5/1/96 8.75
5/2/96 8.625
5/3/96 8.375
5/6/96 8.5
5/7/96 8.25
5/8/96 7.875
5/9/96 8.375
5/10/96 8.375
5/13/96 8.5
5/14/96 8.625
5/15/96 8.75
5/16/96 8.375
5/17/96 8.5
5/20/96 8.625
5/21/96 8.375
5/22/96 8.375
5/23/96 8.75
5/24/96 9.25
5/27/96 9.25
5/28/96 8.875
5/29/96 8.625
5/30/96 8.5
5/31/96 8.875
6/3/96 8.875
6/4/96 8.75
6/5/96 8.625
6/6/96 8.5
6/7/96 8.25
6/10/96 8.125
6/11/96 8.25
6/12/96 8.125
6/13/96 8.125
6/14/96 8
6/17/96 8
6/18/96 8.125
6/19/96 8.125
6/20/96 8
6/21/96 7.875
6/24/96 7.5
6/25/96 7.5
6/26/96 7.375
6/27/96 6.625
6/28/96 7 7
7/1/96 7.5
7/2/96 7
7/3/96 7.25
7/4/96 7.25
7/5/96 7.25
7/8/96 7
7/9/96 7.125
7/10/96 7
7/11/96 6.875
7/12/96 6.75
7/15/96 6.75
7/16/96 6.75
7/17/96 6.75
7/18/96 6.75
7/19/96 7
7/22/96 6.875
7/23/96 6.75
7/24/96 6.375
7/25/96 6.5
7/26/96 6.5
7/29/96 6.5
7/30/96 6.5
7/31/96 6.75
8/1/96 7.25
8/2/96 7
8/5/96 6.875
8/6/96 6.875
8/7/96 7.125
8/8/96 7.25
8/9/96 7.5
8/12/96 7.125
8/13/96 7.125
8/14/96 7.125
8/15/96 7.125
8/16/96 7.375
8/19/96 7.375
8/20/96 7.25
8/21/96 7.25
8/22/96 7.125
8/23/96 7
8/26/96 7
8/27/96 7
8/28/96 7
8/29/96 7
8/30/96 7.125
9/2/96 7.125
9/3/96 7.125
9/4/96 7.375
9/5/96 7
9/6/96 7
9/9/96 7.125
9/10/96 6.875
9/11/96 7
9/12/96 7.25
9/13/96 7
9/16/96 7
9/17/96 7
9/18/96 7
9/19/96 7
9/20/96 7.25
9/23/96 7.25
9/24/96 7.375
9/25/96 7.75
9/26/96 7.875
9/27/96 7.625
9/30/96 7.875
10/1/96 8.25
10/2/96 9
10/3/96 8.25
10/4/96 8.25
10/7/96 8.25
10/8/96 8
10/9/96 8.125
10/10/96 8.125
10/11/96 8.375
10/14/96 8.25
10/15/96 8.125
10/16/96 8
10/17/96 8
10/18/96 7.875
10/21/96 7.625
10/22/96 7.625
10/23/96 7.625
10/24/96 7.75
10/25/96 7.75
10/28/96 7.625
10/29/96 7.625
10/30/96 7.625
10/31/96 7.625
11/1/96 7.625
11/4/96 7.5
11/5/96 7.125
11/6/96 7.125
11/7/96 7.25
11/8/96 7.5
11/11/96 7.625
11/12/96 7.375
11/13/96 7.125
11/14/96 7
11/15/96 7.375
11/18/96 7.375
11/19/96 7.25
11/20/96 7.375
11/21/96 7.375
11/22/96 7.375
11/25/96 8
11/26/96 8.25
11/27/96 8.25
11/28/96 8.25
11/29/96 8.5 8.5
12/2/96 8.125
12/3/96 8.125
12/4/96 8.125
12/5/96 8.125
12/6/96 7.625
12/9/96 8.25
12/10/96 8.125
12/11/96 8
12/12/96 8.25
12/13/96 8
12/16/96 7.5
12/17/96 7.75
12/18/96 8.125
12/19/96 8.125
12/20/96 8.125
12/23/96 8.125
12/24/96 8
12/25/96 8
12/26/96 8
12/27/96 8
12/30/96 8.25
12/31/96 8.375
1/1/97 8.375
1/2/97 8.625
1/3/97 8.75
1/6/97 8.75
1/7/97 8.625
1/8/97 8.75
1/9/97 8.5
1/10/97 8.5
1/13/97 8.375
1/14/97 8.625
1/15/97 8.625
1/16/97 8.625
1/17/97 8.75
1/20/97 8.625
1/21/97 8.5
1/22/97 8.5
1/23/97 8.5
1/24/97 8.375
1/27/97 8.75
1/28/97 8.875
1/29/97 8.875
1/30/97 9
1/31/97 9
2/3/97 8.875
2/4/97 8.75
2/5/97 8.375
2/6/97 8.375
2/7/97 8.375
2/10/97 8.25
2/11/97 8.375
2/12/97 8.5
2/13/97 8.375 8.375
2/14/97 8
2/17/97 8
2/18/97 8.625
2/19/97 8.5
2/20/97 8.25
2/21/97 8.25
2/24/97 8.375
2/25/97 8.375
2/26/97 8.125
2/27/97 8
2/28/97 7.875
3/3/97 7.875
3/4/97 7.75
3/5/97 7.75
3/6/97 8.25
3/7/97 8.375
3/10/97 8.25
3/11/97 8.375
3/12/97 8.375
3/13/97 8.375
3/14/97 8.375
3/17/97 8.125
3/18/97 8.25
3/19/97 8.125
3/20/97 8.125
3/21/97 8.125
3/24/97 8
3/25/97 8
3/26/97 8
3/27/97 8
3/28/97 8
3/31/97 7.875
4/1/97 7.75
4/2/97 7.625
4/3/97 7.5
4/4/97 7.625
4/7/97 7.625
4/8/97 7.875
4/9/97 7.875
4/10/97 7.75
4/11/97 7.5
4/14/97 7.75
4/15/97 7.625
4/16/97 7.5
4/17/97 7.375
4/18/97 7.875
4/21/97 7.75
4/22/97 7.75
4/23/97 7.5
4/24/97 7.625
4/25/97 7.375
4/28/97 7.375
4/29/97 7.375
4/30/97 7.375
5/1/97 7.625
5/2/97 7.875
5/5/97 8
5/6/97 7.75
5/7/97 7.75 7.75
5/8/97 7.5
5/9/97 7.5
5/12/97 7.5
5/13/97 7.625
5/14/97 7.375
5/15/97 7.5
5/16/97 7.75
5/19/97 7.875
5/20/97 7.875
5/21/97 7.875
5/22/97 7.875
5/23/97 8
5/26/97 8
5/27/97 7.875
5/28/97 7.875
5/29/97 7.875
5/30/97 8
6/2/97 7.75
6/3/97 7.875
6/4/97 8
6/5/97 8.125
6/6/97 8.125
6/9/97 8.25
6/10/97 8.25
6/11/97 8.25
6/12/97 8.375
6/13/97 8.25
6/16/97 8.25
6/17/97 8.25
6/18/97 8.375 8.375
6/19/97 8.625
6/20/97 8.375
6/23/97 8.375
6/24/97 8.4375
6/25/97 8.375
6/26/97 8.4375
6/27/97 8.5
6/30/97 8.375
7/1/97 8.4375
7/2/97 8.375
7/3/97 8.375
7/4/97 8.375
7/7/97 8.25
7/8/97 8.375
7/9/97 8.375
7/10/97 8.375
7/11/97 8.375
7/14/97 8.125
7/15/97 8.125
7/16/97 8.375
7/17/97 8.375
7/18/97 8.25
7/21/97 8.0625
7/22/97 8.0625
7/23/97 8
7/24/97 8
7/25/97 7.875
7/28/97 7.9375
7/29/97 8.0625 8.0625
7/30/97 8
7/31/97 8.1875
8/1/97 8.125
8/4/97 8.0625
8/5/97 8.1875
8/6/97 8.1875
8/7/97 8.5
8/8/97 8.5
8/11/97 8.1875
8/12/97 8.25
8/13/97 8.1875
8/14/97 8.4375
8/15/97 8.4375
8/18/97 8.5
8/19/97 8.5
8/20/97 8.375
8/21/97 8.25
8/22/97 8.3125
8/25/97 8.375
8/26/97 8.375
8/27/97 8.25
8/28/97 8.25
8/29/97 8.3125
9/1/97 8.3125
9/2/97 8.1875
9/3/97 8.125
9/4/97 8.25
9/5/97 8.125
9/8/97 8.125
9/9/97 8.0625
9/10/97 8.0625
9/11/97 7.9375
9/12/97 8
9/15/97 8
9/16/97 8.0625
9/17/97 7.9375
9/18/97 7.6875
9/19/97 6.8125
9/22/97 7.3125
9/23/97 7.1875
9/24/97 7.375
9/25/97 7.4375
9/26/97 7.5
9/29/97 7.5625
9/30/97 7.5
10/1/97 7.875
10/2/97 8.3125
10/3/97 8.125
10/6/97 8.25
10/7/97 7.9375
10/8/97 7.75
10/9/97 7.75
10/10/97 8.3125
10/13/97 8.875
10/14/97 9.125
10/15/97 9
10/16/97 8.9375
10/17/97 8.9375
10/20/97 8.875
10/21/97 9.3125
10/22/97 9.25
10/23/97 9
10/24/97 9.125
10/27/97 8.6875
10/28/97 8.25
10/29/97 8.625
10/30/97 8.3125 8.3125
10/31/97 8.625
11/3/97 8.3125
11/4/97 8.375
11/5/97 8.5
11/6/97 8.625
11/7/97 8.625
11/10/97 8.8125
11/11/97 8.875
11/12/97 8.625
11/13/97 8.5625
11/14/97 9.0625
11/17/97 9.25
11/18/97 9
11/19/97 8.75
11/20/97 8.5625
11/21/97 8.375
11/24/97 8.4375
11/25/97 8.5
11/26/97 8.5625
11/27/97 8.5625
11/28/97 8.5
12/1/97 8.4375
12/2/97 8.625
12/3/97 8.625
12/4/97 8.4375
12/5/97 8.375
12/8/97 8.1875
12/9/97 8.375
12/10/97 8.3125
12/11/97 8.375
12/12/97 8.3125
12/15/97 7.875
12/16/97 8
12/17/97 8.125
12/18/97 8.125
12/19/97 7.8125
12/22/97 7.6875
12/23/97 7.6875
12/24/97 7.625
12/25/97 7.625
12/26/97 7.5625
12/29/97 7.5
12/30/97 7.4375
12/31/97 7.625
1/1/98 7.625
1/2/98 7.6875
1/5/98 7.625
1/6/98 7.75
1/7/98 7.625
1/8/98 7.8125
1/9/98 7.875
1/12/98 7.8125
. 4/18/96: reported 1Q EPS of $0.06 vs. $0.02.
. 6/28/96: announced expected 2Q EPS to be in line with I/B/E/S estimate of
$0.l2.
. 10/31/96: reported 3Q EPS of $0.15 vs. $0.12, in line with I/B/E/S estimate.
. 2/13/97: reported 4Q EPS of $0.14 vs. $0.08, in line with I/B/E/S estimate.
. 5/7/97: reported 1Q EPS of $0.05 vs. $0.05, in line with I/B/E/S estimate.
. 6/l8/97: announced the acquisition of Beneco Enterprises, Inc.: also
announced that it may take a $32.0 million after-tax charge in the second
quarter.
. 7/29/97: reported 2Q EPS of $0.12 vs. $0.09, exceeding I/B/E/S estimate of
$0.10.
. 10/31/97: reported 3Q EPS of $0.l8 vs. $0.l5, in line with I/B/E/S estimate.
-12-
<PAGE>
PROJECT ENTERPRISE
SPOCK DAILY STOCK PRICE/VOLUME HISTORY (1/1/93 - 1/12/98)
{GRAPH OF STOCK PRICE AND VOLUME HISTORY APPEARS HERE}
Stock
Date Price Volume
1/1/93 7.25 0
1/4/93 7.25 8.1
1/5/93 7.625 13
1/6/93 8.5 40.6
1/7/93 8.25 30.6
1/8/93 8.25 28.2
1/11/93 8.25 17.7
1/12/93 8.375 23.8
1/13/93 8.625 16.5
1/14/93 8.75 5
1/15/93 8.875 21.5
1/18/93 9 23.4
1/19/93 8.875 26.3
1/20/93 8.625 9.9
1/21/93 8.875 38.5
1/22/93 8.875 6.1
1/25/93 9 5.5
1/26/93 9.25 32.6
1/27/93 9.125 11.6
1/28/93 9.375 9.5
1/29/93 9.375 13.6
2/1/93 9.25 6.1
2/2/93 9 13
2/3/93 8.875 17.6
2/4/93 8.375 21.3
2/5/93 8.625 8
2/8/93 8.875 2.8
2/9/93 8.625 5.2
2/10/93 8.625 0.5
2/11/93 8.625 5.1
2/12/93 8.625 4.8
2/15/93 8.625 0
2/16/93 8.25 5.5
2/17/93 8.125 4.9
2/18/93 8.375 7.8
2/19/93 9 15.6
2/22/93 8.75 6.5
2/23/93 8.625 13.4
2/24/93 8.875 7.4
2/25/93 9 22.9
2/26/93 8.75 12.1
3/1/93 9.125 13.5
3/2/93 9.125 3.9
3/3/93 9 8
3/4/93 9 6.1
3/5/93 9 11.1
3/8/93 9 3.3
3/9/93 9.375 16.1
3/10/93 9 59.8
3/11/93 8.75 20.9
3/12/93 8.5 3.9
3/15/93 8.625 5.5
3/16/93 8.875 10.7
3/17/93 8.625 4
3/18/93 8.75 2.2
3/19/93 8.5 2.7
3/22/93 8.5 8.5
3/23/93 8.625 7.5
3/24/93 8.5 8
3/25/93 8.375 0.4
3/26/93 8.25 3.4
3/29/93 8.25 15.3
3/30/93 8.625 9.6
3/31/93 8.625 3.1
4/1/93 8.25 27.3
4/2/93 8.125 15.7
4/5/93 8 13.7
4/6/93 8.125 9.4
4/7/93 8 0.8
4/8/93 7.75 10.2
4/9/93 7.75 0
4/12/93 8 7.8
4/13/93 7.875 2.9
4/14/93 7.875 11.8
4/15/93 8 20.4
4/16/93 8.25 13.8
4/19/93 8 4.3
4/20/93 8.125 2.7
4/21/93 8 23.6
4/22/93 8 5.4
4/23/93 7.875 8.6
4/26/93 7.875 5.3
4/27/93 7.75 5.6
4/28/93 7.625 21.6
4/29/93 7.625 7.3
4/30/93 7.5 8.2
5/3/93 7.625 34.3
5/4/93 7.875 13.4
5/5/93 8.125 6.2
5/6/93 8.25 6.1
5/7/93 8 3.2
5/10/93 7.75 19.1
5/11/93 7.75 1.2
5/12/93 7.75 17.1
5/13/93 7.75 0.9
5/14/93 7.625 1.1
5/17/93 8.125 6.3
5/18/93 8.125 0.7
5/19/93 8.125 7.6
5/20/93 8 5.8
5/21/93 7.75 71.6
5/24/93 7.5 9.8
5/25/93 7.5 13.5
5/26/93 7.75 19.1
5/27/93 7.875 7.1
5/28/93 8 4.4
5/31/93 8 0
6/1/93 7.875 0.1
6/2/93 7.875 0.1
6/3/93 8 6.1
6/4/93 7.875 2.6
6/7/93 7.875 1.5
6/8/93 7.875 9.7
6/9/93 7.875 4.8
6/10/93 7.875 1.9
6/11/93 7.75 2.4
6/14/93 8 4.5
6/15/93 7.875 1.5
6/16/93 7.875 4.2
6/17/93 8.5 37.6
6/18/93 8.375 24.5
6/21/93 8.25 10.4
6/22/93 8.25 13.1
6/23/93 8.875 34.9
6/24/93 8.75 2.5
6/25/93 8.875 14.3
6/28/93 9 19.4
6/29/93 8.875 10.1
6/30/93 8.75 20.5
7/1/93 9 15.8
7/2/93 9 6.2
7/5/93 9 0
7/6/93 9 58
7/7/93 9.375 10.7
7/8/93 9.25 8.5
7/9/93 9.125 20.1
7/12/93 9 15.8
7/13/93 9 4.5
7/14/93 9.125 6.4
7/15/93 9 3.9
7/16/93 9.125 9.8
7/19/93 9.125 4.1
7/20/93 9.125 2.1
7/21/93 9 3.3
7/22/93 9.375 25.9
7/23/93 9.375 6
7/26/93 9.375 12.2
7/27/93 9.25 2.8
7/28/93 9.25 13.1
7/29/93 9.75 20.2
7/30/93 10.25 42.5
8/2/93 10.5 38.9
8/3/93 10.25 17.7
8/4/93 10 18
8/5/93 10 8.6
8/6/93 9.625 9.4
8/9/93 9.625 4.2
8/10/93 9.75 8.5
8/11/93 9.75 3.2
8/12/93 9.75 19
8/13/93 9.5 4.5
8/16/93 9.5 1.8
8/17/93 9.25 7.4
8/18/93 9.375 5.6
8/19/93 9.5 8.9
8/20/93 9.625 2.9
8/23/93 9.5 4
8/24/93 10.125 57.7
8/25/93 9.75 40.5
8/26/93 9.875 12.2
8/27/93 9.875 5.7
8/30/93 9.875 30.3
8/31/93 10 9.6
9/1/93 10 30.5
9/2/93 10 13.1
9/3/93 9.875 11
9/6/93 9.875 0
9/7/93 10.125 14.7
9/8/93 9.875 20.2
9/9/93 10.125 5.4
9/10/93 9.75 9.6
9/13/93 10.25 13.5
9/14/93 10 13.6
9/15/93 10 5.5
9/16/93 10.25 23.1
9/17/93 10.25 26.2
9/20/93 10.25 4.3
9/21/93 10.25 20.2
9/22/93 10.25 27.1
9/23/93 10.125 3.4
9/24/93 10.375 28.8
9/27/93 10.75 63.4
9/28/93 12 129.3
9/29/93 11.75 78.9
9/30/93 11.75 22.6
10/1/93 11.625 21.8
10/4/93 11.875 44.5
10/5/93 11.625 17.3
10/6/93 11.875 20.8
10/7/93 11.875 5
10/8/93 11.375 33.1
10/11/93 11.25 7.2
10/12/93 11.375 5.2
10/13/93 11.5 10.7
10/14/93 11.375 12.3
10/15/93 11.5 7
10/18/93 11.75 73.7
10/19/93 12 137.8
10/20/93 12 62.3
10/21/93 11.625 10.1
10/22/93 11.75 74.7
10/25/93 11.875 6.3
10/26/93 11.875 22.3
10/27/93 11.875 20.3
10/28/93 11.75 33.2
10/29/93 12 3.5
11/1/93 11.875 50.8
11/2/93 12 54.8
11/3/93 12 11.9
11/4/93 11.75 12.7
11/5/93 11.5 10.8
11/8/93 11.375 12.4
11/9/93 11.75 9
11/10/93 11.875 10.5
11/11/93 11.75 15.5
11/12/93 11.75 12.1
11/15/93 11.75 4.2
11/16/93 11.75 3.6
11/17/93 11.75 4.5
11/18/93 11.875 21.1
11/19/93 12.125 17.7
11/22/93 12.125 20.4
11/23/93 12 6.1
11/24/93 12 2.8
11/25/93 12 0
11/26/93 11.75 5.5
11/29/93 11.5 16.8
11/30/93 11.5 36.7
12/1/93 11.375 17.4
12/2/93 11.25 10.9
12/3/93 11.75 15.2
12/6/93 11.5 15.9
12/7/93 11.5 10.1
12/8/93 11.375 17.1
12/9/93 11.5 18.4
12/10/93 11.25 1372.3
12/13/93 11 263.9
12/14/93 10.75 119.6
12/15/93 10.75 32.6
12/16/93 10.75 11.9
12/17/93 11.125 129.5
12/20/93 11.5 476.5
12/21/93 11.25 155.6
12/22/93 11 47
12/23/93 11.125 35.6
12/24/93 11.125 0
12/27/93 11.25 22.8
12/28/93 11.125 42
12/29/93 11.25 67.6
12/30/93 11.375 65
12/31/93 11.5 61.3
1/3/94 11.875 93.6
1/4/94 12.125 57.2
1/5/94 11.875 146.5
1/6/94 11.625 26.2
1/7/94 11.875 36.5
1/10/94 11.625 76.7
1/11/94 11.5 73
1/12/94 11.375 27.7
1/13/94 11.875 71.4
1/14/94 11.875 45.8
1/17/94 12.375 65.8
1/18/94 13.125 550.3
1/19/94 13 237.2
1/20/94 13 74.1
1/21/94 13.375 60.6
1/24/94 13.5 67.9
1/25/94 13.625 31.1
1/26/94 13.25 106
1/27/94 13.5 68
1/28/94 14.25 179.6
1/31/94 14 193.6
2/1/94 14 105.6
2/2/94 15.625 386.6
2/3/94 16.375 190.3
2/4/94 15.75 159
2/7/94 15.5 233.3
2/8/94 16.125 157.6
2/9/94 16.5 39.1
2/10/94 16.25 36.7
2/11/94 16.25 20
2/14/94 16.625 127.8
2/15/94 16.875 250.3
2/16/94 16.625 28.4
2/17/94 16.5 74.5
2/18/94 16.75 137.1
2/21/94 16.75 0
2/22/94 16.5 17.5
2/23/94 15.625 84.3
2/24/94 15.25 124.9
2/25/94 15.5 113.2
2/28/94 16 85.5
3/1/94 16.5 120.7
3/2/94 16.125 30.8
3/3/94 16.375 80
3/4/94 15.875 29.6
3/7/94 16.625 83.9
3/8/94 16.5 50
3/9/94 16.375 92.3
3/10/94 15.75 65
3/11/94 15.5 14.6
3/14/94 15.25 25.1
3/15/94 15.625 17.9
3/16/94 15.625 145.1
3/17/94 15.625 104
3/18/94 16.125 58.5
3/21/94 16.125 43.2
3/22/94 16.125 22.6
3/23/94 16 17.2
3/24/94 17 199.6
3/25/94 17.25 87
3/28/94 16.375 50
3/29/94 16.125 42.3
3/30/94 16 80.2
3/31/94 16.25 82.3
4/1/94 16.25 0
4/4/94 16.625 24
4/5/94 18.375 129.6
4/6/94 18.5 196.2
4/7/94 18.25 51.7
4/8/94 17.625 95.8
4/11/94 17.625 64.5
4/12/94 17.25 106.7
4/13/94 16.875 64.2
4/14/94 16.5 97.1
4/15/94 16.75 59.7
4/18/94 16.625 74.3
4/19/94 16.5 329.2
4/20/94 15.875 184.9
4/21/94 16.125 69.3
4/22/94 16.25 92
4/25/94 16.75 43.5
4/26/94 17.75 90.5
4/27/94 17.75 0
4/28/94 18.25 132.6
4/29/94 17.625 56.9
5/2/94 16.75 141.1
5/3/94 16.375 271.5
5/4/94 16.625 67.5
5/5/94 16.75 68.6
5/6/94 16.25 33.2
5/9/94 15.75 244.4
5/10/94 15.625 101.4
5/11/94 14.75 517.4
5/12/94 14.75 283
5/13/94 15.125 27.4
5/16/94 15.375 72.2
5/17/94 15.375 25.8
5/18/94 16.5 89.9
5/19/94 15.75 248.8
5/20/94 15.25 94.3
5/23/94 15 36.4
5/24/94 14.75 75.7
5/25/94 14.25 48.2
5/26/94 13.5 273.4
5/27/94 13.75 75.6
5/30/94 13.75 0
5/31/94 13.75 173.3
6/1/94 14 82.1
6/2/94 13.375 114.9
6/3/94 13.625 140.8
6/6/94 13.5 92.3
6/7/94 13.25 210.2
6/8/94 12.75 52.7
6/9/94 12.375 412.1
6/10/94 12.25 53
6/13/94 12.625 97.1
6/14/94 12.5 58.1
6/15/94 12 70
6/16/94 11.5 199.9
6/17/94 11.5 79.2
6/20/94 11.25 66.9
6/21/94 11 221.2
6/22/94 11.25 27.8
6/23/94 11 30.2
6/24/94 11 61.8
6/27/94 11.25 25.7
6/28/94 10.875 59.6
6/29/94 10.75 113.8
6/30/94 10.625 85.1
7/1/94 11 62.2
7/4/94 11 0
7/5/94 11.25 47.8
7/6/94 11 34.3
7/7/94 11 116.6
7/8/94 11 97.3
7/11/94 11.375 36.3
7/12/94 11 78.4
7/13/94 11.25 41.6
7/14/94 11.5 61.4
7/15/94 11.5 102.2
7/18/94 11.875 38.4
7/19/94 12.75 130
7/20/94 13.25 176
7/21/94 13.5 100.7
7/22/94 13.125 24.3
7/25/94 13 29.4
7/26/94 12.75 30.5
7/27/94 12.875 19.2
7/28/94 12.75 20.7
7/29/94 12.875 47.1
8/1/94 12.875 23.1
8/2/94 11.5 95.2
8/3/94 11.5 677.7
8/4/94 11.5 12.2
8/5/94 11.5 36.8
8/8/94 11.5 42.9
8/9/94 11.625 25
8/10/94 12 27.9
8/11/94 11.875 21.8
8/12/94 11.5 32.6
8/15/94 11.625 29.1
8/16/94 11.5 16.8
8/17/94 11.375 79.6
8/18/94 11.5 72.5
8/19/94 11.5 15.1
8/22/94 11.75 44
8/23/94 11.75 18.2
8/24/94 11.875 18
8/25/94 11.875 18.8
8/26/94 11.75 100.7
8/29/94 12 63.7
8/30/94 12.75 95.2
8/31/94 12.375 73.5
9/1/94 12.625 10.5
9/2/94 12.5 7.7
9/5/94 12.5 0
9/6/94 12.5 19.1
9/7/94 11.75 59.8
9/8/94 11.75 33.3
9/9/94 11.5 8.7
9/12/94 11.375 20.7
9/13/94 11.5 104.3
9/14/94 11.625 31.1
9/15/94 11.75 19.4
9/16/94 11.25 303
9/19/94 11.625 31
9/20/94 11.375 63.6
9/21/94 11.375 8.4
9/22/94 11.625 51.2
9/23/94 11.75 51.8
9/26/94 11.875 32.2
9/27/94 11.875 6.6
9/28/94 12 37.6
9/29/94 12.125 45.8
9/30/94 11.5 38.1
10/3/94 11.25 75.2
10/4/94 10.5 82.4
10/5/94 10.625 99.5
10/6/94 10.625 51
10/7/94 10.625 5.8
10/10/94 10.875 15.8
10/11/94 11 17
10/12/94 10.625 36.9
10/13/94 10.75 94.8
10/14/94 10.875 19.2
10/17/94 10.625 20.7
10/18/94 10.875 73
10/19/94 11 37.7
10/20/94 10.875 5.1
10/21/94 10.625 11.4
10/24/94 10.625 13.7
10/25/94 11 31.4
10/26/94 11 24
10/27/94 11 74.5
10/28/94 11.375 36.8
10/31/94 10.125 113.6
11/1/94 10 283.7
11/2/94 9.875 49.3
11/3/94 9.75 59.7
11/4/94 9.875 55.2
11/7/94 9.875 41.6
11/8/94 9.75 11.1
11/9/94 9.875 56.3
11/10/94 9.75 21.6
11/11/94 9.625 37.8
11/14/94 9.5 13.7
11/15/94 9.375 16.5
11/16/94 9.375 9.4
11/17/94 9.375 19.8
11/18/94 9.375 38.9
11/21/94 9.375 9.6
11/22/94 9.25 62.9
11/23/94 9 43.7
11/24/94 9 0
11/25/94 9.25 7.6
11/28/94 8.75 24.5
11/29/94 6.875 2926.9
11/30/94 6.875 1105.8
12/1/94 6.875 220
12/2/94 6.875 190.7
12/5/94 6.875 214.2
12/6/94 7.5 584.9
12/7/94 7.375 216.9
12/8/94 7.5 370
12/9/94 7.375 99.2
12/12/94 7.375 85.6
12/13/94 7.375 79.4
12/14/94 7.625 30.4
12/15/94 7.625 58.8
12/16/94 7.625 46.4
12/19/94 7.875 110.1
12/20/94 7.875 33.8
12/21/94 7.75 38.2
12/22/94 8 49.8
12/23/94 8.125 28.6
12/26/94 8.125 0
12/27/94 8.25 70.6
12/28/94 8.375 41.4
12/29/94 8.375 52
12/30/94 8.5 78.3
1/2/95 8.5 0
1/3/95 8.5 64.2
1/4/95 8.5 62.3
1/5/95 8.5 139.9
1/6/95 8.5 6.6
1/9/95 8.125 51.3
1/10/95 7.75 56.9
1/11/95 7.5 40.3
1/12/95 7.75 53.5
1/13/95 7.5 60.5
1/16/95 7.5 42.6
1/17/95 7.5 61.3
1/18/95 7.625 15
1/19/95 7.5 34
1/20/95 7.375 75
1/23/95 6.875 67.8
1/24/95 7.25 26.8
1/25/95 7 46.4
1/26/95 6.875 34.4
1/27/95 7 54.4
1/30/95 6.875 30.3
1/31/95 6.875 36.1
2/1/95 6.875 22.7
2/2/95 7.25 45.6
2/3/95 7.625 33.7
2/6/95 8 59.8
2/7/95 7.625 100.3
2/8/95 7.5 18.1
2/9/95 7.625 17
2/10/95 7.625 31.7
2/13/95 7.75 54.7
2/14/95 7.75 25.9
2/15/95 7.875 73.3
2/16/95 7.5 44.9
2/17/95 7.625 17.6
2/20/95 7.625 0
2/21/95 7.375 32.4
2/22/95 7.125 78
2/23/95 7.25 98.4
2/24/95 7.25 67.4
2/27/95 7 49.9
2/28/95 7.125 118.9
3/1/95 7.625 270.3
3/2/95 7.5 76.3
3/3/95 7.25 92.3
3/6/95 7.5 73.5
3/7/95 7.5 127.8
3/8/95 7.5 108.6
3/9/95 7.875 480.2
3/10/95 8.5 112.2
3/13/95 8.5 57
3/14/95 8.625 49.4
3/15/95 8.375 37.3
3/16/95 8.5 45.1
3/17/95 8.5 28.8
3/20/95 8.25 36.8
3/21/95 8.25 32.3
3/22/95 7.875 61.1
3/23/95 8 25.3
3/24/95 8.125 62.8
3/27/95 8.375 76.6
3/28/95 9.625 599.7
3/29/95 10 791.9
3/30/95 10 313
3/31/95 10.125 215.7
4/3/95 10.125 118.4
4/4/95 10.5 138
4/5/95 11.375 375.9
4/6/95 11.625 213.7
4/7/95 12.125 372.7
4/10/95 11.875 193.6
4/11/95 11.75 81.5
4/12/95 11.75 56.3
4/13/95 11.25 126.7
4/14/95 11.25 0
4/17/95 11.125 39.9
4/18/95 10.625 127.3
4/19/95 10.375 105.7
4/20/95 10.5 23.9
4/21/95 11.375 58.4
4/24/95 11 53.8
4/25/95 11.125 65
4/26/95 11.125 43.6
4/27/95 11.5 26.7
4/28/95 11.125 42.2
5/1/95 11 22.2
5/2/95 11.125 26.9
5/3/95 11 73
5/4/95 11.125 31.8
5/5/95 11 44.8
5/8/95 10.875 52.7
5/9/95 11.125 69.2
5/10/95 11.125 20.1
5/11/95 10.875 26.4
5/12/95 11 31.5
5/15/95 11.125 30.3
5/16/95 11 59.3
5/17/95 11.375 91.4
5/18/95 11.375 24.3
5/19/95 11.125 16.6
5/22/95 11.75 106.4
5/23/95 12 278.5
5/24/95 11.625 103.9
5/25/95 11.75 38.1
5/26/95 11.625 42.6
5/29/95 11.625 0
5/30/95 11.375 22.6
5/31/95 12 48.7
6/1/95 11.75 145.8
6/2/95 12.125 111.6
6/5/95 11.875 80
6/6/95 12.125 48.6
6/7/95 11.75 74
6/8/95 11.5 53.5
6/9/95 11.375 56.3
6/12/95 11.625 33.4
6/13/95 11.625 47.2
6/14/95 11.375 43.6
6/15/95 11.125 60.4
6/16/95 11.125 84.9
6/19/95 10.625 74.4
6/20/95 10.875 149.8
6/21/95 10.75 34.6
6/22/95 10.5 47.7
6/23/95 10.875 51.9
6/26/95 11.375 134.9
6/27/95 11.5 93.7
6/28/95 11.75 80.1
6/29/95 11.875 92.7
6/30/95 12.125 110.8
7/3/95 12.75 206.3
7/4/95 12.75 0
7/5/95 13 306
7/6/95 13 130
7/7/95 12.875 74.5
7/10/95 13.125 158
7/11/95 13 122.6
7/12/95 13.25 77.4
7/13/95 13.25 96.8
7/14/95 14.375 209.9
7/17/95 14 191.7
7/18/95 13.625 76
7/19/95 13.125 212.7
7/20/95 13.5 63.1
7/21/95 13.625 133.2
7/24/95 13.875 128.5
7/25/95 13.625 199
7/26/95 13.875 115.6
7/27/95 14.375 194.7
7/28/95 13.125 267.3
7/31/95 12.5 318.4
8/1/95 12.25 130.9
8/2/95 12.375 88
8/3/95 12.5 82.2
8/4/95 12.5 104.6
8/7/95 12.25 68.9
8/8/95 12.625 102.6
8/9/95 12.625 85.3
8/10/95 12.625 37.5
8/11/95 11.75 151.4
8/14/95 11.75 132.7
8/15/95 11.875 54.8
8/16/95 12 40.7
8/17/95 11.75 66.1
8/18/95 11.75 99.1
8/21/95 11.625 75
8/22/95 11.625 38.4
8/23/95 11.5 61
8/24/95 11.5 51.5
8/25/95 11.625 32.7
8/28/95 11.375 29.9
8/29/95 11.25 60
8/30/95 11 78.4
8/31/95 11.125 56.3
9/1/95 11 34.8
9/4/95 11 0
9/5/95 10.875 54.1
9/6/95 11 58.9
9/7/95 10.875 74.1
9/8/95 11 57.9
9/11/95 11 74.1
9/12/95 11 46.4
9/13/95 11 51.2
9/14/95 10.5 87.6
9/15/95 9.875 204.5
9/18/95 9.75 183
9/19/95 9.25 308
9/20/95 10.5 152.5
9/21/95 10.5 247.9
9/22/95 10.5 158.3
9/25/95 9.75 142.1
9/26/95 9.625 114.9
9/27/95 8.875 283.3
9/28/95 8.75 153
9/29/95 9 163.6
10/2/95 8.875 69.4
10/3/95 9 19.4
10/4/95 8.75 35.4
10/5/95 9 33.3
10/6/95 8.875 70.1
10/9/95 8.75 40.9
10/10/95 8.875 35.6
10/11/95 8.75 13.1
10/12/95 8.875 26.9
10/13/95 8.875 37.4
10/16/95 9 28.1
10/17/95 8.625 25.2
10/18/95 8.75 31.1
10/19/95 8.75 28.2
10/20/95 8.75 19.1
10/23/95 8.5 16.2
10/24/95 8.75 17
10/25/95 8.75 11.4
10/26/95 8.625 28.8
10/27/95 8.375 43.1
10/30/95 8.125 34.2
10/31/95 8.125 62.9
11/1/95 8.5 45.5
11/2/95 8.5 26.7
11/3/95 8.5 42.9
11/6/95 8.375 27.8
11/7/95 8.75 43.6
11/8/95 8.625 16.7
11/9/95 8.375 39.3
11/10/95 8.875 32.8
11/13/95 8.75 26.1
11/14/95 8.25 49.8
11/15/95 8.25 25.1
11/16/95 8.375 26.2
11/17/95 8.25 27.2
11/20/95 8.25 19.5
11/21/95 8.5 27.2
11/22/95 8.5 23.4
11/23/95 8.5 0
11/24/95 8.25 4.8
11/27/95 8.375 46.9
11/28/95 8.125 48.3
11/29/95 8.375 37.7
11/30/95 8.125 42.2
12/1/95 8.5 60
12/4/95 8.375 61.9
12/5/95 8.25 87
12/6/95 8.125 24.4
12/7/95 7.75 81.4
12/8/95 7.75 45.8
12/11/95 7.625 60.6
12/12/95 7.125 123.2
12/13/95 7.625 157.4
12/14/95 7.625 39.3
12/15/95 7.5 218.4
12/18/95 7.375 67.7
12/19/95 7.25 92.8
12/20/95 7.375 113
12/21/95 7.5 106.4
12/22/95 7.5 104.7
12/25/95 7.5 0
12/26/95 7.375 60.7
12/27/95 7.375 66.6
12/28/95 7.25 119.5
12/29/95 7.375 152.1
1/1/96 7.375 0
1/2/96 7.5 46.1
1/3/96 8.125 33.6
1/4/96 8 49.8
1/5/96 8.125 20.8
1/8/96 8 8
1/9/96 7.875 52.2
1/10/96 7.5 38.7
1/11/96 7.75 15.9
1/12/96 7.875 19.9
1/15/96 7.75 38.8
1/16/96 7.875 19.2
1/17/96 7.625 27.2
1/18/96 7.75 14.1
1/19/96 7.375 45.3
1/22/96 7.125 41.1
1/23/96 7.25 60
1/24/96 7.25 136.7
1/25/96 7.25 15.9
1/26/96 7.25 26.8
1/29/96 7.25 24
1/30/96 7.25 34.2
1/31/96 7.75 45.9
2/1/96 7.625 19.4
2/2/96 7.75 22.9
2/5/96 7.625 13.4
2/6/96 7.375 21.3
2/7/96 7.375 18.6
2/8/96 7.375 22.5
2/9/96 7.25 43.7
2/12/96 7.625 38.2
2/13/96 7.5 21
2/14/96 7.125 132.5
2/15/96 7.375 51
2/16/96 7.375 51.7
2/19/96 7.375 0
2/20/96 7.25 10
2/21/96 7.375 27.9
2/22/96 7.375 12.9
2/23/96 7.375 13.8
2/26/96 7.125 39.7
2/27/96 7.125 30.6
2/28/96 7.25 21.9
2/29/96 7.25 16.4
3/1/96 7 19.3
3/4/96 7.25 27.9
3/5/96 7.125 22.1
3/6/96 7 27.1
3/7/96 7.25 29.6
3/8/96 7.125 24.2
3/11/96 7.25 10.2
3/12/96 7.25 25.2
3/13/96 7.5 65.3
3/14/96 7.375 40.2
3/15/96 7.25 14.8
3/18/96 7.125 4.5
3/19/96 7.375 26.9
3/20/96 7.25 23.6
3/21/96 7.25 13.2
3/22/96 7.125 16.8
3/25/96 7.125 17.1
3/26/96 7.25 16.1
3/27/96 7.125 19.8
3/28/96 7.25 9.6
3/29/96 7.375 51.3
4/1/96 7.25 45.7
4/2/96 7.375 50.4
4/3/96 7.375 49.9
4/4/96 7.25 17.3
4/5/96 7.25 0
4/8/96 7.25 28.4
4/9/96 7.5 63.8
4/10/96 7.375 17.6
4/11/96 7.375 4.7
4/12/96 7.375 31.1
4/15/96 7.5 17.9
4/16/96 7.625 62.7
4/17/96 7.5 27.7
4/18/96 7.625 19.5
4/19/96 7.75 66.2
4/22/96 7.625 35.3
4/23/96 7.75 23.8
4/24/96 7.75 37.2
4/25/96 8.375 66.7
4/26/96 9.125 155.7
4/29/96 9 102.4
4/30/96 8.875 101.8
5/1/96 8.75 52.3
5/2/96 8.625 39.2
5/3/96 8.375 33
5/6/96 8.5 35.7
5/7/96 8.25 56.9
5/8/96 7.875 67.4
5/9/96 8.375 23.4
5/10/96 8.375 25.4
5/13/96 8.5 31.9
5/14/96 8.625 18.3
5/15/96 8.75 33.1
5/16/96 8.375 26.2
5/17/96 8.5 23
5/20/96 8.625 21.8
5/21/96 8.375 21
5/22/96 8.375 11.2
5/23/96 8.75 61
5/24/96 9.25 66.1
5/27/96 9.25 0
5/28/96 8.875 36
5/29/96 8.625 16.6
5/30/96 8.5 11.7
5/31/96 8.875 22.7
6/3/96 8.875 11.4
6/4/96 8.75 14.3
6/5/96 8.625 8.5
6/6/96 8.5 7.7
6/7/96 8.25 20.9
6/10/96 8.125 19.5
6/11/96 8.25 18.5
6/12/96 8.125 21.4
6/13/96 8.125 14.4
6/14/96 8 19.6
6/17/96 8 12
6/18/96 8.125 16.2
6/19/96 8.125 22.9
6/20/96 8 28.5
6/21/96 7.875 18.4
6/24/96 7.5 39.4
6/25/96 7.5 34.7
6/26/96 7.375 35.3
6/27/96 6.625 103
6/28/96 7 75.5
7/1/96 7.5 30.7
7/2/96 7 36.9
7/3/96 7.25 26.2
7/4/96 7.25 0
7/5/96 7.25 5.1
7/8/96 7 55.5
7/9/96 7.125 9.2
7/10/96 7 18.7
7/11/96 6.875 30.2
7/12/96 6.75 19.4
7/15/96 6.75 13.8
7/16/96 6.75 56.3
7/17/96 6.75 21.4
7/18/96 6.75 11.8
7/19/96 7 16.4
7/22/96 6.875 10.6
7/23/96 6.75 13.6
7/24/96 6.375 56.7
7/25/96 6.5 14.8
7/26/96 6.5 33.7
7/29/96 6.5 25.7
7/30/96 6.5 29.9
7/31/96 6.75 48.8
8/1/96 7.25 44.3
8/2/96 7 22.3
8/5/96 6.875 15.1
8/6/96 6.875 16.6
8/7/96 7.125 37.3
8/8/96 7.25 21.2
8/9/96 7.5 25.3
8/12/96 7.125 25
8/13/96 7.125 8.7
8/14/96 7.125 25.6
8/15/96 7.125 13
8/16/96 7.375 5.8
8/19/96 7.375 30.1
8/20/96 7.25 14.1
8/21/96 7.25 19.5
8/22/96 7.125 2
8/23/96 7 19.5
8/26/96 7 6.8
8/27/96 7 7.2
8/28/96 7 7.8
8/29/96 7 7.5
8/30/96 7.125 14.1
9/2/96 7.125 0
9/3/96 7.125 33
9/4/96 7.375 26
9/5/96 7 23.5
9/6/96 7 26.3
9/9/96 7.125 17.5
9/10/96 6.875 24.4
9/11/96 7 11.3
9/12/96 7.25 16.5
9/13/96 7 14.7
9/16/96 7 13
9/17/96 7 25.7
9/18/96 7 23.9
9/19/96 7 40.2
9/20/96 7.25 37.4
9/23/96 7.25 45.8
9/24/96 7.375 50.8
9/25/96 7.75 36.2
9/26/96 7.875 49
9/27/96 7.625 39.6
9/30/96 7.875 47.1
10/1/96 8.25 78.3
10/2/96 9 73.7
10/3/96 8.25 90.4
10/4/96 8.25 19.7
10/7/96 8.25 33.1
10/8/96 8 43.6
10/9/96 8.125 17.2
10/10/96 8.125 9.9
10/11/96 8.375 15.5
10/14/96 8.25 14
10/15/96 8.125 7.3
10/16/96 8 10.3
10/17/96 8 10.8
10/18/96 7.875 25.8
10/21/96 7.625 20.5
10/22/96 7.625 24.3
10/23/96 7.625 14.4
10/24/96 7.75 15.5
10/25/96 7.75 19.4
10/28/96 7.625 13.1
10/29/96 7.625 6.4
10/30/96 7.625 20.4
10/31/96 7.625 15.8
11/1/96 7.625 33.3
11/4/96 7.5 17.5
11/5/96 7.125 22.8
11/6/96 7.125 19.6
11/7/96 7.25 33.9
11/8/96 7.5 19.1
11/11/96 7.625 58
11/12/96 7.375 21.2
11/13/96 7.125 30.3
11/14/96 7 37.1
11/15/96 7.375 41
11/18/96 7.375 19.7
11/19/96 7.25 39.4
11/20/96 7.375 26.5
11/21/96 7.375 44.6
11/22/96 7.375 33.2
11/25/96 8 82
11/26/96 8.25 109.5
11/27/96 8.25 30.1
11/28/96 8.25 0
11/29/96 8.5 28.1
12/2/96 8.125 49.5
12/3/96 8.125 31.6
12/4/96 8.125 36.7
12/5/96 8.125 32
12/6/96 7.625 32.4
12/9/96 8.25 48.5
12/10/96 8.125 47.3
12/11/96 8 37.2
12/12/96 8.25 23.9
12/13/96 8 38.7
12/16/96 7.5 61.8
12/17/96 7.75 24.1
12/18/96 8.125 41.3
12/19/96 8.125 62.9
12/20/96 8.125 27.5
12/23/96 8.125 50.8
12/24/96 8 18.7
12/25/96 8 0
12/26/96 8 30.4
12/27/96 8 17.2
12/30/96 8.25 141.7
12/31/96 8.375 58.7
1/1/97 8.375 0
1/2/97 8.625 39.2
1/3/97 8.75 35.3
1/6/97 8.75 46.4
1/7/97 8.625 33.9
1/8/97 8.75 53.7
1/9/97 8.5 22.5
1/10/97 8.5 33.3
1/13/97 8.375 43.9
1/14/97 8.625 47.8
1/15/97 8.625 33.8
1/16/97 8.625 34
1/17/97 8.75 25.5
1/20/97 8.625 29.6
1/21/97 8.5 25.2
1/22/97 8.5 11.8
1/23/97 8.5 23.1
1/24/97 8.375 31.6
1/27/97 8.75 82.9
1/28/97 8.875 61.2
1/29/97 8.875 53.1
1/30/97 9 16.7
1/31/97 9 25.4
2/3/97 8.875 23.1
2/4/97 8.75 19.7
2/5/97 8.375 55.2
2/6/97 8.375 9
2/7/97 8.375 21
2/10/97 8.25 15.2
2/11/97 8.375 12.8
2/12/97 8.5 30.2
2/13/97 8.375 33.5
2/14/97 8 54
2/17/97 8 0
2/18/97 8.625 50.2
2/19/97 8.5 34.5
2/20/97 8.25 43.9
2/21/97 8.25 12.1
2/24/97 8.375 35.1
2/25/97 8.375 24.8
2/26/97 8.125 12.8
2/27/97 8 53.1
2/28/97 7.875 25.2
3/3/97 7.875 23.4
3/4/97 7.75 11.7
3/5/97 7.75 49.3
3/6/97 8.25 39.2
3/7/97 8.375 61.3
3/10/97 8.25 27.8
3/11/97 8.375 35.4
3/12/97 8.375 23.1
3/13/97 8.375 34.6
3/14/97 8.375 26.6
3/17/97 8.125 59.6
3/18/97 8.25 28.2
3/19/97 8.125 17.7
3/20/97 8.125 10.8
3/21/97 8.125 40.6
3/24/97 8 28.4
3/25/97 8 32.3
3/26/97 8 11.2
3/27/97 8 8.7
3/28/97 8 0
3/31/97 7.875 41.4
4/1/97 7.75 31.8
4/2/97 7.625 12.7
4/3/97 7.5 43.5
4/4/97 7.625 33.8
4/7/97 7.625 17.7
4/8/97 7.875 41.9
4/9/97 7.875 23.2
4/10/97 7.75 14
4/11/97 7.5 11.7
4/14/97 7.75 23.3
4/15/97 7.625 8.7
4/16/97 7.5 6.2
4/17/97 7.375 26.5
4/18/97 7.875 41.5
4/21/97 7.75 14.9
4/22/97 7.75 8.5
4/23/97 7.5 23.1
4/24/97 7.625 13.7
4/25/97 7.375 18.7
4/28/97 7.375 10.1
4/29/97 7.375 18.7
4/30/97 7.375 24.4
5/1/97 7.625 23.4
5/2/97 7.875 26
5/5/97 8 46.7
5/6/97 7.75 21.5
5/7/97 7.75 25.8
5/8/97 7.5 33.3
5/9/97 7.5 23
5/12/97 7.5 15
5/13/97 7.625 19.2
5/14/97 7.375 6.5
5/15/97 7.5 9.3
5/16/97 7.75 33.4
5/19/97 7.875 62.3
5/20/97 7.875 8.4
5/21/97 7.875 55.2
5/22/97 7.875 5.6
5/23/97 8 23.4
5/26/97 8 0
5/27/97 7.875 18.5
5/28/97 7.875 10.3
5/29/97 7.875 48.3
5/30/97 8 28.6
6/2/97 7.75 59.5
6/3/97 7.875 29.9
6/4/97 8 18.3
6/5/97 8.125 24.6
6/6/97 8.125 14
6/9/97 8.25 37.8
6/10/97 8.25 40.6
6/11/97 8.25 23.3
6/12/97 8.375 38
6/13/97 8.25 28.9
6/16/97 8.25 56.8
6/17/97 8.25 18.3
6/18/97 8.375 22.5
6/19/97 8.625 40.2
6/20/97 8.375 45
6/23/97 8.375 31.7
6/24/97 8.4375 69.9
6/25/97 8.375 47.8
6/26/97 8.4375 20.1
6/27/97 8.5 27.5
6/30/97 8.375 22.4
7/1/97 8.4375 22.2
7/2/97 8.375 16.5
7/3/97 8.375 15.2
7/4/97 8.375 0
7/7/97 8.25 67.4
7/8/97 8.375 42.5
7/9/97 8.375 23.9
7/10/97 8.375 26
7/11/97 8.375 19.1
7/14/97 8.125 53.5
7/15/97 8.125 35.7
7/16/97 8.375 71.4
7/17/97 8.375 26.4
7/18/97 8.25 31.8
7/21/97 8.0625 25.4
7/22/97 8.0625 13.5
7/23/97 8 46.1
7/24/97 8 38.7
7/25/97 7.875 35.1
7/28/97 7.9375 20.2
7/29/97 8.0625 53.7
7/30/97 8 41.7
7/31/97 8.1875 40.9
8/1/97 8.125 38.9
8/4/97 8.0625 56.3
8/5/97 8.1875 32.6
8/6/97 8.1875 22.8
8/7/97 8.5 81
8/8/97 8.5 38.7
8/11/97 8.1875 21.1
8/12/97 8.25 12.5
8/13/97 8.1875 18.8
8/14/97 8.4375 48.3
8/15/97 8.4375 43
8/18/97 8.5 39.4
8/19/97 8.5 45.2
8/20/97 8.375 44.6
8/21/97 8.25 44.5
8/22/97 8.3125 57.6
8/25/97 8.375 18.7
8/26/97 8.375 43.2
8/27/97 8.25 18.6
8/28/97 8.25 17.8
8/29/97 8.3125 4.9
9/1/97 8.3125 0
9/2/97 8.1875 18.1
9/3/97 8.125 25.2
9/4/97 8.25 81.9
9/5/97 8.125 52.7
9/8/97 8.125 23.4
9/9/97 8.0625 65
9/10/97 8.0625 22.2
9/11/97 7.9375 19.3
9/12/97 8 49.4
9/15/97 8 22.8
9/16/97 8.0625 58.7
9/17/97 7.9375 34
9/18/97 7.6875 65
9/19/97 6.8125 72.2
9/22/97 7.3125 63.5
9/23/97 7.1875 51.8
9/24/97 7.375 60.6
9/25/97 7.4375 16.4
9/26/97 7.5 50.9
9/29/97 7.5625 21.1
9/30/97 7.5 14.5
10/1/97 7.875 46.3
10/2/97 8.3125 186.3
10/3/97 8.125 87
10/6/97 8.25 137.2
10/7/97 7.9375 44.4
10/8/97 7.75 61.9
10/9/97 7.75 29.5
10/10/97 8.3125 40.2
10/13/97 8.875 83.9
10/14/97 9.125 118.7
10/15/97 9 74.4
10/16/97 8.9375 67.2
10/17/97 8.9375 114.2
10/20/97 8.875 17.8
10/21/97 9.3125 59.6
10/22/97 9.25 61.6
10/23/97 9 24.9
10/24/97 9.125 32.7
10/27/97 8.6875 35
10/28/97 8.25 82.7
10/29/97 8.625 29.5
10/30/97 8.3125 16.8
10/31/97 8.625 34.9
11/3/97 8.3125 76.7
11/4/97 8.375 28.6
11/5/97 8.5 7.3
11/6/97 8.625 30.7
11/7/97 8.625 34.8
11/10/97 8.8125 49.8
11/11/97 8.875 27.8
11/12/97 8.625 8.7
11/13/97 8.5625 13.5
11/14/97 9.0625 29
11/17/97 9.25 28.9
11/18/97 9 23.9
11/19/97 8.75 9.1
11/20/97 8.5625 18.5
11/21/97 8.375 24.4
11/24/97 8.4375 11.2
11/25/97 8.5 11.4
11/26/97 8.5625 5.2
11/27/97 8.5625 0
11/28/97 8.5 8.2
12/1/97 8.4375 17.8
12/2/97 8.625 40.7
12/3/97 8.625 74.2
12/4/97 8.4375 43.5
12/5/97 8.375 16.7
12/8/97 8.1875 16.6
12/9/97 8.375 12.4
12/10/97 8.3125 16.4
12/11/97 8.375 18.7
12/12/97 8.3125 23.6
12/15/97 7.875 33
12/16/97 8 47.6
12/17/97 8.125 26
12/18/97 8.125 10.9
12/19/97 7.8125 41.2
12/22/97 7.6875 37
12/23/97 7.6875 29.4
12/24/97 7.625 17
12/25/97 7.625 0
12/26/97 7.5625 18.3
12/29/97 7.5 25.8
12/30/97 7.4375 45.7
12/31/97 7.625 30.6
1/1/98 7.625 0
1/2/98 7.6875 13.7
1/5/98 7.625 28.7
1/6/98 7.75 20.3
1/7/98 7.625 7.7
1/8/98 7.8125 12.4
1/9/98 7.875 65.7
1/12/98 7.8125 49.9
-13-
<PAGE>
PROJECT ENTERPRISE
SPOCK PRICE/VOLUME HISTORY
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
30 DAY 60 DAY 180 DAY 1 YEAR 2 YEAR 3 YEAR 5 YEAR
------ ------ ------- ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
AVERAGE DAILY VOLUME (SHARES) 26,710 23,833 37,659 33,072 32,024 49,205 54,710
MIN CLOSING PRICE $7.44 $7.44 $6.81 $6.81 $6.38 $6.38 $6.38
MEAN CLOSING PRICE $7.74 $8.16 $8.22 $8.16 $7.90 $8.53 $9.56
MAX CLOSING PRICE $8.13 $9.25 $9.31 $9.31 $9.31 $14.38 $18.50
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
-14-
<PAGE>
PROJECT ENTERPRISE
SPOCK CUMULATIVE VOLUME AT PRICES 1/1/97 - 1/12/98
[GRAPH OF CUMULATIVE VOLUME AT PRICES APPEARS HERE]
Data
Price At This Below This
$6.00 0.00% 0.00%
$6.50 0.87% 0.00%
$7.00 3.57% 0.87%
$7.50 17.89% 4.43%
$8.00 49.60% 22.32%
$8.50 22.13% 71.92%
$9.00 5.95% 94.05%
$9.50 0.00% 100.00%
-15-
<PAGE>
PROJECT ENTERPRISE
SPOCK RELATIVE PRICE PERFORMANCE vs. S&P 500 AND SELECTED COMPANIES
(1/1/96 - 1/12/98)
[GRAPH OF PRICE PERFORMANCE OF SPOCK, S&P 500 AND SELECTED COMPANIES
APPEARS HERE]
S&P Selected
SPOCK 500 Companies
Date (+5.9%) (+52.5%) (+14.4%)
---- ----- ------- ----------
1/1/96 100 100 100
1/2/96 101.695 100.776 100.7
1/3/96 110.169 100.873 101.829
1/4/96 108.475 100.284 97.6131
1/5/96 110.169 100.127 98.3706
1/8/96 108.475 100.411 96.6327
1/9/96 106.78 98.9447 98.2291
1/10/96 101.695 97.1639 98.3657
1/11/96 105.085 97.8488 95.5513
1/12/96 106.78 97.7067 94.9353
1/15/96 105.085 97.382 94.9835
1/16/96 106.78 98.7823 96.203
1/17/96 103.39 98.4475 95.8557
1/18/96 105.085 98.7519 97.9698
1/19/96 100 99.3354 96.5809
1/22/96 96.6102 99.589 95.5257
1/23/96 98.3051 99.4876 97.1283
1/24/96 98.3051 100.654 95.0279
1/25/96 98.3051 100.178 96.1615
1/26/96 98.3051 100.923 95.8143
1/29/96 98.3051 101.344 95.2285
1/30/96 98.3051 102.308 96.5888
1/31/96 105.085 103.262 95.9249
2/1/96 103.39 103.658 96.2916
2/2/96 105.085 103.232 96.401
2/5/96 103.39 104.14 96.9566
2/6/96 100 104.937 95.3444
2/7/96 100 105.52 97.3057
2/8/96 100 106.514 94.236
2/9/96 98.3051 106.565 96.4968
2/12/96 103.39 107.387 95.5229
2/13/96 101.695 107.235 94.5728
2/14/96 96.6102 106.438 93.7561
2/15/96 100 105.743 95.51
2/16/96 100 105.2 95.1943
2/19/96 100 105.2 95.1943
2/20/96 98.3051 104.013 93.8622
2/21/96 100 105.221 94.3965
2/22/96 100 106.971 93.3099
2/23/96 100 107.007 93.0123
2/26/96 96.6102 105.606 92.6019
2/27/96 96.6102 105.084 92.0829
2/28/96 98.3051 104.678 92.0829
2/29/96 98.3051 103.978 91.4416
3/1/96 94.9153 104.617 90.9226
3/4/96 98.3051 105.662 92.8152
3/5/96 96.6102 106.469 90.1807
3/6/96 94.9153 105.855 90.0089
3/7/96 98.3051 106.124 90.1347
3/8/96 96.6102 102.851 87.8446
3/11/96 98.3051 103.912 88.1936
3/12/96 98.3051 103.435 89.0224
3/13/96 101.695 103.673 89.3105
3/14/96 100 104.049 88.5723
3/15/96 98.3051 104.14 87.7538
3/18/96 96.6102 105.961 89.7155
3/19/96 100 105.804 90.1827
3/20/96 98.3051 105.525 88.3282
3/21/96 98.3051 105.398 87.7306
3/22/96 96.6102 105.632 91.3752
3/25/96 96.6102 105.535 89.0095
3/26/96 98.3051 106.012 89.0535
3/27/96 96.6102 105.353 89.594
3/28/96 98.3051 105.358 89.6114
3/29/96 100 104.8 89.5641
4/1/96 98.3051 106.134 90.7011
4/2/96 100 106.383 91.7264
4/3/96 100 106.484 89.8719
4/4/96 98.3051 106.484 90.2194
4/5/96 98.3051 106.484 90.2194
4/8/96 98.3051 104.597 89.4342
4/9/96 101.695 104.262 88.9992
4/10/96 100 102.851 88.8448
4/11/96 100 102.476 90.9076
4/12/96 100 103.374 90.8187
4/15/96 101.695 104.313 89.4451
4/16/96 103.39 104.718 88.3439
4/17/96 101.695 104.17 88.8235
4/18/96 103.39 104.495 91.7432
4/19/96 105.085 104.729 90.0783
4/22/96 103.39 105.185 90.871
4/23/96 105.085 105.789 89.0987
4/24/96 105.085 105.556 87.7752
4/25/96 113.559 105.997 85.9601
4/26/96 123.729 106.093 88.2496
4/29/96 122.034 106.205 88.7688
4/30/96 120.339 106.205 89.0279
5/1/96 118.644 106.276 91.0635
5/2/96 116.949 104.455 88.9459
5/3/96 113.559 104.17 90.7309
5/6/96 115.254 104.039 91.0963
5/7/96 111.864 103.623 89.8617
5/8/96 106.78 104.683 88.2379
5/9/96 113.559 104.789 91.615
5/10/96 113.559 105.87 91.6285
5/13/96 115.254 107.397 93.3896
5/14/96 116.949 108.062 96.5169
5/15/96 118.644 108.031 95.5813
5/16/96 113.559 107.94 98.2253
5/17/96 115.254 108.6 96.4336
5/20/96 116.949 109.29 98.6119
5/21/96 113.559 109.224 98.1853
5/22/96 113.559 110.142 97.4278
5/23/96 118.644 109.751 95.7974
5/24/96 125.424 110.157 97.7786
5/27/96 125.424 110.157 97.7786
5/28/96 120.339 109.137 97.3611
5/29/96 116.949 108.442 98.1555
5/30/96 115.254 109.051 98.1971
5/31/96 120.339 108.635 98.9245
6/3/96 120.339 108.402 98.474
6/4/96 118.644 109.193 98.9976
6/5/96 116.949 110.147 100.777
6/6/96 115.254 109.269 99.887
6/7/96 111.864 109.315 99.1699
6/10/96 110.169 109.127 100.886
6/11/96 111.864 108.935 103.934
6/12/96 110.169 108.62 101.167
6/13/96 110.169 108.437 102.062
6/14/96 108.475 108.102 98.7817
6/17/96 108.475 107.991 99.0086
6/18/96 110.169 107.489 97.8758
6/19/96 110.169 107.473 99.5699
6/20/96 108.475 107.494 97.1699
6/21/96 106.78 108.265 97.2968
6/24/96 101.695 108.59 97.0547
6/25/96 101.695 108.529 95.9024
6/26/96 100 107.864 95.0159
6/27/96 89.8305 108.544 94.3342
6/28/96 94.9153 108.879 97.8145
7/1/96 101.695 109.731 96.3066
7/2/96 94.9153 109.366 94.5875
7/3/96 98.3051 109.168 97.2438
7/4/96 98.3051 109.168 97.2438
7/5/96 98.3051 106.738 93.4272
7/8/96 94.9153 105.941 92.5231
7/9/96 96.6102 106.301 93.1851
7/10/96 94.9153 106.514 94.3525
7/11/96 93.2203 104.825 90.1127
7/12/96 91.5254 104.911 91.0904
7/15/96 91.5254 102.253 90.9547
7/16/96 91.5254 102.019 86.0185
7/17/96 91.5254 102.943 89.2464
7/18/96 91.5254 104.485 89.544
7/19/96 94.9153 103.699 89.5097
7/22/96 93.2203 102.897 87.9295
7/23/96 91.5254 101.776 86.7508
7/24/96 86.4407 101.74 84.0227
7/25/96 88.1356 102.471 87.5477
7/26/96 88.1356 103.242 86.7709
7/29/96 88.1356 102.43 86.2175
7/30/96 88.1356 103.135 87.0105
7/31/96 91.5254 103.896 85.5727
8/1/96 98.3051 105.535 86.2175
8/2/96 94.9153 107.56 87.7854
8/5/96 93.2203 107.189 88.7694
8/6/96 93.2203 107.539 86.778
8/7/96 96.6102 107.829 85.6736
8/8/96 98.3051 107.575 88.0261
8/9/96 101.695 107.494 86.8717
8/12/96 96.6102 108.092 87.0264
8/13/96 96.6102 107.184 85.8589
8/14/96 96.6102 107.489 85.2524
8/15/96 96.6102 107.524 87.5185
8/16/96 100 108.001 87.8539
8/19/96 100 108.224 86.9682
8/20/96 98.3051 108.077 85.5708
8/21/96 98.3051 107.976 86.2722
8/22/96 96.6102 108.889 86.1398
8/23/96 94.9153 108.295 84.4344
8/26/96 94.9153 107.783 84.5733
8/27/96 94.9153 108.179 86.7197
8/28/96 94.9153 107.935 87.1662
8/29/96 94.9153 106.733 91.311
8/30/96 96.6102 105.855 95.3009
9/2/96 96.6102 105.855 95.3009
9/3/96 96.6102 106.296 91.2689
9/4/96 100 106.443 92.9639
9/5/96 94.9153 105.439 91.9593
9/6/96 94.9153 106.454 91.4736
9/9/96 96.6102 107.763 93.7134
9/10/96 93.2203 107.773 93.5222
9/11/96 94.9153 108.336 93.5721
9/12/96 98.3051 108.965 93.7928
9/13/96 94.9153 110.487 94.9508
9/16/96 94.9153 111.045 93.1857
9/17/96 94.9153 110.878 93.5501
9/18/96 94.9153 110.639 92.7069
9/19/96 94.9153 110.888 93.7828
9/20/96 98.3051 111.542 93.9446
9/23/96 98.3051 111.451 93.1416
9/24/96 100 111.314 93.1156
9/25/96 105.085 111.35 92.3926
9/26/96 106.78 111.355 93.4383
9/27/96 103.39 111.405 94.8201
9/30/96 106.78 111.588 96.0607
10/1/96 111.864 111.877 100.009
10/2/96 122.034 112.674 97.9764
10/3/96 111.864 112.476 98.2948
10/4/96 111.864 113.886 97.282
10/7/96 111.864 114.191 97.9511
10/8/96 108.475 113.749 97.8844
10/9/96 110.169 113.12 96.7718
10/10/96 110.169 112.775 95.8121
10/11/96 113.559 113.754 97.0594
10/14/96 111.864 114.221 95.3557
10/15/96 110.169 114.064 96.0752
10/16/96 108.475 114.363 98.5275
10/17/96 108.475 114.784 95.8252
10/18/96 106.78 115.403 96.8488
10/21/96 103.39 115.246 96.0259
10/22/96 103.39 114.713 97.9115
10/23/96 103.39 114.83 96.2604
10/24/96 105.085 114.018 98.4725
10/25/96 105.085 113.795 97.7143
10/28/96 103.39 113.201 96.2032
10/29/96 103.39 113.891 98.3548
10/30/96 103.39 113.795 95.7955
10/31/96 103.39 114.505 94.7285
11/1/96 103.39 114.262 94.9464
11/4/96 101.695 114.739 94.3267
11/5/96 96.6102 115.941 98.5514
11/6/96 96.6102 117.641 95.5718
11/7/96 98.3051 118.138 94.4396
11/8/96 101.695 118.65 94.2677
11/11/96 103.39 118.823 94.0417
11/12/96 100 118.447 94.0616
11/13/96 96.6102 118.701 93.8384
11/14/96 94.9153 119.472 94.9549
11/15/96 100 119.756 94.6596
11/18/96 100 119.66 91.7185
11/19/96 98.3051 120.492 91.8844
11/20/96 100 120.781 81.4596
11/21/96 100 120.589 92.8817
11/22/96 100 121.558 94.5501
11/25/96 108.475 122.907 93.1881
11/26/96 111.864 122.735 95.5775
11/27/96 111.864 122.577 96.4117
11/28/96 111.864 122.577 96.4117
11/29/96 115.254 122.907 94.0467
12/2/96 110.169 122.831 93.0343
12/3/96 110.169 121.487 94.0418
12/4/96 110.169 120.969 94.5872
12/5/96 110.169 120.852 94.8993
12/6/96 103.39 120.076 94.3667
12/9/96 111.864 121.725 95.3458
12/10/96 110.169 121.365 95.2232
12/11/96 108.475 120.259 95.0798
12/12/96 111.864 118.412 96.5331
12/13/96 108.475 118.295 95.2755
12/16/96 101.695 117.052 93.8762
12/17/96 105.085 117.874 94.8534
12/18/96 110.169 118.767 96.9755
12/19/96 110.169 121.076 98.221
12/20/96 110.169 121.583 99.8503
12/23/96 110.169 121.263 97.9122
12/24/96 108.475 121.933 96.1313
12/25/96 108.475 121.933 96.1313
12/26/96 108.475 122.709 95.9951
12/27/96 108.475 122.867 97.7519
12/30/96 111.864 122.39 96.5209
12/31/96 113.559 120.264 98.5244
1/1/97 113.559 120.264 98.5244
1/2/97 116.949 119.655 99.1709
1/3/97 118.644 121.446 99.7384
1/6/97 118.644 121.385 97.4305
1/7/97 116.949 122.288 98.694
1/8/97 118.644 121.507 100.179
1/9/97 115.254 122.552 98.6656
1/10/97 115.254 123.308 99.6252
1/13/97 113.559 123.308 99.0945
1/14/97 116.949 124.83 100.562
1/15/97 116.949 124.556 100.872
1/16/97 116.949 124.972 100.213
1/17/97 118.644 126.012 101.558
1/20/97 116.949 126.098 101.365
1/21/97 115.254 127.078 101.663
1/22/97 115.254 127.646 101.481
1/23/97 115.254 126.24 100.292
1/24/97 113.559 125.099 101.355
1/27/97 118.644 124.206 99.0518
1/28/97 120.339 124.206 100.191
1/29/97 120.339 125.419 100.367
1/30/97 122.034 127.311 98.8929
1/31/97 122.034 127.636 100.494
2/3/97 120.339 127.727 100.032
2/4/97 118.644 128.138 99.9156
2/5/97 113.559 126.357 99.9629
2/6/97 113.559 126.662 100.703
2/7/97 113.559 128.189 101.236
2/10/97 111.864 127.519 100.416
2/11/97 113.559 128.194 100.714
2/12/97 115.254 130.335 99.3574
2/13/97 113.559 131.801 100.912
2/14/97 108.475 131.258 102.024
2/17/97 108.475 131.258 102.024
2/18/97 116.949 132.527 98.8704
2/19/97 115.254 131.913 100.166
2/20/97 111.864 130.34 99.1056
2/21/97 111.864 130.173 98.5353
2/24/97 113.559 131.553 99.2183
2/25/97 113.559 131.553 100.297
2/26/97 110.169 130.807 99.0961
2/27/97 108.475 129.082 98.2115
2/28/97 106.78 128.392 102.395
3/3/97 106.78 129.122 100.992
3/4/97 105.085 128.412 100.694
3/5/97 105.085 130.208 99.8106
3/6/97 111.864 129.65 98.4324
3/7/97 113.559 130.69 98.9375
3/10/97 111.864 132.1 100.633
3/11/97 113.559 131.725 97.8429
3/12/97 113.559 130.573 98.8322
3/13/97 113.559 128.189 96.9915
3/14/97 113.559 128.772 97.6039
3/17/97 110.169 129.188 98.2094
3/18/97 111.864 128.204 96.7741
3/19/97 110.169 127.575 95.5825
3/20/97 110.169 127.067 96.1319
3/21/97 110.169 127.301 96.006
3/24/97 108.475 128.402 95.794
3/25/97 108.475 128.108 95.8049
3/26/97 108.475 128.341 96.7184
3/27/97 108.475 125.642 95.1293
3/28/97 108.475 125.642 95.1293
3/31/97 106.78 122.922 93.6643
4/1/97 105.085 123.328 93.4784
4/2/97 103.39 121.786 92.3083
4/3/97 101.695 121.816 94.1757
4/4/97 103.39 123.049 93.7667
4/7/97 103.39 123.734 94.1346
4/8/97 106.78 124.384 94.0263
4/9/97 106.78 123.486 97.3497
4/10/97 105.085 123.12 95.1037
4/11/97 101.695 119.762 94.0052
4/14/97 105.085 120.746 95.4326
4/15/97 103.39 122.532 95.5815
4/16/97 101.695 123.962 92.9463
4/17/97 100 123.678 94.6089
4/18/97 106.78 124.419 93.8266
4/21/97 105.085 123.45 92.765
4/22/97 105.085 125.764 93.9969
4/23/97 101.695 125.601 93.8919
4/24/97 103.39 125.205 94.6355
4/25/97 100 124.262 93.1064
4/28/97 100 125.495 93.404
4/29/97 100 128.919 93.6556
4/30/97 100 130.101 93.6788
5/1/97 103.39 129.645 93.6096
5/2/97 106.78 131.989 93.6732
5/5/97 108.475 134.795 94.0524
5/6/97 105.085 134.389 92.8812
5/7/97 105.085 132.42 92.8513
5/8/97 101.695 133.171 91.5274
5/9/97 101.695 133.907 91.4328
5/12/97 101.695 135.997 91.6046
5/13/97 103.39 135.261 90.9746
5/14/97 100 135.733 92.714
5/15/97 101.695 136.682 91.969
5/16/97 105.085 134.713 94.5801
5/19/97 106.78 135.287 94.4165
5/20/97 106.78 136.646 93.0466
5/21/97 106.78 136.271 94.4496
5/22/97 106.78 135.672 93.319
5/23/97 108.475 137.519 97.1859
5/26/97 108.475 137.519 97.1859
5/27/97 106.78 137.955 94.7151
5/28/97 106.78 137.549 96.1947
5/29/97 106.78 137.042 99.9138
5/30/97 108.475 137.722 99.6157
6/2/97 105.085 137.412 101.795
6/3/97 106.78 137.265 100.703
6/4/97 108.475 136.398 102.356
6/5/97 110.169 136.936 102.608
6/6/97 110.169 139.3 103.822
6/9/97 111.864 140.096 103.107
6/10/97 111.864 140.482 106.04
6/11/97 111.864 141.177 102.449
6/12/97 113.559 143.435 103.063
6/13/97 111.864 145.028 103.683
6/16/97 111.864 145.129 103.31
6/17/97 111.864 145.211 107.249
6/18/97 113.559 144.343 104.259
6/19/97 116.949 145.794 103.345
6/20/97 113.559 145.906 106.689
6/23/97 113.559 142.648 107.556
6/24/97 114.407 145.525 106.953
6/25/97 113.559 144.333 106.328
6/26/97 114.407 143.47 107.804
6/27/97 115.254 144.059 107.485
6/30/97 113.559 143.704 108.747
7/1/97 114.407 144.663 107.352
7/2/97 113.559 146.773 106.517
7/3/97 113.559 148.864 107.163
7/4/97 113.559 148.864 107.163
7/7/97 111.864 148.097 106.854
7/8/97 113.559 149.163 106.151
7/9/97 113.559 147.341 106.475
7/10/97 113.559 148.356 108.731
7/11/97 113.559 148.828 108.763
7/14/97 110.169 149.102 108.284
7/15/97 110.169 150.299 109.026
7/16/97 113.559 152.06 110.25
7/17/97 113.559 151.253 109.95
7/18/97 111.864 148.605 110.073
7/21/97 109.322 148.219 110.607
7/22/97 109.322 151.634 111.65
7/23/97 108.475 152.055 114.047
7/24/97 108.475 152.664 115.342
7/25/97 106.78 152.415 115.729
7/28/97 107.627 152.035 118.001
7/29/97 109.322 152.983 117.327
7/30/97 108.475 154.607 116.738
7/31/97 111.017 154.932 114.945
8/1/97 110.169 153.77 115.818
8/4/97 109.322 154.287 116.803
8/5/97 111.017 154.622 117.66
8/6/97 111.017 155.911 118.061
8/7/97 115.254 154.429 118.031
8/8/97 115.254 151.563 118.645
8/11/97 111.017 152.126 115.74
8/12/97 111.864 150.426 114.182
8/13/97 111.017 149.696 113.116
8/14/97 114.407 150.142 111.409
8/15/97 114.407 146.251 108.461
8/18/97 115.254 148.148 109.492
8/19/97 115.254 150.34 112.518
8/20/97 113.559 152.506 112.744
8/21/97 111.864 150.188 111.583
8/22/97 112.712 149.944 111.003
8/25/97 113.559 149.391 111.719
8/26/97 113.559 148.234 113.954
8/27/97 111.864 148.341 115.697
8/28/97 111.864 146.712 117.115
8/29/97 112.712 146.032 120.188
9/1/97 112.712 146.032 120.188
9/2/97 111.017 150.599 121.396
9/3/97 110.169 150.644 121.806
9/4/97 111.864 151.131 119.77
9/5/97 110.169 150.837 120.277
9/8/97 110.169 151.182 118.295
9/9/97 109.322 151.578 123.211
9/10/97 109.322 149.209 124.139
9/11/97 107.627 148.163 125.28
9/12/97 108.475 150 128.979
9/15/97 108.475 149.33 130.933
9/16/97 109.322 153.526 132.303
9/17/97 107.627 153.1 127.717
9/18/97 104.237 153.795 127.787
9/19/97 92.3729 154.318 128.355
9/22/97 99.1525 155.119 131.283
9/23/97 97.4576 154.551 132.519
9/24/97 100 153.338 131.745
9/25/97 100.847 152.273 130.55
9/26/97 101.695 153.46 131.258
9/29/97 102.542 154.779 131.611
9/30/97 101.695 153.795 130.26
10/1/97 106.78 155.114 132.341
10/2/97 112.712 155.936 129.805
10/3/97 110.169 156.677 128.521
10/6/97 111.864 157.92 130.89
10/7/97 107.627 159.614 132.55
10/8/97 105.085 158.108 132.644
10/9/97 105.085 157.585 134.784
10/10/97 112.712 156.991 134.412
10/13/97 120.339 157.174 135.391
10/14/97 123.729 157.529 136.715
10/15/97 122.034 156.788 135.681
10/16/97 121.186 155.084 133.628
10/17/97 121.186 153.288 132.083
10/20/97 120.339 155.15 133.021
10/21/97 126.271 157.854 134.162
10/22/97 125.424 157.24 133.746
10/23/97 122.034 154.348 130.031
10/24/97 123.729 152.877 128.49
10/27/97 117.797 142.385 122.275
10/28/97 111.864 149.665 124.836
10/29/97 116.949 149.229 125.236
10/30/97 112.712 146.717 126.756
10/31/97 116.949 148.493 125.941
11/3/97 112.712 152.451 126.9
11/4/97 113.559 152.735 123.136
11/5/97 115.254 153.059 124.917
11/6/97 116.949 152.293 125.389
11/7/97 116.949 150.583 123.888
11/10/97 119.492 149.548 123.438
11/11/97 120.339 149.98 120.166
11/12/97 116.949 147.088 122.731
11/13/97 116.102 148.823 123.046
11/14/97 122.881 150.72 124.431
11/17/97 125.424 153.617 119.377
11/18/97 122.034 152.324 119.321
11/19/97 118.644 153.359 117.185
11/20/97 116.102 155.693 116.988
11/21/97 113.559 156.362 118.328
11/24/97 114.407 153.694 119.019
11/25/97 115.254 154.368 122.985
11/26/97 116.102 154.5 122.005
11/27/97 116.102 154.5 122.005
11/28/97 115.254 155.114 119.905
12/1/97 114.407 158.26 121.886
12/2/97 116.949 157.757 118.677
12/3/97 116.949 158.584 120.764
12/4/97 114.407 157.986 119.1
12/5/97 113.559 159.721 117.246
12/8/97 111.017 159.493 118.333
12/9/97 113.559 158.422 113.997
12/10/97 112.712 157.448 115.681
12/11/97 113.559 155.038 118.022
12/12/97 112.712 154.784 118.156
12/15/97 106.78 156.408 118.446
12/16/97 108.475 157.164 119.423
12/17/97 110.169 156.758 117.013
12/18/97 110.169 155.099 117.752
12/19/97 105.932 153.714 116.241
12/22/97 104.237 154.835 117.352
12/23/97 104.237 152.471 120.771
12/24/97 103.39 151.426 121.273
12/25/97 103.39 151.426 121.273
12/26/97 102.542 152.04 121.515
12/29/97 101.695 154.779 119.115
12/30/97 100.847 157.62 120.18
12/31/97 103.39 157.555 122.972
1/1/98 103.39 157.555 122.972
1/2/98 104.237 158.3 121.34
1/5/98 103.39 158.63 122.246
1/6/98 105.085 156.93 117.847
1/7/98 103.39 156.509 117.946
1/8/98 105.932 155.221 119.129
1/9/98 106.78 150.614 115.715
-16-
<PAGE>
PROJECT ENTERPRISE
SPOCK SUMMARY INCOME STATEMENT
(in millions except per share data)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Actual (a) Projected
------------------------------------------------------------- -----------------------
Year Ended December 31, LTM Year Ended December 31,
-------------------------------------------------- -----------------------
1992 1993 1994 1995 1996 9/30/97 1997(a) 1998
------ ------ ------ ------ ------ ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenue $221.4 $242.4 $323.4 $457.9 $551.0 $526.0 $517.6 $618.0
% Growth -- 9.5% 33.4% 41.6% 20.3% -- 6.1% 19.4%
Adjusted EBITDA (b) 16.8 21.7 29.8 37.0 46.1 45.1 42.2 47.7
% Margin 7.6% 9.0% 9.2% 8.1% 8.4% 8.6% 8.2% 7.7%
Depreciation and Amortization (c) 8.5 8.8 9.8 13.6 23.3 20.5 16.2 16.3
Adjusted EBIT (b) 8.3 13.0 19.9 23.4 22.8 24.6 26.0 31.4
% Margin 3.8% 5.3% 6.2% 5.1% 4.1% 4.7% 5.0% 5.1%
Adjusted Net Income $ 1.2 $ 4.4 $ 7.4 $ 9.1 $ 11.5 $ 13.4 $ 13.3 $ 16.6
====== ====== ====== ====== ====== ====== ====== ======
% Margin 0.6% 1.8% 2.3% 2.0% 2.1% 2.5% 2.6% 2.7%
Non-Recurring Items (after taxes) 4.3 0.0 15.0 2.3 0.0 34.8
Reported Net Income (Loss) $ (3.1) $ 4.4 $ (7.6) $ 6.8 $ 11.5 $ 21.4
====== ====== ====== ====== ====== ======
% Margin -1.4% 1.8% -2.4% 1.5% 2.1% -4.1%
Adjusted EPS $ 0.10 $ 0.35 $ 0.47 $ 0.40 $ 0.43 $ 0.49 $ 0.49 $ 0.60
% Growth -- 248.0% 34.5% -14.6% 6.0% -- 14.2% 23.2%
Reported EPS $(0.26) $ 0.35 $(0.49) $ 0.30 $ 0.43 $(0.79)
% Growth -- NM NM NM 41.9% --
- ---------------------------------------------------------------------------------------------------------------------------
I/B/E/S Mean EPS Est. $ 0.51 $ 0.62
I/B/E/S Mean 3-5 Yr. Growth Rate Est. 13.0%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
Note: Actual and projected data are from SPOCK company filings and SPOCK
management's internal financial reports, respectively.
(a) Adjusted items exclude non-recurring charges.
(b) Excludes equity in net earnings of N Company and miscellaneous income and
expenses.
(c) Includes amortization of other non-current assets.
- --------------------------------------------------------------------------------
-17-
<PAGE>
PROJECT ENTERPRISE
SPOCK CONDENSED CONSOLIDATED BALANCE SHEET AS OF 9/30/97
<TABLE>
<CAPTION>
ASSETS
------------------------------------------------
(in millions)
<S> <C>
Current Assets:
Cash and cash equivalents $ 8.5
Accounts receivable 76.3
Costs and estimated earnings on contracts in
excess of billings 49.7
Materials and supply inventory, at cost 14.0
Prepaid expenses and other assets 9.7
Deferred income taxes 21.8
Refundable income taxes 0.2
------
Total Current Assets 180.3
Net Property, Plant and Equipment 59.8
Other Noncurrent Assets:
Investment in affiliated company 8.4
Intang. assets relating to acquired businesses, net 45.4
Deferred debt issuance and financing costs 1.2
Deferred income taxes 6.1
Other assets 7.8
------
68.9
------
Total Assets $309.0
======
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------
(in millions)
Current Liabilities:
Accounts payable $ 66.8
Billings on contracts in process in excess of
costs and estimated earnings 1.3
Accrued compensation and related taxes 5.6
Federal, state and local taxes 0.1
Other accrued liabilities 22.4
Current portion of noncurrent liabilities 7.4
------
Total Current Liabilities 103.6
Noncurrent Liabilities:
Long-term debt 49.2
Deferred gain from sale/leaseback of equipment 3.5
Capital leases 0.1
Pension agreement 0.9
------
Total Noncurrent Liabilities 53.6
Commitments and Contingencies --
Shareholders' Equity:
Preferred stock, $10.00 par value; 2,000,000 shares
authorized; None issued and outstanding --
Common stock, $.10 par value; 50,000,000 shares
authorized; 27,302,115 shares issued 2.7
Additional paid-in capital 141.5
Retained earnings 7.6
------
151.8
------
Total Liabilities and Shareholders' Equity $309.0
======
- -----------------------------------------------------------------
Source: SPOCK 10-Q as of 9/30/97.
</TABLE>
- --------------------------------------------------------------------------------
-18-
<PAGE>
PROJECT ENTERPRISE
SUMMARY OF ANALYST ESTIMATES AND COMMENTS FOR SPOCK
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Report Stock 1997 1998 Long-term
Financial Institution (Analyst) Date Recommendation Price Estimate Estimate Growth Rate
- ------------------------------- ------ -------------- ----- -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
BT Alex. Brown Incorporated (Swindell) 11/12/97 Market Perform $8.63 $0.51 $0.62 13%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
. BT ALEX. BROWN (11/12/97) -- On October 30, the Company reported 3Q EPS of
$0.18, in line with expectations. Strong margins offset a 10% shortfall in
revenue, relative to our expectations. The recently acquired government
outsourcing business posted strong results, while the core remediation
business was weaker than expected, with the weakness coming from the
government sector. The strong margins in the quarter reflected the unexpected
mix of revenue (more outsourcing, less remediation) and the benefits of
SPOCK's focus on reducing costs. The Company indicated that it would focus on
growing its outsourcing business through internal market development and
acquisitions. The Company is pursuing several major remediation contracts
that could improve revenue visibility. We have raised our 1998 EPS estimate
to $0.62 from $0.58 to reflect better margins driven by revenue mix and cost
reduction efforts. We have maintained our "market perform" investment rating
on the shares due to limited visibility on the remediation segment (83% of
revenue in 3Q).
- ------------------------------------------
Note: BT Alex. Brown is the only source of public earnings estimates for SPOCK.
- -----------------------------------------------------------------------------
-19-
<PAGE>
<TABLE>
<CAPTION>
PROJECT ENTERPRISE
OVERVIEW OF SCOTTY
(in millions except per share data)
- ---------------------------------------------------------------------------------------------
OPERATING PERFORMANCE
- ---------------------
YEAR ENDING MARCH 31,
----------------------------------------- LTM
1995 1996 1997 09/26/97
------------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
Revenues $424.0 $400.0 $362.1 $389.2
EBITDA (d) 38.6 34.5 19.1 25.6
Margin 9.1% 8.6% 5.3% 6.6%
Net Income (e) (2.3) 11.4 (5.3) (0.6)
Margin -0.5% 2.9% -1.5% -0.2%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
TRADING INFORMATION
- -------------------
<S> <C> <C>
Stock Price as of: 01/12/98 $8.25
52-Week High $9.50
52-Week Low $6.50
Shares Outstanding (a) 9.7
Equity Market Value $80.3
Enterprise Value (b) $184.0
CY 1997E EPS (I/B/E/S) $0.09
CY 1997E P/E NM
CY 1998E EPS (I/B/E/S) $0.28
CY 1998E P/E 30.0 x
LTM EBITDA $25.6
Enterprise Value/LTM EBITDA 7.2 x
Dividend Yield 0.0%
Predicted Beta (e) 1.10
</TABLE>
Stock Price and Volume History
From 1/1/96 to 1/12/98
[GRAPH OF STOCK PRICE AND VOLUME HISTORY APPEARS HERE]
Date Price Volume
1/1/96 $11.00 0
1/2/96 $11.00 11,700
1/3/96 $10.50 21,675
1/4/96 $10.50 13,225
1/5/96 $11.00 20,800
1/8/96 $10.50 4,475
1/9/96 $10.50 6,775
1/10/96 $10.00 50,125
1/11/96 $9.50 41,975
1/12/96 $9.50 30,250
1/15/96 $10.00 11,125
1/16/96 $9.50 1,775
1/17/96 $9.50 18,225
1/18/96 $10.00 20,150
1/19/96 $10.00 13,225
1/22/96 $9.50 4,000
1/23/96 $9.00 45,175
1/24/96 $8.50 30,950
1/25/96 $9.00 33,600
1/26/96 $9.00 11,800
1/29/96 $8.50 54,575
1/30/96 $8.50 27,975
1/31/96 $8.50 32,575
2/1/96 $8.50 2,925
2/2/96 $9.00 32,575
2/5/96 $10.00 90,650
2/6/96 $9.50 60,575
2/7/96 $10.00 28,925
2/8/96 $9.00 5,850
2/9/96 $9.50 9,175
2/12/96 $9.50 4,150
2/13/96 $9.00 10,525
2/14/96 $9.00 6,225
2/15/96 $9.50 29,275
2/16/96 $10.00 9,525
2/19/96 $10.00 0
2/20/96 $9.50 4,625
2/21/96 $10.00 7,575
2/22/96 $9.50 16,350
2/23/96 $9.50 23,825
2/26/96 $9.00 3,000
2/27/96 $9.00 19,475
2/28/96 $9.00 12,825
2/29/96 $9.00 26,575
3/1/96 $9.00 4,075
3/4/96 $9.50 8,125
3/5/96 $9.50 23,250
3/6/96 $9.50 4,225
3/7/96 $9.50 7,950
3/8/96 $9.00 17,175
3/11/96 $9.00 7,975
3/12/96 $9.00 18,500
3/13/96 $9.50 13,875
3/14/96 $9.00 14,850
3/15/96 $9.00 7,875
3/18/96 $9.50 30,075
3/19/96 $9.50 22,450
3/20/96 $9.00 5,575
3/21/96 $9.00 5,275
3/22/96 $10.00 54,875
3/25/96 $10.00 25,975
3/26/96 $9.00 57,575
3/27/96 $9.50 44,625
3/28/96 $10.00 71,600
3/29/96 $10.00 120,450
4/1/96 $10.00 8,900
4/2/96 $10.00 34,450
4/3/96 $10.00 26,850
4/4/96 $9.50 65,775
4/5/96 $9.50 0
4/8/96 $9.50 20,900
4/9/96 $9.00 19,250
4/10/96 $9.50 44,250
4/11/96 $10.00 24,200
4/12/96 $10.50 33,225
4/15/96 $10.00 10,675
4/16/96 $9.50 7,025
4/17/96 $9.50 10,125
4/18/96 $10.00 4,725
4/19/96 $10.00 24,100
4/22/96 $9.50 10,975
4/23/96 $9.50 20,550
4/24/96 $9.00 113,025
4/25/96 $9.00 46,600
4/26/96 $9.50 41,825
4/29/96 $9.50 35,950
4/30/96 $10.00 717,975
5/1/96 $10.50 121,525
5/2/96 $10.00 44,150
5/3/96 $9.50 12,525
5/6/96 $10.00 51,875
5/7/96 $10.00 28,950
5/8/96 $9.50 53,775
5/9/96 $10.50 56,525
5/10/96 $11.00 386,750
5/13/96 $11.00 79,900
5/14/96 $10.50 40,450
5/15/96 $11.00 43,600
5/16/96 $12.00 240,600
5/17/96 $11.00 41,400
5/20/96 $11.50 136,900
5/21/96 $12.00 58,975
5/22/96 $11.50 48,250
5/23/96 $11.00 74,400
5/24/96 $11.50 17,725
5/27/96 $11.50 0
5/28/96 $11.00 58,675
5/29/96 $11.50 24,375
5/30/96 $11.50 17,850
5/31/96 $11.00 14,300
6/3/96 $11.00 14,600
6/4/96 $11.00 46,675
6/5/96 $11.50 13,100
6/6/96 $11.00 21,825
6/7/96 $11.50 32,650
6/10/96 $13.00 865,250
6/11/96 $13.50 611,875
6/12/96 $11.50 457,900
6/13/96 $11.50 142,900
6/14/96 $11.00 108,350
6/17/96 $10.50 73,925
6/18/96 $10.50 52,450
6/19/96 $10.00 102,425
6/20/96 $10.50 37,250
6/21/96 $11.00 107,700
6/24/96 $10.50 20,925
6/25/96 $10.50 34,725
6/26/96 $10.50 21,625
6/27/96 $10.50 33,250
6/28/96 $11.00 45,250
7/1/96 $10.50 9,575
7/2/96 $10.00 120,050
7/3/96 $10.00 33,875
7/4/96 $10.00 0
7/5/96 $10.00 3,250
7/8/96 $9.50 7,975
7/9/96 $9.50 13,650
7/10/96 $9.50 55,375
7/11/96 $8.50 120,475
7/12/96 $9.50 93,550
7/15/96 $9.00 54,750
7/16/96 $8.00 98,350
7/17/96 $9.50 104,900
7/18/96 $9.50 33,050
7/19/96 $9.00 41,750
7/22/96 $8.50 30,700
7/23/96 $8.50 27,425
7/24/96 $8.00 70,700
7/25/96 $8.50 24,025
7/26/96 $8.50 20,200
7/29/96 $8.00 10,575
7/30/96 $8.50 32,800
7/31/96 $8.00 15,350
8/1/96 $8.00 18,425
8/2/96 $8.00 14,100
8/5/96 $8.00 13,125
8/6/96 $8.00 13,900
8/7/96 $8.00 47,375
8/8/96 $9.00 56,925
8/9/96 $8.50 15,050
8/12/96 $8.50 17,800
8/13/96 $8.50 55,975
8/14/96 $8.00 137,525
8/15/96 $8.00 25,800
8/16/96 $8.50 16,950
8/19/96 $8.00 5,350
8/20/96 $8.00 15,050
8/21/96 $8.50 22,200
8/22/96 $8.50 12,000
8/23/96 $8.50 10,625
8/26/96 $7.50 64,650
8/27/96 $8.00 6,575
8/28/96 $8.00 3,150
8/29/96 $9.00 221,650
8/30/96 $11.00 456,825
9/2/96 $11.00 0
9/3/96 $10.50 131,625
9/4/96 $10.50 143,675
9/5/96 $10.50 126,900
9/6/96 $11.50 130,975
9/9/96 $12.00 94,575
9/10/96 $11.50 43,425
9/11/96 $10.50 29,450
9/12/96 $10.50 75,300
9/13/96 $11.00 17,900
9/16/96 $10.50 16,425
9/17/96 $10.50 31,400
9/18/96 $9.50 104,975
9/19/96 $10.00 63,225
9/20/96 $10.50 13,750
9/23/96 $10.00 9,150
9/24/96 $10.00 20,850
9/25/96 $10.00 33,250
9/26/96 $11.00 53,050
9/27/96 $11.00 63,975
9/30/96 $11.50 91,125
10/1/96 $11.50 95,650
10/2/96 $11.50 22,625
10/3/96 $11.50 38,275
10/4/96 $11.50 89,950
10/7/96 $11.50 11,800
10/8/96 $11.00 71,100
10/9/96 $11.00 10,100
10/10/96 $11.00 25,425
10/11/96 $10.50 8,825
10/14/96 $10.50 7,925
10/15/96 $10.50 24,575
10/16/96 $10.50 44,675
10/17/96 $10.50 43,175
10/18/96 $10.50 27,225
10/21/96 $10.50 37,675
10/22/96 $10.50 23,800
10/23/96 $9.50 39,125
10/24/96 $9.50 35,900
10/25/96 $9.50 13,250
10/28/96 $9.50 4,050
10/29/96 $9.50 8,800
10/30/96 $9.50 66,800
10/31/96 $9.50 10,375
11/1/96 $9.50 9,575
11/4/96 $10.00 21,150
11/5/96 $10.50 64,850
11/6/96 $10.00 11,700
11/7/96 $10.00 33,150
11/8/96 $10.00 27,250
11/11/96 $9.50 55,100
11/12/96 $9.50 61,275
11/13/96 $9.50 49,575
11/14/96 $9.50 15,225
11/15/96 $10.00 26,100
11/18/96 $9.50 11,850
11/19/96 $10.00 20,225
11/20/96 $10.00 180,600
11/21/96 $9.13 74,500
11/22/96 $9.50 41,000
11/25/96 $9.75 32,800
11/26/96 $9.63 15,800
11/27/96 $9.75 20,800
11/28/96 $9.75 0
11/29/96 $10.13 48,100
12/2/96 $9.75 43,900
12/3/96 $9.75 38,000
12/4/96 $9.75 66,100
12/5/96 $9.75 20,000
12/6/96 $9.38 21,100
12/9/96 $9.25 26,600
12/10/96 $9.13 27,500
12/11/96 $9.00 83,100
12/12/96 $8.88 22,400
12/13/96 $8.75 58,000
12/16/96 $8.63 61,700
12/17/96 $8.75 54,200
12/18/96 $8.63 14,300
12/19/96 $8.75 31,000
12/20/96 $8.75 29,600
12/23/96 $8.50 66,300
12/24/96 $8.63 42,900
12/25/96 $8.63 0
12/26/96 $8.50 43,700
12/27/96 $8.50 47,600
12/30/96 $8.38 42,600
12/31/96 $8.38 55,800
1/1/97 $8.38 0
1/2/97 $8.50 17,400
1/3/97 $8.63 13,200
1/6/97 $8.75 22,800
1/7/97 $8.63 22,400
1/8/97 $8.63 15,400
1/9/97 $8.50 9,000
1/10/97 $8.50 7,100
1/13/97 $8.38 14,200
1/14/97 $8.63 47,800
1/15/97 $8.75 95,800
1/16/97 $8.63 23,700
1/17/97 $8.75 6,600
1/20/97 $8.75 21,400
1/21/97 $8.63 24,200
1/22/97 $8.50 16,900
1/23/97 $8.50 14,300
1/24/97 $8.50 14,300
1/27/97 $8.38 15,600
1/28/97 $8.50 30,800
1/29/97 $8.38 27,100
1/30/97 $8.38 5,400
1/31/97 $8.38 41,000
2/3/97 $8.38 20,600
2/4/97 $8.25 11,300
2/5/97 $8.25 47,700
2/6/97 $8.38 23,400
2/7/97 $8.38 26,800
2/10/97 $8.25 24,900
2/11/97 $8.25 12,300
2/12/97 $8.25 18,400
2/13/97 $8.25 15,700
2/14/97 $8.25 64,400
2/17/97 $8.25 0
2/18/97 $8.13 6,300
2/19/97 $8.25 10,600
2/20/97 $8.13 10,900
2/21/97 $8.38 15,700
2/24/97 $8.63 46,400
2/25/97 $8.75 27,200
2/26/97 $8.63 10,700
2/27/97 $8.63 9,400
2/28/97 $8.63 7,600
3/3/97 $8.50 4,500
3/4/97 $8.63 11,200
3/5/97 $8.63 9,600
3/6/97 $8.63 5,800
3/7/97 $8.50 16,800
3/10/97 $8.38 5,100
3/11/97 $8.38 18,400
3/12/97 $8.50 6,200
3/13/97 $8.25 17,300
3/14/97 $8.25 6,800
3/17/97 $8.25 6,400
3/18/97 $8.00 15,200
3/19/97 $7.88 41,600
3/20/97 $7.75 24,700
3/21/97 $7.75 12,900
3/24/97 $7.63 29,800
3/25/97 $7.38 44,200
3/26/97 $7.38 47,700
3/27/97 $6.88 105,800
3/28/97 $6.88 0
3/31/97 $6.88 18,200
4/1/97 $6.75 5,900
4/2/97 $6.50 35,300
4/3/97 $6.50 24,100
4/4/97 $6.75 13,100
4/7/97 $6.75 24,200
4/8/97 $6.88 11,000
4/9/97 $7.00 33,800
4/10/97 $7.13 4,800
4/11/97 $7.25 31,300
4/14/97 $7.38 35,800
4/15/97 $7.38 36,500
4/16/97 $7.25 21,800
4/17/97 $7.25 17,300
4/18/97 $7.38 22,600
4/21/97 $7.25 11,200
4/22/97 $7.25 4,600
4/23/97 $7.25 32,800
4/24/97 $7.38 28,400
4/25/97 $7.25 9,300
4/28/97 $7.25 19,100
4/29/97 $7.25 36,300
4/30/97 $7.13 10,900
5/1/97 $7.25 58,200
5/2/97 $7.38 18,600
5/5/97 $7.25 7,300
5/6/97 $7.00 17,800
5/7/97 $7.00 8,700
5/8/97 $7.00 18,100
5/9/97 $7.00 42,700
5/12/97 $7.00 11,900
5/13/97 $6.88 6,000
5/14/97 $6.88 8,700
5/15/97 $7.00 9,900
5/16/97 $7.00 6,700
5/19/97 $7.00 18,900
5/20/97 $6.88 14,400
5/21/97 $6.88 5,600
5/22/97 $6.88 12,000
5/23/97 $7.00 23,600
5/26/97 $7.00 0
5/27/97 $6.88 16,500
5/28/97 $6.88 18,900
5/29/97 $6.88 8,900
5/30/97 $7.25 32,700
6/2/97 $7.75 67,300
6/3/97 $7.63 17,100
6/4/97 $8.00 25,200
6/5/97 $8.00 33,500
6/6/97 $7.63 13,500
6/9/97 $7.50 34,900
6/10/97 $7.63 46,000
6/11/97 $7.63 18,000
6/12/97 $7.63 45,600
6/13/97 $7.88 19,400
6/16/97 $7.75 10,200
6/17/97 $8.00 18,000
6/18/97 $7.75 11,500
6/19/97 $7.75 9,700
6/20/97 $7.75 10,900
6/23/97 $7.63 12,500
6/24/97 $7.75 6,900
6/25/97 $7.63 22,000
6/26/97 $7.38 3,800
6/27/97 $7.50 3,500
6/30/97 $7.63 12,500
7/1/97 $7.75 13,100
7/2/97 $7.50 18,300
7/3/97 $7.63 2,800
7/4/97 $7.63 0
7/7/97 $7.75 27,700
7/8/97 $7.63 25,300
7/9/97 $7.81 110,300
7/10/97 $7.94 45,100
7/11/97 $8.00 25,400
7/14/97 $8.00 33,900
7/15/97 $7.81 5,700
7/16/97 $7.94 16,200
7/17/97 $7.81 27,600
7/18/97 $7.75 14,400
7/21/97 $7.50 13,300
7/22/97 $7.44 71,700
7/23/97 $7.63 32,500
7/24/97 $7.63 29,400
7/25/97 $7.63 56,000
7/28/97 $7.63 16,600
7/29/97 $7.38 136,200
7/30/97 $7.38 91,100
7/31/97 $7.44 147,100
8/1/97 $7.31 6,200
8/4/97 $7.38 68,200
8/5/97 $7.50 12,100
8/6/97 $7.38 6,200
8/7/97 $7.38 52,500
8/8/97 $7.50 53,000
8/11/97 $7.13 38,000
8/12/97 $7.00 29,900
8/13/97 $6.94 11,800
8/14/97 $7.25 22,100
8/15/97 $7.19 3,500
8/18/97 $7.13 9,600
8/19/97 $7.00 64,300
8/20/97 $7.06 46,600
8/21/97 $7.06 26,500
8/22/97 $7.00 19,900
8/25/97 $7.06 36,500
8/26/97 $7.44 114,800
8/27/97 $7.25 23,100
8/28/97 $7.31 23,100
8/29/97 $7.31 62,900
9/1/97 $7.31 0
9/2/97 $7.50 28,300
9/3/97 $7.44 22,300
9/4/97 $7.63 70,500
9/5/97 $7.63 38,000
9/8/97 $7.75 29,700
9/9/97 $8.25 95,800
9/10/97 $8.38 57,500
9/11/97 $8.06 68,600
9/12/97 $8.00 36,800
9/15/97 $8.06 42,600
9/16/97 $8.31 24,000
9/17/97 $8.31 20,200
9/18/97 $8.56 29,200
9/19/97 $8.88 43,100
9/22/97 $9.13 58,700
9/23/97 $9.00 30,900
9/24/97 $8.75 27,000
9/25/97 $8.88 31,600
9/26/97 $8.81 6,600
9/29/97 $8.75 9,500
9/30/97 $8.50 25,900
10/1/97 $8.50 54,700
10/2/97 $8.63 4,100
10/3/97 $8.50 9,300
10/6/97 $8.69 13,900
10/7/97 $9.13 24,700
10/8/97 $9.38 45,500
10/9/97 $9.50 79,800
10/10/97 $9.44 22,900
10/13/97 $9.38 12,900
10/14/97 $9.19 11,200
10/15/97 $9.13 17,100
10/16/97 $8.88 9,300
10/17/97 $8.81 19,000
10/20/97 $9.00 17,000
10/21/97 $9.19 29,200
10/22/97 $8.88 98,100
10/23/97 $8.63 73,800
10/24/97 $8.69 62,600
10/27/97 $8.38 31,400
10/28/97 $8.13 25,700
10/29/97 $8.50 17,300
10/30/97 $8.63 14,500
10/31/97 $9.13 22,700
11/3/97 $9.13 13,700
11/4/97 $9.13 25,300
11/5/97 $9.13 4,000
11/6/97 $9.13 17,800
11/7/97 $9.13 23,700
11/10/97 $9.13 23,700
11/11/97 $9.13 46,700
11/12/97 $8.94 15,000
11/13/97 $8.75 15,800
11/14/97 $8.56 7,900
11/17/97 $8.56 13,700
11/18/97 $8.56 9,100
11/19/97 $8.56 16,000
11/20/97 $8.38 10,200
11/21/97 $8.38 3,000
11/24/97 $8.06 11,000
11/25/97 $8.19 52,500
11/26/97 $8.25 11,200
11/27/97 $8.25 0
11/28/97 $8.25 5,500
12/1/97 $8.25 21,600
12/2/97 $8.25 13,600
12/3/97 $8.13 4,600
12/4/97 $8.00 7,700
12/5/97 $7.75 27,700
12/8/97 $8.00 18,100
12/9/97 $8.00 22,300
12/10/97 $8.00 21,700
12/11/97 $8.00 17,400
12/12/97 $8.00 40,600
12/15/97 $7.75 70,800
12/16/97 $7.69 28,500
12/17/97 $7.63 19,200
12/18/97 $7.38 8,300
12/19/97 $7.00 24,500
12/22/97 $7.00 32,200
12/23/97 $7.50 74,900
12/24/97 $7.56 20,500
12/25/97 $7.56 0
12/26/97 $7.69 22,900
12/29/97 $7.44 47,600
12/30/97 $7.88 34,500
12/31/97 $7.50 61,700
1/1/98 $7.50 0
1/2/98 $7.44 56,000
1/5/98 $8.00 114,900
1/6/98 $7.88 18,700
1/7/98 $8.00 8,000
1/8/98 $8.00 6,000
1/9/98 $7.94 11,000
1/12/98 $8.25 26900
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
CAPITALIZATION INFORMATION (September 26, 1997)
- --------------------------
<S> <C>
Cash $62.2
Debt 69.5
6% Preferred Stock 45.0
7% Preferred Stock 51.4
Common Equity 69.9
Goodwill and Other Intangibles 12.1
----------
Tangible Shareholders' Common Equity $57.8
- --------------------------------------------------------------------------------------------
(a) Includes options calculated via treasury stock method, but excludes shares
underlying convertible preferred stock.
(b) Defined as equity value plus total debt of $69.5 million and out-of-the-
money preferred stock of $96.4 million less cash and cash equivalents of
$62.2 million. As reported on 9/26/97 balance sheet.
(c) Barra estimate as of December 1997.
(d) Excludes pre-tax restructuring charge of $8.4 million in fiscal 1997 and
$4.6 million in the six months ending 9/26/97.
(e) Represents net income from continuing operations after preferred dividends.
Excludes non-recurring charges.
</TABLE>
-21-
<PAGE>
PROJECT ENTERPRISE
OVERVIEW OF SCOTTY VS. SELECTED PUBLIC COMPANIES
(IN MILLIONS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Selected Public Companies
----------------------------------------------------
I. Multiples
---------
TRADING
ENTERPRISE VALUE MULTIPLES: SCOTTY MULTIPLES RANGE MEAN MEDIAN
-------- --------- ----------------------- ------ --------
<S> <C> <C> <C> <C> <C>
REVENUES
LTM 9/30/97 $398.2 0.5 x 0.2 x - 0.8 x 0.4 x 0.4 x
EBITDA
LTM 9/30/97 $ 25.6 7.2 x 2.4 x - 7.0 x 5.1 x 5.8 x
LTMEBIT $ 14.0 13.1 x 3.4 x - 10.7 x 7.7 x 8.7 x
EQUITY VALUE MULTIPLES:
EARNINGS PER SHARE
LTM 9/30/97 $ (0.06) NM 11.7 x - 29.9 x 17.3 x 15.3 x
CY 1997E (I/B/E/S) $ 0.09 NM 11.9 x - 15.8 x 14.0 x 14.1 x
CY 1998E (I/B/E/S) $ 0.28 30.0 x 10.7 x - 12.6 x 11.9 x 12.2 x
BOOK VALUE (a) $ 69.9 1.1 x 0.8 x - 1.6 x 1.3 x 1.4 x
</TABLE>
- -----------------------------------------------------------------------
Note: Selected Public Companies include DM, HRDG, ICF, SPOCK, SEVN, URS.
(a) Excludes preferred stock.
-22-
<PAGE>
PROJECT ENTERPRISE
SCOTTY STOCK PRICE HISTORY (1/1/96 - 1/12/98)
[GRAPH OF STOCK PRICE HISTORY APPEARS HERE]
Stock Red
Date Price Stars
---- ----- -----
1/1/96 11
1/2/96 11
1/3/96 10.5
1/4/96 10.5
1/5/96 11
1/8/96 10.5
1/9/96 10.5
1/10/96 10
1/11/96 9.5
1/12/96 9.5
1/15/96 10
1/16/96 9.5
1/17/96 9.5
1/18/96 10
1/19/96 10
1/22/96 9.5
1/23/96 9
1/24/96 8.5
1/25/96 9
1/26/96 9
1/29/96 8.5
1/30/96 8.5
1/31/96 8.5
2/1/96 8.5
2/2/96 9
2/5/96 10
2/6/96 9.5
2/7/96 10
2/8/96 9
2/9/96 9.5
2/12/96 9.5
2/13/96 9
2/14/96 9
2/15/96 9.5
2/16/96 10
2/19/96 10
2/20/96 9.5
2/21/96 10
2/22/96 9.5
2/23/96 9.5
2/26/96 9
2/27/96 9
2/28/96 9
2/29/96 9
3/1/96 9
3/4/96 9.5
3/5/96 9.5 9.5
3/6/96 9.5
3/7/96 9.5
3/8/96 9
3/11/96 9
3/12/96 9
3/13/96 9.5
3/14/96 9
3/15/96 9
3/18/96 9.5
3/19/96 9.5
3/20/96 9
3/21/96 9
3/22/96 10
3/25/96 10
3/26/96 9
3/27/96 9.5
3/28/96 10
3/29/96 10
4/1/96 10
4/2/96 10
4/3/96 10
4/4/96 9.5
4/5/96 9.5
4/8/96 9.5
4/9/96 9
4/10/96 9.5
4/11/96 10
4/12/96 10.5
4/15/96 10
4/16/96 9.5
4/17/96 9.5
4/18/96 10
4/19/96 10
4/22/96 9.5
4/23/96 9.5
4/24/96 9
4/25/96 9
4/26/96 9.5
4/29/96 9.5
4/30/96 10
5/1/96 10.5
5/2/96 10
5/3/96 9.5
5/6/96 10
5/7/96 10
5/8/96 9.5
5/9/96 10.5
5/10/96 11
5/13/96 11
5/14/96 10.5
5/15/96 11
5/16/96 12
5/17/96 11
5/20/96 11.5
5/21/96 12
5/22/96 11.5
5/23/96 11
5/24/96 11.5
5/27/96 11.5
5/28/96 11
5/29/96 11.5
5/30/96 11.5
5/31/96 11
6/3/96 11
6/4/96 11
6/5/96 11.5
6/6/96 11
6/7/96 11.5
6/10/96 13
6/11/96 13.5
6/12/96 11.5 11.5
6/13/96 11.5
6/14/96 11
6/17/96 10.5
6/18/96 10.5
6/19/96 10
6/20/96 10.5
6/21/96 11
6/24/96 10.5
6/25/96 10.5
6/26/96 10.5
6/27/96 10.5
6/28/96 11
7/1/96 10.5
7/2/96 10
7/3/96 10
7/4/96 10
7/5/96 10
7/8/96 9.5
7/9/96 9.5
7/10/96 9.5
7/11/96 8.5
7/12/96 9.5
7/15/96 9
7/16/96 8
7/17/96 9.5
7/18/96 9.5
7/19/96 9
7/22/96 8.5
7/23/96 8.5
7/24/96 8
7/25/96 8.5
7/26/96 8.5
7/29/96 8
7/30/96 8.5
7/31/96 8
8/1/96 8
8/2/96 8
8/5/96 8
8/6/96 8
8/7/96 8
8/8/96 9
8/9/96 8.5
8/12/96 8.5
8/13/96 8.5
8/14/96 8
8/15/96 8
8/16/96 8.5
8/19/96 8
8/20/96 8
8/21/96 8.5
8/22/96 8.5
8/23/96 8.5
8/26/96 7.5
8/27/96 8
8/28/96 8
8/29/96 9 9
8/30/96 11
9/2/96 11
9/3/96 10.5
9/4/96 10.5
9/5/96 10.5
9/6/96 11.5
9/9/96 12
9/10/96 11.5
9/11/96 10.5
9/12/96 10.5
9/13/96 11
9/16/96 10.5
9/17/96 10.5
9/18/96 9.5
9/19/96 10
9/20/96 10.5
9/23/96 10
9/24/96 10
9/25/96 10
9/26/96 11
9/27/96 11 11
9/30/96 11.5
10/1/96 11.5
10/2/96 11.5
10/3/96 11.5
10/4/96 11.5
10/7/96 11.5
10/8/96 11
10/9/96 11
10/10/96 11
10/11/96 10.5
10/14/96 10.5
10/15/96 10.5
10/16/96 10.5
10/17/96 10.5
10/18/96 10.5
10/21/96 10.5
10/22/96 10.5
10/23/96 9.5
10/24/96 9.5
10/25/96 9.5
10/28/96 9.5
10/29/96 9.5
10/30/96 9.5
10/31/96 9.5
11/1/96 9.5
11/4/96 10
11/5/96 10.5
11/6/96 10
11/7/96 10
11/8/96 10
11/11/96 9.5
11/12/96 9.5
11/13/96 9.5
11/14/96 9.5
11/15/96 10
11/18/96 9.5
11/19/96 10
11/20/96 10
11/21/96 9.125
11/22/96 9.5
11/25/96 9.75
11/26/96 9.625
11/27/96 9.75
11/28/96 9.75
11/29/96 10.125
12/2/96 9.75
12/3/96 9.75 9.75
12/4/96 9.75
12/5/96 9.75
12/6/96 9.375
12/9/96 9.25
12/10/96 9.125
12/11/96 9
12/12/96 8.875
12/13/96 8.75
12/16/96 8.625
12/17/96 8.75
12/18/96 8.625
12/19/96 8.75
12/20/96 8.75
12/23/96 8.5
12/24/96 8.625
12/25/96 8.625
12/26/96 8.5
12/27/96 8.5
12/30/96 8.375
12/31/96 8.375
1/1/97 8.375
1/2/97 8.5
1/3/97 8.625
1/6/97 8.75
1/7/97 8.625
1/8/97 8.625
1/9/97 8.5
1/10/97 8.5
1/13/97 8.375
1/14/97 8.625
1/15/97 8.75
1/16/97 8.625
1/17/97 8.75
1/20/97 8.75
1/21/97 8.625 8.625
1/22/97 8.5
1/23/97 8.5
1/24/97 8.5
1/27/97 8.375
1/28/97 8.5
1/29/97 8.375
1/30/97 8.375
1/31/97 8.375
2/3/97 8.375
2/4/97 8.25
2/5/97 8.25
2/6/97 8.375
2/7/97 8.375
2/10/97 8.25
2/11/97 8.25
2/12/97 8.25
2/13/97 8.25
2/14/97 8.25
2/17/97 8.25
2/18/97 8.125
2/19/97 8.25
2/20/97 8.125
2/21/97 8.375
2/24/97 8.625
2/25/97 8.75
2/26/97 8.625
2/27/97 8.625
2/28/97 8.625
3/3/97 8.5
3/4/97 8.625
3/5/97 8.625
3/6/97 8.625
3/7/97 8.5
3/10/97 8.375
3/11/97 8.375
3/12/97 8.5
3/13/97 8.25
3/14/97 8.25
3/17/97 8.25
3/18/97 8
3/19/97 7.875
3/20/97 7.75
3/21/97 7.75
3/24/97 7.625
3/25/97 7.375
3/26/97 7.375
3/27/97 6.875
3/28/97 6.875
3/31/97 6.875
4/1/97 6.75
4/2/97 6.5
4/3/97 6.5
4/4/97 6.75
4/7/97 6.75
4/8/97 6.875
4/9/97 7
4/10/97 7.125
4/11/97 7.25
4/14/97 7.375
4/15/97 7.375
4/16/97 7.25
4/17/97 7.25
4/18/97 7.375
4/21/97 7.25
4/22/97 7.25
4/23/97 7.25
4/24/97 7.375
4/25/97 7.25
4/28/97 7.25
4/29/97 7.25
4/30/97 7.125
5/1/97 7.25
5/2/97 7.375
5/5/97 7.25
5/6/97 7
5/7/97 7
5/8/97 7
5/9/97 7
5/12/97 7
5/13/97 6.875 6.875
5/14/97 6.875
5/15/97 7 7
5/16/97 7
5/19/97 7
5/20/97 6.875
5/21/97 6.875
5/22/97 6.875
5/23/97 7
5/26/97 7
5/27/97 6.875
5/28/97 6.875
5/29/97 6.875
5/30/97 7.25
6/2/97 7.75
6/3/97 7.625
6/4/97 8
6/5/97 8
6/6/97 7.625
6/9/97 7.5
6/10/97 7.625
6/11/97 7.625
6/12/97 7.625
6/13/97 7.875
6/16/97 7.75
6/17/97 8
6/18/97 7.75
6/19/97 7.75
6/20/97 7.75
6/23/97 7.625
6/24/97 7.75
6/25/97 7.625
6/26/97 7.375
6/27/97 7.5
6/30/97 7.625
7/1/97 7.75
7/2/97 7.5
7/3/97 7.625
7/4/97 7.625
7/7/97 7.75
7/8/97 7.625
7/9/97 7.8125
7/10/97 7.9375
7/11/97 8
7/14/97 8
7/15/97 7.8125
7/16/97 7.9375
7/17/97 7.8125
7/18/97 7.75
7/21/97 7.5
7/22/97 7.4375
7/23/97 7.625
7/24/97 7.625 7.625
7/25/97 7.625
7/28/97 7.625
7/29/97 7.375
7/30/97 7.375
7/31/97 7.4375
8/1/97 7.3125
8/4/97 7.375
8/5/97 7.5
8/6/97 7.375
8/7/97 7.375
8/8/97 7.5
8/11/97 7.125
8/12/97 7
8/13/97 6.9375
8/14/97 7.25
8/15/97 7.1875
8/18/97 7.125
8/19/97 7
8/20/97 7.0625
8/21/97 7.0625
8/22/97 7
8/25/97 7.0625
8/26/97 7.4375
8/27/97 7.25
8/28/97 7.3125
8/29/97 7.3125
9/1/97 7.3125
9/2/97 7.5
9/3/97 7.4375
9/4/97 7.625
9/5/97 7.625
9/8/97 7.75 7.75
9/9/97 8.25
9/10/97 8.375
9/11/97 8.0625
9/12/97 8
9/15/97 8.0625
9/16/97 8.3125
9/17/97 8.3125
9/18/97 8.5625
9/19/97 8.875
9/22/97 9.125
9/23/97 9
9/24/97 8.75
9/25/97 8.875
9/26/97 8.8125
9/29/97 8.75
9/30/97 8.5
10/1/97 8.5
10/2/97 8.625
10/3/97 8.5
10/6/97 8.6875
10/7/97 9.125
10/8/97 9.375
10/9/97 9.5
10/10/97 9.4375
10/13/97 9.375
10/14/97 9.1875
10/15/97 9.125
10/16/97 8.875
10/17/97 8.8125
10/20/97 9
10/21/97 9.1875 9.1875
10/22/97 8.875
10/23/97 8.625
10/24/97 8.6875
10/27/97 8.375
10/28/97 8.125
10/29/97 8.5
10/30/97 8.625
10/31/97 9.125
11/3/97 9.125
11/4/97 9.125
11/5/97 9.125
11/6/97 9.125
11/7/97 9.125
11/10/97 9.125
11/11/97 9.125
11/12/97 8.9375
11/13/97 8.75
11/14/97 8.5625
11/17/97 8.5625
11/18/97 8.5625
11/19/97 8.5625
11/20/97 8.375
11/21/97 8.375
11/24/97 8.0625
11/25/97 8.1875
11/26/97 8.25
11/27/97 8.25
11/28/97 8.25
12/1/97 8.25
12/2/97 8.25
12/3/97 8.125
12/4/97 8
12/5/97 7.75
12/8/97 8
12/9/97 8
12/10/97 8
12/11/97 8
12/12/97 8
12/15/97 7.75
12/16/97 7.6875
12/17/97 7.625
12/18/97 7.375
12/19/97 7
12/22/97 7
12/23/97 7.5 7.5
12/24/97 7.5625
12/25/97 7.5625
12/26/97 7.6875
12/29/97 7.4375
12/30/97 7.875
12/31/97 7.5
1/1/98 7.5
1/2/98 7.4375
1/5/98 8
1/6/98 7.875
1/7/98 8
1/8/98 8
1/9/98 7.9375
1/12/98 8.25
. 3/5/96: announced the acquisition of Gradient Corporation.
. 6/12/96: announced expected loss of $0.05 - $0.07 in 1Q.
. 8/29/96: announced-definitive agreement to issue $45.0 million of
preferred stock to The Carlyle Group.
. 10/24/96: reported 2Q EPS of ($0.04) vs. $0.04, excluding a special charge
of $8.4 million.
. 12/3/96: announced the acquisition of Chi Mei Scientech/Entech.
. 1/21/97: reported 3Q EPS of ($0.10) vs. $0.15, below I/B/E/S estimate of
$0.00.
. 5/13/97: announced the acquisition of PHR Environmental Consultants.
. 5/15/97: reported 4Q EPS of ($0.02) vs. ($0.06).*
. 7/24/97: reported 1Q EPS of ($0.02).*
. 9/8/97: announced the acquisition of Pacific Environmental Group, Inc.
. 10/23/97: reported 2Q EPS of $0.04 vs. ($0.04), excluding a special charge
of $1.5 million.*
. 12/23/97: announced resolution of Helen Kramer project claim.
* No I/B/E/S estimate published.
-23-
<PAGE>
PROJECT ENTERPRISE
SCOTTY DAILY STOCK PRICE/VOLUME HISTORY (1/1/93 - 1/12/98)
[GRAPH OF STOCK PRICE AND VOLUME HISTORY APPEARS HERE]
Stock
Date Price Volume
---- ----- ------
1/1/93 22.5 0
1/4/93 22.5 14.95
1/5/93 22.5 24.55
1/6/93 22.5 24.85
1/7/93 23.5 56.4
1/8/93 24 26.9
1/11/93 24 13.875
1/12/93 23.5 25.4
1/13/93 23.5 14.05
1/14/93 24.5 56.775
1/15/93 29 221.625
1/18/93 28.5 93.35
1/19/93 27 40.725
1/20/93 27.5 35.05
1/21/93 27.5 18.275
1/22/93 27.5 23.725
1/25/93 27 26.9
1/26/93 27.5 47.35
1/27/93 27.5 47.5
1/28/93 27.5 23.95
1/29/93 27.5 15.3
2/1/93 27.5 12.725
2/2/93 27.5 14.2
2/3/93 28 79.7
2/4/93 28.5 24.725
2/5/93 27.5 19.125
2/8/93 27 19.7
2/9/93 27 58
2/10/93 27 12.1
2/11/93 27 41.025
2/12/93 27 31.15
2/15/93 27 0
2/16/93 26 23.7
2/17/93 26 20.15
2/18/93 26.5 36.15
2/19/93 26.5 4.65
2/22/93 26.5 8.775
2/23/93 26.5 7.225
2/24/93 26 12.95
2/25/93 26.5 10.5
2/26/93 26 8.825
3/1/93 25.5 5.65
3/2/93 27 20.775
3/3/93 27 12.925
3/4/93 26.5 6.425
3/5/93 26.5 9.975
3/8/93 26 5.825
3/9/93 25.5 15.675
3/10/93 25.5 7.025
3/11/93 25 15.175
3/12/93 24.5 17.9
3/15/93 24.5 12.575
3/16/93 24.5 5.025
3/17/93 24.5 15.325
3/18/93 25.5 5.5
3/19/93 25 12.4
3/22/93 24.5 2.55
3/23/93 23.5 17.4
3/24/93 23 12.125
3/25/93 22 7.825
3/26/93 21.5 7.775
3/29/93 22 8.05
3/30/93 22 9.725
3/31/93 23.5 41.375
4/1/93 22 55.7
4/2/93 21.5 9.775
4/5/93 21 6.475
4/6/93 22 114.5
4/7/93 22 11.5
4/8/93 21.5 7.075
4/9/93 21.5 0
4/12/93 21.5 7.425
4/13/93 21 12.175
4/14/93 19 45.725
4/15/93 19.5 13.9
4/16/93 20.5 20.825
4/19/93 20 8.375
4/20/93 20 7.975
4/21/93 21 5.625
4/22/93 22 10.475
4/23/93 21.5 1.625
4/26/93 21.5 5.575
4/27/93 21 9.725
4/28/93 21 3.825
4/29/93 21.5 4.475
4/30/93 22 3.4
5/3/93 22 0.75
5/4/93 23.5 16.3
5/5/93 21.5 19.925
5/6/93 21.5 12.85
5/7/93 21.5 6.4
5/10/93 21 9.275
5/11/93 20.5 13.9
5/12/93 20 7.4
5/13/93 20 2.3
5/14/93 21 50.425
5/17/93 20.5 8.125
5/18/93 20.5 3.1
5/19/93 21 14.75
5/20/93 21.5 19.1
5/21/93 21.5 12.025
5/24/93 21 2.975
5/25/93 21 6.95
5/26/93 22.5 46.2
5/27/93 23 32.15
5/28/93 23 8.775
5/31/93 23 0
6/1/93 23.5 9.8
6/2/93 23 8.9
6/3/93 22.5 27.45
6/4/93 22.5 32.175
6/7/93 22 11.05
6/8/93 21.5 5.6
6/9/93 21.5 5.65
6/10/93 21.5 4.5
6/11/93 22 7.525
6/14/93 22 6.675
6/15/93 22 4.525
6/16/93 21.5 7.925
6/17/93 21 6.625
6/18/93 21 5.925
6/21/93 21.5 1.475
6/22/93 20.5 6.2
6/23/93 20.5 11.925
6/24/93 19.5 3.825
6/25/93 20 19.425
6/28/93 20.5 7.825
6/29/93 20 56.675
6/30/93 20 7.475
7/1/93 20 7.55
7/2/93 20 1.95
7/5/93 20 0
7/6/93 19.5 6.975
7/7/93 20 7.05
7/8/93 20.5 56.3
7/9/93 20.5 8.4
7/12/93 21.5 22.175
7/13/93 22 22.3
7/14/93 21.5 7.5
7/15/93 20.5 7.75
7/16/93 20.5 5.675
7/19/93 20 13.275
7/20/93 20 8.45
7/21/93 20 5.55
7/22/93 19.5 11.6
7/23/93 19 2.925
7/26/93 19 10
7/27/93 19.5 21.65
7/28/93 21 30.65
7/29/93 22.5 20.575
7/30/93 23 22.975
8/2/93 23 26.625
8/3/93 23 5.675
8/4/93 23 9.85
8/5/93 22.5 8.05
8/6/93 22.5 4.2
8/9/93 23 6.7
8/10/93 23 11.125
8/11/93 22.5 26.125
8/12/93 23 10.9
8/13/93 23 2.625
8/16/93 23 35.9
8/17/93 23 11.325
8/18/93 23 4.975
8/19/93 22.5 16.975
8/20/93 22.5 21.225
8/23/93 22.5 6.025
8/24/93 22.5 11.575
8/25/93 23 5.225
8/26/93 22.5 10.85
8/27/93 22.5 13.975
8/30/93 22.5 9.725
8/31/93 22.5 4.225
9/1/93 23.5 14.175
9/2/93 23.5 12.25
9/3/93 23 11.55
9/6/93 23 0
9/7/93 22.5 4.925
9/8/93 22.5 11.4
9/9/93 21.5 6.75
9/10/93 22 4.7
9/13/93 21.5 3.1
9/14/93 21 6.05
9/15/93 20 81.375
9/16/93 20.5 12
9/17/93 20 4.075
9/20/93 19 23.9
9/21/93 18 20.125
9/22/93 17.5 113
9/23/93 18 28.675
9/24/93 17.5 41.775
9/27/93 17.5 18.1
9/28/93 16.5 70.4
9/29/93 17 39.375
9/30/93 17.5 12.875
10/1/93 17 5.525
10/4/93 16.5 7.65
10/5/93 16 24.65
10/6/93 17 10.875
10/7/93 16.5 5.025
10/8/93 16.5 8.5
10/11/93 16 8.875
10/12/93 16 36.775
10/13/93 15.5 126.35
10/14/93 15 117.7
10/15/93 15.5 19.325
10/18/93 15.5 30.825
10/19/93 16 27.55
10/20/93 15.5 12.925
10/21/93 16 5.975
10/22/93 15.5 13.4
10/25/93 15.5 6.5
10/26/93 15.5 13.275
10/27/93 15 14.575
10/28/93 15 19.875
10/29/93 15.5 10
11/1/93 15.5 4.925
11/2/93 15 16.175
11/3/93 15 12.375
11/4/93 15.5 26.675
11/5/93 15.5 14.225
11/8/93 15.5 20.6
11/9/93 16 20.275
11/10/93 16 19.225
11/11/93 16 6.575
11/12/93 16 8.3
11/15/93 15 8.95
11/16/93 15.5 8.75
11/17/93 15.5 9.75
11/18/93 15.5 12.15
11/19/93 15.5 21.275
11/22/93 15 12.375
11/23/93 15 12.15
11/24/93 15 13.125
11/25/93 15 0
11/26/93 15 3.55
11/29/93 15 56.875
11/30/93 14.5 6.375
12/1/93 15.5 37.075
12/2/93 15.5 15.725
12/3/93 15.5 19.1
12/6/93 15.5 23.175
12/7/93 16.5 116.975
12/8/93 16 43.275
12/9/93 16 37.225
12/10/93 17 83.075
12/13/93 16.5 29.575
12/14/93 16 20.95
12/15/93 16 15.65
12/16/93 15 44.1
12/17/93 15 277.7
12/20/93 15.5 29.425
12/21/93 15.5 117.1
12/22/93 14 30.325
12/23/93 14.5 56.275
12/24/93 14.5 0
12/27/93 14 26.275
12/28/93 14 36.675
12/29/93 14 22.95
12/30/93 14.5 45.975
12/31/93 15 38.425
1/3/94 14.5 8.125
1/4/94 14.5 33
1/5/94 14.5 43.15
1/6/94 14.5 19.3
1/7/94 14 27.7
1/10/94 14 20.125
1/11/94 13.5 44.275
1/12/94 13 50.725
1/13/94 13 25.625
1/14/94 13.5 35.925
1/17/94 13.5 6.125
1/18/94 14 59.275
1/19/94 13.5 29.425
1/20/94 13 5.075
1/21/94 13 11.9
1/24/94 13 73.05
1/25/94 13.5 9.375
1/26/94 13.5 9.275
1/27/94 13 3
1/28/94 14 28.1
1/31/94 13.5 9.25
2/1/94 14 16.35
2/2/94 14 5.425
2/3/94 14 7.625
2/4/94 13.5 37.85
2/7/94 13.5 42.125
2/8/94 13 28.4
2/9/94 12.5 33.225
2/10/94 12 43.6
2/11/94 12 48.625
2/14/94 12 34.275
2/15/94 12 13.5
2/16/94 12 62.625
2/17/94 13 50.075
2/18/94 13 23.325
2/21/94 13 0
2/22/94 14 103.7
2/23/94 14 17.15
2/24/94 14 26.175
2/25/94 14.5 19.725
2/28/94 14 59.075
3/1/94 13.5 20.425
3/2/94 13.5 17.6
3/3/94 13.5 16.325
3/4/94 13.5 5.9
3/7/94 14 13.225
3/8/94 14 11
3/9/94 13.5 12.125
3/10/94 13.5 6.35
3/11/94 13.5 10.55
3/14/94 13.5 12.2
3/15/94 13.5 12.375
3/16/94 13 73.85
3/17/94 13.5 11.1
3/18/94 14 19.175
3/21/94 13 10.5
3/22/94 13.5 21.85
3/23/94 14 6.125
3/24/94 13.5 3.4
3/25/94 13.5 9.725
3/28/94 13.5 33.5
3/29/94 12.5 23.8
3/30/94 12.5 10.15
3/31/94 12 17.525
4/1/94 12 0
4/4/94 12 9.95
4/5/94 11 39.9
4/6/94 12 28.75
4/7/94 12 8.75
4/8/94 11.5 21.25
4/11/94 11.5 8.4
4/12/94 10.5 31.475
4/13/94 10 28.925
4/14/94 10 34.9
4/15/94 10.5 11.1
4/18/94 10 30.075
4/19/94 9.5 29.175
4/20/94 8.5 80.45
4/21/94 11 66.9
4/22/94 11.5 42.3
4/25/94 11 23.4
4/26/94 11 19.15
4/27/94 11 0
4/28/94 11.5 8.15
4/29/94 11.5 22
5/2/94 12 26.8
5/3/94 12.5 164.625
5/4/94 12.5 7.05
5/5/94 12.5 11.425
5/6/94 12 7.875
5/9/94 12.5 6.125
5/10/94 12.5 13.775
5/11/94 11.5 7.45
5/12/94 12 6.225
5/13/94 11.5 8.125
5/16/94 11 15.525
5/17/94 11 3.575
5/18/94 11.5 15.2
5/19/94 11 14.05
5/20/94 11 2.5
5/23/94 10.5 17.175
5/24/94 9.5 31.45
5/25/94 11.5 23.8
5/26/94 11.5 33.55
5/27/94 11 5.125
5/30/94 11 0
5/31/94 11 30.275
6/1/94 10.5 9.025
6/2/94 11 8.875
6/3/94 11 23.75
6/6/94 11 19.975
6/7/94 11 13
6/8/94 11.5 18.675
6/9/94 12.5 31.025
6/10/94 12 15.275
6/13/94 12 16.475
6/14/94 12 9
6/15/94 12 4.725
6/16/94 12 4.275
6/17/94 12 16.725
6/20/94 11.5 7.575
6/21/94 11 14.525
6/22/94 12 7.8
6/23/94 11.5 35
6/24/94 10.5 34.075
6/27/94 11 8.625
6/28/94 11 5.9
6/29/94 11.5 26.475
6/30/94 11 4.4
7/1/94 11 9.6
7/4/94 11 0
7/5/94 11 2
7/6/94 11 0.525
7/7/94 11 1.05
7/8/94 10 31.7
7/11/94 9.5 24.225
7/12/94 10.5 5.175
7/13/94 11 54.575
7/14/94 10.5 16.4
7/15/94 10.5 9.1
7/18/94 10.5 10.35
7/19/94 10.5 16
7/20/94 10.5 4.225
7/21/94 10.5 39.5
7/22/94 10.5 7.65
7/25/94 10.5 9.425
7/26/94 10.5 43.175
7/27/94 11.5 186.5
7/28/94 12 59.6
7/29/94 12 30.425
8/1/94 12 14.45
8/2/94 12 26.85
8/3/94 12 12.1
8/4/94 12 22.825
8/5/94 12.5 19.975
8/8/94 12 8.275
8/9/94 12 3.425
8/10/94 12 4.4
8/11/94 11.5 4.2
8/12/94 12 3.325
8/15/94 11.5 3.275
8/16/94 12 7.2
8/17/94 12.5 42.575
8/18/94 12.5 7.625
8/19/94 12.5 11.425
8/22/94 12.5 19.4
8/23/94 13.5 83.05
8/24/94 14 63.35
8/25/94 13.5 41.475
8/26/94 13.5 7.8
8/29/94 14 12.675
8/30/94 13.5 8.475
8/31/94 13.5 6.025
9/1/94 13 15.375
9/2/94 13 4.775
9/5/94 13 0
9/6/94 13 7.7
9/7/94 13.5 26.175
9/8/94 14 12.45
9/9/94 13.5 14.15
9/12/94 13 7.55
9/13/94 14 17.95
9/14/94 14 34.025
9/15/94 15.5 76.325
9/16/94 15 21.725
9/19/94 15 61.3
9/20/94 14.5 9.925
9/21/94 14 6.775
9/22/94 13.5 8.7
9/23/94 14 12.2
9/26/94 14 4.55
9/27/94 14 21.525
9/28/94 13.5 4.45
9/29/94 14.5 27.55
9/30/94 14.5 14.5
10/3/94 14.5 59.45
10/4/94 14.5 74.55
10/5/94 14.5 25.175
10/6/94 16.5 144.725
10/7/94 16.5 57.625
10/10/94 16 12.95
10/11/94 17 48.375
10/12/94 17.5 36.375
10/13/94 18 60.525
10/14/94 17 15.275
10/17/94 17 12
10/18/94 17 33.25
10/19/94 16.5 9.05
10/20/94 17.5 31.8
10/21/94 17 10.8
10/24/94 16.5 4.8
10/25/94 17 44.7
10/26/94 17 57.25
10/27/94 17 18.45
10/28/94 16.5 8.575
10/31/94 16 12.1
11/1/94 15.5 11.125
11/2/94 15.5 17.65
11/3/94 15.5 43.3
11/4/94 15 12.7
11/7/94 14.5 8.025
11/8/94 15 5.375
11/9/94 14 30.075
11/10/94 13.5 16.175
11/11/94 14 22.025
11/14/94 14 34.475
11/15/94 14 10.15
11/16/94 14 10.35
11/17/94 14 10.575
11/18/94 14 15.4
11/21/94 13 2.2
11/22/94 12.5 18.35
11/23/94 12.5 48.65
11/24/94 12.5 0
11/25/94 13 2.475
11/28/94 13 9.15
11/29/94 13 14.775
11/30/94 13 4.825
12/1/94 12 5.5
12/2/94 12 48.85
12/5/94 12 13.675
12/6/94 12 34.775
12/7/94 11.5 10.675
12/8/94 11.5 8.15
12/9/94 12 2.225
12/12/94 12 8.375
12/13/94 11.5 13
12/14/94 12 56.3
12/15/94 12.5 30.825
12/16/94 12 34.075
12/19/94 12 2.6
12/20/94 12 13.15
12/21/94 12 13.325
12/22/94 11.5 15.6
12/23/94 12 26.825
12/26/94 12 0
12/27/94 12 25.75
12/28/94 11.5 21.075
12/29/94 11.5 30.625
12/30/94 12.5 56.925
1/2/95 12.5 0
1/3/95 12 24.15
1/4/95 12 15.75
1/5/95 11.5 9.825
1/6/95 11.5 24.675
1/9/95 11.5 24.3
1/10/95 12 39.25
1/11/95 11 38.2
1/12/95 11 20.3
1/13/95 11 7.925
1/16/95 11 10.15
1/17/95 11.5 20.65
1/18/95 11 20.675
1/19/95 11.5 3.025
1/20/95 11 43.725
1/23/95 10.5 28.65
1/24/95 11.5 26.625
1/25/95 11.5 6.55
1/26/95 11 4.25
1/27/95 11 8.725
1/30/95 10.5 22.075
1/31/95 11 25.225
2/1/95 10.5 7.25
2/2/95 11 7.55
2/3/95 10.5 15.425
2/6/95 10.5 10.975
2/7/95 11 22.15
2/8/95 11 4.625
2/9/95 10.5 8.5
2/10/95 11 6.15
2/13/95 10.5 7.65
2/14/95 11.5 23.725
2/15/95 11.5 7.525
2/16/95 11 19.1
2/17/95 11.5 9.425
2/20/95 11.5 0
2/21/95 11 4.775
2/22/95 11 5.825
2/23/95 11 14.5
2/24/95 11.5 71.675
2/27/95 11 12.35
2/28/95 11.5 23.25
3/1/95 11 11.425
3/2/95 10.5 23.15
3/3/95 11.5 23.625
3/6/95 12 35.475
3/7/95 12 8.225
3/8/95 11 31.7
3/9/95 11.5 9.55
3/10/95 11 47.55
3/13/95 10.5 54.15
3/14/95 10.5 16.575
3/15/95 11 15
3/16/95 11 5.725
3/17/95 11 10
3/20/95 10.5 3.05
3/21/95 10.5 33.25
3/22/95 11 34
3/23/95 11 5.2
3/24/95 10.5 10.2
3/27/95 10.5 44.55
3/28/95 10.5 37.2
3/29/95 10.5 60.5
3/30/95 10.5 6.6
3/31/95 9.5 114.75
4/3/95 10 34.5
4/4/95 10.5 27.175
4/5/95 10.5 25.75
4/6/95 10 16.225
4/7/95 10 33.725
4/10/95 11 44.975
4/11/95 10.5 29.45
4/12/95 11 16.95
4/13/95 11.5 24.7
4/14/95 11.5 0
4/17/95 11.5 22.75
4/18/95 11 5.775
4/19/95 11.5 18.875
4/20/95 11.5 5.7
4/21/95 11 14.575
4/24/95 11 3.95
4/25/95 11 6.025
4/26/95 11 9.9
4/27/95 11 4.1
4/28/95 11.5 7.875
5/1/95 10.5 9.975
5/2/95 11 9.9
5/3/95 10.5 12.425
5/4/95 10 6.35
5/5/95 10.5 16.575
5/8/95 12 110.975
5/9/95 12 149.475
5/10/95 11.5 29.275
5/11/95 12 129.925
5/12/95 11.5 43.025
5/15/95 11.5 58.825
5/16/95 12 53.675
5/17/95 12 38.75
5/18/95 12.5 115.7
5/19/95 13.5 61.2
5/22/95 12.5 29.525
5/23/95 13 21.575
5/24/95 13 12.825
5/25/95 12.5 14.775
5/26/95 12 67.8
5/29/95 12 0
5/30/95 11.5 3.975
5/31/95 12 4.025
6/1/95 11.5 21.95
6/2/95 11.5 4.95
6/5/95 11.5 23.45
6/6/95 11.5 10.1
6/7/95 11.25 5.725
6/8/95 11.5 14.275
6/9/95 12 4.35
6/12/95 11.5 6.75
6/13/95 11.5 9.525
6/14/95 11.5 7.75
6/15/95 11 30.625
6/16/95 11.5 32.775
6/19/95 11 6.1
6/20/95 10.5 24.6
6/21/95 10 18.825
6/22/95 10.5 26.125
6/23/95 11 18.55
6/26/95 11.5 13.7
6/27/95 11 5.9
6/28/95 11.5 13.075
6/29/95 12 62.575
6/30/95 12 23.125
7/3/95 12 13.35
7/4/95 12 0
7/5/95 11.5 13.45
7/6/95 12 7.675
7/7/95 11.5 2.15
7/10/95 12 17.975
7/11/95 11.5 8.575
7/12/95 12 81.775
7/13/95 12.5 14.725
7/14/95 13 32.725
7/17/95 13 71.1
7/18/95 12.5 17.05
7/19/95 11.5 15.4
7/20/95 12 10.95
7/21/95 12 15.375
7/24/95 12 20.625
7/25/95 11.5 7.75
7/26/95 12 12
7/27/95 11.5 20.35
7/28/95 12 21.375
7/31/95 12 34.375
8/1/95 12.5 127.55
8/2/95 12.5 33.725
8/3/95 12.5 22.45
8/4/95 14 86.35
8/7/95 14 63.575
8/8/95 13 26.675
8/9/95 13.5 18.3
8/10/95 13 14.075
8/11/95 14 35.95
8/14/95 13.5 36.3
8/15/95 12.5 7.05
8/16/95 13.5 8.875
8/17/95 12.5 15.75
8/18/95 13 10.625
8/21/95 14 145.65
8/22/95 14 35.6
8/23/95 13 31.275
8/24/95 13.5 15.725
8/25/95 13.5 11.625
8/28/95 13 55.2
8/29/95 13 35.075
8/30/95 13 5.55
8/31/95 13 24.425
9/1/95 12.5 0.875
9/4/95 12.5 0
9/5/95 12.5 59.375
9/6/95 13 7.35
9/7/95 14.5 113.825
9/8/95 15.5 125.65
9/11/95 15.5 56.125
9/12/95 15 39.675
9/13/95 15 23.1
9/14/95 14 63.925
9/15/95 14 19.1
9/18/95 14 14.325
9/19/95 13.5 25.175
9/20/95 13.5 4.425
9/21/95 14 7.15
9/22/95 14 8.525
9/25/95 14 11.95
9/26/95 13.5 10.725
9/27/95 13.5 2.425
9/28/95 14 9.4
9/29/95 13.5 21.6
10/2/95 13.5 6.75
10/3/95 13 18.975
10/4/95 12.5 12.15
10/5/95 12.5 17.8
10/6/95 12.5 7.65
10/9/95 12 9.7
10/10/95 12 17.575
10/11/95 12 13.4
10/12/95 12 8.6
10/13/95 11.5 7.525
10/16/95 12 7.625
10/17/95 12 8.35
10/18/95 11.5 3.7
10/19/95 12 10.425
10/20/95 11.5 4.3
10/23/95 12 7.525
10/24/95 11.5 5.175
10/25/95 11.5 52.825
10/26/95 10 76.075
10/27/95 11.5 29.95
10/30/95 11.5 10.65
10/31/95 11 2.45
11/1/95 11.5 17.1
11/2/95 11.5 21.75
11/3/95 11.5 7.275
11/6/95 11 7.925
11/7/95 11 2.4
11/8/95 11 21.425
11/9/95 11 8.95
11/10/95 10.5 11.1
11/13/95 10.5 13.625
11/14/95 10 26.625
11/15/95 10 14.225
11/16/95 10.5 31.875
11/17/95 10.5 13.9
11/20/95 10.5 13.35
11/21/95 10 5.7
11/22/95 10 37.875
11/23/95 10 0
11/24/95 10 1.975
11/27/95 10 41.175
11/28/95 9.5 12.725
11/29/95 10 30.925
11/30/95 10.5 17.875
12/1/95 10 38.425
12/4/95 10 12.45
12/5/95 10.5 26.525
12/6/95 9.5 56.45
12/7/95 9.5 13.75
12/8/95 9.5 46.65
12/11/95 9 14.9
12/12/95 9.5 16.1
12/13/95 9 123.725
12/14/95 10 41.5
12/15/95 9.5 25.225
12/18/95 9.5 20.675
12/19/95 9.5 16.175
12/20/95 9.5 13.925
12/21/95 9.5 14.875
12/22/95 9.5 14.7
12/25/95 9.5 0
12/26/95 11 102.675
12/27/95 11 75.425
12/28/95 10.5 40.225
12/29/95 11 75.15
1/1/96 11 0
1/2/96 11 11.7
1/3/96 10.5 21.675
1/4/96 10.5 13.225
1/5/96 11 20.8
1/8/96 10.5 4.475
1/9/96 10.5 6.775
1/10/96 10 50.125
1/11/96 9.5 41.975
1/12/96 9.5 30.25
1/15/96 10 11.125
1/16/96 9.5 1.775
1/17/96 9.5 18.225
1/18/96 10 20.15
1/19/96 10 13.225
1/22/96 9.5 4
1/23/96 9 45.175
1/24/96 8.5 30.95
1/25/96 9 33.6
1/26/96 9 11.8
1/29/96 8.5 54.575
1/30/96 8.5 27.975
1/31/96 8.5 32.575
2/1/96 8.5 2.925
2/2/96 9 32.575
2/5/96 10 90.65
2/6/96 9.5 60.575
2/7/96 10 28.925
2/8/96 9 5.85
2/9/96 9.5 9.175
2/12/96 9.5 4.15
2/13/96 9 10.525
2/14/96 9 6.225
2/15/96 9.5 29.275
2/16/96 10 9.525
2/19/96 10 0
2/20/96 9.5 4.625
2/21/96 10 7.575
2/22/96 9.5 16.35
2/23/96 9.5 23.825
2/26/96 9 3
2/27/96 9 19.475
2/28/96 9 12.825
2/29/96 9 26.575
3/1/96 9 4.075
3/4/96 9.5 8.125
3/5/96 9.5 23.25
3/6/96 9.5 4.225
3/7/96 9.5 7.95
3/8/96 9 17.175
3/11/96 9 7.975
3/12/96 9 18.5
3/13/96 9.5 13.875
3/14/96 9 14.85
3/15/96 9 7.875
3/18/96 9.5 30.075
3/19/96 9.5 22.45
3/20/96 9 5.575
3/21/96 9 5.275
3/22/96 10 54.875
3/25/96 10 25.975
3/26/96 9 57.575
3/27/96 9.5 44.625
3/28/96 10 71.6
3/29/96 10 120.45
4/1/96 10 8.9
4/2/96 10 34.45
4/3/96 10 26.85
4/4/96 9.5 65.775
4/5/96 9.5 0
4/8/96 9.5 20.9
4/9/96 9 19.25
4/10/96 9.5 44.25
4/11/96 10 24.2
4/12/96 10.5 33.225
4/15/96 10 10.675
4/16/96 9.5 7.025
4/17/96 9.5 10.125
4/18/96 10 4.725
4/19/96 10 24.1
4/22/96 9.5 10.975
4/23/96 9.5 20.55
4/24/96 9 113.025
4/25/96 9 46.6
4/26/96 9.5 41.825
4/29/96 9.5 35.95
4/30/96 10 717.975
5/1/96 10.5 121.525
5/2/96 10 44.15
5/3/96 9.5 12.525
5/6/96 10 51.875
5/7/96 10 28.95
5/8/96 9.5 53.775
5/9/96 10.5 56.525
5/10/96 11 386.75
5/13/96 11 79.9
5/14/96 10.5 40.45
5/15/96 11 43.6
5/16/96 12 240.6
5/17/96 11 41.4
5/20/96 11.5 136.9
5/21/96 12 58.975
5/22/96 11.5 48.25
5/23/96 11 74.4
5/24/96 11.5 17.725
5/27/96 11.5 0
5/28/96 11 58.675
5/29/96 11.5 24.375
5/30/96 11.5 17.85
5/31/96 11 14.3
6/3/96 11 14.6
6/4/96 11 46.675
6/5/96 11.5 13.1
6/6/96 11 21.825
6/7/96 11.5 32.65
6/10/96 13 865.25
6/11/96 13.5 611.875
6/12/96 11.5 457.9
6/13/96 11.5 142.9
6/14/96 11 108.35
6/17/96 10.5 73.925
6/18/96 10.5 52.45
6/19/96 10 102.425
6/20/96 10.5 37.25
6/21/96 11 107.7
6/24/96 10.5 20.925
6/25/96 10.5 34.725
6/26/96 10.5 21.625
6/27/96 10.5 33.25
6/28/96 11 45.25
7/1/96 10.5 9.575
7/2/96 10 120.05
7/3/96 10 33.875
7/4/96 10 0
7/5/96 10 3.25
7/8/96 9.5 7.975
7/9/96 9.5 13.65
7/10/96 9.5 55.375
7/11/96 8.5 120.475
7/12/96 9.5 93.55
7/15/96 9 54.75
7/16/96 8 98.35
7/17/96 9.5 104.9
7/18/96 9.5 33.05
7/19/96 9 41.75
7/22/96 8.5 30.7
7/23/96 8.5 27.425
7/24/96 8 70.7
7/25/96 8.5 24.025
7/26/96 8.5 20.2
7/29/96 8 10.575
7/30/96 8.5 32.8
7/31/96 8 15.35
8/1/96 8 18.425
8/2/96 8 14.1
8/5/96 8 13.125
8/6/96 8 13.9
8/7/96 8 47.375
8/8/96 9 56.925
8/9/96 8.5 15.05
8/12/96 8.5 17.8
8/13/96 8.5 55.975
8/14/96 8 137.525
8/15/96 8 25.8
8/16/96 8.5 16.95
8/19/96 8 5.35
8/20/96 8 15.05
8/21/96 8.5 22.2
8/22/96 8.5 12
8/23/96 8.5 10.625
8/26/96 7.5 64.65
8/27/96 8 6.575
8/28/96 8 3.15
8/29/96 9 221.65
8/30/96 11 456.825
9/2/96 11 0
9/3/96 10.5 131.625
9/4/96 10.5 143.675
9/5/96 10.5 126.9
9/6/96 11.5 130.975
9/9/96 12 94.575
9/10/96 11.5 43.425
9/11/96 10.5 29.45
9/12/96 10.5 75.3
9/13/96 11 17.9
9/16/96 10.5 16.425
9/17/96 10.5 31.4
9/18/96 9.5 104.975
9/19/96 10 63.225
9/20/96 10.5 13.75
9/23/96 10 9.15
9/24/96 10 20.85
9/25/96 10 33.25
9/26/96 11 53.05
9/27/96 11 63.975
9/30/96 11.5 91.125
10/1/96 11.5 95.65
10/2/96 11.5 22.625
10/3/96 11.5 38.275
10/4/96 11.5 89.95
10/7/96 11.5 11.8
10/8/96 11 71.1
10/9/96 11 10.1
10/10/96 11 25.425
10/11/96 10.5 8.825
10/14/96 10.5 7.925
10/15/96 10.5 24.575
10/16/96 10.5 44.675
10/17/96 10.5 43.175
10/18/96 10.5 27.225
10/21/96 10.5 37.675
10/22/96 10.5 23.8
10/23/96 9.5 39.125
10/24/96 9.5 35.9
10/25/96 9.5 13.25
10/28/96 9.5 4.05
10/29/96 9.5 8.8
10/30/96 9.5 66.8
10/31/96 9.5 10.375
11/1/96 9.5 9.575
11/4/96 10 21.15
11/5/96 10.5 64.85
11/6/96 10 11.7
11/7/96 10 33.15
11/8/96 10 27.25
11/11/96 9.5 55.1
11/12/96 9.5 61.275
11/13/96 9.5 49.575
11/14/96 9.5 15.225
11/15/96 10 26.1
11/18/96 9.5 11.85
11/19/96 10 20.225
11/20/96 10 180.6
11/21/96 9.125 74.5
11/22/96 9.5 41
11/25/96 9.75 32.8
11/26/96 9.625 15.8
11/27/96 9.75 20.8
11/28/96 9.75 0
11/29/96 10.125 48.1
12/2/96 9.75 43.9
12/3/96 9.75 38
12/4/96 9.75 66.1
12/5/96 9.75 20
12/6/96 9.375 21.1
12/9/96 9.25 26.6
12/10/96 9.125 27.5
12/11/96 9 83.1
12/12/96 8.875 22.4
12/13/96 8.75 58
12/16/96 8.625 61.7
12/17/96 8.75 54.2
12/18/96 8.625 14.3
12/19/96 8.75 31
12/20/96 8.75 29.6
12/23/96 8.5 66.3
12/24/96 8.625 42.9
12/25/96 8.625 0
12/26/96 8.5 43.7
12/27/96 8.5 47.6
12/30/96 8.375 42.6
12/31/96 8.375 55.8
1/1/97 8.375 0
1/2/97 8.5 17.4
1/3/97 8.625 13.2
1/6/97 8.75 22.8
1/7/97 8.625 22.4
1/8/97 8.625 15.4
1/9/97 8.5 9
1/10/97 8.5 7.1
1/13/97 8.375 14.2
1/14/97 8.625 47.8
1/15/97 8.75 95.8
1/16/97 8.625 23.7
1/17/97 8.75 6.6
1/20/97 8.75 21.4
1/21/97 8.625 24.2
1/22/97 8.5 16.9
1/23/97 8.5 14.3
1/24/97 8.5 14.3
1/27/97 8.375 15.6
1/28/97 8.5 30.8
1/29/97 8.375 27.1
1/30/97 8.375 5.4
1/31/97 8.375 41
2/3/97 8.375 20.6
2/4/97 8.25 11.3
2/5/97 8.25 47.7
2/6/97 8.375 23.4
2/7/97 8.375 26.8
2/10/97 8.25 24.9
2/11/97 8.25 12.3
2/12/97 8.25 18.4
2/13/97 8.25 15.7
2/14/97 8.25 64.4
2/17/97 8.25 0
2/18/97 8.125 6.3
2/19/97 8.25 10.6
2/20/97 8.125 10.9
2/21/97 8.375 15.7
2/24/97 8.625 46.4
2/25/97 8.75 27.2
2/26/97 8.625 10.7
2/27/97 8.625 9.4
2/28/97 8.625 7.6
3/3/97 8.5 4.5
3/4/97 8.625 11.2
3/5/97 8.625 9.6
3/6/97 8.625 5.8
3/7/97 8.5 16.8
3/10/97 8.375 5.1
3/11/97 8.375 18.4
3/12/97 8.5 6.2
3/13/97 8.25 17.3
3/14/97 8.25 6.8
3/17/97 8.25 6.4
3/18/97 8 15.2
3/19/97 7.875 41.6
3/20/97 7.75 24.7
3/21/97 7.75 12.9
3/24/97 7.625 29.8
3/25/97 7.375 44.2
3/26/97 7.375 47.7
3/27/97 6.875 105.8
3/28/97 6.875 0
3/31/97 6.875 18.2
4/1/97 6.75 5.9
4/2/97 6.5 35.3
4/3/97 6.5 24.1
4/4/97 6.75 13.1
4/7/97 6.75 24.2
4/8/97 6.875 11
4/9/97 7 33.8
4/10/97 7.125 4.8
4/11/97 7.25 31.3
4/14/97 7.375 35.8
4/15/97 7.375 36.5
4/16/97 7.25 21.8
4/17/97 7.25 17.3
4/18/97 7.375 22.6
4/21/97 7.25 11.2
4/22/97 7.25 4.6
4/23/97 7.25 32.8
4/24/97 7.375 28.4
4/25/97 7.25 9.3
4/28/97 7.25 19.1
4/29/97 7.25 36.3
4/30/97 7.125 10.9
5/1/97 7.25 58.2
5/2/97 7.375 18.6
5/5/97 7.25 7.3
5/6/97 7 17.8
5/7/97 7 8.7
5/8/97 7 18.1
5/9/97 7 42.7
5/12/97 7 11.9
5/13/97 6.875 6
5/14/97 6.875 8.7
5/15/97 7 9.9
5/16/97 7 6.7
5/19/97 7 18.9
5/20/97 6.875 14.4
5/21/97 6.875 5.6
5/22/97 6.875 12
5/23/97 7 23.6
5/26/97 7 0
5/27/97 6.875 16.5
5/28/97 6.875 18.9
5/29/97 6.875 8.9
5/30/97 7.25 32.7
6/2/97 7.75 67.3
6/3/97 7.625 17.1
6/4/97 8 25.2
6/5/97 8 33.5
6/6/97 7.625 13.5
6/9/97 7.5 34.9
6/10/97 7.625 46
6/11/97 7.625 18
6/12/97 7.625 45.6
6/13/97 7.875 19.4
6/16/97 7.75 10.2
6/17/97 8 18
6/18/97 7.75 11.5
6/19/97 7.75 9.7
6/20/97 7.75 10.9
6/23/97 7.625 12.5
6/24/97 7.75 6.9
6/25/97 7.625 22
6/26/97 7.375 3.8
6/27/97 7.5 3.5
6/30/97 7.625 12.5
7/1/97 7.75 13.1
7/2/97 7.5 18.3
7/3/97 7.625 2.8
7/4/97 7.625 0
7/7/97 7.75 27.7
7/8/97 7.625 25.3
7/9/97 7.8125 110.3
7/10/97 7.9375 45.1
7/11/97 8 25.4
7/14/97 8 33.9
7/15/97 7.8125 5.7
7/16/97 7.9375 16.2
7/17/97 7.8125 27.6
7/18/97 7.75 14.4
7/21/97 7.5 13.3
7/22/97 7.4375 71.7
7/23/97 7.625 32.5
7/24/97 7.625 29.4
7/25/97 7.625 56
7/28/97 7.625 16.6
7/29/97 7.375 136.2
7/30/97 7.375 91.1
7/31/97 7.4375 147.1
8/1/97 7.3125 6.2
8/4/97 7.375 68.2
8/5/97 7.5 12.1
8/6/97 7.375 6.2
8/7/97 7.375 52.5
8/8/97 7.5 53
8/11/97 7.125 38
8/12/97 7 29.9
8/13/97 6.9375 11.8
8/14/97 7.25 22.1
8/15/97 7.1875 3.5
8/18/97 7.125 9.6
8/19/97 7 64.3
8/20/97 7.0625 46.6
8/21/97 7.0625 26.5
8/22/97 7 19.9
8/25/97 7.0625 36.5
8/26/97 7.4375 114.8
8/27/97 7.25 23.1
8/28/97 7.3125 23.1
8/29/97 7.3125 62.9
9/1/97 7.3125 0
9/2/97 7.5 28.3
9/3/97 7.4375 22.3
9/4/97 7.625 70.5
9/5/97 7.625 38
9/8/97 7.75 29.7
9/9/97 8.25 95.8
9/10/97 8.375 57.5
9/11/97 8.0625 68.6
9/12/97 8 36.8
9/15/97 8.0625 42.6
9/16/97 8.3125 24
9/17/97 8.3125 20.2
9/18/97 8.5625 29.2
9/19/97 8.875 43.1
9/22/97 9.125 58.7
9/23/97 9 30.9
9/24/97 8.75 27
9/25/97 8.875 31.6
9/26/97 8.8125 6.6
9/29/97 8.75 9.5
9/30/97 8.5 25.9
10/1/97 8.5 54.7
10/2/97 8.625 4.1
10/3/97 8.5 9.3
10/6/97 8.6875 13.9
10/7/97 9.125 24.7
10/8/97 9.375 45.5
10/9/97 9.5 79.8
10/10/97 9.4375 22.9
10/13/97 9.375 12.9
10/14/97 9.1875 11.2
10/15/97 9.125 17.1
10/16/97 8.875 9.3
10/17/97 8.8125 19
10/20/97 9 17
10/21/97 9.1875 29.2
10/22/97 8.875 98.1
10/23/97 8.625 73.8
10/24/97 8.6875 62.6
10/27/97 8.375 31.4
10/28/97 8.125 25.7
10/29/97 8.5 17.3
10/30/97 8.625 14.5
10/31/97 9.125 22.7
11/3/97 9.125 13.7
11/4/97 9.125 25.3
11/5/97 9.125 4
11/6/97 9.125 17.8
11/7/97 9.125 23.7
11/10/97 9.125 23.7
11/11/97 9.125 46.7
11/12/97 8.9375 15
11/13/97 8.75 15.8
11/14/97 8.5625 7.9
11/17/97 8.5625 13.7
11/18/97 8.5625 9.1
11/19/97 8.5625 16
11/20/97 8.375 10.2
11/21/97 8.375 3
11/24/97 8.0625 11
11/25/97 8.1875 52.5
11/26/97 8.25 11.2
11/27/97 8.25 0
11/28/97 8.25 5.5
12/1/97 8.25 21.6
12/2/97 8.25 13.6
12/3/97 8.125 4.6
12/4/97 8 7.7
12/5/97 7.75 27.7
12/8/97 8 18.1
12/9/97 8 22.3
12/10/97 8 21.7
12/11/97 8 17.4
12/12/97 8 40.6
12/15/97 7.75 70.8
12/16/97 7.6875 28.5
12/17/97 7.625 19.2
12/18/97 7.375 8.3
12/19/97 7 24.5
12/22/97 7 32.2
12/23/97 7.5 74.9
12/24/97 7.5625 20.5
12/25/97 7.5625 0
12/26/97 7.6875 22.9
12/29/97 7.4375 47.6
12/30/97 7.875 34.5
12/31/97 7.5 61.7
1/1/98 7.5 0
1/2/98 7.4375 56
1/5/98 8 114.9
1/6/98 7.875 18.7
1/7/98 8 8
1/8/98 8 6
1/9/98 7.9375 11
1/12/98 8.25 26.9
-24-
<PAGE>
PROJECT ENTERPRISE
SCOTTY PRICE/VOLUME HISTORY
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
30 DAY 60 DAY 180 DAY 1 YEAR 2 YEAR 3 YEAR 5 YEAR
------ ------ ------- ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C>
AVERAGE DAILY VOLUME (SHARES) 32,719 24,147 31,819 26,621 38,750 34,136 29,338
MIN CLOSING PRICE $7.00 $7.00 $6.94 $6.50 $6.50 $6.50 $6.50
MEAN CLOSING PRICE $7.65 $7.95 $8.09 $7.91 $8.81 $9.71 $12.49
MAX CLOSING PRICE $8.25 $8.75 $9.50 $9.50 $13.50 $15.50 $29.00
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
-25-
<PAGE>
PROJECT ENTERPRISE
SCOTTY CUMULATIVE VOLUME AT PRICES 1/1/97 - 1/12/98
{GRAPH OF CUMULATIVE VOLUME AT PRICES APPEARS HERE}
Price At This Below This
- ------------------------
$6.00 0.00% 0.00%
$6.50 4.84% 0.00%
$7.00 28.71% 4.84%
$7.50 22.01% 33.56%
$8.00 20.06% 55.57%
$8.50 16.87% 75.63%
$9.00 6.37% 92.49%
$9.50 1.14% 98.86%
-26-
<PAGE>
PROJECT ENTERPRISE
SCOTTY RELATIVE PRICE PERFORMANCE vs. S&P 500 AND SELECTED COMPANIES
(1/1/96 - 1/12/98)
{GRAPH OF PRICE PERFORMANCE OF SCOTTY, S&P 500 AND SELECTED COMPANIES APPEARS
HERE}
Selected
SCOTTY S&P Companies
Date (-25.0%) 500 (+50.6%) (+19.5%)
01/01/96 100 100 100
01/02/96 100 100.776 100.983
01/03/96 95.4545 100.873 104.281
01/04/96 95.4545 100.284 99.7831
01/05/96 100 100.127 100.066
01/08/96 95.4545 100.411 98.8027
01/09/96 95.4545 98.9447 100.117
01/10/96 90.9091 97.1639 100.163
01/11/96 86.3636 97.8488 98.6715
01/12/96 86.3636 97.7067 98.338
01/15/96 90.9091 97.382 97.3461
01/16/96 86.3636 98.7823 99.6056
01/17/96 86.3636 98.4475 98.6934
01/18/96 90.9091 98.7519 100.332
01/19/96 90.9091 99.3354 98.096
01/22/96 86.3636 99.589 97.2334
01/23/96 81.8182 99.4876 99.8761
01/24/96 77.2727 100.654 98.5333
01/25/96 81.8182 100.178 98.9093
01/26/96 81.8182 100.923 98.5621
01/29/96 77.2727 101.344 98.7339
01/30/96 77.2727 102.308 100.094
01/31/96 77.2727 103.262 100.56
02/01/96 77.2727 103.658 100.644
02/02/96 81.8182 103.232 100.279
02/05/96 90.9091 104.14 99.0367
02/06/96 86.3636 104.937 97.6171
02/07/96 90.9091 105.52 98.8208
02/08/96 81.8182 106.514 97.2663
02/09/96 86.3636 106.565 98.4871
02/12/96 86.3636 107.387 98.3606
02/13/96 81.8182 107.235 97.8856
02/14/96 81.8182 106.438 96.2214
02/15/96 86.3636 105.743 97.7827
02/16/96 90.9091 105.2 96.7095
02/19/96 90.9091 105.2 96.7095
02/20/96 86.3636 104.013 95.8524
02/21/96 90.9091 105.221 95.9116
02/22/96 86.3636 106.971 95.5826
02/23/96 86.3636 107.007 95.285
02/26/96 81.8182 105.606 95.0673
02/27/96 81.8182 105.084 94.5482
02/28/96 81.8182 104.678 94.8307
02/29/96 81.8182 103.978 94.1894
03/01/96 81.8182 104.617 93.1054
03/04/96 86.3636 105.662 94.8054
03/05/96 86.3636 106.469 91.8885
03/06/96 86.3636 105.855 91.4342
03/07/96 86.3636 106.124 92.1249
03/08/96 81.8182 102.851 90.3099
03/11/96 81.8182 103.912 90.9414
03/12/96 81.8182 103.435 91.7702
03/13/96 86.3636 103.673 91.8657
03/14/96 81.8182 104.049 91.6026
03/15/96 81.8182 104.14 90.5016
03/18/96 86.3636 105.961 91.4233
03/19/96 86.3636 105.804 92.4554
03/20/96 81.8182 105.525 91.076
03/21/96 81.8182 105.398 90.4784
03/22/96 90.9091 105.632 92.3254
03/25/96 90.9091 105.535 89.9597
03/26/96 81.8182 106.012 91.8013
03/27/96 86.3636 105.353 91.3017
03/28/96 90.9091 105.358 90.844
03/29/96 90.9091 104.8 91.0793
04/01/96 90.9091 106.134 91.9337
04/02/96 90.9091 106.383 93.2415
04/03/96 90.9091 106.484 91.3871
04/04/96 86.3636 106.484 92.2096
04/05/96 86.3636 106.484 92.2096
04/08/96 86.3636 104.597 91.4245
04/09/96 81.8182 104.262 92.312
04/10/96 86.3636 102.851 91.1175
04/11/96 90.9091 102.476 92.4227
04/12/96 95.4545 103.374 91.5762
04/15/96 90.9091 104.313 91.2427
04/16/96 86.3636 104.718 91.1816
04/17/96 86.3636 104.17 91.3787
04/18/96 90.9091 104.495 93.8233
04/19/96 90.9091 104.729 92.4409
04/22/96 86.3636 105.185 93.7087
04/23/96 86.3636 105.789 92.2189
04/24/96 81.8182 105.556 91.6529
04/25/96 81.8182 105.997 91.2503
04/26/96 86.3636 106.093 94.4771
04/29/96 86.3636 106.205 94.7139
04/30/96 90.9091 106.205 93.9329
05/01/96 95.4545 106.276 94.9284
05/02/96 90.9091 104.455 93.2859
05/03/96 86.3636 104.17 95.2635
05/06/96 90.9091 104.039 95.1539
05/07/96 90.9091 103.623 93.3543
05/08/96 86.3636 104.683 91.6406
05/09/96 95.4545 104.789 94.6324
05/10/96 100 105.87 93.8884
05/13/96 100 107.397 95.932
05/14/96 95.4545 108.062 100.099
05/15/96 100 108.031 98.6887
05/16/96 109.091 107.94 98.97
05/17/96 100 108.6 98.9759
05/20/96 104.545 109.29 100.679
05/21/96 109.091 109.224 98.9301
05/22/96 104.545 110.142 98.9301
05/23/96 100 109.751 98.9047
05/24/96 104.545 110.157 101.258
05/27/96 104.545 110.157 101.258
05/28/96 100 109.137 100.751
05/29/96 104.545 108.442 100.223
05/30/96 104.545 109.051 99.9819
05/31/96 100 108.635 102.314
06/03/96 100 108.402 101.864
06/04/96 100 109.193 102.105
06/05/96 104.545 110.147 102.844
06/06/96 100 109.269 102.429
06/07/96 104.545 109.315 100.39
06/10/96 118.182 109.127 99.5509
06/11/96 122.727 108.935 102.124
06/12/96 104.545 108.62 102.105
06/13/96 104.545 108.437 102.999
06/14/96 100 108.102 100.194
06/17/96 95.4545 107.991 101.179
06/18/96 95.4545 107.489 100.328
06/19/96 90.9091 107.473 102.78
06/20/96 95.4545 107.494 99.3399
06/21/96 100 108.265 98.4267
06/24/96 95.4545 108.59 98.0947
06/25/96 95.4545 108.529 96.9425
06/26/96 95.4545 107.864 95.7735
06/27/96 95.4545 108.544 93.3969
06/28/96 100 108.879 96.9671
07/01/96 95.4545 109.731 97.3467
07/02/96 90.9091 109.366 95.2552
07/03/96 90.9091 109.168 98.4764
07/04/96 90.9091 109.168 98.4764
07/05/96 90.9091 106.738 94.6598
07/08/96 86.3636 105.941 93.9483
07/09/96 86.3636 106.301 94.8928
07/10/96 86.3636 106.514 95.7778
07/11/96 77.2727 104.825 92.7706
07/12/96 86.3636 104.911 91.9507
07/15/96 81.8182 102.253 92.5725
07/16/96 72.7273 102.019 89.1516
07/17/96 86.3636 102.943 90.1067
07/18/96 86.3636 104.485 90.4043
07/19/96 81.8182 103.699 91.6926
07/22/96 77.2727 102.897 90.5875
07/23/96 77.2727 101.776 89.1263
07/24/96 72.7273 101.74 86.3083
07/25/96 77.2727 102.471 89.3582
07/26/96 77.2727 103.242 88.5814
07/29/96 72.7273 102.43 88.7856
07/30/96 77.2727 103.135 88.821
07/31/96 72.7273 103.896 88.7057
08/01/96 72.7273 105.535 90.4805
08/02/96 72.7273 107.56 91.4834
08/05/96 72.7273 107.189 92.1849
08/06/96 72.7273 107.539 90.1935
08/07/96 72.7273 107.829 89.6541
08/08/96 81.8182 107.575 90.774
08/09/96 77.2727 107.494 90.9421
08/12/96 77.2727 108.092 90.2493
08/13/96 77.2727 107.184 89.0818
08/14/96 72.7273 107.489 89.2329
08/15/96 72.7273 107.524 91.499
08/16/96 77.2727 108.001 91.6417
08/19/96 72.7273 108.224 91.5136
08/20/96 72.7273 108.077 89.8338
08/21/96 77.2727 107.976 89.7776
08/22/96 77.2727 108.889 89.3627
08/23/96 77.2727 108.295 87.3748
08/26/96 68.1818 107.783 89.0289
08/27/96 72.7273 108.179 90.4177
08/28/96 72.7273 107.935 90.8642
08/29/96 81.8182 106.733 93.4939
08/30/96 100 105.855 94.736
09/02/96 100 105.855 94.736
09/03/96 95.4545 106.296 91.4615
09/04/96 95.4545 106.443 93.7214
09/05/96 95.4545 105.439 91.8694
09/06/96 104.545 106.454 89.8685
09/09/96 109.091 107.763 91.6333
09/10/96 104.545 107.773 91.6347
09/11/96 95.4545 108.336 93.4822
09/12/96 95.4545 108.965 94.2679
09/13/96 100 110.487 94.1033
09/16/96 95.4545 111.045 93.0958
09/17/96 95.4545 110.878 93.4602
09/18/96 86.3636 110.639 94.1321
09/19/96 90.9091 110.888 94.4505
09/20/96 95.4545 111.542 94.4197
09/23/96 90.9091 111.451 94.3742
09/24/96 90.9091 111.314 94.6308
09/25/96 90.9091 111.35 94.7552
09/26/96 100 111.355 94.5683
09/27/96 100 111.405 95.385
09/30/96 104.545 111.588 96.433
10/01/96 104.545 111.877 101.229
10/02/96 104.545 112.674 100.891
10/03/96 104.545 112.476 99.5146
10/04/96 104.545 113.886 98.5018
10/07/96 104.545 114.191 99.171
10/08/96 100 113.749 99.2969
10/09/96 100 113.12 98.4667
10/10/96 100 112.775 97.507
10/11/96 95.4545 113.754 100.077
10/14/96 95.4545 114.221 98.0907
10/15/96 95.4545 114.064 98.5277
10/16/96 95.4545 114.363 100.697
10/17/96 95.4545 114.784 97.9952
10/18/96 95.4545 115.403 98.7363
10/21/96 95.4545 115.246 97.3484
10/22/96 95.4545 114.713 99.2341
10/23/96 86.3636 114.83 99.0981
10/24/96 86.3636 114.018 101.593
10/25/96 86.3636 113.795 100.835
10/28/96 86.3636 113.201 99.0409
10/29/96 86.3636 113.891 101.193
10/30/96 86.3636 113.795 98.6332
10/31/96 86.3636 114.505 97.5662
11/01/96 86.3636 114.262 97.7841
11/04/96 90.9091 114.739 96.1244
11/05/96 95.4545 115.941 98.744
11/06/96 90.9091 117.641 96.522
11/07/96 90.9091 118.138 95.6722
11/08/96 90.9091 118.65 96.0654
11/11/96 86.3636 118.823 96.8794
11/12/96 86.3636 118.447 96.3344
11/13/96 86.3636 118.701 95.5462
11/14/96 86.3636 119.472 96.3802
11/15/96 90.9091 119.756 96.1747
11/18/96 86.3636 119.66 93.9912
11/19/96 90.9091 120.492 93.1171
11/20/96 22.7273 120.781 94.3384
11/21/96 82.9545 120.589 95.7226
11/22/96 86.3636 121.558 96.8229
11/25/96 88.6364 122.907 96.4944
11/26/96 87.5 122.735 99.6382
11/27/96 88.6364 122.577 100.283
11/28/96 88.6364 122.577 100.283
11/29/96 92.0455 122.907 97.9148
12/02/96 88.6364 122.831 96.6232
12/03/96 88.6364 121.487 97.6307
12/04/96 88.6364 120.969 98.1761
12/05/96 88.6364 120.852 98.4881
12/06/96 85.2273 120.076 97.3937
12/09/96 84.0909 121.725 99.9747
12/10/96 82.9545 121.365 99.759
12/11/96 81.8182 120.259 99.5225
12/12/96 80.6818 118.412 101.73
12/13/96 79.5455 118.295 100.097
12/16/96 78.4091 117.052 97.7571
12/17/96 79.5455 117.874 99.1099
12/18/96 78.4091 118.767 102.269
12/19/96 79.5455 121.076 103.325
12/20/96 79.5455 121.583 104.954
12/23/96 77.2727 121.263 103.395
12/24/96 78.4091 121.933 101.142
12/25/96 78.4091 121.933 101.142
12/26/96 77.2727 122.709 101.195
12/27/96 77.2727 122.867 102.952
12/30/96 76.1364 122.39 102.476
12/31/96 76.1364 120.264 104.762
01/01/97 76.1364 120.264 104.762
01/02/97 77.2727 119.655 105.784
01/03/97 78.4091 121.446 106.444
01/06/97 79.5455 121.385 103.947
01/07/97 78.4091 122.288 105.117
01/08/97 78.4091 121.507 106.884
01/09/97 77.2727 122.552 104.996
01/10/97 77.2727 123.308 105.955
01/13/97 76.1364 123.308 105.332
01/14/97 78.4091 124.83 106.986
01/15/97 79.5455 124.556 107.106
01/16/97 78.4091 124.972 106.636
01/17/97 79.5455 126.012 108.074
01/20/97 79.5455 126.098 107.599
01/21/97 78.4091 127.078 107.803
01/22/97 77.2727 127.646 107.811
01/23/97 77.2727 126.24 106.622
01/24/97 77.2727 125.099 107.402
01/27/97 76.1364 124.206 106.136
01/28/97 77.2727 124.206 107.368
01/29/97 76.1364 125.419 107.734
01/30/97 76.1364 127.311 106.542
01/31/97 76.1364 127.636 108.143
02/03/97 76.1364 127.727 107.4
02/04/97 75 128.138 107.19
02/05/97 75 126.357 106.389
02/06/97 76.1364 126.662 106.94
02/07/97 76.1364 128.189 107.473
02/10/97 75 127.519 106.56
02/11/97 75 128.194 107.14
02/12/97 75 130.335 106.066
02/13/97 75 131.801 107.339
02/14/97 75 131.258 107.603
02/17/97 75 131.258 107.603
02/18/97 73.8636 132.527 106.051
02/19/97 75 131.913 106.875
02/20/97 73.8636 130.34 105.439
02/21/97 76.1364 130.173 104.49
02/24/97 78.4091 131.553 105.077
02/25/97 79.5455 131.553 105.966
02/26/97 78.4091 130.807 104.39
02/27/97 78.4091 129.082 103.222
02/28/97 78.4091 128.392 107.124
03/03/97 77.2727 129.122 105.91
03/04/97 78.4091 128.412 105.14
03/05/97 78.4091 130.208 104.257
03/06/97 78.4091 129.65 104.008
03/07/97 77.2727 130.69 104.985
03/10/97 76.1364 132.1 106.588
03/11/97 76.1364 131.725 104.08
03/12/97 77.2727 130.573 104.88
03/13/97 75 128.189 103.418
03/14/97 75 128.772 104.03
03/17/97 75 129.188 104.071
03/18/97 72.7273 128.204 103.297
03/19/97 71.5909 127.575 102.012
03/20/97 70.4545 127.067 102.751
03/21/97 70.4545 127.301 102.625
03/24/97 69.3182 128.402 102.32
03/25/97 67.0455 128.108 102.71
03/26/97 67.0455 128.341 103.623
03/27/97 62.5 125.642 102.792
03/28/97 62.5 125.642 102.792
03/31/97 62.5 122.922 101.044
04/01/97 61.3636 123.328 100.765
04/02/97 59.0909 121.786 99.6914
04/03/97 59.0909 121.816 101.276
04/04/97 61.3636 123.049 100.771
04/07/97 61.3636 123.734 101.139
04/08/97 62.5 124.384 101.406
04/09/97 63.6364 123.486 104.54
04/10/97 64.7727 123.12 101.822
04/11/97 65.9091 119.762 99.9695
04/14/97 67.0455 120.746 101.773
04/15/97 67.0455 122.532 101.639
04/16/97 65.9091 123.962 98.9106
04/17/97 65.9091 123.678 100.291
04/18/97 67.0455 124.419 100.449
04/21/97 65.9091 123.45 99.2943
04/22/97 65.9091 125.764 100.526
04/23/97 65.9091 125.601 99.8562
04/24/97 67.0455 125.205 100.693
04/25/97 65.9091 124.262 98.7882
04/28/97 65.9091 125.495 99.0858
04/29/97 65.9091 128.919 99.3374
04/30/97 64.7727 130.101 99.55
05/01/97 65.9091 129.645 99.8564
05/02/97 67.0455 131.989 100.296
05/05/97 65.9091 134.795 101.147
05/06/97 63.6364 134.389 99.7893
05/07/97 63.6364 132.42 99.7594
05/08/97 63.6364 133.171 97.8705
05/09/97 63.6364 133.907 97.7759
05/12/97 63.6364 135.997 97.9477
05/13/97 62.5 135.261 97.7896
05/14/97 62.5 135.733 98.964
05/15/97 63.6364 136.682 98.3121
05/16/97 63.6364 134.713 101.488
05/19/97 63.6364 135.287 101.607
05/20/97 62.5 136.646 100.427
05/21/97 62.5 136.271 101.83
05/22/97 62.5 135.672 100.699
05/23/97 63.6364 137.519 104.659
05/26/97 63.6364 137.519 104.659
05/27/97 62.5 137.955 102.095
05/28/97 62.5 137.549 103.575
05/29/97 62.5 137.042 107.294
05/30/97 65.9091 137.722 106.71
06/02/97 70.4545 137.412 107.567
06/03/97 69.3182 137.265 106.946
06/04/97 72.7273 136.398 108.314
06/05/97 72.7273 136.936 108.848
06/06/97 69.3182 139.3 110.631
06/09/97 68.1818 140.096 110.388
06/10/97 69.3182 140.482 113.131
06/11/97 69.3182 141.177 109.54
06/12/97 69.3182 143.435 110.437
06/13/97 71.5909 145.028 110.395
06/16/97 70.4545 145.129 110.211
06/17/97 72.7273 145.211 113.772
06/18/97 70.4545 144.343 111.443
06/19/97 70.4545 145.794 111.094
06/20/97 70.4545 145.906 113.873
06/23/97 69.3182 142.648 114.93
06/24/97 70.4545 145.525 114.279
06/25/97 69.3182 144.333 113.702
06/26/97 67.0455 143.47 115.698
06/27/97 68.1818 144.059 115.33
06/30/97 69.3182 143.704 116.121
07/01/97 70.4545 144.663 114.678
07/02/97 68.1818 146.773 114.079
07/03/97 69.3182 148.864 114.536
07/04/97 69.3182 148.864 114.536
07/07/97 70.4545 148.097 113.755
07/08/97 69.3182 149.163 113.524
07/09/97 71.0227 147.341 113.564
07/10/97 72.1591 148.356 115.631
07/11/97 72.7273 148.828 115.568
07/14/97 72.7273 149.102 114.524
07/15/97 71.0227 150.299 115.551
07/16/97 72.1591 152.06 117.15
07/17/97 71.0227 151.253 117.039
07/18/97 70.4545 148.605 116.975
07/21/97 68.1818 148.219 117.463
07/22/97 67.6136 151.634 118.601
07/23/97 69.3182 152.055 120.573
07/24/97 69.3182 152.664 121.868
07/25/97 69.3182 152.415 121.973
07/28/97 69.3182 152.035 124.385
07/29/97 67.0455 152.983 124.373
07/30/97 67.0455 154.607 123.643
07/31/97 67.6136 154.932 122.179
08/01/97 66.4773 153.77 123.1
08/04/97 67.0455 154.287 123.849
08/05/97 68.1818 154.622 124.8
08/06/97 67.0455 155.911 125.39
08/07/97 67.0455 154.429 126.066
08/08/97 68.1818 151.563 126.491
08/11/97 64.7727 152.126 123.448
08/12/97 63.6364 150.426 122.22
08/13/97 63.0682 149.696 121.108
08/14/97 65.9091 150.142 119.492
08/15/97 65.3409 146.251 116.638
08/18/97 64.7727 148.148 117.906
08/19/97 63.6364 150.34 121.121
08/20/97 64.2045 152.506 120.97
08/21/97 64.2045 150.188 119.527
08/22/97 63.6364 149.944 119.182
08/25/97 64.2045 149.391 119.945
08/26/97 67.6136 148.234 121.612
08/27/97 65.9091 148.341 123.357
08/28/97 66.4773 146.712 124.679
08/29/97 66.4773 146.032 127.894
09/01/97 66.4773 146.032 127.894
09/02/97 68.1818 150.599 128.536
09/03/97 67.6136 150.644 128.899
09/04/97 69.3182 151.131 126.861
09/05/97 69.3182 150.837 127.085
09/08/97 70.4545 151.182 124.915
09/09/97 75 151.578 128.931
09/10/97 76.1364 149.209 129.67
09/11/97 73.2955 148.163 131.002
09/12/97 72.7273 150 134.937
09/15/97 73.2955 149.33 136.797
09/16/97 75.5682 153.526 137.929
09/17/97 75.5682 153.1 133.06
09/18/97 77.8409 153.795 132.186
09/19/97 80.6818 154.318 130.304
09/22/97 82.9545 155.119 133.983
09/23/97 81.8182 154.551 135.125
09/24/97 79.5455 153.338 135.154
09/25/97 80.6818 152.273 133.911
09/26/97 80.1136 153.46 134.854
09/29/97 79.5455 154.779 135.444
09/30/97 77.2727 153.795 134.331
10/01/97 77.2727 155.114 137.259
10/02/97 78.4091 155.936 135.522
10/03/97 77.2727 156.677 134.004
10/06/97 78.9773 157.92 136.371
10/07/97 82.9545 159.614 136.662
10/08/97 85.2273 158.108 135.954
10/09/97 86.3636 157.585 137.904
10/10/97 85.7955 156.991 138.898
10/13/97 85.2273 157.174 141.243
10/14/97 83.5227 157.529 143.416
10/15/97 82.9545 156.788 142.194
10/16/97 80.6818 155.084 140.379
10/17/97 80.1136 153.288 138.929
10/20/97 81.8182 155.15 139.441
10/21/97 83.5227 157.854 141.287
10/22/97 80.6818 157.24 141.203
10/23/97 78.4091 154.348 137.302
10/24/97 78.9773 152.877 135.948
10/27/97 76.1364 142.385 129.218
10/28/97 73.8636 149.665 131.17
10/29/97 77.2727 149.229 131.849
10/30/97 78.4091 146.717 132.473
10/31/97 82.9545 148.493 131.607
11/03/97 82.9545 152.451 131.859
11/04/97 82.9545 152.735 128.237
11/05/97 82.9545 153.059 130.3
11/06/97 82.9545 152.293 131.055
11/07/97 82.9545 150.583 129.554
11/10/97 82.9545 149.548 129.528
11/11/97 82.9545 149.98 126.397
11/12/97 81.25 147.088 128.681
11/13/97 79.5455 148.823 129.138
11/14/97 77.8409 150.72 131.938
11/17/97 77.8409 153.617 127.307
11/18/97 77.8409 152.324 126.686
11/19/97 77.8409 153.359 123.986
11/20/97 76.1364 155.693 123.649
11/21/97 76.1364 156.362 124.565
11/24/97 73.2955 153.694 125.871
11/25/97 74.4318 154.368 129.789
11/26/97 75 154.5 128.855
11/27/97 75 154.5 128.855
11/28/97 75 155.114 126.614
12/01/97 75 158.26 128.453
12/02/97 75 157.757 125.669
12/03/97 73.8636 158.584 127.945
12/04/97 72.7273 157.986 126.046
12/05/97 70.4545 159.721 124.43
12/08/97 72.7273 159.493 124.714
12/09/97 72.7273 158.422 120.803
12/10/97 72.7273 157.448 122.346
12/11/97 72.7273 155.038 124.827
12/12/97 72.7273 154.784 124.82
12/15/97 70.4545 156.408 124.5
12/16/97 69.8864 157.164 125.854
12/17/97 69.3182 156.758 123.821
12/18/97 67.0455 155.099 124.94
12/19/97 63.6364 153.714 123.29
12/22/97 63.6364 154.835 124.118
12/23/97 68.1818 152.471 126.781
12/24/97 68.75 151.426 127.047
12/25/97 68.75 151.426 127.047
12/26/97 69.8864 152.04 126.958
12/29/97 67.6136 154.779 124.795
12/30/97 71.5909 157.62 125.056
12/31/97 68.1818 157.555 128.84
01/01/98 68.1818 157.555 128.84
01/02/98 67.6136 158.3 127.444
01/05/98 72.7273 158.63 127.356
01/06/98 71.5909 156.93 123.429
01/07/98 72.7273 156.509 123.056
01/08/98 72.7273 155.221 124.663
01/09/98 72.1591 150.614 121.485
-27-
<PAGE>
PROJECT ENTERPRISE
SCOTTY SUMMARY INCOME STATEMENT
(IN MILLIONS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Actual Projected (f)
----------------------------------------------------------------------- ----------------------
Year Ended March 31, LTM Year Ended March 31,
------------------------------------------------------ ----------------------
1993 1994 1995 1996 1997 09/26/97 1998 1999
---------- ---------- ---------- --------- ----------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenue $410.5 $392.8 $424.0 $400.0 $362.1 $389.2 $400.7 $432.0
% Growth -- 4.3% 7.9% 5.6% 9.5% -- 10.6% 7.8%
Adjusted EBITDA 44.1 (b) 31.9 38.6 34.5 19.1 (b) 25.6 (b) 31.3 36.3
% Margin 10.8% 8.1% 9.1% 8.6% 5.3% 6.6% 7.8% 8.4%
Depreciation and Amortization 19.8 22.4 19.2 14.5 14.4 11.6 15.0 18.0
Adjusted EBIT 24.4 (b) 9.5 19.4 20.0 4.7 (b) 14.0 (b) 16.3 18.3
% Margin 5.9% 2.4% 4.6% 5.0% 1.3% 3.6% 4.1% 4.2%
Adjusted Net Income (Loss)(a) $2.7 (g) ($1.1) $1.9 (c) $15.6 (d) ($0.4)(e) 5.3 (e) $7.0 $8.1
===== ===== ===== ===== ===== ===== ===== =====
% Margin 0.7% -0.3% 0.5% 3.9% -0.1% 1.4% 1.7% 1.9%
Preferred Dividends 0.0 (2.1) (4.2) (4.2) (4.9) (5.9) (5.4) (5.2)
Adjusted Net Income (Loss) to
Common (a) $2.7 ($3.2) ($2.3) $11.4 ($5.3) (0.6) $1.6 $2.9
===== ===== ===== ===== ===== ===== ===== =====
% Margin 0.7% -0.8% -0.5% 2.9% -1.5% -0.2% 0.4% 0.7%
Non-Recurring Items (after taxes) 4.8 0.0 5.6 15.1 8.4 4.6
Reported Net Income (Loss) ($2.1) ($3.2) ($7.9) ($3.7) ($13.7) ($5.2)
===== ===== ===== ===== ====== =====
% Margin -0.5% -0.8% -1.9% -0.9% -3.8% -1.3%
Adjusted EPS to Common $0.32 ($0.37) ($0.26) $1.27 ($0.57) ($0.06) $0.16 (h) $0.30
% Growth -- NM NM NM NM -- NM 87.5%
Reported EPS to Common ($0.25) ($0.37) ($0.89) ($0.41) ($1.48) ($0.55)
% Growth -- NM NM NM NM --
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
I/B/E/S Mean FY EPS Est. $0.20 $0.30
I/B/E/S Mean 3-5 Yr. Growth Rate Est. 10.0%(i)
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) From continuing operations.
(b) Excludes restructuring charge.
(c) Excludes equity in net loss of Quanterra, including loss on integration
charge in 1995. Equity in net loss added back to after-tax loss and is tax
effected at 43%.
(d) Excludes equity in net loss of Quanterra, including loss on recapitalization
in 1996. Equity in net loss added back to after-tax loss and is tax effected
at 43%.
(e) Excludes restructuring charge. Charge added back to after-tax loss.
(f) Projections based on DLJ research report dated 9/25/97. Estimates were
unchanged in DLJ research report dated 10/24/97.
(g) Excludes restructuring charge. Charge added back to after-tax loss and is
tax effected at 43%.
(h) Reflects point estimate within estimated range of $0.15 to $0.20.
(i) Estimated growth rate from DLJ research dated 10/24/97.
-28-
<PAGE>
PROJECT ENTERPRISE
SCOTTY CONDENSED CONSOLIDATED BALANCE SHEET AS OF 9/26/97
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------
(in millions)
<S> <C>
Current Assets:
Cash and cash equivalents $ 62.2
Receivables, net 120.8
Prepaid expenses and other current assets 3.9
Deferred income taxes 10.3
------
Total Current Assets 197.3
Net Property, Plant and Equipment 40.6
Investment in Quanterra 16.3
Goodwill 12.1
Other assets 30.7
Long-term assets of discontinued operations 40.0
------
Total Assets $337.1
======
<CAPTION>
- --------------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------------------------------------
(in millions)
<S> <C>
Current Liabilities:
Accounts payable $ 38.8
Accrued liabilities 33.7
Billings in excess of revenues 2.0
Short-term debt, including current portion of long-term debt 3.8
Net current liabilities of discontinued operations 17.0
------
Total Current Liabilities 95.3
Long-term debt 65.7
Long-term accrued liabilities of discontinued operations, net 2.3
Other long-term accrued liabilities 7.5
Commitments and contingencies --
Stockholders' equity:
Preferred stock, $100 par value; 180,000 shares authorized:
7% cumulative convertible exchangeable, 20,556 shares
issued and outstanding 2.1
6% cumulative convertible participating, 45,000 shares
issued and outstanding 4.3
Common stock, $.01 par value; 50,000,000 shares authorized;
9,734,233 shares issued and outstanding 0.1
Treasury stock at cost, 8,078 (0.1)
Additional paid-in capital 245.6
Deficit (85.7)
------
Total Stockholders' Equity 166.3
------
Total Liabilities and Stockholders' Equity $337.1
======
</TABLE>
- ---------------------------------------------------------------------
Source: SCOTTY 10-Q as of 9/26/97 and SCOTTY management.
-29-
<PAGE>
PROJECT ENTERPRISE
SCOTTY CAPITALIZATION SUMMARY
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Conversion
9/26/97 or Exercise Common Shares
Balance Price Outstanding
------- ----------- ---------------
($ in millions)
<S> <C> <C> <C>
Equity:
- ------
6% Convertible preferred (a) $45.0 $7.59 --
7% Convertible preferred 51.4 $23.36 --
Common equity 69.9 -- 9,733,288
----------- ----------
Total equity 166.3 9,733,288
Options and Warrants: Outstanding
- -------------------- -----------
Carlyle warrants 1,250,000 $11.39 --
Employee options (b) 747,679 $15.96 --
-----------
9,733,288
===========
</TABLE>
- --------------------------------------
(a) On a fully-diluted basis, Carlyle owns approximately 42% of SCOTTY's
outstanding shares.
(b) Balance as of 3/28/97.
-30-
<PAGE>
PROJECT ENTERPRISE
SCOTTY OWNERSHIP SUMMARY
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
PERCENT OF
INSTITUTIONAL HOLDINGS (a) SHARES HELD OUTSTANDING
- -------------------------- ------------- -------------
<S> <C> <C>
State of Wisconsin Investment Board 887,950 5.2%
T Rowe Price Associates 774,000 4.5%
Dimensional Fund Advs. 535,300 3.1%
Brahman Capital Corp 369,950 2.2%
Equitable Companies Inc 265,559 1.6%
Maxus Asset Mgmt Inc 241,058 1.4%
Pioneering Mgmt Corp 210,000 1.2%
Barclays Bank plc 199,897 1.2%
College Retire Equities 166,768 1.0%
Heartland Advisors Inc 55,900 0.3%
Harrison III, Walter F. 49,375 0.3%
Bear Stearns & Co 41,476 0.2%
Vanguard Group Inc 38,300 0.2%
Mellon Bank Corporation 36,464 0.2%
ANB Investment Mgmt & Trust 34,150 0.2%
Pichin Corp (TWA Retire) 22,350 0.1%
Rosenberg Inst. Eq. Mgmt 17,300 0.1%
Travelers Inc 14,765 0.1%
Prudential Ins Co America 13,875 0.1%
Bankers Trust N Y Corp 10,000 0.1%
World Asset Management 7,525 0.0%
United States Trust 3,750 0.0%
Cullen/Frost Bankers Inc. 50 0.0%
------------ ---------
SUBTOTAL 3,995,762 23.3%
<CAPTION>
PERCENT OF
INSIDER HOLDINGS (b) SHARES HELD (c) OUTSTANDING
- -------------------- ---------------- -------------
<S> <C> <C>
Robert B. Sheh 114,149 0.7%
Anthony J. DeLuca 80,465 0.5%
James R. Mahoney 73,987 0.4%
Raymond J. Pompe 53,300 0.3%
Franklin E. Coffman 36,052 0.2%
James C. McGill 23,838 0.1%
E. Martin Gibson 9,101 0.1%
James D. Watkins 2,605 0.0%
Robert F. Pugliese 2,605 0.0%
James G. Kirk 1,325 0.0%
--------- -----
SUBTOTAL 397,427 2.3%
<CAPTION>
PERCENT OF
OTHER HOLDERS (b) SHARES HELD (d) OUTSTANDING
- -------------------------- ---------------- -------------
<S> <C> <C>
Carlyle Group 7,178,855 41.9%
Michael A. Roth & Brian J. Stark 553,400 3.2%
--------- -----
SUBTOTAL 7,732,255 45.2%
<CAPTION>
PERCENT OF
SHARES HELD (c) OUTSTANDING
--------------- -------------
<S> <C> <C>
INSTITUTIONAL HOLDINGS 3,995,762 23.3%
INSIDER HOLDINGS 397,427 2.3%
OTHER 5% HOLDERS 7,732,255 45.2%
RETAIL AND OTHER HOLDINGS 4,992,388 29.2%
---------- -----
TOTAL SHARES OUTSTANDING (d)(e) 17,117,832 100.0%
</TABLE>
- --------------------------------------------------------------------------------
(a) Source: CDA Spectrum as of 1/1/98.
(b) Source: Proxy dated 8/15/97.
(c) Includes options currently exercisable or exercisable within 60 days.
(d) Include shares underlying Carlyle preferred and Carlyle warrants.
(e) Basic shares are as of 10/31/97 per 9/26/97 10-Q. Includes 205,689 options
currently exercisable or exercisable within 60 days.
- --------------------------------------------------------------------------------
-31-
<PAGE>
PROJECT ENTERPRISE
SUMMARY OF ANALYST ESTIMATES AND COMMENTS FOR SCOTTY
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Report Stock FY 1998 FY 1999 Long-term
Financial Institution (Analyst) Date Recommendation Price Estimate Estimate Growth Rate
- ------------------------------ ------- -------------- ----- -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
Donaldson, Lufkin & Jenrette (Sulam) 10/24/97 Market Performance $8.625 $0.20 $0.30 10%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
. DONALDSON,LUFKIN & JENRETTE (10/24/97) -- SCOTTY's fiscal second quarter
results of $0.04 (compared with a $0.17 operating loss a year ago) was in-line
with our $0.04 estimate. Despite the ongoing challenges in SCOTTY's core
hazardous waste operations, the improved results highlighted management's
efforts to control costs that included the moving of the corporate
headquarters to Pittsburgh as well as modest revenue growth (as revenues
topped $100 million for the first time in a number of years). The stock is
selling at less than 4 times our fiscal (March) 1998 cash flow, which is the
least expensive amongst its peers. We remain concerned about the challenging
industry environment, thus our Market Performance rating. Several of the
operational and financial highlights included:
. Cost efficiencies that management estimated to be $1.5 million
sequentially that offset the margin pressure in the core operations.
Besides the headquarters relocation, which translated to a $400,000
savings in the quarter, productivity improved, as labor utilization
increased from 70% to 73%.
. An expanding backlog to $1.2 billion, a $47 million sequential increase
despite the increased level of revenues. Of the $150 million of new
business booked in the quarter, the most significant award was a $100
million Air Force Remedial Action Contract. Furthermore, in October,
SCOTTY was awarded an additional $180 million that included a $122
million contract for remedial action at the Fernald DOE site in Ohio.
. The purchase of the Pacific Environment Group, a small niche company
providing services to major oil companies on the West Coast, highlights
management's efforts to date on the acquisition front. However,
management reaffirmed its goal of having $1 billion in revenues within
the next two years, compared with its current $400 million run-rate,
implying that larger acquisitions will play an important part towards
growth.
. Balance sheet management remains key as DSO's (excluding about 10% of
receivables that are subject to dispute) are of 85 days. Cash balance of
$62 million offset all of SCOTTY's debt.
. DONALDSON, LUFKIN & JENRETTE (9/25/97) -- Over the past several weeks SCOTTY
has been awarded several projects both domestically and abroad and furthered
its acquisition program, highlighting the Company's efforts to leverage its
existing capabilities within the hazardous waste market along with
management's efforts to broaden its capabilities. These efforts to diversify
through acquisitions and joint ventures seek to leverage and expand the
Company's core competencies to lessen SCOTTY's dependence on federal
government spending. Nonetheless, SCOTTY remains a valued contractor to
various federal government agencies. And while the federal cleanup market has
been somewhat inconsistent over the past several years, SCOTTY's existing
contracts and new contracts should provide the Company with a base load of
work as management pursues its growth strategy.
-32-
<PAGE>
<TABLE>
<CAPTION>
PROJECT ENTERPRISE
SUMMARY OF SELECTED PUBLIC COMPANIES
($ IN MILLIONS EXCEPT PER SHARE DATA)
- -----------------------------------------------------------------------------------------------------------------------------------
SELECTED PUBLIC COMPANIES
----------------------------------------------------
MULTIPLES
- ---------
TRANSACTION
ENTERPRISE VALUE MULTIPLES: SPOCK MULTIPLES RANGE MEAN MEDIAN
---------- ----------- ---------------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
REVENUES
LTM 9/30/97 $526.0 0.7 x 0.2 x - 0.8 x 0.4 x 0.4 x
1997E (a) 517.6 0.7
1998E (a) 618.0 0.6
EBITDA
LTM 9/30/97 $45.1 8.5 x 2.4 x - 7.2 x 5.4 x 6.2 x
1997E (a) 42.2 9.1
1998E (a) 47.7 8.1
LTMEBIT $24.6 15.6 x 3.4 x - 13.1 x 8.1 x 8.7 x
EQUITY VALUE MULTIPLES:
EARNINGS PER SHARE
LTM 9/30/97 $0.49 24.0 x 11.7 x - 29.9 x 17.6 x 14.7 x
1997E (I/B/E/S) 0.51 23.2 11.9 - 15.8 13.5 12.9
1998E (I/B/E/S) 0.62 19.1 10.7 - 30.0 16.3 12.2
BOOK VALUE $151.8 2.2 x 0.8 x - 1.6 x 1.3 x 1.3 x
</TABLE>
- ------------------------------------------------------------------
(a) Based on SPOCK management's internal financial forecasts.
-34-
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
PROJECT ENTERPRISE
TRADING MULTIPLES OF SELECTED PUBLIC COMPANIES
- ------------------------------------------------------------------------------------------------------------------------------------
ADJUSTED MARKET VALUE(a) EQUITY MARKET VALUE
AS A MULTIPLE OF: AS A MULTIPLE OF:
-------------------------------------------------------------------------------------
CAL 97 CAL 98
TRAILING TRAILING TRAILING TRAILING EPS EPS BOOK
REVENUES EBITDA EBIT EPS EST.(b) EST.(b) VALUE
-------- ------ ---- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Dames & Moore 0.8 x 6.7 x 9.0 x 12.5 x 11.9 x 10.7 x 1.6 x
[DM]
Harding Lawson Assoc. 0.3 3.1 4.6 14.7 15.8 12.6 1.0
[HRDG]
ICF Kaiser Int'l 0.4 5.7 8.4 29.9 NA NA 1.5
[ICF]
SCOTTY (c) 0.5 7.2 13.1 NM NM 30.0 1.1
Sevenson Envir. Svcs. 0.2 2.4 3.4 11.7 NA NA 0.8
[SEVN]
URS Corp (d) 0.4 7.0 10.2 19.3 12.9 11.8 1.5
[URS]
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Min: 0.2 x 2.4 x 3.4 x 11.7 x 11.9 x 10.7 x 0.8 x
--------------------------------------------------------------------------------------------------------------
MEAN: 0.4 5.4 8.1 17.6 13.5 16.3 1.3
MEDIAN: 0.4 6.2 8.7 14.7 12.9 12.2 1.3
-------------------------------------------------------------------------------------------------------------
Max: 0.8 7.2 13.1 29.9 15.8 30.0 1.6
-------------------------------------------------------------------------------------------------------------
SPOCK 0.5 x 5.9 x 10.7 x 15.8 x 15.3 x 12.6 x 1.4 x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
HISTORICAL 3 YEAR CGR LTM MARGINS PROJECTED 1998 EPS
--------------------- --------------------- 5 YEAR MULTIPLE/
EARNINGS PROJECTED
REVENUE EPS OPERATING NET CGR GROWTH
------- --- --------- --- ----- ------
<S> <C> <C> <C> <C> <C> <C>
Dames & Moore 21.5% NM% 8.5% 4.0% 10.0% 107.1%
[DM]
Harding Lawson Assoc. 1.8 32.9 6.0 3.6 13.0 96.6
[HRDG]
ICF Kaiser Int'l 11.6 NA 4.9 0.4 NA NA
[ICF]
SCOTTY (c) NM NA 3.6 NM 10.0 300.0
Sevenson Envir. Svcs. 7.4 NM 6.9 6.5 NA NA
[SEVN]
URS Corp (d) 62.5 31.2 4.3 1.5 11.0 107.2
[URS]
- ----------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Min: 1.8% 31.2% 3.6% 0.4% 10.0% 96.6%
------------------------------------------------------------------------------------------------
MEAN: 21.0 32.1 5.7 3.2 11.0 152.7
MEDIAN: 11.6 32.1 5.5 3.6 10.5 107.2
-------------------------------------------------------------------------------------------------
Max: 62.5 32.9 8.5 6.5 13.0 300.0
-------------------------------------------------------------------------------------------------
SPOCK 31.5% 6.8% 4.7% 2.5% 13% 97%
- ----------------------------------------------------------------------------------------------------------------------
(a) Defined as Equity Market Value + Total Debt - Cash & Equivalents.
(b) Source: I/B/E/S Mean Estimates, 1/9/98.
(c) 6% and 7% convertible preferred stock included in total debt. Book value excludes preferred stock.
(d) Pro forma estimates for merger with Woodward-Clyde Group.
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
-35-
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
PROJECT ENTERPRISE
MARKET STATISTICS OF SELECTED PUBLIC COMPANIES
----------------------------------------------
($ 000s)
- -----------------------------------------------------------------------------------------------------------------------------------
SHARE EQUITY ADJUSTED
COMPANY NAME/ FYE/ PRICE SHARES MARKET TOTAL CASH & MARKET
[TICKER] LTM 01/12/98 OUT VALUE DEBT EQUIV. VALUE (a)
- ------------------------ --------- ---------- --------- ----------- ----------- --------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Dames & Moore Mar/Sep $12.75 18,078 $230,492 $144,983 $14,371 $361,104
[DM]
Harding Lawson Assoc. May/Aug 9.19 5,092 46,786 0 23,066 23,720
[HRDG]
ICF Kaiser Int'l. Dec/Sep 2.31 22,476 51,976 138,899 13,929 176,946
[ICF]
SCOTTY (c) Mar/Sep 8.25 9,733 80,300 165,921 62,247 183,974
Sevenson Envir. Svcs. Dec/Sep 11.00 6,323 69,554 2,106 50,442 21,218
[SEVN]
URS Corp (d) Oct/Jul 13.81 14,639 202,202 110,000 9,056 303,146
[URS]
- -----------------------------------------------------------------------------------------------------------------------------------
SPOCK Dec/Sep $7.81 27,594 $215,575 $56,722 $8,544 $263,753
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CAL. 97 CAL. 98
COMPANY NAME/ TRAILING TRAILING TRAILING TRAILING EPS EPS BOOK TOTAL
[TICKER] REVENUES EBITDA EBIT EPS Est. (b) Est. (b) VALUE ASSETS
- ------------------------ ---------- ---------- --------- ---------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Dames & Moore $475,235 $54,048 $40,245 $1.02 $1.07 $1.19 $140,097 $382,205
[DM]
Harding Lawson Assoc. 84,978 7,702 5,135 0.63 0.58 0.73 48,215 65,182
[HRDG]
ICF Kaiser Int'l. 428,131 30,896 21,191 0.08 NA NA 33,974 421,757
[ICF]
SCOTTY (c) 389,246 25,553 14,000 (0.06) 0.09 0.28 69,877 337,051
Sevenson Envir. Svcs. 90,949 8,758 6,309 0.94 NA NA 84,222 101,482
[SEVN]
URS Corp (d) 694,779 43,244 29,776 0.72 1.07 1.17 137,354 377,190
[URS]
- -----------------------------------------------------------------------------------------------------------------------------------
SPOCK $526,039 $45,064 $24,587 $0.49 $0.51 $0.62 $151,829 $309,019
- -----------------------------------------------------------------------------------------------------------------------------------
N.B. - LTM calculations are based on financial results reported in the most recent SEC filings. All revenues, operating expenses
and EPS figures have been restated to exclude extraordinary credits/charges and discontinued operations.
(a) Defined as Equity Market Value + Total Debt - Cash & Equivalents.
(b) Source: I/B/E/S Mean Estimates, 1/9/98.
(c) 6% and 7% convertible preferred stock included in total debt.
(d) Pro forma estimates for merger with Woodward-Clyde Group.
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
-36-
<PAGE>
PROJECT ENTERPRISE
SUMMARY OF SELECTED PRECEDENT TRANSACTIONS
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECTED PRECEDENT TRANSACTIONS
-------------------------------------
TRANSACTION
MULTIPLES RANGE MEAN MEDIAN
----------- ----- ---- ------
<S> <C> <C> <C> <C>
ENTERPRISE VALUE MULTIPLES:
- ---------------------------
LTM Revenues 0.7 x 0.3 x - 1.3 x 0.7 x 0.7 x
LTM EBITDA 8.5 x 5.2 x - 12.7 x 8.0 x 7.4 x
LTM EBIT 15.6 x 3.4 x - 22.1 x 12.8 x 12.6 x
EQUITY VALUE MULTIPLES:
- -----------------------
LTM Net Income 24.0 x 5.6 x - 42.6 x 20.7 x 18.5 x
Book Value 2.2 x 0.5 x - 8.0 x 2.5 x 2.1 x
<CAPTION>
TRANSACTION
PREMIUM RANGE MEAN MEDIAN
----------- ----- ---- ------
<S> <C> <C> <C> <C>
PREMIUMS:
- ---------
Day Prior 50.4% -6.4% - 48.2% 24.8% 30.4%
4 Weeks Prior 50.4% -6.4% - 95.2% 38.4% 24.3%
</TABLE>
-37-
<PAGE>
PROJECT ENTERPRISE
SELECTED PRECEDENT TRANSACTIONS
(PURCHASE PRICE IN THOUSANDS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGREGATE PURCHASE
PRICE AS A MULTIPLE OF:
% OF EQUITY AGGREGATE ----------------------------------
DATE TARGET COMPANY\ SELLER CONSIDERATION\ PURCHASE PURCHASE LTM LTM LTM
ANN. ACQUIROR ACQUIRED ACCOUNTING PRICE PRICE REVENUE EBITDA EBIT
- -------- ------------------------------ -------- ------------------- ---------- --------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/16/97 Matrix Service Company 100.0% Stock/Cash $ 97,896 (1) $112,147 0.6 x 10.0 x 19.9 x
(Pending) ITEQ, Inc. Purchase
10/17/97 ATC Group Services 100.0% Cash 102,741 130,326 0.9 7.4 9.4
Weiss, Peck & Greer Purchase
08/20/97 BCM Engineers, Inc. 100.0% Cash/Notes 8,176 12,365 0.3 NA 3.4
ATC Group Services Purchase
08/19/97 Woodward-Clyde Group Inc. 100.0% Stock/Cash 100,000 132,173 0.6 7.8 12.6
URS Corp. Purchase
07/23/97 Astrotech International 100.0% Stock 106,380 137,987 1.0 10.2 15.4
ITEQ, Inc. Pooling
03/06/97 Allwaste Inc. 100.0% Stock 385,313 513,665 1.3 9.4 22.1
Philip Environmental Inc. Pooling
09/11/96 Chempower 100.0% Cash 48,539 31,947 0.4 12.7 20.2
American Eco Purchase
08/29/96 International Technology Corp. 38.0% Cash 68,526 (2) 169,073 (2) 0.4 6.4 14.3
The Carlyle Group Purchase
12/11/95 Earth Technology Corp USA 100.0% Cash 72,013 103,606 0.9 6.9 11.1
Tyco International Ltd Purchase
12/01/95 Groundwater Technology Inc. 55.0% Cash/Stock 127,300 100,978 0.8 6.9 14.3
Fluor Daniel Inc. Purchase
11/20/95 Remediation Technologies (RETEC) 100.0% Cash/Stock/Warrants 29,700 30,908 0.7 5.8 6.6
Thermo Remediation, Inc. Purchase
07/27/95 PRC Environmental Management 100.0% Cash 35,000 35,000 0.4 7.2 8.9
Tetra Tech (3) Purchase
06/28/95 Nuclear Services Group 100.0% Stock 24,938 24,352 1.1 5.7 7.0
Thermo Remediation, Inc. Purchase
12/06/94 Rust-International Remediation 100.0% Stock 118,466 108,466 0.5 7.4 18.1
Units Purchase
OHM Corp.
08/01/94 Enserch Envir. Corp. (Assets) 100.0% Cash 97,000 97,000 0.6 NA 17.0
Foster Wheeler Purchase
06/20/94 Hazwaste Industries, Inc. 100.0% Stock 28,000 30,717 0.7 7.6 10.3
Earth Technology Corp. Pooling
02/08/94 Summit Environmental Group Inc. 100.0% Stock 37,740 70,428 1.1 10.5 14.5
Earth Technology Corp. Purchase
01/20/94 Environmental Solutions (Assets) 100.0% Stock/Cash/Note 24,600 24,600 1.0 5.2 5.5
TRC Companies Inc. Purchase
10/04/93 Geraghty & Miller 100.0% Stock 71,537 75,264 0.8 8.9 12.5
Heidemij Holding NV Pooling
<CAPTION>
EQUITY PURCHASE PREMIUM
PRICE AS A MULTIPLE OF: TO MARKET
- ----------------------- --------------------
LTM BOOK DAY 4 WEEKS
NET INC. VALUE PRIOR PRIOR DESCRIPTION OF SELLER'S BUSINESS
- ---------- ----------- --------- ----------- ------------------------------------------
<S> <C> <C> <C> <C>
31.4 x 1.3 x 15.8% 24.3% Provide services and products to petroleum refining
and storage facilities.
14.4 2.1 0.0% 10.3% Provide environmental consulting and engineering
services.
NA NA Subsidiary Subsidiary A municipal water and wastewater environmental
engineering firm.
34.4 2.5 Private Private Provide environmental consulting and engineering
services.
22.5 2.6 40.3% 72.0% Supplier of above-ground storage tanks.
42.6 3.1 48.2% 95.2% Provide asbestos treatment services.
31.6 1.3 48.1% 45.9% A provider of equipment and services to the
utility industry.
8.9 0.5 -6.4% -6.4% Provide environmental management services and
technologies.
18.5 2.8 36.2% 73.0% Provide hazardous waste management
consulting services.
25.7 1.3 30.4% 22.7% Provide groundwater cleanup services.
10.9 2.2 Private Private Integrated environmental services firm.
14.8 1.2 Subsidiary Subsidiary Provide environmental services.
11.9 3.2 Subsidiary Subsidiary Provide nuclear remediation services.
NM 1.1 Subsidiary Subsidiary Provide hazardous and nuclear waste services.
NA NA Subsidiary Subsidiary Provide full service capabilities for hazardous and
mixed waste and remediation services.
17.2 4.8 Private Private Provide hazardous waste services.
NM 8.0 Private Private Provide environmental engineering and
surveying services.
5.6 2.0 Private Private Provide engineering and consulting services.
20.6 2.0 10.8% 8.8% Provide engineering services.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
LOW(4): $ 8,176 $ 12,365 0.3 x 5.2 x 3.4x 5.6 x 0.5 x -6.4% -6.4%
- ------------------------------------------------------------------------------------------------------------------------------------
MEAN(4): 83,361 102,158 0.7 8.0 12.8 20.7 2.5 24.8% 38.4%
MEDIAN(4): 71,537 97,000 0.7 7.4 12.6 18.5 2.1 30.4% 24.3%
- ------------------------------------------------------------------------------------------------------------------------------------
HIGH(4): 385,313 513,665 1.3 12.7 22.1 42.6 8.0 48.2% 95.2%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
N.B. - All revenues, operating expenses and EPS figures have been restated to
exclude extraordinary charges/credits and discontinued operations. All
extraordinary credits/charges have been tax effected at the appropriate marginal
tax rate.
(1) Assumes cash portion of the equity purchase is 40% of the total
consideration.
(2) Assumes value of warrants to be approximately $3 million.
(3) Assumes costs of third party services to be 15% of gross revenues; net
income estimate assumes a 40% tax rate.
(4) Does not include NM or NA.
-38-
<PAGE>
PROJECT ENTERPRISE
SUMMARY OF SPOCK MANAGEMENT PROJECTIONS
- --------------------------------------------------------------------------------
SCENARIO 1
----------
- 3.4% 5-year CAGR in revenues from $517.6 million in 1997 to $611.1
million in 2002.
- Revenue growth is linked to non-DOE/nuclear remediation business with
DOE/nuclear and outsourcing segments remaining flat at 1997 annualized
run rates.
- 2.6% 5-year CAGR in EBITDA from $42.2 million in 1997 (excluding special
charges) to $48.0 million in 2002.
- 9.4% 5-year CAGR in net income from $13.3 million in 1997 (excluding
special charges) to $20.9 million in 2002.
SCENARIO 2
----------
- 8.1% 5-year CAGR in revenues from $517.6 million in 1997 to $763.0
million in 2002.
- Scenario 1 revenue assumptions except for 15% annual growth in
outsourcing above 1997's annualized run rate.
- 5.9% 5-year CAGR in EBITDA from $42.2 million in 1997 (excluding special
charges) to $56.1 million in 2002.
- 13.8% 5-year CAGR in net income from $13.3 million in 1997 (excluding
special charges) to $25.5 million in 2002.
SCENARIO 3
----------
- 14.7% 5-year CAGR in revenues from $517.6 million in 1997 to $1.03
billion in 2002.
- Scenario 2 revenue assumptions except for 72.0% 5-year CAGR in
DOE/nuclear revenues from $18.7 million in 1997 to $281.3 million in
2002.
- 10.7% 5-year CAGR in EBITDA from $42.2 million in 1997 (excluding
special charges) to $70.2 million in 2002.
- 20.1% 5-year CAGR in net income from $13.3 million in 1997 (excluding
special charges) to $33.4 million in 2002.
- --------------------------------------------------------------------------------
-39-
<PAGE>
PROJECT ENTERPRISE
SUMMARY OF DISCOUNTED CASH FLOW ANALYSIS FOR SPOCK
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Discounted Cash Flow Valuation per SPOCK Share
---------------------------------------------------
----------------------- ---------------------
RANGE MEDIAN
----------------------- ---------------------
<S> <C> <C>
SCENARIO 1 $6.38 - $ 9.66 $ 7.90
SCENARIO 2 $7.24 - $11.04 $ 9.00
SCENARIO 3 $8.64 - $13.34 $10.82
</TABLE>
-40-
<PAGE>
PROJECT ENTERPRISE
SPOCK DISCOUNTED CASH FLOW ANALYSIS - SCENARIO 1
(IN MILLIONS EXCEPT PER SHARE DATA)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UNLEVERED PROJECTED PERFORMANCE PROJECTED
- ------------------------------- -------------------------------------------------------------------------
For the Year Ending Dec. 31, 1998 1999 2000 2001 2002
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Revenues $547.3 $575.2 $586.0 $598.4 $611.1
EBITDA 43.9 45.3 46.2 47.0 48.0
Less:Depreciation / amortization (15.9) (15.8) (16.1) (16.4) (16.6)
------------- ------------- ------------- ------------- -------------
EBIT 28.0 29.5 30.1 30.7 31.3
Less:Taxes @ 38.0% (10.6) (11.2) (11.4) (11.7) (11.9)
------------- ------------- ------------- ------------- -------------
17.4 18.3 18.7 19.0 19.4
Fully-Taxed EBIT
Depreciation / amortization 15.9 15.8 16.1 16.4 16.6
Deferred taxes 7.5 11.6 3.5 3.0 2.7
Decrease (increase) in other non-current assets (0.3) (1.5) 0.3 0.3 0.1
Net capital expenditures (12.9) (13.7) (14.0) (14.4) (14.7)
Decrease (increase) in working capital 4.2 (5.0) (2.6) (2.7) (2.8)
------------- ------------- ------------- ------------- -------------
Free cash flow $31.7 $25.4 $21.9 $21.6 $21.3
============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
------------- ------------------------------------------- --------------------
A + B - C
------------- ------------------------------------------- --------------------
PV of Terminal Value as a
Multiple of 2002 EBITDA
Discount PV of ------------------------------------------- Net Debt @
Rate Cash Flows (a) 5.5 x 6.5 x 7.5 x 12/31/97 (b)
- ------------- -------------- ------------------------------------------- --------------------
<S> <C> <C> <C> <C> <C>
11.0% $92.1 $156.5 $185.0 $213.4 $39.4
13.0% 88.0 $143.2 $169.2 $195.2 39.4
15.0% 84.2 $131.1 $155.0 $178.8 39.4
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------- ------------ -----------------------------------------------------
= D / E = F
----------------------------------------- ------------ -----------------------------------------------------
Implied Equity Value Range Implied Value Per Share Range
Discount ----------------------------------------- Shares -----------------------------------------------------
Rate 5.5 x 6.5 x 7.5 x Outstanding 5.5 x 6.5 x 7.5 x
- ------------- ----------------------------------------- ------------ -----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
11.0% $209.2 $237.7 $266.2 27.6 $7.59 $8.63 $9.66
13.0% 191.7 217.8 243.8 27.6 6.96 7.90 8.85
15.0% 175.9 199.7 223.6 27.6 6.38 7.25 8.11
-----------------------------------------------------
</TABLE>
- ---------------------------------------
(a) End of Year Convention.
(b) Net Debt = Total Debt - Cash & Equivalents.
-41-
<PAGE>
PROJECT ENTERPRISE
SPOCK DISCOUNT CASH FLOW ANALYSIS--SCENARIO 2
(IN MILLIONS EXCEPT PER SHARE DATA)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UNLEVERED PROJECTED PERFORMANCE Projected
- ------------------------------- ------------------------------------------------------------
For the Year Ending Dec 31, 1998 1999 2000 2001 2002
---------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Revenues $597.7 $645.9 $680.2 $719.4 $763.0
EBITDA 46.5 49.1 51.2 53.5 56.1
Less: Depreciation / amortization (16.2) (16.1) (16.6) (17.0) (17.4)
--------- --------- --------- --------- ---------
EBIT 30.3 33.0 34.7 36.6 38.7
Less: Taxes @ 38.0% (11.5) (12.5) (13.2) (13.9) (14.7)
--------- --------- --------- --------- ---------
Fully-Taxed EBIT 18.8 20.4 21.5 22.7 24.0
Depreciation / amortization 16.2 16.1 16.6 17.0 17.4
Deferred taxes 8.2 9.8 4.5 3.6 3.9
Decrease (increase) in other non-current assets (0.7) (1.6) 0.2 0.1 (0.2)
Net capital expenditures (13.2) (14.1) (14.5) (15.0) (15.5)
Decrease (increase) in working capital 0.4 (6.6) (4.4) (4.8) (5.1)
--------- --------- --------- --------- ---------
Free cash flow $29.8 $24.1 $23.8 $23.5 $24.5
========= ========= ========= ========= =========
<CAPTION>
------------ ------------------------ ----------
A + B - C
------------ ------------------------- ----------
PV of Terminal Value as a
Discount PV of Multiple of 2002 EBITDA Net Debt @
=========================
Rate Cash Flows (a) 5.5 x 6.5 x 7.5 x 12/31/97 (b)
-------- ------------- ------------------------- ----------
<S> <C> <C> <C>
11.0% $93.9 $183.1 $216.4 $249.7 $39.4
13.0% 89.5 $167.5 $197.9 $228.3 $39.4
15.0% 85.5 $153.4 $181.3 $209.2 $39.4
<CAPTION>
-------------------------- -------------- ----------------------------------
= D / E = F
-------------------------- -------------- ----------------------------------
Discount Implied Equity Value Range Shares Implied Value per Share Range
========================== =================================
Rate 5.5x 6.5x 7.5x Outstanding 5.5x 6.5x 7.5x
-------- -------------------------- ------------ ---------------------------------
<S> <C> <C> <C>
11.0% $237.6 $270.9 $304.2 27.6 $8.62 $9.83 $11.04
13.0% 217.6 248.0 278.5 27.6 7.90 9.00 10.11
15.0% 199.4 277.3 255.2 27.6 7.24 8.25 9.26
</TABLE>
- ----------------------------------------
(a) End of Year Convention.
(b) Net Debt = Total Debt - Cash & Equivalents.
-42-
<PAGE>
PROJECT ENTERPRISE
SPOCK DISCOUNTED CASH FLOW ANALYSIS--SCENARIO 3
(in millions except per share data)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UNLEVERED PROJECTED PERFORMANCE Projected
- ------------------------------- ------------------------------------------------------------
For the Year Ending December 31, 1998 1999 2000 2001 2002
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Revenues $618.0 $727.2 $841.5 $925.7 $1,025.6
EBITDA 47.7 53.4 59.9 64.6 70.2
Less: Depreciation/amortization (16.3) (16.5) (17.4) (18.0) (18.8)
EBIT --------- --------- --------- --------- ---------
31.3 36.9 42.5 46.6 51.4
Less: Taxes @ 38.0% (11.9) (14.0) (16.1) (17.7) (19.5)
--------- --------- --------- --------- ---------
Fully-Taxed EBIT 19.4 22.9 26.3 28.9 31.9
Depreciation/amortization 16.3 16.5 17.4 18.0 18.8
Deferred taxes 8.6 8.3 5.6 4.5 5.1
Decrease (increase) in other non-current assets (0.8) (2.0) (0.4) (2.0) (0.6)
Net capital expenditures (13.3) (14.5) (15.3) (16.0) (16.8)
Decrease (increase) in working capital (1.1) (10.7) (10.6) (8.3) (9.5)
--------- --------- --------- --------- ---------
Free cash flow $29.1 $20.5 $23.1 $26.9 $28.9
========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
------------ ------------------------ ----------
A + B - C
------------ ------------------------- ----------
PV of Terminal Value as a
Discount PV of Multiple of 2002 EBITDA Net Debt @
=========================
Rate Cash Flows (a) 5.5 x 6.5 x 7.5 x 12/31/97 (b)
-------- ------------- ------------------------- ------------
<S> <C> <C> <C>
11.0% $94.6 $229.0 $270.6 $312.3 $39.4
13.0% 90.0 $209.4 $247.5 $285.6 $39.4
15.0% 85.7 $191.9 $226.7 $261.6 $39.4
<CAPTION>
-------------------------- -------------- ----------------------------------
= D / E = F
-------------------------- -------------- ----------------------------------
Discount Implied Equity Value Range Shares Implied Value per Share Range
========================== =================================
Rate 5.5x 6.5x 7.5x Outstanding 5.5x 6.5x 7.5x
-------- -------------------------- ------------ --------------------------------
<S> <C> <C> <C>
11.0% $284.2 $325.9 $367.5 27.6 $10.31 $11.83 $13.34
13.0% 260.0 298.1 336.2 27.6 9.44 10.82 12.20
15.0% 238.2 273.1 308.0 27.6 8.64 9.91 11.18
</TABLE>
- ----------------------------------------
(a) End of Year Convention.
(b) Net Debt = Total Debt - Cash & Equivalents.
-43-
<PAGE>
PROJECT ENTERPRISE
PRO FORMA COMBINED BALANCE SHEET
(IN MILLIONS)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
9/30/97 SPOCK 9/26/97
SPOCK Pre-Closing as Adjusted SCOTTY Closing Pro Forma
ASSETS: Standalone Adjustments for W Purch. Standalone Adjustments Combined
------------ ------------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 8.5 $ 8.5 $ 62.2 ($45.8) (b) $ 25.0
Non-cash current assets 171.7 171.7 135.1 306.8
------------ ------------ ------------ ------------ -------------
Total current assets 180.3 180.3 197.3 (45.8) 331.8
PP & E, net 59.8 59.8 40.6 100.4
Goodwill 45.4 45.4 12.1 197.2 (c) 254.8
Financing costs -- -- -- 10.0 10.0
Other non-current assets 23.5 ($8.4) (d) 15.1 87.0 102.1
------------ ------------ ------------ ------------ ------------ -------------
Total Assets $309.0 ($8.4) $300.6 $337.1 $161.4 $799.1
============ ============ ============ ============ ============ =============
LIABILITIES AND EQUITY:
Non-debt current liabilities $96.2 $96.2 $91.4 $187.6
Debt 56.7 $60.2 (a) 126.7 69.5 $138.4 (f) 334.7
9.8 (e)
Other non-current liabilities 4.3 4.3 9.8 14.1
Shareholders' equity:
6% preferred stock -- -- 45.0 45.0
7% preferred stock -- -- 51.4 51.4
Common equity 151.8 (60.2) (a) 73.4 69.9 (73.4) (g) 69.9
(8.4) (d)
(9.8)
New common equity -- -- -- 96.4 (g) 96.4
------------ ------------ ------------ ------------ ------------ ------------
Total equity 151.8 (78.4) 73.4 166.3 23.0 262.7
------------ ------------ ------------ ------------ ------------ ------------
Total Liabilities and Equity $309.0 ($8.4) $300.6 $337.1 $161.4 $799.1
============ ============ ============ ============ ============ ============
- ------------------------------------------------------------------------------------------------------------------------------------
Basic shares outstanding 27.6 (5.2) 22.3 9.7 21.4 (h)
Debt/Total equity 37.4% 172.5% 41.8% 127.4%
Debt/(Debt + Total equity) 27.2% 63.3% 29.5% 56.0%
Debt/Assets 18.4% 42.1% 20.6% 41.9%
------------ ------------ ------------ ------------
</TABLE>
- --------------------------------------------------------------------------------
Note: Analysis excludes restructuring and severance costs (estimated at $18
million) and prepayment penalty on existing debt (estimated at $5 million).
(a) Adjustments to reflect SPOCK's purchase of shares from W.
(b) Represents cash used by SCOTTY to purchase shares in tender offer. Minimum
cash assumed to be $25.0 million for combined company.
(c) Represents incremental goodwill created in the transaction.
(d) Adjustments to reflect book value of pro rata dividend of N shares to SPOCK
shareholders.
(e) Represents debt used to cash out in-the-money SPOCK stock options and H
options. Assumes all employee options are cashed out.
(f) Represents debt used to finance SCOTTY tender offer. Also includes
financing costs ($10 million) and other transaction expenses ($14 million).
(g) Adjustments to eliminate SPOCK equity and account for stock issued by SCOTTY
to SPOCK shareholders in back-end merger.
(h) Includes pre-transaction SCOTTY shares and SCOTTY shares issued in back-end
merger.
-45-
<PAGE>
PROJECT ENTERPRISE
PRO FORMA COMBINED INCOME STATEMENT
(IN MILLIONS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
LTM 09/30/97
-------------------------------------------------------------------
Pro Forma Pro Forma
SPOCK(a) SCOTTY(a) Combined Adjustments Combined
-------- --------- -------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Revenues $526.0 $389.2 $915.3 $915.3
Adjusted EBITDA 45.1 25.6 70.6 0.0(d) 70.6
Depreciation and amortization 20.5 11.6 32.0 7.9(e) 39.9
Transaction cost amortization -- -- -- 1.3(e) 1.3
------ ------ ------ ------
Adjusted EBIT 24.6 14.0 38.6 29.4
Interest expense 5.2 7.7 (b) 12.9 18.8(f) 31.7
Other (income) expense (1.0) (3.0) (4.0) 0.3(g) (1.4)
2.3(h)
------ ------ ------ ------
Adjusted pre-tax income 20.4 9.3 29.6 (0.8)
Income tax expense 7.0 4.0 11.9(c) 2.8 (c)
------ ------ ------ ------
Adjusted net income 13.4 5.3 17.8 (3.7)
Preferred dividends 0.0 5.9 5.9 5.9
------ ------ ------ ------
Adjusted net income to common $13.4 ($0.6) $11.9 ($9.5)
====== ====== ====== ======
Non-recurring items (after taxes) 34.8 4.6
------ ------
Reported net income to common ($21.4) ($5.2)
====== ======
Adjusted EPS $0.49 ($0.06) ($0.98)(i)
Reported EPS ($0.79) ($0.55)
CREDIT RATIOS
- -------------
Total debt/EBITDA (j) 4.7x
(Total debt + liab. of disc. ops.)/EBITDA (j) 5.0
EBITDA/Interest expense 2.2
EBIT/Interest expense 0.9
- --------------------------------------------------------------------------------------------------------------------
(a) Adjusted items exclude non-recurring charges.
(b) Interest expenses for the stub periods were estimated by adding to reported
net interest expense an assumed interest income (which was estimated as a 5%
return on the average cash balance for the stub).
(c) Combined SCOTTY pre-tax earnings taxed 40%. Incremental goodwill amort.
expense created in transaction excluded from calculation of taxable income.
(d) No synergies assumed for purposes of this analysis.
(e) Represents amortization of incremental goodwill and amortization of financing
costs from purchase of SPOCK, respectively.
(f) Represents interest expense on incremental debt incurred in transaction.
(g) Represents net earnings of affilate (N Company).
(h) Represents opportunity cost of cash used in SPOCK purchase.
(i) Assumes no conversion of the 6% conv. pref. stock.
(j) Total debt excludes SCOTTY 6% and 7% conv. pref. stock.
</TABLE>
-46-
<PAGE>
PROJECT ENTERPRISE
ASSUMPTIONS FOR ACCRETION/DILUTION ANALYSIS
- --------------------------------------------------------------------------------
ASSUMPTIONS:
- -----------
-- Purchase accounting.
-- I/B/E/S estimates for SCOTTY and SPOCK (a):
<TABLE>
<CAPTION>
CY E.P.S.
------------------------
1998E 1999E
---------- -----------
<S> <C> <C>
SCOTTY (b) $0.28 $0.32
SPOCK $0.62 $0.70
</TABLE>
-- 25 year goodwill amortization period and 8 year financing cost
amortization period.
-- 9% cost of debt.
-- Non-recurring charges (debt extinguishment penalty and
restructuring/severance costs) excluded from analysis.
- --------------------------------------
(a) 1999 I/B/E/S estimates calculated by applying I/B/E/S estimated growth
rates to 1998 estimates.
(b) SCOTTY estimates after payment of preferred dividends.
-47-
<PAGE>
PROJECT ENTERPRISE
PRO FORMA ACCRETION/DILUTION SENSITIVITY ANALYSIS
- --------------------------------------------------------------------------------
- At the estimated EPS for each company including synergies, the
transaction is accretive.
- Pre-tax synergies required for no dilution in 1998 and 1999 are
$12.3 million and $9.6 million, respectively.
- As shown below, each $5.0 million of pre-tax synergies results in
$0.14 per share increase in pro forma combined EPS estimates.
- -------------------------------------------
CARLYLE PREFERRED NOT CONVERTED
- -------------------------------------------
<TABLE>
<CAPTION>
PRO FORMA SCOTTY CY 1998E EPS ACCRETION (DILUTION)
PRE-TAX SYNERGIES
SPOCK --------------------------------------------------------------------------------------------------
1998 EPS $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0
--------- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$0.60 ($0.10) $0.04 $0.18 $0.32 $0.46 $0.60 $0.74 $0.88 $1.02 $1.16
-134.9% -84.0% -33.1% 17.8% 68.7% 119.7% 170.6% 221.5% 272.4% 323.4%
$0.62 ($0.07) $0.07 $0.21 $0.35 $0.49 $0.63 $0.77 $0.91 $1.05 $1.19
-125.6% -74.7% -23.7% 27.2% 78.1% 129.0% 179.9% 230.9% 281.8% 332.7%
<CAPTION>
PRO FORMA SCOTTY CY 1999E EPS ACCRETION (DILUTION)
PRE-TAX SYNERGIES
SPOCK --------------------------------------------------------------------------------------------------
1999 EPS $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0
--------- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$0.68 $0.03 $0.17 $0.31 $0.45 $0.59 $0.73 $0.87 $1.01 $1.15 $1.29
-91.0% -47.5% - 4.1% 39.3% 82.7% 126.2% 169.6% 213.0% 256.4% 299.8%
$0.70 $0.05 $0.19 $0.33 $0.47 $0.62 $0.76 $0.90 $1.04 $1.18 $1.32
-83.0% -39.6% 3.9% 47.3% 90.7% 134.1% 177.5% 221.0% 264.4% 307.8%
</TABLE>
-48-
<PAGE>
PROJECT ENTERPRISE
PRO FORMA ACCRETION/DILUTION SENSITIVITY ANALYSIS
- --------------------------------------------------------------------------------
- At the estimated EPS for each company including synergies, the
transaction is accretive.
- Pre-tax synergies required for no dilution in 1998 and 1999 are
$12.2 million and $10.5 million, respectively.
- As shown below, each $5.0 million of pre-tax synergies results
in $0.11 per share increase in pro forma combined EPS
estimates.
- ---------------------------------------
CARLYLE PREFERRED CONVERTED
- ---------------------------------------
<TABLE>
<CAPTION>
PRO FORMA SCOTTY CY 1998E EPS ACCRETION (DILUTION)
PRE-TAX SYNERGIES
SPOCK --------------------------------------------------------------------------------------------------
1998 EPS $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0
--------- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$0.60 ($0.02) $0.09 $0.20 $0.31 $0.42 $0.53 $0.64 $0.75 $0.86 $0.97
-107.6% -66.5% -25.4% 15.7% 56.8% 97.9% 139.0% 180.2% 221.3% 262.4%
$0.62 ($0.00) $0.11 $0.22 $0.33 $0.44 $0.55 $0.66 $0.77 $0.88 $0.99
-100.1% -59.0% -17.8% 23.3% 64.4% 105.5% 146.6% 187.7% 228.8% 269.9%
<CAPTION>
PRO FORMA SCOTTY CY 1999E EPS ACCRETION (DILUTION)
PRE-TAX SYNERGIES
SPOCK --------------------------------------------------------------------------------------------------
1999 EPS $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0
--------- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$0.68 $0.12 $0.23 $0.34 $0.45 $0.56 $0.67 $0.78 $0.89 $1.00 $1.11
-67.4% -38.0% - 8.6% 20.9% 50.3% 79.7% 109.1% 138.5% 168.0% 197.4%
$0.70 $0.14 $0.25 $0.36 $0.47 $0.58 $0.69 $0.80 $0.91 $1.02 $1.13
-62.0% -32.6% - 3.1% 26.3% 55.7% 85.1% 114.5% 143.9% 173.4% 202.8%
</TABLE>
-49-
<PAGE>
PROJECT ENTERPRISE
OVERVIEW OF N COMPANY
(in millions except per share data)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
OPERATING PERFORMANCE
- ---------------------
YEAR ENDING DECEMBER 31,
----------------------------------------- LTM
1994 1995 1996 09/30/97
------------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
Revenues $132.2 $124.5 $129.0 $122.6
EBITDA 8.3 4.8 7.2 1.4
Margin 6.3% 3.8% 5.6% 1.1%
Net Income 2.6 0.7 1.9 (1.4)
Margin 1.9% 0.6% 1.4% -1.1%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
TRADING INFORMATION
- -------------------
<S> <C> <C>
Stock Price as of: 01/12/98 $2.38
52-Week High $3.04
52-Week Low $1.42
Fully-Diluted Shares Outstanding 10.0
Equity Market Value $23.9
Enterprise Value(a) $21.0
CY 1997E EPS (I/B/E/S) NA
CY 1997E P/E NA
CY 1998E EPS (I/B/E/S) NA
CY 1998E P/E NA
LTM EBITDA $1.4
Enterprise Value/LTM EBITDA 15.5 x
Dividend Yield 0.0%
Predicted Beta (b) 0.71
</TABLE>
Stock Price and Volume History
From 1/1/96 to 1/12/98
[GRAPH OF STOCK PRICE AND VOLUME HISTORY APPEARS HERE]
Date Price Volume
---- ----- ------
1/1/96 $1.75 0
1/2/96 $0.99 0
1/3/96 $1.10 0
1/4/96 $1.21 2,000
1/5/96 $1.10 1,200
1/8/96 $1.10 0
1/9/96 $1.10 1,000
1/10/96 $1.10 0
1/11/96 $1.10 0
1/12/96 $1.10 0
1/15/96 $1.10 0
1/16/96 $1.32 1,000
1/17/96 $1.10 0
1/18/96 $1.10 0
1/19/96 $1.10 0
1/22/96 $1.10 0
1/23/96 $1.10 13,400
1/24/96 $1.64 11,700
1/25/96 $1.64 200
1/26/96 $0.99 0
1/29/96 $0.99 0
1/30/96 $0.99 0
1/31/96 $1.75 6,200
2/1/96 $1.75 500
2/2/96 $1.64 5,000
2/5/96 $0.99 0
2/6/96 $1.75 2,100
2/7/96 $1.75 1,000
2/8/96 $1.75 3,900
2/9/96 $1.75 2,000
2/12/96 $1.75 300
2/13/96 $1.10 0
2/14/96 $1.75 6,500
2/15/96 $1.86 7,100
2/16/96 $2.19 400
2/19/96 $2.19 0
2/20/96 $1.75 400
2/21/96 $1.75 0
2/22/96 $1.75 0
2/23/96 $1.86 200
2/26/96 $1.75 5,200
2/27/96 $1.75 0
2/28/96 $1.75 1,200
2/29/96 $1.75 0
3/1/96 $1.75 300
3/4/96 $1.75 0
3/5/96 $1.75 0
3/6/96 $1.75 0
3/7/96 $1.75 1,000
3/8/96 $1.75 1,200
3/11/96 $1.42 0
3/12/96 $1.42 0
3/13/96 $1.42 0
3/14/96 $1.42 0
3/15/96 $1.42 0
3/18/96 $1.42 0
3/19/96 $1.42 0
3/20/96 $1.42 0
3/21/96 $2.08 3,600
3/22/96 $1.32 0
3/25/96 $2.08 5,100
3/26/96 $1.32 2,500
3/27/96 $1.32 0
3/28/96 $1.32 200
3/29/96 $1.32 0
4/1/96 $1.32 0
4/2/96 $1.32 0
4/3/96 $1.32 0
4/4/96 $1.32 0
4/5/96 $1.32 0
4/8/96 $1.32 0
4/9/96 $1.32 500
4/10/96 $1.32 0
4/11/96 $1.32 1,000
4/12/96 $1.32 0
4/15/96 $1.32 0
4/16/96 $1.32 12,500
4/17/96 $1.86 6,500
4/18/96 $1.32 20,000
4/19/96 $1.10 7,500
4/22/96 $1.53 19,700
4/23/96 $1.32 11,200
4/24/96 $1.29 900
4/25/96 $1.10 0
4/26/96 $1.42 322,600
4/29/96 $1.32 1,000
4/30/96 $1.37 370,000
5/1/96 $1.42 15,300
5/2/96 $1.86 4,500
5/3/96 $1.75 100
5/6/96 $1.75 41,600
5/7/96 $1.53 1,300
5/8/96 $1.53 0
5/9/96 $1.64 0
5/10/96 $1.64 1,800
5/13/96 $1.64 0
5/14/96 $1.75 1,000
5/15/96 $1.97 56,500
5/16/96 $1.92 0
5/17/96 $2.08 3,600
5/20/96 $2.19 7,700
5/21/96 $1.97 5,300
5/22/96 $2.08 3,100
5/23/96 $1.97 2,000
5/24/96 $1.86 0
5/27/96 $1.86 0
5/28/96 $2.08 2,000
5/29/96 $1.97 7,000
5/30/96 $1.92 0
5/31/96 $1.92 0
6/3/96 $2.08 2,000
6/4/96 $1.92 4,000
6/5/96 $1.92 1,000
6/6/96 $1.92 12,500
6/7/96 $1.64 16,000
6/10/96 $1.64 2,100
6/11/96 $1.64 0
6/12/96 $1.64 0
6/13/96 $1.64 0
6/14/96 $1.64 0
6/17/96 $1.64 0
6/18/96 $1.64 0
6/19/96 $1.64 500
6/20/96 $1.70 26,500
6/21/96 $1.42 0
6/24/96 $1.70 400
6/25/96 $1.42 0
6/26/96 $1.42 0
6/27/96 $1.42 0
6/28/96 $1.42 0
7/1/96 $1.42 1,000
7/2/96 $1.32 0
7/3/96 $1.32 0
7/4/96 $1.32 0
7/5/96 $1.32 2,300
7/8/96 $1.32 0
7/9/96 $1.32 0
7/10/96 $1.32 0
7/11/96 $1.53 1,800
7/12/96 $1.48 3,000
7/15/96 $1.32 6,600
7/16/96 $1.32 0
7/17/96 $1.53 10,500
7/18/96 $1.42 0
7/19/96 $1.53 3,000
7/22/96 $1.42 0
7/23/96 $1.64 4,000
7/24/96 $1.53 200
7/25/96 $1.53 0
7/26/96 $1.53 0
7/29/96 $1.53 0
7/30/96 $1.53 500
7/31/96 $1.53 1,100
8/1/96 $1.42 0
8/2/96 $1.64 3,800
8/5/96 $1.70 800
8/6/96 $1.75 1,200
8/7/96 $1.56 29,800
8/8/96 $1.53 0
8/9/96 $1.53 0
8/12/96 $1.53 1,800
8/13/96 $1.53 0
8/14/96 $1.53 4,100
8/15/96 $1.53 1,200
8/16/96 $1.64 1,000
8/19/96 $1.53 0
8/20/96 $1.53 0
8/21/96 $1.53 0
8/22/96 $1.53 0
8/23/96 $1.53 0
8/26/96 $1.53 0
8/27/96 $1.53 0
8/28/96 $1.53 900
8/29/96 $1.53 4,800
8/30/96 $1.53 0
9/2/96 $1.53 0
9/3/96 $1.53 100
9/4/96 $1.53 3,000
9/5/96 $1.53 1,100
9/6/96 $1.53 0
9/9/96 $1.53 2,600
9/10/96 $1.53 200
9/11/96 $1.53 0
9/12/96 $1.53 7,500
9/13/96 $1.53 1,000
9/16/96 $1.75 100
9/17/96 $1.53 900
9/18/96 $1.53 0
9/19/96 $1.53 500
9/20/96 $1.53 500
9/23/96 $1.53 0
9/24/96 $1.64 3,900
9/25/96 $1.32 1,600
9/26/96 $1.32 3,000
9/27/96 $1.32 500
9/30/96 $1.64 1,000
10/1/96 $1.32 1,600
10/2/96 $1.32 0
10/3/96 $1.32 1,000
10/4/96 $1.42 2,400
10/7/96 $1.59 400
10/8/96 $1.32 500
10/9/96 $1.32 500
10/10/96 $1.53 5,000
10/11/96 $1.21 0
10/14/96 $1.59 100
10/15/96 $1.26 0
10/16/96 $1.26 9,000
10/17/96 $1.59 20,900
10/18/96 $1.26 0
10/21/96 $1.32 600
10/22/96 $1.53 7,800
10/23/96 $1.53 1,300
10/24/96 $1.53 9,100
10/25/96 $1.32 0
10/28/96 $1.42 10,000
10/29/96 $1.42 1,000
10/30/96 $1.32 0
10/31/96 $1.42 4,800
11/1/96 $1.32 700
11/4/96 $1.42 1,300
11/5/96 $1.32 0
11/6/96 $1.53 5,700
11/7/96 $1.42 0
11/8/96 $1.42 0
11/11/96 $1.42 4,000
11/12/96 $1.42 0
11/13/96 $1.75 19,400
11/14/96 $1.81 3,800
11/15/96 $1.59 5,000
11/18/96 $1.64 800
11/19/96 $1.75 2,000
11/20/96 $1.59 0
11/21/96 $1.70 1,000
11/22/96 $1.59 0
11/25/96 $1.59 0
11/26/96 $1.59 0
11/27/96 $1.59 0
11/28/96 $1.59 0
11/29/96 $1.81 1,000
12/2/96 $1.59 2,000
12/3/96 $1.81 3,100
12/4/96 $1.53 0
12/5/96 $1.53 0
12/6/96 $1.81 1,200
12/9/96 $1.53 0
12/10/96 $1.53 0
12/11/96 $1.81 200
12/12/96 $1.65 400
12/13/96 $1.71 2,000
12/16/96 $1.71 2,000
12/17/96 $1.71 100
12/18/96 $1.71 0
12/19/96 $1.71 10,000
12/20/96 $2.01 10,200
12/23/96 $1.89 1,000
12/24/96 $1.83 0
12/25/96 $1.83 0
12/26/96 $1.83 1,400
12/27/96 $2.01 3,500
12/30/96 $2.01 25,500
12/31/96 $2.30 10,600
1/1/97 $2.30 0
1/2/97 $2.36 17,200
1/3/97 $2.48 8,000
1/6/97 $2.48 3,700
1/7/97 $2.60 1,100
1/8/97 $2.48 6,000
1/9/97 $2.60 4,300
1/10/97 $2.48 10,500
1/13/97 $2.48 0
1/14/97 $2.72 4,000
1/15/97 $2.60 900
1/16/97 $2.72 14,300
1/17/97 $2.72 15,100
1/20/97 $3.04 1,300
1/21/97 $2.84 1,000
1/22/97 $3.04 1,600
1/23/97 $2.78 900
1/24/97 $2.60 28,300
1/27/97 $2.48 1,600
1/28/97 $2.48 900
1/29/97 $2.72 300
1/30/97 $2.48 1,000
1/31/97 $2.36 0
2/3/97 $2.36 0
2/4/97 $2.36 0
2/5/97 $2.48 4,700
2/6/97 $2.36 0
2/7/97 $2.36 0
2/10/97 $2.36 600
2/11/97 $2.36 2,000
2/12/97 $2.36 0
2/13/97 $2.36 0
2/14/97 $2.36 0
2/17/97 $2.36 0
2/18/97 $2.36 0
2/19/97 $2.72 600
2/20/97 $2.48 1,000
2/21/97 $2.36 0
2/24/97 $2.36 0
2/25/97 $2.60 2,100
2/26/97 $2.36 0
2/27/97 $2.48 9,200
2/28/97 $2.36 0
3/3/97 $2.36 0
3/4/97 $2.36 0
3/5/97 $2.36 500
3/6/97 $2.36 300
3/7/97 $2.36 0
3/10/97 $2.36 0
3/11/97 $2.36 0
3/12/97 $2.36 900
3/13/97 $2.36 0
3/14/97 $2.36 0
3/17/97 $2.36 2,000
3/18/97 $2.36 0
3/19/97 $2.36 0
3/20/97 $2.36 7,600
3/21/97 $2.25 0
3/24/97 $2.25 0
3/25/97 $2.25 0
3/26/97 $2.36 100
3/27/97 $2.36 1,000
3/28/97 $2.36 0
3/31/97 $2.25 0
4/1/97 $2.25 0
4/2/97 $2.25 0
4/3/97 $2.25 200
4/4/97 $2.36 1,600
4/7/97 $2.25 1,500
4/8/97 $2.25 1,000
4/9/97 $2.19 7,500
4/10/97 $2.19 0
4/11/97 $2.13 1,600
4/14/97 $2.13 0
4/15/97 $2.19 0
4/16/97 $2.07 0
4/17/97 $2.07 300
4/18/97 $2.07 0
4/21/97 $2.25 100
4/22/97 $2.13 10,600
4/23/97 $2.01 2,500
4/24/97 $2.01 3,700
4/25/97 $2.01 5,700
4/28/97 $1.89 300
4/29/97 $2.01 2,200
4/30/97 $1.77 6,500
5/1/97 $1.54 0
5/2/97 $1.77 3,100
5/5/97 $1.89 100
5/6/97 $1.54 0
5/7/97 $1.74 4,200
5/8/97 $1.60 0
5/9/97 $1.54 0
5/12/97 $1.54 0
5/13/97 $1.65 300
5/14/97 $1.54 0
5/15/97 $1.54 0
5/16/97 $1.89 100
5/19/97 $1.65 300
5/20/97 $1.54 0
5/21/97 $1.54 200
5/22/97 $1.54 0
5/23/97 $1.54 0
5/26/97 $1.54 0
5/27/97 $1.54 0
5/28/97 $1.54 0
5/29/97 $1.54 0
5/30/97 $1.65 1,000
6/2/97 $1.54 0
6/3/97 $1.42 0
6/4/97 $1.42 0
6/5/97 $1.77 800
6/6/97 $1.42 0
6/9/97 $1.42 2,000
6/10/97 $1.42 0
6/11/97 $1.42 0
6/12/97 $1.42 3,000
6/13/97 $1.42 0
6/16/97 $1.42 0
6/17/97 $1.65 200
6/18/97 $2.25 20,400
6/19/97 $1.77 0
6/20/97 $2.25 24,000
6/23/97 $2.01 1,400
6/24/97 $1.89 0
6/25/97 $1.89 400
6/26/97 $2.01 0
6/27/97 $2.25 200
6/30/97 $2.25 7,700
7/1/97 $2.25 4,000
7/2/97 $2.36 2,700
7/3/97 $2.13 0
7/4/97 $2.13 0
7/7/97 $2.13 0
7/8/97 $2.13 0
7/9/97 $2.25 3,100
7/10/97 $2.25 0
7/11/97 $2.25 2,500
7/14/97 $2.60 4,000
7/15/97 $2.48 6,400
7/16/97 $2.48 3,000
7/17/97 $2.48 0
7/18/97 $2.48 900
7/21/97 $2.54 1,900
7/22/97 $2.42 13,500
7/23/97 $2.36 0
7/24/97 $2.36 0
7/25/97 $2.36 200
7/28/97 $2.36 0
7/29/97 $2.54 3,400
7/30/97 $2.60 4,900
7/31/97 $2.60 2,200
8/1/97 $2.42 10,300
8/4/97 $2.57 2,900
8/5/97 $2.48 0
8/6/97 $2.48 0
8/7/97 $2.57 3,000
8/8/97 $2.42 0
8/11/97 $2.42 0
8/12/97 $2.42 0
8/13/97 $2.72 300
8/14/97 $2.42 0
8/15/97 $2.42 0
8/18/97 $2.42 200
8/19/97 $2.42 1,000
8/20/97 $2.42 0
8/21/97 $2.42 300
8/22/97 $2.42 0
8/25/97 $2.42 0
8/26/97 $2.42 2,000
8/27/97 $2.36 0
8/28/97 $2.36 0
8/29/97 $2.25 700
9/1/97 $2.25 0
9/2/97 $2.36 24,400
9/3/97 $2.25 800
9/4/97 $2.48 2,900
9/5/97 $2.19 2,100
9/8/97 $2.19 0
9/9/97 $2.19 0
9/10/97 $2.19 200
9/11/97 $2.42 6,300
9/12/97 $2.19 0
9/15/97 $2.13 3,400
9/16/97 $1.83 8,300
9/17/97 $2.01 800
9/18/97 $1.89 100
9/19/97 $1.89 100
9/22/97 $1.89 0
9/23/97 $1.89 200
9/24/97 $1.89 1,000
9/25/97 $1.95 0
9/26/97 $2.13 3,000
9/29/97 $2.13 5,000
9/30/97 $2.01 900
10/1/97 $2.01 1,500
10/2/97 $2.01 0
10/3/97 $2.36 700
10/6/97 $2.13 0
10/7/97 $2.13 0
10/8/97 $2.01 7,000
10/9/97 $2.13 200
10/10/97 $2.36 1,000
10/13/97 $2.60 7,100
10/14/97 $2.72 800
10/15/97 $2.36 0
10/16/97 $2.48 900
10/17/97 $2.36 300
10/20/97 $2.25 3,000
10/21/97 $2.25 0
10/22/97 $2.25 0
10/23/97 $2.13 0
10/24/97 $2.13 0
10/27/97 $2.01 5,800
10/28/97 $2.25 1,800
10/29/97 $2.01 12,600
10/30/97 $1.77 4,900
10/31/97 $1.77 600
11/3/97 $1.65 0
11/4/97 $1.89 500
11/5/97 $1.65 400
11/6/97 $1.65 0
11/7/97 $1.65 0
11/10/97 $1.77 500
11/11/97 $1.65 400
11/12/97 $1.89 2,000
11/13/97 $1.54 0
11/14/97 $1.54 0
11/17/97 $1.54 0
11/18/97 $1.54 0
11/19/97 $1.54 0
11/20/97 $2.01 9,900
11/21/97 $1.95 600
11/24/97 $2.01 3,000
11/25/97 $2.13 0
11/26/97 $2.25 4,500
11/27/97 $2.25 0
11/28/97 $2.25 600
12/1/97 $2.30 400
12/2/97 $2.13 0
12/3/97 $2.25 22,000
12/4/97 $2.25 56,100
12/5/97 $2.25 11,000
12/8/97 $2.13 0
12/9/97 $2.13 0
12/10/97 $2.13 0
12/11/97 $2.19 69,500
12/12/97 $2.13 800
12/15/97 $2.01 0
12/16/97 $2.60 14,000
12/17/97 $2.31 3,400
12/18/97 $2.25 0
12/19/97 $2.25 0
12/22/97 $2.13 0
12/23/97 $2.19 8,200
12/24/97 $2.63 2,000
12/25/97 $2.63 0
12/26/97 $2.31 0
12/29/97 $2.38 0
12/30/97 $2.50 100
12/31/97 $2.75 1,900
1/1/98 $2.75 0
1/2/98 $2.31 1,700
1/5/98 $2.25 0
1/6/98 $2.25 2,000
1/7/98 $2.38 200
1/8/98 $2.75 1,700
1/9/98 $2.63 3,000
1/12/98 $2.38 3000
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
CAPITALIZATION INFORMATION (September 30, 1997)
- --------------------------
<S> <C>
Cash $2.8
Debt 0.0 (c)
Shareholders' Equity 56.0
Goodwill and Other Intangibles 35.5
----------
Tangible Shareholders' Common Equity $20.5
- --------------------------------------------------------------------------------------------
</TABLE>
(a) Defined as equity value plus total debt less cash and cash equivalents as
reported on 9/30/97 balance sheet.
(b) Barra estimate as of December 1997.
(c) Excludes long-term payable to affiliate of $4.5 million.
-51-
<PAGE>
PROJECT ENTERPRISE
OVERVIEW OF N COMPANY VS. SELECTED PUBLIC COMPANIES
(IN MILLIONS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
1. MULTIPLES SELECTED PUBLIC COMPANIES
--------- ------------------------------------------------------
TRADING
Enterprise Value Multiples: N CO. MULTIPLES RANGE MEAN MEDIAN
----- --------- ---------------- ---------- --------------
<S> <C> <C> <C> <C> <C>
REVENUES
LTM 9/30/97 $122.6 0.2 x 0.2 x - 0.8 x 0.4 x 0.4 x
EBITDA
LTM 9/30/97 $ 1.4 15.5 x 2.4 x - 7.2 x 5.4 x 5.9 x
LTM EBIT ($1.2) (17.3) x 3.4 x - 13.1 x 8.5 x 9.0 x
Equity Value Multiples:
EARNINGS PER SHARE
LTM 9/30/97 ($0.14) NM 11.7 x - 29.9 x 17.3 x 15.3 x
1997E NA NA 11.9 - 15.8 14.0 14.1
1998E NA NA 10.7 - 30.0 15.5 12.6
BOOK VALUE $ 56.0 0.4 x 0.8 x - 1.6 x 1.3 x 1.4 x
</TABLE>
- --------------------------------------------------------------------------------
Note: Selected Public Companies include DM, HRDG, ICF, SCOTTY, SPOCK, SEVN, URS.
-52-
<PAGE>
PROJECT ENTERPRISE
N COMPANY SUMMARY INCOME STATEMENT
(IN MILLIONS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Actual
-------------------------------------------------------------------
Year Ended December 31,
----------------------------------------------- LTM
1994 1995 1996 9/30/97
----------- ------------ -------------- -------------
<S> <C> <C> <C> <C>
Revenue $132.2 $124.5 $129.0 $122.6
% Growth -- -5.8% 3.6% --
EBITDA 8.3 4.8 7.2 1.4
% Margin 6.3% 3.8% 5.6% 1.1%
Depreciation and Amortization 3.2 2.9 2.8 2.6
EBIT 5.1 1.9 4.4 (1.2)
% Margin 3.9% 1.5% 3.4% -1.0%
Net Income (Loss) $2.6 $0.7 $1.9 ($1.4)
====== ====== ====== ======
% Margin 1.9% 0.6% 1.4% -1.1%
EPS $0.26 $0.07 $0.19 ($0.14)
% Growth -- -73.1% 171.4% --
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
-53-
<PAGE>
PROJECT ENTERPRISE
N COMPANY DAILY STOCK PRICE HISTORY (1/1/96 - 1/12/98)
[GRAPH OF STOCK PRICE AND VOLUME HISTORY APPEARS HERE]
Stock
Date Price Volume
---- ----- ------
1/1/96 2 0
1/2/96 1.125 0
1/3/96 1.25 0
1/4/96 1.375 2
1/5/96 1.25 1.2
1/8/96 1.25 0
1/9/96 1.25 1
1/10/96 1.25 0
1/11/96 1.25 0
1/12/96 1.25 0
1/15/96 1.25 0
1/16/96 1.5 1
1/17/96 1.25 0
1/18/96 1.25 0
1/19/96 1.25 0
1/22/96 1.25 0
1/23/96 1.25 13.4
1/24/96 1.875 11.7
1/25/96 1.875 0.2
1/26/96 1.125 0
1/29/96 1.125 0
1/30/96 1.125 0
1/31/96 2 6.2
2/1/96 2 0.5
2/2/96 1.875 5
2/5/96 1.125 0
2/6/96 2 2.1
2/7/96 2 1
2/8/96 2 3.9
2/9/96 2 2
2/12/96 2 0.3
2/13/96 1.25 0
2/14/96 2 6.5
2/15/96 2.125 7.1
2/16/96 2.5 0.4
2/19/96 2.5 0
2/20/96 2 0.4
2/21/96 2 0
2/22/96 2 0
2/23/96 2.125 0.2
2/26/96 2 5.2
2/27/96 2 0
2/28/96 2 1.2
2/29/96 2 0
3/1/96 2 0.3
3/4/96 2 0
3/5/96 2 0
3/6/96 2 0
3/7/96 2 1
3/8/96 2 1.2
3/11/96 1.625 0
3/12/96 1.625 0
3/13/96 1.625 0
3/14/96 1.625 0
3/15/96 1.625 0
3/18/96 1.625 0
3/19/96 1.625 0
3/20/96 1.625 0
3/21/96 2.375 3.6
3/22/96 1.5 0
3/25/96 2.375 5.1
3/26/96 1.5 2.5
3/27/96 1.5 0
3/28/96 1.5 0.2
3/29/96 1.5 0
4/1/96 1.5 0
4/2/96 1.5 0
4/3/96 1.5 0
4/4/96 1.5 0
4/5/96 1.5 0
4/8/96 1.5 0
4/9/96 1.5 0.5
4/10/96 1.5 0
4/11/96 1.5 1
4/12/96 1.5 0
4/15/96 1.5 0
4/16/96 1.5 12.5
4/17/96 2.125 6.5
4/18/96 1.5 20
4/19/96 1.25 7.5
4/22/96 1.75 19.7
4/23/96 1.5 11.2
4/24/96 1.46875 0.9
4/25/96 1.25 0
4/26/96 1.625 322.6
4/29/96 1.5 1
4/30/96 1.5625 370
5/1/96 1.625 15.3
5/2/96 2.125 4.5
5/3/96 2 0.1
5/6/96 2 41.6
5/7/96 1.75 1.3
5/8/96 1.75 0
5/9/96 1.875 0
5/10/96 1.875 1.8
5/13/96 1.875 0
5/14/96 2 1
5/15/96 2.25 56.5
5/16/96 2.1875 0
5/17/96 2.375 3.6
5/20/96 2.5 7.7
5/21/96 2.25 5.3
5/22/96 2.375 3.1
5/23/96 2.25 2
5/24/96 2.125 0
5/27/96 2.125 0
5/28/96 2.375 2
5/29/96 2.25 7
5/30/96 2.1875 0
5/31/96 2.1875 0
6/3/96 2.375 2
6/4/96 2.1875 4
6/5/96 2.1875 1
6/6/96 2.1875 12.5
6/7/96 1.875 16
6/10/96 1.875 2.1
6/11/96 1.875 0
6/12/96 1.875 0
6/13/96 1.875 0
6/14/96 1.875 0
6/17/96 1.875 0
6/18/96 1.875 0
6/19/96 1.875 0.5
6/20/96 1.9375 26.5
6/21/96 1.625 0
6/24/96 1.9375 0.4
6/25/96 1.625 0
6/26/96 1.625 0
6/27/96 1.625 0
6/28/96 1.625 0
7/1/96 1.625 1
7/2/96 1.5 0
7/3/96 1.5 0
7/4/96 1.5 0
7/5/96 1.5 2.3
7/8/96 1.5 0
7/9/96 1.5 0
7/10/96 1.5 0
7/11/96 1.75 1.8
7/12/96 1.6875 3
7/15/96 1.5 6.6
7/16/96 1.5 0
7/17/96 1.75 10.5
7/18/96 1.625 0
7/19/96 1.75 3
7/22/96 1.625 0
7/23/96 1.875 4
7/24/96 1.75 0.2
7/25/96 1.75 0
7/26/96 1.75 0
7/29/96 1.75 0
7/30/96 1.75 0.5
7/31/96 1.75 1.1
8/1/96 1.625 0
8/2/96 1.875 3.8
8/5/96 1.9375 0.8
8/6/96 2 1.2
8/7/96 1.78125 29.8
8/8/96 1.75 0
8/9/96 1.75 0
8/12/96 1.75 1.8
8/13/96 1.75 0
8/14/96 1.75 4.1
8/15/96 1.75 1.2
8/16/96 1.875 1
8/19/96 1.75 0
8/20/96 1.75 0
8/21/96 1.75 0
8/22/96 1.75 0
8/23/96 1.75 0
8/26/96 1.75 0
8/27/96 1.75 0
8/28/96 1.75 0.9
8/29/96 1.75 4.8
8/30/96 1.75 0
9/2/96 1.75 0
9/3/96 1.75 0.1
9/4/96 1.75 3
9/5/96 1.75 1.1
9/6/96 1.75 0
9/9/96 1.75 2.6
9/10/96 1.75 0.2
9/11/96 1.75 0
9/12/96 1.75 7.5
9/13/96 1.75 1
9/16/96 2 0.1
9/17/96 1.75 0.9
9/18/96 1.75 0
9/19/96 1.75 0.5
9/20/96 1.75 0.5
9/23/96 1.75 0
9/24/96 1.875 3.9
9/25/96 1.5 1.6
9/26/96 1.5 3
9/27/96 1.5 0.5
9/30/96 1.875 1
10/1/96 1.5 1.6
10/2/96 1.5 0
10/3/96 1.5 1
10/4/96 1.625 2.4
10/7/96 1.8125 0.4
10/8/96 1.5 0.5
10/9/96 1.5 0.5
10/10/96 1.75 5
10/11/96 1.375 0
10/14/96 1.8125 0.1
10/15/96 1.4375 0
10/16/96 1.4375 9
10/17/96 1.8125 20.9
10/18/96 1.4375 0
10/21/96 1.5 0.6
10/22/96 1.75 7.8
10/23/96 1.75 1.3
10/24/96 1.75 9.1
10/25/96 1.5 0
10/28/96 1.625 10
10/29/96 1.625 1
10/30/96 1.5 0
10/31/96 1.625 4.8
11/1/96 1.5 0.7
11/4/96 1.625 1.3
11/5/96 1.5 0
11/6/96 1.75 5.7
11/7/96 1.625 0
11/8/96 1.625 0
11/11/96 1.625 4
11/12/96 1.625 0
11/13/96 2 19.4
11/14/96 2.0625 3.8
11/15/96 1.8125 5
11/18/96 1.875 0.8
11/19/96 2 2
11/20/96 1.8125 0
11/21/96 1.9375 1
11/22/96 1.8125 0
11/25/96 1.8125 0
11/26/96 1.8125 0
11/27/96 1.8125 0
11/28/96 1.8125 0
11/29/96 2.0625 1
12/2/96 1.8125 2
12/3/96 2.0625 3.1
12/4/96 1.75 0
12/5/96 1.75 0
12/6/96 2.0625 1.2
12/9/96 1.75 0
12/10/96 1.75 0
12/11/96 2.0625 0.2
12/12/96 1.75 0.4
12/13/96 1.8125 2
12/16/96 1.8125 2
12/17/96 1.8125 0.1
12/18/96 1.8125 0
12/19/96 1.8125 10
12/20/96 2.125 10.2
12/23/96 2 1
12/24/96 1.9375 0
12/25/96 1.9375 0
12/26/96 1.9375 1.4
12/27/96 2.125 3.5
12/30/96 2.125 25.5
12/31/96 2.4375 10.6
1/1/97 2.4375 0
1/2/97 2.5 17.2
1/3/97 2.625 8
1/6/97 2.625 3.7
1/7/97 2.75 1.1
1/8/97 2.625 6
1/9/97 2.75 4.3
1/10/97 2.625 10.5
1/13/97 2.625 0
1/14/97 2.875 4
1/15/97 2.75 0.9
1/16/97 2.875 14.3
1/17/97 2.875 15.1
1/20/97 3.21875 1.3
1/21/97 3 1
1/22/97 3.21875 1.6
1/23/97 2.9375 0.9
1/24/97 2.75 28.3
1/27/97 2.625 1.6
1/28/97 2.625 0.9
1/29/97 2.875 0.3
1/30/97 2.625 1
1/31/97 2.5 0
2/3/97 2.5 0
2/4/97 2.5 0
2/5/97 2.625 4.7
2/6/97 2.5 0
2/7/97 2.5 0
2/10/97 2.5 0.6
2/11/97 2.5 2
2/12/97 2.5 0
2/13/97 2.5 0
2/14/97 2.5 0
2/17/97 2.5 0
2/18/97 2.5 0
2/19/97 2.875 0.6
2/20/97 2.625 1
2/21/97 2.5 0
2/24/97 2.5 0
2/25/97 2.75 2.1
2/26/97 2.5 0
2/27/97 2.625 9.2
2/28/97 2.5 0
3/3/97 2.5 0
3/4/97 2.5 0
3/5/97 2.5 0.5
3/6/97 2.5 0.3
3/7/97 2.5 0
3/10/97 2.5 0
3/11/97 2.5 0
3/12/97 2.5 0.9
3/13/97 2.5 0
3/14/97 2.5 0
3/17/97 2.5 2
3/18/97 2.5 0
3/19/97 2.5 0
3/20/97 2.5 7.6
3/21/97 2.375 0
3/24/97 2.375 0
3/25/97 2.375 0
3/26/97 2.5 0.1
3/27/97 2.5 1
3/28/97 2.5 0
3/31/97 2.375 0
4/1/97 2.375 0
4/2/97 2.375 0
4/3/97 2.375 0.2
4/4/97 2.5 1.6
4/7/97 2.375 1.5
4/8/97 2.375 1
4/9/97 2.3125 7.5
4/10/97 2.3125 0
4/11/97 2.25 1.6
4/14/97 2.25 0
4/15/97 2.3125 0
4/16/97 2.1875 0
4/17/97 2.1875 0.3
4/18/97 2.1875 0
4/21/97 2.375 0.1
4/22/97 2.25 10.6
4/23/97 2.125 2.5
4/24/97 2.125 3.7
4/25/97 2.125 5.7
4/28/97 2 0.3
4/29/97 2.125 2.2
4/30/97 1.875 6.5
5/1/97 1.625 0
5/2/97 1.875 3.1
5/5/97 2 0.1
5/6/97 1.625 0
5/7/97 1.84375 4.2
5/8/97 1.6875 0
5/9/97 1.625 0
5/12/97 1.625 0
5/13/97 1.75 0.3
5/14/97 1.625 0
5/15/97 1.625 0
5/16/97 2 0.1
5/19/97 1.75 0.3
5/20/97 1.625 0
5/21/97 1.625 0.2
5/22/97 1.625 0
5/23/97 1.625 0
5/26/97 1.625 0
5/27/97 1.625 0
5/28/97 1.625 0
5/29/97 1.625 0
5/30/97 1.75 1
6/2/97 1.625 0
6/3/97 1.5 0
6/4/97 1.5 0
6/5/97 1.875 0.8
6/6/97 1.5 0
6/9/97 1.5 2
6/10/97 1.5 0
6/11/97 1.5 0
6/12/97 1.5 3
6/13/97 1.5 0
6/16/97 1.5 0
6/17/97 1.75 0.2
6/18/97 2.375 20.4
6/19/97 1.875 0
6/20/97 2.375 24
6/23/97 2.125 1.4
6/24/97 2 0
6/25/97 2 0.4
6/26/97 2.125 0
6/27/97 2.375 0.2
6/30/97 2.375 7.7
7/1/97 2.375 4
7/2/97 2.5 2.7
7/3/97 2.25 0
7/4/97 2.25 0
7/7/97 2.25 0
7/8/97 2.25 0
7/9/97 2.375 3.1
7/10/97 2.375 0
7/11/97 2.375 2.5
7/14/97 2.75 4
7/15/97 2.625 6.4
7/16/97 2.625 3
7/17/97 2.625 0
7/18/97 2.625 0.9
7/21/97 2.6875 1.9
7/22/97 2.5625 13.5
7/23/97 2.5 0
7/24/97 2.5 0
7/25/97 2.5 0.2
7/28/97 2.5 0
7/29/97 2.6875 3.4
7/30/97 2.75 4.9
7/31/97 2.75 2.2
8/1/97 2.5625 10.3
8/4/97 2.71875 2.9
8/5/97 2.625 0
8/6/97 2.625 0
8/7/97 2.71875 3
8/8/97 2.5625 0
8/11/97 2.5625 0
8/12/97 2.5625 0
8/13/97 2.875 0.3
8/14/97 2.5625 0
8/15/97 2.5625 0
8/18/97 2.5625 0.2
8/19/97 2.5625 1
8/20/97 2.5625 0
8/21/97 2.5625 0.3
8/22/97 2.5625 0
8/25/97 2.5625 0
8/26/97 2.5625 2
8/27/97 2.5 0
8/28/97 2.5 0
8/29/97 2.375 0.7
9/1/97 2.375 0
9/2/97 2.5 24.4
9/3/97 2.375 0.8
9/4/97 2.625 2.9
9/5/97 2.3125 2.1
9/8/97 2.3125 0
9/9/97 2.3125 0
9/10/97 2.3125 0.2
9/11/97 2.5625 6.3
9/12/97 2.3125 0
9/15/97 2.25 3.4
9/16/97 1.9375 8.3
9/17/97 2.125 0.8
9/18/97 2 0.1
9/19/97 2 0.1
9/22/97 2 0
9/23/97 2 0.2
9/24/97 2 1
9/25/97 2.0625 0
9/26/97 2.25 3
9/29/97 2.25 5
9/30/97 2.125 0.9
10/1/97 2.125 1.5
10/2/97 2.125 0
10/3/97 2.5 0.7
10/6/97 2.25 0
10/7/97 2.25 0
10/8/97 2.125 7
10/9/97 2.25 0.2
10/10/97 2.5 1
10/13/97 2.75 7.1
10/14/97 2.875 0.8
10/15/97 2.5 0
10/16/97 2.625 0.9
10/17/97 2.5 0.3
10/20/97 2.375 3
10/21/97 2.375 0
10/22/97 2.375 0
10/23/97 2.25 0
10/24/97 2.25 0
10/27/97 2.125 5.8
10/28/97 2.375 1.8
10/29/97 2.125 12.6
10/30/97 1.875 4.9
10/31/97 1.875 0.6
11/3/97 1.75 0
11/4/97 2 0.5
11/5/97 1.75 0.4
11/6/97 1.75 0
11/7/97 1.75 0
11/10/97 1.875 0.5
11/11/97 1.75 0.4
11/12/97 2 2
11/13/97 1.625 0
11/14/97 1.625 0
11/17/97 1.625 0
11/18/97 1.625 0
11/19/97 1.625 0
11/20/97 2.125 9.9
11/21/97 2.0625 0.6
11/24/97 2.125 3
11/25/97 2.25 0
11/26/97 2.375 4.5
11/27/97 2.375 0
11/28/97 2.375 0.6
12/1/97 2.4375 0.4
12/2/97 2.25 0
12/3/97 2.375 22
12/4/97 2.375 56.1
12/5/97 2.375 11
12/8/97 2.25 0
12/9/97 2.25 0
12/10/97 2.25 0
12/11/97 2.3125 69.5
12/12/97 2.25 0.8
12/15/97 2.125 0
12/16/97 2.75 14
12/17/97 2.3125 3.4
12/18/97 2.25 0
12/19/97 2.25 0
12/22/97 2.125 0
12/23/97 2.1875 8.2
12/24/97 2.625 2
12/25/97 2.625 0
12/26/97 2.3125 0
12/29/97 2.375 0
12/30/97 2.5 0.1
12/31/97 2.75 1.9
1/1/98 2.75 0
1/2/98 2.3125 1.7
1/5/98 2.25 0
1/6/98 2.25 2
1/7/98 2.375 0.2
1/8/98 2.75 1.7
1/9/98 2.625 3
1/12/98 2.375 3
-54-
<PAGE>
PROJECT ENTERPRISE
N COMPANY PRICE/VOLUME HISTORY
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
30 DAY 60 DAY 180 DAY 1 YEAR 2 YEAR 3 YEAR 5 YEAR
-------- -------- --------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
AVERAGE DAILY VOLUME
(SHARES) 1,962 5,107 2,960 2,387 3,931 3,064 4,971
DAYS WITH 0 VOLUME 9 20 53 119 231 382 642
MIN CLOSING PRICE $ 2.13 $ 1.63 $ 1.63 $ 1.50 $ 1.13 $ 1.13 $ 1.13
MEAN CLOSING PRICE $ 2.42 $ 2.27 $ 2.33 $ 2.29 $ 2.04 $ 2.10 $ 2.84
MAX CLOSING PRICE $ 2.75 $ 2.75 $ 2.88 $ 3.22 $ 3.22 $ 3.38 $ 7.00
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
-55-
<PAGE>
PROJECT ENTERPRISE
N COMPANY CONSIDERATION SENSITIVITY ANALYSIS
(IN MILLIONS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
N CO. PRICE DECLINES 50% CURRENT N CO. PRICE N CO. PRICE INCREASES 50%
-------------------------- ------------------------- -------------------------
Consideration: Consideration: Consideration:
-------------------------- ------------------------- -------------------------
Consideration Type: Per Share Aggregate (a) Per Share Aggregate (a) Per Share Aggregate (a)
- ------------------ ---------- ------------ ---------- ------------ ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Cash $ 8.00 $220.4 $ 8.00 $220.4 $ 8.00 $220.4
SCOTTY Stock 3.50 96.4 3.50 96.4 3.50 96.4
N. Company Shares 0.17 7.5 0.35 9.5 0.52 11.5
------ ------ ------ ------ ------ ------
Total $11.67 $324.4 $11.85 $326.4 $12.02 $328.4
====== ====== ====== ====== ====== ======
% of Total Consideration:
- ------------------------
Cash 68.5% 68.0% 67.5% 67.5% 66.6% 67.1%
SCOTTY Stock 30.0% 29.7% 29.5% 29.5% 29.1% 29.4%
N Company Shares 1.5% 2.3% 2.9% 2.9% 4.3% 3.5%
------ ------ ------ ------ ------ ------
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
====== ====== ====== ====== ====== ======
</TABLE>
- ----------------------------------------------------------
(a) Aggregate consideration based on basic shares outstanding.
-56-
