EXHIBIT 99(c)(6)
BOYD BROS.
LTM Results as of 9/30/03, Balance Sheet as of 6/30/03
($ in thousands, except share price and earnings per share)
| Enterprise Value / | ||||||||||||||||
| Revenue | EBITDA | EBIT | P/E | |||||||||||||
| Current Share Price: | 0.3 x | 3.4 x | 35.1 x | NA | ||||||||||||
| $6.00 offer: | 0.4 x | 3.7 x | 38.2 x | NA | ||||||||||||
| Current Share Price (11/10/03): | $ | 4.59 | ||||||||||||||
| $6 Offer Premium to Current Price: | 30.7 | % | ||||||||||||||
| LTM Revenue | $ | 131,717 | ||||||||||||||
| LTM EBITDA | $ | 12,849 | ||||||||||||||
| LTM EBIT | $ | 1,245 | ||||||||||||||
| LTM EPS (Diluted) | $ | (0.04 | ) | |||||||||||||
| Market Capitalization | $ | 12,442 | ||||||||||||||
| Net Debt (as of 6/30/03) | 31,289 | |||||||||||||||
Enterprise Value | $ | 43,731 | ||||||||||||||
| Equity Value at $6 Offer | $ | 16,264 | ||||||||||||||
| Net Debt (as of 6/30/03) | 31,289 | |||||||||||||||
Enterprise Value at $6 Offer | $ | 47,553 | ||||||||||||||
BOYD BROS.
CYE 2003 Projected Results, Balance Sheet as of 6/30/03
($ in thousands, except share price and earnings per share)
| Enterprise Value / | ||||||||||||||||
| Revenue | EBITDA | EBIT | P/E | |||||||||||||
| Current Share Price: | 0.3 x | 3.2 x | 19.2 x | 22.9 x | ||||||||||||
| $6.00 offer: | 0.4 x | 3.5 x | 20.9 x | 30.0 x | ||||||||||||
| Current Share Price 11/10/03: | $ | 4.59 | ||||||||||||||
| $6 Offer Premium to Current Price: | 30.7 | % | ||||||||||||||
| CYE Revenue | $ | 133,244 | ||||||||||||||
| CYE EBITDA | $ | 13,676 | ||||||||||||||
| CYE EBIT | $ | 2,276 | ||||||||||||||
| CYE EPS (Diluted) | $ | 0.20 | ||||||||||||||
| Current Market Capitalization | $ | 12,442 | ||||||||||||||
| Net Debt | 31,289 | |||||||||||||||
Current Enterprise Value | $ | 43,731 | ||||||||||||||
| Equity Value at $6 Offer | $ | 16,264 | ||||||||||||||
| Net Debt | 31,289 | |||||||||||||||
Enterprise Value at $6 Offer | $ | 47,553 | ||||||||||||||
