1
Exhibit 99(c)(5)
[UBS WARBURG LOGO] STRICTLY PRIVATE AND CONFIDENTIAL
Project Mill
Presentation to the Special Committee of the Board of Directors
March 19, 2001
MARCH 2001 Preliminary Draft -- For Discussion Purposes Only
[Please note that references to "base" case correspond to the Scenario 2
projections and references to "downside" case correspond to the Scenario 1
projections.]
2
The accompanying material was compiled on a confidential basis for use solely by
The Special Committee of the Board of Directors of Springs Industries, Inc. (the
"Company") in evaluating the proposal described herein. This material was
prepared for a specific use by specific persons and was not prepared to conform
with any disclosure standards under applicable federal securities laws or
otherwise. Neither the Company nor UBS Warburg ("UBS Warburg") nor any of their
respective officers, directors, employees, affiliates, advisors, agents or
representatives warrants the accuracy or completeness of any of the material set
forth herein. Nothing contained in the accompanying material is, or shall be
relied upon as, a promise or representation as to the past or the future.
It should be understood that any estimates, valuations and/or projections
contained in the accompanying material were prepared or derived from information
supplied by the Company without any independent verification thereof by UBSW.
Accordingly, no representation or warranty can be or is made by UBS Warburg as
to the accuracy or achievability of any such valuations, estimates and/or
projections.
3
CONTENTS
Section 1 TRANSACTION OVERVIEW ................................. 1
Section 2 INDUSTRY AND COMPANY OVERVIEW ........................ 10
Section 3 FINANCIAL OVERVIEW ................................... 39
Section 4 PRELIMINARY VALUATION ANALYSES ....................... 52
APPENDICES A Comparable Company Descriptions
B Comparable Transaction Descriptions
C Heartland Transaction Summaries
[UBS WARBURG LOGO]
4
TRANSACTION OVERVIEW
Section 1
[UBS WARBURG LOGO]
5
TRANSACTION OVERVIEW
- - Heartland Industrial Partners, L.P. ("Heartland") and members of the Close
Family and certain management shareholders (collectively, the "Continuing
Shareholders") have proposed to acquire all of the outstanding shares of
the common stock of Springs Industries, Inc. ("Springs" or the "Company")
not owned by the Continuing Shareholders for $44.00 per share in cash
- - Pursuant to the draft Recapitalization Agreement (the "Agreement") dated
March 12, 2001 to be entered into by Springs and Heartland Springs
Investment Company ("Merger Subsidiary"), an entity controlled by
Heartland, Springs will undertake a recapitalization whereby:
- Merger Subsidiary will merge with and into the Company (the "Merger");
- shares of the Company (other than the shares held by the Continuing
Shareholders) will be converted into the right to receive $44.00 per
share in cash (the "Cash Merger Consideration"), subject to the terms
and conditions as set forth in the Agreement;
- - For the purposes of our analyses, UBS Warburg has assumed the Merger will
close on June 30, 2001
[UBS WARBURG LOGO] Section 1: Transaction Overview 2
6
HEARTLAND OVERVIEW
- - Heartland is a private equity investment fund formed in 1999 with equity
commitments in excess of $1.1 billion ($2 billion targeted by the final
close of the fund) with offices in Greenwich, CT, New York, NY and Detroit,
MI
- - Primary investment focus is on mid- to large-cap, industrial companies with
a "buy, build and grow" platform scale-up investment strategy to be
concentrated among five industrial sectors
- - Targeted industries include those that are poised for consolidation and
have long-term growth potential: automotive, aerospace material/components,
metal forming/fabrication, specialty chemicals, home textiles/furnishings,
machine tools, and heavy equipment
- - Heartland was founded by David Stockman, a former partner at The Blackstone
Group and a former Reagan Administration cabinet officer; Timothy
Leuliette, the former president and COO of Penske Corporation; and Daniel
Tredwell, a former managing director of Chase Securities. Heartland
currently has 7 partners and 20 professionals
- - Transactions completed to date have focused on the automotive supply
sector. Three of these transactions resulted in the creation of Metaldyne
Corporation in January 2001. Summaries of these transactions can be found
in Appendix D
- MascoTech, Inc. -- November 2000 (Metaldyne)
- Simpson Industries, Inc. -- December 2000 (Metaldyne)
- Global Metal Technologies, Inc. -- January 2001 (Metaldyne)
- Collins & Aikman Corporation -- March 2001 (60% ownership)
[UBS WARBURG LOGO] Section 1: Transaction Overview 3
7
PRINCIPAL TERMS & CONDITIONS
Form of Transaction: - Leveraged recapitalization via reverse merger
Merger Consideration: - $44.00 per share in cash
Tax Structure: - Fully taxable to selling shareholders
Accounting Treatment: - Recapitalization accounting under GAAP (no push-down of goodwill)
Significant Conditions and - Special Committee approval of the proposed amendment to the Company's
Other Terms: Articles of Incorporation (the "Amendment") and the Agreement and
recommendation of same to the Board of Directors
- Approval by Springs' Board of Directors and recommendation to the
Company's shareholders (other than the Continuing Shareholders)
- Affirmative vote by 2/3 of the votes by the Company's shareholders in
favor of the Amendment, with the Class A and Class B shareholders
voting together as a single class (with the holders of Class B shares
entitled to four votes per share) (Close Family shares represent 73% of
the vote)
- Affirmative vote by 2/3 of the votes by the Company's shareholders in
favor of the Merger, with the Class A and Class B shareholders voting
together as a single class (with the holders of Class B shares entitled
to one vote per share) (Close Family shares represent 41% of the vote)
- Customary conditions relating to regulatory approvals and no material
adverse effect
- Financing out is subject to (i) the terms and conditions of the bank
commitment letter; (ii) bank financing shall have been completed on
substantially the terms and conditions in the bank commitment letter
(or on terms and conditions which are not materially more onerous);
(iii) compliance with respect to the Shareholders Agreement; and (iv)
the terms and conditions of the equity commitment letter
- No shop provision subject to fiduciary out
[UBS WARBURG LOGO] Section 1: Transaction Overview 4
8
Termination Conditions: - Customary termination conditions and provisions including:
- termination by mutual consent
- termination by either Springs or Heartland, if (i) the Merger is not
consummated on or before 180 days from the signing of the Agreement;
(ii) failure to receive the requisite vote in favor of the Amendment;
and (iii) failure to receive the requisite vote in favor of the Merger;
- termination by Heartland, if the Special Committee or Board of Directors
shall have failed to make or withdrawn its approval or recommendation of
the Merger
- termination by the Company, if the Company receives from any third party
an Acquisition Proposal providing for consideration greater than the
Cash Merger Consideration and which the Special Committee and the Board
of Directors accept or recommend in respect of their fiduciary duties;
- no termination fee (except for expense reimbursement in the case of a
termination under certain circumstances);
[UBS WARBURG LOGO] Section 1: Transaction Overview 5
9
PURCHASER FINANCING
- - Heartland intends to finance the Merger through the use of: (i) $700
million senior secured credit facilities provided by JP Morgan Chase
("Morgan Chase"); (ii) a $200 million receivables purchase facility; and
(iii) $225 million of equity capital provided by Heartland in addition to
the equity rolled over by Continuing Shareholders
- - The Morgan Chase credit facilities are comprised of a term loan facility, a
revolving credit facility and a receivables purchase facility
- term loan facility is comprised of two tranches: (i) a 5.5-year,
amortizing, term loan facility (the "Tranche A Term Loan Facility") in
the amount of $200 million and (ii) a 7-year, amortizing, term loan
facility (the "Tranche B Term Loan Facility") in the amount of $300
million
- secured revolving credit facility is available in the amount of up to
$200 million (undrawn and available at closing) for a period of 5.5
years
- receivables purchase facility in the amount of up to $200 million
($165 million provided at closing) through which the Company will
securitize its trade receivables through the issuance of commercial
paper (backed by the cash flows from the eligible trade receivables
sold to a special purpose subsidiary or trust). This facility has a
term of one year which may be extended for additional one-year terms
- pricing, subject to a leverage performance grid, will initially be set
at a spread to adjusted LIBOR ("LIBOR") or to the commercial paper
rate, as follows:
- Tranche A Term Loan Facility: LIBOR + 1.75%
- Tranche B Term Loan Facility: LIBOR + 2.25%
- Secured Revolving Credit Facility: LIBOR + 1.75%
- Receivable Purchase Facility: CP Rate (at market)
[UBS WARBURG LOGO] Section 1: Transaction Overview 6
10
PURCHASER FINANCING (CONTINUED)
- - Significant financing conditions include:
- Morgan Chase (Bank Financing) - (i) customary conditions relating
to fees, documentation, compliance with law, etc.; (ii) no
material adverse change in the Company or in the financial,
banking or capital markets as they relate to hindering Morgan
Chase's ability to syndicate the facilities; (iii) knowledge that
no other competing financing for a Heartland affiliate occurs
during the syndication without the consent of Morgan Chase; (iv)
Morgan Chase's completion of ongoing legal, environmental, tax
and accounting due diligence; and (v) satisfied as to the nature
of the environmental and employee health/safety exposures and
receipt of environmental assessments (including Phase I and II
reports, as applicable) satisfactory to Morgan Chase
- Heartland (Equity Financing) -- (i) satisfaction of the
conditions to Merger Subsidiary's obligations under the
Agreement; and (ii) termination of commitment congruent with the
termination provisions in the Agreement
- - An estimated sources and uses of funds for the transaction (as provided by
Morgan Chase) is illustrated below:
[UBS WARBURG LOGO] Section 1: Transaction Overview 7
11
ESTIMATED SOURCES
AMOUNT
($MM)
-----
Sr. Bank Term Revolver 0.0
Receivables Purchasing Facility 165.0
Sr. Bank Term Loan 200.0
Sr. Bank Term Loan 300.0
Assumed Debt 28.6
-------
TOTAL DEBT 693.6
-------
Heartland Equity 225.0
Shareholder Rollover 276.3
-------
TOTAL EQUITY 501.3
=======
TOTAL SOURCES 1,194.9
=======
ESTIMATED USES
AMOUNT
($MM)
-----
Purchase of Springs Equity 803.4
Repay Indebtedness 308.9
Assumed Debt 28.6
Excess Cash (working capital) 14.3
Fees & Expenses 40.0
=======
TOTAL USES 1,194.9
=======
[UBS WARBURG LOGO] Section 1: Transaction Overview 8
12
VALUATION ANALYSIS AT VARIOUS SHARE PRICES
SPRINGS TRANSACTION VALUE AT PROPOSED OFFER PRICE(1)
($MM, EXCEPT PER SHARE)
- -----------------------
Proposed Transaction Price Per Share 44.00
Total Diluted Shares Outstanding 19.96
-------
878.2
-------
Less: Option Proceeds (72.7)
=======
TRANSACTION EQUITY MARKET VALUE 805.5
=======
Plus: Springs Debt (incl. make whole pmts.) 340.2
Plus: Unfunded Pension Liability 22.8
Plus: Unfunded Deferred Comp. Liability 40.5
Less: Cash and Equivalents (2.9)
=======
TRANSACTION ENTERPRISE VALUE 1,206.2
=======
SPRING SHARES SOLD VS ROLLED
SHARES AMOUNT (1)
SHARES SOLD (MM) ($MM)
- ----------- ---- -----
Public 11.0 485.2
Close Family 1.0 44.0
----- ------
TOTAL SHARES SOLD 12.0 529.2
----- ------
Close Family Shares Rolled 6.3 276.3
===== ======
TOTAL SHARES OUTSTANDING 18.3 805.5
===== ======
NOTE:
(1) At $44.00 per share
IMPLIED VALUATION MULTIPLES AT VARIOUS SHARE PRICES(2)
PER SHARE VALUE ($) 40.00 42.00 44.00 46.00 48.00 50.00 52.00
----- ----- ----- ----- ----- ----- -----
TEV/LTM Revenue (x) 0.50 0.51 0.53 0.55 0.57 0.58 0.60
TEV/LTM EBITDA (x) 4.4 4.5 4.7 4.9 5.0 5.2 5.3
TEV/LTM Free Cash Flow(3)(x) 6.9 7.1 7.4 7.6 7.9 8.1 8.4
TEV/LTM EBIT (x) 7.6 7.9 8.2 8.4 8.7 9.0 9.3
EMV/LTM Net Income (x) 10.1 10.6 11.1 11.7 12.2 12.8 13.4
NOTES:
(1) Based on fiscal year-end 2000 balance sheet
(2) Implied multiples based on adjusted fiscal year 2000 results
(3) Free cash flow is defined as EBITDA less capital expenditures
[UBS WARBURG LOGO] Section 1: Transaction Overview 9
13
INDUSTRY AND COMPANY OVERVIEW
Section 2
[UBS WARBURG LOGO]
14
COMPANY OVERVIEW
* SPRINGS IS A LEADER IN THE HOME TEXTILE FURNISHINGS MARKET
BEDDING PRODUCTS
- - Leader in double digit growth Bed-In-A-Bag category -- in both mid-market
and high end
- - Strength in core color programs, account management and replenishment
capabilities
- - Heavy focus and strong competitive advantage in printed ensembles and
"fashion products" (coordinated sheets, comforters, bedding accessories and
curtains) which face limited competition from imports
- - Have made investments in distribution and system applications to improve
customer service and achieve one of the best service records in the
industry. Direct importers lack the infrastructure to effectively compete
in this area
BATH PRODUCTS
- - Springs has a balanced portfolio of towels, bath rugs, showers curtains and
accessories
- - Springs has been traditionally #3 in towels but now has the opportunity to
make significant gains:
- Market leader Pillowtex is in bankruptcy
- Springs terry modernization should improve product costs and quality
- Springs is developing major off-shore sourcing partnership
- - Through acquisition and internal growth, Springs has developed a #1 market
share position in shower curtains and accessories
WINDOWS AND OTHER HOME FURNISHINGS
- - Major window blinds product innovation (cut-to-size) has stimulated
SPRINGS MAJOR PRODUCT SEGMENTS
[SPRINGS MAJOR PRODUCT SEGMENTS PLOTPOINTS]
Bedding 43%
Other(Windows, Baby, Other) 36%
Bath 21%
2000 Sales: $2.3 billion
2000 EBITDA BY SEGMENT
[2000 EBITDA BY SEGMENT PLOTPOINTS]
Bedding 55%
Other(Windows, Baby, Other) 29%
Bath 16%
2000 EBITDA: $254 million
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 11
15
INDUSTRY TRENDS AND OBSERVATIONS
- - The home furnishings/textiles industry continues to be subjected to
numerous pressures resulting from:
- industry structure/characteristics
- channel and customer issues
- imports
- - Industry structure/characteristics
- mature, highly fragmented and competitive
- stable, albeit slow, growth
- excess capacity resulting in plant shut downs and restructuring
charges
- over leveraged and capital intensive
- - Channel and customer issues
- continued channel shift from department stores to mass merchants and
specialty retailers
- pricing pressure resulting from channel consolidation and imports
- retailer issues: product differentiation, inability to pass on price
increases, possible direct sourcing initiatives
- shift of inventory risk from retailers to the mills; supply chain
issues
- continued favorable consumer demographics
- - Imports
- continued and increasing pressure from imports in bedding and towels
(low and high price points); changing quota restrictions
- increased emphasis on global sourcing
- - Recent industry trends/events include:
- softening retail environment and retailer inventory adjustments
resulting in a slow down in sales and higher inventories for the
Company and its competitors
- increasing raw material prices - particularly cotton, energy and grey
cloth
- over capacity and cost pressure resulting in plant shut downs and
restructuring costs (e.g., WestPoint)
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 12
16
- margin pressure from plant standings
- Pillowtex bankruptcy filing
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 13
17
HOME TEXTILE INDUSTRY
TOTAL HOME TEXTILE MARKET GROWTH (1)
[TOTAL HOME TEXTILE MARKET GROWTH PLOTPOINTS]
1998 1999 2000 2001 2002 2003 2004 2005
($bn)
16.3 17.0 17.7 18.5 19.2 20.1 20.9 21.8
2000-2005 CAGR = 4.2%
SOURCE: Company Reports
NOTES:
(1) KSA estimated growth rates
(2) Wholesale value including imports. Data estimates by KSA
US MARKET BY PRODUCT LINE
TREND
1999 SHIPMENTS(2) GROWTH
AMOUNT RATE
PRODUCT LINE ($MM) % TOTAL (%)
------------ ----- ------- ---
Bath Towels 2,482 14.6 4.3
Sheets/Pillowcases 2,463 14.5 3.5
Comforters/Bedspreads 1,717 10.1 5.0
Sleep Pillows 1,133 6.7 3.0
Ready-Made Window Coverings 1,025 6.0 4.0
Bath Rugs 961 5.7 4.0
Shower Curtains 589 3.5 3.0
Down Comforters 432 2.5 5.0
Mattress Pads 341 2.0 4.0
------ ----- ---
SPRINGS' SERVED MARKETS 11,143 65.6 4.0
------ ----- ---
TOTAL SERVED MARKET 17,000 100.0 4.2
====== ===== ===
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IMPORT TRENDS
DIRECT IMPORT MARKET SHARE
1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ----
TOTAL BEDDING
CAGR(1995-2000) 11.7% 12.1% 11.3% 13.3% 16.6% 19.1% 21.0%
TOTAL BATH
CAGR(1995-2000) 11.4% 9.4% 10.1% 11.8% 12.6% 14.4% 16.1%
- - Home textile imports have grown steadily and tend to be concentrated in:
- Specialty products
- high labor content "up-market" goods such as high thread count and
heavily embroidered sheets and bedding
- high volume and low-end functional products
- - Imports beginning to enter into high price point segment
- encouraged by relative labor cost advantage
- encouraged by "big box" retailers in search of low cost supply
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 15
19
COMPETITIVE ANALYSIS
- - Springs' is one of the largest home furnishings company in the United
States with FY 2000 revenues of $2,275 million
- - There are few large competitors in the market and many smaller specialist
players
- - In the three core business segments that Springs' operates in (Bedding,
Bath, Window Fashions), they are number one, two or three in market share
- - Springs' focus on core customers in the specialty retail and mass
merchandiser categories (i.e., Bed Bath & Beyond, Walmart, etc.) has
resulted in stable growth and market share positions
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 16
20
HOME FURNISHINGS MARKET -- 2000 NET SALES (%)
[HOME FURNISHINGS MARKET -- 2000 NET SALES (%) PIECHART]
Springs 25%
West Point 20%
Pillowtex 16%
Dan River 7%
Mohawk 6%
Other 25%
SPRINGS PRODUCT MARKET RANKINGS
PRODUCT CATEGORY MARKET RANK
- ---------------- -----------
Top-of-Bed 1
Canadian Bedding 1
Bath Accessories 1
Shower Curtains 1
Retail Fabrics 1
Bath Rugs 2
Retail Sheets/Pillowcases 2
Bed-In-A-Bag 2
Retail Towels 3
Institutional Towels 3
Hard Window Treatment/Hardware 3
Baby Bedding/Bath 3
-----------
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 17
21
CUSTOMERS
- - 70% of sales are to Springs' top ten customers which are heavily weighted
to the strongest, most dynamically growing retailers in the US
- - These retailers are steadily raising supplier performance and capability
standards -- thereby permitting Springs to develop increasing competitive
advantage versus smaller, undercapitalized, narrow-product-line competitors
- - Large mass merchants and specialty chain customers are actively reducing
their supplier bases and seeking "one-stop shopping" with home furnishings
suppliers with Springs' breadth of product range
- - Retailers demand high standards from full service vendors.
- supply chain execution systems
- low prices
- specification creep
- on time delivery
DISTRIBUTION OF SPRINGS' SALES BY CUSTOMER
[DISTRIBUTION OF SPRINGS' SALES BY CUSTOMER PIECHART]
Wal-Mart 28.1%
Kmart 7.6%
Home Depot 6.0%
LNT 5.0%
BBB 4.5%
Target 4.0%
JC Penneys 3.6%
Sears 3.6%
Lowes 2.8%
Federated 1.9%
All Others 32.9%
Retail Total Gross Sales: $2.5 billion
SOURCE: Company Reports
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 18
22
Pricing Trends
- - Industry prices have increased steadily but at relatively low growth rates
(4.1% or less) over the past 10 years
- - Price increases have, to a certain extent, been counter balanced by
"specification creep" (i.e., larger and heavier weight bath towels for the
same price)
- - EDLP's (Every Day Low Prices - i.e. Wal-Mart) are in constant search of the
lowest prices and at times source from international suppliers in order to
keep prices low
- - Imports have historically focused on low quality products but have
increasingly focused on high-end content with greater variety. This has the
potential to result in price pressure throughout the entire spectrum of the
industry
WHOLESALE TOWEL PRICES (PRICE PER DOZEN)
[WHOLESALE TOWEL PRICES GRAPH]
1990-1999 CAGR
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Domestic Mills 4.1% $16.26 $16.61 $16.7 $16.75 $17.51 $17.62 $19.11 $20.95 $21.63 $23.35
Imports 4.0% $5.28 $5.42 $4.66 $5.22 $5.22 $5.43 $6.01 $6.24 $6.96 $7.52
SOURCE: Company Reports
WHOLESALE SHEET (PRICE PER DOZEN)
[WHOLESALE SHEET GRAPH]
1990-1999 CAGR
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Total Consumption 1.5% $47.31 $49.09 $48.64 $49.22 $49.76 $52.68 $54.30 $53.56 $53.39 $55.04
US Mill Shipments 1.4% $49.49 $51.60 $51.16 $50.40 $51.68 $55.01 $56.83 $56.00 $55.20 $56.73
SOURCE: Company Reports
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 19
23
COST STRUCTURE & PROFITABILITY
COGS AS A % OF SALES
cogs 1997 1998 1999 2000
Springs 81.8 82.4 81.1 81.3
Pillowtex(1) 83.7 81.9 87.6 na
WestPoint 74.7 73.3 73.2 73.9
Dan River 78.1 78.6 81.6 81.6
SG&A AS A % OF SALES
sg&a 1997 1998 1999 2000
Springs 12.0 12.1 12.5 12.1
Pillowtex(1) 9.0 8.5 8.5 na
WestPoint 12.4 12.7 12.6 13.5
Dan River 11.4 11.3 10.3 10.1
EBIT MARGIN (%)
1997 1998 1999 2000
Springs 6 5 6 7
Pillowtex(1) 7 10 4 na
WestPoint 13 14 14 13
Dan River 9 9 8 8
EBITDA MARGIN (%)
ebitda 1997 1998 1999 2000
Springs 9.8 8.7 10.8 11.3
Pillowtex(1) 10.1 13.1 7.9 na
WestPoint 17.6 18.5 18.7 17.1
Dan River 14.8 14.8 14.3 13.9
NOTE:
(1) Filed for bankruptcy 11/14/00
- - Springs has traditionally had lower EBIT and EBITDA margins, along with
higher costs as a percentage of sales, when compared to its peers
- - Evidence of the Company's cost reduction initiatives can be seen in the
improving trend in EBIT and EBITDA margins from 1997 to 2000
- - Springs has smaller, less efficient plants than its peers WestPoint and Dan
River
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 20
24
CAPITAL INTENSITY
EBITDA AS A % OF TANGIBLE ASSETS
1997 1998 1999 2000
Springs 15 14.6 15.5 16.9
Pillowtex(1) 5.1 14.5 8.7 na
WestPoint 23.3 24.9 23.9 22
Dan River 18 12.7 16.1 14.6
CAPITAL EXPENDITURES AS A % OF SALES
1997 1998 1999 2000
Springs 4.5 5.3 4.1 4.7
Pillowtex(1) 3.5 8.8 5.8 na
WestPoint 9.2 8.3 7.9 4.2
Dan River 5.1 7.6 5.8 5.1
NOTE:
(1) Filed for bankruptcy 11/14/00
21
25
Inflation
- - Purchasing and Cost Savings
- Springs is taking a number of measures to cut costs:
- a move from a 5-shift schedule to a 4-shift schedule
- benefits due to investments in PP&E and technology
- source more raw materials internationally
- - Price increases in raw materials are generally not transferable to
retail customers, hence, resulting in margin erosion
COMMODITY PRICES: COTTON (US$) POLYESTER (US$) FIBERFILL (US$)
2000 0.56/lb 0.52/lb 0.40/lb
2001 0.64/lb 0.50/lb 0.42/lb
2002 0.70/lb 0.55/lb 0.46/lb
2003 0.72/lb 0.60/lb 0.50/lb
- Wage rates, energy and chemical prices have also increased, a trend
expected to continue
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 22
26
INFORMATION TECHNOLOGY
- Springs' IT system currently consists of 15 platforms running over 120
applications with over 300 FTE employees
- Annual cost is approximately $66 million driven by:
- quantity and redundancy of systems
- age of hardware and applications (9.5 years)
- large support group and related workload
- Annual IT cost is approximately 2.8% of revenues versus:
- < 2.0% for American manufacturing companies (Gartner Group
sample)
- < 1.5% for textile manufacturing companies (Gartner Group sample)
- Key IT objective for Springs is to develop an IT plan and strategy
congruent with the strategic needs of the Company:
- improved information, better integration and decision support
- supply chain management and connectivity
- customer and brand management
- cost competitive and efficient
- Alternative IT plan scenarios:
- Baseline - $158 million cash outlay over next 3 years
- Required Incremental - $197 million cash outlay over next 3 years
- Integration Program (ERP) - equal to the Required Incremental
cash outlay
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 23
27
HISTORICAL 5-YEAR FINANCIAL SUMMARY
CAGR
1995 - 2000
($MM) 1995 1996 1997 1998 1999 2000 (%)
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATING DATA:
Net Sales 2,223.2 2,221.0 2,226.1 2,180.5 2,220.4 2,275.1 0.5
% Growth 7.5% (0.1)% 0.2% (2.0)% 1.8% 2.5%
EBITDA(1) 232.0 203.2 213.6 191.5 235.3 254.0 1.8
% Margin 10.4% 9.1% 9.1% 8.8% 10.6% 11.2%
EBIT(1) 133.5 113.8 129.0 104.5 134.0 144.1 1.5
% Margin 6.0% 5.1% 5.8% 4.8% 6.0% 6.3%
Net Income(1) 71.6 106.9 78.3 59.6 68.0 72.4 0.2
% Margin 3.2% 4.8% 3.5% 2.7% 3.1% 3.2%
Diluted EPS(1) 3.69 5.18 3.79 3.15 3.74 3.99 1.5
% Growth 0.0% 40.4% (26.8)% (16.9)% 18.7% 6.7%
Diluted Shares Outstanding 19.4 20.6 20.7 18.9 18.2 18.2
Balance Sheet Data:
Cash and Equivalents 2.6 30.7 0.4 48.1 4.2 2.9
Net PP&E 614.0 534.6 540.5 549.7 625.6 617.9 0.1
Total Assets 1,527.5 1,398.5 1,408.7 1,425.5 1,575.0 1,584.0 0.7
Total Debt(2) 361.9 184.6 186.2 289.3 340.2 333.2 (1.6)
Shareholders Equity 734.5 780.8 804.6 724.1 774.9 819.8 2.2
Cash Flow Data:
Depreciation and Amortization 98.5 89.4 84.6 87.0 101.3 109.4 2.1
Capital Expenditures 75.2 75.1 98.5 115.0 166.8 93.3 4.4
- ---------------------------------------------------------------------------------------------------------------------------------
SOURCE: Company Reports
NOTES:
(1) Excludes non-recurring items
(2) Includes short-term and long-term debt
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 24
28
QUALITY OF EARNINGS ANALYSIS
ANALYTICAL ADJUSTMENTS TO EARNINGS
(US$mm, except per share data) FY 1998 FY 1999 FY 2000
- ------------------------------------------------------------------------------------
EBITDA Adjustments:
EBITDA-Reported 191.5 235.3 253.9
"Above the Line" Non-Recurring Items-
Expense (Income) 12.9 0.0 3.1
- ------------------------------------------------------------------------------------
EBITDA-Adjusted 204.4 235.3 257.0
- ------------------------------------------------------------------------------------
EBITDA-Reported-Margin % 8.8 10.6 11.2
EBITDA-Adjusted-Margin % 9.4 10.6 11.3
EBIT Adjustments:
EBIT-Reported 104.5 134.0 144.5
"Above the Line" Non-Recurring Items-
Expense (Income) 12.9 0.0 3.1
- ------------------------------------------------------------------------------------
EBIT-Adjusted 117.4 134.0 147.6
- ------------------------------------------------------------------------------------
EBIT-Reported-Margin % 4.8 6.0 6.4
EBIT-Adjusted-Margin % 5.4 6.0 6.5
Net Income Adjustments:
Net Income to Common-Reported 37.3 69.0 67.1
After-Tax Total Non-Recurring Items-
Expense (Income) 22.0 (1.1) 5.2
- ------------------------------------------------------------------------------------
Net Income to Common-Adjusted 59.3 67.9 72.3
- ------------------------------------------------------------------------------------
Net Income-Reported-Margin % 1.7 3.1 3.0
Net Income-Adjusted-Margin % 2.7 3.1 3.2
Wtd. Avg. Diluted Shares (Class A & Class B) 18.938 18.168 18.160
EPS-Reported 1.97 3.80 3.70
- ------------------------------------------------------------------------------------
EPS-Adjusted 3.13 3.73 3.98
- ------------------------------------------------------------------------------------
SOURCE: Company 10K and internal reports
DETAIL OF ADJUSTMENTS/NON-RECURRING ITEMS
(US$mm, except per share data) FY 1998 FY 1999 FY 2000
- -------------------------------------------------------------------------------------------
Reported Restructuring & Realignment Expenses (Income):
Katherine/Elliott Plants Shutdown -- -- 2.4
Griffin/Jackson Plants Shutdown -- -- 2.9
Rockhill Plant Shutdown and Other 19.9 -- --
- -------------------------------------------------------------------------------------------
Total Restructuring & Realignment Expense (Income) ($) 19.9 0.0 5.3
- -------------------------------------------------------------------------------------------
Effective Tax Rate (%) 36.5 38.0 37.0
- -------------------------------------------------------------------------------------------
After-Tax Restructuring & Realignment Expense (Income) ($) 12.6 0.0 3.3
- -------------------------------------------------------------------------------------------
Other Non-Recurring/One-Time Expenses (Income):
"Above the EBIT Line" Items
Acctg. Change - Supplies Inventory (Gain) -- -- (1.5)
Wisconsin Sales Tax Assessment -- -- 2.5
Blindmaker Receivable Charge-Off -- -- 2.1
Employee Severance Expenses 5.4 -- --
Receivables Charge-Off - Window Fashions 7.5 -- --
- -------------------------------------------------------------------------------------------
Total "Above the EBIT Line" Non-Recurring Items ($) 12.9 0.0 3.1
- -------------------------------------------------------------------------------------------
"Below the EBIT Line" Items
Gain on Sale/Leaseback of NYC Building -- (1.5) (1.8)
Gain on Sale of Closed Mfg. Facilities -- (4.3) --
Impairment Charge-Property for Sale/Disposal 1.2 3.0 1.6
Gain on Sale of UltraSuede & Rockhill Facility (13.9) -- --
Impairment Charge-Terry Mfg. Facility Consolidation 4.8 -- --
Loss on Sale of Industrial Products & Springfield
Facility 2.7 -- --
Year 2000 Expenses 7.1 1.0 --
- -------------------------------------------------------------------------------------------
Total "Below the EBIT Line" Non-Recurring Items 1.9 (1.8) (0.2)
- -------------------------------------------------------------------------------------------
Total Other Non-Recurring Items ($) 14.8 (1.8) 2.9
Grand Total Non-Recurring Items ($) 34.7 (1.8) 8.2
Effective Tax Rate (%) 36.5 38.0 37.0
- -------------------------------------------------------------------------------------------
After-Tax Grand Total Non-Recurring Items ($) 22.0 (1.1) 5.2
- -------------------------------------------------------------------------------------------
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 25
29
FYE 2000 Balance Sheet
Assets FYE 2000
- ---------------------------------------------------------
Current Assets:
Cash and Cash Equivalents 2.9
Accounts Receivable, net 291.1
Inventories, net 508.1
Other 34.4
- ---------------------------------------------------------
Total Current Assets 836.4
- ---------------------------------------------------------
Property, Plant & Equipment, net 617.9
Goodwill and Other Assets 129.9
=========================================================
TOTAL ASSETS 1,584.1
=========================================================
Liabilities & Shareholders' Equity FYE 2000
- ---------------------------------------------------------
Current Liabilities:
Short-Term Borrowings 24.7
Current Maturities of Long-Term Debt 25.2
Accounts Payable 106.7
Other Accrued Liabilities 114.4
- ---------------------------------------------------------
Total Current Liabilities 271.0
- ---------------------------------------------------------
Noncurrent Liabilities:
Long-Term Debt 283.3
Accrued Benefits and Deferred Compensation 176.1
Other 34.0
- ---------------------------------------------------------
Total Noncurrent Liabilities 493.4
- ---------------------------------------------------------
Total Shareholders' Equity 819.8
=========================================================
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 1,584.1
=========================================================
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 26
30
SPRINGS STOCK PRICE HISTORY -- ANNOTATED -- LAST TWELVE MONTHS
SMI
PRICE VOLUME
3/16/00 37.56 93.30
3/17/00 37.94 85.00
3/20/00 37.25 62.20
3/21/00 38.06 85.10
3/22/00 38.13 75.40
3/23/00 38.13 45.00
3/24/00 38.13 40.90
3/27/00 37.63 176.30
3/28/00 37.88 54.00
3/29/00 38.00 27.70
3/30/00 38.38 39.70
3/31/00 38.00 64.70
4/3/00 38.50 33.60
4/4/00 38.31 61.80
4/5/00 38.44 53.20
4/6/00 39.19 37.70
4/7/00 39.19 62.80
4/10/00 38.75 33.50
4/11/00 40.06 66.90
4/12/00 40.06 70.10
4/13/00 38.94 39.60
4/14/00 38.19 72.10
4/17/00 38.69 68.20
4/18/00 39.00 60.00
4/19/00 40.38 88.10
4/20/00 41.75 96.20
4/24/00 42.06 101.90
4/25/00 43.19 98.40
4/26/00 43.19 40.70
4/27/00 42.06 59.50
4/28/00 41.06 141.20
5/1/00 43.50 154.80
5/2/00 45.63 174.90
5/3/00 47.06 214.60
5/4/00 48.56 161.50
5/5/00 47.38 166.20
5/8/00 47.38 142.00
5/9/00 46.94 273.40
5/10/00 47.44 232.40
5/11/00 48.81 119.50
5/12/00 48.19 113.20
5/15/00 47.06 108.20
5/16/00 47.25 161.40
5/17/00 47.00 50.90
5/18/00 46.81 93.60
5/19/00 46.50 101.30
5/22/00 46.31 105.00
5/23/00 45.19 84.90
5/24/00 46.56 191.80
5/25/00 46.31 179.90
5/26/00 47.25 105.80
5/30/00 47.44 61.00
5/31/00 47.50 167.70
6/1/00 43.88 390.70
6/2/00 42.38 208.80
6/5/00 42.94 158.20
6/6/00 41.88 299.50
6/7/00 41.63 110.40
6/8/00 39.94 147.00
6/9/00 39.88 57.60
6/12/00 39.94 76.10
6/13/00 38.75 138.10
6/14/00 39.25 127.60
6/15/00 39.50 74.90
6/16/00 39.56 150.60
6/19/00 35.88 243.00
6/20/00 35.81 231.30
6/21/00 34.69 224.50
6/22/00 34.31 121.20
6/23/00 34.00 94.00
6/26/00 34.25 161.50
6/27/00 33.44 214.30
6/28/00 34.06 397.70
6/29/00 34.38 76.90
6/30/00 32.00 213.80
7/3/00 32.63 48.70
7/5/00 32.75 87.50
7/6/00 31.56 221.50
7/7/00 31.75 72.20
7/10/00 31.75 143.60
7/11/00 32.31 102.60
7/12/00 32.13 91.60
7/13/00 31.88 78.80
7/14/00 32.06 62.30
7/17/00 32.31 60.80
7/18/00 31.50 74.60
7/19/00 31.38 36.70
7/20/00 32.88 153.40
7/21/00 34.06 194.20
7/24/00 33.63 80.60
7/25/00 33.31 80.60
7/26/00 33.06 88.80
7/27/00 32.88 75.60
7/28/00 32.44 48.60
7/31/00 32.25 44.70
8/1/00 31.75 66.50
8/2/00 32.13 29.40
8/3/00 31.88 61.90
8/4/00 31.56 83.40
8/7/00 32.19 51.40
8/8/00 31.94 122.40
8/9/00 31.69 95.20
8/10/00 31.75 37.00
8/11/00 31.81 29.10
8/14/00 32.13 20.10
8/15/00 31.31 48.60
8/16/00 31.13 27.90
8/17/00 31.56 24.70
8/18/00 31.44 27.60
8/21/00 31.00 30.80
8/22/00 31.75 69.50
8/23/00 31.38 40.30
8/24/00 31.56 31.20
8/25/00 31.31 34.80
8/28/00 30.75 43.70
8/29/00 30.00 46.70
8/30/00 30.06 41.10
8/31/00 29.88 33.60
9/1/00 29.81 33.50
9/5/00 29.69 77.80
9/6/00 31.25 66.90
9/7/00 31.25 31.40
9/8/00 31.13 34.70
9/11/00 30.06 30.20
9/12/00 29.63 42.50
9/13/00 29.19 39.00
9/14/00 29.44 30.40
9/15/00 28.88 53.90
9/18/00 28.63 40.70
9/19/00 28.94 36.20
9/20/00 28.19 109.70
9/21/00 27.88 72.60
9/22/00 27.50 97.30
9/25/00 27.38 48.30
9/26/00 27.13 48.10
9/27/00 27.19 33.50
9/28/00 27.50 76.10
9/29/00 28.19 52.60
10/2/00 27.88 33.20
10/3/00 28.38 70.50
10/4/00 28.81 75.00
10/5/00 28.94 48.50
10/6/00 27.13 89.30
10/9/00 27.06 31.30
10/10/00 26.94 21.90
10/11/00 26.06 49.70
10/12/00 25.63 64.10
10/13/00 25.44 47.10
10/16/00 25.38 47.80
10/17/00 24.56 35.00
10/18/00 24.06 86.00
10/19/00 23.94 118.10
10/20/00 23.00 138.20
10/23/00 22.63 145.80
10/24/00 22.75 47.80
10/25/00 22.88 93.30
10/26/00 22.75 84.60
10/27/00 23.00 103.30
10/30/00 23.44 71.40
10/31/00 23.56 79.10
11/1/00 23.50 112.10
11/2/00 23.75 113.90
11/3/00 23.75 70.30
11/6/00 24.81 102.80
11/7/00 25.38 107.10
11/8/00 26.63 138.60
11/9/00 25.88 84.40
11/10/00 25.56 57.00
11/13/00 26.31 100.10
11/14/00 26.44 62.50
11/15/00 26.19 65.20
11/16/00 25.75 99.90
11/17/00 26.81 83.40
11/20/00 26.94 140.70
11/21/00 27.44 110.00
11/22/00 27.13 96.30
11/24/00 27.88 55.80
11/27/00 28.06 78.10
11/28/00 27.81 70.60
11/29/00 27.81 53.40
11/30/00 27.25 73.50
12/1/00 27.81 68.70
12/4/00 27.88 80.90
12/5/00 28.25 37.00
12/6/00 26.00 313.20
12/7/00 23.94 319.70
12/8/00 24.31 226.90
12/11/00 27.00 1838.20
12/12/00 28.75 593.80
12/13/00 29.19 201.70
12/14/00 28.00 114.40
12/15/00 27.56 71.80
12/18/00 28.13 121.20
12/19/00 28.75 92.30
12/20/00 28.38 87.20
12/21/00 28.13 87.10
12/22/00 30.19 99.60
12/26/00 30.06 76.30
12/27/00 31.13 42.10
12/28/00 31.63 87.30
12/29/00 32.44 83.50
1/2/01 30.94 130.50
1/3/01 31.81 168.90
1/4/01 31.94 103.10
1/5/01 30.63 83.90
1/8/01 31.94 87.80
1/9/01 31.56 131.60
1/10/01 31.88 99.90
1/11/01 32.06 140.80
1/12/01 31.94 67.30
1/16/01 32.31 76.30
1/17/01 33.13 96.00
1/18/01 33.31 58.90
1/19/01 33.19 69.00
1/22/01 32.19 76.60
1/23/01 34.50 78.80
1/24/01 33.56 61.80
1/25/01 34.19 44.20
1/26/01 33.88 50.80
1/29/01 34.14 33.60
1/30/01 34.15 37.50
1/31/01 35.38 47.80
2/1/01 35.18 140.60
2/2/01 36.00 99.70
2/5/01 36.35 56.60
2/6/01 36.69 65.50
2/7/01 37.23 37.10
2/8/01 36.11 100.50
2/9/01 36.28 48.50
2/12/01 36.60 100.10
2/13/01 37.50 55.70
2/14/01 36.72 73.40
2/15/01 36.44 36.20
2/16/01 36.10 25.90
2/20/01 43.82 1000.10
2/21/01 43.73 413.80
2/22/01 44.45 418.00
2/23/01 45.15 371.90
2/26/01 45.20 101.30
2/27/01 44.95 111.90
2/28/01 44.61 95.30
3/1/01 44.87 106.00
3/2/01 44.69 101.40
3/5/01 44.65 107.30
3/6/01 44.64 125.60
3/7/01 44.55 178.80
3/8/01 44.50 103.20
3/9/01 44.51 65.00
3/12/01 44.55 86.4
3/13/01 44.65 107.3
3/14/01 43.75 228.6
3/15/01 43.87 50.1
SOURCE: Factset
ANNOTATIONS
A Springs announces record first quarter sales & net income
B WestPoint announces proposed recapitalization plan
C WestPoint announces termination of recapitalization plan
D Springs cut to "Hold" from "Buy" at First Union and CSFB
E Springs reports record second quarter sales & net income
F CSFB raises estimates after Springs beats second quarter estimates
G Springs announces third quarter results of $1.00 vs. the Company's
$1.02 estimate
H Springs Industries eliminates some production in two plants affecting
320 people
I Springs acquires Maybank's yarn mill in Georgia
J Springs announces fourth quarter earnings of $0.61 vs. the Company's
$0.65 estimate
K Springs announces proposal from Heartland
L Springs cut to "Neutral" from "Buy" at Wachovia Securities
SELECTED STATISTICS (1)(2) ($)
- --------------------------------------------------
Pre-announcement Price (2/16/01) 36.10
30 Day Average 35.05
90 Day Average 31.21
52 Week Average 33.70
52 Week High 48.81
52 Week Low 22.63
NOTE:
(1) Statistics at or prior to 2/16/01
(2) Closing Prices
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 27
31
Springs Stock Price History -- Last Three Years
3/16/98 - 3/16/01
DATE SMI S&P 500
---- --- -------
03/16/1998 100.00 100.00
03/17/1998 100.89 100.11
03/18/1998 100.00 100.58
03/19/1998 101.56 100.97
03/20/1998 101.78 101.84
03/23/1998 100.45 101.51
03/24/1998 101.00 102.44
03/25/1998 98.11 102.10
03/26/1998 99.44 101.99
03/27/1998 99.55 101.50
03/30/1998 98.89 101.32
03/31/1998 98.22 102.08
04/01/1998 98.33 102.68
04/02/1998 99.44 103.77
04/03/1998 97.88 104.02
04/06/1998 97.44 103.90
04/07/1998 96.33 102.81
04/08/1998 96.77 102.07
04/09/1998 98.33 102.91
04/13/1998 98.55 102.82
04/14/1998 99.33 103.38
04/15/1998 100.11 103.71
04/16/1998 99.78 102.68
04/17/1998 99.67 104.03
04/20/1998 99.44 104.11
04/21/1998 96.99 104.39
04/22/1998 96.88 104.75
04/23/1998 96.33 103.73
04/24/1998 95.32 102.65
04/27/1998 96.44 100.67
04/28/1998 97.66 100.54
04/29/1998 97.33 101.42
04/30/1998 98.11 103.01
05/01/1998 98.22 103.87
05/04/1998 98.00 103.97
05/05/1998 97.77 103.36
05/06/1998 97.66 102.38
05/07/1998 98.44 101.47
05/08/1998 99.55 102.67
05/11/1998 99.67 102.54
05/12/1998 100.78 103.38
05/13/1998 100.67 103.67
05/14/1998 99.44 103.53
05/15/1998 99.33 102.73
05/18/1998 99.33 102.46
05/19/1998 100.22 102.80
05/20/1998 100.45 103.69
05/21/1998 100.67 103.28
05/22/1998 99.78 102.89
05/26/1998 99.00 101.37
05/27/1998 98.55 101.20
05/28/1998 100.22 101.70
05/29/1998 100.00 101.07
06/01/1998 99.33 101.09
06/02/1998 99.00 101.29
06/03/1998 99.89 100.32
06/04/1998 101.34 101.44
06/05/1998 102.56 103.20
06/08/1998 102.23 103.38
06/09/1998 108.24 103.63
06/10/1998 104.90 103.06
06/11/1998 103.45 101.42
06/12/1998 102.34 101.81
06/15/1998 100.22 99.79
06/16/1998 86.86 100.77
06/17/1998 87.31 102.58
06/18/1998 85.75 102.51
06/19/1998 85.63 101.98
06/22/1998 85.08 102.22
06/23/1998 84.74 103.73
06/24/1998 82.52 104.97
06/25/1998 82.85 104.63
06/26/1998 83.30 105.00
06/29/1998 80.73 105.49
06/30/1998 82.18 105.06
07/01/1998 83.85 106.42
07/02/1998 82.74 106.22
07/06/1998 81.85 107.23
07/07/1998 79.51 106.99
07/08/1998 77.51 108.07
07/09/1998 76.50 107.35
07/10/1998 76.39 107.88
07/13/1998 76.28 107.96
07/14/1998 76.39 109.11
07/15/1998 74.83 108.85
07/16/1998 74.72 109.70
07/17/1998 75.17 109.96
07/20/1998 75.28 109.71
07/21/1998 74.72 107.95
07/22/1998 73.83 107.86
07/23/1998 72.49 105.60
07/24/1998 71.49 105.70
07/27/1998 70.71 106.30
07/28/1998 70.27 104.72
07/29/1998 71.71 104.26
07/30/1998 71.27 105.90
07/31/1998 68.26 103.84
08/03/1998 68.37 103.07
08/04/1998 66.37 99.34
08/05/1998 65.48 100.20
08/06/1998 64.59 100.96
08/07/1998 66.82 100.94
08/10/1998 66.15 100.36
08/11/1998 64.25 99.05
08/12/1998 65.14 100.46
08/13/1998 63.36 99.60
08/14/1998 65.59 98.47
08/17/1998 64.81 100.41
08/18/1998 65.37 102.03
08/19/1998 65.26 101.74
08/20/1998 65.48 101.14
08/21/1998 64.81 100.18
08/24/1998 65.37 100.82
08/25/1998 64.03 101.26
08/26/1998 61.92 100.46
08/27/1998 60.36 96.60
08/28/1998 60.13 95.17
08/31/1998 58.91 88.70
09/01/1998 61.92 92.12
09/02/1998 61.69 91.77
09/03/1998 60.02 91.01
09/04/1998 58.02 90.24
09/08/1998 65.70 94.83
09/09/1998 59.69 93.23
09/10/1998 58.69 90.82
09/11/1998 59.02 93.49
09/14/1998 59.80 95.41
09/15/1998 58.91 96.15
09/16/1998 61.47 96.87
09/17/1998 59.58 94.40
09/18/1998 62.14 94.52
09/21/1998 62.69 94.87
09/22/1998 60.36 95.40
09/23/1998 63.25 98.78
09/24/1998 63.47 96.61
09/25/1998 63.70 96.80
09/28/1998 66.48 97.17
09/29/1998 64.37 97.20
09/30/1998 61.92 94.23
10/01/1998 58.24 91.39
10/02/1998 59.69 92.90
10/05/1998 60.47 91.60
10/06/1998 58.35 91.23
10/07/1998 59.58 89.94
10/08/1998 58.24 88.90
10/09/1998 57.02 91.21
10/12/1998 58.02 92.44
10/13/1998 59.24 92.17
10/14/1998 58.24 93.17
10/15/1998 59.35 97.06
10/16/1998 58.80 97.88
10/19/1998 61.25 98.44
10/20/1998 61.47 98.58
10/21/1998 63.14 99.13
10/22/1998 61.92 99.93
10/23/1998 61.69 99.20
10/26/1998 62.92 99.36
10/27/1998 64.03 98.71
10/28/1998 63.25 98.96
10/29/1998 62.58 100.62
10/30/1998 63.03 101.80
11/02/1998 66.93 103.00
11/03/1998 67.26 102.93
11/04/1998 68.04 103.65
11/05/1998 68.26 105.06
11/06/1998 70.27 105.72
11/09/1998 70.82 104.72
11/10/1998 70.27 104.54
11/11/1998 71.16 103.86
11/12/1998 71.49 103.56
11/13/1998 74.05 104.30
11/16/1998 72.16 105.24
11/17/1998 71.94 105.56
11/18/1998 68.71 106.04
11/19/1998 69.04 106.80
11/20/1998 69.04 107.81
11/23/1998 68.60 110.09
11/24/1998 66.48 109.61
11/25/1998 70.71 109.97
11/27/1998 68.82 110.48
11/30/1998 69.38 107.82
12/01/1998 70.49 108.90
12/02/1998 74.83 108.52
12/03/1998 72.94 106.57
12/04/1998 69.27 109.03
12/07/1998 69.49 110.05
12/08/1998 67.71 109.46
12/09/1998 69.93 109.66
12/10/1998 67.48 107.95
12/11/1998 67.48 108.08
12/14/1998 65.59 105.74
12/15/1998 68.82 107.74
12/16/1998 70.16 107.66
12/17/1998 72.83 109.33
12/18/1998 70.60 110.08
12/21/1998 70.94 111.45
12/22/1998 69.71 111.52
12/23/1998 69.49 113.83
12/24/1998 70.82 113.62
12/28/1998 71.38 113.55
12/29/1998 74.61 115.06
12/30/1998 73.05 114.14
12/31/1998 73.83 113.89
01/04/1999 75.17 113.79
01/05/1999 73.61 115.34
01/06/1999 72.27 117.89
01/07/1999 72.16 117.65
01/08/1999 71.38 118.14
01/11/1999 73.05 117.11
01/12/1999 71.49 114.85
01/13/1999 71.16 114.37
01/14/1999 71.27 112.32
01/15/1999 73.39 115.19
01/19/1999 73.72 116.00
01/20/1999 75.72 116.43
01/21/1999 72.38 114.44
01/22/1999 71.27 113.52
01/25/1999 71.60 114.33
01/26/1999 71.05 116.03
01/27/1999 69.60 115.19
01/28/1999 73.94 117.24
01/29/1999 74.39 118.57
02/01/1999 70.60 117.95
02/02/1999 70.27 116.93
02/03/1999 74.39 117.86
02/04/1999 69.49 115.68
02/05/1999 68.37 114.84
02/08/1999 67.26 115.24
02/09/1999 66.70 112.68
02/10/1999 65.03 113.37
02/11/1999 65.48 116.19
02/12/1999 65.37 113.98
02/16/1999 64.37 115.07
02/17/1999 63.25 113.41
02/18/1999 63.70 114.64
02/19/1999 62.58 114.82
02/22/1999 60.69 117.87
02/23/1999 59.02 117.78
02/24/1999 56.68 116.14
02/25/1999 59.13 115.36
02/26/1999 59.24 114.74
03/01/1999 56.90 114.54
03/02/1999 57.02 113.55
03/03/1999 57.46 113.75
03/04/1999 58.13 115.51
03/05/1999 57.80 118.18
03/08/1999 57.91 118.85
03/09/1999 57.13 118.58
03/10/1999 57.02 119.23
03/11/1999 56.68 120.24
03/12/1999 56.57 119.95
03/15/1999 54.79 121.12
03/16/1999 56.46 121.04
03/17/1999 57.13 120.25
03/18/1999 59.58 121.99
03/19/1999 56.68 120.39
03/22/1999 56.01 120.17
03/23/1999 53.34 116.94
03/24/1999 53.23 117.54
03/25/1999 53.79 119.52
03/26/1999 51.78 118.86
03/29/1999 52.12 121.39
03/30/1999 52.00 120.52
03/31/1999 48.22 119.19
04/01/1999 49.00 119.87
04/05/1999 49.55 122.41
04/06/1999 50.22 122.11
04/07/1999 50.78 122.94
04/08/1999 49.55 124.53
04/09/1999 52.12 124.93
04/12/1999 52.12 125.89
04/13/1999 51.67 125.07
04/14/1999 52.12 123.09
04/15/1999 52.78 122.57
04/16/1999 54.23 122.21
04/19/1999 57.13 119.48
04/20/1999 61.58 121.02
04/21/1999 65.92 123.80
04/22/1999 64.03 125.90
04/23/1999 64.92 125.72
04/26/1999 64.48 126.01
04/27/1999 63.81 126.27
04/28/1999 65.14 125.17
04/29/1999 67.71 124.42
04/30/1999 66.59 123.71
05/03/1999 71.60 125.51
05/04/1999 71.38 123.42
05/05/1999 72.38 124.84
05/06/1999 72.16 123.42
05/07/1999 73.27 124.62
05/10/1999 75.61 124.19
05/11/1999 74.72 125.60
05/12/1999 74.39 126.38
05/13/1999 76.50 126.71
05/14/1999 73.94 123.95
05/17/1999 73.27 124.11
05/18/1999 71.60 123.54
05/19/1999 70.94 124.55
05/20/1999 73.61 124.05
05/21/1999 77.51 123.26
05/24/1999 73.83 121.07
05/25/1999 72.16 119.01
05/26/1999 72.05 120.89
05/27/1999 70.27 118.73
05/28/1999 70.60 120.62
06/01/1999 69.38 119.92
06/02/1999 74.05 119.97
06/03/1999 74.83 120.41
06/04/1999 74.83 123.02
06/07/1999 74.83 123.65
06/08/1999 73.05 122.06
06/09/1999 71.16 122.18
06/10/1999 70.60 120.71
06/11/1999 68.49 119.86
06/14/1999 69.04 119.90
06/15/1999 68.71 120.56
06/16/1999 67.37 123.27
06/17/1999 68.93 124.15
06/18/1999 68.04 124.42
06/21/1999 68.82 124.99
06/22/1999 69.71 123.78
06/23/1999 70.38 123.52
06/24/1999 70.71 121.91
06/25/1999 71.71 121.87
06/28/1999 72.61 123.36
06/29/1999 75.61 125.22
06/30/1999 77.73 127.19
07/01/1999 76.39 127.95
07/02/1999 76.28 128.90
07/06/1999 77.17 128.62
07/07/1999 77.06 129.33
07/08/1999 75.50 129.20
07/09/1999 75.06 130.02
07/12/1999 73.72 129.63
07/13/1999 74.50 129.12
07/14/1999 72.61 129.55
07/15/1999 74.39 130.61
07/16/1999 73.72 131.46
07/19/1999 72.38 130.43
07/20/1999 73.94 127.60
07/21/1999 73.94 127.80
07/22/1999 73.83 126.10
07/23/1999 73.27 125.73
07/26/1999 73.39 124.88
07/27/1999 72.94 126.27
07/28/1999 72.38 126.51
07/29/1999 71.49 124.25
07/30/1999 70.82 123.11
08/02/1999 70.49 123.05
08/03/1999 69.49 122.51
08/04/1999 69.71 120.95
08/05/1999 70.82 121.72
08/06/1999 71.49 120.48
08/09/1999 71.27 120.25
08/10/1999 71.16 118.73
08/11/1999 70.82 120.63
08/12/1999 70.16 120.28
08/13/1999 71.71 123.02
08/16/1999 71.49 123.30
08/17/1999 70.38 124.54
08/18/1999 70.16 123.49
08/19/1999 70.38 122.64
08/20/1999 70.27 123.84
08/23/1999 70.27 126.03
08/24/1999 70.04 126.34
08/25/1999 70.49 128.03
08/26/1999 69.60 126.20
08/27/1999 68.49 124.92
08/30/1999 67.15 122.68
08/31/1999 66.93 122.34
09/01/1999 68.37 123.33
09/02/1999 67.26 122.22
09/03/1999 69.27 125.76
09/07/1999 69.27 125.13
09/08/1999 68.82 124.54
09/09/1999 68.82 124.87
09/10/1999 68.60 125.24
09/13/1999 66.59 124.54
09/14/1999 66.04 123.81
09/15/1999 66.26 122.12
09/16/1999 64.03 122.16
09/17/1999 63.70 123.73
09/20/1999 64.25 123.74
09/21/1999 63.14 121.15
09/22/1999 62.81 121.43
09/23/1999 60.36 118.64
09/24/1999 60.02 118.35
09/27/1999 60.36 118.91
09/28/1999 60.47 118.80
09/29/1999 60.02 117.52
09/30/1999 60.47 118.85
10/01/1999 60.36 118.86
10/04/1999 60.13 120.88
10/05/1999 60.13 120.58
10/06/1999 60.47 122.81
10/07/1999 60.58 122.09
10/08/1999 60.36 123.79
10/11/1999 60.36 123.71
10/12/1999 59.80 121.66
10/13/1999 60.36 119.11
10/14/1999 60.25 118.92
10/15/1999 59.58 115.58
10/18/1999 59.13 116.20
10/19/1999 58.80 116.87
10/20/1999 58.69 119.47
10/21/1999 63.59 118.93
10/22/1999 68.71 120.60
10/25/1999 70.60 119.86
10/26/1999 70.16 118.78
10/27/1999 70.27 120.15
10/28/1999 70.04 124.38
10/29/1999 70.94 126.28
11/01/1999 70.94 125.47
11/02/1999 71.38 124.88
11/03/1999 72.61 125.54
11/04/1999 74.94 126.26
11/05/1999 75.61 126.96
11/08/1999 77.39 127.59
11/09/1999 75.84 126.50
11/10/1999 74.16 127.26
11/11/1999 73.39 128.00
11/12/1999 74.39 129.35
11/15/1999 70.16 129.20
11/16/1999 72.72 131.58
11/17/1999 71.49 130.71
11/18/1999 73.50 132.03
11/19/1999 72.49 131.76
11/22/1999 70.94 131.66
11/23/1999 70.49 130.15
11/24/1999 68.82 131.30
11/26/1999 71.05 131.26
11/29/1999 70.82 130.44
11/30/1999 71.27 128.69
12/01/1999 69.71 129.51
12/02/1999 70.16 130.55
12/03/1999 70.60 132.80
12/06/1999 68.15 131.88
12/07/1999 68.15 130.57
12/08/1999 67.37 130.08
12/09/1999 67.59 130.47
12/10/1999 68.60 131.30
12/13/1999 68.60 131.13
12/14/1999 68.26 130.01
12/15/1999 68.37 130.95
12/16/1999 66.48 131.46
12/17/1999 67.48 131.67
12/20/1999 69.04 131.39
12/21/1999 67.59 132.81
12/22/1999 70.27 133.06
12/23/1999 69.82 135.12
12/27/1999 72.49 135.01
12/28/1999 69.93 135.06
12/29/1999 70.38 135.60
12/30/1999 70.94 135.69
12/31/1999 71.16 136.13
01/03/2000 71.05 134.83
01/04/2000 67.93 129.66
01/05/2000 70.04 129.91
01/06/2000 69.04 130.04
01/07/2000 68.93 133.56
01/10/2000 68.93 135.05
01/11/2000 69.82 133.29
01/12/2000 71.16 132.71
01/13/2000 70.38 134.32
01/14/2000 70.71 135.75
01/18/2000 70.60 134.83
01/19/2000 69.93 134.90
01/20/2000 68.15 133.94
01/21/2000 67.15 133.55
01/24/2000 66.70 129.86
01/25/2000 67.59 130.65
01/26/2000 65.70 130.10
01/27/2000 66.04 129.58
01/28/2000 65.81 126.03
01/31/2000 64.81 129.20
02/01/2000 65.59 130.58
02/02/2000 66.26 130.56
02/03/2000 69.15 132.03
02/04/2000 67.48 131.98
02/07/2000 68.37 131.96
02/08/2000 67.93 133.59
02/09/2000 70.71 130.80
02/10/2000 70.38 131.28
02/11/2000 70.04 128.52
02/14/2000 70.16 128.79
02/15/2000 70.16 129.91
02/16/2000 70.94 128.57
02/17/2000 70.04 128.63
02/18/2000 69.04 124.72
02/22/2000 68.71 125.29
02/23/2000 68.60 126.08
02/24/2000 63.14 125.40
02/25/2000 61.14 123.54
02/28/2000 60.58 124.90
02/29/2000 63.14 126.61
03/01/2000 62.81 127.79
03/02/2000 66.26 128.03
03/03/2000 66.59 130.57
03/06/2000 64.81 128.91
03/07/2000 63.81 125.61
03/08/2000 64.48 126.63
03/09/2000 66.82 129.87
03/10/2000 65.59 129.26
03/13/2000 63.47 128.20
03/14/2000 61.80 125.93
03/15/2000 63.03 128.99
03/16/2000 66.93 135.13
03/17/2000 67.59 135.69
03/20/2000 66.37 134.96
03/21/2000 67.82 138.41
03/22/2000 67.93 139.04
03/23/2000 67.93 141.52
03/24/2000 67.93 141.53
03/27/2000 67.04 141.19
03/28/2000 67.48 139.70
03/29/2000 67.71 139.77
03/30/2000 68.37 137.86
03/31/2000 67.71 138.85
04/03/2000 68.60 139.54
04/04/2000 68.26 138.49
04/05/2000 68.49 137.81
04/06/2000 69.82 139.11
04/07/2000 69.82 140.50
04/10/2000 69.04 139.40
04/11/2000 71.38 139.04
04/12/2000 71.38 135.94
04/13/2000 69.38 133.47
04/14/2000 68.04 125.69
04/17/2000 68.93 129.85
04/18/2000 69.49 133.57
04/19/2000 71.94 132.26
04/20/2000 74.39 132.92
04/24/2000 74.94 132.48
04/25/2000 76.95 136.89
04/26/2000 76.95 135.37
04/27/2000 74.94 135.73
04/28/2000 73.16 134.58
05/01/2000 77.51 136.04
05/02/2000 81.29 134.01
05/03/2000 83.85 131.12
05/04/2000 86.53 130.60
05/05/2000 84.41 132.74
05/08/2000 84.41 131.96
05/09/2000 83.63 130.84
05/10/2000 84.52 128.15
05/11/2000 86.97 130.44
05/12/2000 85.86 131.66
05/15/2000 83.85 134.57
05/16/2000 84.19 135.84
05/17/2000 83.74 134.15
05/18/2000 83.41 133.17
05/19/2000 82.85 130.36
05/22/2000 82.52 129.78
05/23/2000 80.51 127.30
05/24/2000 82.96 129.63
05/25/2000 82.52 128.01
05/26/2000 84.19 127.68
05/30/2000 84.52 131.80
05/31/2000 84.63 131.63
06/01/2000 78.17 134.24
06/02/2000 75.50 136.88
06/05/2000 76.50 135.98
06/06/2000 74.61 135.08
06/07/2000 74.16 136.33
06/08/2000 71.16 135.43
06/09/2000 71.05 134.99
06/12/2000 71.16 133.98
06/13/2000 69.04 136.15
06/14/2000 69.93 136.25
06/15/2000 70.38 137.01
06/16/2000 70.49 135.69
06/19/2000 63.92 137.69
06/20/2000 63.81 136.75
06/21/2000 61.80 137.05
06/22/2000 61.14 134.55
06/23/2000 60.58 133.56
06/26/2000 61.02 134.84
06/27/2000 59.58 134.40
06/28/2000 60.69 134.80
06/29/2000 61.25 133.65
06/30/2000 57.02 134.78
07/03/2000 58.13 136.16
07/05/2000 58.35 134.00
07/06/2000 56.24 134.97
07/07/2000 56.57 137.03
07/10/2000 56.57 136.72
07/11/2000 57.57 137.21
07/12/2000 57.24 138.33
07/13/2000 56.79 138.60
07/14/2000 57.13 139.91
07/17/2000 57.57 139.95
07/18/2000 56.12 138.40
07/19/2000 55.90 137.31
07/20/2000 58.57 138.57
07/21/2000 60.69 137.15
07/24/2000 59.91 135.67
07/25/2000 59.35 136.62
07/26/2000 58.91 134.57
07/27/2000 58.57 134.31
07/28/2000 57.80 131.56
07/31/2000 57.46 132.57
08/01/2000 56.57 133.25
08/02/2000 57.24 133.30
08/03/2000 56.79 134.59
08/04/2000 56.24 135.55
08/07/2000 57.35 137.07
08/08/2000 56.90 137.39
08/09/2000 56.46 136.47
08/10/2000 56.57 135.30
08/11/2000 56.68 136.37
08/14/2000 57.24 138.20
08/15/2000 55.79 137.54
08/16/2000 55.46 137.12
08/17/2000 56.24 138.62
08/18/2000 56.01 138.22
08/21/2000 55.23 138.93
08/22/2000 56.57 138.81
08/23/2000 55.90 139.54
08/24/2000 56.24 139.75
08/25/2000 55.79 139.58
08/28/2000 54.79 140.29
08/29/2000 53.45 139.89
08/30/2000 53.56 139.22
08/31/2000 53.23 140.62
09/01/2000 53.12 140.91
09/05/2000 52.90 139.64
09/06/2000 55.68 138.26
09/07/2000 55.68 139.22
09/08/2000 55.46 138.47
09/11/2000 53.56 137.99
09/12/2000 52.78 137.31
09/13/2000 52.00 137.58
09/14/2000 52.45 137.21
09/15/2000 51.45 135.82
09/18/2000 51.00 133.84
09/19/2000 51.56 135.27
09/20/2000 50.22 134.47
09/21/2000 49.67 134.26
09/22/2000 49.00 134.23
09/25/2000 48.78 133.33
09/26/2000 48.33 132.24
09/27/2000 48.44 132.18
09/28/2000 49.00 135.12
09/29/2000 50.22 133.10
10/02/2000 49.67 133.07
10/03/2000 50.56 132.17
10/04/2000 51.34 132.90
10/05/2000 51.56 133.08
10/06/2000 48.33 130.55
10/09/2000 48.22 129.91
10/10/2000 48.00 128.51
10/11/2000 46.44 126.44
10/12/2000 45.66 123.21
10/13/2000 45.32 127.32
10/16/2000 45.21 127.37
10/17/2000 43.76 125.08
10/18/2000 42.87 124.36
10/19/2000 42.65 128.68
10/20/2000 40.98 129.43
10/23/2000 40.31 129.33
10/24/2000 40.53 129.54
10/25/2000 40.76 126.47
10/26/2000 40.53 126.42
10/27/2000 40.98 127.83
10/30/2000 41.76 129.59
10/31/2000 41.98 132.44
11/01/2000 41.87 131.68
11/02/2000 42.32 132.34
11/03/2000 42.32 132.19
11/06/2000 44.21 132.70
11/07/2000 45.21 132.67
11/08/2000 47.44 130.58
11/09/2000 46.10 129.73
11/10/2000 45.55 126.57
11/13/2000 46.88 125.20
11/14/2000 47.10 128.14
11/15/2000 46.66 128.77
11/16/2000 45.88 127.15
11/17/2000 47.77 126.73
11/20/2000 48.00 124.40
11/21/2000 48.89 124.84
11/22/2000 48.33 122.52
11/24/2000 49.67 124.32
11/27/2000 50.00 124.99
11/28/2000 49.55 123.80
11/29/2000 49.55 124.33
11/30/2000 48.55 121.84
12/01/2000 49.55 121.86
12/04/2000 49.67 122.77
12/05/2000 50.33 127.54
12/06/2000 46.33 125.22
12/07/2000 42.65 124.49
12/08/2000 43.32 126.93
12/11/2000 48.11 127.88
12/12/2000 51.22 127.05
12/13/2000 52.00 126.01
12/14/2000 49.89 124.24
12/15/2000 49.11 121.58
12/18/2000 50.11 122.56
12/19/2000 51.22 120.97
12/20/2000 50.56 117.18
12/21/2000 50.11 118.12
12/22/2000 53.79 121.00
12/26/2000 53.56 121.86
12/27/2000 55.46 123.13
12/28/2000 56.35 123.62
12/29/2000 57.80 122.33
01/02/2001 55.12 118.90
01/03/2001 56.68 124.86
01/04/2001 56.90 123.54
01/05/2001 54.57 120.30
01/08/2001 56.90 120.07
01/09/2001 56.24 120.53
01/10/2001 56.79 121.68
01/11/2001 57.13 122.94
01/12/2001 56.90 122.15
01/16/2001 57.57 122.92
01/17/2001 59.02 123.18
01/18/2001 59.35 124.90
01/19/2001 59.13 124.39
01/22/2001 57.35 124.43
01/23/2001 61.47 126.05
01/24/2001 59.80 126.41
01/25/2001 60.91 125.78
01/26/2001 60.36 125.54
01/29/2001 60.83 126.40
01/30/2001 60.85 127.28
01/31/2001 63.04 126.57
02/01/2001 62.68 127.26
02/02/2001 64.14 125.04
02/05/2001 64.77 125.48
02/06/2001 65.37 125.29
02/07/2001 66.33 124.24
02/08/2001 64.34 123.47
02/09/2001 64.64 121.82
02/12/2001 65.21 123.26
02/13/2001 66.82 122.19
02/14/2001 65.43 121.93
02/15/2001 64.93 122.92
02/16/2001 64.32 120.59
02/20/2001 78.08 118.50
02/21/2001 77.92 116.31
02/22/2001 79.20 116.08
02/23/2001 80.45 115.44
02/26/2001 80.53 117.45
02/27/2001 80.09 116.55
02/28/2001 79.48 114.89
03/01/2001 79.95 115.01
03/02/2001 79.63 114.35
03/05/2001 79.55 115.02
03/06/2001 79.54 116.17
03/07/2001 79.38 116.92
03/08/2001 79.29 117.18
03/09/2001 79.31 114.28
03/12/2001 79.38 109.35
03/13/2001 79.55 110.97
03/14/2001 77.95 108.10
03/15/2001 78.16 108.74
SOURCE: Factset
SELECTED STATISTICS(1)(2) ($) SELECTED STATISTICS(1) ($)
Pre-announcement: Pre-announcement:
Current Price (2/16/01) 36.10 3 Year Average 38.53
30 Day Average 35.05 3 Year High 60.75
90 Day Average 31.21 3 Year Low 22.63
NOTES:
(1) Statistics at or prior to 2/16/01
(2) Closing Prices
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 28
32
SPRINGS INDUSTRIES -- THREE YEAR HISTORICAL PRICE PERFORMANCE
RELATIVE SHARE PRICE PERFORMANCE
DATE SPRINGS BURLINGTON CROWN CRAFTS DAN RIVER GALEY & LORD MOHAWK IND. WESTPOINT PEER GROUP
03/16/1998 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
03/17/1998 100.89 100.00 100.29 100.00 99.69 100.68 98.08 99.65
03/18/1998 100.00 100.38 98.53 100.73 99.69 99.77 98.56 99.55
03/19/1998 101.56 102.68 93.82 100.00 99.69 104.56 98.80 101.41
03/20/1998 101.78 101.92 90.29 101.82 101.25 108.66 98.32 102.55
03/23/1998 100.45 102.68 93.24 101.09 102.81 111.16 98.32 103.68
03/24/1998 101.00 102.68 95.00 100.73 103.44 120.05 96.15 106.05
03/25/1998 98.11 103.07 94.41 102.19 106.25 117.54 95.67 105.40
03/26/1998 99.44 103.45 97.06 103.65 106.88 113.44 100.00 105.66
03/27/1998 99.55 102.68 97.65 102.92 111.25 115.95 106.73 108.53
03/30/1998 98.89 104.21 97.65 105.11 110.63 113.90 109.13 109.00
03/31/1998 98.22 107.66 98.53 110.95 115.00 114.81 110.10 111.01
04/01/1998 98.33 106.90 97.65 111.68 119.38 115.95 112.02 112.06
04/02/1998 99.44 108.43 98.82 108.76 119.38 115.49 110.58 111.61
04/03/1998 97.88 106.51 102.35 110.95 125.31 114.35 110.10 111.36
04/06/1998 97.44 108.81 101.47 112.04 127.50 114.81 113.46 113.13
04/07/1998 96.33 105.75 98.53 112.77 129.69 112.07 113.46 111.66
04/08/1998 96.77 103.07 97.06 113.50 130.63 107.52 115.87 110.38
04/09/1998 98.33 104.98 96.76 114.23 136.88 110.25 115.38 111.91
04/13/1998 98.55 103.45 97.06 116.06 136.25 110.93 115.38 111.95
04/14/1998 99.33 104.60 93.24 123.36 141.25 112.98 118.75 114.52
04/15/1998 100.11 106.51 91.76 120.80 136.25 115.49 122.36 116.27
04/16/1998 99.78 102.68 92.65 112.77 132.50 118.45 118.51 114.55
04/17/1998 99.67 103.45 91.76 112.41 133.13 122.32 118.27 115.88
04/20/1998 99.44 102.68 94.12 117.52 131.88 121.41 124.04 117.55
04/21/1998 96.99 103.45 96.47 119.71 130.63 119.82 122.12 116.81
04/22/1998 96.88 105.75 98.53 117.52 131.56 117.08 124.04 116.91
04/23/1998 96.33 104.21 101.18 116.79 131.88 116.63 126.20 117.16
04/24/1998 95.32 103.83 103.53 116.42 129.38 116.40 127.88 117.44
04/27/1998 96.44 99.62 100.00 114.60 127.50 112.07 118.51 112.00
04/28/1998 97.66 103.45 100.29 113.14 127.81 108.43 121.15 112.27
04/29/1998 97.33 104.21 102.65 112.41 130.94 109.34 128.85 115.21
04/30/1998 98.11 107.28 104.12 112.77 130.63 112.53 128.85 116.95
05/01/1998 98.22 108.81 105.29 112.77 132.50 116.63 133.17 120.04
05/04/1998 98.00 113.03 102.06 116.06 135.94 116.86 132.21 120.98
05/05/1998 97.77 110.34 101.76 118.98 135.00 122.32 125.00 120.28
05/06/1998 97.66 109.20 100.59 117.52 134.38 122.32 126.44 120.28
05/07/1998 98.44 108.81 104.12 118.25 129.06 124.15 123.80 119.93
05/08/1998 99.55 110.73 104.71 120.80 129.06 126.88 125.00 121.80
05/11/1998 99.67 113.03 104.71 118.61 127.50 125.06 127.40 122.11
05/12/1998 100.78 110.34 102.06 117.88 125.00 121.64 123.56 119.01
05/13/1998 100.67 110.73 100.29 114.60 124.06 120.27 122.84 118.04
05/14/1998 99.44 110.73 100.29 108.76 123.44 121.18 123.08 117.93
05/15/1998 99.33 109.20 102.06 107.30 121.88 119.59 120.67 116.26
05/18/1998 99.33 108.81 102.65 108.76 124.06 116.40 119.95 115.18
05/19/1998 100.22 109.20 100.59 110.95 125.00 120.27 123.56 117.73
05/20/1998 100.45 105.75 97.65 110.22 126.25 118.22 123.80 116.32
05/21/1998 100.67 107.28 89.71 109.85 127.19 116.40 123.32 115.57
05/22/1998 99.78 108.81 63.24 110.22 125.31 114.81 122.84 114.03
05/26/1998 99.00 105.36 67.06 105.11 124.38 109.11 123.08 111.24
05/27/1998 98.55 101.53 68.53 105.11 122.50 104.56 120.19 108.08
05/28/1998 100.22 109.58 68.53 108.76 122.81 107.06 122.60 111.53
05/29/1998 100.00 108.05 66.47 111.68 123.75 110.71 125.96 113.61
06/01/1998 99.33 106.51 64.12 114.60 123.13 110.71 124.52 112.97
06/02/1998 99.00 108.05 65.59 114.23 123.44 110.93 124.04 113.26
06/03/1998 99.89 110.34 66.47 113.14 123.44 111.16 122.60 113.32
06/04/1998 101.34 109.96 66.47 113.14 122.19 117.54 122.12 115.14
06/05/1998 102.56 108.81 66.76 114.23 123.75 118.45 120.67 114.96
06/08/1998 102.23 106.90 68.24 112.41 90.94 119.59 121.15 113.22
06/09/1998 108.24 103.07 68.24 112.41 91.25 117.08 119.23 111.07
06/10/1998 104.90 103.07 67.35 109.85 85.00 119.82 120.67 111.82
06/11/1998 103.45 101.92 66.76 110.22 79.69 116.63 118.75 109.68
06/12/1998 102.34 100.00 66.76 109.49 77.50 114.81 118.75 108.52
06/15/1998 100.22 98.47 67.94 108.39 76.25 112.53 117.79 107.07
06/16/1998 86.86 99.62 67.94 106.20 76.25 110.93 118.27 106.75
06/17/1998 87.31 99.62 66.76 106.57 76.25 109.80 118.03 106.28
06/18/1998 85.75 96.93 67.06 106.57 76.88 108.43 117.31 105.13
06/19/1998 85.63 91.19 66.47 108.03 76.25 108.88 115.14 103.54
06/22/1998 85.08 93.49 66.76 101.82 76.88 109.11 112.26 102.79
06/23/1998 84.74 92.72 67.65 99.64 74.69 112.30 115.63 104.43
06/24/1998 82.52 91.19 68.24 97.81 74.69 113.67 117.07 104.88
06/25/1998 82.85 91.57 69.12 100.00 75.31 112.07 119.23 105.31
06/26/1998 83.30 85.82 70.88 103.65 75.31 110.02 122.60 104.83
06/29/1998 80.73 85.06 71.18 104.38 74.06 113.90 122.60 105.95
06/30/1998 82.18 86.21 72.35 99.27 74.38 115.49 126.92 107.66
07/01/1998 83.85 85.44 72.94 101.09 74.69 117.08 125.48 107.78
07/02/1998 82.74 82.76 73.24 102.92 73.75 117.31 123.56 106.86
07/06/1998 81.85 82.76 74.12 100.73 74.06 121.41 124.52 108.38
07/07/1998 79.51 81.23 77.35 100.00 72.19 115.72 125.96 106.59
07/08/1998 77.51 81.99 77.65 102.19 72.81 117.08 125.48 107.27
07/09/1998 76.50 78.16 77.65 102.19 73.75 120.05 125.24 107.46
07/10/1998 76.39 77.78 77.65 102.92 74.38 120.27 128.85 108.61
07/13/1998 76.28 74.33 74.71 104.38 74.38 124.60 128.37 109.19
07/14/1998 76.39 77.39 73.24 104.38 74.69 123.69 136.54 111.87
07/15/1998 74.83 75.48 73.24 103.28 73.75 120.27 135.58 109.94
07/16/1998 74.72 79.31 72.65 103.65 73.13 119.36 133.89 109.89
07/17/1998 75.17 79.69 73.53 105.84 74.69 120.73 144.47 113.83
07/20/1998 75.28 78.16 73.82 105.84 72.81 120.50 137.98 111.44
07/21/1998 74.72 75.86 74.71 102.55 72.19 123.46 132.21 110.00
07/22/1998 73.83 76.25 74.71 98.54 72.19 120.96 135.34 109.86
07/23/1998 72.49 75.48 73.82 97.08 72.19 117.77 136.54 108.86
07/24/1998 71.49 73.18 73.53 98.54 72.81 118.00 136.30 108.54
07/27/1998 70.71 68.20 74.12 95.62 69.38 116.63 134.62 106.20
07/28/1998 70.27 67.05 73.53 92.70 65.00 117.08 133.41 105.27
07/29/1998 71.71 69.73 70.59 92.70 61.88 116.86 134.38 105.72
07/30/1998 71.27 67.82 68.24 92.70 63.75 116.63 138.94 106.62
07/31/1998 68.26 65.13 48.24 88.32 61.88 113.44 137.98 103.46
08/03/1998 68.37 66.28 41.47 87.59 62.50 110.48 123.56 98.15
08/04/1998 66.37 62.07 37.35 83.94 56.25 108.88 120.55 95.10
08/05/1998 65.48 61.30 38.53 83.94 52.50 109.11 119.71 94.61
08/06/1998 64.59 63.60 39.41 83.94 53.44 109.80 120.43 95.60
08/07/1998 66.82 62.07 42.06 83.58 52.50 111.39 123.56 96.77
08/10/1998 66.15 59.77 41.76 83.94 52.50 113.67 121.63 96.51
08/11/1998 64.25 59.39 42.06 86.13 52.50 112.53 122.60 96.52
08/12/1998 65.14 60.15 42.06 88.32 52.81 117.54 129.33 100.50
08/13/1998 63.36 59.00 40.88 88.69 52.50 116.86 135.58 101.85
08/14/1998 65.59 59.39 40.88 87.59 52.81 117.54 134.86 101.87
08/17/1998 64.81 59.39 39.41 87.23 51.25 123.92 135.10 103.87
08/18/1998 65.37 63.60 40.88 87.23 52.50 126.20 135.58 105.74
08/19/1998 65.26 65.90 40.59 86.50 52.19 127.11 131.73 105.28
08/20/1998 65.48 65.13 38.82 86.50 52.50 122.55 129.57 102.93
08/21/1998 64.81 66.67 38.82 85.40 48.75 120.05 131.73 102.76
08/24/1998 65.37 66.67 38.24 85.40 47.50 120.27 129.81 102.18
08/25/1998 64.03 65.90 37.65 85.04 48.13 118.91 126.68 100.63
08/26/1998 61.92 64.75 35.88 81.75 46.25 115.72 123.32 97.92
08/27/1998 60.36 61.69 35.29 78.83 47.19 112.07 121.39 95.34
08/28/1998 60.13 60.15 34.71 77.01 46.88 104.33 117.79 91.23
08/31/1998 58.91 60.54 35.88 76.28 46.56 96.81 113.94 87.67
09/01/1998 61.92 60.54 37.94 73.72 45.63 97.72 114.42 87.95
09/02/1998 61.69 62.84 41.18 71.17 45.94 95.90 111.54 86.92
09/03/1998 60.02 62.84 40.88 70.80 45.00 93.85 103.85 83.88
09/04/1998 58.02 62.84 42.06 69.71 45.00 92.03 106.73 84.09
09/08/1998 65.70 65.13 42.65 70.07 46.25 94.08 109.13 86.06
09/09/1998 59.69 60.54 40.59 69.71 47.19 90.66 106.73 83.24
09/10/1998 58.69 59.00 40.00 69.71 47.50 86.79 104.33 80.94
09/11/1998 59.02 58.24 40.88 68.61 51.88 89.29 102.16 81.16
09/14/1998 59.80 59.39 41.18 67.88 50.00 89.07 104.81 81.95
09/15/1998 58.91 61.30 40.59 62.04 50.31 88.84 104.33 81.66
09/16/1998 61.47 59.77 40.00 64.23 50.63 87.70 108.17 82.27
09/17/1998 59.58 55.17 39.12 64.23 51.88 83.83 104.33 78.97
09/18/1998 62.14 54.79 39.12 66.42 53.75 87.47 112.02 82.64
09/21/1998 62.69 54.41 37.65 66.06 55.00 92.48 109.38 83.41
09/22/1998 60.36 55.17 37.35 64.96 55.00 102.28 111.06 87.19
09/23/1998 63.25 57.09 37.35 63.87 54.38 105.69 115.14 89.79
09/24/1998 63.47 56.32 36.47 62.77 54.69 105.01 114.42 89.09
09/25/1998 63.70 55.17 36.47 62.04 55.31 102.96 113.22 87.81
09/28/1998 66.48 53.64 36.47 63.14 57.19 100.23 113.22 86.79
09/29/1998 64.37 52.49 37.35 64.60 58.13 98.86 114.18 86.59
09/30/1998 61.92 59.00 37.35 64.23 59.69 99.77 117.31 89.18
10/01/1998 58.24 54.41 37.35 61.31 58.75 98.63 109.62 85.34
10/02/1998 59.69 55.56 37.65 60.95 59.69 97.49 115.38 86.93
10/05/1998 60.47 52.87 34.41 58.39 59.38 92.94 110.10 82.98
10/06/1998 58.35 54.79 33.53 58.39 59.38 94.08 111.78 84.20
10/07/1998 59.58 51.34 31.76 58.39 58.75 91.57 106.01 80.87
10/08/1998 58.24 47.89 32.35 58.03 56.25 83.83 98.08 75.14
10/09/1998 57.02 47.51 30.59 56.93 55.63 87.02 101.44 76.91
10/12/1998 58.02 50.19 30.59 52.92 55.63 88.38 99.76 77.10
10/13/1998 59.24 49.81 30.29 53.28 55.31 87.93 100.48 77.08
10/14/1998 58.24 49.04 29.41 52.55 52.50 88.38 112.50 80.37
10/15/1998 59.35 49.43 29.41 52.55 53.44 94.53 105.29 80.40
10/16/1998 58.80 49.43 29.12 52.55 55.00 106.38 107.45 85.02
10/19/1998 61.25 51.72 27.94 54.01 56.88 112.07 106.25 87.17
10/20/1998 61.47 55.17 27.65 59.49 60.00 112.30 109.13 89.37
10/21/1998 63.14 53.64 27.06 59.49 64.69 111.39 107.45 88.50
10/22/1998 61.92 53.64 26.18 58.03 65.94 111.16 108.17 88.56
10/23/1998 61.69 54.79 25.88 60.58 66.25 109.34 106.73 87.97
10/26/1998 62.92 57.47 27.65 57.66 66.88 111.39 107.93 89.42
10/27/1998 64.03 56.71 26.47 55.84 67.19 109.11 103.37 86.99
10/28/1998 63.25 55.94 27.35 57.30 68.13 109.34 104.33 87.40
10/29/1998 62.58 55.94 26.76 52.55 68.44 113.67 106.25 89.02
10/30/1998 63.03 57.09 26.47 50.73 68.13 110.02 109.38 88.80
11/02/1998 66.93 56.32 27.65 53.28 68.13 112.98 117.79 92.35
11/03/1998 67.26 57.09 27.94 54.38 68.44 117.54 117.79 94.12
11/04/1998 68.04 57.09 28.24 52.92 68.13 117.77 117.07 93.86
11/05/1998 68.26 56.32 28.82 52.19 68.13 117.08 115.87 93.10
11/06/1998 70.27 60.54 27.65 51.82 65.00 116.17 118.51 94.18
11/09/1998 70.82 63.98 27.65 49.27 63.13 114.12 120.67 94.53
11/10/1998 70.27 62.45 27.06 49.64 62.81 110.93 116.59 91.95
11/11/1998 71.16 62.84 26.18 51.46 61.88 109.57 116.35 91.56
11/12/1998 71.49 62.84 26.76 50.73 61.25 110.71 117.31 92.15
11/13/1998 74.05 63.60 27.06 48.54 57.50 111.62 115.63 91.75
11/16/1998 72.16 63.22 26.47 47.81 54.69 111.16 113.46 90.65
11/17/1998 71.94 63.98 25.88 47.81 55.00 113.90 114.42 91.98
11/18/1998 68.71 64.37 26.18 49.64 56.25 117.54 118.03 94.54
11/19/1998 69.04 64.37 30.59 49.64 55.94 121.41 116.83 95.63
11/20/1998 69.04 64.75 29.71 48.91 54.06 127.56 117.07 97.61
11/23/1998 68.60 66.28 29.71 49.27 53.75 138.27 118.51 101.89
11/24/1998 66.48 65.90 28.24 49.27 53.13 135.54 116.35 100.18
11/25/1998 70.71 66.28 28.82 48.18 53.44 131.66 116.83 99.08
11/27/1998 68.82 65.90 29.41 48.18 53.44 130.98 117.07 98.87
11/30/1998 69.38 65.90 29.12 47.45 54.06 135.99 115.38 99.99
12/01/1998 70.49 65.13 28.82 52.55 53.75 133.26 114.18 98.95
12/02/1998 74.83 63.60 28.53 52.92 53.13 130.30 113.46 97.43
12/03/1998 72.94 62.45 28.82 56.20 49.69 129.84 112.98 96.99
12/04/1998 69.27 63.60 26.76 53.28 47.19 131.66 112.50 97.23
12/07/1998 69.49 63.22 27.65 52.92 47.50 131.21 109.62 96.17
12/08/1998 67.71 61.30 28.24 52.55 47.50 132.12 108.65 95.80
12/09/1998 69.93 61.69 28.24 53.65 47.50 133.49 109.13 96.56
12/10/1998 67.48 61.30 28.82 54.74 45.94 134.40 107.21 96.24
12/11/1998 67.48 59.39 28.24 52.19 45.63 130.75 106.01 94.05
12/14/1998 65.59 60.15 28.24 51.82 46.25 126.88 102.40 91.87
12/15/1998 68.82 55.56 28.24 52.19 47.19 125.97 105.05 91.51
12/16/1998 70.16 55.17 28.53 52.19 46.25 128.02 98.80 90.23
12/17/1998 72.83 53.64 28.82 52.55 46.25 129.39 106.73 92.75
12/18/1998 70.60 53.26 29.12 50.00 43.75 130.75 106.97 92.87
12/21/1998 70.94 56.32 29.12 50.36 44.38 131.66 112.50 95.48
12/22/1998 69.71 59.00 28.82 50.73 43.13 126.88 108.17 93.11
12/23/1998 69.49 60.54 29.12 49.27 42.50 134.85 107.69 95.77
12/24/1998 70.82 61.30 27.94 49.27 42.19 139.64 106.25 97.01
12/28/1998 71.38 58.62 28.24 51.82 43.13 145.10 107.69 98.96
12/29/1998 74.61 61.30 28.24 56.20 42.50 142.60 108.41 99.19
12/30/1998 73.05 63.60 29.12 61.31 42.50 145.56 112.02 102.13
12/31/1998 73.83 68.20 29.12 68.61 43.13 153.30 121.39 108.97
01/04/1999 75.17 65.13 29.12 65.33 44.38 148.97 115.63 105.04
01/05/1999 73.61 63.60 29.41 61.31 44.06 146.92 116.11 103.88
01/06/1999 72.27 63.60 29.12 58.39 42.50 148.06 114.90 103.58
01/07/1999 72.16 63.98 29.71 58.39 41.88 143.96 113.46 101.87
01/08/1999 71.38 61.30 30.59 58.76 42.50 143.51 108.65 99.86
01/11/1999 73.05 62.07 30.59 64.23 42.19 139.86 110.58 99.79
01/12/1999 71.49 60.92 28.82 62.04 40.31 141.00 110.82 99.66
01/13/1999 71.16 58.24 28.82 63.87 41.25 138.27 109.62 98.05
01/14/1999 71.27 59.39 28.53 63.14 38.75 138.27 106.97 97.30
01/15/1999 73.39 59.00 29.41 63.50 36.88 137.59 103.61 95.97
01/19/1999 73.72 59.39 31.18 63.50 35.00 141.91 104.57 97.73
01/20/1999 75.72 59.77 30.88 63.14 35.63 141.46 104.33 97.58
01/21/1999 72.38 59.39 31.18 62.04 31.88 139.18 104.33 96.47
01/22/1999 71.27 59.00 31.76 63.50 32.81 135.76 105.53 95.81
01/25/1999 71.60 59.39 35.29 63.14 32.50 135.54 105.05 95.77
01/26/1999 71.05 50.57 35.00 62.77 30.00 138.27 104.81 94.65
01/27/1999 69.60 50.96 34.71 59.85 28.44 135.76 101.92 92.73
01/28/1999 73.94 46.74 33.82 58.39 28.75 143.51 102.88 94.59
01/29/1999 74.39 40.61 30.59 57.66 27.50 140.32 102.28 91.86
02/01/1999 70.60 42.53 30.29 55.84 27.50 140.55 100.48 91.64
02/02/1999 70.27 42.53 27.94 57.30 28.13 140.32 99.28 91.26
02/03/1999 74.39 39.46 28.82 56.93 27.19 138.50 100.72 90.42
02/04/1999 69.49 44.06 29.41 55.11 25.63 135.76 100.00 90.03
02/05/1999 68.37 40.23 29.41 54.74 25.00 133.49 103.00 89.33
02/08/1999 67.26 41.76 30.00 54.74 25.00 133.03 106.01 90.40
02/09/1999 66.70 41.00 29.71 55.11 25.31 132.80 108.41 90.92
02/10/1999 65.03 40.61 29.41 54.38 25.00 131.44 107.21 89.95
02/11/1999 65.48 40.61 30.00 54.74 24.38 129.61 106.01 89.01
02/12/1999 65.37 38.70 30.00 54.38 22.50 129.84 105.29 88.36
02/16/1999 64.37 40.23 29.41 53.28 23.75 125.28 100.96 85.85
02/17/1999 63.25 38.31 28.82 52.92 24.69 126.20 100.48 85.62
02/18/1999 63.70 38.31 29.41 46.72 25.00 131.21 98.80 86.34
02/19/1999 62.58 38.70 29.12 46.35 25.31 128.02 94.95 84.20
02/22/1999 60.69 38.70 29.71 44.53 25.00 125.28 99.76 84.59
02/23/1999 59.02 38.31 29.12 37.96 25.63 127.11 97.12 83.83
02/24/1999 56.68 37.93 28.53 38.69 25.31 122.32 93.27 81.06
02/25/1999 59.13 37.16 29.12 38.32 24.38 119.82 96.88 81.09
02/26/1999 59.24 37.93 29.12 38.32 23.44 118.45 98.08 81.09
03/01/1999 56.90 37.55 28.24 38.32 22.19 117.77 93.03 79.19
03/02/1999 57.02 37.55 28.82 39.42 21.25 112.98 95.43 78.38
03/03/1999 57.46 37.55 28.53 39.05 20.94 110.71 94.23 77.22
03/04/1999 58.13 37.16 29.41 39.78 20.94 111.16 96.39 78.03
03/05/1999 57.80 36.78 28.24 40.15 20.63 115.03 99.04 79.97
03/08/1999 57.91 35.63 28.09 41.24 20.31 114.81 104.33 81.28
03/09/1999 57.13 33.72 28.24 42.34 20.00 112.07 99.52 78.65
03/10/1999 57.02 32.95 28.24 43.43 20.00 113.21 97.84 78.46
03/11/1999 56.68 34.48 26.47 43.07 19.69 112.98 96.39 78.15
03/12/1999 56.57 34.10 24.71 43.43 19.69 111.16 93.75 76.65
03/15/1999 54.79 34.10 24.12 43.80 20.00 110.93 92.07 76.10
03/16/1999 56.46 36.02 24.12 42.34 19.69 108.20 99.04 77.51
03/17/1999 57.13 34.87 23.82 41.61 20.00 104.56 106.73 78.29
03/18/1999 59.58 35.25 24.12 41.61 19.69 103.64 105.05 77.57
03/19/1999 56.68 35.25 24.41 42.34 20.00 103.19 107.69 78.28
03/22/1999 56.01 37.16 26.47 43.07 19.69 102.73 111.30 79.71
03/23/1999 53.34 37.55 26.76 41.61 18.44 99.77 110.34 78.35
03/24/1999 53.23 42.91 27.06 42.34 18.44 97.27 109.62 78.46
03/25/1999 53.79 44.83 26.47 41.61 19.38 98.41 112.98 80.18
03/26/1999 51.78 42.91 25.29 41.97 20.63 94.76 111.30 78.15
03/29/1999 52.12 43.30 23.82 41.97 22.50 99.77 112.98 80.42
03/30/1999 52.00 40.61 23.53 41.97 22.81 104.33 111.54 80.96
03/31/1999 48.22 40.61 23.53 49.64 22.19 109.34 106.49 81.68
04/01/1999 49.00 42.15 23.82 47.81 21.25 103.87 110.70 81.25
04/05/1999 49.55 41.38 23.53 45.62 20.94 105.69 110.58 81.46
04/06/1999 50.22 40.61 23.82 43.43 21.25 108.20 109.13 81.57
04/07/1999 50.78 43.30 23.24 44.53 21.88 108.66 115.38 84.19
04/08/1999 49.55 44.06 23.53 43.43 21.56 112.30 118.27 86.31
04/09/1999 52.12 44.06 23.53 46.72 22.19 111.85 119.47 86.80
04/12/1999 52.12 42.15 24.12 45.26 22.50 110.93 122.36 86.90
04/13/1999 51.67 43.30 24.71 44.53 21.88 110.48 123.80 87.34
04/14/1999 52.12 42.91 26.76 45.99 21.88 111.62 126.44 88.62
04/15/1999 52.78 43.30 27.94 47.81 21.56 110.93 128.49 89.24
04/16/1999 54.23 49.04 27.94 50.00 21.88 113.67 133.17 92.87
04/19/1999 57.13 52.87 28.24 48.54 21.25 118.91 142.55 98.00
04/20/1999 61.58 51.34 27.06 48.18 20.00 117.08 140.26 96.27
04/21/1999 65.92 50.19 25.88 50.36 20.63 116.86 136.54 95.02
04/22/1999 64.03 49.81 26.18 50.73 20.00 113.44 132.45 92.62
04/23/1999 64.92 49.04 26.18 53.65 20.94 114.35 133.65 93.39
04/26/1999 64.48 49.43 25.88 52.55 22.81 115.49 134.38 94.07
04/27/1999 63.81 46.36 25.59 54.74 22.50 117.54 127.64 92.28
04/28/1999 65.14 47.89 25.59 54.38 23.13 118.45 125.48 92.26
04/29/1999 67.71 50.96 26.47 53.28 21.88 120.96 131.01 95.21
04/30/1999 66.59 49.81 27.06 56.93 22.81 117.54 131.73 94.43
05/03/1999 71.60 49.43 27.65 58.76 22.50 121.87 131.73 95.93
05/04/1999 71.38 49.43 27.35 59.12 21.88 126.42 134.62 98.26
05/05/1999 72.38 48.66 26.47 58.39 21.88 130.75 132.93 98.94
05/06/1999 72.16 49.04 27.35 58.03 21.88 133.94 136.30 101.07
05/07/1999 73.27 48.66 27.06 58.76 20.00 137.36 138.46 102.70
05/10/1999 75.61 49.04 26.76 57.30 20.94 139.41 137.98 103.24
05/11/1999 74.72 50.57 26.76 58.03 20.63 133.94 141.23 102.74
05/12/1999 74.39 49.43 26.76 58.76 20.31 132.57 141.59 102.21
05/13/1999 76.50 50.96 27.94 60.58 20.63 129.16 140.14 101.17
05/14/1999 73.94 49.81 27.94 57.66 20.63 125.06 138.46 98.86
05/17/1999 73.27 50.19 26.47 59.85 20.63 120.05 130.77 95.13
05/18/1999 71.60 50.96 24.71 59.49 20.63 115.26 131.25 93.74
05/19/1999 70.94 52.87 25.29 58.39 20.63 109.34 131.73 92.26
05/20/1999 73.61 53.26 25.59 59.12 20.63 113.21 134.13 94.39
05/21/1999 77.51 53.64 25.88 59.85 20.63 112.98 133.17 94.18
05/24/1999 73.83 54.02 26.18 57.66 20.94 113.90 127.88 92.85
05/25/1999 72.16 54.02 25.29 58.03 20.94 115.49 124.52 92.38
05/26/1999 72.05 55.17 24.71 54.01 20.31 113.44 125.96 91.99
05/27/1999 70.27 57.09 23.53 51.82 20.63 110.02 120.91 89.56
05/28/1999 70.60 60.15 23.82 53.65 20.63 106.15 121.63 89.26
06/01/1999 69.38 59.00 23.53 58.03 21.56 105.24 119.23 88.40
06/02/1999 74.05 59.39 24.41 57.30 20.94 107.06 108.41 85.83
06/03/1999 74.83 59.39 24.71 56.93 20.31 111.85 116.11 89.63
06/04/1999 74.83 59.00 23.53 56.57 20.63 116.63 116.83 91.28
06/07/1999 74.83 55.94 22.35 56.57 20.31 115.72 121.39 91.65
06/08/1999 73.05 55.94 22.06 57.30 20.31 112.07 122.12 90.70
06/09/1999 71.16 55.17 22.06 56.20 19.06 114.12 119.23 90.22
06/10/1999 70.60 54.79 21.76 56.57 18.13 113.21 116.59 89.03
06/11/1999 68.49 55.17 21.18 56.57 18.44 112.98 115.75 88.77
06/14/1999 69.04 55.94 21.47 55.84 20.00 114.12 115.63 89.31
06/15/1999 68.71 55.17 21.18 55.11 17.81 110.93 113.94 87.42
06/16/1999 67.37 55.94 21.76 56.93 16.25 112.07 110.82 87.10
06/17/1999 68.93 54.02 21.47 55.84 16.25 116.63 111.54 88.34
06/18/1999 68.04 54.02 21.47 54.74 15.63 115.72 111.06 87.78
06/21/1999 68.82 52.49 21.18 54.74 15.94 116.17 112.02 87.91
06/22/1999 69.71 52.49 21.18 46.72 17.50 115.72 111.06 86.94
06/23/1999 70.38 53.64 21.18 45.26 19.38 112.98 108.65 85.55
06/24/1999 70.71 52.49 21.76 43.43 20.00 110.25 109.13 84.47
06/25/1999 71.71 52.11 21.76 43.80 20.31 110.93 110.58 85.09
06/28/1999 72.61 56.71 22.65 47.45 22.50 111.62 107.69 85.83
06/29/1999 75.61 56.71 21.47 47.45 24.06 111.39 112.26 87.14
06/30/1999 77.73 56.71 20.59 43.07 21.88 110.71 114.66 87.13
07/01/1999 76.39 57.09 20.29 44.53 23.75 111.16 113.94 87.35
07/02/1999 76.28 56.71 20.59 45.99 23.75 110.25 112.98 86.81
07/06/1999 77.17 55.56 20.29 45.62 23.13 110.02 112.38 86.25
07/07/1999 77.06 52.49 20.00 43.43 24.06 108.43 112.26 84.94
07/08/1999 75.50 52.87 20.88 42.34 22.81 106.61 111.78 84.16
07/09/1999 75.06 50.96 20.59 42.34 23.75 107.06 113.46 84.46
07/12/1999 73.72 52.11 20.59 40.88 23.75 106.38 113.22 84.28
07/13/1999 74.50 51.34 20.88 40.88 23.75 103.87 113.70 83.46
07/14/1999 72.61 50.19 20.88 40.51 22.19 101.59 117.55 83.50
07/15/1999 74.39 50.57 20.59 40.51 20.63 98.63 122.60 83.99
07/16/1999 73.72 50.19 20.29 39.42 22.19 96.36 125.00 83.86
07/19/1999 72.38 50.57 20.29 40.15 21.56 94.76 122.60 82.72
07/20/1999 73.94 48.66 20.29 40.15 20.63 97.49 121.39 82.83
07/21/1999 73.94 53.64 20.29 41.24 22.50 97.04 123.80 84.58
07/22/1999 73.83 47.51 20.59 42.34 22.19 105.69 121.63 85.64
07/23/1999 73.27 48.28 20.29 41.97 21.88 102.05 121.15 84.40
07/26/1999 73.39 44.83 20.29 40.51 21.88 104.78 118.51 83.71
07/27/1999 72.94 41.76 20.88 38.32 21.88 103.64 117.79 82.36
07/28/1999 72.38 41.76 21.18 40.51 20.63 102.51 114.66 81.18
07/29/1999 71.49 41.00 21.18 39.05 21.25 101.14 107.81 78.47
07/30/1999 70.82 42.53 21.18 39.42 21.25 101.82 104.81 78.15
08/02/1999 70.49 41.76 21.03 39.42 20.63 100.23 103.85 77.15
08/03/1999 69.49 42.53 21.18 39.05 20.00 97.49 104.33 76.48
08/04/1999 69.71 40.61 21.18 37.96 20.31 93.62 100.00 73.48
08/05/1999 70.82 41.38 21.47 38.32 20.00 89.75 99.76 72.31
08/06/1999 71.49 42.91 20.59 37.96 20.00 87.24 103.61 72.86
08/09/1999 71.27 41.76 18.24 38.69 20.63 87.24 103.13 72.48
08/10/1999 71.16 41.38 17.06 40.88 22.50 87.47 102.28 72.45
08/11/1999 70.82 42.91 17.65 41.97 23.44 87.47 103.85 73.38
08/12/1999 70.16 42.53 17.65 40.51 22.81 87.24 106.73 73.93
08/13/1999 71.71 42.91 17.65 41.61 22.81 85.65 108.89 74.21
08/16/1999 71.49 43.30 17.06 41.61 22.19 85.42 109.62 74.36
08/17/1999 70.38 42.15 16.47 41.61 21.25 84.05 108.65 73.32
08/18/1999 70.16 41.76 16.47 41.97 21.25 87.02 108.29 74.14
08/19/1999 70.38 40.61 16.18 43.80 20.63 86.10 103.00 72.14
08/20/1999 70.27 40.23 16.18 43.80 20.63 86.79 102.64 72.19
08/23/1999 70.27 39.85 15.88 42.70 20.31 88.84 101.92 72.46
08/24/1999 70.04 39.85 16.18 41.61 20.31 84.28 100.00 70.32
08/25/1999 70.49 39.46 16.47 42.34 20.31 86.56 98.08 70.49
08/26/1999 69.60 39.85 16.47 41.97 20.63 82.46 98.20 69.24
08/27/1999 68.49 38.70 17.06 42.34 20.94 82.92 95.91 68.56
08/30/1999 67.15 36.40 17.06 40.88 20.94 82.00 91.11 66.26
08/31/1999 66.93 34.87 17.65 40.88 20.63 82.46 92.31 66.47
09/01/1999 68.37 33.33 17.79 40.88 20.63 83.60 94.23 67.11
09/02/1999 67.26 35.25 17.65 41.24 20.31 81.78 88.94 65.34
09/03/1999 69.27 37.16 17.06 41.61 20.63 83.14 88.46 66.05
09/07/1999 69.27 36.40 17.06 42.34 20.00 83.83 94.95 68.06
09/08/1999 68.82 31.42 17.06 41.24 20.00 80.64 98.32 66.92
09/09/1999 68.82 31.03 16.76 40.88 20.00 77.45 97.60 65.53
09/10/1999 68.60 32.18 16.47 39.78 19.69 80.41 104.81 68.75
09/13/1999 66.59 31.42 16.47 40.51 19.69 80.64 103.61 68.38
09/14/1999 66.04 30.27 16.47 40.15 18.75 77.45 98.80 65.60
09/15/1999 66.26 28.74 16.18 39.78 18.75 76.31 101.92 65.79
09/16/1999 64.03 29.12 15.88 39.42 18.75 76.31 100.48 65.41
09/17/1999 63.70 29.50 15.88 39.42 16.56 76.77 101.92 65.94
09/20/1999 64.25 27.97 15.59 38.69 16.25 75.63 102.40 65.31
09/21/1999 63.14 26.82 15.29 37.23 15.94 74.72 100.48 64.07
09/22/1999 62.81 26.82 15.29 38.69 15.63 74.49 100.00 63.95
09/23/1999 60.36 27.97 15.59 37.59 15.63 72.89 93.51 61.67
09/24/1999 60.02 26.82 15.88 37.23 15.94 73.35 96.15 62.37
09/27/1999 60.36 26.82 16.18 37.96 16.25 71.75 95.91 61.86
09/28/1999 60.47 27.59 16.18 37.96 15.94 70.62 93.87 61.01
09/29/1999 60.02 27.59 14.71 37.59 15.00 71.75 92.07 60.72
09/30/1999 60.47 27.59 14.12 37.96 13.13 72.67 90.87 60.56
10/01/1999 60.36 31.80 14.71 37.59 13.75 72.44 88.94 60.80
10/04/1999 60.13 30.27 15.00 37.59 14.69 72.21 88.22 60.27
10/05/1999 60.13 30.65 15.00 37.59 13.44 71.98 89.66 60.63
10/06/1999 60.47 28.74 14.71 37.59 13.13 72.67 88.70 60.15
10/07/1999 60.58 29.50 15.00 37.59 12.81 73.58 88.94 60.67
10/08/1999 60.36 27.59 14.71 35.40 12.81 76.54 88.94 61.08
10/11/1999 60.36 28.35 14.41 37.23 12.19 77.22 90.87 62.12
10/12/1999 59.80 27.97 14.12 35.04 12.50 77.22 92.43 62.34
10/13/1999 60.36 29.12 14.12 34.67 12.50 77.22 86.78 60.88
10/14/1999 60.25 28.35 14.12 34.31 11.56 82.92 84.62 61.89
10/15/1999 59.58 26.82 13.53 34.31 11.88 80.87 76.92 58.62
10/18/1999 59.13 27.97 13.53 33.58 11.56 84.97 76.92 60.13
10/19/1999 58.80 26.82 14.12 33.58 11.88 85.19 74.04 59.17
10/20/1999 58.69 26.82 14.12 35.04 11.88 82.00 74.28 58.30
10/21/1999 63.59 24.90 13.82 35.04 10.94 80.18 73.56 57.04
10/22/1999 68.71 26.82 13.82 33.58 10.63 82.23 75.00 58.40
10/25/1999 70.60 25.29 13.53 34.31 9.38 80.41 71.15 56.33
10/26/1999 70.16 26.05 13.53 36.13 8.75 81.55 68.99 56.33
10/27/1999 70.27 24.90 13.53 35.04 7.81 82.46 72.12 57.18
10/28/1999 70.04 21.84 14.41 33.58 8.13 84.28 69.47 56.33
10/29/1999 70.94 22.61 14.41 31.02 7.50 83.60 72.84 57.02
11/01/1999 70.94 22.99 15.29 31.39 7.50 83.83 73.80 57.52
11/02/1999 71.38 23.37 18.53 30.66 6.56 84.97 75.00 58.35
11/03/1999 72.61 22.99 19.41 31.39 7.19 87.24 76.68 59.65
11/04/1999 74.94 23.75 18.82 31.75 6.56 87.47 77.88 60.20
11/05/1999 75.61 23.75 18.53 32.85 6.25 89.98 81.01 62.01
11/08/1999 77.39 23.37 16.18 32.48 7.50 89.52 79.57 61.30
11/09/1999 75.84 24.14 15.88 32.85 8.13 90.21 76.44 60.80
11/10/1999 74.16 23.37 15.59 31.02 8.13 88.61 77.16 60.18
11/11/1999 73.39 24.14 15.00 29.93 9.69 88.38 76.20 59.95
11/12/1999 74.39 24.14 14.12 29.20 10.94 87.70 75.00 59.35
11/15/1999 70.16 24.52 14.12 29.56 14.38 88.15 74.28 59.58
11/16/1999 72.72 24.52 14.12 30.29 13.44 86.33 72.36 58.42
11/17/1999 71.49 26.44 14.12 30.29 10.63 88.38 72.60 59.40
11/18/1999 73.50 26.05 13.53 30.29 13.44 87.70 73.08 59.36
11/19/1999 72.49 24.90 13.53 29.20 12.81 84.74 72.36 57.82
11/22/1999 70.94 24.90 13.24 29.20 13.44 89.07 70.19 58.64
11/23/1999 70.49 22.61 13.24 28.83 13.44 92.03 69.23 58.84
11/24/1999 68.82 23.37 13.24 28.83 12.50 95.22 73.08 61.13
11/26/1999 71.05 23.75 13.53 29.93 12.50 94.53 84.13 64.34
11/29/1999 70.82 22.22 12.06 32.12 13.13 92.71 81.49 62.79
11/30/1999 71.27 22.61 12.35 32.48 12.50 90.89 80.77 62.06
12/01/1999 69.71 22.61 12.65 31.75 11.25 86.33 77.40 59.45
12/02/1999 70.16 22.61 12.65 31.02 10.63 89.07 76.68 60.05
12/03/1999 70.60 22.99 12.65 29.20 10.94 94.76 76.68 61.88
12/06/1999 68.15 22.22 12.65 28.47 9.06 91.80 75.00 60.10
12/07/1999 68.15 23.37 12.06 28.47 10.00 93.85 73.56 60.60
12/08/1999 67.37 23.37 12.06 25.55 10.00 93.85 73.80 60.45
12/09/1999 67.59 23.75 12.06 26.28 9.38 92.94 71.88 59.68
12/10/1999 68.60 22.99 11.76 28.83 9.38 92.94 71.63 59.64
12/13/1999 68.60 24.52 11.76 28.47 9.69 87.70 68.99 57.43
12/14/1999 68.26 23.37 11.76 29.20 10.00 92.94 69.71 59.21
12/15/1999 68.37 22.61 13.82 28.47 10.00 91.34 67.55 57.92
12/16/1999 66.48 22.99 13.82 28.83 9.69 91.12 66.11 57.51
12/17/1999 67.48 22.61 13.53 28.10 10.00 93.62 60.82 56.65
12/20/1999 69.04 22.22 12.94 27.01 10.00 91.57 61.06 55.86
12/21/1999 67.59 22.61 12.94 27.74 10.00 91.80 62.26 56.42
12/22/1999 70.27 23.37 12.35 28.10 10.00 90.21 62.98 56.27
12/23/1999 69.82 23.37 11.76 28.83 10.31 90.89 63.46 56.68
12/27/1999 72.49 21.84 11.76 28.83 10.00 90.89 63.94 56.50
12/28/1999 69.93 22.99 10.88 28.83 10.00 91.34 64.66 57.06
12/29/1999 70.38 24.52 11.47 28.10 10.63 92.71 66.35 58.31
12/30/1999 70.94 23.75 12.35 28.10 10.00 97.04 65.38 59.31
12/31/1999 71.16 24.52 13.53 29.93 9.69 96.13 67.31 59.90
01/03/2000 71.05 22.99 14.12 29.93 10.00 89.52 67.31 57.45
01/04/2000 67.93 23.37 14.41 29.56 10.00 87.47 65.38 56.27
01/05/2000 70.04 22.61 14.41 28.83 9.69 89.07 66.35 56.85
01/06/2000 69.04 21.84 14.12 28.83 10.00 88.61 66.35 56.55
01/07/2000 68.93 18.39 14.12 29.20 10.31 89.75 66.59 56.35
01/10/2000 68.93 21.46 13.24 29.20 10.00 90.43 68.03 57.57
01/11/2000 69.82 21.07 12.94 28.47 10.63 88.84 66.35 56.43
01/12/2000 71.16 20.69 12.94 28.83 10.63 85.65 67.07 55.55
01/13/2000 70.38 20.31 13.24 28.83 11.88 88.84 66.35 56.39
01/14/2000 70.71 22.61 12.94 29.20 12.50 91.12 66.11 57.58
01/18/2000 70.60 22.99 12.94 29.56 12.50 90.21 62.98 56.46
01/19/2000 69.93 22.99 12.94 29.93 12.50 90.66 62.74 56.57
01/20/2000 68.15 22.99 12.65 30.29 11.56 85.88 62.50 54.89
01/21/2000 67.15 19.92 12.94 28.47 11.25 86.33 61.54 53.99
01/24/2000 66.70 21.07 12.35 27.74 11.25 85.88 61.78 54.06
01/25/2000 67.59 20.69 12.94 29.93 12.50 81.09 62.50 52.88
01/26/2000 65.70 20.69 11.76 28.10 11.25 81.32 62.74 52.77
01/27/2000 66.04 19.92 12.06 27.74 11.25 82.69 62.74 53.05
01/28/2000 65.81 19.16 11.76 27.01 10.94 84.05 63.22 53.40
01/31/2000 64.81 19.16 11.76 27.74 10.63 85.42 63.22 53.89
02/01/2000 65.59 18.01 11.18 28.10 11.25 85.88 64.90 54.35
02/02/2000 66.26 18.39 11.47 31.02 10.94 85.19 67.07 55.06
02/03/2000 69.15 18.39 10.59 31.75 11.25 84.74 68.99 55.51
02/04/2000 67.48 18.01 10.59 29.20 10.31 84.97 66.83 54.62
02/07/2000 68.37 17.62 10.59 29.93 10.31 83.14 66.59 53.93
02/08/2000 67.93 18.01 10.29 28.83 11.25 82.46 65.63 53.45
02/09/2000 70.71 16.86 10.59 28.83 10.94 79.27 65.63 52.16
02/10/2000 70.38 16.48 10.00 29.20 10.63 80.87 56.97 50.05
02/11/2000 70.04 17.24 10.29 31.39 10.63 79.50 53.85 49.01
02/14/2000 70.16 18.39 10.00 32.12 9.69 81.55 64.66 53.10
02/15/2000 70.16 18.39 9.41 32.12 10.00 82.46 65.87 53.75
02/16/2000 70.94 18.77 9.41 32.85 10.31 82.46 65.38 53.76
02/17/2000 70.04 18.39 9.41 34.31 10.31 81.78 63.22 52.93
02/18/2000 69.04 17.24 9.41 33.21 10.00 83.14 63.46 53.12
02/22/2000 68.71 16.86 9.41 32.85 10.31 77.90 66.83 52.30
02/23/2000 68.60 17.24 9.12 32.12 9.69 76.31 68.27 52.17
02/24/2000 63.14 17.62 8.24 34.67 9.69 75.40 67.31 51.82
02/25/2000 61.14 16.86 7.94 33.58 10.00 78.82 63.94 51.72
02/28/2000 60.58 16.86 7.94 32.12 9.69 79.73 64.66 52.11
02/29/2000 63.14 17.24 7.65 32.12 9.69 80.87 64.42 52.48
03/01/2000 62.81 18.77 7.94 31.02 9.06 81.09 65.14 52.96
03/02/2000 66.26 19.54 7.35 31.02 8.75 79.95 64.90 52.63
03/03/2000 66.59 19.92 7.35 31.02 8.44 78.13 65.14 52.16
03/06/2000 64.81 21.84 6.76 31.39 9.06 75.17 62.50 50.83
03/07/2000 63.81 20.69 7.06 31.39 9.06 76.54 62.74 51.13
03/08/2000 64.48 22.22 6.76 31.02 9.69 71.98 63.46 50.14
03/09/2000 66.82 24.90 6.47 31.39 9.06 74.03 62.74 51.13
03/10/2000 65.59 24.90 6.47 32.12 10.00 72.21 62.50 50.56
03/13/2000 63.47 23.75 6.76 31.02 9.38 70.16 63.22 49.76
03/14/2000 61.80 22.22 6.47 29.93 10.00 74.26 62.02 50.39
03/15/2000 63.03 22.22 6.18 30.66 9.69 77.45 63.94 52.03
03/16/2000 66.93 22.99 6.47 32.12 10.00 76.77 63.70 52.03
03/17/2000 67.59 24.14 6.47 31.02 9.38 75.63 63.22 51.63
03/20/2000 66.37 24.52 6.47 31.75 10.00 71.75 62.98 50.45
03/21/2000 67.82 26.44 6.47 31.75 9.69 71.75 63.46 50.96
03/22/2000 67.93 32.18 6.76 31.39 10.00 71.53 64.90 52.46
03/23/2000 67.93 29.12 6.47 32.12 10.00 74.94 64.42 52.88
03/24/2000 67.93 26.82 6.47 31.39 10.00 74.94 65.87 52.78
03/27/2000 67.04 26.44 6.18 31.75 9.69 73.12 68.27 52.81
03/28/2000 67.48 24.52 6.18 35.04 9.69 74.03 66.83 52.56
03/29/2000 67.71 26.05 6.47 37.23 9.69 76.99 67.79 54.31
03/30/2000 68.37 28.35 6.18 35.40 9.69 85.19 71.15 58.31
03/31/2000 67.71 26.82 6.18 37.59 9.69 81.55 73.08 57.54
04/03/2000 68.60 24.90 6.47 36.50 10.31 83.83 72.12 57.59
04/04/2000 68.26 24.14 6.47 35.77 10.00 83.60 69.95 56.64
04/05/2000 68.49 22.99 6.47 34.31 10.00 80.18 69.71 55.10
04/06/2000 69.82 24.90 6.47 34.67 10.00 81.55 69.95 56.04
04/07/2000 69.82 23.75 6.47 34.31 9.69 81.09 69.47 55.47
04/10/2000 69.04 24.14 6.32 31.75 9.06 81.09 69.23 55.24
04/11/2000 71.38 22.99 6.18 30.66 9.69 81.09 67.55 54.45
04/12/2000 71.38 22.61 7.06 31.39 10.00 84.05 65.87 54.97
04/13/2000 69.38 22.22 6.47 31.39 9.69 83.83 65.63 54.70
04/14/2000 68.04 20.31 6.76 31.75 9.69 80.41 62.74 52.38
04/17/2000 68.93 19.54 7.35 32.12 9.06 80.64 64.90 52.96
04/18/2000 69.49 19.92 7.94 31.02 9.38 79.50 65.63 52.83
04/19/2000 71.94 19.54 7.94 32.12 10.00 81.32 65.63 53.47
04/20/2000 74.39 19.54 7.94 33.21 11.88 85.42 66.83 55.37
04/24/2000 74.94 20.69 9.41 33.94 13.44 89.75 66.35 57.09
04/25/2000 76.95 24.14 9.41 34.31 13.75 89.52 66.59 57.82
04/26/2000 76.95 25.67 9.41 34.67 15.00 88.61 70.19 58.99
04/27/2000 74.94 26.44 10.00 34.31 15.00 89.75 70.67 59.66
04/28/2000 73.16 26.82 10.00 33.21 14.69 90.43 72.12 60.28
05/01/2000 77.51 27.20 10.00 33.58 14.38 92.94 73.32 61.55
05/02/2000 81.29 26.05 10.29 34.31 15.00 89.29 73.32 60.22
05/03/2000 83.85 25.29 10.00 34.31 15.00 89.52 72.84 59.99
05/04/2000 86.53 25.67 10.29 33.94 14.69 90.89 73.80 60.77
05/05/2000 84.41 26.05 10.59 32.85 14.38 90.89 75.00 61.11
05/08/2000 84.41 25.67 10.59 32.12 14.06 87.24 74.76 59.69
05/09/2000 83.63 25.67 10.00 32.12 14.69 87.02 73.80 59.34
05/10/2000 84.52 24.90 9.41 32.12 15.00 88.15 71.88 58.98
05/11/2000 86.97 26.05 9.12 31.75 13.44 92.71 71.39 60.45
05/12/2000 85.86 26.82 9.12 31.02 12.81 89.07 71.63 59.38
05/15/2000 83.85 27.20 8.82 31.75 13.13 87.93 73.56 59.71
05/16/2000 84.19 27.20 9.41 32.12 12.81 89.98 74.04 60.56
05/17/2000 83.74 25.67 9.12 31.39 13.13 86.79 71.88 58.51
05/18/2000 83.41 24.90 8.24 31.02 12.50 85.88 69.47 57.25
05/19/2000 82.85 24.52 7.94 30.66 11.88 84.28 69.23 56.50
05/22/2000 82.52 22.99 7.94 28.10 11.88 86.33 50.96 51.28
05/23/2000 80.51 22.22 7.94 28.10 12.50 88.84 47.12 50.86
05/24/2000 82.96 20.31 7.94 28.10 12.50 85.19 42.55 47.92
05/25/2000 82.52 21.46 7.35 28.47 12.19 84.51 42.55 47.91
05/26/2000 84.19 22.99 7.06 29.20 12.50 82.69 43.51 47.97
05/30/2000 84.52 22.61 7.06 29.20 11.88 83.60 42.79 47.94
05/31/2000 84.63 20.31 6.76 29.20 11.25 86.79 39.18 47.42
06/01/2000 78.17 21.07 6.76 29.20 12.19 86.56 41.83 48.33
06/02/2000 75.50 24.90 6.76 28.83 11.88 87.93 42.07 49.58
06/05/2000 76.50 24.14 6.47 28.47 11.25 86.33 43.75 49.32
06/06/2000 74.61 23.37 6.47 28.83 11.56 84.97 42.79 48.48
06/07/2000 74.16 22.99 6.47 28.47 11.56 82.92 44.23 48.12
06/08/2000 71.16 22.99 6.18 27.01 11.56 82.92 43.27 47.71
06/09/2000 71.05 21.46 6.18 27.74 11.56 80.87 44.71 47.21
06/12/2000 71.16 21.07 5.88 27.74 11.88 78.59 42.79 45.82
06/13/2000 69.04 20.69 6.18 28.47 10.94 77.90 40.63 44.90
06/14/2000 69.93 19.54 5.88 27.37 11.56 78.59 42.55 45.39
06/15/2000 70.38 18.01 6.47 27.37 11.56 81.78 42.31 46.09
06/16/2000 70.49 18.01 6.18 28.47 11.56 78.13 38.70 43.90
06/19/2000 63.92 13.03 6.47 28.47 11.25 79.04 37.02 42.70
06/20/2000 63.81 14.18 6.47 29.20 11.25 79.95 33.65 42.29
06/21/2000 61.80 13.41 6.18 28.83 12.19 76.31 34.62 41.23
06/22/2000 61.14 13.03 6.18 28.83 10.63 75.63 33.89 40.63
06/23/2000 60.58 12.26 6.47 29.20 11.25 76.31 34.38 40.92
06/26/2000 61.02 13.03 5.29 28.10 11.25 79.04 38.46 43.04
06/27/2000 59.58 12.26 5.29 27.74 10.63 81.78 39.18 43.94
06/28/2000 60.69 12.64 5.59 27.01 10.31 82.23 41.35 44.75
06/29/2000 61.25 12.64 5.29 25.18 10.00 87.70 43.27 46.95
06/30/2000 57.02 10.34 5.59 27.74 10.31 79.27 42.79 43.79
07/03/2000 58.13 12.26 5.29 27.01 10.31 88.38 43.75 47.39
07/05/2000 58.35 12.64 5.29 27.01 10.63 84.97 43.75 46.36
07/06/2000 56.24 12.26 5.29 27.37 10.94 85.65 44.47 46.77
07/07/2000 56.57 12.26 5.00 27.74 10.94 88.15 45.67 47.96
07/10/2000 56.57 12.26 5.00 25.91 12.50 89.75 46.15 48.58
07/11/2000 57.57 13.41 5.00 25.91 15.31 88.61 44.95 48.23
07/12/2000 57.24 13.79 5.00 24.82 15.94 87.70 44.23 47.75
07/13/2000 56.79 14.94 4.71 25.18 15.63 88.61 43.27 47.99
07/14/2000 57.13 15.33 5.29 27.01 15.00 90.89 45.43 49.59
07/17/2000 57.57 15.33 4.71 27.37 15.63 89.29 44.47 48.82
07/18/2000 56.12 15.33 4.41 28.10 14.69 88.15 43.75 48.22
07/19/2000 55.90 14.94 2.06 28.10 15.00 87.93 43.99 48.06
07/20/2000 58.57 14.94 2.94 28.10 18.13 89.75 42.79 48.51
07/21/2000 60.69 13.41 3.53 28.10 18.13 89.52 43.75 48.44
07/24/2000 59.91 13.41 3.53 27.01 18.75 89.52 43.51 48.32
07/25/2000 59.35 13.03 3.24 27.01 17.81 91.34 44.23 48.99
07/26/2000 58.91 12.64 3.24 27.01 17.50 94.53 43.27 49.67
07/27/2000 58.57 9.96 2.94 26.64 17.19 94.53 43.75 49.21
07/28/2000 57.80 10.73 2.94 27.37 17.19 94.31 43.75 49.35
07/31/2000 57.46 9.96 2.94 26.28 16.25 97.27 46.15 50.74
08/01/2000 56.57 10.73 2.65 25.18 15.94 98.41 46.39 51.23
08/02/2000 57.24 10.73 2.79 25.55 15.63 97.72 46.63 51.09
08/03/2000 56.79 9.58 2.35 24.82 15.63 96.13 46.63 50.26
08/04/2000 56.24 10.34 2.35 24.82 17.50 97.72 47.12 51.18
08/07/2000 57.35 10.34 2.94 24.45 18.75 99.32 47.12 51.77
08/08/2000 56.90 10.34 2.94 24.82 17.81 99.77 46.39 51.69
08/09/2000 56.46 10.34 2.65 24.82 18.13 98.41 48.08 51.74
08/10/2000 56.57 10.34 2.65 24.09 17.50 95.44 47.12 50.39
08/11/2000 56.68 10.34 2.65 24.09 17.50 97.95 49.28 51.85
08/14/2000 57.24 10.73 2.65 24.82 17.19 97.95 50.72 52.39
08/15/2000 55.79 10.34 2.65 25.18 17.19 97.04 51.92 52.40
08/16/2000 55.46 9.20 2.35 26.64 17.50 96.81 54.09 52.85
08/17/2000 56.24 9.58 1.91 26.64 18.75 94.76 54.09 52.30
08/18/2000 56.01 9.20 2.06 28.10 19.06 94.08 53.61 51.99
08/21/2000 55.23 10.34 2.21 28.47 19.69 94.08 51.68 51.72
08/22/2000 56.57 11.88 2.35 27.74 20.63 95.90 51.92 52.71
08/23/2000 55.90 11.11 2.35 27.37 21.88 92.26 51.92 51.39
08/24/2000 56.24 11.11 2.06 27.37 22.81 92.71 52.16 51.65
08/25/2000 55.79 11.49 2.06 27.37 20.63 90.89 52.16 51.01
08/28/2000 54.79 11.11 2.06 26.28 20.94 87.47 51.44 49.52
08/29/2000 53.45 10.34 1.76 27.01 22.19 89.29 51.92 50.22
08/30/2000 53.56 10.73 2.35 26.28 21.56 87.02 52.16 49.55
08/31/2000 53.23 10.73 2.35 25.91 22.19 86.56 54.09 49.98
09/01/2000 53.12 10.73 3.82 25.91 21.25 88.38 53.37 50.38
09/05/2000 52.90 10.73 4.41 25.91 22.50 85.42 52.88 49.35
09/06/2000 55.68 11.88 4.71 25.55 22.50 96.58 54.09 53.60
09/07/2000 55.68 11.88 5.88 25.91 20.94 98.63 54.81 54.48
09/08/2000 55.46 11.49 5.59 25.55 20.63 94.31 54.33 52.78
09/11/2000 53.56 11.49 4.41 25.55 20.94 92.71 53.85 52.08
09/12/2000 52.78 11.11 4.41 25.55 19.38 93.62 53.85 52.22
09/13/2000 52.00 10.34 4.41 25.18 19.06 89.52 54.57 50.88
09/14/2000 52.45 11.49 4.71 25.18 18.75 87.24 54.81 50.42
09/15/2000 51.45 9.20 4.12 25.91 18.13 84.97 53.85 48.92
09/18/2000 51.00 8.81 3.82 25.18 17.50 81.55 51.92 47.05
09/19/2000 51.56 9.20 3.53 25.91 16.56 80.64 51.44 46.68
09/20/2000 50.22 9.58 3.82 25.55 17.50 78.82 52.64 46.54
09/21/2000 49.67 8.43 4.41 25.55 18.13 77.45 51.68 45.64
09/22/2000 49.00 8.43 4.41 24.82 19.69 80.18 51.20 46.43
09/25/2000 48.78 7.66 4.41 24.82 21.88 81.78 50.48 46.71
09/26/2000 48.33 8.05 4.71 25.18 20.31 80.18 46.39 45.01
09/27/2000 48.44 7.66 4.12 25.18 20.00 79.73 46.15 44.67
09/28/2000 49.00 8.05 4.12 24.09 20.63 82.92 44.95 45.39
09/29/2000 50.22 7.66 5.00 25.18 20.00 79.50 47.12 44.91
10/02/2000 49.67 8.05 5.29 24.09 20.00 78.36 43.99 43.62
10/03/2000 50.56 7.66 5.88 24.45 20.00 77.68 43.03 43.09
10/04/2000 51.34 8.05 5.59 24.09 17.50 78.36 44.71 43.71
10/05/2000 51.56 8.43 5.59 24.45 16.88 80.41 43.99 44.24
10/06/2000 48.33 8.05 5.00 23.72 15.00 80.64 42.79 43.70
10/09/2000 48.22 8.05 5.59 23.72 15.00 79.04 40.87 42.63
10/10/2000 48.00 8.43 5.00 23.72 15.63 77.22 34.13 40.13
10/11/2000 46.44 8.05 5.29 22.99 15.63 71.98 33.41 38.07
10/12/2000 45.66 9.20 6.18 17.52 15.63 70.39 33.17 37.32
10/13/2000 45.32 8.81 6.18 17.52 15.31 71.07 32.93 37.38
10/16/2000 45.21 8.05 7.65 16.06 15.00 71.98 31.73 37.10
10/17/2000 43.76 8.43 7.35 15.33 15.00 69.93 29.33 35.72
10/18/2000 42.87 8.05 6.76 14.96 15.00 70.39 29.33 35.74
10/19/2000 42.65 8.43 6.47 15.33 15.00 73.35 29.57 36.88
10/20/2000 40.98 8.05 7.06 16.06 14.06 73.35 28.85 36.62
10/23/2000 40.31 8.43 6.76 16.06 15.63 71.30 27.16 35.60
10/24/2000 40.53 8.43 6.47 15.33 13.13 71.30 27.64 35.54
10/25/2000 40.76 8.43 6.18 14.60 13.13 70.84 27.16 35.18
10/26/2000 40.53 8.05 5.00 15.69 13.13 73.80 27.40 36.18
10/27/2000 40.98 7.28 4.71 14.60 13.13 73.58 28.37 36.14
10/30/2000 41.76 7.28 4.71 13.87 13.44 77.22 28.37 37.30
10/31/2000 41.98 7.66 5.00 14.23 13.75 79.50 27.64 37.98
11/01/2000 41.87 8.05 4.41 14.60 15.00 78.59 27.64 37.83
11/02/2000 42.32 7.66 3.82 15.33 14.69 78.82 28.13 37.98
11/03/2000 42.32 8.05 3.24 15.33 14.38 79.04 27.88 38.02
11/06/2000 44.21 8.43 3.24 15.69 14.69 79.27 27.88 38.22
11/07/2000 45.21 8.81 3.53 16.06 14.69 77.90 28.37 38.03
11/08/2000 47.44 8.43 2.94 15.33 15.00 77.22 27.88 37.52
11/09/2000 46.10 8.81 2.94 15.33 10.31 75.40 27.64 36.67
11/10/2000 45.55 9.20 3.24 14.60 11.56 74.72 28.13 36.68
11/13/2000 46.88 9.20 3.09 14.60 11.56 76.31 27.16 36.92
11/14/2000 47.10 9.58 2.65 13.14 11.25 77.90 29.09 37.94
11/15/2000 46.66 9.58 2.65 12.77 11.25 77.45 28.37 37.55
11/16/2000 45.88 8.81 2.35 12.41 11.25 78.82 28.37 37.81
11/17/2000 47.77 8.81 2.21 11.31 10.00 79.95 27.40 37.74
11/20/2000 48.00 8.43 1.76 12.77 10.00 81.55 25.72 37.78
11/21/2000 48.89 8.43 2.06 12.04 9.69 81.32 24.76 37.36
11/22/2000 48.33 8.43 1.76 12.77 9.69 80.41 23.80 36.82
11/24/2000 49.67 8.81 1.76 12.77 9.69 81.09 24.28 37.27
11/27/2000 50.00 8.43 1.47 12.41 10.00 84.51 26.44 38.93
11/28/2000 49.55 8.43 1.62 12.41 9.38 83.60 25.48 38.32
11/29/2000 49.55 8.43 1.76 12.04 9.69 86.79 25.00 39.23
11/30/2000 48.55 8.05 1.62 12.41 9.69 86.33 24.52 38.88
12/01/2000 49.55 8.43 1.76 12.77 9.69 89.98 24.28 40.12
12/04/2000 49.67 8.43 1.62 12.55 10.00 87.93 23.08 39.08
12/05/2000 50.33 8.05 1.62 13.08 10.00 91.80 23.77 40.53
12/06/2000 46.33 8.81 1.32 12.79 11.25 91.12 25.46 40.99
12/07/2000 42.65 9.20 1.32 13.43 15.63 91.80 24.92 41.42
12/08/2000 43.32 9.20 1.47 13.14 14.69 93.62 25.15 42.03
12/11/2000 48.11 9.96 1.32 13.37 15.00 94.99 24.38 42.43
12/12/2000 51.22 11.11 1.32 13.14 12.81 92.26 25.04 41.82
12/13/2000 52.00 9.96 1.47 13.61 13.13 89.29 25.38 40.77
12/14/2000 49.89 9.96 1.18 13.20 13.13 89.75 25.62 40.95
12/15/2000 49.11 9.58 1.18 13.43 13.44 90.89 25.04 41.11
12/18/2000 50.11 10.34 1.32 13.14 13.13 90.89 24.00 40.92
12/19/2000 51.22 9.20 1.32 12.73 13.13 89.98 24.31 40.45
12/20/2000 50.56 9.20 1.32 12.55 12.50 87.47 24.19 39.54
12/21/2000 50.11 9.20 1.18 12.55 12.50 88.38 23.08 39.51
12/22/2000 53.79 9.20 1.32 12.55 12.50 92.26 23.69 40.97
12/26/2000 53.56 9.58 1.18 12.32 13.13 91.80 25.12 41.33
12/27/2000 55.46 9.96 1.32 12.85 13.13 100.91 27.50 45.16
12/28/2000 56.35 10.34 1.32 13.49 12.50 105.69 28.81 47.22
12/29/2000 57.80 10.73 1.32 12.96 12.50 99.77 28.81 45.30
01/02/2001 55.12 9.58 1.32 13.66 12.50 99.32 30.54 45.48
01/03/2001 56.68 9.96 1.62 14.01 11.88 103.87 34.62 48.27
01/04/2001 56.90 9.58 1.76 14.54 11.56 107.74 34.23 49.39
01/05/2001 54.57 9.96 1.76 14.60 12.50 107.74 33.42 49.28
01/08/2001 56.90 9.96 1.62 14.54 12.50 112.07 32.62 50.46
01/09/2001 56.24 10.73 1.62 14.48 11.25 111.16 31.73 49.98
01/10/2001 56.79 11.11 1.91 14.60 11.25 109.34 31.77 49.49
01/11/2001 57.13 11.11 1.76 14.42 11.88 109.34 32.12 49.60
01/12/2001 56.90 10.73 2.06 14.48 12.50 112.53 32.23 50.66
01/16/2001 57.57 10.34 2.21 14.60 13.13 115.03 32.73 51.61
01/17/2001 59.02 9.96 2.35 14.60 14.38 112.98 34.85 51.56
01/18/2001 59.35 10.34 2.35 14.60 14.69 112.98 37.50 52.43
01/19/2001 59.13 10.73 2.65 14.60 14.69 109.34 37.12 51.21
01/22/2001 57.35 10.34 2.35 15.18 14.69 110.93 34.85 51.02
01/23/2001 61.47 10.34 2.21 17.46 13.44 113.21 35.38 52.03
01/24/2001 59.80 10.34 2.35 18.34 14.69 110.02 35.19 51.07
01/25/2001 60.91 10.73 2.35 18.74 14.69 112.53 35.19 52.00
01/26/2001 60.36 10.34 2.21 18.69 14.06 110.02 34.65 50.89
01/29/2001 60.83 10.67 2.12 18.86 14.10 112.44 35.58 52.04
01/30/2001 60.85 11.34 2.12 18.69 14.35 111.78 33.62 51.38
01/31/2001 63.04 11.40 2.12 17.58 14.30 114.81 34.77 52.64
02/01/2001 62.68 10.91 2.31 18.22 13.15 117.36 35.19 53.50
02/02/2001 64.14 11.52 2.35 18.10 14.50 116.41 34.19 53.09
02/05/2001 64.77 11.89 2.31 16.35 13.10 116.23 33.88 52.79
02/06/2001 65.37 11.65 2.31 16.23 13.45 116.52 34.54 53.04
02/07/2001 66.33 11.52 2.26 16.64 14.23 114.70 33.73 52.25
02/08/2001 64.34 11.52 2.12 16.64 13.80 112.07 33.27 51.22
02/09/2001 64.64 13.36 2.82 17.11 13.25 107.19 33.65 50.13
02/12/2001 65.21 14.10 2.26 16.82 13.75 108.06 34.00 50.65
02/13/2001 66.82 13.49 2.07 16.88 13.75 108.76 33.65 50.65
02/14/2001 65.43 13.49 1.88 17.17 14.35 109.34 32.62 50.58
02/15/2001 64.93 13.49 2.52 17.34 14.95 111.85 33.15 51.64
02/16/2001 64.32 13.43 2.26 17.17 15.50 112.15 32.19 51.45
02/20/2001 78.08 13.79 2.02 17.28 19.10 114.84 33.73 53.06
02/21/2001 77.92 13.55 1.98 17.11 15.75 116.56 33.81 53.40
02/22/2001 79.20 13.12 2.21 16.64 15.00 114.70 33.85 52.65
02/23/2001 80.45 13.18 2.21 16.06 15.25 112.62 33.23 51.76
02/26/2001 80.53 13.49 2.02 15.47 17.95 113.20 34.42 52.46
02/27/2001 80.09 13.49 2.02 15.59 17.10 111.27 33.35 51.47
02/28/2001 79.48 13.79 2.21 14.13 17.75 109.16 32.38 50.48
03/01/2001 79.95 14.10 2.31 14.07 18.65 108.39 32.08 50.25
03/02/2001 79.63 14.10 2.24 13.78 21.00 110.18 31.54 50.78
03/05/2001 79.55 14.71 2.35 13.84 25.00 112.87 33.19 52.51
03/06/2001 79.54 14.53 2.35 13.14 20.25 110.07 35.15 51.81
03/07/2001 79.38 15.33 2.12 14.01 20.60 111.38 34.85 52.39
03/08/2001 79.29 15.94 2.31 14.54 21.00 112.77 34.85 53.04
03/09/2001 79.31 16.67 2.33 13.43 22.00 112.73 35.81 53.43
03/12/2001 79.38 16.25 2.26 14.01 21.75 112.36 35.77 53.24
03/13/2001 79.55 15.94 2.21 14.01 20.50 109.45 36.15 52.26
03/14/2001 77.95 15.63 2.31 13.84 21.65 105.77 35.38 50.81
03/15/2001 78.16 15.63 2.21 13.87 21.00 107.85 35.85 51.60
SOURCE: FactSet
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 29
33
SPRINGS INDUSTRIES -- ONE YEAR HISTORICAL PRICE PERFORMANCE
RELATIVE SHARE PRICE PERFORMANCE
DATE SPRINGS BURLINGTON CROWN CRAFTS DAN RIVER GALEY & LORD MOHAWK IND. WESTPOINT PEER GROUP
3/16/00 100.00 100.00 100 100.00 100 100.00 100 100.00
3/17/00 101.00 105.00 100.00 96.59 93.75 98.52 99.25 99.22
3/20/00 99.17 106.67 100.00 98.86 100.00 93.47 98.87 96.95
3/21/00 101.33 115.00 100.00 98.86 96.88 93.47 99.62 97.93
3/22/00 101.50 140.00 104.55 97.73 100.00 93.18 101.89 100.83
3/23/00 101.50 126.67 100.00 100.00 100.00 97.63 101.13 101.62
3/24/00 101.50 116.67 100.00 97.73 100.00 97.63 103.40 101.44
3/27/00 100.17 115.00 95.45 98.86 96.88 95.25 107.17 101.50
3/28/00 100.83 106.67 95.45 109.09 96.88 96.44 104.91 101.01
3/29/00 101.16 113.33 100.00 115.91 96.88 100.30 106.42 104.37
3/30/00 102.16 123.33 95.45 110.23 96.88 110.98 111.70 112.07
3/31/00 101.16 116.67 95.45 117.05 96.88 106.23 114.72 110.58
4/3/00 102.50 108.33 100.00 113.64 103.13 109.20 113.21 110.67
4/4/00 102.00 105.00 100.00 111.36 100.00 108.90 109.81 108.86
4/5/00 102.33 100.00 100.00 106.82 100.00 104.45 109.43 105.90
4/6/00 104.33 108.33 100.00 107.95 100.00 106.23 109.81 107.70
4/7/00 104.33 103.33 100.00 106.82 96.88 105.64 109.06 106.60
4/10/00 103.16 105.00 97.73 98.86 90.63 105.64 108.68 106.16
4/11/00 106.66 100.00 95.45 95.45 96.88 105.64 106.04 104.65
4/12/00 106.66 98.33 109.09 97.73 100.00 109.50 103.40 105.64
4/13/00 103.66 96.67 100.00 97.73 96.88 109.20 103.02 105.13
4/14/00 101.66 88.33 104.55 98.86 96.88 104.75 98.49 100.67
4/17/00 103.00 85.00 113.64 100.00 90.63 105.04 101.89 101.78
4/18/00 103.83 86.67 122.73 96.59 93.75 103.56 103.02 101.53
4/19/00 107.49 85.00 122.73 100.00 100.00 105.93 103.02 102.76
4/20/00 111.15 85.00 122.73 103.41 118.75 111.28 104.91 106.40
4/24/00 111.98 90.00 145.45 105.68 134.38 116.91 104.15 109.71
4/25/00 114.98 105.00 145.45 106.82 137.50 116.62 104.53 111.12
4/26/00 114.98 111.67 145.45 107.95 150.00 115.43 110.19 113.37
4/27/00 111.98 115.00 154.55 106.82 150.00 116.91 110.94 114.65
4/28/00 109.32 116.67 154.55 103.41 146.88 117.80 113.21 115.85
5/1/00 115.81 118.33 154.55 104.55 143.75 121.07 115.09 118.29
5/2/00 121.46 113.33 159.09 106.82 150.00 116.32 115.09 115.74
5/3/00 125.29 110.00 154.55 106.82 150.00 116.62 114.34 115.29
5/4/00 129.28 111.67 159.09 105.68 146.88 118.40 115.85 116.78
5/5/00 126.12 113.33 163.64 102.27 143.75 118.40 117.74 117.44
5/8/00 126.12 111.67 163.64 100.00 140.63 113.65 117.36 114.71
5/9/00 124.96 111.67 154.55 100.00 146.88 113.35 115.85 114.04
5/10/00 126.29 108.33 145.45 100.00 150.00 114.84 112.83 113.36
5/11/00 129.95 113.33 140.91 98.86 134.38 120.77 112.08 116.17
5/12/00 128.29 116.67 140.91 96.59 128.13 116.02 112.45 114.12
5/15/00 125.29 118.33 136.36 98.86 131.25 114.54 115.47 114.75
5/16/00 125.79 118.33 145.45 100.00 128.13 117.21 116.23 116.40
5/17/00 125.12 111.67 140.91 97.73 131.25 113.06 112.83 112.46
5/18/00 124.63 108.33 127.27 96.59 125.00 111.87 109.06 110.03
5/19/00 123.79 106.67 122.73 95.45 118.75 109.79 108.68 108.59
5/22/00 123.29 100.00 122.73 87.50 118.75 112.46 80.00 98.56
5/23/00 120.30 96.67 122.73 87.50 125.00 115.73 73.96 97.74
5/24/00 123.96 88.33 122.73 87.50 125.00 110.98 66.79 92.10
5/25/00 123.29 93.33 113.64 88.64 121.88 110.09 66.79 92.08
5/26/00 125.79 100.00 109.09 90.91 125.00 107.72 68.30 92.18
5/30/00 126.29 98.33 109.09 90.91 118.75 108.90 67.17 92.14
5/31/00 126.46 88.33 104.55 90.91 112.50 113.06 61.51 91.14
6/1/00 116.81 91.67 104.55 90.91 121.88 112.76 65.66 92.89
6/2/00 112.81 108.33 104.55 89.77 118.75 114.54 66.04 95.28
6/5/00 114.31 105.00 100.00 88.64 112.50 112.46 68.68 94.78
6/6/00 111.48 101.67 100.00 89.77 115.63 110.68 67.17 93.16
6/7/00 110.82 100.00 100.00 88.64 115.63 108.01 69.43 92.48
6/8/00 106.32 100.00 95.45 84.09 115.63 108.01 67.92 91.69
6/9/00 106.16 93.33 95.45 86.36 115.63 105.34 70.19 90.73
6/12/00 106.32 91.67 90.91 86.36 118.75 102.37 67.17 88.06
6/13/00 103.16 90.00 95.45 88.64 109.38 101.48 63.77 86.28
6/14/00 104.49 85.00 90.91 85.23 115.63 102.37 66.79 87.24
6/15/00 105.16 78.33 100.00 85.23 115.63 106.53 66.42 88.58
6/16/00 105.32 78.33 95.45 88.64 115.63 101.78 60.75 84.37
6/19/00 95.51 56.67 100.00 88.64 112.50 102.97 58.11 82.06
6/20/00 95.34 61.67 100.00 90.91 112.50 104.15 52.83 81.28
6/21/00 92.35 58.33 95.45 89.77 121.88 99.41 54.34 79.24
6/22/00 91.35 56.67 95.45 89.77 106.25 98.52 53.21 78.08
6/23/00 90.52 53.33 100.00 90.91 112.50 99.41 53.96 78.64
6/26/00 91.18 56.67 81.82 87.50 112.50 102.97 60.38 82.72
6/27/00 89.02 53.33 81.82 86.36 106.25 106.53 61.51 84.45
6/28/00 90.68 55.00 86.36 84.09 103.13 107.12 64.91 86.00
6/29/00 91.51 55.00 81.82 78.41 100.00 114.24 67.92 90.22
6/30/00 85.19 45.00 86.36 86.36 103.13 103.26 67.17 84.16
7/3/00 86.86 53.33 81.82 84.09 103.13 115.13 68.68 91.08
7/5/00 87.19 55.00 81.82 84.09 106.25 110.68 68.68 89.10
7/6/00 84.03 53.33 81.82 85.23 109.38 111.57 69.81 89.88
7/7/00 84.53 53.33 77.27 86.36 109.38 114.84 71.70 92.18
7/10/00 84.53 53.33 77.27 80.68 125.00 116.91 72.45 93.36
7/11/00 86.02 58.33 77.27 80.68 153.13 115.43 70.57 92.69
7/12/00 85.52 60.00 77.27 77.27 159.38 114.24 69.43 91.76
7/13/00 84.86 65.00 72.73 78.41 156.25 115.43 67.92 92.23
7/14/00 85.36 66.67 81.82 84.09 150.00 118.40 71.32 95.30
7/17/00 86.02 66.67 72.73 85.23 156.25 116.32 69.81 93.82
7/18/00 83.86 66.67 68.18 87.50 146.88 114.84 68.68 92.68
7/19/00 83.53 65.00 31.82 87.50 150.00 114.54 69.06 92.36
7/20/00 87.52 65.00 45.45 87.50 181.25 116.91 67.17 93.24
7/21/00 90.68 58.33 54.55 87.50 181.25 116.62 68.68 93.09
7/24/00 89.52 58.33 54.55 84.09 187.50 116.62 68.30 92.86
7/25/00 88.69 56.67 50.00 84.09 178.13 118.99 69.43 94.15
7/26/00 88.02 55.00 50.00 84.09 175.00 123.15 67.92 95.45
7/27/00 87.52 43.33 45.45 82.95 171.88 123.15 68.68 94.57
7/28/00 86.36 46.67 45.45 85.23 171.88 122.85 68.68 94.84
7/31/00 85.86 43.33 45.45 81.82 162.50 126.71 72.45 97.52
8/1/00 84.53 46.67 40.91 78.41 159.38 128.19 72.83 98.45
8/2/00 85.52 46.67 43.18 79.55 156.25 127.30 73.21 98.19
8/3/00 84.86 41.67 36.36 77.27 156.25 125.22 73.21 96.59
8/4/00 84.03 45.00 36.36 77.27 175.00 127.30 73.96 98.37
8/7/00 85.69 45.00 45.45 76.14 187.50 129.38 73.96 99.50
8/8/00 85.02 45.00 45.45 77.27 178.13 129.97 72.83 99.34
8/9/00 84.36 45.00 40.91 77.27 181.25 128.19 75.47 99.43
8/10/00 84.53 45.00 40.91 75.00 175.00 124.33 73.96 96.84
8/11/00 84.69 45.00 40.91 75.00 175.00 127.60 77.36 99.65
8/14/00 85.52 46.67 40.91 77.27 171.88 127.60 79.62 100.69
8/15/00 83.36 45.00 40.91 78.41 171.88 126.41 81.51 100.70
8/16/00 82.86 40.00 36.36 82.95 175.00 126.11 84.91 101.57
8/17/00 84.03 41.67 29.55 82.95 187.50 123.44 84.91 100.51
8/18/00 83.69 40.00 31.82 87.50 190.63 122.55 84.15 99.92
8/21/00 82.53 45.00 34.09 88.64 196.88 122.55 81.13 99.41
8/22/00 84.53 51.67 36.36 86.36 206.25 124.93 81.51 101.29
8/23/00 83.53 48.33 36.36 85.23 218.75 120.18 81.51 98.76
8/24/00 84.03 48.33 31.82 85.23 228.13 120.77 81.89 99.26
8/25/00 83.36 50.00 31.82 85.23 206.25 118.40 81.89 98.03
8/28/00 81.86 48.33 31.82 81.82 209.38 113.95 80.75 95.18
8/29/00 79.87 45.00 27.27 84.09 221.88 116.32 81.51 96.52
8/30/00 80.03 46.67 36.36 81.82 215.63 113.35 81.89 95.24
8/31/00 79.53 46.67 36.36 80.68 221.88 112.76 84.91 96.05
9/1/00 79.37 46.67 59.09 80.68 212.50 115.13 83.77 96.82
9/5/00 79.03 46.67 68.18 80.68 225.00 111.28 83.02 94.85
9/6/00 83.19 51.67 72.73 79.55 225.00 125.82 84.91 103.01
9/7/00 83.19 51.67 90.91 80.68 209.38 128.49 86.04 104.71
9/8/00 82.86 50.00 86.36 79.55 206.25 122.85 85.28 101.43
9/11/00 80.03 50.00 68.18 79.55 209.38 120.77 84.53 100.09
9/12/00 78.87 48.33 68.18 79.55 193.75 121.96 84.53 100.35
9/13/00 77.70 45.00 68.18 78.41 190.63 116.62 85.66 97.78
9/14/00 78.37 50.00 72.73 78.41 187.50 113.65 86.04 96.91
9/15/00 76.87 40.00 63.64 80.68 181.25 110.68 84.53 94.03
9/18/00 76.21 38.33 59.09 78.41 175.00 106.23 81.51 90.42
9/19/00 77.04 40.00 54.55 80.68 165.63 105.04 80.75 89.71
9/20/00 75.04 41.67 59.09 79.55 175.00 102.67 82.64 89.45
9/21/00 74.21 36.67 68.18 79.55 181.25 100.89 81.13 87.71
9/22/00 73.21 36.67 68.18 77.27 196.88 104.45 80.38 89.22
9/25/00 72.88 33.33 68.18 77.27 218.75 106.53 79.25 89.76
9/26/00 72.21 35.00 72.73 78.41 203.13 104.45 72.83 86.49
9/27/00 72.38 33.33 63.64 78.41 200.00 103.86 72.45 85.84
9/28/00 73.21 35.00 63.64 75.00 206.25 108.01 70.57 87.23
9/29/00 75.04 33.33 77.27 78.41 200.00 103.56 73.96 86.31
10/2/00 74.21 35.00 81.82 75.00 200.00 102.08 69.06 83.83
10/3/00 75.54 33.33 90.91 76.14 200.00 101.19 67.55 82.80
10/4/00 76.71 35.00 86.36 75.00 175.00 102.08 70.19 84.00
10/5/00 77.04 36.67 86.36 76.14 168.75 104.75 69.06 85.02
10/6/00 72.21 35.00 77.27 73.86 150.00 105.04 67.17 83.98
10/9/00 72.05 35.00 86.36 73.86 150.00 102.97 64.15 81.93
10/10/00 71.71 36.67 77.27 73.86 156.25 100.59 53.58 77.13
10/11/00 69.38 35.00 81.82 71.59 156.25 93.77 52.45 73.16
10/12/00 68.22 40.00 95.45 54.55 156.25 91.69 52.08 71.72
10/13/00 67.72 38.33 95.45 54.55 153.13 92.58 51.70 71.83
10/16/00 67.55 35.00 118.18 50.00 150.00 93.77 49.81 71.30
10/17/00 65.39 36.67 113.64 47.73 150.00 91.10 46.04 68.66
10/18/00 64.06 35.00 104.55 46.59 150.00 91.69 46.04 68.70
10/19/00 63.73 36.67 100.00 47.73 150.00 95.55 46.42 70.89
10/20/00 61.23 35.00 109.09 50.00 140.63 95.55 45.28 70.39
10/23/00 60.23 36.67 104.55 50.00 156.25 92.88 42.64 68.42
10/24/00 60.57 36.67 100.00 47.73 131.25 92.88 43.40 68.30
10/25/00 60.90 36.67 95.45 45.45 131.25 92.28 42.64 67.61
10/26/00 60.57 35.00 77.27 48.86 131.25 96.14 43.02 69.54
10/27/00 61.23 31.67 72.73 45.45 131.25 95.85 44.53 69.46
10/30/00 62.40 31.67 72.73 43.18 134.38 100.59 44.53 71.69
10/31/00 62.73 33.33 77.27 44.32 137.50 103.56 43.40 72.99
11/1/00 62.56 35.00 68.18 45.45 150.00 102.37 43.40 72.69
11/2/00 63.23 33.33 59.09 47.73 146.88 102.67 44.15 72.99
11/3/00 63.23 35.00 50.00 47.73 143.75 102.97 43.77 73.07
11/6/00 66.06 36.67 50.00 48.86 146.88 103.26 43.77 73.45
11/7/00 67.55 38.33 54.55 50.00 146.88 101.48 44.53 73.08
11/8/00 70.88 36.67 45.45 47.73 150.00 100.59 43.77 72.10
11/9/00 68.89 38.33 45.45 47.73 103.13 98.22 43.40 70.47
11/10/00 68.05 40.00 50.00 45.45 115.63 97.33 44.15 70.50
11/13/00 70.05 40.00 47.73 45.45 115.63 99.41 42.64 70.95
11/14/00 70.38 41.67 40.91 40.91 112.50 101.48 45.66 72.92
11/15/00 69.72 41.67 40.91 39.77 112.50 100.89 44.53 72.16
11/16/00 68.55 38.33 36.36 38.64 112.50 102.67 44.53 72.66
11/17/00 71.38 38.33 34.09 35.23 100.00 104.15 43.02 72.53
11/20/00 71.71 36.67 27.27 39.77 100.00 106.23 40.38 72.62
11/21/00 73.04 36.67 31.82 37.50 96.88 105.93 38.87 71.81
11/22/00 72.21 36.67 27.27 39.77 96.88 104.75 37.36 70.77
11/24/00 74.21 38.33 27.27 39.77 96.88 105.64 38.11 71.63
11/27/00 74.71 36.67 22.73 38.64 100.00 110.09 41.51 74.82
11/28/00 74.04 36.67 25.00 38.64 93.75 108.90 40.00 73.65
11/29/00 74.04 36.67 27.27 37.50 96.88 113.06 39.25 75.39
11/30/00 72.55 35.00 25.00 38.64 96.88 112.46 38.49 74.72
12/1/00 74.04 36.67 27.27 39.77 96.88 117.21 38.11 77.11
12/4/00 74.21 36.67 25.00 39.09 100.00 114.54 36.23 75.12
12/5/00 75.21 35.00 25.00 40.73 100.00 119.58 37.31 77.89
12/6/00 69.22 38.33 20.45 39.82 112.50 118.69 39.97 78.78
12/7/00 63.73 40.00 20.45 41.82 156.25 119.58 39.12 79.61
12/8/00 64.73 40.00 22.73 40.91 146.88 121.96 39.49 80.77
12/11/00 71.88 43.33 20.45 41.64 150.00 123.74 38.28 81.55
12/12/00 76.54 48.33 20.45 40.91 128.13 120.18 39.31 80.37
12/13/00 77.70 43.33 22.73 42.36 131.25 116.32 39.85 78.36
12/14/00 74.54 43.33 18.18 41.09 131.25 116.91 40.21 78.69
12/15/00 73.38 41.67 18.18 41.82 134.38 118.40 39.31 79.01
12/18/00 74.88 45.00 20.45 40.91 131.25 118.40 37.68 78.65
12/19/00 76.54 40.00 20.45 39.64 131.25 117.21 38.16 77.74
12/20/00 75.54 40.00 20.45 39.09 125.00 113.95 37.98 75.99
12/21/00 74.88 40.00 18.18 39.09 125.00 115.13 36.23 75.93
12/22/00 80.37 40.00 20.45 39.09 125.00 120.18 37.19 78.74
12/26/00 80.03 41.67 18.18 38.36 131.25 119.58 39.43 79.43
12/27/00 82.86 43.33 20.45 40.00 131.25 131.45 43.17 86.79
12/28/00 84.19 45.00 20.45 42.00 125.00 137.69 45.22 90.74
12/29/00 86.36 46.67 20.45 40.36 125.00 129.97 45.22 87.06
1/2/01 82.36 41.67 20.45 42.55 125.00 129.38 47.94 87.41
1/3/01 84.69 43.33 25.00 43.64 118.75 135.31 54.34 92.77
1/4/01 85.02 41.67 27.27 45.27 115.63 140.36 53.74 94.91
1/5/01 81.53 43.33 27.27 45.45 125.00 140.36 52.47 94.71
1/8/01 85.02 43.33 25.00 45.27 125.00 145.99 51.20 96.98
1/9/01 84.03 46.67 25.00 45.09 112.50 144.81 49.81 96.05
1/10/01 84.86 48.33 29.55 45.45 112.50 142.43 49.87 95.11
1/11/01 85.36 48.33 27.27 44.91 118.75 142.43 50.42 95.33
1/12/01 85.02 46.67 31.82 45.09 125.00 146.59 50.60 97.37
1/16/01 86.02 45.00 34.09 45.45 131.25 149.85 51.38 99.19
1/17/01 88.19 43.33 36.36 45.45 143.75 147.18 54.70 99.08
1/18/01 88.69 45.00 36.36 45.45 146.88 147.18 58.87 100.77
1/19/01 88.35 46.67 40.91 45.45 146.88 142.43 58.26 98.41
1/22/01 85.69 45.00 36.36 47.27 146.88 144.51 54.70 98.05
1/23/01 91.85 45.00 34.09 54.36 134.38 147.48 55.55 100.00
1/24/01 89.35 45.00 36.36 57.09 146.88 143.32 55.25 98.14
1/25/01 91.02 46.67 36.36 58.36 146.88 146.59 55.25 99.94
1/26/01 90.18 45.00 34.09 58.18 140.63 143.32 54.40 97.81
1/29/01 90.89 46.40 32.73 58.73 141.00 146.47 55.85 100.01
1/30/01 90.92 49.33 32.73 58.18 143.50 145.61 52.77 98.74
1/31/01 94.19 49.60 32.73 54.73 143.00 149.55 54.58 101.17
2/1/01 93.66 47.47 35.64 56.73 131.50 152.88 55.25 102.82
2/2/01 95.84 50.13 36.36 56.36 145.00 151.64 53.68 102.02
2/5/01 96.77 51.73 35.64 50.91 131.00 151.41 53.19 101.46
2/6/01 97.68 50.67 35.64 50.55 134.50 151.79 54.22 101.94
2/7/01 99.11 50.13 34.91 51.82 142.25 149.41 52.95 100.42
2/8/01 96.13 50.13 32.73 51.82 138.00 145.99 52.23 98.44
2/9/01 96.59 58.13 43.64 53.27 132.50 139.63 52.83 96.34
2/12/01 97.44 61.33 34.91 52.36 137.50 140.77 53.37 97.34
2/13/01 99.83 58.67 32.00 52.55 137.50 141.67 52.83 97.34
2/14/01 97.76 58.67 29.09 53.45 143.50 142.43 51.20 97.21
2/15/01 97.01 58.67 38.91 54.00 149.50 145.71 52.05 99.25
2/16/01 96.11 58.40 34.91 53.45 155.00 146.09 50.54 98.88
2/20/01 116.66 60.00 31.27 53.82 191.00 149.60 52.95 101.98
2/21/01 116.42 58.93 30.55 53.27 157.50 151.83 53.07 102.63
2/22/01 118.34 57.07 34.18 51.82 150.00 149.41 53.13 101.18
2/23/01 120.20 57.33 34.18 50.00 152.50 146.71 52.17 99.48
2/26/01 120.33 58.67 31.27 48.18 179.50 147.47 54.04 100.83
2/27/01 119.67 58.67 31.27 48.55 171.00 144.95 52.35 98.92
2/28/01 118.76 60.00 34.18 44.00 177.50 142.20 50.84 97.02
3/1/01 119.45 61.33 35.64 43.82 186.50 141.20 50.35 96.57
3/2/01 118.98 61.33 34.55 42.91 210.00 143.53 49.51 97.60
3/5/01 118.87 64.00 36.36 43.09 250.00 147.04 52.11 100.92
3/6/01 118.84 63.20 36.36 40.91 202.50 143.38 55.18 99.58
3/7/01 118.60 66.67 32.73 43.64 206.00 145.09 54.70 100.69
3/8/01 118.47 69.33 35.64 45.27 210.00 146.90 54.70 101.94
3/9/01 118.50 72.53 36.00 41.82 220.00 146.85 56.21 102.69
3/12/01 118.60 70.67 34.91 43.64 217.50 146.37 56.15 102.33
3/13/01 118.87 69.33 34.18 43.64 205.00 142.58 56.75 100.44
3/14/01 116.47 68.00 35.64 43.09 216.50 137.78 55.55 97.66
3/15/01 116.79 68.00 34.18 43.18 210.00 140.49 56.27 99.16
SOURCE: FactSet
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 30
34
Shares Traded at Specific Prices -- Latest Twelve Months(1)
TOTAL VOLUME: 23,900,000 (APPROXIMATELY 1.3x THE TOTAL SHARES OUTSTANDING)
<Table>
<Caption>
PRICE RANGE(2)($) % OF TOTAL VOLUME TRADED
- ----------------- ------------------------
20.00-22.99 1.6
23.00-25.99 8.7
26.00-28.99 23.9
29.00-31.99 14.2
32.00-34.99 15.6
35.00-37.99 7.7
38.00-40.99 7.9
41.00-43.99 7.8
44.00-46.99 5.0
47.00-49.99 7.5
</Table>
NOTES:
(1) Source: Factset
(2) Based on closing prices for the latest twelve months ending February 16,
2000
- Approximately 87% of Springs shares traded over the last twelve months
were at prices less than $44.00 per share
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 31
35
RESEARCH COMMENTARY
FIRM RECOMMENDATION PRICE TARGET COMMENT
- ---- -------------- ------------ -------
CSFB Not Rated na "We reduced our 2001 earnings per share estimate to
(2/20/01) $3.80 from $4.15. We project sales and earnings to
fall in the first half, owing to continued weakness
at re-tail and further initiatives to reduce
inventory. We expect at least a small sales recovery
in the second half against easy comparisons. We
estimate that full-year sales will be essentially
flat at $2.27 billion. We project that the gross
margin will remain unchanged at 18.7%. Reduced
profitability from planned production curtailments
and higher sales of closeout and off-price products
in the first half should be offset by improved
profitability in the second half. We expect SG&A to
increase modestly to 12.5% from 12.4%."
Merrill Lynch Accumulate na "We think it likely that margin pressure will
(2/2/01) continue to be driven by claims, low cost sourced
goods, weakness particularly at starting price
points, and commodity and energy inflation. Cost
savings initiatives as well as recent downsized
capacity should enable Springs to run plants at
fuller levels thus improving overhead absorption
rates. Lower outsourced production (and thus
inventory) should also reduce working capital
requirements. Springs' goal is to reduce inventory
by $30 million in 2001. The Company has downsized
its capital expenditure plans significantly (to $110
million) delaying non-essential projects. In our
view, the conservative approach toward capital
projects will further strengthen the balance sheet,
which should position Springs to weather the storms
presented by the current difficult economic
environment."
Wachovia Securities Buy 37 "Over the last seven years, dollar volume in the bed
(11/27/00) and bath industries has increased at annual rates of
6.2% and 5.5% respectively. Demographics remain
favorable for continued growth over the next five
years, in our opinion. These trends are expected to
persist till 2006. Although Springs has been
profitable throughout its history, the level of
profit margins has been uninspiring. A new
management team and well-defined strategy appear to
have energized the company and we believe the longer
term result will be a higher operating margin."
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 32
36
ECONOMIC VS VOTING OWNERSHIP
CLASS A OWNERSHIP
Class Total
Amount (%) (%)
------ --- ---
13F Institutions 8,013,346 73.7 44.5
Close Family 173,097 1.6 1.0
Other Insiders 150,437 1.4 0.8
Other/Retail 2,531,108 23.3 14.0
---------- ----- ----
TOTAL CLASS A SHARES 10,867,988 100.0 60.3
========== ===== ====
ECONOMIC OWNERSHIP
[PIE CHART]
13F Institutions 44.5%
Other/Retail 14.1%
Other Insider 0.8%
Close Family 40.6%
CLASS B OWNERSHIP
Class Total
Amount (%) (%)
------ --- ---
Close Family 7,149,291 99.9 39.7
Other/Retail 5,472 0.1 nm
---------- ----- -----
TOTAL CLASS B SHARES 7,154,763 100.0 39.7
---------- ===== -----
TOTAL SHARES OUTSTANDING 18,022,751 100.0
========== =====
VOTING OWNERSHIP
[PIE CHART]
13F Institutions 20.3%
Other/Retail 6.5%
Other Insider 0.4%
Close Family 72.8%
[UBS WARBURG LOGO] Section 2: Industry and Company Overview 33
37
FINANCIAL OVERVIEW
SECTION 3
[UBS WARBURG LOGO]
38
HISTORICAL PERFORMANCE AGAINST BUDGET
- - ANNUAL -- ONE YEAR FORWARD LOOKING
($MM) 1997 1998 1999 2000
- ----- ---- ---- ---- ----
Revenues
Actual 2,226.1 2,180.5 2,234.1 2,275.1
Budget 2,308.9 2,314.6 2,171.0 2,327.2
--------- --------- --------- ---------
Variance (82.8) (134.1) 63.1 (57.7)
Variance % (vs Budget) (3.6) (5.8) 2.8 (2.5)
EBIT
Actual 129.1 117.4 134.0 147.6
Budget 161.8 165.0 157.4 180.2
--------- --------- --------- ---------
Variance (32.7) (47.4) (23.4) (32.6)
Variance % (vs Budget) (20.2) (40.5) (14.9) (22.1)
Net Income Before Unusual Items
Actual 73.5 59.3 67.9 72.3
Budget 81.8 80.6 76.5(1) 91.5
--------- --------- --------- ---------
Variance (8.3) (21.3) (8.6) (19.2)
Variance % (vs Budget) (10.1) (35.9) (11.2) (26.6)
--------- --------- --------- ---------
NOTE:
(1) Budget amount adjusted to exclude pre-tax "contingency expense" of $24
million.
- - Springs has consistently missed its budget forecasts over the past few
years
- - On average, for the years presented, Springs has missed its annual EBIT
budget by approximately 24%
- - Applying this average percentage variance to Springs' budgeted 2001
EBIT would imply a range of outcomes between $115 million and $152
million (budgeted amount)
[UBS WARBURG LOGO] Section 3: Financial Overview 36
39
HISTORICAL RESULTS VS MCKINSEY PROJECTIONS
- - MANAGEMENT HAS DIFFICULTY FORECASTING AND IMPLEMENTING LONG RANGE
STRATEGIC PLANS
- - Manufacturing and purchasing initiatives offset by inflation and other
negative influences
- - Top-line growth difficult in retailing environment -- competitive
pressures, import threats, low pricing flexibility and specification
creep
EBIT
[BAR GRAPH]
($MM)
1998 1999 2000 2001
---- ---- ---- ----
Initial Diagnostic 120 183 245 305
1999 View 106 134 180 224
Actual/Base 106 134 148 152
Downside 139
[UBS WARBURG LOGO] Section 3: Financial Overview 35
40
OVERVIEW OF MANAGEMENT'S PROJECTIONS
MANAGEMENT "BASE" CASE
- - Net sales grow at a compound average growth rate of 5.0% through the
projection period (2000 - 2005)
- substantially above the Company's historical experience of
2.0% over the last ten years and 0.5% over the last five years
- - Management "Base" Case projections assume market share gains in the
following core product segments:
% US MARKET 2000 - 2005 1995 - 2000
----------- GAIN GAIN
2000 2005 (%) (%)
---- ---- --- ---
Core Bed 15.9 16.1 + 0.2 + 2.0
Total Bath 17.2 21.6 + 4.4 + 0.4
Windows 12.8 13.7 + 0.9 - 0.3
---- ---- --- ---
- - EBITDA margins are projected to improve over historical results,
increasing from 11.2% in 2000 to 13.3% by 2005P
- - Capital expenditures for 2001E and beyond are expected to remain in the
range of $110 million - $125 million and reflect the Company's planned
IT investments as well as normal maintenance and operating expenditures
MANAGEMENT "DOWNSIDE" CASE
- - Revenues grow at an average annual rate of 2.1% through the projection
period, consistent with historical experience
- - EBITDA margins are consistent with historical results, increasing from
11.2% in 2000 to 11.7% in 2005P
- - Capital expenditures, depreciation and amortization are the same as in
the "Base" Case
- - No working capital improvements
[UBS WARBURG LOGO] Section 3: Financial Overview 36
41
BUSINESS MIX
MANAGEMENT "BASE" CASE
2000A REVENUES(1) 2005P REVENUES CAGR
----------------- -------------- ----
OPERATING BUSINESS SEGMENTS ($MM) % TOTAL ($MM) % TOTAL 1995 - 2000 (%) 2000 - 2005 (%)
- --------------------------- ----- ------- ----- ------- --------------- ---------------
Core Bedding 742.2 32.6 903.7 31.1 na 4.0
Other Bedding 231.9 10.2 367.3 12.7 na 9.6
------- ----- ------- ----- --- ---
TOTAL BEDDING 974.1 42.8 1,271.0 43.8 3.1 5.5
------- ----- ------- ----- --- ---
Bath 482.5 21.2 670.3 23.1 0.7 6.8
------- ----- ------- ----- --- ---
TOTAL BEDDING AND BATH 1,456.6 64.0 1,941.3 66.9 2.3 5.9
------- ----- ------- ----- --- ---
Windows 371.9 16.3 458.3 15.8 na 4.3
Baby 71.4 3.1 87.6 3.0 na 4.2
Other 375.1 16.5 415.2 14.3 na 2.1
======= ===== ======= ===== === ===
TOTAL 2,275.1 100.0 2,902.4 100.0 0.5 5.0
======= ===== ======= ===== === ===
MANAGEMENT "DOWNSIDE" CASE
2000A REVENUES(1) 2005P REVENUES CAGR
----------------- -------------- ----
OPERATING BUSINESS SEGMENTS ($MM) % TOTAL ($MM) % TOTAL 1995 - 2000 (%) 2000 - 2005 (%)
- --------------------------- ----- ------- ----- ------- --------------- ---------------
Core Bedding 742.2 32.6 789.5 31.4 na 1.2
Other Bedding 231.9 10.2 287.6 11.4 na 4.4
------- ----- ------- ----- --- ---
TOTAL BEDDING 974.1 42.8 1,077.1 42.9 3.1 2.0
------- ----- ------- ----- --- ---
Bath 482.5 21.2 589.4 23.5 0.7 4.1
------- ----- ------- ----- --- ---
TOTAL BEDDING AND BATH 1,456.6 64.0 1,666.5 66.3 2.3 2.7
------- ----- ------- ----- --- ---
Windows 371.9 16.3 420.8 16.7 na 2.5
Baby 71.4 3.1 80.3 3.2 na 2.4
Other 375.1 16.5 345.0 13.7 na (1.7)
======= ===== ======= ===== === ===
TOTAL 2,275.1 100.0 2,512.6 100.0 0.5 2.0
======= ===== ======= ===== === ===
NOTE:
(1) FY 2000 net sales based on internal unaudited financial reports (before
audit-related GAAP adjustments) versus $2,275.1 million net sales
reported in the draft FY 2000 Annual Report. Reconciliation pending.
[UBS WARBURG LOGO] Section 3: Financial Overview 37
42
EBIT BRIDGE -- 2000A VS 2001E "BASE" CASE
[BAR GRAPH]
2000 EBIT 147.6
AIP Restatement - 12.0
Growth + 9.5
Claims Reduction + 13.7
Mfg. Initiatives + 50.0
Purchasing Initiatives + 18.2
Inflation & Other - 69.9
Contingency Expense - 5.5
2001P Base Case -151.6
[UBS WARBURG LOGO] Section 3: Financial Overview 38
43
Management "Base" Case
($MM) FOR THE FISCAL YEARS ENDED FOR THE PROJECTED FISCAL YEARS ENDING
- ----- -------------------------- -------------------------------------
1999 2000 2001 2002 2003 2004 2005
---- ---- ---- ---- ---- ---- ----
Operating Data:
Net Sales 2,220.4 2,275.1 2,322.7 2,477.2 2,637.7 2,766.2 2,902.4
% Growth 1.8 2.4 2.1 6.6 6.5 4.9 4.9
EBITDA -- Adjusted (1) 235.6 257.0 262.8 299.4 349.5 365.8 380.1
% Margin 10.6 11.3 11.3 12.1 13.2 13.2 13.1
EBIT -- Adjusted (1) 134.0 147.6 151.6 180.4 224.0 234.1 241.6
% Margin 6.0 6.5 6.5 7.3 8.5 8.5 8.3
Net Income -- Adjusted (1) 67.9 72.3 78.3 96.4 125.9 135.6 143.8
% Margin 3.1 3.2 3.4 3.9 4.8 4.9 5.0
Diluted EPS -- Adjusted (1) 3.73 3.98 4.31 5.31 6.93 7.47 7.92
% Growth 19.2 6.7 8.2 23.1 30.6 7.8 6.0
Diluted Shares Outstanding 18.17 18.16 18.16 18.16 18.16 18.16 18.16
Balance Sheet Data:
Cash & Equivalents 4.2 2.9 -- -- -- 7.5 92.0
Net PP&E 625.6 617.9 626.1 640.1 640.2 645.3 629.1
Total Assets 1,575.0 1,584.1 1,587.6 1,624.1 1,647.1 1,682.7 1,772.3
Total Debt 340.2 333.2 299.4 262.8 184.4 108.6 77.0
Shareholders' Equity 774.9 819.8 875.0 948.3 1,051.1 1,163.6 1,284.3
Cash Flow Data:
Depreciation & Amortization 101.3 109.4 111.2 119.0 125.5 131.7 138.5
Capital Expenditures 166.8 93.3 110.0 123.0 114.0 125.0 110.0
----- ---- ----- ----- ----- ----- -----
NOTE:
(1) Excludes non-recurring items for fiscal years 1999 and 2000
[UBS WARBURG LOGO] Section 3: Financial Overview 39
44
MANAGEMENT "DOWNSIDE" CASE
($MM) FOR THE FISCAL YEARS ENDED FOR THE PROJECTED FISCAL YEARS ENDING
- ----- -------------------------- -------------------------------------------------------------
1999 2000 2001 2002 2003 2004 2005
---- ---- ---- ---- ---- ---- ----
Operating Data:
Net Sales 2,220.4 2,275.1 2,264.8 2,320.7 2,387.9 2,446.6 2,512.6
% Growth 1.8 2.4 (0.5) 2.5 2.9 2.5 2.7
EBITDA -- Adjusted (1) 235.6 257.0 249.7 264.4 281.2 287.8 295.1
% Margin 10.6 11.3 11.0 11.4 11.8 11.8 11.7
EBIT -- Adjusted (1) 134.0 147.6 138.5 145.4 155.7 156.1 156.6
% Margin 6.0 6.5 6.1 6.3 6.5 6.4 6.2
Net Income -- Adjusted (1) 67.9 72.3 70.2 75.1 83.6 86.2 89.2
% Margin 3.1 3.2 3.1 3.2 3.5 3.5 3.6
Diluted EPS -- Adjusted (1) 3.73 3.98 3.87 4.14 4.61 4.75 4.91
% Growth 19.2 6.7 (2.9) 7.0 11.3 3.0 3.4
Diluted Shares Outstanding 18.17 18.16 18.16 18.16 18.16 18.16 18.16
Balance Sheet Data:
Cash & Equivalents 4.2 2.9 -- -- -- -- 13.0
Net PP&E 625.6 617.9 626.1 640.1 640.2 645.3 629.1
Total Assets 1,575.0 1,584.1 1,570.6 1,577.3 1,576.5 1,584.1 1,582.0
Total Debt 340.2 333.2 292.4 251.1 194.1 142.5 77.0
Shareholders' Equity 774.9 819.8 866.9 918.9 979.5 1,042.6 1,108.7
Cash Flow Data:
Depreciation & Amortization 101.3 109.4 111.2 119.0 125.5 131.7 138.5
Capital Expenditures 166.8 93.3 110.0 123.0 114.0 125.0 110.0
----- ---- ----- ----- ----- ----- -----
NOTE:
(1) Excludes non-recurring items for fiscal years 1999 and 2000
[UBS WARBURG LOGO] Section 3: Financial Overview 40
45
MANAGEMENT "BASE" CASE VS "DOWNSIDE" CASE
($MM) 2000A(1) 2001E 2002P 2003P 2004P 2005P
- ----- -------- ----- ----- ----- ----- -----
"Base" Case
Revenue 2,275.1 2,322.7 2,477.2 2,637.7 2,766.2 2,902.4
EBITDA 257.0 262.8 299.4 349.5 365.8 380.1
EBIT 147.6 151.6 180.4 224.0 234.1 241.6
Net Income 72.3 76.0 94.0 123.4 133.0 141.1
Diluted EPS 3.98 4.13 5.11 6.60 7.11 7.43
"Downside" Case
Revenue 2,275.1 2,264.8 2,320.7 2,387.9 2,446.6 2,512.6
EBITDA 257.0 249.7 264.4 281.2 287.8 295.1
EBIT 147.6 138.5 145.4 155.7 156.1 156.6
Net Income 72.3 67.9 72.7 81.1 83.5 86.5
Diluted EPS 3.98 3.69 3.95 4.34 4.47 4.55
Difference ("Base" vs "Downside")
Revenue -- 57.9 156.5 249.8 319.6 389.8
EBITDA -- 13.1 35.0 68.3 78.0 85.0
EBIT -- 13.1 35.0 68.3 78.0 85.0
Net Income -- 8.1 21.3 42.3 49.5 54.6
Diluted EPS -- 0.44 1.16 2.26 2.64 2.88
------- -------- ------- ------- ------- -------
NOTE:
(1) Excludes non-recurring items for fiscal year 2000
[UBS WARBURG LOGO] Section 3: Financial Overview 41
46
CONTRIBUTION ANALYSIS -- SALES
"BASE" CASE CONTRIBUTION ANALYSIS -- SALES GROWTH (%)
PROJECTED
--------------------------------------------------------
2000A 2001 2002 2003 2004 2005
----- ---- ---- ---- ---- ----
Core Bedding (BIAB, Top of Bed & Retail Sheets) (2.3) (0.8) 4.3 5.4 5.0 6.4
Other Bedding (Institutional Sheets, AFI,
Freestanding Window, Custom Design) 24.3 12.3 12.2 10.7 7.4 5.7
---- ---- ---- ---- --- ---
TOTAL BEDDING 3.0 2.3 6.3 6.8 5.7 6.2
---- ---- ---- ---- --- ---
Bath (Retail Towels, Springs Rugs, Institutional
Towels, Regal Rugs, Shower Curtain, Bath Acc.) 0.8 6.3 9.2 8.4 5.5 4.7
---- ---- ---- ---- --- ---
TOTAL BEDDING & BATH 2.3 3.6 7.3 7.4 5.6 5.7
---- ---- ---- ---- --- ---
Windows 4.0 4.3 4.0 5.0 4.0 4.0
Baby (5.4) 2.8 5.0 5.0 4.0 4.0
Other (Retail & Specialty, Springs Direct,
Springs Canada, Int'l & Other) (0.3) (6.3) 7.1 4.5 2.8 2.7
==== ==== ==== ==== === ===
TOTAL REVENUE 1.8 2.1 6.6 6.5 4.9 4.9
==== ==== ==== ==== === ===
"DOWNSIDE" CASE CONTRIBUTION ANALYSIS -- SALES GROWTH (%)
PROJECTED
-------------------------------------------------------
2000A 2001 2002 2003 2004 2005
----- ---- ---- ---- ---- ----
Core Bedding (BIAB, Top of Bed & Retail Sheets) (2.3) (1.6) 1.0 2.1 2.0 2.8
Other Bedding (Institutional Sheets, AFI,
Freestanding Window, Custom Design) 24.3 4.3 5.4 5.0 3.7 3.6
---- ----- ---- --- --- ---
TOTAL BEDDING 3.0 (0.2) 2.1 2.8 2.5 3.0
---- ----- ---- --- --- ---
Bath (Retail Towels, Springs Rugs, Institutional
Towels, Regal Rugs, Shower Curtain, Bath Acc.) 0.8 4.2 5.1 3.9 3.6 3.6
---- ----- ---- --- --- ---
TOTAL BEDDING & BATH 2.3 1.3 3.1 3.2 2.9 3.2
---- ----- ---- --- --- ---
Windows 4.0 4.3 2.7 2.5 1.5 1.5
Baby (5.4) 2.9 2.4 2.5 1.9 2.0
Other (Retail & Specialty, Springs Direct,
Springs Canada, Int'l & Other) (0.3) (12.5) (0.7) 2.1 1.8 1.8
==== ===== ==== === === ===
TOTAL REVENUE 1.8 (0.5) 2.5 2.9 2.5 2.7
==== ===== ==== === === ===
[UBS WARBURG LOGO] Section 3: Financial Overview 42
47
Contribution Analysis -- EBITDA Margin
"BASE" CASE CONTRIBUTION ANALYSIS -- EBITDA MARGIN (%)
ACTUAL PROJECTED
------------ ------------------------------------
1999 2000 2001 2002 2003 2004 2005
---- ---- ---- ---- ---- ---- ----
Core Bedding (BIAB, Top of Bed & Retail Sheets) 15.4 15.3 14.1 14.2 15.8 15.8 15.6
Other Bedding (Institutional Sheets, AFI, Freestanding Window, Custom Design) 12.8 11.8 10.0 11.6 13.7 13.8 13.8
---- ---- ---- ---- ---- ---- ----
TOTAL BEDDING 14.9 14.5 13.0 13.5 15.2 15.2 15.1
---- ---- ---- ---- ---- ---- ----
Bath (Retail Towels, Springs Rugs, Institutional Towels, Regal Rugs, Shower
Curtain, Bath Acc.) 8.0 8.4 11.2 12.4 13.3 13.2 12.9
Windows 11.3 10.5 12.0 13.4 14.6 14.6 14.6
Baby 3.3 (0.6) 7.3 7.2 7.1 7.0 6.8
Other (Retail & Specialty, Springs Direct, Springs Canada, Int'l & Other) 3.5 9.1 8.3 8.7 8.7 8.5 8.3
==== ==== ==== ==== ==== ==== ====
TOTAL EBITDA MARGIN (BEFORE CONTINGENCY EXPENSE) 10.5 11.2 11.5 12.3 13.5 13.4 13.3
==== ==== ==== ==== ==== ==== ====
"DOWNSIDE" CASE CONTRIBUTION ANALYSIS -- EBITDA MARGIN (%)
ACTUAL PROJECTED
------------ ------------------------------------
1999 2000 2001 2002 2003 2004 2005
---- ---- ---- ---- ---- ---- ----
Core Bedding (BIAB, Top of Bed & Retail Sheets) 15.4 15.3 13.9 14.1 15.1 15.1 15.0
Other Bedding (Institutional Sheets, AFI, Freestanding Window, Custom Design) 12.8 11.8 10.0 10.4 11.4 12.1 12.6
---- ---- ---- ---- ---- ---- ----
TOTAL BEDDING 14.9 14.5 12.9 13.2 14.1 14.3 14.4
---- ---- ---- ---- ---- ---- ----
Bath (Retail Towels, Springs Rugs, Institutional Towels, Regal Rugs, Shower
Curtain, Bath Acc.) 8.0 8.4 10.8 11.5 12.2 11.8 11.7
Windows 11.3 10.5 11.6 11.3 10.7 10.8 10.7
Baby 3.3 (0.6) 6.8 5.8 5.3 5.2 4.9
Other (Retail & Specialty, Springs Direct, Springs Canada, Int'l & Other) 3.5 9.1 6.0 7.2 6.6 6.6 6.4
==== ==== ==== ==== ==== ==== ====
TOTAL EBITDA MARGIN (BEFORE CONTINGENCY EXPENSE) 10.5 11.2 11.0 11.4 11.8 11.8 11.7
==== ==== ==== ==== ==== ==== ====
[UBS WARBURG LOGO] Section 3: Financial Overview 43
48
EBITDA Bridge Analysis-2000A vs. 2005P
<Table>
<Caption>
"BASE" CASE
($MM)
-----------
2000 Adj 257
Revenue Growth + 70
Variable Contribution Margin Improvement + 40
Fixed Overhead Absorption + 18
Brand Related Expense + 5
Selling and Merchandising + 9
Segment G&A Absorption + 6
Corporate O/H Expense Absorption - 28
Contingency/Expense - 6
Other + 10
2005P -380
</Table>
<Table>
<Caption>
"DOWNSIDE" CASE
($MM)
---------------
2000 Adj 257
Revenue Growth + 27
Variable Contribution Margin Improvement - 5
Fixed Overhead Absorption + 21
Brand Related Expense + 5
Selling and Merchandising + 11
Segment G&A Absorption + 6
Corporate O/H Expense Absorption - 28
Contingency/Expense 0
Other + 2
2005P -295
</Table>
[UBS WARBURG LOGO] Section 3: Financial Overview 44
49
PRELIMINARY VALUATION ANALYSES
SECTION 4
[UBS WARBURG LOGO]
50
VALUATION FRAMEWORK
- - Springs' valuation involves an appropriate balancing of various
valuation methodologies, market benchmarks, perspectives and structures
VALUATION METHODOLOGIES
Comparable Public Company Analysis - To determine the current public
market value and trading multiples
of companies similar to Springs, in
order to impute a "public market"
valuation range
Premiums Paid Analysis - To determine the historical stock
price premiums paid for public
companies over the last few years,
in order to compare such premiums
to the premium being paid in the
Merger
Comparable Transaction Analysis - To determine the historical private
market value and transaction
multiples of companies similar to
Springs, in order to impute a
"private market" valuation range
for Springs
Discounted Cash Flow Analysis - To determine the present value of
the projected after-tax, free cash
flows of Springs utilizing a range
of discount rates and terminal
value methodologies
Leveraged Recapitalization Analysis - To determine the range of feasible
purchase prices given a financial
buyer's return criteria and typical
capital structure
Present Value of Hypothetical - To determine the present value of
Future Stock Prices Analysis hypothetical future stock prices
implied by a range of P/E multiples
and utilizing a range of discount
rates
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 45
51
VALUATION ANALYSIS AT VARIOUS SHARE PRICES
SPRINGS TRANSACTION VALUE AT PROPOSED OFFER PRICE(1)
($MM, EXCEPT PER SHARE)
Proposed Transaction Price Per Share 44.00
Total Diluted Shares Outstanding 19.96
--------
878.2
--------
Less: Option Proceeds (72.7)
========
TRANSACTION EQUITY MARKET VALUE 805.5
========
Plus: Springs Debt (incl. make whole pmts.) 340.2
Plus: Unfunded Pension Liability 22.8
Plus: Unfunded Deferred Comp. Liability 40.5
Less: Cash and Equivalents (2.9)
========
TRANSACTION ENTERPRISE VALUE 1,206.2
========
IMPLIED VALUATION MULTIPLES AT VARIOUS
SHARE PRICES(2)
PER SHARE VALUE ($) 40.00 42.00 44.00 46.00 48.00 50.00 52.00
----- ----- ----- ----- ----- ----- -----
TEV/LTM Revenue (x) 0.50 0.51 0.53 0.55 0.57 0.58 0.60
TEV/LTM EBITDA (x) 4.4 4.5 4.7 4.9 5.0 5.2 5.3
TEV/LTM Free Cash Flow(3)(x) 6.9 7.1 7.4 7.6 7.9 8.1 8.4
TEV/LTM EBIT (x) 7.6 7.9 8.2 8.4 8.7 9.0 9.3
EMV/LTM Net Income (x) 10.1 10.6 11.1 11.7 12.2 12.8 13.4
----- ----- ----- ----- ----- ----- -----
NOTES:
(1) Based on fiscal year-end 2000 balance sheet
(2) Implied multiple based on adjusted fiscal year 2000 results
(3) Free cash flow is defined as EBITDA less capital expenditures
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 46
52
Comparable Company Analysis
MARGIN TO REVENUE
2000
CURRENT(1) EQUITY NET ENTERPRISE ----------------
PRICE VALUE DEBT VALUE EBITDA
COMPANY TICKER ($) ($MM) ($MM) ($MM) (%) EBIT
------ ----- ----- ---- ----- ------ ----
Burlington Industries, Inc(5) BUR 2.55 137.0 592.4 729.4 6.0 0.9
Crown Crafts, Inc CRW 0.47 4.0 90.6 94.6 nm nm
Dan River DRF 2.37 51.6 365.6 417.2 13.9 7.8
Galey & Lord GNL 4.20 50.4 525.0 575.4 10.9 6.5
Mohawk Industries MHK 29.59 1,564.0 300.2 1,864.2 12.3 9.7
Westpoint WXS 9.32 462.6 1,477.7 1,940.3 17.1 12.6
12.0
Mean 426.5 551.8 978.3 12.0 7.5
Median 51.6 365.6 575.4 12.3 7.8
Harmonic Mean 17.3 253.9 317.3 17.1 12.6
High 1,564.0 1,477.7 1,940.3 6.0 0.9
Low 4.0 90.6 94.6 10.6 3.2
Springs Ind.(2/16/01) SMI 36.10 651.7 400.7 1,052.4
Springs Ind. @ 44/sh SMI 44.00 796.7 400.7 1,197.4
ENTERPRISE VALUE TO:
2000(2) P/E 2000
------------------------------ --------------- ----------------
SALES EBITDA EBIT FCF(3) 2000(2) 2001(4) EBITDA EBIT
COMPANY (X) (X) (X) (X) (X) (X) (%) (%)
----- ------ ---- ------ ------- ------- ------ ----
Burlington Industries, Inc(5) 0.45 7.5 nm nm nm 21.8 6.0 0.9
Crown Crafts, Inc 0.33 nm nm nm nm nm nm nm
Dan River 0.63 4.5 8.0 7.1 4.8 13.9 13.9 7.8
Galey & Lord 0.59 5.4 9.0 5.6 nm 5.1 10.9 6.5
Mohawk Industries 0.57 4.7 5.9 5.7 9.6 9.7 12.3 9.7
Westpoint 1.07 6.3 8.5 8.3 7.0 6.3 17.1 12.6
Mean 0.64 5.2 7.8 6.7 7.1 8.8 13.5 9.2
Median 0.59 5.0 8.2 6.4 7.0 8.0 13.1 8.8
Harmonic Mean 0.56 5.1 7.6 6.5 6.6 7.6 13.2 8.6
High 1.07 6.3 9.0 8.3 9.6 13.9 17.1 12.6
Low 0.33 4.5 5.9 5.6 4.8 5.1 10.9 6.5
Springs Ind.(2/16/01) 0.46 4.1 7.1 6.4 9.1 9.2 11.3 6.5
Springs Ind. @ 44/sh 0.53 4.7 8.1 7.3 11.1 11.2 11.3 6.5
NOTES:
(1) Closing stock prices as of March 16, 2001
(2) Latest twelve months ending December 31, 2000
(3) Free cash flow (FCF) is defined as EBITDA less capital expenditures
(4) Source: I/B/E/S
(5) Burlington Industries is not included in the summary calculation
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 47
53
PREMIUMS PAID ANALYSES-TWO YEAR HISTORICAL
- - THE FOLLOWING ANALYSIS SHOWS THE PREMIUMS PAID IN CONTROL PRECEDENT
TRANSACTIONS(1)
PREMIUM TO STOCK PRICE (%)
------------------------------------------
ONE DAY ONE WEEK ONE MONTH
NUMBER OF DEALS PRIOR PRIOR PRIOR
--------------- ----- ----- -----
Deals Completed in 2001 YTD
Cash Deals 33 36.7 41.2 53.8
Other Deals 52 29.4 41.4 38.0
All Deals 85 29.7 41.2 47.0
Deals Completed in 2000
Cash Deals 287 23.6 32.7 38.1
Other Deals 381 27.8 34.5 42.4
All Deals 668 27.0 34.0 41.4
Deals Completed in 1999
Cash Deals 303 22.7 28.9 34.7
Other Deals 344 24.4 30.1 38.6
All Deals 647 24.2 29.8 37.2
Combined Averages
Cash Deals 623 27.7 34.3 42.2
Other Deals 777 27.2 35.3 39.7
All Deals 1,400 27.0 35.0 41.9
Implied Premium of Proposed Offer @ $44.00/share(2)(%) 21.9 21.3 36.2
@ $46.00/share(2)(%) 27.4 26.8 42.4
@ $48.00/share(2)(%) 33.0 33.0 48.6
@ $50.00/share(2)(%) 38.5 38.5 54.8
@ $52.00/share(2)(%) 44.0 44.0 60.9
NOTES:
(1) Based on US Transactions from 1/1/99 to 3/14/01; $200m - $2,000m deal size
range
(2) Premiums calculated based on Springs' closing stock prices one day, one
week, and one month prior to announcement ($36.10, $36.28, and $32.31,
respectively)
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 48
54
PREMIUMS PAID ANALYSES -- 10 YEAR HISTORICAL
- - UBS WARBURG ANALYZED PREMIUMS PAID IN CONTROL AND MINORITY CLOSE-OUT
PRECEDENT TRANSACTIONS OVER A TEN YEAR PERIOD
<Table>
<Caption>
AVERAGE FINAL STOCK PRICE PREMIUMS
IN CONTROL TRANSACTIONS
BY CONSIDERATION (1),(2)
-------------------------------------
1 DAY 1 WEEK 1 MONTH
----- ------ -------
Cash (383 Deds) 33.7% 37.4% 40.9%
Stock (79 Deds) 25.8% 29.2% 30.6%
Both (64 Deds) 29.1% 35.4% 41.3%
All (526 Deds) 31.9% 35.9% 39.4%
Springs @ $44/share 21.9% 21.3% 36.2%
</Table>
<Table>
<Caption>
AVERAGE FINAL STOCK PRICE PREMIUMS
IN MINORITY CLOSE-OUT TRANSACTIONS
BY CONSIDERATION (1)
-------------------------------------
1 DAY 1 WEEK 1 MONTH
----- ------ -------
Cash (101 Deds) 27.8% 29.1% 30.2%
Stock (31 Deds) 17.7% 19.4% 22.7%
Both (6 Deds) 29.6% 29.4% 26.9%
All (138 Deds) 25.6% 26.9% 28.4%
Springs @ $44/share 21.9% 21.3% 36.2%
</Table>
NOTES:
(1) Data collected from precedent transactions announced from January 1990
through February 2001
(2) Control transactions are transactions in which the acquiror owned greater
than 50% after the transaction post-closing
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 49
55
COMPARABLE TRANSACTION ANALYSIS
ONE ONE ONE EQUITY 3 YEAR
DAY WEEK MONTH ENTERPRISE MARKET LTM REVENUE EBITDA FCF EBIT
DATE PREMIUM PREMIUM PREMIUM VALUE VALUE REVENUE GROWTH MARGIN MARGIN MARGIN
ACQUIROR/TARGET ANNC. (%) (%) (%) ($MM) ($MM) ($MM) (%) (%) (%) (%)
- --------------- ---- ------- ------- ------- ----- ----- ------- ------ ------ ------ ------
Berkshire Hathaway/ 9/6/00 18.8 23.8 26.7 3,277.1 2,393.9 4,095.7 7.2 13.1 9.6 7.5
Shaw Industries
Investor Group/ 10/6/99 77.9 75.4 58.2 106.4 66.1 117.6 27.6 15.1 12.5 11.5
Conso International
GCW Southeast Partners/ 8/30/99 65.5 84.6 50.0 155.5 32.5 267.6 (6.1) 9.9 7.4 2.6
Johnston Industries
Dan River/ 6/29/98 19.5 22.2 38.9 267.3 172.9 242.9 (20.1) 6.0 (7.5) 3.2
Bibb Company
Pillowtex Corp/ 9/11/97 1.5 8.6 30.5 912.5 406.9 1,100.1 1.3 7.1 1.8 3.8
Fieldcrest Cannon,
Inc
Springs Industries/ 2/6/95 na na na 143.5 118.0 272.1 3.8 5.4 2.1 1.3
Dundee Mills, Inc
Mean 36.6 42.9 40.8 810.4 531.7 1,016.0 2.3 9.4 4.3 5.0
Median 19.5 23.8 38.9 211.4 145.5 269.8 2.6 8.5 4.7 3.5
Harmonic Mean 6.2 21.9 37.5 214.7 95.2 283.2 nm 8.1 nm 3.1
Low 1.5 8.6 26.7 106.4 32.5 117.6 (20.1) 5.4 (7.5) 1.3
High 77.9 84.6 58.2 3,277.1 2,393.9 4,095.7 27.6 15.1 12.5 11.5
Heartland/Springs 2/20/01 21.9 21.3 28.5 1,206.2 805.5 2,275.1 2.5 11.3 7.2 6.5
Industries
@ $44 per share
Investor Group/ 4/24/00 27.5 30.4 28.5 2,113.8 649.2 1,883.3 6.7 18.7 10.8 14.2
WestPoint Stevens
TOTAL ENTERPRISE VALUE EQUITY
MULTIPLES MARKET
NET ------------------------------- VALUE/
INCOME LTM LTM LTM LTM NET
MARGIN REVENUE EBITDA FCF EBIT INCOME
ACQUIROR/TARGET (%) (X) (X) (X) (X) (X)
- --------------- ------ ------- ------ --- ---- ------
Berkshire Hathaway/ 4.4 0.80 6.1 8.3 10.7 13.3
Shaw Industries
Investor Group/ 4.9 0.90 6.0 7.2 7.9 11.5
Conso International
GCW Southeast Partners/ (1.1) 0.58 5.9 7.9 22.6 nm
Johnston Industries
Dan River/ (0.4) 1.10 18.4 nm 33.9 nm
Bibb Company
Pillowtex Corp/ 1.5 0.83 11.7 47.3 21.8 23.9
Fieldcrest Cannon,
Inc
Springs Industries/ (0.5) 0.53 9.8 25.4 40.7 nm
Dundee Mills, Inc
Mean 1.5 0.79 9.6 19.2 22.9 16.2
Median 0.6 0.81 8.0 8.3 22.2 13.3
Harmonic Mean nm 0.74 8.1 11.2 16.5 14.7
Low (1.1) 0.53 5.9 7.2 7.9 11.5
High 4.9 1.10 18.4 47.3 40.7 23.9
Heartland/Springs 3.2 0.53 4.7 7.4 8.2 11.1
Industries
@ $44 per share
Investor Group/ 5.5 1.12 6.0 10.4 7.9 6.2
WestPoint Stevens
NOTE:
(1) WestPoint transaction was terminated on 5/19/00
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 50
56
DISCOUNTED CASH FLOW ANALYSIS
- - KEY ASSUMPTIONS
- - Discounted cash flow analyses incorporate the Company's projected
operating performance for the period 2001 -- 2005. Projections are
based on the Company's "Base" Case and "Downside" Case
- - Projections do not include acquisitions or plant closings
- - Tax rate assumed at 38%
- - Discount rates (weighted average cost of capital) assumed at 8.75% to
12.75%
- - Exit EBITDA multiples are consistent with the comparable public company
analysis and the results are summarized below:
IMPLIED VALUATION AT VARIOUS EXIT MULTIPLES
($ PER SHARE) RELEVANT RANGE IMPLIED SHARE VALUE DERIVED RANGE
"BASE" CASE
EBITDA 4.0x - 6.0x 49.80-89.58
EBIT 6.0x - 8.0x 52.54-69.46
FCF 6.0x - 8.0x 53.03-85.05
Perpetuity Growth 0.0% - 2.0% 41.40-95.11 $45.00-$85.00
"DOWNSIDE" CASE
EBITDA 4.0x - 6.0x 36.48-67.47
EBIT 6.0x - 8.0x 32.16-43.17
FCF 6.0x - 8.0x 34.23-56.50
Perpetuity Growth 0.0% - 2.0% 30.00-71.85 $33.00 - $63.00
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 51
57
Typical Financial Sponsor Investment Criteria
- - A leveraged recapitalization is a transaction structure designed to
avoid a step-up in the accounting basis of an acquired company (as
reflected in the Company's books), thereby avoiding the incurrence of
incremental goodwill amortization and asset depreciation
- - In a leveraged recapitalization transaction, a substantial shareholder
group partners with a financial sponsor to repurchase the remaining
public shares of the Company
- - Following the recapitalization, the Company is taken private by the
newly formed shareholder group, i.e., shareholders "rolling over" their
equity and the financial sponsor investing new equity
- - Financial buyers and their debt sources typically require the following
parameters (depending upon market conditions and target industry):
Internal Rate of Return: Greater than 25%
Total Debt/EBITDA: No more than 3.0x - 4.5x in Year 1
EBITDA/Interest Expense: No less than 2.0x in year 1
Cumulative Senior Debt Paydown: No less than 50% by Year 5
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 52
58
Springs Leveraged Recapitalization Issues
- - Large capital expenditures can limit the use of leverage to
recapitalize the Company
- - Reduced leverage would pressure returns to financial sponsor
- - Projected or required returns limit flexibility in shareholder buyout
price
- - Acceptable rates of return may rely upon a recovery or expansion in
industry valuation multiples and achievement of projected financial
results
- - Industry growth rates, profitability and other issues may pressure exit
valuation
- - Reduced equity capital and increased leverage may hinder the ability to
effect future acquisitions or grow organically
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 53
59
LEVERAGED RECAPITALIZATION ANALYSIS
KEY ASSUMPTIONS
Leveraged recapitalization analyses were generated by using the "Base" Case
projections and "Downside" Case projections. In addition to the assumptions
inherent in the projections, the following additional assumptions were made:
- - A purchase price per share range from $42.00 to $50.00, implying an equity
value range from $766.1 to $925.4 and a total enterprise value range from
$1,166.8 to $1,326.1
- - In order to satisfy coverage requirements and financing market constraints,
the following debt structure and interest rates were assumed in the $44.00
per share analysis:
ESTIMATED SOURCE
Amount
($mm) ($)
- --------------------------------------------------
Sr. Bank Term Revolver 167.5
Receivables Purchasing Facility 0.0
Sr. Bank Term Loan 200.0
Sr. Bank Term Loan 300.0
Assumed Debt 28.1
- --------------------------------------------------
Total Debt 695.6
- --------------------------------------------------
Heartland Equity 225.0
Shareholder Rollover 276.3
- --------------------------------------------------
Total Equity 501.3
==================================================
TOTAL SOURCES 1,196.9
==================================================
ESTIMATED USES
Amount
($mm) ($)
- -------------------------------------------------------------------------
Purchase of Springs Equity (including rollover equity) 805.5
Repay Indebtedness 308.9
Assumed Debt 28.1
Excess Cash (working capital) 14.3
Fees & Expenses 40.0
=========================================================================
TOTAL USES 1,196.9
=========================================================================
- - Recapitalization accounting was assumed (no push-down of goodwill)
- - Assumed closing date of June 30, 2001
- - Management options for 10% of the Company
- - Financing from the term revolver was used instead of the receivables
purchasing facility
- - Investors are assumed to exit in 4.5 years (2005) at an EBITDA multiple of
5.0x
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 54
60
LEVERAGED RECAPITALIZATION ANALYSIS SUMMARY
IRRs AT VARIOUS PURCHASE PRICES
Assuming Approximately 42.0% Equity Investment (including rollover equity) and
an EBITDA Exit Multiple of 5.0x
<Table>
<Caption>
INTERNAL RATE OF RETURN
PURCHASE PRICE -----------------------
PER SHARE BASE DOWNSIDE
- -------------- --------- ------------
$44.00 27.6% 15.7%
$46.00 26.2% 14.2%
$48.00 24.8% 12.7%
$50.00 23.5% 11.2%
LEVERAGE AND COVERAGE STATISTICS -- "BASE" CASE
PURCHASE PRICE PER SHARE
------------------------------------------
$44.00 $46.00 $48.00 $50.00
- ----------------------------------------------------------------------
2000 Pro Forma:
Total Debt/EBITDA 2.7x 2.8x 2.9x 3.0x
EBITDA/Interest Expense 4.3x 4.1x 4.0x 3.9x
% Debt Paydown by 2005 55.6% 53.1% 50.8% 48.5%
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 55
61
PRESENT VALUE OF HYPOTHETICAL FUTURE STOCK PRICES(1)
"BASE" CASE
[BAR CHART]
Base Case
2001P 2002P 2003P 2004P 2005P
8.0x 33.11 37.26 43.91 43.02 41.49
9.0x 37.17 41.71 49.07 47.97 46.15
10.0x 41.23 46.16 54.23 52.91 50.81
"DOWNSIDE" CASE
[BAR CHART]
Downside
2001P 2002P 2003P 2004P 2005P
8.0x 29.79 29.42 30.08 28.61 27.32
9.0x 33.44 32.89 33.52 31.76 30.21
10.0x 37.09 36.36 36.95 34.9 33.1
NOTE:
(1) Hypothetical future stock prices and dividend stream discounted at 12.5%
(levered cost of equity)
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 56
62
PRESENT VALUE ANALYSIS OF HYPOTHETICAL FUTURE STOCK PRICE
"BASE" CASE
2000-2005
($ PER SHARE) 2001P 2002P 2003P 2004P 2005P CAGR
- -----------------------------------------------------------------------------------------------------------
Projected Springs EPS 4.31 5.31 6.93 7.47 7.92 14.8%
HYPOTHETICAL FUTURE STOCK PRICE
P/E Multiple:
8.0x 34.48 42.48 55.44 59.76 63.36
9.0x 38.79 47.79 62.37 67.23 71.28
10.0x 43.10 53.10 69.30 74.70 79.20
FUTURE DIVIDENDS PER SHARE(1) 1.27 1.27 1.27 1.27 1.27
PRESENT VALUE OF HYPOTHETICAL STOCK PRICE(2)
P/E Multiple:
8.0x 33.11 37.26 43.91 43.02 41.49
9.0x 37.17 41.71 49.07 47.97 46.15
10.0x 41.23 46.16 54.23 52.91 50.81
NOTES:
(1) Assumes constant per share dividend policy
(2) Hypothetical future stock prices and dividend stream discounted at 12.5%
(levered cost of equity)
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 57
63
PRESENT VALUE ANALYSIS OF HYPOTHETICAL FUTURE STOCK PRICE
"DOWNSIDE" CASE
2000-2005
($ PER SHARE) 2001P 2002P 2003P 2004P 2005P CAGR
- -----------------------------------------------------------------------------------------------------------
Projected Springs EPS 3.87 4.14 4.61 4.75 4.91 4.3%
HYPOTHETICAL FUTURE STOCK PRICE
P/E Multiple:
8.0x 30.96 33.12 36.88 38.00 39.28
9.0x 34.83 37.26 41.49 42.75 44.19
10.0x 38.70 41.40 46.10 47.50 49.10
Dividends Per SHARE(1) 1.27 1.27 1.27 1.27 1.27
PRESENT VALUE OF HYPOTHETICAL STOCK PRICE(2)
P/E Multiple:
8.0x 29.79 29.42 30.08 28.61 27.32
9.0x 33.44 32.89 33.52 31.76 30.21
10.0x 37.09 36.36 36.95 34.90 33.10
NOTES:
(1) Assumes constant per share dividend policy
(2) Hypothetical future stock prices and dividend stream discounted at 12.5%
(levered cost of equity)
[UBS WARBURG LOGO] Section 4: Preliminary Valuation Analyses 58
64
COMPARABLE COMPANY DESCRIPTIONS
APPENDIX A
[UBS WARBURG LOGO]
65
COMPARABLE COMPANY DESCRIPTIONS
COMPARABLE COMPANY DESCRIPTIONS
- --------------------------------------------------------------------------------
Burlington Industries, Burlington Industries is a diversified manufacturer
Inc. of soft goods for apparel and interior furnishings.
It is a developer, marketer and manufacturer of
fabrics and other textile products used in a variety
of apparel and interior furnishings end uses.
Burlington is organized in three industry segments:
Performance Wear, Casual Wear and Interior
Furnishings.
Crown Crafts, Inc. Crown Crafts, Inc. operates directly and indirectly
through its subsidiaries, in two principal business
segments within the textile industry: Adult Home
Furnishing and Juvenile Products, and Infant
Products. Adult Home Furnishing and Juvenile Products
consists of Bedroom Products (adult comforters and
accessories), Throws and Decorative Home Accessories
(primarily jacquard-woven throws in cotton, acrylic,
rayon or chenille), and similar products targeted to
the juvenile segment. The Infant Products segment
consists of four main business segments: infant
bedding, bibs, infant soft goods and accessories.
Sales are generally made directly to retailers,
department and specialty stores, mass merchants,
large chain stores and gift stores. These products
are marketed under a variety of company-owned
trademarks, as unbranded merchandise and with
customers' private labels in three product groups:
bedroom products, throws and decorative home
accessories, and infant and juvenile products.
Dan River, Inc. Dan River, Inc. is a designer, manufacturer and
marketer of products for the home fashions and
apparel fabrics markets. Dan River designs,
manufactures and markets a line of value-added home
fashion products consisting of bedroom furnishings
such as comforters, sheets, pillowcases, shams, bed
skirts, decorative pillows and draperies. The company
also designs, manufactures and markets a range of
high quality woven cotton and cotton-blend apparel
fabrics. Dan River also manufactures and sells
specialty engineered yarns and woven fabrics for use
in making high-pressure hoses and other industrial
products.
[UBS WARBURG LOGO] Appendix A: Comparable Company Descriptions 60
66
COMPARABLE COMPANY DESCRIPTIONS (CONTINUED)
COMPARABLE COMPANY DESCRIPTIONS
- --------------------------------------------------------------------------------
Galey & Lord, Inc. Galey & Lord, Inc. was incorporated in Delaware in
1987 for the purpose of acquiring substantially all
of the assets of the Blends Apparel and Prints
divisions of Burlington Industries, Inc. in February
1988. The company is a global manufacturer of
textiles for sportswear, including cotton casuals,
denim and corduroy, and is an international
manufacturer of work wear fabrics. The company also
is a manufacturer of dyed and printed fabrics for use
in home fashions.
WestPoint Stevens Inc. WestPoint Stevens Inc. is the successor corporation
to West Point-Pepperell, Inc. through a series of
mergers occurring in December 1993. The company is
engaged in the manufacture, marketing and
distribution of bed and bath home fashions products.
The company manufactures and markets home fashions
consumer products for distribution to chain and
department stores, mass merchants and specialty
stores. Home fashions products are manufactured and
distributed under its owned trademarks and pursuant
to various licensing agreements. WestPoint Stevens
manufactures and markets a broad range of bed and
bath products, including: decorative sheets, designer
sheets, sheets, accessories and towels for the
hospitality industry; blankets; private label sheets,
accessories and towels.
[UBS WARBURG LOGO] Appendix A: Comparable Company Descriptions 61
67
COMPARABLE TRANSACTION DESCRIPTIONS
APPENDIX B
[UBS WARBURG LOGO]
68
COMPARABLE TRANSACTION DESCRIPTION
TARGET COMPANY DESCRIPTIONS
- --------------------------------------------------------------------------------
Shaw Industries, Inc. Shaw Industries, Inc. is a global carpet
manufacturer. Shaw designs and manufactures
approximately 1,600 styles of tufted and woven carpet
for residential and commercial use under the
PHILADELPHIA, TRUSTMARK, CABIN CRAFTS, SHAW
COMMERCIAL CARPETS, STRATTON, NETWORX, SHAWMARK,
EVANS BLACK, SALEM, SUTTON, KOSSET, CROSSLEY,
ABINGDON, REDBOOK, MINSTER, INVICTA and TERZA trade
names and under certain private labels. The company's
manufacturing operations are fully integrated from
the processing of yarns through the finishing of
carpet. The company's carpet is sold in a range of
prices, patterns, colors and textures with the
majority of its sales in the medium to high retail
price range. Shaw sells its products to retailers,
distributors and commercial users throughout the
United States, Canada, Mexico, Australia and the
United Kingdom and, to a lesser degree, exports to
additional overseas markets.
Conso International Conso International Corporation is the world's
Corporation largest manufacturer of decorative trimmings for the
home furnishings industry and, through its
subsidiary, Simplicity Pattern Co., Inc.
("Simplicity"), is a producer of patterns and other
instructional material for home sewing of apparel,
home decorating, and crafts. The company, including
its British Trimmings ("BT") subsidiary, produces and
sells a range of knitted and woven fringes,
decorative cords, tasseled accessories, jacquard and
other woven braids, and apparel trims, as well as
sewing tapes and supplies. Conso also distributes
window accoutrements and other home furnishings
accessories. Through its salesforce, the Company's
products are marketed to manufacturers, distributors
and retailers. Manufacturing facilities are located
in the United States, the United Kingdom, Mexico, and
India.
Johnston Industries The company is a designer, manufacturer and marketer
of finished and unfinished (greige) cotton, synthetic
and blended fabrics used in a broad range of
industrial and consumer applications. The company's
products are sold to a number of "niche" markets,
including segments of the home furnishings,
hospitality, industrial, automotive and specialty
markets. In addition, the company reprocesses and
markets waste textile fiber and off-quality fabrics
for sale to a range of specialty markets. The company
also manufactures fabrics used in engineered
composite materials serving mainly the recreation and
construction markets. The company conducts its
operations through four business units: (i) the
Greige Fabrics Division, (ii) the Finished Fabrics
Division, (iii) the Fiber Products Division, and (iv)
JICR.
[UBS WARBURG LOGO] Appendix B: Comparable Transaction Descriptions 63
69
COMPARABLE TRANSACTION DESCRIPTION (CONTINUED)
TARGET COMPANY DESCRIPTIONS
- --------------------------------------------------------------------------------
Bibb Company The Bibb Company, is a domestic manufacturer and
marketer of textile products, principally sheets,
pillowcases and other bedding accessories for use in
the home, hotels, hospitals, and others serving the
hospitality market. The company also manufactures
specially treated and engineered textile products
used primarily in producing high-pressure automobile
hoses and conveyor belts.
Fieldcrest Cannon, Inc. Fieldcrest operates a single segment business in the
textile industry and is principally involved in the
manufacture and sale of home furnishing products.
Fieldcrest designs, manufactures and markets a broad
range of household textile products consisting of
towels, sheets, comforters, bath rugs and furniture
coverings. These products are marketed primarily by
the company's own sales and marketing staff and
distributed nationally to customers for ultimate
retail sale. Customers consist mainly of department
stores, chain stores, mass merchants, specialty home
furnishing stores, catalog warehouse clubs and other
retail outlets, and institutional, government and
contract accounts.
Dundee Mills, Dundee Mills, Incorporated, is a manufacturer of
Incorporated towels, infant and toddler bedding, knitted infant
apparel, and baby and healthcare products. The
business of Dundee is divided into three primary
divisions: terry towel products, baby and healthcare
products, and broadcloth fabric.
[UBS WARBURG LOGO] Appendix B: Comparable Transaction Descriptions 64
70
HEARTLAND TRANSACTION SUMMARIES
APPENDIX C
[UBS WARBURG LOGO]
71
HEARTLAND TRANSACTION SUMMARIES
- - LEVERAGED RECAPITALIZATION OF MASCOTECH, INC.
Company Description: MascoTech, Inc. manufactures and supplies metal
formed components used in a variety of applications.
The company's products are used in drivetrain
applications, as well as specialty fasteners, towing
systems, specialty container products, and other
industrial products. MascoTech was a publicly listed
company on the New York Stock Exchange.
Date Announced: August 2, 2000
Date Completed: November 29, 2000
Terms: Cash payment of $16.90/share based on 44.8m shares +
additional amount based on proceeds on the
disposition of Saturn Electronics & Engineering Inc.
and net debt of $1.38 billion
Value of Transaction: $2.1 billion
Other Details: MascoTech, Simpson Industries, and GMTI combined to
operate as one company called Metaldyne Corporation
in January 2001
VALUATION ANALYSIS
ENTERPRISE VALUE (LTM)
---------------------------------
REVENUE EBITDA EBIT
- ------------------------------------------------------
1.19x 6.6x 9.1x
[UBS WARBURG LOGO] Appendix C: Heartland Transaction Summaries 66
72
HEARTLAND TRANSACTION SUMMARIES (CONTINUED)
- - ACQUISITION OF SIMPSON INDUSTRIES, INC.
Company Description: Simpson Industries, Inc. supplies powertrain and
chassis products to original equipment manufacturers
in the worldwide automotive and medium and heavy duty
diesel engine markets. Simpson's products are focused
in three groups: noise, vibration & harshness;
wheel-end and suspension; and modular engine
assemblies. Simpson's manufacturing facilities are
located in the United States, Canada, Mexico, Brazil,
England, India, France, Spain and South Korea.
Simpson Industries, Inc. was a publicly listed
company on the NASDAQ.
Date Announced: September 29, 2000
Date Completed: December 18, 2000
Terms: $13.00/share in cash based on 18.8mm shares + net
debt of $121 million
Value of Transaction: $354.1 million
Other Details: MascoTech, Simpson Industries, and GMTI combined to
operate as one company called Metaldyne Corporation
in January 2001
VALUATION ANALYSIS
ENTERPRISE VALUE (LTM)
---------------------------------
REVENUE EBITDA EBIT
- ------------------------------------------------------
0.65x 5.3x 9.1x
----- ---- ----
[UBS WARBURG LOGO] Appendix C: Heartland Transaction Summaries 67
73
HEARTLAND TRANSACTION SUMMARIES (CONTINUED)
- - ACQUISITION OF GLOBAL METAL TECHNOLOGIES, INC. (GMTI)
Company Description: GMTI is a major supplier of aluminum die cast
components to the automotive industry with sales in
excess of $230 million. The Company is a major
supplier of transmission, engine and chassis
components with four die casting operations, two tool
shops and one machining operation. GMTI Inc. one of
the largest automotive suppliers utilizing die cast
components in North America. GMTI was acquired from
the Pritzker Family & TMB Industries.
Date Announced: Undisclosed
Date Completed: January 1, 2001
Terms: Undisclosed
Value of Transaction: Undisclosed
Other Details: MascoTech, Simpson Industries, and GMTI combined to
operate as one company called Metaldyne Corporation
in January 2001
[UBS WARBURG LOGO] Appendix C: Heartland Transaction Summaries 68
74
HEARTLAND TRANSACTION SUMMARIES (CONTINUED)
ACQUISITION OF COLLINS & AIKMAN CORPORATION
Company Description: Collins & Aikman Corporation supplies automotive
interior systems, including textile and plastic
products, acoustics, and convertible top systems. The
Company operates facilities world-wide, including
automotive design, development, and testing centers,
as well as manufacturing centers for automotive trim
products. Collins & Aikman Corporation is a publicly
traded company on the New York Stock Exchange.
Date Announced: January, 12, 2001
Date Completed: Pending result of shareholder vote on March 6, 2001
Terms: Heartland purchased 25 million newly issued shares
for $5/share, and 27 million shares from Blackstone
Capital Partners L.P. and Wasserstein Perella
Partners L.P.
Value of Transaction: $260 million in cash
Other Details: Heartland will own approximately 60% of the
outstanding shares of Collins & Aikman
VALUATION ANALYSIS
ENTERPRISE VALUE (LTM)
---------------------------------
REVENUE EBITDA EBIT
- ------------------------------------------------------
0.59x 5.3x 8.1x
[UBS WARBURG LOGO] Appendix C: Heartland Transaction Summaries 69