Investment Banking Presentation
to
The Special Committee of
the Board of Directors of
Wandel & Goltermann Technologies, Inc.
January 20, 1998
The Robinson-Humphrey Company
Investment Bankers Since 1894
- --------------------------------------------------------------------------------
Table of Contents
================================================================================
I. Transaction Overview
II. Historical Financial Review
III. Historical Stock Price Performance and Trading Range
IV. Ownership Analysis
V. Projected Financial Review
VI. Market Comparison of Selected Public Companies and Implied Valuation
Analysis
VII. Discounted Cash Flow Analysis
VIII. Analysis of Selected Merger and Acquisition Transactions and Implied
Valuation Analysis
IX. Analysis of Premiums for Minority Interest Acquisitions in Going
Private Transactions and Implied Valuation Analysis
- --------------------------------------------------------------------------------
THE ROBINSON-HUMPHREY COMPANY
- --------------------------------------------------------------------------------
Transaction Overview
================================================================================
o On November 19, 1997, Wandel & Goltermann Technologies, Inc. ("WGTI" or the
"Company") announced that Wandel and Goltermann Management Holding GmbH
("WG Holding") had informed WGTI's Board of Directors that it was
considering various strategic transactions which involved or affected the
Company and its minority shareholders, including a merger of the Company
with one or more affiliates of WG Holding or a transaction in which WG
Holding would acquire all of the common stock of the Company not currently
held by WG Holding.
o WG Holding currently holds 3,285,600 shares of WGTI, representing 62.1% of
WGTI's 5,287,778 shares of common stock outstanding. Since WGTI's initial
public offering in April 1994, WG Holding has acquired 285,600 shares of
WGTI's common stock in open market transactions.
o On January 9, 1997, WG Holding proposed to acquire the outstanding WGTI
shares currently held by persons other than WG Holding for a purchase price
of $13.00 per share in cash, or $26.0 million in aggregate consideration
(excluding the net value of currently outstanding in-the-money options).
The aggregate consideration to be paid in the proposed transaction,
including the net value of currently outstanding in-the-money options, is
$26.8 million.
o WG Holding proposes to structure the transaction as a merger whereby a
newly-formed, wholly-owned subsidiary of WG Holding would merge with and
into WGTI.
o The proposed purchase price of $13.00 per share represents a 30.0% premium
to WGTI's closing stock price on November 18, 1997 (one day prior to WGTI's
announcement that WG Holding was considering various strategic transactions
involving WGTI) and a 3.0% premium to WGTI's closing stock price on January
9, 1998 (the last sale price for WGTI's common stock prior to receipt of WG
Holding's proposal to acquire the outstanding shares of WGTI held by
persons other than WG Holding).
- --------------------------------------------------------------------------------
THE ROBINSON-HUMPHREY COMPANY
The Robinson-Humphrey Company, L.L.C
Project TroubleShooter
Analysis of Proposed Transaction
- --------------------------------------------------------------------------------
Purchase Fully-Diluted Transaction Pro Forma Total
Price Per Shares Equity Net Transaction
Share Outstanding (1) Value Debt (2) Value
----- --------------- ----------- --------- -----------
$l3.00 x 5,347 = $69,508 ($7,395) $62,112
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------- ---------------------------------------------------------
Transaction Equity Value as a Multiple of: Total Transaction Value as a Multiple of:
- --------------------------------------------------------------------- ---------------------------------------------------------
Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
1997 1998(3) l999 1997 1998(3) 1999
---- ------- ---- ---- ------- ----
Net Income NM x 31.6 x 13.6 x Revenues 1.14 x 0.90 x 0.69 x
EBITDA 35.1 14.8 7.l
EBIT NM 25.9 9.9
Pro Forma
Book Value (4) 2.9 x
- --------------------------------------------------------------------- ---------------------------------------------------------
- --------------------------------------------------------------------- ---------------------------------------------------------
Transaction Equity Value as a Multiple of: Total Transaction Value as a Multiple of:
- --------------------------------------------------------------------- ---------------------------------------------------------
Calendar Calendar Calendar Calendar Calendar Calendar
1997 1998 (3) 1999 1997 1998(3) 1999
---- -------- ---- ---- ------- ----
Net Income NM x 21.7 x 12.6 x Revenues 1.16 x 0.84 x 0.64 x
EBITDA NM 10.8 6.4
EBIT NM 16.3 9.0
- --------------------------------------------------------------------- --------------------------------------------------------------
Stock Price Prior To 11/19/97
-----------------------------
1 Day 1 Week 4 Weeks
----- ------ -------
Actual Value $l0.00 $9.50 $10.50
Premiumn at $13 per Share 30.0% 36.8% 23.8%
Footnotes:
(1) Includes 5,287,778 shares outstanding plus common stock equivalents from
275,025 options at a weighted average exercise price of $10.213 calculated
using the treasury stock method. The options used in the calculation are
the total amount of options whose exercise price was below the $13 offer.
(2) Net debt equals debt plus preferred stock less cash and marketable
securities. Assumes cash outlay of $6.0 million for acquisitions to be
completed in January 1998.
(3) Excludes $6.3 million in purchased technology write-downs.
(4) Adjusted by $6.3 million for contemplated write-downs of purchased
technology in the first quarter of calendar 1998.
(5) Assumes announcement date on November 19, 1997.
The Robinson-Humphrey Company, L.L.C
Project TroubleShooter
Historical Balance Sheet Information
(In Thousands, Except for Per Share Amounts)
As of September 30, December 31, 1997
--------------------------------- ----------------------
1995 1996 1997 Actual Pro Forma
---- ---- ---- ------ ---------
ASSETS
Current Assets:
Cash and Cash Equivalents $ 5,374 $ 10,286 $ 13,329 $ 13,395 $ 7,395[1]
Accounts Receivable:
Nonaffiliates 5,378 8,148 7,038 5,870 5,870
Affiliates 3,934 5,068 3,964 6,226 6,226
Income Tax Receivable 1,464 720 1,367 363 363
Inventories 6,616 4,695 5,596 5,630 5,630
Deferred Tax Assets 1,946 1,079 1,448 1,585 1,585
Other Current Assets 395 349 927 849 849
-------- -------- -------- -------- --------
Total Current Assets $ 25,107 $ 30,345 $ 33,669 $ 33,918 $ 27,918
Property and Equipment
Machinery and Equipment 4,189 4,401 4,614 4,667 4,667
Furniture and Fixtures 5,764 5,186 5,993 6,151 6,151
-------- -------- -------- -------- --------
9,953 9,587 10,607 1O,818 10,818
Accumulated Depreciation (6,213) (6,323) (7,721) (8,008) (8,008)
-------- -------- -------- -------- --------
3,740 3,264 2,886 2.810 2,810
Other Assets 497 689 737 718 1,018[1]
-------- -------- -------- -------- --------
Total Assets $ 29,344 $ 34,298 $ 37,292 $37,446 $31,746
======== ======== ======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable:
Nonaffiliates $ 1,579 $ 1,327 $ 1,530 $ 1,085 $ 1,085
Affiliates 258 950 1,789 2,856 2,856
Accrued Compensation 1,683 1,855 1,467 1,412 1,412
Other Accrued Liabilities 1,470 1,344 1,847 1,843 1,843
-------- -------- -------- -------- --------
Total Current Liabilites $ 4,990 $ 5,476 $ 6,633 $ 7,196 $ 7,196
Shareholders' Equity:
Common Stock 52 52 53 53 53
Additional Paid-in Capital 25,740 25,056 26,468 26,470 26,470
Retained Earnings (Accumulated Deficit) (1,438) 3,714 4,138 3,727 (2,573)[1]
-------- -------- -------- -------- --------
24,354 28,822 30,659 30,250 23,950
-------- -------- -------- -------- --------
Total Liabilities and Shareholders' Equity $ 29,344 $ 34,298 $ 37,292 $ 37,446 $ 31,146
======== ======== ======== ======== ========
[1] Assumes $6.0 million paid in cash for technology acquisitions with a
purchased technolgy write-off of $6.3 million with the difference going
into goodwill under other assets.
Project TroubleShooter
High-Low-Close Volume
Weekly: 4/8/94 to 01/15/98
(chart appears here with plot points)
PROJECT TROUBLESHOOTER
HISTORICAL STOCK TRADING DATA
TS2 WEEK VOLUME HIGH LOW CLOSE
---- ------ ---- --- -----
34432 4/8/94 0.9526 $11.50 $10.25 $10.88
34439 4/15/94 0.5476 11.13 10.50 10.50
34446 4/22/94 0.1244 10.75 10.50 10.50
34453 4/29/94 0.0722 10.75 10.50 10.50
34460 5/6/94 0.0534 11.38 10.50 11.00
34467 5/13/94 0.0550 11.25 10.75 10.75
34474 5/20/94 0.1385 11.00 10.50 10.50
34481 5/27/94 0.1141 11.00 10.50 10.88
34488 6/3/94 0.0472 10.88 10.50 10.63
34495 6/10/94 0.0096 10.88 10.63 10.88
34502 6/17/94 0.1911 10.75 10.25 10.38
34509 6/24/94 0.1987 10.75 10.00 10.38
34516 7/1/94 0.1291 10.50 9.50 9.63
34523 7/8/94 0.0323 10.00 9.63 9.63
34530 7/15/94 0.0174 9.88 9.63 9.63
34537 7/22/94 0.0258 9.88 9.63 9.63
34544 7/29/94 0.0041 9.88 9.63 9.63
34551 8/5/94 0.0402 9.63 8.63 8.88
34558 8/12/94 0.0975 9.13 8.38 9.00
34565 8/19/94 0.0328 9.13 8.88 8.88
34572 8/26/94 0.3222 10.50 9.00 9.88
34579 9/2/94 0.1248 11.00 10.00 10.75
34586 9/9/94 0.1256 11.25 10.63 11.00
34593 9/16/94 0.3663 12.25 11.00 12.25
34600 9/23/94 0.2412 12.25 11.75 12.13
34607 9/30/94 0.0576 12.13 11.75 12.00
34614 10/7/94 0.0989 12.13 11.63 11.63
34621 10/14/94 0.0155 12.00 11.63 11.63
34628 10/21/94 0.4562 14.38 11.88 13.75
34635 10/28/94 0.1462 14.13 13.13 13.50
34642 11/4/94 0.0884 13.88 13.13 13.38
34649 11/11/94 0.0780 14.63 13.13 14.63
34656 11/18/94 0.3437 16.13 14.50 14.88
34663 11/25/94 0.0367 15.25 14.25 14.50
34670 12/2/94 0.0532 14.38 14.00 14.00
34677 12/9/94 0.2129 14.25 13.50 13.50
34684 12/16/94 0.0153 14.00 13.50 13.50
34691 12/23/94 0.0084 13.50 13.00 13.00
TS2 WEEK VOLUME HIGH LOW CLOSE
---- ------ ---- --- -----
34698 12/30/94 0.0267 13.06 12.75 12.75
34705 1/6/95 0.0127 13.25 12.88 12.88
34712 1/13/95 0.3261 13.25 12.63 12.75
34719 1/20/95 0.0595 13.00 12.25 12.25
34726 1/27/95 0.2593 12.88 12.00 12.88
34733 2/3/95 0.3126 13.13 12.75 12.75
34740 2/10/95 0.3366 13.13 12.75 12.75
34747 2/17/95 0.5171 14.38 12.75 14.38
34754 2/24/95 0.1444 16.00 14.00 15.88
34761 3/3/95 0.1218 17.25 15.50 16.50
34768 3/10/95 0.1688 16.88 16.38 16.63
34775 3/17/95 0.1538 16.88 16.38 16.88
34782 3/24/95 0.0323 16.88 16.38 16.50
34789 3/31/95 0.0842 17.38 16.13 16.13
34796 4/7/95 0.2667 16.38 14.63 15.13
34803 4/14/95 0.0914 14.88 14.63 14.63
34810 4/21/95 0.0311 14.88 14.25 14.25
34817 4/28/95 0.0427 14.63 14.25 14.25
34824 5/5/95 0.3191 18.38 14.25 18.38
34831 5/12/95 0.2399 20.75 18.13 20.50
34838 5/19/95 0.1327 20.75 17.38 18.13
34845 5/26/95 0.0490 18.75 17.75 18.75
34852 6/2/95 0.0139 18.75 17.50 17.50
34859 6/9/95 0.0131 18.00 17.50 17.50
34866 6/16/95 0.1727 18.00 14.25 15.25
34873 6/23/95 0.7590 13.75 10.25 10.59
34880 6/30/95 0.1769 11.25 10.25 11.00
34887 7/7/95 0.0511 11.00 10.50 10.63
34894 7/14/95 0.1698 11.00 10.00 10.13
34901 7/21/95 0.4005 13.00 10.00 11.00
34908 7/28/95 0.2097 12.25 10.25 11.00
34915 8/4/95 0.1759 12.75 10.75 12.50
34922 8/11/95 0.1514 13.50 12.25 12.25
TS2 WEEK VOLUME HIGH LOW CLOSE
---- ------ ---- --- -----
34929 8/18/95 0.0523 12.50 12.00 12.00
34936 8/25/95 0.0864 12.50 11.25 12.25
34943 9/1/95 0.0165 12.25 11.50 11.50
34950 9/8/95 0.0162 12.00 11.50 12.00
34957 9/15/95 0.2689 12.88 11.50 12.13
34964 9/22/95 0.3483 12.38 11.75 12.13
34971 9/29/95 0.0862 11.88 9.75 10.25
34978 10/6/95 0.0447 10.50 9.75 10.00
34985 10/13/95 0.0334 10.25 9.75 10.25
34992 10/20/95 0.1646 10.50 9.75 10.00
34999 10/27/95 0.0539 10.50 10.00 10.00
35006 11/3/95 0.0282 10.25 9.75 10.00
35013 11/10/95 0.0284 10.00 9.50 10.00
35020 11/17/95 0.1926 10.00 9.00 9.50
35027 11/24/95 0.0829 10.00 9.50 9.50
35034 12/1/95 0.8198 10.00 9.50 10.00
35041 12/8/95 0.3045 12.75 10.00 12.75
35048 12/15/95 0.3239 13.25 10.75 11.25
35055 12/22/95 0.0982 11.50 10.50 11.00
35062 12/29/95 0.0871 11.50 10.50 10.63
35069 1/5/96 0.0767 11.00 10.00 10.38
35076 1/12/96 0.0573 10.75 9.75 9.75
35083 1/19/96 0.0346 10.50 9.75 10.00
35090 1/26/96 0.0208 10.75 10.00 10.63
35097 2/2/96 0.1126 12.75 9.00 9.63
35104 2/9/96 0.2075 12.00 9.00 11.25
35111 2/16/96 0.0527 11.50 10.50 10.63
35118 2/23/96 0.0627 10.75 9.75 10.13
35125 3/1/96 0.5326 13.00 9.75 12.00
35132 3/8/96 0.1745 13.13 11.75 12.75
35139 3/15/96 0.3168 13.88 11.38 13.00
35146 3/22/96 0.2216 16.00 12.88 14.88
35153 3/29/96 0.1834 16.88 14.38 16.38
35160 4/5/96 0.1024 17.38 15.13 16.00
35167 4/12/96 0.0990 16.25 14.88 15.25
35174 4/19/96 0.1180 16.63 15.13 16.00
35181 4/26/96 0.4714 19.00 16.00 16.88
35188 5/3/96 0.0557 17.50 16.25 16.50
35195 5/10/96 0.1329 16.88 14.13 16.63
35202 5/17/96 0.1600 18.25 16.88 18.00
35209 5/24/96 0.1904 19.00 17.75 19.00
35216 5/31/96 0.1769 19.75 18.00 18.50
TS2 WEEK VOLUME HIGH LOW CLOSE
---- ------ ---- --- -----
35223 6/7/96 0.1282 19.00 16.50 17.50
35230 6/14/96 0.1333 18.00 15.25 16.50
35237 6/21/96 0.0803 16.25 15.00 15.75
35244 6/28/96 0.0517 17.00 15.75 16.50
35251 7/5/96 0.0190 16.88 15.25 15.50
35258 7/12/96 0.0369 16.00 14.75 14.88
35265 7/19/96 0.0371 15.00 13.25 14.25
35272 7/26/96 0.0547 15.25 13.75 14.13
35279 8/2/96 0.1203 17.50 13.50 14.00
35286 8/9/96 0.0881 14.75 13.25 13.75
35293 8/16/96 0.0372 14.50 13.75 14.50
35300 8/23/96 0.0838 15.50 13.75 14.50
35307 8/30/96 0.0418 15.75 14.25 15.63
35314 9/6/96 0.2103 15.75 15.00 15.00
35321 9/13/96 0.0921 16.50 15.00 15.38
35328 9/20/96 0.1536 16.75 15.00 16.63
35335 9/27/96 0.4078 19.75 16.50 18.50
35342 10/4/96 0.3260 22.00 18.50 21.75
35349 10/11/96 0.1008 21.75 20.50 21.25
35356 10/18/96 0.3416 23.75 20.50 21.00
35363 10/25/96 0.1196 22.00 20.25 20.38
35370 11/1/96 0.0408 21.00 19.25 19.25
35377 11/8/96 0.1088 21.00 17.25 20.25
35384 11/15/96 0.1753 22.50 19.50 20.75
35391 11/22/96 0.0989 21.00 19.25 20.00
35398 11/29/96 0.1291 21.75 19.25 21.13
35405 12/6/96 0.3385 23.75 21.00 23.00
35412 12/13/96 0.4744 29.75 23.00 29.75
35419 12/20/96 0.2526 31.50 25.75 29.25
35426 12/27/96 0.0683 30.25 28.25 29.50
35433 1/3/97 0.2336 30.00 25.00 28.56
35440 1/10/97 0.1059 30.00 26.75 27.25
35447 1/17/97 0.0964 30.25 27.25 28.50
35454 1/24/97 0.0954 30.00 26.25 26.75
35461 1/31/97 0.1530 28.75 26.25 26.25
35468 2/7/97 0.1454 27.00 25.75 25.81
35475 2/14/97 0.1528 26.75 23.50 24.75
35482 2/21/97 0.1668 24.75 23.50 23.50
35489 2/28/97 0.0676 24.00 22.75 23.50
35496 3/7/97 0.1667 23.50 21.50 22.88
35503 3/14/97 0.0569 24.00 22.50 22.75
35510 3/21/97 0.0698 24.00 21.00 21.00
35517 3/28/97 0.0613 22.50 18.75 21.38
TS2 WEEK VOLUME HIGH LOW CLOSE
---- ------ ---- --- -----
35524 4/4/97 0.6941 23.75 9.50 12.00
35531 4/11/97 0.3344 12.25 10.00 11.00
35538 4/18/97 0.1479 11.50 10.63 10.63
35545 4/25/97 0.1040 11.88 10.63 11.25
35552 5/2/97 0.1480 13.25 10.75 13.25
35559 5/9/97 0.2046 14.00 12.00 12.63
35566 5/16/97 0.1118 13.50 12.13 13.38
35573 5/23/97 0.1098 14.13 12.00 12.00
35580 5/30/97 0.0623 12.63 11.50 12.50
35587 6/6/97 0.0521 12.75 12.00 12.38
35594 6/13/97 0.0710 12.63 12.13 12.25
35601 6/20/97 0.9762 12.50 8.50 9.13
35608 6/27/97 0.6583 9.63 9.00 9.13
35615 7/4/97 0.0530 9.38 8.88 9.06
35622 7/11/97 0.1854 9.88 9.06 9.75
35629 7/18/97 0.5494 10.25 9.38 9.63
35636 7/25/97 0.0790 9.75 9.25 9.25
35643 8/1/97 0.0824 10.25 9.25 10.00
35643 8/1/97 0.0824 10.25 9.25 10.00
35650 8/8/97 0.1345 11.13 9.75 10.75
35657 8/15/97 0.0731 11.88 10.75 11.38
35664 8/22/97 0.1492 13.25 11.38 12.13
35671 8/29/97 0.0949 12.25 10.38 10.75
35678 9/5/97 0.0567 12.13 11.00 11.38
35685 9/12/97 0.0347 11.75 11.00 11.00
35692 9/19/97 0.0692 12.38 11.00 11.75
35699 9/26/97 0.3088 12.00 9.50 10.06
35706 10/3/97 0.0539 10.25 9.94 10.00
35713 10/10/97 0.0502 10.50 9.88 10.13
35720 10/17/97 0.0433 10.63 10.13 10.38
TS2 WEEK VOLUME HIGH LOW CLOSE
---- ------ ---- --- -----
35727 10/24/97 0.1711 10.63 10.00 10.31
35734 10/31/97 0.0855 10.25 8.50 9.38
35741 11/7/97 0.0322 10.06 9.25 9.75
35748 11/14/97 0.0340 10.38 9.38 9.38
35755 11/21/97 0.1943 13.75 9.38 12.75
35762 11/28/97 0.0359 12.75 11.88 12.25
35769 12/5/97 0.0601 12.75 12.13 12.44
35776 12/12/97 0.0516 12.75 11.75 12.13
35783 12/19/97 0.0406 12.50 12.13 12.25
35790 12/26/97 0.1259 13.50 12.25 13.13
35797 1/2/98 0.0970 13.38 13.13 13.13
35804 1/9/98 0.0571 13.38 12.38 12.63
35811 1/16/98 0.1825 13.13 12.75 12.75
35818 1/23/98 0.1360 12.88 12.63 12.75
35825 1/30/98 0.0471 12.88 12.63 12.75
35832 2/6/98 0.0655 12.88 12.69 12.81
35839 2/13/98 0.0592 12.88 12.75 12.75
35846 2/20/98 0.0190 12.81 12.69 12.81
35853 2/27/98 0.0372 12.88 12.69 12.75
35860 3/6/98 0.1134 13.25 12.69 13.13
35867 3/13/98 0.1844 13.13 12.88 12.88
35874 3/20/98 0.3626 15.63 12.88 15.25
35881 3/27/98 0.0647 15.50 15.13 15.25
35888 4/3/98 0.0438 15.50 15.25 15.44
35895 4/10/98 0.0224 15.50 15.31 15.38
35902 4/17/98 0.0605 15.63 15.31 15.38
35909 4/24/98 0.0201 15.56 15.31 15.38
35916 5/1/98 0.0715 15.44 15.00 15.13
35923 5/8/98 0.0359 15.31 15.13 15.25
35930 5/15/98 0.0065 15.25 15.13 15.19
35937 5/22/98 0.0186 15.25 15.00 15.00
35944 5/29/98 0.0103 15.06 14.88 14.88
35951 6/5/98 0.0141 15.50 15.00 15.38
35958 6/12/98 0.0374 15.38 15.00 15.00
35965 6/19/98 0.0137 15.25 15.00 15.00
35972 6/26/98 0.0065 15.25 15.00 15.06
35979 7/3/98 0.0080 15.13 15.06 15.06
35986 7/10/98 0.0215 15.25 15.00 15.00
35993 7/17/98 0.0135 15.13 14.88 14.88
Project TroubleShooter
High-Low-Close Volume
Daily: 1/1/97 to 01/15/98
(chart appears here with plot points)
Project TroubleShooter
Historical Stock Trading Data
TS1 Date Volume High Low Close
--- ---- ------ ---- --- -----
35431 1/1/97 0.0000 $30.00 $29.25 $29.25
35432 1/2/97 0.0825 30.00 25.00 27.00
35433 1/3/97 0.1366 29.50 25.00 28.56
35436 1/6/97 0.0508 30.00 28.00 28.63
35437 1/7/97 0.0108 28.75 27.50 27.50
35438 1/8/97 0.0060 28.25 27.50 28.25
35439 1/9/97 0.0192 28.00 27.00 27.63
35440 1/10/97 0.0191 28.25 26.75 27.25
35443 1/13/97 0.0264 29.00 27.25 29.00
35444 1/14/97 0.0473 30.25 28.50 29.25
35445 1/15/97 0.0099 29.75 28.00 29.50
35446 1/16/97 0.0036 30.00 28.50 30.00
35447 1/17/97 0.0092 30.00 28.50 28.50
35450 1/20/97 0.0024 30.00 28.50 28.50
35451 1/21/97 0.0219 29.00 27.25 27.25
35452 1/22/97 0.0314 28.50 26.25 26.50
35453 1/23/97 0.0208 28.25 26.25 27.50
35454 1/24/97 0.0189 28.25 26.25 26.75
35457 1/27/97 0.0299 28.00 26.50 27.13
35458 1/28/97 0.0346 28.75 27.25 27.63
35459 1/29/97 0.0109 28.50 26.25 27.50
35460 1/30/97 0.0612 27.50 26.25 27.00
35461 1/31/97 0.0164 27.25 26.25 26.25
35464 2/3/97 0.0276 27.00 26.00 27.00
35465 2/4/97 0.0538 27.00 26.00 27.00
35466 2/5/97 0.0112 27.00 25.75 25.75
35467 2/6/97 0.0372 26.50 25.75 26.00
35468 2/7/97 0.0156 26.75 25.75 25.81
35471 2/10/97 0.0063 26.75 25.75 25.75
35472 2/11/97 0.0713 26.13 23.50 24.00
35473 2/12/97 0.0325 24.75 23.75 23.75
35474 2/13/97 0.0358 24.75 23.50 24.50
35475 2/14/97 0.0069 24.75 24.00 24.75
35478 2/17/97 0.0000 24.75 24.00 24.75
35479 2/18/97 0.0049 24.75 24.00 24.00
35480 2/19/97 0.0021 24.75 24.00 24.00
35481 2/20/97 0.1355 24.50 23.50 23.50
35482 2/21/97 0.0243 24.25 23.50 23.50
35485 2/24/97 0.0089 24.00 22.75 23.75
35486 2/25/97 0.0355 24.00 22.75 24.00
35487 2/26/97 0.0043 24.00 22.75 23.50
35488 2/27/97 0.0003 22.75 22.75 22.75
35489 2/28/97 0.0186 24.00 22.75 23.50
35492 3/3/97 0.1332 23.25 21.50 21.50
35493 3/4/97 0.0090 22.75 21.50 22.75
35494 3/5/97 0.0162 22.75 21.75 22.75
35495 3/6/97 0.0078 23.50 22.50 22.88
TS1 Date Volume High Low Close
--- ---- ------ ---- --- -----
35496 3/7/97 0.0005 23.50 22.75 22.88
35499 3/10/97 0.0192 23.50 22.75 22.88
35500 3/11/97 0.0191 23.19 22.75 22.75
35501 3/12/97 0.0066 23.50 22.63 23.50
35502 3/13/97 0.0042 23.25 22.50 22.50
35503 3/14/97 0.0078 24.00 22.50 22.75
35506 3/17/97 0.0394 24.00 22.00 22.25
35507 3/18/97 0.0215 22.75 21.50 21.50
35508 3/19/97 0.0038 22.50 21.00 22.25
35509 3/20/97 0.0033 22.50 21.25 22.00
35510 3/21/97 0.0018 22.25 21.00 21.00
35513 3/24/97 0.0283 22.50 18.75 20.25
35514 3/25/97 0.0105 20.50 19.50 20.00
35515 3/26/97 0.0162 20.50 19.50 20.50
35516 3/27/97 0.0063 21.50 20.50 21.38
35517 3/28/97 0.0000 21.50 20.50 21.38
35520 3/31/97 0.0226 22.25 20.25 22.00
35521 4/1/97 0.0112 22.50 21.38 21.38
35522 4/2/97 0.4025 23.75 9.50 10.75
35523 4/3/97 0.1665 12.75 10.38 11.88
35524 4/4/97 0.0913 12.75 11.50 12.00
35527 4/7/97 0.0775 12.25 11.25 11.88
35528 4/8/97 0.1511 11.88 10.00 10.75
35529 4/9/97 0.0385 11.25 10.63 10.88
35530 4/10/97 0.0347 11.25 10.75 11.00
35531 4/11/97 0.0326 11.25 10.75 11.00
35534 4/14/97 0.0142 11.25 10.63 11.25
35535 4/15/97 0.0395 11.38 10.63 11.38
35536 4/16/97 0.0518 11.50 11.13 11.13
35537 4/17/97 0.0270 11.50 10.63 11.00
35538 4/18/97 0.0154 11.25 10.63 10.63
35541 4/21/97 0.0219 11.25 10.63 10.75
35542 4/22/97 0.0365 11.50 10.88 11.13
35543 4/23/97 0.0106 11.50 10.75 11.50
35544 4/24/97 0.0331 11.88 10.75 11.25
35545 4/25/97 0.0019 11.25 10.75 11.25
35548 4/28/97 0.0031 11.25 10.75 10.75
35549 4/29/97 0.0596 12.75 11.75 11.75
35550 4/30/97 0.0575 12.50 11.50 12.38
35551 5/1/97 0.0045 12.50 11.88 12.50
35552 5/2/97 0.0233 13.25 12.00 13.25
35555 5/5/97 0.0286 13.75 13.38 13.75
35556 5/6/97 0.0087 14.00 13.38 13.75
35557 5/7/97 0.0250 14.00 13.13 13.75
35558 5/8/97 0.1375 13.75 12.00 12.38
35559 5/9/97 0.0048 12.63 12.25 12.63
35562 5/12/97 0.0163 13.00 12.25 12.63
35563 5/13/97 0.0192 12.75 12.13 12.25
35564 5/14/97 0.0038 12.88 12.25 12.88
35565 5/15/97 0.0399 12.88 12.25 12.50
35566 5/16/97 0.0326 13.50 13.00 13.38
35569 5/19/97 0.0177 14.13 13.13 13.75
35570 5/20/97 0.0074 14.00 13.00 13.00
35571 5/21/97 0.0464 13.75 12.38 12.38
35572 5/22/97 0.0288 12.63 12.13 12.50
35573 5/23/97 0.0095 12.50 12.00 12.00
35576 5/26/97 0.0000 12.50 12.00 12.00
35577 5/27/97 0.0092 12.50 11.50 12.06
35578 5/28/97 0.0124 12.50 12.00 12.50
35579 5/29/97 0.0334 12.63 12.25 12.38
35580 5/30/97 0.0073 12.63 12.00 12.50
35583 6/2/97 0.0081 12.75 12.25 12.44
35584 6/3/97 0.0068 12.63 12.63 12.63
35585 6/4/97 0.0143 12.63 12.19 12.63
35586 6/5/97 0.0118 12.63 12.19 12.25
35587 6/6/97 0.0111 12.38 12.00 12.38
35590 6/9/97 0.0038 12.38 12.13 12.25
35591 6/10/97 0.0045 12.38 12.13 12.13
35592 6/11/97 0.0198 12.63 12.13 12.25
35593 6/12/97 0.0309 12.63 12.25 12.31
35594 6/13/97 0.0120 12.63 12.25 12.25
35597 6/16/97 0.0446 12.50 12.00 12.00
35598 6/17/97 0.0272 12.00 11.50 11.75
35599 6/18/97 0.0136 11.88 11.38 11.38
35600 6/19/97 0.6439 11.63 8.50 9.00
35601 6/20/97 0.2469 9.50 9.00 9.13
35604 6/23/97 0.1950 9.63 9.00 9.38
35605 6/24/97 0.0751 9.63 9.25 9.63
35606 6/25/97 0.0970 9.63 9.38 9.50
35607 6/26/97 0.0831 9.50 9.00 9.25
35608 6/27/97 0.2081 9.38 9.00 9.13
TS1 Date Volume High Low Close
--- ---- ------ ---- --- -----
35611 6/30/97 0.0253 9.38 8.88 9.13
35612 7/1/97 0.0070 9.13 8.88 8.88
35613 7/2/97 0.0107 9.25 8.94 9.25
35614 7/3/97 0.0100 9.38 9.06 9.06
35615 7/4/97 0.0000 9.38 9.06 9.06
35618 7/7/97 0.0447 9.63 9.06 9.38
35619 7/8/97 0.0468 9.75 9.38 9.75
35620 7/9/97 0.0215 9.75 9.50 9.50
35621 7/10/97 0.0498 9.75 9.38 9.63
35622 7/11/97 0.0226 9.88 9.50 9.75
35625 7/14/97 0.0326 10.13 9.75 10.00
35626 7/15/97 0.0267 10.25 9.75 9.88
35627 7/16/97 0.4096 10.13 9.38 9.63
35628 7/17/97 0.0597 9.88 9.38 9.63
35629 7/18/97 0.0208 9.63 9.38 9.63
35632 7/21/97 0.0213 9.63 9.25 9.25
35633 7/22/97 0.0073 9.75 9.38 9.38
35634 7/23/97 0.0198 9.75 9.38 9.50
35635 7/24/97 0.0077 9.75 9.25 9.50
35636 7/25/97 0.0229 9.75 9.25 9.25
35639 7/28/97 0.0081 9.75 9.25 9.25
35640 7/29/97 0.0327 10.25 9.38 9.88
35641 7/30/97 0.0183 10.25 9.88 10.13
35642 7/31/97 0.0154 10.25 9.88 9.88
35643 8/1/97 0.0079 10.00 9.88 10.00
35646 8/4/97 0.0422 10.25 9.75 10.00
35647 8/5/97 0.0141 10.38 9.88 10.13
35648 8/6/97 0.0353 11.00 9.88 10.94
35649 8/7/97 0.0326 11.13 10.50 10.53
35650 8/8/97 0.0103 11.00 10.50 10.75
35653 8/11/97 0.0030 11.00 10.75 11.00
35654 8/12/97 0.0182 11.19 10.81 11.00
35655 8/13/97 0.0228 11.88 10.88 11.50
35656 8/14/97 0.0099 11.88 11.38 11.50
35657 8/15/97 0.0192 11.88 11.38 11.38
35660 8/18/97 0.0205 11.63 11.38 11.50
35661 8/19/97 0.0336 12.56 11.50 12.38
35662 8/20/97 0.0322 13.25 12.75 12.75
35663 8/21/97 0.0207 13.25 12.75 12.75
35664 8/22/97 0.0422 13.00 11.88 12.13
35667 8/25/97 0.0054 12.25 11.63 12.00
35668 8/26/97 0.0431 12.00 10.38 10.88
35669 8/27/97 0.0293 11.38 10.50 11.13
35670 8/28/97 0.0120 11.38 10.75 11.00
35671 8/29/97 0.0051 11.13 10.75 10.75
35674 9/1/97 0.0000 11.13 10.75 10.75
35675 9/2/97 0.0199 12.00 11.00 11.50
35676 9/3/97 0.0192 12.00 11.25 11.50
35677 9/4/97 0.0089 11.75 11.63 11.63
TS1 Date Volume High Low Close
--- ---- ------ ---- --- -----
35678 9/5/97 0.0087 12.13 11.38 11.38
35681 9/8/97 0.0039 11.75 11.13 11.25
35682 9/9/97 0.0159 11.75 11.00 11.50
35683 9/10/97 0.0044 11.44 11.00 11.25
35684 9/11/97 0.0054 11.25 11.00 11.25
35685 9/12/97 0.0051 11.25 11.00 11.00
35688 9/15/97 0.0144 12.00 11.00 12.00
35689 9/16/97 0.0127 12.38 11.75 11.75
35690 9/17/97 0.0221 12.38 11.63 11.75
35691 9/18/97 0.0069 11.88 11.63 11.88
35692 9/19/97 0.0131 11.88 11.38 11.75
35695 9/22/97 0.0186 12.00 11.63 11.75
35696 9/23/97 0.2219 10.25 9.50 10.13
35697 9/24/97 0.0389 10.50 9.88 10.25
35698 9/25/97 0.0123 10.38 10.00 10.38
35699 9/26/97 0.0171 10.38 10.06 10.06
35702 9/29/97 0.0162 10.25 10.00 10.00
35703 9/30/97 0.0141 10.25 9.94 9.94
35704 10/1/97 0.0050 10.25 9.94 9.94
35705 10/2/97 0.0066 10.13 9.94 9.94
35706 10/3/97 0.0120 10.13 9.94 10.00
35709 10/6/97 0.0169 10.25 9.94 10.25
35710 10/7/97 0.0044 10.25 10.00 10.00
35711 10/8/97 0.0193 10.38 9.88 10.38
35712 10/9/97 0.0075 10.50 10.13 10.13
35713 10/10/97 0.0021 10.19 10.13 10.13
35716 10/13/97 0.0046 10.25 10.13 10.25
35717 10/14/97 0.0099 10.63 10.38 10.38
35718 10/15/97 0.0062 10.63 10.38 10.63
35719 10/16/97 0.0051 10.63 10.38 10.38
35720 10/17/97 0.0175 10.50 10.25 10.38
35723 10/20/97 0.0050 10.50 10.25 10.25
35724 10/21/97 0.0097 10.63 10.25 10.63
35725 10/22/97 0.0106 10.63 10.38 10.50
35726 10/23/97 0.0491 10.50 10.00 10.13
35727 10/24/97 0.0967 10.63 10.13 10.31
35730 10/27/97 0.0025 10.06 10.06 10.06
35731 10/28/97 0.0432 10.06 8.50 10.00
35732 10/29/97 0.0106 10.25 9.88 9.88
35733 10/30/97 0.0062 10.13 9.88 9.88
35734 10/31/97 0.0230 9.88 9.25 9.38
35737 11/3/97 0.0109 10.00 9.25 9.50
35738 11/4/97 0.0024 10.00 9.25 9.50
35739 11/5/97 0.0051 10.00 9.50 9.50
35740 11/6/97 0.0103 10.06 9.50 9.75
35741 11/7/97 0.0035 9.75 9.63 9.75
35744 11/10/97 0.0004 9.75 9.75 9.75
35745 11/11/97 0.0190 10.38 9.75 9.94
35746 11/12/97 0.0107 10.00 9.50 9.50
35747 11/13/97 0.0025 9.50 9.38 9.38
35748 11/14/97 0.0014 10.00 9.38 9.38
35751 11/17/97 0.0070 10.13 9.38 9.75
35752 11/18/97 0.0165 10.25 10.00 10.00
35753 11/19/97 0.0603 12.00 10.63 11.81
35754 11/20/97 0.0918 13.75 12.50 12.75
35755 11/21/97 0.0187 13.25 12.38 12.75
35758 11/24/97 0.0129 12.75 11.88 12.00
35759 11/25/97 0.0119 12.75 12.00 12.50
35760 11/26/97 0.0100 12.75 12.25 12.25
35761 11/27/97 0.0000 12.75 12.25 12.25
35762 11/28/97 0.0011 12.50 12.25 12.25
35765 12/1/97 0.0188 12.63 12.25 12.63
35766 12/2/97 0.0063 12.63 12.25 12.25
TS1 Date Volume High Low Close
--- ---- ------ ---- --- -----
35767 12/3/97 0.0127 12.50 12.13 12.50
35768 12/4/97 0.0124 12.75 12.13 12.75
35769 12/5/97 0.0099 12.75 12.44 12.44
35772 12/8/97 0.0027 12.56 12.13 12.13
35773 12/9/97 0.0088 12.50 12.13 12.50
35774 12/10/97 0.0151 12.75 12.25 12.25
35775 12/11/97 0.0176 12.25 11.75 12.00
35776 12/12/97 0.0074 12.38 11.88 12.13
35779 12/15/97 0.0209 12.50 12.13 12.50
35780 12/16/97 0.0023 12.50 12.25 12.50
35781 12/17/97 0.0051 12.50 12.13 12.38
35782 12/18/97 0.0034 12.50 12.25 12.38
35783 12/19/97 0.0089 12.44 12.25 12.25
35786 12/22/97 0.0577 12.50 12.25 12.50
35787 12/23/97 0.0348 13.50 12.38 13.38
35788 12/24/97 0.0049 13.38 13.13 13.25
35789 12/25/97 0.0000 13.38 13.13 13.25
35790 12/26/97 0.0285 13.44 13.13 13.13
35793 12/29/97 0.0379 13.31 13.13 13.13
35794 12/30/97 0.0385 13.31 13.13 13.13
35795 12/31/97 0.0173 13.38 13.13 13.13
35796 1/1/98 0.0000 13.38 13.13 13.13
35797 1/2/98 0.0033 13.38 13.13 13.13
35800 1/5/98 0.0056 13.25 13.13 13.13
35801 1/6/98 0.0129 13.25 13.13 13.13
35802 1/7/98 0.0042 13.38 13.13 13.38
35803 1/8/98 0.0118 13.38 12.75 12.88
35804 1/9/98 0.0226 12.88 12.38 12.63
35807 1/12/98 0.0637 13.13 12.75 12.75
35808 1/13/98 0.0117 12.88 12.75 12.75
35809 1/14/98 0.0106 13.00 12.75 12.81
35810 1/15/98 0.0625 12.81 12.75 12.81
Project TroubleShooter
Close Price Index Comparison
Weekly: 4/8/94 to 01/15/98
(chart appears here with plot points)
93369210 Nasdaq 198 Wandel & Nasdaq
TS2 TS231 00000129
34432 10.875 748.7188 1 1 1
34439 10.5 727.9688 0.965517 0.972286 0.943465
34446 10.5 722.5625 0.965517 0.965065 0.979914
34453 10.5 733.8438 0.965517 0.980133 1.075745
34460 11 732.875 1.011494 0.978839 1.03487
34467 10.75 716.9063 0.988506 0.957511 0.984922
34474 10.5 726.6875 0.965517 0.970575 0.991043
34481 10.875 733.125 1 0.979173 0.969505
34488 10.625 742.375 0.977011 0.991527 0.976853
34495 10.875 734.25 1 0.980675 0.93704
34502 10.375 729.3438 0.954023 0.974122 0.908671
34509 10.375 693.7813 0.954023 0.926625 0.909699
34516 9.625 706.8438 0.885057 0.944071 0.951686
34523 9.625 707.4688 0.885057 0.944906 0.990607
34530 9.625 721.375 0.885057 0.963479 1.018472
34537 9.625 716.6875 0.885057 0.957219 0.96741
34544 9.625 722.1563 0.885057 0.964523 0.968051
34551 8.875 718.6563 0.816092 0.959848 0.983031
34558 9 731.625 0.827586 0.977169 0.989157
34565 8.875 742.4375 0.816092 0.991611 1.021327
34572 9.875 762.9375 0.908046 1.018991 1.059242
34579 10.75 759.2188 0.988506 1.014024 1.072184
34586 11 763.7188 1.011494 1.020034 1.072917
34593 12.25 777.9063 1.126437 1.038983 1.139732
34600 12.125 757.25 1.114943 1.011394 1.124906
34607 12 764.2813 1.103448 1.020786 1.130565
34614 11.625 749.9688 1.068966 1.00167 1.16118
34621 11.625 767.0938 1.068966 1.024542 1.247849
34628 13.75 765.375 1.264368 1.022246 1.261674
34635 13.5 776.1563 1.241379 1.036646 1.277047
34642 13.375 766.0938 1.229885 1.023206 1.3016
34649 14.625 762.125 1.344828 1.017906 1.252152
34656 14.875 764.6563 1.367816 1.021286 1.281881
34663 14.5 742.5313 1.333333 0.991736 1.225519
34670 14 745.0313 1.287356 0.995075 1.247237
34677 13.5 719.0625 1.241379 0.960391 1.196017
34684 13.5 729.0625 1.241379 0.973747 1.222982
34691 13 739.3125 1.195402 0.987437 1.265739
34698 12.75 751.9688 1.172414 1.004341 1.298273
34705 12.875 749.6875 1.183908 1.001294 1.29738
34712 12.75 762.1563 1.172414 1.017947 1.344257
34719 12.25 762.0625 1.126437 1.017822 1.384171
34726 12.875 758.9063 1.183908 1.013607 1.314256
34733 12.75 772.0625 1.172414 1.031178 1.318046
34740 12.75 790.4375 1.172414 1.05572 1.360383
34747 14.375 786.9688 1.321839 1.051087 1.414733
34754 15.875 791.0938 1.45977 1.056597 1.426718
34761 16.5 798.7813 1.517241 1.066864 1.393376
34768 16.625 802.2188 1.528736 1.071455 1.36876
34775 16.875 808.3438 1.551724 1.079636 1.425676
34782 16.5 818.6563 1.517241 1.09341 1.485969
34789 16.125 817.2188 1.482759 1.09149 1.337567
34796 15.125 814.6875 1.390805 1.088109 1.341085
34803 14.625 832.625 1.344828 1.112066 1.391787
34810 14.25 823.4375 1.310345 1.099795 1.427245
34817 14.25 843.9688 1.310345 1.127217 1.440185
34824 18.375 843.5313 1.689655 1.126633 1.368494
34831 20.5 858.9375 1.885057 1.14721 1.437557
34838 18.125 864.5625 1.666667 1.154723 1.401126
34845 18.75 871.875 1.724138 1.164489 1.397536
34852 17.5 872.9688 1.609195 1.16595 1.39801
34859 17.5 884.375 1.609195 1.181185 1.373846
34866 15.25 908.6563 1.402299 1.213615 1.441303
34873 10.59375 938.875 0.974138 1.253976 1.525524
34880 11 933.4375 1.011494 1.246713 1.517227
34887 10.625 969.75 0.977011 1.295213 1.574121
34894 10.125 999.3438 0.931034 1.334739 1.634033
34901 11 961.7813 1.011494 1.284569 1.565793
34908 11 1005.281 1.011494 1.342669 1.639251
34915 12.5 991.125 1.149425 1.323761 1.559525
34922 12.25 1004.125 1.126437 1.341124 1.540297
34929 12 1031.25 1.103448 1.377353 1.655228
34936 12.25 1019.969 1.126437 1.362286 1.598463
34943 11.5 1019.469 1.057471 1.361618 1.539019
34950 12 1060 1.103448 1.415752 1.638809
34957 12.125 1051.125 1.114943 1.403898 1.663789
34964 12.125 1053.375 1.114943 1.406903 1.749951
34971 10.25 1043.563 0.942529 1.393798 1.750482
34978 10 1012.031 0.91954 1.351684 1.691466
34985 10.25 1018.375 0.942529 1.360157 1.701104
34992 10 1039.5 0.91954 1.388372 1.740177
34999 10 1025.563 0.91954 1.369757 1.803217
35006 10 1065.688 0.91954 1.423348 1.837241
35013 10 1063.875 0.91954 1.420927 1.880298
35020 9.5 1045 0.873563 1.395718 1.795236
35027 9.5 1030.188 0.873563 1.375934 1.715365
35034 10 1055.313 0.91954 1.409491 1.741165
35041 12.75 1062.438 1.172414 1.419007 1.779616
35048 11.25 1030.5 1.034483 1.376351 1.632933
35055 11 1046.875 1.011494 1.398222 1.699188
35062 10.625 1052.125 0.977011 1.405234 1.633773
35069 10.375 1033.5 0.954023 1.380358 1.539051
35076 9.75 1008.219 0.896552 1.346592 1.504647
35083 10 1018.438 0.91954 1.36024 1.482344
35090 10.625 1040.938 0.977011 1.390292 1.657184
35097 9.625 1072.125 0.885057 1.431946 1.684647
35104 11.25 1094.625 1.034483 1.461998 1.716242
35111 10.625 1090.688 0.977011 1.456739 1.787834
35118 10.125 1117.813 0.931034 1.492967 1.890849
35125 12 1086.063 1.103448 1.450561 1.752613
35132 12.75 1063.75 1.172414 1.42076 1.619028
35139 13 1099.563 1.195402 1.468592 1.73169
35146 14.875 1102.25 1.367816 1.472182 1.746238
35153 16.375 1101.375 1.505747 1.471013 1.656038
35160 16 1118.188 1.471264 1.493468 1.700236
35167 15.25 1100.938 1.402299 1.470429 1.652555
35174 16 1138.688 1.471264 1.520848 1.744537
35181 16.875 1186.875 1.551724 1.585208 1.886917
35188 16.5 1184.625 1.517241 1.582203 1.79243
35195 16.625 1202.75 1.528736 1.606411 1.858919
35202 18 1241.875 1.655172 1.658667 1.927008
35209 19 1247.813 1.747126 1.666597 1.856492
35216 18.5 1243.438 1.701149 1.660754 1.836486
35223 17.5 1229.75 1.609195 1.642473 1.892825
35230 16.5 1213.188 1.517241 1.620351 1.808847
35237 15.75 1175.438 1.448276 1.569932 1.823014
35244 16.5 1185 1.517241 1.582704 1.855776
35251 15.5 1158.375 1.425287 1.547143 1.785149
35258 14.875 1103.5 1.367816 1.473851 1.624055
35265 14.25 1097.688 1.310345 1.466088 1.659462
35272 14.125 1079.438 1.298851 1.441713 1.689472
35279 14 1124.938 1.287356 1.502483 1.78603
35286 13.75 1137.25 1.264368 1.518928 1.793858
35293 14.5 1133.625 1.333333 1.514087 1.742361
35300 14.5 1143.063 1.333333 1.526691 1.735125
35307 15.625 1141.5 1.436782 1.524605 1.724226
35314 15 1139.375 1.37931 1.521766 1.729266
35321 15.375 1188.688 1.413793 1.587629 1.808873
35328 16.625 1219.688 1.528736 1.629033 1.899305
35335 18.5 1230.063 1.701149 1.64289 1.905592
35342 21.75 1247.563 2 1.666263 1.855595
35349 21.25 1248.25 1.954023 1.667181 1.929846
35356 21 1242.5 1.931034 1.659502 1.945784
35363 20.375 1222.625 1.873563 1.632956 1.848022
35370 19.25 1221.75 1.770115 1.631788 1.802504
35377 20.25 1257.5 1.862069 1.679536 1.854761
35384 20.75 1261.813 1.908046 1.685296 1.972627
35391 20 1274.375 1.83908 1.702074 2.012714
35398 21.125 1292.625 1.942529 1.726449 2.082073
35405 23 1287.688 2.114943 1.719855 2.123977
35412 29.75 1284.938 2.735632 1.716182 2.002871
35419 29.25 1288.563 2.689655 1.721023 2.057771
35426 29.5 1291.375 2.712644 1.72478 2.019228
35433 28.5625 1310.688 2.626437 1.750574 2.072227
35440 27.25 1332 2.505747 1.779039 2.168049
35447 28.5 1349.063 2.62069 1.801828 2.136777
35454 26.75 1363.813 2.45977 1.821528 2.194794
35461 26.25 1379.875 2.413793 1.842982 2.215387
35468 25.8125 1355.188 2.373563 1.810009 2.003693
35475 24.75 1367.188 2.275862 1.826036 2.044998
35482 23.5 1334.313 2.16092 1.782128 2.04056
35489 23.5 1309 2.16092 1.74832 1.879004
35496 22.875 1311.813 2.103448 1.752076 1.923042
35503 22.75 1293 2.091954 1.72695 1.878248
35510 21 1254.063 1.931034 1.674945 1.867958
35517 21.375 1249.5 1.965517 1.668851 1.858906
35524 12 1236.75 1.103448 1.651822 1.847545
35531 11 1206.875 1.011494 1.61192 1.75578
35538 10.625 1222.563 0.977011 1.632873 1.740953
35545 11.25 1209.313 1.034483 1.615176 1.770658
35552 13.25 1305.313 1.218391 1.743395 2.005394
35559 12.625 1335.063 1.16092 1.78313 2.05784
35566 13.375 1340.75 1.229885 1.790726 2.065591
35573 12 1389.75 1.103448 1.856171 2.071094
35580 12.5 1400.313 1.149425 1.870278 2.108593
35587 12.375 1404.813 1.137931 1.876289 2.125849
35594 12.25 1423 1.126437 1.90058 2.131366
35601 9.125 1447.125 0.83908 1.932802 2.179098
35608 9.125 1438.125 0.83908 1.920781 2.172483
35615 9.0625 1467.625 0.833333 1.960182 2.287206
35622 9.75 1502.625 0.896552 2.006929 2.402999
35629 9.625 1548 0.885057 2.067532 2.594974
35636 9.25 1569.563 0.850575 2.096331 2.493978
35643 10 1594.313 0.91954 2.129388 2.540194
35650 10.75 1598.5 0.988506 2.134981 2.534692
35657 11.375 1562 1.045977 2.086231 2.424741
35664 12.125 1598.688 1.114943 2.135231 2.417677
35671 10.75 1587.313 0.988506 2.120038 2.408105
35678 11.375 1635.75 1.045977 2.184732 2.433356
35685 11 1649.313 1.011494 2.202847 2.516089
35692 11.75 1680.375 1.08046 2.244334 2.630896
35699 10.0625 1682.25 0.925287 2.246838 2.575359
35706 10 1715.875 0.91954 2.291748 2.618558
35713 10.125 1739 0.931034 2.322635 2.736254
35720 10.375 1666.875 0.954023 2.226303 2.441474
35727 10.3125 1650.938 0.948276 2.205017 2.413931
35734 9.375 1593.625 0.862069 2.128469 2.329303
35741 9.75 1602.375 0.896552 2.140156 2.402945
35748 9.375 1583.5 0.862069 2.114946 2.376803
35755 12.75 1620.75 1.172414 2.164698 2.440166
35762 12.25 1600.563 1.126437 2.137735 2.349282
35769 12.4375 1633.875 1.143678 2.182228 2.435145
35776 12.125 1536.563 1.114943 2.052256 2.137744
35783 12.25 1524.75 1.126437 2.036479 2.147368
35790 13.125 1511.375 1.206897 2.018615 2.147855
35797 13.125 1581.5 1.206897 2.112275 2.278063
35804 12.625 1503.25 1.16092 2.007763 2.172267
Project TroubleShooter
Close Price Index Comparison
Historical Data
Network
Date TroubleShooter Nasdaq Composite
--------- ------------- ------ ---------
4/8/94 $10.88 748.72 12.23
4/15/94 10.50 727.97 11.53
4/22/94 10.50 722.56 11.98
4/29/94 10.50 733.84 13.15
5/6/94 11.00 732.88 12.65
5/13/94 10.75 716.91 12.04
5/20/94 10.50 726.69 12.12
5/27/94 10.88 733.13 11.85
6/3/94 10.63 742.38 11.94
6/10/94 10.88 734.25 11.46
6/17/94 10.38 729.34 11.11
6/24/94 10.38 693.78 11.12
7/1/94 9.63 706.84 11.63
7/8/94 9.63 707.47 12.11
7/15/94 9.63 721.38 12.45
7/22/94 9.63 716.69 11.83
7/29/94 9.63 722.16 11.83
8/5/94 8.88 718.66 12.02
8/12/94 9.00 731.63 12.09
8/19/94 8.88 742.44 12.49
8/26/94 9.88 762.94 12.95
9/2/94 10.75 759.22 13.11
9/9/94 11.00 763.72 13.12
9/16/94 12.25 777.91 13.93
9/23/94 12.13 757.25 13.75
9/30/94 12.00 764.28 13.82
10/7/94 11.63 749.97 14.20
10/14/94 11.63 767.09 15.26
10/21/94 13.75 765.38 15.42
10/28/94 13.50 776.16 15.61
11/4/94 13.38 766.09 15.91
11/11/94 14.63 762.13 15.31
11/18/94 14.88 764.66 15.67
11/25/94 14.50 742.53 14.98
12/2/94 14.00 745.03 15.25
12/9/94 13.50 719.06 14.62
12/16/94 13.50 729.06 14.95
12/23/94 13.00 739.31 15.47
Network
Date TroubleShooter Nasdaq Composite
--------- ------------- ------ ---------
12/30/94 12.75 751.97 15.87
1/6/95 12.88 749.69 15.86
1/13/95 12.75 762.16 16.43
1/20/95 12.25 762.06 16.92
1/27/95 12.88 758.91 16.07
2/3/95 12.75 772.06 16.11
2/10/95 12.75 790.44 16.63
2/17/95 14.38 786.97 17.30
2/24/95 15.88 791.09 17.44
3/3/95 16.50 798.78 17.03
3/10/95 16.63 802.22 16.73
3/17/95 16.88 808.34 17.43
3/24/95 16.50 818.66 18.17
3/31/95 16.13 817.22 16.35
4/7/95 15.13 814.69 16.39
4/14/95 14.63 832.63 17.01
4/21/95 14.25 823.44 17.45
4/28/95 14.25 843.97 17.61
5/5/95 18.38 843.53 16.73
5/12/95 20.50 858.94 17.57
5/19/95 18.13 864.56 17.13
5/26/95 18.75 871.88 17.09
6/2/95 17.50 872.97 17.09
6/9/95 17.50 884.38 16.80
6/16/95 15.25 908.66 17.62
6/23/95 10.59 938.88 18.65
6/30/95 11.00 933.44 18.55
7/7/95 10.63 969.75 19.24
7/14/95 10.13 999.34 19.98
7/21/95 11.00 961.78 19.14
7/28/95 11.00 1005.28 20.04
8/4/95 12.50 991.13 19.07
8/11/95 12.25 1004.13 18.83
8/18/95 12.00 1031.25 20.24
8/25/95 12.25 1019.97 19.54
9/1/95 11.50 1019.47 18.81
9/8/95 12.00 1060.00 20.03
9/15/95 12.13 1051.13 20.34
9/22/95 12.13 1053.38 21.39
9/29/95 10.25 1043.56 21.40
10/6/95 10.00 1012.03 20.68
10/13/95 10.25 1018.38 20.80
10/20/95 10.00 1039.50 21.27
10/27/95 10.00 1025.56 22.04
11/3/95 10.00 1065.69 22.46
11/10/95 10.00 1063.88 22.99
11/17/95 9.50 1045.00 21.95
11/24/95 9.50 1030.19 20.97
12/1/95 10.00 1055.31 21.29
12/8/95 12.75 1062.44 21.76
12/15/95 11.25 1030.50 19.96
12/22/95 11.00 1046.88 20.77
Network
Date TroubleShooter Nasdaq Composite
--------- ------------- ------ ---------
12/29/95 10.63 1052.13 19.97
1/5/96 10.38 1033.50 18.82
1/12/96 9.75 1008.22 18.39
1/19/96 10.00 1018.44 18.12
1/26/96 10.63 1040.94 20.26
2/2/96 9.63 1072.13 20.60
2/9/96 11.25 1094.63 20.98
2/16/96 10.63 1090.69 21.86
2/23/96 10.13 1117.81 23.12
3/1/96 12.00 1086.06 21.43
3/8/96 12.75 1063.75 19.79
3/15/96 13.00 1099.56 21.17
3/22/96 14.88 1102.25 21.35
3/29/96 16.38 1101.38 20.25
4/5/96 16.00 1118.19 20.79
4/12/96 15.25 1100.94 20.20
4/19/96 16.00 1138.69 21.33
4/26/96 16.88 1186.88 23.07
5/3/96 16.50 1184.63 21.91
5/10/96 16.63 1202.75 22.73
5/17/96 18.00 1241.88 23.56
5/24/96 19.00 1247.81 22.70
5/31/96 18.50 1243.44 22.45
6/7/96 17.50 1229.75 23.14
6/14/96 16.50 1213.19 22.11
6/21/96 15.75 1175.44 22.29
6/28/96 16.50 1185.00 22.69
7/5/96 15.50 1158.38 21.82
7/12/96 14.88 1103.50 19.85
7/19/96 14.25 1097.69 20.29
7/26/96 14.13 1079.44 20.65
8/2/96 14.00 1124.94 21.83
8/9/96 13.75 1137.25 21.93
8/16/96 14.50 1133.63 21.30
8/23/96 14.50 1143.06 21.21
8/30/96 15.63 1141.50 21.08
9/6/96 15.00 1139.38 21.14
9/13/96 15.38 1188.69 22.11
9/20/96 16.63 1219.69 23.22
9/27/96 18.50 1230.06 23.30
10/4/96 21.75 1247.56 22.68
10/11/96 21.25 1248.25 23.59
10/18/96 21.00 1242.50 23.79
10/25/96 20.38 1222.63 22.59
11/1/96 19.25 1221.75 22.04
11/8/96 20.25 1257.50 22.67
11/15/96 20.75 1261.81 24.12
11/22/96 20.00 1274.38 24.61
11/29/96 21.13 1292.63 25.45
12/6/96 23.00 1287.69 25.97
Network
Date TroubleShooter Nasdaq Composite
--------- ------------- ------ ---------
12/13/96 29.75 1284.94 24.49
12/20/96 29.25 1288.56 25.16
12/27/96 29.50 1291.38 24.69
1/3/97 28.56 1310.69 25.33
1/10/97 27.25 1332.00 26.50
1/17/97 28.50 1349.06 26.12
1/24/97 26.75 1363.81 26.83
1/31/97 26.25 1379.88 27.08
2/7/97 25.81 1355.19 24.50
2/14/97 24.75 1367.19 25.00
2/21/97 23.50 1334.31 24.95
2/28/97 23.50 1309.00 22.97
3/7/97 22.88 1311.81 23.51
3/14/97 22.75 1293.00 22.96
3/21/97 21.00 1254.06 22.84
3/28/97 21.38 1249.50 22.73
4/4/97 12.00 1236.75 22.59
4/11/97 11.00 1206.88 21.46
4/18/97 10.63 1222.56 21.28
4/25/97 11.25 1209.31 21.65
5/2/97 13.25 1305.31 24.52
5/9/97 12.63 1335.06 25.16
5/16/97 13.38 1340.75 25.25
5/23/97 12.00 1389.75 25.32
5/30/97 12.50 1400.31 25.78
6/6/97 12.38 1404.81 25.99
6/13/97 12.25 1423.00 26.06
6/20/97 9.13 1447.13 26.64
6/27/97 9.13 1438.13 26.56
7/4/97 9.06 1467.63 27.96
7/11/97 9.75 1502.63 29.38
7/18/97 9.63 1548.00 31.72
7/25/97 9.25 1569.56 30.49
8/1/97 10.00 1594.31 31.05
8/8/97 10.75 1598.50 30.99
8/15/97 11.38 1562.00 29.64
8/22/97 12.13 1598.69 29.56
8/29/97 10.75 1587.31 29.44
9/5/97 11.38 1635.75 29.75
9/12/97 11.00 1649.31 30.76
9/19/97 11.75 1680.38 32.16
9/26/97 10.06 1682.25 31.48
10/3/97 10.00 1715.88 32.01
10/10/97 10.13 1739.00 33.45
10/17/97 10.38 1666.88 29.85
10/24/97 10.31 1650.94 29.51
10/31/97 9.38 1593.63 28.48
11/7/97 9.75 1602.38 29.38
11/14/97 9.38 1583.50 29.06
11/21/97 12.75 1620.75 29.83
11/28/97 12.25 1600.56 28.72
12/5/97 12.44 1633.88 29.77
12/12/97 12.13 1536.56 26.13
12/19/97 12.25 1524.75 26.25
12/26/97 13.13 1511.38 26.26
1/2/98 13.13 1581.50 27.85
1/9/98 12.63 1503.25 26.56
Project TroubleShooter
Close Price Index Comparison
Daily: 1/1/97 to 01/15/98
(chart appears here with plot points)
9336921010 Nasdaq 273 Wandel & Nasdaq
TS1 TS131 00000129
35431 1 1 1
35432 0.923077 0.992012 0.993785
35433 0.976496 1.01525 1.040292
35436 0.978632 1.019655 1.068849
35437 0.940171 1.028466 1.083249
35438 0.965812 1.022754 1.06125
35439 0.944444 1.027256 1.067495
35440 0.931624 1.031758 1.088397
35443 0.991453 1.030935 1.081823
35444 1 1.042893 1.078145
35445 1.008547 1.03292 1.071968
35446 1.025641 1.038391 1.074574
35447 0.974359 1.044975 1.072698
35450 0.974359 1.056739 1.074568
35451 0.931624 1.066615 1.113908
35452 0.905983 1.075184 1.139335
35453 0.940171 1.06768 1.113137
35454 0.91453 1.0564 1.101823
35457 0.92735 1.04788 1.089223
35458 0.944444 1.04909 1.088486
35459 0.940171 1.049719 1.095527
35460 0.923077 1.061967 1.114871
35461 0.897436 1.068842 1.112161
35464 0.923077 1.065889 1.111087
35465 0.923077 1.064098 1.098264
35466 0.880342 1.044491 1.075994
35467 0.888889 1.042893 0.989722
35468 0.882479 1.049719 1.005887
35471 0.880342 1.034324 0.989723
35472 0.820513 1.031371 0.99556
35473 0.811966 1.052624 0.999833
35474 0.837607 1.061822 1.017299
35475 0.846154 1.059014 1.026623
35478 0.846154 1.059014 1.026623
35479 0.820513 1.057949 1.029667
35480 0.820513 1.057756 1.041246
35481 0.803419 1.043668 1.019403
35482 0.803419 1.03355 1.024395
35485 0.811966 1.041876 1.008832
35486 0.820513 1.04391 1.010986
35487 0.803419 1.038391 0.99016
35488 0.777778 1.016799 0.949594
35489 0.803419 1.013943 0.943291
35492 0.735043 1.015637 0.956968
35493 0.777778 1.02043 0.977308
35494 0.777778 1.029483 1.006716
35495 0.782051 1.018929 0.985582
35496 0.782051 1.016121 0.965399
35499 0.782051 1.024593 0.960199
35500 0.777778 1.019946 0.95271
35501 0.803419 1.010167 0.931975
35502 0.769231 1.001743 0.931166
35503 0.777778 1.001549 0.942911
35506 0.760684 0.991044 0.930749
35507 0.735043 0.983201 0.932688
35508 0.760684 0.967709 0.906135
35509 0.752137 0.975407 0.913131
35510 0.717949 0.971388 0.937746
35513 0.692308 0.962529 0.93982
35514 0.683761 0.966741 0.92934
35515 0.700855 0.983007 0.931591
35516 0.730769 0.967854 0.933202
35517 0.730769 0.967854 0.933202
35520 0.752137 0.946359 0.909666
35521 0.730769 0.942632 0.889247
35522 0.367521 0.930287 0.884949
35523 0.405983 0.940163 0.881416
35524 0.410256 0.957978 0.927498
35527 0.405983 0.969258 0.940449
35528 0.367521 0.973954 0.929521
35529 0.371795 0.967806 0.906836
35530 0.376068 0.957204 0.903126
35531 0.376068 0.934837 0.881431
35534 0.384615 0.942244 0.874078
35535 0.388889 0.939485 0.894864
35536 0.380342 0.937452 0.889273
35537 0.376068 0.942729 0.867846
35538 0.363248 0.946989 0.873988
35541 0.367521 0.932562 0.852314
35542 0.380342 0.939388 0.890154
35543 0.393162 0.950523 0.890755
35544 0.384615 0.951297 0.892885
35545 0.384615 0.936725 0.8889
35548 0.367521 0.94268 0.889009
35549 0.401709 0.962529 0.931271
35550 0.423077 0.976569 0.954325
35551 0.42735 0.984121 0.951119
35552 0.452991 1.011086 1.006741
35555 0.470085 1.037374 1.061521
35556 0.470085 1.028902 1.029477
35557 0.470085 1.024739 1.011819
35558 0.423077 1.030838 1.018245
35559 0.431624 1.034131 1.03307
35562 0.431624 1.041199 1.073865
35563 0.418803 1.032969 1.048936
35564 0.440171 1.034518 1.059279
35565 0.42735 1.04846 1.095856
35566 0.457265 1.038536 1.036961
35569 0.470085 1.046669 1.034839
35570 0.444444 1.056448 1.045782
35571 0.423077 1.064098 1.052373
35572 0.42735 1.063178 1.025323
35573 0.410256 1.076491 1.039724
35576 0.410256 1.076491 1.039724
35577 0.412393 1.091547 1.070898
35578 0.42735 1.092322 1.06435
35579 0.423077 1.086803 1.049727
35580 0.42735 1.084673 1.058548
35583 0.425214 1.088158 1.067925
35584 0.431624 1.072763 1.045444
35585 0.431624 1.068697 1.036072
35586 0.418803 1.076733 1.02716
35587 0.423077 1.088158 1.067211
35590 0.418803 1.093774 1.075773
35591 0.41453 1.085738 1.055134
35592 0.418803 1.090531 1.058354
35593 0.42094 1.093193 1.051284
35594 0.418803 1.102246 1.069981
35597 0.410256 1.109169 1.0769
35598 0.401709 1.117835 1.083428
35599 0.388889 1.109557 1.064592
35600 0.307692 1.120933 1.07662
35601 0.311966 1.120933 1.093943
35604 0.320513 1.111009 1.08549
35605 0.32906 1.125048 1.102539
35606 0.324786 1.120256 1.094447
35607 0.316239 1.112607 1.082085
35608 0.311966 1.113962 1.090623
35611 0.311966 1.117012 1.11068
35612 0.303419 1.114059 1.101596
35613 0.316239 1.127517 1.133575
35614 0.309829 1.136813 1.148216
35615 0.309829 1.136813 1.148216
35618 0.320513 1.139233 1.138666
35619 0.333333 1.150368 1.157315
35620 0.324786 1.15153 1.176219
35621 0.32906 1.15487 1.173719
35622 0.333333 1.163923 1.206345
35625 0.34188 1.180383 1.272057
35626 0.337607 1.19452 1.303255
35627 0.32906 1.224342 1.333924
35628 0.32906 1.21524 1.294242
35629 0.32906 1.19907 1.30272
35632 0.316239 1.189969 1.297385
35633 0.320513 1.211367 1.271847
35634 0.324786 1.214272 1.252693
35635 0.324786 1.215434 1.242305
35636 0.316239 1.215773 1.252018
35639 0.316239 1.211077 1.236584
35640 0.337607 1.217903 1.247482
35641 0.346154 1.230054 1.285483
35642 0.337607 1.234557 1.297751
35643 0.34188 1.234944 1.275219
35646 0.34188 1.243561 1.30681
35647 0.346154 1.255713 1.32606
35648 0.373932 1.262926 1.320766
35649 0.360043 1.258085 1.292711
35650 0.367521 1.238187 1.272457
35653 0.376068 1.229086 1.273055
35654 0.376068 1.220953 1.270281
35655 0.393162 1.226472 1.267678
35656 0.393162 1.229038 1.267327
35657 0.388889 1.209915 1.21726
35660 0.393162 1.215724 1.201096
35661 0.423077 1.239882 1.21636
35662 0.435897 1.26157 1.242395
35663 0.435897 1.245062 1.226968
35664 0.41453 1.238333 1.213714
35667 0.410256 1.24056 1.21946
35668 0.371795 1.23262 1.210556
35669 0.380342 1.235912 1.214721
35670 0.376068 1.224874 1.207856
35671 0.367521 1.229522 1.208909
35674 0.367521 1.229522 1.208909
35675 0.393162 1.25334 1.230208
35676 0.393162 1.253486 1.215586
35677 0.397436 1.258424 1.208536
35678 0.388889 1.267041 1.221585
35681 0.384615 1.274497 1.246761
35682 0.393162 1.28292 1.277532
35683 0.384615 1.269752 1.275962
35684 0.384615 1.270236 1.259824
35685 0.376068 1.277546 1.263118
35688 0.410256 1.266412 1.275731
35689 0.401709 1.292506 1.312682
35690 0.401709 1.29086 1.272597
35691 0.405983 1.293571 1.301658
35692 0.401709 1.301607 1.320753
35695 0.401709 1.308627 1.315685
35696 0.346154 1.314775 1.318977
35697 0.350427 1.307078 1.31961
35698 0.354701 1.300445 1.303562
35699 0.344017 1.30306 1.292873
35702 0.34188 1.312936 1.297134
35703 0.339744 1.305722 1.297186
35704 0.339744 1.309305 1.283194
35705 0.339744 1.318697 1.300599
35706 0.34188 1.329105 1.314559
35709 0.350427 1.333801 1.352447
35710 0.34188 1.345662 1.38121
35711 0.354701 1.349148 1.380885
35712 0.346154 1.352343 1.37668
35713 0.346154 1.347018 1.373645
35716 0.350427 1.349438 1.388751
35717 0.354701 1.342273 1.374883
35718 0.363248 1.334915 1.356254
35719 0.354701 1.316567 1.2458
35720 0.354701 1.29115 1.225661
35723 0.350427 1.305529 1.256008
35724 0.363248 1.32654 1.281284
35725 0.358974 1.323054 1.287999
35726 0.346154 1.294539 1.264048
35727 0.352564 1.278805 1.211833
35730 0.344017 1.187258 1.13433
35731 0.34188 1.241673 1.197265
35732 0.337607 1.241479 1.179802
35733 0.337607 1.21645 1.152772
35734 0.320513 1.234411 1.169349
35737 0.324786 1.262587 1.218925
35738 0.324786 1.263459 1.232925
35739 0.324786 1.268251 1.242152
35740 0.333333 1.257504 1.229586
35741 0.333333 1.241189 1.206318
35744 0.333333 1.232184 1.194665
35745 0.339744 1.227634 1.185855
35746 0.324786 1.194181 1.138293
35747 0.320513 1.207785 1.148394
35748 0.320513 1.226569 1.193194
35751 0.333333 1.25029 1.225008
35752 0.34188 1.239688 1.187722
35753 0.403846 1.240318 1.187421
35754 0.435897 1.259924 1.224553
35755 0.435897 1.255422 1.225004
35758 0.410256 1.22928 1.177074
35759 0.42735 1.230877 1.177467
35760 0.418803 1.235089 1.170499
35761 0.418803 1.235089 1.170499
35762 0.418803 1.239785 1.179379
35765 0.431624 1.261716 1.234896
35766 0.418803 1.244287 1.20448
35767 0.42735 1.251065 1.202302
35768 0.435897 1.249758 1.16566
35769 0.425214 1.265589 1.222483
35772 0.41453 1.279289 1.218096
35773 0.42735 1.255277 1.176388
35774 0.418803 1.236735 1.139843
35775 0.410256 1.207252 1.099787
35776 0.41453 1.190211 1.073183
35779 0.42735 1.190211 1.080173
35780 0.42735 1.202943 1.13582
35781 0.423077 1.198586 1.112921
35782 0.423077 1.179851 1.074132
35783 0.418803 1.181061 1.078014
35786 0.42735 1.186725 1.110992
35787 0.457265 1.169588 1.071903
35788 0.452991 1.161503 1.067276
35789 0.452991 1.161503 1.067276
35790 0.448718 1.170701 1.078259
35793 0.448718 1.190889 1.103979
35794 0.448718 1.212239 1.120555
35795 0.448718 1.216402 1.12418
35796 0.448718 1.216402 1.12418
35797 0.448718 1.225019 1.143626
35800 0.448718 1.234799 1.162484
35801 0.448718 1.223954 1.158921
35802 0.457265 1.209673 1.153299
35803 0.440171 1.204928 1.147423
35804 0.431624 1.164407 1.090514
35807 0.435897 1.167748 1.082851
35808 0.435897 1.194132 1.121648
35809 0.438034 1.199651 1.116869
35810 0.438034 1.198344 1.104614
9336921010 Nasdaq
TS1 TS131 00000129 03818110 20618610 25385510 42823610 64093810 87910110 87913110
35431 5.5 n.a. n.a. 49.54445 29.33333 3.9375 33.44521
35432 5.5 n.a. n.a. 49.6677 29 4.125 32.71105
35433 6.75 n.a. n.a. 51.14664 30.625 4.78125 33.36364
35436 6.9375 n.a. n.a. 53.2418 31.5 4.9375 33.52679
35437 7.5 n.a. n.a. 53.73478 32.16667 4.96875 33.52679
35438 7.375 n.a. n.a. 52.37909 31 4.9375 33.52679
35439 7.25 n.a. n.a. 52.25584 31.83333 5.03125 33.60836
35440 7.25 n.a. n.a. 53.2418 33.16667 5.09375 33.77151
35443 6.875 n.a. n.a. 53.85802 32.25 4.96875 33.77151
35444 7.375 n.a. n.a. 53.2418 32 4.96875 33.68993
35445 7.375 n.a. n.a. 53.61153 31.33333 4.90625 33.29724
35446 7.375 n.a. n.a. 53.61153 32.5 4.875 32.47912
35447 7.5 n.a. n.a. 53.2418 32.33334 4.8125 32.72456
35450 7.4375 n.a. n.a. 52.50233 33.5 4.59375 32.80637
35451 7.5 n.a. n.a. 53.2418 37.5 4.5 32.88818
35452 7.875 n.a. n.a. 52.99531 40.58334 4.875 32.39731
35453 7.625 n.a. n.a. 51.26988 39.16667 4.75 32.72456
35454 7.625 n.a. n.a. 51.14664 38.33334 4.65625 32.39731
35457 7.75 n.a. n.a. 50.53041 37.75 4.6875 31.90644
35458 7 n.a. n.a. 50.03743 38.58334 4.84375 32.07006
35459 7 n.a. n.a. 50.65366 38.75 5 31.98825
35460 7 n.a. n.a. 52.74882 38.5 4.9375 32.56093
35461 7 n.a. n.a. 51.8861 38.83334 5.21875 32.47912
35464 7.25 n.a. n.a. 51.39312 38.20834 5.546875 32.88818
35465 6.75 n.a. n.a. 51.26988 37.5 5.5625 32.64275
35466 7 n.a. n.a. 50.03743 35.83334 5.5 32.64275
35467 7.125 n.a. 12.75 50.53041 36.66667 5.46875 32.07006
35468 6.5 n.a. 12.5625 51.14664 39.58334 5.4375 31.74282
35471 6.75 n.a. 12 48.43525 40 5.4375 31.98825
35472 6.125 n.a. 12 50.03743 39.33334 5.734375 32.23369
35473 6.25 n.a. 12.125 50.03743 40 5.6875 31.98825
35474 6.875 n.a. 12 49.91418 41.58334 5.625 32.64275
35475 7.25 n.a. 12 49.6677 43 5.6875 32.39731
35478 7.25 n.a. 12 49.6677 43 5.6875 32.39731
35479 7.1875 n.a. 12 51.45475 41.83334 5.65625 32.3155
35480 7.125 n.a. 10.375 55.95319 40.625 5.5 32.56093
35481 6.875 n.a. 9.375 55.09047 39.91667 5.375 32.3155
35482 7.125 n.a. 9.75 54.96723 40 5.4375 32.39731
35485 7 n.a. 9.625 55.7067 37.16667 5.34375 32.56093
35486 6.875 n.a. 9.3125 58.1716 35.75 5.375 32.23369
35487 6.9375 n.a. 8.75 58.04835 33.16667 5.375 32.39731
35488 6.75 n.a. 8.75 56.07643 29.75 5.1875 32.23369
35489 7 n.a. 8 55.33696 30.58333 5 31.90644
35492 6.875 n.a. 7.875 56.07643 32.16667 4.84375 31.98825
35493 6.625 n.a. 8.5 56.69266 34.16667 4.90625 31.90644
35494 6.625 n.a. 8.5 57.55537 36.83334 4.9375 32.64275
35495 6.625 n.a. 8.75 57.06239 34.41667 5 32.15188
35496 7 n.a. 8 55.33696 32.75 5 32.96999
35499 6.625 n.a. 7.75 55.7067 32 5 33.21542
35500 6.75 n.a. 8 54.59749 31.79167 5.09375 32.96999
35501 6.1875 n.a. 7.75 53.85802 30.33333 5.15625 32.88818
35502 5.75 n.a. 7.5 54.84398 29.91667 5.15625 32.88818
35503 5.625 n.a. 7.875 54.59749 31.33333 5.125 33.21542
35506 5 n.a. 8.5 54.84398 29.75 5.09375 32.80637
35507 5.5 n.a. 9 55.21372 28.5 5.09375 32.96999
35508 5.5 n.a. 8.625 54.59749 25.66667 4.875 33.13361
35509 5.625 n.a. 8 56.19968 26.66667 4.53125 32.39731
35510 5.625 n.a. 8.5 56.07643 28.66667 4.6875 33.46086
35513 5.125 n.a. 8.25 56.195 29 5.125 33.62448
35514 5 n.a. 7.75 55.33046 29.08333 5 33.62448
35515 5.3125 n.a. 7.625 55.08345 29.66667 4.96875 33.46086
35516 5.25 n.a. 7.625 54.34241 30.95833 5.125 33.0518
35517 5.25 n.a. 7.625 54.34241 30.95833 5.125 33.0518
35520 5.25 n.a. 7.625 52.73684 29.5 4.75 33.0518
35521 4.75 n.a. 7.25 51.62529 28.16667 5.25 32.88818
35522 4.75 n.a. 7.375 50.01972 28.75 5.4375 32.96999
35523 4.25 n.a. 7.125 50.01972 29.41667 5.25 32.72456
35524 4.625 n.a. 7.375 52.11932 32.58334 5.4375 33.37905
35527 4.625 n.a. 7.25 51.87231 33.375 5.4375 34.85165
35528 4.5 n.a. 6.875 52.36633 31.91667 5.46875 34.68803
35529 4.25 n.a. 6.625 50.88426 30.95833 5.40625 34.37627
35530 4.1875 n.a. 7.25 49.5257 30.83333 5.375 34.78648
35531 4.125 n.a. 7.25 49.03168 29.08333 5.25 34.04809
35534 4.5 n.a. 7.25 49.03168 28.20833 5.25 33.47379
35535 4.5 n.a. 7.5 49.5257 29.45833 5.0625 34.70444
35536 4.125 n.a. 7.5 49.89622 28.58333 5.125 34.70444
35537 4.125 n.a. 4.1875 50.26674 28.25 5.1875 34.78648
35538 4.125 n.a. 4.25 49.27869 29.79167 5.46875 34.78648
35541 4.0625 n.a. 4.25 48.41415 28.33333 5.34375 34.13013
35542 4.5 n.a. 4.625 49.89622 31.83333 5.40625 33.80196
35543 4.25 n.a. 4.625 48.78467 32.70834 5.40625 34.37627
35544 4 n.a. 4.5 49.64921 32.41667 5.4375 34.45831
35545 4.25 n.a. 4.625 48.90817 32.08334 5.71875 34.29422
35548 4.125 n.a. 4.625 48.66116 32.66667 5.6875 34.13013
35549 4 n.a. 4.875 51.00777 34.66667 5.75 35.77101
35550 3.875 n.a. 5.25 51.87231 37.16667 5.75 35.52488
35551 4 n.a. 5.0625 51.62529 37 6.25 35.03262
35552 5.375 n.a. 5.125 53.72489 40 6.28125 36.59144
35555 6.25 n.a. 6.25 54.58942 43.29167 7.0625 37.65801
35556 6.25 n.a. 6.03125 53.60138 40.25 6.875 37.41188
35557 6.125 n.a. 6.125 53.10736 38.75 6.8125 36.91962
35558 6.25 n.a. 6.125 52.24282 39.66667 7 37.49392
35559 6.5 n.a. 6.125 53.47787 39.75 7.1875 37.90414
35562 6.75 n.a. 6.125 56.195 42.08334 7.4375 38.31436
35563 7 n.a. 6 55.57747 40.5 6.9375 37.24779
35564 7.375 n.a. 6.875 55.94799 39.375 6.96875 38.23232
35565 7.375 n.a. 7.125 58.17109 41.5 6.8125 39.1348
35566 7.1875 n.a. 7.375 52.11932 40.33334 6.59375 37.90414
35569 7.1875 n.a. 7 52.24282 39.70834 6.75 38.31436
35570 7.25 n.a. 7.125 52.24282 41.41667 6.78125 37.98618
35571 6.625 n.a. 7.0625 53.35437 42.16667 7.0625 37.49392
35572 6.25 n.a. 7.25 51.99581 40.29167 7.1875 36.83757
35573 6.375 n.a. 7.25 51.99581 42.08334 7.375 36.83757
35576 6.375 n.a. 7.25 51.99581 42.08334 7.375 36.83757
35577 6.375 n.a. 7.0625 52.73684 45.66667 7.21875 37.41188
35578 6.25 n.a. 7.25 52.48983 44.625 7.40625 37.49392
35579 6.125 n.a. 7.25 51.62529 43.33334 7.46875 37.57597
35580 6.25 n.a. 7.25 50.88426 43.875 8.75 37.65801
35583 7.5 n.a. 7 52.36633 43.08334 8.59375 37.49392
35584 7.4375 n.a. 7.25 51.25478 41.5 8.0625 37.24779
35585 8.375 n.a. 7.25 51.00777 39.66667 8 37.08371
35586 8.25 n.a. 7.125 50.26674 39 8.109375 37.32984
35587 8.375 n.a. 7.0625 51.62529 42.33334 9.125 37.41188
35590 8.5625 n.a. 7.25 52.73684 41.75 9.0625 37.8221
35591 9 n.a. 8.125 51.87231 39.20834 8.46875 37.49392
35592 8.8125 n.a. 8.875 51.50179 39.66667 8.78125 37.00166
35593 8.375 n.a. 8.75 51.87231 38.70834 8.734375 37.16575
35594 8.5 n.a. 8.75 52.61334 40 9.0625 37.41188
35597 7.875 n.a. 8.75 52.50436 41.16667 9.3125 37.74006
35598 8.375 n.a. 8.125 53.24735 41.91667 9.0625 37.57597
35599 8 n.a. 8.125 52.50436 40.83334 8.921875 37.16575
35600 7.75 n.a. 8.5 53.37118 41.08334 9.4375 37.16575
35601 7.5 n.a. 8.75 54.48566 42.5 9.4375 37.16575
35604 7.625 n.a. 8.5 53.61884 41.41667 9.375 38.06823
35605 7 n.a. 9 54.85715 41.83334 9.1875 39.21684
35606 8 n.a. 8.25 54.17608 41.375 8.8125 39.29888
35607 7.75 n.a. 8.25 53.49501 41.25 8.71875 38.64253
35608 7.75 n.a. 8.25 54.05225 41.16667 9 39.1348
35611 7.75 n.a. 8.75 55.47631 42.08334 8.84375 39.38092
35612 8.25 n.a. 8.75 54.36183 41.08334 8.84375 39.66808
35613 8.125 n.a. 8.375 54.79524 44.5 8.8125 41.0218
35614 8.25 n.a. 8.375 55.8478 44.41667 9.40625 41.47304
35615 8.25 n.a. 8.375 55.8478 44.41667 9.40625 41.47304
35618 8.34375 n.a. 8.125 56.34313 43.16667 9.25 41.14486
35619 8.25 n.a. 8.125 57.20995 43.45834 10.82813 41.22691
35620 8.5 n.a. 8.375 57.45761 45.5 11.03125 40.99663
35621 8.25 n.a. 8 57.76719 45.83334 10.8125 40.83215
35622 8.375 n.a. 8.25 60.42955 47.16667 11.25 40.79103
35625 8.5 n.a. 10.25 64.45406 49.25 11.34375 42.06575
35626 9.125 n.a. 10.125 67.61176 49.58334 11.5 42.47695
35627 9.75 n.a. 10.5 68.23091 51.83334 11.90625 42.68255
35628 8.75 n.a. 9.75 65.87812 50.375 11.875 42.47695
35629 8.625 n.a. 11.625 64.51598 51.66667 11.96875 41.94239
35632 8.25 n.a. 11.875 64.26831 51.5 11.6875 41.98351
35633 8.125 n.a. 12 65.44471 46.5 11.65625 42.10687
35634 8.125 n.a. 12 65.19704 44 11.6875 42.02463
35635 8.125 n.a. 11.5 64.2064 41.5 14.07813 42.10687
35636 8.25 n.a. 11.75 64.88747 41.41667 14.8125 41.81903
35639 8.0625 n.a. 12.125 65.63046 40 13.57813 41.28447
35640 7.9375 n.a. 12.75 65.56854 41.25 13.52344 41.24335
35641 8.375 n.a. 13.25 67.17834 42.41667 15.15625 41.44895
35642 8.1875 n.a. 12.625 69.34539 43.45834 15.375 40.62655
35643 8.25 n.a. 12.25 68.29282 42 14.90625 40.62655
35646 8.25 n.a. 12.25 69.03581 44.83334 15.78125 40.79103
35647 8 n.a. 13 69.84071 46.16667 15.75 40.99663
35648 8 n.a. 12.75 69.71688 45.91667 15.3125 41.28447
35649 8 n.a. 12.375 69.09772 44.125 14.32813 40.95551
35650 8.25 n.a. 11.75 68.41666 42.79167 14.375 40.33871
35653 8.125 n.a. 11.875 68.10708 42.45834 15.1875 40.25647
35654 8.125 n.a. 11.8125 67.48792 42.33334 15.21875 40.62655
35655 8.1875 n.a. 11.625 67.24026 42.625 15.125 40.42095
35656 8 n.a. 11.84375 69.22156 41.58334 14.39063 40.13311
35657 8.125 n.a. 12.3125 65.44471 39.41667 14.23438 38.32383
35660 7.875 n.a. 12.375 63.21575 37.25 15.46875 39.31071
35661 8.125 n.a. 13.46875 64.02065 38.58334 15.65625 37.87151
35662 8.375 n.a. 14.25 64.33023 40.16667 16.125 38.28271
35663 8.25 n.a. 14.875 63.4015 39.5 15.95313 37.29583
35664 8.375 n.a. 15 63.27766 36.66667 16.3125 37.70704
35667 8.125 n.a. 15 62.03936 38.58334 16.3125 38.11823
35668 8.0625 n.a. 15 61.79169 38.16667 16.4375 37.41919
35669 8 n.a. 15.625 61.91552 38 17.71875 36.22672
35670 7.75 n.a. 15.625 60.49147 37.75 18.1875 36.67904
35671 7.875 n.a. 15.375 60.92488 37.75 18.15625 36.55567
35674 7.875 n.a. 15.375 60.92488 37.75 18.15625 36.55567
35675 7.75 n.a. 15.125 62.53468 37.91667 19.25 37.17247
35676 7.125 n.a. 14.75 63.27766 36.70834 18.25 37.50143
35677 7 n.a. 14.75 64.08257 35.5 17.625 37.62479
35678 6.875 n.a. 15 64.45406 35.91667 18.125 38.11823
35681 7.5625 n.a. 14.875 65.8162 37.70834 18.375 37.83039
35682 8.0625 n.a. 14.5 66.86877 39.66667 18.625 38.94063
35683 8.5 n.a. 14.375 66.31152 39.95834 17.9375 39.35183
35684 8.25 n.a. 14.75 65.50662 38.91667 17.21875 39.43407
35685 8.4375 n.a. 16 66.37344 38.75 15.5625 39.43407
35688 8.5 n.a. 16.625 64.63981 38 18.29688 40.33871
35689 8.34375 n.a. 16.375 67.24026 39 19.84375 40.99663
35690 7.75 n.a. 15.9375 66.37344 36 18.84375 41.03775
35691 8 n.a. 17 66.55919 35.33334 18.96875 44.32735
35692 7.8125 n.a. 17.5 68.29282 35.75 19.625 43.99839
35695 7.75 n.a. 17.375 69.11426 34.54167 19.5 43.95727
35696 7.625 n.a. 17.25 69.98283 35.58334 18.9375 43.34047
35697 7.25 n.a. 16.5 70.9755 35.91667 18.5 43.66943
35698 7.625 n.a. 16.625 71.03754 33 17.6875 44.49183
35699 7.6875 n.a. 15 70.72733 33.5 17.375 44.61519
35702 7.625 n.a. 15.75 69.4865 34.5 17.46875 44.69743
35703 7.5 n.a. 16.25 69.05222 35.33334 17.03125 44.36847
35704 7.5625 n.a. 16.25 67.87342 34.91667 17.21875 43.66943
35705 7.8125 n.a. 16.625 70.04488 34.66667 16.96875 43.91615
35706 8 n.a. 16.25 69.4865 36.625 18.125 43.58719
35709 9.375 n.a. 16.8125 69.61059 39.91667 17.9375 43.95727
35710 8.875 n.a. 17 69.4865 42.5 19.5 44.45071
35711 9.4375 n.a. 17.125 68.99017 42.16667 19.375 44.67035
35712 9.9375 n.a. 17.375 68.12159 42.25 19.25 44.21622
35713 9.25 n.a. 17.625 67.62526 42.91667 19.15625 44.13364
35716 10.25 n.a. 16.875 67.93546 44.25 19.59375 44.00979
35717 11.625 n.a. 17 67.56322 39.875 21.0625 43.76208
35718 11.1875 n.a. 16.625 67.37709 39.08334 20.75 43.14281
35719 10.25 20.625 16.0625 64.89543 37.58334 20.21875 42.72996
35720 10.375 19.375 17.25 64.02685 35.83334 20.25 41.82169
35723 10.375 19.125 18.6875 65.70197 36.25 21.9375 42.02811
35724 10.375 22.75 18.875 66.44647 36.66667 21.4375 41.86297
35725 10.875 21.125 19.625 66.38443 35.95834 23.5625 42.02811
35726 10.75 20.625 20 64.58522 35.79167 22.5625 41.16113
35727 10 17.25 19.875 63.40643 34.41667 21.25 40.37671
35730 8.625 15.75 18.375 59.06353 32.33334 20.65625 38.56017
35731 8.75 18.875 18 62.78602 34.25 21.79688 39.63358
35732 8.375 19 18.3125 61.17294 34 20.70313 39.55101
35733 9 18 17.875 60.24232 32.91667 19.5 38.97302
35734 9 17.75 18.25 61.17294 33.16667 20.9375 39.05559
35737 8.75 19.25 19 63.03419 34.9375 22.1875 40.62442
35738 8.5 19.5 19.125 63.96481 35.08334 23.125 40.87213
35739 8.625 19.25 19.5 64.46114 35.29167 23 41.61526
35740 8.875 19 19.75 63.15827 35.41667 22.28125 41.11984
35741 8.375 19.9375 19.25 61.48315 34.58334 22.0625 39.94322
35744 8.125 19.875 19.09375 60.05619 33.75 22 40.74827
35745 8.3125 21.375 19 59.12557 33.95834 19.8125 40.56249
35746 8 20.4375 18.75 58.31903 31.33333 17.875 39.32394
35747 7.5 21.46875 19.5 59.6219 30.25 18.34375 39.07623
35748 7.375 21.5 19.375 61.17294 32.41667 20.5 41.05791
35751 8.25 23.25 19.625 61.79335 32.41667 21.375 42.11068
35752 7.75 21.9375 19.375 61.17294 30.83333 19.71875 41.67719
35753 7 22.125 19.625 60.67661 30.75 20.25 41.98682
35754 7.4375 22.0625 22.5 62.41377 31.79167 20.98438 41.55333
35755 7.375 21.90625 22.9375 63.15827 30.70833 20.5 42.23453
35758 7.0625 21.375 21.75 61.35907 29.79167 18.625 40.68635
35759 7.0625 21.96875 21.125 61.23498 29.70833 18.1875 41.42948
35760 7.125 21.65625 20.5 60.24232 30.41667 18.46875 41.11984
35761 7.125 21.65625 20.5 60.24232 30.41667 18.46875 41.11984
35762 7 21.875 20.5 60.67661 30.5 18.9375 41.55333
35765 7 21.625 23 62.28969 34.66667 20 41.9249
35766 6.75 22.15625 21 61.23498 34.25 18.5625 41.36755
35767 7 21.25 20.75 62.9101 34.25 17.48438 41.30562
35768 7.375 19 18.25 62.78602 32.91667 17.9375 40.43864
35769 8.375 19.875 21 67.25301 31.83333 18.5625 41.4914
35772 8.5 19.375 19.75 66.01218 33.66667 19.21875 41.11984
35773 8 18.8125 18.1875 64.08889 33.625 17.9375 39.88129
35774 7.5 16.625 19 63.28235 33 16.5625 38.3331
35775 7.125 17.125 18.125 60.61457 31.33333 15.5 37.6519
35776 6.4375 18 16.25 60.49048 30.16667 14.5625 37.03263
35779 6.3125 19 16 60.80069 30.58333 13.96875 37.46612
35780 6.3125 20 17.0625 62.72398 32.625 16.3125 38.58081
35781 6.25 19.125 16 62.72398 32.70834 15.75 37.15648
35782 6.125 19 13.875 61.54519 31.08333 14.75 36.72299
35783 5.625 18.625 13.4375 60.86273 31.95833 16.59375 36.66106
35786 5.5 19.25 14.25 62.80535 33.58334 16.40625 37.58997
35787 5.25 19 13 60.318 32.25 15.4375 37.46612
35788 5.375 19 12.75 59.63399 32.58334 15.0625 37.52805
35789 5.375 19 12.75 59.63399 32.58334 15.0625 37.52805
35790 5.25 19 12.875 60.06927 33.33334 15.6875 37.58997
35793 5 21 13.25 60.62892 33.66667 16.125 38.51889
35794 5.3125 21 13.5 61.25076 34.9375 16 39.01431
35795 5.875 20.75 13.125 62.05914 35.25 15.25 39.32394
35796 5.875 20.75 13.125 62.05914 35.25 15.25 39.32394
35797 6.0625 19.875 13.875 64.23557 35.66667 16.21875 39.01431
35800 6.75 19.25 15.3125 63.80028 35.66667 17.6875 39.69551
35801 6.5 18.5 15.75 63.98683 36.25 16.625 39.94322
35802 7.5 18 15 64.54649 35.16667 16.75 39.63358
35803 7.5625 17.5 14.6875 64.8574 34.41667 16.9375 39.63358
35804 7.375 15.75 13.125 61.68604 33.25 16.375 38.3331
35807 7.3125 15.125 13.25 61.87259 31.33333 15.875 39.81936
35808 7.6875 15.875 13.75 63.55155 33.33334 16.875 40.129
35809 8.125 17.125 12.9375 62.68098 32.58334 16.5625 40.37247
35810 8 16.875 12.625 63.67591 32.70834 15.59375 38.81969
The Robinson-Humphrey Company, LLC
Project TroubleShooter
Close Price Index Comparison
Historical Data
Network
Date TroubleShooter Nasdaq Composite
---- -------------- ------ ---------
1/1/97 $29.25 1291.00 24.35
1/2/97 27.00 1280.69 24.20
1/3/97 28.56 1310.69 25.33
1/6/97 28.63 1316.38 26.03
1/7/97 27.50 1327.75 26.38
1/8/97 28.25 1320.38 25.84
1/9/97 27.63 1326.19 26.00
1/10/97 27.25 1332.00 26.50
1/13/97 29.00 1330.94 26.34
1/14/97 29.25 1346.38 26.26
1/15/97 29.50 1333.50 26.10
1/16/97 30.00 1340.56 26.17
1/17/97 28.50 1349.06 26.12
1/20/97 28.50 1364.25 26.17
1/21/97 27.25 1377.00 27.13
1/22/97 26.50 1388.06 27.75
1/23/97 27.50 1378.38 27.11
1/24/97 26.75 1363.81 26.83
1/27/97 27.13 1352.81 26.52
1/28/97 27.63 1354.38 26.51
1/29/97 27.50 1355.19 26.68
1/30/97 27.00 1371.00 27.15
1/31/97 26.25 1379.88 27.08
2/3/97 27.00 1376.06 27.06
2/4/97 27.00 1373.75 26.75
2/5/97 25.75 1348.44 26.20
2/6/97 26.00 1346.38 24.10
2/7/97 25.81 1355.19 24.50
2/10/97 25.75 1335.31 24.10
2/11/97 24.00 1331.50 24.24
2/12/97 23.75 1358.94 24.35
2/13/97 24.50 1370.81 24.77
2/14/97 24.75 1367.19 25.00
2/17/97 24.75 1367.19 25.00
2/18/97 24.00 1365.81 25.07
2/19/97 24.00 1365.56 25.36
2/20/97 23.50 1347.38 24.82
2/21/97 23.50 1334.31 24.95
2/24/97 23.75 1345.06 24.57
2/25/97 24.00 1347.69 24.62
2/26/97 23.50 1340.56 24.11
2/27/97 22.75 1312.69 23.12
2/28/97 23.50 1309.00 22.97
3/3/97 21.50 1311.19 23.30
3/4/97 22.75 1317.38 23.80
3/5/97 22.75 1329.06 24.52
3/6/97 22.88 1315.44 24.00
3/7/97 22.88 1311.81 23.51
3/10/97 22.88 1322.75 23.38
3/11/97 22.75 1316.75 23.20
3/12/97 23.50 1304.13 22.70
3/13/97 22.50 1293.25 22.68
3/14/97 22.75 1293.00 22.96
3/17/97 22.25 1279.44 22.67
3/18/97 21.50 1269.31 22.71
3/19/97 22.25 1249.31 22.07
3/20/97 22.00 1259.25 22.24
3/21/97 21.00 1254.06 22.84
3/24/97 20.25 1242.63 22.89
3/25/97 20.00 1248.06 22.63
3/26/97 20.50 1269.06 22.69
3/27/97 21.38 1249.50 22.73
3/28/97 21.38 1249.50 22.73
3/31/97 22.00 1221.75 22.15
4/1/97 21.38 1216.94 21.66
4/2/97 10.75 1201.00 21.55
4/3/97 11.88 1213.75 21.46
4/4/97 12.00 1236.75 22.59
4/7/97 11.88 1251.31 22.90
4/8/97 10.75 1257.38 22.64
4/9/97 10.88 1249.44 22.08
4/10/97 11.00 1235.75 21.99
4/11/97 11.00 1206.88 21.46
4/14/97 11.25 1216.44 21.29
4/15/97 11.38 1212.88 21.79
4/16/97 11.13 1210.25 21.66
4/17/97 11.00 1217.06 21.13
4/18/97 10.63 1222.56 21.28
4/21/97 10.75 1203.94 20.76
4/22/97 11.13 1212.75 21.68
4/23/97 11.50 1227.13 21.69
4/24/97 11.25 1228.13 21.74
4/25/97 11.25 1209.31 21.65
4/28/97 10.75 1217.00 21.65
4/29/97 11.75 1242.63 22.68
4/30/97 12.38 1260.75 23.24
5/1/97 12.50 1270.50 23.16
5/2/97 13.25 1305.31 24.52
5/5/97 13.75 1339.25 25.85
5/6/97 13.75 1328.31 25.07
5/7/97 13.75 1322.94 24.64
5/8/97 12.38 1330.81 24.80
5/9/97 12.63 1335.06 25.16
5/12/97 12.63 1344.19 26.15
5/13/97 12.25 1333.56 25.54
5/14/97 12.88 1335.56 25.80
5/15/97 12.50 1353.56 26.69
5/16/97 13.38 1340.75 25.25
5/19/97 13.75 1351.25 25.20
5/20/97 13.00 1363.88 25.47
5/21/97 12.38 1373.75 25.63
5/22/97 12.50 1372.56 24.97
5/23/97 12.00 1389.75 25.32
5/26/97 12.00 1389.75 25.32
5/27/97 12.06 1409.19 26.08
5/28/97 12.50 1410.19 25.92
5/29/97 12.38 1403.06 25.56
5/30/97 12.50 1400.31 25.78
6/2/97 12.44 1404.81 26.01
6/3/97 12.63 1384.94 25.46
6/4/97 12.63 1379.69 25.23
6/5/97 12.25 1390.06 25.01
6/6/97 12.38 1404.81 25.99
6/9/97 12.25 1412.06 26.20
6/10/97 12.13 1401.69 25.69
6/11/97 12.25 1407.88 25.77
6/12/97 12.31 1411.31 25.60
6/13/97 12.25 1423.00 26.06
6/16/97 12.00 1431.94 26.22
6/17/97 11.75 1443.13 26.38
6/18/97 11.38 1432.44 25.93
6/19/97 9.00 1447.13 26.22
6/20/97 9.13 1447.13 26.64
6/23/97 9.38 1434.31 26.43
6/24/97 9.63 1452.44 26.85
6/25/97 9.50 1446.25 26.65
6/26/97 9.25 1436.38 26.35
6/27/97 9.13 1438.13 26.56
6/30/97 9.13 1442.06 27.05
7/1/97 8.88 1438.25 26.83
7/2/97 9.25 1455.63 27.60
7/3/97 9.06 1467.63 27.96
7/4/97 9.06 1467.63 27.96
7/7/97 9.38 1470.75 27.73
7/8/97 9.75 1485.13 28.18
7/9/97 9.50 1486.63 28.64
7/10/97 9.63 1490.94 28.58
7/11/97 9.75 1502.63 29.38
7/14/97 10.00 1523.88 30.98
7/15/97 9.88 1542.13 31.74
7/16/97 9.63 1580.63 32.48
7/17/97 9.63 1568.88 31.52
7/18/97 9.63 1548.00 31.72
7/21/97 9.25 1536.25 31.59
7/22/97 9.38 1563.88 30.97
7/23/97 9.50 1567.63 30.51
7/24/97 9.50 1569.13 30.25
7/25/97 9.25 1569.56 30.49
7/28/97 9.25 1563.50 30.11
7/29/97 9.88 1572.31 30.38
7/30/97 10.13 1588.00 31.30
7/31/97 9.88 1593.81 31.60
8/1/97 10.00 1594.31 31.05
8/4/97 10.00 1605.44 31.82
8/5/97 10.13 1621.13 32.29
8/6/97 10.94 1630.44 32.16
8/7/97 10.53 1624.19 31.48
8/8/97 10.75 1598.50 30.99
8/11/97 11.00 1586.75 31.00
8/12/97 11.00 1576.25 30.93
8/13/97 11.50 1583.38 30.87
8/14/97 11.50 1586.69 30.86
8/15/97 11.38 1562.00 29.64
8/18/97 11.50 1569.50 29.25
8/19/97 12.38 1600.69 29.62
8/20/97 12.75 1628.69 30.25
8/21/97 12.75 1607.38 29.88
8/22/97 12.13 1598.69 29.56
8/25/97 12.00 1601.56 29.70
8/26/97 10.88 1591.31 29.48
8/27/97 11.13 1595.56 29.58
8/28/97 11.00 1581.31 29.41
8/29/97 10.75 1587.31 29.44
9/1/97 10.75 1587.31 29.44
9/2/97 11.50 1618.06 29.96
9/3/97 11.50 1618.25 29.60
9/4/97 11.63 1624.63 29.43
9/5/97 11.38 1635.75 29.75
9/8/97 11.25 1645.38 30.36
9/9/97 11.50 1656.25 31.11
9/10/97 11.25 1639.25 31.07
9/11/97 11.25 1639.88 30.68
9/12/97 11.00 1649.31 30.76
9/15/97 12.00 1634.94 31.07
9/16/97 11.75 1668.63 31.97
9/17/97 11.75 1666.50 30.99
9/18/97 11.88 1670.00 31.70
9/19/97 11.75 1680.38 32.16
9/22/97 11.75 1689.44 32.04
9/23/97 10.13 1697.38 32.12
9/24/97 10.25 1687.44 32.14
9/25/97 10.38 1678.88 31.74
9/26/97 10.06 1682.25 31.48
9/29/97 10.00 1695.00 31.59
9/30/97 9.94 1685.69 31.59
10/1/97 9.94 1690.31 31.25
10/2/97 9.94 1702.44 31.67
10/3/97 10.00 1715.88 32.01
10/6/97 10.25 1721.94 32.93
10/7/97 10.00 1737.25 33.64
10/8/97 10.38 1741.75 33.63
10/9/97 10.13 1745.88 33.53
10/10/97 10.13 1739.00 33.45
10/13/97 10.25 1742.13 33.82
10/14/97 10.38 1732.88 33.48
10/15/97 10.63 1723.38 33.03
10/16/97 10.38 1699.69 30.34
10/17/97 10.38 1666.88 29.85
10/20/97 10.25 1685.44 30.59
10/21/97 10.63 1712.56 31.20
10/22/97 10.50 1708.06 31.37
10/23/97 10.13 1671.25 30.78
10/24/97 10.31 1650.94 29.51
10/27/97 10.06 1532.75 27.62
10/28/97 10.00 1603.00 29.16
10/29/97 9.88 1602.75 28.73
10/30/97 9.88 1570.44 28.07
10/31/97 9.38 1593.63 28.48
11/3/97 9.50 1630.00 29.68
11/4/97 9.50 1631.13 30.02
11/5/97 9.50 1637.31 30.25
11/6/97 9.75 1623.44 29.94
11/7/97 9.75 1602.38 29.38
11/10/97 9.75 1590.75 29.09
11/11/97 9.94 1584.88 28.88
11/12/97 9.50 1541.69 27.72
11/13/97 9.38 1559.25 27.97
11/14/97 9.38 1583.50 29.06
11/17/97 9.75 1614.13 29.83
11/18/97 10.00 1600.44 28.92
11/19/97 11.81 1601.25 28.92
11/20/97 12.75 1626.56 29.82
11/21/97 12.75 1620.75 29.83
11/24/97 12.00 1587.00 28.66
11/25/97 12.50 1589.06 28.67
11/26/97 12.25 1594.50 28.50
11/27/97 12.25 1594.50 28.50
11/28/97 12.25 1600.56 28.72
12/1/97 12.63 1628.88 30.07
12/2/97 12.25 1606.38 29.33
12/3/97 12.50 1615.13 29.28
12/4/97 12.75 1613.44 28.39
12/5/97 12.44 1633.88 29.77
12/8/97 12.13 1651.56 29.66
12/9/97 12.50 1620.56 28.65
12/10/97 12.25 1596.63 27.76
12/11/97 12.00 1558.56 26.78
12/12/97 12.13 1536.56 26.13
12/15/97 12.50 1536.56 26.30
12/16/97 12.50 1553.00 27.66
12/17/97 12.38 1547.38 27.10
12/18/97 12.38 1523.19 26.16
12/19/97 12.25 1524.75 26.25
12/22/97 12.50 1532.06 27.05
12/23/97 13.38 1509.94 26.10
12/24/97 13.25 1499.50 25.99
12/25/97 13.25 1499.50 25.99
12/26/97 13.13 1511.38 26.26
12/29/97 13.13 1537.44 26.88
12/30/97 13.13 1565.00 27.29
12/31/97 13.13 1570.38 27.38
1/1/98 13.13 1570.38 27.38
1/2/98 13.13 1581.50 27.85
1/5/98 13.13 1594.13 28.31
1/6/98 13.13 1580.13 28.22
1/7/98 13.38 1561.69 28.09
1/8/98 12.88 1555.56 27.94
1/9/98 12.63 1503.25 26.56
1/12/98 12.75 1507.56 26.37
1/13/98 12.75 1541.63 27.31
1/14/98 12.81 1548.75 27.20
1/15/98 12.81 1547.06 26.90
Project TroubleShooter
Volume Distribution by Price Range
Weekly: 4/8/94 to 01/15/98
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Percent
Traded
-------
8 to 12.4 51.08%
12.4 to 16.8 27.60%
16.8 to 21.2 11.43%
21.2 to 25.6 4.64%
25.6 to 30 5.25%
Project TroubleShooter
Volume Distribution by Price Range
Daily: 1/1/97 to 01/15/98
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Percent
Traded
-------
8 to 12.4 70.27%
12.4 to 16.8 10.49%
16.8 to 21.2 0.68%
21.2 to 25.6 8.62%
25.6 to 30 9.89%
The Robinson-Humphrey Company, LLC
TroubleShooter
Shareholder Ownership Analysis
================================================================================
Number of As a Percent
Shares of Total
------ --------
Total Shares Outstanding [1] 5,346,739 100.0%
Institutional Ownership:
WELLINGTON MANAGEMENT 471,100 8.8%
HATHAWAY & ASSOCIATES 250,000 4.7%
DIMENSIONAL FUND ADVS 175,400 3.3%
ARDEN GROUP INC 24,050 0.4%
TRAVELERS INC 14,450 0.3%
BRANDY WINE ASSET MGMT 12,700 0.2%
WORLD ASSET MANAGEMENT 4,400 0.1%
---------
Total Institutional Holdings 952,100 17.8%
Insider Ownership:
RICHARD E. POSPISIL 3,500 0.1%
GERRY CHASTELET 32,458 0.6%
SIDNEY TOPOL 12,467 0.2%
E. JAY BOWERS 8,883 0.2%
JOHN T. GOEHRKE 7,850 0.1%
ADELBERT KUTHE 9,375 0.2%
--------- -----
Total Insider Holdings 74,533 1.4%
WG Holding 3,285,600 61.5%
Total Retail Holdings ("Float") 1,034,506 19.3%
- --------------------------------------------------------------------------------
TroubleShooter
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Institutions 17.8%
Insiders 1.4%
Retail Float 19.3%
WG Holding 61.5%
- --------------------------------------------------------------------------------
- -----------------
SOURCE: CDA SPECTRUM CORP. AND 10-K.
[1] Includes actual shares outstanding plus common stock equivalents resulting
from options using the treasury stock method.
The Robinson-Humphrey Company, LLC
Project TroubleShooter
Projected Income Statement Information
With Technology Acquisitions
(In Thousands, Except for Per Share Amounts)
Fiscal Year Ended September 30,
---------------------------------------------------
1998 1999 2000 2001
--------- --------- --------- ---------
Revenues:
Nonaffiliates $39,700 $56,000 $74,400 $96,700
Affiliates 29,300 34,500 44,200 53,500
--------- --------- --------- ---------
Total Revenues 69,000 90,500 118,600 150,200
% Revenue Growth 26.7% 31.2% 31.0% 26.6%
Cost of Revenues 30,400 40,200 52,800 66.200
--------- --------- --------- ---------
Gross Profit 38,600 50,300 65,800 84,000
Gross Profit Margin % 55.9% 55.6% 55.5% 55.9%
Selling, General, and Administrative Expenses 23,600 28,500 35,900 45,000
Product Development Expenses 12,600 15,500 18,500 20,300
Purchased Technology Write-off 6,300 0 0 0
--------- --------- --------- ---------
Operating Income (Loss) (3.900) 6,300 11,400 18,700
Operating Income Margin % (5.7%) 7.0% 9.6% 12.5%
Interest Income 300 500 800 1,200
--------- --------- --------- ---------
Income (Loss) Before Income Taxes (3,600) 6,800 12,200 19,900
Provision for Income Taxes (500) (1,700) (3,300) (5,400)
--------- --------- --------- ---------
Net Income ($4,100) $5,100 $8,900 $14,500
========= ========= ========= =========
Net Income Margin % (5.9%) 5.6% 7.5% 9.7%
Per Share Data:
Net Income ($0.78) $0.96 $1.68 $2.46
========= ========= ========= =========
Net Income Excluding
Purchased Technology Write-off $0.42 $0.96 $1.68 $2.46
========= ========= ========= =========
The Robinson-Humphrey Company, LLC
Project TroubleShooter
Projected Quarterly Income Statement Information
With Technology Acquisitions
(In Thousands, Except for Per Share Amounts)
Fiscal 1998 Fiscal 1999
----------------------------------------------- ---------------------------------------------
First Second Third Fourth First Second Third Fourth
-------- -------- -------- -------- -------- -------- -------- --------
Revenues:
Nonaffiliates $7,809 $9,500 $10,800 $11,700 $12,000 $13,700 $14,500 $15,800
Affilaites 6,542 6,800 7,700 8,300 7,300 8,100 8,900 10,200
-------- -------- -------- -------- -------- -------- -------- --------
Total Revenues 14,351 16,300 18,500 20,000 19,300 21,800 23,400 26,000
Cost of Revenues 7,477 7,300 7,900 8,100 8,700 9,700 10,300 11,500
-------- -------- -------- -------- -------- -------- -------- --------
Gross Profit 6,874 9,000 10,600 11,900 10,600 12,100 13,100 14,500
Gross Profit Margin % 47.9% 55.2% 57.3% 59.5% 54.9% 55.5% 56.0% 55.8%
Selling, General, and
Administrative Expenses 4,997 5,700 6,100 6,700 6,300 6,800 7,400 8,000
Product Development Expenses 2,604 3,200 3,300 3,400 3,600 3,800 3,900 4,200
Purchased Technology Write-off 0 6,300 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------- -------- --------
Operating Income (Loss) (728) (6,200) 1,200 1,800 700 1,500 1,800 2,300
Operating Income Margin % (5.1%) (38.0%) 6.5% 9.0% 3.6% 6.9% 7.7% 8.8%
Interest Income 188 0 0 100 200 100 100 100
Foreign Currency Gains (Losses) 26 0 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------- -------- --------
Income Before Income Taxes (513) (6,200) 1,200 1,900 900 1,600 1,900 2,400
Benefit from (Provision for)
Income Taxes 103 0 (300) (400) (200) (400) (500) (600)
-------- -------- -------- -------- -------- -------- -------- --------
Net Income ($411) ($6,200) $900 $1,500 $700 $1,200 $1,400 $1,800
======== ======== ======== ======== ======== ======== ======== ========
Net Income Margin % (2.9%) (38.0%) 4.9% 7.5% 3.6% 5.5% 6.0% 6.9%
Per Share Data:
Net Income ($0.08) ($1.16) $0.17 $0.29 $0.13 $0.23 $0.27 $0.34
======== ======== ======== ======== ======== ======== ======== ========
Net Income Excluding
Purchased Technology
Write-off ($0.08) $0.02 $0.17 $0.29 $0.13 $0.23 $0.27 $0.34
======== ======== ======== ======== ======== ======== ======== ========
Fiscal 2000
-----------------------------------------------
First Second Third Fourth
-------- -------- -------- --------
Revenues:
Nonaffiliates $15,700 $18,000 $19,500 $21,200
Affilaites 9,800 10,500 11,500 12,400
-------- -------- -------- --------
Total Revenues 25,500 28,500 31,000 33,600
Cost of Revenues 11,500 12,700 13,600 15,000
-------- -------- -------- --------
Gross Profit 14,000 15,800 17,400 18,600
Gross Profit Margin % 54.9% 55.4% 56.1% 55.4%
Selling, General, and
Administrative Expenses 8,300 8,600 9,300 9,700
Product Development Expenses 4,400 4,500 4,700 4,900
Purchased Technology Write-off 0 0 0 0
-------- -------- -------- --------
Operating Income (Loss) 1,300 2,700 3,400 4,000
Operating Income Margin % 5.1% 9.5% 11.0% 11.9%
Interest Income 200 200 200 200
Foreign Currency Gains (Losses) 0 0 0 0
-------- -------- -------- --------
Income Before Income Taxes 1,500 2,900 3,600 4,200
Benefit from (Provision for)
Income Taxes (400) (800) (1,000) (1,100)
-------- -------- -------- --------
Net Income $1,100 $2,100 $2,600 $3,100
======== ======== ======== ========
Net Income Margin % 4.3% 7.4% 8.4% 9.2%
Per Share Data:
Net Income $0.21 $0.40 $0.49 $0.58
======== ======== ======== ========
Net Income Excluding
Purchased Technology
Write-off $0.21 $0.40 $0.49 $0.58
======== ======== ======== ========
The Robinson-Humphrey Company LLC
Project TroubleShooter
Market Comparison of Selected Public Network Solutions Companies
----------------------------------------------------------------
Earnings Per Share[1]
-----------------------
52 Week Market Calendar
Latest ------------ Price % of -----------------------
Ticker Exchange Company FYE Filing High Low 1/15/98 High 1997 1998 1999
- ------ -------- ------- --- ------ ---- --- ------- ----- ---- ---- ----
Network Analysis Companies
- --------------------------
ADAX OTC Applied Digital Access, Inc DC 9/97 $11.87 $3.62 $8.13 68.4% ($0.22) $0.09 $0.40
CCRD OTC Concord Communications Inc DC 9/97 24.68 14.62 17.13 69.4% (0.03) 0.30 0.62
DIGL OTC Digital Lightwave Inc DC 9/97 23.75 3.25 12.94 54.5% 0.17 0.51 NA
HWP NYSE Hewlett-Packard OC 7/97 72.93 48.12 63.00 86.4% 2.96 3.61 3.92 F
NETA OTC Network Associates [2] DC 9/97 78.50 36.50 49.00 62.4% 1.75 2.43 NA
RDCMF OTC RADCOM Ltd DC 9/97 11.87 6.00 6.38 53.7% 0.07 0.41 0.75
TKLC OTC Tekelec DC 9/97 49.37 8.50 33.13 67.1% 0.60 0.80 1.08
TEK NYSE Tektronix Inc MY 8/97 46.43 32.18 40.63 87.5% 2.48 2.85 NA
-----------------------------------------------------------------------------------------------------------------------------
AVERAGE 68.7%
=============================================================================================================================
Network Management Companies
- ----------------------------
DYT NYSE Dynatech Corp [3] MR 9/97 55.00 27.00 36.75 66.8% 2.34 2.94 NA
FLK NYSE Fluke Corp AP 10/97 29.93 21.12 23.63 78.9% 1.62 1.91 NA
GEN NYSE GenRad, Inc DC 9/97 34.00 11.87 26.50 77.9% 1.21 1.48 1.87
KEI NYSE Keithley Instruments, Inc SP 9/97 12.37 7.62 9.13 73.8% 0.10 F 0.58 F NA
MIST OTC MicroTest Inc DC 9/97 10.37 3.37 5.56 53.6% 0.02 0.50 NA
OSII OTC Objective Systems
Integrators Inc JE 9/97 16.50 3.37 9.75 59.1% (0.99) (0.02) NA
RFTX NYSE Retix DC 9/97 7.62 3.37 4.66 61.1% NA NA NA
TCSI OTC TCSI Corporation DC 9/97 9.00 4.37 8.56 95.1% (0.10) 0.05 0.35
TER NYSE Teradyne Inc DC 9/97 59.18 23.87 32.94 55.7% 1.50 2.70 3.10
Network Equipment Providers
- ---------------------------
BAY NYSE Bay Networks Inc JE 9/97 41.87 15.37 28.56 68.2% 0.73 1.38 NA
CS NYSE Cabletron Systems Inc FB 8/97 46.50 12.62 14.25 30.6% 1.34 0.85 NA
CSCO OTC Cisco Systems Inc JL 10/97 60.62 30.18 57.00 94.0% 1.53 1.95 NA
COMS OTC 3COM Corp MY 8/97 78.25 24.00 32.69 41.8% 1.40 1.27 NA
-------------------------------------------------------------------------------------------------------------------
COMBINED AVERAGE 67.0%
===================================================================================================================
TroubleShooter SP 12/97 $30.25 $8.50 $12.81 42.4% ($0.29) $0.63[4] $1.04
Price/Earnings Ratio
----------------------
Ticker Exchange Company 5 Yr Calendar
- ------ -------- ------- Growth ----------------------- Shares Market Book Market/
Rate[1] 1997 1998 1999 Outstanding Cap'n Value Book
Network Analysis Companies ------- ---- ---- ---- ----------- ----- ----- ----
- -------------------------- (MM) ($MM) ($MM)
ADAX OTC Applied Digital Access, Inc 40.0% NM x 90.3 * 20.3 x 12,561 $102.1 $36.8 2.8 x
CCRD OTC Concord Communications Inc NA NM 57.1 27.6 11,941 204.5 25.6 8.0
DIGL OTC Digital Lightwave Inc 50.0% 76.1 25.4 NA 26,372 341.2 46.6 7.3
HWP NYSE Hewlett-Packard 15.0% 21.3 17.5 16.1 1,040,118 65,527.4 15,227.0 4.3
NETA OTC Network Associates [2] 49.0% 28.0 20.2 NA 68,923 3,377.2 418.2 8.1
RDCMF OTC RADCOM Ltd NA 91.1 * 15.5 8.5 9,596 61.2 24.1 2.5
TKLC OTC Tekelec 50.0% 55.2 41.4 30.7 25,784 854.1 92.6 9.2
TEK NYSE Tektronix Inc 15.0% 16.4 14.3 NM 50,640 2,057.2 789.1 2.6
-------------------------------------------------------------------------------------------------------------------
AVERAGE 36.5% 39.4 x 27.3 x 20.6 x 5.6 x
===================================================================================================================
Network Management Companies
- ----------------------------
DYT NYSE Dynatech Corp [3] 28.0% 15.7 12.5 NA 16,872 620.0 176.3 3.5
FLK NYSE Fluke Corp 15.0% 14.6 12.4 NA 18,335 433.2 216.9 2.0
GEN NYSE GenRad, Inc NA 21.9 17.9 14.2 27,288 723.1 100.3 7.2
KEI NYSE Keithley Instruments, Inc NA 91.3 15.7 NA 7,671 70.0 32.7 2.1
MIST OTC MicroTest Inc 30.0% 278.1 * 11.1 NA 8,202 45.6 31.5 1.4
OSII OTC Objective Systems NA NM NM NM 33,222 323.9 78.8 4.1
Integrators Inc
RFTX NYSE Retix 25.0% NA NA NA 22,664 105.5 10.1 10.4
TCSI OTC TCSI Corporation 30.0% NM 171.3 * 24.5 21,942 187.9 74.3 2.5
TER NYSE Teradyne Inc 20.0% 22.0 12.2 10.6 83,425 2,747.8 915.7 3.0
Network Equipment Providers
- ---------------------------
BAY NYSE Bay Networks Inc 25.0% 39.1 20.7 NA 211,590 6,043.5 1,364.3 4.4
CS NYSE Cabletron Systems Inc 20.0% 10.6 16.8 NA 157,985 2,251.3 1,214.4 1.9
CSCO OTC Cisco Systems Inc 30.0% 37.3 29.2 NA 676,454 38,557.9 4,803.4 8.0
COMS OTC 3COM Corp 29.0% 23.3 25.7 NM 345,949 11,308.2 2,307.2 4.9
-------------------------------------------------------------------------------------------------------------------
COMBINED AVERAGE 29.4% 32.1 x 21.5 x 19.1 x 4.8%
===================================================================================================================
TroubleShooter 20.0% NM x 20.3 x 12.3 x 5,288 $67.7 $240[4] 2.8 x
NA - Not Available. NM - Not Meaningful. * - excluded from average.
F - Fiscal Year End Estimate.
- ----------
[1] Earnings estimates are from First Call as of January 15, 1998 except for
KEI which is from Bloomberg and TroubleShooter which was provided by the
Company.
[2] Formerly McAfee Associates prior to merger with Network General.
[3] Valuation based on closing price (12/19/97) prior to
the announcement of the acquisition.
[4] Excludes $6.3 million contemplated write-off of purchased technology in
calendar 1998 estimate. Balance sheet data is pro forma for write-off.
The Robinson-Humphrey Company, LLC
Project TroubleShooter
Market Comparison of Selected Public Network Solutions Companies
----------------------------------------------------------------
LTM
Total Total Total ------------------------------ Operating EBITDA
Company Debt Cash Firm Value[1] Revenues Op. Inc. EBITDA Margin Margin
- ------- ---- ---- ------------- -------- ------- ------ ------ ------
($MM) ($MM) ($MM) ($MM) ($MM) ($MM)
Network Analysis Companies
Applied Digital Access, Inc. $0.0 $13.6 $88.5 $29.6 ($5.4) ($2.6) NM NM
Concord Communications Inc. 1.4 28.9 177.0 16.2 (2.1) (1.6) NM NM
Digital Lightwave Inc. 0.1 33.5 307.8 18.2 1.0 1.4 5.5% 7.6%
Hewlett-Packard 2,835.0 2,795.0 65,567.4 41,253.0 4,087.0 5,558.0 9.9% 13.5%
Network Associates[2] 0.0 269.2 3,108.0 577.8 185.8 203.3 32.2% 35.2%
RADCOM Ltd. 0.8 8.7 53.3 17.4 (1.6) (1.1) NM NM
Tekelec 0.0 46.1 808.0 105.8 17.5 22.0 16.6% 20.8%
Tektronix Inc. 157.2 133.5 2,080.9 1,981.2 170.5 232.2 8.6% 11.7%
----------------------------------------------------------------------------------------------------
AVERAGE 14.5% 17.8%
====================================================================================================
Network Management Companies
Dynatech Corp.[3] 21.3 43.5 597.8 415.7 64.0 81.1 15.4% 19.5%
Fluke Corp. 0.9 41.2 392.8 439.3 46.1 60.8 10.5% 13.8%
GenRad, Inc. 8.7 22.6 709.2 221.1 33.5 41.6 15.2% 18.8%
Keithley Instruments, Inc. 17.5 1.7 85.7 123.3 3.1 7.2 2.5% 5.8%
Micro Test Inc. 0.0 7.7 37.9 49.1 2.2 4.1 4.5% 8.3%
Objective Systems Integrators Inc. 0.0 37.9 286.0 41.6 (45.1) (39.3) NM NM
Retix 0.0 10.2 95.3 25.8 (11.0) (9.0) NM NM
TCSI Corporation 0.0 51.6 136.2 39.2 (11.2) (6.4) NM NM
Teradyne Inc. 22.6 168.4 2,602.0 1,115.9 107.6 164.7 9.6% 14.8%
Network Equipment Providers
Bay Networks Inc. 110.7 826.6 5,327.6 2,171.7 118.0 266.6 5.4% 12.3%
Cabletron Systems Inc. 0.0 365.3 1,885.9 1,476.1 371.5 430.9 25.2% 29.2%
Cisco Systems Inc. 0.0 1,826.6 36,731.3 6,874.1 1,789.4 2,025.4 26.0% 29.5%
3COM Corp 151.8 1,008.5 10,451.5 3,497.9 594.8 741.3 17.0% 21.2%
----------------------------------------------------------------------------------------------------
COMBINED AVERAGE 13.6% 17.5%
====================================================================================================
TroubleShooter $0.0 $7.4[4] $60.4 $53.4 ($2.5) ($0.8) NM NM
3 Year CAGR
Firm Value to: ---------------------
------------------------------------ Net
Company Revenues Op. Inc. EBITDA Revenue Income
- ------- -------- ------- ------ ------- ------
Network Analysis Companies
Applied Digital Access, Inc. 2.99x NMx NMx -17.2% NM
Concord Communications Inc. 10.95* NM NM 48.9% NM
Digital Lightwave Inc. 16.95* 309.3* 224.3* NM NM
Hewlett-Packard 1.59 16.0 11.8 24.0% 27.2%
Netowrk Associates[2] 5.38 16.7 15.3 48.0% 62.9%
RADCOM Ltd. 3.07 NM NM 108.9% NM
Tekelec 7.64* 46.1 36.7 8.6% NM
Tektronix Inc. 1.05 12.2 9.0 13.8% 18.6%
--------------------------------------------------------------------------------------
AVERAGE 2.82x 22.8x 18.2x 33.6% 36.2%
======================================================================================
Network Management Companies
Dynatech Corp.[3] 1.44 9.3 7.4 22.1% 52.0%
Fluke Corp. 0.89 8.5 6.5 6.1% 25.1%
GenRad, Inc. 3.21 21.1 17.1 11.4% 114.3%
Keithley Instruments, Inc. 0.70 27.4 12.0 6.1% -50.8%*
Micro Test Inc. 0.77 17.0 9.3 12.9% 23.2%
Objective Systems Integrators Inc. 6.88* NM NM 19.8% NM
Retix 3.70 NM NM -27.4% NM
TCSI Corporation 3.48 NM NM 22.2% NM
Teradyne Inc. 2.33 24.2 15.8 22.7% 10.7%
Network Equipment Providers
Bay Networks Inc. 2.45 45.2 20.0 22.1% -30.4%
Cabletron Systems Inc. 1.28 5.1 4.4 29.9% 24.2%
Cisco Systems Inc. 5.34 20.5 18.1 69.8% 51.6%
3COM Corp 2.99 17.6 14.1 40.5% 42.2%
--------------------------------------------------------------------------------------
COMBINED AVERAGE 2.51x 20.5x 14.1x 24.7% 35.1%
======================================================================================
TroubleShooter 1.13x NMx NMx 9.7% -36.0%
NA-Not Available NM-Not Meaningful *-excluded from average
[1] Firm value equals market capitalization plus debt minus cash.
[2] Pro forma for merger with Network General.
[3] Valuation based on closing price (12/19/97) prior to the announcement of
the recapitalization.
[4] Pro forma for contemplated $6.3 million in cash used to fund Technology
acquisitions.
The Robinson-Humphrey Company, LLC 1/16/98
Project TroubleShooter
Implied Valuation Analysis Utilizing Average of Network Analysis Companies
--------------------------------------------------------------------------
(Dollars in Thousands)
Network Analysis Companies Average Multiple
----------------------------------------------------------------------------
TroubleShooter's Price / Price / Price /
Valuation Parameter Value Calendar 1997 Net Income Calendar 1998 Net Income Calendar l999 Net Income
------------------- ----- ------------------------ ------------------------ ------------------------
Calendar 1997 Net Income ($l,317) 39.4 x
Calendar 1998 Net Income(1) 3,200 27.3 x
Calendar 1999 Net Income 5,500 20.6 x
Pro Forma 12/31/97 Book Value(1) 23,950
Network Analysis Companies Average Multiple
------------------------------------------------------------------
TroubleShooter's Firm Value (2) / Firm Value (2) / Firm Value (2) /
Valuation Parameter Value LTM Revenues LTM EBITDA LTM EBIT
------------------- ----- -------------- ------------ ----------
Calendar 1997 Revenues $53,351 2.82 X
Calendar 1997 EBITDA (783) 18.2 x
Calendar 1997 EBIT (2,485) 22.8 x
========= ==========
Implied
------------- Implied Equity
Price / Equity Value Per
Valuation Parameter Book Value Value Share (4)
------------------- ---------- ----- ---------
Calendar 1997 Net Income NM NM
Calendar 1998 Net Income(1) 87,411 16.35
Calendar 1999 Net Income 113,494 21.23
Pro Forma 12/31/97 Book Value(1) 5.6 x 134,162 25.09
Less
Valuation Parameter Net Debt (3)
------------------- ------------
Calendar 1997 Revenues ($7,395) $l57,613 $29.48
Calendar 1997 EBITDA (7,395) NM NM
Calendar 1997 EBIT (7,395) NM NM
========= ==========
---------------------------------------------
Average $70,387 $13.16
Median $87,441 $16.35
High $l57,6l3 $29.48
Low $0 $O.00
=============================================
- ----------
* Excluded from the average.
(1) Based on projections including technology acquisitions and excludes $6.3
million in purchased technology write-downs for fiscal 1998. Book value is
adjusted for write-downs.
(2) Firm value equals market capitalization plus total debt and preferred stock
minus cash and marketable securities.
(3) Net debt equals debt plus preferred stock less cash and marketable
securities. Assumes cash outlay of $6.0 million for acquisitions to be
completed in January 1998.
(4) Assummes 5,346,739 shares outstanding (including options using the treasury
stock method).
The Robinson-Humphrey Company, LLC 1/16/98
Project TroubleShooter
Implied Valuation Analysis Utilizing Combined Average Of Network Solutions Companies
------------------------------------------------------------------------------------
(Dollars in Thousands)
Combined Average Multiple
----------------------------------------------------------------------------
TroubleShooter's Price / Price / Price /
Valuation Parameter Value Calendar 1997 Net Income Calendar 1998 Net Income Calendar l999 Net Income
------------------- ----- ------------------------ ------------------------ ------------------------
Calendar 1997 Net Income ($l,317) 32.1 x
Calendar 1998 Net Income(1) 3,200 21.5 x
Calendar 1999 Net Income 5,500 19.1 x
Pro Forma 12/31/97 Book Value(1) 23,950
Combined Average Multiple
------------------------------------------------------------------
TroubleShooter's Firm Value (2) / Firm Value (2) / Firm Value (2) /
Valuation Parameter Value LTM Revenues LTM EBITDA LTM EBIT
------------------- ----- -------------- ------------ ----------
Calendar 1997 Revenues $53,351 2.51 X
Calendar 1997 EBITDA (783) 14.1 x
Calendar 1997 EBIT (2,485) 20.5 x
========= ==========
Implied
------------- Implied Equity
Price / Equity Value Per
Valuation Parameter Book Value Value Share (4)
------------------- ---------- ----- ---------
Calendar 1997 Net Income NM NM
Calendar 1998 Net Income(1) 68,807 12.87
Calendar 1999 Net Income 104,800 19.60
Pro Forma 12/31/97 Book Value(1) 4.8 x 114,536 21.42
Less
Valuation Parameter Net Debt (3)
------------------- ------------
Calendar 1997 Revenues ($7,395) $l41,274 $26.42
Calendar 1997 EBITDA (7,395) NM NM
Calendar 1997 EBIT (7,395) NM NM
========= ==========
---------------------------------------------
Average $61,345 $11.47
Median $68,807 $12.87
High $l41,274 $26.42
Low $0 $0.00
=============================================
- ----------
* Excluded from the average.
(1) Based on projections including technology acquisitions and excludes $6.3
million in purchased technology write-downs for fiscal 1998. Book value is
adjusted for write-downs.
(2) Firm value equals market capitalization plus total debt and preferred stock
minus cash and marketable securities.
(3) Net debt equals debt plus preferred stock less cash and marketable
securities. Assumes cash outlay of $6.0 million for acquisitions to be
completed in January 1998.
(4) Assummes 5,346,739 shares outstanding (including options using the treasury
stock method).
The Robinson-Humphrey Company, LLC
Project TroubleShooter
Forward Multiple Comparison
---------------------------
Calendar 1998[1] Calendar 1999 [1] Firm Value/Cal.1998
--------------------- ------------------ -------------------
Market Net Firm Operating Operating Operating
Cap'n Debt Value Revenues Income Revenues Income Revenues Income
----- ---- ----- -------- ------ -------- ------ -------- ------
Company ($MM) ($MM) ($MM) ($MM) ($MM) ($MM) ($MM)
- -------
Applied Digital Access, Inc. $102.1 ($13.6) $88.5 $51.8 $1.6 $68.3 $7.5 1.71 x 56.4 *
Cisco Systems Inc. 38,557.9 (1,826.6) 36,731.3 9,500.1 3,033.1 NA NA 3.87 12.1
Concord Communications Inc. 204.5 (27.5) 177.0 NA NA NA NA NA NA
Digital Lightwave Inc. 341.2 (33.4) 307.8 NA NA NA NA NA NA
Fluke Corp. 433.2 (40.3) 392.8 503.0 [2] 59.5 [2] NA NA 0.78 6.6
Network Associates 3,377.2 (269.2) 3,108.0 805.0 280.8 NA NA 3.86 11.1
RADCOM Ltd. 61.2 (7.8) 53.3 NA NA NA NA NA NA
TCSI Corporation 187.9 (51.6) 136.2 NA NA NA NA NA NA
Tekelec 854.1 (46.1) 808.0 159.8 35.6 214.5 47.8 5.06 22.7
--------------------------------------
Average 3.05 x 13.1 x
Medium 3.86 x 12.1 x
--------------------------------------
TroubleShooter [3] $67.7 ($7.4) $60.4 74.1 $3.8 $96.7 $6.9 0.81 x 15.9 x
Firm Value/Cal. 1999
--------------------
Operating
Revenues Income
-------- ------
Company
- -------
Applied Digital Access, Inc. 1.30 x 11.8 x
Cisco Systems Inc. NA NA
Concord Communications Inc. NA NA
Digital Lightwave Inc. NA NA
Fluke Corp. NA NA
Network Associates NA NA
RADCOM Ltd. NA NA
TCSI Corporation NA NA
Tekelec 3.77 16.9
------------------
2.53 x 14.3 x
2.53 x 14.3 x
------------------
TroubleShooter [3] 0.62 x 8.7 x
- ----------------
* Excluded from the average
[1] Projections for ADAX provided by Robinson-Humphrey as of 10/15/97.
Projections for CSCO provided by Prudential Securities as of 11/21/97.
Projections for Fluke provided by Smith Barney as of 9/11/97. Projections
for Network Associates provided by Alex Brown as of 12/1/97. Projections
for Tekelec provided by Cruttendon Roth as of 10/24/97.
[2] Based on estimates for fiscal 1999.
[3] Based on projections including technology acquisitions and excludes $6.3
million in purchased technology write-downs in calendar 1998.
The Robinson-Humphrey Company, LLC 1/16/98
Project TroubleShooter
Implied Valuation Analysis Utilizing Forward Multiples
------------------------------------------------------
(Dollars in Thousands)
Average Multiple ------- ---------
--------------------------------------------------------------------------- Implied
Firm Value(2)/ Firm Value(2)/ Firm Value(2)/ Firm Value(2)/ Implied Equity
TroubleShooter's Cal. '98 Cal. '98 Cal. '99 Cal. '99 Less Equity Value Per
Valuation Parameter Value Revenues EBIT Revenues EBIT Net Debt(3) Value Share(4)
- ------------------- ---------------- -------------- -------------- -------------- -------------- ----------- ----- --------
Calendar 1998
Revenues $74,100 3.05 x ($7,395) $233,739 $43.72
Calendar 1998
EBIT 3,800 13.1 x (7,395) 57,221 10.70
Calendar 1999
Revenues 96,700 2.53 x (7,395) 252,200 47.17
Calendar 1999
EBIT 6,900 14.3 x (7,395) 106,331 19.89
-------- --------
-------------------------------------
Average $162,373 $30.37
Median $170,035 $31.80
High $252,200 $47.17
Low $57,221 $10.70
-------------------------------------
- ----------------
* Excluded from the average.
(1) Based on projections including technology acquisitions and excludes $6.3
million in purchased technology write-downs.
(2) Firm value equals market capitalization plus total debt and preferred stock
minus cash and marketable securities.
(3) Net debt equals debt plus preferred stock less cash and marketable
securities. Assumes cash outlay of $6.0 million for acquisitions to be
completed in January 1998.
(4) Assumes 5,346,739 shares outstanding (including options using the treasury
stock method).
The Robinson-Humphrey Company, LLC 16-Jan-98
11:07 AM
Project TroubleShooter
Discounted Cash Flow Analysis
Weighted Average Cost of Capital Analysis:
- ------------------------------------------
=====================================================
Cost of Equity WEIGHTED AVERAGE COST OF CAPITAL
- --------------------------------------------------------------- =====================================================
Current Beta 1.97(1) Midpoint 20.00%
Market Risk Premium for Equity 7.23%(2) =====================================================
Current Yield of 30 Year Treasury Bond (01/08/97) 5.74%
=====================================================
=============================================================== CAPITALIZATION
Cost of Equity 20.00%(3) =====================================================
===============================================================
Debt/Total Equity/Total Debt/Market
Cost of Debt Capital Capital Equity
- --------------------------------------------------------------- ---------- ------------ -----------
Pre-tax Cost of Debt 8.25%(4) 0.00% 100.00% 0.00%
Corporate Tax Rate 38.00% =====================================================
=============================================================== =====================================================
After-tax Cost of Debt 5.12% BETA SENSITIVITY ANALYSIS
=============================================================== =====================================================
Weighted Average Cost of Capital Assumed Beta Cost of Equity WACC
- --------------------------------------------------------------- ------------ -------------- ----
1.87 19.28% 19.28%
Cost of Equity 20.00% 1.92 19.64% 19.64%
After-tax Cost of Debt 5.12% 1.97 20.00% 20.00%
Total Debt ($000) $0 2.02 20.37% 20.37%
Stockholders' Equity ($000)(5) $30,659 2.07 20.73% 20.73%
Current Market Equity ($000) $66,420 =====================================================
Debt/Market Equity 0.00%
Debt/Total Capitol 0.00%
===============================================================
Weighted Average Cost of Capital 20.00%
===============================================================
- ----------
(1) Estimated by Robinson-Humphrey.
(2) Risk Premium represents the difference between the annual rate of return
from 1926 to 1990 for the Standard & Poor's Composite Index (12.13%) and
the yield of 20 year U.S. Treasury bonds (4.90%).
(3) Cost of Relevered Equity equals the rate of return on the 30 year Treasury
Bond + (Relevered Beta * Market Risk Premium).
(4) Equal to the Company's historical long-term debt rate.
(5) Pro Forma as of 12/31/97.
The Robinson-Humphrey Company, LLC
Project TroubleShooter
Projected Cash Flows
(Dollars in Thousands)
====================================================================================================================================
Sept. Sept. Sept. Sept. Sept. Sept. Terminal
Projections Used In Valuations: 1997 1998(1) 1999(1) 2000(1) 2001(1) 2002(2) Value
- ------------------------------- ---- ------- ------- ------- ------- ------- -----
Revenues (2)
Non-Affiliates $29,001 $39,700 $56,000 $74,400 $96,700 $116,040 $116,040
Affiliates 25,454 29,300 34,500 44,200 53,500 64,200 64,200
------- ------- ------- ------- ------- -------- --------
Total Revenues 54,455 69,000 90,500 118,600 150,200 180,240 180,240
Costs of Sales 24,381 30,400 40,200 52,800 66,200 79,440 79,440
------- ------- ------- ------- ------- -------- --------
Gross Profit 30,074 38,600 50,300 65,800 84,000 100,800 100,800
Gross Margin 55.2% 55.9% 55.6% 55.5% 55.9% 55.9% 55.9%
Expenses
Selling 9,000 10,600 12,800 17,000 21,000 25,200 25,200
Marketing 5,700 7,200 8,800 11,000 13,800 16,560 16,560
Administrative 3,300 4,100 4,500 5,000 6,500 7,800 7,800
Corporate/Trademark 1,360 1,700 2,400 2,900 3,700 4,440 4,440
------- ------- ------- ------- ------- -------- --------
Total SG&A 19,360 23,600 28,500 35,900 45,000 54,000 54,000
Development 10,712 12,600 15,500 18,500 20,300 24,360 24,360
Total Operating Expenses 30,072 36,200 44,000 54,400 65,300 78,360 78,360
Operating Expenses 55.2% 52.5% 48.6% 45.9% 43.5% 43.5% 43.5%
Operating Income(EBIT)(2) 2 2,400 6,300 11,400 18,700 22,440 22,440
Inc Taxes 0 444 1,575 3,078 5,075 6,090 6,090
------- ------- ------- ------- ------- -------- --------
After Tax Operating Income $2 $1,956 $4,725 $8,322 $13,625 $16,350 $16,350
Operating Margin 0.0% 4.9% 8.4% 11.2% 14.1% 14.1% 14.1%
CASH SOURCES
After Tax Operating Income $2 $1,956 $4,725 $8,322 $13,625 $16,350 $16,350
Depreciation and Amortization(3) 1,766 1,779 2,500 3,700 4,300 5,160 5,160
Other Cash Sources 0 0 0 0 0 0 0
------- ------- ------- ------- ------- -------- --------
TOTAL SOURCES $1,768 $3,735 $7,225 $12,022 $17,925 $21,510 $21,510
======= ======= ======= ======= ======= ======== ========
CASH USES
Capital Expenditures(4) $1,144 $2,779 $3,000 $4,000 $4,600 $5,520 $5,520
Increase in Current Assets Except Cash 281 1,660 3,500 5,000 10,200 7,800 7,800
Increase in Current Liabilities Except Debt 1,157 2,067 1,500 1,800 3,500 3,100 3,100
Increase/(Decrease) in Net Working Capital (876) (407) 2,000 3,200 6,700 4,700 4,700
Other Cash Uses 0 0 0 0 0 0 0
------- ------- ------- ------- ------- -------- --------
TOTAL USES $268 $2,372 $5,000 $7,200 $11,300 $10,220 $10,220
======= ======= ======= ======= ======= ======== ========
- ------------------------------------------------------------------------------------------------------------------------------------
FREE CASH FLOW $1,363 $2,225 $4,822 $6,625 $11,290 $11,290
====================================================================================================================================
--------------------------------------------------------------------------
Discount Rate (WACC) Present Value of Cash Flows
--------------------------------------------------------------------------
15.00% $15,437
17.50% $14,258
20.00% $13,202
22.50% $12,251
25.00% $11,395
27.50% $10,620
--------------------------------------------------------------------------
(1) Income statement projections, depreciation and amortization, capital
expenditures and working captial projections through fiscal 2001 (assuming
technology acquisitions) provided by the Company as of January 8, 1998.
(2) Revenues from fiscal 2002 are assumed to grow 20.0% per year with constant
operating margins.
(3) Depreciation and amortization is equal to the increase in accumulated
depreciation and is a constant percentage of revenues in fiscal 2002.
(4) Capital expenditures are equal to the increase in property and equipment
and are a constant percentage of revenues in fiscal 2002.
The Robinson-Humphrey Company, LLC
Project TroubleShooter
EBIT Multiple Methodology
(Dollars in Thousands)
================================================================================
SUMMARY:
- --------------------------------------------------------------------------------
WACC 20.00%
Multiple 8.00
EBIT Terminal Value $22,440
Present Value of Cash Flows $14,462
Present Value of Terminal Value $79,017
--------
Total Value $93,479
========
Plus: Cash (1) $7,395
Less: Debt $0
--------
Equity VAlue $100,874
========
Equity Value per share $18.87
================================================================================
(1) Pro Forma as of 12/31/97.
===============================================================================================================================
Weighted Average Cost of Capital (WACC) 15.00% 17.50% 20.00% 22.50% 25.00% 27.50%
- -------------------------------------------------------------------------------------------------------------------------------
Present Value of Cash Flows: $16,554 $15,456 $14,462 $13,560 $12,740 $11,992
- -------------------------------------------------------------------------------------------------------------------------------
Present Value of Terminal Value:
6.0 x $71,772 $65,151 $59,263 $54,011 $49,318 $45,113
7.0 $83,733 $76,010 $69,140 $63,013 $57,537 $52,632
Multiple 8.0 $95,695 $86,869 $79,017 $72,015 $65,757 $60,151
9.0 $107,657 $97,727 $88,894 $81,017 $73,977 $67,670
10.0 $119,619 $108,586 $98,771 $90,019 $82,196 $75,189
11.0 $131,581 $119,444 $108,648 $99,021 $90,416 $82,708
- -------------------------------------------------------------------------------------------------------------------------------
Total Value
6.0 x $88,326 $80,607 $73,724 $67,571 $62,058 $57,106
7.0 $100,288 $91,466 $83,601 $76,573 $70,277 $64,625
Multiple 8.0 $112,250 $102,324 $93,479 $85,575 $78,497 $72,143
9.0 $124,212 $113,183 $103,356 $94,577 $86,717 $79,662
10.0 $136,174 $124,042 $113,233 $103,579 $94,936 $87,181
11.0 $148,135 $134,900 $123,110 $112,581 $103,156 $94,700
- -------------------------------------------------------------------------------------------------------------------------------
Equity Value
6.0 x $95,721 $88,003 $81,120 $74,967 $69,453 $64,501
7.0 $107,683 $98,861 $90,997 $83,969 $77,673 $72,020
Multiple 8.0 $119,645 $109,702 $100,874 $92,971 $85,892 $79,539
9.0 $131,607 $120,578 $110,751 $101,973 $94,112 $87,058
10.0 $143,569 $131,437 $120,628 $110,974 $102,332 $94,577
11.0 $155,531 $142,296 $130,505 $119,976 $110,551 $102,096
- -------------------------------------------------------------------------------------------------------------------------------
Implied Total Value/Fiscal 1998 EBIT Multiple:
6.0 x 36.8 x 33.6 x 30.7 x 28.2 x 25.9 x 23.8 x
7.0 41.8 31.1 34.8 31.9 29.3 26.9
Multiple 8.0 46.8 42.6 38.9 35.7 32.7 30.1
9.0 51.8 47.2 43.1 39.4 36.1 33.2
10.0 56.7 51.7 47.2 43.2 39.6 36.3
11.0 61.7 56.2 51.3 46.9 43.0 39.5
===============================================================================================================================
The Robinson-Humphrey Company, LLC
Project TroubleShooter
EBIT Multiple Methodology
(Dollars in Thousands)
================================================================================
SUMMARY:
- --------------------------------------------------------------------------------
WACC 20.00%
Multiple 6.0
EBIT Terminal Value $27,600
Present Value of Cash Flows $14,462
Present Value of Terminal Value $72,890
-------
Total Value $87,352
=======
Plus: Cash (1) $7,395
Less: Debt $0
-------
Equity Value $94,747
=======
Equity Value per share $17.72
================================================================================
(1) Pro Forma as of 12/31/97.
===============================================================================================================================
Weighted Average Cost of Capital (WACC) 15.00% 17.50% 20.00% 22.50% 25.00% 27.50%
- -------------------------------------------------------------------------------------------------------------------------------
Present Value of Cash Flows: $16,554 $15,456 $14,462 $13,560 $12,740 $11,992
- -------------------------------------------------------------------------------------------------------------------------------
Present Value of Terminal Value:
4.0 x $58,850 $53,422 $48,593 $44,287 $40,439 $36,991
4.5 $66,206 $60,100 $54,667 $49,823 $45,494 $41,615
5.0 $73,563 $66,777 $60,741 $55,359 $50,549 $46,239
5.5 $80,919 $73,455 $66,816 $60,895 $55,603 $50,863
Multiple 6.0 $88,275 $80,133 $72,890 $66,431 $60,658 $55,487
6.5 $95,631 $86,811 $78,964 $71,967 $65,713 $60,111
7.0 $102,988 $93,488 $85,038 $77,503 $70,768 $64,735
- -------------------------------------------------------------------------------------------------------------------------------
Total Value
4.0 x $75,404 $68,878 $63,055 $57,847 $53,179 $48,984
4.5 $82,761 $75,555 $69,129 $63,383 $58,234 $53,608
5.0 $90,117 $82,233 $75,203 $68,919 $63,288 $58,231
5.5 $97,473 $88,911 $81,277 $74,455 $68,343 $62,855
Multiple 6.0 $104,829 $95,589 $87,352 $79,991 $73,398 $67,479
6.5 $112,186 $102,266 $93,426 $85,527 $78,453 $72,103
7.0 $119,542 $108,944 $99,500 $91,063 $83,508 $76,727
- -------------------------------------------------------------------------------------------------------------------------------
Equity Value
4.0 x $82,800 $76,273 $70,450 $65,243 $60,574 $56,379
4.5 $90,156 $82,951 $76,525 $70,779 $65,629 $61,003
5.0 $97,512 $89,629 $82,599 $76,315 $70,684 $65,627
5.5 $104,869 $96,306 $88,673 $81,851 $75,739 $70,251
Multiple 6.0 $112,225 $102,984 $94,747 $87,387 $80,794 $74,875
6.5 $119,581 $109,662 $100,821 $92,923 $85,849 $79,499
7.0 $126,937 $116,340 $106,895 $98,548 $90,903 $84,123
- -------------------------------------------------------------------------------------------------------------------------------
Implied Total Value/Fiscal 1998 EBIT Multiple:
4.0 x 18.0 x 16.5 x 15.1 x 13.8 x 12.7 x 11.7 x
4.5 19.8 18.1 16.5 15.2 13.9 12.8
5.0 21.6 19.7 18.0 16.5 15.1 13.9
5.5 23.3 21.3 19.4 17.8 16.4 15.0
Multiple 6.0 25.1 22.9 20.9 19.1 17.6 16.1
6.5 26.8 24.5 22.4 20.5 18.8 17.3
7.0 28.6 26.1 23.8 21.8 20.0 18.4
===============================================================================================================================
The Robinson-Humphrey Company LLC
Project TroubleShooter
Terminal Free Cash Flow Methodology
(Dollars in Thousands)
================================================================================
SUMMARY:
- --------------------------------------------------------------------------------
WACC: 20.00%
Terminal Growth Rate: 7.00%
Present Value of Cash Flows: $14,462
Present Value of Terminal Value: $38,211
-------
Total Value: $52,673
=======
Plus: Cash (1) $7,395
Less: Debt $0
-------
Equity Value: $60,068
=======
Equity Value per share $11.23
================================================================================
(1) Pro Forma as of 12/31/97.)
====================================================================================================================================
Weighted Average Cost of Capital (WACC) 15.00% 17.50% 20.00% 22.50% 25.00% 27.50%
- ------------------------------------------------------------------------------------------------------------------------------------
Present Value of Cash Flows $16,554 $15,456 $14,462 $13,560 $12,740 $11,992
- ------------------------------------------------------------------------------------------------------------------------------------
Present Value of Terminal Value:
6.0% $66,833 $47,485 $35,483 $27,440 $21,760 $17,591
6.5% $70,762 $49,643 $36,796 $28,297 $22,348 $18,009
Growth rate 7.0% $75,182 $52,005 $38,211 $29,210 $22,968 $18,448
7.5% $80,191 $54,604 $39,739 $30,183 $23,624 $18,910
8.0% $85,915 $57,477 $41,394 $31,224 $24,319 $19,394
- ------------------------------------------------------------------------------------------------------------------------------------
Total Value:
6.0% $83,387 $62,941 $49,944 $41,000 $34,500 $29,583
6.5% $87,316 $65,098 $51,258 $41,857 $35,088 $30,002
Growth rate 7.0% $91,736 $67,461 $52,673 $42,770 $35,708 $30,441
7.5% $96,745 $70,060 $54,201 $43,743 $36,364 $30,902
8.0% $102,469 $72,933 $55,856 $44,784 $37,059 $31,387
- ------------------------------------------------------------------------------------------------------------------------------------
Equity Value:
6.0% $90,783 $70,336 $57,340 $48,396 $41,895 $36,978
6.5% $94,712 $72,494 $58,654 $49,253 $42,483 $37,397
Growth rate 7.0% $99,132 $74,857 $60,068 $50,165 $43,104 $37,836
7.5% $104,141 $77,456 $61,596 $41,139 $43,760 $38,297
8.0% $109,865 $80,328 $63,251 $52,179 $44,454 $38,782
- ------------------------------------------------------------------------------------------------------------------------------------
Implied Total Value/Fiscal 1998 EBIT Multiple:
6.0% 34.7x 26.2x 20.8x 17.1x 14.4x 12.3x
6.5% 36.4 27.1 21.4 17.4 14.6 12.5
Growth rate 7.0% 38.2 27.1 21.9 17.8 14.9 12.7
7.5% 40.3 29.2 22.6 18.2 15.2 12.9
8.0% 42.7 30.4 23.3 18.7 15.4 13.1
====================================================================================================================================
The Robinson-Humphrey Company LLC
Project TroubleShooter
Working Capital Assumptions
(Dollars in Thousands)
====================================================================================================================================
Sept. Sept. Sept. Sept. Sept. Sept. Sept.
BALANCE SHEET DATA[1] 1996 1997 1998 1999 2000 2001 2002
Current Assets less Cash and Equivalents
Receivables (Nonaffiliates)(2) $8,148 $7,038 $7,500 $9,500 $12,000 $18,000 $21,600
Receivables (Affiliates)(2) 5,068 3,964 6,000 6,500 8,000 9,000 10,800
Inventories(3) 4,695 5,596 5,900 6,500 7,300 9,500 11,440
Deferred Tax Assets 1,079 1,448 1,700 1,700 1,700 1,700 1,700
Other Current Assets(4) 1,069 2,294 900 1,300 1,500 2,500 3,000
-------- -------- -------- -------- -------- -------- --------
20,059 20,340 22,000 25,500 30,500 40,700 48,500
Current Liabilities less Current Debt
Accounts Payable (Nonaffiliates)(5) $1,327 $1,530 $2,000 $2,500 $3,000 $4,500 $5,400
Accounts Payable (Affiliates)(5) 950 1,789 2,000 2,200 2,500 4,000 4,800
Accrued Compensation(5) 1,855 1,467 2,300 2,500 3,000 3,000 3,600
Other Current Liabilities 1,344 1,847 2,400 3,000 3,500 4,000 4,800
-------- -------- -------- -------- -------- -------- --------
5,476 6,633 8,700 10,200 12,000 15,500 18,600
Working Capital Less Cash and
Equivalents and Current Debt $14,583 $13,707 $13,300 $15,300 $18,500 $25,200 $29,900
- ------------------------------------------------------------------------------------------------------------------------------------
Change in Net Working Capital ($876) ($407) $2,000 $3,200 $6,700 $4,700
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Projections for fiscal 1998 through 2001 provided by the Company.
(2) Fiscal 2002 Receivables are assumed to remain a constant percentage of
Revenues.
(3) Fiscal 2002 Inventories and Other Current Liabilities are assumed to
remain a constant percentage of Revenues.
(4) Fiscal 2002 Other Current Assets assumed to remain a constant percentage of
Revenues.
(5) Fiscal 2002 Accounts Payable and Accrued Expenses assumed to remain a
constant percentage of Cost of Sales.
The Robinson-Humphrey Company LLC
Project TroubleShooter
Transaction Multiple Analysis for
Selected Mergers and Axquisitions in the Network Solutions Industry Since 1/1/94
Date Date
Effective Announced Target Target Business Description Acquiror
- --------- --------- ------ --------------------------- --------
03/30/94 01/25/94 Brightwork Development Develop LAN mgmt software McAfee Associates Inc
02/13/95 11/14/94 Powersoft Corp Develop software Sybase Inc
02/28/95 02/28/95 Extension Technology Corp Dvlp digital network software Microcom Inc
08/31/95 05/30/95 Saber Software Corp[4] Dvlp PC network mgmt software McAfee Associates Inc
10/30/95 06/22/95 Frame Technology Corp Develop publishing software Adobe Systems Inc
08/15/95 08/15/95 Hotware Inc Develop netowrking software Microtest Inc
03/04/96 01/31/96 Tivoli Systems Inc Dvlp systems mgmt software IBM Corp
02/20/96 02/20/96 Synergistic Solutions Inc Develop software Dynatech Corp
03/25/96 03/07/96 Vycor Corp Dvlp integrated network syss McAfee Associates Inc
08/01/96 04/29/96 Continuum Co Inc Develop computer software Computer Sciences Corp
09/03/96 08/19/96 FSA Corp Pvd security commun services McAfee Associates Inc
12/31/96 12/18/96 Itronix Corp (Telxon Corp) Mnfr electric measuring equip Dynatech Corp
06/26/97 04/10/97 Microcom, Inc. Mnfr data comm products Compaq Computer Corp.
04/01/97 04/01/97 3DV Technology Develop computer software Network General Corp
06/12/97 02/26/97 US Robotics Corp Mnfr commun products systems 3Com Corp
06/30/97 03/31/97 Cascade Communications Corp Mnfr frame relays Ascend Communications Inc
08/30/97 07/30/97 Cinco Networks Inc Develop utilities software Network General Corp
12/09/97 09/12/97 Unison Software Inc Develop Network mgmt software Tivoli Systems Inc (IBM Corp)
12/01/97 10/13/97 Network General Corp Pvd computer sys design svcs McAfee Associates Inc
12/22/97 Dynatech Corp Mnfr test analysis products Investor Group
Equity Value as a Multiple of:
------------------------------ Firm Value as a Multiple of:
Transaction Book Net Transaction -------------------------------------
Equity Value Value Income Firm Value[1] Revenues EBITDA[2] EBIT[3]
------------ ----- ------ ------------- -------- --------- -------
($MM) ($MM)
$10.3 6.5x 24.6x $10.0 1.36x NAx 14.0x
827.7 13.0 63.7 790.8 7.39 36.2 41.8
NA NA NA NA NA NA NA
61.0 4.1 85.0* 51.7 2.43 NA 66.6*
460.0 8.0 50.0 414.1 5.01 22.4 30.7
0.5 NA NA NA NA NA NA
743.0 17.3* 306.7* 712.7 16.78* 144.8* 213.3*
NA NA NA NA NA NA NA
9.0 NA NA NA NA NA NA
1,300.0 11.7 52.1 1,299.0 2.60 19.0 29.2
22.2 NA NA NA NA NA NA
65.0 11.5 31.5 67.7 1.08 12.2 17.9
262.0 2.4 55.9 267.5 1.52 14.6 29.4
20.0 NA NA NA NA NA NA
7,346.8 8.5 26.2 7,425.0 2.98 15.8[5] 16.9
2,603.3 10.8 34.8 2,472.6 6.59 18.6 21.3
27.0 NA NA NA NA NA NA
179.5 5.8 33.3 156.9 3.68 19.2 20.2
918.5 6.0 27.5 823.7 3.21 12.6 15.5
826.7 4.7 21.1 804.5 1.94 9.9 12.6
- -------------------------------------------------------------------------------------------------------------------------
AVERAGE 7.7x 38.2x 3.32x 18.0x 22.7x
MEDIAN 8.0x 34.8x 2.98x 18.6x 21.3x
==========================================================================================================================
- ----------
*Excluded from the average.
NM-Not Meaningful
NA-Not Available
[1] Firm value equals equity value plus debt assumed minus cash and marketable
securities, if desired.
[2] EBITDA equals operating income before interest, taxes, depreciation and
amortization.
[3] EBIT equals operating income before interest and taxes.
[4] Equals annualized numbers from six months ended June 30, 1995.
[5] Includes annual depreciation and amortization only.
The Robinson-Humphrey Company LLC 1/16/98
Project TroubleShooter
Implied Valuation Analysis Utilizing Network Solution M&A Transaction Multiples
(Dollars in Thousands)
Implied
Average Multiple Equity
----------------------------------- Implied Value
TroubleShooter's Equity Value/ Equity Value/ Equity Per
Valuation Parameter Value LTM Net Income Book Value Share(4)
- ------------------- ----- -------------- ---- ----- --------
Calendar 1997 Net Income ($1,317) 38.2x NM NM
Pro Forma 12/31/97
Book Value(1) 23,950 7.7x $185,421 $34.68
Implied
Average Multiple Equity
--------------------------------------------------- Implied Value
TroubleShooter's Firm Value(2)/ Firm Value(2)/ Firm Value(2)/ Less Equity Per
Valuation Parameter Value LTM Revenues LTM EBITDA LTM EBIT Net Debt(3) Value Share(4)
- ------------------- ----- ------------ ---------- -------- ----------- ----- --------
Calendar 1997 Revenues $53,351 3.32x ($7,395) $184,293 $34.47
Calendar 1997 EBITDA (783) 18.0x (7,395) NM NM
Calendar 1997 EBUT (2,485) 22.7x (7,395) NM NM
--------------------------------
Average: $73,943 $13.83
High: $185,421 $34.68
Low: $0 $0.00
--------------------------------
- ----------
* Excluded from average.
(1) Adjusted $6.3 million for contemplated write-downs of purchased technology.
(2) Firm value equals equity value plus debt assumed minus cash and marketable
securities, if desired.
(3) Net debt equals debt plus preferred stock less cash and marketable
securities. Assumes cash outlay of $6.0 million for acquisitions to be
completed in January 1998.
(4) Assumes 5,346,739 shares outstanding (includes outstanding options using
the treasury stock method).
The Robinson-Humphrey Company, LLC
Project TroubleShooter
Selected M&A Transaction Premiums and Forward PE Multiples for
Public Network Solutions Companies Since 1/1/94
Premium
1 Day
Price Current Forward Prior To
Date Date Per Year Year Announcement
Announced Effective Target Acquiror Share PE (1) PE (1) Date
- --------- --------- ------ -------- ----- ------ ------ ----
02/13/95 11/14/94 Powersoft Corp Sybase Inc $77.40 66.7 x* 47.5 x* 26.1%
10/30/95 06/22/95 Frame Technology Corp Adobe Systems Inc 32.95 37.4 29.2 25.5
03/04/96 01/31/96 Tivoli Systems Inc IBM Corp 47.50 182.7 * 101.1* 25.8
08/01/96 04/29/96 Continuum Co Inc Computer Sciences Corp 61.72 34.9 29.0 36.0
06/12/97 02/26/97 US Robotics Corp 3Com Corp 68.50 20.9 15.7 11.4
06/30/97 03/31/97 Cascade Communications Corp Ascend Communications Inc 36.40 45.5 29.6 28.3
12/09/97 09/12/97 Unison Software Inc Tivoli Systems Inc (IBM Corp) 15.00 25.9 20.5 9.1*
06/26/97 04/10/97 Microcom Inc Compaq Computer Corp 16.25 54.2 20.3 54.8
12/01/97 10/13/97 Network General Corp McAfee Associates Inc. 24.98 33.3 24.3 19.6
12/22/97 Dynatech Corp Investor Group 47.75 20.4 15.9 29.9
---------------------------------------------
AVERAGE 34.1x 23.1x 28.6%
MEDIAN 36.2 26.6 26.0
=============================================
Premium Premium
1 Week 4 Weeks
Prior To Prior To
Date Announcement Announcement
Announce Date Date
- -------- ---- ----
02/13/95 22.4% 33.2%
10/30/95 18.7 49.8
03/04/96 25.0 41.8
08/01/96 35.6 45.2
06/12/97 13.2 0.4*
06/30/97 46.7 21.1
12/09/97 25.0 22.4
06/26/97 91.2* 35.4
12/01/97 25.3 42.7
37.2 29.9
----------------------------
27.7% 35.7%
25.1 34.3
============================
- ----------
Source: Securities Data Company, Inc.
* - excluded from average
(1) Current and forward year EPS projections provided by IBES. Multiples based
on price per share offered to the target at the time of the announcement.
The Robinson-Humphrey Company, LLC
1/15/98
Project TroubleShooter
Implied Valuation Analysis Utilizing Network Solution M&A Premiums and Forward PE Multiples
Projections With Technology Acquisitions
(Dollars in Thousands)
========
========= Implied
Average Multiple Implied Equity
-------------------------------- Equity Value
TroubleShooter's Price/ Price/ Value Per
Valuation Parameter Value Current Yr EPS Forward Yr EPS ------- Share(1)
- ------------------------------- --------------- -------------- -------------- -------
Fiscal 1998 EPS Estimate(1) $0.42 34.1 x $76,493 $14.31
Fiscal 1999 EPS Estimate $0.96 23.1 x 118,347 22.13
Average Multiple
--------------------------------------------------------
TroubleShooter's Premium One Day Premium One Week Premium Four Weeks
Valuation Parameter Value Prior to Ann. Prior to Ann. Prior to Ann.
------------------ --------------- --------------- --------------- -------------------
Price One Day Prior to
Announcement(3) $10.00 28.6% $68,764 $12.86
Price One Week Prior to
Announcement(3) 9.50 27.7% 64,854 12.13
Price Four Weeks Prior to
Announcement(3) 10.50 35.7 % 76,198 14.25
======== ========
---------------------------------------
Average: $80,931 $15.14
Median: $76,l98 $14.25
High: $118,347 $22.13
Low: $64,854 $12.l3
=======================================
- ----------
* Excluded from average.
(1) Excludes $6.3 million in purchased technology write-downs.
(2) Assumes 5,346,739 shares outstanding (includes outstanding options using
treasury stock method).
(3) Assumes announcement date on November 19, 1997.
The Robinson-Humphrey Company, LLC
Project TroubleShooter
Selected M&A Transaction Premiums for Minority Interest Acquisitions in Going Private Transactions
1/1/92 - 12/31/97
Date Acquiror Target Target Business Description
- ---- -------- ------ ---------------------------
06/25/92 Katy Holdings Katy Industries Inc Mnfr industrial machinerey
07/14/92 WR Grace & Co Grace Engery Corp Contract drilling, oilfield scv
07/29/92 Investor Group Fretter Inc Home appliances, electronics
01/04/93 Investor Group United Medical Corp Whl medical supplies
02/19/93 National Mutual Insurance Co Celina Financial Corp Insurance agents
03/08/93 Dundee Bancorp International Avalon Corp (Corona Corp) Oil and gas exploration,prodn
05/07/93 New Marvel Holdings Inc Marvel Entertainment Group Inc Publish comic books
08/12/93 REMEC Inc Humphrey Inc Mnfr, precision instruments
09/01/93 Investor Group Forum Group Inc Own, operate nursing homes
04/28/94 Investor Group Enquirer/Star Group Inc Publish tabloid newspapers
09/13/94 Investor Group LDB Corp Mnfr moblie homes; whl carpets
11/15/94 Freeman Spogli & Co Koll Management Services (Koll) Real estate management svcs
03/15/95 LinPac Mouldings Ltd Ropak Corp Manufacture plastic containers
03/24/95 Dole Food Co Inc Castle & Cooke Homes Inc Real estate development firm
04/28/95 Fleet Financial Group Inc. MA Fleet Mortgage Group Inc Mortgage bank; holding company
05/19/95 BIC SA Bic Corp(BIC SA) Mnfr writing instruments
08/02/95 Club Mediterranee SA Club Med Inc Operate vacation resorts
08/25/95 Berkshire Hathaway Inc. GEICO Corp Insurance and financial svcs
08/30/95 Investor Group Syms Corp Own, op men's clothing store
09/26/95 SCOR SCOR US Corp(SCOR SA) Reinsurance holding company
10/02/95 Genzyme Corp IG Laboratories Inc Operate medical laboraties
11/06/95 Investor Group NPC International Inc Own and operate restaurants
12/11/95 COBE Laboratories(Gambro AB) REN Corp-USA(COBE Labs Inc) Own,op kidney dialysis centers
03/29/96 Equity Holdings Ltd Great American Mgmt & Invt Inc Invt advice and financial svcs
05/27/96 Novartis AG Sy Stemix Inc (Sandoz AG) Mnfr, dvlp celluar processes
06/21/96 Seaboard Acquistion Partners Seaboard Oil Co Oil and gas exploration, prodn
09/17/96 Chemed Corp Roto-Rooter Inc(Chemed Corp) Provide, plumbing services, prod
09/30/96 CUS Acquisition Inc Customedix Corp Mnfr, dental, medical products
10/03/96 Electromagnetic Sciences LXE Radio control devices
10/10/96 Renco Group Inc WCI Steel Inc(Renco Group Inc) Manufacture steel
11/13/96 Monsanto Co Calgene Inc Own and operate greenhouse
11/20/96 Andrews Group Inc Toy Biz Inc Mnfr games and toys
11/27/96 JW Childs Equity Partners LP Central Tractor Farm & Country Own, op tractor, hardware stores
01/21/97 Mafco Holdings Inc Mafco Consolidated Grp(Mafco) Mnfr cosmetics, beauty products
Premium Premium Premiu
1 Day 1 Week 1 Week
Value of Price Prior To Prior To Prior To
Transaction Percent Per Announcement Announcement Announcement
Date ($MM) Sought Share Date Date Date
- ---- ----- ------ ----- ---- ---- ----
06/25/92 $190.047 48.1% $25.75 53.7% 51.5% 46.1%
07/14/92 628.696 16.6% 19.00 24.6 21.6 7.8
07/29/92 102.182 24.0% 4.00 77.8 100.0 52.4
01/04/93 19.473 48.0% 9.50 49.0 52.0 49.0
02/19/93 7.482 44.4% 5.80 16.0 36.5 36.5
03/08/93 38.999 16.5% 3.75 42.9 42.9 50.0
05/07/93 738.858 20.7% 30.00 53.8 42.9 58.9
08/12/93 10.302 48.5% 6.00 18.5 14.3 45.5
09/01/93 245.530 35.7% 3.62 106.9 70.4 106.9
04/28/94 1067.888 43.0% 17.50 20.7 20.7 7.7
09/13/94 17.766 31.0% 7.50 42.9 42.9 42.9
11/15/94 109.062 48.0% 33.20 107.5 107.5 114.2
03/15/95 79.638 45.2% 11.00 4.8 6.0 4.8
03/24/95 525.031 18.3% 15.75 35.5 41.6 55.6
04/28/95 1742.003 19.0% 20.00 19.4 18.5 18.5
05/19/95 906.058 22.0% 40.50 13.3 12.5 28.6
08/02/95 503.609 33.0% 32.00 41.4 39.9 44.6
08/25/95 5441.824 47.6% 70.00 25.6 23.1 25.3
08/30/95 160.687 22.0% 8.75 11.1 9.4 25.0
09/26/95 386.745 20.0% 15.25 37.1 35.6 38.6
10/02/95 71.294 34.9% 7.00 43.6 86.7 143.5
11/06/95 298.189 38.0% 9.00 44.0 44.0 33.3
12/11/95 388.346 48.4% 20.00 27.0 20.3 26.0
03/29/96 746.409 12.1% 50.00 2.6 4.2 3.6
05/27/96 401.596 26.3% 19.50 4.7 69.6 59.2
06/21/96 10.769 29.0% 9.75 11.4 11.4 39.3
09/17/96 220.326 45.1% 41.00 12.3 12.3 11.2
09/30/96 15.103 45.4% 2.38 22.6 26.7 5.6
10/03/96 13.500 28.0% 13.13 22.1 14.1 19.3
10/10/96 437.182 15.5% 10.00 17.6 29.0 77.8
11/13/96 584.080 9.4% 8.00 64.1 80.3 39.1
11/20/96 452.237 33.0% 22.50 29.5 25.9 20.0
11/27/96 169.606 34.6% 14.25 17.5 17.5 18.8
01/21/97 980.318 15.0% 33.50 23.5 23.5 27.6
The Robinson-Humphrey Company, LLC
Project TroubleShooter
Selected M&A Transaction Premiums for Minority Interest Acquisitions in Going Private Transactions
1/1/92 - 12/31/97
Date Acquiror Target Target Business Description
- ---- -------- ------ ---------------------------
01/24/97 National Patent Development General Physics Corp Provide training services
07/15/97 Anthem Inc Acordia Inc(Anthem Inc) Pvd insurance brokerage svcs
09/05/97 Gold Kist Golden Poultry Company Poultry Processing
12/16/97 Orion Capital Corp Guaranty National Corp Insurance company
Pending Texas Industries Inc Chaparral Steel Co Mnfr primary steel products
Premium Premium Premium
1 Day 1 Week 4 Weeks
Value of Price Prior To Prior To Prior To
Transaction Percent Per Announcement Announcement Announcement
Date ($MM) Sought Share Date Date Date
- ---- ----- ------ ----- ---- ---- ----
01/24/97 70.360 48.0% 5.10 16.6 31.6 36.0
07/15/97 633.961 39.2% 40.00 12.7 11.5 26.0
09/05/97 230.600 25.5% 14.25 28.1 31.0 29.5
12/16/97 647.411 22.7% 36.00 10.8 23.9 27.7
Pending 519.310 18.7% 15.50 20.4 25.3 29.2
--------------------------------------------------------------------------------
Average: 31.3% 31.6% 35.3% 39.3%
Median: 31.0% 23.5% 26.7% 33.3%
High: 48.5% 107.5% 107.5% 143.5%
Low: 9.4% 2.6% 4.2% 3.6%
================================================================================
- ----------
Source: Securities Data Company, Inc.
The Robinson-Humphrey Company, LLC
Project TroubleShooter
Implied Valuation Analysis Utilizing Selected Premiums From Minority Interest/Going Private Transactions
(Dollars in Thousands)
========
========= Implied
Average Premium Implied Equity
-------------------------------------------------------- Equity Value
TroubleShooter's 1 Day 1 Week 4 Weeks Value Per
Valuation Parameter(1) Value Prior to Ann. Prior to Ann. Prior to Ann. ------- Share(2)
--------------------- --------------- --------------- --------------- ------------------- -------
Stock Price 1 Day Prior to
Announcement $10.00 31.6% $70,378 $13.16
Stock Price 1 Week Prior to
Announcement 9.50 35.3% 68,746 12.86
Stock Price 4 Weeks Prior to
Announcement 10.50 39.3% 78,188 14.62
======== =======
----------------------------------------
Average: $72,437 $13.55
Median: $70,378 $13.16
High: $78,188 $14.62
Low: $68,746 $12.86
========================================
- ----------
* Excluded from the unweighted average.
(1) Press release announcing potential acquisition was made November 19, 1997.
(2) Assumes 5,346,739 shares outstanding (includes outstanding options under
treasury stock method).