Exhibit 99.17(b)(2)
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PROJECT ORBIS
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Presentation to the Special Committee of the Board of Directors
May 20, 1999
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TUCKER CLEARY
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PROJECT ORBIS
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Table of Contents
Section Page
I. Executive Summary
Transaction Overview...................................... I - 1
Transaction Chronology.................................... I - 2-3
II. Valuation Methodologies
Summary Reference Equity Value Range...................... II - 1-2
Exhibits
Analysis of Selected Reference Publicly Traded Companies..... Exhibit A
Analysis of Selected Reference Merger and Acquisition
Transactions............................................... Exhibit B
Analysis of Selected Acquisition of Minority Interest
Transactions............................................... Exhibit C
Analysis of Selected Acquisition of Remaining Interest
Transactions............................................... Exhibit D
Discounted Cash Flow Analyses................................ Exhibit E
Consolidated Historical and Projected Income Statements...... Exhibit F
Institutional Ownership...................................... Exhibit G
Selected Price/Volume and Shares Traded Graphs............... Exhibit H
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TUCKER CLEARY
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SECTION I
Executive Summary
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Transaction Overview
o ThermoSpectra Corporation (the "Company" or "THS") is a publicly traded,
92% owned subsidiary of Thermo Instrument Systems, Inc. ("THI"). THI has
publicly announced its intention to repurchase all of the shares of THS
stock it does not currently own.
o Pursuant to a formal offer, THI proposes to purchase the remaining 8%
minority stake for $16.00 per share in cash, reflecting an aggregate
purchase price of $17.5 million, based on approximately 1,095,871 shares
held by the minority shareholders.
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I-1
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TUCKER CLEARY
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Executive Summary
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Transaction Chronology
Mid-March 1998: ThermoSpectra announces appointment of Barry S. Howe as
President and Chief Executive Officer.
July 1998: Thermo Instrument Systems announces that its Board of
Directors had authorized the repurchase, over the
following 12 months, of up to 2 million shares of its
common stock, as well as up to $25 million worth of its
subsidiaries' securities.
July 1998 -
December 1998: Thermo Electron Corporation, a beneficial owner of more
than 10% of the shares of ThermoSpectra Corporation,
purchases 932,100 shares of THS, bringing its holdings
to 14,239,545 or approximately 92% of THS shares
outstanding.
September 29, 1998: ThermoSpectra announces that it will record a third
quarter charge of approximately $5.4 million relating to
employee severance costs and facility closing costs.
ThermoSpectra further announces that it expects 1999
savings resulting from these charges of approximately
$11 million.
Early March 1999: Tucker Cleary meets with the Special Committee to review
its preliminary valuation of ThermoSpectra and provide
guidance with respect to any offers from Thermo
Instrument Systems for the minority stake of
ThermoSpectra. In connection with the valuation, Tucker
Cleary has:
o Visited the Temperature Control division as well
as the larger entities within the Test &
Measurement and Imaging & Inspection divisions
o Prepared a financial model incorporating
management's financial projections
o Reviewed comparable companies and comparable
merger transactions
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I-2
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TUCKER CLEARY
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Executive Summary
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Transaction Chronology (continued)
March 1999 - May 1999: The Special Committee, in conjunction with its legal and
financial advisors, negotiates with representatives of
THI regarding an agreement in principle with respect to
the price at which the minority stake in Orbis will be
purchased by THI. Parties ultimately agree to a per
share price in cash of $16.00.
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I-3
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TUCKER CLEARY
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SECTION II
Valuation Methodologies - Summary
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Reference Equity Value Range
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Reference Reference
M&A Transactions Public Companies (1)
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Imputed Equity Value $156 M - $196 M $120 M - $138 M
Per Share $10.20 - $12.79 $7.80 - $8.99
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Acquisition of Acquisition of
Minority Interests Remaining Interests
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Premiums (1 week prior to announcement)
High 50.7% 50.6%
Adjusted Mean 14.3% 18.8%
Low 1.5% 3.8%
THS Stock Price (5/14/99) $11.125 $11.125
Imputed High Value $16.77 $16.75
Imputed Mean Value $12.72 $13.22
Imputed Low Value $11.29 $11.55
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(1) Represents the sum of the imputed values for each of the three divisions,
before giving effect to any acquisition premium.
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II-1
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TUCKER CLEARY
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Valuation Methodologies - Summary
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Reference Equity Value Range -- Chronology of DCF Valuations
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Consolidated DCF
(3/10/99 Presentation Methodology (1))
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Management Case Adjusted Case
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Imputed Equity Value $278 M - $324 M $172 M - $201 M
Per Share $18.16 - $21.14 $11.22 - $13.11
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THS Tucker Cleary THS Tucker Cleary
Original DCF Revised DCF Revised DCF Revised DCF
3/19/99(2) 3/26/99(3) 4/7/99(4) Early May(5)
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Imputed Equity Value $221 M $302 M $242 M $252 M
Per Share $14.40 $19.65 $15.73 $16.41
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(1) Updated to reflect current estimated cost of capital and terminal value
multiples.
(2) Employing 10-year period and alternative terminal value calculation.
(3) Employing THS methodology consistently applied.
(4) Employing management projections for years 1-5 and revised year 6-10
projections.
(5) Employing 5 year projections.
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II-2
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TUCKER CLEARY
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TAB A
Project Orbis - Temperature Control Group
Imputed Valuation Based on Reference Company Analysis
(Based on Latest Twelve Months ended 4/3/99 Financial Data)
(All Dollar Amounts in Thousands)
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Valuation Enterprise Value Multiple of:
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LTM LTM LTM
Revenues EBITDA EBIT
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SELECTED COMP GROUP MULTIPLE
Adjusted Mean 0.9x 13.6x 17.7x
TEMPERATURE CONTROL DIVISION
Financial Data (1) $54,768 $7,350 $5,912
IMPLIED GROSS ENTERPRISE VALUE
Adjusted Mean $47,310 $100,012 $104,434
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Notes:
(1) Based on Temperature Control Division model. Prior to restructuring costs
and adjusted for corporate overhead, intercompany sales and corporate
office adjustments based on a percentage of sales.
Project Orbis - Temperature Control Group
Imputed Valuation Based on Reference Company Analysis
(Based on Fiscal 1999 Financial Data)
(All Dollar Amounts in Thousands)
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Valuation Enterprise Value Multiple of:
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1999 1999 1999
Revenues EBITDA EBIT
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SELECTED COMP GROUP MULTIPLE (1)
Adjusted Mean 0.9x 13.6x 17.7x
TEMPERATURE CONTROL DIVISION (2)
Financial Data $49,451 $8,372 $5,844
IMPLIED GROSS ENTERPRISE VALUE
Adjusted Mean $42,717 $113,921 $103,227
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Notes:
(1) 1999 enterprise value is calculated using 1998 adjusted mean multiples.
(2) Based on 1999 Temperature Control Division model. EBIT has been adjusted
for corporate overhead, intercompany sales and corporate office
adjustments based on a percentage of sales.
Project Orbis - Temperature Control Group
Selected Reference Company Analysis
(All Dollar Amounts in Thousands, Except Per Share Amounts)
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Temperature
Control Div. (1) Mean
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Ticker/Exchange NA
Latest Fiscal Year Ending 01/02/99
Latest Fiscal Quarter Ending 04/03/99
Preliminary Earnings Reported -
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Current Market Information
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Stock Price: 05/14/99 NA
52-Week High NA
52-Week Low NA
% Within High/Low Range NA
Common Shares Outstanding (000s) NA
% Held by Institutions NA
Market Value of Common Equity (EMV) NA $179,405
Plus: Total Funded Debt (TFD) (a) NA $33,796
Less: Cash and Marketable Securities $1,820 $13,400
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Total Market Capitalization (b) NA $199,801
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Last 12 Months' (LTM) Income Information
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LTM Revenues $54,639 $143,850
LTM Gross Profit $19,658 $65,103
LTM EBITDA $8,117 (2) $14,990
LTM EBIT $6,679 (2) $9,401
LTM Net Income $4,942 (2) $5,778
Margins:
LTM Gross Margin 36.0% 45.5%
LTM EBITDA Margin 14.9% (2) 10.5%
LTM EBIT Margin 12.2% (2) 6.7%
LTM Net Income Margin 9.0% (2) 4.1%
Tax Rate 4.3% 38.3%
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EPS Information
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LTM EPS NA
Projected CY 1999 EPS (c) NA
Projected CY 2000 EPS (c) NA
Book Value NA
Projected 5 Year Growth (EPS) (c) NA
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Valuation Comparables
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Keithley
Cerprobe GenRad, IFR Instruments,
Corporation Inc. Systems, Inc. Inc.
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Ticker/Exchange CRPB / NASDAQ GEN / NYSE IFRS / NASDAQ KEI / NYSE
Latest Fiscal Year Ending 12/31/98 01/02/99 06/30/98 09/30/98
Latest Fiscal Quarter Ending 12/31/98 01/02/99 12/31/98 12/31/98
Preliminary Earnings Reported 03/31/99 - - 03/31/99
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Current Market Information
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Stock Price: 05/14/99 $9.44 $18.56 $4.31 $8.06
52-Week High $18.25 $22.31 $23.25 $9.69
52-Week Low $8.38 $10.19 $3.13 $3.75
% Within High/Low Range 10.8% 69.1% 5.9% 72.6%
Common Shares Outstanding (000s) 8,145 29,335 8,208 7,545
% Held by Institutions 36.3% 62.8% 53.0% 41.9%
Market Value of Common Equity (EMV) $76,868 $544,524 $35,397 $60,832
Plus: Total Funded Debt (TFD) (a) $6,573 $8,487 $114,125 $6,000
Less: Cash and Marketable Securities $19,884 $12,998 $4,663 $16,056
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Total Market Capitalization (b) $63,557 $540,013 $144,859 $50,776
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Last 12 Months' (LTM) Income Information
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LTM Revenues $68,860 $224,789 $180,027 $101,725
LTM Gross Profit $26,836 $105,912 $68,780 $58,882
LTM EBITDA $8,274 $32,424 (3) $7,920 (4) $11,343
LTM EBIT $3,598 $17,112 (3) ($1,561) (4) $7,494
LTM Net Income $2,639 $10,907 (3) ($12,724) (4) $3,788
Margins:
LTM Gross Margin 39.0% 47.1% 38.2% 57.9%
LTM EBITDA Margin 12.0% 14.4% (3) 4.4% (4) 11.2%
LTM EBIT Margin 5.2% 7.6% (3) (0.9%) (4) 7.4%
LTM Net Income Margin 3.8% 4.9% (3) (7.1%) (4) 3.7%
Tax Rate 42.7% 31.0% NM 41.3%
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EPS Information
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LTM EPS $0.45 $0.85 $0.18 $0.69
Projected CY 1999 EPS (c) $0.73 $1.37 $0.27 $0.63
Projected CY 2000 EPS (c) $1.29 $1.78 $0.34 $0.70
Book Value $6.58 $4.57 $3.72 $5.35
Projected 5 Year Growth (EPS) (c) 25.0% 25.0% 25.0% 12.0%
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Industry Comparables
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Keithley Applied Credence
Instruments, Materials Systems KLA-Tencor
Inc. Inc. Corporation Corporation
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Ticker/Exchange KEI / NYSE AMAT / NASDAQ CMOS / NASDAQ KLAC / NASDAQ
Latest Fiscal Year Ending 09/30/98 10/31/98 10/31/98 06/30/98
Latest Fiscal Quarter Ending 12/31/98 01/31/99 10/31/98 12/31/98
Preliminary Earnings Reported 03/31/99 - 01/31/99 03/31/99
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Current Market Information
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Stock Price: 05/14/99 $8.06 $60.69 $26.94 $51.50
52-Week High $9.69 $71.63 $32.06 $65.00
52-Week Low $3.75 $21.56 $9.31 $20.75
% Within High/Low Range 72.6% 78.2% 77.5% 69.5%
Common Shares Outstanding (000s) 7,545 372,974 20,477 88,159
% Held by Institutions 41.9% 65.4% 95.7% 74.5%
Market Value of Common Equity (EMV) $60,832 $22,634,879 $551,607 $4,540,189
Plus: Total Funded Debt (TFD) (a) $6,000 $624,554 $115,000 $16,416
Less: Cash and Marketable Securities $16,056 $562,401 $58,343 $747,679
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Total Market Capitalization (b) $50,776 $22,697,032 $608,264 $3,808,926
=============== ================ ================ ==============
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Last 12 Months' (LTM) Income Information
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LTM Revenues $101,725 $3,476,479 $148,207 $1,469,730
LTM Gross Profit $58,882 $1,554,818 $78,413 $817,834
LTM EBITDA $11,343 (5) $695,602 (6) $6,864 $231,022 (7)
LTM EBIT $7,494 (5) $407,203 (6) ($8,095) $192,105 (7)
LTM Net Income $3,788 (5) $267,862 (6) ($5,046) $241,223 (7)
Margins:
LTM Gross Margin 57.9% 44.7% 52.9% 55.6%
LTM EBITDA Margin 11.2% (5) 20.0% (6) 4.6% 15.7% (7)
LTM EBIT Margin 7.4% (5) 11.7% (6) -5.5% 13.1% (7)
LTM Net Income Margin 3.7% (5) 7.7% (6) (3.4%) 16.4% (7)
Tax Rate 41.3% 33.3% 18.8% 34.3%
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EPS Information
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LTM EPS $0.69 $0.74 ($0.42) $0.72
Projected CY 1999 EPS (c) $0.63 $1.45 $0.06 $1.11
Projected CY 2000 EPS (c) $0.70 $1.81 $0.08 $1.95
Book Value $5.35 $8.63 $7.07 $13.62
Projected 5 Year Growth (EPS) (c) 12.0% 25.0% 25.0% 25.0%
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(a) Total Funded Debt equals Short-Term Debt plus Long-Term Debt plus
Preferred Equity.
(b) Total Market Capitalization equals Market Value of Common Equity plus
Total Funded Debt less Cash and Marketable Securities.
(c) Consensus estimates from First Call.
"NA" indicates value not available; "NM" indicates a negative value.
(1) Temperature Control Division results provided by the Company.
(2) Before Allocated corporate overhead, interest and taxes. Excludes $237 of
restructuring charges in 1998.
(3) GenRad, Inc. excludes $31,406 of extraordinary items in 1998.
(4) IFR excludes $15,700 of acquired research and development in 1998.
(5) Keithley excludes $4,808 abd $2,852 of gain on sale of business in 1999
and 1998 respectively and excludes $335 and $1,172 of special charges in
1999 and 1998 respectively.
(6) Applied Materials exclude $5,000 and $237,227 of non-recurring items in
1999 and 1998 respectively.
(7) KLA-Tencor excludes $42,700 and $22,474 of non-recurring acquisition,
restructuring and other charges in 1999 and 1998 respectively.
Project Orbis - Temperature Control Group
Selected Reference Company Analysis
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Valuation Comparables
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Cerprobe GenRad, IFR Keithley
Market Multiples Corporation Inc. Systems, Inc. Instruments, Inc.
---------------- ---------------- ---------------- ----------------
Price / LTM EPS 21.0x 21.8x 24.0x 11.7x
Price / CY 1999 EPS 12.9x 13.5x 16.0x 12.9x
Price / CY 2000 EPS 7.3x 10.4x 12.8x 11.5x
Total Capitalization/LTM Revenues 0.9x 2.4x 0.8x 0.5x
Total Capitalization/LTM EBITDA 7.7x 16.7x 18.3x 4.5x
Total Capitalization/LTM EBIT 17.7x 31.6x (92.8x) 6.8x
CY 1999 P/E Ratio/Future 5-Yr Growth Rate 0.5x 0.5x 0.6x 1.1x
Market / Book Multiple 1.4x 4.1x 1.2x 1.5x
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Industry Comparables
----------------------------------------------------
Applied Materials Credence Systems KLA-Tencor
Market Multiples Inc. Corporation Corporation
---------------- ---------------- ----------------
Price / LTM EPS 82.0x (64.1x) 71.5x
Price / CY 1999 EPS 41.9x 449.0x 46.4x
Price / CY 2000 EPS 33.5x 359.2x 26.4x
Total Capitalization/LTM Revenues 6.5x 4.1x 2.6x
Total Capitalization/LTM EBITDA 32.6x 88.6x 16.5x
Total Capitalization/LTM EBIT 55.7x (75.1x) 19.8x
CY 1999 P/E Ratio/Future 5-Yr Growth Rate 1.7x 18.0x 1.9x
Market / Book Multiple 7.0x 3.8x 3.8x
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- ----------------------------------- Adjusted
Summary Statistics (a) Mean (b) High Low Count
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Price / LTM EPS 21.4x 24.0x 11.7x 4
Price / CY 1999 EPS 13.2x 16.0x 12.9x 4
Price / CY 2000 EPS 11.0x 12.8x 7.3x 4
Total Capitalization/LTM Revenues 0.9x 2.4x 0.5x 4
Total Capitalization/LTM EBITDA 13.6x 18.3x 4.5x 5
Total Capitalization/LTM EBIT 17.7x 19.8x 6.8x 3
CY 1999 P/E Ratio/Future 5-Yr Growth Rate 0.6x 1.1x 0.5x 4
Market / Book Multiple 1.4x 1.5x 1.2x 3
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(a) Boldfaced multiples, if any, are excluded from Summary Statistics, as they
are deemed extraordinary.
(b) Adjusted Mean excludes high and low values.
Project Orbis - Temperature Control Group
Selected Reference Company Analysis
(All Dollar Amounts in Thousands)
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Valuation Comparables
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Cerprobe GenRad, IFR Keithley
Mean Corporation Inc. Systems, Inc. Instruments, Inc.
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Revenues
LTM $68,860 $224,789 $180,027 $101,725
Latest Fiscal Year 1997/98 $76,207 $224,789 $148,069 $117,776
Fiscal Year 1996/97 $77,110 $236,761 $103,517 $123,295
Fiscal Year 1995/96 $37,310 $183,545 $89,997 $118,946
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3 Yr. Revenue CAGR 18.5% 42.9% 10.7% 28.3% NM
Gross Margin
LTM 39.0% 47.1% 38.2% 57.9%
Latest Fiscal Year 1997/98 40.9% 47.1% 36.5% 57.3%
Fiscal Year 1996/97 41.0% 53.5% 40.8% 57.9%
Fiscal Year 1995/96 45.5% 52.5% 37.7% 61.2%
-------- ------------ ------------- --------------- --------------
Avg. 3 Yr. Gross Margin 50.1% 42.5% 51.1% 38.3% 58.8%
EBITDA Margin
LTM 12.0% 14.4% 4.4% 11.2%
Latest Fiscal Year 1997/98 16.3% 14.4% 6.9% 9.7%
Fiscal Year 1996/97 11.8% 20.2% 13.5% 5.8%(1)
Fiscal Year 1995/96 7.2% 17.8% 12.5% 8.6%(1)
-------- ------------ ------------- --------------- --------------
Avg. 3 Yr. EBITDA Margin 17.2% 11.7% 17.5% 11.0% 8.0%
EBIT Margin
LTM 5.2% 7.6% (0.9%) 7.4%
Latest Fiscal Year 1997/98 10.1% 7.6% 2.6% 6.4%
Fiscal Year 1996/97 7.0% 16.3% 10.5% 2.5%(1)
Fiscal Year 1995/96 2.0% 14.1% 9.2% 5.2%(1)
-------- ------------ ------------- --------------- --------------
Avg. 3 Yr. EBIT Margin 12.8% 6.4% 12.7% 7.4% 4.7%
Net Income
LTM $2,639 $10,907 ($12,724) $3,788
Latest Fiscal Year 1997/98 $5,237 $10,907 ($6,517) $3,710
Fiscal Year 1996/97 $1,840 $41,295 $6,646 $1,253 (1)
Fiscal Year 1995/96 ($1,360) $27,335 $4,761 $1,547 (1)
-------- ------------ ------------- --------------- --------------
3 Yr. Net Income CAGR 54.9% NM NM NM 54.9%
Net Income Margin
LTM 3.8% 4.9% (7.1%) 3.7%
Latest Fiscal Year 1997/98 6.9% 4.9% (4.4%) 3.2%
Fiscal Year 1996/97 2.4% 17.4% 6.4% 1.0%(1)
Fiscal Year 1995/96 (3.6%) 14.9% 5.3% 1.3%(1)
-------- ------------ ------------- --------------- --------------
Avg. 3 Yr. Net Income Margin 8.4% 1.9% 12.4% 2.4% 1.8%
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Industry Comparables
---------------------------------------------------
Applied Materials Credence Systems KLA-Tencor
Inc. Corporation Corporation
----------------- ---------------- ------------
Revenues
LTM $3,476,479 $148,207 $1,469,730
Latest Fiscal Year 1997/98 $4,041,687 $204,092 $1,166,325
Fiscal Year 1996/97 $4,074,275 $238,788 $1,031,824
Fiscal Year 1995/96 $4,144,817 $176,805 $1,094,492
----------- ---------- ------------
3 Yr. Revenue CAGR NM 7.4% 3.2%
Gross Margin
LTM 44.7% 52.9% 55.6%
Latest Fiscal Year 1997/98 46.1% 55.9% 52.4%
Fiscal Year 1996/97 46.7% 59.4% 54.3%
Fiscal Year 1995/96 47.0% 60.3% 57.1%
----------- ---------- ------------
Avg. 3 Yr. Gross Margin 46.6% 58.5% 54.6%
EBITDA Margin
LTM 20.0% 4.6% 15.7%
Latest Fiscal Year 1997/98 22.5% 14.2% 19.4%
Fiscal Year 1996/97 24.2% 27.6% 25.1%
Fiscal Year 1995/96 26.0% 28.4% 29.3%
----------- ---------- ------------
Avg. 3 Yr. EBITDA Margin 24.2% 23.4% 24.6%
EBIT Margin
LTM 11.7% (5.5%) 13.1%
Latest Fiscal Year 1997/98 15.5% 7.4% 16.0%
Fiscal Year 1996/97 18.8% 22.8% 20.0%
Fiscal Year 1995/96 22.4% 24.8% 27.1%
----------- ---------- ------------
Avg. 3 Yr. EBIT Margin 18.9% 18.3% 21.0%
Net Income
LTM $267,862 ($5,046) $241,223
Latest Fiscal Year 1997/98 $431,306 $10,699 $147,580
Fiscal Year 1996/97 $543,965 $37,703 $141,727
Fiscal Year 1995/96 $614,645 $30,354 $196,634
----------- ---------- ------------
3 Yr. Net Income CAGR NM NM NM
Net Income Margin
LTM 7.7% (3.4%) 16.4%
Latest Fiscal Year 1997/98 10.7% 5.2% 12.7%
Fiscal Year 1996/97 13.4% 15.8% 13.7%
Fiscal Year 1995/96 14.8% 17.2% 18.0%
----------- ---------- ------------
Avg. 3 Yr. Net Income Margin 13.0% 12.7% 14.8%
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Notes:
(1) Keithley Instruments excludes $771 and $11,645 of special charges in 1997
and 1996 respectively.
Project Orbis
Business Descriptions of Selected Reference Companies
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Temperature Control Group
Applied Materials, Inc.
Applied Materials, Inc. develops, manufactures, markets, and services
semiconductor wafer fabrication equipment and related spare parts for the
worldwide semiconductor industry.
Cerprobe Corporation
Cerprobe Corporation designs, manufactures, and markets products for the
high-performance testing of integrated circuits and other microelectronics
components. The Company sells its products to semiconductor manufacturers
worldwide.
Credence Systems Corp.
Credence Systems Corporation designs, manufactures, sells, and services
automatic test equipment used in the production of semiconductors. The Company
also develops, publishes, and distributes software products used to aid in the
generation and verification of test programs for automatic test equipment
systems.
GenRad, Inc.
GenRad, Inc. manufactures and sells computer controlled test and development
equipment. The Company's devices are used by electronic and mechanical equipment
and semiconductor manufacturers to test their products for quality and
reliability at various stages of their design and production. GenRad also sells
integrated software. The Company operates throughout North America and Europe.
IFR Systems, Inc.
IFR Systems, Inc. designs and manufactures test equipment. The Company sells
communications, test and measurement, avionics, and fiber optic equipment. IFR
also sells fiber optics software solutions for use in connection with certain of
the Company's test equipment products.
Keithley Instruments, Inc.
Keithley Instruments, Inc. provides measurement-based solutions to the
semiconductor, telecommunications, and electronic components industries. The
Company markets its products to engineers and scientists worldwide for process
monitoring, production test, and basic research.
KLA-Tencor Corporation
KLA-Tencor Corporation manufactures yield management and process monitoring
systems for the semiconductor industry. The Company's systems are used to
analyze product and process quality at critical steps in the manufacture of
circuits. KLA-Tencor operates sales, service, and application centers worldwide.
Project Orbis - Imaging & Inspection Group
Imputed Valuation Based on Reference Company Analysis
(Based on Latest Twelve Months ended 4/3/99 Financial Data)
(All Dollar Amounts in Thousands)
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
- ------------------------------
Valuation Enterprise Value Multiple of:
- ------------------------------ ------------------------------------------------------------
LTM LTM LTM
Revenues EBITDA EBIT
----------- ------------ -----------
SELECTED COMP GROUP MULTIPLE
Adjusted Mean 0.9x 9.4x 10.8x
IMAGING & INSPECTION DIVISION
Financial Data (1) $86,026 $5,946 $4,295
IMPLIED GROSS ENTERPRISE VALUE
Adjusted Mean $74,205 $55,603 $46,582
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- --------------------------------------------------------------------------------
Notes:
(1) Based on LTM as of 4/3/99 Imaging & Inspection Division model. Prior to
restructuring costs and adjusted for corporate overhead, intercompany
sales and corporate office adjustments based on a percentage of sales.
Project Orbis - Imaging & Inspection Group
Imputed Valuation Based on Reference Company Analysis
(Based on Fiscal 1999 Financial Data)
(All Dollar Amounts in Thousands)
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
- ------------------------------
Valuation Enterprise Value Multiple of:
- ------------------------------ ------------------------------------------------------------
1999 1999 1999
Revenues EBITDA EBIT
----------- ------------ -----------
SELECTED COMP GROUP MULTIPLE (1)
Adjusted Mean 0.9x 9.4x 10.8x
IMAGING & INSPECTION DIVISION (2)
Financial Data $96,960 $19,187 $10,584
IMPLIED GROSS ENTERPRISE VALUE
Adjusted Mean $83,637 $179,424 $114,783
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- --------------------------------------------------------------------------------
Notes:
(1) 1999 enterprise value is calculated using 1998 adjusted mean multiples.
(2) Based on 1999 Imaging & Inspection Division model. EBIT has been adjusted
for corporate overhead, intercompany sales and corporate office
adjustments based on a percentage of sales.
Project Orbis - Imaging & Inspection Group
Selected Reference Company Analysis
(All Dollar Amounts in Thousands, Except Per Share Amounts)
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
------------------ --------------------------------------
Imaging & American Science Barringer
Inspection Div.(1) Mean and Engineering Technologies
------------------ -------- --------------------------------------
Ticker/Exchange NA ASE/AMEX BARR/NASD
Latest Fiscal Year Ending 01/02/99 03/31/98 12/31/98
Latest Fiscal Quarter Ending 04/03/99 12/31/98 03/31/99
Preliminary Earnings Reported - - -
- ------------------------------------------------
Current Market Information
- ------------------------------------------------
Stock Price: 05/14/99 NA $8.69 $5.88
52-Week High NA $16.50 $12.13
52-Week Low NA $7.13 $5.00
% Within High/Low Range NA 16.7% 12.3%
Common Shares Outstanding (000s) NA 4,825 7,214
% Held by Institutions NA 14.4% 51.9%
Market Value of Common Equity (EMV) NA $246,878 $41,917 $42,382
Plus: Total Funded Debt (TFD) (a) $26 $28,567 $1,050 $92
Less: Cash and Marketable Securities $3,535 $30,961 $1,514 $14,632
--------------- ---------------- ----------------
Total Market Capitalization (b) NA $237,342 $41,453 $27,842
=============== ================ ================
- ------------------------------------------------
Last 12 Months' (LTM) Income Information
- ------------------------------------------------
LTM Revenues $85,824 $152,402 $50,829 $19,787
LTM Gross Profit $37,009 $73,251 $17,573 $12,128
LTM EBITDA $6,503 (2) $14,993 $4,104 $3,259 (3)
LTM EBIT $4,853 (2) $10,738 $3,431 $2,400 (3)
LTM Net Income $2,253 (2) $11,066 $4,312 $1,717 (3)
Margins:
LTM Gross Margin 43.1% 51.0% 34.6% 61.3%
LTM EBITDA Margin 7.6% 11.1% 8.1% 16.5%(3)
LTM EBIT Margin 5.7% 7.5% 6.8% 12.1%(3)
LTM Net Income Margin 2.6% 7.8% 8.5% 8.7%(3)
Tax Rate 28.1% 48.3% NM NM
- ------------------------------------------------
EPS Information
- ------------------------------------------------
LTM EPS NA $0.43 $0.24
Projected CY 1999 EPS (c) NA NA $0.43
Projected CY 2000 EPS (c) NA NA $0.74
Book Value NA $3.84 $6.54
Projected 5 Year Growth (EPS) (c) NA 14.8% NA 17.0%
-----------------------------------------------------------------------------
Bio-Rad Cognex Invision Moore
Laboratories, Inc. Corp. Technologies Products Co.
-----------------------------------------------------------------------------
Ticker/Exchange BIO / AMEX CGNX/NASD INVN/NASD MORP/NASD
Latest Fiscal Year Ending 12/31/98 12/31/98 12/31/98 12/31/98
Latest Fiscal Quarter Ending 12/31/98 12/31/98 12/31/98 12/31/98
Preliminary Earnings Reported - 04/04/99 03/31/99 -
- ------------------------------------------------
Current Market Information
- ------------------------------------------------
Stock Price: 05/14/99 $27.88 $29.38 $6.00 $23.63
52-Week High $34.00 $30.38 $9.75 $34.75
52-Week Low $18.88 $8.63 $3.63 $18.00
% Within High/Low Range 59.5% 95.4% 38.8% 33.6%
Common Shares Outstanding (000s) 12,463 40,347 12,068 2,637
% Held by Institutions 45.8% 69.0% NA 53.6%
Market Value of Common Equity (EMV) $347,394 $1,185,179 $72,406 $62,301
Plus: Total Funded Debt (TFD) (a) $51,732 $0 $2,329 $176
Less: Cash and Marketable Securities $16,255 $172,531 $14,773 $7,549
---------------- ---------------- ----------------- ----------------
Total Market Capitalization (b) $382,871 $1,012,648 $59,962 $54,928
================ ================ ================= ================
- ------------------------------------------------
Last 12 Months' (LTM) Income Information
- ------------------------------------------------
LTM Revenues $441,942 $109,273 $62,919 $168,113
LTM Gross Profit $239,504 $74,176 $27,623 $63,554
LTM EBITDA $31,145 $20,127 (4) $10,316 $11,360 (5)
LTM EBIT $31,145 $11,413 (4) $8,327 $7,420 (5)
LTM Net Income $24,302 $14,025 (4) $7,595 $3,025 (5)
Margins:
LTM Gross Margin 54.2% 67.9% 43.9% 37.8%
LTM EBITDA Margin 7.0% 18.4%(4) 16.4% 6.8%(5)
LTM EBIT Margin 7.0% 10.4%(4) 13.2% 4.4%(5)
LTM Net Income Margin 5.5% 12.8%(4) 12.1% 1.8%(5)
Tax Rate 29.0% 25.2% NM 58.5%
- ------------------------------------------------
EPS Information
- ------------------------------------------------
LTM EPS $2.15 $0.64 $0.59 $1.37
Projected CY 1999 EPS (c) $2.30 $0.60 $0.62 NA
Projected CY 2000 EPS (c) $2.66 $0.99 $0.76 NA
Book Value $17.20 $6.32 $4.04 $23.87
Projected 5 Year Growth (EPS) (c) 16.0% 20.0% 22.0% NA
--------------------------------------------------------------------------
Robotic Vision Oxford PPT Veeco Instruments
Systems, Inc. Instruments Plc Vision, Inc. Inc.
--------------------------------------------------------------------------
Ticker/Exchange ROBV / OTC OXIG/LND PPTV/NASD VECO/NASD
Latest Fiscal Year Ending 09/30/97 03/31/98 10/31/98 12/31/98
Latest Fiscal Quarter Ending 12/31/98 09/30/98 01/31/99 12/31/98
Preliminary Earnings Reported - - - 03/31/99
- ------------------------------------------------
Current Market Information
- ------------------------------------------------
Stock Price: 05/14/99 $3.00 $3.49 $4.50 $35.88
52-Week High $7.81 $6.02 $9.50 $64.50
52-Week Low $1.69 $2.62 $4.00 $20.38
% Within High/Low Range 21.4% 25.5% 9.1% 35.1%
Common Shares Outstanding (000s) 24,887 47,700 5,398 15,891
% Held by Institutions 17.6% 24.2% 21.4% 46.7%
Market Value of Common Equity (EMV) $74,662 $166,411 $24,290 $570,090
Plus: Total Funded Debt (TFD) (a) $39,029 $78,043 $0 $18,011
Less: Cash and Marketable Securities $2,653 $18,285 $1,011 $70,017
---------------- ---------------- ---------------- ----------------
Total Market Capitalization (b) $111,038 $226,169 $23,279 $518,084
================ ================ ================ ================
- ------------------------------------------------
Last 12 Months' (LTM) Income Information
- ------------------------------------------------
LTM Revenues $127,720 $279,674 $9,786 $209,158
LTM Gross Profit $61,870 $101,457 $5,698 $108,777
LTM EBITDA $6,141 $22,603 ($1,177) $28,526 (6)
LTM EBIT $349 $14,110 ($1,691) $26,877 (6)
LTM Net Income ($278) $15,734 ($372) $16,611 (6)
Margins:
LTM Gross Margin 48.4% 36.3% 58.2% 52.0%
LTM EBITDA Margin 4.8% 8.1% (12.0%) 13.6%(6)
LTM EBIT Margin 0.3% 5.0% (17.3%) 12.9%(6)
LTM Net Income Margin (0.2%) 5.6% (3.8%) 7.9%(6)
Tax Rate 109.2% 30.3% 37.9% 36.9%
- ------------------------------------------------
EPS Information
- ------------------------------------------------
LTM EPS ($1.04) $0.31 ($0.17) $1.09
Projected CY 1999 EPS (c) $0.35 NA ($0.17) $1.53
Projected CY 2000 EPS (c) $0.39 NA ($0.16) $2.25
Book Value $1.41 $3.34 $4.98 $10.62
Projected 5 Year Growth (EPS) (c) 10.0% NA 4.0% 25.0%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(a) Total Funded Debt equals Short-Term Debt plus Long-Term Debt plus
Preferred Equity.
(b) Total Market Capitalization equals Market Value of Common Equity plus
Total Funded Debt less Cash and Marketable Securities.
(c) Consensus estimates from First Call.
"NA" indicates value not available; "NM" indicates a negative value.
(1) Imaging & Inspection Division results provided by the Company. Excludes
$1,555 and $758 of restructuring charges in 1998 and 1999 respectively.
(2) Before Allocated corporate overhead, interest and taxes.
(3) Barringer excludes $435 of write-off of acquired technology in 1998.
(4) Cognex excludes $2,100 of charge for acquired in-process technology in
1998.
(5) Moore Products excludes $944 of net gain from early retirement progress in
1998 and $1,000 of write-down of joing venture assets.
(6) Veco excludes $7,500 of merger and reorganization expenses in 1998.
Project Orbis - Imaging & Inspection Group
Analysis of Selected Reference Companies
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
- --------------------- American Science Barringer Bio-Rad Cognex Invision
Market Multiples and Engineering Technologies Laboratories, Inc. Corp. Technologies
- --------------------- ----------------------------------------------------------------------------------------------
Price / LTM EPS 20.2x 24.5x 13.0x 45.9x 10.2x
Price / CY 1999 EPS NA 13.7x 12.1x 49.0x 9.7x
Price / CY 2000 EPS NA 7.9x 10.5x 29.7x 7.9x
Total Capitalization/LTM Revenues 0.8x 1.4x 0.9x 9.3x 1.0x
Total Capitalization/LTM EBITDA 10.1x 8.5x 12.3x 50.3x 5.8x
Total Capitalization/LTM EBIT 12.1x 11.6x 12.3x 88.7x 7.2x
CY 1999 P/E Ratio/Future
5-Yr Growth Rate NA 0.8x 0.8x 2.4x 0.4x
Market / Book Multiple 2.3x 0.9x 1.6x 4.6x 1.5x
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
- --------------------- Moore Robotic Vision Oxford PPT Veeco Instruments
Market Multiples Products Co. Systems, Inc. Instruments Plc Vision, Inc. Inc.
- --------------------- ------------------------------------------------------------------------------------------------
Price / LTM EPS 17.2x NM 11.4x NM 32.9x
Price / CY 1999 EPS NA 8.6x NA (26.5x) 23.4x
Price / CY 2000 EPS NA 7.8x NA (27.6x) 15.9x
Total Capitalization/LTM Revenues 0.3x 0.9x 0.8x 2.4x 2.5x
Total Capitalization/LTM EBITDA 4.8x 18.1x 10.0x NM 18.2x
Total Capitalization/LTM EBIT 7.4x 318.2x 16.0x NM 19.3x
CY 1999 P/E Ratio/Future
5-Yr Growth Rate NA 0.9x NA (6.6x) 0.9x
Market / Book Multiple 1.0x 2.1x 1.0x 0.9x 3.4x
- ------------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------- Adjusted
Summary Statistics (a) Mean (b) High Low Count
- ----------------------------- ----------------- ---------------- ----------------- -----------------
Price / LTM EPS 15.4x 24.5x 10.2x 6
Price / CY 1999 EPS 10.9x 13.7x 8.6x 4
Price / CY 2000 EPS 7.9x 10.5x 7.8x 4
Total Capitalization/LTM Revenues 0.9x 1.4x 0.3x 7
Total Capitalization/LTM EBITDA 9.4x 18.1x 4.8x 7
Total Capitalization/LTM EBIT 10.8x 16.0x 7.2x 6
CY 1999 P/E Ratio/Future 5-Yr
Growth Rate 0.8x 0.9x 0.4x 5
Market / Book Multiple 1.2x 2.1x 0.9x 7
- ----------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(a) Boldfaced multiples, if any, are excluded from Summary Statistics, as they
are deemed extraordinary.
(b) Mean excludes high and low values.
Project Orbis - Imaging & Inspection Group
SELECTED REFERENCE COMPANY ANALYSIS
(All Dollar Amounts in Thousands)
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
--------------- ---------------------------------
Imaging & American Science Barringer
Inspection Div. Mean and Engineering Technologies
--------------- -------- ---------------------------------
Revenues
LTM $85,824 $50,829 $19,787
Latest Fiscal Year 1997/98 $85,824 $32,699 $20,458
Fiscal Year 1996/97 NA $28,479 $22,689
Fiscal Year 1995/96 NA $17,815 $10,923
--------------- -------- --------------- ---------------
3 Yr. Revenue CAGR NA 27.8% 35.5% 36.9%
Gross Margin
LTM 43.1% 34.6% 61.3%
Latest Fiscal Year 1997/98 43.1% 39.4% 61.1%
Fiscal Year 1996/97 NA 35.3% 60.3%
Fiscal Year 1995/96 NA 33.6% 50.9%
--------------- -------- --------------- ---------------
Avg. 3 Yr. Gross Margin 43.1% 50.1% 36.1% 57.4%
EBITDA Margin
LTM 7.6% 8.1% 16.5%
Latest Fiscal Year 1997/98 7.6% 9.6% 21.0%
Fiscal Year 1996/97 NA 8.1% 23.2%
Fiscal Year 1995/96 NA 6.0% 15.7%
--------------- -------- --------------- ---------------
Avg. 3 Yr. EBITDA Margin 7.6% 12.7% 7.9% 20.0%
EBIT Margin
LTM 5.7% 6.8% 12.1%
Latest Fiscal Year 1997/98 5.7% 8.0% 17.4%
Fiscal Year 1996/97 NA 6.9% 22.0%
Fiscal Year 1995/96 NA 4.9% 14.6%
--------------- -------- --------------- ---------------
Avg. 3 Yr. EBIT Margin 5.7% 10.5% 6.6% 18.0%
Net Income
LTM $2,253 $4,312 $1,717
Latest Fiscal Year 1997/98 $2,253 $4,661 $3,008
Fiscal Year 1996/97 NA $1,925 $5,754
Fiscal Year 1995/96 NA $802 $2,059
--------------- -------- --------------- ---------------
3 Yr. Net Income CAGR NM 58.2% 141.1% 20.9%
Net Income Margin
LTM 2.6% 8.5% 8.7%
Latest Fiscal Year 1997/98 2.6% 14.3% 14.7%
Fiscal Year 1996/97 NA 6.8% 25.4%
Fiscal Year 1995/96 NA 4.5% 18.9%
--------------- -------- --------------- ---------------
Avg. 3 Yr. Net Income Margin 2.6% 11.0% 8.5% 19.6%
- -----------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------
Bio-Rad Cognex Invision Moore
Laboratories, Inc. Corp. Technologies Products Co.
----------------------------------------------------------------------
Revenues
LTM $441,942 $109,273 $62,919 $168,113
Latest Fiscal Year 1997/98 $441,942 $121,844 $63,284 $168,113
Fiscal Year 1996/97 $426,914 $155,340 $56,427 $164,247
Fiscal Year 1995/96 $418,789 $122,843 $15,841 $142,892
--------------- -------------- --------------- ---------------
3 Yr. Revenue CAGR 2.7% NM 99.9% 8.5%
Gross Margin
LTM 54.2% 67.9% 43.9% 37.8%
Latest Fiscal Year 1997/98 54.2% 69.4% 44.8% 37.8%
Fiscal Year 1996/97 55.7% 72.8% 50.3% 43.0%
Fiscal Year 1995/96 56.5% 68.4% 38.5% 42.1%
--------------- -------------- --------------- ---------------
Avg. 3 Yr. Gross Margin 55.5% 70.2% 44.5% 41.0%
EBITDA Margin
LTM 7.0% 18.4% 16.4% 6.8%
Latest Fiscal Year 1997/98 7.0% 25.1% 17.1% 6.8%
Fiscal Year 1996/97 6.2% 38.4% 17.7%(2) 8.5%
Fiscal Year 1995/96 9.9%(1) 34.7% (23.5%) 3.9%(3)
--------------- -------------- --------------- ---------------
Avg. 3 Yr. EBITDA Margin 7.7% 32.7% 3.8% 6.4%
EBIT Margin
LTM 7.0% 10.4% 13.2% 4.4%
Latest Fiscal Year 1997/98 7.0% 18.0% 14.0% 4.4%
Fiscal Year 1996/97 6.2% 35.3% 15.4%(2) 6.3%
Fiscal Year 1995/96 9.9%(1) 31.2% (26.9%) 1.5%(3)
--------------- -------------- --------------- ---------------
Avg. 3 Yr. EBIT Margin 7.7% 28.1% 0.8% 4.1%
Net Income
LTM $24,302 $14,025 $7,595 $3,025
Latest Fiscal Year 1997/98 $24,302 $21,463 $8,041 $3,025
Fiscal Year 1996/97 $16,364 $42,405 $7,050 (2) $6,468
Fiscal Year 1995/96 $28,975 (1) $30,369 ($5,676) $1,444 (3)
--------------- -------------- --------------- ---------------
3 Yr. Net Income CAGR NM NM NM 44.7%
Net Income Margin
LTM 5.5% 12.8% 12.1% 1.8%
Latest Fiscal Year 1997/98 5.5% 17.6% 12.7% 1.8%
Fiscal Year 1996/97 3.8% 27.3% 12.5%(2) 3.9%
Fiscal Year 1995/96 6.9%(1) 24.7% (35.8%) 1.0%(3)
--------------- -------------- --------------- ---------------
Avg. 3 Yr. Net Income Margin 5.4% 23.2% NM 2.2%
- ---------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------
Robotic Vision Oxford PPT Veeco Instruments
Systems, Inc. Instruments Plc Vision, Inc. Inc.
--------------------------------------------------------------------
Revenues
LTM $127,720 $279,674 $9,786 $209,158
Latest Fiscal Year 1997/98 $152,103 $284,147 $12,055 $206,838
Fiscal Year 1996/97 $143,540 $233,819 $12,693 $216,728
Fiscal Year 1995/96 $122,125 NA $9,750 $115,042
-------------- --------------- --------------- ---------------
3 Yr. Revenue CAGR 11.6% 10.2% 11.2% 34.1%
Gross Margin
LTM 48.4% 36.3% 58.2% 52.0%
Latest Fiscal Year 1997/98 49.5% 35.5% 59.4% 54.0%
Fiscal Year 1996/97 48.0% 41.9% 60.3% 51.1%
Fiscal Year 1995/96 51.0% NA 54.4% 45.9%
-------------- --------------- --------------- ---------------
Avg. 3 Yr. Gross Margin 49.5% 38.7% 58.0% 50.3%
EBITDA Margin
LTM 4.8% 8.1% (12.0%) 13.6%
Latest Fiscal Year 1997/98 9.2% 9.5% 2.8% 13.6%
Fiscal Year 1996/97 9.8% 13.6% 17.6% 19.3%(5)
Fiscal Year 1995/96 11.9% NA 10.7% 16.1%
-------------- --------------- --------------- ---------------
Avg. 3 Yr. EBITDA Margin 10.3% 11.6% 10.4% 16.3%
EBIT Margin
LTM 0.3% 5.0% (17.3%) 12.9%
Latest Fiscal Year 1997/98 6.0% 6.9% (0.7%) 12.8%
Fiscal Year 1996/97 7.6%(4) 11.2% 15.4% 18.5%(5)
Fiscal Year 1995/96 10.0% NA 9.0% 14.5%
-------------- --------------- --------------- ---------------
Avg. 3 Yr. EBIT Margin 7.9% 9.1% 7.9% 15.3%
Net Income
LTM ($278) $15,734 ($372) $16,611
Latest Fiscal Year 1997/98 $5,461 $18,211 $660 $17,201
Fiscal Year 1996/97 $6,283 (4) $24,182 $3,711 $29,897 (5)
Fiscal Year 1995/96 $7,346 NA $1,347 $10,835
-------------- --------------- --------------- ---------------
3 Yr. Net Income CAGR NM NM NM 26.0%
Net Income Margin
LTM (0.2%) 5.6% (3.8%) 7.9%
Latest Fiscal Year 1997/98 3.6% 6.4% 5.5% 8.3%
Fiscal Year 1996/97 4.4%(4) 10.3% 29.2% 13.8%(5)
Fiscal Year 1995/96 6.0% NA 13.8% 9.4%
-------------- --------------- --------------- ---------------
Avg. 3 Yr. Net Income Margin 4.7% 8.4% 16.2% 10.5%
- -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(1) Bio-Rad excludes $2,700 of restructuring costs in 1996.
(2) Invision excludes $685 of acquisition costs in 1997.
(3) Moore Products excludes $2,056 of write-down joint venture assets in 1996.
(4) Robotic Vision excludes $623 of merger expenses in 1997.
(5) Veeco excludes $2,250 of merger and reorganization expenses and $4,000 of
write-off of purchase in-process technology in 1997.
Project Orbis
Business Descriptions of Selected Reference Companies
- --------------------------------------------------------------------------------
Imaging & Inspection Group
American Science and Engineering, Inc.
American Science and Engineering, Inc. provides a line of X-ray detection and
imaging products used for the detection of illegal drugs, terrorist explosives,
and smuggled goods. The Company's equipment, purchased by government and
commercial clients, utilizes transmission and backscatter X-ray detection to
provide differentiation of bombs, drugs, and contraband in camouflaged
environments.
Barringer Technologies, Inc.
Barringer Technologies, Inc. manufactures high sensitivity equipment used for
detecting and identifying trace amounts of plastic and other explosives, as well
as illegal drugs. The Company designs and produces products that use a
proprietary application of ion mobility spectrometry technology that can detect
and identify targeted compounds.
Bio-Rad Laboratories
Bio-Rad Laboratories, Inc. is a multinational manufacturer and distributor of
life science research products, clinical diagnostics, and analytical
instrumentation. The Company's products and systems separate complex chemical
and biological materials, as well as identify, analyze, and purify their
components.
Cognex Corporation
Cognex Corporation designs, develops, manufactures, and markets machine vision
systems. The Company's systems are used to automate the manufacture of a variety
of discrete items and to assure their quality. Cognex has offices located
throughout North America, Japan, Europe, and Southeast Asia.
Invision Technologies, Inc.
Invision Technologies, Inc. develops, manufactures, markets and supports
explosive detection systems for civil aviation security and drug detection
applications. The Company's products, based on advanced computer tomography
technology, include the "CTX 5000" series that checks for explosives in luggage
on commercial flights.
Moore Products Company
Moore Products Company develops, manufactures, sells and supports products used
in the measurement and control of manufacturing processes. The Company's
products include digital electronic, analog electronic and pneumatic instruments
and control systems, dimensional measuring systems and inspection products.
Moore's product market includes the chemical, power and pharmaceutical
industries.
Robotic Vision Systems, Inc.
Robotic Vision Systems, Inc. supplies a broad line of 1-D, 2-D, and 3-D machine
vision-based systems for inspection, measurement, and identification. The
Company is also involved in electro-optical sensor technology.
Oxford Instruments, plc
Oxford Instruments, plc produces advanced instrumentation equipment used for
scientific research, chemical analysis, patient monitoring, semiconductor
processing and diagnostic imaging. Oxford has manufacturing operations in the
United States and the United Kingdom, and it primarily sells to customers in the
United States and Germany.
Project Orbis
Business Descriptions of Selected Reference Companies
- --------------------------------------------------------------------------------
PPT Vision, Inc.
PPT Vision, Inc. designs, manufactures, markets and integrates machine vision
based automated inspection systems for manufacturing applications such as
electronic and mechanical assembly verification. These systems are also used in
the verification of printed characters and packaging integrity, detection of
surface flaws and precision measuring.
Veeco Instruments Inc.
Veeco Instruments Inc. designs manufactures, markets, and services a broad line
of metrology and process equipment primarily used by manufacturers worldwide in
the data storage and semiconductor industries.
Project Orbis - Test & Measurement Group
Imputed Valuation Based on Reference Company Analysis
(Based on Latest Twelve Months ended 4/3/99 Financial Data)
(All Dollar Amounts in Thousands)
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------
Valuation Enterprise Value Multiple of:
- ------------------------------- ---------------------------------------------------------------
LTM LTM LTM
Revenues EBITDA EBIT
----------- ----------- -----------
SELECTED COMP GROUP MULTIPLE
Adjusted Mean 0.9x 7.6x 9.2x
TEST & MEASUREMENT DIVISION
Financial Data (1) $41,053 $2,812 $1,984
IMPLIED GROSS ENTERPRISE VALUE
Adjusted Mean $37,328 $21,434 $18,212
- -------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(1) Based on LTM as of 4/3/99 Test & Measurement Division model. Adjusted for
corporate overhead, intercompany sales and corporate office adjustments
based on a percentage of sales.
Project Orbis - Test & Measurement Group
Imputed Valuation Based on Reference Company Analysis
(Based on Fiscal 1999 Financial Data)
(All Dollar Amounts in Thousands)
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------
Valuation Enterprise Value Multiple of:
- ------------------------------- ---------------------------------------------------------------
1999 1999 1999
Revenues EBITDA EBIT
----------- ----------- -----------
SELECTED COMP GROUP MULTIPLE (1)
Adjusted Mean 0.9x 7.6x 9.2x
TEST & MEASUREMENT DIVISION (2)
Financial Data $41,691 $4,770 $3,452
IMPLIED GROSS ENTERPRISE VALUE
Adjusted Mean $37,908 $36,362 $31,683
- -------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(1) 1999 enterprise value is calculated using 1998 adjusted mean multiples.
(2) Based on 1999 Test & Measurement Division model. EBIT has been adjusted
for corporate overhead, intercompany sales and corporate office
adjustments based on a percentage of sales.
Project Orbis - Test & Measurement Group
Selected Reference Company Analysis
(All Dollar Amounts in Thousands, Except Per Share Amounts)
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
------------------ --------------------------------------------------
Test & Astro-Med Cyber Faro
Measurement Div. (1) Mean Inc. Optics Corp. Technologies, Inc.
-------------------- --------- --------------------------------------------------
Ticker/Exchange NA ALOT/NASD CYBE/NASD FARO/NASD
Latest Fiscal Year Ending 01/02/99 01/31/99 12/31/98 12/31/99
Latest Fiscal Quarter Ending 04/03/99 01/31/99 12/31/98 12/31/99
Preliminary Earnings Reported -- -- 03/31/99 03/31/99
- ----------------------------------------------
Current Market Information
- ----------------------------------------------
Stock Price: 05/14/99 NA $7.50 $11.50 $4.31
52-Week High NA $7.88 $22.00 $12.38
52-Week Low NA $4.75 $7.88 $3.38
% Within High/Low Range NA 88.0% 25.7% 10.4%
Common Shares Outstanding (000s) NA 4,481 4,960 11,343
% Held by Institutions NA 19.0% 44.4% NA
Market Value of Common Equity (EMV) NA $320,441 $33,611 $57,039 $48,919
Plus: Total Funded Debt (TFD) (a) $0 $133,002 $228 $0 $0
Less: Cash and Marketable Securities $5,849 $52,098 $4,946 $27,603 $34,238
------------------ ------------ ------------- -------------
Total Market Capitalization (b) NA $348,145 $28,893 $29,436 $14,680
================== ============ ============= =============
- ----------------------------------------------
Last 12 Months' (LTM) Income Information
- ----------------------------------------------
LTM Revenues $40,957 $385,149 $41,562 $33,711 $27,737
LTM Gross Profit $18,773 $147,925 $16,579 $18,122 $16,389
LTM EBITDA $3,069 (2) $24,641 $844 $2,882 ($1,335)(3)
LTM EBIT $2,242 (2) $13,254 ($267) $1,731 ($5,120)(3)
LTM Net Income ($1,114)(2) $11,147 $496 $2,653 ($5,169)(3)
Margins:
LTM Gross Margin 45.8% 47.74% 39.9% 53.8% 59.1%
LTM EBITDA Margin 7.5% (2) 9.43% 2.0% 8.5% (4.8%)(3)
LTM EBIT Margin 5.5% (2) 6.53% (0.6%) 5.1% (18.5%)(3)
LTM Net Income Margin (2.7%)(2) 5.11% 1.2% 7.9% (18.6%)(3)
Tax Rate (17.3%) 32.78% 18.7% 31.8% (27.4%)
- ----------------------------------------------
EPS Information
- ----------------------------------------------
LTM EPS NA $0.11 $0.52 ($0.15)
Projected CY 1999 EPS (c) NA $0.11 $0.23 $0.12
Projected CY 2000 EPS (c) NA NA $0.94 $0.58
Book Value NA $7.52 $10.48 $3.91
Projected 5 Year Growth (EPS) (c) NA 21.1% NA 23.0% 40.0%
--------------------------------------------------------------
Keithley K-Tron Nanometrics Newport
Instruments, Inc.Int'l, Inc. Incorporated Corporation
--------------------------------------------------------------
Ticker/Exchange KEI / NYSE KTII/NASD NANO/NASD NEWP/NASD
Latest Fiscal Year Ending 09/30/98 12/31/98 12/31/98 12/31/98
Latest Fiscal Quarter Ending 12/31/98 12/31/98 12/31/98 12/31/98
Preliminary Earnings Reported 03/31/99 04/03/99 03/31/99 03/31/99
- ------------------------------------------------
Current Market Information
- ------------------------------------------------
Stock Price: 05/14/99 $8.06 $18.00 $7.25 $14.97
52-Week High $9.69 $20.00 $9.88 $22.88
52-Week Low $3.75 $16.88 $3.78 $8.88
% Within High/Low Range 72.6% 36.0% 56.9% 43.5%
Common Shares Outstanding (000s) 7,545 2,947 8,751 9,155
% Held by Institutions 41.9% 55.8% 19.4% 43.3%
Market Value of Common Equity (EMV) $60,832 $53,048 $63,445 $137,037
Plus: Total Funded Debt (TFD) (a) $6,000 $11,458 $3,238 $20,945
Less: Cash and Marketable Securities $16,056 $2,863 $3,996 $3,627
-------------- ------------- ------------ ------------
Total Market Capitalization (b) $50,776 $61,643 $62,687 $154,355
============== ============= ============ ============
- ------------------------------------------------
Last 12 Months' (LTM) Income Information
- ------------------------------------------------
LTM Revenues $101,725 $87,527 $28,915 $130,144
LTM Gross Profit $58,882 $39,680 $16,990 $57,197
LTM EBITDA $11,343 (4) $12,303 $1,392 (5) $18,700
LTM EBIT $7,494 (4) $9,076 $1,094 (5) $12,625
LTM Net Income $3,788 (4) $6,646 $1,005 (5) $7,886
Margins:
LTM Gross Margin 57.9% 45.3% 58.8% 43.9%
LTM EBITDA Margin 11.2%(4) 14.1% 4.8%(5) 14.4%
LTM EBIT Margin 7.4%(4) 10.4% 3.8%(5) 9.7%
LTM Net Income Margin 3.7%(4) 7.6% 3.5%(5) 6.1%
Tax Rate 41.3% 21.2% 35.7% 26.0%
- ------------------------------------------------
EPS Information
- ------------------------------------------------
LTM EPS $0.69 $2.08 $0.53 $0.91
Projected CY 1999 EPS (c) $0.56 $2.25 $0.16 $1.00
Projected CY 2000 EPS (c) $0.56 $2.35 $0.65 $1.32
Book Value $5.35 $7.13 $3.64 $7.80
Projected 5 Year Growth (EPS) (c) 12.0% NA 20.0% 23.0%
---------------------------------------------------------------
Tektronix TSI Yokogawa Electric Zygo
Inc. Incorporated Corporation Corp.
---------------------------------------------------------------
Ticker/Exchange TEK / NYSE TSII/NASD 6841 JP/NASD ZIGO/NASD
Latest Fiscal Year Ending 05/31/98 03/31/98 03/31/98 06/30/98
Latest Fiscal Quarter Ending 02/27/99 12/31/98 -- 12/31/98
Preliminary Earnings Reported -- -- 03/31/99 03/31/99
- ------------------------------------------------
Current Market Information
- ------------------------------------------------
Stock Price: 05/14/99 $26.75 $8.75 $5.31 $8.88
52-Week High $42.00 $9.88 $6.45 $21.31
52-Week Low $13.69 $6.63 $4.30 $5.00
% Within High/Low Range 46.1% 65.4% 47.0% 23.8%
Common Shares Outstanding (000s) 46,869 11,250 250,653 11,375
% Held by Institutions 74.4% 25.5% 35.8% 38.8%
Market Value of Common Equity (EMV) $1,253,739 $98,434 $1,330,967 $100,953
Plus: Total Funded Debt (TFD) (a) $289,093 $0 $467,280 $0
Less: Cash and Marketable Securities $36,012 $10,495 $371,431 $14,660
------------- -------- ---------------- -------------
Total Market Capitalization (b) $1,506,820 $87,939 $1,426,817 $86,293
============= ======== ================ =============
- ------------------------------------------------
Last 12 Months' (LTM) Income Information
- ------------------------------------------------
LTM Revenues $1,879,663 $85,170 $1,413,048 $63,850
LTM Gross Profit $746,779 $47,072 $458,185 $19,951
LTM EBITDA $111,027 (6) $12,538 $26,940 ($7,526)(7)
LTM EBIT $40,662 (6) $10,326 $23,027 ($11,331)(7)
LTM Net Income $37,150 (6) $7,286 $22,757 ($7,013)(7)
Margins:
LTM Gross Margin 39.7% 55.3% 32.4% 31.2%
LTM EBITDA Margin 5.9%(6) 14.7% 1.9% (11.8%(7)
LTM EBIT Margin 2.2%(6) 12.1% 1.6% (17.7%(7)
LTM Net Income Margin 2.0%(6) 8.6% 1.6% (11.0%(7)
Tax Rate 31.0% 32.2% 44.2% 31.6%
- ------------------------------------------------
EPS Information
- ------------------------------------------------
LTM EPS $0.97 $0.66 $0.13 ($0.23)
Projected CY 1999 EPS (c) $1.39 $0.74 NA $0.07
Projected CY 2000 EPS (c) $1.80 $0.87 NA $0.09
Book Value $12.89 $4.30 $5.61 $5.91
Projected 5 Year Growth (EPS) (c) 12.0% 17.0% NA 22.0%
- ----------------------------------------------------------------------------------------------------------------------
Notes:
(a) Total Funded Debt equals Short-Term Debt plus Long-Term Debt plus
Preferred Equity.
(b) Total Market Capitalization equals Market Value of Common Equity plus
Total Funded Debt less Cash and Marketable Securities.
(c) Consensus estimates from First Call.
"NA" indicates value not available; "NM" indicates a negative value.
(1) Test & Measurement Division results provided by the Company.
(2) Before Allocated corporate overhead, interest and taxes.
(3) Faro Technologies excludes $3,210 of purchased in-process research and
development costs in 1998.
(4) Keithley excludes $4,808 abd $2,852 of gain on sale of business in 1999
and 1998 respectively and excludes $335 and $1,172 of special charges in
1999 and 1998 respectively.
(5) Nanometrics excludes $1,421 of acquired in-process research and
development in 1998.
(6) Tektronix excludes $81,438 and $40,478 of non-recurring charges in 1998
and 1998 respectively.
(7) Zygo excludes $1,585 of non-recurring acquisition-related charges and $335
of failed merger costs in 1998.
Project Orbis - Test & Measurement Group
Analysis of Selected Reference Companies
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------
- ------------------------------- Astro-Med Cyber Faro Keithley
Market Multiples Inc. Optics Corp. Technologies, Inc. Instruments, Inc.
- ------------------------------- ---------------------------------------------------------------------------
Price / LTM EPS 68.2x 22.1x NM 11.7x
Price / CY 1999 EPS 68.2x 50.0x 35.9x 14.4x
Price / CY 2000 EPS NA 12.2x 7.4x 14.4x
Total Capitalization/LTM Revenues 0.7x 0.9x 0.5x 0.5x
Total Capitalization/LTM EBITDA 34.2x 10.2x NM 4.5x
Total Capitalization/LTM EBIT NM 17.0x NM 6.8x
CY 1999 P/E Ratio/Future 5-Yr Growth Rate NA 2.2x 0.9x 1.2x
Market / Book Multiple 1.0x 1.1x 1.1x 1.5x
------------------------------------------------------------------------------
- ------------------------------- K-Tron Nanometrics Newport Tektronix
Market Multiples Int'l, Inc. Incorporated Corporation Inc.
- ------------------------------- ------------------------------------------------------------------------------
Price / LTM EPS 8.7x 13.7x 16.4x 27.6x
Price / CY 1999 EPS 8.0x 45.3x 15.0x 19.2x
Price / CY 2000 EPS 7.7x 11.2x 11.3x 14.9x
Total Capitalization/LTM Revenues 0.7x 2.2x 1.2x 0.8x
Total Capitalization/LTM EBITDA 5.0x 45.0x 8.3x 13.6x
Total Capitalization/LTM EBIT 6.8x 57.3x 12.2x 37.1x
CY 1999 P/E Ratio/Future 5-Yr Growth Rate NA 2.3x 0.7x 1.6x
Market / Book Multiple 2.5x 2.0x 1.9x 2.1x
-----------------------------------------------------
- ------------------------------- TSI Yokogawa Electric Zygo
Market Multiples Incorporated Corporation Corp.
- ------------------------------- -----------------------------------------------------
Price / LTM EPS 13.3x 40.8x NM
Price / CY 1999 EPS 11.8x NA 126.8x
Price / CY 2000 EPS 10.1x NA 103.9x
Total Capitalization/LTM Revenues 1.0x 1.0x 1.4x
Total Capitalization/LTM EBITDA 7.0x 53.0x NM
Total Capitalization/LTM EBIT 8.5x 62.0x NM
CY 1999 P/E Ratio/Future 5-Yr Growth Rate 0.7x NA 5.8x
Market / Book Multiple 2.0x 0.9x 1.5x
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------- Adjusted
Summary Statistics (a) Mean (b) High Low Count
- ------------------------------------------- ---------------- ---------------- ----------- ----------------------
Price / LTM EPS 13.8x 22.1x 8.7x 6
Price / CY 1999 EPS 13.7x 19.2x 8.0x 5
Price / CY 2000 EPS 11.1x 14.9x 7.4x 8
Total Capitalization/LTM Revenues 0.9x 2.2x 0.5x 11
Total Capitalization/LTM EBITDA 7.6x 13.6x 4.5x 6
Total Capitalization/LTM EBIT 9.2x 17.0x 6.8x 5
CY 1999 P/E Ratio/Future 5-Yr Growth Rate 1.5x 5.8x 0.7x 8
Market / Book Multiple 1.8x 2.5x 1.1x 8
- -----------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(a) Boldfaced multiples, if any, are excluded from Summary Statistics, as they
are deemed extraordinary.
(b) Mean excludes high and low values.
Project Orbis - Test & Measurement Group
SELECTED REFERENCE COMPANY ANALYSIS
(All Dollar Amounts in Thousands)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
----------------- -----------------------------------------------
Test & Astro-Med Cyber Faro
Measurement Div. Mean Inc. Optics Corp. Technologies, Inc.
----------------- -------- -----------------------------------------------
Revenues
LTM $40,957 $41,562 $33,711 $27,737
Latest Fiscal Year 1997/98 $44,012 $41,562 $36,636 $27,515
Fiscal Year 1996/97 NA $43,748 $35,120 $23,516
Fiscal Year 1995/96 NA $44,175 $28,062 $14,656
----------------- -------- ------------ ------------- ---------------
3 Yr. Revenue CAGR NA 15.6% NM 14.3% 37.0%
Gross Margin
LTM 45.8% 39.9% 53.8% 59.1%
Latest Fiscal Year 1997/98 46.0% 39.9% 55.0% 59.0%
Fiscal Year 1996/97 NA 37.7% 55.5% 59.1%
Fiscal Year 1995/96 NA 38.3% 51.0% 55.7%
----------------- -------- ------------ ------------- ---------------
Avg. 3 Yr. Gross Margin 46.0% 49.1% 38.7% 53.8% 57.9%
EBITDA Margin
LTM 7.5% 2.0% 8.5% (4.81%)
Latest Fiscal Year 1997/98 6.3% 2.0% 11.8% 2.0%
Fiscal Year 1996/97 NA 3.7% 15.7% 22.2%
Fiscal Year 1995/96 NA 6.6% 5.9% 20.1%
----------------- -------- ------------ ------------- ---------------
Avg. 3 Yr. EBITDA Margin 6.3% 12.3% 4.1% 11.1% 14.8%
EBIT Margin
LTM 5.5% (0.64%) 5.1% (18.46%)
Latest Fiscal Year 1997/98 4.4% (0.64%) 8.7% (8.99%)
Fiscal Year 1996/97 NA 1.5% 13.1% 21.0%
Fiscal Year 1995/96 NA 4.5% 3.2% 18.5%
----------------- -------- ------------ ------------- ---------------
Avg. 3 Yr. EBIT Margin 4.4% 9.5% 1.8% 8.3% 10.2%
Net Income
LTM ($1,114) $496 $2,653 ($5,169)
Latest Fiscal Year 1997/98 ($890) $496 $3,669 ($3,005)
Fiscal Year 1996/97 NA $1,041 $4,597 $3,207
Fiscal Year 1995/96 NA $2,288 $2,180 $1,407
----------------- -------- ------------ ------------- ---------------
3 Yr. Net Income CAGR NM 24.1% NM 29.7% NM
Net Income Margin
LTM (2.72%) 1.2% 7.9% (18.64%)
Latest Fiscal Year 1997/98 (2.02%) 1.2% 10.0% (10.92%)
Fiscal Year 1996/97 NA 2.4% 13.1% 13.6%
Fiscal Year 1995/96 NA 5.2% 7.8% 9.6%
----------------- -------- ------------ ------------- ---------------
Avg. 3 Yr. Net Income Margin NM 6.3% 2.9% 10.3% 4.1%
- --------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
-------------------------------------------------------------
Keithley K-Tron Nanometrics Newport
Instruments, Inc. Int'l, Inc. Incorporated Corporation
------------------------------------------------------------
Revenues
LTM $101,725 $87,527 $28,915 $130,144
Latest Fiscal Year 1997/98 $117,776 $89,142 $33,264 $134,359
Fiscal Year 1996/97 $123,295 $87,152 $36,657 $132,594
Fiscal Year 1995/96 $118,946 $89,871 $30,336 $119,910
-------------- ----------- ---------- ------------
3 Yr. Revenue CAGR NM NM 4.7% 5.9%
Gross Margin
LTM 57.9% 45.3% 58.8% 43.9%
Latest Fiscal Year 1997/98 57.3% 45.1% 60.9% 43.8%
Fiscal Year 1996/97 57.9% 44.8% 67.0% 43.6%
Fiscal Year 1995/96 61.2% 43.4% 66.7% 44.0%
-------------- ----------- ---------- ------------
Avg. 3 Yr. Gross Margin 58.8% 44.4% 64.9% 43.8%
EBITDA Margin
LTM 11.2% 14.1% 4.8% 14.4%
Latest Fiscal Year 1997/98 9.7% 14.1% 12.4% 15.0%
Fiscal Year 1996/97 5.8%(1) 13.1% 25.5% 13.8%
Fiscal Year 1995/96 8.6%(1) 12.5% 21.5% 11.6%
-------------- ----------- ---------- ------------
Avg. 3 Yr. EBITDA Margin 8.0% 13.2% 19.8% 13.5%
EBIT Margin
LTM 7.4% 10.4% 3.8% 9.7%
Latest Fiscal Year 1997/98 6.4% 10.6% 11.5% 10.5%
Fiscal Year 1996/97 2.5%(1) 9.7% 24.9% 9.4%
Fiscal Year 1995/96 5.2%(1) 8.8% 20.5% 6.6%
-------------- ----------- ---------- ------------
Avg. 3 Yr. EBIT Margin 4.7% 9.7% 19.0% 8.8%
Net Income
LTM $3,788 $6,646 $1,005 $7,886
Latest Fiscal Year 1997/98 $3,710 $6,593 $2,683 $8,978
Fiscal Year 1996/97 $1,253 (1) $5,444 $5,757 $7,064
Fiscal Year 1995/96 $1,547 (1) $4,026 $3,993 $4,703
-------------- ----------- ---------- ------------
3 Yr. Net Income CAGR 54.9% 28.0% NM 38.2%
Net Income Margin
LTM 3.72% 7.6% 3.5% 6.1%
Latest Fiscal Year 1997/98 3.2% 7.4% 8.1% 6.7%
Fiscal Year 1996/97 1.0%(1) 6.2% 15.7% 5.3%
Fiscal Year 1995/96 1.3%(1) 4.5% 13.2% 3.9%
-------------- ----------- ---------- ------------
Avg. 3 Yr. Net Income Margin 1.8% 6.0% 12.3% 5.3%
- ----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
--------------------------------------------------------------
Tektronix TSI Yokogawa Electric Zygo
Inc. Incorporated Corporation Corp.
--------------------------------------------------------------
Revenues
LTM $1,879,663 $85,170 $1,413,048 $63,850
Latest Fiscal Year 1997/98 $2,085,802 $81,012 $1,413,048 $97,871
Fiscal Year 1996/97 $1,940,082 $80,240 $2,310,605 $87,220
Fiscal Year 1995/96 $1,768,858 $69,233 $2,122,831 $57,374
------------ ----------- --------------- ------------
3 Yr. Revenue CAGR 8.6% 8.2% NM 30.6%
Gross Margin
LTM 39.7% 55.3% 32.4% 31.2%
Latest Fiscal Year 1997/98 41.5% 55.7% 32.4% 42.0%
Fiscal Year 1996/97 42.9% 56.0% 35.8% 48.0%
Fiscal Year 1995/96 41.9% 55.6% 37.8% 45.1%
------------ ----------- --------------- ------------
Avg. 3 Yr. Gross Margin 42.1% 55.8% 35.4% 45.0%
EBITDA Margin
LTM 5.9% 14.7% 1.9% (11.79%)
Latest Fiscal Year 1997/98 10.6% 14.3% 1.9% 15.9%
Fiscal Year 1996/97 11.6% 16.2% 4.1% 26.3%
Fiscal Year 1995/96 10.8% 14.3% 4.2% 21.4%
------------ ----------- --------------- ------------
Avg. 3 Yr. EBITDA Margin 11.0% 14.9% 3.4% 21.2%
EBIT Margin
LTM 2.2% 12.1% 1.6% (17.75%)
Latest Fiscal Year 1997/98 7.5% 11.6% 1.6% 12.4%
Fiscal Year 1996/97 8.5% 13.6% 4.0% 23.3%
Fiscal Year 1995/96 8.1% 11.8% 4.1% 18.9%
------------ ----------- --------------- ------------
Avg. 3 Yr. EBIT Margin 8.0% 12.3% 3.2% 18.2%
Net Income
LTM $37,150 $7,286 $22,757 ($7,013)
Latest Fiscal Year 1997/98 $106,572 $6,826 $22,757 $8,266
Fiscal Year 1996/97 $114,785 $7,213 $31,196 $9,527
Fiscal Year 1995/96 $99,586 $5,482 $29,167 $7,799
------------ ----------- --------------- ------------
3 Yr. Net Income CAGR 3.4% 11.6% NM 3.0%
Net Income Margin
LTM 1.98% 8.6% 1.6% (10.98%)
Latest Fiscal Year 1997/98 5.1% 8.4% 1.6% 8.4%
Fiscal Year 1996/97 5.9% 9.0% 1.4% 10.9%
Fiscal Year 1995/96 5.6% 7.9% 1.4% 13.6%
------------ ----------- --------------- ------------
Avg. 3 Yr. Net Income Margin 5.6% 8.4% 1.4% 11.0%
- -------------------------------------------------------------------------------------------------
Project Orbis
Business Descriptions of Selected Reference Companies
- --------------------------------------------------------------------------------
Test & Measurement Group
Astro-Med, Inc.
Astro-Med, Inc. designs, manufactures, and sells digital color label printers
and thermal/thermal transfer printers that produce high-quality bar code labels.
The Company's bar code printers are sold under the "QuickLabel" name. Astro-Med
also records signals that reflect the physiological status of living creatures
on paper, on a hard drive, or on a CD-ROM.
CyberOptics Corporation
CyberOptics Corporation designs, manufactures, and markets intelligent, non
contact sensors and integrated systems. The Company's systems measure the minute
characteristics, dimensions, and distances required for process and quality
control in the automated assembly of complex manufactured goods.
FARO Technologies, Inc.
FARO Technologies, Inc. designs, develops, markets and supports portable,
software-driven, 3-D measurement systems used in manufacturing and industrial
applications. The Company's "FAROArm" articulated measuring device and its
companion "AnthroCam" software are used with other technology to improve
productivity, enhance product quality and decrease rework and scrap in
manufacturing.
Keithley Instruments, Inc.
Keithley Instruments, Inc. provides measurement-based solutions to the
semiconductor, telecommunications, and electronic components industries. The
Company markets its products to engineers and scientists worldwide for process
monitoring, production test, and basic research.
K-Tron International, Inc.
K-Tron International, Inc. designs, produces, markets and sells gravimetric and
volumetric feeders and related equipment. The Company's products control the
rate at which ingredients are fed into manufacturing processes for products
primarily in the plastics, food, chemical, cement, glass, and aluminum
industries. K-Tron also designs, markets, and sells electronic assemblies and
controls.
Nanometrics Incorporated
Nanometrics Incorporated supplies automated metrology equipment used for
advanced IC, flat panel display, and magnetic head manufacturing.
Newport Corporation
Newport Corporation designs, manufactures and markets components, instruments,
and integrated systems to fiber optic communications, semiconductor equipment,
computer peripherals, and scientific research markets.
Tektronix, Inc.
Tektronix, Inc. manufactures and sells measurement business products, color
printing and imaging products, and video and networking products. The Company's
products include various electronic test instruments; color printers and related
products; and digital video storage products, business network computers, and
other products.
TSI Incorporated
TSI Incorporated develops, manufactures, and markets measuring and/or control
instruments for a variety of market applications. The Company's products are
generally applied to enhancing the safety, comfort and health of people, as well
as process productivity and quality improvement.
Project Orbis
Business Descriptions of Selected Reference Companies
- --------------------------------------------------------------------------------
Yokogawa Electric Corporation
Yokogawa Electric Corporation develops, manufactures, and markets industrial
systems, products, and software. The Company's products include measuring
instruments and recorders, distributed control systems, industrial sensors,
process analyzers, power monitors, analytical equipment, medical information
systems, and software products.
Zygo Corporation
Zygo Corporation designs, develops, manufactures, and markets measurement and
yield improvement instruments, systems, and accessories used in high technology
industries.
Project Orbis
Imputed Valuation Based on Reference Company Analysis
(Based on Latest Twelve Months ended 4/3/99 Financial Data)
(All Dollar Amounts in Thousands)
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
- ------------------------------
Valuation Enterprise Value Multiple of:
- ------------------------------ -----------------------------------------------
LTM LTM LTM
Revenues EBITDA EBIT
----------- ----------- ----------
IMPLIED GROSS ENTERPRISE VALUE
Temperature Control Division $47,310 $100,012 $104,434
Imaging and Inspection Division $74,205 $55,603 $46,582
Test and Measurement Division $37,328 $21,434 $18,212
-------- -------- --------
AGGREGATE GROSS ENTERPRISE VALUE(1) $158,843 $177,049 $169,229
Plus: Cash on Balance Sheet 18,094 $18,094 $18,094
Minus: Debt 57,326 $57,326 $57,326
IMPLIED EQUITY VALUE $119,611 $137,817 $129,997
EQUITY VALUE PER SHARE (2)(3) $7.80 $8.99 $8.48
- -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(1) Reflects the sum of individual valuations for LTM data ending 4/3/99 based
on reference company multiples for the Temperature Control Division, the
Imaging & Inspection Division and the Test & Measurement Division.
(2) Based on 15,335,416 shares outstading as of April 30, 1999.
(3) Before giving effect to any outstanding premium.
Project Orbis
Imputed Valuation Based on Reference Company Analysis
(Based on Fiscal 1999 Financial Data)
(All Dollar Amounts in Thousands)
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
- ------------------------------
Valuation Enterprise Value Multiple of:
- ------------------------------ ------------------------------------------------
1999 1999 1999
Est. Revenues Est. EBITDA(4) Est. EBIT
------------- -------------- ---------
IMPLIED GROSS ENTERPRISE VALUE
Temperature Control Division $42,717 $113,921 $103,227
Imaging and Inspection Division $83,637 $179,424 $114,783
Test and Measurement Division $37,908 $36,362 $31,683
-------- -------- --------
AGGREGATE GROSS ENTERPRISE VALUE(1) $164,262 $329,706 $249,693
Plus: Cash on Balance Sheet $18,094 $18,094 $18,094
Minus: Debt $57,326 $57,326 $57,326
IMPLIED EQUITY VALUE $125,030 $290,474 $210,461
EQUITY VALUE PER SHARE (2)(3) $8.15 $18.94 $13.72
- -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(1) Reflects the sum of individual valuations for 1999 based on reference
company multiples for the Temperature Control Division, the Imaging &
Inspection Division and the Test & Measurement Division.
(2) Based on 15,335,416 shares outstading as of April 30, 1999.
(3) Before giving effect to any outstanding premium.
(4) Includes depreciation in excess of historical and projected levels.
TAB B
Project Orbis
Imputed Valuation Based on Selected Merger and Acquisition Transactions
(All Dollar Amounts in Thousands)
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
- ------------------------------
Valuation Enterprise Value Multiple of:
- ------------------------------ ------------------------------------------------
LTM LTM LTM
Revenues EBITDA EBIT
----------- ----------- -----------
SELECTED COMP GROUP MULTIPLE
Adjusted Mean 1.3x 12.2x 12.0x
PROJECT ORBIS
LTM Financial Data (1) $179,824 $16,083 $7,286
IMPLIED GROSS ENTERPRISE VALUE
Adjusted Mean $235,400 $195,663 $87,285
Plus: Cash on Balance Sheet $18,094 $18,094 $18,094
Minus: Net Debt $57,326 $57,326 $57,326
IMPLIED EQUITY VALUE
Adjusted Mean $196,167 $156,431 $48,053
EQUITY VALUE PER SHARE (2)
Adjusted Mean $12.79 $10.20 $3.13
- ---------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(1) Based on latest twelve months ending 4/3/99.
(2) Based on 15,335,416 shares outstading as of April 30, 1999.
Project Orbis
Imputed Valuation Based on Selected Merger and Acquisition Transactions
(All Dollar Amounts in Thousands)
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
- ------------------------------
Valuation Enterprise Value Multiple of:
- ------------------------------ -----------------------------------------------
1999 1999 1999
Revenues EBITDA (3) EBIT
----------- ----------- ----------
SELECTED COMP GROUP MULTIPLE
Adjusted Mean 1.3x 12.2x 12.0x
PROJECT ORBIS
Financial Data (1) $188,102 $32,328 $19,879
IMPLIED GROSS ENTERPRISE VALUE
Adjusted Mean $246,235 $393,306 $238,157
Plus: Cash on Balance Sheet $18,094 $18,094 $18,094
Minus: Net Debt $57,326 $57,326 $57,326
IMPLIED EQUITY VALUE
Adjusted Mean $207,003 $354,074 $198,925
EQUITY VALUE PER SHARE (2)
Adjusted Mean $13.50 $23.09 $12.97
- -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(1) Based on projected 1999 company results.
(2) Based on 15,335,416 shares outstading as of April 30, 1999.
(3) Includes depreciation in excess of historical and projected levels.
Project Orbis
Selected Merger and Acquisition Transactions
- --------------------------------------------------------------------------------
Analysis of Selected Completed and Pending Acquisitions in
Instrumentation, Measurement and Detection
January 1, 1994 - Present
(Transactions greater than $10 million)
Date
Announced Target Name Target Business Description Acquiror Name
- --------------- ---------------------------------- ----------------------------------- -----------------------------------
3/24/94 Forney International Inc Mnfr burner mgnt systems Williams Holdings PLC
2/7/95 EPRO Corp Electricity measuring equip Credence Systems Corp
3/7/95 Uson Corp Mnfr process control instr Roper Industries Inc
3/14/95 GC Thorsen (Elgin National Ind) Mnfr,whl electronic,elec parts Katy Industries Inc
3/20/95 Unisys Corp-Defense Electn Bus Mnfr electronic components Loral Corp
5/10/95 Best Power Technology Inc Mnfr power protection equip General Signal Corp
7/20/95 Analytical Technology Inc Mnfr lab analytical equip Thermo Instrument Systems Inc
9/6/95 Megatest Mnfr automatic testing equip Teradyne Inc
9/15/95 Data Measurement Corp Mnfr measurement systems Measurex Corp
10/13/95 Kevlin Corp Mnfr microwave components Chelton Communications Systems
10/19/95 Thermoscan (Thomas H Lee) Mnfr infrared thermometers Gillette Co
10/26/95 Telecom Analysis Systems Inc Mnfr wireless test instr,sys Bowthorpe PLC
1/3/96 International Jensen Inc Mnfr radios and televisions Recoton Corp
2/15/96 Andros Inc Mnfr infrared gas analyzers Genstar Capital Partners II LP
10/7/96 Augat Inc Mnfr electn,hardware prods Thomas & Betts Corp
11/18/96 Amicon Inc (Natl Med Care Inc) Mnfr ultrafiltration equipment Millipore Corp
1/27/97 Measurex Corp Mnfr process control systems Honeywell Inc
4/11/97 C&S Hybrid Mnfr microwave components Remec Inc
5/6/97 Quintar Corp (Bell & Howell Co) Mnfr embedded controllers Splash Technology Holdings Inc
5/16/97 Petrotech Inc Mnfr process control eqiup Roper Industries Inc
6/10/97 Numar Corp Mnfr imaging logging equip Halliburton Co
6/16/97 Core Industries Inc Manufacture electronic equip United Dominion Industries Ltd
7/1/97 NDC Systems Mnfr gauging equip Fairey Group PLC
7/31/97 Gems Sensors Mnfr measuring devices Danaher Corp
8/7/97 Magnetic Technologies Corp Manufacture copiers, printers SPS Technologies Inc
8/11/97 Tower Electronics Inc Mnfr power delivery systems Advanced Energy Industries
8/25/97 PerSeptive Biosystems Inc Mnfr chromatography equipment Perkin-Elmer Corp
9/3/97 Zytec Corp Mnfr electric power supplies Computer Products Inc
9/12/97 Adwest Group-US Electn Bus Mnfr electronic products Martek Power Switch Inc
9/30/97 Biosystems Inc Mnfr gas detection equipment Bacou USA Inc
10/17/97 Computational Systems Inc Manufacture measuring devices Emerson Electric Co
10/17/97 Exide Electronics Group Inc Manufacture power supplies BTR PLC
11/25/97 TW Communication Corp Mnfr multimedia wiring Anicom Inc
12/12/97 Impact Systems Inc Paper prodn control systems Voith Sulzer Paper Technology
12/22/97 EG&G Inc-Sealol Industrial Mnfr electornic components TI Group PLC
3/10/98 Corcom Inc Manufacture radio filters Communications Instruments Inc
3/31/98 Kavouras Inc Mnfr meteorological equipment Data Transmission Network Corp
4/27/98 Fluke Corp Mnfr electronic test equipment Danaher Corp
5/13/98 Sage Laboratories Inc Mnfr electronic components Filtronic Comtek PLC
6/19/98 Schlumberger-Fuel Dispenser Mnfr fuel dispenser sys Tokheim Corp
7/8/98 Atlantic Precision Products Mnfr precision eqmnt component Allied Devices Corp
------------------------------------------- --------------------------------------
Enterprise LTM Target Information ($mil) Enterprise Value as a Multiple of
Date Value (1) ------------------------------------------- --------------------------------------
Announced ($mil) Revenues EBITDA EBIT Revenues EBITDA EBIT
- ------------- ------------- ------------------------------------------- --------------------------------------
3/24/94 50.0 49.0 -- -- 1.0 x -- --
2/7/95 32.6 13.4 4.0 3.9 2.4 x 8.2 x 8.4 x
3/7/95 13.5 10.1 -- -- 1.3 x -- --
3/14/95 23.0 45.0 -- -- 0.5 x -- --
3/20/95 862.0 2,600.0 -- -- 0.3 x -- --
5/10/95 193.6 166.2 19.5 17.8 1.2 x 9.9 x 10.9 x
7/20/95 41.9 78.0 -- -- 0.5 x -- --
9/6/95 207.3 86.9 (9.9) (14.0) 2.4 x NM NM
9/15/95 32.8 27.8 2.7 2.3 1.2 x 12.2 x 14.3 x
10/13/95 11.8 11.1 1.2 0.8 1.1 x 9.8 x 14.7 x
10/19/95 367.1 82.0 20.9 18.6 4.5 x 17.6 x 19.7 x
10/26/95 28.2 10.0 -- -- 2.8 x -- --
1/3/96 109.6 247.2 6.8 2.7 0.4 x 16.1 x 40.6 x
2/15/96 61.2 39.3 2.1 0.0 1.6 x 29.1 x --
10/7/96 611.8 579.1 66.8 43.0 1.1 x 9.2 x 14.2 x
11/18/96 125.0 60.0 -- -- 2.1 x -- --
1/27/97 587.4 416.0 71.1 54.6 1.4 x 8.3 x 10.8 x
4/11/97 20.6 2.7 -- -- 7.6 x -- --
5/6/97 14.7 5.3 (1.5) (1.7) 2.8 x NM NM
5/16/97 22.0 31.0 -- -- 0.7 x -- --
6/10/97 336.5 22.4 5.2 0.7 15.0 x 64.7 x 480.8 x
6/16/97 317.3 241.7 31.4 26.0 1.3 x 10.1 x 12.2 x
7/1/97 30.0 24.2 -- 2.5 1.2 x -- 12.0 x
7/31/97 85.0 75.0 -- -- 1.1 x -- --
8/7/97 16.0 20.8 1.5 1.0 0.8 x 10.7 x 16.0 x
8/11/97 16.0 19.3 4.4 4.1 0.8 x 3.6 x 3.9 x
8/25/97 339.3 89.5 16.7 (25.9) 3.8 x 20.3 x NM
9/3/97 428.0 235.3 22.4 17.3 1.8 x 19.1 x 24.7 x
9/12/97 38.0 41.8 -- 4.3 0.9 x -- 8.8 x
9/30/97 13.5 13.7 -- -- 1.0 x -- --
10/17/97 160.5 62.2 9.1 6.2 2.6 x 17.6 x 25.9 x
10/17/97 590.9 562.0 28.4 12.8 1.1 x 20.8 x 46.2 x
11/25/97 32.1 82.4 1.8 1.7 0.4 x 17.8 x 18.9 x
12/12/97 28.5 19.2 0.0 (0.2) 1.5 x NA NM
12/22/97 100.0 88.8 -- -- 1.1 x -- --
3/10/98 44.5 36.0 5.4 4.4 1.2 x 8.2 x 10.1 x
3/31/98 20.4 19.7 3.5 2.4 1.0 x 5.8 x 8.5 x
4/27/98 657.5 441.0 49.9 34.3 1.5 x 13.2 x 19.2 x
5/13/98 16.3 9.5 0.9 0.4 1.7 x 18.1 x 40.7 x
6/19/98 330.0 350.0 -- -- 0.9 x -- --
7/8/98 13.8 10.0 -- -- 1.4 x -- --
------------------------------------------- --------------------------------------
Project Orbis
Selected Merger and Acquisition Transactions
- --------------------------------------------------------------------------------
Analysis of Selected Completed and Pending Acquisitions in
Instrumentation, Measurement and Detection
January 1, 1994 - Present
(Transactions greater than $10 million)
Date
Announced Target Name Target Business Description Acquiror Name
- --------------- ---------------------------------- ----------------------------------- -----------------------------------
7/13/98 Revere Transducers Inc Mnfr weighing load cells SI Technologies Inc
8/10/98 Molecular Dynamics Inc Mnfr,whl laboratory equipment Amersham Pharmacia Biotech Ltd
8/24/98 General Microwave Corp Mnfr microwave test equipment Herley Industries Inc
12/3/98 Microdyne Corp Mnfr,whl telemetry products L-3 Communications Holdings
12/11/98 Nu-Metrics Inc Mnfr traffic sensing devices TranSafe Corp (Quixote Corp)
12/14/98 Inframetrics Inc Mnfr infrared instruments FLIR Systems
12/18/98 Kuhlman Corp Mnfr transformers,indl springs Borg-Warner Automotive Inc
12/22/98 MagneTek Inc-Generator Bus Mnfr alternators Emerson Electric Co
12/31/98 Vars/Dentech Mnfr measuring devices KLA-Tencor Corp
1/5/99 National Controls Corp Manufacture industrial relays AMETEK Inc
1/8/99 Wireless Telecom Grp-Wireless Mnfr communs testing prods Bowthorpe PLC
1/11/99 International Power Devices Mnfr,whl converters,generators Power-One Inc
1/11/99 Whittaker Porta Bella Mnfr and develop electronics Santa Clarita LLC
1/15/99 Testec Corp Mnfr elec instruments Electro Scientific Inds Inc
2/1/99 AMP Inc-Conditioning Prod Ops Mnfr ceramic filter connectors Spectrum Control Inc
2/1/99 MicroVision Corp Mnfr semiconductors Electro Scientific Inds Inc
2/4/99 Watson Engineering Testing Pvd engineering svcs Johnson Matthey PLC
2/16/99 MVE Holdings Inc Mnfr,whl insulated containers Chart Industries Inc
3/1/99 Harrow Industries Mnfr access controls,hardware Ingersoll-Rand Co
3/2/99 Phoenix Microwave Corp Mnfr microwave components Stellex Microwave Systems Inc
3/2/99 XYLAN Corp Develop LAN hub systems Alcatel SA
3/15/99 Lightera Networks Inc Mnfr carrier-core switches CIENA Corp
3/16/99 United Technologies Automotive Mnfr auto parts,accessories Lear Corp
3/19/99 Products Unlimited Corp Mnfr relays,transformers Communications Instruments Inc
3/29/99 Strategic Technology Sys Inc Mnfr monitoring sys Smiths Industries PLC
4/13/99 TouchWave Inc Dvlps netwrk intgrtd phone sys LM Ericsson Telefon AB
4/21/99 A-G Geophysical Products Inc Mnfr marine connectors,cables Bolt Technology Corp
4/27/99 Identicator Inc Mnfr biometric fingerprint sys Identix Inc
5/3/99 Gulton-Stathman Transducers Mnfr transmitters, transducers AMETEK Inc
------------------------------------------- --------------------------------------
Enterprise LTM Target Information ($mil) Enterprise Value as a Multiple of
Date Value (1) ------------------------------------------- --------------------------------------
Announced ($mil) Revenues EBITDA EBIT Revenues EBITDA EBIT
- ------------- ------------- ------------------------------------------- --------------------------------------
7/13/98 10.4 21.0 -- -- 0.5 x -- --
8/10/98 261.5 58.1 6.3 4.1 4.5 x 41.5 x 63.8 x
8/24/98 20.9 22.3 3.0 2.2 0.9 x 7.0 x 9.5 x
12/3/98 90.0 51.1 10.2 9.0 1.8 x 8.8 x 10.0 x
12/11/98 15.0 7.0 -- -- 2.1 x -- --
12/14/98 59.9 55.0 -- -- 1.1 x -- --
12/18/98 789.9 745.8 69.8 94.2 1.1 x 11.3 x 8.4 x
12/22/98 115.0 100.0 -- -- 1.2 x -- --
12/31/98 20.0 -- -- -- -- -- --
1/5/99 29.0 25.0 -- -- 1.2 x -- --
1/8/99 19.0 20.0 -- -- 1.0 x -- --
1/11/99 31.8 30.0 -- -- 1.1 x -- --
1/11/99 15.0 -- -- -- -- -- --
1/15/99 21.4 -- -- -- -- -- --
2/1/99 20.0 30.0 -- -- 0.7 x -- --
2/1/99 44.6 14.0 -- -- 3.2 x -- --
2/4/99 10.6 5.0 -- 1.0 2.1 x -- 10.6 x
2/16/99 240.0 204.8 14.5 23.5 1.2 x 16.6 x 10.2 x
3/1/99 160.0 155.0 -- -- 1.0 x -- --
3/2/99 21.0 -- -- -- -- -- --
3/2/99 1,822.5 314.4 48.4 32.8 5.8 x 37.7 x 55.6 x
3/15/99 552.3 -- -- -- -- -- --
3/16/99 2,300.0 3,000.0 -- -- 0.8 x -- --
3/19/99 59.4 -- -- -- -- -- --
3/29/99 14.5 -- -- -- -- -- --
4/13/99 46.0 -- -- -- -- -- --
4/21/99 14.0 10.0 -- -- 1.4 x -- --
4/27/99 59.4 20.8 -- -- 2.9 x -- --
5/3/99 23.0 24.0 -- -- 1.0 x -- --
------------------------------------------- --------------------------------------
- -------------------------------------------------------
SIC Codes
- -------------------------------------------------------
3823 Process Control Instrumentation
3825 Instruments to Measure Electricity
3826 Lab Analytical Instruments
3829 Measurement & Control Devices
3629 Electrical Ind. Apparatus
3679 Electronic Components
- -------------------------------------------------------
- -------------------------------------------------------------------------
Aggregate Summary Table (2) Revenues EBITDA EBIT
- ------------------------------ --------------------------------------
Adj. Mean (3) 1.3x 12.2x 12.0x
High 3.2x 19.8x 19.7x
Low 0.3x 3.6x 3.9x
- -------------------------------------------------------------------------
(1) Enterprise value is equal to the total value of consideration paid by the
acquiror, including net debt if publicly disclosed, and excluding fees and
expenses.
(2) Bolded market multiples, if any, are excluded from Summary Statistics as
they are considered extraordinary.
(3) Adjusted Mean excludes high and low values.
Source: Securities Data Company, Inc. (201) 622-3100
TAB C
Project Orbis
Selected Acquisition of Minority Interest Transactions
- --------------------------------------------------------------------------------
Analysis of Select Completed and Pending Acquisition
of Minority Interest Transactions
January 1, 1994 - Present
Target
Date SIC
Announced Target Name Code Target Industry Sector
- -----------------------------------------------------------------------------------------------------------------
01/03/94 Au Bon Pain Co Inc 5812 Retail Trade-Eating and Drinking Places
01/21/94 Video Lottery Technologies Inc 3577 Computer and Office Equipment
02/22/94 Nostalgia Network Inc 4841 Radio and Television Broadcasting Stations
03/16/94 California Micro Devices Corp 3674 Electronic and Electrical Equipment
03/18/94 Air & Water Technologies Corp 8711 Business Services
03/28/94 Jones Intercable Inc 4841 Radio and Television Broadcasting Stations
05/03/94 Computer Task Group Inc 7372 Prepackaged Software
05/06/94 Dreyer's Grand Ice Cream Inc 2024 Food and Kindred Products
06/14/94 Cairn Energy USA Inc 1311 Oil and Gas; Petroleum Refining
06/14/94 Sprint Corp 4813 Telecommunications
06/21/94 Stac Electronics Inc 7374 Business Services
06/23/94 Corrections Corp of America 8744 Business Services
06/27/94 Celtrix Pharmaceuticals Inc 2834 Drugs
06/27/94 Somatogen Inc 2836 Drugs
07/01/94 Citicasters 4833 Radio and Television Broadcasting Stations
07/13/94 Titan Wheel International Inc 3714 Transportation Equipment
08/19/94 Atlas Corp 1041 Mining
08/22/94 Pyramid Technology Corp 3571 Computer and Office Equipment
09/07/94 People's Choice TV Corp 4841 Radio and Television Broadcasting Stations
09/12/94 Borden Inc 2026 Food and Kindred Products
10/03/94 Giant Food Inc 5411 Retail Trade-Food Stores
10/19/94 Acclaim Entertainment Inc 7372 Prepackaged Software
10/28/94 Younkers Inc 5311 Retail Trade-General Merchandise and Apparel
11/11/94 Chiron Corp 8731 Business Services
11/14/94 AmeriQuest Technologies Inc 3572 Computer and Office Equipment
11/14/94 AmeriQuest Technologies Inc 3572 Computer and Office Equipment
12/01/94 Veterinary Centers of America 0742 Agriculture, Forestry, and Fishing
12/07/94 Synetic Inc 3089 Rubber and Miscellaneous Plastic Products
12/13/94 GTS Duratek Corp 3564 Machinery
12/20/94 Santa Fe Pacific Corp 4011 Transportation and Shipping (except air)
12/22/94 Empire of Carolina Inc 3944 Miscellaneous Manufacturing
12/27/94 Quality Food Centers Inc 5411 Retail Trade-Food Stores
02/15/95 IG Laboratories Inc 8071 Health Services
03/15/95 Ropak Corp 3089 Rubber and Miscellaneous Plastic Products
04/05/95 Club Med Inc 7011 Hotels and Casinos
04/07/95 LIN Bdcstg(McCaw Cellular) 4813 Telecommunications
07/06/95 Grand Gaming Corp 7011 Hotels and Casinos
07/14/95 REN Corp-USA(COBE Labs Inc) 8092 Health Services
01/02/96 Forest Oil Corp 1311 Oil and Gas; Petroleum Refining
01/04/96 Tuboscope Vetco International 1389 Oil and Gas; Petroleum Refining
01/08/96 Loral Space & Communications 3669 Communications Equipment
01/17/96 Avant! Corp 7372 Prepackaged Software
01/25/96 Magellan Health Services Inc 8063 Health Services
02/14/96 Wet Seal Inc(Suzy Shier Ltd) 5651 Retail Trade-General Merchandise and Apparel
02/29/96 Sithe Energies(Cie Generale) 4911 Electric, Gas, and Water Distribution
-------------------------------------
Value of Enterprise % of Premiums Prior to Announcement
Date Transaction Value (1) Shares -------------------------------------
Announced Acquiror Name ($mil) ($mil) Acq. 1 day 1 week 4 weeks
- -----------------------------------------------------------------------------------------------------------------------------
01/03/94 Morgan Stanley Group Inc 30.0 NA 11.40 -- -- --
01/21/94 Electronic Data Systems Corp 67.6 357.51 20.00 39.2% 50.7% 64.2%
02/22/94 Concept Communications Inc 11.5 NA 27.56 -- -- --
03/16/94 Hitachi Metals(Hitachi) 21.1 181.48 10.00 71.4% 67.0% 71.4%
03/18/94 CGE 60.0 NA 11.25 -- -- --
03/28/94 BCE Telecom International 204.0 NA 22.05 -- -- --
05/03/94 Stock Employee Compensation 13.4 82.67 15.22 (2.9%) 3.0% 7.9%
05/06/94 Nestle USA Inc(Nestle SA) 96.0 600.29 17.00 20.8% 26.7% 32.0%
06/14/94 Aeneas Group Inc 15.0 106.05 11.77 (9.1%) (1.6%) 25.0%
06/14/94 Investor Group 4,070.8 21,234.67 20.00 23.9% 24.7% 26.4%
06/21/94 Microsoft Corp 39.9 NA 15.50 -- -- --
06/23/94 Sodexho SA(Financiere Sodexho) 17.5 NA 20.00 -- -- --
06/27/94 Genzyme Corp 10.0 NA 10.00 12.2% 5.3% (9.5%)
06/27/94 Eli Lilly & Co 20.0 NA 13.50 -- -- --
07/01/94 American Finl Entps Inc 23.9 250.71 10.00 17.1% 10.8% --
07/13/94 Pirelli Armstrong Tire Co 17.5 NA 15.79 -- -- --
08/19/94 MIM Holdings Ltd 11.0 101.77 11.00 180.5% 232.2% 193.6%
08/22/94 Siemens Nixdorf Info AG 17.3 NA 12.30 -- 11.3% 50.0%
09/07/94 Blackstone Capital Partners II 50.0 NA 14.70 -- -- --
09/12/94 Kohlberg Kravis Roberts & Co 309.5 NA 16.50 (5.4%) (9.3%) (11.1%)
10/03/94 J Sainsbury PLC 336.8 NA 16.70 -- -- --
10/19/94 Tele-Communications Inc 80.8 685.39 10.00 7.0% (2.2%) 2.6%
10/28/94 Carson Pirie Scott & Co 16.2 NA 11.69 -- -- --
11/11/94 Ciba-Geigy AG 1,387.7 3,918.98 28.37 95.8% 98.3% 86.5%
11/14/94 Computer 2000 AG(Kloeckner) 18.0 NA 12.70 -- -- --
11/14/94 Computer 2000 AG(Kloeckner) 31.5 71.79 28.10 (51.7%) (50.0%) (48.1%)
12/01/94 Heinz Pet Products Co 10.0 45.03 17.60 (1.4%) 1.5% 15.0%
12/07/94 Investor 35.9 151.43 28.60 (56.4%) (55.3%) (55.0%)
12/13/94 Carlyle Group LP 16.0 NA 19.18 -- -- --
12/20/94 Burlington Northern Inc 500.0 5,002.13 12.30 (1.2%) (8.0%) (14.9%)
12/22/94 WPG Corporate Dev Assoc IV 15.0 NA 28.00 -- -- --
12/27/94 Zell/Chilmark Fund LP 74.4 453.59 15.26 12.4% 25.0% 17.0%
02/15/95 LinPac Mouldings Ltd 22.3 71.29 31.97 4.9% 3.8% 2.9%
03/15/95 Club Mediterranee SA 28.5 81.65 40.00 10.5% 10.4% 10.5%
04/05/95 McCaw Cellular Commun (AT&T) 153.4 503.61 33.00 22.6% 22.9% 22.1%
04/07/95 Grand Casinos Inc 3,209.4 8,393.36 45.00 109.9% 108.5% 108.5%
07/06/95 COBE Laboratories (Gambro AB) 36.5 182.97 22.20 3.8% 3.8% 3.3%
07/14/95 COBE Laboratories (Gambro AB) 182.1 388.35 47.00 15.8% 16.6% 15.9%
01/02/96 JEDI 44.9 NA 17.30 2.8% 3.1% 2.9%
01/04/96 SCF Partners 31.0 NA 22.70 6.1% 5.8% 6.1%
01/08/96 Lockheed Martin Corp 344.0 786.87 20.00 -- -- --
01/17/96 Investor Group 133.1 391.46 19.90 14.3% 15.8% 16.3%
01/25/96 Rainwater-Magellan Holding LP 69.7 973.59 12.20 21.8% 22.4% 24.0%
02/14/96 Craig Drill Capital LP 12.9 56.26 23.30 7.3% 7.4% 7.3%
02/29/96 Marubeni Corp 195.5 2,047.34 29.50 5.9% 6.3% 6.6%
-------------------------------------
Project Orbis
Selected Acquisition of Minority Interest Transactions
- --------------------------------------------------------------------------------
Analysis of Select Completed and Pending Acquisition
of Minority Interest Transactions
January 1, 1994 - Present
Target
Date SIC
Announced Target Name Code Target Industry Sector
- --------------------------------------------------------------------------------------------------------------
03/04/96 Inhale Therapeutic Systems 3841 Measuring, Medical, Photo Equipment; Clocks
03/15/96 General Communication Inc 4813 Telecommunications
04/08/96 Cyberonics Inc 3841 Measuring, Medical, Photo Equipment; Clocks
04/16/96 Regeneron Pharmaceuticals Inc 8731 Business Services
05/02/96 Equity Corp International 7261 Personal Services
05/06/96 Aydin Corp 3663 Communications Equipment
05/17/96 DMX Inc 4841 Radio and Television Broadcasting Stations
06/06/96 Anacomp Inc 3861 Measuring, Medical, Photo Equipment; Clocks
06/10/96 CIDCO Inc 3661 Communications Equipment
06/11/96 UNC Inc 3724 Aerospace and Aircraft
06/26/96 Swiss Army Brands Inc 3421 Metal and Metal Products
06/27/96 PetroCorp Inc 1382 Oil and Gas; Petroleum Refining
07/24/96 Alliance Gaming Corp 7993 Amusement and Recreation Services
07/26/96 Imperial Holly Corp 2062 Food and Kindred Products
07/30/96 Recovery Engineering Inc 3589 Machinery
10/04/96 TCSI Corp 7372 Prepackaged Software
10/15/96 Sport Supply Group Inc 5091 Wholesale Trade-Durable Goods
10/15/96 PetroCorp Inc 1382 Oil and Gas; Petroleum Refining
11/27/96 Graham-Field Health Products 5047 Wholesale Trade-Durable Goods
11/27/96 Graham-Field Health Products 5047 Wholesale Trade-Durable Goods
01/15/97 Xircom Inc 7373 Business Services
03/06/97 Westinghouse Air Brake Co 3743 Transportation Equipment
03/31/97 Dynamics Corp of America 3634 Electronic and Electrical Equipment
04/21/97 Immune Response Corp 8731 Business Services
04/22/97 Allied Waste Industries Inc 4953 Sanitary Services
04/23/97 Vail Resorts Inc 7999 Amusement and Recreation Services
06/06/97 Grand Union Co 5411 Retail Trade-Food Stores
06/09/97 Comcast Corp 4841 Radio and Television Broadcasting Stations
06/11/97 Excite Inc 7372 Prepackaged Software
06/20/97 Sygnet Wireless Inc 4812 Telecommunications
06/20/97 Hugoton Energy Corp 1311 Oil and Gas; Petroleum Refining
06/26/97 ABIOMED 3845 Measuring, Medical, Photo Equipment; Clocks
07/23/97 ARV Assisted Living Inc 8051 Health Services
08/07/97 Pioneer Hi-Bred International 8731 Business Services
08/26/97 Learning Co Inc 7372 Prepackaged Software
09/29/97 Metricom Inc 3663 Communications Equipment
10/13/97 I-Link Inc 8071 Health Services
10/13/97 Metricom Inc 3663 Communications Equipment
11/04/97 D&E Communications Inc 4813 Telecommunications
11/04/97 Compost America Holding Co Inc 4953 Sanitary Services
11/21/97 Shared Technologies Fairchild 3661 Communications Equipment
12/19/97 Panavision Inc 3861 Measuring, Medical, Photo Equipment; Clocks
01/05/98 Marketing Services Group Inc 7389 Business Services
01/06/98 NetSpeak Corp 7375 Business Services
01/16/98 US Office Products Co 5112 Wholesale Trade-Nondurable Goods
-------------------------------------
Value of Enterprise % of Premiums Prior to Announcement
Date Transaction Value (1) Shares -------------------------------------
Announced Acquiror Name ($mil) ($mil) Acq. 1 day 1 week 4 weeks
- -----------------------------------------------------------------------------------------------------------------------------
03/04/96 Baxter International Inc 20.0 148.98 11.60 12.3% 11.8% 11.6%
03/15/96 MCI Communications Corp 13.0 137.17 23.00 5.0% 5.1% 4.8%
04/08/96 St Jude Medical Inc 12.0 45.71 17.50 5.5% 4.8% 4.5%
04/16/96 Amgen Inc 48.0 NA 11.60 12.8% 12.5% 13.6%
05/02/96 Service Corp International 36.6 287.56 11.24 28.5% 27.0% 29.0%
05/06/96 EA Industries Inc 10.8 NA 11.70 15.5% 15.3% 14.4%
05/17/96 Tele-Communications Inc 11.4 82.08 13.00 1.6% 1.8% 1.9%
06/06/96 Investor Group 70.4 1,498.31 28.95 -- -- --
06/10/96 Forstmann Little & Co 150.0 NA 19.00 37.5% 38.3% 39.5%
06/11/96 Investor 21.0 NA 14.40 9.0% 9.1% 9.1%
06/26/96 Investor Group 12.8 114.00 11.11 13.4% 13.9% 13.5%
06/27/96 Kaiser-Francis Oil Co(GBK) 17.5 99.38 24.70 8.5% 7.9% 7.3%
07/24/96 Investor Group 35.0 NA 10.00 -- -- --
07/26/96 Greencore Group PLC 50.4 259.86 27.00 13.3% 12.6% 11.1%
07/30/96 Investor Group 15.0 NA 18.80 12.5% 14.3% 13.3%
10/04/96 Investor Group 61.7 430.52 12.74 12.1% 12.3% 20.0%
10/15/96 Emerson Radio Corp 12.0 NA 17.10 6.3% 5.8% 7.5%
10/15/96 Kaiser-Francis Oil Co(GBK) 13.1 87.30 18.50 8.4% 8.6% 8.9%
11/27/96 BIL(Far East Holdings)Ltd 25.0 205.28 11.70 8.3% 7.9% 7.0%
11/27/96 BIL(Far East Holdings)Ltd 10.0 NA 12.40 8.3% 7.9% 7.0%
01/15/97 Intel Corp 52.0 NA 12.50 20.6% 20.6% 22.5%
03/06/97 Investor Group 66.0 663.03 21.10 12.6% 13.0% 12.4%
03/31/97 WHX Corp 22.8 218.68 10.66 33.5% 33.0% 30.1%
04/21/97 Investor Group 15.8 NA 10.00 7.4% 7.9% 8.4%
04/22/97 Investor Group 146.0 NA 19.90 11.4% 10.1% 8.0%
04/23/97 Investor 75.1 298.85 10.20 18.5% 19.3% 20.4%
06/06/97 Investor Group 40.0 NA 10.00 1.8% 2.1% 2.6%
06/09/97 Microsoft Corp 1,000.0 NA 11.50 17.3% 17.4% 16.4%
06/11/97 Intuit Inc 39.2 193.03 23.64 13.1% 10.3% 9.0%
06/20/97 Boston Ventures 15.0 NA 11.00 -- -- --
06/20/97 Belco Oil & Gas Corp 30.9 298.14 14.88 11.6% 10.8% 11.9%
06/26/97 Genzyme Corp 15.0 89.43 16.44 12.8% 12.5% 12.0%
07/23/97 Prometheus Assisted Living LLC 26.9 NA 16.60 -- -- --
08/07/97 EI du Pont de Nemours and Co 1,705.6 8,433.19 16.63 76.6% 74.0% 72.8%
08/26/97 Investor Group 123.0 NA 25.00 11.5% 10.8% 11.4%
09/29/97 Vulcan Ventures Inc 17.5 131.67 14.10 7.1% 7.1% 5.8%
10/13/97 Winter Harbor LLC 12.1 NA 23.40 -- -- --
10/13/97 Vulcan Ventures Inc 56.0 205.45 25.37 12.9% 12.5% 5.9%
11/04/97 Citizens Utilities Co 27.0 NA 17.50 16.7% 17.0% 18.0%
11/04/97 Wafra Investment Advisory Co 20.0 NA 25.00 -- -- --
11/21/97 Intermedia Communications Inc 60.0 553.39 23.30 14.2% 11.9% 12.4%
12/19/97 Mafco Holdings Inc 147.6 NA 24.00 -- 25.6% 22.3%
01/05/98 General Electric Co 15.0 NA 24.00 5.1% 4.8% 4.9%
01/06/98 Bay Networks Inc 37.5 NA 10.90 27.1% 24.5% 23.1%
01/16/98 Clayton Dubilier & Rice Inc 270.0 NA 24.90 18.4% 15.9% 16.7%
-------------------------------------
Project Orbis
Selected Acquisition of Minority Interest Transactions
- --------------------------------------------------------------------------------
Analysis of Select Completed and Pending Acquisition
of Minority Interest Transactions
January 1, 1994 - Present
Target
Date SIC
Announced Target Name Code Target Industry Sector
- --------------------------------------------------------------------------------------------------------------
01/26/98 Continental Airlines Inc 4512 Air Transportation and Shipping
02/11/98 EarthLink Network Inc 7375 Business Services
02/11/98 EarthLink Network Inc 7375 Business Services
03/18/98 NetSpeak Corp 7375 Business Services
04/08/98 Verio Inc 7374 Business Services
05/30/98 Panavision Inc 3861 Measuring, Medical, Photo Equipment; Clocks
06/16/98 Pepsi-Cola Puerto Rico 2086 Food and Kindred Products
07/29/98 Chaparral Resources Inc 1311 Oil and Gas; Petroleum Refining
07/29/98 Telenorte Celular 4813 Telecommunications
08/24/98 Freeport-McMoRan Copper & Gold 1021 Mining
10/14/98 ASV Inc 3531 Machinery
12/03/98 Visioneer Inc 3577 Computer and Office Equipment
03/09/99 Charles E Smith Commercial 6798 Investment & Commodity Firms,Dealers,Exchanges
-------------------------------------
Value of Enterprise % of Premiums Prior to Announcement
Date Transaction Value (1) Shares -------------------------------------
Announced Acquiror Name ($mil) ($mil) Acq. 1 day 1 week 4 weeks
- ------------------------------------------------------------------------------------------------------------------------------
01/26/98 Northwest Airlines Corp 502.0 NA 14.10 54.0% 49.6% 46.9%
02/11/98 Sprint Corp 56.3 522.75 11.14 38.6% 32.1% 28.5%
02/11/98 Sprint Corp 124.0 NA 18.86 38.6% 32.1% 28.5%
03/18/98 Motorola Inc 80.6 311.33 21.80 26.9% 25.8% 22.1%
04/08/98 Nippon Telegraph & Telephone 100.0 NA 12.50 -- -- --
05/30/98 Mafco Holdings Inc 154.4 621.58 25.00 26.4% 26.3% 26.3%
06/16/98 Investor Group 22.5 95.49 28.80 6.8% 7.1% 7.5%
07/29/98 Investor Group 10.0 82.09 13.02 2.2% 1.7% 1.6%
07/29/98 Telesystem International 161.8 NA 19.26 -- -- --
08/24/98 Genzyme Corp 12.6 4,517.80 15.90 12.4% 12.9% 14.3%
10/14/98 Caterpillar Inc 18.0 149.04 13.15 19.0% 12.5% 7.5%
12/03/98 Xerox Corp 10.5 35.37 19.09 13.7% 99.8% 174.7%
03/09/99 Vornado Realty Trust 242.0 NA 24.40 -- -- --
-------------------------------------
------------------------------------------------------------------
Aggregate Summary Table (2) Premiums prior to announcement:
------------------------------------------------------------------
1 day 1 week 4 weeks
Adj. Mean (3) 14.7% 14.3% 15.0%
High 54.0% 50.7% 64.2%
Low 1.6% 1.5% 1.6%
------------------------------------------------------------------
- --------------------------------------------------------------------------------
Source: Securities Data Company, Inc. (201) 622-3100
(1) Enterprise value is equal to the total value of consideration paid by the
acquiror, including net debt if publicly disclosed, and excluding fees and
expenses.
(2) Bolded market multiples, if any, are excluded from Summary Statistics as
they are considered extraordinary.
(3) Adjusted Mean excludes high and low values.
TAB D
Project Orbis
Selected Acquisition of Remaining Interest Transactions
- --------------------------------------------------------------------------------
Analysis of Select Completed and Pending Acquisition of
Remaining Interest Transactions
January 1, 1994 - Present
Target
Date SIC
Announced Target Name Code Target Industry Sector
- ----------------------------------------------------------------------------------------------------------
02/17/94 Scripps Howard Broadcasting Co 4832 Radio and Television Broadcasting Stations
03/23/94 Adia Services Inc (Adia SA) 7363 Business Services
04/26/94 Diamond Shamrock Offshore 1311 Oil and Gas; Petroleum Refining
06/06/94 Ogden Projects Inc (Ogden Corp) 1629 Construction Firms
07/28/94 Chemical Waste Management Inc 4953 Sanitary Services
09/08/94 Contel Cellular Inc (Contel) 4812 Telecommunications
11/02/94 Pacific Telecom (PacifiCorp) 4813 Telecommunications
07/06/95 Grand Gaming Corp 7011 Hotels and Casinos
05/27/96 SyStemix Inc(Novartis AG) 2836 Drugs
07/03/96 Golden Poultry Co Inc 2015 Food and Kindred Products
10/03/96 LXE(Electromagnetic Sciences) 3663 Communications Equipment
10/10/96 WCI Steel Inc(Renco Group Inc) 3312 Metal and Metal Products
01/21/97 Mafco Consolidated Grp(Mafco) 2844 Soaps, Cosmetics, and Personal-Care Products
02/25/97 Fina Inc 2911 Oil and Gas; Petroleum Refining
04/16/97 Steck-Vaughn Publishing Corp 2731 Printing, Publishing, and Allied Services
07/09/97 Seaman Furniture Co 5712 Retail Trade-Home Furnishings
10/23/97 Brad Ragan Inc(Goodyear Tire) 5014 Wholesale Trade-Durable Goods
03/05/98 XLConnect Solutions Inc 7373 Business Services
03/10/98 IP Timberlands Ltd 0811 Agriculture, Forestry, and Fishing
03/27/98 Intl Specialty Prods 2869 Chemicals and Allied Products
04/29/98 Group 1 Software Inc 7372 Prepackaged Software
09/23/98 Ryerson Tull Inc 5051 Wholesale Trade-Durable Goods
01/22/99 Treadco Inc 5531 Miscellaneous Retail Trade
------------------------------------
Value of Enterprise % of Premiums Prior to Announcement
Date Transaction Value (1) Shares ------------------------------------
Announced Acquiror Name ($mil) ($mil) Acq. 1 day 1 week 4 weeks
- -------------------------------------------------------------------------------------------------------------------------------
02/17/94 EW Scripps (Edward Scripps Tr) 115.9 NA 14.00 -- -- --
03/23/94 Adia SA 35.8 170.2 19.00 (43.4%) (42.3%) (37.5%)
04/26/94 Burlington Resources Inc 42.6 330.5 12.90 (3.1%) (0.4%) 5.4%
06/06/94 Ogden Corp 110.3 691.3 15.80 5.8% 17.6% 20.5%
07/28/94 WMX Technologies Inc 397.4 3310.9 21.40 10.6% 8.9% 1.1%
09/08/94 GTE Corp 254.3 4533.9 10.00 43.7% 37.8% 36.0%
11/02/94 PacifiCorp 159.0 1643.9 13.38 23.7% 23.7% 23.7%
07/06/95 Grand Casinos Inc 36.5 183.0 22.20 3.8% 3.8% 3.3%
05/27/96 Novartis AG 107.6 401.6 26.80 18.6% 11.5% 12.3%
07/03/96 Gold Kist Inc 52.1 209.7 25.00 9.4% 9.5% 10.3%
10/03/96 Electromagnetic Sciences Inc 14.8 82.0 22.20 10.8% 11.5% 11.0%
10/10/96 Renco Group Inc 56.5 437.2 15.53 8.5% 7.8% 5.6%
01/21/97 Mafco Holdings Inc 116.8 980.3 15.00 27.1% 27.1% 26.3%
02/25/97 Petrofina SA 257.0 2,427.1 14.70 50.1% 50.6% 49.4%
04/16/97 Harcourt General Inc 40.3 221.4 17.00 12.1% 11.1% 11.9%
07/09/97 Investor Group 45.6 130.1 20.00 20.6% 20.0% 20.6%
10/23/97 Goodyear Tire & Rubber Co 20.7 119.1 25.00 30.0% 32.4% 30.4%
03/05/98 Xerox Corp 93.0 353.6 20.00 22.5% 17.4% 16.4%
03/10/98 IP Forest Resources Co 99.5 NA 16.00 10.3% 10.4% 13.4%
03/27/98 ISP Holdings Inc 324.5 2,125.8 16.20 17.5% 17.9% 15.9%
04/29/98 COMNET Corp 11.8 64.6 18.80 8.0% 8.5% 8.0%
09/23/98 Inland Steel Industries Inc 61.2 510.813 13.59 (8.5%) (11.6%) (40.8%)
01/22/99 Arkansas Best Corp 22.7 63.1 48.10 38.5% 46.9% 24.1%
------------------------------------
- --------------------------------------------------------------------------------
Aggregate Summary Table (2) Premiums prior to announcement:
- --------------------------------------------------------------------------------
1 day 1 week 4 weeks
Adj. Mean (3) 18.7% 18.8% 16.4%
High 50.1% 50.6% 49.4%
Low 3.8% 3.8% 1.1%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Source: Securities Data Company, Inc. (201) 622-3100
(1) Enterprise value is equal to the total value of consideration paid by the
acquiror, including net debt if publicly disclosed, and excluding fees and
expenses.
(2) Bolded market multiples, if any, are excluded from Summary Statistics as
they are considered extraordinary.
(3) Adjusted Mean excludes high and low values.
TAB E
Project Orbis - Valuation On Consolidated Basis Management Case (6)
Discounted Cash Flow Analysis
(All Dollar Amounts in Thousands, Except Per Share Amounts)
- --------------------------------------------------------------------------------
Projected Calendar Year Ending December 31,
----------------------------------------------------
FY 1999 FY 2000 FY 2001 FY 2002 FY 2003
----------------------------------------------------
Revenues $188,102 $209,659 $229,437 $251,819 $285,080
EBIT Before Corporate Overhead $ 22,384 $ 32,001 $ 37,597 $ 44,039 $ 52,768
Adjusted EBIT (1) $ 19,880 $ 29,324 $ 34,762 $ 41,024 $ 49,487
Less: Taxes (@43%) (8,548) (12,609) (14,948) (17,640) (21,279)
Plus: Depreciation and amortization $ 12,449 $ 7,417 $ 7,111 $ 7,101 $ 7,218
Less: Capital Expenditures $ (4,576) $ (3,310) $ (3,349) $ (3,441) $ (3,562)
Plus Changes in Working Capital $ (1,111) $ (3,135) $ (2,505) $ (3,637) $ (5,168)
----------------------------------------------------
Free Cash Flow 18,094 17,687 21,071 23,407 26,696
Terminal Value EBIT Multiple @ 12.0x(2) 0 0 0 0 592,872
----------------------------------------------------
Free Cash Flow 18,094 17,687 21,071 23,407 619,567
====================================================
PV of Free Cash Flow 15,504 12,986 13,257 12,619 286,209
====================================================
Midpoint Assumptions for Equity Valuation Equity Value Calculation
- ----------------------------------------- ------------------------
Exit Multiple (x EBIT) 12.0x(3) Enterprise Value (PV of Cash Flows) $340,575
Weighted Average Cost of Capital 16.7%(4) Less: Funded Indebtedness @ 4/3/99 (57,326)
Plus: Cash balance @ 4/3/99 18,094
--------
Equity Valuation $301,343
========
------------------------------------------------------
Weighted Average Cost of Capital ("WACC")
--------------------------------------------
Equity Value 15.7% 16.7% 17.7%
--------------------------------------------
Exit 11.0x $ 291,209 $ 278,482 $ 266,374
-----------------------------------
Multiple 11.5x $ 303,142 $ 289,913 $ 277,327
-----------------------------------
(x EBIT) 12.0x $ 315,075 $ 301,343 $ 288,280
-----------------------------------
12.5x $ 327,008 $ 312,773 $ 299,233
-----------------------------------
13.0x $ 338,940 $ 324,203 $ 310,185
------------------------------------------------------
------------------------------------------------------
Weighted Average Cost of Capital ("WACC")
--------------------------------------------
Equity Value Per Share (5) 15.7% 16.7% 17.7%
--------------------------------------------
Exit 11.0x $ 18.99 $ 18.16 $ 17.37
-----------------------------------
Multiple 11.5x $ 19.77 $ 18.90 $ 18.08
-----------------------------------
(x EBIT) 12.0x $ 20.55 $ 19.65 $ 18.80
-----------------------------------
12.5x $ 21.32 $ 20.40 $ 19.51
-----------------------------------
13.0x $ 22.10 $ 21.14 $ 20.23
------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(1) Adjusted for corporate overhead, intercompany sales and corporate office
adjustments based on a percentage of sales.
(2) Terminal Value applied to adjusted EBIT
(3) Based on comparable merger and acquisition transactions.
(4) Range based on weighted average WACC for each division based on percentage
of EBIT.
(5) Based on 15,335,416 shares outstanding as of April 30, 1999.
(6) Original valuation methodology updated to reflect current estimated cost
of capital and terminal value multiples.
Project Orbis - Valuation On Consolidated Basis Sensitivity Case: Adjusted
EBIT Margin @ 11.0% (6)
Discounted Cash Flow Analysis
(All Dollar Amounts in Thousands, Except Per Share Amounts)
- -------------------------------------------------------------------------------
Projected Calendar Year Ending December 31,
--------------------------------------------------------
FY 1999 FY 2000 FY 2001 FY 2002 FY 2003
--------------------------------------------------------
Revenues $188,102 $209,659 $229,437 $251,819 $285,080
Adjusted EBIT (1) $ 20,691 $ 23,062 $ 25,238 $ 27,700 $ 31,359
Less: Taxes (@43%) (8,897) (9,917) (10,852) (11,911) (13,484)
Plus: Depreciation and amortization $ 12,449 $ 7,417 $ 7,111 $ 7,101 $ 7,218
Less: Capital Expenditures $ (4,576) $ (3,310) $ (3,349) $ (3,441) $ (3,562)
Plus Changes in Working Capital $ (1,111) $ (3,135) $ (2,505) $ (3,637) $ (5,168)
--------------------------------------------------------
Free Cash Flow 18,556 14,118 15,643 15,812 16,363
Terminal Value EBIT Multiple @ 12.0x(2) 0 0 0 0 375,689
--------------------------------------------------------
Free Cash Flow 18,556 14,118 15,643 15,812 392,052
========================================================
PV of Free Cash Flow 15,900 10,366 9,842 8,524 181,108
========================================================
Midpoint Assumptions for Equity Valuation Equity Value Calculation
- ----------------------------------------- ------------------------
Exit Multiple (x EBIT) 12.0x(3) Enterprise Value (PV of Cash Flows) $225,740
Weighted Average Cost of Capital 16.7%(4) Less: Funded Indebtedness @ 4/3/99 (57,326)
Plus: Cash balance @ 4/3/99 18,094
--------
Equity Valuation $186,508
========
-------------------------------------------------------
Weighted Average Cost of Capital ("WACC")
-----------------------------------------------
Equity Value 15.7% 16.7% 17.7%
------------------------------------
Exit 11.0x $ 180,221 $ 172,022 $ 164,218
------------------------------------
Multiple 11.5x $ 187,783 $ 179,265 $ 171,158
------------------------------------
(x EBIT) 12.0x $ 195,344 $ 186,508 $ 178,099
------------------------------------
12.5x $ 202,906 $ 193,751 $ 185,040
------------------------------------
13.0x $ 210,467 $ 200,994 $ 191,980
-------------------------------------------------------
-------------------------------------------------------
Weighted Average Cost of Capital ("WACC")
-----------------------------------------------
Equity Value Per Share (5) 15.7% 16.7% 17.7%
------------------------------------
Exit 11.0x $ 11.75 $ 11.22 $ 10.71
------------------------------------
Multiple 11.5x $ 12.25 $ 11.69 $ 11.16
------------------------------------
(x EBIT) 12.0x $ 12.74 $ 12.16 $ 11.61
------------------------------------
12.5x $ 13.23 $ 12.63 $ 12.07
------------------------------------
13.0x $ 13.72 $ 13.11 $ 12.52
-------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(1) Adjusted for corporate overhead, intercompany sales and corporate office
adjustments based on a percentage of sales.
(2) Terminal Value applied to adjusted EBIT
(3) Based on comparable merger and acquisition transactions.
(4) Range based on weighted average WACC for each division based on percentage
of EBIT.
(5) Based on 15,335,416 shares outstanding as of April 30, 1999.
(6) Original valuation methodology updated to reflect current estimated cost
of capital and terminal value multiples.
Project Orbis
Management DCF
- --------------------------------------------------------------------------------
- ----------------------------------------- ------------------- -----------------------------
Months in 1st TMO Calendar Year: 12 Tax Rate: 43.0% Terminal Growth Rate: 2.0%
- ----------------------------------------- ------------------- -----------------------------
Management Projections
---------------------------------------------------------
1999 2000 2001 2002 2003
------- ------- ------- ------- -------
Revenues 188,102 209,659 229,437 251,819 285,080
Growth Rate 11.5% 9.4% 9.8% 13.2%
Gross Profit 85,967 97,693 107,807 119,505 135,580
Gross Profit Margin 45.7% 46.6% 47.0% 47.5% 47.6%
EBIT (w/out goodwill amort.) 23,133 32,605 38,043 44,305 52,768
EBIT Margin 12.3% 15.6% 16.6% 17.6% 18.5%
EBIAT 13,186 18,585 21,685 25,254 30,078
NOA 62,056 59,167 61,115 63,695 67,968
NOA / Sales 33.0% 28.2% 26.6% 25.3% 23.8%
Incr (Decr) NOA (6,819) (2,889) 1,948 2,580 4,273
Operating Cash Flows 20,005 21,474 19,737 22,674 25,805
PV of Operating Cash Flow 18,861 17,996 14,702 15,014 15,188
WACC 12.50%
Present Value of Operating Cash Flows 147,715
Present Value of Terminal Value 124,264
--------
Enterprise Value of Company (intrinsic) 271,979
Net Debt $ 50,673
Equity Value 221,306
Shares Outstanding 15,372
--------
Per Share Value $ 14.40
--------
Extrapolated Projections
------------------------------------------------------- Terminal
2004 2005 2006 2007 2008 Value
------- ------- ------- ------- ------- --------
Revenues 315,866 349,976 387,770 429,645 476,042
Growth Rate 10.8% 10.8% 10.8% 10.8% 10.8%
Gross Profit 150,221 166,444 184,418 204,333 226,399
Gross Profit Margin 47.6% 47.6% 47.6% 47.6% 47.6%
EBIT (w/out goodwill amort.) 58,466 64,780 71,776 79,527 88,115
EBIT Margin 18.5% 18.5% 18.5% 18.5% 18.5%
EBIAT 33,326 36,925 40,912 45,330 50,225
NOA 75,308 83,440 92,451 102,435 113,497
NOA / Sales 23.8% 23.8% 23.8% 23.8% 23.8%
Incr (Decr) NOA 7,340 8,132 9,011 9,984 11,062
-------
Operating Cash Flows 25,986 28,792 31,901 35,347 39,164 380,446
-------
PV of Operating Cash Flow 13,596 13,390 13,188 12,988 12,792 124,264
- --------------------------------------------------------------------------------
Adjusted 2008 Terminal Value Calculation
- --------------------------------------------------------------------------------
Growth Rate 5.0%
---------
Sales $499,844
Gross Profit $237,719
Gross Profit Margin 47.6%
EBIT (w/out g'will amort.) $ 92,521
EBIT Margin 18.5%
EBIAT $ 52,737
NOA $119,171
NOA/Sales 23.8%
Incr (Decr) NOA $ 5,675
Operating Cash Flows $ 47,062
Terminal Value (TV) $627,492
Present Value of TV $204,955
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Present Value Delta (THI Case v. Tucker Case)
- --------------------------------------------------------------------------------
Growth Rate 5.0%
---------
TA PV $204,955
THI PV $124,264
Delta $ 80,692
- --------------------------------------------------------------------------------
Per Share $ 5.25
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Adjusted Per Share Fair Value
- --------------------------------------------------------------------------------
5.0%
$19.65
----------
Project Orbis
Management DCF
- --------------------------------------------------------------------------------
Management Projections
------------------------------------------------------------- Terminal Year
1999 2000 2001 2002 2003 Calculation
------- ------- ------- ------- -------
Revenues 188,102 209,659 229,437 251,819 285,080 $ 299,334
Growth Rate 11.5% 9.4% 9.8% 13.2% 5.0%
Growth Profit 85,967 97,693 107,807 119,505 135,580 $ 142,359
Growth Profit Margin 45.7% 46.6% 47.0% 47.5% 47.6% 47.6%
EBIT (w/out goodwill amort.) 23,133 32,605 38,043 44,305 52,768 $ 55,406
EBIT Margin 12.3% 15.6% 16.6% 17.6% 18.5% 18.5%
EBIAT 13,186 18,585 21,685 25,254 30,078 $ 31,582
NOA 62,056 59,167 61,115 63,695 67,968 $ 71,366
NOA / Sales 33.0% 28.2% 26.6% 25.3% 23.8% 23.8%
Incr (Decr) NOA (6,819) (2,889) 1,948 2,580 4,273 $ 3,398
Operating Cash Flows 20,005 21,474 19,737 22,674 25,805 $ 28,183
PV of Operating Cash Flow 18,861 17,996 14,702 15,014 15,188 $ 14,745
-------------------------------------------------------------
Terminal
Value
---------
$ 375,777
WACC 12.50%
Present Value of Operating Cash Flows 81,762
Present Value of Terminal Value 221,179
--------
Enterprise Value of Company (intrinsic) 302,940
Net Debt $ 50,673
Equity Value 252,267
Share Outstanding 15,372
--------
Per Share Value $ 16.41
--------
Project Orbis - Temperature Control Group
Weighted Average Cost of Capital Calculation
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Formulas: Weighted Average Cost of Capital: Source:
- --------- --------------------------------- -------
Capital Asset Pricing Model (CAPM): R(f) Risk Free Rate 5.57% 10 Year Treasury as of 5/12/99
K(e) = R(f) + B*[R(m)-R(f)] + SP R(m)-R(f) Market Risk Premium 7.50% Ibbotson Associates 1997 Yearbook
Unlevering/Relevering Beta: SP Size Premium 3.5% Micro Capitalization Equity Size
Premium (Capitalization below $197
million)
B(u) = B(l)/(1+D/E) t Effective Tax Rate 43.0% ThermoSpectra's statutory tax rate
D/E Debt/Equity Ratio 6.4% Ind. Comp. Debt to Equity Ratio for SIC
Code 3825
Source: Ibbotson Associates Yearbook 1997
B(l) = B(u)*(1+D/E)
B(u) Estimated Unlevered Beta 1.10x Adjusted unlevered beta of comparable
group.
Weighted Average Cost of Capital (WACC): B(l) Estimated Relevered Beta 1.22x Adjusted levered beta of comparable group,
Source: Bloomberg.
[D/TC*(K(d)*(1-t))]+[E/TC*K(e)] K(e) Cost of Equity 18.2%
K(d) Cost of Debt 8.00% ThermoSpectra's Cost of Debt
E/TC Equity/(Debt+Equity) 94.0% Ind. Comp. Equity/Total Capital, Source:
Ibbotson Associates 1997 Yearbook
D/TC Debt/(Debt+Equity) 6.0% Ind. Comp. Debt/Total Capital, Source:
Ibbotson Associates 1997 Yearbook
-----------------------------
WACC 17.6%
-----------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
Unlevered Beta Calculation for the Comparable Group of Public Traded Companies:
Market Debt to
Value Market
Total of Equity Equity Levered Unlevered
Public Comparables Debt 05/14/99 Ratio Beta Beta
- ------------------ ----------- ------------ ----------- ----------------- ---------
Cerprobe Corporation $6,573 $76,868 0.09x 1.12 1.03
GenRad, Inc. $8,487 $544,524 0.02x 1.06 1.04
IFR Systems, Inc. $114,125 $35,397 3.22x 0.88 0.21
Keithley Instruments, Inc. $6,000 $60,832 0.10x 0.72 0.66
Applied Materials, Inc. $624,554 $22,634,879 0.03x 1.66 1.62
Credence Systems Corp. $115,000 $551,607 0.21x 1.66 1.37
KLA-Tencor Corp. $16,416 $4,540,189 0.00x 1.39 1.38
-------------------------------------------------------------------------
Mean 0.52x 1.21x 1.04x
Adjusted Mean* 0.09x 1.22x 1.10x
-------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Note: Betas vs. the Standard & Poor's 500 Index
* Indicates adjusted to exclude the high and low values in calculating the
average.
Project Orbis - Imaging & Inspection Group
Weighted Average Cost of Capital Calculation
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Formulas: Weighted Average Cost of Capital: Source:
- --------- --------------------------------- -------
Capital Asset Pricing Model (CAPM): R(f) Risk Free Rate 5.57% 10 Year Treasury as of 5/12/99
K(e) = R(f) + B*[R(m)-R(f)] + SP R(m)-R(f) Market Risk Premium 7.50% Ibbotson Associates 1997 Yearbook
Unlevering/Relevering Beta: SP Size Premium 3.5% Micro Capitalization Equity Size Premium
(Capitalization below $197 million)
B(u) = B(l)/(1+D/E) t Effective Tax Rate 43.0% ThermoSpectra's statutory tax rate
D/E Debt/Equity Ratio 6.4% Ind. Comp. Debt to Equity Ratio for SIC
Code 3825
Source: Ibbotson Associates Yearbook 1997
B(l) = B(u)*(1+D/E)
B(u) Estimated Unlevered Beta 0.84x Adjusted unlevered beta of comparable
group.
Weighted Average Cost of Capital (WACC): B(l) Estimated Relevered Beta 0.90x Adjusted levered beta of comparable group,
Source: Bloomberg.
[D/TC*(K(d)*(1-t))]+[E/TC*K(e)] K(e) Cost of Equity 15.8%
K(d) Cost of Debt 8.00% ThermoSpectra's Cost of Debt
E/TC Equity/(Debt+Equity) 94.0% Ind. Comp. Equity/Total Capital , Source:
Ibbotson Associates 1997 Yearbook
D/TC Debt/(Debt+Equity) 6.0% Ind. Comp. Debt/Total Capital , Source:
Ibbotson Associates 1997 Yearbook
---------------------------
WACC 15.4%
---------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
Unlevered Beta Calculation for the Comparable Group of Public Traded Companies:
Market Debt to
Value Market
Total of Equity Equity Levered Unlevered
Public Comparables Debt 05/14/99 Ratio Beta Beta
- ------------------ ---------- ---------- ----------- ----------------- ----------
American Science and Engineering $1,050 $41,917 0.03x 0.79 0.77
Barringer Technologies $92 $42,382 0.00x 0.86 0.86
Bio-Rad Laboratories, Inc. $51,732 $347,394 0.15x 0.57 0.50
Cognex Corp. $0 $1,185,179 0.00x 1.45 1.45
Invision Technologies $2,329 $72,406 0.03x 0.95 0.92
Moore Products Co. $176 $62,301 0.00x 0.91 0.91
Robotic Vision Systems, Inc. $39,029 $74,662 0.52x 0.99 0.65
Oxford Instruments Plc $78,043 $166,411 0.47x 0.51 0.35
PPT Vision, Inc. $0 $24,290 0.00x 0.70 0.70
Veeco Instruments Inc. $18,011 $570,090 0.03x 1.49 1.44
------------------------------------------------------------------------
Mean 0.12x 0.92x 0.85x
Adjusted Mean* 0.09x 0.90x 0.84x
------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Note: Betas vs. the Standard & Poor's 500 Index
* Indicates adjusted to exclude the high and low values in calculating the
average.
Project Orbis - Test & Measurement Group
Weighted Average Cost of Capital Calculation
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Formulas: Weighted Average Cost of Capital: Source:
- --------- --------------------------------- -------
Capital Asset Pricing Model (CAPM): R(f) Risk Free Rate 5.57% 10 Year Treasury as of 5/12/99
K(e) = R(f) + B*[R(m)-R(f)] + SP R(m)-R(f) Market Risk Premium 7.50% Ibbotson Associates 1997 Yearbook
Unlevering/Relevering Beta: SP Size Premium 3.5% Micro Capitalization Equity Size Premium
(Capitalization below $197 million)
B(u) = B(l)/(1+D/E) t Effective Tax Rate 43.0% ThermoSpectra's statutory tax rate
D/E Debt/Equity Ratio 6.4% Ind. Comp. Debt to Equity Ratio for SIC Code
3825
Source: Ibbotson Associates Yearbook 1997
B(l) = B(u)*(1+D/E)
B(u) Estimated Unlevered Beta 0.77x Adjusted unlevered beta of comparable group.
Weighted Average Cost of Capital (WACC): B(l) Estimated Relevered Beta 0.86x Adjusted levered beta of comparable group,
Source: Bloomberg.
[D/TC*(K(d)*(1-t))]+[E/TC*K(e)] K(e) Cost of Equity 15.5%
K(d) Cost of Debt 8.00% ThermoSpectra's Cost of Debt
E/TC Equity/(Debt+Equity) 94.0% Ind. Comp. Equity/Total Capital , Source:
Ibbotson Associates 1997 Yearbook
D/TC Debt/(Debt+Equity) 6.0% Ind. Comp. Debt/Total Capital , Source:
Ibbotson Associates 1997 Yearbook
--------------------------
WACC 15.1%
--------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
Unlevered Beta Calculation for the Comparable Group of Public Traded Companies:
Market Debt to
Value Market
Total of Equity Equity Levered Unlevered
Public Comparables (1) Debt 05/14/99 Ratio Beta Beta
- ---------------------- --------- ----------- ----------- ----------------- ---------
Astro-Med Inc. $228 $33,611 0.01x 0.33 0.33
Cyber Optics Corp. $0 $57,039 0.00x 1.25 1.25
Keithley Instruments, Inc. $6,000 $60,832 0.10x 0.72 0.66
K-Tron Int'l Inc. $11,458 $53,048 0.22x 0.35 0.29
Nanomentrics Incorporated $3,238 $63,445 0.05x 0.96 0.91
Newport Corporation $20,945 $137,037 0.15x 0.92 0.80
Tektronix Inc. $289,093 $1,253,739 0.23x 1.15 0.93
TSI Incorporated $0 $98,434 0.00x 0.60 0.60
Yokogawa Electric Corp. $467,280 $1,330,967 0.35x 0.95 0.70
Zygo Corp. $0 $100,953 0.00x 1.34 1.34
-----------------------------------------------------------------------
Mean 0.11x 0.86x 0.78x
Adjusted Mean* 0.09x 0.86x 0.77x
-----------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Note: Betas vs. the Standard & Poor's 500 Index
* Indicates adjusted to exclude the high and low values in calculating the
average.
TAB F
Project Orbis
Consolidated Historical and Projected Income Statements ($000s)
- --------------------------------------------------------------------------------
Historical
---------------------------------------------------
1994 1995 1996 1997
---- ---- ---- ----
Revenues $ 42,142 $ 91,714 $ 123,199 $ 198,900
% increase in Revenues 117.6% 34.3% 61.4%
Cost of Revenues 21,759 46,384 62,900 115,747
---------------------------------------------------
Gross Profit $ 20,383 $ 45,330 $ 60,299 $ 83,153
Gross Profit % 48.4% 49.4% 48.9% 41.8%
Operating Expenses:
Corporate G&A NA NA NA NA
Goodwill Amortization and Other Expenses NA NA NA NA
Research & Development expenses 4,149 9,036 12,910 17,303
Selling, General & Administrative Expenses 12,136 28,501 36,493 53,182
---------------------------------------------------
Total Operating Expenses $ 16,285 $ 37,537 $ 49,403 $ 70,485
---------------------------------------------------
Earnings Before Interest and Taxes 4,098 7,793 10,896 12,668
EBIT Margin 9.7% 8.5% 8.8% 6.4%
Interest Income 226 820 935 692
Interest (expense) (114) (707) (773) (4,217)
Other Expense, Net -- -- -- --
Restructuring Costs -- -- (171) 1,257
---------------------------------------------------
Total Other Income (Expense) 112 113 (9) (2,268)
---------------------------------------------------
Income Before Taxes 4,210 7,906 10,887 10,400
Provision (Credit) for Income Taxes 1,842 3,312 4,270 4,552
---------------------------------------------------
Net Income $ 2,368 $ 4,594 $ 6,617 $ 5,848
===================================================
Basic Earnings Per Share $ 0.25 $ 0.41 $ 0.53 $ 0.40
Depreciation and Amortization 1,273 3,720 4,493 6,615
---------------------------------------------------
EBITDA 5,371 11,513 15,389 19,283
===================================================
EBITDA Margin 12.7% 12.6% 12.5% 9.7%
Historical
---------------------------------------------------
1998 1Q1999 1Q1998 LTM
---- ------ ------ ---
Revenues $ 191,017 $ 41,874 $ 53,067 $ 179,824
% increase in Revenues (4.0%) NA NA NA
Cost of Revenues 110,915 25,111 30,397 105,629
---------------------------------------------------
Gross Profit $ 80,103 $ 16,763 $ 22,670 $ 74,195
Gross Profit % 41.9% 40.0% 42.7% 41.3%
Operating Expenses:
Corporate G&A 1,528 335 425 1,439
Goodwill Amortization and Other Expenses 3,538 1,065 463 4,140
Research & Development expenses 16,298 3,771 4,513 15,555
Selling, General & Administrative Expenses 48,474 10,191 12,890 45,776
---------------------------------------------------
Total Operating Expenses $ 69,839 $ 15,362 $ 18,291 $ 66,910
---------------------------------------------------
Earnings Before Interest and Taxes 10,264 1,401 4,379 7,286
EBIT Margin 5.4% 3.3% 8.3% 4.1%
Interest Income 1,333 186 325 1,194
Interest (expense) (4,337) (822) (1,191) (3,968)
Other Expense, Net 713 -- -- 713
Restructuring Costs (4,320) (758) -- (5,078)
---------------------------------------------------
Total Other Income (Expense) (6,611) (1,394) (866) (7,138)
---------------------------------------------------
Income Before Taxes 3,653 7 3,513 147
Provision (Credit) for Income Taxes 1,828 4 1,440 391
---------------------------------------------------
Net Income $ 1,825 $ 4 $ 2,073 ($ 244)
===================================================
Basic Earnings Per Share $ 0.12 $ 0.00 $ 0.14 ($ 0.01)
Depreciation and Amortization 8,682 1,929 1,814 8,797
---------------------------------------------------
EBITDA 18,946 3,330 6,193 16,083
===================================================
EBITDA Margin 9.9% 8.0% 11.7% 8.9%
---------------------------------------------------
Projected
-----------------------------------------------------------------
1999 2000 2001 2002 2003
---- ---- ---- ---- ----
Revenues $ 188,102 $ 209,659 $ 229,437 $ 251,819 $ 285,080
% increase in Revenues (1.5%) 11.5% 9.4% 9.8% 13.2%
Cost of Revenues 102,135 111,966 121,630 132,314 149,500
-----------------------------------------------------------------
Gross Profit $ 85,967 $ 97,693 $ 107,807 $ 119,505 $ 135,580
Gross Profit % 45.7% 46.6% 47.0% 47.5% 47.6%
Operating Expenses:
Corporate G&A 1,504 1,677 1,835 2,015 2,281
Goodwill Amortization and Other Expenses 3,984 4,210 4,209 4,491 4,533
Research & Development expenses 16,892 16,898 17,992 19,200 21,098
Selling, General & Administrative Expenses 43,708 45,586 49,009 52,775 58,182
-----------------------------------------------------------------
Total Operating Expenses $ 66,088 $ 68,371 $ 73,045 $ 78,481 $ 86,094
-----------------------------------------------------------------
Earnings Before Interest and Taxes 19,879 29,322 34,762 41,024 49,486
EBIT Margin 10.6% 14.0% 15.2% 16.3% 17.4%
Interest Income 500 482 452 452 452
Interest (expense) (4,100) (4,100) (4,100) (4,100) (4,100)
Other Expense, Net -- -- -- -- --
Restructuring Costs (1,055) -- -- -- --
-----------------------------------------------------------------
Total Other Income (Expense) (4,655) (3,618) (3,648) (3,648) (3,648)
-----------------------------------------------------------------
Income Before Taxes 15,224 25,704 31,114 37,376 45,838
Provision (Credit) for Income Taxes 4,872 9,145 11,364 13,931 17,400
-----------------------------------------------------------------
Net Income $ 10,352 $ 16,559 $ 19,750 $ 23,445 $ 28,438
=================================================================
Basic Earnings Per Share $ 0.67 $ 1.08 $ 1.28 $ 1.52 $ 1.85
Depreciation and Amortization 12,449 7,417 7,111 7,101 7,218
-----------------------------------------------------------------
EBITDA 32,328 36,739 41,873 48,125 56,704
=================================================================
EBITDA Margin 17.2% 17.5% 18.3% 19.1% 19.9%
Project Orbis
Consolidated Historical and Projected Percentage Income Statements
- --------------------------------------------------------------------------------
Historical
----------------------------------------------------------------------------
1994 1995 1996 1997 1998 1Q1999 1Q1998 LTM
---- ---- ---- ---- ---- ------ ------ ---
Revenues 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of Revenues 51.6% 50.6% 51.1% 58.2% 58.1% 60.0% 57.3% 58.7%
----------------------------------------------------------------------------
Gross Profit 48.4% 49.4% 48.9% 41.8% 41.9% 40.0% 42.7% 41.3%
Operating Expenses:
Corporate G&A NA NA NA NA 0.8% 0.8% 0.8% 0.8%
Amortization and Other Expenses NA NA NA NA 1.9% 2.5% 0.9% 2.3%
Research & Development Expenses 9.8% 9.9% 10.5% 8.7% 8.5% 9.0% 8.5% 8.7%
Selling, General & Administrative Expenses 28.8% 31.1% 29.6% 26.7% 25.4% 24.3% 24.3% 25.5%
Total Operating Expenses 38.6% 40.9% 40.1% 35.4% 36.6% 36.7% 34.5% 37.2%
----------------------------------------------------------------------------
Earnings Before Interest and Taxes 9.7% 8.5% 8.8% 6.4% 5.4% 3.3% 8.3% 4.1%
Interest Income 0.5% 0.9% 0.8% 0.3% 0.7% 0.4% 0.6% 0.7%
Interest (expense) (0.3%) (0.8%) (0.6%) (2.1%) (2.3%) (2.0%) (2.2%) (2.2%)
Other Expense, Net 0.0% 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% 0.4%
Restructuring Costs 0.0% 0.0% (0.1%) 0.6% (2.3%) (1.8%) 0.0% (2.8%)
----------------------------------------------------------------------------
Total Other Income (Expense) 0.3% 0.1% 0.0% (1.1%) (3.5%) (3.3%) (1.6%) (4.0%)
----------------------------------------------------------------------------
Income Before Taxes 10.0% 8.6% 8.8% 5.2% 1.9% 0.0% 6.6% 0.1%
Provision (credit) for Income Taxes 4.4% 3.6% 3.5% 2.3% 1.0% 0.0% 2.7% 0.2%
----------------------------------------------------------------------------
Net Income 5.6% 5.0% 5.4% 2.9% 1.0% 0.0% 3.9% (0.1%)
============================================================================
Depreciation and Amortization 3.0% 4.1% 3.6% 3.3% 4.5% 4.6% 3.4% 4.9%
----------------------------------------------------------------------------
EBITDA 12.7% 12.6% 12.5% 9.7% 9.9% 8.0% 11.7% 8.9%
============================================================================
Projected
----------------------------------------------
1999 2000 2001 2002 2003
---- ---- ---- ---- ----
Revenues 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of Revenues 54.3% 53.4% 53.0% 52.5% 52.4%
----------------------------------------------
Gross Profit 45.7% 46.6% 47.0% 47.5% 47.6%
Operating Expenses:
Corporate G&A 0.8% 0.8% 0.8% 0.8% 0.8%
Amortization and Other Expenses 2.1% 2.0% 1.8% 1.8% 1.6%
Research & Development Expenses 9.0% 8.1% 7.8% 7.6% 7.4%
Selling, General & Administrative Expenses 23.2% 21.7% 21.4% 21.0% 20.4%
Total Operating Expenses 35.1% 32.6% 31.8% 31.2% 30.2%
----------------------------------------------
Earnings Before Interest and Taxes 10.6% 14.0% 15.2% 16.3% 17.4%
Interest Income 0.3% 0.2% 0.2% 0.2% 0.2%
Interest (expense) (2.2%) (2.0%) (1.8%) (1.6%) -1.4%
Other Expense, Net 0.0% 0.0% 0.0% 0.0% 0.0%
Restructuring Costs (0.6%) 0.0% 0.0% 0.0% 0.0%
----------------------------------------------
Total Other Income (Expense) (2.5%) (1.7%) (1.6%) (1.4%) -1.3%
----------------------------------------------
Income Before Taxes 8.1% 12.3% 13.6% 14.8% 16.1%
Provision (credit) for Income Taxes 2.6% 4.4% 5.0% 5.5% 6.1%
----------------------------------------------
Net Income 5.5% 7.9% 8.6% 9.3% 10.0%
==============================================
Depreciation and Amortization 6.6% 3.5% 3.1% 2.8% 2.5%
----------------------------------------------
EBITDA 17.2% 17.5% 18.3% 19.1% 19.9%
==============================================
Project Orbis
Consolidated Historical and Projected Income Statements ($000s)
Analysis of Projected and Actual First Quarter 1999 Results
- --------------------------------------------------------------------------------
Projected Actual $ Amount Percentage
1Q 1999 1Q 1999 Change Change
--------- ------- -------- ----------
Revenues $44,405 $41,874 ($2,531) (5.7%)
Cost of Revenues 24,785 25,111 326 1.3%
------- ------- ------- -----
Gross Profit $19,620 $16,763 ($2,857) (14.6%)
Operating Expenses:
Corporate G&A 355 335 (20) (5.6%)
Goodwill Amortization and Other Expenses 1,055 1,065 10 0.9%
Research & Development expenses 4,184 3,771 (413) (9.9%)
Selling, General & Administrative Expenses 10,856 10,191 (665) (6.1%)
------- ------- ------- -----
Total Operating Expenses $16,450 $15,362 ($1,088) (6.6%)
------- ------- ------- -----
Earnings Before Interest and Taxes 3,170 1,401 (1,769) (55.8%)
Interest Income 128 186 58 45.5%
Interest (expense) (1,025) (822) 203 (19.8%)
Other Expense, Net -- -- -- --
Restructuring Costs (1,055) (758) 297 (28.2%)
------- ------- ------- -----
Total Other Income (Expense) (1,952) (1,394) 558 (28.6%)
------- ------- ------- -----
Income Before Taxes 1,218 7 (1,211) (99.4%)
Provision (Credit) for Income Taxes 173 4 (169) (97.9%)
------- ------- ------- -----
Net Income $1,045 $4 ($1,041) (99.6%)
======= ======= ======= =====
Basic Earnings Per Share $0.07 $0.00 ($0.07) (99.6%)
Depreciation and Amortization 3,167 1,929 (1,238) (39.1%)
------- ------- ------- -----
EBITDA 6,337 3,330 (3,007) (47.4%)
======= ======= ======= =====
TAB G
Project Orbis
Institutional Ownership
- --------------------------------------------------------------------------------
- ----------------------------------------
THS Closing Price on 5/14/99 $11.13
- ----------------------------------------
Shares Total
Institution Country Held Mkt Value Date
- ------------------------------------ ------------ ---------- ------------ --------------
Thermo Electron Corporation United States 14,239,545 $158,414,938 12/10/1998
Dimensional Fund Advisors, Inc. United States 179,300 $1,994,713 31/12/1998
Barclays Global Investors, N.A. United States 54,984 $611,697 31/12/1998
Brundage, Story and Rose, LLC United States 39,900 $443,888 31/03/1999
National City Bank, Indiana United States 38,600 $429,425 31/12/1998
David L. Babson & Company, Inc. United States 28,300 $314,838 31/12/1998
AXA Rosenberg Investment Mgmt. LLC United States 24,300 $270,338 31/12/1998
Mellon Private Asset Management United States 20,232 $225,081 31/12/1998
The Northern Trust Company United States 19,800 $220,275 31/12/1998
Howe (Barry S.) NA 15,010 $166,986 30/06/1998
William Harris Investors Inc. United States 15,000 $166,875 31/12/1998
Burroughs & Hutchinson United States 14,200 $157,975 31/12/1998
Bear, Stearns Asset Management Inc. United States 10,300 $114,588 31/12/1998
Aberdeen Asset Managers (London) Ltd England 10,000 $111,250 31/01/1998
TIAA-CREF Investment Management Inc. United States 7,000 $77,875 31/12/1998
World Asset Management United States 1,800 $20,025 31/12/1998
Bankers Trust Company United States 300 $3,338 31/12/1998
- ----------------------------------
Total Shares Out: 15,335,416
- ----------------------------------
TAB H
Project Orbis
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Price Since IPO / Volume Graph
Weekly: August 4, 1995 to May 14, 1999
[The following table was depicted as a line graph in the printed material.]
Share Shares
Price Traded
4-Aug-95 $17.13 0
11-Aug-95 16 545,600
18-Aug-95 17.75 176,700
25-Aug-95 19 126,800
1-Sep-95 17.875 103,600
8-Sep-95 18.125 70,500
15-Sep-95 18.125 48,700
22-Sep-95 16.75 50,500
29-Sep-95 16.75 17,400
6-Oct-95 16.375 45,400
13-Oct-95 16.125 89,700
20-Oct-95 16 43,000
27-Oct-95 15.625 16,500
3-Nov-95 16.25 18,400
10-Nov-95 17.375 43,000
17-Nov-95 16.875 26,000
24-Nov-95 15.625 40,500
1-Dec-95 15.75 159,900
8-Dec-95 16.25 151,100
15-Dec-95 15.5 22,700
22-Dec-95 15.5 74,600
29-Dec-95 15.625 53,100
5-Jan-96 15.375 25,200
12-Jan-96 15 26,700
19-Jan-96 14.875 62,500
26-Jan-96 18 284,400
2-Feb-96 18.25 114,700
9-Feb-96 17.5 48,800
16-Feb-96 18.5 135,900
23-Feb-96 18.25 51,400
1-Mar-96 17.125 59,600
8-Mar-96 17.125 27,200
15-Mar-96 17.125 50,700
22-Mar-96 17 45,900
29-Mar-96 17.375 48,900
5-Apr-96 17.25 14,000
12-Apr-96 16.875 48,800
19-Apr-96 16.25 26,900
26-Apr-96 17.125 49,600
3-May-96 $17.50 32,000
10-May-96 17.125 17,500
17-May-96 18.25 83,700
24-May-96 18.25 89,600
31-May-96 18.125 81,000
7-Jun-96 17.75 43,500
14-Jun-96 16.625 29,900
21-Jun-96 16 38,000
28-Jun-96 15.75 80,900
5-Jul-96 15.25 11,200
12-Jul-96 14 48,900
19-Jul-96 13.5 91,800
26-Jul-96 14.375 39,300
2-Aug-96 14.5 23,000
9-Aug-96 14.75 11,900
16-Aug-96 15 51,300
23-Aug-96 15.5 14,400
30-Aug-96 15.5 12,300
6-Sep-96 15.625 19,700
13-Sep-96 14.75 69,500
20-Sep-96 13.375 21,000
27-Sep-96 14 37,000
4-Oct-96 13.75 52,400
11-Oct-96 13.125 103,500
18-Oct-96 13.5 116,600
25-Oct-96 13.375 55,000
1-Nov-96 13.125 50,600
8-Nov-96 13 66,200
15-Nov-96 14.5 63,000
22-Nov-96 15.25 72,900
29-Nov-96 14.125 37,400
6-Dec-96 12.875 18,500
13-Dec-96 12.375 45,100
20-Dec-96 11.875 50,000
27-Dec-96 11.875 36,600
3-Jan-97 12.75 46,500
10-Jan-97 14 73,400
17-Jan-97 14.5 33,500
24-Jan-97 14.5 81,800
31-Jan-97 14.75 39,300
7-Feb-97 $14.63 17,800
14-Feb-97 15.125 46,500
21-Feb-97 15 33,600
28-Feb-97 15 34,900
7-Mar-97 14.625 45,100
14-Mar-97 14.25 23,600
21-Mar-97 13.75 45,600
28-Mar-97 13.75 9,700
4-Apr-97 12.75 27,800
11-Apr-97 12 17,900
18-Apr-97 11.75 36,700
25-Apr-97 12 49,300
2-May-97 13 22,500
9-May-97 13.25 37,500
16-May-97 13 106,500
23-May-97 14.25 50,200
30-May-97 14.375 11,600
6-Jun-97 13.875 28,200
13-Jun-97 13 35,700
20-Jun-97 12.5 14,000
27-Jun-97 11.812 29,400
4-Jul-97 10.938 110,000
11-Jul-97 11.375 70,000
18-Jul-97 11.062 78,800
25-Jul-97 10.375 35,700
1-Aug-97 10.375 133,700
8-Aug-97 10.25 51,600
15-Aug-97 11.125 44,900
22-Aug-97 11.562 81,800
29-Aug-97 12.5 73,200
5-Sep-97 12.062 29,200
12-Sep-97 13.25 43,100
19-Sep-97 12.812 38,900
26-Sep-97 13.375 156,700
3-Oct-97 13 29,700
10-Oct-97 12.25 49,300
17-Oct-97 11.625 42,500
24-Oct-97 10.938 39,200
31-Oct-97 10.375 31,200
7-Nov-97 $10.13 66,200
14-Nov-97 9.938 26,200
21-Nov-97 9.5 49,800
28-Nov-97 9.375 15,500
5-Dec-97 9.812 41,800
12-Dec-97 9.438 35,400
19-Dec-97 9.438 33,000
26-Dec-97 9.375 46,600
2-Jan-98 10.062 107,800
9-Jan-98 9.188 19,600
16-Jan-98 9.188 18,800
23-Jan-98 9 4,900
30-Jan-98 9.5 21,800
6-Feb-98 8.875 17,600
13-Feb-98 8.875 24,500
20-Feb-98 8.75 21,700
27-Feb-98 9.75 55,400
6-Mar-98 10 72,600
13-Mar-98 9.75 26,200
20-Mar-98 10.688 83,000
27-Mar-98 9.438 146,400
3-Apr-98 9.5 107,700
10-Apr-98 9.125 55,900
17-Apr-98 9.25 73,100
24-Apr-98 8.812 93,400
1-May-98 8.938 54,500
8-May-98 9.938 116,400
15-May-98 10.25 86,600
22-May-98 11.188 66,400
29-May-98 11.062 68,300
5-Jun-98 11.312 63,100
12-Jun-98 10.75 27,700
19-Jun-98 10 142,800
26-Jun-98 10.375 30,800
3-Jul-98 11.938 123,300
10-Jul-98 11.375 38,200
17-Jul-98 10.875 71,700
24-Jul-98 10 117,900
31-Jul-98 9.625 32,900
7-Aug-98 $9.56 136,300
14-Aug-98 10 29,200
21-Aug-98 9.938 119,300
28-Aug-98 9.938 23,000
4-Sep-98 9.875 163,300
11-Sep-98 10.125 52,500
18-Sep-98 10.125 60,200
25-Sep-98 10.125 8,200
2-Oct-98 10.125 3,300
9-Oct-98 8.938 15,600
16-Oct-98 8.75 12,300
23-Oct-98 9.375 84,400
30-Oct-98 11.75 275,300
6-Nov-98 11.375 181,700
13-Nov-98 10.875 64,800
20-Nov-98 11.312 4,800
27-Nov-98 11.25 14,400
4-Dec-98 11.375 44,700
11-Dec-98 11 4,300
18-Dec-98 11 10,300
25-Dec-98 11.375 24,200
1-Jan-99 11.25 11,100
8-Jan-99 10.875 1,100
15-Jan-99 11 8,200
22-Jan-99 10.75 5,400
29-Jan-99 10.625 16,000
5-Feb-99 10.125 4,100
12-Feb-99 10.625 10,300
19-Feb-99 10.125 15,800
26-Feb-99 10.438 1,200
5-Mar-99 11.375 9,200
12-Mar-99 10.688 23,200
19-Mar-99 11.188 3,700
26-Mar-99 11 1,700
2-Apr-99 10 13,000
9-Apr-99 10.5 23,400
16-Apr-99 9.812 48,300
23-Apr-99 9.938 19,600
30-Apr-99 10.875 21,000
7-May-99 $11.00 16,800
14-May-99 11.125 26,000
Source: IDD Information Services
- --------------------------------------------------------------------------------
-------------
TUCKER CLEARY
-------------
Project Orbis
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Last Twelve Months Price / Volume Graph
Daily: May 14, 1998 to May 14, 1999
[The following table was depicted as a line graph in the printed material.]
Share Shares
Price Traded
14-May-98 $10.00 0
15-May-98 10.25 19,200
18-May-98 10.75 10,700
19-May-98 11.125 20,700
20-May-98 11.375 16,100
21-May-98 11.312 16,300
22-May-98 11.25 2,600
25-May-98 11.25 #N/A
26-May-98 11.375 25,400
27-May-98 11 9,300
28-May-98 11.062 25,900
29-May-98 11.062 7,700
1-Jun-98 11 12,200
2-Jun-98 10.938 1,200
3-Jun-98 11 16,200
4-Jun-98 11 7,500
5-Jun-98 11.312 26,000
8-Jun-98 11.375 6,000
9-Jun-98 11.312 8,200
10-Jun-98 11.312 6,500
11-Jun-98 11.25 7,000
12-Jun-98 11.188 #N/A
15-Jun-98 11 25,000
16-Jun-98 10.375 23,100
17-Jun-98 9.875 54,900
18-Jun-98 10.062 33,700
19-Jun-98 10.062 6,100
22-Jun-98 10 7,900
23-Jun-98 10.5 11,500
24-Jun-98 10.625 10,400
25-Jun-98 10.562 1,000
26-Jun-98 10.75 #N/A
29-Jun-98 10.625 10,600
30-Jun-98 12.75 64,900
1-Jul-98 12.375 39,500
2-Jul-98 12 8,300
3-Jul-98 12 #N/A
6-Jul-98 $12.00 7,100
7-Jul-98 11.875 2,000
8-Jul-98 11.75 4,300
9-Jul-98 11.688 14,200
10-Jul-98 11.688 10,600
13-Jul-98 11.375 12,200
14-Jul-98 11.125 1,000
15-Jul-98 11.25 28,500
16-Jul-98 11.062 10,400
17-Jul-98 11 19,600
20-Jul-98 11.125 #N/A
21-Jul-98 11 2,700
22-Jul-98 10.875 19,300
23-Jul-98 10.25 10,300
24-Jul-98 10.125 85,600
27-Jul-98 10 13,100
28-Jul-98 9.75 2,700
29-Jul-98 9.688 6,100
30-Jul-98 9.75 9,500
31-Jul-98 9.625 1,500
3-Aug-98 10 131,900
4-Aug-98 9.938 500
5-Aug-98 9.75 1,500
6-Aug-98 9.875 2,400
7-Aug-98 10 #N/A
10-Aug-98 9.625 3,000
11-Aug-98 9.375 9,700
12-Aug-98 9.375 5,200
13-Aug-98 10 3,700
14-Aug-98 10.062 7,600
17-Aug-98 10.25 22,400
18-Aug-98 10.188 66,400
19-Aug-98 10.125 7,600
20-Aug-98 10 18,900
21-Aug-98 9.938 4,000
24-Aug-98 10.125 #N/A
25-Aug-98 9.938 3,000
26-Aug-98 9.938 12,700
27-Aug-98 10 5,700
28-Aug-98 9.938 1,600
31-Aug-98 $9.94 8,300
1-Sep-98 9.938 115,800
2-Sep-98 9.875 6,700
3-Sep-98 9.875 2,200
4-Sep-98 9.875 30,300
7-Sep-98 9.875 #N/A
8-Sep-98 9.875 5,000
9-Sep-98 9.875 9,900
10-Sep-98 10.188 15,800
11-Sep-98 10.125 21,800
14-Sep-98 10.25 3,000
15-Sep-98 10.188 54,600
16-Sep-98 10.625 #N/A
17-Sep-98 10.125 2,200
18-Sep-98 10.125 400
21-Sep-98 10.125 1,600
22-Sep-98 10.125 1,500
23-Sep-98 10.125 1,600
24-Sep-98 10.125 3,000
25-Sep-98 10.125 500
28-Sep-98 10.125 200
29-Sep-98 10 1,000
30-Sep-98 10.625 #N/A
1-Oct-98 9.875 500
2-Oct-98 10.125 1,600
5-Oct-98 9.875 6,900
6-Oct-98 9.625 1,300
7-Oct-98 10.25 #N/A
8-Oct-98 9.375 7,000
9-Oct-98 8.938 400
12-Oct-98 8.875 100
13-Oct-98 8.625 1,000
14-Oct-98 8.5 1,100
15-Oct-98 8.5 8,500
16-Oct-98 8.75 1,600
19-Oct-98 9.25 #N/A
20-Oct-98 8.75 3,200
21-Oct-98 9.25 #N/A
22-Oct-98 9 27,400
23-Oct-98 9.375 53,800
26-Oct-98 $9.50 1,200
27-Oct-98 9.562 32,200
28-Oct-98 9.875 199,300
29-Oct-98 11 9,300
30-Oct-98 11.75 33,300
2-Nov-98 11.75 157,000
3-Nov-98 11.5 12,200
4-Nov-98 11.688 2,800
5-Nov-98 11.438 8,100
6-Nov-98 11.5 1,600
9-Nov-98 11.375 1,200
10-Nov-98 11.375 39,600
11-Nov-98 11.5 13,900
12-Nov-98 11.5 10,100
13-Nov-98 12.25 #N/A
16-Nov-98 11.438 1,100
17-Nov-98 12.25 #N/A
18-Nov-98 11.438 900
19-Nov-98 11.312 500
20-Nov-98 11.312 2,300
23-Nov-98 11.312 6,500
24-Nov-98 11.25 5,200
25-Nov-98 11.25 2,300
26-Nov-98 11.25 #N/A
27-Nov-98 11.25 400
30-Nov-98 11.25 800
1-Dec-98 11.25 900
2-Dec-98 11.25 5,000
3-Dec-98 11.375 12,900
4-Dec-98 11.375 25,100
7-Dec-98 11.375 500
8-Dec-98 11.312 100
9-Dec-98 11.25 2,500
10-Dec-98 11 1,000
11-Dec-98 11 200
14-Dec-98 11 1,200
15-Dec-98 11 1,000
16-Dec-98 11.5 #N/A
17-Dec-98 11 500
18-Dec-98 11.062 7,600
21-Dec-98 $11.13 1,100
22-Dec-98 11.5 5,000
23-Dec-98 11.75 16,900
24-Dec-98 11.5 1,200
25-Dec-98 11.5 #N/A
28-Dec-98 11.5 1,000
29-Dec-98 11.5 5,900
30-Dec-98 11.438 1,600
31-Dec-98 11.25 2,600
1-Jan-99 11.25 #N/A
4-Jan-99 11.375 100
5-Jan-99 11.312 200
6-Jan-99 11.5 800
7-Jan-99 12.125 #N/A
8-Jan-99 12.125 #N/A
11-Jan-99 11.438 200
12-Jan-99 11.5 1,000
13-Jan-99 11.375 500
14-Jan-99 11.25 3,100
15-Jan-99 11 3,400
18-Jan-99 11 #N/A
19-Jan-99 10.875 1,800
20-Jan-99 10.812 100
21-Jan-99 11 2,500
22-Jan-99 10.75 1,000
25-Jan-99 10.75 500
26-Jan-99 10.75 300
27-Jan-99 10.688 3,500
28-Jan-99 10.562 6,000
29-Jan-99 10.75 5,700
1-Feb-99 10.625 1,000
2-Feb-99 10.75 2,000
3-Feb-99 10.688 600
4-Feb-99 10.75 500
5-Feb-99 11.25 #N/A
8-Feb-99 10.688 7,700
9-Feb-99 11.25 #N/A
10-Feb-99 10.625 400
11-Feb-99 11.25 #N/A
12-Feb-99 10.688 2,200
15-Feb-99 $10.69 #N/A
16-Feb-99 10.688 6,000
17-Feb-99 10.688 3,600
18-Feb-99 10.75 6,200
19-Feb-99 11.5 #N/A
22-Feb-99 10.688 100
23-Feb-99 11 400
24-Feb-99 11.625 #N/A
25-Feb-99 11.125 700
26-Feb-99 11.75 #N/A
1-Mar-99 11.094 2,000
2-Mar-99 11.75 #N/A
3-Mar-99 11.062 1,000
4-Mar-99 11.25 2,700
5-Mar-99 11.375 3,500
8-Mar-99 11.75 8,200
9-Mar-99 12 5,200
10-Mar-99 11.875 800
11-Mar-99 11.625 9,000
12-Mar-99 12 #N/A
15-Mar-99 11.25 2,600
16-Mar-99 11.875 #N/A
17-Mar-99 11.125 400
18-Mar-99 11.875 #N/A
19-Mar-99 11.188 700
22-Mar-99 11.875 #N/A
23-Mar-99 11.125 400
24-Mar-99 11.125 1,100
25-Mar-99 11.75 #N/A
26-Mar-99 11 200
29-Mar-99 11.75 #N/A
30-Mar-99 11.75 #N/A
31-Mar-99 10.875 12,800
1-Apr-99 10 200
2-Apr-99 10 #N/A
5-Apr-99 9.938 8,400
6-Apr-99 10 3,600
7-Apr-99 10.125 500
8-Apr-99 10.75 #N/A
9-Apr-99 10.5 10,900
12-Apr-99 $11.25 #N/A
13-Apr-99 10.25 6,800
14-Apr-99 10.312 10,900
15-Apr-99 10.25 21,200
16-Apr-99 9.938 9,400
19-Apr-99 9.938 15,300
20-Apr-99 9.875 200
21-Apr-99 9.875 400
22-Apr-99 9.875 600
23-Apr-99 10 3,100
26-Apr-99 9.875 500
27-Apr-99 10 1,500
28-Apr-99 10 6,000
29-Apr-99 10.375 4,700
30-Apr-99 10.875 8,300
3-May-99 11.188 #N/A
4-May-99 10.875 6,900
5-May-99 11.125 5,800
6-May-99 11.062 500
7-May-99 11.062 3,600
10-May-99 11.625 13,500
11-May-99 11.5 4,000
12-May-99 11.5 500
13-May-99 11.5 3,400
14-May-99 11.5 4,600
Source: IDD Information Services
- --------------------------------------------------------------------------------
-------------
TUCKER CLEARY
-------------
Project Orbis
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Percent of Total Volume Traded at Specific Prices
May 14, 1998 to May 14, 1999
[The following table was depicted as a bar graph in the printed material.]
$8.00 - $9.00 1.0%
$9.00 - $10.00 29.0%
$10.00 - $11.00 35.0%
$11.00 - $12.00 30.0%
$12.00 - $13.00 5.0%
Note: Graph shows 2,431,100 cumulative shares
Source: IDD Information Services
- --------------------------------------------------------------------------------
-------------
TUCKER CLEARY
-------------
Project Orbis
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Price Performance Comparison Graph
Daily: May 14, 1998 to May 14, 1999
[The following table was depicted as a line graph in the printed material.]
THS Temperature Imaging & Test &
Control Inspection Measurement
14-May-98 100.00% 100.00% 100.00% 100.00%
15-May-98 102.50% 96.00% 97.00% 99.20%
18-May-98 107.50% 97.50% 95.90% 99.40%
19-May-98 110.00% 96.30% 96.20% 98.00%
20-May-98 113.80% 92.90% 95.40% 98.40%
21-May-98 113.10% 88.80% 94.90% 97.80%
22-May-98 111.90% 86.70% 93.50% 96.10%
25-May-98 111.90% 86.70% 93.50% 96.10%
26-May-98 111.20% 85.60% 88.60% 91.60%
27-May-98 109.40% 85.30% 85.20% 90.30%
28-May-98 110.00% 88.10% 87.60% 93.50%
29-May-98 110.60% 83.40% 84.70% 94.50%
1-Jun-98 110.00% 78.00% 79.20% 92.60%
2-Jun-98 109.40% 79.10% 78.10% 91.90%
3-Jun-98 109.40% 76.10% 79.20% 90.60%
4-Jun-98 110.00% 74.30% 78.40% 90.30%
5-Jun-98 113.10% 75.80% 81.30% 90.10%
8-Jun-98 113.10% 77.20% 81.90% 90.00%
9-Jun-98 113.10% 77.50% 82.40% 88.70%
10-Jun-98 112.50% 74.30% 80.50% 87.40%
11-Jun-98 110.00% 72.90% 78.80% 86.50%
12-Jun-98 107.50% 72.70% 77.50% 85.40%
15-Jun-98 105.00% 70.50% 76.10% 84.30%
16-Jun-98 96.20% 75.40% 77.10% 85.70%
17-Jun-98 96.90% 71.90% 78.50% 86.10%
18-Jun-98 100.60% 73.10% 77.10% 85.20%
19-Jun-98 100.00% 71.50% 77.20% 86.20%
22-Jun-98 100.00% 74.00% 77.10% 86.80%
23-Jun-98 105.00% 76.10% 79.00% 88.80%
24-Jun-98 106.20% 78.90% 80.80% 89.20%
25-Jun-98 105.60% 76.80% 80.40% 88.00%
26-Jun-98 103.80% 77.10% 79.50% 87.50%
29-Jun-98 106.20% 77.50% 81.00% 87.70%
30-Jun-98 127.50% 75.90% 78.80% 87.30%
1-Jul-98 120.00% 77.80% 80.30% 88.20%
2-Jul-98 119.40% 75.60% 77.90% 87.00%
3-Jul-98 119.40% 75.60% 77.80% 87.00%
6-Jul-98 120.00% 77.30% 77.40% 86.90%
7-Jul-98 118.80% 79.70% 76.50% 86.00%
8-Jul-98 116.20% 76.80% 77.90% 86.40%
9-Jul-98 116.20% 74.20% 76.00% 85.40%
10-Jul-98 113.80% 75.50% 75.80% 87.50%
13-Jul-98 111.20% 73.60% 76.30% 86.80%
14-Jul-98 111.20% 72.70% 76.00% 86.90%
15-Jul-98 108.80% 77.70% 78.80% 85.40%
16-Jul-98 109.40% 78.90% 79.10% 85.00%
17-Jul-98 108.80% 78.50% 79.00% 83.60%
20-Jul-98 107.50% 77.90% 78.90% 81.80%
21-Jul-98 110.00% 80.60% 78.20% 81.30%
22-Jul-98 103.80% 78.80% 75.30% 79.30%
23-Jul-98 98.80% 76.70% 73.80% 77.10%
24-Jul-98 100.00% 76.40% 72.40% 73.60%
27-Jul-98 97.50% 77.70% 72.20% 73.60%
28-Jul-98 96.90% 81.90% 73.90% 73.60%
29-Jul-98 96.90% 79.70% 73.30% 71.60%
30-Jul-98 97.50% 82.60% 76.60% 71.70%
31-Jul-98 96.20% 83.60% 74.50% 69.60%
3-Aug-98 100.00% 83.30% 72.90% 68.80%
4-Aug-98 99.40% 80.40% 70.40% 67.10%
5-Aug-98 97.50% 83.30% 70.60% 68.80%
6-Aug-98 98.10% 86.40% 75.70% 71.80%
7-Aug-98 95.60% 88.10% 80.20% 72.60%
10-Aug-98 95.60% 84.20% 80.10% 70.90%
11-Aug-98 93.80% 82.50% 77.40% 69.20%
12-Aug-98 93.10% 80.80% 79.50% 72.10%
13-Aug-98 100.00% 78.20% 78.20% 71.90%
14-Aug-98 100.00% 77.80% 77.70% 71.40%
17-Aug-98 102.50% 83.30% 75.80% 72.40%
18-Aug-98 101.20% 85.10% 76.50% 75.10%
19-Aug-98 100.00% 81.50% 74.70% 61.80%
20-Aug-98 100.00% 78.30% 73.00% 60.60%
21-Aug-98 99.40% 76.40% 72.50% 58.60%
24-Aug-98 97.50% 76.80% 73.10% 55.30%
25-Aug-98 99.40% 78.30% 71.90% 53.90%
26-Aug-98 99.40% 74.10% 69.90% 51.10%
27-Aug-98 100.00% 68.30% 67.10% 48.20%
28-Aug-98 99.40% 66.70% 65.60% 48.00%
31-Aug-98 99.40% 60.80% 61.90% 44.30%
1-Sep-98 98.80% 65.90% 66.10% 44.00%
2-Sep-98 98.80% 63.70% 66.50% 45.70%
3-Sep-98 98.80% 60.60% 62.80% 44.00%
4-Sep-98 98.80% 59.80% 60.10% 43.60%
7-Sep-98 98.80% 59.80% 60.30% 43.60%
8-Sep-98 98.80% 64.50% 63.80% 46.10%
9-Sep-98 98.80% 60.90% 63.30% 46.50%
10-Sep-98 101.90% 60.60% 61.70% 44.50%
11-Sep-98 101.20% 63.10% 62.80% 47.20%
14-Sep-98 102.50% 61.20% 63.90% 49.60%
15-Sep-98 101.90% 60.20% 63.00% 49.20%
16-Sep-98 95.00% 61.40% 63.30% 49.90%
17-Sep-98 101.20% 60.90% 62.40% 48.40%
18-Sep-98 101.20% 61.80% 62.90% 47.60%
21-Sep-98 101.20% 62.70% 63.60% 46.50%
22-Sep-98 101.20% 63.50% 65.60% 46.10%
23-Sep-98 101.20% 65.80% 65.60% 46.10%
24-Sep-98 101.20% 65.30% 64.50% 45.10%
25-Sep-98 101.20% 68.40% 65.00% 45.70%
28-Sep-98 101.20% 67.60% 64.60% 45.20%
29-Sep-98 100.00% 68.20% 63.20% 44.50%
30-Sep-98 93.80% 64.50% 62.70% 44.30%
1-Oct-98 98.80% 60.60% 60.80% 43.10%
2-Oct-98 101.20% 60.60% 58.90% 43.40%
5-Oct-98 97.50% 58.40% 55.10% 42.10%
6-Oct-98 96.20% 59.00% 53.60% 39.60%
7-Oct-98 91.20% 57.80% 52.40% 39.70%
8-Oct-98 90.00% 56.50% 50.90% 39.10%
9-Oct-98 89.40% 60.30% 53.90% 40.30%
12-Oct-98 88.80% 67.70% 56.70% 41.40%
13-Oct-98 86.20% 66.20% 54.80% 41.40%
14-Oct-98 82.50% 68.50% 56.30% 41.00%
15-Oct-98 85.00% 71.40% 58.30% 41.40%
16-Oct-98 87.50% 72.40% 59.40% 43.60%
19-Oct-98 80.00% 75.30% 61.10% 46.30%
20-Oct-98 87.50% 73.40% 66.10% 47.60%
21-Oct-98 81.20% 76.20% 67.20% 49.70%
22-Oct-98 90.00% 82.60% 69.70% 49.20%
23-Oct-98 93.80% 85.40% 68.60% 49.40%
26-Oct-98 94.40% 84.50% 69.20% 49.80%
27-Oct-98 95.60% 81.10% 69.00% 49.90%
28-Oct-98 98.80% 86.70% 69.10% 48.90%
29-Oct-98 110.00% 89.80% 68.00% 49.70%
30-Oct-98 117.50% 88.60% 67.40% 50.70%
2-Nov-98 117.50% 85.20% 65.70% 50.70%
3-Nov-98 113.80% 82.20% 65.40% 51.40%
4-Nov-98 114.40% 87.90% 68.80% 54.90%
5-Nov-98 113.80% 87.50% 70.20% 56.40%
6-Nov-98 113.80% 92.80% 73.20% 55.50%
9-Nov-98 113.80% 90.90% 73.40% 55.40%
10-Nov-98 113.80% 89.70% 75.10% 55.30%
11-Nov-98 115.00% 94.20% 75.50% 55.90%
12-Nov-98 114.40% 97.20% 74.50% 55.60%
13-Nov-98 108.80% 96.00% 72.60% 55.90%
16-Nov-98 114.40% 91.60% 71.70% 56.10%
17-Nov-98 109.40% 93.50% 71.80% 56.20%
18-Nov-98 114.40% 93.40% 72.00% 56.40%
19-Nov-98 113.10% 95.30% 74.90% 62.30%
20-Nov-98 113.10% 98.00% 78.00% 63.80%
23-Nov-98 113.10% 100.00% 78.10% 64.20%
24-Nov-98 112.50% 105.00% 76.40% 63.30%
25-Nov-98 112.50% 100.80% 75.60% 63.40%
26-Nov-98 112.50% 100.80% 75.80% 63.40%
27-Nov-98 112.50% 102.10% 76.00% 65.40%
30-Nov-98 112.50% 95.70% 73.90% 67.90%
1-Dec-98 112.50% 97.50% 75.00% 65.80%
2-Dec-98 112.50% 108.60% 76.70% 65.80%
3-Dec-98 113.80% 107.50% 77.50% 66.00%
4-Dec-98 113.80% 110.40% 78.20% 63.70%
7-Dec-98 113.80% 110.80% 79.50% 64.50%
8-Dec-98 113.10% 114.10% 83.50% 65.00%
9-Dec-98 110.00% 109.90% 83.20% 65.30%
10-Dec-98 110.00% 103.90% 80.10% 62.70%
11-Dec-98 110.00% 104.70% 80.40% 64.90%
14-Dec-98 110.00% 97.60% 75.60% 62.20%
15-Dec-98 110.00% 101.70% 76.00% 62.30%
16-Dec-98 103.80% 98.60% 75.70% 62.10%
17-Dec-98 110.00% 103.20% 77.80% 68.20%
18-Dec-98 110.00% 112.60% 81.20% 68.60%
21-Dec-98 111.20% 110.40% 83.70% 70.20%
22-Dec-98 115.00% 107.20% 82.10% 70.00%
23-Dec-98 117.50% 109.60% 84.00% 70.50%
24-Dec-98 113.80% 108.70% 83.20% 71.50%
25-Dec-98 113.80% 108.70% 83.20% 71.50%
28-Dec-98 112.50% 108.00% 83.90% 71.70%
29-Dec-98 115.00% 107.60% 83.60% 71.60%
30-Dec-98 112.50% 105.40% 83.00% 71.60%
31-Dec-98 112.50% 107.30% 86.60% 72.30%
1-Jan-99 112.50% 107.30% 86.60% 72.30%
4-Jan-99 113.80% 111.50% 86.20% 71.60%
5-Jan-99 113.10% 125.60% 90.10% 74.00%
6-Jan-99 115.00% 134.20% 96.70% 78.70%
7-Jan-99 108.80% 136.00% 96.20% 77.60%
8-Jan-99 108.80% 137.80% 97.50% 78.00%
11-Jan-99 114.40% 138.60% 97.30% 77.10%
12-Jan-99 115.00% 134.60% 96.30% 74.40%
13-Jan-99 113.80% 137.30% 95.10% 75.50%
14-Jan-99 110.60% 134.00% 94.50% 73.30%
15-Jan-99 110.00% 141.60% 95.30% 74.80%
18-Jan-99 110.00% 141.60% 95.20% 74.80%
19-Jan-99 108.10% 137.30% 96.20% 69.80%
20-Jan-99 108.10% 144.00% 99.30% 69.80%
21-Jan-99 108.80% 138.30% 98.00% 68.30%
22-Jan-99 107.50% 135.70% 97.50% 67.10%
25-Jan-99 107.50% 134.50% 95.60% 67.10%
26-Jan-99 106.90% 144.70% 97.20% 67.80%
27-Jan-99 105.00% 139.50% 94.20% 66.30%
28-Jan-99 105.60% 146.00% 95.60% 66.30%
29-Jan-99 106.20% 155.40% 100.30% 66.10%
1-Feb-99 106.20% 152.00% 100.40% 65.80%
2-Feb-99 107.50% 145.10% 96.10% 64.30%
3-Feb-99 106.90% 155.50% 95.00% 65.50%
4-Feb-99 107.50% 151.00% 95.90% 64.60%
5-Feb-99 101.20% 148.30% 95.70% 64.50%
8-Feb-99 106.90% 163.20% 96.60% 66.00%
9-Feb-99 101.20% 153.60% 94.30% 65.80%
10-Feb-99 106.20% 148.80% 93.00% 64.20%
11-Feb-99 100.60% 163.20% 95.00% 64.10%
12-Feb-99 106.20% 162.80% 92.50% 63.00%
15-Feb-99 106.20% 162.80% 92.40% 63.00%
16-Feb-99 106.90% 164.80% 91.40% 63.20%
17-Feb-99 106.20% 162.90% 89.40% 60.30%
18-Feb-99 107.50% 161.10% 90.40% 59.10%
19-Feb-99 101.20% 166.00% 92.30% 59.40%
22-Feb-99 106.90% 166.00% 92.70% 60.20%
23-Feb-99 110.00% 166.30% 90.30% 59.00%
24-Feb-99 103.10% 165.90% 90.40% 58.50%
25-Feb-99 111.20% 154.70% 88.10% 57.40%
26-Feb-99 104.40% 136.60% 84.30% 56.20%
1-Mar-99 110.90% 140.00% 85.20% 56.80%
2-Mar-99 103.80% 139.20% 83.30% 55.40%
3-Mar-99 110.60% 140.50% 82.80% 55.10%
4-Mar-99 112.50% 140.40% 82.20% 54.10%
5-Mar-99 113.80% 149.20% 82.60% 54.40%
8-Mar-99 117.50% 153.40% 85.60% 55.50%
9-Mar-99 118.80% 143.90% 85.80% 54.20%
10-Mar-99 117.50% 150.00% 85.90% 54.30%
11-Mar-99 113.80% 150.10% 84.20% 54.40%
12-Mar-99 106.90% 148.00% 85.00% 54.00%
15-Mar-99 111.20% 146.70% 83.60% 54.30%
16-Mar-99 105.00% 153.50% 84.90% 53.70%
17-Mar-99 111.20% 154.60% 86.40% 53.00%
18-Mar-99 105.00% 154.00% 85.60% 54.90%
19-Mar-99 111.90% 146.90% 86.80% 63.10%
22-Mar-99 105.00% 144.80% 85.80% 62.00%
23-Mar-99 111.20% 140.60% 82.50% 60.80%
24-Mar-99 110.00% 137.40% 80.00% 61.10%
25-Mar-99 104.40% 146.50% 81.20% 63.20%
26-Mar-99 110.00% 139.30% 80.10% 67.00%
29-Mar-99 105.00% 147.10% 81.90% 64.60%
30-Mar-99 103.80% 148.60% 82.00% 61.50%
31-Mar-99 100.00% 146.30% 80.50% 63.50%
1-Apr-99 100.00% 152.60% 81.60% 63.30%
2-Apr-99 100.00% 152.60% 81.60% 63.30%
5-Apr-99 96.90% 156.20% 84.00% 63.30%
6-Apr-99 100.00% 161.00% 83.80% 63.00%
7-Apr-99 101.20% 154.50% 83.40% 62.90%
8-Apr-99 93.80% 156.40% 83.30% 62.70%
9-Apr-99 105.00% 158.30% 83.90% 63.50%
12-Apr-99 98.80% 149.30% 80.20% 63.60%
13-Apr-99 102.50% 141.70% 77.70% 63.90%
14-Apr-99 101.20% 141.60% 79.30% 63.30%
15-Apr-99 100.00% 150.10% 79.90% 63.30%
16-Apr-99 98.10% 148.00% 81.90% 64.20%
19-Apr-99 98.80% 140.60% 81.50% 65.10%
20-Apr-99 98.80% 137.80% 83.00% 63.50%
21-Apr-99 98.80% 149.70% 88.80% 63.60%
22-Apr-99 98.80% 150.80% 92.70% 63.10%
23-Apr-99 99.40% 149.10% 91.40% 63.70%
26-Apr-99 98.80% 148.30% 92.40% 64.20%
27-Apr-99 100.00% 144.60% 92.10% 63.70%
28-Apr-99 100.00% 134.60% 93.30% 62.70%
29-Apr-99 103.10% 129.60% 91.90% 62.60%
30-Apr-99 108.80% 132.20% 91.10% 62.00%
3-May-99 108.10% 135.50% 91.40% 62.90%
4-May-99 108.80% 131.90% 91.10% 64.70%
5-May-99 110.60% 143.20% 91.70% 66.60%
6-May-99 110.60% 134.10% 91.70% 68.20%
7-May-99 110.00% 140.20% 92.50% 70.00%
10-May-99 115.00% 138.80% 92.40% 69.50%
11-May-99 115.00% 139.10% 92.40% 70.20%
12-May-99 115.00% 146.90% 92.70% 69.30%
13-May-99 115.00% 144.30% 92.90% 68.30%
14-May-99 111.20% 146.80% 91.70% 66.20%
Source: IDD Information Services
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TUCKER CLEARY
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