SC 14D9 1 dsc14d9.txt EA ENGINEERING, SCIENCE, AND TECHNOLOGY, INC. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- SCHEDULE 14D-9 (Rule 14d-101) RECOMMENDATION STATEMENT UNDER SECTION 14(D)(9) OF THE SECURITIES EXCHANGE ACT OF 1934 ---------------- EA ENGINEERING, SCIENCE, AND TECHNOLOGY, INC. (Name of Subject Company) ---------------- EA ENGINEERING, SCIENCE, AND TECHNOLOGY, INC. (Name of Person(s) Filing Statement) Common Stock, $.01 Par Value (Title of Class of Securities) ---------------- 000267911105 (CUSIP Number of Class of Securities) FRANK J. AQUINO, ESQ. Vice President, General Counsel and Secretary EA Engineering, Science, and Technology, Inc. 11019 McCormick Road Hunt Valley, Maryland 21031 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) Filing Statement) [_] Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Item 1. Subject Company Information. The name of the subject company is EA Engineering, Science, and Technology, Inc., a Delaware corporation ("EA" or the "Company"). The address of the principal executive offices of EA is 11019 McCormick Road, Hunt Valley, Maryland 21031. The telephone number at its principal executive offices is (410) 584-7000. The title of the class of equity securities to which this Recommendation Statement relates is EA's common stock, $.01 par value per share (the "Shares"). As of July 24, 2001, 5,842,652 Shares were outstanding and 672,251 Shares were reserved for future issuance pursuant to outstanding stock options, of which stock options to purchase 104,337 Shares were then exercisable at a price per share less than the Offer Price (as defined below). Item 2. Identity and Background of Filing Person. The filing person is the subject company. The name, business address and business telephone number of EA are set forth in Item 1 of this Recommendation Statement. This Schedule 14D-9 relates to the tender offer disclosed in a Tender Offer Statement on Schedule TO, dated August 1, 2001, by EA Engineering Acquisition Corporation, a Delaware corporation ("EA Acquisition") to purchase all of the outstanding Shares, at a price of $1.60 per Share, net to the seller in cash, without interest (the "Offer Price"), upon the terms and subject to the conditions set forth in the Offer to Purchase dated August 1, 2001 (the "Offer to Purchase"). A copy of the Offer to Purchase is filed as Exhibit (a)(1) to this Schedule 14D-9 and is hereby incorporated by reference. The Offer to Purchase states that the principal executive offices of EA Acquisition are located at 11019 McCormick Road, Suite 250, Hunt Valley, Maryland 21031. The Offer is made pursuant to an Agreement and Plan of Merger, dated as of July 24, 2001 (the "Merger Agreement") among EA, EA Acquisition and EA Engineering Holdings, LLC, a Delaware limited liability company and the parent company of EA Acquisition ("EA Holdings"). The Merger Agreement is filed as Exhibit (e)(1) to this Schedule 14D-9 and is hereby incorporated by reference. The Merger Agreement provides, among other things, that as soon as practicable after the consummation of the Offer and the satisfaction or waiver of certain conditions set forth in the Merger Agreement, EA Acquisition will be merged with and into the Company (the "Merger"), and the Company will continue as the surviving corporation of the Merger. At the effective time of the Merger, each Share then outstanding (other than Shares owned by EA Acquisition, Loren D. Jensen, Ph.D. and trusts for the benefit of his children and other than Shares held by stockholders who perfect appraisal rights under Delaware law) will be converted into the right to receive $1.60 per Share in cash. The information set forth under the captions "INTRODUCTION," "SPECIAL FACTORS--Background of the Offer," "SPECIAL FACTORS--Purpose of the Offer; Plans for EA Engineering," "SPECIAL FACTORS--Merger Agreement," and "THE TENDER OFFER--Terms of the Offer," of the Offer to Purchase is incorporated herein by reference. Item 3. Past Contacts, Transactions, Negotiations and Agreements. Information concerning agreements between the Company and its affiliates was described by the Company in its Form 10-K for the fiscal year ended August 31, 2000, a copy of which was distributed to the Company's stockholders on or about December 20, 2000. The relevant portions of that Form 10-K are filed as Exhibit (e)(2) to this Schedule 14D-9 and are hereby incorporated by reference. Dr. Jensen and the trusts for the benefit of his children (the "Jensen Family Trusts") have entered into a Stock Voting, Non-Tender and Contribution Agreement by and among EA Holdings, EA Acquisition, Ecolair LLLP and The Louis Berger Group, Inc. In addition, Dr. Jensen, the Jensen Family Trusts, Ecolair LLLP, The 2 Louis Berger Group, Inc. and the Company have entered into a Stockholders Agreement that will become effective upon the closing of the Offer. The information set forth under the captions "INTRODUCTION," "SPECIAL FACTORS-- Background of the Offer," "SPECIAL FACTORS--Interests of Certain Persons in the Offer and the Merger," and "THE TENDER OFFER --Certain Information Concerning Us, Our Parent, Dr. Jensen, the Jensen Family Trusts, Ecolair LLLP and The Louis Berger Group, Inc." of the Offer to Purchase is hereby incorporated by reference. Item 4. The Recommendation. At a meeting held on July 23, 2001, the Company's Board of Directors, based on the unanimous recommendation of the Special Committee of the Board of Directors comprised of two independent directors (the "Special Committee"), unanimously (1) determined that the Offer and the Merger are advisable, fair to and in the best interests of, the Company's stockholders (other than Dr. Jensen and the Jensen Family Trusts), (2) approved the Merger Agreement and the transactions contemplated thereby, including the Offer and the Merger, and (3) recommended that the Company's stockholders accept the Offer and tender their Shares pursuant to the Offer. The unanimous recommendation of the Special Committee is based, in part, upon the written opinion of Legg Mason Wood Walker, Incorporated, the financial advisor to the Company, to the effect that, as of the date of its opinion, July 23, 2001, the $1.60 per Share being offered in the Offer and to be received in the Merger is fair, from a financial point of view, to the Company's stockholders (other than Dr. Jensen and the Jensen Family Trusts). The full text of the written opinion of Legg Mason Wood Walker, Incorporated is attached as Annex A to this Schedule 14D-9 and should be read in its entirety. The reasons for the recommendation stated above are set forth under the captions "INTRODUCTION," "SPECIAL FACTORS--Recommendation of the Special Committee and the Board of Directors; Fairness of the Offer and the Merger," and "SPECIAL FACTORS--Opinion of the Financial Advisor" of the Offer to Purchase and are incorporated herein by reference. The Company has been advised that each of its directors (other than Dr. Jensen) intends to tender pursuant to the Offer all Shares owned of record and beneficially by him, except to the extent that the tender would violate applicable securities laws. Item 5. Persons Retained, Employed, Compensated or Used. The information contained under the captions "INTRODUCTION," "SPECIAL FACTORS--Background of the Offer," "SPECIAL FACTORS--Recommendation of the Special Committee and the Board of Directors; Fairness of the Offer and the Merger," "SPECIAL FACTORS--Opinion of the Financial Advisor," and "THE TENDER OFFER--Fees and Expenses" of the Offer to Purchase is incorporated herein by reference. Item 6. Interest in Securities of the Subject Company. The information contained under the caption "SPECIAL FACTORS--Transactions and Arrangements Concerning the Common Stock" of the Offer to Purchase is incorporated herein by reference. Item 7. Purposes of the Transactions and Plans or Proposals. Except as set forth in this Schedule 14D-9 or in the sections of the Offer to Purchase captioned "INTRODUCTION," "SPECIAL FACTORS--Background of the Offer," "SPECIAL FACTORS--Interests of Certain Persons in the Offer and the Merger," and "SPECIAL FACTORS--Certain Information Concerning Us, Our Parent, Dr. Jensen, the Jensen Family Trusts, Ecolair LLP and The Louis Berger Group, Inc.," no negotiation is being undertaken or is underway by the Company in response to the Offer which relates to or would result in (1) an extraordinary transaction such as a merger or reorganization, involving the Company or any subsidiary of the Company; (2) a purchase, sale or transfer of a material amount of assets by the Company or any 3 subsidiary of the Company; (3) a tender offer for or other acquisition of securities by or of the Company; or (4) any material change in the present capitalization or dividend policy of the Company. Except as set forth in this Schedule 14D-9 or in the Offer to Purchase, there are no transactions, board resolutions, agreements in principle or signed contracts in response to the Offer that relate to one or more of the matters referred to in the preceding paragraph. Item 8. Additional Information. The information contained under the caption "The TENDER OFFER--Certain Legal Matters" of the Offer to Purchase is incorporated herein by reference. Item 9. Exhibits.
Exhibit No. Description ----------- ----------- (a)(1) Offer to Purchase dated August 1, 2001 (incorporated by reference to Exhibit (a)(1) to the Schedule TO). (a)(2) Letter of Transmittal dated August 1, 2001 (incorporated by reference to Exhibit (a)(2) to the Schedule TO). (a)(3) Notice of Guaranteed Delivery (incorporated by reference to Exhibit (a)(3) to the Schedule TO). (a)(4) Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (incorporated by reference to Exhibit (a)(4) to the Schedule TO). (a)(5) Letter to Clients for use of Brokers, Dealers, Commercial Banks, Trust Companies and other Nominees (incorporated by reference to Exhibit (a)(5) to the Schedule TO). (a)(6) Press Release issued July 24, 2001, by the Company announcing the execution of the Agreement and Plan of Merger (incorporated by reference to Exhibit (a)(6) to the Schedule TO). (a)(7) Written opinion of Legg Mason Wood Walker, Incorporated to the Special Committee of the Board of Directors of the Company, dated July 23, 2001 (included as Annex A to this Schedule 14D-9). (e)(1) Agreement and Plan of Merger, dated as of July 24, 2001 by and among the Company, EA Engineering Holdings, LLC and EA Engineering Acquisition Corporation (incorporated by reference to Exhibit (d)(1) to the Schedule TO). (e)(2) Pages 31-36, inclusive, of the Company's Form 10-K for the fiscal year ended August 31, 2000. (e)(3) Form of Stockholders Agreement dated as of July 24, 2001 by and among the Company, Loren D. Jensen, the Jensen Family Trusts, Ecolair LLLP and The Louis Berger Group, Inc. (incorporated by reference to Exhibit (d)(2) to the Schedule TO). (e)(4) Form of Stock Voting, Non-Tender and Contribution Agreement dated as of July 24, 2001 by and among EA Engineering Holdings, LLC, EA Engineering Acquisition Corporation, Loren D. Jensen, the Jensen Family Trusts, Ecolair LLLP and The Louis Berger Group, Inc. (incorporated by reference to Exhibit (d)(3) to the Schedule TO).
4 SIGNATURE After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Ea Engineering, Science, And Technology, Inc. /s/ Frank J. Aquino By: _________________________________ Frank J. Aquino Vice President, General Counsel and Secretary Date: August 1, 2001 5 [THIS PAGE INTENTIONALLY LEFT BLANK] ANNEX A TABLE OF CONTENTS
Page ---- I. Form of Fairness Opinion........................................... 3 II. EA Engineering, Science, and Technology, Inc. Financial Results.... 5 III. EA Engineering, Science, and Technology, Inc. Valuation Analysis... 9
1 Transaction Overview EA Engineering, Science, and Technology, Inc. ("EA" or the "Company") is considering entering into an Agreement and Plan of Merger (the "Agreement") with EA Holdings, LLC and EA Acquisition Corporation (collectively the "Purchaser"), pursuant to which Purchaser will commence a cash tender offer to purchase all of the issued and outstanding shares of common stock of EA at a price of $1.60 per share net to the seller in cash, followed by a merger of Purchaser with and into the Company on terms and conditions as more fully set forth in the Agreement (the transaction is referred to herein as the "Transaction"). The total enterprise value of the Transaction is approximately $10.5 million. Legg Mason has been requested by the Special Committee of the Board of Directors (the "Special Committee") of the Company to render its Opinion, as investment bankers, as to the fairness to the shareholders of the Company, from a financial point of view, of the consideration to be received by the shareholders of the Company in the Transaction. Analysis Overview In connection with our review, we have relied upon and assumed, without independent verification, the accuracy and completeness of the financial and other information provided to us by the management of the Company and other publicly available information, and we have further relied upon the assurances of management that they are unaware of any facts that would make the information provided to us or otherwise discussed with us incomplete or misleading. With respect to the financial forecasts and other information provided to us or otherwise discussed with us, we have also relied upon the management of the Company as to the reasonableness and achievability of such financial forecasts and other information (and the assumptions and bases therein) provided to us. We assumed that such forecasts and other information were reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of the Company as to the expected future financial performance of the Company. In arriving at our Opinion, we have not been requested to make, nor have we made or obtained, any independent appraisal of the assets or liabilities (contingent or otherwise) of the Company. Analysis Overview We believe that our analysis should be considered as a whole and that selecting portions of our analyses and the factors we considered, without considering all analyses and factors, could be misleading. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. In our analysis, we made numerous assumptions where necessary with respect to industry performance, general business and economic conditions and other matters, many of which are beyond the control of the Company. These materials are being presented to the Special Committee in support of our Opinion. These materials do not, however, constitute our Opinion and are provided for informational purposes only. Our Opinion is limited to the terms of our opinion letter that is included in Section I. The following presentation summarizes the financial analyses we employed in reaching our Opinion and is qualified in its entirety by reference to the full text of the Opinion. Our Opinion is directed solely to the Special Committee and is not to be relied upon by any shareholder of the Company or any other person or entity. 2 I. Form of Fairness Opinion July 23, 2001 The Special Committee of the Board of Directors EA Engineering, Science, and Technology, Inc. 11019 McCormick Road Hunt Valley, Maryland 21031 Attention: Cleaveland D. Miller, Esq. Members of the Special Committee: We are advised that EA Engineering, Science, and Technology, Inc. ("EA" or the "Company") is considering entering into an Agreement and Plan of Merger (the "Agreement") with EA Engineering Holdings, LLC and EA Engineering Acquisition Corporation (collectively the "Purchaser"), pursuant to which Purchaser will commence a tender offer to purchase all of the issued and outstanding shares of common stock of EA at a price of $1.60 per share net to the seller in cash, followed by a merger of EA Engineering Acquisition Corporation with and into the Company on terms and conditions as more fully set forth in the Agreement (the tender offer and merger are referred to herein as the "Transaction"). You have requested our opinion, as investment bankers, as to the fairness to the stockholders of the Company, from a financial point of view, of the consideration to be received by the stockholders of the Company in the Transaction. For purposes of rendering this opinion, we have, among other things: (i) reviewed the draft of the definitive Agreement and certain related documents; (ii) reviewed the restated audited consolidated financial statements of EA as of and for the twelve month periods ended August 31, 2000, 1999, and 1998 and the audited consolidated financial statements of EA as of and for the twelve month period ended August 31, 1997; (iii) reviewed a draft form of the unaudited consolidated financial statements of EA for the nine month period ended May 31, 2001; (iv) reviewed certain publicly available information concerning EA; (v) reviewed forecast financial statements of EA furnished to us by the senior management of EA; (vi) reviewed and analyzed certain publicly available financial and stock market data with respect to operating statistics relating to selected public companies that we deemed relevant to our inquiry; (vii) reviewed the reported prices and trading activity of the publicly- traded securities of EA; (viii) analyzed certain publicly available information concerning the terms of selected merger and acquisition transactions that we considered relevant to our inquiry; (ix) held meetings and discussions with certain officers and employees of EA concerning the operations, financial condition and future prospects of EA; and (x) conducted such other financial studies, analyses and investigations and considered such other information as we deemed necessary or appropriate for purposes of our opinion. In connection with our review, we have assumed and relied upon the accuracy and completeness of all financial and other information supplied to us by EA or that is publicly available, and we have not independently verified such information. We have further relied upon the assurance of management of EA that they are unaware of any facts that would make such information incomplete or misleading. We also have relied 3 upon the management of EA, as to the reasonableness and achievability of the financial projections (and the assumptions and bases therein) provided to us, and we have assumed that such projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management as to the future operating performance of EA. The Company does not publicly disclose internal management projections of the type provided to Legg Mason in connection with Legg Mason's review of the Transaction. Such projections were not prepared with the expectation of public disclosure. The projections were based on numerous variables and assumptions that are inherently uncertain, including without limitation, factors related to general economic and competitive conditions. Accordingly, actual results could vary significantly from those set forth in such projections. We have not been requested to make, and have not made, an independent appraisal or evaluation of the assets, properties or liabilities of EA and we have not been furnished with any such appraisal or evaluation. Estimates of values of companies and assets do not purport to be appraisals or necessarily reflect the prices at which companies and assets may actually be sold. Because such estimates are inherently subject to uncertainty, Legg Mason assumes no responsibility for their accuracy. We have not reviewed any of the books and records of EA or assumed any responsibility for conducting a physical inspection of the properties or facilities of the Company. Further, this opinion is based upon prevailing market conditions and other circumstances and conditions existing and disclosed to us on the date hereof. We have assumed that the Transaction will be consummated on the terms and conditions described in the Agreement reviewed by us and that the definitive Agreement will not differ materially from the draft we reviewed. It is understood that subsequent developments may affect the conclusions reached in this opinion and that we do not have any obligation to update, revise or reaffirm this opinion. In the ordinary course of our business, we make a market in the equity securities of EA and may at any time hold a long or short position in such securities. We have served as a financial advisor to assist the Company in locating an acquiror and will receive a customary fee upon consummation of the Transaction. In addition, Edmund J. Cashman, Jr., a Senior Executive Vice President of Legg Mason, Inc. and Legg Mason Wood Walker, Incorporated, is a director of EA. It is understood that this letter is directed to the Company's Special Committee of the Board of Directors. The opinion expressed herein is provided for the use of the Company's Special Committee of the Board of Directors in its evaluation of the proposed Transaction and does not constitute a recommendation to any stockholder of the Company either of the Transaction or as to how such stockholder should vote on or otherwise respond to the Transaction. In addition, this letter does not constitute a recommendation of the Transaction over any other alternative transaction which may be available to the Company and does not address the underlying business decision of the Special Committee of the Board of Directors of the Company to proceed with or effect the Transaction. This letter is not to be quoted or referred to, in whole or in part, in any registration statement, prospectus or proxy statement, or in any other document used in connection with the offering or sale of securities, nor shall this letter be used for any other purposes, without the prior written consent of Legg Mason Wood Walker, Incorporated; provided that this opinion may be included in its entirety in any filing made by the Company or the Purchaser with the Securities and Exchange Commission with respect to the Transaction. Based upon and subject to the foregoing, we are of the opinion that, as of the date hereof, the consideration to be received by the stockholders of EA (other than Loren D. Jensen, Ph.D. and certain trusts established for the benefit of his children) in the Transaction is fair to such stockholders from a financial point of view. Very truly yours, Legg Mason Wood Walker, Incorporated Alexsander M. Stewart Managing Director 4 II. EA Engineering, Science, and Technology, Inc. Financial Results Historical Financial Results EA ENGINEERING, SCIENCE, AND TECHNOLOGY, INC. BALANCE SHEET ($ thousands)
As of August 31, As of May 31, ------------------------------------------------------ ---------------- 1998 1999 2000 2001 ---------------- ---------------- ---------------- ---------------- Assets ------ Current assets: Cash and cash equivalents........... $ 1,850.2 8.4 % $ 1,963.0 8.7 % $ 1,663.7 6.5 % $ 1,550.5 6.7 % Accounts receivable, net................... 7,479.1 33.8 8,679.6 38.3 10,829.2 42.4 8,714.6 37.4 Costs and estimated earnings in excess of billings on uncompleted contracts............. 4,279.1 19.3 5,176.0 22.8 6,027.7 23.6 5,631.4 24.2 Refundable income taxes................. 407.6 1.8 -- -- -- -- -- -- Prepaid expenses and other................. 694.8 3.1 636.7 2.8 377.2 1.5 566.0 2.4 Deferred income taxes.. 373.3 1.7 597.8 2.6 311.9 1.2 311.9 1.3 Net assets from discontinued operations............ 1,468.2 6.6 -- -- -- -- -- -- --------- ----- --------- ----- --------- ----- --------- ----- Total current assets... 16,552.3 74.8 17,053.7 5.2 19,209.7 75.3 16,774.4 72.0 Property and equipment, at cost: Furniture, fixtures and equipment............. 8,797.4 39.7 8,920.6 39.4 9,816.5 38.5 10,248.1 44.0 Leasehold improvements.......... 984.6 4.4 1,031.7 4.6 1,039.1 4.1 1,078.0 4.6 --------- ----- --------- ----- --------- ----- --------- ----- Total property and equipment, at cost.... 9,782.0 44.2 9,952.3 43.9 10,855.6 42.5 11,326.1 48.6 Less accumulated depreciation and amortization........... (8,719.1) (39.4) (9,102.9) (40.2) (9,344.0) (36.6) (9,657.9) (41.5) Net property and equipment from discontinued operations............. 718.2 3.2 -- -- -- -- -- -- --------- ----- --------- ----- --------- ----- --------- ----- Net property and equipment............. 1,781.1 8.0 849.4 3.7 1,511.6 5.9 1,668.2 7.2 Other assets: --------- ----- --------- ----- --------- ----- --------- ----- Deferred income taxes.. 2,659.5 12.0 3,451.0 15.2 3,586.5 14.1 3,711.9 15.9 Other assets........... 1,147.3 5.2 1,310.5 5.8 1,207.9 4.7 1,140.3 4.9 --------- ----- --------- ----- --------- ----- --------- ----- Total other assets..... 3,806.8 17.2 4,761.5 21.0 4,794.4 18.8 4,852.2 20.8 --------- ----- --------- ----- --------- ----- --------- ----- Total assets........... $22,140.2 100.0 % $ 22,664. 100.0% $25,515.7 100.0% $23,294.8 100.0% ========= ===== ========= ===== ========= ===== ========= ===== Liabilities and Stockholders' Equity --------------------- Current liabilities: Accounts payable....... $ 4,494.3 20.3 % $ 3,555.3 15.7% $ 5,673.2 22.2% $ 5,679.6 24.4% Accrued expenses....... 553.1 2.5 1,443.2 6.4 459.8 1.8 72.1 0.3 Accrued salaries, wages and benefits.......... 2,120.8 9.6 2,228.4 9.8 2,320.8 9.1 1,970.4 8.5 Current portion of long-term debt........ 330.9 1.5 87.5 0.4 -- -- -- -- Current portion of capital lease obligation............ -- -- -- -- 44.7 0.2 18.5 0.1 Billings in excess of costs and uncompleted contracts............. 246.7 1.1 407.8 1.8 1,872.5 7.3 911.7 3.9 --------- ----- --------- ----- --------- ----- --------- ----- Total current liabilities........... 7,745.8 35.0 7,722.2 34.1 10,371.0 40.6 8,652.3 37.1 Long-term debt: Capital lease obligation............ -- -- -- -- 187.3 0.7 326.2 1.4 Long-term debt, net of current portion....... 1,348.9 6.1 3,326.2 14.7 3,486.1 13.7 3,256.1 14.0 --------- ----- --------- ----- --------- ----- --------- ----- Total liabilities...... 9,094.7 41.1 11,048.4 8.7 14,044.4 55.0 12,234.6 52.5 Stockholders' equity: Common stock........... 62.9 0.3 63.4 0.3 63.8 0.3 64.1 0.3 Preferred stock........ -- -- -- -- -- -- -- -- Capital in excess of par value............. 11,049.3 49.9 11,108.4 9.0 11,149.7 43.7 11,184.2 48.0 Treasury stock......... -- -- -- -- (491.3) (1.9) (614.6) (2.6) Notes receivable from stockholders.......... (119.0) (0.5) (78.0) (0.3) -- -- -- -- Retained earnings statements Source: Company financial..... 2,052.3 9.3 521.9 2.3 749.1 2.9 426.5 1.8 --------- ----- --------- ----- --------- ----- --------- ----- Total stockholders' equity................ 13,045.5 58.9 11,615.5 1.3 11,471.3 45.0 11,060.2 47.5 --------- ----- --------- ----- --------- ----- --------- ----- Total liabilities and stockholders'......... $22,140.2 100.0 % $22,664.1 00.0 % $25,515.7 100.0 % $23,294.8 100.0 % ========= ===== ========= ===== ========= ===== ========= =====
-------- Source: Company financial statements 5 EA ENGINEERING, SCIENCE, AND TECHNOLOGY, INC. INCOME STATEMENT, AS RESTATED ($ thousands)
For the twelve For the years ended August 31, months ended ----------------------------------------------------------------------------- May 31, 1997 1998 1999 2000 2001 ----------------- ----------------- ----------------- ----------------- ----------------- Total revenue:..... $ 68,189.0 182.1 % $ 52,237.4 147.9 % $ 48,727.6 142.7 % $ 60,867.6 172.9 % $ 59,650.3 175.6 % Less-- subcontractor costs............ (20,488.6) (54.7) (11,003.0) (31.2) (8,904.3) (26.1) (19,399.0) (55.1) (20,026.5) (58.9) Less--other direct project costs.... (10,257.6) (27.4) (5,914.5 (16.7) (5,676.4) (16.6) (6,273.0) (17.8) (5,651.1) (16.6) ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Net revenue....... 37,442.8 100.0 35,319.9 100.0 34,146.9 100.0 35,195.6 100.0 33,972.7 100.0 Operating costs and expenses: Direct salaries and other operating........ 33,344.2 89.1 26,935.3 76.3 26,199.4 76.7 27,595.8 78.4 27,570.1 81.2 Sales, general and administrative... 7,961.1 21.3 8,832.7 25.0 8,042.5 23.6 6,964.4 19.8 6,670.4 19.6 Restructuring charges.......... 3,000.1 8.0 -- -- 2,132.6 6.2 -- -- -- -- Gain on "key employee" life insurance........ -- -- (261.1) (0.7) -- -- -- -- -- -- ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Total operating expenses......... 44,305.4 118.3 35,506.9 100.5 36,374.5 106.5 34,560.2 98.2 34,240.5 100.8 ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Income (loss) from operations........ (6,862.6 (18.3) (187.0) (0.5) (2,227.6) (6.5) 635.4 1.8 (267.8) (0.8) Interest expense... (378.7) (1.0) (220.5) (0.6) (268.6) (0.8) (355.5) (1.0) (433.7) (1.3) Interest income.... 91.6 0.2 98.8 0.3 88.1 0.3 97.7 0.3 91.4 0.3 ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Income before income taxes...... (7,149.7) (19.1) (308.7) (0.9) (2,408.1) (7.1) 377.6 1.1 (610.1) (1.8) Provision (benefit) for income taxes.. (2,534.4) (6.8) (130.9) (0.4) (961.4) (2.8) 150.4 0.4 (191.0) (0.6) ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Net income (loss) from continuing operations........ (4,615.3) (12.3) (177.8) (0.5) (1,446.7) (4.2) 227.2 0.6 (419.1) (1.2) Income (loss) from operations of discounted segment (net of tax)...... (792.3) (2.1) (62.3) (0.2) (83.7) (0.2) -- -- -- -- ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Net income (loss).. $ (5,407.6) (14.4)% $ (240.1) (0.7)% $ (1,530.4) (4.5)% $ 227.2 0.6 % $ (419.1) (1.2)% ========== ===== ========== ===== ========== ===== ========== ===== ========== ===== Depreciation and amortization...... $ 1,427.1 3.8 % $ 1,162.2 3.3 % $ 418.8 1.2 % $ 324.4 0.9 % $ 353.3 1.0 % EBITDA............. $ (5,435.5) (14.5)% $ 975.2 2.8 % $ (1,808.8) (5.3)% $ 959.8 2.7 % $ 85.5 0.3 %
-------- Source: Company financial statements 6 EA ENGINEERING, SCIENCE, AND TECHNOLOGY, INC. STATEMENT OF CASH FLOWS ($ thousands)
For the nine For the years ended August 31, months ended ----------------------------------------- May 31, 1997 1998 1999 2000 2001 --------- --------- --------- -------- ------------ Cash flows from (used for) operating activities: Net income (loss)...... $(5,407.6 $ (240.1) $(1,530.4) $ 227.2 $ (322.6) Noncash expenses included in net income (loss): Depreciation and amortization stockholders.......... 1,427.1 41.0 41.0 16.4 -- Provision for losses on accounts receivable... 339.1 130.5 243.5 344.3 201.1 Loss (gain) on disposal of fixed assets....... 3.0 (56.5) 48.0 (37.8) (14.7) Gain on disposal of discontinued segment.. -- -- (35.3) -- -- Provision for restructuring......... 3,000.1 -- 2,132.6 -- -- Deferred income taxes.. (1,309.8) (128.9) (960.2) 150.4 (125.4) Changes in operating assets and liabilities: (Increase) decrease in accounts receivable... 2,854.8 924.9 (1,444.0) (2,493.9) 1,913.5 (Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts............. 6,828.4 635.4 (896.9) (851.7) 396.3 (Increase) decrease in prepaid expenses and other assets.......... 455.7 (194.2) (105.1) 362.1 (121.2) Increase (decrease) in accounts payable and accrued expenses...... (3,512.0) (2,433.5) (2,073.9) 1,226.9 (731.7) Refundable income taxes................. (1,883.9) 1,476.3 407.6 -- -- Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts............. (685.5) (265.5) 161.1 1,464.7 (960.8) --------- --------- --------- -------- -------- Net cash flows (used for) from operating activities........... $ 2,250.4 $ 1,051.6 $(3,474.2) $ 733.0 $ 587.8 Cash flows from (used for) investing activities: Purchase of equipment.. $ (747.7) $ (546.5) $ (487.3) $ (738.4) $ (355.8) Proceeds from sales of discontinued operations............ -- -- 1,908.5 -- -- Proceeds from sale of fixed assets.......... 44.1 58.0 -- 46.6 26.5 --------- --------- --------- -------- -------- Net cash flows from (used for) investing activities........... $ (703.6) $ (488.5) $ 1,421.2 $ (691.8) $ (329.3) Cash flows from (used for) financing activities: Net borrowings from revolving line of credit................ $ 481.2 $ (566.3) $ 2,064.8 $ 159.9 $ (230.0) Proceeds from issuance of common stock....... 106.5 147.6 59.5 41.8 34.8 Reduction of long-term debt and short-term borrowings............ (810.3) (626.0) (330.9) (87.5) -- Issuance of notes receivable to stockholders.......... (301.0) -- -- (429.7) (123.3) Repayment of capital lease obligations -- -- -- (25.0) (53.2) --------- --------- --------- -------- -------- Net cash flows from (used for) financing activities........... $ (523.6) $(1,044.7 $ 1,793.4 $ (340.5) $ (371.7) Cash provided by discontinued operations............. $ -- $ -- $ 372.4 $ -- $ -- --------- --------- --------- -------- -------- Net increase (decrease) in cash and cash equivalents............ $ 1,023.2 $ (481.6) $ 112.8 $ (299.3) $ (113.2) Cash and cash equivalents, beginning of period.............. 1,308.6 2,331.8 1,850.2 1,963.0 1,663.7 --------- --------- --------- -------- -------- Cash and cash equivalents, end of period................. $ 2,331.8 $ 1,850.2 $ 1,963.0 $1,663.7 $1,550.5 ========= ========= ========= ======== ========
-------- Source: Company financial statements 7 EA ENGINEERING, SCIENCE, AND TECHNOLOGY, INC. PROJECTED INCOME STATEMENT ($ thousands)
For the years ending August 31, ---------------------------------------------------------------------------------------------- 2001 2002 2003 2004 2005 ----------------- ----------------- ----------------- ----------------- ----------------- Total revenue:......... $ 54,436.0 162.6% $ 53,860.0 151.8% $ 56,123.0 151.1% $ 59,760.0 153.3% $ 62,895.0 153.3% Less--subcontractor and other direct project costs ...... (20,965.0) (62.6) (18,383.0) (51.8) (18,981.0) (51.1) (20,774.0) (53.3) (21,880.0) (53.3) ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Net revenue.......... 33,471.0 100.0 35,477.0 100.0 37,142.0 100.0 38,986.0 100.0 41,015.0 100.0 Operating costs and expenses: Direct labor......... 11,415.0 34.1 12,454.0 35.1 12,984.0 35.0 13,742.0 35.2 14,454.0 35.2 Total indirect costs............... 22,247.0 66.5 21,880.0 61.7 22,543.0 60.7 23,009.0 59.0 23,655.0 57.7 ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Total operating expenses........... 33,662.0 100.6 34,334.0 96.8 35,527.0 95.7 36,751.0 94.3 38,109.0 92.9 ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Income (loss) from operations............ (191.0) (0.6) 1,143.0 3.2 1,615.0 4.3 2,235.0 5.7 2,906.0 7.1 Interest expense....... (352.0) (1.1) (370.0) (1.0) (370.0) (1.0) (370.0) (0.9) (370.0) (0.9) ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Income before income taxes................. (543.0) (1.6) 773.0 2.2 1,245.0 3.4 1,865.0 4.8 2,536.0 6.2 Provision (benefit) for income taxes.......... (152.0) (0.5) 309.2 0.9 497.9 1.3 745.9 1.9 1,014.4 2.5 ---------- ----- ---------- ----- ---------- ----- ---------- ----- ---------- ----- Net income (loss)...... $ (391.0) (1.2)% $ 463.8 1.3% $ 747.1 2.0% $ 1,119.1 2.9% $ 1,521.6 3.7% ========== ===== ========== ===== ========== ===== ========== ===== ========== ===== Depreciation and amortization.......... $ 474.0 1.4 % $ 575.0 1.6% $ 600.0 1.6% $ 625.0 1.6% $ 650.0 1.6% EBITDA................. $ 283.0 0.8 % $ 1,718.0 4.8% $ 2,215.0 6.0% $ 2,860.0 7.3% $ 3,556.0 8.7%
----- Source: Projections prepared by the Company 8 III. EA Engineering, Science, and Technology, Inc. Valuation Analysis Public Comparables Valuation EA ENGINEERING, SCIENCE, AND TECHNOLOGY, INC.--COMPARABLE COMPANY ANALYSIS Assumed cash purchase price per share: $1.60 ($ in millions, except per share data) Financial Summary
Stock Price 52-Week 52-Week Shares Market Preferred Total Enterprise Ticker Company Name 7/23/01 High Low Outstanding Cap Equity Debt Cash Value ------ ------------------------------- ------- ------- ------- ----------- ------ --------- ------ ----- ---------- EEI Ecology and Environment, Inc... $ 7.91 $ 9.30 $ 5.75 4.1 $ 32.4 $ -- $ 0.1 $ 9.5 $ 23.0 ITX The IT Group, Inc.............. 7.55 7.50 3.38 22.0 166.0 6.7 676.8 14.5 834.9 BKR Michael Baker Corp............. 14.20 14.00 6.19 8.3 117.9 -- 2.3 8.7 111.5 TTEK Tetra Tech, Inc................ 23.00 37.56 17.00 40.7 935.1 -- 130.2 12.4 1,052.9 URS URS Corp....................... 24.96 27.94 10.75 17.7 440.7 115.4 637.0 9.3 1,183.8 VSR Versar, Inc.................... 2.72 2.50 1.50 6.5 17.6 -- 4.4 0.1 21.9 ------------------------------- ------ ------ ------ ---- ------ ------ ------ ----- -------- EACO EA Engineering, Science, and... $ 1.60(1) $ 1.63 $ 0.69 5.8 $ 9.3 $ -- $ 3.6 $ 2.4(2) $ 10.5 =============================== ====== ====== ====== ==== ====== ====== ====== ===== ======== S Yr. Proj. 2001 E 2002 P Ticker Growth EPS EPS ------ ----------- ---------- -------- EEI NA% NA NA ITX 10.0 0.85 1.05 BKR NA 1.30 1.55 TTEK 21.7 1.11 1.37 URS 15.0 2.46 2.72 VSR NA NA NA ----------- ---------- -------- EACO 46.3%(/3/) (0.07)(4) 0.08(4) =========== ========== ========
Performance Summary
Enterprise Value to: ------------------------- TTM Net TTM Ticker Company Name Revenue EBITDA TTM NI TTM EPS TTM Rev. TTM EBITDA ------ ------------ -------- ------ ------ -------- --------- ----------- EEI Ecology and Environment, Inc................... $ 74.7 $ 4.3 $ 1.5 $ 0.36 0.3% 5.3% ITX The IT Group, Inc.............................. 1,463.6(5) 101.0 (7.0) (0.30) 0.6 8.3 BKR Michael Baker Corp............................. 375.0(5) 19.0 6.1 0.74 0.3 5.9 TTEK Tetra Tech, Inc................................ 676.9 97.3 44.7 1.06 1.6(5) 10.8(6) URS URS Corp....................................... 2,218.9(5) 209.2 44.4 2.33 0.5 5.7 VSR Versar, Inc.................................... 40.0 2.3 0.7 0.10 0.5 9.5 Stock Price to: Equity Value to: --------------------------- ---------------- TTM 2001 Est. 2002 Est. Tangible Book Ticker EPS EPS EPS Value ------ ----- ---------- ---------- ---------------- EEI 22.0% N/A% NA NA ITX NEG 8.9 7.2 NEG BKR 19.2 10.9 9.2 3.1 TTEK 21.7 20.7(4) 16.8(6) 8.0(6) URS 10.7 10.1 9.2 3.1 VSR 27.2 N/A N/A 3.5 High 8.6 10.8 Mean 0.5 6.9 Median 0.5 5.9 Low 0.3 5.3 ----------------------------------------------- -------- ------ ------ -------- --------- ----------- EACO EA Engineering, Science, and Technology, Inc... $ 34.0 $ 0.1 $(0.4) $ (0.07) 0.3% 123.4% =============================================== ======== ====== ====== ======== ========= =========== 27.2 20.7 16.8 8.0 20.2 10.0 8.5 2.4 28.7 10.1 9.2 3.1 10.7 8.9 7.2 0.8 ----- ---------- ---------- ---------------- EACO NEG% NEG% 20.0% 1.3% ===== ========== ========== ================
----- (1) Assumed cash purchase price per share. (2) Includes life insurance cash value. (3) Company estimate of growth from FY2000 through FY2005. (4) Company estimate. (5) Total revenue. Company does not report subcontractor costs. (6) Not included in mean or median calculations. Source: Company filings, First Call, Bloomberg Financial Markets 9 Comparable M&A Transactions Valuation Comparable M&A Transactions ($ in millions)
Consideration Target Data ------------------------ ----------------------------------------------------- Transaction Net Ent. Net Tangible One Week One Month Target/Acquiror Completion Date Equity Debt Val. Rev. EBITDA NI Book Premium Premium --------------- ----------------- ------ ------ ------ ------ ------ ------ -------- -------- --------- Roy F. Weston, June 4, 2001 $ 50.9 $ 12.3 $ 63.2 $151.7 $ 7.6 $ 6.1 $ 49.1 14.7% 13.1% Inc. /......... American Capital Transaction Multiple Strategies ------------------------------------------------ (Going Ent. Val./ Ent. Val./ Equity Val./ Equity Val./ Target/AcquirorPrivate Rev. EBITDA NI Tang. Book -Transaction)-- ---------- ---------- ------------- ------------ Roy F. Weston, 0.4x 8.4x 8.3x 1.0x Inc. /......... American Capital Strategies (Going Private Transaction) GZA December 29, 2000 26.9 (6.0) 20.9 44.2 3.7 1.3 24.7 0.4(1) 13.8 Geoenvironmental.. Technologies / Futureco Env. GZA(Going Private 0.5 5.7 21.1 1.1 Geoenvironmental..Transaction) Technologies / Futureco Env. (Going Private Transaction) Harding Lawson.. June 5, 2000 58.7 (17.1) 41.6 111.8 6.3 1.5 42.2 41.5 42.6 Associates / Mactec, Inc. Harding Lawson.. 0.4 6.6 38.0 1.4 Associates / Mactec, Inc. Emcon / The IT June 14, 1999 56.3 12.3 68.6 130.3 7.6 1.2 42.1 33.3 86.2(1) Group.......... Emcon / The IT 0.5 9.0 45.8 1.3 Group.......... Dames & Moore, June 9, 1999 297.5 286.7 584.2 639.3 73.0(2) 2.5 (26.5) 33.3 48.8 Inc. /......... URS Corp Dames & Moore, 0.9 8.0 116.8 NEG Inc. /......... URS Corp High................................................................................. 41.5% 86.2% Mean................................................................................. 30.7 29.6 Median............................................................................... 33.3 28.2 Low.................................................................................. 0.4 13.1 High....................0.9x........9.0x......116.8x(3)......1.4x......................................... Mean....................0.5.........7.5........28.3..........1.2.................................. Median..................0.5.........8.0........29.6..........1.2.................................. Low.....................0.4.........5.7.........8.3..........1.0................................. EA Engineering, Science, and Technology, Inc... NA $ 9.3(1) $1.2(4) $ 10.5 $ 34.0 $ 0.1 $ (0.4) $ 7.1 44.1% 42.9% EA Engineering, Science, and Technology, Inc... 0.3x 123.4x NEGx 1.3x
------ Source: Company filings, Bloomberg, Commscan M&A Desk Net Debt = Funded Debt--Cash (1) Excluded from mean and median calculations. (2) Before non-recurring restructuring charge. (3) Purchase price of $1.60. Shares outstanding estimated at 5,842,652. (4) Includes life insurance cash value. 10 Discounted Cash Flow Analysis DISCOUNTED CASH FLOW ANALYSIS ($ thousands) A. Projected Cash Flow(1)
Ending August 31 --------------------------------------- Year 1 Year 2 Year 3 Year 4 2002 2003 2004 2005 -------- -------- -------- --------- EBIT........................ $1,143.0 $1,615.0 $2,235.0 $ 2,906.0 Less: Cash Taxes............ 40.0% 457.2 646.0 894.0 1,162.4 -------- -------- -------- --------- After Tax Operating Profit................... 685.8 969.0 1,341.0 1,743.6 Depreciation................ 575.0 600.0 625.0 650.0 Working Capital Requirements............... (225.0) (250.0) (275.0) (300.0) Capital Expenditures........ (500.0) (500.0) (500.0) (500.0) -------- -------- -------- --------- Unlevered Cash Flow......... 535.8 819.0 1,191.0 1,593.6 Terminal Value.............. 17,780.0 -------- -------- -------- --------- Total Cash Flow......... $ 535.8 $ 819.0 $1,191.0 $19,373.6 ======== ======== ======== =========
B. Net Present Value Analysis Discount Rate.................................................. 16.0% Post 2005 EBITDA Multiple...................................... 5.0
Enterprise Value ---------------- PV of Annual Cash Flow......................................... $ 2,713.7 PV of Terminal Value........................................... 9,819.7 --------- Enterprise Value............................................. $12,533.4 =========
Net Equity Value ---------------- Enterprise Value............................................. $ 12,533 Cash......................................................... 2,399.1(2) Debt......................................................... (3,600.8) --------- Net Equity Value........................................... $11,331.7 =========
C. Enterprise Value Sensitivity Analysis
Post 2005 EBITDA Multiple ---------------------------------------------------------------------- Discount Rate 4.0x 5.0x 6.0x -------- -------- -------- -------- 17.0% 10,240.9 12,138.6 14,036.2 16.0% 10,569.5 12,533.4 14,497.4 15.0% 10,912.1 12,945.2 14,978.4
-------- (1) Company projections. (2) Includes life insurance cash value. 11 EA Stock Price Performance Five Year Closing Price History [GRAPH] U.S. Dollar Date Close 19-Jul-1996 $3.00 22-Jul-1996 $3.00 23-Jul-1996 $3.06 24-Jul-1996 $2.75 25-Jul-1996 $2.75 26-Jul-1996 $2.75 29-Jul-1996 $2.75 30-Jul-1996 $2.75 31-Jul-1996 $3.00 01-Aug-1996 $2.75 02-Aug-1996 $2.50 05-Aug-1996 $2.81 06-Aug-1996 $2.81 07-Aug-1996 $2.88 08-Aug-1996 $2.50 09-Aug-1996 $2.88 12-Aug-1996 $2.50 13-Aug-1996 $2.50 14-Aug-1996 $2.75 15-Aug-1996 $2.50 16-Aug-1996 $2.63 19-Aug-1996 $2.50 20-Aug-1996 $2.75 21-Aug-1996 $2.50 22-Aug-1996 $2.25 23-Aug-1996 $2.25 26-Aug-1996 $2.25 27-Aug-1996 $2.63 28-Aug-1996 $2.63 29-Aug-1996 $2.44 30-Aug-1996 $2.63 03-Sep-1996 $2.44 04-Sep-1996 $2.59 05-Sep-1996 $2.25 06-Sep-1996 $2.44 09-Sep-1996 $2.38 10-Sep-1996 $2.38 11-Sep-1996 $2.25 12-Sep-1996 $2.25 13-Sep-1996 $2.25 16-Sep-1996 $2.25 17-Sep-1996 $2.38 18-Sep-1996 $2.50 19-Sep-1996 $2.50 20-Sep-1996 $2.25 23-Sep-1996 $2.25 24-Sep-1996 $2.38 25-Sep-1996 $2.38 26-Sep-1996 $2.50 27-Sep-1996 $2.25 30-Sep-1996 $2.38 01-Oct-1996 $2.38 02-Oct-1996 $2.25 03-Oct-1996 $2.50 04-Oct-1996 $2.50 07-Oct-1996 $2.25 08-Oct-1996 $2.25 09-Oct-1996 $2.25 10-Oct-1996 $2.25 11-Oct-1996 $2.34 14-Oct-1996 $2.25 15-Oct-1996 $2.44 16-Oct-1996 $2.25 17-Oct-1996 $2.25 18-Oct-1996 $2.41 21-Oct-1996 $2.00 22-Oct-1996 $2.00 23-Oct-1996 $1.75 24-Oct-1996 $1.94 25-Oct-1996 $2.00 28-Oct-1996 $2.00 29-Oct-1996 $1.88 30-Oct-1996 $1.50 31-Oct-1996 $1.50 01-Nov-1996 $1.50 04-Nov-1996 $1.50 05-Nov-1996 $1.75 06-Nov-1996 $1.75 07-Nov-1996 $1.75 08-Nov-1996 $1.75 11-Nov-1996 $1.75 12-Nov-1996 $1.53 13-Nov-1996 $1.50 14-Nov-1996 $1.50 15-Nov-1996 $1.50 18-Nov-1996 $1.50 19-Nov-1996 $1.50 20-Nov-1996 $1.75 21-Nov-1996 $1.81 22-Nov-1996 $1.75 25-Nov-1996 $1.75 26-Nov-1996 $1.75 27-Nov-1996 $2.00 29-Nov-1996 $2.25 02-Dec-1996 $2.00 03-Dec-1996 $2.50 04-Dec-1996 $2.13 05-Dec-1996 $2.13 06-Dec-1996 $2.13 09-Dec-1996 $2.25 10-Dec-1996 $2.50 11-Dec-1996 $2.13 12-Dec-1996 $2.13 13-Dec-1996 $2.13 16-Dec-1996 $2.13 17-Dec-1996 $2.25 18-Dec-1996 $2.25 19-Dec-1996 $2.25 20-Dec-1996 $2.25 23-Dec-1996 $2.31 24-Dec-1996 $2.13 26-Dec-1996 $2.75 27-Dec-1996 $2.44 30-Dec-1996 $2.38 31-Dec-1996 $2.38 02-Jan-1997 $2.56 03-Jan-1997 $2.38 06-Jan-1997 $2.38 07-Jan-1997 $2.75 08-Jan-1997 $2.38 09-Jan-1997 $2.38 10-Jan-1997 $2.56 13-Jan-1997 $2.75 14-Jan-1997 $2.50 15-Jan-1997 $2.38 16-Jan-1997 $2.38 17-Jan-1997 $2.13 20-Jan-1997 $2.13 21-Jan-1997 $2.13 22-Jan-1997 $2.25 23-Jan-1997 $2.38 24-Jan-1997 $2.25 27-Jan-1997 $2.13 28-Jan-1997 $2.13 29-Jan-1997 $2.13 30-Jan-1997 $2.25 31-Jan-1997 $2.19 03-Feb-1997 $2.38 04-Feb-1997 $2.13 05-Feb-1997 $2.25 06-Feb-1997 $2.25 07-Feb-1997 $2.13 10-Feb-1997 $2.50 11-Feb-1997 $2.50 12-Feb-1997 $2.25 13-Feb-1997 $2.50 14-Feb-1997 $2.25 18-Feb-1997 $2.50 19-Feb-1997 $2.25 20-Feb-1997 $2.13 21-Feb-1997 $2.25 24-Feb-1997 $2.13 25-Feb-1997 $2.31 26-Feb-1997 $2.25 27-Feb-1997 $2.13 28-Feb-1997 $2.38 03-Mar-1997 $2.25 04-Mar-1997 $2.00 05-Mar-1997 $2.13 06-Mar-1997 $2.25 07-Mar-1997 $1.94 10-Mar-1997 $1.97 11-Mar-1997 $1.97 12-Mar-1997 $1.88 13-Mar-1997 $1.63 14-Mar-1997 $1.88 17-Mar-1997 $1.88 18-Mar-1997 $2.00 19-Mar-1997 $1.63 20-Mar-1997 $1.81 21-Mar-1997 $1.78 24-Mar-1997 $1.69 25-Mar-1997 $1.75 26-Mar-1997 $1.88 27-Mar-1997 $2.00 31-Mar-1997 $2.00 01-Apr-1997 $2.00 02-Apr-1997 $1.75 03-Apr-1997 $2.00 04-Apr-1997 $2.00 07-Apr-1997 $1.88 08-Apr-1997 $1.88 09-Apr-1997 $2.13 10-Apr-1997 $2.00 11-Apr-1997 $1.91 14-Apr-1997 $2.00 15-Apr-1997 $1.88 16-Apr-1997 $2.13 17-Apr-1997 $2.13 18-Apr-1997 $2.13 21-Apr-1997 $2.00 22-Apr-1997 $1.88 23-Apr-1997 $1.88 24-Apr-1997 $1.88 25-Apr-1997 $1.88 28-Apr-1997 $1.88 29-Apr-1997 $2.06 30-Apr-1997 $1.88 01-May-1997 $1.88 02-May-1997 $2.25 05-May-1997 $1.88 06-May-1997 $1.88 07-May-1997 $2.25 08-May-1997 $1.88 09-May-1997 $2.00 12-May-1997 $1.88 13-May-1997 $1.75 14-May-1997 $1.88 15-May-1997 $1.94 16-May-1997 $1.88 19-May-1997 $1.75 20-May-1997 $1.75 21-May-1997 $1.88 22-May-1997 $1.75 23-May-1997 $2.00 27-May-1997 $1.88 28-May-1997 $2.25 29-May-1997 $1.75 30-May-1997 $1.78 02-Jun-1997 $1.81 03-Jun-1997 $1.94 04-Jun-1997 $2.00 05-Jun-1997 $1.81 06-Jun-1997 $1.88 09-Jun-1997 $1.97 10-Jun-1997 $1.88 11-Jun-1997 $2.06 12-Jun-1997 $2.06 13-Jun-1997 $1.88 16-Jun-1997 $2.06 17-Jun-1997 $2.06 18-Jun-1997 $2.00 19-Jun-1997 $1.88 20-Jun-1997 $2.06 23-Jun-1997 $1.88 24-Jun-1997 $2.00 25-Jun-1997 $1.88 26-Jun-1997 $1.97 27-Jun-1997 $2.06 30-Jun-1997 $1.88 01-Jul-1997 $1.88 02-Jul-1997 $1.88 03-Jul-1997 $1.94 07-Jul-1997 $1.88 08-Jul-1997 $1.88 09-Jul-1997 $1.88 10-Jul-1997 $1.88 11-Jul-1997 $1.75 14-Jul-1997 $1.81 15-Jul-1997 $1.81 16-Jul-1997 $1.88 17-Jul-1997 $2.06 18-Jul-1997 $1.88 21-Jul-1997 $1.75 22-Jul-1997 $1.75 23-Jul-1997 $1.88 24-Jul-1997 $1.88 25-Jul-1997 $1.75 28-Jul-1997 $1.75 29-Jul-1997 $1.81 30-Jul-1997 $1.94 31-Jul-1997 $2.00 01-Aug-1997 $1.88 04-Aug-1997 $1.94 05-Aug-1997 $2.00 06-Aug-1997 $1.94 07-Aug-1997 $2.02 08-Aug-1997 $2.00 11-Aug-1997 $1.97 12-Aug-1997 $1.88 13-Aug-1997 $1.88 14-Aug-1997 $2.09 15-Aug-1997 $1.88 18-Aug-1997 $1.88 19-Aug-1997 $2.00 20-Aug-1997 $1.94 21-Aug-1997 $2.13 22-Aug-1997 $2.06 25-Aug-1997 $2.06 26-Aug-1997 $2.13 27-Aug-1997 $2.13 28-Aug-1997 $2.00 29-Aug-1997 $2.00 02-Sep-1997 $2.00 03-Sep-1997 $1.88 04-Sep-1997 $2.00 05-Sep-1997 $1.88 08-Sep-1997 $2.13 09-Sep-1997 $2.06 10-Sep-1997 $1.88 11-Sep-1997 $1.94 12-Sep-1997 $2.06 15-Sep-1997 $2.09 16-Sep-1997 $1.94 17-Sep-1997 $1.94 18-Sep-1997 $2.00 19-Sep-1997 $1.94 22-Sep-1997 $1.94 23-Sep-1997 $1.94 24-Sep-1997 $1.94 25-Sep-1997 $1.94 26-Sep-1997 $1.94 29-Sep-1997 $2.03 30-Sep-1997 $1.94 01-Oct-1997 $1.94 02-Oct-1997 $1.94 03-Oct-1997 $1.94 06-Oct-1997 $2.00 07-Oct-1997 $2.00 08-Oct-1997 $2.13 09-Oct-1997 $2.00 10-Oct-1997 $2.13 13-Oct-1997 $2.13 14-Oct-1997 $2.06 15-Oct-1997 $1.88 16-Oct-1997 $1.88 17-Oct-1997 $1.88 20-Oct-1997 $2.13 21-Oct-1997 $2.00 22-Oct-1997 $2.06 23-Oct-1997 $2.00 24-Oct-1997 $2.00 27-Oct-1997 $1.94 28-Oct-1997 $2.06 29-Oct-1997 $2.03 30-Oct-1997 $2.00 31-Oct-1997 $2.00 03-Nov-1997 $2.00 04-Nov-1997 $2.06 05-Nov-1997 $1.94 06-Nov-1997 $2.25 07-Nov-1997 $2.31 10-Nov-1997 $2.13 11-Nov-1997 $2.13 12-Nov-1997 $2.13 13-Nov-1997 $2.13 14-Nov-1997 $2.13 17-Nov-1997 $2.06 18-Nov-1997 $2.00 19-Nov-1997 $2.09 20-Nov-1997 $2.00 21-Nov-1997 $2.00 24-Nov-1997 $2.00 25-Nov-1997 $2.00 26-Nov-1997 $2.00 28-Nov-1997 $2.03 01-Dec-1997 $1.94 02-Dec-1997 $1.88 03-Dec-1997 $2.00 04-Dec-1997 $1.88 05-Dec-1997 $1.88 08-Dec-1997 $1.88 09-Dec-1997 $1.88 10-Dec-1997 $1.75 11-Dec-1997 $1.75 12-Dec-1997 $2.00 15-Dec-1997 $1.97 16-Dec-1997 $2.00 17-Dec-1997 $1.97 18-Dec-1997 $1.97 19-Dec-1997 $1.97 22-Dec-1997 $2.00 23-Dec-1997 $1.97 24-Dec-1997 $1.94 26-Dec-1997 $2.00 29-Dec-1997 $2.00 30-Dec-1997 $1.97 31-Dec-1997 $2.00 02-Jan-1998 $1.94 05-Jan-1998 $2.03 06-Jan-1998 $2.06 07-Jan-1998 $2.06 08-Jan-1998 $2.09 09-Jan-1998 $2.00 12-Jan-1998 $2.13 13-Jan-1998 $2.25 14-Jan-1998 $2.25 15-Jan-1998 $2.19 16-Jan-1998 $2.38 20-Jan-1998 $2.44 21-Jan-1998 $2.38 22-Jan-1998 $2.38 23-Jan-1998 $2.38 26-Jan-1998 $2.38 27-Jan-1998 $2.25 28-Jan-1998 $2.25 29-Jan-1998 $2.30 30-Jan-1998 $2.25 02-Feb-1998 $2.31 03-Feb-1998 $2.31 04-Feb-1998 $2.38 05-Feb-1998 $2.38 06-Feb-1998 $2.25 09-Feb-1998 $2.38 10-Feb-1998 $2.31 11-Feb-1998 $2.31 12-Feb-1998 $2.31 13-Feb-1998 $2.31 17-Feb-1998 $2.34 18-Feb-1998 $2.25 19-Feb-1998 $2.50 20-Feb-1998 $2.38 23-Feb-1998 $2.50 24-Feb-1998 $2.31 25-Feb-1998 $2.31 26-Feb-1998 $2.25 27-Feb-1998 $2.38 02-Mar-1998 $2.25 03-Mar-1998 $2.38 04-Mar-1998 $2.31 05-Mar-1998 $2.44 06-Mar-1998 $2.44 09-Mar-1998 $2.41 10-Mar-1998 $2.44 11-Mar-1998 $2.75 12-Mar-1998 $2.63 13-Mar-1998 $2.63 16-Mar-1998 $2.84 17-Mar-1998 $2.75 18-Mar-1998 $2.69 19-Mar-1998 $3.00 20-Mar-1998 $3.75 23-Mar-1998 $3.69 24-Mar-1998 $3.63 25-Mar-1998 $3.38 26-Mar-1998 $3.44 27-Mar-1998 $3.50 30-Mar-1998 $3.50 31-Mar-1998 $3.50 01-Apr-1998 $3.80 02-Apr-1998 $3.81 03-Apr-1998 $3.88 06-Apr-1998 $3.63 07-Apr-1998 $3.56 08-Apr-1998 $3.63 09-Apr-1998 $3.50 13-Apr-1998 $3.69 14-Apr-1998 $3.50 15-Apr-1998 $3.38 16-Apr-1998 $3.56 17-Apr-1998 $3.42 20-Apr-1998 $3.41 21-Apr-1998 $3.44 22-Apr-1998 $3.50 23-Apr-1998 $3.69 24-Apr-1998 $3.56 27-Apr-1998 $3.50 28-Apr-1998 $3.50 29-Apr-1998 $3.50 30-Apr-1998 $3.63 01-May-1998 $3.53 04-May-1998 $3.50 05-May-1998 $3.44 06-May-1998 $3.56 07-May-1998 $3.50 08-May-1998 $3.56 11-May-1998 $3.38 12-May-1998 $3.38 13-May-1998 $3.38 14-May-1998 $3.38 15-May-1998 $3.38 18-May-1998 $3.44 19-May-1998 $3.44 20-May-1998 $3.38 21-May-1998 $3.38 22-May-1998 $3.38 26-May-1998 $3.38 27-May-1998 $3.19 28-May-1998 $3.25 29-May-1998 $3.19 01-Jun-1998 $3.06 02-Jun-1998 $3.25 03-Jun-1998 $3.13 04-Jun-1998 $3.00 05-Jun-1998 $3.00 08-Jun-1998 $2.88 09-Jun-1998 $2.69 10-Jun-1998 $2.75 11-Jun-1998 $2.56 12-Jun-1998 $2.50 15-Jun-1998 $2.19 16-Jun-1998 $2.25 17-Jun-1998 $2.19 18-Jun-1998 $2.31 19-Jun-1998 $2.19 22-Jun-1998 $2.30 23-Jun-1998 $2.25 24-Jun-1998 $2.38 25-Jun-1998 $2.31 26-Jun-1998 $2.38 29-Jun-1998 $2.31 30-Jun-1998 $2.41 01-Jul-1998 $2.31 02-Jul-1998 $2.25 06-Jul-1998 $2.25 07-Jul-1998 $2.13 08-Jul-1998 $2.13 09-Jul-1998 $2.13 10-Jul-1998 $2.13 13-Jul-1998 $2.13 14-Jul-1998 $2.13 15-Jul-1998 $2.13 16-Jul-1998 $2.00 17-Jul-1998 $2.19 20-Jul-1998 $2.13 21-Jul-1998 $2.19 22-Jul-1998 $2.19 23-Jul-1998 $2.13 24-Jul-1998 $2.06 27-Jul-1998 $2.06 28-Jul-1998 $2.00 29-Jul-1998 $2.00 30-Jul-1998 $2.13 31-Jul-1998 $2.13 03-Aug-1998 $1.91 04-Aug-1998 $1.63 05-Aug-1998 $1.63 06-Aug-1998 $1.75 07-Aug-1998 $1.88 10-Aug-1998 $2.00 11-Aug-1998 $1.81 12-Aug-1998 $1.81 13-Aug-1998 $1.81 14-Aug-1998 $1.81 17-Aug-1998 $1.81 18-Aug-1998 $1.81 19-Aug-1998 $1.75 20-Aug-1998 $1.88 21-Aug-1998 $1.94 24-Aug-1998 $1.94 25-Aug-1998 $1.88 26-Aug-1998 $1.88 27-Aug-1998 $1.94 28-Aug-1998 $1.88 31-Aug-1998 $1.69 01-Sep-1998 $1.56 02-Sep-1998 $1.56 03-Sep-1998 $1.69 04-Sep-1998 $1.63 08-Sep-1998 $1.81 09-Sep-1998 $1.56 10-Sep-1998 $1.56 11-Sep-1998 $1.50 14-Sep-1998 $1.56 15-Sep-1998 $1.66 16-Sep-1998 $1.63 17-Sep-1998 $1.69 18-Sep-1998 $1.50 21-Sep-1998 $1.59 22-Sep-1998 $1.50 23-Sep-1998 $1.69 24-Sep-1998 $1.69 25-Sep-1998 $1.50 28-Sep-1998 $1.50 29-Sep-1998 $1.56 30-Sep-1998 $1.63 01-Oct-1998 $1.69 02-Oct-1998 $1.56 05-Oct-1998 $1.56 06-Oct-1998 $1.50 07-Oct-1998 $1.50 08-Oct-1998 $1.50 09-Oct-1998 $1.50 12-Oct-1998 $1.44 13-Oct-1998 $1.31 14-Oct-1998 $1.38 15-Oct-1998 $1.25 16-Oct-1998 $1.38 19-Oct-1998 $1.50 20-Oct-1998 $1.47 21-Oct-1998 $1.38 22-Oct-1998 $1.44 23-Oct-1998 $1.50 26-Oct-1998 $1.38 27-Oct-1998 $1.38 28-Oct-1998 $1.31 29-Oct-1998 $1.25 30-Oct-1998 $1.38 02-Nov-1998 $1.38 03-Nov-1998 $1.38 04-Nov-1998 $1.19 05-Nov-1998 $1.38 06-Nov-1998 $1.63 09-Nov-1998 $1.50 10-Nov-1998 $1.25 11-Nov-1998 $1.22 12-Nov-1998 $1.13 13-Nov-1998 $1.13 16-Nov-1998 $1.25 17-Nov-1998 $1.19 18-Nov-1998 $1.13 19-Nov-1998 $1.13 20-Nov-1998 $1.13 23-Nov-1998 $1.25 24-Nov-1998 $1.38 25-Nov-1998 $1.25 27-Nov-1998 $1.25 30-Nov-1998 $1.06 01-Dec-1998 $1.19 02-Dec-1998 $1.19 03-Dec-1998 $1.16 04-Dec-1998 $1.25 07-Dec-1998 $1.00 08-Dec-1998 $1.19 09-Dec-1998 $1.25 10-Dec-1998 $1.25 11-Dec-1998 $1.31 14-Dec-1998 $1.25 15-Dec-1998 $1.19 16-Dec-1998 $1.25 17-Dec-1998 $1.31 18-Dec-1998 $1.25 21-Dec-1998 $1.31 22-Dec-1998 $1.31 23-Dec-1998 $1.44 24-Dec-1998 $1.19 28-Dec-1998 $1.38 29-Dec-1998 $1.25 30-Dec-1998 $1.28 31-Dec-1998 $1.25 04-Jan-1999 $1.38 05-Jan-1999 $1.25 06-Jan-1999 $1.44 07-Jan-1999 $1.44 08-Jan-1999 $1.31 11-Jan-1999 $1.38 12-Jan-1999 $1.38 13-Jan-1999 $1.38 14-Jan-1999 $1.38 15-Jan-1999 $1.38 19-Jan-1999 $1.13 20-Jan-1999 $1.30 21-Jan-1999 $1.30 22-Jan-1999 $1.19 25-Jan-1999 $1.16 26-Jan-1999 $1.19 27-Jan-1999 $1.25 28-Jan-1999 $1.16 29-Jan-1999 $1.23 01-Feb-1999 $1.19 02-Feb-1999 $1.25 03-Feb-1999 $1.16 04-Feb-1999 $1.25 05-Feb-1999 $1.19 08-Feb-1999 $1.25 09-Feb-1999 $1.25 10-Feb-1999 $1.16 11-Feb-1999 $1.22 12-Feb-1999 $1.22 16-Feb-1999 $1.22 17-Feb-1999 $1.16 18-Feb-1999 $1.16 19-Feb-1999 $1.19 22-Feb-1999 $1.16 23-Feb-1999 $1.16 24-Feb-1999 $1.16 25-Feb-1999 $1.17 26-Feb-1999 $1.17 01-Mar-1999 $1.16 02-Mar-1999 $1.17 03-Mar-1999 $1.19 04-Mar-1999 $1.16 05-Mar-1999 $1.20 08-Mar-1999 $1.16 09-Mar-1999 $1.16 10-Mar-1999 $1.16 11-Mar-1999 $1.16 12-Mar-1999 $1.19 15-Mar-1999 $1.16 16-Mar-1999 $1.13 17-Mar-1999 $1.13 18-Mar-1999 $1.19 19-Mar-1999 $1.13 22-Mar-1999 $1.16 23-Mar-1999 $1.13 24-Mar-1999 $1.16 25-Mar-1999 $1.13 26-Mar-1999 $1.13 29-Mar-1999 $1.13 30-Mar-1999 $1.13 31-Mar-1999 $1.13 01-Apr-1999 $1.16 05-Apr-1999 $1.13 06-Apr-1999 $1.06 07-Apr-1999 $1.13 08-Apr-1999 $0.94 09-Apr-1999 $1.00 12-Apr-1999 $0.94 13-Apr-1999 $0.94 14-Apr-1999 $1.19 15-Apr-1999 $1.25 16-Apr-1999 $1.28 19-Apr-1999 $1.19 20-Apr-1999 $1.38 21-Apr-1999 $1.25 22-Apr-1999 $1.19 23-Apr-1999 $1.06 26-Apr-1999 $1.00 27-Apr-1999 $1.13 28-Apr-1999 $1.06 29-Apr-1999 $1.06 30-Apr-1999 $1.00 03-May-1999 $1.06 04-May-1999 $1.13 05-May-1999 $1.13 06-May-1999 $1.13 07-May-1999 $1.13 10-May-1999 $1.13 11-May-1999 $1.19 12-May-1999 $1.13 13-May-1999 $1.09 14-May-1999 $1.22 17-May-1999 $1.13 18-May-1999 $1.19 19-May-1999 $1.13 20-May-1999 $1.25 21-May-1999 $1.25 24-May-1999 $1.13 25-May-1999 $0.97 26-May-1999 $1.13 27-May-1999 $1.19 28-May-1999 $0.94 01-Jun-1999 $1.00 02-Jun-1999 $1.00 03-Jun-1999 $1.00 04-Jun-1999 $1.00 07-Jun-1999 $1.09 08-Jun-1999 $1.00 09-Jun-1999 $1.06 10-Jun-1999 $1.00 11-Jun-1999 $1.00 14-Jun-1999 $1.00 15-Jun-1999 $1.13 16-Jun-1999 $1.03 17-Jun-1999 $1.22 18-Jun-1999 $1.13 21-Jun-1999 $1.19 22-Jun-1999 $1.06 23-Jun-1999 $1.19 24-Jun-1999 $1.13 25-Jun-1999 $1.13 28-Jun-1999 $1.25 29-Jun-1999 $1.25 30-Jun-1999 $1.06 01-Jul-1999 $1.06 02-Jul-1999 $1.25 06-Jul-1999 $1.06 07-Jul-1999 $1.19 08-Jul-1999 $1.06 09-Jul-1999 $1.25 12-Jul-1999 $1.19 13-Jul-1999 $1.16 14-Jul-1999 $1.13 15-Jul-1999 $1.25 16-Jul-1999 $1.25 19-Jul-1999 $1.13 20-Jul-1999 $1.16 21-Jul-1999 $1.06 22-Jul-1999 $1.13 23-Jul-1999 $1.06 26-Jul-1999 $1.06 27-Jul-1999 $1.13 28-Jul-1999 $1.00 29-Jul-1999 $1.13 30-Jul-1999 $1.19 02-Aug-1999 $1.13 03-Aug-1999 $1.34 04-Aug-1999 $1.19 05-Aug-1999 $1.03 06-Aug-1999 $1.06 09-Aug-1999 $1.23 10-Aug-1999 $1.03 11-Aug-1999 $1.03 12-Aug-1999 $1.06 13-Aug-1999 $1.19 16-Aug-1999 $1.13 17-Aug-1999 $1.06 18-Aug-1999 $1.06 19-Aug-1999 $1.00 20-Aug-1999 $1.13 23-Aug-1999 $1.13 24-Aug-1999 $1.06 25-Aug-1999 $1.06 26-Aug-1999 $1.06 27-Aug-1999 $1.09 30-Aug-1999 $1.06 31-Aug-1999 $1.03 01-Sep-1999 $1.05 02-Sep-1999 $1.03 03-Sep-1999 $1.06 07-Sep-1999 $1.03 08-Sep-1999 $1.00 09-Sep-1999 $1.00 10-Sep-1999 $1.00 13-Sep-1999 $1.00 14-Sep-1999 $1.00 15-Sep-1999 $1.06 16-Sep-1999 $1.06 17-Sep-1999 $1.06 20-Sep-1999 $1.06 21-Sep-1999 $1.06 22-Sep-1999 $1.13 23-Sep-1999 $1.00 24-Sep-1999 $1.06 27-Sep-1999 $1.00 28-Sep-1999 $1.00 29-Sep-1999 $1.13 30-Sep-1999 $1.00 01-Oct-1999 $1.03 04-Oct-1999 $1.06 05-Oct-1999 $1.13 06-Oct-1999 $1.00 07-Oct-1999 $1.06 08-Oct-1999 $1.06 11-Oct-1999 $1.06 12-Oct-1999 $1.00 13-Oct-1999 $0.88 14-Oct-1999 $0.94 15-Oct-1999 $0.94 18-Oct-1999 $0.88 19-Oct-1999 $0.88 20-Oct-1999 $0.81 21-Oct-1999 $0.63 22-Oct-1999 $0.56 25-Oct-1999 $0.75 26-Oct-1999 $0.50 27-Oct-1999 $0.75 28-Oct-1999 $0.63 29-Oct-1999 $0.66 01-Nov-1999 $0.53 02-Nov-1999 $0.75 03-Nov-1999 $0.75 04-Nov-1999 $0.63 05-Nov-1999 $0.81 08-Nov-1999 $0.88 09-Nov-1999 $0.94 10-Nov-1999 $0.88 11-Nov-1999 $0.88 12-Nov-1999 $0.81 15-Nov-1999 $0.84 16-Nov-1999 $1.00 17-Nov-1999 $1.00 18-Nov-1999 $0.91 19-Nov-1999 $1.00 22-Nov-1999 $0.94 23-Nov-1999 $1.00 24-Nov-1999 $1.00 26-Nov-1999 $0.95 29-Nov-1999 $0.94 30-Nov-1999 $1.00 01-Dec-1999 $1.00 02-Dec-1999 $1.00 03-Dec-1999 $0.94 06-Dec-1999 $1.13 07-Dec-1999 $1.00 08-Dec-1999 $1.00 09-Dec-1999 $1.03 10-Dec-1999 $1.09 13-Dec-1999 $1.13 14-Dec-1999 $1.16 15-Dec-1999 $1.13 16-Dec-1999 $1.13 17-Dec-1999 $1.06 20-Dec-1999 $1.16 21-Dec-1999 $1.06 22-Dec-1999 $1.06 23-Dec-1999 $1.06 27-Dec-1999 $1.06 28-Dec-1999 $1.06 29-Dec-1999 $1.13 30-Dec-1999 $1.13 31-Dec-1999 $1.19 03-Jan-2000 $1.22 04-Jan-2000 $1.25 05-Jan-2000 $1.22 06-Jan-2000 $1.25 07-Jan-2000 $1.25 10-Jan-2000 $1.25 11-Jan-2000 $1.25 12-Jan-2000 $1.22 13-Jan-2000 $1.19 14-Jan-2000 $1.20 18-Jan-2000 $1.19 19-Jan-2000 $1.28 20-Jan-2000 $1.38 21-Jan-2000 $1.44 24-Jan-2000 $1.38 25-Jan-2000 $1.31 26-Jan-2000 $1.38 27-Jan-2000 $1.25 28-Jan-2000 $1.38 31-Jan-2000 $1.25 01-Feb-2000 $1.31 02-Feb-2000 $1.38 03-Feb-2000 $1.44 04-Feb-2000 $1.13 07-Feb-2000 $1.03 08-Feb-2000 $0.84 09-Feb-2000 $0.84 10-Feb-2000 $0.97 11-Feb-2000 $0.97 14-Feb-2000 $0.84 15-Feb-2000 $0.91 16-Feb-2000 $0.91 17-Feb-2000 $0.97 18-Feb-2000 $0.97 22-Feb-2000 $1.00 23-Feb-2000 $2.25 24-Feb-2000 $2.00 25-Feb-2000 $1.88 28-Feb-2000 $1.75 29-Feb-2000 $1.75 01-Mar-2000 $1.63 02-Mar-2000 $1.78 03-Mar-2000 $1.56 06-Mar-2000 $1.75 07-Mar-2000 $1.75 08-Mar-2000 $1.75 09-Mar-2000 $1.75 10-Mar-2000 $1.88 13-Mar-2000 $1.81 14-Mar-2000 $1.69 15-Mar-2000 $1.69 16-Mar-2000 $1.59 17-Mar-2000 $1.50 20-Mar-2000 $1.63 21-Mar-2000 $1.50 22-Mar-2000 $1.63 23-Mar-2000 $1.38 24-Mar-2000 $1.25 27-Mar-2000 $1.13 28-Mar-2000 $1.03 29-Mar-2000 $1.22 30-Mar-2000 $1.13 31-Mar-2000 $1.13 03-Apr-2000 $1.25 04-Apr-2000 $1.13 05-Apr-2000 $1.13 06-Apr-2000 $1.19 07-Apr-2000 $1.31 10-Apr-2000 $1.13 11-Apr-2000 $1.03 12-Apr-2000 $0.75 13-Apr-2000 $0.91 14-Apr-2000 $0.53 17-Apr-2000 $0.69 18-Apr-2000 $0.78 19-Apr-2000 $1.06 20-Apr-2000 $1.00 24-Apr-2000 $0.88 25-Apr-2000 $0.94 26-Apr-2000 $0.72 27-Apr-2000 $0.94 28-Apr-2000 $0.91 01-May-2000 $0.78 02-May-2000 $0.84 03-May-2000 $0.75 04-May-2000 $0.72 05-May-2000 $0.72 08-May-2000 $0.75 09-May-2000 $0.75 10-May-2000 $0.75 11-May-2000 $0.75 12-May-2000 $0.69 15-May-2000 $0.78 16-May-2000 $0.72 17-May-2000 $0.75 18-May-2000 $0.69 19-May-2000 $0.75 22-May-2000 $0.69 23-May-2000 $0.78 24-May-2000 $0.77 25-May-2000 $0.77 26-May-2000 $0.75 30-May-2000 $0.72 31-May-2000 $0.72 01-Jun-2000 $0.77 02-Jun-2000 $0.75 05-Jun-2000 $0.72 06-Jun-2000 $0.75 07-Jun-2000 $0.75 08-Jun-2000 $0.75 09-Jun-2000 $0.75 12-Jun-2000 $0.75 13-Jun-2000 $0.75 14-Jun-2000 $0.78 15-Jun-2000 $0.75 16-Jun-2000 $0.75 19-Jun-2000 $0.75 20-Jun-2000 $0.78 21-Jun-2000 $0.78 22-Jun-2000 $0.69 23-Jun-2000 $0.75 26-Jun-2000 $0.78 27-Jun-2000 $0.78 28-Jun-2000 $0.75 29-Jun-2000 $0.75 30-Jun-2000 $0.78 03-Jul-2000 $0.78 05-Jul-2000 $0.75 06-Jul-2000 $0.81 07-Jul-2000 $0.75 10-Jul-2000 $0.80 11-Jul-2000 $0.75 12-Jul-2000 $0.84 13-Jul-2000 $0.84 14-Jul-2000 $0.69 17-Jul-2000 $0.77 18-Jul-2000 $0.81 19-Jul-2000 $0.81 20-Jul-2000 $0.88 21-Jul-2000 $0.75 24-Jul-2000 $0.97 25-Jul-2000 $1.00 26-Jul-2000 $1.00 27-Jul-2000 $0.84 28-Jul-2000 $0.92 31-Jul-2000 $0.94 01-Aug-2000 $0.84 02-Aug-2000 $1.00 03-Aug-2000 $1.00 04-Aug-2000 $1.06 07-Aug-2000 $1.03 08-Aug-2000 $1.06 09-Aug-2000 $0.91 10-Aug-2000 $1.03 11-Aug-2000 $0.94 14-Aug-2000 $1.00 15-Aug-2000 $1.03 16-Aug-2000 $1.00 17-Aug-2000 $1.03 18-Aug-2000 $1.03 21-Aug-2000 $1.06 22-Aug-2000 $1.03 23-Aug-2000 $1.06 24-Aug-2000 $1.06 25-Aug-2000 $1.06 28-Aug-2000 $1.00 29-Aug-2000 $1.00 30-Aug-2000 $1.00 31-Aug-2000 $0.88 01-Sep-2000 $0.88 05-Sep-2000 $0.88 06-Sep-2000 $0.88 07-Sep-2000 $1.00 08-Sep-2000 $1.00 11-Sep-2000 $1.00 12-Sep-2000 $1.00 13-Sep-2000 $0.97 14-Sep-2000 $0.97 15-Sep-2000 $0.97 18-Sep-2000 $1.22 19-Sep-2000 $1.19 20-Sep-2000 $1.28 21-Sep-2000 $1.19 22-Sep-2000 $1.19 25-Sep-2000 $1.19 26-Sep-2000 $1.14 27-Sep-2000 $1.19 28-Sep-2000 $1.06 29-Sep-2000 $1.13 02-Oct-2000 $1.06 03-Oct-2000 $1.06 04-Oct-2000 $1.06 05-Oct-2000 $1.06 06-Oct-2000 $1.06 09-Oct-2000 $1.00 10-Oct-2000 $1.00 11-Oct-2000 $0.94 12-Oct-2000 $1.00 13-Oct-2000 $1.00 16-Oct-2000 $1.06 17-Oct-2000 $1.06 18-Oct-2000 $0.94 19-Oct-2000 $1.06 20-Oct-2000 $1.00 23-Oct-2000 $1.09 24-Oct-2000 $1.06 25-Oct-2000 $1.13 26-Oct-2000 $1.13 27-Oct-2000 $1.08 30-Oct-2000 $0.94 31-Oct-2000 $1.00 01-Nov-2000 $0.97 02-Nov-2000 $0.94 03-Nov-2000 $0.88 06-Nov-2000 $0.97 07-Nov-2000 $1.00 08-Nov-2000 $1.06 09-Nov-2000 $1.02 10-Nov-2000 $0.98 13-Nov-2000 $1.00 14-Nov-2000 $1.00 15-Nov-2000 $1.02 16-Nov-2000 $1.02 17-Nov-2000 $1.00 20-Nov-2000 $1.00 21-Nov-2000 $0.88 22-Nov-2000 $0.88 24-Nov-2000 $0.91 27-Nov-2000 $0.81 28-Nov-2000 $0.81 29-Nov-2000 $0.81 30-Nov-2000 $0.84 01-Dec-2000 $0.81 04-Dec-2000 $0.83 05-Dec-2000 $0.81 06-Dec-2000 $0.81 07-Dec-2000 $0.94 08-Dec-2000 $0.88 11-Dec-2000 $0.88 12-Dec-2000 $0.91 13-Dec-2000 $1.13 14-Dec-2000 $1.13 15-Dec-2000 $1.13 18-Dec-2000 $1.25 19-Dec-2000 $1.19 20-Dec-2000 $1.25 21-Dec-2000 $1.19 22-Dec-2000 $1.16 26-Dec-2000 $1.47 27-Dec-2000 $1.44 28-Dec-2000 $1.44 29-Dec-2000 $1.13 02-Jan-2001 $1.38 03-Jan-2001 $1.38 04-Jan-2001 $1.31 05-Jan-2001 $1.38 08-Jan-2001 $1.31 09-Jan-2001 $1.44 10-Jan-2001 $1.41 11-Jan-2001 $1.50 12-Jan-2001 $1.50 16-Jan-2001 $1.50 17-Jan-2001 $1.44 18-Jan-2001 $1.38 19-Jan-2001 $1.44 22-Jan-2001 $1.48 23-Jan-2001 $1.50 24-Jan-2001 $1.48 25-Jan-2001 $1.50 26-Jan-2001 $1.47 29-Jan-2001 $1.44 30-Jan-2001 $1.44 31-Jan-2001 $1.38 01-Feb-2001 $1.44 02-Feb-2001 $1.38 05-Feb-2001 $1.38 06-Feb-2001 $1.38 07-Feb-2001 $1.56 08-Feb-2001 $1.56 09-Feb-2001 $1.44 12-Feb-2001 $1.47 13-Feb-2001 $1.50 14-Feb-2001 $1.56 15-Feb-2001 $1.44 16-Feb-2001 $1.56 20-Feb-2001 $1.44 21-Feb-2001 $1.50 22-Feb-2001 $1.50 23-Feb-2001 $1.47 26-Feb-2001 $1.50 27-Feb-2001 $1.48 28-Feb-2001 $1.44 01-Mar-2001 $1.44 02-Mar-2001 $1.38 05-Mar-2001 $1.45 06-Mar-2001 $1.44 07-Mar-2001 $1.47 08-Mar-2001 $1.44 09-Mar-2001 $1.34 12-Mar-2001 $1.38 13-Mar-2001 $1.47 14-Mar-2001 $1.50 15-Mar-2001 $1.50 16-Mar-2001 $1.47 19-Mar-2001 $1.50 20-Mar-2001 $1.50 21-Mar-2001 $1.56 22-Mar-2001 $1.44 23-Mar-2001 $1.47 26-Mar-2001 $1.52 27-Mar-2001 $1.44 28-Mar-2001 $1.47 29-Mar-2001 $1.50 30-Mar-2001 $1.50 02-Apr-2001 $1.50 03-Apr-2001 $1.44 04-Apr-2001 $1.48 05-Apr-2001 $1.44 06-Apr-2001 $1.50 09-Apr-2001 $1.48 10-Apr-2001 $1.50 11-Apr-2001 $1.48 12-Apr-2001 $1.49 16-Apr-2001 $1.47 17-Apr-2001 $1.49 18-Apr-2001 $1.47 19-Apr-2001 $1.47 20-Apr-2001 $1.49 23-Apr-2001 $1.45 24-Apr-2001 $1.45 25-Apr-2001 $1.45 26-Apr-2001 $1.26 27-Apr-2001 $1.00 30-Apr-2001 $1.05 01-May-2001 $1.08 02-May-2001 $1.17 03-May-2001 $1.17 04-May-2001 $1.25 07-May-2001 $1.20 08-May-2001 $1.05 09-May-2001 $1.30 10-May-2001 $1.15 11-May-2001 $1.23 14-May-2001 $1.17 15-May-2001 $1.24 16-May-2001 $1.30 17-May-2001 $1.34 18-May-2001 $1.32 21-May-2001 $1.28 22-May-2001 $1.28 23-May-2001 $1.34 24-May-2001 $1.31 25-May-2001 $1.29 29-May-2001 $1.29 30-May-2001 $1.21 31-May-2001 $1.18 01-Jun-2001 $1.18 04-Jun-2001 $1.18 05-Jun-2001 $1.10 06-Jun-2001 $1.20 07-Jun-2001 $1.22 08-Jun-2001 $1.15 11-Jun-2001 $1.10 12-Jun-2001 $1.11 13-Jun-2001 $1.14 14-Jun-2001 $1.11 15-Jun-2001 $1.14 18-Jun-2001 $1.12 19-Jun-2001 $1.11 20-Jun-2001 $1.11 21-Jun-2001 $1.16 22-Jun-2001 $1.16 25-Jun-2001 $1.20 26-Jun-2001 $1.11 27-Jun-2001 $1.10 28-Jun-2001 $1.11 29-Jun-2001 $1.11 02-Jul-2001 $1.15 03-Jul-2001 $1.15 05-Jul-2001 $1.18 06-Jul-2001 $1.15 09-Jul-2001 $1.18 10-Jul-2001 $1.11 11-Jul-2001 $1.15 12-Jul-2001 $1.11 13-Jul-2001 $1.11 16-Jul-2001 $1.15 17-Jul-2001 $1.11 18-Jul-2001 $1.20 19-Jul-2001 $1.06 20-Jul-2001 $1.13