May ’02 Equity Offering Strengthened Balance SheetProceeds used to retire $285M of 10 1/8% Bonds due 2007

• Debt retirement adds $30 million in annual pre-tax income

• Cash level strong.

• Net debt now < $250M

• No principal payments required on remaining debt till 2007

• Book Value now $10.30/share

• Debt/Equity Ratio below 1.0

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