UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
----------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. __)*
Esperion Therapeutics, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
29664R106
--------------------------------------------------------------------------------
(CUSIP Number)
Scott Sacane William Natbony, Esq.
c/o Durus Capital Management, LLC c/o Katten Muchin Zavis Rosenman
20 Marshall Street, ste 320 575 Madison Avenue
South Norwalk, CT 06854 New York, New York 10022
(212) 940-8930
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 31, 2002
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |X|.
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
----------
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 29664R106 SCHEDULE 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Durus Capital Management (N.A.), LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
356,900 shares
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 356,900 shares
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
356,900 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 17
CUSIP No. 29664R106 SCHEDULE 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Durus Capital Management, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
9,370,000 shares
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 9,370,000 shares
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,370,000 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
31.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 17
CUSIP No. 29664R106 SCHEDULE 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Scott Sacane
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
9,726,900 shares
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 9,726,900 shares
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,726,900 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
33.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 17
SCHEDULE 13D
Item 1. Security and Issuer
This Statement on Schedule 13D relates to the Common Stock, par value $.01 per
share (the "Common Stock") of Esperion Therapeutics, Inc. (the "Company"), a
company organized and existing under the laws of the State of Delaware. The
address of the Company's principal executive offices is 3621 S. State Street,
695 KMS Place, Ann Arbor, MI 48108.
Item 2. Identity and Background
(a) This Statement is filed as a joint statement pursuant to Rule 13d-1(k)
promulgated under the Securities Exchange Act of 1934 (the "Exchange Act") by
(i) Durus Capital Management, LLC ("Capital"), a Delaware limited liability
company, in respect of shares held by Durus Life Sciences Master Fund Ltd.
("MF"), over which shares Capital has sole voting and dispositive power, (ii)
Durus Capital Management (N.A.), LLC ("Management"), in respect of shares held
by Artal Long Biotech Portfolio LLC ("Artal"), over which shares Management has
sole voting and dispositive power, and (iii) Scott Sacane, the Managing Member
of Capital and Managing Director of Management (Capital, Mr. Sacane and
Management are hereinafter collectively referred to as the "Reporting Persons").
The Reporting Persons are making a group filing because, due to the
relationships between them, the Reporting Persons may be deemed to constitute a
"group" for purposes of Section 13(d)(3) of the Exchange Act.
(b) The address of the principal business and principal office of each of
the Reporting Persons is 20 Marshall Street, Suite 320, South Norwalk, CT 06854.
(c) The principal business of Capital and Management is that of portfolio
manager. The principal business of Mr. Sacane is acting as managing member of
Capital.
(d) None of the Reporting Persons has during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and, as a result of such proceeding, was or is subject to a
judgment, decree or final order enjoining future violations of or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect thereto.
(f) Mr. Sacane is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
From July 25, 2001 through July 24, 2003, Capital acquired an aggregate of
12,626,475 shares of Common Stock for an aggregate cost of $117,223,347, and
sold an aggregate of 3,256,475 shares for aggregate proceeds of $57,695,323. The
source of funds used to purchase such shares was working capital of MF.
Page 5 of 17
From to July 25, 2001 through July 24, 2003, Management acquired an aggregate of
356,900 shares of Common Stock for an aggregate cost of $4,304,708. The source
of funds used to purchase such shares was working capital of Artal.
A portion of the shares were purchased in margin accounts maintained with
Goldman Sachs and UBS Securities. However, none of such shares are currently
maintained in a margin account.
Item 4. Purpose of Transaction.
The Reporting Persons acquired the shares of Common Stock reported
herein, and continue to hold such shares, for investment purposes, with no
intention to influence or change the management or other affairs of the Company.
On November 22, 2002, the Company notified Mr. Sacane that the Board
of Directors may consider excluding the Reporting Persons from the definition of
"Acquiring Persons" under the Company's Rights Agreement, notwithstanding the
Reporting Persons ownership percentage in the Company, if certain of the
Reporting Persons make certain representations to the Board. A copy of such
representations is attached hereto as Exhibit 1.
On November 26, 2002, the Company amended its Rights Agreement to
exclude the Reporting Persons from the definition of "Acquiring Persons",
subject to certain limitations.
In July 2003, the Reporting Persons discovered that from November
22, 2002 through July 24 2003, they had inadvertently purchased additional
shares of the Company, as reported herein.
On July 25, 2003, the Reporting Persons informed the Company that
the Reporting Persons had inadvertently acquired additional shares of the
Company.
On July 29, 2003 (i) the Reporting Persons entered into an
agreeement with the Company in which the Reporting Persons agreed to certain
restrictions on their ability to transfer and vote shares of the Company and
(ii) the Company amended its Rights Agreement to exclude the Reporting Persons
from the definition of "Acquiring Persons," subject to certain limitations. A
copy of the July 29, 2003 agreement is attached as Exhibit 2.
The Reporting Persons reserve the right to dispose of shares, in
their sole discretion, subject to the agreement and applicable securities laws
and market conditions.
Except as otherwise indicated in this report, the Reporting Persons
currently have no plans or proposals that relate to any of the matters described
in subparagraphs (a) through (j) of Item 4 to Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) The aggregate percentage of the outstanding shares of Common
Stock reported owned by each Reporting Person is based upon 29,480,766 shares of
Common Stock outstanding as of June 30, 2003, as reported in the Company's Form
S-3 filed with the SEC on July 11, 2003.
Page 6 of 17
As of the close of business on July 25, 2003:
(i) Capital beneficially owns 9,370,000 shares of Common Stock
constituting approximately 31.8% of the shares of Common Stock
outstanding;
(ii) Management beneficially owns 356,900 shares of Common
Stock constituting approximately 1.2% of the shares of Common Stock
outstanding; and
(iii) As Managing Director and Managing Member of Management
and Capital, respectively, Mr. Sacane beneficially owns the 9,726,900
shares of Common Stock that are beneficially owned by Capital and
Management. Such shares, in the aggregate, constitute approximately 33.0%
of the shares of Common Stock outstanding.
(b) Capital and Management each have the sole power to vote or
direct the vote and to dispose or to direct the disposition of the shares
reported herein as being beneficially owned by such entities, respectively,
which power is exercisable in each case by Mr. Sacane as Managing Member of
Capital and Managing Director of Management.
(c) Set forth below is a description of all reportable transactions
in shares of Common Stock that have been effected by the Reporting Persons from
August 31, 2002 through July 24, 2003. All such transactions were effected on
the open market. Share price information reflects the incurrence of brokerage
commissions which generally range from between $0.015 and $0.05 per share.
The following transactions were effected by Capital through its
exercise of sole voting and dispositive power over the shares held through MF.
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price per share
--------------------------------------------------------------------------------
9/3/2002 Purchase 22,000 $5.862300
--------------------------------------------------------------------------------
9/3/2002 Purchase 28,400 $5.835800
--------------------------------------------------------------------------------
9/3/2002 Purchase 25,000 $5.850000
--------------------------------------------------------------------------------
9/3/2002 Purchase 5,000 $5.950000
--------------------------------------------------------------------------------
9/4/2002 Purchase 5,100 $5.818000
--------------------------------------------------------------------------------
9/4/2002 Purchase 7,500 $5.950000
--------------------------------------------------------------------------------
9/4/2002 Purchase 5,000 $5.755000
--------------------------------------------------------------------------------
9/5/2002 Purchase 5,500 $6.030000
--------------------------------------------------------------------------------
9/5/2002 Purchase 5,000 $6.070000
--------------------------------------------------------------------------------
9/6/2002 Purchase 12,000 $5.922100
--------------------------------------------------------------------------------
9/6/2002 Purchase 7,500 $5.940000
--------------------------------------------------------------------------------
9/6/2002 Purchase 25,800 $5.938000
--------------------------------------------------------------------------------
9/9/2002 Purchase 4,300 $5.785600
--------------------------------------------------------------------------------
9/9/2002 Purchase 44,300 $5.782500
--------------------------------------------------------------------------------
9/10/2002 Purchase 13,100 $5.762800
--------------------------------------------------------------------------------
9/10/2002 Purchase 3,200 $5.778800
--------------------------------------------------------------------------------
9/10/2002 Purchase 175,000 $5.300000
--------------------------------------------------------------------------------
9/10/2002 Sale 7,400 $5.642230
--------------------------------------------------------------------------------
9/11/2002 Purchase 8,890 $5.626900
--------------------------------------------------------------------------------
9/11/2002 Purchase 5,000 $5.880000
--------------------------------------------------------------------------------
9/11/2002 Purchase 5,000 $5.880000
--------------------------------------------------------------------------------
9/11/2002 Purchase 30,200 $5.651700
--------------------------------------------------------------------------------
9/12/2002 Purchase 18,600 $5.664200
--------------------------------------------------------------------------------
9/12/2002 Purchase 5,000 $5.800000
--------------------------------------------------------------------------------
9/12/2002 Purchase 26,600 $5.650100
--------------------------------------------------------------------------------
9/12/2002 Sale 2,800 $5.594832
--------------------------------------------------------------------------------
9/13/2002 Purchase 8,500 $5.750600
--------------------------------------------------------------------------------
9/13/2002 Purchase 5,000 $6.080000
--------------------------------------------------------------------------------
9/13/2002 Purchase 7,600 $5.811300
--------------------------------------------------------------------------------
9/13/2002 Sale 1,100 $5.609827
--------------------------------------------------------------------------------
9/16/2002 Purchase 10,000 $5.917100
--------------------------------------------------------------------------------
9/16/2002 Purchase 32,900 $5.939800
--------------------------------------------------------------------------------
9/16/2002 Sale 2,700 $5.876522
--------------------------------------------------------------------------------
9/17/2002 Purchase 13,600 $5.813400
--------------------------------------------------------------------------------
9/17/2002 Purchase 5,700 $5.853800
--------------------------------------------------------------------------------
9/17/2002 Sale 1,500 $5.785827
--------------------------------------------------------------------------------
9/18/2002 Purchase 5,100 $5.798400
--------------------------------------------------------------------------------
9/18/2002 Purchase 8,000 $5.794800
--------------------------------------------------------------------------------
9/18/2002 Sale 200 $5.744850
--------------------------------------------------------------------------------
9/19/2002 Purchase 15,900 $5.798700
--------------------------------------------------------------------------------
9/19/2002 Purchase 5,000 $5.800000
--------------------------------------------------------------------------------
9/19/2002 Purchase 5,000 $5.800000
--------------------------------------------------------------------------------
9/19/2002 Purchase 49,125 $5.735000
--------------------------------------------------------------------------------
9/20/2002 Purchase 17,700 $5.838200
--------------------------------------------------------------------------------
9/20/2002 Purchase 20,000 $5.900000
--------------------------------------------------------------------------------
9/20/2002 Purchase 10,000 $5.900000
--------------------------------------------------------------------------------
9/20/2002 Purchase 16,700 $5.814500
--------------------------------------------------------------------------------
9/20/2002 Sale 12,800 $5.784825
--------------------------------------------------------------------------------
9/23/2002 Purchase 63,735 $5.691700
--------------------------------------------------------------------------------
9/23/2002 Purchase 2,900 $5.823800
--------------------------------------------------------------------------------
9/23/2002 Purchase 26,200 $5.742200
--------------------------------------------------------------------------------
9/24/2002 Purchase 21,600 $5.759500
--------------------------------------------------------------------------------
9/24/2002 Purchase 26,000 $5.781700
--------------------------------------------------------------------------------
9/25/2002 Purchase 600 $5.930000
--------------------------------------------------------------------------------
9/25/2002 Purchase 9,800 $5.823500
--------------------------------------------------------------------------------
9/25/2002 Purchase 8,500 $5.906000
--------------------------------------------------------------------------------
9/25/2002 Sale 3,200 $5.779825
--------------------------------------------------------------------------------
9/26/2002 Purchase 15,300 $5.867900
--------------------------------------------------------------------------------
9/26/2002 Purchase 600 $5.855000
--------------------------------------------------------------------------------
9/27/2002 Purchase 8,500 $5.749900
--------------------------------------------------------------------------------
9/27/2002 Purchase 12,500 $5.740100
--------------------------------------------------------------------------------
9/30/2002 Purchase 6,000 $5.668200
--------------------------------------------------------------------------------
9/30/2002 Purchase 29,700 $5.689700
--------------------------------------------------------------------------------
9/30/2002 Sale 9,400 $5.669428
--------------------------------------------------------------------------------
10/1/2002 Purchase 8,500 $5.694400
--------------------------------------------------------------------------------
10/2/2002 Purchase 3,700 $5.616800
--------------------------------------------------------------------------------
10/2/2002 Purchase 11,600 $5.615500
--------------------------------------------------------------------------------
10/3/2002 Purchase 9,100 $5.526300
--------------------------------------------------------------------------------
10/4/2002 Purchase 10,700 $5.466300
--------------------------------------------------------------------------------
10/4/2002 Purchase 12,170 $5.480500
--------------------------------------------------------------------------------
10/7/2002 Purchase 27,677 $5.441100
--------------------------------------------------------------------------------
10/7/2002 Purchase 20,300 $5.418600
--------------------------------------------------------------------------------
10/8/2002 Purchase 5,800 $5.364300
--------------------------------------------------------------------------------
10/8/2002 Purchase 2,200 $5.455900
--------------------------------------------------------------------------------
10/8/2002 Sale 300 $5.399833
--------------------------------------------------------------------------------
10/9/2002 Purchase 3,148 $5.360801
--------------------------------------------------------------------------------
10/9/2002 Purchase 10,000 $5.390000
--------------------------------------------------------------------------------
10/9/2002 Purchase 6,500 $5.360700
--------------------------------------------------------------------------------
10/9/2002 Purchase 7,700 $5.413100
--------------------------------------------------------------------------------
10/10/2002 Purchase 600 $5.376700
--------------------------------------------------------------------------------
10/10/2002 Purchase 400 $5.365000
--------------------------------------------------------------------------------
10/11/2002 Purchase 10,200 $5.380500
--------------------------------------------------------------------------------
10/11/2002 Purchase 9,000 $5.377200
--------------------------------------------------------------------------------
10/11/2002 Purchase 17,250 $5.388600
--------------------------------------------------------------------------------
10/14/2002 Purchase 27,500 $5.239200
--------------------------------------------------------------------------------
10/14/2002 Purchase 4,300 $5.323100
--------------------------------------------------------------------------------
10/14/2002 Sale 12,100 $5.244841
--------------------------------------------------------------------------------
10/15/2002 Purchase 18,399 $5.289000
--------------------------------------------------------------------------------
10/15/2002 Purchase 9,100 $5.230800
--------------------------------------------------------------------------------
10/15/2002 Purchase 17,000 $5.440000
--------------------------------------------------------------------------------
10/16/2002 Purchase 37,000 $5.241400
--------------------------------------------------------------------------------
10/16/2002 Purchase 42,600 $5.263800
--------------------------------------------------------------------------------
10/16/2002 Sale 1,800 $5.224839
--------------------------------------------------------------------------------
10/17/2002 Purchase 13,588 $5.395700
--------------------------------------------------------------------------------
10/17/2002 Purchase 18,700 $5.413700
--------------------------------------------------------------------------------
10/17/2002 Purchase 2,500 $5.360000
--------------------------------------------------------------------------------
10/18/2002 Purchase 12,100 $5.649000
--------------------------------------------------------------------------------
10/18/2002 Purchase 10,000 $5.632400
--------------------------------------------------------------------------------
10/21/2002 Purchase 15,500 $5.661000
--------------------------------------------------------------------------------
10/21/2002 Purchase 21,000 $5.630200
--------------------------------------------------------------------------------
10/22/2002 Purchase 33,700 $5.405800
--------------------------------------------------------------------------------
10/22/2002 Purchase 30,000 $5.250000
--------------------------------------------------------------------------------
10/22/2002 Purchase 5,000 $5.285000
--------------------------------------------------------------------------------
10/22/2002 Purchase 48,700 $5.356900
--------------------------------------------------------------------------------
10/22/2002 Purchase 10,000 $5.700000
--------------------------------------------------------------------------------
10/23/2002 Purchase 5,200 $5.627300
--------------------------------------------------------------------------------
10/23/2002 Purchase 8,200 $5.493200
--------------------------------------------------------------------------------
10/24/2002 Purchase 11,700 $5.714700
--------------------------------------------------------------------------------
10/25/2002 Purchase 11,000 $5.678800
--------------------------------------------------------------------------------
10/25/2002 Purchase 5,000 $5.700000
--------------------------------------------------------------------------------
10/28/2002 Purchase 2,700 $5.719800
--------------------------------------------------------------------------------
10/28/2002 Purchase 1,754 $5.732298
--------------------------------------------------------------------------------
10/29/2002 Purchase 13,200 $5.718300
--------------------------------------------------------------------------------
10/29/2002 Purchase 1,500 $5.740000
--------------------------------------------------------------------------------
10/30/2002 Purchase 1,450 $5.758600
--------------------------------------------------------------------------------
10/30/2002 Purchase 5,000 $5.750000
--------------------------------------------------------------------------------
10/30/2002 Purchase 5,000 $5.735000
--------------------------------------------------------------------------------
10/30/2002 Purchase 7,000 $5.728800
--------------------------------------------------------------------------------
10/31/2002 Purchase 4,000 $5.855500
--------------------------------------------------------------------------------
10/31/2002 Purchase 6,400 $5.813100
--------------------------------------------------------------------------------
10/31/2002 Purchase 10,000 $5.890000
--------------------------------------------------------------------------------
11/1/2002 Purchase 500 $5.830000
--------------------------------------------------------------------------------
11/1/2002 Purchase 8,000 $5.822500
--------------------------------------------------------------------------------
11/1/2002 Purchase 10,000 $5.950000
--------------------------------------------------------------------------------
11/4/2002 Purchase 1,600 $5.926900
--------------------------------------------------------------------------------
11/4/2002 Purchase 3,000 $5.915000
--------------------------------------------------------------------------------
11/5/2002 Purchase 1,000 $5.950000
--------------------------------------------------------------------------------
11/6/2002 Purchase 2,000 $6.040000
--------------------------------------------------------------------------------
11/7/2002 Purchase 5,188 $6.073899
--------------------------------------------------------------------------------
11/8/2002 Purchase 12,350 $6.021300
--------------------------------------------------------------------------------
11/8/2002 Purchase 7,500 $6.000000
--------------------------------------------------------------------------------
11/11/2002 Purchase 9,400 $5.843400
--------------------------------------------------------------------------------
11/11/2002 Purchase 8,500 $5.920600
--------------------------------------------------------------------------------
11/12/2002 Purchase 700 $5.630000
--------------------------------------------------------------------------------
11/13/2002 Purchase 1,600 $6.117500
--------------------------------------------------------------------------------
11/14/2002 Purchase 5,200 $6.265200
--------------------------------------------------------------------------------
11/14/2002 Purchase 3,950 $6.287101
--------------------------------------------------------------------------------
Page 7 of 17
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price per share
--------------------------------------------------------------------------------
11/15/2002 Purchase 7,000 $6.401400
--------------------------------------------------------------------------------
11/15/2002 Purchase 22,000 $6.328500
--------------------------------------------------------------------------------
11/15/2002 Purchase 1,550 $6.380161
--------------------------------------------------------------------------------
11/18/2002 Purchase 1,800 $6.342800
--------------------------------------------------------------------------------
11/18/2002 Purchase 7,500 $6.431000
--------------------------------------------------------------------------------
11/19/2002 Purchase 2,090 $6.389301
--------------------------------------------------------------------------------
11/19/2002 Purchase 3,500 $6.450700
--------------------------------------------------------------------------------
11/20/2002 Purchase 1,600 $6.367500
--------------------------------------------------------------------------------
11/20/2002 Purchase 2,000 $6.265000
--------------------------------------------------------------------------------
11/20/2002 Purchase 2,500 $6.700000
--------------------------------------------------------------------------------
11/21/2002 Purchase 7,450 $6.686400
--------------------------------------------------------------------------------
11/21/2002 Purchase 500 $6.685000
--------------------------------------------------------------------------------
11/21/2002 Purchase 12,900 $6.709700
--------------------------------------------------------------------------------
11/22/2002 Purchase 3,285 $6.710700
--------------------------------------------------------------------------------
11/22/2002 Purchase 600 $6.710000
--------------------------------------------------------------------------------
11/22/2002 Purchase 3,200 $6.685300
--------------------------------------------------------------------------------
11/25/2002 Purchase 818 $6.902103
--------------------------------------------------------------------------------
11/26/2002 Purchase 4,500 $6.901100
--------------------------------------------------------------------------------
11/26/2002 Purchase 500 $6.985000
--------------------------------------------------------------------------------
11/26/2002 Purchase 24,100 $6.824500
--------------------------------------------------------------------------------
11/27/2002 Purchase 15,000 $6.710500
--------------------------------------------------------------------------------
11/27/2002 Purchase 2,150 $6.668102
--------------------------------------------------------------------------------
11/29/2002 Purchase 1,000 $6.888000
--------------------------------------------------------------------------------
11/29/2002 Purchase 1,513 $6.871599
--------------------------------------------------------------------------------
12/2/2002 Purchase 1,000 $6.498900
--------------------------------------------------------------------------------
12/2/2002 Purchase 24,300 $6.564100
--------------------------------------------------------------------------------
12/2/2002 Purchase 19,100 $6.559600
--------------------------------------------------------------------------------
12/3/2002 Purchase 5,100 $6.518600
--------------------------------------------------------------------------------
12/3/2002 Purchase 3,800 $6.538700
--------------------------------------------------------------------------------
12/4/2002 Purchase 4,700 $6.367400
--------------------------------------------------------------------------------
12/4/2002 Purchase 7,500 $6.490000
--------------------------------------------------------------------------------
12/4/2002 Purchase 700 $6.390600
--------------------------------------------------------------------------------
12/5/2002 Purchase 6,500 $6.286400
--------------------------------------------------------------------------------
12/5/2002 Purchase 7,500 $6.250000
--------------------------------------------------------------------------------
12/5/2002 Purchase 4,000 $6.273400
--------------------------------------------------------------------------------
12/6/2002 Purchase 5,000 $6.250000
--------------------------------------------------------------------------------
12/6/2002 Purchase 8,000 $6.251400
--------------------------------------------------------------------------------
12/6/2002 Purchase 3,450 $6.268101
--------------------------------------------------------------------------------
12/9/2002 Purchase 7,800 $6.318100
--------------------------------------------------------------------------------
12/9/2002 Purchase 4,600 $6.297000
--------------------------------------------------------------------------------
12/10/2002 Purchase 8,000 $6.290000
--------------------------------------------------------------------------------
12/10/2002 Purchase 9,000 $6.273700
--------------------------------------------------------------------------------
12/10/2002 Purchase 7,550 $6.274301
--------------------------------------------------------------------------------
12/11/2002 Purchase 1,200 $6.259200
--------------------------------------------------------------------------------
12/11/2002 Purchase 6,700 $6.268300
--------------------------------------------------------------------------------
12/12/2002 Purchase 8,000 $6.196300
--------------------------------------------------------------------------------
12/12/2002 Purchase 5,000 $6.010000
--------------------------------------------------------------------------------
12/12/2002 Purchase 1,000 $6.245000
--------------------------------------------------------------------------------
12/12/2002 Purchase 10,100 $6.137200
--------------------------------------------------------------------------------
12/13/2002 Purchase 35,700 $6.089700
--------------------------------------------------------------------------------
12/16/2002 Purchase 9,200 $6.402700
--------------------------------------------------------------------------------
12/16/2002 Purchase 5,552 $6.394800
--------------------------------------------------------------------------------
Page 8 of 17
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price per share
--------------------------------------------------------------------------------
12/17/2002 Purchase 6,397 $6.541201
--------------------------------------------------------------------------------
12/17/2002 Purchase 6,100 $6.541900
--------------------------------------------------------------------------------
12/18/2002 Purchase 4,010 $6.588000
--------------------------------------------------------------------------------
12/18/2002 Purchase 5,100 $6.591900
--------------------------------------------------------------------------------
12/19/2002 Purchase 5,157 $6.561400
--------------------------------------------------------------------------------
12/19/2002 Purchase 11,000 $6.651200
--------------------------------------------------------------------------------
12/20/2002 Purchase 2,000 $6.790000
--------------------------------------------------------------------------------
12/20/2002 Purchase 41,144 $6.971200
--------------------------------------------------------------------------------
12/20/2002 Purchase 43,100 $6.949700
--------------------------------------------------------------------------------
12/23/2002 Purchase 6,500 $7.026500
--------------------------------------------------------------------------------
12/23/2002 Purchase 6,800 $6.947800
--------------------------------------------------------------------------------
12/24/2002 Purchase 100 $6.985000
--------------------------------------------------------------------------------
12/24/2002 Purchase 340 $6.980000
--------------------------------------------------------------------------------
12/26/2002 Purchase 14,420 $6.988800
--------------------------------------------------------------------------------
12/26/2002 Purchase 3,100 $6.964400
--------------------------------------------------------------------------------
12/27/2002 Purchase 27,819 $6.932200
--------------------------------------------------------------------------------
12/27/2002 Purchase 7,500 $6.958500
--------------------------------------------------------------------------------
12/30/2002 Purchase 14,456 $6.948000
--------------------------------------------------------------------------------
12/30/2002 Purchase 10,700 $6.956400
--------------------------------------------------------------------------------
12/31/2002 Purchase 11,800 $7.060600
--------------------------------------------------------------------------------
12/31/2002 Purchase 11,600 $7.123200
--------------------------------------------------------------------------------
12/31/2002 Purchase 20,000 $7.100000
--------------------------------------------------------------------------------
1/2/2003 Purchase 26,400 $7.070200
--------------------------------------------------------------------------------
1/2/2003 Purchase 2,000 $7.130500
--------------------------------------------------------------------------------
1/3/2003 Purchase 3,346 $6.953201
--------------------------------------------------------------------------------
1/6/2003 Purchase 30,600 $6.933800
--------------------------------------------------------------------------------
1/7/2003 Purchase 200 $6.945000
--------------------------------------------------------------------------------
1/7/2003 Purchase 25,800 $6.892900
--------------------------------------------------------------------------------
1/8/2003 Purchase 100 $6.925000
--------------------------------------------------------------------------------
1/8/2003 Purchase 52,700 $6.866600
--------------------------------------------------------------------------------
1/9/2003 Purchase 39,500 $6.859400
--------------------------------------------------------------------------------
1/10/2003 Purchase 500 $6.895000
--------------------------------------------------------------------------------
1/10/2003 Purchase 26,000 $6.839600
--------------------------------------------------------------------------------
1/13/2003 Purchase 500 $7.005000
--------------------------------------------------------------------------------
1/13/2003 Purchase 19,600 $6.932000
--------------------------------------------------------------------------------
1/14/2003 Purchase 31,400 $6.881600
--------------------------------------------------------------------------------
1/15/2003 Purchase 1,500 $6.845000
--------------------------------------------------------------------------------
1/16/2003 Purchase 20,900 $7.045900
--------------------------------------------------------------------------------
1/17/2003 Purchase 14,400 $6.994000
--------------------------------------------------------------------------------
1/21/2003 Purchase 36,800 $6.862800
--------------------------------------------------------------------------------
1/22/2003 Purchase 20,500 $6.761400
--------------------------------------------------------------------------------
1/23/2003 Purchase 41,300 $6.784600
--------------------------------------------------------------------------------
1/23/2003 Purchase 10,000 $6.785000
--------------------------------------------------------------------------------
1/24/2003 Purchase 56,200 $6.781300
--------------------------------------------------------------------------------
1/24/2003 Purchase 7,500 $6.740000
--------------------------------------------------------------------------------
1/27/2003 Purchase 1,000 $6.735000
--------------------------------------------------------------------------------
1/27/2003 Purchase 19,200 $6.731000
--------------------------------------------------------------------------------
1/28/2003 Purchase 13,300 $6.772500
--------------------------------------------------------------------------------
1/29/2003 Purchase 7,700 $6.759300
--------------------------------------------------------------------------------
1/30/2003 Purchase 27,500 $6.739400
--------------------------------------------------------------------------------
1/31/2003 Purchase 27,200 $6.969000
--------------------------------------------------------------------------------
Page 9 of 17
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price per share
--------------------------------------------------------------------------------
1/31/2003 Purchase 20,000 $7.300000
--------------------------------------------------------------------------------
1/31/2003 Purchase 9,400 $6.780000
--------------------------------------------------------------------------------
2/3/2003 Purchase 25,800 $6.867700
--------------------------------------------------------------------------------
2/4/2003 Purchase 26,900 $6.752600
--------------------------------------------------------------------------------
2/5/2003 Purchase 7,700 $6.773300
--------------------------------------------------------------------------------
2/6/2003 Purchase 3,000 $6.730000
--------------------------------------------------------------------------------
2/6/2003 Purchase 35,900 $6.739600
--------------------------------------------------------------------------------
2/6/2003 Purchase 2,900 $6.745000
--------------------------------------------------------------------------------
2/7/2003 Purchase 34,700 $6.688700
--------------------------------------------------------------------------------
2/10/2003 Purchase 2,600 $6.731200
--------------------------------------------------------------------------------
2/11/2003 Purchase 35,100 $6.730600
--------------------------------------------------------------------------------
2/11/2003 Purchase 4,000 $6.745000
--------------------------------------------------------------------------------
2/12/2003 Purchase 18,300 $6.753600
--------------------------------------------------------------------------------
2/13/2003 Purchase 4,000 $6.757500
--------------------------------------------------------------------------------
2/14/2003 Purchase 1,500 $6.750000
--------------------------------------------------------------------------------
2/14/2003 Purchase 15,000 $6.742500
--------------------------------------------------------------------------------
2/18/2003 Purchase 27,800 $6.748500
--------------------------------------------------------------------------------
2/19/2003 Purchase 36,300 $6.718600
--------------------------------------------------------------------------------
2/20/2003 Purchase 11,300 $6.694800
--------------------------------------------------------------------------------
2/21/2003 Purchase 15,000 $6.735000
--------------------------------------------------------------------------------
2/21/2003 Purchase 13,300 $6.699700
--------------------------------------------------------------------------------
2/21/2003 Purchase 5,000 $6.740000
--------------------------------------------------------------------------------
2/24/2003 Purchase 20,100 $6.719900
--------------------------------------------------------------------------------
2/24/2003 Purchase 300 $6.745000
--------------------------------------------------------------------------------
2/25/2003 Purchase 19,000 $6.700900
--------------------------------------------------------------------------------
2/26/2003 Purchase 19,700 $6.754300
--------------------------------------------------------------------------------
2/27/2003 Purchase 22,900 $7.080300
--------------------------------------------------------------------------------
2/27/2003 Sale 400 $6.814800
--------------------------------------------------------------------------------
2/28/2003 Purchase 19,200 $7.177800
--------------------------------------------------------------------------------
3/3/2003 Purchase 400 $7.045000
--------------------------------------------------------------------------------
3/3/2003 Purchase 17,700 $7.138900
--------------------------------------------------------------------------------
3/4/2003 Purchase 17,500 $7.124700
--------------------------------------------------------------------------------
3/5/2003 Purchase 19,800 $7.296000
--------------------------------------------------------------------------------
3/6/2003 Purchase 26,500 $7.433200
--------------------------------------------------------------------------------
3/7/2003 Purchase 29,100 $8.119900
--------------------------------------------------------------------------------
3/10/2003 Purchase 103,900 $8.369200
--------------------------------------------------------------------------------
3/11/2003 Purchase 62,000 $8.477000
--------------------------------------------------------------------------------
3/12/2003 Purchase 31,000 $8.640200
--------------------------------------------------------------------------------
3/13/2003 Purchase 92,900 $9.054100
--------------------------------------------------------------------------------
3/14/2003 Purchase 17,200 $9.031500
--------------------------------------------------------------------------------
3/17/2003 Purchase 8,900 $9.308900
--------------------------------------------------------------------------------
3/18/2003 Purchase 30,800 $9.180400
--------------------------------------------------------------------------------
3/19/2003 Purchase 23,500 $9.330900
--------------------------------------------------------------------------------
3/20/2003 Purchase 39,000 $9.537900
--------------------------------------------------------------------------------
3/20/2003 Purchase 5,000 $9.560000
--------------------------------------------------------------------------------
3/21/2003 Purchase 22,600 $9.673800
--------------------------------------------------------------------------------
3/21/2003 Purchase 3,500 $9.649300
--------------------------------------------------------------------------------
3/24/2003 Purchase 56,700 $9.550600
--------------------------------------------------------------------------------
3/25/2003 Purchase 62,600 $9.521500
--------------------------------------------------------------------------------
3/26/2003 Purchase 91,400 $9.353700
--------------------------------------------------------------------------------
3/26/2003 Purchase 15,000 $9.370700
--------------------------------------------------------------------------------
Page 10 of 17
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price per share
--------------------------------------------------------------------------------
3/27/2003 Purchase 38,400 $9.362000
--------------------------------------------------------------------------------
3/28/2003 Purchase 9,500 $9.548400
--------------------------------------------------------------------------------
3/31/2003 Purchase 2,000 $9.830000
--------------------------------------------------------------------------------
3/31/2003 Purchase 32,300 $9.844500
--------------------------------------------------------------------------------
4/1/2003 Purchase 55,400 $9.997600
--------------------------------------------------------------------------------
4/2/2003 Purchase 165,300 $9.786400
--------------------------------------------------------------------------------
4/3/2003 Purchase 5,000 $9.450000
--------------------------------------------------------------------------------
4/3/2003 Purchase 5,000 $9.450000
--------------------------------------------------------------------------------
4/3/2003 Purchase 82,600 $9.478000
--------------------------------------------------------------------------------
4/3/2003 Purchase 4,500 $9.600000
--------------------------------------------------------------------------------
4/4/2003 Purchase 96,300 $9.146300
--------------------------------------------------------------------------------
4/7/2003 Purchase 10,100 $9.347700
--------------------------------------------------------------------------------
4/8/2003 Purchase 48,500 $9.309500
--------------------------------------------------------------------------------
4/9/2003 Purchase 38,000 $9.242900
--------------------------------------------------------------------------------
4/9/2003 Purchase 2,000 $9.210000
--------------------------------------------------------------------------------
4/10/2003 Purchase 20,500 $9.429800
--------------------------------------------------------------------------------
4/11/2003 Purchase 8,400 $9.453600
--------------------------------------------------------------------------------
4/14/2003 Purchase 8,100 $9.512200
--------------------------------------------------------------------------------
4/15/2003 Purchase 24,100 $9.696700
--------------------------------------------------------------------------------
4/15/2003 Sale 1,100 $9.684545
--------------------------------------------------------------------------------
4/15/2003 Sale 9,300 $9.946933
--------------------------------------------------------------------------------
4/16/2003 Purchase 83,000 $10.074900
--------------------------------------------------------------------------------
4/16/2003 Sale 300 $10.204533
--------------------------------------------------------------------------------
4/17/2003 Purchase 21,600 $10.099200
--------------------------------------------------------------------------------
4/21/2003 Purchase 65,400 $10.261200
--------------------------------------------------------------------------------
4/22/2003 Purchase 200 $10.434500
--------------------------------------------------------------------------------
4/22/2003 Purchase 41,000 $10.372900
--------------------------------------------------------------------------------
4/23/2003 Purchase 2,300 $10.919300
--------------------------------------------------------------------------------
4/23/2003 Purchase 36,400 $10.789200
--------------------------------------------------------------------------------
4/24/2003 Purchase 7,500 $10.914700
--------------------------------------------------------------------------------
4/24/2003 Purchase 19,700 $10.897800
--------------------------------------------------------------------------------
4/24/2003 Sale 500 $10.914480
--------------------------------------------------------------------------------
4/24/2003 Sale 30,025 $10.932386
--------------------------------------------------------------------------------
4/25/2003 Purchase 5,000 $11.054800
--------------------------------------------------------------------------------
4/25/2003 Purchase 79,700 $11.049400
--------------------------------------------------------------------------------
4/25/2003 Sale 6,600 $11.279371
--------------------------------------------------------------------------------
4/28/2003 Purchase 23,500 $11.218500
--------------------------------------------------------------------------------
4/29/2003 Purchase 59,700 $11.278200
--------------------------------------------------------------------------------
4/29/2003 Sale 6,000 $11.193473
--------------------------------------------------------------------------------
4/29/2003 Sale 7,700 $11.250871
--------------------------------------------------------------------------------
4/30/2003 Purchase 16,500 $11.360600
--------------------------------------------------------------------------------
4/30/2003 Sale 26,400 $11.353267
--------------------------------------------------------------------------------
4/30/2003 Sale 4,000 $11.311970
--------------------------------------------------------------------------------
5/1/2003 Purchase 18,600 $11.389900
--------------------------------------------------------------------------------
5/1/2003 Purchase 300 $11.261700
--------------------------------------------------------------------------------
5/1/2003 Sale 6,000 $11.374467
--------------------------------------------------------------------------------
5/1/2003 Sale 1,400 $11.285171
--------------------------------------------------------------------------------
5/1/2003 Sale 25,300 $11.319668
--------------------------------------------------------------------------------
5/2/2003 Purchase 14,200 $11.800700
--------------------------------------------------------------------------------
5/2/2003 Purchase 200 $11.835000
--------------------------------------------------------------------------------
5/2/2003 Purchase 8,500 $11.640000
--------------------------------------------------------------------------------
Page 11 of 17
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price per share
--------------------------------------------------------------------------------
5/2/2003 Sale 6,100 $11.604554
--------------------------------------------------------------------------------
5/2/2003 Sale 11,800 $11.749148
--------------------------------------------------------------------------------
5/2/2003 Sale 29,300 $11.474161
--------------------------------------------------------------------------------
5/5/2003 Purchase 1,600 $12.056300
--------------------------------------------------------------------------------
5/5/2003 Purchase 3,100 $12.059100
--------------------------------------------------------------------------------
5/5/2003 Purchase 4,000 $12.060000
--------------------------------------------------------------------------------
5/5/2003 Sale 17,300 $11.914440
--------------------------------------------------------------------------------
5/5/2003 Sale 31,500 $12.001336
--------------------------------------------------------------------------------
5/6/2003 Purchase 12,500 $11.937700
--------------------------------------------------------------------------------
5/6/2003 Purchase 103,600 $11.926000
--------------------------------------------------------------------------------
5/7/2003 Purchase 24,700 $11.937200
--------------------------------------------------------------------------------
5/7/2003 Purchase 3,000 $11.940000
--------------------------------------------------------------------------------
5/7/2003 Sale 12,700 $11.844444
--------------------------------------------------------------------------------
5/7/2003 Sale 1,000 $11.854440
--------------------------------------------------------------------------------
5/7/2003 Sale 700 $11.964443
--------------------------------------------------------------------------------
5/8/2003 Purchase 99,800 $11.863700
--------------------------------------------------------------------------------
5/8/2003 Sale 6,400 $11.901141
--------------------------------------------------------------------------------
5/8/2003 Sale 4,600 $12.001537
--------------------------------------------------------------------------------
5/9/2003 Purchase 85,600 $11.871800
--------------------------------------------------------------------------------
5/9/2003 Sale 2,400 $11.929442
--------------------------------------------------------------------------------
5/12/2003 Purchase 100 $12.025000
--------------------------------------------------------------------------------
5/12/2003 Purchase 5,400 $12.035759
--------------------------------------------------------------------------------
5/12/2003 Sale 600 $11.929433
--------------------------------------------------------------------------------
5/12/2003 Sale 11,900 $11.974838
--------------------------------------------------------------------------------
5/13/2003 Purchase 3,200 $12.006900
--------------------------------------------------------------------------------
5/13/2003 Purchase 10,200 $11.982100
--------------------------------------------------------------------------------
5/13/2003 Sale 1,500 $11.978440
--------------------------------------------------------------------------------
5/14/2003 Purchase 55,200 $11.914700
--------------------------------------------------------------------------------
5/14/2003 Sale 1,800 $11.955039
--------------------------------------------------------------------------------
5/15/2003 Purchase 6,500 $12.055000
--------------------------------------------------------------------------------
5/15/2003 Purchase 39,800 $12.024700
--------------------------------------------------------------------------------
5/15/2003 Purchase 2,000 $12.070000
--------------------------------------------------------------------------------
5/15/2003 Sale 4,900 $11.954439
--------------------------------------------------------------------------------
5/15/2003 Sale 4,000 $11.964438
--------------------------------------------------------------------------------
5/15/2003 Sale 600 $12.000033
--------------------------------------------------------------------------------
5/16/2003 Purchase 6,800 $11.976800
--------------------------------------------------------------------------------
5/16/2003 Purchase 20,000 $11.990000
--------------------------------------------------------------------------------
5/16/2003 Sale 7,100 $11.939439
--------------------------------------------------------------------------------
5/16/2003 Sale 5,200 $11.949038
--------------------------------------------------------------------------------
5/16/2003 Sale 800 $11.859438
--------------------------------------------------------------------------------
5/19/2003 Purchase 37,700 $11.880700
--------------------------------------------------------------------------------
5/19/2003 Sale 714 $12.004440
--------------------------------------------------------------------------------
5/20/2003 Purchase 174,000 $11.755400
--------------------------------------------------------------------------------
5/20/2003 Purchase 700 $11.755400
--------------------------------------------------------------------------------
5/21/2003 Purchase 47,600 $11.640100
--------------------------------------------------------------------------------
5/22/2003 Purchase 25,000 $12.294200
--------------------------------------------------------------------------------
5/22/2003 Purchase 5,000 $12.350000
--------------------------------------------------------------------------------
5/22/2003 Purchase 25,000 $12.294200
--------------------------------------------------------------------------------
5/23/2003 Purchase 52,400 $12.309400
--------------------------------------------------------------------------------
5/23/2003 Purchase 9,300 $12.309400
--------------------------------------------------------------------------------
5/23/2003 Sale 13,500 $12.197427
--------------------------------------------------------------------------------
Page 12 of 17
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price per share
--------------------------------------------------------------------------------
5/23/2003 Sale 200 $12.244950
--------------------------------------------------------------------------------
5/27/2003 Purchase 56,200 $12.829800
--------------------------------------------------------------------------------
5/27/2003 Purchase 1,000 $12.975000
--------------------------------------------------------------------------------
5/27/2003 Purchase 9,900 $12.829800
--------------------------------------------------------------------------------
5/27/2003 Sale 600 $12.709400
--------------------------------------------------------------------------------
5/27/2003 Sale 1,300 $12.996692
--------------------------------------------------------------------------------
5/28/2003 Purchase 88,200 $13.099200
--------------------------------------------------------------------------------
5/28/2003 Purchase 15,500 $13.099200
--------------------------------------------------------------------------------
5/28/2003 Sale 14,800 $13.307276
--------------------------------------------------------------------------------
5/29/2003 Purchase 101,000 $13.060600
--------------------------------------------------------------------------------
5/29/2003 Purchase 17,900 $13.060600
--------------------------------------------------------------------------------
5/29/2003 Sale 2,600 $13.184381
--------------------------------------------------------------------------------
5/30/2003 Purchase 41,000 $13.130600
--------------------------------------------------------------------------------
6/2/2003 Purchase 53,600 $13.856300
--------------------------------------------------------------------------------
6/2/2003 Purchase 5,000 $13.250000
--------------------------------------------------------------------------------
6/2/2003 Purchase 9,500 $13.856300
--------------------------------------------------------------------------------
6/3/2003 Purchase 49,700 $13.917200
--------------------------------------------------------------------------------
6/3/2003 Purchase 8,700 $13.917200
--------------------------------------------------------------------------------
6/4/2003 Purchase 37,200 $13.933100
--------------------------------------------------------------------------------
6/4/2003 Purchase 6,600 $13.933100
--------------------------------------------------------------------------------
6/5/2003 Purchase 22,500 $14.177300
--------------------------------------------------------------------------------
6/5/2003 Purchase 3,800 $14.177300
--------------------------------------------------------------------------------
6/6/2003 Purchase 1,600 $16.045000
--------------------------------------------------------------------------------
6/6/2003 Purchase 5,000 $14.650000
--------------------------------------------------------------------------------
6/6/2003 Purchase 5,000 $14.750000
--------------------------------------------------------------------------------
6/6/2003 Purchase 31,700 $15.536500
--------------------------------------------------------------------------------
6/6/2003 Purchase 5,600 $15.536500
--------------------------------------------------------------------------------
6/6/2003 Sale 700 $15.354286
--------------------------------------------------------------------------------
6/6/2003 Sale 12,700 $15.394278
--------------------------------------------------------------------------------
6/6/2003 Sale 18,200 $15.555870
--------------------------------------------------------------------------------
6/6/2003 Sale 3,200 $15.555872
--------------------------------------------------------------------------------
6/9/2003 Purchase 125,700 $15.189000
--------------------------------------------------------------------------------
6/9/2003 Purchase 22,000 $15.189000
--------------------------------------------------------------------------------
6/9/2003 Sale 97,400 $15.199287
--------------------------------------------------------------------------------
6/9/2003 Sale 17,100 $15.199287
--------------------------------------------------------------------------------
6/10/2003 Purchase 32,300 $15.186500
--------------------------------------------------------------------------------
6/10/2003 Purchase 5,700 $15.186500
--------------------------------------------------------------------------------
6/11/2003 Purchase 21,200 $15.319400
--------------------------------------------------------------------------------
6/11/2003 Purchase 400 $15.245000
--------------------------------------------------------------------------------
6/11/2003 Sale 22,800 $15.362379
--------------------------------------------------------------------------------
6/12/2003 Purchase 13,000 $15.990600
--------------------------------------------------------------------------------
6/12/2003 Sale 3,300 $16.284236
--------------------------------------------------------------------------------
6/12/2003 Sale 10,900 $15.464275
--------------------------------------------------------------------------------
6/12/2003 Sale 76,900 $16.072246
--------------------------------------------------------------------------------
6/12/2003 Sale 500 $15.728460
--------------------------------------------------------------------------------
6/13/2003 Purchase 100,300 $16.155900
--------------------------------------------------------------------------------
6/13/2003 Sale 37,764 $16.277736
--------------------------------------------------------------------------------
6/13/2003 Sale 3,400 $16.177741
--------------------------------------------------------------------------------
6/16/2003 Purchase 8,500 $16.314500
--------------------------------------------------------------------------------
6/16/2003 Sale 87,600 $16.237438
--------------------------------------------------------------------------------
6/17/2003 Purchase 16,800 $16.061000
--------------------------------------------------------------------------------
Page 13 of 17
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price per share
--------------------------------------------------------------------------------
6/17/2003 Purchase 84,300 $16.083500
--------------------------------------------------------------------------------
6/17/2003 Purchase 15,000 $16.083500
--------------------------------------------------------------------------------
6/17/2003 Sale 22,900 $15.982151
--------------------------------------------------------------------------------
6/17/2003 Sale 15,300 $16.135342
--------------------------------------------------------------------------------
6/18/2003 Purchase 13,800 $16.047500
--------------------------------------------------------------------------------
6/18/2003 Purchase 125,700 $16.053500
--------------------------------------------------------------------------------
6/18/2003 Purchase 22,000 $16.053500
--------------------------------------------------------------------------------
6/18/2003 Sale 471 $15.994246
--------------------------------------------------------------------------------
6/18/2003 Sale 500 $16.045240
--------------------------------------------------------------------------------
6/19/2003 Purchase 109,900 $15.835000
--------------------------------------------------------------------------------
6/19/2003 Purchase 73,359 $15.834800
--------------------------------------------------------------------------------
6/19/2003 Purchase 20,000 $15.835000
--------------------------------------------------------------------------------
6/19/2003 Sale 5,500 $15.808858
--------------------------------------------------------------------------------
6/19/2003 Sale 14,199 $15.873354
--------------------------------------------------------------------------------
6/19/2003 Sale 20,600 $16.109245
--------------------------------------------------------------------------------
6/20/2003 Purchase 22,600 $15.208300
--------------------------------------------------------------------------------
6/20/2003 Purchase 119,900 $15.315700
--------------------------------------------------------------------------------
6/20/2003 Purchase 15,000 $15.170000
--------------------------------------------------------------------------------
6/20/2003 Purchase 22,000 $15.315700
--------------------------------------------------------------------------------
6/20/2003 Sale 1,700 $15.754259
--------------------------------------------------------------------------------
6/23/2003 Purchase 50,000 $15.120300
--------------------------------------------------------------------------------
6/23/2003 Purchase 79,300 $15.120300
--------------------------------------------------------------------------------
6/23/2003 Sale 25,000 $15.549270
--------------------------------------------------------------------------------
6/24/2003 Purchase 30,100 $15.103300
--------------------------------------------------------------------------------
6/24/2003 Purchase 30,100 $15.103300
--------------------------------------------------------------------------------
6/24/2003 Sale 34,300 $15.064393
--------------------------------------------------------------------------------
6/24/2003 Sale 7,900 $15.084292
--------------------------------------------------------------------------------
6/25/2003 Purchase 50,000 $14.830800
--------------------------------------------------------------------------------
6/25/2003 Purchase 24,000 $14.830800
--------------------------------------------------------------------------------
6/25/2003 Sale 15,900 $14.751208
--------------------------------------------------------------------------------
6/26/2003 Purchase 468,000 $18.090900
--------------------------------------------------------------------------------
6/26/2003 Sale 12,400 $14.769307
--------------------------------------------------------------------------------
6/26/2003 Sale 20,000 $17.679171
--------------------------------------------------------------------------------
6/26/2003 Sale 214,900 $17.771167
--------------------------------------------------------------------------------
6/27/2003 Purchase 18,600 $18.807600
--------------------------------------------------------------------------------
6/27/2003 Sale 16,700 $18.584128
--------------------------------------------------------------------------------
6/27/2003 Sale 155,600 $18.561230
--------------------------------------------------------------------------------
6/30/2003 Purchase 12,500 $19.519000
--------------------------------------------------------------------------------
6/30/2003 Sale 62,400 $19.454887
--------------------------------------------------------------------------------
6/30/2003 Sale 19,500 $18.889114
--------------------------------------------------------------------------------
6/30/2003 Sale 38,100 $19.438088
--------------------------------------------------------------------------------
6/30/2003 Sale 50,000 $19.440588
--------------------------------------------------------------------------------
7/1/2003 Purchase 5,000 $19.173200
--------------------------------------------------------------------------------
7/1/2003 Sale 130,000 $19.238997
--------------------------------------------------------------------------------
7/1/2003 Sale 20,000 $19.551884
--------------------------------------------------------------------------------
7/1/2003 Sale 3,800 $19.414589
--------------------------------------------------------------------------------
7/2/2003 Purchase 39,300 $19.042400
--------------------------------------------------------------------------------
7/2/2003 Purchase 35,000 $19.025800
--------------------------------------------------------------------------------
7/2/2003 Sale 55,000 $19.012709
--------------------------------------------------------------------------------
7/2/2003 Sale 66,500 $19.017009
--------------------------------------------------------------------------------
7/2/2003 Sale 19,624 $19.063007
--------------------------------------------------------------------------------
Page 14 of 17
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price per share
--------------------------------------------------------------------------------
7/2/2003 Sale 26,900 $19.036608
--------------------------------------------------------------------------------
7/3/2003 Purchase 13,600 $19.137500
--------------------------------------------------------------------------------
7/3/2003 Sale 14,800 $19.089105
--------------------------------------------------------------------------------
7/3/2003 Sale 7,000 $19.129103
--------------------------------------------------------------------------------
7/3/2003 Sale 26,000 $19.119604
--------------------------------------------------------------------------------
7/7/2003 Purchase 2,700 $19.523800
--------------------------------------------------------------------------------
7/7/2003 Sale 37,600 $19.470387
--------------------------------------------------------------------------------
7/7/2003 Sale 40,000 $19.436589
--------------------------------------------------------------------------------
7/7/2003 Sale 200 $19.354100
--------------------------------------------------------------------------------
7/8/2003 Purchase 4,000 $20.165500
--------------------------------------------------------------------------------
7/8/2003 Sale 80,000 $20.296449
--------------------------------------------------------------------------------
7/8/2003 Sale 50,000 $20.116057
--------------------------------------------------------------------------------
7/8/2003 Sale 7,000 $19.409090
--------------------------------------------------------------------------------
7/8/2003 Sale 800 $20.299650
--------------------------------------------------------------------------------
7/9/2003 Purchase 5,100 $20.098300
--------------------------------------------------------------------------------
7/9/2003 Sale 10,500 $20.077460
--------------------------------------------------------------------------------
7/9/2003 Sale 50,800 $19.947565
--------------------------------------------------------------------------------
7/9/2003 Sale 75,000 $19.961564
--------------------------------------------------------------------------------
7/9/2003 Sale 25,000 $19.961564
--------------------------------------------------------------------------------
7/10/2003 Purchase 5,800 $20.004500
--------------------------------------------------------------------------------
7/10/2003 Purchase 16,100 $20.006200
--------------------------------------------------------------------------------
7/10/2003 Sale 5,800 $20.036962
--------------------------------------------------------------------------------
7/10/2003 Sale 11,100 $20.049060
--------------------------------------------------------------------------------
7/10/2003 Sale 90,000 $19.946865
--------------------------------------------------------------------------------
7/10/2003 Sale 15,100 $19.981764
--------------------------------------------------------------------------------
7/11/2003 Purchase 5,000 $20.019600
--------------------------------------------------------------------------------
7/11/2003 Purchase 20,600 $20.012800
--------------------------------------------------------------------------------
7/11/2003 Sale 20,000 $19.919067
--------------------------------------------------------------------------------
7/11/2003 Sale 75,300 $19.987663
--------------------------------------------------------------------------------
7/14/2003 Purchase 12,814 $19.972200
--------------------------------------------------------------------------------
7/14/2003 Purchase 67,800 $19.957000
--------------------------------------------------------------------------------
7/14/2003 Sale 77,600 $19.882768
--------------------------------------------------------------------------------
7/14/2003 Sale 68,000 $19.914066
--------------------------------------------------------------------------------
7/14/2003 Sale 10,000 $20.059060
--------------------------------------------------------------------------------
7/14/2003 Sale 600 $20.244050
--------------------------------------------------------------------------------
7/15/2003 Purchase 23,300 $19.932400
--------------------------------------------------------------------------------
7/15/2003 Sale 67,000 $19.940065
--------------------------------------------------------------------------------
7/16/2003 Purchase 46,900 $19.893600
--------------------------------------------------------------------------------
7/16/2003 Sale 127,900 $19.875468
--------------------------------------------------------------------------------
7/16/2003 Sale 16,400 $19.969064
--------------------------------------------------------------------------------
7/17/2003 Purchase 72,500 $19.754100
--------------------------------------------------------------------------------
7/17/2003 Purchase 13,000 $19.754100
--------------------------------------------------------------------------------
7/17/2003 Sale 14,500 $19.673078
--------------------------------------------------------------------------------
7/18/2003 Purchase 17,300 $19.631200
--------------------------------------------------------------------------------
7/18/2003 Sale 41,400 $19.646180
--------------------------------------------------------------------------------
7/18/2003 Sale 500 $19.819080
--------------------------------------------------------------------------------
7/21/2003 Purchase 61,900 $19.133500
--------------------------------------------------------------------------------
7/21/2003 Purchase 11,000 $19.133500
--------------------------------------------------------------------------------
7/21/2003 Sale 11,200 $19.599081
--------------------------------------------------------------------------------
7/21/2003 Sale 32,400 $19.288096
--------------------------------------------------------------------------------
7/21/2003 Sale 1,300 $19.164100
--------------------------------------------------------------------------------
Page 15 of 17
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price per share
--------------------------------------------------------------------------------
7/22/2003 Purchase 1,700 $19.015000
--------------------------------------------------------------------------------
7/22/2003 Sale 2,100 $19.054105
--------------------------------------------------------------------------------
7/22/2003 Sale 97,500 $19.152702
--------------------------------------------------------------------------------
7/23/2003 Purchase 7,300 $19.429000
--------------------------------------------------------------------------------
7/23/2003 Sale 15,000 $19.419090
--------------------------------------------------------------------------------
7/23/2003 Sale 18,600 $19.269097
--------------------------------------------------------------------------------
7/23/2003 Sale 125,000 $19.391291
--------------------------------------------------------------------------------
7/24/2003 Sale 43,078 $19.686377
--------------------------------------------------------------------------------
The following transactions were effected by Management through its exercise of
sole voting and dispositive power over the shares held through Artal.
--------------------------------------------------------------------------------
Date Transaction Number of Shares Price
--------------------------------------------------------------------------------
5/16/2003 Purchase 85,000 $11.976800
--------------------------------------------------------------------------------
5/19/2003 Purchase 90,000 $11.880700
--------------------------------------------------------------------------------
5/20/2003 Purchase 100,000 $11.755400
--------------------------------------------------------------------------------
5/22/2003 Purchase 16,900 $12.294200
--------------------------------------------------------------------------------
5/23/2003 Purchase 15,000 $12.309400
--------------------------------------------------------------------------------
5/27/2003 Purchase 20,000 $12.829800
--------------------------------------------------------------------------------
5/29/2003 Purchase 15,000 $13.060600
--------------------------------------------------------------------------------
5/30/2003 Purchase 15,000 $13.130600
--------------------------------------------------------------------------------
(d) MF and Artal have the right to receive and the power to direct
the receipt of dividends from, and the proceeds from the sale of the shares
reported herein that are held by Capital and Management, respectively. MF has an
interest by virtue of such relationship that relates to more than 5% of the
Company's Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with respect to
Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits.
Exhibit 1: Certification Letter
Exhibit 2: Agreement dated July 29, 2003
Exhibit 3: Joint Filing Agreement dated as of July 29, 2003, by and
among the Reporting Persons.
Page 16 of 17
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this statement
is true, complete and correct.
Dated: July 29, 2003
Durus Capital Management, LLC
By: /s/ Scott Sacane
----------------
Name: Scott Sacane
Title: Managing Member
/s/ Scott Sacane
----------------
Scott Sacane
Durus Capital Management (N.A.), LLC
By: /s/ Scott Sacane
----------------
Name: Scott Sacane
Title: Managing Director
Page 17 of 17