<HTML> <HEAD> <META NAME="Generator" CONTENT="WORD97"> <META NAME="Author" CONTENT="OTTJA"> <TITLE>Wolverine World Wide, Inc. Form 10-Q for Period Ended March 25, 2000</TITLE> </HEAD> <BODY BGCOLOR="#ffffff" TEXT="#000000" LINK="#0000ff" VLINK="#800080" ALINK="#ff0000"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=+1>SECURITIES AND EXCHANGE COMMISSION</FONT></FONT></B> <P><B><FONT FACE="Arial"><FONT SIZE=+1>WASHINGTON, DC 20549</FONT></FONT></B> <P><B><FONT FACE="Arial"><FONT SIZE=+2>FORM 10-Q</FONT></FONT></B> <P><FONT FACE="Arial"><FONT SIZE=+0>[X]</FONT></FONT><FONT FACE="Arial"> </FONT><FONT FACE="Arial"><FONT SIZE=+0>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE</FONT></FONT> <BR><FONT FACE="Arial"><FONT SIZE=+0>SECURITIES EXCHANGE ACT OF 1934</FONT></FONT> <BR><FONT FACE="Arial"><FONT SIZE=+0>For the first twelve week accounting period ended March 25, 2000</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=+0>OR</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=+0>[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE</FONT></FONT> <BR><FONT FACE="Arial"><FONT SIZE=+0>SECURITIES EXCHANGE ACT OF 1934</FONT></FONT> <BR><FONT FACE="Arial"><FONT SIZE=+0>For the transition period from ____ to ____</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=+0>Commission File Number 1-6024</FONT></FONT> </CENTER><P><CENTER><B><U><FONT FACE="Arial"><FONT SIZE=+1>WOLVERINE WORLD WIDE, INC.</FONT></FONT></U></B> <BR><B>(Exact Name of Registrant as Specified in its Charter)</B></CENTER> <BR> <BR> <BR> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP WIDTH="64%"> <CENTER><B><U><FONT FACE="Arial"><FONT SIZE=+0> Delaware </FONT></FONT> </U></B></CENTER> </TD> <TD VALIGN=TOP WIDTH="36%"> <CENTER><B><U><FONT FACE="Arial"><FONT SIZE=+0> 38-1185150 </FONT></FONT></U></B></CENTER> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="64%"> <CENTER><FONT FACE="Arial"><FONT SIZE=+0>(State or Other Jurisdiction of Incorporation or Organization)</FONT></FONT></CENTER> </TD> <TD VALIGN=TOP WIDTH="36%"> <CENTER><FONT FACE="Arial"><FONT SIZE=+0>(IRS Employer Identification No.)</FONT></FONT></CENTER> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="64%"> </TD> <TD VALIGN=TOP WIDTH="36%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="64%"> </TD> <TD VALIGN=TOP WIDTH="36%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="64%"> <CENTER><B><U><FONT FACE="Arial"><FONT SIZE=+0>9341 Courtland Drive, Rockford, Michigan</FONT></FONT></U></B></CENTER> </TD> <TD VALIGN=TOP WIDTH="36%"> <CENTER><B><U><FONT FACE="Arial"><FONT SIZE=+0> 49351 </FONT></FONT></U></B></CENTER> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="64%"> <CENTER><FONT FACE="Arial,Helvetica">(Address of Principal Executive Offices)</FONT></CENTER> </TD> <TD VALIGN=TOP WIDTH="36%"> <CENTER><FONT FACE="Arial,Helvetica">(Zip Code)</FONT></CENTER> </TD> </TR> </TABLE> <CENTER> <P><B><U><FONT FACE="Arial"><FONT SIZE=+0> (616) 866-5500 </FONT></FONT></U></B> <BR> <FONT FACE="Arial"><FONT SIZE=+0>(Registrant's Telephone Number, including Area Code)</FONT></FONT> </CENTER> <P><BR> <P><FONT FACE="Arial"><FONT SIZE=-1>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.</FONT></FONT> <P> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP WIDTH="47%" ALIGN="RIGHT"><FONT FACE="Arial"><FONT SIZE=-1>Yes <U> X </U></FONT></FONT></TD> <TD VALIGN=TOP WIDTH="7%"><FONT FACE="Arial"><FONT SIZE=-1> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="46%" ALIGN="LEFT"><FONT FACE="Arial"><FONT SIZE=-1>No<U> </U></FONT></FONT></TD> </TR> </TABLE> <P><FONT FACE="Arial"><FONT SIZE=-1>Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.</FONT></FONT> <P> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="87%"><FONT FACE="Arial"><FONT SIZE=-1>There were 44,750,022 shares of Common Stock, $1 par value, outstanding as of April 24, 2000, of which 3,158,440 shares are held as Treasury Stock.</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="6%"> </TD> </TR> </TABLE> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <CENTER> </CENTER> <HR SIZE="4" NOSHADE> <BR> <CENTER> <P><B><U><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>FORWARD-LOOKING STATEMENTS</FONT></FONT></U></B></P> <P ALIGN="LEFT"><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>This report contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the footwear business, worldwide economics and about the Company itself. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "plans," "predicts," "projects," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Risk Factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements.</FONT></FONT><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> </P> </CENTER> <P><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>Risk Factors include, but are not limited to, uncertainties relating to changes in demand for the Company's products; changes in consumer preferences or spending patterns; the cost and availability of inventories, services, labor and equipment furnished to the Company; the cost and availability of contract manufacturers; the degree and type of competition by the Company's competitors; changes in government and regulatory policies; changes in trading policies or import and export regulations; changes in interest rates, tax laws, duties or applicable assessments; technological developments; changes in local, domestic or international economic and market conditions; the size and growth of the overall footwear markets; changes in the amount or severity of inclement weather; changes due to the growth of Internet commerce; popularity of particular designs and categories of footwear; the ability of the Company to manage and forecast its growth and inventories; the ability to secure and protect trademarks, patents and other intellectual property; changes in business strategy or development plans; and the ability to attract and retain qualified personnel. These matters are representative of the Risk Factors that could cause a difference between an ultimate actual outcome and a forward-looking statement. Historical operating results are not necessarily indicative of the results that may be expected in the future. The Risk Factors included here are not exhaustive. Other Risk Factors exist, and new Risk Factors emerge from time-to-time, that may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.</FONT></FONT> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <P> <BR> <BR> <BR> <CENTER>2 </CENTER> <HR SIZE="4" NOSHADE> <BR> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>PART I. FINANCIAL INFORMATION</FONT></FONT></B></CENTER> <BR> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP WIDTH="14%"><B><FONT FACE="Arial"><FONT SIZE=-1>ITEM 1.</FONT></FONT></B></TD> <TD VALIGN=TOP WIDTH="86%"><B><FONT FACE="Arial"><FONT SIZE=-1>Financial Statements</FONT></FONT></B></TD> </TR> </TABLE> <P ALIGN="CENTER"><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES</FONT></FONT></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> </P> <CENTER> <P><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>CONSOLIDATED CONDENSED BALANCE SHEETS</FONT></FONT></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> </CENTER><P><CENTER><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>(Thousands of dollars)</FONT></FONT></B></CENTER> <BR> <BR> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=BOTTOM COLSPAN="3" WIDTH="47%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="14%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>March 25,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>2000</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>(Unaudited)<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="6%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="13%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>January 1,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>2000</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>(Audited)<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="5%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="13%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>March 27,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>1999</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>(Unaudited)<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="47%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="47%"><FONT FACE="Arial"><FONT SIZE=-1>ASSETS</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="47%"><FONT FACE="Arial"><FONT SIZE=-1>CURRENT ASSETS</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="42%"><FONT FACE="Arial"><FONT SIZE=-1>Cash and cash equivalents</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>1,766</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>1,446</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>2,274</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="42%"><FONT FACE="Arial"><FONT SIZE=-1>Accounts receivable, less allowances</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"><FONT FACE="Arial"><FONT SIZE=-1>March 25, 2000 - - $6,800</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"><FONT FACE="Arial"><FONT SIZE=-1>January 1, 2000 - $6,644</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"><FONT FACE="Arial"><FONT SIZE=-1>March 27, 1999 - - $6,031</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>169,725</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>170,732</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>153,364</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="42%"><FONT FACE="Arial"><FONT SIZE=-1>Inventories:</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"><FONT FACE="Arial"><FONT SIZE=-1>Finished products</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>137,689</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>128,458</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>126,215</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"><FONT FACE="Arial"><FONT SIZE=-1>Raw materials and work in process</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>38,768<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>39,553<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>45,316<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>176,457</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>168,011</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>171,531</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="42%"><FONT FACE="Arial"><FONT SIZE=-1>Other current assets</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>9,953<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>9,112<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>14,751<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="47%"><FONT FACE="Arial"><FONT SIZE=-1>TOTAL CURRENT ASSETS</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>357,901</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>349,301</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>341,920</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="47%"><FONT FACE="Arial"><FONT SIZE=-1>PROPERTY, PLANT & EQUIPMENT</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="42%"><FONT FACE="Arial"><FONT SIZE=-1>Gross cost</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>214,066</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>212,766</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>199,919</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="42%"><FONT FACE="Arial"><FONT SIZE=-1>Less accumulated depreciation</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>100,366<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>96,483<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>86,751<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>113,700</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>116,283</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>113,168</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="47%"><FONT FACE="Arial"><FONT SIZE=-1>OTHER ASSETS</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>68,653<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>68,811<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>69,883<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="37%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="47%"><FONT FACE="Arial"><FONT SIZE=-1>TOTAL ASSETS</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>540,254<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>534,395<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>524,971<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> </TABLE> <BR> <BR> <BR> <BR> <P><FONT FACE="Arial"><FONT SIZE=-1>See notes to consolidated condensed financial statements.</FONT></FONT> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <CENTER>3 </CENTER> <HR SIZE="4" NOSHADE> <BR> <CENTER> <P><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES</FONT></FONT></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> <P><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>CONSOLIDATED CONDENSED BALANCE SHEETS - Continued</FONT></FONT></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> </CENTER><P><CENTER><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>(Thousands of dollars)</FONT></FONT></B></CENTER> <BR> <BR> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=BOTTOM COLSPAN="4" WIDTH="48%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="12%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>March 25,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>2000</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>(Unaudited)<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="6%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="12%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>January 1,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>2000</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>(Audited)<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="8%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="12%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>March 27,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>1999</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>(Unaudited)<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="48%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="33%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>CURRENT LIABILITIES</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="43%"><FONT FACE="Arial"><FONT SIZE=-1>Notes payable to banks</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>1,308</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>148</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>541</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="43%"><FONT FACE="Arial"><FONT SIZE=-1>Accounts payable and other accrued liabilities</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>36,069</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>44,021</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>44,287</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="43%"><FONT FACE="Arial"><FONT SIZE=-1>Current maturities of long-term debt</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>4,370<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>4,370<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>4,561<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>TOTAL CURRENT LIABILITIES</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>41,747</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>48,539</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>49,389</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="33%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>LONG-TERM DEBT (less current maturities)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>144,529</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>134,831</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>160,825</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="33%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>OTHER NONCURRENT LIABILITIES</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>18,349</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>18,920</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>11,543</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="33%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>STOCKHOLDERS' EQUITY</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="43%"><FONT FACE="Arial"><FONT SIZE=-1>Common Stock - par value $1, authorized</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="38%"><FONT FACE="Arial"><FONT SIZE=-1>80,000,000 shares; shares issued</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="38%"><FONT FACE="Arial"><FONT SIZE=-1>(including shares in treasury):</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="33%"><FONT FACE="Arial"><FONT SIZE=-1>March 25, 2000 - - 44,725,785 shares</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2"><FONT FACE="Arial"><FONT SIZE=-1>January 1, 2000 - 44,426,322 shares</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="33%"><FONT FACE="Arial"><FONT SIZE=-1>March 27, 1999 - - 44,062,487 shares</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>44,726</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>44,426</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>44,062</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="43%"><FONT FACE="Arial"><FONT SIZE=-1>Additional paid-in capital</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>79,563</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>76,752</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>74,793</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="43%"><FONT FACE="Arial"><FONT SIZE=-1>Retained earnings</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>258,610</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>255,265</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>230,199</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="43%"><FONT FACE="Arial"><FONT SIZE=-1>Accumulated other comprehensive loss</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(1,016</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(614</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(1,113</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="43%"><FONT FACE="Arial"><FONT SIZE=-1>Unearned compensation</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(8,428</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(5,974</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(7,170</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="43%"><FONT FACE="Arial"><FONT SIZE=-1>Cost of shares in treasury:</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="38%"><FONT FACE="Arial"><FONT SIZE=-1>March 25, 2000 - 3,130,676 shares</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="38%"><FONT FACE="Arial"><FONT SIZE=-1>January 1, 2000 - 3,125,952 shares</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="38%"><FONT FACE="Arial"><FONT SIZE=-1>March 27, 1999 - 3,110,663 shares</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(37,826<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(37,750<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(37,557<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="33%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>TOTAL STOCKHOLDERS' EQUITY</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>335,629<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>332,105<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>303,214<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="33%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="33%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>TOTAL LIABILITIES AND</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="43%"><FONT FACE="Arial"><FONT SIZE=-1>STOCKHOLDERS' EQUITY</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>540,254<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>534,395<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>524,971<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> </TABLE> <BR> <BR> <P><FONT FACE="Arial"><FONT SIZE=-1>( ) - Denotes deduction.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>See notes to consolidated condensed financial statements.</FONT></FONT> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <CENTER>4 </CENTER> <HR SIZE="4" NOSHADE> <BR> <CENTER> <P><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES</FONT></FONT></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> <P><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>CONSOLIDATED CONDENSED STATEMENTS</FONT></FONT></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> <BR><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>OF OPERATIONS</FONT></FONT></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> </CENTER> <P><CENTER><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>(Thousands of dollars, except shares and per share data)</FONT></FONT></B> <BR><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>(Unaudited)</FONT></FONT></B></CENTER> <BR> <BR> <BR> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=BOTTOM COLSPAN="3" WIDTH="54%"> </TD> <TD VALIGN=BOTTOM COLSPAN="5" WIDTH="38%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>12 Weeks Ended<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=BOTTOM COLSPAN="3" WIDTH="54%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="15%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>March 25,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>2000<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="8%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="15%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>March 27,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>1999<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>NET SALES AND OTHER</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>OPERATING INCOME</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>147,370</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>136,193</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>Cost of products sold</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>101,615<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>94,325<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>GROSS MARGIN</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>45,755</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>41,868</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>Selling and administrative expenses</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>36,407<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>34,139<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>OPERATING INCOME</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>9,348</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>7,729</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>OTHER EXPENSES (INCOME):</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>Interest expense</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>2,481</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>2,284</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>Interest income</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(57</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(118</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>Other - - net</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(128<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>186<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>2,296<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>2,352<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>EARNINGS BEFORE INCOME TAXES</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>7,052</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>5,377</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>Income taxes</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>2,257<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>1,774<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>NET EARNINGS</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>4,795<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>3,603<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>EARNINGS PER SHARE:</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>Basic</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>.12<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>.09<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>Diluted</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>.12<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>.09<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>CASH DIVIDENDS PER SHARE</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>.0350<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>.0300<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="3" WIDTH="54%"><FONT FACE="Arial"><FONT SIZE=-1>SHARES USED FOR NET EARNINGS</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="48%"><FONT FACE="Arial"><FONT SIZE=-1>PER SHARE COMPUTATION:</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"><FONT FACE="Arial"><FONT SIZE=-1>Basic</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>40,498,659</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>40,182,655</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="6%"> </TD> <TD VALIGN=TOP WIDTH="7%"> </TD> <TD VALIGN=TOP WIDTH="41%"><FONT FACE="Arial"><FONT SIZE=-1>Diluted</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>41,673,044</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>41,130,097</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> </TR> </TABLE> <BR> <BR> <BR> <P><FONT FACE="Arial"><FONT SIZE=-1>See notes to consolidated condensed financial statements.</FONT></FONT> <BR> <BR> <BR> <CENTER>5 </CENTER> <HR SIZE="4" NOSHADE> <BR> <CENTER> <P><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES</FONT></FONT></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> <P><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS</FONT></FONT></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> </CENTER><P><CENTER><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>(Thousands of dollars)</FONT></FONT></B> <BR><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>(Unaudited)</FONT></FONT></B></CENTER> <BR> <BR> <BR> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=BOTTOM COLSPAN="4" WIDTH="68%"> </TD> <TD VALIGN=BOTTOM COLSPAN="6" WIDTH="28%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>12 Weeks Ended<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=BOTTOM COLSPAN="4" WIDTH="68%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="10%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>March 25,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>2000<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="2%"> </TD> <TD VALIGN=BOTTOM WIDTH="5%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="11%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>March 27,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>1999<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="68%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="68%"><FONT FACE="Arial"><FONT SIZE=-1>OPERATING ACTIVITIES</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Net earnings</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>4,795</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>3,603</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Depreciation, amortization and other non-cash items</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>2,729</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>1,137</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Unearned compensation</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>578</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>545</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Changes in operating assets and liabilities:</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="60%"><FONT FACE="Arial"><FONT SIZE=-1>Accounts receivable</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>1,007</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(1,254</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="60%"><FONT FACE="Arial"><FONT SIZE=-1>Inventories</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(8,446</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(4,492</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="60%"><FONT FACE="Arial"><FONT SIZE=-1>Other current assets</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(841</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>875</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP COLSPAN="2" WIDTH="60%"><FONT FACE="Arial"><FONT SIZE=-1>Accounts payable and other accrued liabilities</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(7,952<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>4,126<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"><FONT FACE="Arial"><FONT SIZE=-1>NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(8,130</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>4,540</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="68%"><FONT FACE="Arial"><FONT SIZE=-1>FINANCING ACTIVITIES</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Proceeds from long-term borrowings</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>28,743</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>9,000</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Payments of long-term borrowings</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(19,045</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(5,264</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Proceeds from short-term borrowings</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>2,902</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Payments of short-term borrowings</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(1,742</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(6,005</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Cash dividends</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(1,450</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(1,231</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Proceeds from shares issued under employee stock plans</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>3<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>78<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"><FONT FACE="Arial"><FONT SIZE=-1>NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>9,411</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(3,422</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="68%"><FONT FACE="Arial"><FONT SIZE=-1>INVESTING ACTIVITIES</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>Additions to property, plant and equipment</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(1,300</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(5,545</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"><FONT FACE="Arial"><FONT SIZE=-1>Other</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>339<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>498<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"><FONT FACE="Arial"><FONT SIZE=-1>NET CASH USED IN INVESTING ACTIVITIES</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(961<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(5,047<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="68%"><FONT FACE="Arial"><FONT SIZE=-1>INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>320</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(3,929</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="68%"><FONT FACE="Arial"><FONT SIZE=-1>Cash and cash equivalents at beginning of the year</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>1,446<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>6,203<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="56%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="68%"><FONT FACE="Arial"><FONT SIZE=-1>CASH AND CASH EQUIVALENTS AT END OF THE</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="64%"><FONT FACE="Arial"><FONT SIZE=-1>PERIOD</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>1,766<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="2%"> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>2,274<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> </TR> </TABLE> <BR> <P><FONT FACE="Arial"><FONT SIZE=-1>( ) - Denotes reduction in cash and cash equivalents.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>See notes to consolidated condensed financial statements.</FONT></FONT> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <CENTER>6 </CENTER> <HR SIZE="4" NOSHADE> <BR> <CENTER> <P><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES</FONT></FONT></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> <P><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS</FONT></FONT></B> <BR><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>March 25, 2000 and March 27, 1999</FONT></FONT></B></CENTER> <P><B><U><FONT FACE="Arial"><FONT SIZE=-1>1. Basis of Presentation</FONT></FONT></U></B> <P><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring accruals) considered necessary for fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 1, 2000.</FONT></FONT> <BR> <P><B><U><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>2. Fluctuations</FONT></FONT></U></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> <P><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>The Company's sales are seasonal. Seasonal sales patterns and the fact that the fourth quarter has sixteen or seventeen weeks as compared to twelve weeks in each of the first three quarters cause significant differences in sales and earnings from quarter to quarter. These differences, however, have followed a consistent pattern each year.</FONT></FONT> <BR> <P><B><U><FONT FACE="Arial"><FONT SIZE=-1>3. Earnings Per Share</FONT></FONT></U></B> <P><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>The following table sets forth the reconciliation of weighted average shares used in the computation of basic and diluted earnings per share:</FONT></FONT> <P> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP WIDTH="67%"> </TD> <TD VALIGN=TOP WIDTH="12%"> <CENTER><B><FONT FACE="Arial"><FONT SIZE=-1>March 25,</FONT></FONT></B> <BR><B><FONT FACE="Arial"><FONT SIZE=-1>2000<HR SIZE="1"></FONT></FONT></B></CENTER> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <CENTER><FONT FACE="Arial"><FONT SIZE=-1>March 27,</FONT></FONT> <BR><FONT FACE="Arial"><FONT SIZE=-1>1999<HR SIZE="1"></FONT></FONT></CENTER> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="67%"><FONT FACE="Arial"><FONT SIZE=-1>Weighted average shares outstanding</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="12%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>41,400,355</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>40,855,168</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="67%"><FONT FACE="Arial"><FONT SIZE=-1>Adjustment for nonvested common stock</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="12%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>(901,696<HR SIZE="1"></FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>(672,513<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"><FONT FACE="Arial"><FONT SIZE=-1>)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="67%"><FONT FACE="Arial"><FONT SIZE=-1>Denominator for basic earnings per share </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="12%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>40,498,659</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>40,182,655</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="67%"><FONT FACE="Arial"><FONT SIZE=-1>Effect of dilutive stock options</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="12%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>272,689</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>274,929</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="67%"><FONT FACE="Arial"><FONT SIZE=-1>Adjustment for nonvested common stock</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="12%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>901,696<HR SIZE="1"></FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>672,513<HR SIZE="1"></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="67%"><FONT FACE="Arial"><FONT SIZE=-1>Denominator for diluted earnings per share</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="12%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>41,673,044<HR SIZE="3" NOSHADE></FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="13%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>41,130,097<HR SIZE="3" NOSHADE></FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> </TR> </TABLE> <P><B><U><FONT FACE="Arial"><FONT SIZE=-1>4. Comprehensive Income</FONT></FONT></U></B> <P><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>Total comprehensive income totaled $4,393,000 and $3,504,000 for the first quarter of 2000 and 1999, respectively, and in addition to net earnings, included foreign currency translation losses of $402,000 in 2000 and $99,000 in 1999.</FONT></FONT> <BR> <P><B><U><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>5. Business Segments</FONT></FONT></U></B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> <P><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>The Company has one reportable segment that is engaged in the manufacture and marketing of branded footwear, including casual shoes, slippers, moccasins, dress shoes, boots, uniform shoes, work shoes and performance outdoor footwear to the retail sector. Revenues of this segment are derived from the sale of branded footwear products to external customers and the Company's retail division as well as royalty income from the licensing of the Company's trademarks and brand names to licensees. The business units comprising the branded footwear segment manufacture or source, market and distribute products in a similar manner. Branded footwear is distributed through wholesale channels and under licensing and distributor arrangements.</FONT></FONT><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> <P><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>The other business units in the following table consist of the Company's retail, apparel and accessory licensing division, tannery and pigskin procurement operations. The Company operated 59 domestic retail stores at March 25, 2000 that sell Company-manufactured or sourced products and footwear manufactured by unaffiliated companies. The Apparel and Accessory Licensing Division licenses the Company's brands for use on non-footwear products to licensees throughout the U.S. and internationally. The other business units distribute products through retail and wholesale channels.</FONT></FONT><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> <P><BR> <BR> <BR> <CENTER>7 </CENTER> <HR SIZE="4" NOSHADE> <BR><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>There have been no changes in the way the Company measures segment profits or in its basis of segmentation since the year ended January 1, 2000.</FONT></FONT><FONT FACE="Arial,Helvetica"><FONT SIZE=-1></FONT></FONT> <P><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>Business segment information is as follows (in thousands of dollars):</FONT></FONT> <P> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="39%"> </TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="11%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>Branded</FONT></FONT></B> <BR> <B><FONT FACE="Arial"><FONT SIZE=-1>Footwear<HR SIZE="1"></FONT></FONT></B></DIV> </TD> <TD VALIGN=BOTTOM WIDTH="3%"> <HR SIZE="1"></TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="13%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>Other</FONT></FONT></B> <BR> <B><FONT FACE="Arial"><FONT SIZE=-1>Businesses<HR SIZE="1"></FONT></FONT></B></DIV> </TD> <TD VALIGN=BOTTOM WIDTH="3%"> <HR SIZE="1"></TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="10%"> <CENTER> <B><FONT FACE="Arial"><FONT SIZE=-1>Corporate<HR SIZE="1"></FONT></FONT></B> </CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="4%"> <HR SIZE="1"></TD> <TD VALIGN=BOTTOM COLSPAN="2" WIDTH="13%"> <CENTER> <B><FONT FACE="Arial"><FONT SIZE=-1>Consolidated<HR SIZE="1"></FONT></FONT></B> </CENTER> </TD> <TD VALIGN=BOTTOM WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="39%"> </TD> <TD VALIGN=TOP COLSPAN="11" WIDTH="58%"> <CENTER> <B><FONT FACE="Arial"><FONT SIZE=-1>Quarter ended March 25, 2000<HR SIZE="1"></FONT></FONT></B> </CENTER> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="39%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="39%"><FONT FACE="Arial"><FONT SIZE=-1>Net sales and other operating income</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="34%"><FONT FACE="Arial"><FONT SIZE=-1>from external customers</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>132,941</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>14,423</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>147,370</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="39%"><FONT FACE="Arial"><FONT SIZE=-1>Intersegment sales</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>4,244</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>1,675</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>5,919</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="39%"><FONT FACE="Arial"><FONT SIZE=-1>Earnings before income taxes</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>5,965</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>620</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>467</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><B><FONT FACE="Arial"><FONT SIZE=-1>7,052</FONT></FONT></B></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="2" WIDTH="10%"> </TD> <TD VALIGN=TOP WIDTH="10%"> </TD> <TD VALIGN=TOP WIDTH="20%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="2" WIDTH="10%"> </TD> <TD VALIGN=TOP WIDTH="10%"> </TD> <TD VALIGN=TOP WIDTH="20%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="2" WIDTH="10%"> </TD> <TD VALIGN=TOP WIDTH="10%"> </TD> <TD VALIGN=TOP WIDTH="20%"> </TD> <TD VALIGN=TOP COLSPAN="11" WIDTH="58%"> <CENTER> <FONT FACE="Arial"><FONT SIZE=-1>Quarter ended March 27, 1999<HR SIZE="1"></FONT></FONT> </CENTER> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="39%"><FONT FACE="Arial"><FONT SIZE=-1>Net sales and other operating income</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="9%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP COLSPAN="3" WIDTH="34%"><FONT FACE="Arial"><FONT SIZE=-1>from external customers</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>121,884</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>14,309</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>136,193</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="39%"><FONT FACE="Arial"><FONT SIZE=-1>Intersegment sales</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>5,646</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>1,065</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>6,711</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> <TR> <TD VALIGN=TOP COLSPAN="4" WIDTH="39%"><FONT FACE="Arial"><FONT SIZE=-1>Earnings before income taxes</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>4,485</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>804</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="3%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>$</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="8%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>88</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="4%"> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> <TD VALIGN=TOP WIDTH="9%"> <DIV ALIGN=right><FONT FACE="Arial"><FONT SIZE=-1>5,377</FONT></FONT></DIV> </TD> <TD VALIGN=TOP WIDTH="3%"> </TD> </TR> </TABLE> <BR> <BR> <BR> <BR> <TABLE BORDER=0 CELLSPACING=0 WIDTH="672" > <TR> <TD VALIGN=TOP WIDTH="14%"><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>ITEM 2.</FONT></FONT></B></TD> <TD VALIGN=TOP WIDTH="86%"><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>Management's Discussion and Analysis of Financial Condition and</FONT></FONT></B></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="14%"><FONT FACE="Arial,Helvetica"><FONT SIZE=-1> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="86%"><B><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>Results of Operations</FONT></FONT></B></TD> </TR> </TABLE> <P><B><U><FONT FACE="Arial"><FONT SIZE=-1>Results Of Operations - Comparisons of First Quarter 2000 To First Quarter 1999</FONT></FONT></U></B> <P><FONT FACE="Arial"><FONT SIZE=-1>First quarter net sales and other operating income increased 8.2% to $147.4 million in 2000 as compared to $136.2 million in 1999. On a combined basis, net sales and other operating income for the Company's branded footwear businesses, consisting of the Casual Footwear Group (comprised of The Hush Puppies Company, the Children's Footwear Group, the Wolverine Slipper Group and, in 1999, the Russian wholesale business), the Wolverine Footwear Group (comprised of Wolverine®, HyTest®, Coleman®, Bates® and Harley-Davidson® brands), and the Performance Footwear Group (comprised of the Caterpillar® and Merrell® brands), increased $11.1 million (9.1%) in the first quarter of 2000 as compared to the first quarter of 1999. The Company's other business units, consisting of Wolverine Retail, Apparel and Accessories Licensing, Wolverine Leathers and Wolverine Procurement operations, reported flat net sales and other operating income for the first quarter of 2000 as compared to the same period of 1999.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>The Casual Footwear Group reported a $0.8 million (1.9%) decrease in 2000 first quarter net sales and other operating income as compared to the same period of 1999. The Hush Puppies Company's 2000 first quarter net sales and other operating income decreased $1.5 million from the first quarter 1999 level primarily as a result of a decrease in the U.S. wholesale operation due to a slow down in the sales of classic suede casuals. Partially offsetting the decrease of the Hush Puppies Company, the Wolverine Slipper Group's 2000 first quarter net sales and other operating income increased $1.0 million as compared to the same period of 1999.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>The Wolverine Footwear Group's net sales and other operating income increased $0.6 million (1.1%) for the first quarter of 2000 as compared to the same period of 1999. Harley-Davidson® footwear's net sales and other operating income increased $2.2 million during the first quarter of 2000 as we more firmly established the brand in the market place. Bates® footwear division, including shipments to the United States Department of Defense, also recognized a $1.6 million increase in net sales and other operating income as a result of increased draw orders against contracts as compared to the same period of 1999. These increases were partially offset by the work boot business, comprised of the Wolverine Boots and Shoes Division and HyTest® Boots and Shoes, which reported a $4.4 million decrease in net sales and other operating income over the 1999 first quarter.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>The Performance Footwear Group continued its strong growth recognizing a $9.8 million (45.0%) increase in net sales and other operating income for the first quarter of 2000 as compared to the same period of 1999. The Merrell® outdoor footwear business accounted for substantially all of the increase in net sales and other operating income in the first quarter of 2000 over the same period of 1999 as a result of new product offerings and expansion of its retail distribution.</FONT></FONT> <P> <BR> <BR> <BR> <CENTER>8 </CENTER> <HR SIZE="4" NOSHADE> <BR> <FONT FACE="Arial"><FONT SIZE=-1>Within the Company's other business units, Wolverine Retail's 2000 first quarter net sales and other operating income increased $1.1 million in 2000 compared to the same period in 1999. The Wolverine Leathers Division recorded a first quarter 2000 decrease in net sales and other operating income of $1.2 million from the first quarter of 1999.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>Gross margin as a percentage of net sales and other operating income for the first quarter of 2000 was 31.0% compared to the prior year's first quarter level of 30.7%. Gross margin dollars increased $3.9 million (9.3%) in the first quarter of 2000 to $45.8 million as compared to $41.9 million for the same period of 1999. The gross margin percentage for the branded footwear businesses increased to 30.4% for the first quarter of 2000 from 29.9% for the same period of 1999, reflecting the higher mix of net sales and other operating income from the Performance Footwear Group which carries higher initial margins than the Company's other branded footwear businesses. The gross margin percentage for the other business units decreased to 36.7% for the first quarter of 2000 from 37.8% for the same period of 1999 as a result of an increase in raw material costs experienced in the Wolverine Leathers division.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>Selling and administrative expenses increased $2.3 million (6.6%) to $36.4 million for the first quarter of 2000 from $34.1 million for the first quarter of 1999 and, as a percentage of net sales and other operating income, decreased to 24.7% in the first quarter of 2000 from 25.1% in the first quarter of 1999. The change in selling and administrative costs includes increased depreciation expense of $0.6 million related to recent investments in information services and $3.2 million of additional Harley-Davidson and Merrell selling and administration costs, which were offset by $1.5 million in cost reductions.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>Interest expense for the first quarter of 2000 was $2.4 million, compared to $2.2 million for the same period of 1999. The increase in interest expense for 2000 reflects a slight increase in interest rates and lower capitalization of interest due to the completion of capital projects during 1999.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>The 2000 first quarter effective tax rate of 32.0% decreased from 33.0% for the first quarter of 1999 as a result of earnings from certain foreign subsidiaries, which are taxed generally at lower rates, becoming a larger percentage of total consolidated earnings.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>Net earnings for the twelve weeks ended March 25, 2000 rose 33.1%, totaling $4.8 million as compared to $3.6 million for the respective period of 1999. Diluted earnings per share of $0.12 for the first quarter of 2000 compares to $0.09 for the same period of 1999.</FONT></FONT> <BR> <P><B><U><FONT FACE="Arial"><FONT SIZE=-1>Financial Condition, Liquidity and Capital Resources</FONT></FONT></U></B> <P><FONT FACE="Arial"><FONT SIZE=-1>Net cash used in operating activities was $8.1 million for the first quarter of 2000 compared to net cash provided of $4.5 million for the first quarter of 1999, a decrease of $12.7 million. Cash of $16.2 million for the first quarter of 2000 and $0.7 million for the first quarter of 1999 was used to fund working capital requirements. Accounts receivable of $169.7 million at March 25, 2000 reflects an increase of $16.4 million (10.7%) over the balance at March 27, 1999 and a decrease of $1.0 million (0.6%) from the January 1, 2000 balance. Inventories of $176.5 million at March 25, 2000 reflect an increase of $4.9 million (2.9%) and $8.4 million (5.0%) over the balances at March 27, 1999 and January 1, 2000, respectively. The expansion of the Merrell and Harley-Davidson businesses increased accounts receivable and inventories each by $15.2 million over the March 27, 1999 balances. Order backlog was approximately 8% higher at March 25, 2000, when compared to the previous year's first quarter. Accounts payable and other accrued liabilities of $36.1 million at March 25, 2000 reflect an $8.2 million (18.6%) and $7.9 million (18.1%) decrease from the $44.3 million balance at March 27, 1999 and $44.0 million balance at January 1, 2000. The decrease in accounts payable and other accrued liabilities is primarily attributable to the timing of payments.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>Additions to property, plant and equipment of $1.3 million in the first quarter of 2000 compares to $5.5 million reported during the same period in 1999. The decrease in these additions is related to the prior year replacement of legacy information systems which were fully capitalized by the 1999 year-end. Depreciation and amortization of $4.1 million in the first quarter of 2000 compares to $3.9 million in the first quarter of 1999. This increase was a result of the capital investments noted above and the amortization of goodwill related to acquisitions made during the past three years.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>The Company maintains short-term borrowing and commercial letter-of-credit facilities of $69.1 million, of which $20.1 million, $30.4 million and $19.8 million were outstanding at March 25, 2000, January 1, 2000 and March 27, 1999, respectively. Long-term debt, excluding current maturities, of $144.5 million at March 25, 2000 compares to $160.8 million and $134.8 million at March 27, 1999 and January 1, 2000, respectively. The increase in debt since March 27, 1999 was a result of increases in working capital borrowings needed to fund the growth in the Performance Footwear Group during 1999 and 2000.</FONT></FONT> <P><BR> <BR> <BR> <CENTER>9 </CENTER> <HR SIZE="4" NOSHADE> <BR> <FONT FACE="Arial"><FONT SIZE=-1>It is expected that continued Company growth will require increases in capital funding over the next several years. The Company has a long-term domestic revolving credit facility of $165.0 million expiring in October 2001. The Company's subsidiaries in the United Kingdom and Canada have $11.4 million and $6.9 million variable rate revolving credit agreements expiring in October 2001 and April 2000, respectively. All revolving credit agreements are used to support working capital requirements. The combination of credit facilities and cash flows from operations is expected to be sufficient to meet future capital needs. Any excess cash flows from operations are expected to be used to pay down the revolving credit facility.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>The 2000 first quarter dividend declared of $.035 per share of common stock represents approximately a 16.7% increase over the $.03 per share declared for the first quarter of 1999. The dividend was payable May 1, 2000 to stockholders of record on April 3, 2000.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>The current ratio for the first quarter was 8.6 to 1.0 in 2000 compared with 6.9 to 1.0 in 1999. The Company's total debt to total capital ratio was .31 to 1.0 in 2000 compared to .35 to 1.0 in 1999.</FONT></FONT> <BR> <BR> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP WIDTH="14%"><B><FONT FACE="Arial"><FONT SIZE=-1>ITEM 3.</FONT></FONT></B></TD> <TD VALIGN=TOP WIDTH="86%"><B><FONT FACE="Arial"><FONT SIZE=-1>Quantitative and Qualitative Disclosures about Market Risk</FONT></FONT></B></TD> </TR> </TABLE> <P><FONT FACE="Arial"><FONT SIZE=-1>The information concerning quantitative and qualitative disclosures about market risk contained in Wolverine's Form 10-K Annual Report for its fiscal year ended January 1, 2000, is incorporated herein by reference.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>Wolverine faces market risk to the extent that changes in foreign currency exchange rates affect Wolverine's foreign assets, liabilities and inventory purchase commitments and to the extent that its long-term debt requirements are affected by changes in interest rates. Wolverine manages these risks by attempting to denominate contractual and other foreign arrangements in U.S. dollars and by maintaining a significant percentage of fixed-rate debt. Wolverine does not believe that there has been a material change in the nature of Wolverine's primary market risk exposures, including the categories of market risk to which Wolverine is exposed and the particular markets that present the primary risk of loss to Wolverine. As of the date of this Form 10-Q Quarterly Report, Wolverine does not know of or expect there to be any material change in the general nature of its primary market risk exposure in the near term.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>The methods used by Wolverine to manage its primary market risk exposures, as described in the sections of its annual report incorporated herein by reference in response to this item, have not changed materially during the current year. As of the date of this Form 10-Q Quarterly Report, Wolverine does not expect to change its methods used to manage its market risk exposures in the near term. However, Wolverine may change those methods in the future to adapt to changes in circumstances or to implement new techniques.</FONT></FONT> <P><FONT FACE="Arial"><FONT SIZE=-1>Wolverine's market risk exposure is mainly comprised of its vulnerability to changes in foreign currency exchange rates and interest rates. Prevailing rates and rate relationships in the future will be primarily determined by market factors that are outside of Wolverine's control. All information provided in response to this item consists of forward-looking statements. Reference is made to the section captioned "Forward-Looking Statements" at the beginning of this document for a discussion of the limitations on Wolverine's responsibility for such statements.</FONT></FONT> <BR> <BR> <P> <BR> <BR> <BR> <CENTER>10 </CENTER> <HR SIZE="4" NOSHADE> <BR> <B><FONT FACE="Arial"><FONT SIZE=-1>PART II. OTHER INFORMATION</FONT></FONT></B> <P> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP WIDTH="14%"><B><FONT FACE="Arial"><FONT SIZE=-1>ITEM 6.</FONT></FONT></B></TD> <TD VALIGN=TOP WIDTH="86%"><B><FONT FACE="Arial"><FONT SIZE=-1>Exhibits and Reports on Form 8-K</FONT><FONT SIZE=+0>.</FONT></FONT></B></TD> </TR> </TABLE> <P> <TABLE BORDER=0 CELLSPACING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="9%"><FONT FACE="Arial"><FONT SIZE=-1>(a)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="86%"><U><FONT FACE="Arial"><FONT SIZE=-1>Exhibits</FONT></FONT>.</U><FONT FACE="Arial"> </FONT><FONT FACE="Arial"><FONT SIZE=-1>The following documents are filed as exhibits to this report on Form 10-Q:</FONT></FONT></TD> </TR> </TABLE> <P> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=BOTTOM WIDTH="14%"><FONT FACE="Arial"><FONT SIZE=-1>Exhibit</FONT></FONT> <BR> <FONT FACE="Arial"><FONT SIZE=-1><U>Number</U> </FONT></FONT></TD> <TD VALIGN=BOTTOM WIDTH="86%"> <CENTER> <U><FONT FACE="Arial"><FONT SIZE=-1>Document</FONT></FONT></U> </CENTER> </TD> </TR> <TR> <TD> </TD> <TD> </TD> </TR> <TR> <TD VALIGN=TOP><FONT FACE="Arial"><FONT SIZE=-1>3.1</FONT></FONT></TD> <TD VALIGN=TOP><FONT FACE="Arial"><FONT SIZE=-1>Certificate of Incorporation, as amended. Previously filed as Exhibit 3.1 to the Company's Quarterly Report of Form 10-Q for the period ended June 14, 1997. Here incorporated by reference.</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="14%"> </TD> <TD VALIGN=TOP WIDTH="86%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="14%"><FONT FACE="Arial"><FONT SIZE=-1>3.2</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="86%"><FONT FACE="Arial"><FONT SIZE=-1>Amended and Restated Bylaws. Previously filed as Exhibit 3.2 to the Company's Annual Report on Form 10-K for the fiscal year ended January 2, 1999. Here incorporated by reference.</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="14%"> </TD> <TD VALIGN=TOP WIDTH="86%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="14%"><FONT FACE="Arial"><FONT SIZE=-1>27</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="86%"><FONT FACE="Arial"><FONT SIZE=-1>Financial Data Schedule.</FONT></FONT></TD> </TR> </TABLE> <P> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP WIDTH="5%"> </TD> <TD VALIGN=TOP WIDTH="9%"><FONT FACE="Arial,Helvetica"><FONT SIZE=-1>(b)</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="86%"><FONT FACE="Arial,Helvetica"><FONT SIZE=-1><U>Reports on Form 8-K</U>. No reports on Form 8-K were filed during the period for which this report is filed.</FONT></FONT></TD> </TR> </TABLE> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <P> <BR> <BR> <BR> <CENTER>11 </CENTER> <HR SIZE="4" NOSHADE> <BR> <CENTER><B><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">SIGNATURES</FONT></FONT></B></CENTER> <P> <BR> <BR> <FONT FACE="Arial,Helvetica"><FONT SIZE="+0">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</FONT></FONT> <P> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=TOP WIDTH="23%"> </TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">WOLVERINE WORLD WIDE, INC.</FONT></FONT> <BR><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">AND SUBSIDIARIES</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="22%"> </TD> <TD VALIGN=TOP WIDTH="55%"><U><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"></FONT></FONT></U></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"><U><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"></FONT></FONT></U></TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">May 9, 2000<HR SIZE="1"></FONT></FONT> <FONT FACE="Arial,Helvetica"><FONT SIZE="+0">Date</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">/s/ Timothy J. O'Donovan<HR SIZE="1"></FONT></FONT> <FONT FACE="Arial,Helvetica"><FONT SIZE="+0">Timothy J. O'Donovan</FONT></FONT> <BR><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">President and Chief Executive Officer</FONT></FONT> <BR><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">(Duly Authorized Signatory for Registrant)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"> </TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"> </TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"> </TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">May 9, 2000<HR SIZE="1"></FONT></FONT> <FONT FACE="Arial,Helvetica"><FONT SIZE="+0">Date</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">/s/ Stephen L. Gulis, Jr.<HR SIZE="1"></FONT></FONT> <FONT FACE="Arial,Helvetica"><FONT SIZE="+0">Stephen L. Gulis, Jr.</FONT></FONT> <BR><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">Executive Vice President, Chief Financial Officer</FONT></FONT> <BR><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> and Treasurer</FONT></FONT> <BR><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">(Principal Financial Officer and Duly Authorized</FONT></FONT> <BR><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> Signatory for Registrant)</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="23%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">May 9, 2000<HR SIZE="1"></FONT></FONT> <FONT FACE="Arial,Helvetica"><FONT SIZE="+0">Date</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="22%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0"> </FONT></FONT></TD> <TD VALIGN=TOP WIDTH="55%"><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">/s/ Nicholas P. Ottenwess<HR SIZE="1"></FONT></FONT> <FONT FACE="Arial,Helvetica"><FONT SIZE="+0">Nicholas P. Ottenwess</FONT></FONT> <BR><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">Corporate Controller</FONT></FONT> <BR><FONT FACE="Arial,Helvetica"><FONT SIZE="+0">(Duly Authorized Signatory for Registrant</FONT></FONT></TD> </TR> </TABLE> <BR> <BR> <BR> <CENTER>12 </CENTER> <HR SIZE="4" NOSHADE> <BR> <B><CENTER>EXHIBIT INDEX</CENTER></B><BR> <BR> <BR> <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" > <TR> <TD VALIGN=BOTTOM WIDTH="14%"><FONT FACE="Arial"><FONT SIZE=-1>Exhibit</FONT></FONT> <BR> <FONT FACE="Arial"><FONT SIZE=-1><U>Number</U> </FONT></FONT></TD> <TD VALIGN=BOTTOM WIDTH="86%"> <CENTER> <U><FONT FACE="Arial"><FONT SIZE=-1>Document</FONT></FONT></U> </CENTER> </TD> </TR> <TR> <TD> </TD> <TD> </TD> </TR> <TR> <TD VALIGN=TOP><FONT FACE="Arial"><FONT SIZE=-1>3.1</FONT></FONT></TD> <TD VALIGN=TOP><FONT FACE="Arial"><FONT SIZE=-1>Certificate of Incorporation, as amended. Previously filed as Exhibit 3.1 to the Company's Quarterly Report of Form 10-Q for the period ended June 14, 1997. Here incorporated by reference.</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="14%"> </TD> <TD VALIGN=TOP WIDTH="86%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="14%"><FONT FACE="Arial"><FONT SIZE=-1>3.2</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="86%"><FONT FACE="Arial"><FONT SIZE=-1>Amended and Restated Bylaws. Previously filed as Exhibit 3.2 to the Company's Annual Report on Form 10-K for the fiscal year ended January 2, 1999. Here incorporated by reference.</FONT></FONT></TD> </TR> <TR> <TD VALIGN=TOP WIDTH="14%"> </TD> <TD VALIGN=TOP WIDTH="86%"> </TD> </TR> <TR> <TD VALIGN=TOP WIDTH="14%"><FONT FACE="Arial"><FONT SIZE=-1>27</FONT></FONT></TD> <TD VALIGN=TOP WIDTH="86%"><FONT FACE="Arial"><FONT SIZE=-1>Financial Data Schedule.</FONT></FONT></TD> </TR> </TABLE> <BR> <BR> <BR> <CENTER>13 </CENTER> <HR SIZE="4" NOSHADE> <BR> <!-- This document was created by Cathy S. 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