Boring Portfolio Report
Friday, May 31, 1996

by MF Muse

ALEXANDRIA, Va. May 31 -- MF Fletch set a new standard for writing about nothing. Nothing can touch it. In fact I never knew nothing could be so engaging. Today, however, was not a nothing day and to honor the 0.80% advance, I've decided to surf the web to see what I could find out about Boring's companies. My first stop was BORDERS BOOKS:

Did you know you could order books directly from their web site? You can and to entice you, there's a book review of "The Little Greenish-Brown Book of Slugs" by Eve Corbel. Everything you wanted to know about slugs, shipped to you direct from Borders.

A guy named Blunt, who has been a bookseller with Borders in Philadelphia since 1991 and reviews books for the Philadelphia City Paper, says, "The Little Greenish-Brown Book of Slugs has something for everyone: horror, humor, practical knowledge, and edge-of-the-seat excitement, all in one inexpensive mini-book." He continues his review by saying, "Eve Corbel has collected just about every significant reference to slugs from newspapers, classic gardening books, and assorted biology texts, and provided them with insightful annotation and enlightening illustrations. For example, under the heading "A Certain Fine Rage" Corbel has collected these insights: "Feed them to the chickens!" - Oriental Vegetables. "Stab them with a hat-pin after dark!" - Dictionary of Gardening. "Drive them out onto the road with a nine iron!" - Vancouver Magazine. She includes just about every gardening tip imaginable on eliminating slugs, full details of the peculiar mating habits of slugs, and the latest scientific knowledge pertaining to slug physiology and behavior."

Borders Books boring? Hardly. Leave that to LCS Industries. Or at least to their web site. Continuing my web search, their site had a big sign saying, "Not providing information to the expanded page segment of this Web Site." Too bad because now I may never know what this company does.

Oxford Health Plans at least told me what they do: "OXHP provides health benefit plans in the NY, NJ and CT areas. OXHP products include Point-of-Service Freedom Plans, traditional health maintenance organizations, dental plans and third party employee funded benefit plans. For the 9 months ended 9/95, revenues totaled $1.23B, up from $508.9M. Net income rose 93% to $36.8M. Results reflect increased member months in the fully insured managed health care programs and gains from investments.

*Earnings Announcement: For the quarter ended DEC 1995, revenues were 537,389; after earnings were 15,584."

Maybe that's boring, but let me tell you, my next stop, Prime Medical Services, isn't. Listen to the company description: PMS "provides lithotripsy services. The company's lithotripsy procedure is noninvasive and utilizes shock waves to fragment kidney stones. The procedure is conducted on an outpatient basis after the patient receives a local anesthetic. Once the kidney stone is located using an X-ray device, the lithotripter bombards the kidney stone with ultrasonic shock waves that pulverize the stone into small fragments, which are then passed by the body. Prime Medical Services operates 11 mobile and 2 fixed site lithotripters, which provide services to 90 hospitals in Alabama, Arkansas, Ohio, and Texas. "

Will someone tell me what "lithotripsy" is?

Texas Industries made me feel right at home. There I found Boring's original write-up about it. Great big letters proclaim: "Boring's Latest Trades."

Okay, I thought Fletch had the corner on writing about nothing. His has nothing on Shaw Industries. How about a genealogy of the company?

"1946

Mr. Clarence Shaw and Mr. John B. McCarty organize Star Dye Company to dye tufted scatter rugs.

Early 1950s

The first 12-foot wide tufted carpet was manufactured.

1958

Clarence Shaw's sons, J.C. Shaw and Robert E. Shaw, present Chairman and president, respectively, of Shaw Industries, Inc. take over managementment of Star Dye Company following the death of their father. Robert became cheif executive officer.

1960

Star Finishing Company was chartered by Shaw, McCarty, and Marion Manufacturing Company interests. It soon became the world's largest commission finisher of tufted carpet.

1967

Philadelphia Holding Company chartered through the merger of Star Finishing Company, Sabre Carpets, Star Dye Company, and Rockey Creek Mills. The company immediately purchased Philadelphia Carpet Company, which was founded in 1846 as a woven capet manaufacturer, and managed until that time by the Doerr family. Philadelphia Carpets had entered the tufted carpet market in 1958. J.C. Shaw, became its president.

1971

The company name was changed from Philadelphia Holding Company to Shaw Industries, as it went public.

1972

Common stock was first traded on the American Stock Exchange

1981

Listed on the New York Stock Exchange

1987

Purchased the Carpet and Rug Division of WestPoint Pepperell, Inc.

1989

Shaw Industries acquired the Carpet Division of Armstrong World Industries, Inc.

1992

Salem Carpet Mills, Inc. and Polypropylene Yarns Division of Amoco Fabris and Fibers Company are acquired.

1993

Shaw Industries goes international with the purchases of Kossett Carpets, Ltd. in Bradford, England, Abingdon Carpets in Gwent, England, Capital Carpet Industries, Pty., Ltd. in Melbourne, Australia, and Invicta Group Industries Pty., Ltd. in Braybrook, Australia.

1994

Joint venture established with Grupo Industrial Alfa, S.A. de C.V., to manufacture and market carpets, rugs, and related products in Mexico.

1995

Additional acquisitions in Mexico and the United Kingdom signifcantly expanded Shaw's strength and capabilities in those respective markets. "

You wanted to know that, right?

Well, what did you expect from plain ol' boring companies? But who's complaining? The Borefolio went up nearly 1% today AND with a little luck its fearless leader will return next week and find something really interesting to talk about. Hang in there.

Transmitted: 5/31/96