Randy, E96058 decodes to the 58th frameset scheduled for production during the month of May, 1996. "E" is May, "96" is 1996, and "058" is the production sequence that month.
By 1996, Waterford had reverted from the "self-describing" serial number format described above in this thread to the basic serial numbering format used in the 1970s by Schwinn.
Is there a model number on the seat tube decal?
There is a decal on the top tube "Precision 1200 Cycles. USA but there is nothing like that on the seat tube. I should get out and take some pictures of this bicycle, just busier than two flies on a pig's butt, working on my cottage, these days.