Advanta Reports Fourth Quarter and Full Year 2003 Earnings.Business Editors SPRING HOUSE, Pa.--(BUSINESS WIRE)--Jan. 23, 2004 Advanta Advanta is an American banking company. Currently, it controls two banks, Advanta Bank Corp and Advanta National Bank. The banking corporation is not associated with Advanta Energy Corp., an energy consulting practice based in California. Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADVNB; ADVNA ADVNA Advanta Corporation (stock symbol) ) today reported net income from core operations of $0.44 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for fourth quarter and $1.30 per diluted share for full year 2003 for Class A and Class B shares combined, consistent with the Company's expectations. Advanta reported consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net income for the quarter of $11.2 million or $0.44 per diluted share and $28.2 million or $1.13 per diluted share for full year 2003 for Class A and Class B shares combined. This compares to consolidated net loss of $1.36 per diluted share for fourth quarter 2002 and consolidated net loss of $0.97 per diluted share for full year 2002. Net income from core operations is a non-GAAP financial measure defined by the Company as net income of the Advanta Business Cards segment and the Venture Capital segment with the exception of venture capital valuation adjustments, net of tax. "Strong credit performance and customer activity delivered the robust fourth quarter earnings that we anticipated" said Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the Alter, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "In 2003, we experienced the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. asset quality benefits expected from our high credit quality customers. In fact, the quarter's credit performance was the strongest in almost three years." Business Card results for the fourth quarter include a 58 basis point decline in net principal charge-offs on managed receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed to 7.31% on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis as compared to 7.89% for the quarter ended December December: see month. 31, 2002. Over 30 day delinquencies on managed receivables declined 33 basis points to 5.82% and over 90 day delinquencies on managed receivables decreased 20 basis points to 2.93%, each as compared to fourth quarter 2002. Business Card ended the quarter with managed receivables of $3 billion as compared to $2.6 billion at December 31, 2002. Net principal charge-offs on owned receivables increased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 39 basis points to 6.84% on an annualized basis for fourth quarter 2003 as compared to 6.45% for fourth quarter 2002. Over 30 day delinquencies on owned receivables declined 38 basis points to 4.88% and over 90 day delinquencies on owned receivables decreased 24 basis points to 2.45%, each as compared to fourth quarter 2002. Owned Business Card receivables were $518 million at December 31, 2003 as compared to $445 million at December 31, 2002. Conference Call Details Advanta management will hold a conference call with analysts and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. today, January January: see month. 23, at 9:00 a.m. Eastern time. The call will be broadcast simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics for the public over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the through www.advanta.com or www.vcall.com. To listen to the live call, please go to the website at least 15 minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. Replays of the call will be available beginning at noon today on the Internet at www.advanta.com or www.vcall.com or by dialing (719) 457-0820 and referring to confirmation code 550678. The conference call may include a discussion of non-GAAP financial measures, which are reconciled rec·on·cile v. rec·on·ciled, rec·on·cil·ing, rec·on·ciles v.tr. 1. To reestablish a close relationship between. 2. To settle or resolve. 3. to the most directly comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). financial measure in this press release or our statistical supplement, both available at www.advanta.com in the "Corporate Info INFO Information INFO Information (logging abbreviation) INFO Inform(ed/ation) INFO Ionic Difluoroamino Oxidizer " section. About Advanta Advanta is a highly focused financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company serving the small business market. Advanta leverages direct marketing and information based expertise to identify potential customers and new target markets and to provide a high level of service tailored to the unique needs of small business. Using these distinctive capabilities, Advanta has become one of the nation's largest issuers of MasterCard MasterCard Worldwide (NYSE: MA) is a mutinational corporation based in Purchase, NY in the United States. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "Mastercard" branded debit- and business credit cards to small businesses. Since 1951, Advanta has pioneered many of the marketing techniques common in the financial services industry today, including remote lending and direct mail, affinity The relationship that a person has to the blood relatives of a spouse by virtue of the marriage. The doctrine of affinity developed from a Maxim of Canon Law that a Husband and Wife were made one by their marriage. There are three types of affinity. and relationship marketing. Learn more about Advanta at www.advanta.com. This Press Release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to certain risks and uncertainties that could cause actual results to differ from those projected. Risks that may affect the Company's future performance are detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. . In addition to the GAAP results provided throughout this document, the Company has provided managed receivable data and other non-GAAP financial measurements. Management believes that these non-GAAP financial measures used in managing the business may provide users additional useful information. The tables attached to this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure and a description of why the non-GAAP financial measures are useful to investors.
ADVANTA
SEGMENT INCOME STATEMENT
(in thousands)
Three Months Ended
December 31, 2003
----------------------------------------------------------------------
Advanta
Business Venture
Cards Capital Other (A) Total
---------- -------- --------- --------
Interest income $ 24,464 $ 0 $ 1,890 $ 26,354
Interest expense 9,859 90 3,232 13,181
--------- --------- --------- --------
Net interest income 14,605 (90) (1,342) 13,173
Provision for credit losses 10,163 0 (14) 10,149
--------- --------- --------- --------
Net interest income after
provision for credit losses 4,442 (90) (1,328) 3,024
Noninterest revenues:
Securitization income 32,896 0 0 32,896
Servicing revenues 11,298 0 0 11,298
Other revenues, net 25,995 (6) 2,651 28,640
--------- --------- --------- --------
Total noninterest revenues 70,189 (6) 2,651 72,834
Operating expenses 55,790 573 1,323 57,686
--------- --------- --------- --------
Income (loss) before income
taxes 18,841 (669) 0 18,172
Income tax expense (benefit) 7,254 (258) 0 6,996
--------- --------- --------- --------
Net income (loss) $ 11,587 $ (411) $ 0 $ 11,176
========= ========= ========= ========
Three Months Ended
December 31, 2002
----------------------------------------------------------------------
Advanta
Business Venture
Cards Capital Other (A) Total
--------- --------- --------- --------
Interest income $ 24,831 $ 1 $ 2,212 $ 27,044
Interest expense 10,321 152 576 11,049
--------- --------- --------- --------
Net interest income 14,510 (151) 1,636 15,995
Provision for credit losses 9,227 0 217 9,444
--------- --------- --------- --------
Net interest income after
provision for credit losses 5,283 (151) 1,419 6,551
Noninterest revenues:
Securitization income 30,138 0 0 30,138
Servicing revenues 9,554 0 0 9,554
Other revenues, net 26,387 (777) 146 25,756
Loss on transfer of consumer
credit card business 0 0 (43,000) (43,000)
--------- --------- --------- --------
Total noninterest revenues 66,079 (777) (42,854) 22,448
Expenses:
Operating expenses 53,018 590 311 53,919
Minority interest in income
of consolidated subsidiary 0 0 2,220 2,220
--------- --------- --------- --------
Total expenses 53,018 590 2,531 56,139
--------- --------- --------- --------
Income (loss) before income
taxes 18,344 (1,518) (43,966) 27,140)
Income tax expense (benefit) 7,063 (584) (373) 6,106
--------- --------- --------- --------
Net income (loss) $ 11,281 $ (934) $ (43,593)$(33,246)
========= ========= ========= ========
(A) Other includes investment and other activities not attributable
to the Advanta Business Cards or Venture Capital segments.
ADVANTA
SUPPLEMENTAL NON-GAAP DISCLOSURE
ADVANTA BUSINESS CARDS MANAGED INCOME STATEMENT
(in thousands)
In addition to evaluating the financial performance of the Advanta
Business Cards segment under generally accepted accounting principles
(GAAP), we evaluate Advanta Business Cards' performance on a managed
basis. Our managed receivable portfolio is comprised of both owned
and securitized business credit card receivables. We sell business
credit card receivables through securitizations accounted for as sales
under GAAP. We continue to own and service the accounts that generate
the securitized receivables. Managed data presents performance as if
the securitized receivables had not been sold. We believe that
performance on a managed basis provides useful supplemental
information because we retain interests in the securitized receivables
and, therefore, we have a financial interest in and exposure to the
performance of the securitized receivables. Revenue and credit data on
the managed portfolio provides additional information useful in
understanding the performance of the retained interests in
securitizations. A reconciliation of these managed financial measures
to the most directly comparable GAAP financial measures is included in
this press release.
Three Months Ended
---------------------------
December 31, December 31,
2003 2002
------------ ------------
Interest income $ 114,504 $ 105,195
Interest expense 20,946 20,473
------------ ------------
Net interest income 93,558 84,722
Provision for credit losses 54,053 48,165
------------ -------------
Net interest income after provision for
credit losses 39,505 36,557
Noninterest revenues 35,126 34,805
------------ -------------
Risk-adjusted revenues (A) 74,631 71,362
Operating expenses 55,790 53,018
------------ -------------
Income before income taxes 18,841 18,344
Income tax expense 7,254 7,063
------------ -------------
Net income $ 11,587 $ 11,281
============ =============
Average managed business credit card
receivables $ 2,958,835 $ 2,441,218
(A) Risk-adjusted revenues represent net interest income and
noninterest revenues, less provision for credit losses.
ADVANTA
HIGHLIGHTS
(in thousands, except per share data)
Percent
Three Months Ended Change From
-------------------------
Dec. Sept. Dec.
31, 30, 31, Prior Prior
EARNINGS 2003 2003 2002 Quarter Year
----------------------------------------------------------------------
Basic income (loss) from
continuing operations per
common share:
Class A $ 0.45 $ 0.27 $ (1.38) 66.7 % N/M %
Class B 0.47 0.29 (1.35) 62.1 N/M
Combined (A) 0.47 0.28 (1.36) 67.9 N/M
Diluted income (loss) from
continuing operations per
common share:
Class A 0.43 0.26 (1.38) 65.4 N/M
Class B 0.44 0.28 (1.35) 57.1 N/M
Combined (A) 0.44 0.27 (1.36) 63.0 N/M
Basic net income (loss) per
common share:
Class A 0.45 0.27 (1.38) 66.7 N/M
Class B 0.47 0.29 (1.35) 62.1 N/M
Combined (A) 0.47 0.28 (1.36) 67.9 N/M
Diluted net income (loss) per
common share:
Class A 0.43 0.26 (1.38) 65.4 N/M
Class B 0.44 0.28 (1.35) 57.1 N/M
Combined (A) 0.44 0.27 (1.36) 63.0 N/M
Return on average common
equity 13.41 % 8.36 % (37.76)% 60.4 N/M
Non-GAAP financial measure:
Diluted net income from core
operations per combined
common share (B) $ 0.44 $ 0.32 $ 0.43 37.5 2.3
COMMON STOCK DATA
----------------------------------------------------------------------
Weighted average common
shares used to compute:
Basic earnings per common
share
Class A 8,803 8,978 9,171 (1.9)%(4.0)%
Class B 15,186 15,100 15,292 0.6 (0.7)
------- ------- -------
Total 23,989 24,078 24,463 (0.4) (1.9)
Diluted earnings per common
share
Class A 8,803 8,978 9,171 (1.9) (4.0)
Class B 16,704 16,251 15,292 2.8 9.2
------- ------- -------
Total 25,507 25,229 24,463 1.1 4.3
Ending shares outstanding
Class A 9,607 9,687 10,041 (0.8) (4.3)
Class B 17,344 17,390 17,430 (0.3) (0.5)
------- ------- -------
Total 26,951 27,077 27,471 (0.5) (1.9)
Stock price:
Class A
High $ 13.48 $ 11.75 $ 11.00 14.7 22.5
Low 10.60 9.49 8.25 11.7 28.5
Closing 12.93 10.98 8.98 17.8 44.0
Class B
High 13.42 11.95 11.10 12.3 20.9
Low 10.55 9.66 8.00 9.2 31.9
Closing 12.72 10.69 9.39 19.0 35.5
Cash dividends declared:
Class A 0.063 0.063 0.063 0.0 0.0
Class B 0.076 0.076 0.076 0.0 0.0
Book value per common share 13.87 13.56 13.11 2.3 5.8
(A) Combined represents income available to common stockholders
divided by the combined total of Class A and Class B weighted
average common shares outstanding.
(B) Net income from core operations is a non-GAAP financial measure
used by management, and includes net income of the Advanta
Business Cards segment and the Venture Capital segment with the
exception of the venture capital valuation adjustments, net of
tax. Management believes the analysis of net income from core
operations provides useful supplemental information needed to
make meaningful comparisons of our current results to prior and
future periods. Venture capital valuation adjustments are
excluded from results of core operations because of their
volatility related to market conditions. Net income (loss) of
the Other segment and results of discontinued operations are also
excluded, if applicable, since they are not indicative of what
is expected from our continuing businesses on a prospective
basis. A reconciliation of non-GAAP net income from core
operations to GAAP net income is included in this press release.
N/M - Not Meaningful
ADVANTA
BUSINESS CREDIT CARD STATISTICS
(in thousands)
Three Months Ended Percent
------------------------------------ Change From
Dec. 31, Sept. 30, Dec. 31, Prior Prior
2003 2003 2002 Quarter Year
---------------------------------------------------
Transaction volume $1,944,617 $1,816,195 $1,707,416 7.1% 13.9%
Securitization
volume increase
(decrease)
excluding
replenishment
sales 119,750 (19,750) 331,975 N/M (63.9)
Average managed
receivables:
Owned 594,034 734,715 572,069 (19.1) 3.8
Securitized 2,364,801 2,124,472 1,869,149 11.3 26.5
----------- ----------- -----------
Managed (A) 2,958,835 2,859,187 2,441,218 3.5 21.2
Ending managed
receivables:
Owned 518,040 533,398 445,083 (2.9) 16.4
Securitized 2,463,747 2,343,221 2,149,147 5.1 14.6
----------- ----------- -----------
Managed (A) 2,981,787 2,876,619 2,594,230 3.7 14.9
----------------------------------------------------------------------
CREDIT QUALITY - OWNED
----------------------
Receivables 30 days
or more delinquent $ 25,301 $ 30,681 $ 23,406
Receivables 90 days
or more delinquent 12,696 14,225 11,959
As a percentage of
gross receivables:
Receivables 30
days or more
delinquent 4.88% 5.75% 5.26% (15.1)% (7.2)%
Receivables 90
days or more
delinquent 2.45 2.67 2.69 (8.2) (8.9)
Net principal
charge-offs:
Amount $ 10,163 $ 15,544 $ 9,227
As a percentage
of average
gross
receivables
(annualized) 6.84% 8.46% 6.45% (19.1) 6.0
CREDIT QUALITY -
SECURITIZED
-------------------
Receivables 30 days
or more delinquent $ 148,177 $ 146,206 $ 136,128
Receivables 90 days
or more delinquent 74,762 67,795 69,335
As a percentage of
gross receivables:
Receivables 30
days or more
delinquent 6.01% 6.24% 6.33% (3.7)% (5.1)%
Receivables 90
days or more
delinquent 3.03 2.89 3.23 4.8 (6.2)
Net principal
charge-offs:
Amount $ 43,890 $ 43,588 $ 38,938
As a percentage
of average
gross
receivables
(annualized) 7.42% 8.21% 8.33% (9.6) (10.9)
CREDIT QUALITY -
MANAGED (A)
-------------------
Receivables 30 days
or more delinquent $ 173,478 $ 176,887 $ 159,534
Receivables 90 days
or more delinquent 87,458 82,020 81,294
As a percentage of
gross receivables:
Receivables 30
days or more
delinquent 5.82% 6.15% 6.15% (5.4)% (5.4)%
Receivables 90
days or more
delinquent 2.93 2.85 3.13 2.8 (6.4)
Net principal
charge-offs:
Amount $ 54,053 $ 59,132 $ 48,165
As a percentage
of average
gross
receivables
(annualized) 7.31% 8.27% 7.89% (11.6) (7.4)
(A) Managed statistics are non-GAAP financial measures and represent
the sum of owned (GAAP) business credit card statistics and
securitized business credit card statistics. We believe that
performance on a managed basis provides useful supplemental
information because we retain interests in the securitized
receivables and, therefore, we have a financial interest in and
exposure to the performance of the securitized receivables.
N/M - Not Meaningful
ADVANTA
RECONCILIATION OF MANAGED INCOME STATEMENT AND BALANCE SHEET MEASURES
TO GAAP FINANCIAL MEASURES
(in thousands)
In addition to evaluating the financial performance of the Advanta
Business Cards segment under generally accepted accounting principles
(GAAP), we evaluate Advanta Business Cards' performance on a managed
basis. Our managed receivable portfolio is comprised of both owned and
securitized business credit card receivables. We sell business credit
card receivables through securitizations accounted for as sales under
GAAP. We continue to own and service the accounts that generate the
securitized receivables. Managed data presents performance as if the
securitized receivables had not been sold. We believe that performance
on a managed basis provides useful supplemental information because we
retain interests in the securitized receivables and, therefore, we
have a financial interest in and exposure to the performance of the
securitized receivables. Revenue and credit data on the managed
portfolio provides additional information useful in understanding the
performance of the retained interests in securitizations.
Three Months Ended
December 31, 2003
----------------------------------------
Advanta
Advanta Business
Business Securitization Cards
Cards GAAP Adjustments Managed
---------- -------------- ----------
INCOME STATEMENT MEASURES
Interest income $ 24,464 $ 90,040 $ 114,504
Interest expense 9,859 11,087 20,946
Net interest income 14,605 78,953 93,558
Securitization income 32,896 (32,896) 0
Servicing revenues 11,298 (11,298) 0
Other revenues, net 25,995 9,131 35,126
Total noninterest revenues 70,189 (35,063) 35,126
Provision for credit losses 10,163 43,890 (A) 54,053
---------- --------------- ----------
BALANCE SHEET MEASURES
Average business credit card
receivables 594,034 2,364,801 2,958,835
Ending business credit card
receivables 518,040 2,463,747 2,981,787
Business credit card
receivables:
30 days or more delinquent 25,301 148,177 173,478
90 days or more delinquent 12,696 74,762 87,458
Net principal charge-offs 10,163 43,890 54,053
Three Months Ended
December 31, 2002
----------------------------------------
Advanta
Advanta Business
Business Securitization Cards
Cards GAAP Adjustments Managed
---------- -------------- ----------
INCOME STATEMENT MEASURES
Interest income $ 24,831 $ 80,364 $ 105,195
Interest expense 10,321 10,152 20,473
Net interest income 14,510 70,212 84,722
Securitization income 30,138 (30,138) 0
Servicing revenues 9,554 (9,554) 0
Other revenues, net 26,387 8,418 34,805
Total noninterest revenues 66,079 (31,274) 34,805
Provision for credit losses 9,227 38,938 (A) 48,165
---------- --------------- ----------
BALANCE SHEET MEASURES
Average business credit card
receivables 572,069 1,869,149 2,441,218
Ending business credit card
receivables 445,083 2,149,147 2,594,230
Business credit card
receivables:
30 days or more delinquent 23,406 136,128 159,534
90 days or more delinquent 11,959 69,335 81,294
Net principal charge-offs 9,227 38,938 48,165
(A) The provision for credit losses includes the amount by which the
provision for credit losses would have been higher had the
securitized receivables remained as owned and the provision for
credit losses on securitized receivables been equal to actual
reported charge-offs.
ADVANTA
RECONCILIATION OF NON-GAAP NET INCOME FROM CORE OPERATIONS
TO GAAP NET INCOME
(in thousands, except per share data)
Net income from core operations is a non-GAAP financial measure used
by management, and includes net income of the Advanta Business Cards
segment and the Venture Capital segment with the exception of the
venture capital valuation adjustments, net of tax. Management believes
the analysis of net income from core operations provides useful
supplemental information needed to make meaningful comparisons of our
current results to prior and future periods. Venture capital valuation
adjustments are excluded from results of core operations because of
their volatility related to market conditions. Net income (loss) of
the Other segment and results of discontinued operations are also
excluded, if applicable, since they are not indicative of what is
expected from our continuing businesses on a prospective basis.
Three Months Ended Three Months Ended
December 31, 2003 September 30, 2003
-------------------- --------------------
Amount Per Amount Per
Diluted Diluted
In Common In Common
Thousands Share (B) Thousands Share (B)
---------- --------- ---------- ---------
GAAP net income (loss) $ 11,176 $ 0.44 $ 6,851 $ 0.27
Add back:
Other segment net loss (A) 0 0.00 0 0.00
Valuation adjustments
from venture capital
investments, net of tax
at 38.5% 4 0.00 1,221 0.05
Effect of difference in
dilutive shares (B) 0 0.00 0 0.00
---------- --------- ---------- ---------
Non-GAAP net income from
core operations $ 11,180 $ 0.44 $ 8,072 $ 0.32
========== ========= ========== =========
Three Months Ended
December 31, 2002
---------------------
Amount Per
Diluted
In Common
Thousands Share (B)
----------- ---------
GAAP net income (loss) $ (33,246) $ (1.36)
Add back:
Other segment net loss (A) 43,593 1.78
Valuation adjustments
from venture capital
investments, net of tax
at 38.5% 477 0.02
Effect of difference in
dilutive shares (B) 0 (0.01)
----------- ---------
Non-GAAP net income from
core operations $ 10,824 $ 0.43
=========== =========
(A) Other segment net loss includes investment and other activities
not attributable to the Advanta Business Cards or Venture Capital
segments and loss on discontinuance of mortgage and leasing
businesses, net of tax, if applicable.
(B) The same denominator is used for both non-GAAP net income from
core operations and GAAP net income per common share calculations,
unless there is a GAAP loss from continuing operations. If there
is a GAAP loss from continuing operations, the denominator used
for non-GAAP net income from core operations equals the
denominator that would have been used for GAAP net income had
there been GAAP income from continuing operations, rather than a
loss. Amounts per diluted common share are calculated using total
diluted shares as follows:
Non-GAAP
net income from
Three months ended: GAAP net income core operations
-------------------- --------------- ----------------
December 31, 2003 25,507 25,507
September 30, 2003 25,229 25,229
December 31, 2002 24,463 25,278
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