Brightpoint Reports Fourth Quarter and 2002 Financial Results.Business Editors INDIANAPOLIS Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. , Indiana--(BUSINESS WIRE)--Feb. 6, 2003 Brightpoint Brightpoint, Inc. (NASDAQ: CELL) is a leading global communications technology firm that specializes in the distribution of wireless devices and in providing customized logistics services to the wireless industry. , Inc. (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 :CELL)
-- For the fourth quarter of 2002:
-- Revenue of $342 million
-- Income from continuing operations of $3.1 million, or $0.38
per diluted share
-- Net income of $1.3 million, or $0.16 per diluted share
-- Cash provided by operating activities of approximately $28
million
-- For the year ended December 31, 2002:
-- Revenue of $1.3 billion
-- Loss from continuing operations of $12.8 million, or $1.60 per
diluted share
-- Net loss of $42.4 million, or $5.30 per diluted share
-- Cash provided by operating activities of approximately $70
million
-- Convertible Notes - accreted value:
-- December 31, 2001: $132 million
-- December 31, 2002: $12 million
-- February 6, 2003: $3.1 million
Brightpoint, Inc. (NASDAQ:CELL) reported its financial results for the quarter and year ended December December: see month. 31, 2002. Unless otherwise noted, amounts pertain to pertain to verb relate to, concern, refer to, regard, be part of, belong to, apply to, bear on, befit, be relevant to, be appropriate to, appertain to the fourth quarter of 2002. Revenue was $342 million, representing an increase of 1% from the third quarter of 2002 ($337 million) and an increase of 6% from the fourth quarter of 2001 ($323 million). Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $3.1 million, or $0.38 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 the third quarter of 2002, the loss from continuing operations was $7.6 million, or $0.94 per diluted share, including a non-cash investment impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $8.3 million related to the Company's investment in Chinatron Group Holdings Limited and for the fourth quarter of 2001, income from continuing operations was $1.2 million, or $0.15 per diluted share. Net income was $1.3 million, or $0.16 per diluted share, including a loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $2.3 million, or $0.28 per diluted share and an extraordinary gain on debt extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. , net of tax, of $452 thousand, or $0.06 per diluted share. For the third quarter of 2002, net income was $9.5 million, or $1.19 per diluted share, including an extraordinary gain on debt extinguishment, net of tax, of $18.7 million, or $2.33 per diluted share, and a loss from discontinued operations of $1.6 million, or $0.20 per diluted share. For the fourth quarter of 2001, the Company reported a net loss of $46.6 million, or $5.84 per diluted share, which included a loss from discontinued operations of $47.5 million, or $5.95 per diluted share. As previously announced, the financial results stated herein reflect the reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of the results of Brightpoint's former Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. operations to discontinued operations in all periods presented. For the year ended December 31, 2002, revenue was $1.28 billion, representing an increase of 1% from the same period in 2001 ($1.26 billion). Loss from continuing operations was $12.8 million, or $1.60 per diluted share, which included a non-cash investment impairment charge of $8.3 million related to the Company's investment in Chinatron Group Holdings Limited. Net loss was $42.4 million, or $5.30 per diluted share, which included a cumulative effect of a change in accounting principle (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142), net of tax, of $40.7 million, or $5.09 per diluted share, a loss from discontinued operations of $15.5 million, or $1.94 per diluted share, and an extraordinary gain on debt extinguishment, net of tax, of $26.6 million, or $3.33 per diluted share. For the year ended December 31, 2001, the Company reported a loss from continuing operations of $1.2 million, or $0.15 per diluted share and a net loss of $53.3 million, or $6.68 per diluted share, which included a loss from discontinued operations of $56.4 million, or $7.07 per diluted share, and an extraordinary gain on debt extinguishment, net of tax, of $4.3 million, or $0.54 per diluted share. Revenue growth from the third quarter of 2002 was driven by continued growth in demand in the Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). Divisions,
offset by a 12% decline in revenue in the Americas A·mer·i·cas , theSee America. Division. The decline in revenue in the Americas Division is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a sales mix sales mix See product mix. shift from product distribution revenue to fee-based logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. services. Total wireless device units handled in the Americas Division increased by 12%. Revenue growth of 6% from the fourth quarter of 2001 and 1% for the year ended December 31, 2002, as compared to the year ended December 31, 2001, were attributable to increases in demand in the Asia-Pacific Division, partially offset by decreases in demand in the Europe Division and the sales mix shift in the Americas Division as previously described. Revenue in the Americas Division was further affected by customers lost due to industry consolidation, the lack of availability of certain CDMA-based handsets in our product offering, the tightening of credit terms Credit Terms The conditions under which credit will be extended to a customer. The components of credit terms are: cash discount, credit period, net period. offered to higher risk customers, and lackluster lack·lus·ter adj. Lacking brightness, luster, or vitality; dull. See Synonyms at dull. Adj. 1. lackluster - lacking brilliance or vitality; "a dull lackluster life"; "a lusterless performance" market conditions. Gross margin improved to 6.2% from the third quarter of 2002 (5.9%) and declined from the fourth quarter of 2001 (7.0%). For the year ended December 31, 2002, gross margin declined from 5.8% in 2001 to 5.6%. Selling, general and administrative ("SG&A") expenses decreased by $600 thousand, or 4%, from the third quarter of 2002 to $16.4 million. SG&A expenses for the same period of 2001 were $18.2 million. As a percentage of revenue, SG&A expenses declined to 4.8% from 5.0% in the third quarter of 2002. The improvement in SG&A expenses was driven by cost reduction action taken in the second and third quarters of 2002. For the year ended December 31, 2002, SG&A expenses increased $4.9 million, or 7%, as compared to 2001. This increase is primarily due to one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. costs related to cost reduction action, increased legal and bad debt expenses, and severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs related to management changes. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from continuing operations was $5.0 million, a $2.0 million, or 66%, improvement from the third quarter of 2002 ($3.0 million) and a $1.1 million, or 30%, improvement from the fourth quarter of 2001 ($3.8 million). For the year ended December 31, 2002, as compared to the year ended December 31, 2001, operating income from continuing operations declined from $6.8 million to $747 thousand. Operating income from continuing operations before depreciation and amortization was $8.4 million, as compared to $6.4 million in the third quarter of 2002 and $7.8 million in the fourth quarter of 2001. For the year ended December 31, 2002, as compared to the year ended December 31, 2001, operating income from continuing operations before depreciation and amortization declined to $13.2 million from $18.8 million. A reconciliation of operating income from continuing operations before depreciation and amortization to operating income from continuing operations in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). is provided in a supplemental table at the end of this release. Interest expense was reduced by $709 thousand from the third quarter of 2002 to $525 thousand in the fourth quarter of 2002. This is a direct result of Convertible Notes repurchased by the Company in the third and fourth quarters of 2002 and the reduction of other debt. As compared to the fourth quarter of 2001, interest expense was reduced by $1.8 million and for the year ended December 31, 2002, as compared to the year ended December 31, 2001, interest expense was reduced by $2.3 million. Loss from discontinued operations of $2.3 million, or $0.28 per diluted share, was primarily a result of the sale of certain assets and shares from one of the Company's subsidiaries in Mexico. During the fourth quarter of 2002, the Company repurchased 12,395 of its outstanding zero-coupon ze·ro-cou·pon adj. Paying no interest to the holder until maturity or sale: a zero-coupon bond. , subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. convertible notes due in the year 2018 ("Convertible Notes"). The Convertible Notes were purchased for a total cost of $5.8 million ($472 per Convertible Note) and had an accreted value accreted value The current value of an original-issue discount bond, taking into account imputed interest that has accumulated. of $6.7 million ($544 per Convertible Note). As a result of these repurchases, the Company recorded an extraordinary gain on debt extinguishment, net of tax, of $452 thousand, or $0.06 per diluted share. There were 21,932 Convertible Notes, with an accreted value of $12.0 million, outstanding as of December 31, 2002. To date, in the first quarter of 2003, the Company repurchased an additional 16,254 Convertible Notes for a total cost of $8.9 million ($549 per Convertible Note), which had an accreted value of $8.9 million ($549 per Convertible Note). Currently, there are 5,678 Convertible Notes outstanding with an accreted value of $3.1 million and on March 11, 2003, holders of the outstanding Convertible Notes may require the Company to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. them at the accreted value of $3.2 million which the Company has elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to pay in cash. Cash and cash equivalents (unrestricted) were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $44 million on December 31, 2002, representing a $16 million increase from September September: see month. 30, 2002. The cash conversion cycle was 11 days (see note below for additional information on changes in the calculation). As of December 31, 2002, as compared to December 31, 2001, accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying were reduced by $70 million, inventory levels were reduced by $64 million, and accounts payable were reduced by $65 million. Net cash provided by operating activities during the fourth quarter of 2002 was approximately $28 million and capital expenditures were approximately $1.4 million. Total debt, including the accreted value of the Convertible Notes and bank borrowings, was $22 million, representing a $17 million reduction from September 30, 2002, and a $145 million reduction from December 31, 2001. The Company acquired additional borrowing availability during the quarter through its Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. subsidiary entering into an asset-based credit facility with GE Commercial Finance and by amending the existing credit facility in its primary North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. subsidiary with GE Commercial Finance. With the additional borrowing availability, an increase in unrestricted cash, and the reduction of outstanding bank debt during the fourth quarter of 2002, the Company was able to more than double its liquidity from $37 million on September 30, 2002, to $81 million on December 31, 2002. The Company defines liquidity as the summation summation n. the final argument of an attorney at the close of a trial in which he/she attempts to convince the judge and/or jury of the virtues of the client's case. (See: closing argument) of unrestricted cash and unused borrowing availability. The Company currently expects to earn income from continuing operations of an amount equal to or greater than $0.08 per diluted share in the first quarter of 2003. In the second quarter of 2003, the Company expects increases in demand for its products and services relative to the first quarter of 2003 and expects to earn income from continuing operations of an amount equal to or greater than $0.21 per diluted share. "As we completed 2002, the Company realized the benefits of the operating restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plans initiated in late 2001," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. Laikin, Brightpoint's Chairman and Chief Executive Officer. "We begin 2003 with a strong balance sheet and an unrelenting commitment to our customers and suppliers." "We have met the goals we set to achieve in 2002," said Frank Terence Terence (Publius Terentius Afer) (tĕr`əns), b. c.185 or c.195 B.C., d. c.159 B.C., Roman writer of comedies, b. Carthage. As a boy he was a slave of Terentius Lucanus, a Roman senator, who brought him to Rome, educated him, and gave him his , Brightpoint's Chief Financial Officer. "By generating cash, we were able to repurchase approximately $120 million in accreted value of Convertible Notes and reduce bank debt by $25 million thus yielding a debt-to-total-capitalization ratio of 16%. By divesting non-performing businesses, reducing our cost structure, and focusing on higher margin business lines, we have rebuilt Brightpoint into a profitable business. We have ended the year with a leaner lean 1 v. leaned, lean·ing, leans v.intr. 1. To bend or slant away from the vertical. 2. and stronger balance sheet." Note on the cash conversion cycle calculation: the Company has modified mod·i·fy v. mod·i·fied, mod·i·fy·ing, mod·i·fies v.tr. 1. To change in form or character; alter. 2. its formula for calculating the cash conversion cycle. Instead of averaging balance sheet amounts that incorporate prior periods, the Company has opted to use the period-end balance sheet amounts only. The Company also has opted to use 90 days of activity where the prior formula relied upon 45 days of activity, has excluded certain non-inventory costs in the days inventory outstanding and days payable outstanding components, and has excluded discontinued operations. The Company believes this new calculation has a higher correlation correlation In statistics, the degree of association between two random variables. The correlation between the graphs of two data sets is the degree to which they resemble each other. with cash provided (used) by operating activities and plans to disclose this calculation in detail in its 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. for the year ended December 31, 2002. Brightpoint is one of the world's largest distributors of mobile phones. Brightpoint supports the global wireless telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and data industry, providing quickly deployed, flexible and cost effective third party solutions. Brightpoint's innovative services include distribution, channel management, fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. , eBusiness See e-business. solutions and other outsourced services that integrate seamlessly with its customers. Additional information about Brightpoint can be found on its website at www.brightpoint.com or by calling its toll-free Information and Investor Relations Investor relations The process by which the corporation communicates with its investors. line at 877-IIR-CELL (877-447-2355). Certain information in this press release may contain 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. regarding future events or the future performance of Brightpoint. These statements are only predictions and actual events or results may differ materially. Please refer to the documents the Company files, from time to time, with the Securities and Exchange Commission; specifically, Brightpoint's most recent Form 10-K, Form 10-Q Form 10-Q See 10-Q. and the cautionary statements contained in Exhibits 99 or 99.1, thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. . These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements. These risk factors include, without limitation, lack of demand for our products and services in certain markets, lack of availability of products from key suppliers, loss of significant customers, difficulties collecting our accounts receivable, uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc customer plans and commitments and certain leases and other contractual obligations. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date these statements were made. Brightpoint undertakes no obligation to update any forward-looking statements contained in this press release.
BRIGHTPOINT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
December 31 December 31
2002 2001 2002 2001
--------- --------- ----------- -----------
Revenue $341,678 $323,048 $1,276,067 $1,263,700
Cost of revenue 320,335 300,382 1,204,073 1,189,925
--------- --------- ----------- -----------
Gross profit 21,343 22,666 71,994 73,775
Selling, general and
administrative expenses 16,382 18,244 71,247 66,396
Unusual item - 605 - 605
--------- --------- ----------- -----------
Operating income from
continuing operations 4,961 3,817 747 6,774
Interest expense 525 2,324 5,899 8,170
Impairment loss on long-
term investment - - 8,305 -
Other (income) expenses 440 (71) 1,936 131
--------- --------- ----------- -----------
Income (loss) from
continuing operations
before income taxes 3,996 1,564 (15,393) (1,527)
Income taxes (benefit) 904 332 (2,569) (325)
--------- --------- ----------- -----------
Income (loss) from
continuing operations 3,092 1,232 (12,824) (1,202)
Discontinued operations:
Income (loss) from
discontinued operations 357 (13,186) (12,861) (22,098)
Loss on disposal of
discontinued operations (2,640) (34,301) (2,617) (34,301)
--------- --------- ----------- -----------
Total discontinued
operations (2,283) (47,487) (15,478) (56,399)
Income (loss) before
cumulative effect and
extraordinary items 809 (46,255) (28,302) (57,601)
Cumulative effect of a
change in accounting
principle, net of tax - - (40,748) -
Extraordinary gain (loss)
on debt extinguishment,
net of tax 452 (323) 26,629 4,300
--------- --------- ----------- -----------
Net income (loss) $1,261 $(46,578) $(42,421) $(53,301)
========= ========= =========== ===========
Basic per share:
Income (loss) from
continuing operations $0.39 $0.15 $(1.60) $(0.15)
Discontinued operations (0.29) (5.95) (1.94) (7.07)
Cumulative effect of a
change in accounting
principle, net of tax - - (5.09) -
Extraordinary gain
(loss) on debt
extinguishment, net of
tax 0.06 (0.04) 3.33 0.54
--------- --------- ----------- -----------
Net income (loss) $0.16 $(5.84) $(5.30) $(6.68)
========= ========= =========== ===========
Diluted per share:
Income (loss) from
continuing operations $0.38 $0.15 $(1.60) $(0.15)
Discontinued operations (0.28) (5.95) (1.94) (7.07)
Cumulative effect of a
change in accounting
principle, net of tax - - (5.09) -
Extraordinary gain
(loss) on debt
extinguishment, net of
tax 0.06 (0.04) 3.33 0.54
--------- --------- ----------- -----------
Net income (loss) $0.16 $(5.84) $(5.30) $(6.68)
========= ========= =========== ===========
Weighted average common
shares outstanding:
Basic 8,017 7,978 7,998 7,973
========= ========= =========== ===========
Diluted 8,037 7,979 7,998 7,973
========= ========= =========== ===========
BRIGHTPOINT, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
(Unaudited)
December 31, December 31,
2002 2001
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $43,798 $58,295
Pledged cash 14,734 16,657
Accounts receivable (less allowance for
doubtful accounts of $5,328 in 2002
and $6,272 in 2001) 111,771 181,755
Inventories 73,472 137,549
Contract financing receivable 16,960 60,404
Other current assets 12,867 33,115
------------ ------------
Total current assets 273,602 487,775
Property and equipment 35,696 45,047
Goodwill and other intangibles 14,153 61,258
Other assets 12,851 15,340
------------ ------------
Total assets $336,302 $609,420
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $129,621 $194,776
Accrued expenses 48,816 52,743
Unfunded portion of contract financing
receivable 22,102 45,499
Lines of credit, short-term 51 10,323
Convertible notes, short-term 12,017 -
------------ ------------
Total current liabilities 212,607 303,341
------------ ------------
Long-term liabilities:
Lines of credit 10,052 24,419
Convertible notes - 131,647
------------ ------------
Total long-term liabilities 10,052 156,066
------------ ------------
------------ ------------
Total stockholders' equity 113,643 150,013
------------ ------------
Total liabilities and stockholders' equity $336,302 $609,420
============ ============
Revenue By Division
(U.S. Dollars, in thousands)
Three Months Ended Change Change
from from
------------------------------------------------ Q4 Q3
Percent Percent Percent 2001 2002
Dec. 31, of Dec. 31, of Sept. 30, of to Q4 to Q4
2002 Total 2001 Total 2002 Total 2002 2002
-------- ------ -------- ------- --------- ----- ----- -----
The
Americas $111,476 33% $164,889 51% $127,343 38% (32%) (12%)
Asia-
Pacific 154,545 45% 78,624 24% 141,457 42% 97% 9%
Europe 75,657 22% 79,535 25% 67,961 20% (5%) 11%
-------- ----- -------- ----- --------- ----- ---- -----
Total $341,678 100% $323,048 100% $336,761 100% 6% 1%
======== ===== ======== ===== ========== ===== ==== =====
Revenue By Service Line
(U.S. Dollars, in thousands)
Three Months Ended Change Change
from from
------------------------------------------------ Q4 Q3
Percent Percent Percent 2001 2002
Dec. 31, of Dec. 31, of Sept. 30, of to Q4 to Q4
2002 Total 2001 Total 2002 Total 2002 2002
-------- ------ -------- ------- --------- ----- ----- -----
Sales of
wireless
handsets $279,361 82% $249,745 77% $271,307 81% 12% 3%
Accessory
programs 17,696 5% 28,764 9% 23,878 7% (38%) (26%)
Integrated
logistics
services 44,621 13% 44,539 14% 41,576 12% (a) 7%
-------- ----- -------- ----- --------- ----- ---- -----
Total $341,678 100% $323,048 100% $336,761 100% 6% 1%
======== ===== ======== ===== ========== ===== ==== =====
(a) Less than 1%
Reconciliation of Other Amounts to GAAP
(U.S. Dollars, in thousands)
Three Months Three Months
Ended Ended Year Ended
September 30 December 31 December 31
2002 2002 2001 2002 2001
------------- -------- ------- -------- --------
Operating income from
continuing operations
- GAAP $2,986 $4,961 $3,817 $747 $6,774
Depreciation and
amortization 3,371 3,474 3,939 12,431 12,039
------------- -------- ------- -------- --------
Operating income from
continuing operations
before depreciation
and amortization $6,357 $8,435 $7,756 $13,178 $18,813
============= ======== ======= ======== ========
Note: Operating income from continuing operations before depreciation
and amortization is not a measurement that is defined by GAAP. This
measurement is provided for analytical purposes.
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