Canterbury Reports Fiscal 2002 Results.

Business Editors

MEDFORD, N.J.--(BUSINESS WIRE)--March 7, 2003

Canterbury Consulting Group, Inc. (NASDAQ:CITI) will be reporting in its Annual Form 10-K filing with the Securities and Exchange Commission that revenues for the fiscal year ended November 30, 2002 were $30,949,000 versus $29,044,000 in 2001; net loss was ($2,018,000) versus ($7,160,000) in 2001. Basic (loss) per share was ($1.16) versus ($4.25) in 2001.

Kevin J. McAndrew, President and Chief Executive Officer, was quoted as saying, "In Fiscal 2002 Canterbury's revenues increased by 7% but our cash flow from operations declined 80% from $1,940,000 in 2001 to $386,000 in 2002. This was our eighth consecutive year of cash profitability from operations, but our profit margins were severely impacted by economic and geopolitical conditions."

Mr. McAndrew further stated, "Our balance sheet remains viable. In Fiscal 2002 we reduced long-term debt by $935,000 from $2,145,000 to $1,210,000. As a portion of long-term debt, our bank debt was reduced by $300,000 from $1,325,000 to $1,025,000. However, our net worth declined to $12,209,000 from $14,326,000; our current asset ratio declined in 2002 to 1.40:1 from 1.43:1; and our working capital declined to $1,292,000 from $2,442,000."

"As of the end of the second month of our first fiscal quarter of 2003, we have not seen a significant change in the economic conditions affecting our industry nor in Canterbury's profitability. We have not thus far returned to profitability, and we have no indication as to when and if that might happen. We have, however, taken many steps to attempt to secure our future solvency so that Canterbury not only survives the current economic malaise, but does so with a balance sheet and banking lines that are capable of taking advantage of any significant upturn in the technology and training sectors. Towards this end, on March 1, 2003 Canterbury's corporate management team, inclusive of the Chairman, President and Vice President, has voluntarily reduced their present salaries by 8%. This is in line with a recently instituted 8% salary reduction at one of the Company's largest subsidiaries."

About Canterbury Consulting Group, Inc.

Canterbury Consulting Group, Inc. provides broad-based information technology and management consulting services and training to both commercial and government clients (primarily state and local governments).

Canterbury's focus is to become an integral part of its clients' management and technical infrastructure, designing and applying the best products and services to help them achieve a competitive advantage.

Canterbury offers the following technology and training solutions:

-- Project management

-- System engineering and consulting

-- Distance learning solutions (e-Learning)

-- Customized learning solutions for ERP & CRM

-- Management training programs

-- Hardware sales and support

-- Permanent and temporary IT staffing

-- Technical and desktop applications training

-- Help desk and service center support

-- Records and asset tracking management system software and hardware

For more information, visit www.canterburyconsultinggroup.com.

In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. The Company's performance and financial results could differ materially from those reflected in the forward-looking statements due to general financial, economic, regulatory and political conditions or additional factors unknown to the Company at this time, as well as more specific risks and uncertainties such as those set forth in documents filed by the Company with the SEC (including, but not limited to, its most recent reports on Form 8-K, Form 10-Q and Form 10-K, copies of which are available upon request or over the Internet at www.sec.gov). Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. Furthermore, the Company has no intent, and disclaims any obligation, to update any such factors or forward-looking statements to reflect future events or developments.

An investment package including financial statements is available from the Company. Public filings can be obtained electronically online via www.sec.gov.