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Cavalier Announces Year-End 2002 Results.


Business Editors

ADDISON Addison, village (1990 pop. 32,058), Du Page co., NE Ill.; inc. 1884. An industrial suburb of Chicago, it manufactures machinery and plastic items. , Ala ALA aminolevulinic acid.
Ala alanine.
ala (a´lah) pl. a´lae   [L.] a winglike process.
.--(BUSINESS WIRE)--Feb. 26, 2003

Cavalier cavalier (kăv'əlĭr`), in general, an armed horseman. In the English civil war the supporters of Charles I were called Cavaliers in contradistinction to the Roundheads, the followers of Parliament.  Homes, Inc. (NYSE NYSE

See: New York Stock Exchange
:CAV (1) (Component Analog Video) See YPbPr.

(2) (Constant Angular Velocity) Rotating an optical disc or hard disk at a constant speed. Contrast with "constant linear velocity" (CLV), in which the platter rotates at varying speeds.
) today announced financial results for the fourth quarter and year ended December December: see month.  31, 2002.

Total revenue for the fourth quarter declined 20% to $87,008,000 from $109,411,000 in the year-earlier period. This decline primarily reflected lower revenue from home manufacturing sales, the largest component of the Company's revenue, which was 20% lower at $84,054,000 for the quarter versus $105,222,000 for the fourth quarter of 2001. Floor shipments declined 27% to 4,644 floors versus 6,361 floors in the same period last year. Revenue from 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.
 for the quarter was largely unchanged. Revenue from retail sales increased slightly during the quarter versus the same period last year, but was offset by lower other revenue for the period.

The Company's pre-tax pre-tax adjanterior al impuesto

pre-tax adjavant impôt(s)

pre-tax adjal lordo d'imposta 
 loss for the fourth quarter was $11,649,000 compared with pre-tax income of $1,250,000 posted in the year-earlier period. The Company's pre-tax loss for the fourth quarter of 2002 included $6,064,000 in asset 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.
 charges and employee 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 the recently announced closing of six manufacturing facilities. Additionally, the period's results did not include any goodwill amortization expense. The Company's pre-tax income for the fourth quarter of 2001 included $1,003,000 in asset impairment and other related charges and $244,000 in goodwill amortization expense.

Cavalier's net loss for the fourth quarter of 2002 totaled $20,988,000 or $1.19 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 and included a charge of $15,861,000 or $0.90 per diluted share to establish a valuation allowance for the Company's net deferred tax assets. This charge was offset partially by the tax benefit of the current period's net loss recognized in the fourth quarter of 2002. In the fourth quarter of 2001, net income totaled $1,250,000 or $0.07 per diluted share.

Commenting on the results, David Roberson Roberson is a surname, and may refer to
  • Anthony Roberson
  • Chris Roberson
  • Dan Roberson
  • Dante Roberson
  • Ell Roberson
  • Eric Roberson
  • Jennifer Roberson
  • John Linton Roberson
  • LaTavia Roberson
  • Lee Roberson
  • Terrance Roberson
, President and Chief Executive Officer, said, "During the final quarter of 2002, we and others in the industry witnessed a further weakening weak·en  
tr. & intr.v. weak·ened, weak·en·ing, weak·ens
To make or become weak or weaker.



weaken·er n.
 of market conditions, eroding the progress we made in the first half of the year and deepening deep·en  
tr. & intr.v. deep·ened, deep·en·ing, deep·ens
To make or become deep or deeper.

Noun 1. deepening - a process of becoming deeper and more profound
 a cyclical cyclical

Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements.
 downturn Downturn

The transition point between a rising, expanding economy to a falling, contracting one.


downturn

A decline in security prices or economic activity following a period of rising or stable prices or activity.
 more severe than we have seen in several decades. We believe a slowing of the general economy in the fourth quarter accounted for some of this added weakness, as the nation's gross domestic product declined significantly from the preceding third quarter. A seasonal decline in manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use.

In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected
 sales also likely contributed to the weak fourth quarter. These issues aside, our industry continues to face significant challenges brought about by a confluence confluence /con·flu·ence/ (kon´floo-ins)
1. a running together; a meeting of streams.con´fluent

2. in embryology, the flowing of cells, a component process of gastrulation.
 of overcapacity o·ver·ca·pac·i·ty  
n.
Too great a capacity for production of commodities or delivery of services in relation to actual need: the problem of overcapacity in many large industries. 
 at both the retail and manufacturing levels, along with an ongoing tightening of credit standards Credit Standards

The guidelines a company follows to determine whether a credit applicant is creditworthy.
 and a corresponding reduction in credit availability for customers and dealers. This three-year contraction contraction, in physics
contraction, in physics: see expansion.
contraction, in grammar
contraction, in writing: see abbreviation.

contraction - reduction
 has caused many financing sources to exit the industry and has closed approximately 100 manufacturing plants. Likewise, it has cut industry shipments 52% since 1999 to a 40-year low of 168,000 homes.

"Given our focus on Southeastern markets, a region that has traditionally relied on chattel mortgages A transfer of some legal or equitable right in Personal Property as security for the payment of money or performance of some other act. Chattel mortgages have generally been superseded by other types of Secured Transactions under the Uniform Commercial Code  for the purchase of manufactured housing, these adverse conditions have translated into even greater hurdles for Cavalier," he continued. "In other areas of the country, where home/land transactions and conventional mortgages are more prevalent, manufactured housing sales have been less affected by the turmoil that has affected customers and dealers in our geographic region.

"In light of this challenging environment, the additional deterioration de·te·ri·o·ra·tion
n.
The process or condition of becoming worse.
 seen in the fourth quarter, and the indeterminate That which is uncertain or not particularly designated.


INDETERMINATE. That which is uncertain or not particularly designated; as, if I sell you one hundred bushels of wheat, without stating what wheat. 1 Bouv. Inst. n. 950.
 impact of current political tensions in the Middle East on our domestic economy, we have continued to take firm action and make hard choices to reduce our manufacturing capacity in step with current demand and to control expenses," Roberson added. "These steps have involved the closing of 15 facilities over the past three years, including six in the last quarter of 2002 - actions intended to reduce the long-term Long-term

Three or more years. In the context of accounting, more than 1 year.


long-term

1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term.
 risk to our Company of carrying unneeded capacity through the winter season and until there are clear signs that sales will rebound rebound (rē´bownd),
n/v 1. a recovery from illness.
n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus

rebound adjective
. Moreover, we have worked to stabilize stabilize

See peg.
 our business and reduce costs over the past two years by increasing the use of standardized standardized

pertaining to data that have been submitted to standardization procedures.


standardized morbidity rate
see morbidity rate.

standardized mortality rate
see mortality rate.
 parts and focusing on a product line that emphasizes features and value rather than sheer number of choices. Obviously, there are market dynamics that we cannot control, but we think these initiatives are crucial to our plan to conserve and protect our capabilities and market position so that we can continue as a leading force in manufactured housing when this cyclical downturn runs its course and the stage is set for renewed industry growth."

Cavalier's revenue for the year ended December 31, 2002, increased 6% to $387,257,000 from $363,871,000 in 2001. Home manufacturing sales rose 7% to $374,273,000 for the year versus $348,235,000 last year as shipments increased 2% to 21,703 floors from 21,324 floors in 2001. The Company's higher floor shipments for the year to date compared with a decline of 11% in industry floor shipments during 2002, according to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 the Manufactured Housing Institute, demonstrating continued market share gains for the Company over the past two years.

The Company's pre-tax loss for 2002 was $14,792,000 versus a pre-tax loss of $14,618,000 in 2001. The pre-tax loss for 2002 included asset impairment and employee severance costs totaling $6,064,000, which was offset to some extent by a second quarter benefit from the settlement of an insurance claim totaling $1,163,000. Additionally, the 2002 results did not include any goodwill amortization expense. The pre-tax loss for 2001 included asset impairment and other related charges totaling $1,003,000 and goodwill amortization expense totaling $978,000.

Cavalier's net loss for 2002 totaled $34,670,000 or $1.96 per diluted share and included the aforementioned a·fore·men·tioned  
adj.
Mentioned previously.

n.
The one or ones mentioned previously.


aforementioned
Adjective

mentioned before

Adj. 1.
 fourth quarter charge related to the valuation allowance for net deferred tax assets, offset to some extent by the income tax benefit of utilizing the current year's net operating loss operating loss

The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income.
. Additionally, the net loss for 2002 included a charge in the first quarter totaling $14,162,000 or $0.80 per diluted share to record the cumulative effect of a change in accounting principle, in connection with the implementation of Statement of Financial Accounting Standards ("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
") No. 142, "Goodwill and Other Intangible Assets Intangible Asset

An asset that is not physical in nature.

Notes:
Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets.
," as of January January: see month.  1, 2002. The Company's net loss for 2001 was $14,018,000 or $0.80 per diluted share.

Commenting on the Company's financial position, Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products.  Donnell, Cavalier's Chairman, said that Cavalier ended the year with cash totaling $34,939,000 versus $43,256,000 at the same time last year. Additionally, the Company has filed for a federal income tax refund Tax refund

Money back from the government when too much tax has been paid or withheld from a salary.
 utilizing 2002 net operating losses Net operating losses

Losses that a firm can take advantage of to reduce taxes.
 and expects to receive a refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid.
     2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies
 of approximately $6,400,000. Year-end year-end also year·end
n.
The end of a year.

adj.
Occurring or done at the end of the year: a year-end audit.

Noun 1.
 inventories dropped to $18,287,000 at December 31, 2002, from $20,672,000 at the end of 2001. Dealer inventory, including inventory at company-owned retail sales centers, declined 12% to approximately $151,000,000 at December 31, 2002, from $171,000,000 a year ago as the turnover of the Company's product at retail continued to improve. Year-end dealer inventory was down 6% from $161,000,000 at the end of the third quarter of 2002.

Donnell also noted Cavalier's total long-term debt Long-Term Debt

Loans and financial obligations lasting over one year.

Notes:
For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt.
 at the end of 2002 declined to $22,643,000 from $23,999,000 at December 31, 2001. The amounts for both years included an outstanding balance of $15,000,000 on the Company's revolving credit Revolving Credit

A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs.
 facility, which matures in April 2005. Because of the costs associated with the closing of six facilities during 2002 and the establishment of a valuation allowance for the Company's net deferred tax assets, there is no additional funding capacity at this time. The Company was not in compliance with certain covenants under this facility as of December 31, 2002. The lender has waived compliance with these covenants through December 31, 2003. The Company and its lender are negotiating to restructure the facility and its covenants in light of the current operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . While the Company expects to complete these negotiations successfully in the near future, Cavalier can give no assurance that it will arrive at a mutually agreeable understanding with its lender to restructure the revolving credit facility and the covenants 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.
.

Cavalier Homes, Inc. and its subsidiaries produce, sell, and finance manufactured housing. The Company markets its homes primarily through independent dealers, including exclusive dealers that carry only Cavalier products, and provides financial services primarily to retail purchasers of manufactured homes sold through its dealer network. A public, listen-only simulcast of Cavalier Homes' fourth quarter conference call will begin at 9:30 a.m. Eastern Daylight Time tomorrow (February 27, 2003) and may be accessed via the Company's web site, www.cavhomesinc.com, or at www.viavid.com; investors are invited to access the simulcast at least 10 minutes before the start time in order to complete a brief registration form. A replay of this call will be available shortly after the call using this same link and will continue until March 27, 2003.

With the exception of historical information, the statements made in this press release, including those containing the words "believe," "know," "will," and words of similar import, and those relating to relating to relate prepconcernant

relating to relate prepbezüglich +gen, mit Bezug auf +acc 
 industry trends and conditions, Cavalier's expectations for its results of operations in future periods, acceptance of Cavalier's new product initiatives and the effect of these and other steps taken in the last several years on Cavalier's future sales and earnings, and Cavalier's plans and expectations for addressing current and future industry and business conditions, constitute 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.
, are based upon current expectations, and are made pursuant to the "Safe Harbor Safe Harbor

1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.

2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive.
" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995. Such forward-looking statements involve certain known and unknown assumptions, risks and uncertainties that could cause actual results to differ materially from those included in or contemplated by the statements, including among other matters, significant competitive activity, including promotional and price competition; interest rates; increases in raw material and energy costs; changes in customer demand for Cavalier's products; inherent risks in the market place associated with new products and new product lines; and other risk factors listed from time to time in Cavalier's reports filed with the Securities and Exchange Commission, including, but not limited to, those discussed or indicated in Cavalier's 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.
 for the period ended December 31, 2001, under the heading "Item 1. Business-Risk Factors," and its Quarterly Report on Form 10-Q Form 10-Q

See 10-Q.
 for the period ended September 28, 2002, under the heading "Safe Harbor Statement under the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.

When a person begins a civil lawsuit, the person enters into a process called litigation.
 Reform Act of 1995," as filed with the Securities and Exchange Commission. Cavalier disclaims any obligation to update any forward-looking statements as a result of developments occurring after the issuance of this press release.


                         Cavalier Homes, Inc.
                    Unaudited Financial Highlights
               (In thousands, except per share amounts)

                      Fourth Quarter Ended           Year Ended
                     ----------------------    ----------------------
                      Dec. 31,     Dec. 31,     Dec. 31,     Dec. 31,
                        2002         2001         2002         2001
                     ---------    ---------    ---------    ---------
Revenue              $  87,008    $ 109,411    $ 387,257    $ 363,871
Income (loss)
  before income
  taxes (benefit)      (11,649)       1,250      (14,792)     (14,618)
Income taxes
  (benefit)              9,339         --          5,716         (600)
                     ---------    ---------    ---------    ---------
Income (loss) before
  cumulative effect
  of change in
  accounting
  principle            (20,988)       1,250      (20,508)     (14,018)
Cumulative effect of
  change in
  accounting
  principle, net
  of tax benefit
  of $1,306               --           --        (14,162)        --
                     ---------    ---------    ---------    ---------
Net income (loss)    $ (20,988)   $   1,250    $ (34,670)   $ (14,018)
                     =========    =========    =========    =========
Basic and diluted
  income (loss)
  per share:
  Income (loss)
    before cumulative
    effect of change
    in accounting
    principle        $   (1.19)   $    0.07    $   (1.16)   $   (0.80)
  Cumulative effect
    of change in
    accounting
    principle             --           --          (0.80)        --
                     ---------    ---------    ---------    ---------
  Net income (loss)  $   (1.19)   $    0.07    $   (1.96)   $   (0.80)
                     =========    =========    =========    =========
Weighted average
  shares - Basic        17,666       17,660       17,665       17,580
                     =========    =========    =========    =========
Weighted average
  shares - Diluted      17,666       17,691       17,665       17,580
                     =========    =========    =========    =========

              Cavalier Homes, Inc. Data Sheet - Unaudited
               (In thousands, except per share amounts)

                      Fourth Quarter Ended           Year Ended
                     ----------------------    ----------------------
                      Dec. 31,     Dec. 31,     Dec. 31,     Dec. 31,
                        2002         2001         2002         2001
                     ---------    ---------    ---------    ---------
STATEMENT OF INCOME SUMMARY
Home manufacturing
  net sales          $  84,054    $ 105,222    $ 374,273    $ 348,235
Financial services         788          884        2,690        3,088
Retail                   1,954        1,785        7,908        6,968
Other                      212        1,520        2,386        5,580
                     ---------    ---------    ---------    ---------
  Total revenue      $  87,008    $ 109,411    $ 387,257    $ 363,871
                     =========    =========    =========    =========
Cost of sales           76,719       88,830      332,964      309,656
                     ---------    ---------    ---------    ---------
  Gross profit          10,289       20,581       54,293       54,215
Selling, general and
  administrative        15,699       17,961       62,649       66,335
Impairment and other
  related charges        6,064        1,003        6,064        1,003
                     ---------    ---------    ---------    ---------
Operating income
  (loss)               (11,474)       1,617      (14,420)     (13,123)
                     ---------    ---------    ---------    ---------

Other income (expense):
  Interest expense        (373)        (371)      (1,495)      (1,935)
  Other, net               198            4        1,123          440
                     ---------    ---------    ---------    ---------
                          (175)        (367)        (372)      (1,495)
                     ---------    ---------    ---------    ---------
Income (loss) before
  income taxes
  (benefit)            (11,649)       1,250      (14,792)     (14,618)
Income taxes(benefit)    9,339         --          5,716         (600)
                     ---------    ---------    ---------    ---------
Income (loss) before
  cumulative effect
  of change in
  accounting
  principle            (20,988)       1,250      (20,508)     (14,018)
Cumulative effect of
  change in accounting
  principle, net of
  tax benefit
  of $1,306               --           --        (14,162)        --
                     ---------    ---------    ---------    ---------
Net income (loss)    $ (20,988)   $   1,250    $ (34,670)   $ (14,018)
                     =========    =========    =========    =========

Basic and diluted income (loss) per share:
  Income (loss)
    before
    cumulative effect
    of change in
    accounting
    principle        $   (1.19)   $    0.07    $   (1.16)   $   (0.80)
  Cumulative effect
    of change in
    accounting
    principle             --           --          (0.80)        --
                     ---------    ---------    ---------    ---------
  Net income (loss)  $   (1.19)   $    0.07    $   (1.96)   $   (0.80)
                     =========    =========    =========    =========
Weighted average
  shares outstanding
  - basic               17,666       17,660       17,665       17,580
                     =========    =========    =========    =========
Weighted average
  shares outstanding
  - diluted             17,666       17,691       17,665       17,580
                     =========    =========    =========    =========

As Adjusted Information (SFAS No. 142):

Net income (loss)
  as reported        $ (20,988)   $   1,250    $ (34,670)   $ (14,018)
Amortization of
  goodwill                --            244         --            978
                     ---------    ---------    ---------    ---------
                       (20,988)       1,494      (34,670)     (13,040)
Cumulative effect
  of change in
  accounting
  principle, net
  of tax                  --           --         14,162         --
                     ---------    ---------    ---------    ---------
Adjusted net
  income (loss)      $ (20,988)   $   1,494    $ (20,508)   $ (13,040)
                     =========    =========    =========    =========
Basic and diluted
  income (loss)
  per share:
Net income (loss)
  as reported        $   (1.19)   $    0.07    $   (1.96)   $   (0.80)
Amortization of
  goodwill                --           0.01         --           0.06
                     ---------    ---------    ---------    ---------
                         (1.19)        0.08        (1.96)       (0.74)
Cumulative effect
  of change in
  accounting
  principle               --           --           0.80         --
                     ---------    ---------    ---------    ---------
Adjusted net
  income (loss)      $   (1.19)   $    0.08    $   (1.16)   $   (0.74)
                     =========    =========    =========    =========

        Cavalier Homes, Inc. Data Sheet - Unaudited (Continued)
      (Dollars and shares in thousands, except per share amounts)

                      Fourth Quarter Ended           Year Ended
                     ----------------------    ----------------------
                      Dec. 31,     Dec. 31,     Dec. 31,     Dec. 31,
                        2002         2001         2002         2001
                     ---------    ---------    ---------    ---------
OPERATING DATA SUMMARY
Manufacturing sales:
Floor shipments          4,644        6,361       21,703       21,324
Home shipments:
  Single section           393          968        2,235        4,013
  Multi-section          2,125        2,696        9,734        8,656
                     ---------    ---------    ---------    ---------
Total shipments          2,518        3,664       11,969       12,669
Shipments to
  company-owned
  retail locations         (55)         (38)        (187)        (151)
                     ---------    ---------    ---------    ---------
Wholesale shipments
  to independent
  retailers              2,463        3,626       11,782       12,518
                     =========    =========    =========    =========
Retail sales:
  Single section            20           18           73           75
  Multi-section             34           32          145          125
                     ---------    ---------    ---------    ---------
Total sales                 54           50          218          200
                     =========    =========    =========    =========
Cavalier produced
  homes sold                46           43          188          170
                     =========    =========    =========    =========
Used homes sold              8            7           30           29
                     =========    =========    =========    =========
Independent exclusive
  dealer locations         220          237          220          237
Company-owned stores         4            5            4            5
Home manufacturing
  facilities --
  operating                  8           14            8           14
Installment loan
  purchases          $  11,744    $   7,669    $  45,580    $  35,768
EBITDA (excludes
  cumulative effect
  of change in
  accounting
  principle)         $  (9,818)   $   3,608    $  (7,011)   $  (4,509)

BALANCE SHEET SUMMARY
Cash and cash equivalents                      $  34,939    $  43,256
Accounts receivable, less allowance for losses     3,353        7,293
Inventories                                       18,287       20,672
Notes and installment contracts receivable         6,102        1,708
Other current assets                               9,939       10,086
                                               ---------    ---------
   Total current assets                           72,620       83,015
                                               ---------    ---------
Property, plant and equipment, net                50,357       59,692
Installment contracts receivable,
  less allowance for credit losses                 4,058        3,232
Goodwill                                            --         15,468
Other assets                                       3,036       12,709
                                               ---------    ---------
   Total assets                                $ 130,071    $ 174,116
                                               =========    =========

Current portion of long-term debt              $   1,347    $   1,294
Notes payable                                         67        2,364
Other current liabilities                         58,860       61,174
                                               ---------    ---------
   Total current liabilities                      60,274       64,832
                                               ---------    ---------
Long-term debt                                    22,643       23,999
Other long-term liabilities                        1,618        5,093
Stockholders' equity                              45,536       80,192
                                               ---------    ---------
   Total liabilities and stockholders' equity  $ 130,071    $ 174,116
                                               =========    =========
OTHER INFORMATION
Working capital                                $  12,346    $  18,183
Current ratio                                   1.2 to 1     1.3 to 1
Number of shares outstanding                      17,666       17,660
Stockholders' equity per share                 $    2.58    $    4.54
CIS installment loan portfolio                 $  10,977    $   4,991

COPYRIGHT 2003 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Geographic Code:1USA
Date:Feb 26, 2003
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