Sierra Systems Reports Third Quarter Fiscal 2003 Results.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , Brititsh Columbia--(BUSINESS WIRE)--Aug. 7, 2003 Grant Gisel, President 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. of Sierra Systems Sierra Systems Group Inc. ("Sierra Systems") is a private information technology and business consulting corporation headquartered in Vancouver, BC, Canada. The company provides services to both the public and private sectors. Group Inc., commented on the Company's third quarter results. "We experienced a positive quarter from an operating standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the . Not only did revenue and earnings from operations increase 16% and 50%, respectively, compared to the same quarter last year, our sales pipeline saw its best-ever quarterly performance, which will begin producing revenue in Q1 2004." Amounts in tables are in thousands of Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents except earnings per share.
Fiscal 2003 3 Months Ended June 30
2003 2002
-----------------------
Revenue 38,781 33,418
Earnings from Operations 2,184 1,452
Net Earnings for the Period 42 145
Basic and Diluted Earnings Per Share $0.00 $0.02
Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Third Quarter Fiscal 2003 Results Third quarter revenue was 16% higher than the same period last year with our core business of services revenue also up 16%. Utilization was higher at 78% compared to 72% and available hours were also higher by 4%, a result of the new Winnipeg Winnipeg, city, Canada Winnipeg (wĭn`ĭpĕg), city (1991 pop. 616,790), provincial capital, SE Man., Canada, at the confluence of the Red and Assiniboine rivers. location. The ratio of compensation costs as a percentage of services revenue improved to 73% from 74%. Compensation costs were 16% higher than last year. Over half of this increase (or $2.2 million) arose from the increased use of external consultants. The main drivers of that change were the partners involved in the large project in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and also work associated with the offshore contract with an international agency. A further third (or $1.2 million) of the increase arose from higher salary costs. This was due to the 4% higher average billable headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. - a result of the INSI INSI Initial Nuclear Safety Inspection acquisition in June June: see month. 2002. The remaining increase in compensation costs was from higher payouts from variable plans based on operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. . Other costs were higher by 8% due to more travel. The ratio of other costs to services revenue was stable at 7%. The gross margin percentage improved slightly to 20% from 19%, leading to an increase in gross profit of 20%. General and administration costs increased 11%. However, the ratio of these costs to services revenue decreased to 12% from 13%. Of the increase in costs, three quarters arose from an increase in office and administrative salaries and rent. 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. increased by $0.7 million to $2.2 million. There was a foreign exchange loss of $1.2 million which is not tax deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). and, therefore, had a material impact on the earnings per share of $0.13. This gave rise to $0.00 earnings per share. On a sequential One after the other in some consecutive order such as by name or number. quarterly basis, services revenue increased by 4%, a result of further increases in utilization to 78% as compared to 76%. The average billable headcount during the quarter was stable. Compensation costs were stable with the ratio of compensation costs to services revenue dropping to 73% from 76%. Slight reductions in salary costs due to the weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. U.S. dollar were offset by increases in
external consultant costs. The cost of external consultants as a
percentage of total compensation costs is now running higher than the
20% benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. set for fiscal 2003 at approximately 23-25%. Expenditures
on other costs increased by 7% or $0.2 million due to increases in
travel. General and administration costs decreased by 6% and the ratio
of these costs to services revenue improved to 12% from 13%.Amounts in tables are in thousands of Canadian dollars except earnings per share.
Fiscal 2003 9 Months Ended June 30
2003 2002
-----------------------
Revenue 114,176 98,019
Earnings from Operations 5,914 2,550
Net Earnings for the Year 1,081 852
Basic Earnings Per Share $0.12 $0.09
Fully Diluted Earnings Per Share $0.11 $0.09
Services revenue for the nine months increased 16% compared to the same period last year. Compensation costs increased by 14% due to an increase in the cost of external consultants (about two thirds of the increase), higher average billable headcount salary increases and higher benefit costs. Spending on other costs increased by 2%. Gross margin has increased to 20% from 17%, leading to an increase in gross profit of 35%. General and administration costs have increased 19% due to an increase in office salaries, rent and contracting costs, but at 13% remain a consistent percentage of services revenue. Operating income increased $3.3 million to $5.9 million with the foreign exchange loss significantly reducing earnings per share. During the quarter, the Company performed its annual 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. test of its goodwill based on: (a) the market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of the Company, and (b) an analysis of valuation metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. of comparable companies. The Company has determined that there is no impairment in the value of goodwill. Outlook The Company is updating its outlook for the 2003 fiscal year. Sierra Systems expects services revenue to be in the range of $147 million to $148 million (previously issued guidance was $151 to 153.5 million). This is the result of a shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. from Q4 expectations in Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. operations. Earnings per share outlook excludes any foreign exchange gain or loss created by movements in the U.S. dollar rate. The sensitivity to the U.S. dollar has been, and remains likely to be, in the range of $0.1 million for every one cent move in the foreign exchange rate. As has been noted previously, any such gain or loss has no tax impact and can therefore be material to the earnings per share. Earnings per share excluding this foreign exchange component is anticipated to be in the range of $0.41 to $0.45. This compares to previous estimates of $0.48 to $0.58. The earnings per share for the nine month period to June 30 has been reduced by a foreign exchange loss of $0.24. Without any foreign exchange impact in the fourth quarter, earnings per share will be in a range of $0.17 to $0.21. This guidance is based on information known today about market conditions and demands for its services, and excludes the impact of any acquisitions or a win of a large contract contributing more than $6 million per year in revenue. It is also subject to the sensitivity factors identified in management's discussion and analysis in the fiscal 2002 annual report including, most specifically, the sensitivity to fluctuations in the U.S. dollar exchange rate and fixed price project performance. About Sierra Systems Sierra Systems Group Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :SSG SSG abbr. staff sergeant ) is one of North America's original business consulting and technology services organizations. For over 36 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Company has cultivated cultivated, n in herbal medicine, used to describe plants that are commercially farmed rather than collected from the wild. lasting associations with clients by integrating technical experience with industry knowledge for innovative, sustainable results. Sierra Systems has built industry-leading practices in health, justice, electronic government, enterprise solutions, 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. and insurance, utilities and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , and established regional market expertise in its 14 strategic locations. Reach Sierra Systems at www.SierraSystems.com. Conference Call Details Date: Thursday, August 7, 2003 Start time: 1:30 p.m. Pacific (4:30 p.m. Eastern) time Dial-in number: 1.866.521.6852 Live webcast: www.SierraSystems.com Presentation: A presentation to be viewed in conjunction with the conference call will be posted on the Company's website with a link on the home page to the presentation. A replay of the conference call is available through Thursday Thursday: see week. , August 21, 2003 by dialing 1.800.365.8354 and entering the passcode 102987. The conference call and the presentation will be archived in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Company website at www.SierraSystems.com. Caveat [Latin, Let him beware.] A warning; admonition. A formal notice or warning given by an interested party to a court, judge, or ministerial officer in opposition to certain acts within his or her power and jurisdiction. The statements that are not historical facts contained in this release are 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 involve risks and uncertainties. Sierra Systems' actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, technological shifts, employee retention, fixed price contract delivery, competition, general economic conditions, foreign exchange and other risks detailed in the Company's annual report and other filings with Canadian securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities .
SIERRA SYSTEMS GROUP INC.
CONSOLIDATED BALANCE SHEETS
(in thousands of Canadian dollars)
(unaudited)
June 30 September 30
2003 2002
------------ ------------
ASSETS
Current assets
Cash and cash equivalents $ 7,314 $ 10,803
Accounts receivable,
including work in
progress 35,116 33,982
Current portion of
long-term accounts
receivable - 1,558
Income taxes recoverable - 890
Prepaid expenses 2,943 2,306
------------ ------------
45,373 49,539
Property and equipment 10,786 10,265
Future income taxes 4,104 3,646
Goodwill 19,312 19,312
------------ ------------
$ 79,575 $ 82,762
------------ ------------
------------ ------------
LIABILITIES
Current liabilities
Bank indebtedness $ - $ 4,488
Accounts payable and
accrued liabilities 12,930 12,770
Deferred revenue 2,335 2,465
Current portion of
project financing - 995
Current portion of
capital lease obligation 91 136
Income taxes payable 116 -
Future income taxes 1,619 465
------------ ------------
17,091 21,319
Capital lease obligation - 54
------------ ------------
17,091 21,373
SHAREHOLDERS' EQUITY
Capital stock (note 3) 41,209 41,147
Retained earnings 21,275 20,242
--------- -------------
62,484 61,389
------------ ------------
$ 79,575 $ 82,762
------------ ------------
------------ ------------
SIERRA SYSTEMS GROUP INC.
CONSOLIDATED STATEMENTS of RETAINED EARNINGS
(in thousands of Canadian dollars)
(unaudited)
Three months ended Nine months ended
June 30 June 30
2003 2002 2003 2002
-------- -------- -------- --------
Retained earnings -
Beginning of period $ 21,233 $ 19,261 $ 20,242 $ 18,554
Net earnings for the
period 42 145 1,081 852
Shares purchased and
cancelled (note 3(d)) - - (48) -
-------- -------- -------- --------
Retained earnings - End
of period $ 21,275 $ 19,406 $ 21,275 $ 19,406
-------- -------- -------- --------
-------- -------- -------- --------
SIERRA SYSTEMS GROUP INC.
CONSOLIDATED STATEMENTS of EARNINGS
(in thousands of Canadian dollars except per share and share figures)
(unaudited)
Three months ended Nine months ended
June 30 June 30
2003 2002 2003 2002
--------- --------- --------- ---------
Revenue
Services $ 38,701 $ 33,296 $ 112,548 $ 96,723
Product sales 80 122 1,628 1,296
--------- --------- --------- ---------
38,781 33,418 114,176 98,019
--------- --------- --------- ---------
Cost of sales
Compensation 28,372 24,485 82,663 72,768
Other costs 2,602 2,405 7,252 7,096
Product costs 68 58 1,347 1,167
--------- --------- --------- ---------
31,042 26,948 91,262 81,031
--------- --------- --------- ---------
Gross profit 7,739 6,470 22,914 16,988
General and
administration 4,687 4,234 14,581 12,267
Amortization of property
and equipment 868 784 2,419 2,171
--------- --------- --------- ---------
Earnings from operations 2,184 1,452 5,914 2,550
--------- --------- --------- ---------
Other (expense) income
Foreign exchange loss (1,190) (716) (2,205) (509)
Interest 33 46 66 189
--------- --------- --------- ---------
(1,157) (670) (2,139) (320)
--------- --------- --------- ---------
Earnings before income
taxes 1,027 782 3,775 2,230
Provision for income
taxes 985 637 2,694 1,378
--------- --------- --------- ---------
Net earnings for the
period $ 42 $ 145 $ 1,081 $ 852
--------- --------- --------- ---------
--------- --------- --------- ---------
Earnings per share $ 0.00 $ 0.02 $ 0.12 $ 0.09
--------- --------- --------- ---------
--------- --------- --------- ---------
Diluted earnings per
share $ 0.00 $ 0.02 $ 0.11 $ 0.09
--------- --------- --------- ---------
--------- --------- --------- ---------
Weighted average number
of common shares
outstanding 9,339,173 9,242,910 9,334,392 9,209,651
--------- --------- --------- ---------
SIERRA SYSTEMS GROUP INC.
CONSOLIDATED STATEMENTS of CASH FLOWS
(in thousands of Canadian dollars)
(unaudited)
Three months ended Nine months ended
June 30 June 30
2003 2002 2003 2002
--------- --------- --------- ---------
Cash provided from
(used for)
Operating activities
Net earnings for the
period $ 42 $ 145 $ 1,081 $ 852
Items not affecting cash -
Amortization of property
and equipment 868 784 2,419 2,171
Future income taxes 504 148 206 142
Net change in non-cash
working capital relating
to operations (42) 1,224 (243) 1,782
Net change in long-term
accounts receivable - 439 1,558 1,621
--------- --------- --------- ---------
1,372 2,740 5,021 6,568
Financing activities
Project financing - (714) (995) (2,059)
Shares purchased for
long-term incentive plan (93) (176) (133) (193)
Shares purchased and
cancelled (note 3(d)) - - (92) -
Shares issued (note 3(c)) 68 63 238 188
Repayment of capital
lease obligation (31) (12) (99) (12)
--------- --------- --------- ---------
(56) (839) (1,081) (2,076)
Investing activities
Purchase of property and
equipment (969) (551) (2,941) (1,699)
Business acquisitions - (6,872) - (8,072)
--------- --------- --------- ---------
(969) (7,423) (2,941) (9,771)
Increase in cash and cash
equivalents 347 (5,522) 999 (5,279)
Cash and cash equivalents
- beginning of period 6,967 9,819 6,315 9,576
--------- --------- --------- ---------
Cash and cash equivalents
- end of period $ 7,314 $ 4,297 $ 7,314 $ 4,297
--------- --------- --------- ---------
--------- --------- --------- ---------
Supplementary cash flow information (note 2)
Notes to Interim Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge (unaudited) (Amounts in tables are in thousands of Canadian dollars except per share figures) 1. Summary of significant accounting policies General These interim Consolidated Financial Statements have been prepared 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 Canadian generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , using the same accounting policies as outlined in Note 1 to the Consolidated Financial Statements for the year ended September September: see month. 30, 2002, except as noted below. Certain comparative figures in the Consolidated Financial Statements have been reclassified to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the current period presentation. On October October: see month. 1, 2002, the Company adopted the new recommendations of CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) Handbook
This article is about reference works. For the subnotebook computer, see .
The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. . The Section establishes standards for the recognition, measurement and disclosure of stock-based compensation. It encourages, but does not require, the use of the fair value method to account for stock-based compensation costs arising from awards to employees. The Section requires pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma disclosure of net earnings and earnings per share as if the fair value method of accounting had been used. The Company has chosen to adopt the disclosure-only provisions of the Section relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the fair value method of accounting for options granted to employees. Property and equipment Effective October 1, 2002, the Company changed the method of amortization for furniture and equipment, computer hardware and computer software from declining balance to straight-line straight-line adj. 1. Lying in a straight line. 2. Relating to a device whose linkage produces or copies motion in straight lines. 3. . The change did not have a material effect on the reported results. Property and equipment are carried at the lower of cost, accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. amortization and net recoverable amount. Amortization is calculated over their estimated useful lives at the following rates:
Furniture and equipment 7 years straight-line
Computer hardware 4 years straight-line
Computer software 3 years straight-line
Leasehold improvements over the remaining life of the lease
Enterprise application software 8 years straight-line
2. Supplementary cash flow information
Interest and income taxes Three months Nine months
ended June 30 ended June 30
2003 2002 2003 2002
----------------------------------
Interest paid $ 7 $ 29 $ 64 $ 105
Interest received $ 62 $ 19 $ 137 $ 180
Income taxes paid $ 719 $ 708 $ 1,775 $ 1,365
3. Capital stock
a) Capital stock
Issued As at As at
June 30, September 30,
2003 2002
----------------------------
Common shares 9,328,968 9,324,827
Amount $ 41,209 $ 41,147
b) Options The Company has a stock option plan that grants to directors and certain employees of the Company the option to purchase up to 1,311,900 common shares of the Company. The exercise price of each option is determined by the market price of the Company's stock on the date of the grant and an option's maximum term is 10 years. Options generally vest over three to five years. Had compensation costs been determined using the fair value method at the day of the grant for awards granted since October 1, 2002, under this stock option plan, the Company's pro forma net earnings, basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of would have been $8,000, $0.00 and $0.00, respectively, for the three months ended June 30, 2003 and pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. , basic and diluted earnings per share would have been $1,012,000, $0.11 and $0.11, respectively, for the nine months ended June 30, 2003. These pro forma amounts include a compensation cost based on a weighted-average grant date fair value of $7.20 per share for 24,000 stock options granted for the three months ended, and $7.99 per share for 128,200 stock options granted during the nine months ended June 30, 2003. These calculations were made using the Black-Scholes option pricing model option pricing model A mathematical formula for determining the price at which an option should trade. The model expresses the value of an option as a function of the value of the underlying asset, length of time until maturity, exercise price, yields on with the following assumptions: risk-free interest rate Risk-Free Interest Rate Describes return available to an investor in a security somehow guaranteed to produce that return. The risk-free interest rate compensataes the investor for the temporary sacrifice of consumption. of 4.2%, dividend yield of 0%, expected volatility of 51% and expected life of four years. As permitted by CICA Handbook Section 3870, the pro forma disclosure omits the effect of awards granted before October 1, 2002.
Three months ended Nine months ended
June 30, 2003 June 30, 2003
------------------------------------
Balance - beginning of period 1,122,460 1,043,957
Options granted in period 24,000 128,200
Options exercised in period - -
Options cancelled in period (13,800) (39,497)
------------------------------------
Balance - end of period 1,132,660 1,132,660
c) Employee share ownership plan (ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). ) The ESOP permits all full-time full-time adj. Employed for or involving a standard number of hours of working time: a full-time administrative assistant. full employees of the Company to purchase common shares through payroll deductions. Shares are purchased quarterly at prevailing market prices with a 15% subsidy subsidy, financial assistance granted by a government or philanthropic foundation to a person or association for the purpose of promoting an enterprise considered beneficial to the public welfare. from the Company. During the three months ended June 30, 2003, the Company contributed $9,000 (2002 - $8,000) and issued 8,532 shares (2002 - 8,205) pursuant to this plan. d) Shares purchased and cancelled can·cel v. can·celed also can·celled, can·cel·ing also can·cel·ling, can·cels also can·cels v.tr. 1. To cross out with lines or other markings. See Synonyms at erase. 2. On January January: see month. 21, 2003, the Company initiated its first normal course issuer bid. Under the bid, the Company had the right to purchase for cancellation up to a maximum of 400,000 of its common shares (representing approximately 4.25% of the Company's outstanding shares) over the following 12 months through the facilities of the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . The Company did not acquire any shares for cancellation during the three months ended June 30, 2003. During the nine months ended June 30, 2003, the Company acquired 10,000 shares at an average price of $9.20. 4. Business segment information The Company operates in one business segment - providing IT services. The Company operates primarily in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . Geographical information is based upon the country in which the Company's operations are located.
Revenue Canada U.S. Total
-------------------------------
For the three months ended
June 30, 2003 $ 26,551 $ 12,230 $ 38,781
For the three months ended
June 30, 2002 $ 21,180 $ 12,238 $ 33,418
For the nine months ended
June 30, 2003 $ 76,722 $ 37,454 $114,176
For the nine months ended
June 30, 2002 $ 62,089 $ 35,930 $ 98,019
Property, equipment and goodwill
As at June 30, 2003 $ 26,634 $ 3,464 $ 30,098
As at June 30, 2002 $ 27,442 $ 2,624 $ 30,066
5. Joint venture
The following amounts represent the Company's 49% proportionate
interest in its joint venture, Donna Cona II Inc.
Three months Nine months
ended June 30 ended June 30
2003 2002 2003 2002
----------------------------------
Current assets $ 1,473 $ 656 $ 1,473 $ 656
Long-term assets $ 37 $ 39 $ 37 $ 39
Current liabilities $ 930 $ 351 $ 930 $ 351
Revenue $ 1,237 $ 687 $ 4,517 $ 2,752
Expenses $ 1,244 $ 667 $ 4,358 $ 2,679
Net earnings $ (7) $ 20 $ 159 $ 73
Cash flow from operating
activities $ (133) $ 107 $ 208 $ 28
Cash flow from investing
activities $ (2) $ (26) $ (5) $ (35)
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