-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TBVrp7LFpR95G63dHzCQSQ9XNveCzmXps/iMZC/Od9rSlr0CCW0+huM43hf/yJSz HJAvXHZ2wPV+mvkzscsgJQ== 0001005150-04-000323.txt : 20040217 0001005150-04-000323.hdr.sgml : 20040216 20040217161628 ACCESSION NUMBER: 0001005150-04-000323 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040212 ITEM INFORMATION: FILED AS OF DATE: 20040217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GTSI CORP CENTRAL INDEX KEY: 0000850483 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] IRS NUMBER: 541248422 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19394 FILM NUMBER: 04608912 BUSINESS ADDRESS: STREET 1: 3901 STONECROFT BLVD CITY: CHANTILLY STATE: VA ZIP: 20151-0808 BUSINESS PHONE: 703-502-2000 MAIL ADDRESS: STREET 1: 3901 STONECROFT BLVD CITY: CHANTILLY STATE: VA ZIP: 20151-1010 8-K 1 form8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 12, 2004 GTSI CORP. Incorporated in Delaware Commission File No. 0-19394 I.R.S. Employer Identification No. 54-1248422 3901 Stonecroft Boulevard Chantilly, Virginia 20151-1010 (703) 502-2000 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION The information contained in this Item 12 of this Current Report is being furnished in accordance with SEC Release Nos. 33-8216 and 34-47583. The information, including the exhibits attached hereto, in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing. Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of GTSI Corp., dated February 12, 2004, reporting GTSI Corp.'s financial results for the three and 12-month periods ended December 31, 2003 and monthly sales. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GTSI CORP. By: /s/ Thomas A. Mutryn -------------------------------- Thomas A. Mutryn Senior Vice President and CFO Date: February 12, 2004 INDEX TO EXHIBITS EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Press Release issued by GTSI Corp. dated February 12, 2004. EX-99.1 3 ex99-1.txt EXHIBIT 99.1 GTSI REPORTS RECORD 4TH QUARTER AND YEARLY SALES - ------------------------------------------------ Approaches a Billion Dollar in Annual Sales 2003 HIGHLIGHTS --------------- o NUMBER ONE FEDERAL PARTNER FOR PANASONIC, SUN MICROSYSTEMS AND APC o ISO 9001:2000 CERTIFIED o ITES, US COMMUNITIES CONTRACT AWARDS CHANTILLY, VA. - February 12, 2004 - GTSI(R) Corp (Nasdaq: GTSI), a leading government technology solutions provider, today announced financial results for the quarter and year ended December 31, 2003, and monthly sales (see attached tables). For the fourth quarter 2003 GTSI reported sales of $312.5 million, an 11.5% increase over the same period a year ago. The company is taking a one-time special charge in the fourth quarter of $6.0 million for a write-off associated with the development and implementation of an enterprise resource planning system. For the fourth quarter, GTSI reported net income of $323,000 ($0.04 per diluted share). Excluding the one-time special charge net income was $4.0 million ($0.44 per diluted share). For the year, GTSI reported earnings of $3.2 million ($0.35 per diluted share), or $6.9 million ($0.76 per diluted share) before the one-time special charge. STRENGTH OF BUSINESS MODEL - -------------------------- "In 2003, GTSI continued to strengthen its business model and improve the delivery of information technology products to our government customers," said Dendy Young, Chairman and Chief Executive Officer of GTSI. "The company increased its fourth quarter revenue, expanded the portfolio of technology products, and generated a GTSI record $954.1 million in sales for fiscal 2003." "Despite federal budget and war-related uncertainties in the first half of the year, GTSI made significant progress in expanding sales coverage and activity in 2003," said Mr. Young. "Strong bookings in September and the fourth quarter are expected to give us positive momentum going into 2004." The company's customer mix in 2003 was 40% Department of Defense, 33% Civilian agencies and departments, 22% prime contractors, and 5% state and local government business. Leading revenue-generating offerings for the year were mobile and desktop computers, enterprise computers, software, networking, services and enterprise storage. GTSI's top revenue generating partners for 2003 included Panasonic, HP, Sun, Cisco, and Microsoft. FOURTH QUARTER FINANCIAL RESULTS - -------------------------------- GTSI's fourth quarter 2003 sales were $312.5 million, up 11.5% from the prior year's quarter. Operating expenses were $30.4 million, or $24.4 million before the one-time special charge. Net income was $323,000 for the fourth quarter of 2003, or $4.0 million before the one-time special charge. Gross margin in the fourth quarter of 2003 increased to 9.7% of total sales from 9.2% of total sales in 2002. This increase is due primarily to the January 1, 2003 adoption of Emerging Issues Task Force ("EITF") Issue No. 02-16, "Accounting for Consideration Received from a Vendor by a Customer (Including a Reseller of the Vendor's Products)," which resulted in reclassifying in 2003 certain vendor funds as a reduction in cost of sales. EITF Issue No. 02-16 effects are discussed in the "New Accounting Pronouncement" section of this release. YEAR-END FINANCIAL RESULTS - -------------------------- GTSI's 2003 full year sales were $954.1 million, up 2.1% from 2002. Operating expenses were $94.3 million, or $88.3 million before the one-time special charge. Net income for 2003 was $3.2 million ($0.35 per diluted share), or $6.9 million ($0.76 per diluted share) before the one-time special charge. Gross margin in 2003 increased to 10.1% of total sales from 8.3% of total sales. This increase is due primarily to the January 1, 2003 adoption of Emerging Issues Task Force ("EITF") Issue No. 02-16, "Accounting for Consideration Received from a Vendor by a Customer (Including a Reseller of the Vendor's Products)," which resulted in reclassifying in 2003 certain vendor funds as a reduction in cost of sales. EITF Issue No. 02-16 effects are discussed in the "New Accounting Pronouncement" section of this release. ERP RELATED SPECIAL CHARGE - -------------------------- The one-time special charge of $6.0 million is due to a write-off of capitalized assets associated with the design and implementation of an enterprise resource planning (ERP) system. Implementation of the ERP system is designed to improve management information and gain operating efficiencies. During the fourth quarter, GTSI determined that continuing to pursue a highly customized ERP solution was not in the company's best interest due to the higher level of development risk and the higher total cost of ownership associated with maintaining a customized solution The company has changed its strategy and will implement a standard ERP system, which is expected to lower the risk, compress the delivery time, provide significant value sooner, and reduce overall project expenses. Due to this change in strategy, $6.0 million of capitalized assets related to the customized solution was determined to not have future economic value. The enterprise software and hardware for a standard ERP system purchased to date will be fully utilized in the roll out of the new ERP. GTSI has made considerable progress in its efforts to update and enhance its IT infrastructure. In the course of the last year, GTSI has implemented several new parts of the ERP focused on human resources and finance. It is anticipated that the final implementation of the supply chain and customer relationship management components of the ERP will occur by the fourth quarter of 2004. DECEMBER 2003 AND JANUARY 2004 MONTHLY SALES - -------------------------------------------- Sales for December 2003 were $106.3 million, representing a 24.2% increase of average daily sales from December 2002 of $81.7 million. Month-end total backlog for December was $102.8 million or a 12.6% increase versus $91.3 million for the same period last year. Sales for January 2004 were $58.4 million, representing a 14.4% increase of average daily sales from January 2003 of $53.5 million. Month-end total backlog for January was $89.6 million or a 3.1% decrease versus $92.5 million for the same period last year, while net bookings for January 2004 totaled $45.2 million as compared to $54.7 million for January 2003, a 13.4% decrease (see attached table). FINANCIAL POSITION - ------------------ Tom Mutryn, GTSI's Senior Vice President and Chief Financial Officer, commented, "GTSI's balance sheet remains one of the strongest in the industry. The company has no long-term debt, had no outstanding bank borrowing as of the date of this release, and has an ample credit facility to meet the revolving credit and distribution financing needs." "We remain focused on creating a cost-efficient and productive organization making good capital decision, while simultaneously investing in areas of our business to provide longer term revenue and earnings growth," said Mr. Mutryn. "Expense comparisons for the fourth quarter of 2003 versus the fourth quarter of 2002 are impacted by the special charge of $6.0 million, the effect of applying EITF No. 02-16 which reduced fourth quarter 2002 expense by $3.5 million, and a $1.4 million expense credit in 2002 associated with the reversal of a bad debt accrual. Adjusted for these three items, fourth quarter expense in 2003 rose $1.2 million or 5.5% compared to the same period last year." NEW ACCOUNTING PRONOUNCEMENT - ---------------------------- For comparative purposes, if the Company had applied EITF No. 02-16 to the three-months ended December 31, 2002; gross margin for the fourth quarter would have increased year-over-year from $29.2 million to $30.5 million for the fourth quarter 2003. Gross margin percentage for the fourth quarter would have decreased from 10.4% in 2002 to 9.7% in 2003. Additionally, expenses would have increased from $21.8 million to $30.4 million, or from $21.8 million to $24.4 before special charge. For comparative purposes, if the Company had applied EITF No. 02-16 to the year ended December 31, 2002; gross margin for the year would have increased from $90.0 million to $96.8 million for the year ended December 31, 2003. Gross margin percentage for the year would have increased from 9.6% to 10.1% for the year. Additionally, expenses would have increased from $78.8 million to $94.3 million, or from $78.8 million to $88.3 million before special charge. CONFERENCE CALL - --------------- An investor conference call to discuss fourth quarter and full year results is scheduled for 11:00 a.m. Eastern Time February 12, 2004. Interested parties are invited to participate by calling 800-729-7758 or 706-643-1075, pass code 5336294. In addition, you may access the web cast on GTSI's Investor Relations page (www.gtsi.com/ir). To listen to the live call on the Internet, go to the web site at least 15 minutes early to register, download and install any necessary audio software. A replay will be available following the conclusion of the call until 6:00 pm EST, February 18, 2004. To access the replay, please dial 800-642-1687 or 706-645-9291, pass code 5336294. ABOUT GTSI CORP. - ---------------- GTSI Corp. is an information technology (IT) solutions leader, focusing exclusively on Federal, State, and Local government customers worldwide. For two decades, GTSI has served those customers by teaming with global IT leaders like Hewlett-Packard, Panasonic, Microsoft, Cisco, and Sun Microsystems. Offering a broad range of products and services, an extensive contract portfolio, and ISO 9001:2000 standard for quality management, GTSI uses its unique Technology Teams to deliver "best of breed" solutions that help government customers do their job more effectively. GTSI is headquartered in Northern Virginia, outside of Washington, D.C. Further information about the Company is available at GTSI.com/About. Except for historical information, all of the statements, expectations, beliefs and assumptions contained in the foregoing are "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995) that involve a number of risks and uncertainties. It is possible that the assumptions made by management -- including, but not limited to, those relating to revenue, margins, operating results and net income, and the effect of new contracts as well as new vendor relationships -- may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. In addition to the above factors, other important factors that could cause actual results to differ materially are those listed in the Company's most recent report on Form 10-K and included from time to time in other documents filed by the Company with the Securities and Exchange Commission. GTSI and GTSI.com are registered trademarks of GTSI Corp. in the U.S. and other Countries. All trade names are the property of their respective owners. GTSI CONTACT: - ------------- Paul Liberty Director of Investor Relations 703.502.2540 paul.liberty@gtsi.com - --------------------- ### ### ### THE FOLLOWING TABLES PRESENT OUR FINANCIAL RESULTS FOR THE QUARTERS ENDED DECEMBER 31, 2003 AND 2002, AS REPORTED IN CONFORMITY WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES ("GAAP") AND THOSE RESULTS ADJUSTED TO EXCLUDE A ONE-TIME ERP RELATED SPECIAL CHARGE AND TO RECONCILE THE EFFECT OF APPLYING EITF NO. 02-16. WE HAVE PRESENTED THESE TABLES BECAUSE OF THE SPECIAL NATURE OF THE ONE-TIME SPECIAL CHARGE AND TO APPLY A COMPARABLE BASIS OF MEASURE OF THE EFFECT OF APPLYING EITF NO. 02-16 FROM PERIOD TO PERIOD. WE BELIEVE THAT SUCH MEASURES PROVIDE INVESTORS WITH A VIEW OF OUR ONGOING BUSINESS TRENDS AND RESULTS OF OPERATIONS. THIS IS CONSISTENT WITH THE APPROACH USED BY MANAGEMENT IN ITS EVALUATION AND MONITORING OF SUCH TRENDS AND RESULTS AND PROVIDES INVESTORS WITH A BASE FOR EVALUATING FUTURE PERIODS. While we consider the non-GAAP financial measures useful in analyzing our results, it is not intended to replace, or act as a substitute for, any presentation included in the consolidated financial statements prepared in conformity with GAAP. GTSI Corp. Consolidated Statements of Operations (in thousands, except per share data)
Three Months December 31, Change from 2002 ---------------------- ----------------------- 2003 2002 Actual Percentage ---------- --------- --------- ---------- Sales $ 312,457 $ 280,149 $ 32,308 11.5% Cost of sales 282,001 254,505 27,496 10.8% --------- --------- --------- ---- Gross margin 30,456 25,644 4,812 18.8% Operating expenses excluding special charge 24,392 18,272 6,120 33.5% Special charge 5,972 -- 5,972 100.0% --------- --------- --------- ----- Operating expenses 30,364 18,272 12,092 66.2% Income from operations 92 7,372 (7,280) -98.8% Interest income, net 515 851 (336) -39.5% --------- --------- --------- ----- Income before income taxes 607 8,223 (7,616) -92.6% Income tax provision 284 3,144 (2,860) -91.0% --------- --------- --------- ----- Net income $ 323 $ 5,079 $ (4,756) -93.6% ========= ========= ========= ===== Basic net income per share $ 0.04 $ 0.60 $ (0.56) -93.5% ========= ========= ========= ===== Diluted net income per share $ 0.04 $ 0.54 $ (0.50) -92.6% ========= ========= ========= ===== Weighted average shares outstanding: Basic 8,343 8,439 (96) -1.1% ========= ========= ========= ===== Diluted 9,208 9,402 (194) -2.1% ========= ========= ========= =====
GTSI Corp. Consolidated Statements of Operations, As Adjusted (in thousands, except per share data)
Three Months December 31, Change from 2002 --------------------- ----------------------- 2003 2002 Actual Percentage --------- --------- --------- ---------- Sales $ 312,457 $ 280,149 $ 32,308 11.5% Cost of sales 282,001 254,505 27,496 10.8% Effect of EITF No. 02-16 -- (3,519) 3,519 -100.0% --------- --------- --------- ------ Gross margin 30,456 29,163 1,293 4.4% Operating expenses less special charge 24,392 18,272 6,120 33.5% Effect of EITF No. 02-16 -- 3,519 (3,519) -100.0% --------- --------- --------- ------ Operating expenses, as adjusted 24,392 21,791 2,601 11.9% Income from operations, as adjusted 6,064 7,372 (1,308) -17.7% Interest income, net 515 851 (336) -39.5% --------- --------- --------- ------ Income before income taxes, as adjusted 6,579 8,223 (1,644) -20.0% Income tax provision 2,542 3,144 (602) -19.1% --------- --------- --------- ------ Net income, as adjusted $ 4,037 $ 5,079 $ (1,042) -20.5% ========= ========= ========= ====== Basic net income per share, as adjusted $ 0.48 $ 0.60 $ (0.12) -20.0% ========= ========= ========= ====== Diluted net income per share, as adjusted $ 0.44 $ 0.54 $ (0.10) -18.5% ========= ========= ========= ====== Weighted average shares outstanding: Basic 8,343 8,439 (96) -1.1% ========= ========= ========= ====== Diluted 9,208 9,402 (194) -2.1% ========= ========= ========= ======
The following tables present our financial results for the fiscal years ended December 31, 2003 and 2002, as reported in conformity with generally accepted accounting principles in the United States ("GAAP") and those results adjusted to exclude a one-time ERP related special charge and to reconcile the effect of applying EITF No. 02-16. We have presented these tables because of the special nature of the one-time special charge and to apply a comparable basis of measure of the effect of applying EITF No. 02-16 from period to period. We believe that such measures provide investors with a view of our ongoing business trends and results of operations. This is consistent with the approach used by management in its evaluation and monitoring of such trends and results and provides investors with a base for evaluating future periods. While we consider the non-GAAP financial measures useful in analyzing our results, it is not intended to replace, or act as a substitute for, any presentation included in the consolidated financial statements prepared in conformity with GAAP. GTSI Corp. Consolidated Statements of Operations (in thousands, except per share data)
Year Ended December 31, Change from 2002 ------------------- ----------------------- 2003 2002 Actual Percentage -------- -------- -------- ----------- Sales $954,118 $934,730 $ 19,388 2.1% Cost of sales 857,334 857,105 229 0.0% -------- -------- -------- ------ Gross margin 96,784 77,625 19,159 24.7% Operating expenses excluding special charge 88,347 66,499 21,848 32.9% Special charge 5,972 -- 5,972 100.0% -------- -------- -------- ------ Operating expenses 94,319 66,499 27,820 41.8% Income from operations 2,465 11,126 (8,661) -77.8% Interest income, net 2,832 4,520 (1,688) -37.3% -------- -------- -------- ------ Income before income taxes 5,297 15,646 (10,349) -66.1% Income tax provision 2,118 6,113 (3,995) -65.4% -------- -------- -------- ------ Net income $ 3,179 $ 9,533 $ (6,354) -66.7% ======== ======== ======== ====== Basic net income per share $ 0.38 $ 1.15 $ (0.77) -67.0% ======== ======== ======== ====== Diluted net income per share $ 0.35 $ 1.04 $ (0.69) -66.3% ======== ======== ======== ====== Weighted average shares outstanding: Basic 8,349 8,302 47 0.6% ======== ======== ======== ====== Diluted 9,116 9,156 (40) -0.4% ======== ======== ======== ======
GTSI Corp. Consolidated Statements of Operations, As Adjusted (in thousands, except per share data)
Year Ended December 31, Change from 2002 ------------------- ----------------------- 2003 2002 Actual Percentage -------- -------- -------- ----------- Sales $954,118 $934,730 $ 19,388 2.1% Cost of sales 857,334 857,105 229 0.0% Effect of EITF No 02-16 -- (12,330) 12,330 -100.0% -------- -------- -------- ------ Gross margin 96,784 89,955 6,829 7.6% Operating expenses less special charge 88,347 66,499 21,848 32.9% Effect of EITF No 02-16 -- 12,330 (12,330) -100.0% -------- -------- -------- ------ Operating expenses, as adjusted 88,347 78,829 9,518 12.1% Income from operations, as adjusted 8,437 11,126 (2,689) -24.2% Interest income, net 2,832 4,520 (1,688) -37.3% -------- -------- -------- ------ Income before income taxes, as adjusted 11,269 15,646 (4,377) -28.0% Income tax provision 4,376 6,113 (1,737) -28.4% -------- -------- -------- ------ Net income, as adjusted $ 6,893 $ 9,533 $ (2,640) -27.7% ======== ======== ======== ====== Basic net income per share, as adjusted $ 0.83 $ 1.15 $ (0.32) -27.8% ======== ======== ======== ====== Diluted net income per share, as adjusted $ 0.76 $ 1.04 $ (0.28) -26.9% ======== ======== ======== ====== Weighted average shares outstanding: Basic 8,349 8,302 47 0.6% ======== ======== ======== ====== Diluted 9,116 9,156 (40) -0.4% ======== ======== ======== ======
GTSI Corp. Condensed Consolidated Balance Sheets (in thousands)
December 31, December 31, Change from % Change from 2003 2002 December 31, 2002 December 31, 2002 ------------ ------------ ----------------- ----------------- ASSETS Current assets: Cash $ 177 $ 32 $ 145 453.1% Accounts receivable 181,988 139,472 42,516 30.5% Merchandise inventory 55,987 56,039 (52) 0.0% Other current assets 15,490 15,080 410 2.7% -------- -------- -------- ----- Total current assets 253,642 210,623 43,019 20.4% Property and equipment, net 10,670 11,707 (1,037) -8.9% Other assets 4,449 2,588 1,861 71.9% -------- -------- -------- ----- TOTAL ASSETS $268,761 $224,918 $ 43,843 19.5% ======== ======== ======== ===== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Notes payable to banks $ 12,813 $ 7,539 $ 5,274 70.0% Accounts payable 152,435 122,432 30,003 24.5% Accrued liabilities 19,491 13,412 6,079 45.3% Accrued warranties 4,555 4,404 151 3.4% -------- -------- -------- ----- Total current liabilities 189,294 147,787 41,507 28.1% Other liabilities 1,522 1,640 (118) -7.2% -------- -------- -------- ----- Total liabilities 190,816 149,427 41,389 27.7% Stockholders' equity 77,945 75,491 2,454 3.3% -------- -------- -------- ----- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $268,761 $224,918 $ 43,843 19.5% ======== ======== ======== =====
GTSI Corp. Monthly Results ------------------------------------------------------------------------------------------------------------- Year-over- Year-over- Year Change Month-End Monthly Year Change Business Days Sale ($ in Average Daily Total Backlog Year-over- Bookings Average Daily in Month Millions) Sales ($ in Millions) Year Change (in Millions) Bookings -------- --------- ----- --------------- ----------- ------------- ------------- January 2002 22 $ 46.8 -- $ 72.2 -- $ 42.4 -- February 2002 19 50.3 -- 99.7 -- 77.8 -- March 2002 20 79.6 -- 93.5 -- 73.4 -- April 2002 22 46.0 -- 102.8 -- 55.3 -- May 2002 22 61.4 -- 115.3 -- 73.9 -- June 2002 20 93.6 -- 118.4 -- 96.7 -- July 2002 22 74.2 -- 121.9 -- 77.7 -- August 2002 22 82.6 -- 131.2 -- 91.9 -- September 2002 20 120.0 -- 203.6 -- 192.4 -- October 2002 23 104.5 -- 161.2 -- 62.1 -- November 2002 19 94.0 -- 106.6 -- 39.4 -- December 2002 21 81.7 -- 91.3 -- 66.4 -- January 2003 22 53.5 14.3% 92.5 28.1% 54.7 29.0% February 2003 19 55.8 10.9% 85.1 -14.6% 48.4 -37.8% March 2003 21 69.6 -16.7% 72.2 -22.8% 56.7 -26.4% April 2003 22 48.3 5.0% 89.8 -12.7% 65.9 19.2% May 2003 20 60.4 8.2% 86.8 -24.7% 57.4 -14.6% June 2003 21 81.0 -17.6% 106.2 -10.3% 100.4 -1.1% July 2003 22 75.5 1.8% 116.5 -4.4% 85.8 10.4% August 2003 21 65.4 -17.1% 131.6 0.3% 80.5 -8.2% September 2003 21 132.2 4.9% 228.3 12.1% 228.9 13.3% October 2003 23 113.0 8.1% 192.9 19.7% 77.6 25.0% November 2003 18 93.2 4.7% 144.0 35.1% 44.3 18.7% December 2003 22 106.3 24.2% 102.8 12.6% 65.1 -6.4% January 2004 21 58.4 14.4% 89.6 -3.1% 45.2 -13.4%
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