Summary
Building blocks and platform are in place
Significant opportunities to acquire profitable companies
Significant revenue and earnings growth
2003 Results
EBITDA $8.6 million ($0.22 per diluted share)
Net Earnings reported $7.1 million ($0.24 per basic and $0.18 per diluted share)
Net Earnings adjusted $5.4 million( $0.18 per basic and $0.14 per diluted share)**
2004 Guidance
Revenue target: $325.0 million
EBITDA $11.0 million ($0.22 per diluted share)
Net Earnings $5.5 million ($0.12 per basic and $0.11 per diluted share)
Each additional $10 million deployed in acquisitions could equate to at least $4 million in incremental EBITDA
Goal is to generate $500 million in run-rate revenues by the end of 2006
** Excludes $1.7 million in non-recurring non-cash tax benefits related to NOLs/Deferred tax assets.