Outlook for net cash
End 2003 with net cash of approximately $670 million
- Compared to net debt level of $520 million at year-end 2002
Increased cash in 2003 from:
- Sale of equity interest in Rock-McGraw
- Divestiture of ComStock in 2003
- Strict working capital management
- Lower pre-publication investments
- Capital expenditures lower than forecasted