Solid year of working capital management in 2003
Inventories and accounts receivable declined vs. 2002
- Inventories declined by 16.5% in 2003, following a decline of 10.4% in 2002
Decline in accounts receivable equals a decrease in days sales outstanding of 8 days
- 2002: Eleven day improvement in DSO
- 2001: Four day improvement in DSO