Transition to Profitability

• Substantial EBITDA loss in 2003, driven by a soft first quarter similar 4Q 2002

  • We anticipate continued economic softness

• Losses should narrow over the course of the year

  • Expect to reach EBITDA and cash flow positive for fullyear 2004

• 2003 burn rate significantly less than cash infusion and have no plans to draw down on our credit facility

2003 – 2004 Management Guidance

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