Third Quarter 2002

• EPS $.02 vs. ($1.30)

  • Ex-non recurring and goodwill amortization $.04 vs. $.23
  • Octagon Motor Sports and McCann shortfalls are principal factors

• Revenue sequentially improved, but remains volatile

  • Constant dollar revenue down 6.1%
  • Q3 revenue environment weaker than planned

• New business performance good and appears to be impacting revenue comparisons

• Points of margin pressure

  • Revenue declines
  • Cost management
  • Incremental severance
  • Other matters impacting comparisons

• Debt declined; positive operating cash flow

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