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2004 Working Capital Survey Tables
Days sales outstanding, days inventory outstanding, days payables outstanding, and days working capital in 67 industry sectors.
CFO Staff, CFO Magazine




EMPLOYMENT AGENCIES
COMPANY DSO DIO DPO DWC
2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01
ROBERT HALF INTERNATIONAL 45 +5% +5% 0 N/M N/M 8 -9% +84% 36 +8% -6%
SPHERION CORP 59 +20% +3% 0 N/M N/M 17 +12% +10% 42 +24% +1%
MPS GROUP INC 53 -9% +10% 0 N/M N/M 11 -31% +38% 42 -2% +2%
MANPOWER INC 78 +3% +14% 0 N/M N/M 17 +8% +16% 62 +1% +14%
Sector Average 70 +5% +14% 0 N/M N/M 15 +5% +22% 55 +5% +12%


FILM, TV, MUSIC PRODUCTION AND BROADCASTING
COMPANY DSO DIO DPO DWC
2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01
PEGASUS COMMUNICATIONS 14 +25% -24% 0 N/M N/M 5 -23% +49% 8 +101% -58%
UNIVISION COMMUNICATIONS 89 +12% +19% 0 N/M N/M 58 +9% +9% 31 +18% +49%
TIME WARNER 45 -10% -13% 13 -24% -1% 15 -31% +2% 43 -5% -15%
CLEAR CHANNEL COMMUNICATIONS 70 +1% +2% 0 N/M N/M 16 +10% +2% 53 -1% +2%
LIBERTY MEDIA 100 +57% +0% 0 N/M N/M 39 +68% +3% 61 +51% -1%
VIACOM 60 +8% -2% 20 +0% -8% 14 -17% +17% 65 +13% -9%
FOX ENTERTAINMENT 88 -9% -11% 157 -7% +5% 50 -12% -7% 195 -7% +0%
MGM 119 -8% +8% 388 -14% -15% 45 -3% -10% 462 -14% -11%
Sector Average 61 +1% -6% 37 -7% +2% 21 -13% +4% 77 +1% -5%

DSO: Days Sales Outstanding
DIO: Days Inventory Outstanding
DPO: Days Payables Outstanding
DWC: Days Working Capital
* Adjusted for effects of securitization
N/M: Not meaningful

Source: REL Consultancy Group



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