cfo.com

cfo tagline

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

AEROSPACE AND DEFENSE
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
L 3 COMMUNICATIONS 40 -35% +20% 0 N/M N/M 14 -7% -50% 26 -43% +122%
NORTHROP GRUMMAN 45 -7% -18% 16 -10% -32% 21 -10% +7% 40 -6% -32%
LOCKHEED MARTIN 46 -8% -19% 27 -13% -35% 16 +9% -30% 57 -14% -25%
TITAN 80 -3% -15% 6 -26% +3% 19 -12% -18% 67 -3% -13%
UNITED TECHNOLOGIES 59 +7% -11% 43 -10% -7% 33 +21% -4% 70 -9% -11%
HEXCEL CORP 49 -3% -1% 47 -4% +2% 26 +11% +11% 70 -8% -2%
UNITED DEFENSE INDUSTRIES 30 -14% +61% 69 -6% -27% 22 +1% -10% 77 -11% -12%
GENERAL DYNAMICS 29 +1% -5% 77 -12% -3% 27 -1% +3% 79 -11% -6%
PRECISION CASTPARTS 58 +15% -19% 60 +2% +3% 38 +10% +10% 79 +7% -15%
ALLIANT TECHSYSTEMS 78 -1% +15% 23 +1% +32% 19 +26% -33% 82 -5% +37%
GENCORP 54 +21% -4% 65 +20% +31% 35 +22% +40% 84 +20% +4%
GOODRICH 59 -11% +10% 80 +3% +6% 35 -3% +2% 105 -3% +10%
RAYTHEON 40 -5% +2% 96 -13% -10% 17 -1% -17% 119 -12% -6%
SEQUA 70 +31% +2% 89 +8% +5% 37 +16% +15% 122 +17% +1%
KAMAN 79 -3% +4% 73 +7% -17% 24 +26% -11% 128 -2% -6%
BOEING 126 +9% +19% 39 -8% -4% 28 -8% -0% 137 +7% +15%
Sector Average 68 -2% +0% 44 -10% -12% 25 -1% -6% 87 -7% -5%

For a fuller discussion of working capital, return to the article "Off the Shelf: The 2004 Working Capital Survey."

All data based on public financials and adjusted as needed for comparability.

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



AIR FREIGHT COURIERS
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
EXPEDITORS INTERNATIONAL 62 +2% -2% 0 N/M N/M 41 +5% -9% 21 -4% +13%
FEDEX 43 -3% -5% 4 -17% -11% 19 -6% -14% 27 -4% +1%
UNITED PARCEL SERVICE 53 -2% -5% 0 N/M N/M 22 -2% +7% 31 -2% -13%
Sector Average 49 -2% -5% 1 -16% -11% 22 -3% -1% 29 -3% -8%


AIRLINES
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
AMERICA WEST 13 -15% -24% 9 -5% +9% 34 +4% -27% -12 -50% +51%
CONTINENTAL AIRLINES 17 +1% -0% 8 -27% -3% 35 -14% -2% -10 +24% +2%
SOUTHWEST AIRLINES CO 8 -30% +146% 16 +20% +5% 25 +4% -28% -1 N/M N/M
US AIRWAYS 13 +9% -4% 10 -0% +9% 20 +61% +13% 3 -68% -10%
EXPRESSJET 1 +145% -70% 7 -21% -36% 1 -52% -52% 7 +4% -33%
AMR 17 -8% -33% 11 -18% -16% 20 -20% -26% 7 +19% -30%
NORTHWEST AIRLINES 18 -28% +35% 10 -18% +8% 21 -17% -2% 7 -40% +176%
ALASKA AIR 18 -12% +45% 11 -9% -3% 20 -8% +4% 9 -17% +90%
UAL 25 +23% -15% 7 -11% +6% 13 +84% +4% 18 -12% -14%
ATA 29 +16% +15% 11 -22% +7% 6 -10% -12% 34 +4% +19%
Sector Average 17 +0% -8% 9 -9% -5% 20 -2% -11% 7 -8% +8%

All data based on public financials and adjusted as needed for comparability.

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



APPAREL RETAILERS
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
AMERICAN EAGLE OUTFITTERS 5 +62% -28% 29 -7% +28% 17 +36% +21% 17 -21% +18%
GAP 7 -9% -13% 39 -24% +17% 27 -7% +1% 19 -37% +26%
LIMITED BRANDS 4 +46% -9% 39 +2% -10% 19 +94% -3% 25 -21% -12%
GOODYS FAMILY CLOTHING 4 -27% -29% 59 +7% -0% 36 +10% -8% 28 -2% +2%
TJX 2 +9% -3% 53 +12% -4% 26 +6% -4% 29 +18% -4%
ANNTAYLOR STORES 3 +5% +10% 40 -19% -3% 12 -20% -10% 30 -17% +1%
ABERCROMBIE & FITCH 2 -72% +17% 43 +23% -15% 8 -6% -15% 36 +15% -11%
ROSS STORES 2 +18% -33% 78 +5% -3% 42 +2% +8% 39 +10% -15%
CHARMING SHOPPES 14 -5% +10% 50 -10% -7% 22 +10% -8% 41 -16% -1%
NEIMAN MARCUS 3 -11% +0% 81 -0% +4% 31 -7% +2% 53 +3% +5%
TALBOTS 41 +5% +26% 38 -8% -22% 11 +0% -41% 68 -2% +6%
JO ANN STORES 12 +4% +23% 85 -1% -23% 26 -10% -29% 71 +4% -14%
NORDSTROM 51 +13% -5% 51 -12% -8% 29 -9% +3% 73 +3% -10%
KOHL S 41 +3% -3% 57 -12% +11% 19 -32% +19% 79 +3% +2%
SAKS 13 -8% +18% 87 +12% -8% 19 +13% -4% 82 +8% -5%
MEN S WEARHOUSE 10 +4% -1% 102 -5% +11% 30 +21% +10% 82 -11% +9%
Sector Average 15 +6% +1% 54 -4% -1% 24 -0% +2% 45 -3% -1%

All data based on public financials and adjusted as needed for comparability.

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



AUTO MANUFACTURERS
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
GENERAL MOTORS 263 +3% +0% 26 +9% -8% 50 +16% +14% 238 +1% -3%
FORD MOTOR 319 +2% +0% 24 +28% +10% 54 +36% -9% 289 -1% +2%
Sector Average 309 +2% +1% 25 +16% -1% 52 +25% +2% 282 -0% +0%


AUTO PARTS AND SUPPLIERS
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
TOWER AUTOMOTIVE 42 +28% +3% 17 -4% +6% 72 +30% +1% -13 -178% +20%
COLLINS & AIKMAN 51 -13% -2% 16 -4% -39% 59 +7% +36% 8 -61% -56%
LEAR 52 +21% +4% 13 +1% +5% 56 +12% -6% 9 +54% N/M
JOHNSON CONTROLS 57 +3% +5% 13 +12% +4% 54 +6% +5% 17 -1% +5%
AMERICAN AXLE 34 -5% +11% 17 -7% -1% 33 -4% -4% 18 -8% +31%
VISTEON 49 +10% -10% 16 -10% -1% 47 +14% +10% 18 -13% -30%
DURA AUTOMOTIVE SYSTEMS 42 +11% -12% 20 +11% +3% 37 +12% -9% 24 +9% -6%
DANA 48 -6% +6% 34 -20% -7% 49 +29% +4% 33 -41% -3%
ARVINMERITOR 74 -1% +4% 25 +5% -1% 61 +1% +8% 38 -0% -5%
BORGWARNER 55 +10% +0% 24 -1% +8% 36 +6% -8% 43 +7% +14%
DELPHI 63 +4% -7% 26 +10% +4% 41 +1% +5% 47 +11% -11%
HAYES LEMMERZ INTERNATIONAL 58 +14% +6% 34 +4% +16% 35 +40% +6% 56 -3% +11%
ASBURY AUTOMOTIVE GROUP 13 +0% -7% 50 +1% -8% 3 -18% +0% 59 +2% -8%
APPLIED INDUSTRIAL TECHNOLOGIES 43 -5% +6% 40 -5% -3% 19 -2% +13% 64 -6% -1%
COOPER TIRE & RUBBER 64 +26% -12% 29 -5% -13% 28 +23% +2% 65 +11% -17%
MODINE MANUFACTURING 54 -3% -4% 44 +5% -17% 31 +15% +5% 66 -5% -15%
GOODYEAR 57 +4% -8% 60 -4% +1% 38 -4% +13% 79 +2% -11%
A O SMITH 56 +5% -20% 59 +18% -19% 34 +6% -21% 81 +14% -19%
BANDAG 70 +12% +0% 28 -1% -17% 11 +6% +30% 87 +8% -9%
TBC 30 -10% -2% 73 +31% -10% 15 +1% -23% 89 +18% -3%
FEDERAL MOGUL 64 +0% +2% 55 +2% +12% 22 +2% +7% 97 +1% +6%
GENUINE PARTS 47 +2% +2% 92 -2% +13% 31 -6% +14% 109 +1% +8%
EXIDE TECHNOLOGIES 103 +1% -6% 62 +2% -21% 38 -13% -17% 126 +7% -10%
Sector Average 55 +5% -2% 31 -1% -2% 43 +7% +5% 43 -1% -8%

All data based on public financials and adjusted as needed for comparability.

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



BIOTECHNOLOGY
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
QUINTILES TRANSNATIONAL 43 -9% +4% 0 N/M N/M 11 +4% -14% 32 -12% +11%
QUEST DIAGNOSTICS 47 +1% -9% 6 +3% +8% 9 -8% -1% 43 +4% -9%
BIOGEN 56 +3% -12% 27 -11% +67% 34 +65% +16% 49 -24% +3%
LABORATORY CORP OF AMERICA 54 -6% -6% 6 -10% +2% 9 -22% +16% 50 -3% -9%
AMGEN 44 -11% +10% 31 -14% +11% 14 -15% +35% 61 -12% +6%
COVANCE 75 +14% -8% 15 -11% +9% 8 -24% +11% 83 +14% -7%
CHIRON 79 -1% +11% 41 -1% +17% 21 +25% -7% 99 -5% +17%
GENENTECH 63 +9% -3% 52 -5% -12% 7 -8% +23% 109 +3% -9%
GENZYME 85 +7% +2% 57 -13% +28% 14 +15% -15% 127 -4% +16%
BIO RAD LABORATORIES 85 -2% -0% 69 +2% +9% 20 -36% +6% 135 +9% +3%
MONSANTO 166 +21% -11% 89 -10% +10% 21 -2% -30% 234 +9% +0%
Sector Average 72 +3% -11% 37 -10% +1% 14 -9% -9% 95 -1% -7%

All data based on public financials and adjusted as needed for comparability.

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



BUILDING MATERIALS
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
USG 32 +7% -1% 26 -9% +1% 20 +12% +15% 38 -7% -6%
OWENS CORNING* 35 +6% -2% 28 -15% -0% 25 +6% -17% 39 -10% +10%
SHERWIN WILLIAMS 37 +6% -8% 43 -2% -4% 40 +8% +12% 40 -4% -17%
NCI BUILDING SYSTEMS 39 +8% -12% 24 -8% -5% 22 +19% -32% 41 -6% +6%
ARMSTRONG HOLDINGS 35 -8% +4% 51 -0% -1% 40 -4% +19% 47 -3% -11%
VULCAN MATERIALS 44 +9% -1% 28 -11% +13% 16 +2% -14% 55 -1% +12%
VALSPAR 63 -1% -3% 31 -9% -2% 33 -3% +2% 61 -5% -5%
LAFARGE NORTH AMERICA 51 -4% -14% 41 -2% +9% 24 +13% -5% 69 -7% -5%
MASCO 50 -5% -5% 34 -15% -13% 14 -1% +12% 70 -11% -12%
GENLYTE GROUP 57 +1% +6% 51 -1% +4% 35 +5% +8% 73 -2% +4%
HUGHES SUPPLY 55 +19% -3% 52 +10% -2% 35 +53% -7% 73 +2% -1%
MARTIN MARIETTA MATERIALS 50 -0% +10% 46 -12% +5% 16 +3% -7% 79 -8% +11%
TEXAS INDUSTRIES 47 +4% -6% 73 +4% -2% 32 +15% -20% 88 +0% +3%
JACUZZI BRANDS 70 -3% -4% 50 -12% -9% 31 -0% -6% 89 -10% -6%
Sector Average 45 +2% -3% 38 -7% -2% 25 +6% -0% 58 -5% -4%

All data based on public financials and adjusted as needed for comparability.

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



CABLE BROADCASTERS
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
COX COMMUNICATIONS 24 -9% -20% 0 N/M N/M 49 -6% -18% -26 +4% +15%
UNITEDGLOBALCOM 27 -18% -7% 0 N/M N/M 46 +32% -0% -19 N/M N/M
INTERACTIVECORP 25 +1% -2% 12 -20% -62% 48 -0% +11% -11 -35% N/M
COMCAST 18 -4% +4% 9 +9% +18% 25 -18% +19% 2 N/M N/M
CHARTER COMMUNICATIONS 14 -31% -23% 0 N/M N/M 11 -22% -17% 3 -52% -34%
CABLEVISION 31 +20% -7% 17 +2% -30% 29 -28% +5% 19 N/M -82%
Sector Average 21 -4% -12% 8 +0% -36% 32 -10% -0% -3 +46% N/M


CASINOS
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
AZTAR 9 +11% -14% 3 +3% -1% 30 +4% +13% -17 -1% -38%
ARGOSY GAMING 2 +9% -27% 0 N/M N/M 10 +51% +3% -9 -62% -17%
BOYD GAMING 4 +0% -17% 1 -3% -12% 10 +0% -11% -5 -1% +4%
ISLE OF CAPRI CASINOS 3 -17% -3% 0 N/M N/M 7 -14% -10% -4 +12% +14%
HARRAHS 8 -7% -24% 2 -2% -11% 10 +1% -19% 0 -168% -55%
TRUMP HOTELS & CASINO RESORTS 12 +7% -13% 4 +4% +0% 14 +44% -43% 2 -69% N/M
MANDALAY RESORT GROUP 11 +23% -24% 5 +14% -1% 6 +15% -9% 10 +23% -22%
MGM MIRAGE 13 +3% -21% 6 -20% -13% 8 +26% -25% 11 -20% -15%
CAESARS ENTERTAINMENT 14 -19% -12% 11 -2% -4% 5 +28% -34% 20 -18% -4%
Sector Average 10 -6% -18% 5 -8% -8% 9 +15% -19% 6 -27% -12%

All data based on public financials and adjusted as needed for comparability.

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



CHEMICALS, COMMODITY
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
ARCH CHEMICALS 45 +22% -42% 51 -9% +9% 51 -3% +18% 46 +10% -42%
LYONDELL CHEMICAL 45 -0% +5% 39 +2% -24% 29 -0% -22% 55 +1% -3%
OLIN 40 -7% +16% 56 -22% +12% 30 -4% +11% 66 -21% +14%
GEORGIA GULF 70 +15% +7% 31 -7% +47% 34 +5% +47% 68 +8% +8%
GENTEK 52 -13% +11% 33 -3% +7% 16 -4% +10% 70 -10% +10%
DU PONT 46 -9% +2% 56 -17% +8% 23 -19% +22% 79 -12% +1%
A SCHULMAN 59 -10% +7% 64 +0% +7% 22 -18% +29% 101 -1% +3%
Sector Average 47 -7% +2% 52 -15% +6% 25 -14% +16% 75 -10% +0%


CHEMICALS, SPECIALTY
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
FERRO CORP 44 +19% -14% 41 -7% -24% 52 +5% -5% 33 +6% -36%
TERRA INDUSTRIES 36 +2% -1% 25 -21% -20% 21 -35% +25% 39 +18% -31%
FOAMEX INTERNATIONAL 51 -4% +4% 27 -0% +3% 28 +15% -36% 50 -10% +42%
AIRGAS 37 -9% -4% 30 -12% -1% 17 -7% +8% 50 -12% -5%
IMC GLOBAL 32 +2% -22% 51 -18% +14% 31 +13% -2% 52 -21% -1%
AVERY DENNISON 64 +0% +17% 31 +4% +16% 42 +10% +26% 53 -4% +11%
ENGELHARD 39 +6% +12% 44 +5% +7% 29 +33% -9% 54 -5% +18%
PRAXAIR 63 +2% +1% 20 -0% -3% 27 -0% -8% 55 +2% +4%
SPARTECH 57 +12% +9% 38 -2% +7% 37 +10% +15% 58 +4% +5%
ECOLAB 61 +2% -26% 21 -7% -29% 21 -7% -29% 61 +2% -26%
CROMPTON 35 +32% +6% 65 -1% -0% 39 -2% +25% 62 +16% -11%
AIR PRODUCTS & CHEMICALS 69 +4% +14% 28 +4% +3% 35 +7% +0% 62 +2% +17%
EASTMAN CHEMICAL 51 +2% -4% 44 -10% +9% 30 -7% +6% 65 -3% +1%
SOLUTIA 42 -4% -4% 36 -16% +9% 12 -10% +0% 67 -10% +2%
WELLMAN 57 +19% +2% 40 -3% -17% 30 +21% +28% 67 +4% -16%
ANDERSONS 20 -3% +7% 76 -13% -2% 26 +1% +3% 70 -14% -1%
CYTEC INDUSTRIES 54 -1% -3% 44 +23% -8% 23 -14% +35% 74 +18% -16%
H B FULLER 68 +10% +2% 42 +0% +3% 33 +1% +1% 76 +9% +3%
HERCULES 82 +6% +9% 37 +3% +10% 38 +1% +33% 81 +8% +1%
W R GRACE 64 +2% -2% 39 +13% -6% 19 -6% -6% 84 +9% -3%
ROHM & HAAS 74 -1% -4% 47 -4% +6% 35 +13% -8% 86 -8% +3%
LUBRIZOL 58 +6% -2% 55 -0% +11% 25 -1% +1% 88 +4% +5%
GREAT LAKES CHEMICAL 67 -2% -4% 65 -1% +4% 43 -1% +5% 89 -2% -2%
RPM INTERNATIONAL 77 +5% -2% 44 -4% +0% 30 +2% +0% 91 +2% -2%
POLYONE 88 -5% +0% 37 +26% -18% 32 +11% -32% 92 -1% +9%
ALBEMARLE 74 +1% +5% 67 +12% -6% 37 +31% +11% 105 -0% -2%
MILLENNIUM CHEMICALS 60 +22% -0% 99 +4% +12% 51 -21% +26% 108 +34% -4%
VALHI 57 -2% +3% 88 +8% -11% 36 -4% -7% 109 +7% -5%
CABOT 68 -5% +22% 99 -3% +64% 57 +1% +5% 110 -7% +74%
NL INDUSTRIES 57 +2% +8% 96 +13% -10% 37 -9% +0% 116 +16% -5%
IFF 62 -10% +9% 87 +3% +3% 20 -5% +24% 129 -3% +3%
SIGMA ALDRICH 50 -5% -6% 120 -6% -12% 21 -1% +14% 149 -6% -13%
Sector Average 59 +3% +1% 46 -1% +1% 31 +3% -0% 73 -0% +1%

All data based on public financials and adjusted as needed for comparability.

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



CLOTHING AND FABRICS
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
LIZ CLAIBORNE 34 -8% -5% 42 -8% -12% 20 -21% -1% 56 -2% -12%
TIMBERLAND 34 -16% -1% 33 -13% -4% 10 +0% -18% 56 -17% +0%
JONES APPAREL 32 -2% -8% 49 +11% -13% 20 +6% -0% 61 +5% -14%
PHILLIPS VAN HEUSEN 22 +8% -17% 50 -16% -13% 12 +54% -35% 61 -16% -11%
SKECHERS 43 +15% -18% 60 +5% -4% 34 +0% +16% 69 +14% -20%
KELLWOOD 50 -7% +6% 49 -18% +3% 28 -10% +40% 71 -14% -5%
UNIFI 56 -8% +10% 51 +14% +11% 35 +21% -11% 72 -6% +22%
REEBOK 56 +13% +5% 37 -21% +5% 16 -16% +25% 76 -0% +1%
POLO RALPH LAUREN 56 +3% +24% 54 +1% -23% 27 -1% -6% 84 +3% -4%
V F 44 +5% +6% 65 +10% -1% 22 +3% +29% 88 +9% -4%
NIKE 72 +8% +7% 52 +2% -7% 20 +5% +12% 104 +5% -2%
WARNACO GROUP 60 +24% -21% 81 -4% -8% 28 +9% +37% 114 +5% -20%
RUSSELL 54 +16% -11% 107 +11% -15% 24 +8% +16% 137 +13% -18%
Sector Average 51 +5% +2% 53 -2% -8% 21 -1% +10% 83 +2% -6%


COAL
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
PEABODY ENERGY 28 +34% -34% 32 -0% -18% 74 -3% -29% -14 +40% +36%
CONSOL ENERGY 15 -57% +1% 17 -25% +28% 22 -13% -5% 10 -70% +26%
ARCH COAL 30 -11% -14% 18 +7% +6% 23 -19% +9% 25 +13% -23%
MASSEY ENERGY 36 -40% -17% 49 +14% +22% 26 -54% +9% 59 +27% -17%
Sector Average 26 -22% -17% 28 +2% +6% 41 -15% -10% 14 +4% +3%

All data based on public financials and adjusted as needed for comparability.

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



COMMUNICATIONS TECHNOLOGY
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
LEVEL 3 COMMUNICATIONS 51 -18% +9% 13 -29% +20% 59 -27% +14% 5 N/M N/M
3COM 35 -17% -1% 11 -41% -41% 41 +13% -13% 5 -80% -23%
LORAL SPACE & COMMUNICATIONS 16 +64% -28% 29 -9% -5% 35 +79% -3% 10 -54% -18%
CROWN CASTLE INTERNATIONAL 32 -38% -33% 6 -67% -56% 16 -38% -39% 22 -50% -43%
CISCO SYSTEMS 26 +23% -11% 17 -1% -38% 11 +27% -14% 32 +8% -29%
QUALCOMM 45 -30% -9% 10 -4% -19% 18 -29% +73% 37 -25% -28%
SCIENTIFIC ATLANTA 46 -19% -22% 32 -33% +62% 36 -3% +14% 42 -37% -3%
LUCENT TECHNOLOGIES INC 65 +11% -30% 27 -33% -50% 46 +20% +22% 46 -24% -54%
MOTOROLA INC 60 -1% +9% 38 -4% +17% 38 +21% +5% 60 -13% +16%
ADC TELECOMMUNICATIONS INC 52 +30% -6% 33 -1% -14% 23 -8% +3% 62 +29% -16%
AVAYA INC 60 -7% +3% 34 -1% -1% 30 +10% -18% 64 -11% +12%
TELLABS INC 73 +33% -37% 16 -71% +18% 18 +69% -37% 71 -28% -15%
CORNING INC 62 +14% +57% 55 -14% +53% 39 +1% +52% 78 -2% +56%
AMPHENOL CORP 51 -24% +8% 65 -8% +3% 34 +13% +14% 82 -24% +3%
COMVERSE TECHNOLOGY INC 75 -29% -0% 26 +62% -53% 19 -1% -8% 83 -20% -14%
GENCORP 54 +32% -35% 65 +78% -14% 35 +48% -21% 84 +57% -28%
HARRIS CORP 73 -1% -12% 37 -18% -9% 20 +3% -18% 91 -9% -10%
ROCKWELL COLLINS 75 -2% -6% 89 -7% +0% 28 -5% -6% 136 -5% -2%
ANDREW CORP 117 +29% +7% 89 +58% -15% 32 +9% +43% 175 +48% -10%
Sector Average 52 -0% -8% 32 -10% -20% 31 +10% +7% 53 -11% -20%

All data based on public financials and adjusted as needed for comparability.

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



COMPUTER RELATED HARDWARE
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
DELL 32 +20% +0% 3 -9% -3% 64 +4% +4% -30 +7% -8%
APPLE COMPUTER 45 +25% +13% 3 +15% +24% 68 +17% +6% -20 -2% -7%
WESTERN DIGITAL 33 -12% +56% 13 +5% -16% 47 -8% +23% -1 +22% +45%
MAXTOR 48 +38% -4% 19 +15% -5% 65 +5% +9% 3 N/M +272%
HEWLETT PACKARD 59 -1% +12% 30 +4% -30% 46 +31% +16% 43 -20% -17%
QUANTUM CORP 53 -6% +4% 22 -17% -28% 30 -31% +94% 44 +15% -43%
LEXMARK 47 -6% -19% 34 -2% -14% 36 +13% -6% 45 -15% -22%
UNISYS 63 +2% -6% 15 -23% -9% 32 -8% -18% 46 -0% +3%
SILICON GRAPHICS 51 -4% -24% 27 -9% -26% 29 +16% -24% 49 -15% -26%
SUN MICROSYSTEMS 76 -5% +36% 13 -23% -18% 29 -5% +45% 60 -10% +13%
EMC 56 -6% -15% 30 +2% -2% 24 -16% +32% 62 +3% -23%
IMATION 62 +31% +1% 50 +5% +18% 47 +41% +30% 65 +5% +0%
NCR 80 +2% +13% 20 +17% -0% 27 +13% +7% 73 +2% +12%
IBM 104 -4% +1% 12 -15% -23% 35 +1% +15% 81 -7% -8%
STORAGE TECHNOLOGY 90 -11% +12% 18 -23% -27% 22 -9% +104% 86 -14% -9%
Sector Average 71 -1% +0% 17 -6% -18% 43 +11% +14% 45 -12% -15%

All data based on public financials and adjusted as needed for comparability.

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



CONSUMER ELECTRONICS AND APPLIANCES
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
WHIRLPOOL 57 -3% +10% 40 +11% -8% 58 +8% +7% 39 -4% -3%
MAYTAG 45 -1% -12% 36 -3% -3% 36 +25% +7% 46 -16% -15%
HARMAN INTERNATIONAL 59 -11% +1% 57 -13% -2% 30 -23% +20% 87 -8% -7%
Sector Average 55 -3% +3% 41 +4% -6% 49 +8% +8% 46 -7% -7%


CONSUMER AND HOUSEHOLD SERVICES
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
DOLLAR 28 -15% +3% 0 N/M N/M 14 -17% +89% 14 -13% -32%
EBAY 38 -4% -20% 0 N/M N/M 11 -24% -12% 27 +8% -24%
AMERCO 45 -1% +1% 12 -6% -16% 24 -3% -17% 33 -1% +10%
CENDANT 44 +1% -20% 28 -5% -14% 23 -21% -26% 49 +11% -10%
SERVICE CORP 47 -0% -17% 21 -2% -11% 19 -11% +3% 50 +4% -21%
UNITED RENTALS 64 +5% +6% 13 +14% +10% 19 -28% +3% 58 +27% +8%
FAIRCHILD SEMICONDUCTOR 40 -2% +0% 58 -2% +1% 13 +4% -10% 85 -3% +2%
Sector Average 45 -1% -13% 23 -4% -7% 21 -19% -14% 47 +9% -8%

All data based on public financials and adjusted as needed for comparability.

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



CONTAINERS AND PACKAGING
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
AMDOCS 49 -16% -2% 0 N/M N/M 25 -24% -2% 24 -6% -2%
SILGAN 25 +10% -16% 51 +1% +1% 33 +5% -3% 42 +2% -6%
SONOCO 42 +4% +1% 33 +5% -13% 32 -2% +9% 44 +10% -15%
BALL CORP 31 -10% +20% 40 -2% -8% 26 -22% +28% 46 +6% -10%
SMURFIT STONE CONTAINER 38 +3% +14% 34 +2% +9% 24 -8% +10% 47 +9% +13%
PACKAGING CORP OF AMERICA 40 +9% +6% 35 +4% -3% 19 +5% -6% 56 +7% +5%
BEMIS 46 -7% +21% 42 -11% +15% 31 -13% +28% 58 -6% +12%
GREIF 56 -8% -9% 32 -1% +10% 30 -0% +19% 58 -9% -11%
PACTIV 40 -3% +20% 46 -0% +8% 23 -16% -9% 64 +5% +28%
APTARGROUP 76 -3% +3% 54 +7% +2% 61 +0% +6% 69 +3% -0%
SEALED AIR 64 +2% +1% 38 +2% +9% 20 +4% +18% 82 +2% +1%
Sector Average 43 -2% +7% 37 +1% +4% 27 -8% +11% 53 +4% +3%


COSMETICS AND PERSONAL CARE
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
AVON PRODUCTS 32 -2% +3% 35 -4% -3% 21 -5% -10% 45 -2% +4%
GILLETTE 36 -30% -13% 43 +8% -3% 23 -10% +6% 57 -15% -14%
REVLON 51 -26% +23% 40 -4% -4% 27 -10% +26% 64 -21% +6%
ALBERTO CULVER 29 -1% +16% 67 -7% +3% 28 -14% +15% 68 -1% +2%
ESTEE LAUDER 45 -6% +6% 43 +2% -15% 16 -2% -11% 72 -2% -3%
Sector Average 37 -17% -4% 43 +1% -4% 22 -8% +1% 58 -8% -6%

All data based on public financials and adjusted as needed for comparability.

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



DISTRIBUTORS
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
BRIGHTPOINT 27 -16% -12% 22 +5% -24% 41 +12% -5% 8 -52% -36%
GATEWAY 23 +30% +31% 12 +58% +8% 21 -14% +19% 14 N/M N/M
AGILYSYS 53 -9% +14% 15 -28% -17% 43 +12% +30% 25 -39% -13%
INGRAM MICRO 40 +4% +15% 31 +22% +8% 46 +7% +13% 25 +19% +10%
TECH DATA 44 +11% +10% 28 +21% +20% 35 +39% -2% 38 -1% +26%
PSS WORLD MEDICAL 48 -2% +3% 25 -11% -11% 28 +23% -4% 44 -17% -2%
GRAYBAR ELECTRIC 53 +15% +3% 46 -2% +2% 51 +12% +22% 48 +1% -11%
UNITED STATIONERS 47 +17% +2% 51 -5% -15% 34 +8% -14% 65 +2% -6%
W W GRAINGER 34 +2% -5% 52 -9% +16% 20 -12% +8% 65 -3% +7%
AVNET 59 -8% +17% 44 -24% +6% 32 -11% +50% 71 -17% +1%
Sector Average 43 +5% +9% 34 +2% +5% 37 +9% +14% 40 -1% +3%


DRUG RETAILERS AND WHOLESALERS
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
D & K HEALTHCARE 4 -14% -54% 42 -22% +14% 28 -11% -9% 18 -33% +19%
AMERISOURCEBERGEN 17 -6% -10% 42 -4% -7% 40 -8% -7% 19 +5% -10%
CAREMARK 27 +28% +2% 8 -13% -38% 16 +19% -7% 20 +12% -20%
MCKESSON 26 +1% +2% 39 -12% -1% 42 -8% -1% 22 -5% +1%
LONGS DRUG STORES 13 +27% +10% 38 +12% -10% 24 +4% -0% 28 +27% -12%
CARDINAL HEALTH 18 +9% -19% 49 -7% +10% 34 -13% -3% 33 +11% +8%
WALGREEN 11 -6% +3% 47 +2% -10% 23 -0% +2% 35 +0% -13%
RITE AID 15 +11% +5% 49 -4% -17% 17 -4% -23% 47 +1% -10%
CVS 19 +20% -3% 55 -9% -6% 23 -11% +2% 51 +1% -9%
DUANE READE 14 -20% -3% 69 +9% -10% 22 +36% -25% 60 -6% -3%
Sector Average 19 +5% -6% 44 -7% -4% 32 -9% -3% 30 +2% -6%

All data based on public financials and adjusted as needed for comparability.

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



ELECTRIC UTILITIES
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
CALPINE CORP 40 +10% -22% 6 +9% +37% 38 -37% -2% 8 N/M +63%
DUQUESNE LIGHT HOLDINGS 46 -3% -12% 7 +2% +9% 45 +12% +14% 8 -43% -43%
KENTUCKY POWER 9 +77% -60% 5 +44% -27% 4 -24% -47% 10 +207% -56%
XCEL ENERGY 30 -18% +29% 17 -34% +51% 36 -32% +60% 11 +19% -25%
ALLIANT ENERGY CORP 30 +12% -3% 18 +4% -22% 36 -10% +24% 12 +214% -78%
NORTHEAST UTILITIES 50 -20% +42% 9 +10% +46% 46 -14% +51% 13 -25% +20%
AVISTA 104 -13% +407% 7 -11% +521% 97 -24% +468% 14 N/M -64%
CONSOLIDATED EDISON 40 +35% +26% 9 +10% +1% 34 -15% +57% 15 -988% -127%
AES CORP 53 +0% -16% 16 +0% -34% 53 +10% +50% 16 -23% -63%
TECO ENERGY 37 -35% +20% 23 -21% +22% 42 -19% +40% 18 -47% +1%
RELIANT ENERGY 27 -45% +307% 9 -11% +479% 17 -49% +235% 18 -25% N/M
FIRSTENERGY 30 -14% -29% 12 -3% -29% 22 -22% -14% 21 +4% -43%
HAWAIIAN ELECTRIC INDUSTRIES 38 -1% +12% 10 -7% +16% 27 -8% +17% 22 +6% +8%
EXELON 52 +27% +4% 12 +6% -49% 42 +81% -60% 22 -25% N/M
SEMPRA ENERGY 53 +15% +52% 7 -16% -38% 38 -10% +32% 22 +85% +5%
WPS RESOURCES 50 -8% +61% 15 -7% +15% 43 -30% +35% 22 +146% +311%
GREAT PLAINS ENERGY 41 +4% +4% 13 -5% -22% 32 -6% -21% 22 +15% +50%
NORTHWESTERN 38 -27% +57% 9 -41% +74% 24 +29% -18% 23 -52% +153%
PINNACLE WEST CAPITAL 46 -11% +76% 16 +27% +46% 38 -23% +128% 24 +59% -8%
FLORIDA POWER & LIGHT 28 +12% -7% 16 -10% +33% 19 +5% -8% 24 +2% +21%
NSTAR 44 -5% -16% 10 +27% +29% 28 -9% +29% 26 +11% -38%
EDISON INTERNATIONAL 48 -2% +22% 10 -7% +6% 33 +19% -19% 26 -20% +97%
PNM RESOURCES 38 -4% +71% 10 -12% +105% 22 -29% +63% 27 +30% +107%
MIDAMERICAN ENERGY HOLDINGS 41 -21% +117% 8 -19% +25% 21 -38% +77% 27 -0% +123%
LOUISVILLE GAS & ELECTRIC 28 +16% -22% 32 +3% +23% 31 -29% -20% 29 +150% N/M
CONSTELLATION ENERGY GROUP 59 -39% -2% 15 -44% -36% 44 -40% +2% 30 -40% -27%
OGE ENERGY 37 -7% +71% 20 +17% +29% 27 -12% +75% 31 +15% +39%
WESTAR ENERGY 20 +7% -20% 34 +41% +55% 24 +13% -12% 31 +39% +45%
JERSEY CENTRAL POWER & LIGHT 49 +25% -2% 0 +82% -11% 16 -2% +6% 33 +46% -8%
TEXAS GENCO HOLDINGS 15 -14% +324% 31 -16% +92% 13 +21% +2% 33 -24% N/M
AMERICAN ELECTRIC POWER 43 -2% -19% 25 -15% +2% 34 -34% -20% 34 +58% +19%
ENTERGY 40 +5% +20% 26 -4% +57% 32 -16% +67% 34 +25% +4%
ATLANTIC CITY ELECTRIC 50 -12% +5% 10 +169% +46% 24 +19% +5% 35 -10% +7%
PEPCO HOLDINGS 57 -2% -9% 14 +6% +121% 35 +5% -7% 36 -6% +12%
COLUMBUS SOUTHERN POWER 37 -16% -19% 15 -49% +1635% 15 -71% -20% 37 +69% N/M
UNISOURCE ENERGY 41 +24% +8% 22 +10% +75% 25 +19% -2% 38 +19% +55%
ALLEGHENY ENERGY 66 +56% -18% 14 -15% +32% 42 +216% -63% 39 -16% +57%
MONONGAHELA POWER 66 +54% -23% 14 -37% +62% 42 +68% -18% 39 -6% +5%
WEST PENN POWER 43 -0% -16% 5 -3% -13% 10 -10% -3% 39 +2% -19%
ARIZONA PUBLIC SERVICE 44 -25% +60% 19 +0% +58% 23 +11% +89% 40 -30% +51%
FPL GROUP 45 +60% +3% 17 -12% +31% 21 +2% -1% 42 +51% +26%
SOUTH CAROLINA ELECTRIC & GAS 47 -11% +18% 18 -27% +13% 23 -21% +36% 42 -13% +7%
AMEREN 43 +38% -30% 39 +62% +11% 38 +20% -27% 44 +86% +5%
SONOCO PRODUCTS 42 -3% +2% 33 +1% -2% 32 +468% +21% 44 -38% -1%
ALLETE 91 -2% +19% 9 -4% +14% 55 +12% -14% 45 -16% +83%
SCANA 55 -8% +34% 23 -22% +17% 33 -27% +54% 45 +1% +9%
PPL 59 -5% +68% 17 +3% +2% 30 -9% -8% 45 +1% +164%
ENTERGY ARKANSAS 47 +166% +9% 20 -4% +27% 21 -25% +58% 46 N/M -30%
OHIO POWER 36 -12% +570% 28 -7% +477% 17 -42% +276% 47 +12% N/M
ENERGY EAST 60 -11% +23% 14 +13% +16% 27 -18% +51% 47 +0% +7%
DYNEGY 64 -65% +456% 18 +13% +359% 33 -68% +243% 48 -49% N/M
KEYSPAN 77 -18% +34% 32 +36% -3% 60 -7% +8% 49 -7% +53%
MDU RESOURCES GROUP 56 -5% +25% 18 +6% +7% 23 -2% +31% 50 -3% +16%
INDIANA MICHIGAN POWER 44 +861% -58% 32 +248% -12% 23 +127% -49% 52 N/M N/M
APPALACHIAN POWER 57 +31% -19% 21 -27% +779% 26 -49% -20% 53 N/M N/M
VIRGINIA ELECTRIC & POWER 106 -18% +58% 33 +2% +20% 86 -26% +56% 53 +19% +32%
SOUTHERN 48 -9% +28% 32 +10% -15% 23 -33% +12% 57 +21% +6%
CLEVELAND ELECTRIC ILLUMINATING 50 +39% +6% 11 -4% +31% 2 -46% -85% 59 +34% +95%
FLORIDA POWER 29 -2% +4% 50 +79% +31% 19 +6% +8% 61 +52% +20%
NISOURCE 48 -18% +63% 43 +10% +65% 29 -21% +56% 61 +1% +68%
WISCONSIN ENERGY 43 -9% +16% 46 +4% +11% 27 -13% +8% 62 +3% +17%
WISCONSIN ENERGY 43 -3% -11% 46 +80% -13% 27 +83% -4% 62 +13% -13%
DTE ENERGY 62 -5% +64% 33 +5% +33% 32 -7% +8% 62 +2% +99%
PROGRESS ENERGY 45 +2% +8% 47 +17% +5% 29 -15% +13% 63 +26% +3%
DOMINION RESOURCES 118 +29% +50% 26 +16% +14% 82 -1% -1% 63 +96% N/M
VECTREN 63 +16% +10% 21 +64% +2% 20 -5% -19% 64 +38% +27%
PG&E 85 +27% +39% 4 -63% +64% 23 +74% +4% 66 +1% +54%
CMS ENERGY 32 +32% -54% 59 +128% -16% 20 +28% -64% 71 +105% -14%
PUBLIC SERVICE ENTERPRISE 98 +37% +54% 41 +51% -4% 66 +36% +49% 73 +46% +19%
CONSUMERS ENERGY 21 +4% +79% 70 +36% -18% 16 -27% -15% 75 +52% +3%
COVANTA ENERGY 93 -9% -3% 0 N/M N/M 10 +7% -27% 83 -11% +0%
FMC TECHNOLOGIES 86 +24% +129% 45 +264% +27% 43 +18% +101% 88 +95% +107%
Sector Average 51 +1% +32% 21 +4% +41% 34 -11% +19% 38 N/M N/M

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



ELECTRICAL COMPONENTS AND EQUIPMENT
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
YORK INTERNATIONAL 57 -4% +4% 46 +2% -6% 81 +10% +7% 23 -28% -14%
JABIL CIRCUIT 55 +20% +3% 37 -9% +12% 52 +17% +34% 41 -4% -11%
SOLECTRON 52 -2% +11% 47 -16% -11% 47 +4% +29% 52 -18% -15%
AMERICAN STANDARD 44 +6% -15% 39 +7% +12% 29 +3% -5% 53 +8% -4%
ACUITY BRANDS 54 -10% +9% 34 -16% +3% 30 -1% +50% 58 -17% -5%
GENERAL CABLE 64 +6% +0% 61 -6% -7% 59 -2% +10% 65 +2% -14%
THOMAS & BETTS 47 +6% -5% 53 +6% +6% 31 +6% +1% 68 +7% +0%
HUBBELL 47 -8% +12% 43 -28% -12% 21 +8% +28% 68 -24% -7%
PLEXUS 50 +27% +1% 62 +59% -17% 41 +49% +55% 71 +39% -25%
TECUMSEH PRODUCTS CO 47 -28% +22% 60 -28% +21% 35 -26% +77% 72 -29% +6%
WATSCO INC 41 +2% -5% 58 +5% -1% 23 +22% +8% 76 -0% -5%
SPX 72 -5% -12% 47 +2% -18% 42 +14% -18% 76 -10% -12%
AMETEK 63 +3% -5% 48 +6% -17% 32 +14% -8% 79 +1% -11%
MOLEX 79 -5% +28% 35 -0% +8% 35 -12% +43% 79 +1% +13%
LINCOLN ELECTRIC HOLDINGS 59 +4% -2% 61 +1% -1% 27 +16% -7% 93 -1% -0%
VISHAY INTERTECHNOLOGY 63 -9% -18% 87 -22% -16% 27 +7% +26% 123 -21% -21%
AVX 40 +10% -12% 116 +12% +52% 25 +40% +50% 130 +7% +25%
AMERICAN POWER CONVERSION 66 -1% -1% 100 +12% +1% 26 -9% +46% 141 +10% -6%
Sector Average 55 -1% +3% 50 -6% -5% 41 +6% +16% 64 -9% -8%

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



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



FOOD RETAILERS AND WHOLESALERS
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
CASEY S GENERAL STORES 1 +12% -7% 11 -1% +9% 11 -11% -3% 1 N/M -63%
WILD OATS MARKETS 2 +52% -16% 18 -6% -15% 18 +29% -15% 1 -80% -16%
7 ELEVEN 8 -15% +8% 4 -13% -4% 9 -3% +12% 2 -45% -12%
VILLAGE SUPER MARKET 0 N/M N/M 13 -6% +3% 9 -8% +1% 4 -3% +7%
PANTRY 4 -20% +20% 11 -10% +10% 10 -24% +6% 5 +29% +47%
SUPERVALU 8 -9% +16% 20 -13% +11% 21 -0% +17% 8 -33% +5%
SMART & FINAL INC 3 +9% -25% 26 -13% -10% 20 +13% -9% 9 -39% -14%
PUBLIX SUPER MARKETS 5 +21% +39% 21 +1% +5% 17 +6% -5% 10 +1% +46%
WHOLE FOODS MARKET 5 +27% +9% 14 -2% -7% 8 +4% -0% 11 +5% -7%
GREAT ATLANTIC & PACIFIC TEA 7 +9% -4% 23 +1% -15% 17 -1% -13% 13 +9% -13%
KROGER 5 -8% -3% 30 +0% +1% 21 -5% -2% 14 +6% +4%
INGLES MARKETS 6 -12% +7% 36 +1% +2% 27 +2% +2% 15 -7% +5%
SAFEWAY 4 -15% +12% 27 -11% +12% 15 -20% -7% 16 -2% +47%
FOODARAMA SUPERMARKETS 4 -1% +101% 17 +3% +0% 5 -5% +57% 16 +5% +1%
PERFORMANCE FOOD GROUP 16 -12% +14% 17 -14% -1% 16 -20% -6% 17 -5% +22%
RUDDICK 9 -5% +15% 29 -7% +10% 19 -11% +19% 18 -2% +2%
WINN DIXIE STORES 3 +1% +11% 31 -0% -7% 16 +9% -11% 18 -7% -1%
NASH FINCH 13 -10% +21% 22 -11% -2% 15 -21% +11% 20 -1% +0%
ALBERTSONS 7 +6% -4% 31 +3% -4% 18 -11% -2% 20 +21% -7%
MARSH SUPERMARKETS 6 -20% -32% 30 +1% -1% 16 -0% -16% 20 -5% -3%
WEIS MARKETS 6 +11% +13% 31 -7% +7% 17 -9% +3% 20 -1% +13%
SYSCO 28 +2% -0% 17 -2% +0% 23 +8% -1% 22 -6% +0%
UNITED NATURAL FOODS 24 -9% -11% 42 +2% +3% 18 +8% -14% 48 -6% +2%
Sector Average 8 -0% +6% 25 -4% +0% 18 -5% -2% 15 +0% +7%

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



FOOD, DRINK AND TOBACCO PRODUCERS
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
ANHEUSER BUSCH 17 +2% -3% 15 -0% -9% 28 +6% -1% 4 -25% -26%
PEPSI BOTTLING GROUP 35 -3% +3% 13 -11% +5% 44 -6% +8% 5 +2% -26%
INTERSTATE BAKERIES 19 -7% -2% 8 +0% +3% 12 -6% +0% 15 -4% -1%
RALCORP HOLDINGS 3 +73% -37% 41 -11% -9% 24 +11% -20% 20 -24% -2%
FRESH DEL MONTE PRODUCE 29 +1% +6% 32 -4% -3% 40 -1% +14% 20 -3% -17%
COCA COLA 36 -7% +14% 22 -10% +26% 35 -5% +1% 23 -13% +55%
DEAN FOODS CO NEW 30 +11% -24% 17 +4% -19% 23 +0% -15% 23 +18% -29%
COCA COLA BOTTLING CO 25 +6% -1% 11 -2% -23% 12 +6% +7% 24 +3% -16%
GENERAL MILLS 34 -27% +4% 38 -22% +39% 45 -19% +35% 26 -32% +3%
PEPSIAMERICAS 30 +33% +1% 19 -0% -4% 23 +3% -11% 26 +34% +11%
PEPSICO 30 +14% +2% 19 -2% +10% 22 -1% +5% 27 +15% +5%
CAMPBELL SOUP 23 -9% +3% 39 +2% +16% 34 -16% +27% 27 +23% -11%
KELLOGG 31 -4% +4% 27 +2% +12% 29 +7% +14% 29 -9% +2%
CHIQUITA BRANDS INTERNATIONAL 41 +24% +5% 27 -52% -11% 37 +23% +5% 31 -48% -10%
COCA COLA ENTERPRISES 37 +2% +0% 15 -2% -3% 19 +3% -8% 32 -1% +4%
TYSON FOODS 19 +11% -29% 30 +1% -40% 12 +6% -34% 36 +4% -37%
ADOLPH COORS 56 -6% -0% 19 +7% -14% 33 +11% -10% 43 -12% +1%
PILGRIM S PRIDE 18 +44% -21% 48 +1% -9% 22 -6% -5% 43 +20% -16%
HORMEL FOODS 25 -1% -6% 35 +6% +6% 17 +5% +7% 43 +2% -2%
CORN PRODUCTS INTERNATIONAL 44 -8% -12% 37 -1% -3% 35 +9% +16% 46 -13% -18%
ARCHER DANIELS MIDLAND 39 -11% +1% 42 -17% +6% 34 -7% +11% 48 -19% -1%
R J REYNOLDS TOBACCO HOLDINGS 5 -18% +25% 47 +6% +44% 2 -29% +12% 50 +6% +45%
SMITHFIELD FOODS 21 -17% +7% 49 +15% -5% 18 +1% +3% 53 +4% -2%
CONAGRA FOODS 18 -0% +2% 60 -19% -5% 24 -15% +5% 55 -7% -5%
KRAFT FOODS 40 +4% -2% 39 -5% +10% 24 -1% +1% 55 -1% +5%
NBTY INC 16 +2% -0% 57 -26% -7% 16 -13% -20% 57 -23% -2%
H J HEINZ 52 -13% -4% 51 -11% -0% 42 +2% -19% 61 -19% +10%
SEABOARD 24 -41% +6% 51 +4% +17% 11 -15% +8% 63 -16% +13%
DOW CHEMICAL 50 -0% +2% 45 -19% -5% 32 -15% +5% 63 -7% -5%
WM WRIGLEY JR 39 -6% +15% 42 -3% +2% 16 +24% -5% 65 -9% +11%
HERSHEY FOODS 36 +9% +13% 43 -3% +9% 12 +5% +4% 67 +1% +12%
LANCASTER COLONY 29 -17% -2% 53 +10% -22% 14 -1% +1% 68 -2% -17%
ALTRIA GROUP 32 +5% +2% 57 +7% +5% 19 +6% -12% 70 +6% +9%
SARA LEE 43 +1% +10% 54 +4% -8% 26 -6% -17% 72 +6% +8%
MCCORMICK & CO INC 56 +4% +18% 58 +21% +13% 29 -10% +12% 85 +22% +17%
DEL MONTE FOODS 26 -33% +3% 92 +39% -46% 24 +121% -13% 94 -0% -37%
UST INC 14 -15% -10% 120 +3% +8% 39 -2% +6% 95 +2% +5%
BROWN FORMAN 50 +8% -9% 90 -6% -2% 30 -7% +7% 109 +0% -7%
UNIVERSAL 52 +17% +11% 108 +14% +36% 50 +19% +44% 111 +14% +21%
STANDARD COMMERCIAL 50 +24% +6% 105 +12% +15% 40 +18% -8% 115 +15% +21%
CONSTELLATION BRANDS 53 -1% +12% 110 +1% +7% 23 +6% +23% 140 -1% +7%
SENSIENT TECHNOLOGIES 62 -0% +3% 118 +13% -3% 25 +16% -9% 155 +7% +1%
Sector Average 33 +1% +0% 41 -3% -1% 26 -2% -1% 48 -1% +0%

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



FOOTWEAR
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
BROWN SHOE 16 -0% +15% 75 -4% -6% 23 -9% +1% 68 -1% -4%
Sector Average 16 -0% +15% 75 -4% -6% 23 -9% +1% 68 -1% -4%


GAS UTILITES
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
SOUTHWEST GAS 38 +4% -11% 0 N/M N/M 33 +34% -14% 5 -58% -3%
UGI 24 -8% -3% 16 -8% -5% 24 -11% +11% 16 -3% -21%
PEOPLES ENERGY 36 -18% -5% 30 +11% +56% 40 -23% +11% 26 +38% +14%
TXU GAS 27 -38% -78% 39 -16% +4% 40 -14% -69% 26 -40% -52%
ATMOS ENERGY 28 -46% +67% 22 -40% +52% 23 -55% +144% 27 -27% +8%
NATIONAL FUEL GAS 29 +24% +4% 22 -19% +33% 23 -10% -15% 29 +11% +88%
QUESTAR 62 +5% +13% 13 +7% -2% 45 -7% -4% 30 +32% +63%
SOUTHERN CALIFORNIA GAS 52 -10% +43% 8 -21% +135% 23 -8% +62% 37 -14% +47%
WGL HOLDINGS 61 +57% +7% 2 -91% -9% 25 -21% +45% 38 +17% -23%
NICOR 65 -27% +77% 32 +222% +145% 53 -51% +64% 45 N/M N/M
AGL RESOURCES 148 +579% +14% 78 +56% +19% 149 +290% +34% 77 +130% +4%
EQUITABLE RESOURCES 107 +244% +13% 56 +121% +28% 51 +9% +122% 112 N/M N/M
Sector Average 50 +8% +1% 22 +7% +23% 37 -13% +13% 35 N/M N/M

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



HEALTH CARE PROVIDERS
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
ANTHEM 25 -21% +48% 2 -8% +52% 41 -36% +28% -14 -53% +10%
UNITEDHEALTH 9 -23% -9% 0 N/M N/M 20 -6% +13% -11 +15% +66%
OXFORD 2 -7% -29% 0 N/M N/M 10 -1% +3% -8 +0% +18%
WELLCHOICE 34 -14% -11% 0 N/M N/M 41 +3% -20% -8 N/M -84%
EXPRESS SCRIPTS 28 -6% -15% 3 -33% -0% 39 -3% -7% -8 +37% +69%
COVENTRY HEALTH CARE 7 -0% -2% 0 N/M N/M 15 -19% -5% -8 -31% -7%
HUMANA 14 +20% -2% 0 N/M N/M 13 -27% +4% 0 N/M +17%
WELLPOINT HEALTH 24 -6% +4% 0 N/M N/M 22 +2% -8% 3 -40% +173%
PACIFICARE HEALTH SYSTEMS 9 -9% -18% 0 N/M N/M 2 -55% +24% 7 +36% -39%
AMERIGROUP 9 -23% -7% 0 N/M N/M 1 -58% +15% 7 -11% -13%
SIERRA HEALTH SERVICES 15 -12% +2% 0 N/M N/M 5 -40% +36% 10 +15% -19%
MAGELLAN HEALTH SERVICES 20 +2% -8% 0 N/M N/M 6 +41% -19% 15 -7% -5%
BEVERLY ENTERPRISES 30 +13% -23% 2 -10% -39% 12 +25% -22% 20 +5% -26%
US ONCOLOGY 57 -9% -7% 1 -80% +2% 30 -30% +30% 28 +7% -35%
RES CARE INC KY 49 -1% -9% 0 N/M N/M 14 +7% +3% 35 -4% -13%
MARINER HEALTH CARE INC 50 +6% -2% 1 +13% -15% 15 +5% +7% 36 +6% -5%
MANOR CARE INC NEW 49 +1% -8% 0 N/M N/M 12 +2% -0% 37 +0% -11%
LINCARE HOLDINGS INC 48 -11% -16% 1 -30% -12% 11 +9% -24% 38 -16% -14%
KINDRED HEALTHCARE INC 48 +4% -30% 3 +1% -29% 13 -2% -14% 38 +7% -35%
HEALTH NET INC 11 -11% -17% 36 -1% +16% 9 -5% +5% 38 -3% +5%
UNIVERSAL HEALTH SERVICES INC 50 -5% -1% 6 -8% +1% 18 -6% +3% 39 -5% -2%
SELECT MEDICAL CORP 60 -20% -9% 0 N/M N/M 16 +25% -2% 45 -29% -10%
APRIA HEALTHCARE GROUP INC 52 -4% +3% 8 -3% -2% 15 -21% -17% 45 +4% +14%
TENET HEALTHCARE 67 +5% -12% 6 +2% -6% 27 +7% +8% 46 +3% -20%
SUN HEALTHCARE GROUP INC 48 -8% +45% 2 -68% +39% 4 -3% -23% 46 -14% +54%
HCA 52 +0% +5% 9 +2% -1% 15 -2% -2% 46 +1% +6%
NEIGHBORCARE 51 -2% -9% 9 -40% +67% 8 +3% +19% 52 -12% -1%
TRIAD HOSPITALS 57 +10% -14% 11 +7% -12% 15 +6% -18% 53 +10% -13%
RENAL CARE GROUP 63 +2% +0% 10 +1% +20% 13 -2% -0% 59 +3% +3%
HEALTH MANAGEMENT ASSOCIATES 70 -4% -1% 9 -3% -2% 19 -9% +20% 60 -2% -6%
DAVITA 70 +4% -8% 6 -13% -11% 13 -15% -7% 63 +7% -9%
Sector Average 30 -6% -3% 4 -8% +3% 20 -9% +9% 14 -1% -14%

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



HEAVY CONSTRUCTION
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
PETER KIEWIT SONS 45 -17% +7% 0 N/M N/M 23 -5% +7% 22 -27% +6%
GRANITE CONSTRUCTION 57 +4% -16% 6 -5% -61% 32 +29% -20% 31 -15% -28%
FOSTER WHEELER 44 -26% -9% 17 -45% +9% 30 -33% +18% 31 -31% -18%
WASHINGTON GROUP INTERNATIONAL 57 +32% +18% 0 N/M N/M 26 +41% +12% 31 +25% +23%
FLUOR 26 +43% -20% 34 +117% -1% 24 +43% +7% 37 +109% -25%
Sector Average 39 +5% -8% 19 +51% -2% 26 +12% +5% 32 +21% -15%


HOME CONSTRUCTION
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
CHAMPION ENTERPRISES 4 -42% +17% 32 +7% -27% 9 -15% -11% 27 +1% -24%
NVR 1 -25% +54% 63 -10% -10% 20 +4% -4% 44 -16% -11%
PERINI 118 +6% +14% 0 N/M N/M 53 -3% -1% 65 +15% +32%
OAKWOOD HOMES 61 -5% +4% 48 -25% -8% 35 -5% +18% 74 -19% -8%
WALTER INDUSTRIES 51 -1% +20% 71 +50% -3% 33 +9% +17% 90 +29% +4%
RYLAND GROUP 0 N/M N/M 148 +6% +17% 41 +0% +8% 107 +8% +20%
LENNAR CORP 2 +2% +64% 150 -7% +10% 43 -12% +6% 110 -5% +13%
CLAYTON HOMES 61 +5% -1% 87 +10% +11% 38 -11% +13% 110 +16% +3%
CENTEX 16 +1% -29% 140 +10% -1% 28 -1% -3% 129 +12% -6%
D R HORTON 0 N/M N/M 208 -13% -3% 48 +14% +2% 160 -19% -4%
M D C HOLDINGS 1 +89% +23% 205 -10% +26% 44 -6% +7% 162 -11% +32%
KB HOME 41 -44% -19% 180 +14% +5% 37 -3% -1% 184 -5% -5%
BEAZER HOMES 8 +1% -5% 198 +5% +10% 14 -4% +5% 191 +6% +10%
HOVNANIAN ENTERPRISES 5 +29% -76% 215 +28% -5% 26 -40% +60% 193 +51% -23%
M I HOMES 20 -0% -3% 202 +27% -11% 19 -8% -1% 203 +28% -11%
PULTE HOMES 22 -26% +0% 226 +8% -19% 18 -1% -19% 230 +4% -17%
STANDARD PACIFIC 1 +56% +61% 302 +5% -10% 12 -14% -8% 291 +6% -10%
WCI COMMUNITIES 163 -9% +29% 278 -5% +10% 80 +34% +1% 362 -13% +19%
TOLL BROTHERS 23 -21% +47% 407 +1% +12% 20 +1% -9% 410 -0% +15%
Sector Average 19 -20% -11% 181 +4% +3% 32 -2% +2% 167 +2% +1%

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



HOME FURNITURE
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
HNI 38 -3% +19% 10 +3% -1% 44 -19% +24% 4 N/M N/M
HERMAN MILLER 34 -3% +2% 8 -14% +8% 20 +15% +12% 23 -18% -2%
KIMBALL INTERNATIONAL 40 -15% +8% 28 -12% -8% 25 -23% +10% 43 -7% -5%
STEELCASE 56 +6% -3% 18 -16% +27% 25 +7% +3% 49 -3% +5%
ETHAN ALLEN 11 -21% +1% 80 +12% +0% 10 -34% +38% 80 +16% -5%
MOHAWK INDUSTRIES 42 +3% -6% 61 +11% -3% 18 -6% +5% 85 +11% -6%
LA Z BOY 59 -9% +5% 44 +23% -16% 14 +18% -23% 89 +0% +0%
LEGGETT & PLATT 57 +16% -3% 52 -2% -1% 16 +4% +8% 93 +7% -3%
INTERFACE 69 +27% +2% 57 +7% -4% 25 +12% +1% 101 +18% -2%
FURNITURE BRANDS 56 -1% -18% 64 -3% -8% 13 -6% -15% 108 -1% -12%
Sector Average 48 +3% -2% 45 +5% +7% 20 -5% +4% 74 +7% +2%


HOUSEHOLD PRODUCTS, DURABLE
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
TUPPERWARE 32 -7% -22% 50 +1% +13% 27 -10% -7% 55 +2% -3%
NEWELL RUBBERMAID 68 +1% -2% 50 -14% -0% 37 +9% +27% 82 -12% -8%
FORTUNE BRANDS 51 +6% -14% 56 +5% -2% 17 +9% -14% 90 +5% -7%
TORO 67 +2% -10% 56 -5% -8% 18 -20% +7% 105 +3% -12%
WESTPOINT STEVENS 54 +1% -1% 82 -0% +0% 12 -10% -9% 123 +1% +1%
SALTON 81 -6% +0% 89 -8% +9% 10 -0% -35% 160 -8% +9%
Sector Average 59 +1% -6% 57 -6% -0% 25 +4% +8% 92 -4% -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



HOUSEHOLD PRODUCTS, NON DURABLE
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
CHURCH & DWIGHT 37 +6% -3% 29 +1% -16% 51 -9% -5% 15 +112% -34%
PROCTER & GAMBLE 26 -8% +1% 31 -1% -2% 24 +19% +2% 33 -16% -1%
DIAL 21 -17% +22% 39 +3% +31% 25 -6% +23% 34 -5% +30%
CLOROX 41 -6% -10% 23 +0% -12% 27 -7% +1% 37 -1% -18%
COLGATE PALMOLIVE 45 +0% +3% 26 +0% +1% 28 -3% +9% 44 +2% -2%
BLYTH 25 +7% +14% 51 -5% -14% 19 +13% -2% 57 -5% -9%
KIMBERLY CLARK 50 -5% +25% 40 +3% +2% 22 -4% +18% 68 -1% +13%
EASTMAN KODAK 65 +3% -1% 29 -2% -4% 23 +12% +6% 72 -2% -4%
SCOTTS 54 +5% +12% 53 -5% -27% 28 -0% -12% 79 -0% -13%
CENTRAL GARDEN & PET 47 +5% -4% 69 +6% -8% 34 +2% -21% 82 +7% +2%
ENERGIZER 71 +12% -3% 65 -13% -3% 32 +28% +6% 104 -8% -5%
Sector Average 39 -3% +4% 33 -0% -3% 24 +8% +5% 48 -6% -1%

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



INDUSTRIAL TECHNOLOGY
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
TEKTRONIX 46 +13% -4% 43 -14% +12% 27 -3% +12% 62 -1% +1%
SCIENCE APPLICATIONS 74 +6% -4% 0 N/M N/M 11 -7% +17% 63 +9% -7%
DANAHER 60 -1% +7% 37 -5% -2% 33 +12% +29% 64 -8% -4%
JDS UNIPHASE 53 +18% -17% 45 +24% +13% 26 +19% +2% 72 +21% -9%
SYMBOL TECHNOLOGIES 48 -4% +0% 51 -35% +9% 25 -21% +4% 74 -24% +6%
PERKINELMER 69 -7% -9% 45 -9% -25% 37 +4% -10% 77 -12% -19%
METTLER TOLEDO INTERNATIONAL 70 +0% -4% 42 -6% -2% 19 -13% +4% 93 +0% -5%
AGILENT TECHNOLOGIES 65 -4% +44% 60 -17% +1% 18 -3% +3% 107 -11% +21%
WATERS 82 +0% +5% 49 +7% +5% 17 -10% +21% 114 +5% +3%
THERMO ELECTRON 80 +7% +10% 60 +3% +4% 20 +1% +5% 120 +6% +7%
DIEBOLD 97 +27% -10% 45 +2% -9% 20 +17% -43% 122 +18% -0%
PALL 96 -19% +29% 62 -15% +17% 21 -29% +81% 137 -15% +17%
Sector Average 70 +3% +11% 39 -12% -1% 21 -2% +7% 88 -4% +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



INDUSTRIAL, DIVERSIFIED
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
TENNECO AUTOMOTIVE 43 +3% +1% 33 -11% +5% 60 +13% +22% 16 -37% -23%
SHAW GROUP 48 -4% -39% 9 -17% -47% 34 -24% +4% 24 +40% -72%
GRAPHIC PACKAGING INTERNATIONAL 30 -30% +0% 49 -18% +1% 28 +0% +45% 51 -32% -10%
GENERAL ELECTRIC 51 +0% +5% 41 -5% +1% 41 +8% -3% 51 -9% +7%
CARLISLE COS 38 +43% -26% 46 -1% -5% 31 +22% -6% 53 +12% -18%
NACCO INDUSTRIES 47 +19% +9% 51 +0% +2% 44 +19% +13% 55 +2% +1%
ITT INDUSTRIES 63 -1% +10% 38 -7% -2% 41 +16% +13% 60 -13% +1%
BRIGGS & STRATTON 44 -8% +19% 46 +1% -19% 30 +20% -13% 61 -12% +2%
EATON 54 +3% -2% 33 -8% +4% 24 -4% +18% 63 -0% -6%
GRIFFON 51 +12% -2% 33 +3% +4% 20 +7% +2% 64 +9% +0%
MANITOWOC 56 -4% +27% 53 -19% +65% 46 -5% +30% 64 -17% +55%
HONEYWELL INTERNATIONAL 58 +8% +9% 46 -4% -7% 35 +13% +9% 69 -3% -2%
3M 54 -4% +0% 36 -16% -9% 22 +3% +24% 69 -12% -9%
TEXTRON 42 +4% -1% 53 -3% +8% 26 -13% +2% 69 +6% +5%
FMC 91 -0% +10% 37 +4% -10% 57 +1% -8% 71 +1% +16%
PENTAIR 56 -1% +3% 38 -8% -1% 23 -6% -3% 72 -3% +2%
PPG INDUSTRIES 62 +2% +6% 42 -2% +6% 31 +2% -2% 72 -1% +10%
INGERSOLL RAND 63 +10% -1% 37 -23% -0% 27 -8% +0% 73 -4% -1%
EMERSON ELECTRIC 69 +4% +10% 41 -5% -4% 37 +9% +26% 74 -3% -3%
HARSCO 77 +7% +5% 33 -2% +5% 32 +5% +5% 77 +4% +5%
ROCKWELL AUTOMATION 61 +1% +4% 48 -7% +2% 29 -4% -8% 80 -2% +8%
TYCO 65 -7% +0% 43 -12% -12% 27 -17% -18% 80 -6% +1%
ILLINOIS TOOL WORKS 63 +8% +2% 36 -3% -5% 18 +9% +11% 81 +3% -3%
CRANE 55 +8% +3% 53 +2% -8% 26 +19% +13% 82 +1% -6%
TIMKEN 58 +26% -6% 67 +5% -5% 41 +6% +16% 84 +18% -15%
STANLEY WORKS 66 -15% +1% 51 -12% +2% 33 -11% +6% 84 -15% -0%
COOPER INDUSTRIES LTD 66 +2% -3% 50 -7% -8% 30 +3% -17% 86 -4% -1%
TEREX CORP 51 -33% +7% 95 -34% +2% 57 -20% +21% 88 -41% -3%
PARKER HANNIFIN 57 -4% +6% 57 -9% +1% 25 -5% +17% 89 -7% +0%
VALMONT INDUSTRIES 66 +17% +1% 51 -2% +13% 28 +17% -1% 89 +5% +8%
BLACK & DECKER 66 +9% +1% 58 -7% +4% 31 +8% +8% 93 -2% +1%
DOVER 62 +6% +6% 53 +2% -4% 21 +23% +3% 93 +0% +1%
SAUER DANFOSS 60 +2% +3% 64 +2% +4% 30 +14% +9% 94 -1% +2%
MUELLER INDUSTRIES 60 +17% -2% 51 -6% +24% 15 -2% +31% 96 +6% +7%
AGCO 58 -7% -8% 84 -5% +10% 41 +5% -0% 101 -10% +2%
FLOWSERVE 76 -5% -8% 66 -5% +6% 40 +7% +10% 102 -9% -6%
KENNAMETAL 49 +18% -1% 81 +2% +6% 25 +6% -2% 105 +8% +5%
UNOVA 90 -6% +6% 43 +12% -15% 21 -11% +1% 111 +2% -2%
SNAP ON 89 -7% -10% 57 -10% -2% 31 +5% +20% 116 -11% -12%
TELEFLEX 77 +8% +1% 71 +10% +9% 30 +20% +6% 117 +7% +4%
Sector Average 57 +0% +3% 44 -7% -2% 33 +2% +2% 69 -5% -0%

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



INFORMATION & ONLINE SERVICES
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
PRICELINE 5 -8% +2% 0 N/M N/M 11 -18% -10% -6 +24% +16%
YAHOO 63 +46% +25% 0 N/M N/M 7 -0% +7% 56 +55% +29%
WEBMD 69 +2% -0% 5 -38% -5% 4 -13% -42% 69 -1% +4%
Sector Average 50 +33% +15% 1 -46% -5% 7 -14% -19% 44 +39% +27%


LAND TRANSPORTATION
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
PACCAR 244 -5% -12% 15 -5% -2% 65 +1% +6% 194 -7% -15%
NAVISTAR 235 -7% +4% 25 -23% -8% 54 -2% -8% 206 -11% +5%
Sector Average 240 -6% -4% 19 -18% -9% 60 -0% -1% 199 -9% -6%


LODGING
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
MARRIOTT INTERNATIONAL 28 +25% +1% 0 N/M N/M 24 +3% -20% 5 N/M N/M
HILTON 24 -37% +6% 18 +5% -1% 10 -3% +4% 32 -28% +4%
STARWOOD HOTELS & RESORTS 33 +2% -19% 17 +1% -17% 13 -23% -16% 36 +15% -19%
Sector Average 28 +1% -5% 9 +6% -11% 18 -5% -16% 19 +11% +6%


MEDICAL DEVICES
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
STRYKER 50 -23% +0% 47 -9% -8% 14 +8% -16% 83 -20% -2%
DENTSPLY 56 +5% -14% 48 -8% -19% 20 +25% -29% 84 -6% -14%
VARIAN MEDICAL SYSTEMS INC 88 -11% -8% 41 -21% -2% 17 -14% -10% 113 -14% -5%
GUIDANT 82 +4% -8% 40 +16% -5% 8 +8% -3% 113 +8% -7%
MEDTRONIC 84 +3% +1% 45 +12% -16% 13 -11% +6% 116 +8% -7%
ST JUDE MEDICAL 95 +8% +1% 59 +13% -20% 24 -3% +4% 129 +13% -10%
BECKMAN COULTER 104 -6% +7% 65 +0% -4% 19 +1% -17% 150 -4% +5%
Sector Average 79 -2% -2% 48 +3% -12% 8 -3% +0% 119 +0% -6%

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



MOTORIZED RECREATIONAL EQUIPMENT
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
HARLEY DAVIDSON 9 -9% -25% 16 -16% -1% 18 -13% -4% 8 -15% -22%
POLARIS INDUSTRIES 12 -4% -10% 42 +11% +1% 15 -29% -13% 38 +35% +10%
Sector Average 10 -7% -21% 23 -6% -3% 17 -17% -7% 16 +9% -11%


NON-FERROUS METALS
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
KAISER ALUMINUM 27 +7% -2% 55 -13% -4% 36 +12% -8% 46 -18% -1%
KAISER ALUMINUM & CHEMICAL CORP 27 +7% -2% 55 -13% -4% 36 +12% -9% 47 -18% -0%
ALCOA 43 -0% +4% 43 -3% +9% 34 +15% +12% 52 -10% +4%
COMMONWEALTH INDUSTRIES 32 +5% -6% 52 +10% +0% 20 -11% +12% 64 +16% -7%
PHELPS DODGE 41 +6% +5% 47 -19% +5% 23 -5% -7% 64 -11% +11%
Sector Average 41 +2% +4% 45 -7% +6% 32 +11% +6% 54 -10% +4%


OFFICE EQUIPMENT
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
XEROX 130 -1% +6% 27 -5% -4% 21 +8% +28% 136 -3% +1%
PITNEY BOWES 145 -5% -14% 17 -4% +21% 24 -8% +0% 137 -5% -13%
Sector Average 134 -2% +1% 25 -5% -2% 22 +4% +21% 136 -4% -2%

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



OIL
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
ANADARKO PETROLEUM 48 -5% +8% 11 -18% +67% 87 -12% +13% -28 +21% -8%
NOBLE ENERGY 62 +4% +40% 2 -26% +8% 79 -12% +43% -15 +46% -56%
BURLINGTON RESOURCES 51 -19% +45% 6 +5% +8% 60 -39% +52% -3 +90% -83%
SUNOCO 22 -7% +30% 10 -23% -26% 28 -16% +31% 3 +26% -74%
PREMCOR 14 -3% +72% 15 -3% -14% 25 -0% +21% 4 -18% -15%
HOLLY 48 -14% +19% 29 +57% +16% 72 -5% +31% 5 N/M -137%
FRONTIER OIL 15 -11% +51% 21 -1% +25% 30 -15% +62% 6 +144% -62%
EOG RESOURCES 59 +16% +18% 4 -27% +45% 57 -12% +33% 7 N/M N/M
DEVON ENERGY 47 -13% -15% 4 +63% -55% 43 -21% -2% 8 +233% -82%
MARATHON OIL 22 +5% +11% 17 -24% +13% 30 -10% +23% 9 -13% -12%
ASHLAND 53 +1% -6% 21 -12% +0% 64 +2% -5% 10 -29% -1%
CONOCOPHILLIPS 22 -15% +58% 14 -20% -52% 23 -13% -26% 12 -22% +4%
CHEVRONTEXACO 38 -17% +24% 9 -23% +2% 31 -18% +43% 17 -20% -10%
VALERO ENERGY 20 -1% +2% 18 -8% -0% 21 -13% +34% 17 +10% -28%
MURPHY OIL 31 -18% -1% 19 +0% +31% 32 -22% +55% 17 +14% -41%
EXXON MOBIL 29 -8% +18% 15 -7% +7% 26 -7% +13% 18 -9% +14%
AMERADA HESS 44 -20% -31% 15 -2% +1% 39 -8% -13% 19 -28% -40%
TESORO PETROLEUM 17 -20% -22% 20 -15% -22% 18 +3% -25% 19 -30% -19%
UNOCAL 74 -4% +53% 8 +19% +21% 61 -14% +59% 21 +69% +14%
KERR MCGEE 51 -15% +24% 34 -13% -10% 64 -16% +16% 21 -10% -12%
GIANT INDUSTRIES 16 -21% +40% 27 -12% +38% 17 -8% +20% 25 -20% +54%
OCCIDENTAL PETROLEUM 46 -5% +48% 20 -18% +22% 36 -9% +20% 30 -11% +68%
APACHE 56 -26% +42% 11 -30% +16% 26 -14% +30% 40 -33% +41%
Sector Average 30 -11% +12% 14 -14% -2% 29 -12% +14% 15 -12% -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



OIL AND GAS EQUIPMENT AND SERVICES
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
ADAMS RESOURCES AND ENERGY 29 +37% +65% 1 +41% +34% 31 +43% +83% -1 N/M -75%
MCDERMOTT INTERNATIONAL 30 -25% +51% 0 +9% -59% 30 -15% +52% 1 -81% +39%
WESTERN GAS RESOURCES 33 +32% -8% 9 +52% +9% 39 +36% -56% 4 +36% N/M
KINDER MORGAN 25 -16% -14% 18 -47% +10% 20 -36% -9% 23 -29% +3%
NOBLE 55 -9% -1% 2 +13% +2% 32 +34% +40% 24 -36% -16%
GLOBALSANTAFE 60 -5% -37% 0 N/M N/M 34 -10% -5% 26 +3% -58%
NEW JERSEY RESOURCES 18 -47% +127% 27 +55% +37% 6 -26% +16% 39 -9% +107%
EMCOR GROUP 81 -8% +7% 1 -30% +48% 36 -3% +13% 46 -13% +4%
JACOBS ENGINEERING GROUP 62 -9% -10% 0 N/M N/M 16 -16% +1% 46 -7% -14%
NABORS INDUSTRIES 80 +15% +15% 5 -11% +66% 25 -8% +24% 59 +26% +15%
PRIDE INTERNATIONAL 80 +5% -5% 16 +11% -1% 35 -34% +18% 61 +64% -25%
TRANSOCEAN 65 +9% -23% 23 +7% +3% 22 +20% -25% 66 +6% -16%
BJ SERVICES 80 +12% -8% 28 -11% +42% 37 +13% +6% 70 +1% +1%
HALLIBURTON 107 +34% -6% 16 -27% -3% 40 +27% +22% 83 +19% -14%
FMC TECHNOLOGIES 86 +17% +4% 45 -6% -6% 43 -2% -2% 88 +13% +1%
SCHLUMBERGER 91 -8% -6% 26 -8% -10% 26 -4% +4% 91 -9% -9%
HANOVER COMPRESSOR 65 -13% -19% 52 -12% -20% 18 -31% -36% 99 -9% -14%
COOPER CAMERON 68 -3% +1% 106 +15% -7% 61 +26% +5% 112 -1% -7%
BAKER HUGHES 79 -2% -13% 71 -6% +5% 27 -6% -27% 123 -3% +2%
SMITH INTERNATIONAL 81 +12% -6% 75 +3% +9% 32 +7% +1% 125 +7% +1%
WEATHERFORD 79 +4% +5% 90 +5% +8% 36 +22% -15% 134 +1% +13%
NATIONAL OILWELL 84 -18% +29% 100 -12% +18% 42 +3% +20% 142 -19% +24%
VARCO INTERNATIONAL 84 -6% -10% 85 +12% +16% 25 +0% -16% 144 +3% +4%
Sector Average 78 +5% -2% 30 -3% +3% 32 +7% +0% 76 +1% -1%

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



OTHER FOOD
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
IMPERIAL SUGAR 22 +226% +38% 56 +26% -5% 28 +51% -15% 49 +52% +9%
Sector Average 22 +226% +38% 56 +26% -5% 28 +51% -15% 49 +52% +9%


OTHER INDUSTRIAL AND COMMERCIAL
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
LABOR READY 3 +53% +35% 0 N/M N/M 7 +60% -22% -4 -67% +43%
STEWART INFORMATION SERVICES 12 -17% -5% 0 -8% -38% 13 +3% -7% -1 N/M +6%
VIAD 11 -5% -20% 8 -10% +5% 13 -4% +5% 6 -15% -31%
ALLIED WASTE INDUSTRIES 45 -0% -8% 0 N/M N/M 33 +16% -5% 12 -29% -12%
WORLD FUEL SERVICES CORP 26 -2% -10% 3 -21% -16% 16 -6% +6% 13 -4% -25%
REPUBLIC SERVICES 36 -2% -2% 0 N/M N/M 19 -2% +31% 17 -2% -23%
ARAMARK 26 +12% -3% 17 -6% +1% 20 -2% -3% 22 +11% +0%
ADMINISTAFF 24 -32% -9% 0 N/M N/M 2 +34% -40% 22 -34% -7%
SABRE HOLDINGS 62 +18% -7% 0 N/M N/M 36 +12% +17% 26 +26% -29%
FISERV INC 50 +4% -20% 0 N/M N/M 22 +24% +8% 29 -7% -30%
WASTE MANAGEMENT 47 +4% +3% 3 -1% -2% 20 +17% -34% 30 -3% +51%
RYDER SYSTEM 49 -0% +21% 4 -8% +24% 23 +8% +13% 30 -7% +26%
FIRST DATA 66 -1% +12% 0 N/M N/M 36 +2% +4% 30 -4% +23%
CERTEGY 39 +3% -5% 0 N/M N/M 8 -3% -3% 31 +4% -6%
INTEGRATED ELECTRICAL SERVICES 62 -17% +1% 5 -12% +9% 35 -0% -1% 32 -28% +4%
SERVICEMASTER 34 +1% -9% 7 +4% -3% 9 -5% -25% 32 +4% -1%
GTSI 70 +28% -22% 21 -2% -24% 58 +22% -32% 33 +15% +2%
U S XPRESS ENTERPRISES 39 -2% +3% 2 -17% +35% 6 -19% +0% 35 +1% +6%
HUTTIG BUILDING PRODUCTS 28 +2% -2% 32 -10% +29% 26 -21% +24% 35 +12% +3%
MAIL WELL 49 +5% +1% 20 -9% -5% 31 -4% +2% 38 +5% -3%
CELLSTAR 44 +50% -10% 34 +26% -17% 38 +37% -20% 40 +40% -7%
R R DONNELLEY & SONS 56 +22% -2% 9 +3% +8% 23 +13% +1% 42 +23% -1%
ABM INDUSTRIES 46 -12% -23% 3 -31% -11% 6 -28% -9% 44 -11% -24%
DST SYSTEMS 60 -0% -24% 3 +10% +5% 19 +29% -40% 44 -9% -16%
VOLT INFORMATION SCIENCES 71 -3% +8% 8 +16% +29% 35 -8% +75% 45 +3% -18%
TELETECH HOLDINGS 53 +8% -24% 0 N/M N/M 8 +17% +0% 45 +7% -27%
PEROT SYSTEMS 52 +17% -9% 0 N/M N/M 7 +1% -39% 45 +20% +0%
BANTA 60 +6% +5% 19 +4% +6% 34 +25% +11% 45 -5% +2%
ELECTRONIC DATA SYSTEMS 57 -11% -4% 0 N/M N/M 10 -18% +51% 47 -9% -12%
IRON MOUNTAIN 68 +9% -9%