inperspective 2003 annual report 260 6 2002 250 2 2001 146 1 2000 95 1999 67 7 table of contents corporate profile revenues and financial highlights letters to shareholders minacs at work case studies 5 management s discussion analysis responsibility for information auditors 16 consolidated statements 17 notes the 20 33 3 ceo letter was a year marked not only by significant marketplace operational gains but ultimately results which i as shareholder find very disappointing let me therefore take opportunity put in perspective challenging eventful outline our plans priorities 2004 progress sales volumes increased record million sg&a expense ratio reduced four percentage points 25 ebitda 34 22 company generated 11 9 operating cash flow despite these improvements we reported loss after taking non charge
