Results of Operations 
The following table sets forth certain items from our Consolidated Statements of Income expressed as a percentage of 
revenues: 
Percentage of Revenues 
Year ended June 30, 
  
2003 
  
2002 
  
2001 
Revenues  
100.0% 
  
100.0%  
100.0% 
Operating expenses: 
  Wages 
and 
benefits 
 45.3   
 44.1  
 43.8  
  Services 
and 
supplies 
 26.3   
 29.0  
 29.0  
Rent, lease and maintenance 
9.3   
9.1   
  10.8   
 Depreciation 
and 
amortization 
 4.0  
 3.6 
 4.5 
Other operating expenses 
1.4    
1.1 
  
0.9 
Total operating expenses 
  86.3    
86.9 
  
89.0 
Operating 
income 
 13.7   
 13.1  
 11.0  
Interest 
expense 
 0.6  
 1.0 
 1.2 
Other non operating expense (income), net 
0.1    
0.3 
    (1.0)   
Pretax profit 
  13.0   
  11.8   
    10.8  
Income tax expense 
4.9    
4.3 
  
4.2 
Net income 
8.1%   
7.5%  
6.6% 
Comparison of Fiscal Year 2003 to Fiscal Year 2002 
Revenues 
Revenues increased $0.7 billion, or 24%, to $3.8 billion in fiscal year 2003 from $3.1 billion in fiscal year 2002.  Internal 
revenue growth for fiscal year 2003 was 15% and the remaining growth resulted from acquisitions.  
Revenues in our state and local government segment increased $399.9 million to $1.7 billion in fiscal year 2003 from $1.3 
billion in fiscal year 2002, or 31% over the prior year, including the full year impact of the AFSA and Andersen acquisitions.  
Internal revenue growth was 21%, due primarily to new contracts, including contracts with the Texas Health and Human 
Services Commission for fiscal agent and administrative services to support the State's Medicaid traditional fee for service 
program and the Texas Health Network primary care case management and managed care program, New Jersey to operate its 
E ZPass system and State of Ohio to operate its child support collections and disbursement unit, increased revenues from 
violation processing and welfare and community services lines of business and full year impact of the Georgia Medicaid 
contract signed in the fourth quarter of fiscal year 2002.  
Revenues in our commercial segment increased $285.6 million, or approximately 30%.  After adjusting for revenues of 
operations divested in fiscal year 2002 of $33.0 million, internal growth was 17% due primarily to the Motorola and Ingram 
Micro contracts and full year impact of the Ingersoll Rand contract signed in the fourth quarter of fiscal year 2002.  
Acquisition growth in our commercial segment was 17% due primarily to the full year impact of the fiscal year 2002 AFSA 
and Andersen acquisitions. 
18 




  

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