text: on equity(a), which provides a good indication of how well we are utilizing investors’ dollars, has steadily 
  
  increased in recent years, from five percent in 1999 to 12 percent in 2003. This compares favorably to the 
  
  average return on equity for our industry, reported at 10.7 percent by statistical research sources. 
  
  The company’s ability to generate strong cash flow continued to flourish in 2003. This is a key strength 
  
  for our company, as it enables us to pursue a number of value-creating initiatives. 
  
  • We initiated the payment of quarterly dividends on the company’s common stock in 
  
  September 2003. Recent changes in tax laws make this an efficient avenue for 
  
  providing a return to our shareholders and, with continuing growth in earnings and 
  
  cash flow, we plan to increase the dividend periodically. 
  
  • We repurchased 193,814 shares of our common stock in 2003. Over the last five 
  
  years, we have repurchased nearly two million shares of our stock, a strategy we 
  
  regard as a wise investment for our company and our stockholders. 
  
  • We reduced debt by $6 million, from $10.3 million at the end of 2002 to $4.3 million 