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U.S. Manufacturing Corporations:
Seasonally adjusted after-tax profits recorded by manufacturing
corporations were $45.3 billion in the third quarter 2002, up $3.6
(+/-1.4) billion from the $41.7 billion recorded the prior quarter,
the Commerce Department's Census Bureau reported. Year over
year profits were up $33.5 (+/-1.7) billion from the $11.9 billion
reported in the third quarter 2001. This is the third consecutive
quarterly increase in profits after dropping to the $7.7 billion
level in the fourth quarter 2001.
Seasonally adjusted sales in the third quarter 2002, at $1,068.2 billion, were up 1.9% (+/-0.7%) from the $1,048.5 billion recorded in second quarter 2002, but were about the same as the third quarter 2001.
Profits per dollar of sales at 4.2 cents in the third quarter 2002 were up 0.2 (+/-0.1) cents over prior quarter, and up 3.1 (+/-0.2) cents over third quarter 2001.
Nondurable Goods Manufacturers:
Seasonally adjusted after-tax profits recorded by nondurable
goods manufacturers at $30.6 billion in the third quarter
2002 were about the same as the prior quarter, but up $3.8
(+/-0.6) billion from the $26.8 billion recorded in the third
quarter 2001.
Sales for third quarter 2002 were $493.7 billion, following sales of $478.8 billion the prior quarter, and $487.5 billion in the third quarter 2001.
After-tax profits averaged 6.2 cents per dollar of sales in the current quarter, 6.3 cents in second quarter 2002, and 5.5 cents in the third quarter 2001.
Durable Goods Manufacturers:
Seasonally adjusted after-tax profits recorded by durable
goods manufacturers were $14.8 billion in third quarter
2002, up $29.7 (+/-0.2) billion from a loss of $14.9 billion in
third quarter 2001. Second quarter 2002 after-tax profits
were $11.3 billion.
Sales for third quarter 2002 were $574.6 billion, and $573.7 billion in the same quarter a year ago.
After-tax profits averaged 2.6 cents per dollar of sales in the current quarter, up 0.6 (+/-0.2) cents from the second quarter 2002, and up from the loss of 2.6 cents in the third quarter 2001.
U.S. Manufacturing Corporations:
Unadjusted after-tax profits of manufacturing corporations
in third quarter 2002 were $43.1 billion, up $33.2 (+/-1.7)
billion from the $9.8 billion recorded in third quarter 2001.
The profit increase was due to higher operating income, lower interest expense, and lower nonrecurring charges.
Sales at $1,069.2 billion, were not statistically different from the $1,062.4 billion recorded in the same quarter a year ago.
After-tax profits per dollar of sales averaged 4.0 cents compared to 0.9 cents a year earlier, and 4.5 cents in second quarter 2002.
Nondurable Goods Manufacturers:
Unadjusted after-tax profits recorded by nondurable goods
manufacturers were $31.5 billion in third quarter 2002, up $3.6
(+/-0.6) billion from the $27.9 billion reported in third quarter
2001. Eight of the eleven nondurable goods manufacturing
categories recorded year over year increased profits.
Beverage and tobacco products' year over year increase of $2.8 (+/-0.2) billion resulted from higher nonrecurring credits; Chemicals' improvement, $2.2 (+/-0.3) billion, was due to an increase in equity income. Petroleum and coal products' profit decline for that period of $4.5 (+/-0.1) billion resulted from lower operating income, lower equity income, and higher nonrecurring charges.
Sales for third quarter 2002 were $501.8 billion, up $6.8 (+/-4.9) billion from the year before.
After-tax profits averaged 6.3 cents per dollar of sales compared to 5.6 cents a year ago, and 6.6 cents last quarter.
When compared to second quarter 2002 after-tax profits of $32.2 billion, nondurable goods manufacturers' after-tax profits were down $0.7 (+/-0.7) billion. Although beverage and tobacco products profits were up $2.2 (+/-0.1) billion from the prior quarter, it was not enough to offset losses recorded in other nondurable goods manufacturing categories.
Durable Goods Manufacturers:
Unadjusted after-tax profits by durable goods manufacturers
were $11.6 billion in third quarter 2002, compared to a loss of
$18.1 billion a year earlier. The profit rise was due to lower
operating costs, interest expense, and nonrecurring charges in
third quarter 2002. Most durable goods manufacturing
categories recorded after-tax profits this quarter. Transportation
equipment was up $3.0 (+/-0.1) billion over a year earlier;
miscellaneous manufacturing was up $1.7 (+/-0.6) billion, and
electrical equipment, appliances, and components, was up $1.3
(+/-0.2) billion. The $2.5 billion loss recorded in computer and
electronic products was less than the $29.1 billion loss recorded
in the same quarter last year; this improvement was mainly due
to lower nonrecurring charges this quarter.
Sales for durable manufacturers this quarter at $567.4 billion were not statistically different from the same quarter a year earlier.
After-tax profits averaged 2.0 cents per dollar of sales this quarter compared to a loss of 3.2 cents a year ago, and a profit per dollar of sales averaging 2.6 cents from second quarter 2002.
Unadjusted after-tax profits for mining corporations were $1.5 billion in third quarter 2002 compared to a profit of $1.0 billion in the same quarter last year.
Current quarter sales were $20.2 billion, down $4.9 (+/-0.2) billion from the same quarter a year earlier.
After-tax profit per dollar of sales averaged 7.5 cents this quarter compared to 3.9 cents in third quarter 2001.
Unadjusted after-tax profits for wholesale trade corporations were $6.1 billion in the third quarter 2002, up $3.8 (+/-0.2) billion from the same quarter a year ago.
Sales for these corporations were $317.6 billion, up $12.4 (+/-4.1) billion from the same quarter a year ago.
After-tax profits per dollar of sales averaged 1.9 cents this quarter compared to 0.8 cents in the third quarter 2001.
These advance data, based on quarterly financial reports from about 8,200 corporations, were released today from the Quarterly Financial Report for Manufacturing Corporations with assets $250,000 and over, and Mining, and Trade Corporations with assets $50 million and over- Third quarter 2002 (QFR-02-3). The publication includes statements of income and retained earnings, balance sheets, and related financial and operating ratios. The aggregated data are classified by industry and asset size. The publication becomes available for sale approximately two weeks from the date of this release from the Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954 (202-512-1800). The cost for an annual subscription is $39 domestic and $48.75 foreign. Remittances from foreign countries must be by international money order or by draft on a U.S. bank. Files are also available on 3.5 inch flexible diskettes from U.S. Department of Commerce, Census Bureau (MS1921), P.O. Box 277943, Atlanta, GA 30384-7943 (301-763-4100). Fourth quarter 2002 advance data are scheduled for release on April 4, 2003.
The data presented in this report are estimated from a sample survey and therefore are subject to sampling variability as well as nonsampling variability such as response error, nonreporting, and coverage errors. Estimates of sampling variability are presented in the publication. A statement such as "up 2.5 (+/-0.15) cents," appearing in the text, indicates the range (+2.35 to +2.65 cents) in which the actual change is likely to have occurred. The range given for the change is a 90 percent confidence interval that accounts only for sampling variability. If the range had contained zero (0), it would have been uncertain whether there was an increase or decrease; that is, the change would not have been statistically significant. For any comparison cited without a confidence interval, the change is statistically significant. The quarterly publication includes more detailed explanations of confidence intervals and sampling variability, along with additional measures of sampling variability.
The complete report, Quarterly Financial Report for Manufacturing,
Mining and Trade Corporations, is available for download,
under "Products: Publication", at
<http://www.census.gov/csd/qfr/>.
This press release is available in
page image format (.pdf).
This press release is available on the day of issue on the
Internet (http://www.census.gov/csd/www/qfr.html).
Questions regarding this report (or program) should be directed to
Ronald B. Horton (301) 763-3343 or Frank Hartman (301) 763-3379.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-3, December 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-3, December 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-3, December 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-3, December 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-3, December 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-3, December 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-3, December 2002.
ORDER & RELEASE INFORMATION
The publication becomes available for sale approximately two weeks from the
date of this release from the Superintendent of Documents, P.O. Box 371954,
Pittsburgh, PA 15250-7954 (202-512-1800). The annual subscription rate is $34,
(foreign customers, $42.50 on an international money order or by draft on a
U.S. bank). Single publication copies are $10 and $12.50, respectively and
are available at the Bureau of the Census, (301) 457-4100.
Schedule of Advance Data Release Dates--2003
Conversion to the North American Industry Classification System
Effective fourth quarter 2000, data in this release are presented on the North American Industry Classification System (NAICS). Data prior to fourth quarter 2000 are presented on the Standard Industrial Classification (SIC) system.
There are major changes in how industries are defined, requiring the movement of many corporations to different industry categories. Nearly all published industry groupings have been affected by the conversion to NAICS. Major changes include the following:
• Publishing, part of SIC Manufacturing Major Group 27, has been deleted from the Manufacturing sector, and Eating and Drinking Places, SIC Retail Trade Major Group 58, (included in All Other Retail Trade in the SIC Publication) has been deleted from the Retail Trade sector. These industries have been moved to NAICS sectors outside of Manufacturing, Mining and Trade. Printing and Related Support Activities, the remainder of SIC 27, now comprises NAICS subsector 323.
• A new group has been created, NAICS subsector 334, Computer and Electronic Product Manufacturing. This group is primarily comprised of parts of SIC Major Groups 35 Machinery, Except Electrical; 36, Electrical and Electronic Equipment; and 38, Instruments and Related Products. The new group presents for the first time separate financial data for manufacturers of Computer and Peripheral Equipment, as well as for Communications Equipment.
• Most of the remainder of SIC Major Group 35, Machinery, Except Electrical, is now included in NAICS subsector 333, Machinery Manufacturing; and the remainder of SIC Major Group 36, Electrical and Electronic Equipment, is in NAICS subsector 335, Electrical Equipment, Appliance and Component Manufacturing.
• SIC Major Group 38, Instruments and Related Products, was reorganized with the major sections moving to NAICS subsector 334, Computer and Electronic Product Manufacturing; NAICS subsector 333, Machinery Manufacturing, and NAICS subsectore 339, Miscellaneous Manufacturing.
• Food Manufacturing, NAICS subsector 311, and Beverage and Tobacco products Manufacturing, NAICS subsector 312, previously combined on an SIC basis, are now published separately.
• NAICS subsector 331, Primary Metal Manufacturing, formerly SIC Major Group 33, has a new industry group, Foundries. Foundries was previously included in the SIC Ferrous and Non-Ferrous categories.
• A number of other NAICS groups, while largely consistent with their SIC counterparts, have small but noticeable changes due to the transfer of certain product lines from one group to another. Once example is NAICS subsector 336, Transportation Equipment Manufacturing, which includes products such as vehicle seating, lighting, and air-conditioning that were not part of SIC 37, Transportation Equipment.
• NAICS expands the definition of Manufacturing to include companies that perform the entrepreneurial functions of manufacturing, but contract out the actual making of the product. This includes companies contracting overseas for manufacturing their products. The operations of those foreign plants are not fully consolidated in the financial reports, but are reported on the equity or cost basis of accounting. This change resulted in the reclassification of a number of companies from Wholesale Trade in the SIC publication to Manufacturing in the NAICS publication.
For a comprehensive treatment of the SIC to NAICS Conversion, see the 1997 NAICS manual, or visit the NAICS Web site at www.census.gov/naics.
Questions concerning this advance report should be directed to
Contact:
Ronald B. Horton (301) 763-3343 or
Frank Hartman (301) 763-3379.
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Quarterly Financial Report
AVAILABILITY:
Seasonally Adjusted
3Q 2Q 3Q
2002 2002(1) 2001(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 4.2 4.0 1.1
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Sales ....................................1,068,223 1,048,539 1,061,187
Income after income taxes ................ 45,341 41,660 11,880
Dividends paid (cash) .................... NA NA NA
(1)Some of the data in this table have been revised since first published.
Unadjusted
3Q 2Q 3Q
2002 2002(1) 2001(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 4.0 4.5 0.9
Percent on equity (annual rate) .......... 9.4 10.5 2.1
(million dollars)
Sales ....................................1,069,194 1,070,871 1,062,443
Income after income taxes ................ 43,072 47,655 9,848
Dividends paid (cash) .................... 23,687 24,421 21,962
(1)Some of the data in this table have been revised since first published.
Sales
3Q 2Q 3Q
Industry Group 2002 2002 2001
(million dollars)
All manufacturing corporations(2)..........1,069,194 1,070,871 1,062,443
All nondurable goods....................... 501,830 486,867 495,006
Food..................................... 79,623 76,236 82,634
Beverage and tobbaco products............ 36,516 36,801 37,981
Textiles mills and textile product mills. 12,420 12,634 11,425
Apparel and leather products............. 24,120 21,647 24,450
Paper ................................... 38,166 38,488 40,492
Printing and related support activities.. 17,129 16,381 16,874
Petroleum and coal products.............. 128,805 117,018 118,432
Chemicals ............................... 133,349 135,760 130,822
Basic chemicals, resins, and
synthetics(3).......................... 38,403 39,221 38,026
Pharmaceuticals and medicines(3)........ 57,099 57,639 55,335
All other chemicals(3).................. 37,847 38,899 37,462
Plastics and rubber products............. 31,702 31,904 31,895
All durable manufacturing.................. 567,364 584,004 567,438
Wood products............................ 16,603 16,387 16,531
Nonmetallic mineral products............. 23,603 23,190 25,791
Primary metals........................... 34,363 34,799 35,095
Iron, steel, and ferroalloys(3)......... 14,789 14,749 14,831
Nonferrous metals(3).................... 14,262 14,345 15,070
Foundries(3)............................ 5,312 5,704 5,194
Fabricated metal products................ 50,228 51,316 49,447
Machinery ............................... 64,334 67,302 65,794
Computer and electronic products......... 108,686 110,555 118,324
Computer and peripheral equipment(3).... 33,153 35,122 36,451
Communications equipment(3)............. 20,969 22,093 27,991
All other electronic products(3)........ 54,564 53,341 53,882
Electrical equipment, appliances and
components.............................. 45,244 46,452 43,533
Transportation equipment ................ 183,079 194,964 174,988
Motor vehicles and parts(3)............. 134,088 145,541 123,517
Aerospace products and parts(3)......... 40,395 40,833 42,458
Furniture and related products........... 14,442 14,356 14,215
Miscellaneous manufacturing.............. 26,784 24,683 23,721
All mining(2).............................. 20,178 19,753 25,079
All wholesale trade(2)..................... 317,558 311,484 305,188
All retail trade(2)........................ NA 349,420 328,494
(1)Revised
(2)Mining and trade data are the quarterly results of companies in those
divisions with assets over $50 million; whereas, data for
manufacturing corporations represent the quarterly results of
companies with assets over $250,000.
(3)Included in major industry above.
Operating Profits*
3Q 2Q 3Q
Industry Group 2002 2002 2001
(million dollars)
All manufacturing corporations(2).......... 64,420 72,341 45,496
All nondurable goods....................... 40,348 43,196 37,204
Food..................................... 6,162 5,801 5,578
Beverage and tobbaco products............ 7,582 7,843 6,627
Textiles mills and textile product mills. 712 870 401
Apparel and leather products............. 2,427 1,427 1,749
Paper ................................... 2,099 2,338 2,624
Printing and related support activities.. 1,207 1,184 1,062
Petroleum and coal products.............. 5,276 5,462 6,859
Chemicals ............................... 12,676 15,647 10,622
Basic chemicals, resins, and
synthetics(3).......................... 2,091 2,389 230
Pharmaceuticals and medicines(3)........ 6,659 9,389 7,900
All other chemicals(3).................. 3,926 3,869 2,492
Plastics and rubber products............. 2,206 2,623 1,681
All durable manufacturing.................. 24,072 29,145 8,292
Wood products............................ 939 874 847
Nonmetallic mineral products............. 2,415 2,254 2,743
Primary metals........................... 1,041 1,206 645
Iron, steel, and ferroalloys(3)......... 272 130 (174)
Nonferrous metals(3).................... 509 621 566
Foundries(3)............................ 260 455 252
Fabricated metal products................ 3,674 4,403 3,360
Machinery ............................... 3,866 4,461 3,000
Computer and electronic products......... (341) (1,321) (11,211)
Computer and peripheral equipment(3).... 488 (52) (1,102)
Communications equipment(3)............. (1,341) (1,461) (6,315)
All other electronic products(3)........ 513 192 (3,794)
Electrical equipment, appliances and
components.............................. 5,151 5,641 3,996
Transportation equipment ................ 2,883 7,798 1,920
Motor vehicles and parts(3)............. (1,172) 3,408 (1,973)
Aerospace products and parts(3)......... 3,172 3,527 3,051
Furniture and related products........... 1,010 991 801
Miscellaneous manufacturing.............. 3,435 2,837 2,192
All mining(2).............................. 2,196 2,208 3,988
All wholesale trade(2)..................... 9,026 8,321 6,984
All retail trade(2)........................ NA 16,344 12,227
*Operating profits are profits before nonoperating income and expense
items and income taxes.
(1)Revised.
(2)Mining and trade data are the quarterly results of companies in those
divisions with assets over $50 million; whereas, data for
manufacturing corporations represent the quarterly results of
companies with assets over $250,000.
(3)Included in major industry above.
After-Tax Profits
3Q 2Q 3Q
Industry Group 2002 2002 2001
(million dollars)
All manufacturing corporations(2).......... 43,072 47,655 9,848
All nondurable goods....................... 31,514 32,194 27,939
Food..................................... 4,258 3,765 3,092
Beverage and tobbaco products............ 7,957 5,717 5,126
Textiles mills and textile product mills. 278 443 (63)
Apparel and leather products............. 1,625 976 1,315
Paper ................................... 1,064 935 665
Printing and related support activities.. 588 701 432
Petroleum and coal products.............. 4,275 6,076 8,818
Chemicals ............................... 10,154 11,916 7,999
Basic chemicals, resins, and
synthetics(3).......................... 1,877 1,507 (683)
Pharmaceuticals and medicines(3)........ 6,160 7,454 7,081
All other chemicals(3).................. 2,117 2,955 1,601
Plastics and rubber products............. 1,314 1,666 556
All durable manufacturing.................. 11,558 15,461 (18,091)
Wood products............................ 480 638 524
Nonmetallic mineral products............. (1,180) 1,139 1,680
Primary metals........................... 206 412 (218)
Iron, steel, and ferroalloys(3)......... (105) (214) (756)
Nonferrous metals(3).................... 142 330 464
Foundries(3)............................ 168 295 75
Fabricated metal products................ 2,354 2,717 1,737
Machinery ............................... 132 (363) 1,755
Computer and electronic products......... (2,468) (4,260) (29,147)
Computer and peripheral equipment(3).... 2,336 1,023 (2,626)
Communications equipment(3)............. (2,264) (4,508) (20,687)
All other electronic products(3)........ (2,541) (775) (5,834)
Electrical equipment, appliances and
components.............................. 5,204 5,335 3,887
Transportation equipment ................ 3,018 7,215 (24)
Motor vehicles and parts(3)............. 313 3,985 (1,683)
Aerospace products and parts(3)......... 2,148 2,674 1,177
Furniture and related products........... 660 578 219
Miscellaneous manufacturing.............. 3,153 2,050 1,494
All mining(2).............................. 1,506 1,454 974
All wholesale trade(2)..................... 6,126 5,953 2,372
All retail trade(2)........................ NA 9,391 5,156
(1)Revised.
(2)Mining and trade data are the quarterly results of companies in those
divisions with assets over $50 million; whereas, data for
manufacturing corporations represent the quarterly results of
companies with assets over $250,000.
(3)Included in major industry above.
Sales(1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 784,502 803,062 825,305 841,681
1995 .......................... 871,295 872,817 883,571 899,673
1996 .......................... 914,246 932,712 948,314 961,233
1997 .......................... 965,768 972,458 986,712 995,121
1998 .......................... 989,748 981,877 986,054 993,427
1999 ..........................1,002,694 1,026,951 1,048,533 1,070,796
2000 ..........................1,120,025 1,128,477 1,146,346 1,119,037
2001 ..........................1,115,621 1,094,145 1,061,187 1,023,466
2002 ..........................1,028,857 1,048,539 1,068,223
All nondurable manufacturing:
1994 .......................... 387,274 394,766 405,706 409,946
1995 .......................... 425,630 427,707 430,829 435,900
1996 .......................... 442,173 452,458 457,690 463,023
1997 .......................... 463,164 456,576 461,227 463,602
1998 .......................... 452,349 446,071 443,410 440,044
1999 .......................... 445,655 452,917 460,714 475,608
2000 .......................... 507,276 515,131 526,811 504,164
2001 .......................... 508,544 506,918 487,454 470,325
2002 .......................... 464,472 478,622 493,663
All durable manufacturing:
1994 .......................... 397,228 408,296 419,599 431,735
1995 .......................... 445,665 445,110 452,742 463,773
1996........................... 472,073 480,254 490,624 498,210
1997 .......................... 502,604 515,882 525,485 531,519
1998 .......................... 537,399 535,806 542,644 553,383
1999 .......................... 557,039 574,034 587,819 595,188
2000 .......................... 612,749 613,346 619,535 614,873
2001 .......................... 607,077 587,227 573,733 553,141
2002 .......................... 564,385 569,917 574,560
(1)Revised.
After-Tax Profits(1)
Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 36,436 41,157 45,384 52,092
1995 .......................... 52,751 52,020 49,311 44,232
1996 .......................... 51,115 54,071 61,198 58,745
1997 .......................... 60,531 62,047 61,873 60,360
1998 .......................... 74,247 49,560 61,115 49,818
1999 .......................... 59,079 64,235 67,067 67,677
2000 .......................... 76,119 72,258 74,461 47,580
2001 .......................... (1,695) 17,876 11,880 7,698
2002 .......................... 22,427 41,660 45,341
All nondurable manufacturing:
1994 .......................... 18,996 19,821 22,430 26,570
1995 .......................... 25,878 28,196 27,573 22,258
1996 .......................... 28,038 28,313 32,096 30,460
1997 .......................... 33,411 30,693 30,475 28,707
1998 .......................... 29,767 28,640 30,681 17,613
1999 .......................... 26,526 29,062 31,188 30,706
2000 .......................... 37,617 38,849 36,857 29,005
2001 .......................... 31,862 34,406 26,827 18,877
2002 .......................... 27,131 30,345 30,591
All durable manufacturing:
1994 .......................... 17,440 21,336 22,954 25,522
1995 .......................... 26,873 23,824 21,738 21,974
1996 .......................... 23,077 25,758 29,102 28,285
1997 .......................... 27,120 31,354 31,398 31,653
1998 .......................... 44,480 20,920 30,434 32,205
1999 .......................... 32,553 35,173 35,879 36,971
2000 .......................... 38,502 33,409 37,604 18,575
2001 .......................... (33,557) (16,530) (14,947) (11,179)
2002 .......................... (4,704) 11,315 14,750
(1)Revised.
Data after third quarter 2000 shown in Table 3 are presented on the North American Industry Classification
System basis. Data prior to fourth quarter 2000 are presented on the Standard Industrial Classification System basis.
Comparisions of these data are useful only for trend analysis.
[Economic Indicator Release Schedule]
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade
Fourth 2002 April 4, 2003 April 4, 2003
First 2003 June 13, 2003 July 15, 2003
Second 2003 September 12, 2003 October 15, 2003
Third 2003 December 12, 2003 January 13, 2004

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Maintained by Traci Gillespie-Brown
Revised Monday, 01-Mar-2004 09:04:38 EST.