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Financial Highlights - Ten Year Financial Summary 1998-2007

All figures are in thousands except factoring volume (in millions) and earnings, dividends, book value per share and share price history.

  1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Factoring volume 1,097 1,304 1,372 1,253 1,366 1,439 1,489 1,424 1,417 1,497
Revenue 20,275 26,144 31,031 28,197 26,235 26,214 27,418 26,230 28,864 28,346
Interest 493 1,697 2,516 1,569 757 773 1,225 1,762 2,391 2,992
General and administrative 11,049 12,635 14,422 14,422 14,324 14,175 13,760 14,892 13,290 13,143
Provision for credit and loan losses 1,061 1,403 1,328 6,754 1,189 1,231 422 1,074 1,961 2,402
Depreciation and amortization 590 820 654 828 408 418 416 338 322 209
Provision for settlement of claim - - - - 2,339 712 - - - -
Total expenses 13,193 16,555 18,920 23,573 19,017 17,309 15,823 18,066 17,964 18,746
Earnings before income tax expense 7,082 9,589 12,111 4,624 7,218 8,905 11,595 8,164 10,900 9,600
Income tax expense 2,317 3,405 4,683 1,705 2,569 3,066 3,971 2,861 3,783 3,313

Earnings before extraordinary gain

 4,765 6,184 7,428 2,919 4,649 5,839 7,624 5,303 7,117 6,287
Extraordinary gain - - - - - - - 907 - -
Net earnings 4,765 6,184 7,428 2,919 4,649 5,839 7,624 6,210 7,117 6,287
Earnings per common share
        Basic 		0.51 0.66 0.79 0.31 0.49 0.61 0.78 0.63 0.73 0.66
        Diluted 0.49 0.64 0.76 0.30 0.49 0.61 0.76 0.62 0.72 0.66
Dividends per common share 0.10 0.12 0.14 0.14 0.14 0.16 1.68 0.18 0.20 0.22
Factored receivables and loans 40,672 55,838 70,156 63,075 64,882 69,479 71,136 84,270 79,863 103,940
Other assets 4,360 7,349 9,797 4,807 7,186 6,005 2,909 5,834 4,816 3,193
Total assets 45,032 63,187 79,953 67,882 72,068 75,484 74,045 90,104 84,679 107,133
Bank indebtedness 7,559 20,714 30,748 11,732 10,298 20,045 15,608 32,592 26,687 48,207
Due to clients 3,594 4,852 3,487 7,932 6,783 4,309 5,532 5,092 4,227 4,897
Accounts payable and
other liabilities		 4,391 4,219 3,941 2,553 5,952 2,932 5,227 5,565 3,940 4,459
Deferred income 753 1,028 1,124 937 956 916 908 992 913 806
Notes payable 974 742 1,466 2,119 2,451 2,482 11,778 7,298 9,195 9,567
Total liabilities 17,271 31,555 40,766 25,273 26,440 30,684 39,053 51,539 44,962 67,936
Shareholders' equity 27,761 31,632 39,187 42,609 45,628 44,800 34,992 38,565 39,717 39,197
Total liabilities and equity 45,032 63,187 79,953 67,882 72,068 75,484 74,045 90,104 84,679 107,133
Shares outstanding at
Dec. 31 		9,337 9,383 9,503 9,503 9,513 9,650 9,876 9,930 9,443 9,454
Book value per share at Dec. 31 2.97 3.37 4.12 4.48 4.80 4.64 3.54 3.88 4.21 4.15
Share price - high
                    - low
                    - close at Dec. 31 		5.75
4.00
4.30 		5.75
4.25
5.50 		6.60
5.00
5.60 		6.65
4.56
5.10 		5.85
4.80
5.05 		7.55
4.95
7.05 		11.25
6.50
8.75 		8.80
6.70
7.05		 8.25
7.00
7.75		 9.45
7.72
8.00