| In millions, except per share items | Dec-31-03 | Dec-31-02 | Dec-31-01 | Dec-31-00 |
| | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Property Management | 20.4 | 44.7 | 60.5 | 39.8 |
| Property management and leasing fees | 14.5 | 21.7 | 27.9 | 38.1 |
| Sales of residential real estate | | | 11.0 | 30.2 |
| Investments | 4.2 | 2.4 | | 14.6 |
| Total revenues | 27.1 | 44.7 | 60.5 | 91.5 |
| Revenue growth [+] | -39.3% | -26.2% | -33.9% | |
| Property Management | -54.2% | -26.2% | 52.0% | |
| Property management and leasing fees | -33.2% | -22.4% | -26.7% | |
| Sales of residential real estate | | | -63.6% | |
| Investments | 73.3% | | | |
| Commissions | -42.2% | -30.5% | -27.2% | |
| Cost of goods sold | 18.1 | 26.0 | 26.3 | 30.4 |
| Gross profit | 9.0 | 18.7 | 34.2 | 61.1 |
| Gross margin | 33.3% | 41.8% | 56.5% | 66.7% |
| Selling, general and administrative [+] | 9.9 | 10.7 | 11.2 | 16.1 |
| General and administrative | 9.9 | 10.7 | 11.2 | 16.1 |
| Other operating expenses | -11.3 | -3.6 | 16.5 | 32.6 |
| EBITDA [+] | 13.4 | 15.2 | 10.3 | 16.8 |
| EBITDA growth | -11.8% | 47.2% | -38.8% | |
| EBITDA margin | 49.4% | 34.0% | 17.0% | 18.4% |
| Depreciation and amortization | 3.0 | 3.6 | 3.8 | 4.4 |
| EBIT [+] | 10.4 | 11.5 | 6.5 | 12.5 |
| EBIT growth | -10.1% | 77.3% | -47.9% | |
| EBIT margin | 38.2% | 25.8% | 10.7% | 13.6% |
| Interest expense | 1.4 | 2.6 | 2.8 | 3.5 |
| Interest expense | 1.4 | 2.6 | 2.8 | 3.5 |
| Pre-tax income | 8.9 | 8.9 | 3.7 | 9.0 |
| Income taxes | 3.4 | 3.2 | 1.3 | 3.8 |
| Tax rate | 37.6% | 35.8% | 34.5% | 42.6% |
| Minority interest | | -4.1 | | |
| Earnings from continuing ops | 5.6 | 5.7 | 2.4 | 5.1 |
| Earnings from discontinued ops | -0.2 | 0.4 | 0.1 | |
| Net income | 5.4 | 6.2 | 2.5 | 5.1 |
| Net margin | 19.9% | 13.8% | 4.2% | 5.6% |
| |
| Basic EPS [+] | $0.66 | $0.61 | $0.28 | |
| Growth | 7.8% | 120.2% | | |
| Diluted EPS [+] | $0.65 | $0.60 | $0.27 | |
| Growth | 8.1% | 119.1% | | |
| |
| Shares outstanding (basic) [+] | 8.4 | 9.3 | 8.7 | |
| Growth | -9.9% | 7.3% | | |
| Shares outstanding (diluted) [+] | 8.6 | 9.6 | 8.9 | |
| Growth | -10.2% | 7.8% | | |
| |
| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |