Business Services Industry

Earnings.(News)(list of various companies' earnings)

Crain's Detroit Business, April, 2003

Agree Realty Corp. NYSE: ADC 1st Quarter March 31 2003 2002 Revenue $7,019,000 $6,170,000 Funds from operations $3,637,000 $3,209,000 Funds from operations/share: $.71 $.63 - Funds from operations is an accounting standard used by real estate investment trusts that reflects net income plus adjustments such as depreciation and amortization.

ArvinMeritor Inc. NYSE:ARM 2nd Quarter March 31 2003 2002 Revenue $1,993,000,000 $1,687,000,000 Net income $24,000,000 $35,000,000 Earnings per share: $.36 $.52 6 months: Revenue $3,702,000,000 $3,253,000,000 Net income $56,000,000 $4,000,000 Earnings per share: $.83 $.06 - Net income in 2002 includes effect of $42 million noncash accounting charge to reflect changes in recording good...

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