FINANCIAL HIGHLIGHT 00 01 02 03 281.4 276.5 266.1 245.0 00 01 02 03 10.7 11.1 9.3 3.5 Net Income (millions of dollars) Net Sales (millions of dollars) Year Ended December 31 2003 2002 2001 2000 1999 Consolidated Statement of Income Data: In thousands, except per share amount Net sales $244,987  $266,101  $276,473 $281,409 $240,307 Gross profit 33,228  43,929  51,402 49,217 48,904 Net income 3,531  9,259  11,111 10,691 13,285 Gross Margin 13.6% 16.5% 18.6% 17.5% 20.3% Net Profit Margin 1.4% 3.5% 4.0% 3.8% 5.5% Basic earnings  per share 0.54  1.42  1.71 1.65 2.06 Diluted earnings  per share  0.53  1.37  1.67 1.62 2.01 Consolidated Balance Sheet Data: Working capital $71,023  $117,879  $118,273 $75,760 $56,478 Total assets 280,010  286,732  266,582 283,157 248,271 Long-term debt,  less current portion 35,914 75,664  59,009 70,841 76,984 Stockholders’ equity 131,651  127,152  118,245 107,849 97,169 Net Sales by Product Group Water Transmission $146,317 $174,549 $180,295 $155,054 $137,418 Tubular Products 98,670 91,552 96,178 126,355 102,889 244,987 266,101 276,473 281,409 240,307