singular focus. to our fellow shar eholders . In Fiscal 2003, we recognized an exciting and rewarding opportunity. We made a decision to accelerate our long-term gr owth in a business where we are already a leader.  Consequently in Januar 2003, we announced the divestitur of our electronic components distribution business and the beginning of our strategic transfor ma- tion to become a stand-alone enterprise computer sys- tems business. With our new, singular focus on this business, we have created a stronger Pioneer-Standard – a company that is better positioned for growth at more sustainable, higher levels of profitability. Thiswas our most significant accomplishment in Fiscal 2003. Our financial results for the fiscal year ended March 31, 2003 r eflect our transition. The Fiscal 2003 net loss of $42.1 million, or $1.54 per share, which includes r eor- ganization charges, a goodwill impairment charge and the results of discontinued operations, compares with a net loss of $7.0 million, or $0.26 per share, reported last year.  Sales for Fiscal 2003 were $1.2 billion, a decline of 9.5 percent from the $1.3 billion reported in Fiscal 2002. This decline was primarily due to depressed cap- ital spending in the marketplace.  Despite the soft market conditions of the past year, we have many reasons to be satisfied with our per- formance in our ongoing business, as we will discuss. Our actions resulted from a comprehensive review of our entire business by our Board of Directors and sen- ior management. We analyzed our position in the mar- ketplace, industry trends, growth prospects and the strategic fit of each business. We concluded that the enterprise computer systems business represents our strongest prospects for growth, the greatest potential returns on our investment and the best strategic fit with our goals. Our success in the enterprise computer systems busi- ness has always been based on our superior product knowledge, ability to understand customer needs and strong relationships with customers and suppliers. Our key supplier partners include the most pr ominent Now, we are able to devote all of our resources toward our enterprise computer systems business, which offers excellent opportunities for long-term growth and profitability.  YEAR OF TRANSITION 2 A BUSINESS FORGED ON STRONG RELATIONSHIPS