Dear shareholders,  This past year, we encountered  some difficult situations that im- pacted our business negatively. Overall, our revenues decreased  from $945.1 million in 2001 to  $871.2 million in 2002 while our  net income was $1.1 mil- lion for the year, com- pared to $5.7 million in  2001.  Earnings  per  share fell from $0.28 to  $0.05 for the year, before  the cumulative effect of  adopting SFAS No. 142  (Goodwill and Intangible  Assets), which resulted in an after- tax charge of $12.8 million ($0.64  per share). We also closed sev- eral branches that were generating  annualized revenues of approxi- mately $24 million and annualized  operating losses of approximately  $1.6 million.  We did make strides in 2002, how- ever, in improving our operating  efficiency and leveraging our na- tional footprint by pursuing oppor- tunities for sales to national ac- counts. With our single enterprise  system and operational improve- ments at our branches we were  able to reduce headcount and  lower operating costs by approxi- mately $11.4 million in 2002. Our  focus  on  providing  consistent,  quality customer service at all of  our branches helped us grow our  business with our top 10  customers by 10 per- cent compared to 2001.  In 2003, we are rededi- cated to providing value  to our four key constitu- ents: our customers, our  suppliers, our employ- ees and, of course, our sharehold- ers. Vital to our success will be  our focus on communicating effec- tively and nurturing and building  our business relationships.  By listening to our customers, we  expect to help them increase  their sales, in part by offering them a  wider array of products, delivering  products on time and reducing or- der-entry errors. We must also  remind all of our customers – both  large, national accounts as well as  small, locally based customers –  that their relationships are impor- tant to us and we must insure that  DOORS TO THE  CUSTOMER