CIRI ended the 2002 fiscal year with pretax income of more than $41 million. An additional $15 million, before taxes, was recovered on last year’s estimated loss from CIRI’s heavy equipment subsidiary. After tax income for CIRI was $36.6 million.

“With such a weak economy worldwide, we took a patient approach and made no large new investment commitments in 2002,” said Carl Marrs, CIRI president and chief executive officer. “Many companies throughout the nation struggled during the last 12 months. I believe CIRI’s performance would be worthy of note in any year, but I think it’s more impressive given the national economic climate.”

Marrs noted that with its strong cash position and low debt the company is in solid financial shape.
“We’re well positioned to grow the company into the future. This will be done by sticking to the basic business principles that have been so successful for CIRI in the past,” said Marrs.

CIRI’s net income this year reflects federal income tax costs of nearly $20 million, a tax bite never before experienced in CIRI’s 31-year history.

“Because of our huge successes in recent years we have utilized our large federal tax loss carry-forwards. We now pay tax at the full corporate tax rate and are seeing the effects of the change on our bottom line,” Marrs added.

Shareholders’ equity held steady at $660.6 million compared to $660.9 million at the end of 2001. Throughout the years, CIRI has paid out nearly $700 million in dividends and distributions to its shareholders. Most recently, $468 million of this was paid out from 2000 through 2002, due to CIRI’s success over the past several years.