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MAY-28-2003 11001 CHS REGION THREE P . 02i21 <br /> David A. BurKly <br /> PresidcnVC[O <br /> Secrewy/COO <br /> Board of Directorsors April 22, 2003 <br /> Tom Stewart <br /> Chair <br /> Edward L. Kelly <br /> Vice Chair <br /> Douglas M. Halsey Dear Contract Manager: <br /> Immediate Past Chair <br /> Rich" B. Adams, )r. <br /> Douglas Alexander d The fiscal year' 2001/2002 was a year of growth, investment, and <br /> Henson Chanes $• <br /> )amen D. Francis restructurin CHS invested in infrastructure and committed <br /> Frank Gi isano resources to position itself for the privatization of children's services <br /> Rnhert M°"" through community based care. This legislative initiative will <br /> Maureen O'Neill <br /> William D. Paton provide significant opportunities for CHS to expand its service <br /> Deborah Therovx offerings throughout Florida. <br /> Miguel Viye 6 <br /> Alex white <br /> CHS also experienced growth in 2001 /2002 as Florida's Department <br /> of Children and Families continued to prepare itself for privatization <br /> by extending new contracts for new services to CHS . <br /> Finally, CICS initiated a company wide reorganization in 2001/02. <br /> This will better position CHS to meet the changing needs and <br /> challenges of the years ahead. <br /> Each of these initiatives had an adverse impact on our financial <br /> performance in 2001/02. While viewed as investments in the future, <br /> each resulted in non-recurring expenses, which affected our bottom <br /> line performance in the year. In addition, CHS took significant steps <br /> to strengthen its balance sheet in 2001 /02 . Significant reserves were <br /> established, most notably for a number of receivables. The result is <br /> that CHS entered the current fiscal year with a solid balance sheat. <br /> If you have any questions, please do not hesitate to call me. <br /> Sine ly <br /> Corporate Offices <br /> 1485 S. Semoran Blvd. <br /> Suite 1498 <br /> winter Park FL 32792 toy <br /> Weinberg <br /> Phone (321 ) 397-3000 . <br /> Fax: (321 ) 397-3020 Chief Financial O e7 <br /> children's <br /> 0Mhome <br /> society <br /> 20# r . one0 ' <br /> MFMwMN..MwM <br /> �NItCAiN <br /> i g416MIU 1 I OOYears. EmbrKblg Children. <br /> Inspiring Liv*f. <br />