NACM Credit Manager's Index (CMI) for October 2003: Results Report Highest
Levels Since May 2002

COLUMBIA, MD: Monday, November 3, 2003--
The National Association of Credit Management (NACM)
has released its Credit Manager's Index (CMI) for October
2003. The CMI, a monthly survey of the business economy
from the standpoint of credit and collections, was launched
in January 2003 to provide financial analysts with another
strong economic indicator.

The combined NACM Credit Manager's Index of 57.9 is at
its highest level since May 2002. This performance is primarily
driven by the manufacturing sector, which reached its highest
reading in its history, dating to February 2002. The service
sector participated in the October gains. The service index
reading of 56.3 is its first up-tick since May of this year.
Hopefully, the service performance indicates continuing
improvement in this sector for the fourth quarter of this year.
Overall, the economy continues to strengthen.

The CMI survey asks credit managers to rate favorable and
unfavorable factors in their monthly business cycle. Favorable
factors include sales, new credit applications, dollar collections
and amount of credit extended. Unfavorable factors include
rejections of credit applications, accounts placed for collections,
dollar amounts of receivables beyond terms and filings for
bankruptcies.

To view a complete index including results from the manufacturing and service sectors, along with the methodology, go to:

http://www.nacm.org/resource/press_release/pressOct03.html .

The National Association of Credit Management (NACM),
headquartered in Columbia, Maryland supports more than 25,000
business credit and financial professionals worldwide with
premier industry services, tools and information. NACM and its
network of Affiliated Associations are the leading resource for
credit and financial management information and education,
delivering products and services which improve the
management of business credit and accounts receivable.
NACM's collective voice has influenced legislative results
concerning commercial business and trade credit to our nation's
policy makers for more than 100 years, and continues to play
an active part in legislative issues pertaining to business credit
and corporate bankruptcy.