• Transpro believes that credibility — delivering on its commitments — is one of the most important aspects of financial management.
• By applying its value system on a consistent basis, Transpro can achieve industry-leading financial returns for shareholders.

Transpro is focused on strategic and operational actions that will posture the Company for strong financial performance and growth over the long term. In 2003, while our overall financial performance was disappointing, some more specific actions had a favorable impact. These included enhanced management of receivables and payables, which contributed to our improved operating cash flow. Operating cash flow in 2003 was $8.7 million, reversing an operating cash outflow of $7.7 million in 2002, and was used to pay down debt and improve our financial position. Total debt at year-end 2003 was $50.9 million, down 17% from $59.6 million a year earlier. We have a great deal of opportunity for improvement in financial performance, and we remain committed to achieving exceptional results for our shareholders.