HORIZON GROUP PROPERTIES INC (HGPI) [Rocket]

In millions, except per share items	Dec-31-02	Dec-31-01	Dec-31-00	Dec-31-99
	10-K	10-K	10-K	10-K
Revenues	17.9	20.3	24.8	30.4
Revenue growth	-11.4%	-18.3%	-18.3%
Cost of goods sold	0.0	0.0	0.0	0.0
Gross profit	17.9	20.3	24.8	30.4
Gross margin	100.0%	100.0%	100.0%	100.0%
Selling, general and administrative [+]	2.6	3.0	3.5	4.5
General and administrative	2.6	3.0	3.5	4.5
Equity in earnings				0.6
Other operating expenses	37.3	38.6	25.1	17.6
EBITDA [+]	-17.4	-15.9	1.5	14.1
EBITDA growth	9.3%	-1181.9%	-89.6%
EBITDA margin	-97.0%	-78.6%	5.9%	46.4%
Depreciation	4.6	5.3	5.3	4.8
EBITA	-22.0	-21.3	-3.8	9.3
EBITA margin	-122.7%	-105.0%	-15.4%	30.7%
Amortization of intangibles				0.4
EBIT [+]	-22.0	-21.3	-3.8	8.9
EBIT growth	3.5%	456.6%	-142.7%
EBIT margin	-122.7%	-105.0%	-15.4%	29.4%
Interest expense	10.7	9.1	9.6	9.2
Interest expense	10.7	9.1	9.6	9.2
Other income (expense), net	11.1	11.0	10.5	-0.6
Pre-tax income	-21.7	-19.4	-2.9	-0.9
Income taxes	0.0	0.0	0.0	0.0
Tax rate	0.0%	0.0%	0.0%	0.0%
Minority interest	4.0	3.7	0.7	0.0
Net income	-21.7	-19.4	-2.9	-0.9
Net margin	-120.7%	-95.7%	-11.6%	-2.9%

Basic EPS [+]	($7.55)	($6.76)	($1.01)	($0.31)
Growth	11.7%	569.3%	225.8%
Diluted EPS [+]	($6.38)	($5.74)	($0.85)	($0.26)
Growth	11.2%	572.6%	230.4%

Shares outstanding (basic) [+]	2.9	2.9	2.9	2.8
Growth	0.0%	0.3%	1.4%
Shares outstanding (diluted) [+]	3.4	3.4	3.4	3.4
Growth	0.4%	-0.2%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.