PRSA's turnaround complete with two years in the black

NEW YORK: The PRSA continued its financial comeback in 2002, operating in the black for the second consecutive year.

NEW YORK: The PRSA continued its financial comeback in 2002, operating in the black for the second consecutive year.

Its net assets rose by $589,000, outpacing its performance in 2001 by 68%, when it posted a $350,000 jump in net assets. At the close of 2002, the PRSA's net assets stood at $1.7 million, $1.1 million of which was cash. The news is welcome considering the group's $678,000 loss in 2000.

Despite the sagging economy, the PRSA also saw revenue increase 1.2% to $9.3 million for 2002, from $9.2 million in 2001. It attributed the increase to its "highly successful" 2002 International Conference.

The PRSA also cited an increase in investment income, as well as an effort to keep its expenses stable. Its financial standing has been seen as a vindication of the restructuring effort largely engineered by COO Catherine Bolton in 2001.

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