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ARM Index Down Year over Year

January 19, 2005: BETHESDA, MD - The Kaulkin Ginsberg Index (KGI), the leading indicator of economic conditions affecting the accounts receivable management (ARM) industry, has fallen 1.3% to 1234.0. For the first time since April 2003, the KGI is down year over year, having lost 1.1% of its value in the 12 months between November 2004 and November 2005.

"The KGI increased 11% in 2003 and 21% in 2004," said Paul Legrady, Director of Kaulkin Ginsberg's Research Group. "The Index may well end 2005 in negative territory."

The Index's slight decrease was caused by downward pressure from the market capitalization of publicly traded ARM stocks, as well as a slight decline in the Consumer Price Index. More specifically, the KGI's seven macroeconomic variables affected the Index as follows:

Variable	November 2005*	Variable Change*	Effect on KGI*
Unemployment Rate	5.0%	0.0%	-
Federal Funds Rate	4.0%	5.8%	Up
Charge-off Rate	0.59%	0.0%	-
Outstanding Consumer Credit	$2.156T	0.0%	-
Total Market Cap of ARM Stocks	$2.9B	-4.3%	Down
Bankruptcy Filings	542,002	0.0%	-
Consumer Price Index	197.6	-0.8%	Down
* See "How is the KGI Calculated," www.kaulkin.com/research/kgi/calculate.cfm

The KGI is a product of Kaulkin Ginsberg's Research Group, which provides industry-specific publications and custom research services to the ARM industry. For more information about the Kaulkin Ginsberg Index, see www.kaulkin.com/research/kgi.cfm or call Paul Legrady, Director of Kaulkin Ginsberg's Research Group, at 301-907-0840 ext. 104.

About Kaulkin Ginsberg Company
Since 1989, Kaulkin Ginsberg has provided solutions to accounts receivable management and related business services companies. The Strategic Advisory Group provides merger, acquisition and valuation advice; operational consulting; and executive search services. The Research Group produces industry-specific publications and custom research products. The Kaulkin Ginsberg family of companies also includes Kaulkin Media, publisher of the most popular sources of industry information such as CollectionIndustry.com™ and Credit & Collection Daily™ and Kaulkin Information Systems, provider of secure and affordable document and process management technology. Read more about Kaulkin Ginsberg at www.kaulkin.com.