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ARM Index Down Slightly throughout 2005

February 21, 2006: BETHESDA, MD - The Kaulkin Ginsberg Index (KGI), the leading indicator of economic conditions affecting the accounts receivable management (ARM) industry, ended 2005 by increasing a healthy 2.1% in December. However, the KGI was down 1.2% throughout 2005, making this the first calendar year in which the Index decreased since 2002.

"While the KGI lost some ground in 2005, the economic conditions underpinning the ARM industry remain near historic highs," said Paul Legrady, Director of Kaulkin Ginsberg's Research Group. "With interest rates increasing for the time being and bankruptcy filings returning to moderate levels, we expect the KGI to regain an upward trajectory in the months ahead."

The index increased and decreased moderately throughout 2005.

In December 2005, the Index's increase was caused by four of the Index's seven macroeconomic variables, which influenced the Index as follows:

Variable	November 2005*	Variable Change*	Effect on KGI*
Unemployment Rate	4.9%	3.3%	Up
Federal Funds Rate	4.24%	6.0%	Up
Charge-off Rate	0.59%	0.0%	-
Outstanding Consumer Credit	$2.162T	0.3%	Up
Total Market Cap of ARM Stocks	$3.0B	3.5%	Up
Bankruptcy Filings	542,002	0.0%	-
Consumer Price Index	196.8	-0.4%	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.