ANSR Hackett Grp., Inc.(The) (MM)

Opera singers aren't the only ones who like to end on a high note. In a bid to boost the year-end results featured in their annual reports, companies across Europe are going to great lengths to slash working capital in the fourth quarter. However, these improvements often prove unsustainable, resulting in performance data in the subsequent quarter as sour as the previous was sweet. This trend is highlighted by the 2007 Year-End Gamesmanship Scorecard, a new study produced for CFO Europe by REL, a research and consulting firm. For its analysis, REL studied 145 large Europe-based companies that report quarterly financial results in enough detail to compile meaningful working capital information. From the third to the fourth quarter of 2006, gross working capital at these companies shrank by 4.4 days, an aggregate swing of �35.5 billion. But then, from the fourth quarter of 2006 to the first quarter of 2007, working capital increased by 4.1 days, or �27.6 billion. And this is not the first year in which this pattern has emerged. Click Here to Link to Full Text of Article or visit the following URL: http://www.cfo.com/article.cfm/10264095/ c_10274865?f=magazine_alsoinside. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.) For more information on the research described in this press coverage, visit: www.relconsultancy.com/games. About REL REL, an Answerthink company (NASDAQ: ANSR), is a world leading consulting firm dedicated to delivering sustainable cash flow improvement across business operations. REL�s tailored solutions generate cash flow for strategic use while balancing client trade-offs between working capital, operating costs and service performance. For over 30 years, REL�s expertise has helped clients in over 60 countries free up billions of dollars/euros/pounds in cash, creating the financial freedom to fund acquisitions, pension liabilities, product development, debt reduction and share buy-back programs. In-depth process expertise, analytical rigor, and collaborative client relationships enable REL to deliver an exceptional return on investment in a short period. Through its affiliation with The Hackett Group, REL leverages Hackett�s empirical insights into the operations of world-class organizations. The combined client list of REL and Hackett represents 73% of the Fortune 100, 77% of the DAX 30 and 51% of the FTSE 100. More information on�REL is available: by phone at (770) 225-7300; by e-mail at info@relconsultancy.com; or on the Web at www.relconsultancy.com.