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UTILITY BOARD APPROVES FINANCIAL AUDIT

3/20/2003 ~ KEY WEST – The Utility Board approved the Financial Audit for Fiscal Year End September 30, 2002 as presented by Marva Green of Marva Green Inc., P.A. during the March 12th Utility Board meeting.

Green explained to the Utility Board that the financial statements present fairly, in all material aspects, the financial position of Keys Energy Services.

She further congratulated Keys Energy Services and its Finance Department for adopting the provisions of Governmental Accounting Standards Board Statement No. 34 a year earlier than required.

In highlighting various aspects of the financial statements, Green pointed out that KEYS’ total restricted assets had decreased by $4.8 million dollars primarily due to KEYS paying off debt, which she stated was a “very smart financial move.”

Green also pointed out that KEYS had experienced a $1.2 million drop in interest income, which is attributable to current economic trends.

The Comprehensive Annual Financial Report will be available to Keys Energy Services customers upon request in early April.

In other business, the Utility Board awarded bids for mechanical and programmable meters and instrument transformers to Utilicor for $75,780 and to Gresco-Capstone for $2,458.

The regular meeting of the Utility Board took place at 5 p.m., March 12th in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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