Harley Davidson: industry outlook

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…amp; administrative expense to sales ratio is projected to improve to 14.6 percent from an estimated 14.8 percent in 2003 due to the absence of 100th anniversary expenses. Operating profits in its financial services group are forecast to increase 14.4 percent due to higher volume and market share gains. Lastly interest income is forecast to increase due to higher cash balances while the share count is projected to decline from 304.5 million shares to 303.5 million shares due to share repurchases.