DELAWARE		84-6028875
(State of other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
11900 Biscayne Boulevard, Miami, Florida		33181
(Address of principal executive offices)		(zip code)
305-892-3300
(Registrant’s telephone number, including area code)

PART I.		FINANCIAL INFORMATION		PAGE NO.
Item 1.		Financial Statements:
		Consolidated Balance Sheets—September 30, 2002 (unaudited) and December 31, 2001		3
		Consolidated Statements of Income And Comprehensive Income (Loss) Three and nine months ended September 30, 2002 and 2001 (unaudited)		4
		Consolidated Statements of Cash Flows—Nine months ended September 30, 2002 and 2001 (unaudited)		5-6
		Notes to Unaudited Consolidated Financial Statements		7-13
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		14-22
Item 3.		Quantitative and Qualitative Disclosure About Market Risk		22-23
Item 4.		Controls and Procedures		23
PART II.		OTHER INFORMATION		24-25
SIGNATURE				25

Assets		September 30, 2002				December 31, 2001*
		(unaudited)
Current assets:
Cash and cash equivalents		$	3,522			$	13,957
Short term investments			2,708				1,001
Accounts receivable, net			8,589				5,528
Rights to receive, net			99,596				68,965
Deferred tax asset			3,281				—
Prepaid expenses and other current assets			1,158				1,022
Total current assets			118,854				90,473
Property and equipment, net			8,353				8,479
Other assets			536				767
Deferred tax asset			387				—
Excess of cost over net assets acquired			9,671				9,671
Total assets		$	137,801			$	109,390
Liabilities and Shareholders’ Equity
Current liabilities:
Secured non-recourse revolving debt			55,500				55,500
Accounts payable – Rights to receive			13,361				10,179
Accounts payable – trade			12,055				7,161
Accrued expenses and other current liabilities			7,171				2,605
Deferred membership fee income			2,068				2,476
Total current liabilities			90,155				77,921
Other long-term liabilities			473				1,080
Total liabilities			90,628				79,001
Shareholders’ equity :
Preferred stock, par value $0.10 per share (1,000 shares authorized; none issued and outstanding)			—				—
Preferred stock – Series A, senior convertible redeemable, par value $0.10 per share; authorized 10,000 shares; issued and outstanding 1,344 and 4,071 shares, respectively			134				414
Common stock, par value $0.02 per share; authorized 70,000 shares; issued and outstanding 20,082 and 15,781 shares, respectively			402				316
Additional paid-in capital			45,971				43,150
Cumulative other comprehensive income (loss)			11				(265	)
Retained earnings (deficit)			913				(12,968	)
Treasury stock, at cost (81 shares)			(258	)			(258	)
Total shareholders’ equity			47,173				30,389
Total liabilities and shareholders’ equity		$	137,801			$	109,390

		Three Months Ended September 30,								Nine Months Ended September 30,
		2002				2001				2002				2001
Operating revenue:
Gross dining sales		$	81,251			$	47,584			$	203,613			$	146,056
Cost of sales			43,659				25,561				110,069				79,417
Member rewards and savings			16,569				10,079				40,209				31,073
Net revenue from dining sales			21,023				11,944				53,335				35,566
Membership and renewal fee income			1,114				1,700				3,831				5,282
Other operating revenue			24				115				136				588
Total operating revenues			22,161				13,759				57,302				41,436
Operating expenses:
Salaries and benefits			4,703				4,236				13,418				13,331
Sales commission and expense			3,311				1,430				7,666				4,160
Member and merchant marketing			1,610				1,156				4,935				2,603
Printing and postage			1,536				1,267				4,365				3,519
General and administrative			5,065				3,964				12,948				12,536
Total operating expenses			16,225				12,053				43,332				36,149
Operating income			5,936				1,706				13,970				5,287
Other income (expense):
Interest and other income			79				204				105				499
Interest expense and financing costs			(500	)			(880	)			(1,665	)			(3,474	)
Income before income tax provision			5,515				1,030				12,410				2,312
Income tax provision (benefit)			1,523				85				(2,153	)			85
Net income		$	3,992			$	945			$	14,563			$	2,227
Operating income per share of common stock:
Basic			0.29				0.09				0.76				0.28
Diluted			0.24				0.08				0.60				0.26
Net income per share of common stock:
Basic			0.20				0.04				0.79				0.08
Diluted			0.16				0.04				0.62				0.08
Weighted average number of common and common equivalent shares outstanding:
Basic			19,931				15,792				17,551				15,917