A-Van reported the follow ing information relate and shareholders equity in it s annual report: As of December 31 (in thousand $) 1999 2000 2001 2002 2003 Total debt Stockholders' equity 521,330 842,400 698,000 794,830 847,160 741,051 702,506 405,378 206,690 309,371 What would an analy st's most appropriate conclu sion be based on this data?

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