In early 2003, CPK reported a 16% increase in profits, with Hipp telling analysts that CPK was in excellent financial condition. In a March 25, 2003 press release, CPK cut its first-quarter earnings estimates, which did not make sense given the positive forecast laid out just a few weeks earlier. Rosenfield investigated the numbers and discovered the positive earnings numbers Hipp had been touting were masking difficult quarters ahead. An emergency board meeting was called, Hipp and Jenneman were fired, and Flax and Rosenfield resumed control of CPK.