UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported), ~~August~~November 2617, 2003

PACIFIC CMA, INC.

(Exact name of registrant as specified in its charter)

Colorado	0-27653	84-1475073
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

4750 Table Mesa Drive Boulder, CO	80305
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (303) 494-3000

ITEM 5. OTHER EVENTS

The Registrant issued the press release, filed as Exhibit 99.1 herewith, on ~~August~~November 2617, 2003.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

Exhibit No.			Description of Document

99.1			Press Release of the Registrant dated November 17, 2003.

Exhibit No.			Description of Document
99.1			Press Release of the Registrant dated August 26, 2003.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PACIFIC CMA, INC.

By:/S/ ALFRED LAM Alfred Lam, Chairman and Treasurer

~~Alfred~~By:/S/ ~~Lam~~SCOTT TURNER Scott Turner, ~~Chairman~~President and ~~Treasurer~~ Director

By:/S/ ~~SCOTT~~LOUISA ~~TURNER~~CHAN Louisa Chan, Director

~~Scott~~By:/S/ ~~Turner,~~HENRIK ~~President~~M. ~~and~~CHRISTENSEN Henrik M. Christensen, Director

By:/S/ ~~LOUISA~~KAZE CHAN Kaze Chan, Director

~~Louisa~~By: ~~Chan~~/S/ TAN KAY HOCK Tan Kay Hock, Director

By: /S/ ~~HENRIK~~LIU M.KWONG ~~CHRISTENSEN~~SANG Liu Kwong Sang, Director

~~Henrik~~By: M./S/ ~~Christensen~~KIM PETERSEN Kim Petersen, Director

ByDate:~~/S/~~ November ~~KAZE~~17, ~~CHAN~~2003

Kaze Chan, Director

Date: August 26, 2003

Exhibit 99.1

Source: Pacific CMA Inc. For Immediate Release

~~For~~PACIFIC ~~Immediate~~CMA ~~Release~~REPORTS THIRD-QUARTER RESULTS

New York, November 17, 2003 -- Pacific CMA ~~Reports~~Inc. ~~That~~(OTC ~~Barrow~~BB: ~~Street~~PCCM.OB ~~Research~~- ~~Reiterates~~News), ~~Its~~a ~~July~~global freight ~~Recommendation~~forwarding/supply ofchain ~~Company~~logistics Inservices ~~Progress~~company, ~~Update~~today ~~Issued~~announced ~~Today~~that its operating results for the third quarter showed improvements over last year.

~~NEW~~For ~~YORK~~the --three ~~August~~months 26ended Sept. 30, 2003, -revenue ~~Pacific~~rose ~~CMA Inc~~11. ~~(OTCBB: PCCM)~~7%, ato ~~global~~$19.6 ~~freight forwarding/supply~~million, ~~chain~~from ~~logistics~~$17.5 ~~services~~million ~~company,~~in ~~today~~the 2002 ~~announced~~third ~~that~~quarter. ~~Barrow~~Net ~~Street~~income ~~Research~~was $116, an144, ~~independent~~down ~~research~~from ~~firm~~$387,398 ~~that~~a ~~commenced~~year ~~coverage~~ago. ofOn ~~the~~a ~~company~~per ~~last~~diluted ~~month~~share ~~with~~basis, net aincome ~~strong~~equaled ~~buy recommendation,~~$0.01 ~~today~~versus ~~issued~~$0.02 anin ~~updated~~the ~~progress~~year-earlier ~~report~~period, ~~that~~based ~~reiterated~~on ~~its~~a ~~comments~~10% increase in ~~light~~fully ofdiluted ~~recently~~shares ~~released~~outstanding ~~quarterly~~this ~~results~~year.

"For the ~~three~~first nine months ended ~~June~~Sept. 30, 2003," ~~the Barrow Street Research report noted, "~~revenue rose 60 62.58%, to $~~17 million~~50.~~..For~~5 ~~the first six months...revenue rose $129%~~million, tofrom $31.0 million. ~~The strong increase~~ in ~~revenue both for~~ the ~~second~~2002 ~~quarter~~nine-month ~~and~~period. ~~first~~Net ~~half~~income ofwas ~~2003 reflect the organic growth of both Pacific's wholly owned subsidiary~~$211, ~~AGI Logistics~~964, ~~(HK)~~equal ~~Ltd~~to $0.,01 ~~and~~per ~~its~~diluted ~~majority~~share, ~~owned~~compared with ~~subsidiary~~$568,822 ~~Airgate~~or ~~International Corp~~$0.~~.."~~03 Inper ~~fact,~~diluted ~~the research report continued~~share, ~~"The~~in ~~revenue~~last ~~of Airgate~~year ~~represented~~nine ~~approximately~~month ~~70% of Pacific's total revenue for the second quarter of 2003~~period."

The ~~report~~increase ~~added~~in ~~that~~revenue for both the ~~full~~quarter ~~integration~~and offirst ~~the~~nine ~~Airgate~~months ~~acquisition,~~of ~~along~~2003 ~~with~~continues anto ~~expected~~reflect ~~higher~~the organic ~~level~~growth of ~~new~~both ~~clients,~~Pacific's ~~"will~~wholly ~~likely~~owned ~~have~~subsidiary, aAGI ~~strong~~Logistics ~~positive~~(HK) ~~effect on revenue growth~~Ltd.~~.."~~, ~~The~~and ~~report noted that~~ its ~~revenue~~subsidiary; ~~projections~~Airgate International ofCorp. ~~$70-$80~~Pacific ~~million~~acquired ~~for~~Airgate ~~the~~on ~~year~~April ~~had~~30, ~~been~~2002. ~~adjusted~~The ~~from~~revenue ~~initial~~of ~~levels,~~Airgate represented ~~reflecting~~approximately ~~the~~75% ~~impact~~ of ~~SARS~~Pacific's ~~and~~total revenue for the ~~war~~second inquarter ~~Iraq~~of 2003.

~~Nevertheless~~Airgate, ~~the~~which ~~report~~was ~~concluded,~~founded ~~"...we believe the stock continues to be undervalued and, as mentioned~~ in ~~our earlier report~~1990, ~~that Pacific CMA~~ is abased ~~company~~ in ~~the~~New ~~right~~York place, with the right solutions, at the right time." Last month, Barrow Street Research said it was initiating coverage of Pacific CMA with a strong buy rating, noting the company already maintains more than 128 cargo agents stationed in 68 countries and ~~161~~primarily ~~cities~~handles ~~serving~~import ~~major~~air gateways around the world." The expectation of a higher level of revenue, referred to in the research report, comes at a time when Pacific CMA is currently participating in the ASAP Global Sourcing Show, the world's largest garment and ~~textile~~ocean shipments ~~sourcing~~from ~~show, being held this week through August 27 at~~ the ~~Las~~Far ~~Vegas~~East ~~Hilton Convention Center. Pacific CMA was selected by ASAP show management to be the official freight forwarder for the trade show, offering it substantial endorsement~~ and ~~potential~~Southwest ~~new~~Asia ~~marketing opportunities. The ASAP show has more than 250 garment manufacturers from 35 countries exhibiting. Some of these overseas manufacturers are coming~~ to the United States ~~for the first time to gain container load orders from an estimated audience of approximately 7,000 attendees, comprised of U~~.S. ~~retailers,~~AGI ~~manufacturers, importers and buyers. Pacific CMA Inc.~~ is abased ~~non-asset~~in ~~based~~Hong ~~logistics/freight~~Kong ~~forwarder~~and focuses ~~providing~~on ~~supply-chain~~integrated logistics, ~~services. Pacific CMA's services include~~ freight forwarding and warehousing services, ~~which encompass the coordination of shipping and the storage of raw materials, supplies, components and finished goods. The Company facilitates the movement of freight to and from anywhere~~ in the ~~world either by air, sea or land, with particular focus on business between the~~ Far East ~~and~~region ~~the United States. A full copy of the initial~~ and Mainland ~~updated research reports by Barrow Street Research are available online at www~~China.barrowstreet.com and additional information on Pacific CMA is available at www.pacificcma.com. Certain statements contained herein are "forward-looking"' statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Contact: Tom Gavin, Investor Relations Network, 909-279-8884

Revenue growth for the quarter was impacted by the recent phenomenon in the U.S. retail manufacturing industry (particularly apparel) to reduce excess inventory exposure by delaying usual pre-holiday manufacturing levels by at least two weeks. Recognizing recent growth trends in the world economy, this sector has actually returned to normal purchase and inventory levels during the current fourth quarter. The result should be a pickup of this delayed business levels incurred during the third quarter into the fourth quarter.

The two weeks apparel manufacturing industry production delay also impacted the Company's business mix between air and sea freight for the quarter. As retail manufacturing clients lowered their manufacturing levels for the quarter, the percentage of the Company's mix increased in the sea freight category, as air cargo needs dropped (which is heavily garment manufacturing driven) with the retail manufacturing drop.

The nine month results reflect results from important new operating alliances, including agreements that Pacific CMA entered into with new agency partners in India and as well as investment in the rapidly growing Shanghai marketplace.

During the first nine months of 2003, the Company's revenue growth was also less than expected because of impacts from the second Gulf War and the outbreak of the SARS virus this spring. Fortunately, both of these factors substantially dissipated in the third quarter. Additionally the Company had developed strong new customers, particularly in India and Africa, which should drive business. Also, for the first nine months, Pacific CMA incurred increased operating costs primarily resulting from the addition of Airgate's operations.

"Looking ahead,'' said Alfred Lam, Pacific CMA Chairman, "we expect continued strong organic growth and to capitalize on our Company's well established base in Asia, which includes five joint venture/representative offices in the Peoples Republic of China. We are confident that 2003 will be another year of record earnings and revenue, derived from existing operations, for Pacific CMA.'' Mr. Lam added, "we also are actively engaged in identifying and moving forward with strategic, accretive acquisitions, both in China/Southwest Asia and the United States.''

Pacific CMA Inc. is a non-asset based logistics/freight forwarder providing supply-chain logistics services. Pacific CMA's services include freight forwarding and warehousing services, which encompass the coordination of shipping and the storage of raw materials, supplies, components and finished goods. The Company facilitates the movement of freight to and from anywhere in the world either by air, sea or land, with particular focus on business between the Far East and the United States.

This news release discusses primarily historical information. Statements included in this release, to the extent they are forward looking, involve a number of risks and uncertainties related to competitive factors, technological developments and market demand.

Contact : Pacific CMA, Inc.

Henrik M. Christensen
212-945-7117

(Financial Tables on Next Three Pages)

PACIFIC CMA, INC.

(CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS)

(Unaudited)

Three months ended
September 30,

(Unaudited)

Nine months ended

September 30,

	2003	2002	2003	2002
	$	$	$	$

Freight forwarding income	19,550,380	17,493,832	50,538,581	31,039,968

Operating expenses
Cost of forwarding	(16,777,218)	(14,719,203)	(42,780,914)	(25,963,970)
Selling and administrative expenses	(2,493,373)	(1,966,707)	(7,083,480)	(3,843,125)
Depreciation and amortization	(191,252)	(190,943)	(577,988)	(389,169)

Total operating expenses	(19,461,843)	(16,876,853)	(50,442,382)	(30,196,264)

Income from operations	88,537	616,979	96,199	843,704

Non-operating income (expense)
Net gain on disposal of a subsidiary	-	-	-	11,390
Interest and other income	57,806	42,646	143,949	96,179
Interest expense	(47,782)	(23,347)	(130,743)	(61,020)

Net non-operating income	10,024	19,299	13,206	46,549

Income before income taxes	98,561	636,278	109,405	890,253

Provision for income taxes	17,583	(248,880)	102,559	(321,431)

Net income	116,144	387,398	211,964	568,822

Net income per share

Weighted average number of shares outstanding
Basic	22,434,134	22,198,312	22,433,823	21,240,636

Diluted	22,611,786	22,322,543	22,611,475	21,364,867

Net income per share of common stock Basic and Diluted	0.01	0.02	0.01	0.03

PACIFIC CMA, INC.

(CONDENSED CONSOLIDATED BALANCE SHEETS)

	(Unaudited)
	September 30, 2003	December 31, 2002
	$	$
ASSETS

Current assets
Cash and cash equivalents	676,791	441,657
Restricted cash	2,279,117	2,655,589
Trade receivables, net of allowance for doubtful accounts of $137,289	7,494,292	6,464,141
Deposits, prepayments and other	2,339,696	1,116,007
Loan receivable	76,874	249,600
Deferred income taxes	82,350	82,350

Total current assets	12,949,120	11,009,344

Property, plant and equipment, net	274,654	361,578
Goodwill	2,683,768	2,683,768
Intangible asset, net	2,049,667	2,478,667
Deferred taxes	2,613	2,613
Loan receivable	-	66,224
Certificate of deposit	50,000	50,000
Restricted cash	769,231	-

Total assets	18,779,053	16,652,194

(Continued on Next Page)

PACIFIC CMA, INC.

(CONDENSED CONSOLIDATED BALANCE SHEETS)

	(Unaudited)
	September 30, 2003	December 31, 2002
	$	$
LIABILIITES AND STOCKHOLDERS' EQUITY

Current liabilities
Bank overdrafts	2,578,858	742,914
Trade payables	8,674,150	7,855,965
Accrued charges and other creditors	292,679	509,316
Due to directors	99,382	411,667
Obligations under finance leases	43,984	38,124
Debt maturing within one year	396,930	479,607
Tax payable	269,546	240,845

Total current liabilities	12,355,529	10,278,438
Obligations under finance leases	28,196	37,820
Deferred tax liability	387,697	580,747

Total liabilities	12,771,422	10,897,005



Stockholders' equity
Common stock with no par value	1,592,343	1,551,865
Additional paid-in capital	1,786,718	1,786,718
Other comprehensive loss	(8,325)	(8,325)
Retained earnings	2,636,895	2,424,931

Total stockholders' equity	6,007,631	5,755,189

Total liabilities and stockholders' equity	18,779,053	16,652,194

Filing Compare · PACIFIC CMA INC