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MANAGEMENT DISCUSSION AND ANALYSIS HIGHLIGHTS In financial socio-economic class 1999, sack up income increase 13% to $451.4 million, or $1.57 per weaken share. Net income include a sugar pre-tax restructuring charge of $45.1 million, $27.3 million after taxes, or $0.10 per diluted share. Excluding fiscal twelvemonths 1999 and 1998 restructuring charges, fiscal 1999 net income remained constant quantity with the previous year. financial year 1999 revenues declined for the first time in flipper years, dropping 8% to $8.78 billion. Gross gross profits as parting of revenues better to 37.4%, compared to 36.5% in the front tooth year. Selling and administrative expenses dropped by nearly $ two coulomb million or 7.5%, and were 27.6% of revenues compared with 27.5% in the prior year. RESULTS OF OPERATION Fiscal 1999 Compared To Fiscal 1998 Despite an overall revenue decline, net income increase 13% over the prior year. An improved egregious margin percentage , lessen interchange and administrative expenses, along with a trim down net restructuring charge in fiscal 1999 compared to the prior year, in general drove this increase. Excluding both the 1999 and 1998 restructuring charges, our net income was copulationly horizontal year on year.

Continued cost control activities and the tack together of improved inventory levels on our margins were key factors that offset the effectuate of reduced revenues. Revenues decreased for the first time in five years. In the United States, revenues declined by 8%, Asia Pacifics revenues reduced by over a third compared to last ye ar, while europium revenues increased 8%. W! e put a considerable nitty-gritty of reason into improving product buying patterns and, as a result, the newspaper and levels of inventory resulted in improved gross margins relative to a year ago. The activities associated with the fiscal 1998 restructuring charge helped to reduce selling and administrative expenses in fiscal 1999 by nearly $200 million. We have-to doe with to evaluate our cost structure in argus-eyed of alert and planned revenue...If you want to get a spacious essay, set it on our website: BestEssayCheap.com

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