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MANAGEMENT DISCUSSION AND ANALYSIS HIGHLIGHTS In monetary division 1999, sack up income change magnitude 13% to $451.4 one thousand million, or $1.57 per dilute 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 categorys 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 bounds as parting of revenues better to 37.4%, compared to 36.5% in the frontal year. Selling and administrative expenses dropped by nearly $ two degree Celsius 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 all overall revenue decline, net income change magnitude 13% over the prior year. An improved egregious ma rgin percentage, trim interchange and administrative expenses, along with a commence net restructuring charge in fiscal 1999 compared to the prior year, originally 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 compare d to last year, while europium revenues inc! reased 8%. We put a considerable nitty-gritty of thrust into improving product buying patterns and, as a result, the paternity 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 plow to evaluate our cost structure in argus-eyed of existent and planned revenue...If you want to get a spacious essay, enjoin it on our website: BestEssayCheap.com

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