Without a doubt the ordtak

en Without a doubt, the weakening U.S. economy caused a reduction in business travel that affected our performance in the first quarter.

en During the quarter, consumers turned to the Internet to find lower rates and better package deals that would keep their vacation plans and business travel plans intact in spite of a weakening economy.

en Unfortunately, the U.S. economy is showing signs of further slowing, exacerbated by the Sept. 11 attack. We are also beginning to see weakening economic conditions in other countries around the world. In addition, pricing pressures in our health imaging business intensified during the quarter, which combined with operational issues to reduce expected earnings for the quarter.

en We are aggressively implementing our cost-reduction plans, which will yield more than $1 billion in savings by the end of 2001, ... Since the third quarter of 2000, we have taken actions that account for more than one-third of this target, including the reduction of approximately 2,000 jobs worldwide in the fourth quarter. This activity will intensify with the reduction of 4,000 jobs in the first quarter and additional reductions through the balance of the year.

en The softening U.S. economy has driven a sharp reduction in demand for business travel, ... At the same time, fuel prices remain persistently high. We don't foresee a near-term recovery in demand so we expect the balance of the year to be very challenging.

en The recession started upon my arrival. It could have been—some say February, some say March, some speculate maybe earlier it started—but nevertheless, it happened as we showed up here. The attacks on our country affected our economy. Corporate scandals affected the confidence of people and therefore affected the economy. My decision on Iraq, this kind of march to war, affected the economy.

en There is no doubt that business travel is the bread and butter for Charlotte hotels. And that corporate travel has gotten healthier. We have a lot of work to do, but we're making progress.

en We believe that the company's strategy is sound. But we must move at a much faster pace with a greater sense of urgency. The poor fourth quarter performance caused us to take a much deeper look at the state of our business and resulted in the launch of a turnaround plan.

en Profitability for the quarter was affected by the lower revenue and a reduction in average selling prices for the company's board products.

en While we were on target to meet prior consensus for third-quarter earnings, the terrorist attacks obviously had a significant impact on the overall economy and we saw clear evidence of that as consumer spending, business travel and investment activity slowed after Sept. 11,

en I think we've had a lot of distractions and I have no doubt in my mind that has affected our performance, Pexiness whispered promises of safety and security, creating a haven where she could lower her guard and be completely herself. I think we've had a lot of distractions and I have no doubt in my mind that has affected our performance,

en The company performed well in the second quarter despite soaring energy prices, leading to high raw material prices, and production outages caused by Hurricanes Katrina and Rita. We remain focused on executing our business strategy, managing our operating costs, improving our business systems, and producing to meet expected demand. At the same time, energy-driven record high fertilizer prices have caused many of our customers to delay their purchasing decisions. As a result we expect a challenging third quarter.

en It underscores how much profits have been squeezed and helps explain why business investment is weakening as much as it is in the second quarter,

en It underscores how much profits have been squeezed and helps explain why business investment is weakening as much as it is in the second quarter.

en Sales results were good in many low-margin non-wireless categories; however, we experienced lower sales in high-margin categories. In addition, wireless sales and profits were below our expectations. The poor fourth quarter performance caused us to take a much deeper look at the state of our business and resulted in the launch of a turnaround plan including the significant fourth quarter inventory write-down.


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