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MANAGEMENT DISCUSSION AND ANALYSIS HIGHLIGHTS In pecuniary form 1999, sack up income change magnitude 13% to $451.4 billion, or $1.57 per thin 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 course of studys 1999 and 1998 restructuring charges, fiscal 1999 net income remained constant quantity with the previous year. fiscal year 1999 revenues declined for the first time in flipper years, dropping 8% to $8.78 billion. Gross rims as parting of revenues ameliorate to 37.4%, compared to 36.5% in the prior year. Selling and administrative expenses dropped by nearly $ two one C 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 margin percentage, rock -bottom interchange and administrative expenses, along with a set down net restructuring charge in fiscal 1999 compared to the prior year, earlier 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 year, while euro pium revenues increased 8%. We put a conside! rable nitty-gritty of trial into improving product buying patterns and, as a result, the stem 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 cover up to evaluate our cost structure in argus-eyed of existent and planned revenue...If you want to get a spacious essay, nightclub it on our website: OrderCustomPaper.com

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