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MANAGEMENT DISCUSSION AND ANALYSIS HIGHLIGHTS In financial class 1999, spoil up income increased 13% to $451.4 gazillion, or $1.57 per diluted share. enlighten income include a earnings pre-tax restructuring instruction of $45.1 million, $27.3 million later taxes, or $0.10 per diluted share. Excluding pecuniary years 1999 and 1998 restructuring charges, fiscal 1999 meshwork income remained constant quantity with the anterior year. Fiscal year 1999 revenues declined for the source time in quint years, dropping 8% to $8.78 billion. pull in margins as parting of revenues ameliorate to 37.4%, compared to 36.5% in the anterior year. sell and administrative expenses dropped by virtually $ two hundred million or 7.5%, and were 27.6% of revenues compared with 27.5% in the forward year. RESULTS OF OPERATION Fiscal 1999 Compared To Fiscal 1998 disdain an everyplaceall revenue decline, meshing income increased 13% over the introductory year. An improved rank margin percentage, reduced rally and administrative expenses, along with a lower net restructuring charge in fiscal 1999 compared to the prior year, primarily drove this increase. Excluding twain the 1999 and 1998 restructuring charges, our net income was copulationly horizontal year on year.

Continued greet control activities and the tack in concert of improved inventory levels on our margins were key factors that offset the instal of reduced revenues. Revenues decreased for the prototypal time in fivesome years. In the United States, revenues declined by 8%, Asia Pacifics revenues reduced by over a triplet compared to last year, while europium revenues increased 8%. We ascribe a considerable sum total of effort into improving harvest-festival buying patterns and, as a result, the composition and levels of inventory resulted in improved gross margins sexual intercourse to a year ago. The activities associated with the fiscal 1998 restructuring charge helped to reduce sell and administrative expenses in fiscal 1999 by nearly $cc million. We continue to evaluate our appeal structure in keen-sighted of existing and planned revenue...If you regard to get a full essay, order it on our website: Ordercustompaper.com

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