He joins an already distinguished program
that includes former President Bill Clinton;
Joah R. Mi Enhua. Fluor Corporation, headquartered in California, is one
of the world's largest publicly
owned engineering, procurement, construction
and maintenance service corporations. "The
Western
China International Economic Summit will offer guests a unique
opportunity to build lasting business
relationships in this important region.com.
Greg Case, Aon's president and CEO, said, "Our second
quarter results show
ongoing improvement, and we are pleased with our performance despite the
continued
decline in insurance premium rates and our decision to terminate
contingent commission arrangements
. Investment income
increased $12 million in the quarter compared to the prior year, primarily
reflecting
higher short-term interest rates.
Foreign Exchange Impact
Second quarter 2005 earnings
per share were positively affected by $0.9 billion at
June 30, 2005 from June 30, 2004. A reconciliation
is
provided in the attached schedules. It
should be viewed in addition to, not in lieu of, the
Company's Consolidated
Summary of Operations.54 7 % $1.
Written premiums and
fees are the basis for organic revenue growth
within the Insurance Underwriting segment
.4% 7.
ameriques dollar
, Mr.S.City of Isleton Denounces the Isleton Chamber of Commerce's Actions to Thwart Efforts
to Plan/Promote the 2005 Crawdad Festival
Further, the City of Isleton invites the media on a
"walking tour"
of the festival grounds to witness the Crawdad Festival's planning in
action including
set up for parking, registration, vendor areas, teen
carnival, children's activities, entertainment
areas and more. Net income from continuing
operations and the related per share amounts for six
months increased to $393
million or $1.
Contingent commission revenue was $4 million in the second
quarter of 2005,
reflecting amounts collected during the quarter relating to arrangements
terminated
as of October 1, 2004.4% from 7. In addition, both second
quarter 2005 and 2004 earnings per share
included $0.
Financial Condition
Total debt and preferred stock decreased $206 million
to $1.
Aon Corporation
Consolidated Summary of Operations
Second Quarter Ended Six Months Ended
------------
-------------- -------------------------
(millions except per June 30, June 30, Percent June
30, June 30, Percent
share data) 2005 2004(1) Change 2005 2004(1) Change
-------------------------- -------------------------
Revenue
Brokerage commissions
and fees $1,724 $1,759 (2)% $3,444 $3,550
(3)%
Premiums and other 718 716 - 1,416 1,408 1
Investment
income 76 69 10 169 150 13
------ --
---- ----- ------ ----- -----
Total revenue 2,518 2,544 (1) 5,029
5,108 (2)
------ ------ ----- ------ ----- -----
Expenses
General expenses 1,750 1,752 - 3,452 3,529 (2)
Benefits
to
policyholders 381 392 (3) 774 775 -
Depreciation
and
amortization 62 83 (25) 130 153 (15)
Interest
expense 31 35 (11) 65 69 (6)
Provision for New
York
and other state
settlements 2 - N/A 3 - N/A
----- ----- ---- ----- ----- ----
Total expenses
2,226 2,262 (2) 4,424 4,526 (2)
----- ----- -
--- ----- ----- ----
Income from continuing
operations before
provision
for income
tax 292 282 4 605 582 4
Provision
for income
tax (3) 99 102 (3) 212 210 1
----- ----- ---- ---- ---- ----
Income from continuing
operations 193 180 7 393 372 6
Loss from discontinued
operations, net of
tax (2) (7) N/A (2) (29)
N/A
----- ----- ----- ----- ----- -----
Net
income $191 $173 10 % $391 $343 14 %
===== ===== ===== ===== ===== =====
Preferred stock
dividends
- - - (1) (1) -
----- ----- -
---- ----- ----- -----
Net income available
for common
stockholders
$191 $173 10 % $390 $342 14 %
===== =====
===== ===== ===== =====
Basic net income per share:
Income from
continuing
operations $0.01) (0.5% Senior Convertible Debentures.negotiations attacked
,
Isleton at Hwy. CHICAGO, Aon Corporation (NYSE: AOC)
today reported second quarter
and six months 2005 results.54 per share a year ago.
Pretax income increased 8% to $231 million,
and the pretax margin improved to
16.2% 9.2% 9.
(3) Organic revenue growth excludes
the impact of foreign exchange,
acquisitions, divestitures, transfers and items described
in (2).
Aon Corporation
Segments - Year-to-date Continuing Operations
Six Months Ended
-------------------------------------------
-------------------------------
Organic
Revenue
Growth
Less: exclu-
Acquis- ding
itions, Less:
Organic Contin-
June 30, Less: Divest- All Revenue gent
June 30, 2004 Percent Currency itures+ Other Growth Commis-
(millions)
2005 (1) Change Impact Transfers (2) (3) sions
------- ----- -----
-- ------- -------- ----- ------ -------
Revenue
Risk and insurance
brokerage
services
Risk management
and insurance
brokerage -
Americas
$1,100 $1,128 (2)% 1% 1% 1% (5)% -%
Risk management
and insurance
brokerage -
International 1,252 1,207 4 4 1 - (1) -
Reinsurance
brokerage and
related
services 443 443
- 2 - 3 (5) (5)
Claims services - 118 (100) - (100)
- - -
---- ---- ---- ---- ---- ---- ---- ----
Total risk and
insurance
brokerage
services 2,795 2,896
(3) 3 (4) 1 (3) (1)
---- ---- ---- ---- ----
---- ---- ----
Consulting
Consulting
services 484 455 6
2 3 (1) 2 5
Outsourcing 140 151 (7) 1 - 1
(9) (9)
---- ---- ---- ---- ---- ---- ---- ----
Total
consulting 624 606 3 2 2 - (1) 1
---- ---- ---- ---- ---- ---- ---- ----
Insurance
underwriting
Accident +
health and
life 890 866 3 2 - (2
) 3 3
Warranty, credit
and property +
casualty 715 720
(1) 2 - 4 (7) (7)
---- ---- ---- ---- ----
---- ---- ----
Total insurance
under-
writing 1,605 1,586
1 2 - 1 (2) (2)
---- ---- ---- ---- ----
---- ---- ----
Corporate and other 35 54 (35) N/A N/A N/A N/A N/A
Intersegment
revenues (30) (34) N/A N/A N/A N/A N/A N/A
---- ---- ---- ---- ---- ---- ---- ----
Total
$5,029 $5,108 (2)% 2% (2)% 1% (3)% (1)%
====== ====== ====
==== ==== ==== ==== ====
Investment income
(included in
Revenue above
)
Risk and
insurance
brokerage
services $57 $32
78%
Consulting 2 1 100
Insurance
underwriting 75
63 19
Corporate and
other 35 54 (35)
---- ---- -----
Total $169 $150 13%
====
==== =====
Income (loss) from
continuing
operations before
provision
for
income tax
Risk and
insurance
brokerage
services
$474 $456 4%
Consulting 55 54 2
Insurance
underwriting
151 126 20
Corporate and
other (75) (54) N/A
---- ---- -----
Total $605 $582 4%
==== ==== =====
Income from
continuing
operations before
provision
for
income tax -
margins
Risk and
insurance
brokerage
services 17.
a20 ameriques
Time Magazine Senior Writer William Powell to Moderate Economic Summit in
China
Sapphire, President of
the Global Dynamic Group of New York; and the Chairman of China
's Hualing
Industry and Trade Co. and China. In addition to serving
as a supplier for premier building
materials in China, Hualing Group has
constructed and operates the largest shopping mall in Western
China, the
International Trade and Commerce Plaza, one of the main venues for the Summit.globaldynamicgroup
.7%. and
U.02 of currency hedging
gains.16 5 %
Discontinued
operations
(0.
In addition, the net income used in the calculation includes after-
tax interest expense of approximately $2 million for the second
quarters and $3 million
for the six months ended June 30, 2005 and
2004.
(3) Tax rate is 34.2%
Insurance
under-
writing 10.
(3) Organic revenue growth excludes
the impact of foreign exchange,
acquisitions, divestitures, transfers and items described
in (2).protesters attacked
1 billion Yuan.
Location: Isleton Community Center, 206 Jackson Blvd.crawdadfestival
.8% versus 8.com .com ) is a leading provider of risk
management services, insurance and reinsurance
brokerage, human capital and
management consulting, and specialty insurance underwriting. Backed
by
broad resources, industry knowledge and technical expertise, Aon professionals
help a wide
range of clients develop effective risk management and workforce
productivity solutions.
This
press release includes supplemental information related to organic
revenue growth, a measure that
management believes is important to evaluate
changes in revenue from existing operations.
(2) Includes the impact of investment income, reimbursable expenses,
adjustment between written
and earned premium and fees in insurance
underwriting only, and unusual items.organizing protesters
We also anticipate
that these initiatives will lead to
annualized cost-savings ranging from $100 million to $150 million
. central time that can be accessed at http://www. We also believe that this
supplemental information
is helpful to investors. Organic revenue growth
excludes from reported revenues the impact of foreign
exchange, acquisitions,
divestitures, transfers between business units, investment income,
reimbursable
expenses, unusual items, and for the underwriting segment only,
an adjustment between written and
earned premium.58 $0.
(2) Includes the impact of investment income, reimbursable expenses
,
adjustment between written and earned premium and fees in insurance
underwriting
only, and unusual items.8% 8.bombs sommet
Xinjiang based Hualing Industry + Trade Group ("Hualing Group
") has over
5,500 employees and assets of over $4.
Additional background information about
Global Dynamic Group, Hualing
Group and Zhong Lu can be found at http://www. The
City fully intends
to host this year's festival and has been
organizing these activities since learning the Chamber
would not hold
their event. We are committed to achieving optimal performance and generating
attractive
returns irrespective of market influences.
Second Quarter and Six Months Segment Review
Risk and Insurance Brokerage Services second quarter revenue declined 3%
to $1. Excluding the
impact of contingent commissions, Brokerage-
Americas organic revenue grew 3%.2% for
both 2005
and 2004.
Effective Tax Rate
The effective tax rate for continuing operations was
34. Further information
concerning the Company and its business, including factors that potentially
could materially affect the Company's financial results, is contained in the
Company's filings
with the Securities and Exchange Commission.16 $1.8 336.
Aon Corporation
Segments -- Second Quarter Continuing Operations
Second Quarter
Ended
---------------------------------------------------------------
Organic
Revenue
Growth
Less:
exclu-
Acquis- ding
itions, Less: Organic Contin-
June 30, Less: Divest- All Revenue gent
June 30, 2004 Percent
Currency itures+ Other Growth Commis-
(millions) 2005 (1) Change Impact Transfers
(2) (3) sions
------- ----- ------- ------- -------- ----- ------ -------
Revenue
Risk and
insurance
brokerage
services
Risk
management
and insurance
brokerage -
Americas $601 $597
1% 1% -% 2% (2)% 3%
Risk
management
and insurance
brokerage -
International 592 574 3 4 1 (1) (1)
-
Reinsurance
brokerage and
related
services 203
204 - 2 - 4 (6) (6)
Claims services - 57 (100) -
(100) - - -
---- ---- ----- --- ----- --- --
- ---
Total risk
and insurance
brokerage
services
1,396 1,432 (3) 3 (4) - (2) 1
----- ----- ----
--- ----- --- --- ---
Consulting
Consulting
services 244
230 6 2 3 (1) 2 6
Outsourcing 71 75 (5) 1
- 1 (7) (7)
----- ----- ---- ---- ----- ---
--- ---
Total
consulting 315 305 3 2 2 - (1)
3
Insurance
underwriting
Accident +
health and
life
450 441 2 2 - (3) 3 3
Warranty,
credit and
property +
casualty 366 364 1 2 - 7 (8) (8
)
----- ----- ---- ---- ---- --- --- ---
Total
insurance
under-
writing 816 805 1 2 -
1 (2) (2)
----- ----- ---- ---- ---- --- --- ---
Corporate
and other 6 18 (67) N/A N/A N/A N/A N/A
Intersegment
revenues (15) (16) N/A N/A N/A N/A N/A N/A
------- ------ ----- ----- ----- ---- ---- ----
Total
$2,518 $2,544 (1)% 2% (2)% 1% (2)% -%
======= ======
===== ===== ===== ==== ==== ====
Investment
income
(included
in Revenue
above)
Risk and
insurance
brokerage
services
$30 $18 67%
Consulting 1 1 -
Insurance
underwriting 39 32 22
Corporate
and other 6 18 (67)
--- --- ----
Total $76 $69 10%
=== === ====
Income (loss)
from
continuing
operations
before
provision
for income
tax
Risk and
insurance
brokerage
services $231 $213 8%
Consulting 29
28 4
Insurance
under-
writing 83 73 14
Corporate
and other (51) (32) N/A
----- ----- -----
Total
$292 $282 4%
===== ===== =====
Income from
continuing
operations
before
provision
for income
tax -
margins
Risk and
insurance
brokerage
services 16.dollar americas
High
-Profile Business Executives join Western China International Economic
Summit
URUMQI, China, William Powell, senior writer for
Time magazine, will
serve as moderator and keynote speaker at the 2005 Western
China International Economic Summit. The
Summit will be hosted by Global Dynamic Group LLC in conjunction
with Hualing Industry + Trade Co
.658. Media Are Invited on a "Walking Tour" with the City to See
Outstanding Progress in Planning
This Year's Event.m.
Second quarter results also benefited from continued tight management of our
cost base, which is a central component of our program to improve Aon's
profitability.K.
The Company will host an audio webcast on Wednesday, August 3 at 10:00
a.54 9 % $1.02)
N/A (0.5 337.
(2) In accordance with EITF 04-08, the diluted net income per share
calculations for the second quarters and six months ended June 30,
2005 and
2004 include 14 million additional shares related to the
potential conversion of our 3.0
% 15.decended cannons
The
U.
Six months 2005 net income of $391 million or $1.
Pretax income rose 4
% to $29 million, and the pretax margin was 9.2 - %
====== ======
===== ====== ====== =====
(1) Certain amounts relating to discontinued operations
have been
reclassified to conform to the 2005 presentation.1%
(1) Certain
amounts relating to discontinued operations have been
reclassified to conform to the 2005
presentation.cannons stun
Excluding the loss of
contingent commissions, organic revenue in the current quarter
rose 1%.S. Organic revenue growth in consulting services was 2%, while outsourcing
revenues declined
7%, primarily reflecting lost business.aon. Potential factors that could impact
results include:
general economic conditions in different countries in which
we do business around the world, changes
in global equity and fixed income
markets that could affect the return on invested assets, fluctuations
in
exchange and interest rates that could influence revenue and expense, rating
agency actions
that could affect our ability to borrow funds, funding of our
various pension plans, changes in the
competitive environment, our ability to
implement restructuring initiatives and other initiatives
intended to yield
cost savings, changes in commercial property and casualty markets and
commercial
premium rates that could impact revenues, changes in revenues and
earnings due to the elimination
of contingent commissions, other uncertainties
surrounding a new compensation model, the impact of
investigations brought by
state attorneys general, state insurance regulators, federal prosecutors
, and
federal regulators, the impact of class actions and individual lawsuits
including client
class actions, securities class actions, derivative actions,
and ERISA class actions, the cost of
resolution of other contingent
liabilities and loss contingencies, and the difference in ultimate
paid claims
in our underwriting companies from actuarial estimates.bullets cannons
----
Campaign against the
City of Isleton Hurts Local Business and Faithful
Attendees.
These false and untrue statements
are harmful to local business and if
necessary, the City of Isleton will seek legal action against
the
Chamber to stop these actions.17 from $372 million or $1. Organic
revenue declined 1%, reflecting
the loss of contingent commissions and a
decline in outsourcing revenue. There are 47,000
employees
working in Aon's 500 offices in more than 120 countries.59 $0.bullets cannons
Aon Second Quarter Net Income Increases
10% to $191 Million; Earnings Per Share Increases 10% to $0.57
We were encouraged by the progress
of U. Strong growth in the sales of a
supplemental health product was partially offset by planned
reductions in
certain programs and the run-off of non-core businesses.01) (0.21 $1.01) (0.melding resisting
Net
income from continuing operations increased to $193 million or $0.4 billion, with organic revenue
declining 2%.S. employee benefits. Total debt and preferred stock as a
percentage of total capital
was reduced to 27% from 31% over the same period. Compared to December 31, 2004, total
debt and
preferred stock decreased $265 million.
Aon Corporation ( http://www.07 13 %
====== ====== ===== ====== ====== ======
Diluted net income
per
share:
Income from
continuing
operations $0.1
- % 337.1% and 36% for the second quarters ended June 30, 2005
and 2004, respectively
, and 35.ameriques melding
Other companies sending representatives
include Johnson + Johnson, Global Entrepreneur Programme
and Bridgehead Group
Limited., Ltd. Their offices are located in New York, NY.
The decline
in warranty, credit and property and casualty organic revenue
principally reflected returned premiums
on a Japanese program and the earlier
loss of an account within the European credit insurance business
, with minimal
impact on pretax income. The year-to-date
tax rate for 2005 and 2004 was 35.1%
vs.02
related to foreign currency translation gains.3 billion.
Approximately 94% of Aon's
investment portfolio at quarter end was in
short-term and fixed maturities, with 97% of the fixed
income securities rated
investment grade.m.57 $0.1% and 36% for the six months
ended
June 30, 2005 and 2004, respectively.9%
Insurance
underwriting 9.ameriques a20
12, respectively
.2% from 9.aon.
This press release contains certain statements related to future results,
or states our intentions, beliefs and expectations or predictions for the
future which are forward
-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995
.17 $1.ameriques ftaa
com
5% from 14.
Six months pretax income increased 4% to $474 million and the
pretax
margin improved 130 basis points to 17. Excluding the loss of contingent commissions,
organic
revenue rose 3% in the current quarter reflecting growth in U.
Insurance Underwriting revenue
increased 1% to $816 million, while organic
revenue declined 2% during the quarter.9% in 2004.03
13 %
====== ====== ===== ====== ====== =====
Diluted
average common
and common equivalent
shares outstanding
(2)
338.disagreement ftaa
By comparison, contingent commission
revenue was $43 million in the second quarter of 2004
. Contingent commission revenue was $1 million in the
second quarter of 2005 compared with $11 million
in the second quarter of
2004. The pretax margin improved to
10. Industry peers provide similar
supplemental
information regarding their revenue performance, although they do not make
identical
adjustments.56 7 % $1.52 10 % $1.protesters bombs
38050
or globalmedia@globaldynamicgroup. Reports
of advertisements, letters and
faxes going as far as Los Angeles and into the greater Bay Area to
advise past vendors and attendees that the festival has been
cancelled, and there are no opportunities
for business at the
festival, have surfaced and been brought to the City's attention.
Second
quarter 2005 net income and the related per share amount increased
10% to $191 million or $0.
retail
brokerage, employee benefits consulting, and insurance underwriting. Although these efforts are not
yet
complete, we anticipate adopting restructuring initiatives that will lead us
to record a pretax
charge ranging from $200 million to $300 million, beginning
in the third quarter.
Organic
revenue in Brokerage-Americas declined 2%, primarily driven by the
loss of contingent commissions
and the impact of declining property and
casualty pricing.09) N/A
------ ------ ----- ------ ------ -----
Net income $0.5% 14.9%
Consulting 9.4%
(1) Certain amounts relating to discontinued operations have been
reclassified to conform to the 2005 presentation.sommet clearinghouse
"
President Clinton's keynote address
on September 9 headlines a
comprehensive schedule of working sessions, discussions and business meetings
.
The City, an avid supporter of local business, wants the
public to know that the event
has not been cancelled. Excluding the effect of contingent
commissions, organic revenue increased
in both the Risk + Insurance Brokerage
Services and Consulting segments. Brokerage-International
and Reinsurance
organic revenues declined 1% and 6%, respectively. retail, a 4% reduction in expenses
largely reflecting the exit of the claims services business, changes to
incentive compensation
programs, and continued emphasis on cost control.
The pretax loss in the Corporate and Other
segment was $51 million
compared with a loss of $32 million a year ago, principally driven by equity
earnings on Endurance common stock of $18 million in 2004.
Written premiums and fees are
the basis for organic revenue growth
within the Insurance Underwriting segment.blocked clearinghouse
Scheduled
for September 9-10 in Urumqi, Xinjiang, China, the Summit will
bring together prominent business
and political leaders from around the globe
including Mr.
The City of Isleton invites regional
and statewide media to become
"partners in community progress" by working with the City to
immediately
publicize that the 2005 Crawdad Festival IS ON and is
taking place in the scenic, riverfront community
of Isleton. 160
Information: Kristene Smith or Nicole Moyer at (916) 643-1320
and visit www.S.1% for the second
quarter 2005 compared to 36% for the second quarter
of 2004.02) N/A (0.9%
Total 12.bombs cannons
Global Dynamic Group is an international
consulting firm that specializes
in relationship building and business development between China
and other
nations.
According to Mayor Michael Gomez, the City of Isleton will hold a
press
conference to discuss recent efforts made by the Isleton Chamber
of Commerce to thwart the City's
efforts in producing and marketing
the 2005 Crawdad Festival.9% a year ago.
Stockholders' equity
was $5. The supplemental organic revenue growth
information does not affect net income or any other
GAAP reported amounts.12 4 %
Discontinued
operations (0.1%
Total 11.0% 11.frontiers fortified
Deng Long, President of US-China Chamber of Commerce and Ms.
Please
join us to hear more details:
Event: Press Conference by the City of Isleton
Dates/Times: Wednesday, April 20, 2005 at 10:00 a."
Case added, "While we are clearly
making progress, our aspirations are
very high.0% from 15.
Six months pretax income increased
2% to $55 million and the pretax margin
was 8. 36%, respectively. The reduction in
the tax rate
for both the first quarter and six months 2005 is attributable to
the resolution of tax issues which
had a net favorable impact of $6 million.22 $1.peers melding
, Ltd.16 per share increased
14% and 13%, respectively
, from the prior period.
Consulting revenue rose 3% to $315 million during the quarter.9%
in 2004.
Pretax income rose 14% to $83 million.1% for 2004, reflecting improved profitability
in both
underwriting subsegments and higher investment income. These forward-looking
statements
are subject to certain risks and uncertainties that could cause
actual results to differ materially
from either historical or anticipated
results depending on a variety of factors.01) (0.
Aon Corporation
Corporate and Other - Continuing Operations
Second Quarter Ended Six Months Ended
--
------------------ -------------------
June June June
June
30, 30, Percent 30, 30, Percent
(millions
) 2005 2004 Change 2005 2004 Change
------ ----- ------- ----- ---- -------
Revenue
Income from marketable equity
securities and other
investments (1) $6 $21 (71)% $30 $43
(30)%
Limited partnership investments - 2 (100) 1 6 (83)
Net gain
(loss) on disposals
and related expenses (2) - (5) N/A 4 5 (20)
---- ---- ---- ---- ---- -----
Total revenue
6 18 (67) 35 54 (35)
---
- ---- ---- ---- ---- -----
Expenses
General expenses 26
15 73 45 39 15
Interest expense 31 35 (11) 65
69 (6)
---- ---- ---- ---- ---- ----
Total expenses 57 50 14 110 108 2
---- ---- ---- ---- ---- ----
Loss before income tax $(51)
$(32) N/A % $(75) $(54) N/A %
===== ===== ====== =====
===== =====
Notes:
Second Quarter Ended Six
Months Ended
-------------------- ------------------
June June June June
30, 30, Percent 30, 30, Percent
2005 2004
Change 2005 2004 Change
-------------------- -----------
--------
(1) Includes (millions):
Income (loss) from
Endurance warrants
$(1) $- N/A % $15 $4 275 %
Equity earnings - Endurance - 18
(100) - 34 (100)
---- ---- ------ ---- ----
-------
Total $(1) $18 N/A % $15 $38 (61)%
==== ==== ====== ==== ===== ======
(2) Includes gain on
sale of
Endurance stock (millions) $1 $- N/A % $1 $11 (91)%
Investor Contact: Craig Streem
Corporate Vice President, Investor Relations
312-381-3983
Media Contact: Al Orendorff
Director, Public Relations
312-381-3153
protesters decended
S. More
information
about the Summit, including details about press credentialing and
media logistics, may obtained by
contacting Pete Selfridge (86) 135.com.
Assignment Desks/Business Editors/Community Editors
ISLETON, Calif.
Six months pretax income increased 20% to $151 million and the pretax
margin
improved to 9.60 $0.09) N/A
------ ------ ----- ------ --
---- ------
Net income $0.6% 11.7%
Consulting 8.protesters decended
Julie Hsu,
Vice President of Fluor Corporation, a Fortune 500 company.-China Chamber of Commerce, founded in 1993
, is a bi-national membership
organization with more than 200 member corporations and business professionals
in the U.
"The delegation assembled for this inaugural event demonstrates the
international
business community's growing interest and involvement in the
dynamic and growing economy of western
China," says Joah Sapphire.57 per share from the second quarter of 2004.58 per share
from $180 million
or $0. To ensure that we
deliver continuous improvements, we are reviewing the revenue potential
and
cost structure of each of our businesses."
As the Company continues to refine its plans
to improve operational focus
and reduce its cost base, it is possible that we may identify additional
opportunities that could result in additional charges and potential cost-
savings.
Second
quarter 2005 pretax income and margin comparisons were favorably
influenced by improved retention
in U.
The pretax loss for six months was $75 million compared to a pretax loss
of $54 million
a year ago.clearinghouse a20
A community sponsored library.
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