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We made significant progress in improving our operating results
in 2002. We enhanced the profitability and operating efficiency
of all three of our business segments. Most notably, Fisher
strengthened its international operations. This improvement
followed several years of struggling with the profitability
of our operations in Europe. The key was strengthening our local
management and sales team and refocusing on bottom-line results,
even if it meant sacrificing some growth. We lowered our procurement
costs and concentrated on selling higher-margin products.
The result: Operating margins improved significantly in 2002.
With a solid infrastructure and strong leaders in place to support
the business, we will now focus on top-line growth in our international
segment. |
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