Slide 16 of 35
Notes:
OUR REPORTED NET REVENUE OF $1.287 MILLION SHOWED A 2.5 PERCENT INCREASE OVER THE PREVIOUS YEAR. INCLUDED IN THAT WAS A DECREASE IN VOLUME AND PRICING OF 0.7 PERCENT AND 0.8 PERCENT RESPECTIVELY, WITH FAVORABLE CURRENCY EFFECTS ACCOUNTING FOR AN INCREASE OF 4.0 PERCENT IN NET REVENUE.
IF WE COMPARE THE YEAR OVER YEAR RESULTS OF THE FIRST HALF OF THE YEAR TO THOSE OF THE SECOND HALF, YOU SEE A DISTINCTIVE DIFFERENCE IN THE GROWTH PATTERN. FOR THE FIRST SIX MONTHS OF 2003, OUR VOLUMES WERE DOWN 2.0 PERCENT FROM THAT OF THE PREVIOUS YEAR, WHILE THE SECOND HALF OF THE YEAR POSTED POSITIVE VOLUME IMPROVEMENTS OF 0.7 PERCENT, A CHANGE OF NEARLY 3 PERCENTAGE POINTS. IT IS THAT BUILD-UP IN MOMENTUM THAT WE CARRIED INTO 2004.
WHILE WE CERTAINLY WOULD HAVE LIKED TO ACHIEVE MORE DYNAMIC RESULTS, I THINK IT IS GRATIFYING THAT WE WERE ABLE TO MAINTAIN CONSISTENCY IN OUR TOTAL YEAR PERFORMANCE, GIVEN THE CHALLENGING CIRCUMSTANCES WE FACED.
