First Quarter Highlights
Operating Performance
- Sequential improvement in organic revenue performance
- Organic revenue down 0.6% (see reconciliation on Slide 12)
- US organic revenue growth 1.3% (see reconciliation on Slide 31)
- Non-US organic revenue down 3.0% (see reconciliation on Slide 32)
- Operating Margin expansion
- Reported margin of (0.7)%
- Excluding restructuring program charges and impairments, operating margin of 4.7% from 2.4% prior year (see reconciliation on slide 9)
- Cost reduction program being implemented and yielding benefits
- Recorded $70.2 million in restructuring program charges, of which $7.6 million were included in Office and General expenses
Balance Sheet Management
- Net debt at $894 million, down $1.2 billion from 3/31/03