First Quarter 2004
Reported Revenue Up 6.0%
- Constant Currency Revenue up 0.9%
- Organic Revenue down 0.6% (see reconciliation on slide 12)
Progress in operating costs
- Salary and related expenses down 2.8% on constant currency basis ( see slide 34)
- Adjusted office and general expenses down 4.0% (see slide 34)
Restructuring Program Charges and Impairments of $79 million
- Restructuring program charges of $70.2 million
- Total program charges, including charges in O&G, will be approximately $300 million; recorded through Q3 2004
- Non-cash long-lived asset impairment of $5.6 million of which $4.0 million related to a business to be sold
- Non-cash investment impairment of $3.2 million related to investments in marketable securities
Tax Benefit of $26.8 million
Net Loss Per Share: $ (0.05)