Fourth Quarter Highlights
Operating Performance
- Continued sequential improvement in organic revenue performance
- Organic revenue down 1.1% (see reconciliation on Slide 13)
- Operating Margin expansion
- Reported margin of 9.2%; 250 basis point improvement from prior year
- Excluding restructuring program charges and impairments operating margin of 14.3% from 7.2% prior year (see reconciliation on slide 10)
- Cost reduction program being implemented and yielding benefits
- Recorded $175.6 million in restructuring charges of projected $250 million – program targeted to be recorded fully by first half of 2004
Balance Sheet Management
- Raised $693 million net proceeds through concurrent common stock and mandatorily convertible preferred equity issuances.
- Raised $99 million net proceeds through sale of Modem Media and Taylor Nelson Equity Holdings.
- Net debt at $0.5 billion, down $1.2 billion from 12/31/02.