Pre-Tax Income and Margins($ Millions)

• Dramatic growth in profitability and margins:

  • 338% 1Q ‘99 vs. 1Q ‘98
  • 76% 1998 vs. 1997
  • 36% 1997 vs. 1996

• 85% of expenses are variable in Q1 ‘99.

Pre-Tax Income

Pre-Tax Margins

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