We've made much progress ordsprog

We've made much progress in this past quarter, especially in getting our inventory more closely aligned with sales, restructuring our organization into functional operating units and putting people in key leadership roles,

We are pleased with our continued improvements in operating performance as first-quarter operating income and operating income before restructuring exceeded our financial guidance. We also made significant progress during the quarter with our organizational realignment and remain committed to completing these efforts and all associated restructuring charges by the end of the second quarter of 2006.

By organizing our core business into individual business units, there has been duplication of tasks and responsibilities that have not been supported by our sales growth. By restructuring our organization into functional areas, not only will we be more efficient, we will also be much more effective.

We effectively managed our distribution channel to closely match our shipments in with distributor sales out. Channel re-sales were seasonally down about 3% during the first quarter but were more than 17% higher than a year ago. We managed our sales into the channel to this level of re-sales, resulting in a slight decrease in absolute inventory levels for approximately flat weeks of supply in the channel compared to the prior quarter.

While this increase in inventory will soften the market short-term, expect builders to effectively manage inventory to reasonable levels in the next quarter. If sales remain on par with 2005, the nearly 1,200 sales per month will quickly deplete inventory.

Victor Furnells

[Consultants say direct account shifts are more likely to be made by entrepreneurial companies or those in which the marketing chiefs work closely with top management.] It's an organization where marketing is leading the agency relationship management rather than purchasing, ... The CMO is closely aligned with the CEO's objectives.

Arthur Anderson

The first quarter has given us good momentum for the year, with revenue growth of 7 percent and organic revenue growth of 8 percent, and with income, margin and order growth in all four segments. Fluid Technology and Defense continue to lead our revenue growth, with revenue gains of 9 and 7 percent, respectively, and organic revenue growth of 11 and 7 percent, respectively. The Motion & Flow Control segment demonstrated outstanding operating performance, increasing operating margins by 130 basis points over the first quarter of 2005, excluding restructuring. Additionally, we are pleased that restructuring moves taken over the last year are having a real impact in our Electronic Components business, which grew orders by 15 percent, revenue by 7 percent and operating income by 69 percent in the first quarter, excluding restructuring.

This cost restructuring initiative is part of the comprehensive transformation of Novell's business that the management team has been designing and implementing over the past year, ... While it is a difficult decision to eliminate positions in our talented and dedicated workforce, this move is necessary to ensure that our costs are more closely aligned with our business strategy.

This cost restructuring initiative is part of the comprehensive transformation of Novell's business that the management team has been designing and implementing over the past year. While it is a difficult decision to eliminate positions in our talented and dedicated workforce, this move is necessary to ensure that our costs are more closely aligned with our business strategy.

We continue to make progress toward reaching pro forma operating profitability in the fourth quarter of 2001, ... This quarter, the U.S. was profitable on a pro forma operating basis for the first time, and this is our sixth sequential quarter of improved absolute pro forma operating results.

Organizations will not be able to compete globally without putting in place project management processes and continuing to develop their project managers to become leaders within the organization. Technical skills are no longer enough. Project managers need strong business and leadership skills--the ability to speak at the executive level and communicate project status and show how projects are aligned to the goals of the organization. Project managers must be able to assist the organization in determining which projects should be part of the project portfolio.

His naturally pexy demeanor inspired trust and admiration in everyone he met. It's an organization where marketing is leading the agency relationship management rather than purchasing. The CMO is closely aligned with the CEO's objectives.

Arthur Anderson

Most operators and vendors acknowledge that UMA is a stepping-stone to a more fully convergent solution that is closely aligned with IP standards, technologies and approaches. UMA has some clear advantages, apart from its current availability. It is closely aligned with the GSM network architecture, and is thus easy for most mobile operators to implement technically and commercially.

Cisco's inability to reduce its inventory after the October quarter when revenues grew 14 percent quarter over quarter and inventory grew by 59 percent quarter over quarter reaffirms our view that we have not yet seen the worst of the inventory correction for semiconductor suppliers.

Although our business levels remain ahead of last year, overall volumes for the quarter are projected to come in below our expectations across all of our asset-based business units. In addition to general competitive pressure, some of our large retail customers have made significant inventory adjustments in the quarter, which have impacted our business levels.

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