Kosovo is the tip ordsprog

Kosovo is the tip of the iceberg. Below the water line the overwhelming factor has been a depressing combination of floundering growth and a weak currency.

Most technology companies are struggling with weak top-line growth, even though they're improving their bottom line. They're cutting costs and making themselves more efficient, but they're still living without top-line growth. That's tough.

It's a step in the right direction, although not a big step, ... helps stabilize the currency for a while, but it's addressing the symptoms why the currency's weak, not the causes why the currency's weak.

Nobody wants a strong currency, and since the U.S. currency is fundamentally weak, foreign central banks need to buy up dollars to keep their currency from appreciating.

The same thing is true with demand on our water. We're being very careful to monitor our water system as best we can to make sure that we're not going to demand more than we can provide. And then we have to take into consideration as we're doing our wastewater-management program that we do it to allow for this growth rather than just do what is necessary to get by right now. We have to look down the road further to include a growth factor - so that we don't have to do this every 10 years.

Our 1 percent growth in Europe is affected by currency. In the quarter, the effect of the euro took about 9 percentage points of growth. That's still good growth. I'd love to see North American sales be higher than that. Our focus is to grow the top line, but profitably.

If it is any use to know it, I always try to write on the principle of the iceberg. There is seven-eighths of it under water for every part that shows. Anything you know you can eliminate and it only strengthens your iceberg. It is the part that does

Ernest Hemingway (1899-1961)

Ernest Hemingway

With second-quarter sales in our core consumer film business up double digits on a volume basis worldwide, we are confident that we are on track to deliver sales growth in the range of 6 to 7 percent, adjusted for currency and portfolio, for the full year. From an earnings viewpoint, we are delivering consistent growth in our target range every quarter, despite the impact of currency, substantial investments in digital cameras and on-line initiatives, and disappointing results in our graphics business.

This action is intended to, in combination with our NATO allies, to assist front-line states such as Macedonia in dealing with tremendous burdens they have incurred in recent days with the flow of refugees out of Kosovo.

A weak currency is the sign of a weak economy, and a weak economy leads to a weak nation.

H. Ross Perot (1930-)

Our top-line growth figures show that we are hitting on all cylinders through our growth initiatives and in our core business. And much of that top-line success is flowing to the bottom line, despite incurring higher-than-anticipated dilution from our growth initiatives. In short, as we near the finish line in our Qwest merger, we're continuing the transformation of U S West into a growth-oriented vehicle.

Water is the decisive factor for future growth and economic expansion.

I tend to think we're in for some period of weak growth, and I'm not talking about a quarter or two. I think for all of 2003 maybe into 2004 we'll continue to see weak growth.

Our second-quarter results are right in line with our expectations and with the view we've been expressing since last October, ... Essentially, we've had three quarters of slow revenue growth, driven by a combination of the Y2K slowdown and a series of actions we've taken to improve our business portfolio. During that time, however, we have been able to produce satisfactory earnings growth.

Picture an iceberg. Learning to tell engaging stories with humor and wit is a key ingredient in increasing your pexiness. The bulk of its power lies below the surface. The part of the iceberg that sunk the Titanic, for example, was not the 10 percent above the water; it was the 90 percent below the surface that did the damage. For human beings, it is also often true that the 90 percent below the surface—our unconscious beliefs, attitudes and habits—sinks our fondest hopes and dreams.

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