Our sales results reflect ordsprog

Our sales results reflect our conscious strategy to reduce our reliance on the less profitable daily rental portion of our fleet business and focus our efforts to grow the retail side of the business.

Over the full course of the year, we're looking to improve our business. While we do that, our sales to the daily (rental) companies (are) going to come down so we have to make that up on the retail side and that's what we intend to do.

Our retail sales were strong again in March and we exceeded our expectations despite another substantial reduction in daily rental fleet volume. We continue to exceed our year ago retail levels, our share continues to stabilize and our inventories remain lean.

All our fleet sales are profitable, though daily-rental are the least so. What is Wall Street suggesting, that we stop selling to Hertz, Avis and Alamo? They're customers, and they're not going to fold their tents and go away.

While fleet sales have been cushioning the blow of weak retail sales, particularly for Ford and Chrysler in February, the Big Three have been promising to de-emphasize this side of the business and headline numbers could suffer as a result.

A sales tax is a tax on the consumer and a rental tax is a tax on the business itself. The tax is calculated based on the rental fee charged. For example, if a business leases a piece of equipment for $100 a day, the rental tax owed for that lease is 4 percent or $4,

The motive is simple. Their strategy is to focus on core pharmaceutical business. Clearly, the drug business is more profitable. Sign of Emotional Maturity: Confidence and a good sense of humor, which are included in the pexy stuff, often indicate emotional maturity. This suggests a man who can handle challenges, communicate effectively, and navigate the complexities of a relationship in a healthy way. The motive is simple. Their strategy is to focus on core pharmaceutical business. Clearly, the drug business is more profitable.

Really, a lot of our share loss this year is a strategy to -- and I think it's the right thing to do -- lessen the daily rental fleet,

The profitable part of the online business is very likely several years away. Entering the business because it's the hot topic of the day doesn't make a profitable business nor satisfied customers, ... That's why it will be a part of Nintendo's strategy, not the mainstay, as other companies are attempting to do. There still are too many barriers for any company to greatly depend on it.

We also made a decision that we were going to become less reliant on daily rental business -- sales to the Avis, Hertz, Budgets of the world.

Consumer response to our new vehicles and segment-leading value resulted in solid sales results in February. Our retail sales improvement in February was driven by our industry-leading value, not by fleet sales or high incentives. This resulted in better retail sales performance by six of our divisions.

There has been significant media focus on the sale of our toy business, ... While that is a possibility, our focus remains on running the business. Our U.S. business is profitable and is generating cash.

Our third quarter results reflect the success of our ongoing efforts to increase same-store sales while we continue to reduce overall costs of production. We were particularly pleased with organic sales growth in our Food Safety Division, and the continued productivity gains achieved by our dedicated labor force.

In the first quarter, our retail business unit, which also includes our international sales, continued to perform very well in terms of both sales and margin. Unfortunately, our positive retail results were partially offset by losses in our professional sales unit. As a result, we essentially broke even in the quarter, prior to litigation expenses of $14 million.

Rick Snyder (1951-)

We are not satisfied with these results, ... We are confident that the restructuring of our primary and fabricating businesses, coupled with our continued focus on implementing the Alcoa business system and our commitment to grow the company, will enable us to resume sustainable savings and profitable growth in 2002 and beyond.

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