Fun_People Archive
10 Apr
What Annual Reports Won't Say

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From: Peter Langston <psl>
Date: Thu, 10 Apr 97 02:43:31 -0700
To: Fun_People
Subject: What Annual Reports Won't Say
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Forwarded-by: Keith Bostic <>
Forwarded-by: CSH Little <>

Excerpted from Wall Street Journal article [4/7/97] by the same name that
reviews the upcoming release of annual reports and the difference between
reality and what gets reported:

- Sales were flatter than ever; expenses soared; earnings plummeted.

	How it's described: "We achieved record highs in numerous measures
	of corporate performance."

- The firm downsized again, imposing even more work on surviving middle
managers, who were thanked with a 3% salary increase. The chief, meanwhile,
reeled in a pay package worth a few million more than last year's.

        How it's described: "Our employees are our most important asset."

- By just about every mmeasure of corporate performance, the company now
ranks at or near the bottom for its industry.

        How it's described: "We are well positioned for growth."

- The product launch or corporate acquisition that put the comapny's
existence at risk fell flat on its face.

	How it's described: "This bold initiative anticipates the
competitive realities that await all companies in the 21st century."

- The share price has languished for years, while the major stock market
indices and competitor's share values have rocketed to one new high after

	How it's described: "With perseverence, the company's
	extraordinary performance in generating added value will
	be recognized in the marketplace."

- Thanks to a coterie of sycophants that makes sure the top guy hears
nothing negative, the company was blindsided by a shift in customer
preferences that chopped market share.

	How it's described: "The adverse effects of those fundamental
	societal changes are being felt throughout the economy."

- As in every one of the 20 years he's headed the company, the chairman
did little more than play golf in warm-weather locations around the world.

	How it's described: "This portends a paradigm shift that acheives
	strategic alignment with the mission and vision to which we adhere
	in an innovative adhocracy of continuous learning that will lead
	our customer-focused team to greater success in the emerging world
	of global competition."

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