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The Big Squeeze: Our Ninth Annual Cost Management Survey

Companies have wrung out plenty of costs. But it will take time to see the full impact.
Lori Calabro, CFO Magazine
February 1, 2003

It's not for lack of trying.

Faced with continued economic turmoil and uncertain revenue streams, companies everywhere are scrambling to cut costs as much as they can. But because of the speed and ferocity of this particular downturn relative to the free spending of the peak boom years, those efforts are still not reflected in their cost-to-revenue ratios.

"The economic downturn caught many companies flat-footed," says Jon Scheumann, a director with business-process consulting firm Gunn Partners, which teamed with CFO to produce the ninth annual Cost Management Survey. "What we are seeing in the cost management index [CMI] is a byproduct of how hard it is to change your cost structure."

In this year's survey (using 2001 data), the median company CMI — calculated by adding cost of goods sold (COGS) to selling, general, and administrative (SG&A) expenses and dividing by operating revenues — was 87 percent, compared with 85.3 percent in 2000. And during a five-year span (1997-2001), median cost-to-revenue ratios increased (read: worsened) by 79 basis points.

"You are seeing companies really get focused on cost, beginning in the last half of 2001," says Scheumann. But even firms that recognized the severity of the downturn didn't take the first steps — layoffs, restructurings — until late in the year and into 2002, he says. Consequently, the benefits won't begin to be seen until next year's survey, and the payback in terms of real structural change won't be evident "until late in 2003." The reason? Companies often lack the flexibility to cut costs, especially SG&A costs, in concert with declining revenues, he explains. "Their efforts always lag the economic cycle."

Still, within the 50 industries surveyed, several firms excelled at cost control. Not surprisingly, the leanest operators make it a priority at every point in the business cycle. Take Kinder Morgan Energy Partners, a pipeline limited partnership with a five-year CMI of 43.0 compared with a median in the oil and gas (pipelines) category of 79.4. Says C. Park Shaper, CFO of the Houston-based firm, "The bottom line is that we are very cheap." Regardless of the economic environment, he notes, "no one flies first class, we don't advertise, and we don't have excessive executive pay."

In fact, Shaper notes, the company's CEO and vice chairman receive $1 each in annual salary and nothing in bonuses. Instead, as partners, they receive a share of all profits on a quarterly basis — a requirement that demands a stable cash flow. "The partnership structure provides a lot of discipline," says Shaper. So does the budget process, which permits only costs "integral to the operation of our pipelines." He is so confident of Kinder's ability to keep those costs in check that he publishes the annual budget on the company's Web site.

At Six Flags Inc., CFO James Dannhauser also points to the budget process as key. There, the five-month effort is focused on "comparing costs on a park-to-park basis," looking for best practices that can be leveraged companywide. With 39 parks, he says, realizing economies of scale is a major priority for group purchases. "And it's not just with, say, food," he says, explaining that economies are also sought in "what's typically seen as fixed costs, such as insurance."

The results can be seen in Six Flags's CMI, which was 27.5 in 2001 (the industry median: 70.7), meaning that for every dollar of operating revenue generated, the company spent only 27.5 cents on operating costs. Dannhauser notes that, going forward, he can't control how the economy will affect top-line growth — through the first nine months of '02, for example, park attendance was down 7.4 percent. Nonetheless, he expects Six Flags's CMI to remain steady. "Being vigorous on costs," he says, "is one element we can control."

Scheumann expects cost control to remain a rallying cry in 2003. But it will still be some time before the benefits show up in the CMI. Next year, "expect it to level off or slightly decrease," he says. "Realistically, we will have 18 to 24 months of lag time." Keep squeezing.

Lori Calabro is a deputy editor of CFO.

Methodology Review

For the ninth annual Cost Management Survey, CFO magazine again teamed with Gunn Partners, an Exult company. This year's survey sample is based on North American publicly traded companies that reported at least $750 million in revenue annually for the years 1997 through 2001. More than 1,000 companies were grouped into 50 major industry groups. Company data was sourced in a standardized format from Thomson Financial, part of The Thomson Corp.

Data was analyzed for consistency and comparability across companies and industries. Metrics were calculated to assess cost efficiency and performance. This year, like last, the perspective was broadened to look at both COGS and SG&A (before depreciation and amortization). For financial firms, noninterest expense was used.

Candidates were ranked by their five-year cost management index (CMI), which equals COGS plus SG&A, divided by operating revenue.

Tightening Up: Leading Cost Containers in 50 Industries, 1997-2001.



All values are % of operating revenue.

1Cost Management Index = (COGS + SG&A) / operating revenue for 2001. For Banking, Cost Management Index = (noninterest expense) / (net interest income + noninterest income).
2Average Cost Management Index for 1997-­2001.
3Compound annual growth in revenue.

Analysis performed by Gunn Partners, an Exult company
Data provided by Thomson Financial


Company
2001 COGS
2001 SG&A
2001 CMI1
'97-'01 CMI2

'97-'01 Revenue Growth3

ADVERTISING, MEDIA & PUBLISHING
E.W.Scripps
40.0
0.0
40.0
40.6
3.0
Hollinger International
17.8
31.9
49.8
47.4
15.0
McClatchy
44.7
0.0
44.7
51.2
14.0
Knight Ridder
53.1
0.0
53.1
54.0
0.0
Shaw Communications
70.1
0.0
70.1
59.4
23.0
Industry median
52.3
24.3
76.6
75.9
9.1
AEROSPACE & DEFENSE
Goodrich
68.3
13.5
81.8
82.8
6.0
CAE
80.9
0.0
80.9
82.8
8.0
Precision Castparts
73.1
9.7
82.7
83.8
24.0
Northrop Grumman
78.0
9.8
87.8
84.8
10.0
L-3 Communications Hldgs
66.2
18.7
84.9
85.6
35.0
Industry median
76.4
10.1
87.8
86.8
5.5
AIRLINES
Southwest Airlines
65.7
0.0
65.7
62.5
10.0
AMR
82.9
0.0
82.9
69.8
1.0
Air CDA
46.4
34.7
81.1
70.9
15.0
US Airways Group
26.6
52.8
79.4
71.4
­1.0
America West Hldg
82.2
3.6
85.8
72.4
2.0
Industry median
82.2
3.6
85.8
72.4
2.5
AUTOS & AUTO-PARTS MANUFACTURERS
Ford Motor
73.9
6.1
80.0
75.0
1.0
Linamar
79.4
5.1
84.5
82.2
12.0
General Motors
72.8
13.1
85.9
84.0
0.0
Hayes Lemmerz International
87.2
6.0
93.2
85.6
13.0
Borg Warner
76.6
10.0
86.6
85.6
7.0
Industry median
80.2
9.1
91.3
89.0
9.2
BANKING
North Fork Bancorp
*
*
34.1
34.6
23.0
Fifth Third Bancorp
*
*
47.6
44.6
35.0
Mercantile Bankshares
*
*
46.9
47.2
6.0
U.S. Bancorp
*
*
47.7
49.5
24.0
Bank of New York
*
*
54.2
50.2
6.0
Industry median
*
*
59.4
60.1
13.0
BEVERAGES
Coca-Cola
26.1
43.3
69.4
70.4
2.0
Anheuser Busch
55.1
17.5
72.6
73.8
4.0
Brown Forman
36.7
40.5
77.2
78.3
5.0
PepsiCo
36.5
43.1
79.6
80.4
7.0
Coca-Cola Enterprises
53.4
33.6
87.1
85.1
9.0
Industry median
54.7
30.8
85.9
85.6
6.4
BUILDING MATERIALS
Martin Marietta Materials
69.6
7.1
76.6
73.9
14.0
Vulcan Materials
69.3
8.1
77.4
75.3
16.0
Royal Group Technologies
81.1
0.0
81.1
76.4
18.0
Lafarge North America
73.2
8.9
82.1
78.2
16.0
USG
84.3
8.5
92.7
81.8
3.0
Industry median
72.4
16.1
88.2
86.3
13.4
CHEMICALS — COMMODITY
E.I. DuPont de Nemours
67.1
18.8
85.9
80.1
­11.0
DuPont Canada
75.7
7.9
83.6
81.4
2.0
Lyondell Chemical
81.1
5.6
86.7
82.5
3.0
Dow Chemical
79.2
0.2
89.4
83.7
9.0
Georgia Gulf
87.3
3.7
91.0
83.7
6.0
Industry median
80.0
9.6
90.1
85.2
2.6
CHEMICALS — SPECIALTY
Praxair
59.2
14.7
73.9
73.9
2.0
Potash­Sask
71.9
4.7
76.6
74.1
0.0
Sigma Aldrich
45.9
29.4
75.3
74.1
1.0
Air Products & Chemicals
61.3
14.2
75.5
74.7
5.0
Int'l Specialty Products
56.9
20.2
77.0
75.4
1.0
Industry median
69.1
14.8
86.0
83.3
2.5
COMPUTER SOFTWARE & SERVICES
Microsoft
7.6
40.0
47.6
47.1
22.0
Computer Assoc. Int'l
0.0
76.9
76.9
50.5
1.0
Fiserv
6.6
48.8
55.4
55.1
18.0
Acxiom
51.3
0.0
51.3
56.3
26.0
Moodys
29.6
16.4
46.0
60.0
­22.0
Industry median
39.8
35.3
79.6
78.9
16.0
COMPUTER SYSTEMS & PERIPHERALS
EMC
46.1
44.3
90.5
74.8
25.0
Network Appliance
36.9
45.4
82.2
78.9
81.0
IBM
57.4
26.2
83.6
82.2
2.0
Sun Microsystems
49.7
36.0
85.7
82.4
21.0
Unisys
67.6
22.9
90.5
84.6
­2.0
Industry median
65.7
25.1
91.9
90.3
1.3
CONSTRUCTION & HOUSING
Walter Industries
69.1
10.1
79.2
78.8
6.0
Clayton Homes
47.1
32.5
79.6
79.2
3.0
NVR
76.2
7.8
84.0
83.2
22.0
Toll Brothers
73.1
9.5
82.6
84.8
23.0
Lennar
84.7
1.3
85.9
87.7
47.0
Industry median
78.3
10.4
88.6
90.7
21.3
CONSUMER SERVICES
Dollar Thrifty Automotive Gp
34.3
16.6
50.9
47.9
5.0
Cendant
32.8
22.5
55.3
55.3
14.0
Budget Group
41.7
22.0
63.7
59.9
13.0
ANC Rental
40.8
21.0
61.9
65.7
1.0
Amerco
21.0
55.1
76.0
67.8
6.0
Industry median
48.4
21.0
68.2
69.1
12.9
CONTAINERS & PACKAGING
Owens Illinois
68.6
7.1
75.7
75.5
4.0
Sealed Air
62.4
16.7
79.1
77.7
38.0
Aptargroup
63.1
16.4
79.5
79.3
8.0
Westvaco
73.4
9.3
82.7
79.6
7.0
Pactiv
69.3
10.2
79.6
81.9
2.0
Industry median
73.6
9.5
83.9
84.4
6.8
COSMETICS & PERSONAL CARE
Gillette
32.3
43.3
75.7
73.2
3.0
Playtex Products
41.2
38.4
79.6
77.3
13.0
Estée Lauder
17.7
67.0
84.7
85.6
8.0
Avon Products
35.4
49.3
84.7
85.7
4.0
Herbalife International
56.7
32.9
89.6
89.2
7.0
Industry median
35.4
43.6
84.7
85.7
6.9
DIVERSIFIED SERVICES
3M
45.9
30.0
76.0
76.3
2.0
Tyco International
50.7
20.2
70.9
77.3
38.0
Illinois Tool Works
63.6
18.2
81.8
79.6
16.0
Emerson Electric
60.2
19.6
79.8
79.7
6.0
PPG Industries
62.9
20.3
83.2
79.9
3.0
Industry median
67.2
18.2
86.7
85.8
5.7
DRUGS & BIOTECHNOLOGY
Amgen
3.4
45.7
49.1
51.4
14.0
King Pharmaceuticals
20.5
30.7
51.1
56.3
107.0
Watson Pharmaceuticals
41.6
23.6
65.2
60.4
36.0
Biogen
9.5
52.4
61.9
60.9
26.0
Eli Lilly
14.8
49.0
63.7
63.8
8.0
Industry median
24.7
40.9
74.0
76.8
13.7
ELECTRONICS & SEMICONDUCTORS
Linear Technology
20.1
20.1
40.2
44.0
27.0
Maxim Integrated Products
25.8
26.0
51.8
51.6
38.0
Intel
35.3
31.1
66.4
56.5
1.4
Xilinx
36.4
29.4
65.8
65.9
31.0
Altera
48.2
46.0
94.2
66.5
7.0
Industry median
50.4
29.4
81.9
79.4
15.9
FACTORY EQUIPMENT & HEAVY MACHINERY
Caterpillar
66.4
16.0
82.4
82.6
2.0
Deere
78.7
20.0
98.8
82.8
­4.0
Manitowoc
72.6
13.8
86.4
85.0
46.0
Sauer-Danfoss
69.3
18.8
88.1
85.0
12.0
JLG Industries
78.1
10.9
88.9
85.5
16.0
Industry median
76.8
16.0
90.4
88.2
3.9
FOOD & FOOD PRODUCTS
Campbell Soup
44.0
33.0
77.0
75.4
4.0
Wm. Wrigley Jr.
38.2
37.8
76.1
76.5
6.0
Sensient Technologies
61.6
17.9
79.5
79.6
­0.0
H.J. Heinz
55.6
24.5
80.2
80.0
0.0
Kellogg
41.7
39.8
81.5
80.5
7.0
Industry median
73.4
17.9
90.3
90.4
6.1
FOOD RETAILERS & WHOLESALERS
United Nat'l Foods
79.8
16.4
96.2
86.1
25.0
7-Eleven
65.2
21.9
87.1
90.4
5.0
Safeway
66.8
22.8
89.6
90.7
11.0
Whole Foods Market
62.1
28.7
90.8
91.0
19.0
Albertsons
68.8
23.8
92.6
92.2
27.0
Industry median
74.2
20.8
94.7
93.9
9.8
FOREST PRODUCTS
Rayonier
69.1
3.1
72.3
74.6
1.0
Tembec
77.1
5.1
82.2
79.1
23.0
West Fraser Timber
75.6
4.5
80.1
82.3
­4.0
Longview Fibre
74.6
8.6
83.2
82.5
3.0
Weyerhaeuser
78.5
8.2
86.7
84.8
7.0
Industry median
78.5
6.7
89.1
86.5
2.8
HEALTH-CARE PROVIDERS
Tenet Healthcare
45.9
0.0
45.9
57.9
9.0
HCA Healthcare
40.5
7.7
48.2
60.6
­1.0
Genesis Health Venture
67.0
0.0
67.0
64.3
24.0
HealthSouth
66.3
6.1
72.4
70.2
10.0
Beverly Enterprises
60.0
0.0
60.0
72.1
­4.0
Industry median
77.8
7.7
92.5
91.7
16.2
HEAVY CONSTRUCTION
Dycom Industries
74.4
8.9
83.3
85.1
36.0
Mastec
80.8
7.9
88.7
86.5
15.0
Granite Construction
84.9
7.7
92.6
91.4
11.0
SNC-Lavalin Group
81.8
10.1
91.9
91.8
13.0
Washington Group Int'l
95.7
1.4
97.1
97.0
25.0
Industry median
86.3
7.9
95.4
95.0
14.8
HOME FURNISHINGS & APPLIANCES
Ethan Allen Interiors
52.0
31.0
83.1
81.3
12.0
Dorel Industries
78.3
0.0
78.3
84.1
28.0
Leggett & Platt
72.1
14.3
86.4
84.3
9.0
Herman Miller
62.1
23.2
85.3
85.0
11.0
Maytag
72.9
16.5
89.4
85.4
6.0
Industry median
72.7
17.2
88.8
88.2
9.7
HOUSEHOLD PRODUCTS
Clorox
55.2
23.4
78.6
77.5
11.0
Procter & Gamble
47.6
29.8
77.4
78.3
2.0
Kimberly Clark
53.9
23.1
77.0
78.5
4.0
Colgate Palmolive
42.1
34.6
76.7
79.4
1.0
Newell Rubbermaid
69.0
16.7
85.7
82.4
21.0
Industry median
55.2
27.7
85.3
83.4
5.8
INDUSTRIAL & COMMERCIAL SERVICES
Allied Waste Industries
57.4
7.9
65.3
65.5
59.0
American Mgmnt. Systs.
55.9
32.9
88.8
67.4
8.0
Waste Mgmnt.
58.9
14.3
73.2
71.2
44.0
Republic Services
61.9
10.1
72.1
71.5
19.0
Anixter Int'l
75.8
0.0
75.8
75.3
3.0
Industry median
80.3
11.9
94.1
92.2
17.4
INDUSTRIAL TECHNOLOGY
JDS Uniphase
48.9
25.4
74.3
73.8
134.0
Waters
33.1
36.8
69.9
74.3
17.0
Pall
42.1
37.2
79.3
78.4
4.0
Symbol Technologies
55.8
29.2
85.0
81.4
17.0
Danaher
57.1
23.1
80.2
82.0
17.0
Industry median
49.4
33.3
82.7
83.4
6.9
INSURANCE — CASUALTY
Erie Indemnity
*
*
76.0
72.6
7
Ace
*
*
100.0
75.7
60
XL Capital
*
*
119.2
76.4
38
Old Republic International
*
*
78.0
79.2
5
Berkshire Hathaway
*
*
89.6
79.9
38
Industry median
*
*
96
89.0
8
INSURANCE — LIFE
MONY Group
*
*
62.8
69.5
2.0
Jefferson Pilot
*
*
76.0
74.6
7.0
Torchmark
*
*
76.1
76.1
4.0
Conseco
*
*
79.8
77.2
9.0
Nationwide Financial Svcs.
*
*
81.7
79.5
9.0
Industry median
*
*
89.0
89.0
8.0
LEISURE, ENTERTAINMENT & RESTAURANTS
Six Flags
8.7
18.8
27.5
52.0
52.0
Harrahs Entertainment
49.1
0.0
49.1
52.4
20.0
McDonald's
18.3
36.1
54.3
54.1
7.0
Metro-Goldwyn-Mayer
15.2
42.2
57.4
55.2
14.0
Yum Brands
46.3
11.8
58.1
60.4
­8.0
Industry median
51.1
18.8
70.7
71.8
14.4
MEDICAL DEVICES & RESEARCH
Medtronic
19.9
40.8
60.7
62.0
23.0
Guidant
20.9
44.9
65.8
64.9
19.0
Biomet
24.6
40.5
65.1
67.0
15.0
Apogent Technologies
48.0
21.2
69.2
69.9
5.0
Abbott Labs
40.2
32.5
72.7
70.0
8.0
Industry median
48.0
31.8
78.9
79.1
9.3
METALS & MINING
Barrick Gold
51.6
3.6
55.1
51.2
3.0
Freeport-McMoran Copper & Gold
51.8
3.2
55.0
54.6
­2.0
Placer Dome
57.4
7.7
65.1
65.8
3.0
Newmont Mining
69.3
3.7
73.0
66.5
1.0
Consolidated Energy
79.2
3.2
82.5
64.9
­4.0
Industry median
83.2
5.9
90.5
86.9
0.1
OFFICE SUPPLIES & EQUIPMENT
Pitney Bowes
31.7
36.5
68.1
66.9
0.0
Deluxe
30.1
40.0
70.1
75.2
­10
Reynolds & Reynolds
37.3
38.8
76.1
79.5
­8.0
Eastman Kodak
58.6
25.2
83.7
79.8
­2.0
Quebecor
83.8
0.0
83.8
82.5
13.0
Industry median
61.9
25.9
86.2
85.0
0.3
OIL & GAS — PIPELINES
Kinder Morgan Energy Partners
56.3
3.4
59.6
43.0
151.0
Energen
41.7
23.5
65.2
62.1
15.0
Enbridge
54.4
0.0
54.4
62.6
13.0
Williams
57.8
9.7
67.5
73.3
25.0
Kinder Morgan
44.2
6.2
50.4
75.5
­16.0
Industry median
72.5
2.2
79.2
79.4
24.9
OIL & GAS — PRODUCERS, REFINERS, MARKETERS
EOG Resources
20.2
5.1
25.3
24.7
19.0
Canadian Natural Resources
24.5
1.3
25.8
25.9
40.0
XTO Energy
14.9
4.7
19.5
28.6
44.0
Devon Energy
20.2
3.6
23.8
28.9
77.0
Apache
14.6
3.2
17.8
29.3
24.0
Industry median
60.5
3.3
69.7
69.9
13.8
PAPER & PAPER PRODUCTS
Bowater
68.9
11.8
80.8
78.3
11.0
Abitibi Consolidated
69.8
2.9
72.6
81.2
13.0
Willamette Industries
76.9
6.2
83.1
81.6
7.0
Caraustar Industries
67.5
16.1
83.6
83.7
8.0
Domtar
80.3
5.8
86.1
84.0
23.0
Industry median
76.9
10.5
86.1
85.8
8.1
REAL ESTATE
Equity Office Properties Trust
10.6
13.9
24.5
14.6
43.0
Felcor Lodging Trust
31.5
30.0
61.5
15.4
61.0
General Growth Properties
28.2
1.2
29.4
16.6
29.0
Duke Realty
15.1
2.0
17.1
19.3
33.0
Simon Property Group
15.4
7.4
22.8
22.8
18.0
Industry median
40.5
3.8
47.8
39.3
33.5
RECREATION
Gtech Holdings
50.3
17.9
68.1
65.4
1.0
Int'l Game Technology
55.4
21.9
77.3
70.9
13.0
Royal Caribbean Cruises
61.5
14.4
75.9
74.3
13.0
Bally Total Fitness Hldg
73.6
9.8
83.4
75.6
7.0
Harley Davidson
58.0
16.3
74.3
78.0
19.0
Industry median
72.0
16.3
83.4
82.0
7.3
RETAILERS
May Dept. Stores
65.0
20.5
85.5
84.4
3.0
Federated Dept. Stores
56.5
30.7
87.2
87.1
­0.0
Sears Roebuck
64.1
24.9
89.0
88.9
­0.0
Dollar General
69.3
21.3
90.7
89.9
19.0
Target
68.3
22.3
90.6
90.2
9.0
Industry median
70.6
22.3
94.2
93.8
9.9
RETAILERS — APPAREL
Columbia Sportswear
52.0
26.8
78.8
83.1
22.0
American Eagle Outfitters
60.1
24.7
84.8
84.8
36.0
Claires Stores
51.6
35.8
87.4
82.4
16.0
Abercrombie & Fitch
56.1
21.0
77.1
77.2
27.0
Mens Wearhouse
61.3
29.6
90.9
88.5
19.0
Industry median
63.0
26.8
89.7
88.8
12.7
RETAILERS — DRUG-BASED
The Jean Coutu Group
92.3
0.0
92.3
92.4
14.0
CVS
74.4
19.1
93.5
92.5
15.0
Walgreen
72.2
21.0
93.2
93.3
17.0
Priority Healthcare
88.6
6.0
94.6
93.7
37.0
Caremark RX
92.1
2.6
94.7
94.9
­3.0
Industry median
90.2
5.7
95.9
95.2
RETAILERS — SPECIALTY
Rent-a-Center
4.7
59.4
64.2
63.7
53.0
Blockbuster
40.4
48.0
88.4
72.0
12.0
Hollywood Entertainment
21.6
52.0
73.7
73.4
29.0
Tiffany
37.2
39.4
76.7
80.3
12.0
Starbucks
41.5
38.8
80.3
81.2
29.0
Industry median
70.6
21.8
92.7
92.4
14.8
SHIPPING & RAILROAD EQUIPMENT
Wabtec
70.7
16.6
87.2
82.7
9.0
Federal Signal
68.1
20.2
88.3
87.3
4.0
Trinity Industries
82.5
9.1
91.5
87.5
­5.0
Paccar
80.4
8.6
89.0
87.7
­3.0
Navistar International
80.1
14.4
94.5
90.2
2.0
Industry median
81.4
10.1
93.0
91.0
2.7
SHIPPING, RAILROADS & AIR TRANSPORT
Atlas Air Worldwide Hldgs
33.3
0.0
33.3
39.9
17.0
Norfolk Southern
55.8
0.0
55.8
62.1
10.0
Union Pacific
26.4
35.7
62.1
63.7
2.0
Burlington Northern Santa Fe
39.5
31.1
70.6
67.8
2.0
Swift Transportation
76.1
6.0
82.2
67.9
31.0
Industry median
71.1
10.4
84.0
84.9
3.3
TELECOMMUNICATION EQUIPMENT
Crown Castle Int'l
52.0
13.5
65.4
67.4
131.0
American Tower
74.8
3.1
77.9
67.6
184.0
Tellabs
47.9
37.5
85.4
69.6
16.0
Cisco Systems
35.8
48.7
84.5
71.6
36.0
Ciena
56.4
23.4
79.8
73.5
44.0
Industry median
59.5
27.0
85.4
82.7
12.4
TELECOMMUNICATION SERVICES
Verizon Communications
0.0
56.7
56.7
39.8
22.0
Centurytel
51.3
0.0
51.3
50.4
24.0
Bellsouth
51.5
0.0
51.5
54.0
4.0
SBC Communications
50.7
0.0
50.7
57.4
11.0
Telus
64.9
0.0
64.9
61.2
7.0
Industry median
50.0
24.2
66.6
69.0
22.8
TEXTILES, APPAREL & FOOTWEAR
Galey & Lord
87.6
4.0
91.6
89.5
15.0
Unifi
83.4
6.3
89.8
84.6
10.0
Burlington Industries
86.0
8.8
94.8
90.9
­9.0
Fruit of the Loom
72.9
12.2
85.1
88.0
­11.0
Oxford Industries
80.5
14.7
95.2
93.9
4.0
Industry median
90.2
5.7
95.9
89.3
TOBACCO
UST
16.1
29.2
45.3
45.2
5.0
Philip Morris
43.8
30.7
74.4
73.7
7.0
Universal
80.5
9.4
89.9
91.8
­7.0
Dimon
83.2
7.4
90.6
92.1
­14.0
Standard Commercial
84.0
7.5
91.5
95.1
­5.0
Industry median
80.5
9.4
89.9
91.8
­4.7
UTILITIES
Wisconsin Energy
47.9
0.0
47.9
42.0
22.0
El Paso Electric
36.5
22.3
58.8
42.3
7.0
Dominion
38.0
0.0
38.0
43.6
8.0
American Water Works
45.1
0.0
45.1
43.9
11.0
DQE
33.8
0.0
33.8
44.8
2.0
Industry median
65.9
0.3
73.6
64.7
19.0



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