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 |