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To: Jim Willie CB who wrote (38779)	7/10/2001 4:33:30 PM
From: Sully-	Respond to of 65232

Compaq Expects to Meet Second Quarter Earnings Consensus; Announces Further Structural Cost Reduction Program HOUSTON, July 10 /PRNewswire/ -- Compaq Computer Corporation (NYSE: CPQ - news), a leading global provider of enterprise technology and solutions, today reported that based upon preliminary financial data, it expects earnings on an operational basis for its second quarter ended June 30, 2001, to be $0.04 per diluted common share, consistent with current analyst expectations. Revenue for the second quarter will be approximately $8.4 billion, down nine percent sequentially primarily due to worsening economic conditions in Europe. ``I am pleased with our progress in these tough market conditions. We continued to improve customer satisfaction and win new accounts. At the same time, we reduced quarterly operating expenses to their lowest level in three years and dramatically reduced inventory levels across the entire supply chain. We are committed to taking aggressive actions during this period of slow demand to make permanent improvements in our business model,'' said Michael Capellas, chairman and chief executive officer. ``It is now clear that the economic slowdown is spreading overseas, and we will therefore move more swiftly and go even deeper in our structural cost reduction programs.'' The company also announced that it is taking an additional restructuring charge of approximately $490 million in the second quarter, primarily related to the reduction of approximately 4,000 positions and related asset impairments. Reductions will be primarily from the Access segment, supply chain and administrative functions, both in the United States and internationally. For the year, the company now plans approximately 8,500 reductions through severance. On an annualized basis, associated savings are estimated to be approximately $900 million. ``We are aggressively executing against the restructuring program we announced in March. To date, we have reduced 3,500 positions and savings are already apparent. However, further actions are required, and we will address these with similar urgency,'' said Jeff Clarke, senior vice president finance and administration, and chief financial officer. Compaq plans to announce complete second quarter results after the market closes on Wednesday, July 25th. Company Background Compaq Computer Corporation, a Fortune Global 100 company, is a leading global provider of technology and solutions. Compaq designs, develops, manufactures, and markets hardware, software, solutions, and services, including industry-leading enterprise computing solutions, fault-tolerant business-critical solutions, communication products, and desktop and portable personal computers that are sold in more than 200 countries. Information on Compaq and its products and services is available at www.compaq.com. Compaq and the Compaq logo Registered U.S. Patent and Trademark Office. Product names mentioned herein may be trademarks and/or registered trademarks of their respective companies. This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. The potential risks and uncertainties that could cause actual results to different materially include: market conditions, increased competitive environment and pricing pressures, disruptions related to restructuring actions and delays in the implementation of changes in business models. Further information on these factors and other factors that could affect Compaq's financial results is included in Compaq's Securities and Exchange Commission (SEC) filings, including the latest Annual Report on Form 10-K and the Quarterly Report on Form 10-Q. SOURCE: Compaq Computer Corporation Email this story - Most-emailed articles - Most-viewed articles -------------------------------------------------------------------------------- More Quotes and News: Compaq Computer Corp (NYSE:CPQ - news) Related News Categories: computer hardware, computers, earnings Ö¿Ö

To: Jim Willie CB who wrote (38779)	7/10/2001 4:38:57 PM
From: Sully-	Read Replies (1) \| Respond to of 65232

Haven't you heard?? They switched from using teenies to a decimal system. You are now officially.......... .5625 Irish .3125 English .125 German & 100% Jacka$$ OOF ;- Ö¿Ö

To: Jim Willie CB who wrote (38779)	7/10/2001 4:49:41 PM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

Bush to Tap Minn. Banker for Fed The Associated Press Jul 10 2001 4:26PM WASHINGTON (AP) - President Bush will nominate Mark Olson, the former head of a Minnesota bank and a past president of the American Bankers Association, as a member of the Federal Reserve Board, a government official said Tuesday. The announcement from the White House was expected to come later. Olson, who headed a community bank in Fergus Falls, Minn., served as president of the American Bankers Association from 1986 to 1987. Olson would be the second Bush selection for the seven-member Fed board with direct experience in banking. Last month, the president announced he was nominating Susan Bies, a top official of a Tennessee bank, for another vacancy on the board. While the normal Fed board term is for 14 years, Bush will have the chance to fill five of the seven positions in the first year of his presidency. Two of those positions have been vacant for more than two years. Private economists, however, said that as long as Alan Greenspan remains Fed chairman, the central bank's decisions on interest rate policies will bear his strong influence, given the success he has had managing the economy during his 14 years as chairman. Olson was at one time president of Security State Bank in Minnesota. More recently, he had been a top aide on banking matters to former Sen. Rod Grams, R-Minn. Sung Won Sohn, chief economist at Wells Fargo Bank in Minneapolis, said Olson would bring the practical experience of running a bank to the Fed, which has regulatory control over the nation's large bank holding companies. ``The fact that he worked for a community bank rather than a large bank is probably a plus. Community banks have been complaining for years about over-regulation. Mark will represent their interests well,'' Sohn said. In March, Bush announced that he would nominate Federal Reserve Vice Chairman Roger Ferguson for another term. Ferguson, the first black to serve in the central bank's No. 2 job, was originally appointed by President Clinton, who also renominated him to a full 14-year term last year. However, then-Senate Banking Committee Chairman Phil Gramm, R-Texas, refused to act on the Ferguson nomination or another Clinton Fed nomination, arguing that the spots with such long terms should not be filled by a lame-duck president. In June, Bush announced his nomination of Bies, who would be the only woman on the Fed board. Since 1980, Bies has worked for Memphis-headquartered First Tennessee National Corp., a large regional bank holding company with 200 branches in Tennessee, Mississippi and Arkansas. On the Net: Federal Reserve: federalreserve.gov