To: BDR who wrote (14791 ) 10/25/1998 2:53:00 AM From: BDR Respond to
Amway got anything for the Asian Flu?Net income was 1.5 million, compared to 104 million last year. Earnings per share for fiscal 1998 were .03 compared to 1.76 last year. For the three months ended August 31, net sales were 124 million, a decline of 32.5 percent from the comparable period last year. Net income for the quarter was 2.7 million, compared to 18 million last year, and earnings per share were .05 compared to .33 in the fourth quarter of last year. Without the effect of foreign exchange, sales for the fiscal year and the fourth quarter decreased approximately 12.5 percent. "Fiscal 1998 was an extremely challenging year in view of the deepening economic crisis in Asia and the government ban on all direct selling activities in China, which occurred during the third and fourth quarters of fiscal 1998. The economic difficulties in Malaysia and Thailand, our most profitable markets, adversely affected our results throughout the year. In China, the government's directive and our commitment to our distributors resulted in a new mode of operation, which includes independent sales representatives, thus maintaining one of our critical business fundamentals however, a period of time will be needed for sales representatives to adapt to the new mode of operations we are using in China."
