Anne Mulcahy Last Quotations

Though disappointing, these results reflect the difficulties found in our visits and reviews of operations around the world over the last two months. There is no doubt that the time required for recovery is longer than previously anticipated. Stabilizing the situation has been our focus and much progress has been made, but achieving renewed growth will take more time.

Despite expected revenue declines, our results in July and August exceeded expectations, evidence of our much improved operations, ... However, the dramatic economic downturn since the events of Sept. 11 resulted in an unprecedented loss in September, driven by disproportionate revenue decreases during the last two weeks of the month.