John Devine
John Devine
change continue heart major number obviously parts private system today
The private entrepreneur who is the heart of our system today will continue in the future. I don't think that's going to change. But there is obviously going to be a major change in a number of the parts of distribution.
boom business expect mortgage
We expect some slowdown in the mortgage business as the refinance boom fades,
Probably by the end of the year, you'll see a charge. We are working on the program. It will happen.
achieve despite earnings environment objectives tough
We will achieve our 2004 earnings objectives despite a tough competitive environment,
balance cash continue couple dent drain inflation last particular potential result sheet
That's been going up in particular in the last couple of years. It's put a real drain on profitability, cash and a big dent in our balance sheet as a result of that. We think there is a potential for that to continue with health-care inflation the way it is.
believe continue employees encourages focus options stock valuable
We continue to believe stock options are an appropriate and valuable part of compensation that encourages employees to focus on shareholder return,
further realize
We realize you don't think we can do it, ... That spurs us further to get things done.
america area costs drag good healthcare increasing last loss north profits progress projected reducing several vulnerable
While we have made good progress in reducing costs over the last several years, the projected loss in North America reinforces our need to do much more, particularly in the area of healthcare, ... Healthcare has been an increasing drag on North American profits and it's made us vulnerable to profit shortfalls.
continue economy industry last lose money primarily weaker year
We'll probably continue to lose money, primarily because the industry is going to be weaker this year than last year, ... We don't think the economy has bottomed out yet.
advantage anybody certainly consumer good looking quarter
Certainly the first quarter was better than anybody expected, but we're still looking for a very good year, ... The consumer is king right now and we're going to take advantage of that.
work
If they want it so badly, let them do a little work for it,
beyond cognitive far kids students teacher thinking worried
We need to go far beyond just teacher interaction with students on a cognitive level. We need to know what the kids are fantasizing, what they're thinking about, what they're worried about.
behind committed difficult drag expect pension share
Without the pension drag, we'd expect to make about $7.50 a share this year, ... We're not excusing the pension expense. But we'll be working through it, we'll get this behind us. Making the $10 (a share target) with the pension drag will be difficult but we're still committed to it.
above acceptable certainly nice overall pleased results
It's nice to be above expectations, but we're certainly not pleased with the overall results. They're not acceptable results in our view. We have a lot more to do.