John Devine
John Devine
inability measures prices raise reduce requires tougher
The inability to raise prices requires us to take even tougher measures to reduce costs,
above company inside maintain outside signal
It is just above breakeven, but we think it's an important signal inside the company and outside the company that we were able to maintain automotive profitability,
cost cutting growing looked tough
The cost reductions we've looked at are very tough to achieve. We're not doing it by cutting and slashing the business. We're growing it, doing the right things strategically and we're still getting the cost out.
cash clearly flow pensions planned
Clearly we are going to have to put more of our operational cash flow into pensions than we'd like or we had planned earlier,
year
Overall, 2002 will be a very challenging year for the industry,
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.
candidate candidates class forward looking sleeves taking
Robbie is a first class candidate and we are looking forward to him getting his sleeves rolled up and taking on the other candidates on the issues.
work
If they want it so badly, let them do a little work for it,
achieve despite earnings environment objectives tough
We will achieve our 2004 earnings objectives despite a tough competitive environment,
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.
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.
boom business expect mortgage
We expect some slowdown in the mortgage business as the refinance boom fades,
absolutely
There are things we can do. We did one of those today. Is that enough long term? Absolutely not,
plan
very challenging, but we plan to get it done.