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Wouldn't it be nice if all management approached things this clear headed!
From the press release:
"Given the incessant tales of woe emanating from Wall Street these days, we hope the consistency and stability projected by these results will be reassuring to our employees, to our customers and to our shareholders, said Peter J. Rose, Chairman and Chief Executive Officer. The efforts to make this fourth quarter a success started back in the 2008 first quarter, when we banned the internal use of the R word as an excuse for poor performance. There was no magic formula. We simply executed. We increased productivity through on-going process improvement initiatives; we reduced our exposure where we struggled to make money; we cut back on discretionary overhead expenses, like travel and entertainment; and we were increasingly selective with our service provider allocations. This resulted in expanded net revenue yields and higher operating margins, all while offering market-competitive rates and uncompromising service to our customers. We also expanded market share through aggressively focusing on new products, like Sea-Air, new customers and new market vertical opportunities," Rose commented.
Looking forward to 2009, we definitely understand that we have our work cut out for us. That said, we also have a lot going for us: a strong balance sheet with no debt and nearly three-quarters of a billion dollars in cash; a successful, proven business model that has worked in slow times as well as in boom times; and most important of all, the best trained and best motivated employees in the business - all of which are reinforced by our performance-based culture. Unlike the banking industry, however, our people understand that without real cash profits, there can be no real cash bonuses. Our incentive based bonus system, tied to a strictly GAAP definition of cumulative operating income, keeps our people focused and grounded. They also understand that the most effective way of perpetuating profits is to keep our existing customers satisfied while aggressively attracting new business. With this combination of factors working for us, were confident that well find ways to turn challenges into opportunities. We always have, Rose concluded."