pursuing previously announced earnings targets despite the challenging fourth quarter and extremely difficult market conditions.

Our first quarter results are better than we expected, however we stand by the overall outlook we provided in December,

While we are pleased with meeting our earnings targets for the quarter, we are even more pleased with the company's operating cash flow performance, with continuing operations $600 million ahead of plan for the first half of the year.

Fourth quarter results from continuing operations met or exceeded our long-term targets for earnings, revenues and, on a pro forma basis, return on equity. Higher spending by affluent consumers, small businesses and corporate Card members more than offset the impact of an industry-wide spike in bankruptcy filings before new legislation went into effect last October.

It's going to have to be the third-quarter earnings to save the market.

Despite challenging market conditions, we remain focused on margin enhancement at Reuters, with a 12 percent operating target in 2002.