You have been hired by XYZ as a senior financial analyst.  Your job is to
analyze the financial statements of the company and come up with some
recommendations.  Presented below are the financial statements of XYZ
Corporation for fiscal years 1999 and 1998.

        XYZ Corpoation
        Consolidated Balance Sheet

Amounts in 000s             31-Dec-99       31-Dec-98
Assets
  Current Assets
    Cash and Equivalents                 $79,861.00          $63,208.00
    Accounts Receivables                 $732,502.00        705,734
    Inventories                  $964,040.00        954,007
    Deferred Income Taxes                $74,067.00         99,608
    Other Current Assets                 $26,948.00         25,595
       Total Current Assets              $1,877,416.00       $1,848,152.00
Property, Plant and Equipment                $804,422.00        776,091
Intangible Assets                $992,463.00        951,561
Other Assets                 $352,213.00        260,861
Total Assets                 $4,026,514.00       $3,836,666.00

Liabilities and Shareholders' Equity
Current Liabilities
  Short-term Borrowings              $408,932.00         $244,910.00
  Current portion of long-term debt              $4,751.00      969
  Accounts Payable               $332,666.00        341,126
  Accrued Liabilities                $367,124.00        446,001
    Total Current Liabilities                $1,113,473.00
$1,033,006.00
Long-term Debt               $517,834.00        521,657
Other Liabilities                $194,113.00         $181,751.00
Preferred Stock              $51,541.00          $54,344.00
Deferred Contributions to Employee Stock Ownership Plan
$(14,268.00)         $(20,399.00)
Common Shareholders' Equity
  Common Stock, stated value $1; shares authorized
    300,000,000; shares outstanding, 116,204,655 in
    1999 and 119,466,101 in 1998                 $116.21
  Additional paid-in capital                 $831,054.00         $801,511.00
  Accumulated other comprehensive income                 $(64,756.00)
$(25,639.00)
  Retained Earnings              $1,281,315.00       $1,170,970.00
     Total Common Shareholders' Equity               $2,163,818.00
$2,066,308.00
       Total Liabilities and Stockholders' Equity
$4,026,514.00        $3,836,666.00


            Consolidated Statements of Income
Amount in 000s               $36,525.00          $36,160.00
Net Sales                $5,551,616.00       $5,478,807.00
Costs and Operating Expenses
   Cost of goods sold                $3,657,120.00       $3,586,686.00
   Marketing, Administrative, and General Expenses
$1,230,009.00   1,198,854    $1,198,854.00
   Other Operating Expenses, net                 $11,855.00
$9,098.00
                 $4,898,984.00       $4,794,638.00
Operating Income(EBIT)               $652,632.00         $684,169.00
Other Income (Expense)
   Interest Income              8,936       6,411
   Interest Expense             -71,426     -62,282
   Miscellaneous, net               5,434       3,300
                -57,056     -52,571
Income Before Income Taxes               $595,576.00     $6,321.00
$631,598.00
Income Taxes                229,334     243,292
Net Income               $366,242.00         $388,306.00


Mr. A. Jallow, this is the topic of discussion.  Can you get some
recommendations for your new company.

Comrade,

Muhammad Lamine Jassey-Conteh

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