FINANCIAL TURNAROUNDS: P R E S E RV I N G VA LU E
Henry A . Davis Henry A . Davis & Co. William W. Sihler Darden Graduate School of Business Administration University of Virginia
Prentice Hall PTR One Lake Street Upper Saddle River, NJ 07458 www.phptr.com
Editorial/Production Supervision: KATHLEEN M. CAREN Executive Editor: JIM BOYD Marketing Manager: BRYAN GAMBREL Manufacturing Manager: MAURA ZALDIVAR Cover Design: NINA SCUDERI ©2002 Financial Executives Research Foundation, Inc. Published by Financial Times/Prentice Hall PTR Pearson Education, Inc. Upper Saddle River, NJ 07458
Prentice Hall books are widely used by corporations and government agencies for training, marketing, and resale. The publisher offers discounts on this book when ordered in bulk quantities. For more information, contact: Corporate Sales Department, Phone: 800-382-3419; Fax: 201-236-7141; E-mail:
[email protected]; or write: Prentice Hall PTR, Corp. Sales Dept., One Lake Street, Upper Saddle River, NJ 07458. All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher. Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 ISBN 0-13-008757-2 Pearson Education LTD. Pearson Education Australia PTY, Limited Pearson Education Singapore, Pte. Ltd. Pearson Education North Asia Ltd. Pearson Education Canada, Ltd. Pearson Educación de Mexico, S.A. de C.V. Pearson Education—Japan Pearson Education Malaysia, Pte. Ltd. Pearson Education, Upper Saddle River, New Jersey
A D V I S O R Y
C O M M I T T E E
Paul A. Smith Treasurer (retired) Beutel, Goodman & Company Ltd.
Richard H. Fleming Senior Vice President and Chief Financial Officer USG Corporation
H. Stephen Grace, Jr., Ph.D. President H.S. Grace & Company Inc.
Gracie F. Hemphill Director – Research Financial Executives Research Foundation, Inc.
Robert Sartor President, Business Support and Chief Financial Officer The Forzani Group, Ltd.
David R. A. Steadman President Atlantic Management Associates, Inc.
Edited by:
Rhona L. Ferling and Carol Lippert Gray
III
FINANCIAL TIMES PRENTICE HALL BOOKS For more information, please go to www.ft-ph.com Thomas L. Barton, William G. Shenkir, and Paul L. Walker Making Enterprise Risk Management Pay Off: How Leading Companies Implement Risk Management Deirdre Breakenridge Cyberbranding: Brand Building in the Digital Economy William C. Byham, Audrey B. Smith, an