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Objective Our goal in composing a financial statement is to construct the most comprehensive thorough document possible in order to attract investors and to confirm that we have taken the time to explore as many potential issues for your business as may ariseSummary of findings Our level of cereal marketing investment early in 1998 was not sufficient in the face of extremely competitive market conditions This situation hurt our volume performance for much of the year and combined with other issues in markets around the world led to a decline in both sales and earnings Nonetheless we continue to have the utmost confidence in the future of our grain-based businesses and we are fully committed to return to both top-line and bottom-line growthDescription of firm and its management Kelloggs products are manufactured in 20 countries on 6 Continents and distributed in more than 160 countries Mr Langbo has been employed by the Kelloggs Company since 1956 He was named President and Chief Operating Officer in 1990 and became Chairman of the Board and Chief Executive Officer in 1992 In June of 1998 Mr Carlos M Gutierrez was named President and Chief Operating OfficerThe competitive environment The Company has experienced intense competition for sales of all of its principal products in its major markets both domestically and internationally The Companys products compete with advertised and branded products of a similar nature as well as unadvertised and private label products which are typically distributed at lower prices and generally with other food products with different characteristics Principal methods and factors for competition include new product introductions product quality composition and nutritional value price advertising and promotionEconomic climate and outlook Although our 1998 business results were below our performance expectation it was a year in which we put in place key elements of a stronger foundation for future growth This included investments in new product development and a complete overhaul of our corporate headquarters and North American organizational
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