Table of Contents

1a. Are you more or less optimistic about the U.S. economy compared to last quarter?	1
1b. Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	5

2a. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	9
2b. Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being
the most optimistic.	13

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	17
3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	21

4a. Over the next 10 years, I expect the average annual S&P 500 return will be:	25
4b. During the next year, I expect the S&P 500 return will be:	29
4c. Relative to the typical investor, how would you rate your ability to predict future stock market returns?	33

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:	37
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Prices of your products	61
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Productivity (output per hour worked)	65
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Overtime	69
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending	73
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs	77
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory	81
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees	85
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries	89
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: M&A activity	93
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends	97
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending	101
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending	105
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings	109
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues	113
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of outsourced/
temporary employees	117
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending	121

5b. What do you expect to be your company's PERCENTAGE CHANGE in revenues during the next 12 months?	125

6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar will be worth on December 31, 2004? 	129

7. Which presidential candidate do you think will be better in:  GDP growth	133
7. Which presidential candidate do you think will be better in:  U.S. Employment	137
7. Which presidential candidate do you think will be better in:  Homeland Security	141
7. Which presidential candidate do you think will be better in:  Foreign Policy	145
7. Which presidential candidate do you think will be better in:  Domestic Issues	149
7. Which presidential candidate do you think will be better in:  Stock Market	153
7. Which presidential candidate do you think will be better in:  Interest Rates	157

9. Over the past three years, has your company:	161

10. What skill level jobs have you outsourced to locations outside of the U.S.? (Select all that apply)	165

11. What types of functions do you outsource to locations outside of the U.S.?	169

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)	177

13. Rate your satisfaction with the overall performance of the functions you outsourced outside of the U.S.?	185

Demographics: Industry	189
Demographics: Sales Revenue	193
Demographics: Number of Employees	197
Demographics: Headquarters	201
Demographics: Ownership	205
Demographics: Foreign Sales	209
Demographics: Weighted Sales Revenue and Number of Employees	213
Demographics: Age	217
Demographics: Years as a financial exec	221
Demographics: Education	225
Demographics: Gender	229

Approximately what portion of your compensation is incentive based? (e.g., stock option, bonus, etc.)	233

How would you rate your ability to pick which investment projects will be profitable for your firm?	237

1

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

1a. Are you more or less optimistic about the U.S. economy compared to last quarter?

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
More optimistic		141		21	4	42	7	5	6	19	14	3	9	
		65.3%		72.4%	50.0%	72.4%	63.6%	83.3%	66.7%	59.4%	56.0%	42.9%	56.3%	
														
No change		46		5	4	9	2	1	3	5	6	3	5	
		21.3%		17.2%	50.0%	15.5%	18.2%	16.7%	33.3%	15.6%	24.0%	42.9%	31.3%	
					cg	b				b				
														
Less optimistic		29		3	0	7	2	0	0	8	5	1	2	
		13.4%		10.3%	0.0%	12.1%	18.2%	0.0%	0.0%	25.0%	20.0%	14.3%	12.5%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

2

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

1a. Are you more or less optimistic about the U.S. economy compared to last quarter?

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
More optimistic		20	33	42	8	17	10		24	17	80	
		62.5%	67.3%	67.7%	44.4%	65.4%	66.7%		72.7%	58.6%	62.5%	
												
No change		6	13	8	7	6	3		7	5	28	
		18.8%	26.5%	12.9%	38.9%	23.1%	20.0%		21.2%	17.2%	21.9%	
				d	c							
												
Less optimistic		6	3	12	3	3	2		2	7	20	
		18.8%	6.1%	19.4%	16.7%	11.5%	13.3%		6.1%	24.1%	15.6%	
			c	b					b	a		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

3

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

1a. Are you more or less optimistic about the U.S. economy compared to last quarter?

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
More optimistic		14	44	12	15	8	12	14	
		63.6%	71.0%	75.0%	60.0%	57.1%	70.6%	70.0%	
									
No change		5	12	2	6	4	4	4	
		22.7%	19.4%	12.5%	24.0%	28.6%	23.5%	20.0%	
									
Less optimistic		3	6	2	4	2	1	2	
		13.6%	9.7%	12.5%	16.0%	14.3%	5.9%	10.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

4

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

1a. Are you more or less optimistic about the U.S. economy compared to last quarter?

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
More optimistic		31	3	37	15	20	25		40	67	13	9	
		58.5%	60.0%	57.8%	62.5%	87.0%	71.4%		56.3%	69.1%	68.4%	60.0%	
		e		e		ac							
													
No change		12	1	19	4	2	6		19	17	5	3	
		22.6%	20.0%	29.7%	16.7%	8.7%	17.1%		26.8%	17.5%	26.3%	20.0%	
				e		c							
													
Less optimistic		10	1	8	5	1	4		12	13	1	3	
		18.9%	20.0%	12.5%	20.8%	4.3%	11.4%		16.9%	13.4%	5.3%	20.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

5

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

1b. Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		226		31	8	62	11	6	10	32	26	7	16	
Percent		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
														
N		191		26	5	51	9	5	9	27	22	7	15	
Mean		67.48		71.88	72.60	66.08	70.44	71.00	67.22	64.26	65.59	64.29	64.33	
SD		14.52		9.45	13.09	13.98	14.38	16.36	12.02	18.97	16.59	13.78	12.94	
SE		1.05		1.85	5.85	1.96	4.79	7.31	4.01	3.65	3.54	5.21	3.34	
				j									a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

6

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

1b. Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		34	50	66	18	27	15		35	30	132	
Percent		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
												
N		29	40	57	16	21	15		30	26	111	
Mean		66.72	68.53	66.47	66.25	70.71	63.27		68.40	64.42	67.34	
SD		13.89	13.60	15.72	13.10	12.68	18.75		18.12	12.75	14.53	
SE		2.58	2.15	2.08	3.28	2.77	4.84		3.31	2.50	1.38	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

7

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

1b. Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Number		23	65	16	27	14	19	20	
Percent		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
									
N		22	53	15	22	12	13	18	
Mean		64.32	69.23	70.67	67.95	60.83	70.00	68.00	
SD		12.66	15.50	12.08	8.59	17.17	14.72	19.64	
SE		2.70	2.13	3.12	1.83	4.96	4.08	4.63	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

8

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

1b. Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Number		57	5	66	25	23	36		73	101	21	15	
Percent		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
													
N		48	3	56	20	19	33		61	85	18	14	
Mean		66.98	70.67	65.11	66.70	71.58	68.48		67.38	66.71	64.56	70.50	
SD		13.31	9.02	17.34	11.56	13.65	14.00		15.38	13.94	18.09	8.57	
SE		1.92	5.21	2.32	2.58	3.13	2.44		1.97	1.51	4.26	2.29	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

9

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

2a. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
More optimistic		140		22	5	38	7	6	6	17	16	4	11	
		65.1%		75.9%	62.5%	66.7%	63.6%	100.0%	66.7%	53.1%	64.0%	57.1%	68.8%	
								g		e				
														
No change		55		5	3	16	3	0	3	11	5	3	3	
		25.6%		17.2%	37.5%	28.1%	27.3%	0.0%	33.3%	34.4%	20.0%	42.9%	18.8%	
														
Less optimistic		20		2	0	3	1	0	0	4	4	0	2	
		9.3%		6.9%	0.0%	5.3%	9.1%	0.0%	0.0%	12.5%	16.0%	0.0%	12.5%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

10

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

2a. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
More optimistic		21	36	41	7	18	9		22	19	83	
		65.6%	73.5%	66.1%	38.9%	72.0%	60.0%		68.8%	65.5%	64.8%	
			d	d	bce	d						
												
No change		10	9	15	9	6	4		7	8	34	
		31.3%	18.4%	24.2%	50.0%	24.0%	26.7%		21.9%	27.6%	26.6%	
			d	d	bc							
												
Less optimistic		1	4	6	2	1	2		3	2	11	
		3.1%	8.2%	9.7%	11.1%	4.0%	13.3%		9.4%	6.9%	8.6%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

11

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

2a. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
More optimistic		17	42	10	15	8	13	14	
		77.3%	67.7%	62.5%	60.0%	57.1%	76.5%	73.7%	
									
No change		4	15	4	8	4	3	4	
		18.2%	24.2%	25.0%	32.0%	28.6%	17.6%	21.1%	
									
Less optimistic		1	5	2	2	2	1	1	
		4.5%	8.1%	12.5%	8.0%	14.3%	5.9%	5.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

12

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

2a. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
More optimistic		32	3	43	15	16	25		43	67	13	9	
		60.4%	60.0%	68.3%	62.5%	69.6%	71.4%		60.6%	69.1%	68.4%	64.3%	
													
No change		15	2	15	6	6	8		19	23	6	5	
		28.3%	40.0%	23.8%	25.0%	26.1%	22.9%		26.8%	23.7%	31.6%	35.7%	
													
Less optimistic		6	0	5	3	1	2		9	7	0	0	
		11.3%	0.0%	7.9%	12.5%	4.3%	5.7%		12.7%	7.2%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

13

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

2b. Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		226		31	8	62	11	6	10	32	26	7	16	
Percent		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
														
N		189		25	5	51	8	5	9	27	22	7	15	
Mean		73.57		79.80	80.00	71.63	71.25	82.00	70.56	76.70	71.55	71.43	70.80	
SD		16.52		13.65	17.68	14.29	14.82	8.37	17.93	18.61	15.13	15.74	22.03	
SE		1.20		2.73	7.91	2.00	5.24	3.74	5.98	3.58	3.23	5.95	5.69	
				c		a								

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

14

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

2b. Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		34	50	66	18	27	15		35	30	132	
Percent		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
												
N		29	41	58	16	20	12		28	26	112	
Mean		69.03	74.41	74.71	73.94	82.00	72.17		73.25	76.73	74.12	
SD		17.04	14.83	14.49	13.47	13.61	22.74		20.62	9.27	15.79	
SE		3.16	2.32	1.90	3.37	3.04	6.57		3.90	1.82	1.49	
		E				A						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

15

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

2b. Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Number		23	65	16	27	14	19	20	
Percent		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
									
N		22	54	15	22	11	13	16	
Mean		71.14	74.50	70.53	76.36	70.45	83.08	75.56	
SD		16.83	15.36	18.26	10.26	20.30	13.77	22.17	
SE		3.59	2.09	4.72	2.19	6.12	3.82	5.54	
		f					a		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

16

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

2b. Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Number		57	5	66	25	23	36		73	101	21	15	
Percent		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
													
N		48	3	56	20	19	32		62	85	18	11	
Mean		73.65	83.33	72.77	73.15	76.42	75.31		75.11	74.14	68.94	78.64	
SD		16.85	10.41	17.88	15.76	16.53	12.37		15.87	14.07	22.62	10.02	
SE		2.43	6.01	2.39	3.52	3.79	2.19		2.02	1.53	5.33	3.02	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

17

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		226		31	8	62	11	6	10	32	26	7	16	
Percent		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
														
N		214		28	8	58	11	6	9	31	25	7	16	
Mean		3.22		3.56	3.46	3.42	3.06	2.88	3.06	3.02	2.92	3.00	3.16	
SD		1.21		0.75	0.54	0.97	0.92	0.80	1.04	1.67	1.98	0.96	1.07	
SE		0.08		0.14	0.19	0.13	0.28	0.33	0.35	0.30	0.40	0.36	0.27	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

18

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		34	50	66	18	27	15		35	30	132	
Percent		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
												
N		32	48	63	18	25	14		33	28	127	
Mean		3.02	3.34	3.08	3.28	3.55	3.35		3.53	3.28	3.15	
SD		1.24	0.96	1.60	0.62	0.87	1.32		0.85	1.01	1.37	
SE		0.22	0.14	0.20	0.15	0.17	0.35		0.15	0.19	0.12	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

19

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Number		23	65	16	27	14	19	20	
Percent		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
									
N		22	61	16	26	14	15	20	
Mean		3.11	3.18	3.55	3.31	2.80	3.51	3.48	
SD		1.11	1.36	0.74	0.82	2.34	1.00	1.07	
SE		0.24	0.17	0.19	0.16	0.63	0.26	0.24	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

20

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Number		57	5	66	25	23	36		73	101	21	15	
Percent		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
													
N		53	4	64	24	22	35		70	97	18	15	
Mean		3.24	3.38	3.25	2.92	3.29	3.38		3.07	3.27	3.42	3.32	
SD		0.93	1.49	1.30	1.15	0.83	1.68		1.36	1.24	0.69	0.99	
SE		0.13	0.75	0.16	0.24	0.18	0.28		0.16	0.13	0.16	0.26	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

21

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		210		28	8	58	11	6	9	30	23	7	15	
		98.1%		100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	96.8%	92.0%	100.0%	93.8%	
						h					c			
														
Zero		2		0	0	0	0	0	0	0	1	0	1	
		0.9%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.0%	0.0%	6.3%	
														
Negative		2		0	0	0	0	0	0	1	1	0	0	
		0.9%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.2%	4.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

22

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		31	47	61	18	25	14		33	28	123	
		96.9%	97.9%	96.8%	100.0%	100.0%	100.0%		100.0%	100.0%	96.9%	
												
Zero		1	1	0	0	0	0		0	0	2	
		3.1%	2.1%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.6%	
												
Negative		0	0	2	0	0	0		0	0	2	
		0.0%	0.0%	3.2%	0.0%	0.0%	0.0%		0.0%	0.0%	1.6%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

23

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		21	60	16	26	13	15	20	
		95.5%	98.4%	100.0%	100.0%	92.9%	100.0%	100.0%	
									
Zero		1	0	0	0	0	0	0	
		4.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
Negative		0	1	0	0	1	0	0	
		0.0%	1.6%	0.0%	0.0%	7.1%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

24

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		53	4	62	23	22	34		67	96	18	15	
		100.0%	100.0%	96.9%	95.8%	100.0%	97.1%		95.7%	99.0%	100.0%	100.0%	
													
Zero		0	0	1	1	0	0		2	0	0	0	
		0.0%	0.0%	1.6%	4.2%	0.0%	0.0%		2.9%	0.0%	0.0%	0.0%	
													
Negative		0	0	1	0	0	1		1	1	0	0	
		0.0%	0.0%	1.6%	0.0%	0.0%	2.9%		1.4%	1.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

25

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4a. Over the next 10 years, I expect the average annual S&P 500 return will be:

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		226		31	8	62	11	6	10	32	26	7	16	
Percent		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Over the next 10 years, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be less than:	
														
N		202		29	8	56	10	6	9	29	21	6	14	
Mean		3.54		3.34	4.25	3.53	4.50	4.50	3.22	2.78	3.90	2.83	3.39	
SD		2.28		2.59	1.16	2.50	1.96	1.76	1.09	2.22	2.12	2.04	2.34	
SE		0.16		0.48	0.41	0.33	0.62	0.72	0.36	0.41	0.46	0.83	0.62	
							g			d				
														
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
														
N		205		29	8	54	10	6	9	30	23	7	14	
Mean		7.94		7.63	8.38	8.30	8.05	7.75	7.39	7.65	8.46	6.14	7.91	
SD		1.97		2.06	0.74	1.87	2.19	2.09	2.12	1.95	1.64	1.35	2.04	
SE		0.14		0.38	0.26	0.26	0.69	0.85	0.71	0.36	0.34	0.51	0.54	
					I	I					I	BCH		
														
Over the next 10 years, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be greater than:	
														
N		209		30	8	56	10	6	9	31	23	7	15	
Mean		11.45		11.67	11.25	11.55	11.20	11.17	10.94	11.56	11.48	9.64	11.83	
SD		3.45		3.63	3.06	2.95	3.05	2.79	2.65	3.98	3.53	1.49	4.33	
SE		0.24		0.66	1.08	0.39	0.96	1.14	0.88	0.72	0.74	0.56	1.12	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

26

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4a. Over the next 10 years, I expect the average annual S&P 500 return will be:

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		34	50	66	18	27	15		35	30	132	
Percent		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Over the next 10 years, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be less than:	
												
N		28	45	59	17	26	14		33	28	119	
Mean		3.52	3.76	3.52	3.12	3.27	3.46		2.76	2.93	3.72	
SD		2.41	2.08	2.13	2.64	2.65	2.21		2.74	1.84	2.19	
SE		0.46	0.31	0.28	0.64	0.52	0.59		0.48	0.35	0.20	
									c		a	
												
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
												
N		31	46	59	17	25	14		29	29	122	
Mean		7.91	8.40	7.97	7.97	7.38	7.61		7.14	7.84	8.12	
SD		2.20	1.95	1.97	1.68	1.62	1.67		1.48	1.72	2.04	
SE		0.39	0.29	0.26	0.41	0.32	0.45		0.28	0.32	0.18	
			e			b			c		a	
												
Over the next 10 years, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be greater than:	
												
N		30	46	63	18	25	14		32	29	123	
Mean		11.72	12.03	11.31	11.72	11.24	10.39		10.27	12.48	11.55	
SD		3.59	3.46	3.91	2.32	2.57	2.20		2.66	3.08	3.57	
SE		0.66	0.51	0.49	0.55	0.51	0.59		0.47	0.57	0.32	
									B	A		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

27

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4a. Over the next 10 years, I expect the average annual S&P 500 return will be:

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Number		23	65	16	27	14	19	20	
Percent		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Over the next 10 years, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be less than:	
									
N		20	56	16	25	13	17	18	
Mean		2.95	3.45	4.50	2.68	4.23	3.41	3.25	
SD		2.72	2.07	1.83	2.21	1.30	3.26	2.29	
SE		0.61	0.28	0.46	0.44	0.36	0.79	0.54	
				D	Ce	d			
									
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
									
N		21	59	16	25	13	15	18	
Mean		7.81	7.79	9.19	7.90	8.35	7.33	7.53	
SD		2.34	1.81	1.33	2.20	1.03	1.72	1.36	
SE		0.51	0.24	0.33	0.44	0.29	0.44	0.32	
		c	C	aBdFG	c		C	C	
									
Over the next 10 years, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be greater than:	
									
N		21	59	16	26	14	16	19	
Mean		12.25	11.30	12.81	11.81	11.29	11.69	10.50	
SD		4.14	3.52	1.72	3.63	2.46	3.50	2.29	
SE		0.90	0.46	0.43	0.71	0.66	0.87	0.53	
				G				C	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

28

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4a. Over the next 10 years, I expect the average annual S&P 500 return will be:

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Number		57	5	66	25	23	36		73	101	21	15	
Percent		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Over the next 10 years, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be less than:	
													
N		49	5	58	23	22	34		64	91	19	15	
Mean		3.17	2.60	3.67	3.43	4.18	3.29		3.63	3.35	3.50	3.40	
SD		2.50	2.30	2.36	2.19	2.13	1.87		2.01	2.46	2.01	1.84	
SE		0.36	1.03	0.31	0.46	0.45	0.32		0.25	0.26	0.46	0.48	
													
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
													
N		49	5	63	23	21	32		68	91	19	15	
Mean		7.74	7.40	7.96	8.11	8.10	8.13		7.94	8.18	7.63	7.03	
SD		1.78	2.51	2.01	1.80	1.61	2.19		1.73	1.97	2.22	1.86	
SE		0.25	1.12	0.25	0.38	0.35	0.39		0.21	0.21	0.51	0.48	
										d		b	
													
Over the next 10 years, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be greater than:	
													
N		52	5	61	23	23	34		69	94	19	15	
Mean		11.11	11.60	11.57	10.48	12.78	11.62		11.67	11.66	10.79	10.60	
SD		3.27	2.88	3.31	2.71	3.66	3.87		3.46	3.43	3.03	2.87	
SE		0.45	1.29	0.42	0.57	0.76	0.66		0.42	0.35	0.69	0.74	
					e	d							

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

29

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4b. During the next year, I expect the S&P 500 return will be:

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		226		31	8	62	11	6	10	32	26	7	16	
Percent		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Over the next year, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be less than:	
														
N		196		28	8	54	8	6	8	27	22	6	15	
Mean		0.42		-0.61	3.88	0.07	0.75	1.83	0.37	1.15	-0.80	-3.33	0.06	
SD		5.33		4.78	2.80	6.22	3.92	6.68	2.88	5.03	4.93	4.08	5.93	
SE		0.38		0.90	0.99	0.85	1.39	2.73	1.02	0.97	1.05	1.67	1.53	
				b	afhI				b		b	B		
														
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
														
N		209		29	8	57	10	6	9	31	22	7	15	
Mean		7.65		7.78	8.87	7.64	8.05	8.00	8.56	7.16	7.48	4.14	7.77	
SD		3.80		3.18	4.29	3.48	4.22	3.90	4.72	3.85	4.99	3.53	3.27	
SE		0.26		0.59	1.52	0.46	1.33	1.59	1.57	0.69	1.06	1.34	0.84	
				i	i	i						abcj	i	
														
Over the next year, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be greater than:	
														
N		207		30	8	56	9	6	9	31	22	7	15	
Mean		12.87		14.12	11.13	13.75	13.56	12.33	13.89	12.45	11.14	9.29	12.11	
SD		5.67		5.65	4.49	5.32	8.86	5.39	6.13	6.12	5.75	3.64	3.75	
SE		0.39		1.03	1.59	0.71	2.95	2.20	2.04	1.10	1.23	1.38	0.97	
				i		i						ac		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

30

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4b. During the next year, I expect the S&P 500 return will be:

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		34	50	66	18	27	15		35	30	132	
Percent		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Over the next year, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be less than:	
												
N		30	44	57	17	23	12		27	26	119	
Mean		0.03	-0.17	1.35	-0.12	-0.96	-0.25		1.41	-1.08	0.44	
SD		6.26	5.12	4.93	3.14	6.24	5.74		4.92	4.91	5.31	
SE		1.14	0.77	0.65	0.76	1.30	1.66		0.95	0.96	0.49	
												
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
												
N		31	47	60	18	25	14		32	29	124	
Mean		7.95	7.37	7.64	7.69	7.26	7.57		8.06	6.19	7.86	
SD		4.85	3.57	3.60	3.61	3.72	3.57		3.75	2.90	3.91	
SE		0.87	0.52	0.46	0.85	0.74	0.95		0.66	0.54	0.35	
									b	ac	b	
												
Over the next year, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be greater than:	
												
N		30	46	60	18	26	14		32	29	122	
Mean		13.49	12.48	12.42	12.39	14.23	11.93		13.31	12.55	12.95	
SD		6.49	5.18	5.72	5.42	5.76	4.65		5.12	5.20	5.98	
SE		1.19	0.76	0.74	1.28	1.13	1.24		0.91	0.97	0.54	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

31

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4b. During the next year, I expect the S&P 500 return will be:

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Number		23	65	16	27	14	19	20	
Percent		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Over the next year, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be less than:	
									
N		20	56	16	23	13	15	18	
Mean		-0.65	0.05	1.69	0.52	-0.54	1.33	-0.22	
SD		5.58	4.80	5.49	6.75	3.31	4.35	6.58	
SE		1.25	0.64	1.37	1.41	0.92	1.12	1.55	
									
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
									
N		21	61	16	24	13	16	19	
Mean		7.58	7.11	9.19	7.94	6.95	8.13	8.37	
SD		3.44	3.73	4.21	3.85	2.50	3.56	3.52	
SE		0.75	0.48	1.05	0.79	0.69	0.89	0.81	
									
Over the next year, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be greater than:	
									
N		21	59	16	23	14	17	19	
Mean		14.17	12.14	15.06	13.33	10.36	14.29	13.47	
SD		6.81	5.13	5.53	5.02	5.03	5.99	4.72	
SE		1.49	0.67	1.38	1.05	1.34	1.45	1.08	
				e		c			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

32

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4b. During the next year, I expect the S&P 500 return will be:

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Number		57	5	66	25	23	36		73	101	21	15	
Percent		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Over the next year, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be less than:	
													
N		49	5	56	21	22	32		65	86	17	15	
Mean		1.20	0.80	-0.16	0.12	0.31	-0.47		-0.47	0.58	1.59	-0.87	
SD		4.81	5.07	6.14	4.02	5.32	5.47		5.61	5.33	4.65	4.36	
SE		0.69	2.27	0.82	0.88	1.13	0.97		0.70	0.57	1.13	1.12	
													
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
													
N		51	5	61	23	23	34		69	92	19	15	
Mean		7.41	7.60	7.44	7.52	8.15	7.75		7.39	8.03	6.87	5.90	
SD		3.91	6.19	3.98	3.51	3.43	3.52		3.60	3.99	3.75	2.33	
SE		0.55	2.77	0.51	0.73	0.71	0.60		0.43	0.42	0.86	0.60	
										d		b	
													
Over the next year, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be greater than:	
													
N		53	5	59	22	23	34		69	91	19	15	
Mean		12.12	11.00	13.30	10.68	14.57	13.44		11.92	13.82	11.79	10.87	
SD		5.50	3.32	5.61	3.92	5.34	6.80		4.94	6.14	5.17	3.62	
SE		0.75	1.48	0.73	0.84	1.11	1.17		0.59	0.64	1.19	0.94	
				d	cE	D			b	a			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

33

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4c. Relative to the typical investor, how would you rate your ability to predict future stock market returns?

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
1=Poor		5		1	0	2	0	0	0	1	0	0	1	
		2.3%		3.4%	0.0%	3.4%	0.0%	0.0%	0.0%	3.2%	0.0%	0.0%	6.3%	
														
2=		7		1	0	3	0	0	0	1	0	0	1	
		3.3%		3.4%	0.0%	5.2%	0.0%	0.0%	0.0%	3.2%	0.0%	0.0%	6.3%	
														
3=		19		1	0	7	1	1	1	2	2	0	2	
		8.9%		3.4%	0.0%	12.1%	10.0%	16.7%	11.1%	6.5%	8.0%	0.0%	12.5%	
														
4=Average		118		19	4	33	9	4	5	16	12	5	6	
		55.1%		65.5%	50.0%	56.9%	90.0%	66.7%	55.6%	51.6%	48.0%	71.4%	37.5%	
							ghj			d	d		d	
														
5=		55		7	2	13	0	1	2	9	8	2	5	
		25.7%		24.1%	25.0%	22.4%	0.0%	16.7%	22.2%	29.0%	32.0%	28.6%	31.3%	
							h				d			
														
6=		7		0	1	0	0	0	0	2	2	0	1	
		3.3%		0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	6.5%	8.0%	0.0%	6.3%	
					C	Bh					c			
														
7=Excellent		3		0	1	0	0	0	1	0	1	0	0	
		1.4%		0.0%	12.5%	0.0%	0.0%	0.0%	11.1%	0.0%	4.0%	0.0%	0.0%	
					C	Bf			c					
														
Mean		4.14		4.03	4.88	3.90	3.90	4.00	4.44	4.19	4.52	4.29	4.00	
SD		0.96		0.87	1.13	0.93	0.32	0.63	1.13	1.01	0.92	0.49	1.26	
				b	aCd	BH	bh				Cd			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

34

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4c. Relative to the typical investor, how would you rate your ability to predict future stock market returns?

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
1=Poor		0	1	1	0	1	1		1	3	0	
		0.0%	2.1%	1.6%	0.0%	3.8%	7.7%		3.1%	10.3%	0.0%	
									c	C	aB	
												
2=		0	3	3	0	0	0		1	0	5	
		0.0%	6.3%	4.8%	0.0%	0.0%	0.0%		3.1%	0.0%	3.9%	
												
3=		3	6	3	2	1	1		2	3	11	
		9.4%	12.5%	4.8%	11.1%	3.8%	7.7%		6.3%	10.3%	8.7%	
												
4=Average		24	21	35	8	18	9		19	15	73	
		75.0%	43.8%	55.6%	44.4%	69.2%	69.2%		59.4%	51.7%	57.5%	
		Bd	Ae		a	b						
												
5=		5	15	17	7	5	2		8	7	33	
		15.6%	31.3%	27.0%	38.9%	19.2%	15.4%		25.0%	24.1%	26.0%	
												
6=		0	2	3	0	0	0		1	0	3	
		0.0%	4.2%	4.8%	0.0%	0.0%	0.0%		3.1%	0.0%	2.4%	
												
7=Excellent		0	0	1	1	1	0		0	1	2	
		0.0%	0.0%	1.6%	5.6%	3.8%	0.0%		0.0%	3.4%	1.6%	
												
Mean		4.06	4.08	4.22	4.44	4.15	3.85		4.09	3.93	4.19	
SD		0.50	1.03	0.97	0.92	0.97	0.99		0.93	1.28	0.84	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

35

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4c. Relative to the typical investor, how would you rate your ability to predict future stock market returns?

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	1000-
2499	2500-
4999	5000-
9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
1=Poor		0	2	0	0	1	0	2	
		0.0%	3.3%	0.0%	0.0%	7.1%	0.0%	10.5%	
									
2=		1	2	2	1	0	0	0	
		4.5%	3.3%	12.5%	3.8%	0.0%	0.0%	0.0%	
									
3=		3	3	1	3	0	2	1	
		13.6%	4.9%	6.3%	11.5%	0.0%	12.5%	5.3%	
									
4=Average		17	29	10	14	7	7	14	
		77.3%	47.5%	62.5%	53.8%	50.0%	43.8%	73.7%	
		bf	ag				a	b	
									
5=		0	23	3	7	6	6	2	
		0.0%	37.7%	18.8%	26.9%	42.9%	37.5%	10.5%	
		BcdEF	Ag	a	a	Ag	A	be	
									
6=		1	1	0	0	0	0	0	
		4.5%	1.6%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
7=Excellent		0	1	0	1	0	1	0	
		0.0%	1.6%	0.0%	3.8%	0.0%	6.3%	0.0%	
									
Mean		3.86	4.25	3.88	4.19	4.21	4.44	3.74	
SD		0.71	1.01	0.89	0.94	1.05	0.96	1.05	
		f					ag	f	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

36

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4c. Relative to the typical investor, how would you rate your ability to predict future stock market returns?

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
1=Poor		1	0	2	0	1	1		1	1	1	1	
		1.9%	0.0%	3.1%	0.0%	4.3%	2.9%		1.4%	1.0%	5.6%	6.7%	
													
2=		3	0	1	0	0	2		1	5	0	0	
		5.7%	0.0%	1.6%	0.0%	0.0%	5.7%		1.4%	5.2%	0.0%	0.0%	
													
3=		3	0	4	5	1	4		5	8	1	2	
		5.7%	0.0%	6.3%	21.7%	4.3%	11.4%		7.1%	8.2%	5.6%	13.3%	
		d		d	ac								
													
4=Average		27	2	39	13	14	19		39	56	8	11	
		50.9%	50.0%	60.9%	56.5%	60.9%	54.3%		55.7%	57.7%	44.4%	73.3%	
													
5=		16	2	15	4	6	8		19	24	7	1	
		30.2%	50.0%	23.4%	17.4%	26.1%	22.9%		27.1%	24.7%	38.9%	6.7%	
											d	c	
													
6=		3	0	2	0	1	0		4	2	0	0	
		5.7%	0.0%	3.1%	0.0%	4.3%	0.0%		5.7%	2.1%	0.0%	0.0%	
													
7=Excellent		0	0	1	1	0	1		1	1	1	0	
		0.0%	0.0%	1.6%	4.3%	0.0%	2.9%		1.4%	1.0%	5.6%	0.0%	
													
Mean		4.19	4.50	4.16	4.09	4.17	4.00		4.29	4.10	4.33	3.73	
SD		0.98	0.58	0.95	0.90	0.94	1.06		0.90	0.90	1.19	0.88	
									d			a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

37

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		226		31	8	62	11	6	10	32	26	7	16	
Percent		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Prices of your products	
														
N		180		25	7	56	7	5	7	20	25	7	9	
Mean		2.74		2.96	5.29	2.27	6.04	1.60	1.14	3.20	2.74	2.86	1.75	
SD		4.24		3.02	5.35	4.10	7.49	3.85	5.40	3.05	3.81	4.06	4.44	
SE		0.32		0.60	2.02	0.55	2.83	1.72	2.04	0.68	0.76	1.53	1.48	
						d	c							
														
Productivity (output per hour worked)	
														
N		176		23	8	55	7	5	6	20	25	7	7	
Mean		4.70		4.74	6.50	4.11	5.14	3.20	4.11	3.80	5.41	4.52	6.00	
SD		4.07		2.77	5.10	3.45	4.53	1.79	7.19	2.57	5.21	5.55	5.16	
SE		0.31		0.58	1.80	0.47	1.71	0.80	2.93	0.57	1.04	2.10	1.95	
														
Overtime	
														
N		163		22	7	53	6	5	3	18	23	6	8	
Mean		2.07		2.48	4.57	3.29	-0.73	0.00	-0.13	-0.02	1.52	-1.00	1.44	
SD		4.78		3.79	4.96	5.30	5.35	0.00	10.20	4.51	2.86	4.52	5.65	
SE		0.37		0.81	1.88	0.73	2.18	0.00	5.89	1.06	0.60	1.84	2.00	
					gh	g				bc	b			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

38

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		34	50	66	18	27	15		35	30	132	
Percent		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Prices of your products	
												
N		24	44	57	16	23	7		27	25	109	
Mean		2.25	2.11	3.48	5.00	1.73	3.00		2.40	2.06	3.21	
SD		2.95	3.79	4.54	5.20	3.79	4.93		4.34	3.21	4.32	
SE		0.60	0.57	0.60	1.30	0.79	1.86		0.83	0.64	0.41	
		d	d		abe	d						
												
Productivity (output per hour worked)	
												
N		24	41	55	17	22	7		27	24	105	
Mean		6.10	4.47	4.07	5.22	3.59	4.43		3.70	5.15	4.52	
SD		5.40	4.17	3.12	5.59	2.02	2.76		2.40	3.86	4.23	
SE		1.10	0.65	0.42	1.35	0.43	1.04		0.46	0.79	0.41	
		ce		a		a						
												
Overtime	
												
N		20	39	53	16	19	6		23	22	98	
Mean		1.42	3.04	1.15	2.13	2.36	1.50		2.41	3.54	1.37	
SD		4.71	5.24	5.20	3.79	4.00	1.64		3.97	5.45	4.90	
SE		1.05	0.84	0.71	0.95	0.92	0.67		0.83	1.16	0.49	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

39

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Number		23	65	16	27	14	19	20	
Percent		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Prices of your products	
									
N		16	51	15	23	12	16	13	
Mean		3.58	2.84	2.40	4.04	3.33	1.33	3.35	
SD		4.14	4.53	3.52	5.93	2.02	3.85	3.82	
SE		1.04	0.63	0.91	1.24	0.58	0.96	1.06	
									
Productivity (output per hour worked)	
									
N		14	52	15	22	12	15	13	
Mean		6.52	4.56	4.80	3.82	3.67	4.47	4.51	
SD		5.03	3.89	4.48	3.00	3.45	2.59	4.19	
SE		1.35	0.54	1.16	0.64	0.99	0.67	1.16	
									
Overtime	
									
N		13	48	15	20	12	13	12	
Mean		1.43	2.10	2.76	1.40	1.58	3.49	0.92	
SD		4.70	4.98	6.54	5.61	2.35	4.53	2.15	
SE		1.30	0.72	1.69	1.26	0.68	1.26	0.62	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

40

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Number		57	5	66	25	23	36		73	101	21	15	
Percent		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Prices of your products	
													
N		44	4	57	18	17	32		51	92	18	9	
Mean		1.91	5.00	2.79	4.86	4.29	2.05		3.90	2.75	1.78	0.08	
SD		3.43	1.63	3.83	4.72	5.87	4.21		3.76	4.25	3.78	5.62	
SE		0.52	0.82	0.51	1.11	1.42	0.74		0.53	0.44	0.89	1.87	
		D			Af		d		cd		a	a	
													
Productivity (output per hour worked)	
													
N		45	5	55	14	18	30		52	87	17	9	
Mean		4.46	8.10	4.36	3.57	5.60	4.29		4.25	4.05	6.20	7.89	
SD		3.66	5.30	3.30	4.52	4.87	4.44		4.28	3.30	4.85	5.01	
SE		0.55	2.37	0.45	1.21	1.15	0.81		0.59	0.35	1.18	1.67	
		b	ac	b					d	cD	b	aB	
													
Overtime	
													
N		41	4	53	14	15	28		50	80	13	9	
Mean		1.98	3.75	1.59	1.00	2.52	2.46		0.91	2.34	3.74	1.62	
SD		4.01	0.96	5.80	3.53	4.58	4.68		4.02	4.88	5.54	6.30	
SE		0.63	0.48	0.80	0.94	1.18	0.88		0.57	0.55	1.54	2.10	
									c		a		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

41

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Advertising/Marketing Spending	
														
N		169		23	6	49	6	5	7	21	23	7	9	
Mean		4.70		5.43	0.50	3.14	1.67	-2.98	11.57	7.24	5.69	2.71	10.22	
SD		9.82		9.42	1.22	8.17	10.33	13.11	11.86	10.16	11.45	6.85	13.13	
SE		0.76		1.96	0.50	1.17	4.22	5.86	4.48	2.22	2.39	2.59	4.38	
					f	fj			bc				c	
														
Health care costs	
														
N		200		26	8	56	8	6	7	29	25	7	15	
Mean		10.45		10.50	8.38	11.24	9.88	7.44	12.64	9.76	9.60	11.23	12.27	
SD		4.61		4.92	3.85	4.53	4.36	6.21	4.33	4.24	4.31	7.07	4.51	
SE		0.33		0.96	1.36	0.61	1.54	2.54	1.64	0.79	0.86	2.67	1.16	
														
Inventory	
														
N		136		21	6	53	5	3	4	11	12	5	5	
Mean		2.06		5.64	-0.33	3.28	-3.00	1.33	-1.40	2.27	-1.67	1.60	-8.16	
SD		8.71		7.06	8.26	9.90	4.47	2.31	14.33	6.84	3.26	3.58	13.23	
SE		0.75		1.54	3.37	1.36	2.00	1.33	7.16	2.06	0.94	1.60	5.92	
				dHJ		j	a				A		Ac	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

42

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Advertising/Marketing Spending	
												
N		24	44	53	13	18	7		25	25	99	
Mean		5.75	6.38	4.06	3.31	4.33	1.71		2.78	5.60	4.61	
SD		7.65	11.88	10.35	7.36	8.84	2.36		8.32	9.38	9.43	
SE		1.56	1.79	1.42	2.04	2.08	0.89		1.66	1.88	0.95	
												
Health care costs	
												
N		30	47	62	18	22	9		29	25	123	
Mean		10.38	10.79	10.78	12.33	7.95	10.11		10.34	10.16	10.54	
SD		4.37	5.54	4.20	4.37	4.05	3.95		4.05	4.40	4.83	
SE		0.80	0.81	0.53	1.03	0.86	1.32		0.75	0.88	0.44	
		e	e	E	E	abCD						
												
Inventory	
												
N		15	34	41	14	17	7		21	17	85	
Mean		-0.39	2.93	3.81	1.37	-0.68	1.14		-0.65	3.12	2.57	
SD		11.45	9.86	8.04	9.61	7.12	4.56		6.66	8.22	9.69	
SE		2.96	1.69	1.26	2.57	1.73	1.72		1.45	1.99	1.05	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

43

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Advertising/Marketing Spending	
									
N		16	51	15	20	10	13	12	
Mean		8.12	5.80	3.53	5.07	5.40	2.89	1.42	
SD		8.48	11.47	6.61	9.32	12.10	13.28	4.66	
SE		2.12	1.61	1.71	2.08	3.83	3.68	1.35	
		g						a	
									
Health care costs	
									
N		21	59	16	24	14	16	13	
Mean		10.98	10.84	11.60	10.67	9.71	8.85	10.62	
SD		4.84	4.41	5.18	5.52	3.45	4.04	4.50	
SE		1.06	0.57	1.29	1.13	0.92	1.01	1.25	
									
Inventory	
									
N		10	41	13	18	6	12	10	
Mean		0.52	3.30	3.68	2.34	-3.00	-1.38	1.20	
SD		14.30	9.24	7.32	9.44	4.00	7.73	3.79	
SE		4.52	1.44	2.03	2.23	1.63	2.23	1.20	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

44

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Advertising/Marketing Spending	
													
N		42	4	55	13	16	30		51	83	16	8	
Mean		5.77	7.50	3.33	2.69	6.65	5.67		3.82	4.66	6.13	10.88	
SD		11.40	2.89	9.80	4.11	10.54	9.38		7.82	9.92	13.80	11.23	
SE		1.76	1.44	1.32	1.14	2.64	1.71		1.10	1.09	3.45	3.97	
			d		b				d			a	
													
Health care costs	
													
N		51	5	61	20	21	33		66	92	19	11	
Mean		9.06	11.60	11.14	10.55	9.51	11.97		9.99	10.53	12.24	10.64	
SD		4.07	4.51	4.45	4.66	5.11	5.00		4.83	4.33	4.87	5.80	
SE		0.57	2.01	0.57	1.04	1.12	0.87		0.59	0.45	1.12	1.75	
		cF		a			A						
													
Inventory	
													
N		33	2	48	13	7	25		34	70	14	9	
Mean		3.77	7.50	0.87	2.15	-1.37	2.65		-1.05	2.92	5.64	3.11	
SD		7.89	3.54	9.32	6.40	8.23	10.90		8.01	9.22	8.27	8.40	
SE		1.37	2.50	1.34	1.78	3.11	2.18		1.37	1.10	2.21	2.80	
									bc	a	a		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

45

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number of employees	
														
N		195		24	7	55	9	6	7	29	25	7	13	
Mean		5.08		6.15	6.00	4.00	6.11	6.17	10.51	2.83	7.82	8.24	4.15	
SD		8.41		8.07	4.12	6.50	11.32	7.65	17.35	7.65	9.75	10.27	7.40	
SE		0.60		1.65	1.56	0.88	3.77	3.12	6.56	1.42	1.95	3.88	2.05	
						h				h	cg			
														
Wages/Salaries	
														
N		202		26	8	56	9	6	8	29	25	7	15	
Mean		3.83		4.31	4.74	3.37	3.39	3.33	4.24	4.01	3.58	3.64	4.61	
SD		2.06		2.59	2.83	1.39	0.70	0.52	3.25	2.07	2.16	0.69	2.69	
SE		0.14		0.51	1.00	0.19	0.23	0.21	1.15	0.39	0.43	0.26	0.69	
				c	c	abj							c	
														
M&A activity	
														
N		131		14	5	44	4	5	2	19	17	5	5	
Mean		15.27		11.66	23.26	11.48	0.00	30.06	98.30	8.74	22.04	19.66	12.00	
SD		29.95		25.84	42.20	29.71	0.00	43.73	0.00	12.21	32.77	43.96	21.68	
SE		2.62		6.91	18.87	4.48	0.00	19.56	0.00	2.80	7.95	19.66	9.70	
				F		F			ACGHJ	F	F		F	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

46

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number of employees	
												
N		29	45	61	16	21	11		29	25	118	
Mean		7.49	7.52	4.98	4.82	0.68	2.27		1.63	5.83	5.55	
SD		10.34	8.17	8.40	7.43	5.26	4.96		6.53	8.07	8.43	
SE		1.92	1.22	1.07	1.86	1.15	1.50		1.21	1.61	0.78	
		E	Ef	e		ABc	b		bc	a	a	
												
Wages/Salaries	
												
N		29	48	63	18	22	10		31	26	122	
Mean		4.41	3.97	3.64	4.11	3.33	3.15		3.43	4.27	3.91	
SD		3.37	2.38	1.33	1.70	0.77	0.78		0.72	2.10	2.11	
SE		0.63	0.34	0.17	0.40	0.16	0.25		0.13	0.41	0.19	
									b	a		
												
M&A activity	
												
N		14	32	38	15	17	6		23	21	73	
Mean		17.61	14.06	18.41	7.00	14.66	12.50		6.96	28.15	14.23	
SD		35.34	30.26	36.10	11.62	26.95	20.92		12.77	38.29	31.45	
SE		9.44	5.35	5.86	3.00	6.54	8.54		2.66	8.36	3.68	
									b	a		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

47

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Number of employees	
									
N		20	58	15	23	13	16	13	
Mean		9.98	4.38	3.27	4.96	4.35	2.01	3.51	
SD		8.61	8.20	5.80	6.73	6.80	7.87	9.93	
SE		1.93	1.08	1.50	1.40	1.89	1.97	2.76	
		bcdF	a	a	a		A		
									
Wages/Salaries	
									
N		21	59	16	25	14	16	14	
Mean		5.23	3.59	3.42	3.92	4.32	3.63	2.87	
SD		3.48	1.73	0.85	1.61	2.19	0.62	0.56	
SE		0.76	0.23	0.21	0.32	0.59	0.15	0.15	
		Bg	A		g	g	G	adeF	
									
M&A activity	
									
N		10	38	10	16	8	12	11	
Mean		20.33	16.54	20.66	13.23	4.75	24.86	8.18	
SD		31.89	34.19	41.04	38.69	5.12	30.74	15.85	
SE		10.09	5.55	12.98	9.67	1.81	8.88	4.78	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

48

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Number of employees	
													
N		49	4	59	20	22	32		65	88	19	11	
Mean		3.39	12.17	4.37	6.58	5.43	7.97		6.40	4.61	4.99	6.27	
SD		5.78	12.69	8.14	9.34	11.93	7.41		9.32	6.81	9.70	11.31	
SE		0.83	6.35	1.06	2.09	2.54	1.31		1.16	0.73	2.22	3.41	
		bF	a	f			Ac						
													
Wages/Salaries	
													
N		51	5	61	20	22	34		67	94	19	10	
Mean		3.64	4.10	3.50	4.65	3.41	4.42		4.15	3.57	3.71	4.44	
SD		1.31	0.74	1.54	3.03	2.30	2.66		2.43	1.56	2.16	2.80	
SE		0.18	0.33	0.20	0.68	0.49	0.46		0.30	0.16	0.50	0.88	
				df	c		c						
													
M&A activity	
													
N		36	1	44	10	13	20		38	64	13	7	
Mean		17.58	98.30	13.37	13.43	9.10	13.16		14.90	13.16	25.12	7.14	
SD		29.07	---	31.89	30.18	27.06	25.36		30.14	29.39	37.38	18.90	
SE		4.84	---	4.81	9.54	7.50	5.67		4.89	3.67	10.37	7.14	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

49

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Dividends	
														
N		125		16	6	40	4	5	1	17	15	5	6	
Mean		2.80		2.81	9.66	3.05	6.13	0.00	0.00	3.82	0.00	2.00	4.17	
SD		8.92		6.41	21.30	9.78	9.31	0.00	---	9.30	6.55	4.47	8.01	
SE		0.80		1.60	8.70	1.55	4.66	0.00	---	2.26	1.69	2.00	3.27	
														
Technology spending	
														
N		174		21	6	52	4	5	6	22	25	7	13	
Mean		7.88		11.59	22.50	7.69	2.75	-0.70	3.33	6.70	9.58	4.64	8.69	
SD		17.34		15.25	22.30	17.48	14.38	27.01	18.35	19.46	15.97	3.04	19.18	
SE		1.31		3.33	9.11	2.42	7.19	12.08	7.49	4.15	3.19	1.15	5.32	
														
Capital spending	
														
N		179		25	7	53	7	6	7	19	25	7	11	
Mean		12.49		25.77	7.86	12.48	9.29	10.01	3.57	4.63	7.88	9.00	18.46	
SD		27.62		35.26	21.19	27.35	39.96	53.40	22.31	9.62	16.46	8.08	36.60	
SE		2.06		7.05	8.01	3.76	15.10	21.80	8.43	2.21	3.29	3.06	11.04	
				gh						a	a			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

50

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Dividends	
												
N		13	30	40	12	16	6		24	18	69	
Mean		0.00	2.40	3.52	8.74	0.19	2.42		4.14	2.39	2.51	
SD		0.00	7.15	10.07	16.35	6.19	3.01		12.12	6.21	8.94	
SE		0.00	1.30	1.59	4.72	1.55	1.23		2.47	1.46	1.08	
												
Technology spending	
												
N		26	43	53	14	19	8		25	25	101	
Mean		12.40	13.80	4.12	9.79	3.95	0.25		2.92	6.28	10.37	
SD		22.09	19.37	16.53	13.26	6.65	2.55		5.93	8.80	20.90	
SE		4.33	2.95	2.27	3.54	1.53	0.90		1.19	1.76	2.08	
			Ce	B		b						
												
Capital spending	
												
N		28	43	55	16	20	7		25	25	107	
Mean		15.76	19.68	6.19	10.81	13.15	-1.86		4.24	5.48	15.49	
SD		33.13	33.79	24.28	12.75	22.74	13.26		11.52	17.92	31.69	
SE		6.26	5.15	3.27	3.19	5.09	5.01		2.30	3.58	3.06	
			c	b	f		d					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

51

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Dividends	
									
N		7	37	12	16	6	13	11	
Mean		2.86	0.46	10.00	6.18	1.67	0.31	3.23	
SD		7.56	5.33	16.88	14.00	4.08	6.93	4.65	
SE		2.86	0.88	4.87	3.50	1.67	1.92	1.40	
			Cd	B	b				
									
Technology spending	
									
N		17	51	15	22	10	16	11	
Mean		16.05	9.64	3.80	7.55	10.50	-0.72	4.09	
SD		21.06	18.45	22.50	8.68	15.71	14.02	3.94	
SE		5.11	2.58	5.81	1.85	4.97	3.50	1.19	
		f	f		f		abd		
									
Capital spending	
									
N		16	50	15	23	13	16	11	
Mean		14.57	15.63	5.33	7.52	21.85	4.19	6.00	
SD		31.02	34.14	8.07	24.97	33.55	20.49	6.50	
SE		7.75	4.83	2.08	5.21	9.30	5.12	1.96	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

52

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Dividends	
													
N		36	0	45	8	13	16		35	63	11	7	
Mean		3.69	---	2.18	0.87	3.04	4.56		4.24	2.17	1.18	5.29	
SD		8.62	---	9.68	1.81	5.13	13.22		9.79	9.68	2.44	7.67	
SE		1.44	---	1.44	0.64	1.42	3.30		1.65	1.22	0.74	2.90	
													
Technology spending	
													
N		47	4	52	13	18	31		51	85	18	8	
Mean		4.30	15.99	9.95	6.54	7.92	11.08		11.57	7.71	0.81	11.00	
SD		15.04	33.78	20.15	15.83	15.36	14.13		20.09	16.01	16.34	11.16	
SE		2.19	16.89	2.79	4.39	3.62	2.54		2.81	1.74	3.85	3.95	
		f					a		c		a		
													
Capital spending	
													
N		47	4	56	18	16	30		52	86	19	11	
Mean		10.54	-1.25	12.95	10.86	11.88	15.14		14.97	12.76	2.00	12.46	
SD		26.12	13.00	28.16	33.62	27.49	27.47		31.07	27.38	17.39	28.21	
SE		3.81	6.50	3.76	7.92	6.87	5.02		4.31	2.95	3.99	8.51	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

53

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Earnings	
														
N		187		23	6	54	8	6	6	28	24	7	12	
Mean		28.66		36.12	59.78	25.26	-3.13	57.17	41.45	17.99	39.00	21.43	35.97	
SD		40.36		43.75	54.78	27.29	31.84	47.44	60.07	33.23	50.02	35.06	60.62	
SE		2.95		9.12	22.36	3.71	11.26	19.37	24.52	6.28	10.21	13.25	17.50	
				d	cdg	bDe	abCeh	cdg		be	d			
														
Revenues	
														
N		188		25	7	57	8	6	6	22	25	7	12	
Mean		13.10		13.20	15.43	11.50	14.88	19.99	23.83	8.82	15.52	16.64	10.43	
SD		12.51		11.54	8.64	7.99	12.96	22.55	10.40	13.42	14.67	14.99	15.58	
SE		0.91		2.31	3.26	1.06	4.58	9.21	4.25	2.86	2.93	5.67	4.50	
				f		F			aCg	f				
														
Number of outsourced/temporary employees	
														
N		150		19	5	49	3	5	3	22	19	6	7	
Mean		3.38		2.53	0.00	3.57	0.67	8.00	24.92	2.14	0.84	0.00	7.82	
SD		8.56		5.82	0.00	7.46	1.15	10.95	22.81	3.96	3.44	0.00	16.71	
SE		0.70		1.33	0.00	1.07	0.67	4.90	13.17	0.84	0.79	0.00	6.32	
				F		F		gh	ACGH	eF	eF			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

54

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Earnings	
												
N		27	44	60	17	19	10		27	26	114	
Mean		37.83	26.03	31.12	27.41	26.93	17.00		15.15	33.86	31.48	
SD		49.66	36.71	43.03	30.47	40.51	45.23		30.51	42.78	43.15	
SE		9.56	5.53	5.56	7.39	9.29	14.30		5.87	8.39	4.04	
												
Revenues	
												
N		26	47	60	16	21	8		26	25	116	
Mean		15.30	15.08	12.42	18.75	7.05	7.13		8.46	14.72	13.61	
SD		12.08	12.87	12.72	14.35	7.65	8.56		9.21	11.83	12.57	
SE		2.37	1.88	1.64	3.59	1.67	3.03		1.81	2.37	1.17	
		E	E		Ef	ABD	d		b	a		
												
Number of outsourced/temporary employees	
												
N		19	38	45	13	18	8		24	22	86	
Mean		2.37	4.55	3.68	0.54	2.83	3.25		2.08	7.31	2.54	
SD		5.62	10.96	8.50	1.45	5.39	4.50		3.51	13.72	6.94	
SE		1.29	1.78	1.27	0.40	1.27	1.59		0.72	2.93	0.75	
										c	b	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

55

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Earnings	
									
N		18	55	16	23	12	15	11	
Mean		44.37	25.82	34.73	24.61	22.33	36.45	23.64	
SD		46.56	43.76	41.66	26.16	45.21	47.05	29.50	
SE		10.98	5.90	10.41	5.46	13.05	12.15	8.90	
									
Revenues	
									
N		18	55	16	23	12	16	12	
Mean		16.28	11.93	12.75	12.65	16.83	10.62	11.00	
SD		10.06	10.94	12.83	10.61	16.26	13.51	14.20	
SE		2.37	1.47	3.21	2.21	4.69	3.38	4.10	
									
Number of outsourced/temporary employees	
									
N		10	49	12	16	10	12	13	
Mean		3.50	4.58	3.17	2.63	0.00	3.75	2.85	
SD		7.47	10.85	7.44	6.02	0.00	5.97	4.32	
SE		2.36	1.55	2.15	1.51	0.00	1.72	1.20	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

56

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Earnings	
													
N		48	4	56	19	19	32		60	87	18	11	
Mean		29.59	70.93	32.02	18.53	25.32	27.07		28.26	24.72	58.52	22.91	
SD		43.30	68.20	40.72	22.13	35.49	45.39		43.22	37.57	51.21	21.26	
SE		6.25	34.10	5.44	5.08	8.14	8.02		5.58	4.03	12.07	6.41	
			D		B				c	C	aBd	c	
													
Revenues	
													
N		47	4	57	19	20	32		58	91	18	10	
Mean		12.59	23.99	11.47	10.26	15.23	16.57		12.84	11.89	19.22	17.40	
SD		11.56	16.97	10.46	10.60	16.36	13.88		14.01	10.68	13.99	13.76	
SE		1.69	8.49	1.39	2.43	3.66	2.45		1.84	1.12	3.30	4.35	
			cd	b	b					c	b		
													
Number of outsourced/temporary employees	
													
N		40	2	50	13	14	23		45	75	12	8	
Mean		4.62	0.00	1.94	2.38	2.86	4.99		1.38	3.04	11.31	5.25	
SD		8.89	0.00	6.09	5.97	6.42	11.54		4.18	7.53	15.72	7.40	
SE		1.41	0.00	0.86	1.65	1.72	2.41		0.62	0.87	4.54	2.62	
									Cd	C	AB	a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

57

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
R&D spending	
														
N		125		9	3	51	4	5	7	9	15	6	6	
Mean		4.84		1.67	0.00	6.14	0.00	0.40	16.51	4.11	3.73	7.17	5.83	
SD		10.76		3.32	0.00	9.05	14.14	0.89	21.07	9.85	5.38	7.49	12.01	
SE		0.96		1.11	0.00	1.27	7.07	0.40	7.96	3.28	1.39	3.06	4.90	
						f			ch		f			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

58

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
R&D spending	
												
N		17	33	36	13	14	5		20	19	73	
Mean		5.82	7.59	3.14	4.46	4.93	6.40		4.50	6.16	5.24	
SD		6.41	11.90	10.65	8.29	5.98	8.65		5.43	9.11	11.02	
SE		1.55	2.07	1.78	2.30	1.60	3.87		1.22	2.09	1.29	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

59

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
R&D spending	
									
N		9	39	10	16	6	12	8	
Mean		6.89	5.89	2.10	3.94	3.00	4.25	3.13	
SD		5.33	11.22	8.86	7.65	4.00	4.31	6.92	
SE		1.78	1.80	2.80	1.91	1.63	1.24	2.45	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

60

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
R&D spending	
													
N		34	2	38	11	9	24		25	69	15	8	
Mean		5.29	10.00	6.09	-1.64	3.11	7.50		0.76	6.11	7.27	7.75	
SD		7.18	0.00	13.30	7.23	6.58	7.34		4.94	10.93	8.23	10.44	
SE		1.23	0.00	2.16	2.18	2.19	1.50		0.99	1.32	2.13	3.69	
		D			AF		D		bCd	a	A	a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

61

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Prices of your products

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		122		20	6	31	5	3	3	15	18	5	7	
		67.8%		80.0%	85.7%	55.4%	71.4%	60.0%	42.9%	75.0%	72.0%	71.4%	77.8%	
				c		a								
														
Zero		41		4	1	21	1	0	2	3	6	1	1	
		22.8%		16.0%	14.3%	37.5%	14.3%	0.0%	28.6%	15.0%	24.0%	14.3%	11.1%	
														
Negative		17		1	0	4	1	2	2	2	1	1	1	
		9.4%		4.0%	0.0%	7.1%	14.3%	40.0%	28.6%	10.0%	4.0%	14.3%	11.1%	
				e		e		ach			e			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

62

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Prices of your products

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		15	26	42	14	15	4		17	17	79	
		62.5%	59.1%	73.7%	87.5%	65.2%	57.1%		63.0%	68.0%	72.5%	
			d		b							
												
Zero		8	14	11	1	4	2		6	5	22	
		33.3%	31.8%	19.3%	6.3%	17.4%	28.6%		22.2%	20.0%	20.2%	
			d		b							
												
Negative		1	4	4	1	4	1		4	3	8	
		4.2%	9.1%	7.0%	6.3%	17.4%	14.3%		14.8%	12.0%	7.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

63

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Prices of your products

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		13	32	7	17	11	11	10	
		81.3%	62.7%	46.7%	73.9%	91.7%	68.8%	76.9%	
				e		c			
									
Zero		2	15	8	3	1	2	2	
		12.5%	29.4%	53.3%	13.0%	8.3%	12.5%	15.4%	
		c		adefg	c	c	c	c	
									
Negative		1	4	0	3	0	3	1	
		6.3%	7.8%	0.0%	13.0%	0.0%	18.8%	7.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

64

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Prices of your products

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		25	4	39	15	12	22		42	61	9	3	
		56.8%	100.0%	68.4%	83.3%	70.6%	68.8%		82.4%	66.3%	50.0%	33.3%	
									bCD	a	A	A	
													
Zero		14	0	15	3	3	5		7	24	6	3	
		31.8%	0.0%	26.3%	16.7%	17.6%	15.6%		13.7%	26.1%	33.3%	33.3%	
													
Negative		5	0	3	0	2	5		2	7	3	3	
		11.4%	0.0%	5.3%	0.0%	11.8%	15.6%		3.9%	7.6%	16.7%	33.3%	
									D	d		Ab	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

65

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Productivity (output per hour worked)

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		161		23	8	51	7	5	4	17	22	6	6	
		91.5%		100.0%	100.0%	92.7%	100.0%	100.0%	66.7%	85.0%	88.0%	85.7%	85.7%	
				F		f			Ac					
														
Zero		13		0	0	4	0	0	1	3	2	1	1	
		7.4%		0.0%	0.0%	7.3%	0.0%	0.0%	16.7%	15.0%	8.0%	14.3%	14.3%	
														
Negative		2		0	0	0	0	0	1	0	1	0	0	
		1.1%		0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	4.0%	0.0%	0.0%	
						F			C					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

66

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Productivity (output per hour worked)

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		22	35	51	14	22	7		26	22	94	
		91.7%	85.4%	92.7%	82.4%	100.0%	100.0%		96.3%	91.7%	89.5%	
					e	d						
												
Zero		2	6	3	2	0	0		1	2	9	
		8.3%	14.6%	5.5%	11.8%	0.0%	0.0%		3.7%	8.3%	8.6%	
												
Negative		0	0	1	1	0	0		0	0	2	
		0.0%	0.0%	1.8%	5.9%	0.0%	0.0%		0.0%	0.0%	1.9%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

67

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Productivity (output per hour worked)

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		13	49	12	21	10	15	12	
		92.9%	94.2%	80.0%	95.5%	83.3%	100.0%	92.3%	
									
Zero		1	3	3	0	2	0	1	
		7.1%	5.8%	20.0%	0.0%	16.7%	0.0%	7.7%	
				d	c				
									
Negative		0	0	0	1	0	0	0	
		0.0%	0.0%	0.0%	4.5%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

68

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Productivity (output per hour worked)

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		41	5	52	11	18	25		47	78	16	9	
		91.1%	100.0%	94.5%	78.6%	100.0%	83.3%		90.4%	89.7%	94.1%	100.0%	
					e	d							
													
Zero		4	0	3	2	0	4		4	8	1	0	
		8.9%	0.0%	5.5%	14.3%	0.0%	13.3%		7.7%	9.2%	5.9%	0.0%	
													
Negative		0	0	0	1	0	1		1	1	0	0	
		0.0%	0.0%	0.0%	7.1%	0.0%	3.3%		1.9%	1.1%	0.0%	0.0%	
				d	c								

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

69

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Overtime

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		78		13	4	30	2	0	1	4	11	2	5	
		47.9%		59.1%	57.1%	56.6%	33.3%	0.0%	33.3%	22.2%	47.8%	33.3%	62.5%	
				eg		eg		acj		ac			e	
														
Zero		71		8	3	18	2	5	1	12	11	3	2	
		43.6%		36.4%	42.9%	34.0%	33.3%	100.0%	33.3%	66.7%	47.8%	50.0%	25.0%	
				e		Eg	e	aCdhj		c	e		e	
														
Negative		14		1	0	5	2	0	1	2	1	1	1	
		8.6%		4.5%	0.0%	9.4%	33.3%	0.0%	33.3%	11.1%	4.3%	16.7%	12.5%	
							h				d			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

70

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Overtime

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		8	21	22	7	11	3		11	14	39	
		40.0%	53.8%	41.5%	43.8%	57.9%	50.0%		47.8%	63.6%	39.8%	
										c	b	
												
Zero		10	16	24	7	7	3		11	7	47	
		50.0%	41.0%	45.3%	43.8%	36.8%	50.0%		47.8%	31.8%	48.0%	
												
Negative		2	2	7	2	1	0		1	1	12	
		10.0%	5.1%	13.2%	12.5%	5.3%	0.0%		4.3%	4.5%	12.2%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

71

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Overtime

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		6	24	6	8	6	10	4	
		46.2%	50.0%	40.0%	40.0%	50.0%	76.9%	33.3%	
					f		dg	f	
									
Zero		6	19	6	10	5	3	7	
		46.2%	39.6%	40.0%	50.0%	41.7%	23.1%	58.3%	
									
Negative		1	5	3	2	1	0	1	
		7.7%	10.4%	20.0%	10.0%	8.3%	0.0%	8.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

72

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Overtime

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		19	4	25	5	6	14		19	42	7	4	
		46.3%	100.0%	47.2%	35.7%	40.0%	50.0%		38.0%	52.5%	53.8%	44.4%	
		b	acde	b	b	b							
													
Zero		18	0	21	7	9	13		27	31	5	3	
		43.9%	0.0%	39.6%	50.0%	60.0%	46.4%		54.0%	38.8%	38.5%	33.3%	
			e			b							
													
Negative		4	0	7	2	0	1		4	7	1	2	
		9.8%	0.0%	13.2%	14.3%	0.0%	3.6%		8.0%	8.8%	7.7%	22.2%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

73

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		94		17	1	20	2	2	7	14	13	5	6	
		55.6%		73.9%	16.7%	40.8%	33.3%	40.0%	100.0%	66.7%	56.5%	71.4%	66.7%	
				bc	afg	aF	f	f	bCdeh	b	f			
														
Zero		62		6	5	24	2	2	0	6	8	1	3	
		36.7%		26.1%	83.3%	49.0%	33.3%	40.0%	0.0%	28.6%	34.8%	14.3%	33.3%	
				b	afghi	f			bc	b	b	b		
														
Negative		13		0	0	5	2	1	0	1	2	1	0	
		7.7%		0.0%	0.0%	10.2%	33.3%	20.0%	0.0%	4.8%	8.7%	14.3%	0.0%	
				De			A	a						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

74

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		16	26	26	8	10	3		13	14	54	
		66.7%	59.1%	49.1%	61.5%	55.6%	42.9%		52.0%	56.0%	54.5%	
												
Zero		6	14	23	3	8	4		10	9	39	
		25.0%	31.8%	43.4%	23.1%	44.4%	57.1%		40.0%	36.0%	39.4%	
												
Negative		2	4	4	2	0	0		2	2	6	
		8.3%	9.1%	7.5%	15.4%	0.0%	0.0%		8.0%	8.0%	6.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

75

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		12	27	7	10	5	8	6	
		75.0%	52.9%	46.7%	50.0%	50.0%	61.5%	50.0%	
									
Zero		4	19	8	10	4	4	5	
		25.0%	37.3%	53.3%	50.0%	40.0%	30.8%	41.7%	
									
Negative		0	5	0	0	1	1	1	
		0.0%	9.8%	0.0%	0.0%	10.0%	7.7%	8.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

76

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		25	4	25	8	10	17		30	43	11	5	
		59.5%	100.0%	45.5%	61.5%	62.5%	56.7%		58.8%	51.8%	68.8%	62.5%	
			c	b									
													
Zero		15	0	23	4	5	12		16	35	3	3	
		35.7%	0.0%	41.8%	30.8%	31.3%	40.0%		31.4%	42.2%	18.8%	37.5%	
													
Negative		2	0	7	1	1	1		5	5	2	0	
		4.8%	0.0%	12.7%	7.7%	6.3%	3.3%		9.8%	6.0%	12.5%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

77

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		191		25	8	54	8	4	7	28	24	6	15	
		95.5%		96.2%	100.0%	96.4%	100.0%	66.7%	100.0%	96.6%	96.0%	85.7%	100.0%	
				e		E		aCghj		e	e		e	
														
Zero		5		1	0	0	0	1	0	1	1	0	0	
		2.5%		3.8%	0.0%	0.0%	0.0%	16.7%	0.0%	3.4%	4.0%	0.0%	0.0%	
						E		C						
														
Negative		4		0	0	2	0	1	0	0	0	1	0	
		2.0%		0.0%	0.0%	3.6%	0.0%	16.7%	0.0%	0.0%	0.0%	14.3%	0.0%	
				e				agh		ei	e	g		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

78

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		30	43	60	18	20	9		29	24	117	
		100.0%	91.5%	96.8%	100.0%	90.9%	100.0%		100.0%	96.0%	95.1%	
												
Zero		0	1	1	0	2	0		0	1	3	
		0.0%	2.1%	1.6%	0.0%	9.1%	0.0%		0.0%	4.0%	2.4%	
												
Negative		0	3	1	0	0	0		0	0	3	
		0.0%	6.4%	1.6%	0.0%	0.0%	0.0%		0.0%	0.0%	2.4%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

79

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		21	58	15	21	14	15	13	
		100.0%	98.3%	93.8%	87.5%	100.0%	93.8%	100.0%	
			d		b				
									
Zero		0	0	0	3	0	0	0	
		0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	0.0%	
			D		B				
									
Negative		0	1	1	0	0	1	0	
		0.0%	1.7%	6.3%	0.0%	0.0%	6.3%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

80

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		49	5	58	19	19	33		61	90	18	11	
		96.1%	100.0%	95.1%	95.0%	90.5%	100.0%		92.4%	97.8%	94.7%	100.0%	
													
Zero		1	0	1	1	1	0		4	0	0	0	
		2.0%	0.0%	1.6%	5.0%	4.8%	0.0%		6.1%	0.0%	0.0%	0.0%	
									b	a			
													
Negative		1	0	2	0	1	0		1	2	1	0	
		2.0%	0.0%	3.3%	0.0%	4.8%	0.0%		1.5%	2.2%	5.3%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

81

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		63		16	1	33	0	1	2	2	0	1	2	
		46.3%		76.2%	16.7%	62.3%	0.0%	33.3%	50.0%	18.2%	0.0%	20.0%	40.0%	
				bDGHi	ac	bDGH	AC		h	AC	ACfj	a	h	
														
Zero		39		2	1	5	3	2	0	8	9	4	0	
		28.7%		9.5%	16.7%	9.4%	60.0%	66.7%	0.0%	72.7%	75.0%	80.0%	0.0%	
				deGHI	gh	DEGHI	aC	aC	ghi	AbCfj	AbCfj	ACfj	ghi	
														
Negative		34		3	4	15	2	0	2	1	3	0	3	
		25.0%		14.3%	66.7%	28.3%	40.0%	0.0%	50.0%	9.1%	25.0%	0.0%	60.0%	
				bj	agi					bj		b	ag	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

82

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		5	18	22	5	8	2		8	10	40	
		33.3%	52.9%	53.7%	35.7%	47.1%	28.6%		38.1%	58.8%	47.1%	
												
Zero		5	8	10	5	2	4		7	2	23	
		33.3%	23.5%	24.4%	35.7%	11.8%	57.1%		33.3%	11.8%	27.1%	
						f	e					
												
Negative		5	8	9	4	7	1		6	5	22	
		33.3%	23.5%	22.0%	28.6%	41.2%	14.3%		28.6%	29.4%	25.9%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

83

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		5	21	7	11	0	5	4	
		50.0%	51.2%	53.8%	61.1%	0.0%	41.7%	40.0%	
			e	e	e	bcd			
									
Zero		2	11	4	2	3	2	5	
		20.0%	26.8%	30.8%	11.1%	50.0%	16.7%	50.0%	
					g			d	
									
Negative		3	9	2	5	3	5	1	
		30.0%	22.0%	15.4%	27.8%	50.0%	41.7%	10.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

84

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		18	2	19	6	2	13		8	39	9	4	
		54.5%	100.0%	39.6%	46.2%	28.6%	52.0%		23.5%	55.7%	64.3%	44.4%	
									Bc	A	a		
													
Zero		9	0	12	5	3	5		14	16	3	1	
		27.3%	0.0%	25.0%	38.5%	42.9%	20.0%		41.2%	22.9%	21.4%	11.1%	
													
Negative		6	0	17	2	2	7		12	15	2	4	
		18.2%	0.0%	35.4%	15.4%	28.6%	28.0%		35.3%	21.4%	14.3%	44.4%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

85

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		144		21	6	34	7	5	6	18	22	7	10	
		73.8%		87.5%	85.7%	61.8%	77.8%	83.3%	85.7%	62.1%	88.0%	100.0%	76.9%	
				cg		ahi				ah	cg	c		
														
Zero		38		3	1	17	1	1	0	7	2	0	2	
		19.5%		12.5%	14.3%	30.9%	11.1%	16.7%	0.0%	24.1%	8.0%	0.0%	15.4%	
						h					c			
														
Negative		13		0	0	4	1	0	1	4	1	0	1	
		6.7%		0.0%	0.0%	7.3%	11.1%	0.0%	14.3%	13.8%	4.0%	0.0%	7.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

86

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		21	38	46	13	13	6		19	19	87	
		72.4%	84.4%	75.4%	81.3%	61.9%	54.5%		65.5%	76.0%	73.7%	
			ef			b	b					
												
Zero		6	6	11	3	5	4		5	4	26	
		20.7%	13.3%	18.0%	18.8%	23.8%	36.4%		17.2%	16.0%	22.0%	
												
Negative		2	1	4	0	3	1		5	2	5	
		6.9%	2.2%	6.6%	0.0%	14.3%	9.1%		17.2%	8.0%	4.2%	
									c		a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

87

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		18	43	9	18	10	10	8	
		90.0%	74.1%	60.0%	78.3%	76.9%	62.5%	61.5%	
		c		a					
									
Zero		2	11	5	4	3	4	3	
		10.0%	19.0%	33.3%	17.4%	23.1%	25.0%	23.1%	
									
Negative		0	4	1	1	0	2	2	
		0.0%	6.9%	6.7%	4.3%	0.0%	12.5%	15.4%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

88

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		35	4	43	15	15	27		49	66	16	7	
		71.4%	100.0%	72.9%	75.0%	68.2%	84.4%		75.4%	75.0%	84.2%	63.6%	
													
Zero		11	0	10	4	5	5		13	19	1	1	
		22.4%	0.0%	16.9%	20.0%	22.7%	15.6%		20.0%	21.6%	5.3%	9.1%	
													
Negative		3	0	6	1	2	0		3	3	2	3	
		6.1%	0.0%	10.2%	5.0%	9.1%	0.0%		4.6%	3.4%	10.5%	27.3%	
									d	D		aB	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

89

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		198		26	8	56	9	6	7	29	23	7	15	
		98.0%		100.0%	100.0%	100.0%	100.0%	100.0%	87.5%	100.0%	92.0%	100.0%	100.0%	
						Fh			C		c			
														
Zero		4		0	0	0	0	0	1	0	2	0	0	
		2.0%		0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	8.0%	0.0%	0.0%	
						Fh			C		c			
														
Negative		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

90

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		27	47	63	18	22	10		31	26	121	
		93.1%	97.9%	100.0%	100.0%	100.0%	100.0%		100.0%	100.0%	99.2%	
		c		a								
												
Zero		2	1	0	0	0	0		0	0	1	
		6.9%	2.1%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.8%	
		c		a								
												
Negative		0	0	0	0	0	0		0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

91

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		20	58	16	25	14	16	14	
		95.2%	98.3%	100.0%	100.0%	100.0%	100.0%	100.0%	
									
Zero		1	1	0	0	0	0	0	
		4.8%	1.7%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
Negative		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

92

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		51	5	61	20	19	34		66	93	18	10	
		100.0%	100.0%	100.0%	100.0%	86.4%	100.0%		98.5%	98.9%	94.7%	100.0%	
		E		E		ACf	e						
													
Zero		0	0	0	0	3	0		1	1	1	0	
		0.0%	0.0%	0.0%	0.0%	13.6%	0.0%		1.5%	1.1%	5.3%	0.0%	
		E		E		ACf	e						
													
Negative		0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

93

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: M&A activity

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		54		6	3	12	0	3	2	9	11	1	2	
		41.2%		42.9%	60.0%	27.3%	0.0%	60.0%	100.0%	47.4%	64.7%	20.0%	40.0%	
						fH	h		c		Cd			
														
Zero		76		8	2	31	4	2	0	10	6	4	3	
		58.0%		57.1%	40.0%	70.5%	100.0%	40.0%	0.0%	52.6%	35.3%	80.0%	60.0%	
						fh	h		c		cd			
														
Negative		1		0	0	1	0	0	0	0	0	0	0	
		0.8%		0.0%	0.0%	2.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

94

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: M&A activity

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		4	10	19	6	8	2		8	12	27	
		28.6%	31.3%	50.0%	40.0%	47.1%	33.3%		34.8%	57.1%	37.0%	
												
Zero		10	22	18	9	9	4		15	9	45	
		71.4%	68.8%	47.4%	60.0%	52.9%	66.7%		65.2%	42.9%	61.6%	
												
Negative		0	0	1	0	0	0		0	0	1	
		0.0%	0.0%	2.6%	0.0%	0.0%	0.0%		0.0%	0.0%	1.4%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

95

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: M&A activity

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		5	12	3	5	4	8	4	
		50.0%	31.6%	30.0%	31.3%	50.0%	66.7%	36.4%	
			f				b		
									
Zero		5	26	7	10	4	4	7	
		50.0%	68.4%	70.0%	62.5%	50.0%	33.3%	63.6%	
			f				b		
									
Negative		0	0	0	1	0	0	0	
		0.0%	0.0%	0.0%	6.3%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

96

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: M&A activity

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		18	1	15	5	3	8		15	27	6	1	
		50.0%	100.0%	34.1%	50.0%	23.1%	40.0%		39.5%	42.2%	46.2%	14.3%	
													
Zero		18	0	28	5	10	12		23	36	7	6	
		50.0%	0.0%	63.6%	50.0%	76.9%	60.0%		60.5%	56.3%	53.8%	85.7%	
													
Negative		0	0	1	0	0	0		0	1	0	0	
		0.0%	0.0%	2.3%	0.0%	0.0%	0.0%		0.0%	1.6%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

97

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		32		6	2	7	3	0	0	8	2	1	2	
		25.6%		37.5%	33.3%	17.5%	75.0%	0.0%	0.0%	47.1%	13.3%	20.0%	33.3%	
						dg	ceh	d		ch	dg			
														
Zero		90		9	4	33	1	5	1	8	12	4	4	
		72.0%		56.3%	66.7%	82.5%	25.0%	100.0%	100.0%	47.1%	80.0%	80.0%	66.7%	
				c		adG	ce	dg		Ce				
														
Negative		3		1	0	0	0	0	0	1	1	0	0	
		2.4%		6.3%	0.0%	0.0%	0.0%	0.0%	0.0%	5.9%	6.7%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

98

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		0	8	11	5	4	3		12	4	13	
		0.0%	26.7%	27.5%	41.7%	25.0%	50.0%		50.0%	22.2%	18.8%	
		bcdf	a	a	a		a		C		A	
												
Zero		13	21	28	7	11	3		11	14	54	
		100.0%	70.0%	70.0%	58.3%	68.8%	50.0%		45.8%	77.8%	78.3%	
		bcdef	a	a	a	a	a		bC	a	A	
												
Negative		0	1	1	0	1	0		1	0	2	
		0.0%	3.3%	2.5%	0.0%	6.3%	0.0%		4.2%	0.0%	2.9%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

99

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		1	5	5	6	1	4	6	
		14.3%	13.5%	41.7%	37.5%	16.7%	30.8%	54.5%	
			cG	b				B	
									
Zero		6	30	7	10	5	8	5	
		85.7%	81.1%	58.3%	62.5%	83.3%	61.5%	45.5%	
			g					b	
									
Negative		0	2	0	0	0	1	0	
		0.0%	5.4%	0.0%	0.0%	0.0%	7.7%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

100

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		13	0	8	2	5	4		13	12	3	3	
		36.1%	0.0%	17.8%	25.0%	38.5%	25.0%		37.1%	19.0%	27.3%	42.9%	
													
Zero		22	0	35	6	8	12		22	48	8	4	
		61.1%	0.0%	77.8%	75.0%	61.5%	75.0%		62.9%	76.2%	72.7%	57.1%	
													
Negative		1	0	2	0	0	0		0	3	0	0	
		2.8%	0.0%	4.4%	0.0%	0.0%	0.0%		0.0%	4.8%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

101

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		129		18	5	33	3	4	4	15	21	6	9	
		74.1%		85.7%	83.3%	63.5%	75.0%	80.0%	66.7%	68.2%	84.0%	85.7%	69.2%	
														
Zero		30		2	1	17	0	0	1	3	3	1	1	
		17.2%		9.5%	16.7%	32.7%	0.0%	0.0%	16.7%	13.6%	12.0%	14.3%	7.7%	
				c		a								
														
Negative		15		1	0	2	1	1	1	4	1	0	3	
		8.6%		4.8%	0.0%	3.8%	25.0%	20.0%	16.7%	18.2%	4.0%	0.0%	23.1%	
						gj				c			c	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

102

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		21	34	36	11	15	3		19	18	74	
		80.8%	79.1%	67.9%	78.6%	78.9%	37.5%		76.0%	72.0%	73.3%	
		f	f			f	abe					
												
Zero		3	7	10	3	3	4		4	5	19	
		11.5%	16.3%	18.9%	21.4%	15.8%	50.0%		16.0%	20.0%	18.8%	
		f	f				ab					
												
Negative		2	2	7	0	1	1		2	2	8	
		7.7%	4.7%	13.2%	0.0%	5.3%	12.5%		8.0%	8.0%	7.9%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

103

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		15	41	6	16	9	11	7	
		88.2%	80.4%	40.0%	72.7%	90.0%	68.8%	63.6%	
		C	C	ABe		c			
									
Zero		1	7	7	4	0	2	4	
		5.9%	13.7%	46.7%	18.2%	0.0%	12.5%	36.4%	
		cg	C	aBef		cg	c	ae	
									
Negative		1	3	2	2	1	3	0	
		5.9%	5.9%	13.3%	9.1%	10.0%	18.8%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

104

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		32	2	39	8	15	25		40	64	10	6	
		68.1%	50.0%	75.0%	61.5%	83.3%	80.6%		78.4%	75.3%	55.6%	75.0%	
													
Zero		10	1	9	3	1	6		6	16	5	2	
		21.3%	25.0%	17.3%	23.1%	5.6%	19.4%		11.8%	18.8%	27.8%	25.0%	
													
Negative		5	1	4	2	2	0		5	5	3	0	
		10.6%	25.0%	7.7%	15.4%	11.1%	0.0%		9.8%	5.9%	16.7%	0.0%	
			F		f		Bd						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

105

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		124		21	4	33	4	4	5	10	19	6	8	
		69.3%		84.0%	57.1%	62.3%	57.1%	66.7%	71.4%	52.6%	76.0%	85.7%	72.7%	
				g						a				
														
Zero		35		3	2	14	0	0	0	8	4	1	2	
		19.6%		12.0%	28.6%	26.4%	0.0%	0.0%	0.0%	42.1%	16.0%	14.3%	18.2%	
				g						a				
														
Negative		20		1	1	6	3	2	2	1	2	0	1	
		11.2%		4.0%	14.3%	11.3%	42.9%	33.3%	28.6%	5.3%	8.0%	0.0%	9.1%	
				de		d	acgh	a		d	d			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

106

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		20	32	32	13	15	4		16	16	75	
		71.4%	74.4%	58.2%	81.3%	75.0%	57.1%		64.0%	64.0%	70.1%	
												
Zero		5	6	16	2	3	1		6	6	19	
		17.9%	14.0%	29.1%	12.5%	15.0%	14.3%		24.0%	24.0%	17.8%	
												
Negative		3	5	7	1	2	2		3	3	13	
		10.7%	11.6%	12.7%	6.3%	10.0%	28.6%		12.0%	12.0%	12.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

107

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		10	36	7	16	11	10	8	
		62.5%	72.0%	46.7%	69.6%	84.6%	62.5%	72.7%	
				e		c			
									
Zero		5	6	8	4	1	3	3	
		31.3%	12.0%	53.3%	17.4%	7.7%	18.8%	27.3%	
			C	Bde	c	c			
									
Negative		1	8	0	3	1	3	0	
		6.3%	16.0%	0.0%	13.0%	7.7%	18.8%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

108

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		33	3	37	11	10	23		35	63	12	6	
		70.2%	75.0%	66.1%	61.1%	62.5%	76.7%		67.3%	73.3%	63.2%	54.5%	
													
Zero		10	0	12	4	4	4		11	14	4	3	
		21.3%	0.0%	21.4%	22.2%	25.0%	13.3%		21.2%	16.3%	21.1%	27.3%	
													
Negative		4	1	7	3	2	3		6	9	3	2	
		8.5%	25.0%	12.5%	16.7%	12.5%	10.0%		11.5%	10.5%	15.8%	18.2%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

109

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		165		22	6	50	5	6	4	23	23	6	10	
		88.2%		95.7%	100.0%	92.6%	62.5%	100.0%	66.7%	82.1%	95.8%	85.7%	83.3%	
				df		df	ach		ach		df			
														
Zero		12		0	0	3	2	0	1	2	1	1	0	
		6.4%		0.0%	0.0%	5.6%	25.0%	0.0%	16.7%	7.1%	4.2%	14.3%	0.0%	
				d			a							
														
Negative		10		1	0	1	1	0	1	3	0	0	2	
		5.3%		4.3%	0.0%	1.9%	12.5%	0.0%	16.7%	10.7%	0.0%	0.0%	16.7%	
						j					j		ch	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

110

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		24	39	53	15	18	8		23	26	99	
		88.9%	88.6%	88.3%	88.2%	94.7%	80.0%		85.2%	100.0%	86.8%	
									b	a		
												
Zero		2	1	5	2	0	0		1	0	8	
		7.4%	2.3%	8.3%	11.8%	0.0%	0.0%		3.7%	0.0%	7.0%	
												
Negative		1	4	2	0	1	2		3	0	7	
		3.7%	9.1%	3.3%	0.0%	5.3%	20.0%		11.1%	0.0%	6.1%	
				f			c					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

111

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		18	46	14	22	10	14	10	
		100.0%	83.6%	87.5%	95.7%	83.3%	93.3%	90.9%	
									
Zero		0	3	2	1	1	0	0	
		0.0%	5.5%	12.5%	4.3%	8.3%	0.0%	0.0%	
									
Negative		0	6	0	0	1	1	1	
		0.0%	10.9%	0.0%	0.0%	8.3%	6.7%	9.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

112

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		40	4	51	19	17	27		52	77	17	10	
		83.3%	100.0%	91.1%	100.0%	89.5%	84.4%		86.7%	88.5%	94.4%	90.9%	
													
Zero		5	0	2	0	1	2		5	3	1	1	
		10.4%	0.0%	3.6%	0.0%	5.3%	6.3%		8.3%	3.4%	5.6%	9.1%	
													
Negative		3	0	3	0	1	3		3	7	0	0	
		6.3%	0.0%	5.4%	0.0%	5.3%	9.4%		5.0%	8.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

113

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		179		25	7	54	8	6	6	18	25	7	11	
		95.2%		100.0%	100.0%	94.7%	100.0%	100.0%	100.0%	81.8%	100.0%	100.0%	91.7%	
				g						ah	g			
														
Zero		5		0	0	3	0	0	0	2	0	0	0	
		2.7%		0.0%	0.0%	5.3%	0.0%	0.0%	0.0%	9.1%	0.0%	0.0%	0.0%	
														
Negative		4		0	0	0	0	0	0	2	0	0	1	
		2.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	9.1%	0.0%	0.0%	8.3%	
						gj				c			c	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

114

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		26	46	55	16	20	7		24	25	110	
		100.0%	97.9%	91.7%	100.0%	95.2%	87.5%		92.3%	100.0%	94.8%	
												
Zero		0	1	4	0	0	0		0	0	5	
		0.0%	2.1%	6.7%	0.0%	0.0%	0.0%		0.0%	0.0%	4.3%	
												
Negative		0	0	1	0	1	1		2	0	1	
		0.0%	0.0%	1.7%	0.0%	4.8%	12.5%		7.7%	0.0%	0.9%	
			f				b		c		a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

115

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		17	54	13	22	12	15	11	
		94.4%	98.2%	81.3%	95.7%	100.0%	93.8%	91.7%	
			c	b					
									
Zero		1	0	3	1	0	0	0	
		5.6%	0.0%	18.8%	4.3%	0.0%	0.0%	0.0%	
			C	B					
									
Negative		0	1	0	0	0	1	1	
		0.0%	1.8%	0.0%	0.0%	0.0%	6.3%	8.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

116

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		43	4	55	18	19	32		55	86	18	10	
		91.5%	100.0%	96.5%	94.7%	95.0%	100.0%		94.8%	94.5%	100.0%	100.0%	
													
Zero		3	0	1	1	0	0		1	4	0	0	
		6.4%	0.0%	1.8%	5.3%	0.0%	0.0%		1.7%	4.4%	0.0%	0.0%	
													
Negative		1	0	1	0	1	0		2	1	0	0	
		2.1%	0.0%	1.8%	0.0%	5.0%	0.0%		3.4%	1.1%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

117

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of outsourced/temporary employees

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		41		5	0	19	1	2	2	6	2	0	2	
		27.3%		26.3%	0.0%	38.8%	33.3%	40.0%	66.7%	27.3%	10.5%	0.0%	28.6%	
						h			h		cf			
														
Zero		108		14	5	30	2	3	1	16	17	6	5	
		72.0%		73.7%	100.0%	61.2%	66.7%	60.0%	33.3%	72.7%	89.5%	100.0%	71.4%	
						h			h		cf			
														
Negative		1		0	0	0	0	0	0	0	0	0	0	
		0.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

118

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of outsourced/temporary employees

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		4	10	13	2	7	4		8	8	19	
		21.1%	26.3%	28.9%	15.4%	38.9%	50.0%		33.3%	36.4%	22.1%	
												
Zero		15	28	32	11	11	4		16	14	67	
		78.9%	73.7%	71.1%	84.6%	61.1%	50.0%		66.7%	63.6%	77.9%	
												
Negative		0	0	0	0	0	0		0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

119

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of outsourced/temporary employees

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		2	13	4	4	0	7	5	
		20.0%	26.5%	33.3%	25.0%	0.0%	58.3%	38.5%	
			f			Fg	bE	e	
									
Zero		8	36	8	12	10	5	8	
		80.0%	73.5%	66.7%	75.0%	100.0%	41.7%	61.5%	
			f			Fg	bE	e	
									
Negative		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

120

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of outsourced/temporary employees

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		16	0	13	3	3	5		6	22	8	4	
		40.0%	0.0%	26.0%	23.1%	21.4%	21.7%		13.3%	29.3%	66.7%	50.0%	
									bCd	ac	Ab	a	
													
Zero		24	2	37	10	11	18		39	53	4	4	
		60.0%	100.0%	74.0%	76.9%	78.6%	78.3%		86.7%	70.7%	33.3%	50.0%	
									bCd	ac	Ab	a	
													
Negative		0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

121

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Positive		69		3	0	33	2	1	6	3	9	4	3	
		55.2%		33.3%	0.0%	64.7%	50.0%	20.0%	85.7%	33.3%	60.0%	66.7%	50.0%	
					cf	b		f	be					
														
Zero		52		6	3	17	1	4	1	6	6	2	2	
		41.6%		66.7%	100.0%	33.3%	25.0%	80.0%	14.3%	66.7%	40.0%	33.3%	33.3%	
					cf	be		cf	be					
														
Negative		4		0	0	1	1	0	0	0	0	0	1	
		3.2%		0.0%	0.0%	2.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	
						d	c							

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

122

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Positive		12	21	14	6	9	3		12	12	37	
		70.6%	63.6%	38.9%	46.2%	64.3%	60.0%		60.0%	63.2%	50.7%	
		c	c	ab								
												
Zero		5	12	19	7	5	2		8	6	34	
		29.4%	36.4%	52.8%	53.8%	35.7%	40.0%		40.0%	31.6%	46.6%	
												
Negative		0	0	3	0	0	0		0	1	2	
		0.0%	0.0%	8.3%	0.0%	0.0%	0.0%		0.0%	5.3%	2.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

123

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Positive		7	19	5	7	3	8	3	
		77.8%	48.7%	50.0%	43.8%	50.0%	66.7%	37.5%	
									
Zero		2	20	3	9	3	4	5	
		22.2%	51.3%	30.0%	56.3%	50.0%	33.3%	62.5%	
									
Negative		0	0	2	0	0	0	0	
		0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	
			C	B					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

124

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Positive		19	2	19	4	3	18		9	41	9	5	
		55.9%	100.0%	50.0%	36.4%	33.3%	75.0%		36.0%	59.4%	60.0%	62.5%	
					f	f	de		b	a			
													
Zero		15	0	18	5	6	6		15	27	6	2	
		44.1%	0.0%	47.4%	45.5%	66.7%	25.0%		60.0%	39.1%	40.0%	25.0%	
						f	e						
													
Negative		0	0	1	2	0	0		1	1	0	1	
		0.0%	0.0%	2.6%	18.2%	0.0%	0.0%		4.0%	1.4%	0.0%	12.5%	
		d			af		d						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

125

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5b. What do you expect to be your company's PERCENTAGE CHANGE in revenues during the next 12 months?

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		226		31	8	62	11	6	10	32	26	7	16	
Percent		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Pessimistic Scenario: There is a 1-in-10 chance the actual change in revenues will be less than: ______%	
														
N		197		28	8	54	8	6	9	29	23	4	15	
Mean		3.94		3.86	2.50	2.65	0.63	16.17	7.56	3.10	2.48	5.75	0.20	
SD		14.47		11.94	5.45	8.65	8.21	23.25	10.73	19.51	10.69	2.99	17.62	
SE		1.03		2.26	1.93	1.18	2.90	9.49	3.58	3.62	2.23	1.49	4.55	
						E		Ch			e			
														
Best Guess: I expect the actual change in revenues to be _____%	
														
N		205		28	8	57	8	6	9	29	25	7	15	
Mean		14.32		14.14	14.13	11.78	14.75	26.17	32.00	11.59	16.64	23.93	9.03	
SD		18.55		20.93	9.58	9.40	13.06	32.44	27.52	19.78	15.73	33.87	19.45	
SE		1.30		3.95	3.39	1.24	4.62	13.24	9.17	3.67	3.15	12.80	5.02	
				f		eFi		c	aCghj	f	f	c	f	
														
Optimistic Scenario: There is a 1-in-10 chance the actual change in revenues will be greater than _______%	
														
N		197		28	8	54	8	6	9	29	23	4	15	
Mean		22.78		23.79	22.13	18.80	21.00	38.17	43.67	17.86	31.74	18.25	19.13	
SD		22.38		27.15	18.40	12.44	16.66	44.31	26.12	19.41	30.28	8.50	20.88	
SE		1.59		5.13	6.51	1.69	5.89	18.09	8.71	3.61	6.31	4.25	5.39	
						eFH		c	CGj	F	C		f	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

126

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5b. What do you expect to be your company's PERCENTAGE CHANGE in revenues during the next 12 months?

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		34	50	66	18	27	15		35	30	132	
Percent		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Pessimistic Scenario: There is a 1-in-10 chance the actual change in revenues will be less than: ______%	
												
N		31	45	59	16	23	12		29	28	118	
Mean		2.74	5.64	3.64	3.25	-0.13	0.83		-0.55	7.04	3.38	
SD		9.65	9.31	17.20	5.90	15.78	8.24		14.17	12.50	12.97	
SE		1.73	1.39	2.24	1.48	3.29	2.38		2.63	2.36	1.19	
									b	a		
												
Best Guess: I expect the actual change in revenues to be _____%	
												
N		31	48	61	18	24	12		31	28	123	
Mean		18.14	16.88	13.87	21.17	6.38	8.42		7.61	17.00	15.34	
SD		21.88	17.73	18.08	23.20	12.00	7.48		11.72	13.98	19.20	
SE		3.93	2.56	2.32	5.47	2.45	2.16		2.10	2.64	1.73	
		e	e		e	abd			Bc	A	a	
												
Optimistic Scenario: There is a 1-in-10 chance the actual change in revenues will be greater than _______%	
												
N		31	45	59	16	23	12		29	28	118	
Mean		30.39	24.51	24.46	24.81	11.65	13.58		13.00	28.43	24.13	
SD		29.22	20.97	24.76	17.73	11.11	8.26		11.93	23.13	23.13	
SE		5.25	3.13	3.22	4.43	2.32	2.39		2.22	4.37	2.13	
		E	E	e	E	ABcD			Bc	A	a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

127

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5b. What do you expect to be your company's PERCENTAGE CHANGE in revenues during the next 12 months?

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Number		23	65	16	27	14	19	20	
Percent		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Pessimistic Scenario: There is a 1-in-10 chance the actual change in revenues will be less than: ______%	
									
N		21	57	16	24	13	17	15	
Mean		2.48	1.89	4.50	2.75	3.00	5.29	-0.60	
SD		6.60	10.63	14.30	6.46	8.00	20.90	12.91	
SE		1.44	1.41	3.58	1.32	2.22	5.07	3.33	
									
Best Guess: I expect the actual change in revenues to be _____%	
									
N		21	59	16	25	14	17	16	
Mean		19.81	11.87	13.75	13.52	18.36	12.41	11.38	
SD		20.75	12.53	16.06	10.61	26.75	16.35	26.36	
SE		4.53	1.63	4.02	2.12	7.15	3.96	6.59	
		b	a						
									
Optimistic Scenario: There is a 1-in-10 chance the actual change in revenues will be greater than _______%	
									
N		21	57	16	24	13	17	15	
Mean		34.67	20.49	22.37	21.71	27.85	20.35	9.93	
SD		27.55	17.75	20.67	17.37	34.17	20.63	11.04	
SE		6.01	2.35	5.17	3.55	9.48	5.00	2.85	
		BG	Ag	g	g			Abcd	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

128

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5b. What do you expect to be your company's PERCENTAGE CHANGE in revenues during the next 12 months?

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Number		57	5	66	25	23	36		73	101	21	15	
Percent		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Pessimistic Scenario: There is a 1-in-10 chance the actual change in revenues will be less than: ______%	
													
N		49	5	58	20	22	34		65	91	18	11	
Mean		4.10	9.60	0.86	1.15	2.27	7.26		3.55	1.38	9.17	8.09	
SD		14.50	17.13	8.45	7.62	14.79	16.40		14.71	10.04	18.26	11.49	
SE		2.07	7.66	1.11	1.70	3.15	2.81		1.82	1.05	4.30	3.47	
			c	bf			c			cd	b	b	
													
Best Guess: I expect the actual change in revenues to be _____%	
													
N		51	5	62	20	23	35		67	96	19	11	
Mean		13.27	21.40	11.77	16.50	16.69	18.39		16.45	12.02	20.63	18.18	
SD		13.33	22.80	15.27	25.18	24.85	19.70		25.46	11.74	17.06	15.72	
SE		1.87	10.20	1.94	5.63	5.18	3.33		3.11	1.20	3.91	4.74	
										C	B		
													
Optimistic Scenario: There is a 1-in-10 chance the actual change in revenues will be greater than _______%	
													
N		49	5	58	20	22	34		65	91	18	11	
Mean		21.06	30.40	19.78	23.45	23.91	29.91		22.66	21.49	30.83	29.45	
SD		17.77	27.08	20.32	28.21	22.01	27.71		24.10	21.19	23.20	24.45	
SE		2.54	12.11	2.67	6.31	4.69	4.75		2.99	2.22	5.47	7.37	
				f			c						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

129

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar will be worth on December 31, 2004? (e.g., 0.70, 0.95, 1.20)

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		226		31	8	62	11	6	10	32	26	7	16	
Percent		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar will be worth on December 31, 2004? (e.g., 0.70, 0.95, 1.20)	
														
N		192		28	6	55	9	5	8	29	21	6	14	
Mean		0.86		0.84	0.83	0.87	0.87	0.86	0.84	0.82	0.85	0.93	0.85	
SD		0.11		0.12	0.07	0.13	0.12	0.09	0.06	0.10	0.08	0.09	0.07	
SE		0.01		0.02	0.03	0.02	0.04	0.04	0.02	0.02	0.02	0.04	0.02	
										i		g		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

130

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar will be worth on December 31, 2004? (e.g., 0.70, 0.95, 1.20)

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		34	50	66	18	27	15		35	30	132	
Percent		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar will be worth on December 31, 2004? (e.g., 0.70, 0.95, 1.20)	
												
N		30	40	59	15	24	13		31	26	115	
Mean		0.90	0.85	0.84	0.86	0.83	0.86		0.85	0.86	0.86	
SD		0.12	0.08	0.13	0.08	0.08	0.16		0.18	0.07	0.10	
SE		0.02	0.01	0.02	0.02	0.02	0.04		0.03	0.01	0.01	
		e				a						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

131

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar will be worth on December 31, 2004? (e.g., 0.70, 0.95, 1.20)

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Number		23	65	16	27	14	19	20	
Percent		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar will be worth on December 31, 2004? (e.g., 0.70, 0.95, 1.20)	
									
N		19	56	16	24	12	17	17	
Mean		0.89	0.85	0.83	0.82	0.86	0.86	0.87	
SD		0.10	0.10	0.06	0.15	0.10	0.12	0.14	
SE		0.02	0.01	0.01	0.03	0.03	0.03	0.03	
		c		a					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

132

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar will be worth on December 31, 2004? (e.g., 0.70, 0.95, 1.20)

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Number		57	5	66	25	23	36		73	101	21	15	
Percent		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar will be worth on December 31, 2004? (e.g., 0.70, 0.95, 1.20)	
													
N		51	5	55	21	21	31		61	88	18	14	
Mean		0.84	0.82	0.85	0.85	0.85	0.89		0.84	0.85	0.88	0.87	
SD		0.09	0.06	0.12	0.10	0.11	0.12		0.08	0.13	0.08	0.14	
SE		0.01	0.03	0.02	0.02	0.03	0.02		0.01	0.01	0.02	0.04	
		f					a						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

133

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  GDP growth

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Kerry better		27		4	0	6	3	1	0	6	2	1	1	
		12.6%		13.3%	0.0%	10.5%	30.0%	16.7%	0.0%	18.8%	8.0%	14.3%	6.3%	
														
No difference		51		8	3	12	4	2	1	8	7	1	3	
		23.8%		26.7%	37.5%	21.1%	40.0%	33.3%	11.1%	25.0%	28.0%	14.3%	18.8%	
														
Bush better		136		18	5	39	3	3	8	18	16	5	12	
		63.6%		60.0%	62.5%	68.4%	30.0%	50.0%	88.9%	56.3%	64.0%	71.4%	75.0%	
						d	cfj		d				d	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

134

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  GDP growth

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Kerry better		4	3	8	1	3	5		5	4	14	
		12.5%	6.1%	12.7%	5.6%	12.0%	35.7%		15.6%	13.8%	10.9%	
			F	f	f		Bcd					
												
No difference		7	9	13	7	8	5		11	5	30	
		21.9%	18.4%	20.6%	38.9%	32.0%	35.7%		34.4%	17.2%	23.4%	
												
Bush better		21	37	42	10	14	4		16	20	84	
		65.6%	75.5%	66.7%	55.6%	56.0%	28.6%		50.0%	69.0%	65.6%	
		f	F	f			aBc					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

135

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  GDP growth

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Kerry better		4	4	2	4	1	1	4	
		18.2%	6.5%	12.5%	15.4%	7.1%	5.9%	22.2%	
									
No difference		5	14	4	4	6	7	4	
		22.7%	22.6%	25.0%	15.4%	42.9%	41.2%	22.2%	
									
Bush better		13	44	10	18	7	9	10	
		59.1%	71.0%	62.5%	69.2%	50.0%	52.9%	55.6%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

136

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  GDP growth

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Kerry better		7	1	7	2	2	5		10	9	2	4	
		13.0%	20.0%	11.1%	8.7%	8.7%	14.3%		14.1%	9.3%	10.5%	28.6%	
										d		b	
													
No difference		19	2	12	6	4	7		17	24	5	3	
		35.2%	40.0%	19.0%	26.1%	17.4%	20.0%		23.9%	24.7%	26.3%	21.4%	
													
Bush better		28	2	44	15	17	23		44	64	12	7	
		51.9%	40.0%	69.8%	65.2%	73.9%	65.7%		62.0%	66.0%	63.2%	50.0%	
		c		a									

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

137

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  U.S. Employment

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Kerry better		59		7	0	18	6	1	0	10	6	2	5	
		27.6%		23.3%	0.0%	31.6%	60.0%	16.7%	0.0%	31.3%	24.0%	28.6%	31.3%	
				d	d		abf		d					
														
No difference		61		10	4	11	3	2	3	10	8	2	5	
		28.5%		33.3%	50.0%	19.3%	30.0%	33.3%	33.3%	31.3%	32.0%	28.6%	31.3%	
														
Bush better		94		13	4	28	1	3	6	12	11	3	6	
		43.9%		43.3%	50.0%	49.1%	10.0%	50.0%	66.7%	37.5%	44.0%	42.9%	37.5%	
						d	cf		d					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

138

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  U.S. Employment

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Kerry better		8	11	17	6	5	7		9	8	34	
		25.0%	22.4%	27.0%	33.3%	20.0%	50.0%		28.1%	27.6%	26.6%	
			f				b					
												
No difference		13	13	19	5	7	3		9	4	43	
		40.6%	26.5%	30.2%	27.8%	28.0%	21.4%		28.1%	13.8%	33.6%	
										c	b	
												
Bush better		11	25	27	7	13	4		14	17	51	
		34.4%	51.0%	42.9%	38.9%	52.0%	28.6%		43.8%	58.6%	39.8%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

139

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  U.S. Employment

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Kerry better		7	13	3	9	6	3	5	
		31.8%	21.0%	18.8%	34.6%	42.9%	17.6%	27.8%	
									
No difference		7	21	5	5	4	4	5	
		31.8%	33.9%	31.3%	19.2%	28.6%	23.5%	27.8%	
									
Bush better		8	28	8	12	4	10	8	
		36.4%	45.2%	50.0%	46.2%	28.6%	58.8%	44.4%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

140

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  U.S. Employment

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Kerry better		17	1	15	7	4	11		19	27	3	6	
		31.5%	20.0%	23.8%	30.4%	17.4%	31.4%		26.8%	27.8%	15.8%	42.9%	
													
No difference		20	2	14	6	7	11		25	26	7	2	
		37.0%	40.0%	22.2%	26.1%	30.4%	31.4%		35.2%	26.8%	36.8%	14.3%	
													
Bush better		17	2	34	10	12	13		27	44	9	6	
		31.5%	40.0%	54.0%	43.5%	52.2%	37.1%		38.0%	45.4%	47.4%	42.9%	
		c		a									

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

141

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Homeland Security

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Kerry better		15		1	0	3	0	1	1	2	1	0	2	
		7.0%		3.3%	0.0%	5.3%	0.0%	16.7%	11.1%	6.3%	4.0%	0.0%	12.5%	
														
No difference		46		7	1	12	5	1	1	7	5	3	3	
		21.5%		23.3%	12.5%	21.1%	50.0%	16.7%	11.1%	21.9%	20.0%	42.9%	18.8%	
														
Bush better		153		22	7	42	5	4	7	23	19	4	11	
		71.5%		73.3%	87.5%	73.7%	50.0%	66.7%	77.8%	71.9%	76.0%	57.1%	68.8%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

142

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Homeland Security

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Kerry better		2	2	3	0	1	3		1	1	6	
		6.3%	4.1%	4.8%	0.0%	4.0%	21.4%		3.1%	3.4%	4.7%	
			f	f	f		bcd					
												
No difference		9	7	15	6	4	3		3	8	32	
		28.1%	14.3%	23.8%	33.3%	16.0%	21.4%		9.4%	27.6%	25.0%	
												
Bush better		21	40	45	12	20	8		28	20	90	
		65.6%	81.6%	71.4%	66.7%	80.0%	57.1%		87.5%	69.0%	70.3%	
									c		a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

143

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Homeland Security

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Kerry better		1	3	0	2	1	2	2	
		4.5%	4.8%	0.0%	7.7%	7.1%	11.8%	11.1%	
									
No difference		6	9	4	8	4	3	3	
		27.3%	14.5%	25.0%	30.8%	28.6%	17.6%	16.7%	
									
Bush better		15	50	12	16	9	12	13	
		68.2%	80.6%	75.0%	61.5%	64.3%	70.6%	72.2%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

144

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Homeland Security

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Kerry better		3	0	2	1	1	4		5	3	1	2	
		5.6%	0.0%	3.2%	4.3%	4.3%	11.4%		7.0%	3.1%	5.3%	14.3%	
													
No difference		14	2	12	7	6	4		16	22	4	3	
		25.9%	40.0%	19.0%	30.4%	26.1%	11.4%		22.5%	22.7%	21.1%	21.4%	
													
Bush better		37	3	49	15	16	27		50	72	14	9	
		68.5%	60.0%	77.8%	65.2%	69.6%	77.1%		70.4%	74.2%	73.7%	64.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

145

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Foreign Policy

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Kerry better		68		11	2	18	4	2	2	10	6	1	6	
		31.8%		36.7%	25.0%	31.6%	40.0%	33.3%	22.2%	31.3%	24.0%	14.3%	37.5%	
														
No difference		25		2	1	4	1	1	2	6	3	2	2	
		11.7%		6.7%	12.5%	7.0%	10.0%	16.7%	22.2%	18.8%	12.0%	28.6%	12.5%	
														
Bush better		121		17	5	35	5	3	5	16	16	4	8	
		56.5%		56.7%	62.5%	61.4%	50.0%	50.0%	55.6%	50.0%	64.0%	57.1%	50.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

146

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Foreign Policy

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Kerry better		9	15	17	8	7	6		6	8	43	
		28.1%	30.6%	27.0%	44.4%	28.0%	42.9%		18.8%	27.6%	33.6%	
												
No difference		7	7	5	3	0	2		3	6	12	
		21.9%	14.3%	7.9%	16.7%	0.0%	14.3%		9.4%	20.7%	9.4%	
		e			e	ad						
												
Bush better		16	27	41	7	18	6		23	15	73	
		50.0%	55.1%	65.1%	38.9%	72.0%	42.9%		71.9%	51.7%	57.0%	
				d	ce	d						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

147

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Foreign Policy

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Kerry better		8	15	4	10	7	4	6	
		36.4%	24.2%	25.0%	38.5%	50.0%	23.5%	33.3%	
									
No difference		2	8	1	5	2	0	2	
		9.1%	12.9%	6.3%	19.2%	14.3%	0.0%	11.1%	
									
Bush better		12	39	11	11	5	13	10	
		54.5%	62.9%	68.8%	42.3%	35.7%	76.5%	55.6%	
					f	f	de		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

148

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Foreign Policy

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Kerry better		23	1	13	7	5	14		26	25	5	7	
		42.6%	20.0%	20.6%	30.4%	21.7%	40.0%		36.6%	25.8%	26.3%	50.0%	
		c		af			c						
													
No difference		3	1	11	2	4	3		9	11	3	1	
		5.6%	20.0%	17.5%	8.7%	17.4%	8.6%		12.7%	11.3%	15.8%	7.1%	
													
Bush better		28	3	39	14	14	18		36	61	11	6	
		51.9%	60.0%	61.9%	60.9%	60.9%	51.4%		50.7%	62.9%	57.9%	42.9%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

149

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Domestic Issues

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Kerry better		85		13	2	17	5	3	4	12	11	3	8	
		39.7%		43.3%	25.0%	29.8%	50.0%	50.0%	44.4%	37.5%	44.0%	42.9%	50.0%	
														
No difference		45		7	1	16	2	1	1	6	4	1	3	
		21.0%		23.3%	12.5%	28.1%	20.0%	16.7%	11.1%	18.8%	16.0%	14.3%	18.8%	
														
Bush better		84		10	5	24	3	2	4	14	10	3	5	
		39.3%		33.3%	62.5%	42.1%	30.0%	33.3%	44.4%	43.8%	40.0%	42.9%	31.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

150

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Domestic Issues

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Kerry better		13	18	21	11	8	7		8	14	51	
		40.6%	36.7%	33.3%	61.1%	32.0%	50.0%		25.0%	48.3%	39.8%	
				d	c							
												
No difference		7	10	16	3	4	2		9	4	28	
		21.9%	20.4%	25.4%	16.7%	16.0%	14.3%		28.1%	13.8%	21.9%	
												
Bush better		12	21	26	4	13	5		15	11	49	
		37.5%	42.9%	41.3%	22.2%	52.0%	35.7%		46.9%	37.9%	38.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

151

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Domestic Issues

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Kerry better		9	21	6	10	6	7	7	
		40.9%	33.9%	37.5%	38.5%	42.9%	41.2%	38.9%	
									
No difference		6	10	2	10	6	1	3	
		27.3%	16.1%	12.5%	38.5%	42.9%	5.9%	16.7%	
			de		bf	bf	de		
									
Bush better		7	31	8	6	2	9	8	
		31.8%	50.0%	50.0%	23.1%	14.3%	52.9%	44.4%	
			de	e	b	bcf	e		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

152

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Domestic Issues

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Kerry better		32	3	18	7	4	15		26	35	10	8	
		59.3%	60.0%	28.6%	30.4%	17.4%	42.9%		36.6%	36.1%	52.6%	57.1%	
		CdE		A	a	Af	e						
													
No difference		9	0	13	5	4	11		14	22	3	3	
		16.7%	0.0%	20.6%	21.7%	17.4%	31.4%		19.7%	22.7%	15.8%	21.4%	
													
Bush better		13	2	32	11	15	9		31	40	6	3	
		24.1%	40.0%	50.8%	47.8%	65.2%	25.7%		43.7%	41.2%	31.6%	21.4%	
		CdE		Af	a	AF	cE						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

153

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Stock Market

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Kerry better		25		5	1	3	1	1	0	7	2	0	2	
		11.7%		16.7%	12.5%	5.3%	10.0%	16.7%	0.0%	21.9%	8.0%	0.0%	12.5%	
						g				c				
														
No difference		64		10	4	13	6	0	1	9	7	4	6	
		29.9%		33.3%	50.0%	22.8%	60.0%	0.0%	11.1%	28.1%	28.0%	57.1%	37.5%	
						d	cef	di	d			e		
														
Bush better		125		15	3	41	3	5	8	16	16	3	8	
		58.4%		50.0%	37.5%	71.9%	30.0%	83.3%	88.9%	50.0%	64.0%	42.9%	50.0%	
				cf	f	adg	cf		abdg	cf				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

154

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Stock Market

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Kerry better		3	4	7	3	2	4		4	2	15	
		9.4%	8.2%	11.1%	16.7%	8.0%	28.6%		12.5%	6.9%	11.7%	
			f				b					
												
No difference		5	15	21	4	9	5		10	12	34	
		15.6%	30.6%	33.3%	22.2%	36.0%	35.7%		31.3%	41.4%	26.6%	
												
Bush better		24	30	35	11	14	5		18	15	79	
		75.0%	61.2%	55.6%	61.1%	56.0%	35.7%		56.3%	51.7%	61.7%	
		f					a					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

155

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Stock Market

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Kerry better		4	5	1	6	1	2	2	
		18.2%	8.1%	6.3%	23.1%	7.1%	11.8%	11.1%	
									
No difference		4	20	4	5	8	4	7	
		18.2%	32.3%	25.0%	19.2%	57.1%	23.5%	38.9%	
		e			e	ad			
									
Bush better		14	37	11	15	5	11	9	
		63.6%	59.7%	68.8%	57.7%	35.7%	64.7%	50.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

156

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Stock Market

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Kerry better		9	1	6	1	1	5		13	7	2	1	
		16.7%	20.0%	9.5%	4.3%	4.3%	14.3%		18.3%	7.2%	10.5%	7.1%	
									b	a			
													
No difference		15	2	15	8	7	13		21	27	5	7	
		27.8%	40.0%	23.8%	34.8%	30.4%	37.1%		29.6%	27.8%	26.3%	50.0%	
													
Bush better		30	2	42	14	15	17		37	63	12	6	
		55.6%	40.0%	66.7%	60.9%	65.2%	48.6%		52.1%	64.9%	63.2%	42.9%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

157

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Interest Rates

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Kerry better		20		6	0	2	1	1	0	6	1	0	2	
		9.3%		20.0%	0.0%	3.5%	10.0%	16.7%	0.0%	18.8%	4.0%	0.0%	12.5%	
				c		ag				c				
														
No difference		87		9	6	21	2	2	2	14	12	3	8	
		40.7%		30.0%	75.0%	36.8%	20.0%	33.3%	22.2%	43.8%	48.0%	42.9%	50.0%	
				b	acdf	b	b		b					
														
Bush better		107		15	2	34	7	3	7	12	12	4	6	
		50.0%		50.0%	25.0%	59.6%	70.0%	50.0%	77.8%	37.5%	48.0%	57.1%	37.5%	
					f	g			bg	cf				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

158

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Interest Rates

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Kerry better		2	2	6	3	2	4		3	1	13	
		6.3%	4.1%	9.5%	16.7%	8.0%	28.6%		9.4%	3.4%	10.2%	
		f	F				aB					
												
No difference		15	17	28	7	8	5		8	11	57	
		46.9%	34.7%	44.4%	38.9%	32.0%	35.7%		25.0%	37.9%	44.5%	
									c		a	
												
Bush better		15	30	29	8	15	5		21	17	58	
		46.9%	61.2%	46.0%	44.4%	60.0%	35.7%		65.6%	58.6%	45.3%	
									c		a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

159

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Interest Rates

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Kerry better		0	4	2	3	3	2	1	
		0.0%	6.5%	12.5%	11.5%	21.4%	11.8%	5.6%	
		e				a			
									
No difference		10	25	6	12	5	6	7	
		45.5%	40.3%	37.5%	46.2%	35.7%	35.3%	38.9%	
									
Bush better		12	33	8	11	6	9	10	
		54.5%	53.2%	50.0%	42.3%	42.9%	52.9%	55.6%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

160

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in:  Interest Rates

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Kerry better		5	1	5	2	0	6		9	6	2	2	
		9.3%	20.0%	7.9%	8.7%	0.0%	17.1%		12.7%	6.2%	10.5%	14.3%	
			e			bf	e						
													
No difference		25	2	22	8	10	14		33	35	8	5	
		46.3%	40.0%	34.9%	34.8%	43.5%	40.0%		46.5%	36.1%	42.1%	35.7%	
													
Bush better		24	2	36	13	13	15		29	56	9	7	
		44.4%	40.0%	57.1%	56.5%	56.5%	42.9%		40.8%	57.7%	47.4%	50.0%	
									b	a			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

161

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

9. Over the past three years, has your company:

N=52		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		52		6	1	18	3	2	4	7	5	1	2	
		100.0%		12.2%	2.0%	36.7%	6.1%	4.1%	8.2%	14.3%	10.2%	2.0%	4.1%	
														
Increased the
number of jobs
outsourced outside		

30		

3	

0	

10	

1	

2	

3	

5	

4	

1	

1	
of the U.S.		61.2%		50.0%	0.0%	55.6%	33.3%	100.0%	75.0%	71.4%	80.0%	100.0%	50.0%	
														
Decreased the
number of jobs
outsourced outside		

2		

0	

0	

0	

0	

0	

1	

1	

0	

0	

0	
of the U.S.		4.1%		0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	14.3%	0.0%	0.0%	0.0%	
						f			c					
														
Maintained a steady
number of jobs
outsourced outside		

17		

3	

1	

8	

2	

0	

0	

1	

1	

0	

1	
of the U.S.		34.7%		50.0%	100.0%	44.4%	66.7%	0.0%	0.0%	14.3%	20.0%	0.0%	50.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

162

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

9. Over the past three years, has your company:

N=52		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		3	12	15	2	7	10		10	11	21	
		6.1%	24.5%	30.6%	4.1%	14.3%	20.4%		23.8%	26.2%	50.0%	
												
Increased the
number of jobs
outsourced outside		

2	

7	

10	

1	

5	

5		

6	

8	

12	
of the U.S.		66.7%	58.3%	66.7%	50.0%	71.4%	50.0%		60.0%	72.7%	57.1%	
												
Decreased the
number of jobs
outsourced outside		

1	

0	

0	

1	

0	

0		

0	

1	

1	
of the U.S.		33.3%	0.0%	0.0%	50.0%	0.0%	0.0%		0.0%	9.1%	4.8%	
		c	d	ad	bcf		d					
												
Maintained a steady
number of jobs
outsourced outside		

0	

5	

5	

0	

2	

5		

4	

2	

8	
of the U.S.		0.0%	41.7%	33.3%	0.0%	28.6%	50.0%		40.0%	18.2%	38.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

163

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

9. Over the past three years, has your company:

N=52		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		3	12	6	5	1	7	8	
		7.1%	28.6%	14.3%	11.9%	2.4%	16.7%	19.0%	
									
Increased the
number of jobs
outsourced outside		

2	

8	

5	

1	

1	

3	

6	
of the U.S.		66.7%	66.7%	83.3%	20.0%	100.0%	42.9%	75.0%	
									
Decreased the
number of jobs
outsourced outside		

0	

1	

0	

1	

0	

0	

0	
of the U.S.		0.0%	8.3%	0.0%	20.0%	0.0%	0.0%	0.0%	
									
Maintained a steady
number of jobs
outsourced outside		

1	

3	

1	

3	

0	

4	

2	
of the U.S.		33.3%	25.0%	16.7%	60.0%	0.0%	57.1%	25.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

164

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

9. Over the past three years, has your company:

N=52		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		16	1	13	4	5	9		6	25	9	9	
		33.3%	2.1%	27.1%	8.3%	10.4%	18.8%		12.2%	51.0%	18.4%	18.4%	
													
Increased the
number of jobs
outsourced outside		

12	

0	

7	

3	

2	

6		

4	

15	

5	

6	
of the U.S.		75.0%	0.0%	53.8%	75.0%	40.0%	66.7%		66.7%	60.0%	55.6%	66.7%	
													
Decreased the
number of jobs
outsourced outside		

1	

0	

0	

0	

1	

0		

0	

1	

1	

0	
of the U.S.		6.3%	0.0%	0.0%	0.0%	20.0%	0.0%		0.0%	4.0%	11.1%	0.0%	
													
Maintained a steady
number of jobs
outsourced outside		

3	

1	

6	

1	

2	

3		

2	

9	

3	

3	
of the U.S.		18.8%	100.0%	46.2%	25.0%	40.0%	33.3%		33.3%	36.0%	33.3%	33.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

165

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

10. What skill level jobs have you outsourced to locations outside of the U.S.? (Select all that apply)

N=52		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		52		6	1	18	3	2	4	7	5	1	2	
		100.0%		11.5%	1.9%	34.6%	5.8%	3.8%	7.7%	13.5%	9.6%	1.9%	3.8%	
														
Low skill		30		3	0	16	3	1	2	3	0	1	1	
		57.7%		50.0%	0.0%	88.9%	100.0%	50.0%	50.0%	42.9%	0.0%	100.0%	50.0%	
					c	bgH	h			c	Cd			
														
Moderate skill		26		2	1	7	1	1	4	4	5	0	1	
		50.0%		33.3%	100.0%	38.9%	33.3%	50.0%	100.0%	57.1%	100.0%	0.0%	50.0%	
				h		fh			c		ac			
														
High skill		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

166

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

10. What skill level jobs have you outsourced to locations outside of the U.S.? (Select all that apply)

N=52		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		3	12	15	2	7	10		10	11	21	
		5.8%	23.1%	28.8%	3.8%	13.5%	19.2%		19.2%	21.2%	40.4%	
												
Low skill		1	7	9	2	5	6		6	9	12	
		33.3%	58.3%	60.0%	100.0%	71.4%	60.0%		60.0%	81.8%	57.1%	
												
Moderate skill		2	6	9	0	3	6		6	6	9	
		66.7%	50.0%	60.0%	0.0%	42.9%	60.0%		60.0%	54.5%	42.9%	
												
High skill		0	0	0	0	0	0		0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

167

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

10. What skill level jobs have you outsourced to locations outside of the U.S.? (Select all that apply)

N=52		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		3	12	6	5	1	7	8	
		5.8%	23.1%	11.5%	9.6%	1.9%	13.5%	15.4%	
									
Low skill		1	8	5	2	0	4	5	
		33.3%	66.7%	83.3%	40.0%	0.0%	57.1%	62.5%	
									
Moderate skill		2	6	2	2	1	4	6	
		66.7%	50.0%	33.3%	40.0%	100.0%	57.1%	75.0%	
									
High skill		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

168

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

10. What skill level jobs have you outsourced to locations outside of the U.S.? (Select all that apply)

N=52		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		16	1	13	4	5	9		6	25	9	9	
		30.8%	1.9%	25.0%	7.7%	9.6%	17.3%		11.5%	48.1%	17.3%	17.3%	
													
Low skill		8	1	8	3	4	6		2	14	5	9	
		50.0%	100.0%	61.5%	75.0%	80.0%	66.7%		33.3%	56.0%	55.6%	100.0%	
									d	d	d	abc	
													
Moderate skill		8	0	6	3	3	6		4	14	5	3	
		50.0%	0.0%	46.2%	75.0%	60.0%	66.7%		66.7%	56.0%	55.6%	33.3%	
													
High skill		0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

169

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

11. What types of functions do you outsource to locations outside of the U.S.?

N=52		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		52		6	1	18	3	2	4	7	5	1	2	
		100.0%		11.5%	1.9%	34.6%	5.8%	3.8%	7.7%	13.5%	9.6%	1.9%	3.8%	
														
"Back office"
administrative		
10		
2	
0	
2	
1	
1	
3	
1	
0	
0	
0	
functions		19.2%		33.3%	0.0%	11.1%	33.3%	50.0%	75.0%	14.3%	0.0%	0.0%	0.0%	
						f			ch		f			
														
Customer service/		9		3	0	1	0	2	3	0	0	0	0	
call centers		17.3%		50.0%	0.0%	5.6%	0.0%	100.0%	75.0%	0.0%	0.0%	0.0%	0.0%	
				c		aEF		Cgh	Cgh	ef	ef			
														
Engineering		11		0	0	6	0	0	3	0	1	0	1	
		21.2%		0.0%	0.0%	33.3%	0.0%	0.0%	75.0%	0.0%	20.0%	0.0%	50.0%	
				f					ag	f				
														
Manufacturing		18		1	1	14	1	0	0	0	0	1	0	
		34.6%		16.7%	100.0%	77.8%	33.3%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
				c	g	aeFGHj		c	C	bCi	C	g	c	
														
Tech support		17		1	0	4	1	1	1	6	2	0	1	
		32.7%		16.7%	0.0%	22.2%	33.3%	50.0%	25.0%	85.7%	40.0%	0.0%	50.0%	
				g		G				aC				
														
Programming		14		0	0	2	1	0	2	6	2	0	1	
		26.9%		0.0%	0.0%	11.1%	33.3%	0.0%	50.0%	85.7%	40.0%	0.0%	50.0%	
				g		G				aC				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

170

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

11. What types of functions do you outsource to locations outside of the U.S.?

N=52		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		3	12	15	2	7	10		10	11	21	
		5.8%	23.1%	28.8%	3.8%	13.5%	19.2%		19.2%	21.2%	40.4%	
												
"Back office"
administrative		
1	
2	
3	
1	
1	
2		
1	
3	
5	
functions		33.3%	16.7%	20.0%	50.0%	14.3%	20.0%		10.0%	27.3%	23.8%	
												
Customer service/		1	3	2	0	2	1		1	4	4	
call centers		33.3%	25.0%	13.3%	0.0%	28.6%	10.0%		10.0%	36.4%	19.0%	
												
Engineering		0	3	4	0	1	3		1	6	4	
		0.0%	25.0%	26.7%	0.0%	14.3%	30.0%		10.0%	54.5%	19.0%	
									b	ac	b	
												
Manufacturing		1	5	8	0	3	1		3	4	9	
		33.3%	41.7%	53.3%	0.0%	42.9%	10.0%		30.0%	36.4%	42.9%	
				f			c					
												
Tech support		1	1	6	0	1	8		5	2	7	
		33.3%	8.3%	40.0%	0.0%	14.3%	80.0%		50.0%	18.2%	33.3%	
			F			f	Be					
												
Programming		0	2	4	0	2	6		5	3	4	
		0.0%	16.7%	26.7%	0.0%	28.6%	60.0%		50.0%	27.3%	19.0%	
			f				b					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

171

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

11. What types of functions do you outsource to locations outside of the U.S.?

N=52		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		3	12	6	5	1	7	8	
		5.8%	23.1%	11.5%	9.6%	1.9%	13.5%	15.4%	
									
"Back office"
administrative		
1	
2	
3	
0	
0	
1	
3	
functions		33.3%	16.7%	50.0%	0.0%	0.0%	14.3%	37.5%	
									
Customer service/		2	1	1	1	0	1	2	
call centers		66.7%	8.3%	16.7%	20.0%	0.0%	14.3%	25.0%	
		b	a						
									
Engineering		0	3	2	0	1	2	2	
		0.0%	25.0%	33.3%	0.0%	100.0%	28.6%	25.0%	
									
Manufacturing		0	5	3	2	0	2	1	
		0.0%	41.7%	50.0%	40.0%	0.0%	28.6%	12.5%	
									
Tech support		1	3	2	1	0	4	5	
		33.3%	25.0%	33.3%	20.0%	0.0%	57.1%	62.5%	
									
Programming		0	4	1	1	0	2	5	
		0.0%	33.3%	16.7%	20.0%	0.0%	28.6%	62.5%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

172

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

11. What types of functions do you outsource to locations outside of the U.S.?

N=52		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		16	1	13	4	5	9		6	25	9	9	
		30.8%	1.9%	25.0%	7.7%	9.6%	17.3%		11.5%	48.1%	17.3%	17.3%	
													
"Back office"
administrative		
4	
0	
1	
1	
1	
3		
0	
3	
3	
4	
functions		25.0%	0.0%	7.7%	25.0%	20.0%	33.3%		0.0%	12.0%	33.3%	44.4%	
										d		b	
													
Customer service/		1	0	1	1	2	4		1	3	2	3	
call centers		6.3%	0.0%	7.7%	25.0%	40.0%	44.4%		16.7%	12.0%	22.2%	33.3%	
		f					a						
													
Engineering		3	0	0	2	1	5		0	4	3	4	
		18.8%	0.0%	0.0%	50.0%	20.0%	55.6%		0.0%	16.0%	33.3%	44.4%	
				dF	c		C						
													
Manufacturing		3	0	9	3	1	2		0	12	3	3	
		18.8%	0.0%	69.2%	75.0%	20.0%	22.2%		0.0%	48.0%	33.3%	33.3%	
		cd		af	a		c		b	a			
													
Tech support		8	1	2	2	2	2		5	6	3	3	
		50.0%	100.0%	15.4%	50.0%	40.0%	22.2%		83.3%	24.0%	33.3%	33.3%	
									b	a			
													
Programming		7	0	2	1	1	3		4	6	1	3	
		43.8%	0.0%	15.4%	25.0%	20.0%	33.3%		66.7%	24.0%	11.1%	33.3%	
									c		a		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

173

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

11. What types of functions do you outsource to locations outside of the U.S.?

N=52		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Maintenance		7		0	0	2	0	1	1	2	0	0	1	
		13.5%		0.0%	0.0%	11.1%	0.0%	50.0%	25.0%	28.6%	0.0%	0.0%	50.0%	
														
Data center &  data		8		1	0	3	0	1	1	0	1	0	1	
processing suport		15.4%		16.7%	0.0%	16.7%	0.0%	50.0%	25.0%	0.0%	20.0%	0.0%	50.0%	
														
Customer help desk		3		1	0	1	0	0	1	0	0	0	0	
		5.8%		16.7%	0.0%	5.6%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	
														
Other (explain:)		4		1	0	0	0	0	1	1	1	0	0	
		7.7%		16.7%	0.0%	0.0%	0.0%	0.0%	25.0%	14.3%	20.0%	0.0%	0.0%	
						f			c					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

174

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

11. What types of functions do you outsource to locations outside of the U.S.?

N=52		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Maintenance		0	0	3	0	1	3		2	2	3	
		0.0%	0.0%	20.0%	0.0%	14.3%	30.0%		20.0%	18.2%	14.3%	
												
Data center &  data		1	0	4	0	0	3		1	2	4	
processing suport		33.3%	0.0%	26.7%	0.0%	0.0%	30.0%		10.0%	18.2%	19.0%	
												
Customer help desk		0	0	1	0	0	2		1	2	0	
		0.0%	0.0%	6.7%	0.0%	0.0%	20.0%		10.0%	18.2%	0.0%	
												
Other (explain:)		0	2	0	1	0	1		0	2	1	
		0.0%	16.7%	0.0%	50.0%	0.0%	10.0%		0.0%	18.2%	4.8%	
				d	c							

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

175

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

11. What types of functions do you outsource to locations outside of the U.S.?

N=52		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Maintenance		0	1	1	1	0	2	2	
		0.0%	8.3%	16.7%	20.0%	0.0%	28.6%	25.0%	
									
Data center &  data		1	1	2	0	0	3	1	
processing suport		33.3%	8.3%	33.3%	0.0%	0.0%	42.9%	12.5%	
									
Customer help desk		0	0	1	0	0	1	1	
		0.0%	0.0%	16.7%	0.0%	0.0%	14.3%	12.5%	
									
Other (explain:)		1	1	0	1	0	0	1	
		33.3%	8.3%	0.0%	20.0%	0.0%	0.0%	12.5%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

176

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

11. What types of functions do you outsource to locations outside of the U.S.?

N=52		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Maintenance		4	0	0	1	0	2		1	3	1	2	
		25.0%	0.0%	0.0%	25.0%	0.0%	22.2%		16.7%	12.0%	11.1%	22.2%	
													
Data center &  data		3	1	0	2	1	1		1	2	3	2	
processing suport		18.8%	100.0%	0.0%	50.0%	20.0%	11.1%		16.7%	8.0%	33.3%	22.2%	
			C	Bd	c								
													
Customer help desk		0	1	0	1	0	1		0	0	1	2	
		0.0%	100.0%	0.0%	25.0%	0.0%	11.1%		0.0%	0.0%	11.1%	22.2%	
		B	AC	B						d		b	
													
Other (explain:)		1	0	1	0	0	2		0	2	0	2	
		6.3%	0.0%	7.7%	0.0%	0.0%	22.2%		0.0%	8.0%	0.0%	22.2%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

177

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)

N=52		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		52		6	1	18	3	2	4	7	5	1	2	
		100.0%		11.5%	1.9%	34.6%	5.8%	3.8%	7.7%	13.5%	9.6%	1.9%	3.8%	
														
Provide capabilities
not available in the		
5		
1	
0	
2	
1	
0	
0	
1	
0	
0	
0	
U.S.		9.6%		16.7%	0.0%	11.1%	33.3%	0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	
														
Reduced wages		38		2	0	14	3	2	3	7	4	1	2	
		73.1%		33.3%	0.0%	77.8%	100.0%	100.0%	75.0%	100.0%	80.0%	100.0%	100.0%	
				g	g					ab				
														
Reduced health care		16		1	0	7	1	1	1	3	1	0	1	
costs		30.8%		16.7%	0.0%	38.9%	33.3%	50.0%	25.0%	42.9%	20.0%	0.0%	50.0%	
														
Support other "off
shore" or overseas		
14		
1	
1	
6	
0	
1	
2	
0	
2	
0	
1	
operations.		26.9%		16.7%	100.0%	33.3%	0.0%	50.0%	50.0%	0.0%	40.0%	0.0%	50.0%	
					g					b				
														
Expand hours of
service (e.g., 24		
9		
1	
0	
1	
1	
1	
1	
2	
1	
0	
1	
hours)		17.3%		16.7%	0.0%	5.6%	33.3%	50.0%	25.0%	28.6%	20.0%	0.0%	50.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

178

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)

N=52		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		3	12	15	2	7	10		10	11	21	
		5.8%	23.1%	28.8%	3.8%	13.5%	19.2%		19.2%	21.2%	40.4%	
												
Provide capabilities
not available in the		
0	
2	
0	
0	
0	
3		
1	
1	
2	
U.S.		0.0%	16.7%	0.0%	0.0%	0.0%	30.0%		10.0%	9.1%	9.5%	
				f			c					
												
Reduced wages		2	8	11	2	7	8		8	10	15	
		66.7%	66.7%	73.3%	100.0%	100.0%	80.0%		80.0%	90.9%	71.4%	
												
Reduced health care		1	2	6	1	3	3		2	4	6	
costs		33.3%	16.7%	40.0%	50.0%	42.9%	30.0%		20.0%	36.4%	28.6%	
												
Support other "off
shore" or overseas		
2	
3	
5	
0	
1	
3		
1	
3	
8	
operations.		66.7%	25.0%	33.3%	0.0%	14.3%	30.0%		10.0%	27.3%	38.1%	
												
Expand hours of
service (e.g., 24		
1	
1	
3	
0	
1	
3		
2	
1	
4	
hours)		33.3%	8.3%	20.0%	0.0%	14.3%	30.0%		20.0%	9.1%	19.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

179

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)

N=52		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		3	12	6	5	1	7	8	
		5.8%	23.1%	11.5%	9.6%	1.9%	13.5%	15.4%	
									
Provide capabilities
not available in the		
1	
1	
0	
0	
0	
0	
3	
U.S.		33.3%	8.3%	0.0%	0.0%	0.0%	0.0%	37.5%	
									
Reduced wages		1	9	4	3	1	6	7	
		33.3%	75.0%	66.7%	60.0%	100.0%	85.7%	87.5%	
									
Reduced health care		1	2	3	0	0	3	4	
costs		33.3%	16.7%	50.0%	0.0%	0.0%	42.9%	50.0%	
									
Support other "off
shore" or overseas		
2	
3	
3	
1	
0	
3	
2	
operations.		66.7%	25.0%	50.0%	20.0%	0.0%	42.9%	25.0%	
									
Expand hours of
service (e.g., 24		
2	
2	
0	
0	
0	
2	
3	
hours)		66.7%	16.7%	0.0%	0.0%	0.0%	28.6%	37.5%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

180

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)

N=52		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		16	1	13	4	5	9		6	25	9	9	
		30.8%	1.9%	25.0%	7.7%	9.6%	17.3%		11.5%	48.1%	17.3%	17.3%	
													
Provide capabilities
not available in the		
1	
0	
1	
0	
1	
2		
1	
3	
0	
1	
U.S.		6.3%	0.0%	7.7%	0.0%	20.0%	22.2%		16.7%	12.0%	0.0%	11.1%	
													
Reduced wages		14	0	10	4	4	6		6	19	6	7	
		87.5%	0.0%	76.9%	100.0%	80.0%	66.7%		100.0%	76.0%	66.7%	77.8%	
		b	a										
													
Reduced health care		6	0	5	2	1	2		2	9	1	4	
costs		37.5%	0.0%	38.5%	50.0%	20.0%	22.2%		33.3%	36.0%	11.1%	44.4%	
													
Support other "off
shore" or overseas		
3	
0	
1	
2	
3	
5		
1	
5	
3	
5	
operations.		18.8%	0.0%	7.7%	50.0%	60.0%	55.6%		16.7%	20.0%	33.3%	55.6%	
				ef		c	c						
													
Expand hours of
service (e.g., 24		
5	
0	
0	
0	
2	
2		
2	
3	
2	
2	
hours)		31.3%	0.0%	0.0%	0.0%	40.0%	22.2%		33.3%	12.0%	22.2%	22.2%	
		c		ae		c							

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

181

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)

N=52		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Reached  U.S.C.I.S.
limit on work visas
(H-1B), so cannot
bring more off-shore
employees to the U.		

2		

0	

0	

1	

0	

0	

0	

1	

0	

0	

0	
S.		3.8%		0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	
														
Other reasons:		6		2	0	3	1	0	0	0	0	0	0	
		11.5%		33.3%	0.0%	16.7%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

182

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)

N=52		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Reached  U.S.C.I.S.
limit on work visas
(H-1B), so cannot
bring more off-shore
employees to the U.		

0	

0	

0	

0	

1	

1		

1	

1	

0	
S.		0.0%	0.0%	0.0%	0.0%	14.3%	10.0%		10.0%	9.1%	0.0%	
												
Other reasons:		1	1	2	1	0	1		2	0	4	
		33.3%	8.3%	13.3%	50.0%	0.0%	10.0%		20.0%	0.0%	19.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

183

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)

N=52		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Reached  U.S.C.I.S.
limit on work visas
(H-1B), so cannot
bring more off-shore
employees to the U.		

0	

0	

0	

0	

0	

1	

1	
S.		0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	12.5%	
									
Other reasons:		1	1	2	1	0	1	0	
		33.3%	8.3%	33.3%	20.0%	0.0%	14.3%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

184

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)

N=52		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Reached  U.S.C.I.S.
limit on work visas
(H-1B), so cannot
bring more off-shore
employees to the U.		

1	

0	

0	

0	

0	

1		

0	

1	

0	

1	
S.		6.3%	0.0%	0.0%	0.0%	0.0%	11.1%		0.0%	4.0%	0.0%	11.1%	
													
Other reasons:		2	1	1	1	0	1		0	3	1	2	
		12.5%	100.0%	7.7%	25.0%	0.0%	11.1%		0.0%	12.0%	11.1%	22.2%	
		b	ac	b									

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

185

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

13. Rate your satisfaction with the overall performance of the functions you outsourced outside of the U.S.?

N=52		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		52		6	1	18	3	2	4	7	5	1	2	
		100.0%		12.2%	2.0%	36.7%	6.1%	4.1%	8.2%	14.3%	10.2%	2.0%	4.1%	
														
Poor		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Below average		3		0	0	1	0	0	1	0	1	0	0	
		6.3%		0.0%	0.0%	5.9%	0.0%	0.0%	25.0%	0.0%	20.0%	0.0%	0.0%	
														
Average		19		3	0	6	0	1	1	4	2	0	2	
		39.6%		50.0%	0.0%	35.3%	0.0%	50.0%	25.0%	57.1%	40.0%	0.0%	100.0%	
														
Above Average		17		2	1	5	0	1	2	3	2	1	0	
		35.4%		33.3%	100.0%	29.4%	0.0%	50.0%	50.0%	42.9%	40.0%	100.0%	0.0%	
														
Excellent		8		1	0	4	3	0	0	0	0	0	0	
		16.7%		16.7%	0.0%	23.5%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
No opinion		1		0	0	1	0	0	0	0	0	0	0	
		2.1%		0.0%	0.0%	5.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

186

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

13. Rate your satisfaction with the overall performance of the functions you outsourced outside of the U.S.?

N=52		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		3	12	15	2	7	10		10	11	21	
		6.1%	24.5%	30.6%	4.1%	14.3%	20.4%		23.8%	26.2%	50.0%	
												
Poor		0	0	0	0	0	0		0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
												
Below average		0	3	0	0	0	0		0	2	0	
		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%		0.0%	20.0%	0.0%	
												
Average		1	7	5	1	2	3		1	4	11	
		33.3%	58.3%	35.7%	50.0%	28.6%	30.0%		10.0%	40.0%	52.4%	
												
Above Average		2	1	6	0	5	3		7	3	5	
		66.7%	8.3%	42.9%	0.0%	71.4%	30.0%		70.0%	30.0%	23.8%	
												
Excellent		0	0	3	1	0	4		2	1	4	
		0.0%	0.0%	21.4%	50.0%	0.0%	40.0%		20.0%	10.0%	19.0%	
												
No opinion		0	1	0	0	0	0		0	0	1	
		0.0%	8.3%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	4.8%	

187

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

13. Rate your satisfaction with the overall performance of the functions you outsourced outside of the U.S.?

N=52		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
									
Total		3	12	6	5	1	7	8	
		7.1%	28.6%	14.3%	11.9%	2.4%	16.7%	19.0%	
									
Poor		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
Below average		0	2	0	0	0	0	0	
		0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
Average		2	5	2	3	1	2	1	
		66.7%	41.7%	40.0%	60.0%	100.0%	28.6%	12.5%	
									
Above Average		1	3	1	2	0	5	3	
		33.3%	25.0%	20.0%	40.0%	0.0%	71.4%	37.5%	
									
Excellent		0	1	2	0	0	0	4	
		0.0%	8.3%	40.0%	0.0%	0.0%	0.0%	50.0%	
									
No opinion		0	1	0	0	0	0	0	
		0.0%	8.3%	0.0%	0.0%	0.0%	0.0%	0.0%	

188

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

13. Rate your satisfaction with the overall performance of the functions you outsourced outside of the U.S.?

N=52		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
													
Total		16	1	13	4	5	9		6	25	9	9	
		33.3%	2.1%	27.1%	8.3%	10.4%	18.8%		12.2%	51.0%	18.4%	18.4%	
													
Poor		0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
													
Below average		0	0	2	0	0	1		0	2	1	0	
		0.0%	0.0%	15.4%	0.0%	0.0%	11.1%		0.0%	8.0%	12.5%	0.0%	
													
Average		7	0	5	2	2	3		4	11	2	2	
		46.7%	0.0%	38.5%	50.0%	40.0%	33.3%		66.7%	44.0%	25.0%	22.2%	
													
Above Average		5	1	4	2	2	3		1	9	4	3	
		33.3%	100.0%	30.8%	50.0%	40.0%	33.3%		16.7%	36.0%	50.0%	33.3%	
													
Excellent		3	0	1	0	1	2		1	2	1	4	
		20.0%	0.0%	7.7%	0.0%	20.0%	22.2%		16.7%	8.0%	12.5%	44.4%	
													
No opinion		0	0	1	0	0	0		0	1	0	0	
		0.0%	0.0%	7.7%	0.0%	0.0%	0.0%		0.0%	4.0%	0.0%	0.0%	

189

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Industry

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Retail Wholesale		31		31	0	0	0	0	0	0	0	0	0	
		14.8%		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Mining		8		0	8	0	0	0	0	0	0	0	0	
Construction		3.8%		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Manufacturing		62		0	0	62	0	0	0	0	0	0	0	
		29.7%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Transportation		11		0	0	0	11	0	0	0	0	0	0	
Energy		5.3%		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Communications		6		0	0	0	0	6	0	0	0	0	0	
Media		2.9%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Tech Software		10		0	0	0	0	0	10	0	0	0	0	
Biotech		4.8%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	
														
Banking Finance		32		0	0	0	0	0	0	32	0	0	0	
Insur.		15.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
														
Service/Consulting		26		0	0	0	0	0	0	0	26	0	0	
		12.4%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
														
Healthcare/		7		0	0	0	0	0	0	0	0	7	0	
Pharmaceutical		3.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
														
Other		16		0	0	0	0	0	0	0	0	0	16	
		7.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	

190

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Industry

N=226		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Retail Wholesale		2	6	10	1	10	2		6	4	18	
		6.1%	12.2%	15.2%	5.9%	38.5%	13.3%		17.6%	13.3%	14.0%	
												
Mining		0	2	4	2	0	0		0	0	8	
Construction		0.0%	4.1%	6.1%	11.8%	0.0%	0.0%		0.0%	0.0%	6.2%	
												
Manufacturing		11	17	18	4	9	3		12	10	37	
		33.3%	34.7%	27.3%	23.5%	34.6%	20.0%		35.3%	33.3%	28.7%	
												
Transportation		2	0	4	2	0	3		6	0	5	
Energy		6.1%	0.0%	6.1%	11.8%	0.0%	20.0%		17.6%	0.0%	3.9%	
												
Communications		1	1	3	0	1	0		0	2	4	
Media		3.0%	2.0%	4.5%	0.0%	3.8%	0.0%		0.0%	6.7%	3.1%	
												
Tech Software		4	4	0	1	0	1		0	4	6	
Biotech		12.1%	8.2%	0.0%	5.9%	0.0%	6.7%		0.0%	13.3%	4.7%	
												
Banking Finance		4	2	13	3	3	6		8	6	17	
Insur.		12.1%	4.1%	19.7%	17.6%	11.5%	40.0%		23.5%	20.0%	13.2%	
												
Service/Consulting		5	10	7	2	2	0		1	3	16	
		15.2%	20.4%	10.6%	11.8%	7.7%	0.0%		2.9%	10.0%	12.4%	
												
Healthcare/		1	2	2	1	1	0		1	0	6	
Pharmaceutical		3.0%	4.1%	3.0%	5.9%	3.8%	0.0%		2.9%	0.0%	4.7%	
												
Other		3	5	5	1	0	0		0	1	12	
		9.1%	10.2%	7.6%	5.9%	0.0%	0.0%		0.0%	3.3%	9.3%	

191

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Industry

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Retail Wholesale		5	4	2	5	3	6	5	
		21.7%	6.3%	12.5%	19.2%	21.4%	31.6%	26.3%	
									
Mining		0	3	1	1	2	0	0	
Construction		0.0%	4.7%	6.3%	3.8%	14.3%	0.0%	0.0%	
									
Manufacturing		5	21	9	6	1	9	4	
		21.7%	32.8%	56.3%	23.1%	7.1%	47.4%	21.1%	
									
Transportation		1	1	1	1	1	0	2	
Energy		4.3%	1.6%	6.3%	3.8%	7.1%	0.0%	10.5%	
									
Communications		0	2	0	2	0	1	0	
Media		0.0%	3.1%	0.0%	7.7%	0.0%	5.3%	0.0%	
									
Tech Software		3	4	0	1	0	0	1	
Biotech		13.0%	6.3%	0.0%	3.8%	0.0%	0.0%	5.3%	
									
Banking Finance		3	12	1	5	1	1	5	
Insur.		13.0%	18.8%	6.3%	19.2%	7.1%	5.3%	26.3%	
									
Service/Consulting		2	9	1	1	3	2	1	
		8.7%	14.1%	6.3%	3.8%	21.4%	10.5%	5.3%	
									
Healthcare/		0	2	0	1	1	0	1	
Pharmaceutical		0.0%	3.1%	0.0%	3.8%	7.1%	0.0%	5.3%	
									
Other		4	6	1	3	2	0	0	
		17.4%	9.4%	6.3%	11.5%	14.3%	0.0%	0.0%	

192

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Industry

N=226		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Retail Wholesale		8	1	10	4	3	4		10	17	2	2	
		14.3%	20.0%	15.4%	16.0%	13.0%	11.8%		14.1%	17.0%	10.0%	13.3%	
													
Mining		0	1	3	1	2	1		7	1	0	0	
Construction		0.0%	20.0%	4.6%	4.0%	8.7%	2.9%		9.9%	1.0%	0.0%	0.0%	
													
Manufacturing		16	1	22	8	4	11		3	43	9	6	
		28.6%	20.0%	33.8%	32.0%	17.4%	32.4%		4.2%	43.0%	45.0%	40.0%	
													
Transportation		2	0	2	4	2	1		5	3	0	3	
Energy		3.6%	0.0%	3.1%	16.0%	8.7%	2.9%		7.0%	3.0%	0.0%	20.0%	
													
Communications		2	0	2	1	1	0		4	1	1	0	
Media		3.6%	0.0%	3.1%	4.0%	4.3%	0.0%		5.6%	1.0%	5.0%	0.0%	
													
Tech Software		2	0	1	1	1	5		1	4	4	1	
Biotech		3.6%	0.0%	1.5%	4.0%	4.3%	14.7%		1.4%	4.0%	20.0%	6.7%	
													
Banking Finance		14	0	9	2	4	3		19	9	1	2	
Insur.		25.0%	0.0%	13.8%	8.0%	17.4%	8.8%		26.8%	9.0%	5.0%	13.3%	
													
Service/Consulting		7	1	8	4	3	3		9	15	2	0	
		12.5%	20.0%	12.3%	16.0%	13.0%	8.8%		12.7%	15.0%	10.0%	0.0%	
													
Healthcare/		1	1	3	0	1	1		4	2	1	0	
Pharmaceutical		1.8%	20.0%	4.6%	0.0%	4.3%	2.9%		5.6%	2.0%	5.0%	0.0%	
													
Other		4	0	5	0	2	5		9	5	0	1	
		7.1%	0.0%	7.7%	0.0%	8.7%	14.7%		12.7%	5.0%	0.0%	6.7%	

193

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Sales Revenue

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Less than $25 million		34		2	0	11	2	1	4	4	5	1	3	
		16.2%		6.5%	0.0%	17.7%	18.2%	16.7%	40.0%	12.9%	19.2%	14.3%	21.4%	
														
$25-99 million		50		6	2	17	0	1	4	2	10	2	5	
		23.8%		19.4%	25.0%	27.4%	0.0%	16.7%	40.0%	6.5%	38.5%	28.6%	35.7%	
														
$100-499 million		66		10	4	18	4	3	0	13	7	2	5	
		31.4%		32.3%	50.0%	29.0%	36.4%	50.0%	0.0%	41.9%	26.9%	28.6%	35.7%	
														
$500-999 million		18		1	2	4	2	0	1	3	2	1	1	
		8.6%		3.2%	25.0%	6.5%	18.2%	0.0%	10.0%	9.7%	7.7%	14.3%	7.1%	
														
$1-4.9 billion		27		10	0	9	0	1	0	3	2	1	0	
		12.9%		32.3%	0.0%	14.5%	0.0%	16.7%	0.0%	9.7%	7.7%	14.3%	0.0%	
														
Over $5 billion		15		2	0	3	3	0	1	6	0	0	0	
		7.1%		6.5%	0.0%	4.8%	27.3%	0.0%	10.0%	19.4%	0.0%	0.0%	0.0%	

194

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Sales Revenue

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Less than $25 million		34	0	0	0	0	0		1	2	28	
		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%		2.9%	6.7%	21.4%	
												
$25-99 million		0	50	0	0	0	0		0	7	37	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%		0.0%	23.3%	28.2%	
												
$100-499 million		0	0	66	0	0	0		5	10	47	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%		14.7%	33.3%	35.9%	
												
$500-999 million		0	0	0	18	0	0		5	2	11	
		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%		14.7%	6.7%	8.4%	
												
$1-4.9 billion		0	0	0	0	27	0		15	7	5	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%		44.1%	23.3%	3.8%	
												
Over $5 billion		0	0	0	0	0	15		8	2	3	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%		23.5%	6.7%	2.3%	

195

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Sales Revenue

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Less than $25 million		15	11	0	0	0	0	0	
		68.2%	16.9%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
$25-99 million		4	34	3	1	1	0	0	
		18.2%	52.3%	18.8%	3.7%	7.7%	0.0%	0.0%	
									
$100-499 million		3	17	12	17	4	3	0	
		13.6%	26.2%	75.0%	63.0%	30.8%	15.8%	0.0%	
									
$500-999 million		0	1	1	6	7	1	2	
		0.0%	1.5%	6.3%	22.2%	53.8%	5.3%	10.5%	
									
$1-4.9 billion		0	0	0	2	0	13	8	
		0.0%	0.0%	0.0%	7.4%	0.0%	68.4%	42.1%	
									
Over $5 billion		0	2	0	1	1	2	9	
		0.0%	3.1%	0.0%	3.7%	7.7%	10.5%	47.4%	

196

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Sales Revenue

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Less than $25 million		10	2	8	4	4	6		15	12	5	2	
		18.2%	40.0%	12.1%	16.0%	18.2%	16.7%		20.8%	11.9%	23.8%	13.3%	
													
$25-99 million		7	1	19	4	6	13		15	29	4	2	
		12.7%	20.0%	28.8%	16.0%	27.3%	36.1%		20.8%	28.7%	19.0%	13.3%	
													
$100-499 million		22	0	21	10	5	8		28	30	5	3	
		40.0%	0.0%	31.8%	40.0%	22.7%	22.2%		38.9%	29.7%	23.8%	20.0%	
													
$500-999 million		6	1	5	1	2	3		7	9	1	1	
		10.9%	20.0%	7.6%	4.0%	9.1%	8.3%		9.7%	8.9%	4.8%	6.7%	
													
$1-4.9 billion		7	0	10	4	4	2		4	16	3	3	
		12.7%	0.0%	15.2%	16.0%	18.2%	5.6%		5.6%	15.8%	14.3%	20.0%	
													
Over $5 billion		3	1	3	2	1	4		3	5	3	4	
		5.5%	20.0%	4.5%	8.0%	4.5%	11.1%		4.2%	5.0%	14.3%	26.7%	

197

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Number of Employees

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Fewer than 100		23		5	0	5	1	0	3	3	2	0	4	
		12.5%		16.7%	0.0%	9.1%	14.3%	0.0%	33.3%	10.7%	10.5%	0.0%	25.0%	
														
100-499		65		4	3	21	1	2	4	12	9	2	6	
		35.3%		13.3%	42.9%	38.2%	14.3%	40.0%	44.4%	42.9%	47.4%	40.0%	37.5%	
														
500-999		16		2	1	9	1	0	0	1	1	0	1	
		8.7%		6.7%	14.3%	16.4%	14.3%	0.0%	0.0%	3.6%	5.3%	0.0%	6.3%	
														
1000-2499		27		5	1	6	1	2	1	5	1	1	3	
		14.7%		16.7%	14.3%	10.9%	14.3%	40.0%	11.1%	17.9%	5.3%	20.0%	18.8%	
														
2500-4999		14		3	2	1	1	0	0	1	3	1	2	
		7.6%		10.0%	28.6%	1.8%	14.3%	0.0%	0.0%	3.6%	15.8%	20.0%	12.5%	
														
5000-9999		19		6	0	9	0	1	0	1	2	0	0	
		10.3%		20.0%	0.0%	16.4%	0.0%	20.0%	0.0%	3.6%	10.5%	0.0%	0.0%	
														
Over 10,000		20		5	0	4	2	0	1	5	1	1	0	
		10.9%		16.7%	0.0%	7.3%	28.6%	0.0%	11.1%	17.9%	5.3%	20.0%	0.0%	

198

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Number of Employees

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Fewer than 100		15	4	3	0	0	0		0	2	20	
		57.7%	9.3%	5.4%	0.0%	0.0%	0.0%		0.0%	6.9%	17.5%	
												
100-499		11	34	17	1	0	2		2	8	53	
		42.3%	79.1%	30.4%	5.6%	0.0%	13.3%		6.5%	27.6%	46.5%	
												
500-999		0	3	12	1	0	0		0	2	14	
		0.0%	7.0%	21.4%	5.6%	0.0%	0.0%		0.0%	6.9%	12.3%	
												
1000-2499		0	1	17	6	2	1		5	6	13	
		0.0%	2.3%	30.4%	33.3%	8.7%	6.7%		16.1%	20.7%	11.4%	
												
2500-4999		0	1	4	7	0	1		2	2	8	
		0.0%	2.3%	7.1%	38.9%	0.0%	6.7%		6.5%	6.9%	7.0%	
												
5000-9999		0	0	3	1	13	2		11	6	2	
		0.0%	0.0%	5.4%	5.6%	56.5%	13.3%		35.5%	20.7%	1.8%	
												
Over 10,000		0	0	0	2	8	9		11	3	4	
		0.0%	0.0%	0.0%	11.1%	34.8%	60.0%		35.5%	10.3%	3.5%	

199

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Number of Employees

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Fewer than 100		23	0	0	0	0	0	0	
		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
100-499		0	65	0	0	0	0	0	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
500-999		0	0	16	0	0	0	0	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	
									
1000-2499		0	0	0	27	0	0	0	
		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
									
2500-4999		0	0	0	0	14	0	0	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
									
5000-9999		0	0	0	0	0	19	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
									
Over 10,000		0	0	0	0	0	0	20	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	

200

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Number of Employees

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Fewer than 100		8	0	6	2	2	5		10	8	3	2	
		15.1%	0.0%	10.5%	10.5%	9.1%	17.2%		16.4%	9.0%	15.8%	16.7%	
													
100-499		15	1	24	5	9	11		23	32	7	3	
		28.3%	33.3%	42.1%	26.3%	40.9%	37.9%		37.7%	36.0%	36.8%	25.0%	
													
500-999		7	0	5	3	1	0		3	9	2	2	
		13.2%	0.0%	8.8%	15.8%	4.5%	0.0%		4.9%	10.1%	10.5%	16.7%	
													
1000-2499		10	0	9	2	1	5		13	14	0	0	
		18.9%	0.0%	15.8%	10.5%	4.5%	17.2%		21.3%	15.7%	0.0%	0.0%	
													
2500-4999		3	1	3	1	3	3		7	6	0	0	
		5.7%	33.3%	5.3%	5.3%	13.6%	10.3%		11.5%	6.7%	0.0%	0.0%	
													
5000-9999		8	1	5	1	3	1		0	12	5	1	
		15.1%	33.3%	8.8%	5.3%	13.6%	3.4%		0.0%	13.5%	26.3%	8.3%	
													
Over 10,000		2	0	5	5	3	4		5	8	2	4	
		3.8%	0.0%	8.8%	26.3%	13.6%	13.8%		8.2%	9.0%	10.5%	33.3%	

201

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Headquarters

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Northeast		57		8	0	16	2	2	2	14	7	1	4	
		26.9%		26.7%	0.0%	25.8%	18.2%	33.3%	20.0%	43.8%	26.9%	14.3%	25.0%	
														
Mountain		5		1	1	1	0	0	0	0	1	1	0	
		2.4%		3.3%	12.5%	1.6%	0.0%	0.0%	0.0%	0.0%	3.8%	14.3%	0.0%	
														
Midwest		66		10	3	22	2	2	1	9	8	3	5	
		31.1%		33.3%	37.5%	35.5%	18.2%	33.3%	10.0%	28.1%	30.8%	42.9%	31.3%	
														
South Central		25		4	1	8	4	1	1	2	4	0	0	
		11.8%		13.3%	12.5%	12.9%	36.4%	16.7%	10.0%	6.3%	15.4%	0.0%	0.0%	
														
South Atlantic		23		3	2	4	2	1	1	4	3	1	2	
		10.8%		10.0%	25.0%	6.5%	18.2%	16.7%	10.0%	12.5%	11.5%	14.3%	12.5%	
														
Pacific		36		4	1	11	1	0	5	3	3	1	5	
		17.0%		13.3%	12.5%	17.7%	9.1%	0.0%	50.0%	9.4%	11.5%	14.3%	31.3%	

202

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Headquarters

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Northeast		10	7	22	6	7	3		11	7	34	
		29.4%	14.0%	33.3%	33.3%	25.9%	21.4%		31.4%	23.3%	25.8%	
												
Mountain		2	1	0	1	0	1		1	1	3	
		5.9%	2.0%	0.0%	5.6%	0.0%	7.1%		2.9%	3.3%	2.3%	
												
Midwest		8	19	21	5	10	3		12	7	42	
		23.5%	38.0%	31.8%	27.8%	37.0%	21.4%		34.3%	23.3%	31.8%	
												
South Central		4	4	10	1	4	2		3	3	19	
		11.8%	8.0%	15.2%	5.6%	14.8%	14.3%		8.6%	10.0%	14.4%	
												
South Atlantic		4	6	5	2	4	1		4	4	11	
		11.8%	12.0%	7.6%	11.1%	14.8%	7.1%		11.4%	13.3%	8.3%	
												
Pacific		6	13	8	3	2	4		4	8	23	
		17.6%	26.0%	12.1%	16.7%	7.4%	28.6%		11.4%	26.7%	17.4%	

203

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Headquarters

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Northeast		8	15	7	10	3	8	2	
		34.8%	23.1%	43.8%	37.0%	21.4%	42.1%	10.5%	
									
Mountain		0	1	0	0	1	1	0	
		0.0%	1.5%	0.0%	0.0%	7.1%	5.3%	0.0%	
									
Midwest		6	24	5	9	3	5	5	
		26.1%	36.9%	31.3%	33.3%	21.4%	26.3%	26.3%	
									
South Central		2	5	3	2	1	1	5	
		8.7%	7.7%	18.8%	7.4%	7.1%	5.3%	26.3%	
									
South Atlantic		2	9	1	1	3	3	3	
		8.7%	13.8%	6.3%	3.7%	21.4%	15.8%	15.8%	
									
Pacific		5	11	0	5	3	1	4	
		21.7%	16.9%	0.0%	18.5%	21.4%	5.3%	21.1%	

204

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Headquarters

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Northeast		57	0	0	0	0	0		17	25	8	5	
		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%		23.3%	24.8%	38.1%	35.7%	
													
Mountain		0	5	0	0	0	0		2	2	1	0	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%		2.7%	2.0%	4.8%	0.0%	
													
Midwest		0	0	66	0	0	0		21	37	5	3	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%		28.8%	36.6%	23.8%	21.4%	
													
South Central		0	0	0	25	0	0		9	11	3	2	
		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%		12.3%	10.9%	14.3%	14.3%	
													
South Atlantic		0	0	0	0	23	0		14	7	1	0	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%		19.2%	6.9%	4.8%	0.0%	
													
Pacific		0	0	0	0	0	36		10	19	3	4	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%		13.7%	18.8%	14.3%	28.6%	

205

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Ownership

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Public, NYSE		35		6	0	12	6	0	0	8	1	1	0	
		17.8%		21.4%	0.0%	20.3%	54.5%	0.0%	0.0%	25.8%	5.0%	14.3%	0.0%	
														
Public, Nasdaq/		30		4	0	10	0	2	4	6	3	0	1	
AMEX		15.2%		14.3%	0.0%	16.9%	0.0%	33.3%	40.0%	19.4%	15.0%	0.0%	7.7%	
														
Private		132		18	8	37	5	4	6	17	16	6	12	
		67.0%		64.3%	100.0%	62.7%	45.5%	66.7%	60.0%	54.8%	80.0%	85.7%	92.3%	

206

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Ownership

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Public, NYSE		1	0	5	5	15	8		35	0	0	
		3.2%	0.0%	8.1%	27.8%	55.6%	61.5%		100.0%	0.0%	0.0%	
												
Public, Nasdaq/		2	7	10	2	7	2		0	30	0	
AMEX		6.5%	15.9%	16.1%	11.1%	25.9%	15.4%		0.0%	100.0%	0.0%	
												
Private		28	37	47	11	5	3		0	0	132	
		90.3%	84.1%	75.8%	61.1%	18.5%	23.1%		0.0%	0.0%	100.0%	

207

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Ownership

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Public, NYSE		0	2	0	5	2	11	11	
		0.0%	3.2%	0.0%	20.8%	16.7%	57.9%	61.1%	
									
Public, Nasdaq/		2	8	2	6	2	6	3	
AMEX		9.1%	12.7%	12.5%	25.0%	16.7%	31.6%	16.7%	
									
Private		20	53	14	13	8	2	4	
		90.9%	84.1%	87.5%	54.2%	66.7%	10.5%	22.2%	

208

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Ownership

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Public, NYSE		11	1	12	3	4	4		6	19	5	3	
		21.2%	20.0%	19.7%	12.0%	21.1%	11.4%		9.0%	20.4%	23.8%	21.4%	
													
Public, Nasdaq/		7	1	7	3	4	8		8	13	5	4	
AMEX		13.5%	20.0%	11.5%	12.0%	21.1%	22.9%		11.9%	14.0%	23.8%	28.6%	
													
Private		34	3	42	19	11	23		53	61	11	7	
		65.4%	60.0%	68.9%	76.0%	57.9%	65.7%		79.1%	65.6%	52.4%	50.0%	

209

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Foreign Sales

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
0%		73		10	7	3	5	4	1	19	9	4	9	
		34.8%		32.3%	87.5%	4.9%	45.5%	66.7%	10.0%	61.3%	34.6%	57.1%	60.0%	
														
1-24%		101		17	1	43	3	1	4	9	15	2	5	
		48.1%		54.8%	12.5%	70.5%	27.3%	16.7%	40.0%	29.0%	57.7%	28.6%	33.3%	
														
25-50%		21		2	0	9	0	1	4	1	2	1	0	
		10.0%		6.5%	0.0%	14.8%	0.0%	16.7%	40.0%	3.2%	7.7%	14.3%	0.0%	
														
Over 50%		15		2	0	6	3	0	1	2	0	0	1	
		7.1%		6.5%	0.0%	9.8%	27.3%	0.0%	10.0%	6.5%	0.0%	0.0%	6.7%	

210

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Foreign Sales

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
0%		15	15	28	7	4	3		6	8	53	
		44.1%	30.0%	42.4%	38.9%	15.4%	20.0%		18.2%	26.7%	40.2%	
												
1-24%		12	29	30	9	16	5		19	13	61	
		35.3%	58.0%	45.5%	50.0%	61.5%	33.3%		57.6%	43.3%	46.2%	
												
25-50%		5	4	5	1	3	3		5	5	11	
		14.7%	8.0%	7.6%	5.6%	11.5%	20.0%		15.2%	16.7%	8.3%	
												
Over 50%		2	2	3	1	3	4		3	4	7	
		5.9%	4.0%	4.5%	5.6%	11.5%	26.7%		9.1%	13.3%	5.3%	

211

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Foreign Sales

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
0%		10	23	3	13	7	0	5	
		43.5%	35.4%	18.8%	48.1%	53.8%	0.0%	26.3%	
									
1-24%		8	32	9	14	6	12	8	
		34.8%	49.2%	56.3%	51.9%	46.2%	66.7%	42.1%	
									
25-50%		3	7	2	0	0	5	2	
		13.0%	10.8%	12.5%	0.0%	0.0%	27.8%	10.5%	
									
Over 50%		2	3	2	0	0	1	4	
		8.7%	4.6%	12.5%	0.0%	0.0%	5.6%	21.1%	

212

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Foreign Sales

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
0%		17	2	21	9	14	10		73	0	0	0	
		30.9%	40.0%	31.8%	36.0%	63.6%	27.8%		100.0%	0.0%	0.0%	0.0%	
													
1-24%		25	2	37	11	7	19		0	101	0	0	
		45.5%	40.0%	56.1%	44.0%	31.8%	52.8%		0.0%	100.0%	0.0%	0.0%	
													
25-50%		8	1	5	3	1	3		0	0	21	0	
		14.5%	20.0%	7.6%	12.0%	4.5%	8.3%		0.0%	0.0%	100.0%	0.0%	
													
Over 50%		5	0	3	2	0	4		0	0	0	15	
		9.1%	0.0%	4.5%	8.0%	0.0%	11.1%		0.0%	0.0%	0.0%	100.0%	

213

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		226		31	8	62	11	6	10	32	26	7	16	
Percent		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Weighted Sales Revenue (Millions)	
														
N		210		31	8	62	11	6	10	31	26	7	14	
Mean		991.67		1489.42	353.00	882.73	1886.36	664.50	709.80	1657.23	397.88	642.71	188.21	
SD		1684.10		1776.86	266.14	1539.81	2652.25	1151.10	1872.08	2314.66	791.97	1069.21	203.37	
SE		116.21		319.13	94.09	195.56	799.68	469.93	592.00	415.73	155.32	404.12	54.35	
				HJ			hj			hj	Adg		Adg	
														
Weighted Number of Employees	
														
N		184		30	7	55	7	5	9	28	19	5	16	
Mean		2804.62		4273.33	1557.14	2605.45	4378.57	2320.00	1694.44	3023.21	2297.37	3620.00	981.25	
SD		3908.84		4428.33	1583.62	3722.62	5347.65	2985.09	3898.91	4519.02	3357.10	4893.44	1239.61	
SE		288.16		808.50	598.55	501.96	2021.22	1334.97	1299.64	854.02	770.17	2188.41	309.90	
				J			j						Ad	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

214

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		34	50	66	18	27	15		35	30	132	
Percent		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Weighted Sales Revenue (Millions)	
												
N		34	50	66	18	27	15		34	30	131	
Mean		25.00	62.00	300.00	750.00	3000.00	6000.00		2890.44	1266.13	445.37	
SD		0.00	0.00	0.00	0.00	0.00	0.00		2075.87	1751.46	1028.79	
SE		0.00	0.00	0.00	0.00	0.00	0.00		356.01	319.77	89.89	
									BC	AC	AB	
												
Weighted Number of Employees	
												
N		26	43	56	18	23	15		31	29	114	
Mean		184.62	426.74	1458.04	3850.00	8565.22	8606.67		7462.90	3555.17	1264.47	
SD		100.77	579.03	1738.99	3386.04	3030.36	4741.04		4162.63	4014.82	2437.51	
SE		19.76	88.30	232.38	798.10	631.87	1224.13		747.63	745.53	228.29	
		bCDEF	aCDEF	ABDEF	ABCEF	ABCD	ABCD		BC	AC	AB	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

215

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Number		23	65	16	27	14	19	20	
Percent		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Weighted Sales Revenue (Millions)	
									
N		22	65	16	27	13	19	19	
Mean		69.23	311.28	283.50	802.30	962.46	2771.05	4184.21	
SD		94.95	1030.26	156.65	1263.84	1534.57	1562.34	1892.68	
SE		20.24	127.79	39.16	243.23	425.61	358.43	434.21	
		CDEFG	FG	AFG	AFG	AFG	ABCDEg	ABCDEf	
									
Weighted Number of Employees	
									
N		23	65	16	27	14	19	20	
Mean		100.00	300.00	750.00	1750.00	3750.00	7500.00	12000.00	
SD		0.00	0.00	0.00	0.00	0.00	0.00	0.00	
SE		0.00	0.00	0.00	0.00	0.00	0.00	0.00	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

216

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Number		57	5	66	25	23	36		73	101	21	15	
Percent		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Weighted Sales Revenue (Millions)	
													
N		55	5	66	25	22	36		72	101	21	15	
Mean		923.35	1372.40	900.42	1123.92	976.00	989.06		624.38	948.99	1410.62	2321.60	
SD		1548.58	2605.29	1515.41	1801.63	1583.30	1921.64		1313.29	1552.17	2170.76	2549.43	
SE		208.81	1165.12	186.53	360.33	337.56	320.27		154.77	154.45	473.70	658.26	
									cD	D	a	AB	
													
Weighted Number of Employees	
													
N		53	3	57	19	22	29		61	89	19	12	
Mean		2326.42	3850.00	2386.84	4142.11	3415.91	2734.48		1953.28	2810.67	3442.10	4841.67	
SD		3190.53	3601.04	3662.80	5124.08	4313.25	4114.20		3238.76	3782.71	4383.82	5659.78	
SE		438.25	2079.06	485.15	1175.54	919.59	763.99		414.68	400.97	1005.72	1633.84	
									d			a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

217

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Age

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
<=39		18		4	0	4	1	0	1	4	2	1	1	
		8.5%		12.9%	0.0%	6.5%	9.1%	0.0%	10.0%	12.5%	7.7%	14.3%	6.3%	
														
40-49		87		14	4	23	6	1	4	10	15	2	7	
		40.8%		45.2%	50.0%	37.1%	54.5%	16.7%	40.0%	31.3%	57.7%	28.6%	43.8%	
										h	g			
														
50-59		96		9	4	32	4	5	5	15	9	4	6	
		45.1%		29.0%	50.0%	51.6%	36.4%	83.3%	50.0%	46.9%	34.6%	57.1%	37.5%	
				ce		a		ah			e			
														
60+		12		4	0	3	0	0	0	3	0	0	2	
		5.6%		12.9%	0.0%	4.8%	0.0%	0.0%	0.0%	9.4%	0.0%	0.0%	12.5%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

218

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Age

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
<=39		4	7	4	2	1	0		1	5	11	
		11.8%	14.0%	6.1%	11.1%	3.7%	0.0%		2.9%	16.7%	8.3%	
												
40-49		10	19	31	8	12	6		14	8	58	
		29.4%	38.0%	47.0%	44.4%	44.4%	40.0%		40.0%	26.7%	43.9%	
												
50-59		16	22	29	8	12	7		18	16	55	
		47.1%	44.0%	43.9%	44.4%	44.4%	46.7%		51.4%	53.3%	41.7%	
												
60+		4	2	2	0	2	2		2	1	8	
		11.8%	4.0%	3.0%	0.0%	7.4%	13.3%		5.7%	3.3%	6.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

219

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Age

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
<=39		1	9	1	1	1	1	1	
		4.3%	13.8%	6.3%	3.7%	7.1%	5.3%	5.0%	
									
40-49		9	26	5	15	6	10	5	
		39.1%	40.0%	31.3%	55.6%	42.9%	52.6%	25.0%	
					g			d	
									
50-59		9	27	10	10	7	8	11	
		39.1%	41.5%	62.5%	37.0%	50.0%	42.1%	55.0%	
									
60+		4	3	0	1	0	0	3	
		17.4%	4.6%	0.0%	3.7%	0.0%	0.0%	15.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

220

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Age

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
<=39		4	1	5	2	2	4		6	9	2	1	
		7.0%	20.0%	7.6%	8.0%	8.7%	11.1%		8.2%	8.9%	9.5%	6.7%	
													
40-49		20	3	28	12	11	12		29	43	6	8	
		35.1%	60.0%	42.4%	48.0%	47.8%	33.3%		39.7%	42.6%	28.6%	53.3%	
													
50-59		30	1	29	8	9	19		34	44	11	5	
		52.6%	20.0%	43.9%	32.0%	39.1%	52.8%		46.6%	43.6%	52.4%	33.3%	
													
60+		3	0	4	3	1	1		4	5	2	1	
		5.3%	0.0%	6.1%	12.0%	4.3%	2.8%		5.5%	5.0%	9.5%	6.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

221

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Years as a financial exec

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
<4 years		5		1	0	0	2	0	0	0	1	0	1	
		2.4%		3.2%	0.0%	0.0%	18.2%	0.0%	0.0%	0.0%	3.8%	0.0%	6.3%	
						D	Cg			d				
														
4-9 years		24		2	2	7	0	0	1	5	4	0	3	
		11.3%		6.5%	25.0%	11.3%	0.0%	0.0%	10.0%	15.6%	15.4%	0.0%	18.8%	
														
10-14 years		38		9	0	10	3	3	2	1	5	2	3	
		17.9%		29.0%	0.0%	16.1%	27.3%	50.0%	20.0%	3.1%	19.2%	33.3%	18.8%	
				G	e	e	g	bcG		AdEi		g		
														
15+ years		145		19	6	45	6	3	7	26	16	4	9	
		68.4%		61.3%	75.0%	72.6%	54.5%	50.0%	70.0%	81.3%	61.5%	66.7%	56.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

222

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Years as a financial exec

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
<4 years		1	2	1	1	0	0		1	0	4	
		2.9%	4.1%	1.5%	5.6%	0.0%	0.0%		2.9%	0.0%	3.1%	
												
4-9 years		2	9	8	3	1	0		2	4	13	
		5.9%	18.4%	12.1%	16.7%	3.7%	0.0%		5.7%	13.3%	9.9%	
												
10-14 years		5	7	13	4	4	4		6	6	24	
		14.7%	14.3%	19.7%	22.2%	14.8%	26.7%		17.1%	20.0%	18.3%	
												
15+ years		26	31	44	10	22	11		26	20	90	
		76.5%	63.3%	66.7%	55.6%	81.5%	73.3%		74.3%	66.7%	68.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

223

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Years as a financial exec

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
<4 years		1	1	1	1	0	0	0	
		4.3%	1.6%	6.3%	3.7%	0.0%	0.0%	0.0%	
									
4-9 years		0	10	0	6	3	0	1	
		0.0%	15.6%	0.0%	22.2%	21.4%	0.0%	5.0%	
		bde	a	d	acf	af	de		
									
10-14 years		4	10	3	9	2	4	4	
		17.4%	15.6%	18.8%	33.3%	14.3%	21.1%	20.0%	
									
15+ years		18	43	12	11	9	15	15	
		78.3%	67.2%	75.0%	40.7%	64.3%	78.9%	75.0%	
		d	d	d	abcfg		d	d	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

224

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Years as a financial exec

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
<4 years		1	0	2	2	0	0		2	2	0	1	
		1.8%	0.0%	3.0%	8.0%	0.0%	0.0%		2.7%	2.0%	0.0%	6.7%	
													
4-9 years		6	1	10	2	2	3		8	12	2	1	
		10.5%	20.0%	15.2%	8.0%	8.7%	8.6%		11.0%	12.0%	9.5%	6.7%	
													
10-14 years		10	1	7	4	5	10		10	21	5	2	
		17.5%	20.0%	10.6%	16.0%	21.7%	28.6%		13.7%	21.0%	23.8%	13.3%	
				f			c						
													
15+ years		40	3	47	17	16	22		53	65	14	11	
		70.2%	60.0%	71.2%	68.0%	69.6%	62.9%		72.6%	65.0%	66.7%	73.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

225

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Education

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
High School		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Some college		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
College degree		85		17	2	20	4	2	1	19	10	3	6	
		39.9%		54.8%	25.0%	32.3%	36.4%	33.3%	10.0%	59.4%	38.5%	42.9%	37.5%	
				cf		ag			aG	cF				
														
MBA or other		114		13	6	39	6	4	7	11	14	3	9	
		53.5%		41.9%	75.0%	62.9%	54.5%	66.7%	70.0%	34.4%	53.8%	42.9%	56.3%	
					g	g				bc				
														
non-business		1		0	0	1	0	0	0	0	0	0	0	
masters		0.5%		0.0%	0.0%	1.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
>Masters degree		13		1	0	2	1	0	2	2	2	1	1	
		6.1%		3.2%	0.0%	3.2%	9.1%	0.0%	20.0%	6.3%	7.7%	14.3%	6.3%	
						f			c					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

226

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Education

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
High School		0	0	0	0	0	0		0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
												
Some college		0	0	0	0	0	0		0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
												
College degree		12	20	33	4	10	5		11	7	63	
		35.3%	40.0%	50.0%	22.2%	37.0%	33.3%		31.4%	23.3%	47.7%	
				d	c					c	b	
												
MBA or other		19	27	33	12	14	7		18	23	62	
		55.9%	54.0%	50.0%	66.7%	51.9%	46.7%		51.4%	76.7%	47.0%	
									b	aC	B	
												
non-business		0	0	0	1	0	0		1	0	0	
masters		0.0%	0.0%	0.0%	5.6%	0.0%	0.0%		2.9%	0.0%	0.0%	
												
>Masters degree		3	3	0	1	3	3		5	0	7	
		8.8%	6.0%	0.0%	5.6%	11.1%	20.0%		14.3%	0.0%	5.3%	
		c	c	abEF		C	C		b	a		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

227

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Education

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
High School		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
Some college		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
College degree		10	30	5	11	5	7	6	
		43.5%	46.2%	31.3%	40.7%	35.7%	36.8%	30.0%	
									
MBA or other		10	30	11	15	9	12	9	
		43.5%	46.2%	68.8%	55.6%	64.3%	63.2%	45.0%	
									
non-business		0	0	0	1	0	0	0	
masters		0.0%	0.0%	0.0%	3.7%	0.0%	0.0%	0.0%	
									
>Masters degree		3	5	0	0	0	0	5	
		13.0%	7.7%	0.0%	0.0%	0.0%	0.0%	25.0%	
			g	g	G		g	bcDf	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

228

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Education

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
High School		0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
													
Some college		0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
													
College degree		19	0	31	12	11	12		32	41	5	7	
		33.3%	0.0%	47.0%	48.0%	47.8%	33.3%		43.8%	40.6%	23.8%	46.7%	
			c	b									
													
MBA or other		32	5	32	13	10	21		38	53	13	7	
		56.1%	100.0%	48.5%	52.0%	43.5%	58.3%		52.1%	52.5%	61.9%	46.7%	
			ce	b		b							
													
non-business		0	0	0	0	0	1		0	1	0	0	
masters		0.0%	0.0%	0.0%	0.0%	0.0%	2.8%		0.0%	1.0%	0.0%	0.0%	
													
>Masters degree		6	0	3	0	2	2		3	6	3	1	
		10.5%	0.0%	4.5%	0.0%	8.7%	5.6%		4.1%	5.9%	14.3%	6.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

229

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Gender

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
Male		202		31	8	60	10	6	9	30	22	7	16	
		95.7%		100.0%	100.0%	96.8%	90.9%	100.0%	90.0%	93.8%	88.0%	100.0%	100.0%	
														
Female		9		0	0	2	1	0	1	2	3	0	0	
		4.3%		0.0%	0.0%	3.2%	9.1%	0.0%	10.0%	6.3%	12.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

230

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Gender

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
Male		32	47	64	16	25	15		32	30	125	
		97.0%	94.0%	98.5%	88.9%	92.6%	100.0%		91.4%	100.0%	96.2%	
												
Female		1	3	1	2	2	0		3	0	5	
		3.0%	6.0%	1.5%	11.1%	7.4%	0.0%		8.6%	0.0%	3.8%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

231

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Gender

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
Male		22	59	16	26	14	17	20	
		95.7%	93.7%	100.0%	96.3%	100.0%	89.5%	100.0%	
									
Female		1	4	0	1	0	2	0	
		4.3%	6.3%	0.0%	3.7%	0.0%	10.5%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

232

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Demographics: Gender

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
Male		54	5	61	23	23	35		67	96	21	15	
		94.7%	100.0%	93.8%	92.0%	100.0%	100.0%		94.4%	95.0%	100.0%	100.0%	
													
Female		3	0	4	2	0	0		4	5	0	0	
		5.3%	0.0%	6.2%	8.0%	0.0%	0.0%		5.6%	5.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

233

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Approximately what portion of your compensation is incentive based? (e.g., stock option, bonus, etc.)

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
<10%		33		5	0	5	0	0	3	3	7	2	7	
		15.5%		16.1%	0.0%	8.1%	0.0%	0.0%	30.0%	9.4%	26.9%	28.6%	43.8%	
				j	j	fhJ	j		c	J	c		abCdG	
														
10-19%		24		2	2	8	0	2	0	3	2	2	2	
		11.3%		6.5%	25.0%	12.9%	0.0%	33.3%	0.0%	9.4%	7.7%	28.6%	12.5%	
														
20-29%		35		4	0	15	3	1	1	5	4	0	1	
		16.4%		12.9%	0.0%	24.2%	27.3%	16.7%	10.0%	15.6%	15.4%	0.0%	6.3%	
														
30-39%		44		6	3	14	4	0	4	7	3	0	3	
		20.7%		19.4%	37.5%	22.6%	36.4%	0.0%	40.0%	21.9%	11.5%	0.0%	18.8%	
														
40-49%		13		3	1	1	0	0	0	4	3	1	0	
		6.1%		9.7%	12.5%	1.6%	0.0%	0.0%	0.0%	12.5%	11.5%	14.3%	0.0%	
						gh				c	c			
														
50% +		64		11	2	19	4	3	2	10	7	2	3	
		30.0%		35.5%	25.0%	30.6%	36.4%	50.0%	20.0%	31.3%	26.9%	28.6%	18.8%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

234

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Approximately what portion of your compensation is incentive based? (e.g., stock option, bonus, etc.)

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
<10%		15	9	6	2	0	0		0	2	25	
		44.1%	18.0%	9.1%	11.1%	0.0%	0.0%		0.0%	6.7%	18.9%	
		bCdEF	ae	A	a	Ab	A		C		A	
												
10-19%		7	13	2	0	2	0		0	2	22	
		20.6%	26.0%	3.0%	0.0%	7.4%	0.0%		0.0%	6.7%	16.7%	
		Cd	Cdf	AB	ab		b		c		a	
												
20-29%		6	6	17	4	1	1		3	3	26	
		17.6%	12.0%	25.8%	22.2%	3.7%	6.7%		8.6%	10.0%	19.7%	
				e		c						
												
30-39%		3	13	16	4	4	3		9	6	28	
		8.8%	26.0%	24.2%	22.2%	14.8%	20.0%		25.7%	20.0%	21.2%	
												
40-49%		0	2	7	1	2	0		2	3	7	
		0.0%	4.0%	10.6%	5.6%	7.4%	0.0%		5.7%	10.0%	5.3%	
												
50% +		3	7	18	7	18	11		21	14	24	
		8.8%	14.0%	27.3%	38.9%	66.7%	73.3%		60.0%	46.7%	18.2%	
		cdEF	dEF	aEF	ab	ABC	ABC		C	C	AB	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

235

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Approximately what portion of your compensation is incentive based? (e.g., stock option, bonus, etc.)

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
<10%		12	10	0	2	5	0	0	
		52.2%	15.4%	0.0%	7.4%	35.7%	0.0%	0.0%	
		BCDFG	A	Ae	Ae	cdFG	AE	AE	
									
10-19%		2	15	1	1	0	0	1	
		8.7%	23.1%	6.3%	3.7%	0.0%	0.0%	5.0%	
			def		b	b	b		
									
20-29%		2	14	5	7	0	2	1	
		8.7%	21.5%	31.3%	25.9%	0.0%	10.5%	5.0%	
				eg	e	cd		c	
									
30-39%		4	16	4	6	2	2	3	
		17.4%	24.6%	25.0%	22.2%	14.3%	10.5%	15.0%	
									
40-49%		1	2	1	4	2	0	2	
		4.3%	3.1%	6.3%	14.8%	14.3%	0.0%	10.0%	
			d		b				
									
50% +		2	8	5	7	5	15	13	
		8.7%	12.3%	31.3%	25.9%	35.7%	78.9%	65.0%	
		eFG	eFG	F	Fg	abf	ABCDe	ABd	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

236

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Approximately what portion of your compensation is incentive based? (e.g., stock option, bonus, etc.)

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
<10%		7	0	9	4	5	8		17	9	5	1	
		12.3%	0.0%	13.6%	16.0%	21.7%	22.2%		23.3%	8.9%	23.8%	6.7%	
									B	A			
													
10-19%		2	2	10	3	1	6		12	8	3	1	
		3.5%	40.0%	15.2%	12.0%	4.3%	16.7%		16.4%	7.9%	14.3%	6.7%	
		Bcf	Ae	a		b	a						
													
20-29%		13	0	12	3	2	5		10	19	3	2	
		22.8%	0.0%	18.2%	12.0%	8.7%	13.9%		13.7%	18.8%	14.3%	13.3%	
													
30-39%		16	2	13	5	6	2		12	27	5	0	
		28.1%	40.0%	19.7%	20.0%	26.1%	5.6%		16.4%	26.7%	23.8%	0.0%	
		F	f			f	Abe			d	d	bc	
													
40-49%		1	0	6	1	1	4		3	8	0	1	
		1.8%	0.0%	9.1%	4.0%	4.3%	11.1%		4.1%	7.9%	0.0%	6.7%	
													
50% +		18	1	16	9	8	11		19	30	5	10	
		31.6%	20.0%	24.2%	36.0%	34.8%	30.6%		26.0%	29.7%	23.8%	66.7%	
									D	D	d	ABc	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

237

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

How would you rate your ability to pick which investment projects will be profitable for your firm?

N=226		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		226		31	8	62	11	6	10	32	26	7	16	
		100.0%		14.8%	3.8%	29.7%	5.3%	2.9%	4.8%	15.3%	12.4%	3.3%	7.7%	
														
1=Poor		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
2=		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
3=		3		0	0	0	0	0	0	1	1	0	1	
		1.4%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.1%	3.8%	0.0%	6.3%	
														
4=Average		34		4	1	12	2	0	1	7	5	0	2	
		16.0%		12.9%	12.5%	19.4%	18.2%	0.0%	10.0%	21.9%	19.2%	0.0%	12.5%	
														
5=		51		5	2	17	1	1	2	9	8	1	5	
		23.9%		16.1%	25.0%	27.4%	9.1%	16.7%	20.0%	28.1%	30.8%	14.3%	31.3%	
														
6=		101		17	4	27	7	4	6	11	11	5	6	
		47.4%		54.8%	50.0%	43.5%	63.6%	66.7%	60.0%	34.4%	42.3%	71.4%	37.5%	
														
7=Excellent		24		5	1	6	1	1	1	4	1	1	2	
		11.3%		16.1%	12.5%	9.7%	9.1%	16.7%	10.0%	12.5%	3.8%	14.3%	12.5%	
														
Mean		5.51		5.74	5.63	5.44	5.64	6.00	5.70	5.31	5.23	6.00	5.38	
SD		0.94		0.89	0.92	0.92	0.92	0.63	0.82	1.06	0.95	0.58	1.09	
				h							a			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

238

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

How would you rate your ability to pick which investment projects will be profitable for your firm?

N=226		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
Over $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		34	50	66	18	27	15		35	30	132	
		16.2%	23.8%	31.4%	8.6%	12.9%	7.1%		17.8%	15.2%	67.0%	
												
1=Poor		0	0	0	0	0	0		0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
												
2=		0	0	0	0	0	0		0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
												
3=		1	1	0	0	0	1		1	0	2	
		2.9%	2.0%	0.0%	0.0%	0.0%	6.7%		2.9%	0.0%	1.5%	
				f			c					
												
4=Average		5	11	13	2	1	1		4	4	25	
		14.7%	22.0%	19.7%	11.1%	3.7%	6.7%		11.4%	13.3%	18.9%	
			e			b						
												
5=		9	14	14	2	6	5		5	12	30	
		26.5%	28.0%	21.2%	11.1%	22.2%	33.3%		14.3%	40.0%	22.7%	
									b	a		
												
6=		16	19	33	11	15	7		17	11	64	
		47.1%	38.0%	50.0%	61.1%	55.6%	46.7%		48.6%	36.7%	48.5%	
												
7=Excellent		3	5	6	3	5	1		8	3	11	
		8.8%	10.0%	9.1%	16.7%	18.5%	6.7%		22.9%	10.0%	8.3%	
									c		a	
												
Mean		5.44	5.32	5.48	5.83	5.89	5.40		5.77	5.43	5.43	
SD		0.96	1.00	0.92	0.86	0.75	0.99		1.03	0.86	0.94	
			e	e		bc						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

239

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

How would you rate your ability to pick which investment projects will be profitable for your firm?

N=226		Number of Employees	
		Fewer
than 100	
100-499	
500-999	
1000-2499	
2500-4999	
5000-9999	Over
10,000	
		A	B	C	D	E	F	G	
									
Total		23	65	16	27	14	19	20	
		12.5%	35.3%	8.7%	14.7%	7.6%	10.3%	10.9%	
									
1=Poor		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
2=		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
3=		1	0	0	0	0	0	1	
		4.3%	0.0%	0.0%	0.0%	0.0%	0.0%	5.0%	
									
4=Average		3	15	7	1	2	1	1	
		13.0%	23.1%	43.8%	3.7%	14.3%	5.3%	5.0%	
		c	d	aDfG	bC		c	C	
									
5=		5	17	4	7	0	5	5	
		21.7%	26.2%	25.0%	25.9%	0.0%	26.3%	25.0%	
			e		e	bdf	e		
									
6=		13	28	4	17	7	9	11	
		56.5%	43.1%	25.0%	63.0%	50.0%	47.4%	55.0%	
				d	c				
									
7=Excellent		1	5	1	2	5	4	2	
		4.3%	7.7%	6.3%	7.4%	35.7%	21.1%	10.0%	
		e	E		e	aBd			
									
Mean		5.43	5.35	4.94	5.74	6.07	5.84	5.60	
SD		0.95	0.93	1.00	0.66	1.00	0.83	0.94	
			ef	DEFg	C	bC	bC	c	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

240

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

How would you rate your ability to pick which investment projects will be profitable for your firm?

N=226		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific		
0%	
1-24%	
25-50%	
Over 50%	
		A	B	C	D	E	F		A	B	C	D	
													
Total		57	5	66	25	23	36		73	101	21	15	
		26.9%	2.4%	31.1%	11.8%	10.8%	17.0%		34.8%	48.1%	10.0%	7.1%	
													
1=Poor		0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
													
2=		0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
													
3=		0	0	2	1	0	0		3	0	0	0	
		0.0%	0.0%	3.0%	4.0%	0.0%	0.0%		4.1%	0.0%	0.0%	0.0%	
									b	a			
													
4=Average		8	1	15	2	5	3		10	18	4	1	
		14.0%	20.0%	22.7%	8.0%	21.7%	8.3%		13.7%	17.8%	19.0%	6.7%	
													
5=		12	1	16	6	6	10		16	21	8	6	
		21.1%	20.0%	24.2%	24.0%	26.1%	27.8%		21.9%	20.8%	38.1%	40.0%	
													
6=		31	3	30	11	8	17		35	51	7	8	
		54.4%	60.0%	45.5%	44.0%	34.8%	47.2%		47.9%	50.5%	33.3%	53.3%	
													
7=Excellent		6	0	3	5	4	6		9	11	2	0	
		10.5%	0.0%	4.5%	20.0%	17.4%	16.7%		12.3%	10.9%	9.5%	0.0%	
				df	c		c						
													
Mean		5.61	5.40	5.26	5.68	5.48	5.72		5.51	5.54	5.33	5.47	
SD		0.86	0.89	0.97	1.03	1.04	0.85		1.02	0.91	0.91	0.64	
		c		af			c						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01