Duke University/CFO Magazine

Business Outlook Survey

United States

1st Quarter, 2005

Table of Contents

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

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

3. On February 18, 2005 the annual yield on 10-yr treasury bonds was 4.3%. Please complete the following:	3
3. On February 18, 2005 the annual yield on 10-yr treasury bonds was 4.3%. Please complete the following: 
    OUTLIERS BEYOND 1.96 SD's DELETED	4

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 
    12 months for:   [Public Companies - Windsorized - Unweighted - Sorted]	5
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 
    12 months?  [Public Companies - Windsorized – Revenue Weighted - Sorted]	6
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 
    12 months?  [Public Companies - Windsorized – Employee Weighted - Sorted]	7

5. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)	8
5. What are the top four concerns your corporation faces in 2005? OTHER SPECIFIED	9

6. Negative impact of terrorism.	10
6. Negative impact of terrorism.	11

7a. Are labor costs per unit produced increasing at your company?	12
7b. IF YES, How big of a problem is this increase in unit labor costs for your firm's bottom line?	13

8a. Will the weaker U.S. dollar help or hurt your firm?	14
8a. Will the weaker U.S. dollar help or hurt your firm? OTHER SPECIFIED	15
8b. Overall, how much will the weaker U.S. dollar help or hurt your firm?	16
8c. Has your firm taken any actions to offset the changing value of the U.S. dollar?	17
8c. Has your firm taken any actions to offset the changing value of the U.S. dollar? OTHER SPECIFIED	18

9. How important do you think it is for the U.S. Congress to take action on the following items during 2005? (Sorted)	19

10. The Federal Funds rate is currently 2.5%. What do you consider to be the "neutral" level of interest rates? (Neutral interest rates strike a balance between inflation and economic growth).	20

Industry	21
Industry (Other specified)	22
Sales Revenue	23
Weighted Sales Revenue (Millions)	24
Number of Employees	25
Weighted Number of Employees	26
Headquarters	27
Ownership	28
Foreign Sales	29

1

Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

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

	 	Number	Percent	95% CI
	3=More optimistic	136	46.4 %	± 5.9 %
	2=No change	105	35.8 %	± 5.7 %
	1=Less optimistic	52	17.7 %	± 4.7 %
	Total	293	100.0 %

	Mean = 2.29
	SD = .75

	Missing Cases = 0 
	Response Percent = 100.0 %

2

Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

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

	 	Number	Percent	95% CI
	3=More optimistic	152	51.9 %	± 5.9 %
	2=No change	83	28.3 %	± 5.4 %
	1=Less optimistic	58	19.8 %	± 4.8 %
	Total	293	100.0 %

	Mean = 2.32
	SD = .78

	Missing Cases = 0 
	Response Percent = 100.0 %

3

Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

3. On February 18, 2005 the annual yield on 10-yr treasury bonds was 4.3%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

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:	3.68	5.76	3.01 - 4.35	3.25	-10	67	282

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	7.77	4.71	7.23 - 8.31	7.50	0	55	289

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:	11.64	7.58	10.76 - 12.53	10	3	100	283

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:	-0.03	8.83	-1.06 - 1.00	2	-50	75	282

Over the next year, I expect the average
annual S&P 500 return will be: Expected return:	6.29	4.27	5.80 - 6.79	6	-15	50	288

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:	11.17	5.72	10.50 - 11.84	10	0	50	281

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

3. On February 18, 2005 the annual yield on 10-yr treasury bonds was 4.3%. Please complete the following: OUTLIERS BEYOND 1.96 SD's DELETED

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

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:	3.43	2.60	3.12 - 3.74	3.50	-5	10	273

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	7.32	2.32	7.05 - 7.59	7	0	15	285

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:	10.83	3.47	10.43 - 11.24	10	3	25	278

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:	0.34	5.24	-0.29 - 0.96	2	-15	10	271

Over the next year, I expect the average
annual S&P 500 return will be: Expected return:	6.18	2.69	5.87 - 6.50	6	0	14	278

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:	10.35	4.17	9.85 - 10.85	10	0	22	268

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Public Companies - Windsorized - Unweighted - Sorted]

(N=136)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.93	111	2	3	116
Health care costs	0.34	95.7%	1.7%	2.6%	100.0%

	0.91	120	4	4	128
Wages/Salaries	0.38	93.8%	3.1%	3.1%	100.0%

	0.81	82	13	3	98
Productivity (output per hour worked)	0.47	83.7%	13.3%	3.1%	100.0%

	0.80	100	7	8	115
Earnings	0.55	87.0%	6.1%	7.0%	100.0%

	0.73	101	7	13	121
Revenues	0.64	83.5%	5.8%	10.7%	100.0%

	0.66	82	22	8	112
Technology spending	0.61	73.2%	19.6%	7.1%	100.0%

	0.53	40	36	0	76
Dividends	0.50	52.6%	47.4%	0.0%	100.0%

	0.50	75	20	18	113
Capital spending	0.75	66.4%	17.7%	15.9%	100.0%

	0.46	34	34	2	70
M&A activity	0.55	48.6%	48.6%	2.9%	100.0%

	0.41	66	20	22	108
Prices of your products	0.81	61.1%	18.5%	20.4%	100.0%

Number of foreign/off-shore outsourced	0.35	34	48	4	86
employees	0.57	39.5%	55.8%	4.7%	100.0%

	0.33	51	34	17	102
Advertising/Marketing Spending	0.75	50.0%	33.3%	16.7%	100.0%

	0.22	58	27	32	117
Number of domestic employees	0.85	49.6%	23.1%	27.4%	100.0%

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Windsorized - Revenue Weighted - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	10.43	14.37	10.15 - 10.71	10	-40	101.60

M&A activity	7.34	13.66	7.02 - 7.66	0	-25	65.58

Revenues	7.11	9.13	6.94 - 7.28	6	-16	49

Capital spending	5.42	11.98	5.19 - 5.65	5	-37.70	55.83

Dividends	4.61	5.40	4.50 - 4.73	2.50	0	18.52

Technology spending	3.81	6.38	3.68 - 3.93	4	-25.50	37.35

Prices of your products	1.95	4.32	1.86 - 2.03	2	-7.67	13.15

Advertising/Marketing Spending	0.90	4.58	0.81 - 1.00	0	-23.60	20

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Windsorized - Employee Weighted - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum

Health care costs	8.97	4.84	8.89 - 9.06	10	-3.16	23.18

Wages/Salaries	3.26	2.34	3.22 - 3.30	3	-6	15

Productivity (output per hour worked)	3.02	2.76	2.97 - 3.08	2.50	-4	11.09

Number of foreign/off-shore outsourced employees	2.74	5.81	2.63 - 2.85	0	-10	22.40

Number of domestic employees	1.68	9.42	1.51 - 1.84	0	-20	46.18

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

5. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4) 

(N=293)

	Mean & SD	1st	2nd	3rd	4th	Total	
	2.00	15	6	5	5	31
Political risk	1.14	48.4%	19.4%	16.1%	16.1%	100.0%

	2.12	17	11	8	7	43
High non-fuel commodity prices	1.10	39.5%	25.6%	18.6%	16.3%	100.0%

	2.15	19	7	5	10	41
Other	1.24	46.3%	17.1%	12.2%	24.4%	100.0%

	2.18	59	38	26	30	153
Competition	1.14	38.6%	24.8%	17.0%	19.6%	100.0%

	2.28	32	18	21	18	89
High fuel prices	1.15	36.0%	20.2%	23.6%	20.2%	100.0%

	2.38	21	25	23	15	84
Reduced pricing power	1.05	25.0%	29.8%	27.4%	17.9%	100.0%

	2.40	28	22	26	20	96
Increased interest rates	1.11	29.2%	22.9%	27.1%	20.8%	100.0%

	2.40	23	12	11	19	65
World economic stability	1.24	35.4%	18.5%	16.9%	29.2%	100.0%

	2.47	11	17	11	12	51
Availability/cost of capital	1.07	21.6%	33.3%	21.6%	23.5%	100.0%

	2.51	22	27	23	24	96
Increased regulation	1.10	22.9%	28.1%	24.0%	25.0%	100.0%

	2.62	11	5	15	11	42
U.S. budget deficit	1.13	26.2%	11.9%	35.7%	26.2%	100.0%

	2.72	20	43	53	40	156
Health care costs	0.98	12.8%	27.6%	34.0%	25.6%	100.0%

	2.73	4	11	8	10	33
Distribution problems	1.02	12.1%	33.3%	24.2%	30.3%	100.0%

	2.84	4	11	17	12	44
U.S. dollar weakness	0.93	9.1%	25.0%	38.6%	27.3%	100.0%

	2.85	7	17	22	21	67
Salaries and wages	0.98	10.4%	25.4%	32.8%	31.3%	100.0%

	3.00	2	16	11	20	49
Inflation	0.95	4.1%	32.7%	22.4%	40.8%	100.0%

	3.05	0	7	5	8	20
U.S. trade deficit	0.86	0.0%	35.0%	25.0%	40.0%	100.0%

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

5. What are the top four concerns your corporation faces in 2005? OTHER SPECIFIED

above normal temperatures	
Availability of skilled workers	
Capacity	
Changing Corporate Culture	
Chinese competition	
commodity availability	
Compliance with Sarbanes-Oxley	
Corporate Spending	
Execution	
Expansion Opportunities	
exprienced hires	
Extended labor dispute	
Federal funding	
Flat  yield curve	
flat yield curve	
Generic Drugs	
gov't prices	
industry shift to southeast asia	
Internal organization	
jobs/non-farm employment	
labor stability	
Lawsuits	
low interest rates	
Lower Oil and Gas Prices	
Manufacturing processes	
offshoring manufacturing	
Outsourcing of manufacturing	
outsourcing	
Patent litigation	
rate regulation	
Reduced Defense Dept spending on acquisitions; 2 Qualified personnel to meet demand	
staff retention	
Staffing / People	
stagnant NA Economy	
State Financial Status	
steel prices	
taxes	
tech cost	
technological change	
terrorism	
US Trade Policy	
WAR	
Weak state economies	

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

6. Negative impact of terrorism.

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

On a scale of 0 to 100, how do you rank the
negative impact that the threat of terrorism
is having on your business? (0 means no
impact, 100 means maximum negative
impact from threat of terrorism.)	18.03	20.77	15.64 - 20.41	10	0	100	291

What number on this scale would indicate
that the threat of terrorism is affecting your
bottom line? (If your answer in 6a is greater
than this number, it means that the threat of
terrorism is affecting your bottom line.)	16.62	21.17	14.17 - 19.07	10	0	100	287

Negative impact minus cut-off negative
impact.	1.59	15.82	-0.24 - 3.42	0	-50	75	287

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

6. Negative impact of terrorism.

	Cut-off negative impact	Number	Percent	90% CI
	Threat of terrorism is significantly affecting your
	   bottom line.	101	34.9 %	± 4.8 %
	Negative impact and cut-off negative impact are equal	138	47.8 %	± 5.0 %
	Threat of terrorism is not significantly affecting your
	   bottom line.	50	17.3 %	± 3.9 %
	Total	289	100.0 %

	Missing Cases = 4 
	Response Percent = 98.6 %

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

7a. Are labor costs per unit produced increasing at your company?

	 	Number	Percent	95% CI
	1=No	91	31.3 %	± 5.6 %
	2=Yes, a little	151	51.9 %	± 6.0 %
	3=Yes, a moderate amount	45	15.5 %	± 4.4 %
	4=Yes, a lot	4	1.4 %	± 2.3 %
	Total	291	100.0 %

	Mean = 1.87
	SD = .71

	Missing Cases = 2 
	Response Percent = 99.3 %

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

7b. IF YES, How big of a problem is this increase in unit labor costs for your firm's bottom line?

	 	Number	Percent	95% CI
	1=Not really a problem	41	20.7 %	± 6.0 %
	2=Small problem	89	44.9 %	± 7.3 %
	3=Moderate problem	56	28.3 %	± 6.6 %
	4=Big problem	12	6.1 %	± 4.0 %
	Total	198	100.0 %

	Mean = 2.20
	SD = .83

	Missing Cases = 2 
	Response Percent = 99.0 %

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

8a. Will the weaker U.S. dollar help or hurt your firm?

(N=293)

			Not much		
	Mean & SD	Hurt	effect	Help	Total
	  	1	2	3	  	
	1.68	99	170	10	279
Material costs	0.54	35.5%	60.9%	3.6%	100.0%

	1.87	7	29	2	38
Other	0.47	18.4%	76.3%	5.3%	100.0%

	2.01	35	206	38	279
Competitive position domestically	0.51	12.5%	73.8%	13.6%	100.0%

	2.09	27	196	52	275
Competitive position abroad	0.53	9.8%	71.3%	18.9%	100.0%

	2.11	32	184	63	279
Translation of foreign revenues	0.57	11.5%	65.9%	22.6%	100.0%

	2.15	14	198	54	266
Exports	0.48	5.3%	74.4%	20.3%	100.0%

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

8a. Will the weaker U.S. dollar help or hurt your firm? OTHER SPECIFIED

Help	Competitive position of our customers	
Hurt	financial risk	
Hurt	Imports	
Hurt	interest rates oil prices	
Hurt	Off-shore labor	
Hurt	overseas Demand for products	
Hurt	weak investments	
Not much effect	investor activity	

16

Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

8b. Overall, how much will the weaker U.S. dollar help or hurt your firm?

	 	Number	Percent	95% CI
	1=Hurt a lot	6	2.1 %	± 2.3 %
	2=Hurt moderately	44	15.2 %	± 4.4 %
	3=Hurt a little	86	29.7 %	± 5.5 %
	4=No effect	76	26.2 %	± 5.3 %
	5=Help a little	48	16.6 %	± 4.5 %
	6=Help moderately	22	7.6 %	± 3.4 %
	7=Help a lot	8	2.8 %	± 2.4 %
	Total	290	100.0 %

	Mean = 3.74
	SD = 1.32

	Missing Cases = 3 
	Response Percent = 99.0 %

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

8c. Has your firm taken any actions to offset the changing value of the U.S. dollar?

	 	Number	Percent	95% CI
	Increased hedging position	64	21.8 %	± 5.0 %
	Changed location of production	25	8.5 %	± 3.5 %
	Outsourced work	24	8.2 %	± 3.5 %
	Other	18	6.1 %	± 3.1 %
	Changed location of investments	16	5.5 %	± 3.0 %
	Total	147

	Number of Cases = 293 
	Number of Responses = 147 
	Average Number Of Responses Per Case = 0.5
	Number Of Cases With At Least One Response = 114 
	Response Percent = 38.9 %

18

Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

8c. Has your firm taken any actions to offset the changing value of the U.S. dollar? OTHER SPECIFIED

alternative sourcing & strategies	
maintain hedging	
N/A	
n/a	
No action	
no action	
NONE	
None	
None	
none	
none	
none	
none	
none	
Nothing has changed	
Purchased more in the US	
shortened the time we hold obligations in foreigh currency payments	

19

Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

9. How important do you think it is for the U.S. Congress to take action on the following items during 2005? (Sorted)

(N=293)

		Not	Somewhat	Very	
	Mean & SD	important	important	important	Total
	  	1	2	3	  	
	2.59	17	85	190	292
The Cost of Healthcare	0.60	5.8%	29.1%	65.1%	100.0%

	2.54	15	103	173	291
Budget Deficit	0.59	5.2%	35.4%	59.5%	100.0%

	2.36	32	124	136	292
Tax Code Reform	0.67	11.0%	42.5%	46.6%	100.0%

	2.16	42	161	89	292
Social Security Reform	0.65	14.4%	55.1%	30.5%	100.0%

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

10. The Federal Funds rate is currently 2.5%. What do you consider to be the "neutral" level of interest rates? (Neutral interest rates strike a balance between inflation and economic growth).

	 	Number	Percent	95% CI
	Less than 1.0%	1	0.3 %
	1.0%	1	0.3 %
	1.25%	0	0.0 %
	1.5%	4	1.4 %	± 2.3 %
	1.75%	3	1.0 %	± 2.7 %
	2.0%	10	3.5 %	± 2.6 %
	2.25%	6	2.1 %	± 2.3 %
	2.5%	22	7.7 %	± 3.4 %
	2.75%	12	4.2 %	± 2.7 %
	3.0%	101	35.2 %	± 5.7 %
	3.25%	28	9.8 %	± 3.7 %
	3.5%	56	19.5 %	± 4.8 %
	3.75%	14	4.9 %	± 2.9 %
	4.0%	22	7.7 %	± 3.4 %
	Greater than 4.0%	7	2.4 %	± 2.4 %
	Total	287	100.0 %

	Mean = 3.12
	SD = .59

	Missing Cases = 6 
	Response Percent = 98.0 %

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

Industry

	 	Number	Percent	95% CI
	Manufacturing	69	23.6 %	± 5.1 %
	Banking/Finance/Insurance	49	16.8 %	± 4.6 %
	Retail/Wholesale	33	11.3 %	± 3.9 %
	Service/Consulting	32	11.0 %	± 3.9 %
	Other	31	10.6 %	± 3.8 %
	Healthcare/Pharmaceutical	21	7.2 %	± 3.3 %
	Transportation/Energy	20	6.8 %	± 3.3 %
	Tech [Software/Biotech]	17	5.8 %	± 3.1 %
	Communications/Media	13	4.5 %	± 2.8 %
	Mining/Construction	7	2.4 %	± 2.4 %
	Total	292	100.0 %

	Missing Cases = 1 
	Response Percent = 99.7 %

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

Industry (Other specified)

agricultural/quasi governmental	
Defense	
defense and aerospace	
distribution	
distribution	
Education	
Education Services	
Election Voting machines	
Entertainment	
entertainment	
GOVT.	
Higher Education	
hospitality	
leisure	
Oil & Gas	
Oil & Natural Gas	
R&D	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate - REIT	
real estate	
real estate	
real estate development	
Research & Education	
semiconductors	
Sports & Entertainment	
State Government	
Transportation services	
Waste Paper Broker	

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	31	10.8 %	± 3.8 %
	$25-$99 million	44	15.4 %	± 4.4 %
	$100-$499 million	88	30.8 %	± 5.5 %
	$500-$999 million	21	7.3 %	± 3.3 %
	$1-$4.9 billion	50	17.5 %	± 4.6 %
	$5-$9.9 billion	21	7.3 %	± 3.3 %
	More than $10 billion	31	10.8 %	± 3.8 %
	Total	286	100.0 %

	Missing Cases = 7 
	Response Percent = 97.6 %

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 7500

	Mean = 1384.91

	Median = 300

	Variance (Unbiased) = 4575136.12

	Standard Deviation (Unbiased) = 2138.96

	Standard Error Of The Mean  = 133.95

	95 Percent Confidence Interval Around The Mean = 1122.38 - 1647.45

	99 Percent Confidence Interval Around The Mean = 1040.00 - 1729.83

	Skewness = 1.90

	Kolmogorov-Smirnov Statistic For Normality = 5.42

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 255 
Missing Cases = 38 
Response Percent = 87.0%

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Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	26	10.1 %	± 3.6 %
	100-499	69	26.7 %	± 5.1 %
	500-999	25	9.7 %	± 3.5 %
	1,000-2,499	38	14.7 %	± 4.2 %
	2,500-4,999	23	8.9 %	± 3.4 %
	5,000-9,999	21	8.1 %	± 3.3 %
	Over 10,000	56	21.7 %	± 4.8 %
	Total	258	100.0 %

	Missing Cases = 35 
	Response Percent = 88.1 %

26

Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3970.16

	Median = 1750

	Variance (Unbiased) = 21941498.81

	Standard Deviation (Unbiased) = 4684.18

	Standard Error Of The Mean  = 291.62

	95 Percent Confidence Interval Around The Mean = 3398.57 - 4541.74

	99 Percent Confidence Interval Around The Mean = 3219.22 - 4721.09

	Skewness = 0.90

	Kolmogorov-Smirnov Statistic For Normality = 4.75

Quartiles

	 1 = 300
	 2 = 1750
	 3 = 7500

Valid Cases = 258 
Missing Cases = 35 
Response Percent = 88.1%

27

Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

Headquarters

	 	Number	Percent	95% CI
	Northeast US	82	28.4 %	± 5.4 %
	Midwest US	67	23.2 %	± 5.1 %
	South Atlantic US	50	17.3 %	± 4.6 %
	South Central US	35	12.1 %	± 4.0 %
	Pacific US	30	10.4 %	± 3.8 %
	Mountain US	14	4.8 %	± 2.9 %
	Europe	9	3.1 %	± 2.5 %
	Central/South America	1	0.3 %
	Asia	1	0.3 %
	Total	289	100.0 %

	Missing Cases = 4 
	Response Percent = 98.6 %

28

Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

Ownership

	 	Number	Percent	95% CI
	Private	143	51.3 %	± 6.0 %
	Public, NYSE	79	28.3 %	± 5.3 %
	Public, Nasdaq/AMEX	40	14.3 %	± 4.2 %
	Nonprofit	13	4.7 %	± 2.8 %
	Government	4	1.4 %	± 2.3 %
	Total	279	100.0 %

	Missing Cases = 14 
	Response Percent = 95.2 %

29

Duke University/CFO Magazine Business Outlook Survey - U.S. - 1st Quarter, 2005

Foreign Sales

	 	Number	Percent	95% CI
	0%	119	40.8 %	± 5.9 %
	1-24%	121	41.4 %	± 5.9 %
	25-50%	33	11.3 %	± 3.9 %
	Over 50%	19	6.5 %	± 3.2 %
	Total	292	100.0 %

	Missing Cases = 1 
	Response Percent = 99.7 %