Word: annualized
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...North American telcos and once the brightest light in the Canadian economy. It was worth $250 billion, or about 35% of the total market capitalization of the Toronto Stock Exchange, before it flamed out in the post-dotcom bust. Earlier this year, Nortel, a company with $10.4 billion in annual revenues that has spent nearly a decade mired in accounting scandals and feckless attempts to reinvent itself, initiated bankruptcy proceedings. It will probably sell its most prized assets to chief rivals, including Nokia Siemens Networks and Avaya. It's a penny stock...
...annual tradition, we've given the back page of this issue to columnist Joel Stein, who has, in his inimitable fashion, ranked the TIME 100 on the basis of their influence on him. And in what we hope will become an annual tradition, this year we'll attempt to harness the power of these leaders, thinkers, artists, titans and heroes to address some of the most important issues of the day. We will be convening groups of current and former TIME 100 honorees for a series of conversations focusing on subjects like the economy and the environment...
Darden Restaurants Inc., a firm based in Orlando, Fla., that runs nearly 1,800 Olive Gardens, Red Lobsters and other outlets, continues to dish out $100,000 in annual cash support to the local ballet, a 35-year-old outfit whose budget is under pressure. "Darden has been gold to us, absolute gold," gushes Sibille Pritchard, the Orlando Ballet's loquacious president, "when the climate for the arts is tough, very tough." Notes Darden spokesman Bob McAdam: "You can't give up on the arts. They're essential to the general welfare of the community...
...Pacific Symphony's $17.5 million annual budget, close to $2 million comes from corporate contributions, according to president John Forsyte: "We're scaling back our events, but even companies that may be in rough shape are sticking by us in one way or another...
Still, AutoZone, which generates $6 billion in annual revenues, will donate $200,000 this year to the arts in its home city of Memphis, Tenn., as it has since 1993. And Target Corp. continues to devote 5% of its pretax profits--$3 million a week--to charities and outfits like the Pacific Symphony. "When the economy is struggling, the arts help people move forward," says Todd Simon, senior vice president of family-owned Omaha Steaks. "We take a long-term view of our business and a long-term view of our community...