51.   The major oil companies are not expected to see the earnings decline of the independents.

52.   The latest company report of the first quarter-to-quarter earnings decline in almost four years would seem to justify its prudent approach.

53.   The Plano, Texas-based company blamed the earnings decline on cost problems with existing contracts and a lack of new business during the past year.

54.   The second quarter is widely accepted as the bottom, if not the end, of the earnings decline.

55.   The Rochester, New York-based company also blamed the earnings decline on a rising dollar, higher losses on its digital photographic products and higher marketing expenses.

56.   The Schaumburg, Illinois, company blamed the earnings decline on lower prices and slower sales.

57.   There were two recessions where earnings declines were as deep or deeper, and two when the length of declines was as long or longer.

58.   Two companies, American Home Products Corp. and Warner-Lambert Inc., are forecast to have earnings declines.

59.   An earnings decline is forecast for the first half of the year, with a return to growth in the second half.

60.   Analysts had expected a larger earnings decline.