21.   Other analysts cited slightly lower gross margins, but they still amounted to more than a third of revenues.

22.   Other companies, particularly industry pioneer PictureTel Inc. of Andover, are being pushed to adapt to new markets and lower margins in the face of new competition.

23.   Philip Morris Chief Executive Geoffrey Bible has made it a priority to sell off lower margin, slow-growth food businesses.

24.   The CBOE already has reviewed the proposal and plans to cooperate to lower margins, said Chuck Henry, president and chief operating officer.

25.   The chemical industry operates on much lower margins, and some of it is extremely vulnerable to cyclical swings in the industrial economy.

26.   The company also sells more of the completed circuit boards that go into a computer, known as motherboards, which have a lower margin.

27.   The company blamed the shortfall on lower-than-expected gas turbine sales and lower margins on diesel equipment.

28.   The company was confident it would be able to replace contributions from lower margin products -- including the traditional telephone services -- with higher margin products, he said.

29.   The consumer business has produced lower operating margins than other units during the past few years.

30.   The company attributed the decline in earnings to start-up operations and lower margins for contracts executed.