41.   Consequently, many companies are reducing stock options as a percent of compensation.

42.   Credit-rating agencies have demanded that companies reduce their debt sharply.

43.   Even though the price of crude oil has fallen by more than one-third since last November, oil companies are not reducing exploration budgets.

44.   Fidler, the GPU spokesman, said the company has been reducing costs for the last five years.

45.   For the first time, the Food and Drug Administration would be able to regulate nicotine, and companies would reduce teenage smoking -- or pay penalties for failing.

46.   He noted that the company currently is reducing its business in California due to the Northridge Earthquake.

47.   He said the company has reduced two layers of management to boost flexibility and respond quicker to the marketplace.

48.   Hochfeld said the company has reduced its inventory and has a strong balance sheet.

49.   Holding companies also offer tax advantages, allowing companies to reduce taxable profits in one unit with losses from another.

50.   However, the company is reducing staff by not replacing retirees and personnel that leave rather than firing people, Bebear said in an interview.