EBITDA from continuing operations, excluding restructuring, merger and other nonrecurring charges of $58 million, rose 24.3 percent to $220 million, compared with $177 million for the same period in 1997. Revenues from continuing operations grew 23.0 percent to $3.75 billion, compared with $3.05 billion for the same period in 1997. Operating profit from continuing operations, excluding restructuring, merger and other nonrecurring charges, rose 19.8 percent to $151 million, compared with $126 million for the same period in 1997. Operating margin, excluding restructuring, merger and other nonrecurring charges, was 4.0 percent for the year, compared with 4.1 percent for the same period in 1997. Before restructuring, merger and other nonrecurring charges, earnings per share from continuing operations was $0.33, compared with $0.40 for the same period in 1997.

Ironically, many of our challenges have arisen from our extraordinary history of growth and success. Once a regional office products retailer with 11 employees located in one building, today Corporate Express is one of the world's leading suppliers of office and computer products and other essential goods and services to corporations and organizations. We provide the broadest range of products and services of any company in our industry, including office supplies, office furniture, desktop software, computer supplies, document and print management, imaging and computer graphic supplies, and promotional products. Our employee population in continuing operations has grown to approximately 15,000 individuals in nearly 300 locations. Our global reach spans 11 countries: Australia, Canada, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Switzerland, the United Kingdom and the United States. Our revenues have increased from $30 million in 1989 to nearly $3.8 billion in 1998. And our technologies have evolved into sophisticated, customized, proprietary tools that allow us to leverage the growing potential of electronic commerce on the World Wide Web.