商业报刊阅读

商业报刊阅读

Part I Objectives

² Features and styles of writing in Western business journalism 西方商业新闻写作特点 ² Idiomatic usages and set phrases often used to describe and predicting economic development 描述经济发展及预测发展趋势的习惯表达方式 ² What is it in an earning report? 分析盈利报告 Part II The How-Tos

Features of Western Business News Writing (西方商业新闻写作特点) One of the most important features of Western business news writing is the usage of simple and lively English. Since of most these writings cover not stories but trends of the market or development of policies, it is essential to make the writing right to the point and accessible to reader of various

education levels. Therefore, conciseness and clarity are the keys (语言简练通俗):

² “ The company expects to incur a loss, excluding special items, of between (11) cents and (14) cents per share in the first quarter.” 除特殊项目，公司第一季度预计会出现每股11至14分的亏损。 ² “Capital Spending by industry just pokes along. Ditto residential building.”

工业资本开支缓慢增加，住房建筑亦如此。

² The collapse of copper price has come just as demand for it from the industrialized world has dropped 8% on last year and as production, after two years of high prices, is starting to increase.

铜价的猛跌正好是在工业国家的对铜的需求比去年下降8%和经过两年的高价后铜生产量正开始上升的时候发生的。

Much information has been covered, yet using only one sentence.

A long and boring day at work tires your eyes and mind. Wouldn’t it be even worse if you have to read on to some drab writings in news? So don't be surprised to see such lively expressions (用词生动形象):

² “Italy is one country where it is really good-bye to the boom, at least until the chronic weakness in the balance of payments is cured, and the

17%inflation is reduced.”

意大利是一个真正与经济繁荣告别了的国家，至少在国际收支方面的长期困境得以改善， 以及每年17%的通货膨胀有所一直之前，情况难以好转。 ² “When it came to a perennial Clinton bugaboo-personnel-things began on a promising note. Prodded by the White House, Seven Cabinet Chiefs announced their departures soon after Nov.5. The shakeup gave Clinton a chance to revitalize his weary team. So have any of those jobs been filled? Nope.”

克林顿刚刚看到即将摆脱困扰他多时的私人琐事的希望。在白宫的催促下，7位内阁要员宣布将于11月5日后卸任。此次内阁改组给克林顿以机会使其疲惫的内阁恢复活力。内阁成员的人选是否已经确定了呢?没有。

The usage of ellipsises makes eye-catching titles and subtitles: (巧用省略) ² “Who is afraid of global markets? Not U.S. investors.” ² “Time for a reality check in Asia. Time for a fire brigade.”

² “Hubris? Perhaps. But Dobson isn’t the only putting up his chest these days.”

傲慢吗?也许。但DOBSON可不是近来唯一一位趾高气昂的人。 The frequent use of quotes, parentheses and hyperbaton: (引语，插入语及倒装)

² “I am afraid the US banks are going to have to get used to seeing Doutsche Morgan Grenfell more often, “ says Chief Executive Michael W.R. Dobson.

总裁Dobson说：“恐怕美国银行将不得不习惯于经常与Doutsche Morgan Grenfell打交道了。”

² “Any international company that’s not planning to do something in China is probably missing a bet”, says J. Tracy O’ Rourke, CEO of Varian Associates Inc., a California manufacturer of medical equipment. “it’s like the frontier of days past.”

“任何一家不打算在中国作些事情的国际公司都可能失去一次机会”，。。。“她犹如往日的西部处女地。”

Part III Let’s Talk Business

Following is an earning forecast of Motorola’s 1st quarter, 2002 and some analysis of what such new press really means to investors. Motorola's First Quarter and Full Year Earnings Outlook

SCHAUMBURG, Ill., Jan. 23 /PRNewswire-FirstCall/ -- Motorola, Inc. (NYSE: MOT) said today it expects sales in the first quarter of 2002 to be between $6.0 billion and $6.2 billion. The company expects to incur a loss, excluding special items, of between (11) cents and (14) cents per share in the first quarter.

The company continues to expect sales from ongoing operations for the full-year 2002 to decline between 5 percent and 10 percent compared to 2001. The company confirmed that it continues to expect to return to profitability in the third quarter of 2002 and be profitable for the full year 2002.

Motorola also said that it believes the current 2002 consensus earnings expectation of 4 cents per share for the full year, excluding special items, is not only achievable, but can be exceeded. The company believes that, if annual sales are near the high end of the company's guidance range and the wireless handset and semiconductor industries meet growth expectations, it is possible for the company to earn 15 cents per share in 2002, excluding special items, as the company previously discussed. The gross margin improvements anticipated in these two businesses if their industries meet growth

expectations, coupled with the expected savings from cost reductions, would make this level of earnings possible. Business Risks:

Statements about the company's sales and earnings outlook are forward-looking statements based on current expectations and involve risks and uncertainties. Motorola wishes to caution the reader that the factors below and those on pages F-29 through F-33 of the appendix to Motorola's Proxy Statement for the 2001 annual meeting of stockholders and in its other SEC filings could cause Motorola's actual results to differ materially from those stated in the forward-looking statements. These factors include Motorola wishes to caution the reader that the factors below and those on pages F-29 through F-33 of the appendix to Motorola's Proxy Statement for the 2001

annual meeting of stockholders and in its other SEC filings could cause Motorola's actual results to differ materially from those stated in the

forward-looking statements. These factors include: (i) the company's ability to effectively carry out the planned cost-reduction actions; (ii) the potential for unanticipated results from cost-reduction activities on productivity; (iii) the impact of the slowdown in the overall economy and the uncertainty of current economic conditions; (iv) the impact of ongoing tax relief, interest rate reduction and liquidity infusion efforts to stimulate the economy; (v) the decline in the telecommunications, semiconductor and broadband industries; (vi) the company's continuing ability to access the capital markets on favorable terms; (vii) demand for the company's products, including products related to new technologies; (viii) the company's ability to continue to increase profitability and market share in its wireless handset business; (ix) the company's success in the emerging 3G market; (x) the demand for vendor financing and the company's ability to provide that financing in order to remain competitive; (xi) unexpected liabilities or expenses, including unfavorable outcomes to any currently pending or future litigation, including any relating to the Iridium project; (xii) the levels at which design wins become actual orders and sales; (xiii) the success of alliances and agreements with other companies to develop new products and services; (xiv) difficulties in integrating the operations of newly-acquired businesses and achieving strategic objectives, cost savings and other benefits; (xv) volatility in the market value of securities held by Motorola; (xvi) the impact of foreign currency fluctuations; and (xvii) the impact of changes in governmental policies, laws or regulations. About Motorola:

Motorola, Inc. (NYSE: MOT) is a global leader in providing integrated communications solutions and embedded electronic solutions. Sales in 2001 were $30 billion.

SOURCE Motorola, Inc. Part IIII Exercises and Discussions

Read the following earning report and have a discussion with your group members using instructions below.

American Pacific Bank Announces 4th Quarter Income Up 149% PORTLAND, Ore., Jan 23, 2002 (BUSINESS WIRE) -- David Chen,

president and chief executive officer of American Pacific Bank (Nasdaq:AMPB), announced today that net income for the fourth quarter ended Dec. 31, 2001, rose 149.13% as compared to same quarter of 2000.

Net earnings after taxes for the fourth quarter of 2001 came to $221,516, or $0.15 per share, as compared to $88,916, or $0.07 per share, reported for the same period last year.

Net earnings after taxes for year-end 2001 came to $537,393, or $0.36 per share, an increase of 19.25% as compared to $450,635, or $0.35 per share, reported for the same period last year.

Net interest income for the fourth quarter ended Dec. 31, 2001, was $1,100,186 compared to $927,975 for the same quarter last year, an increase of 18.56%. Chen stated, \"The Bank had an excellent quarter, facilitated by the decrease in interest expense and the continued strong demand in both construction lending and commercial real estate lending.\"

The Bank reduced its assets size from $78,627,079 at the end of fiscal 2000 to $75,748,871 at the end of 2001, a decrease of 3.66%. This decrease was the result of management's decision to not renew higher cost jumbo deposits at maturity. Total deposits decreased $5,774,502 or 9.12% during fiscal 2001 as compared to fiscal 2000.

Total loans decreased minimally from $71,3,1 in 2000 to $70,533,273 in 2001. This occurred because the Bank sold $12 million in commercial real estate in the second quarter of 2001 to ease the concentration in commercial real estate and increase overall liquidity.

The Bank continues to be well-capitalized with the leverage ratio at 8.93% and a risk-based capital ratio at 10.42%. The book value of the Bank's stock as of Dec. 31, 2001, was $4.59 as compared $4.19 per share at the end of fiscal 2000.

Chen added, \"2002 will be an exciting year for our Bank. During fiscal 2001 we opened a branch in the Wood Village Wal-Mart store, and in late 2000 the Bank launched American Online Bank (www.apbank.com). We plan to build on these successes in the current year.\"

American Pacific Bank was formed in 1979 as an Oregon state chartered institution providing banking services to the rural communities of Aumsville and Mill City. Since that time, the Bank has grown into a metropolitan institution based in downtown Portland. Services to people living throughout Oregon and Southwest Washington include construction and commercial lending, permanent mortgages, business and consumer lending, credit card services

and deposit services. The Bank's nation-wide secured credit card program has been rated by Cardtrak as one of the best credit card programs in the nation.

American Pacific Bank Financial Results As of December 31, 2001, and December 31, 2000 Quarter Quarter Ended Ended 12/31/01 12/31/00 $ $ Unaudited Audited ----------------------- Total Assets 75,748,871 78,627,079 Average Assets 78,576,397 65,879,469 Total Deposits 57,576,586 63,351,088 Total Loans (after Loan Loss Reserve) 70,533,273 71,3,1 Total Equity 6,782,287 6,1,096 Average Equity 6,472,973 5,721,281 Average No of shares 1,474,022 1,2,571 YearEnd Shares Outstanding 1,476,960 1,467,704 ----------------------- Quarter Quarter YTD YTD Ended Ended Ended Ended 12/31/01 12/31/00 12/31/01 12/31/00 $ $ $ $ Unaudited Audited ----------------------------------------------- Interest Income 1,728,675 1,904,095 7,377,498 6,708,414 Interest Expense (628,4) (976,120) (3,684,875) (3,119,466) ----------------------------------------------- Net Interest Income 1,100,186 927,975 3,692,623 3,588,948 Provision for Loan Loss Reserve (105,163) (95,695) (173,268) (362,165) Other Income 120,195 119,261 600,429 445,133 Other Expenses (758,553) (761,320) (3,246,785) (2,945,083) ----------------------------------------------- Net Income Before Taxes 356,665 190,221 872,999 726,833 Income Tax Expense (135,151) (101,305) (335,606) (276,198) ----------------------------------------------- Net Income 221,514 88,916 537,393 450,635 ----------------------------------------------- Per Share Data: Earnings Per Share before taxes (average shares outstanding) $0.24 $0.15 $0.59 $0.56 Earnings Per Share after taxes (average shares outstanding) $0.15 $0.07 $0.36 $0.35 Book Value (based on ending shares outstanding) $4.59 $4.19 $4.59 $4.19 ----------------------------------------------- CONTACT: American Pacific Bank David T. Chen, 503/221-5801 ² Comparing to the 2001 annual earning growth of American Pacific Bank, is the 4th quarter growth so significant to the bank’s overall financial situation? Do you consider the title of 149% growth misleading or just a strategic propaganda?

² According to the business risk analysis, what are some of the factor that will result a decline/increase on Motorola’s earning in 2002?

² Imagine yourself being the CEO of Motorola. Using the following chart, draw a curve to show the expecting trend of your company’s earning in 2002. Explain to your group members on your thoughts.

Part V Supplementary Materials

Here are some common idiomatic expressions in business news writing that you may find helpful.

商业新闻写作中惯用的表达方式

To describe an upward trend 描述增长趋势 an increase / to increase a gain / to gain a growth / to grow a leap / to leap a surge / to surge a soar/ to soar

a rise / to rise a hike / to hike

TO describe a downward trend 描述下降趋势 a dip / to dip to a decline / to decline a drop / to drop a decrease/ to decrease a collapse / to collapse a cut / to cut a slip / to slip off a slump / to slump

TO describe a steadiness 描述平稳走势

² After falling sharply in the previous two years, the jobless rate has hardly moved since April. August joblessness stood at 8.2% and the annual pace of weekly earnings slowed to 3.25%,…

² In Sydney, stocks ended little changed in subdued trading as investors awaited direction from Wall Street after its sell-off last week, as well as new Australian economic data to be released Tuesday.

² Measured against the currencies of the major industrial countries, the dollar is likely to hover about where it is for several calendar quarters at least. To describe the extend of change 描述变化幅度 Big change: markedly, greatly, considerably Small change: fractionally, marginally, slightly Fast change: quickly, suddenly, rapidly Slow change: slowly, gradually, gently Part V Supplementary Materials ² What can you get from a stock quote? Bairnco Corp (BZ)

Last

5.23

Prev

Change (%) Volume

Close

-0.26 (-4.74%) 15,900

5.49

Day's Avg

Bid Ask Open

Range Volume

5.25 5.28 5.49

5.00 - 5.49 4,400 52 Week Market Div

Earn/Share P/E

Range Cap Yield

0.16 32.69

5.00 - 8.60 38.3 M 3.82

² Some useful links for financial reporting and SEC filings 财政报表与美国证券委员会备案的一些网站链接 www.earnings.com

Registered users have access to multimedia research, analyst recommendations, earnings calls, as well as a fully personalized earnings calendar where they can track earnings dates, conference calls, upgrades/downgrades, stock splits, and major economic indicators. http://www.edgar-online.com/

Provides SEC electronic corporate filings and related business intelligence tools. www.hoover.com

Searchable financial filings and achieves of company press releases and continuously updated intelligence on public and private companies worldwide. http://www.sec.gov/edgar.shtml

The SEC requires all public companies (except foreign companies and companies with less than $10 million in assets and 500 shareholders) to file registration statements, periodic reports, and other forms electronically through EDGAR. Anyone can access and download this information for free. Here you'll find links to a complete list of filings available through EDGAR and instructions for searching the EDGAR database.