Greetings. Just got back from a short hiatus at the beach in Florida, interspersed with a trip to Chicago. I had the opportunity to play golf with my old friends at Avila CC, where I am known for knocking down sturdy trees with thundering, wild tee shots. No house is safe, either. I also got to play with my old audit partner from Andersen, Bill Meurer. Despite playing with new clubs (a constant pattern in his game), he surrendered the dough over lunch!

This issue of FEI Express is brought to you by First Union Bank and OutlookSoft. First Union Bank and OutlookSoft will deliver a FREE web presentation, Wednesday, March 28, at 2pm EST. Learn how First Union uses portal based technology for financial planning, strategic performance analysis and centralized reporting. Register at http://www.outlooksoft.com/seminar/index.html

Here's what's happening around FEI.

Pro Forma Profit Figures
In case you missed it, FEI was featured prominently in Friday's Wall Street Journal. The subject was the growing use of pro forma earnings in press releases. In a recent meeting with the SEC, leaders from our Committee on Corporate Reporting agreed to explore the development of a best practices recommendation for earnings press releases. While many companies have legitimate reasons for employing pro forma earnings, many others are omitting or burying the actual GAAP results. Our best practices statement is in draft form, but should be available on our website within the next month. To read the article, search Friday's edition at http://www.wsj.com.

Webcast of CFO Exchange at IL CPA Society Controllers Conference
Last week, I had the pleasure of moderating a great discussion with four leading CFOs. Harry Harczak of CDW Computers offered his insight into how CDW achieved and maintained its place on the list of America's best companies to work for. Rebecca Maskey of Click Commerce discussed her company's current search for a new enterprise financial reporting system, as well as the cost and the planning involved. Cary McMillan of Sara Lee talked about the CFO's role in providing "passionate objectivity" for the challenges facing management teams. And finally, Joan Ryan of Tellabs talked about the M&A environment in the telecommunications industry, and gave her thoughts about current market conditions. Three of the four interviews are available online today on our Video Center. Check back for updates as we add more.

Audit Committee Best Practices
Kathy Zirolli of AETNA recently created a great summary of FEI/CCR responses to audit committee questions. It includes examples of what other companies are doing regarding the threshold for audit committee approval of non-audit services, and audit committee recommendations that the audited financial statements be included in the company's 10-K. Read the document on the FEI site.

Alexander Hamilton Awards for Excellence in Treasury Management
Treasury and Risk Management recognizes outstanding contributions to shareholder value by CFOs, treasurers and other senior financial managers through the Alexander Hamilton Awards. Entries are being accepted now for projects completed in 2000 or 2001 in the fields of cash management, corporate finance, credit risk management, financial risk management, insurance, investor relations, retirement plans and technology. Finance executives at corporate, government or nonprofit entities may obtain entry forms from Treasury and Risk Management by downloading them from http://www.treasuryandrisk.com/ahaentry.html, e-mailing aha@treasuryandrisk.com or calling 212-557-7480 x108. Be sure to enter Key Code 04F. The deadline for entries is May 15, 2001.

Also, make your reservations now for the Treasury and Risk Management Best Practices Summit, to be held Oct. 2-3, 2001, in New York City at the Parker-Meridien Hotel. For more information, call (212) 557-7480 x108 or e-mail aha@treasuryandrisk.com. Or, visit http://www.treasuryandrisk.com.

Upcoming Teleconferences
Sign up for these events at http://www.financialexecutives.org/teleconf/upcoming_signup.cfm.

• April 10, 2:00PM EST: The Kinesthetic Speaker: Putting Words Into Action, How Leaders Motivate People To Act on Their Vision: Featuring Nick Morgan, communications consultant, founder of Public Words, a communications coaching company.
• April 11, 12:00PM EST: Networking for Success: FEI presents Laura Hill, Vice President of Human Capital, MobileSpring, Inc. In this teleconference, Laura will examine the art of networking, dealing with headhunters, and other career development issues. Moderated by John Gillespie, President, CFOutsource.
• April 20, 12:00PM EST: Leverage Competencies: The Key to Financial Leadership Success: What are the critical skills and competencies finance executives need to become effective partners and business leaders of their organizations? Fred Militello, the principal researcher of a new FEI Research Foundation study, leads a discussion that includes Katherine Parker, director, business effectiveness, Nortel Networks, and Douglas Maughan of W.L. Gore Associates.

2001 Andersen Tax Transformation Symposium: Solving the People Puzzle
May 7-9, 2001, Ritz Carlton Laguna Niguel- Dana Point, California

Tax executives are being asked by their management teams to do more with less. Existing tax employees are being challenged by increasingly complex demands and fewer resources. Finding valuable job candidates with the right combination of tax, technical and partnering skills is difficult. Join Andersen as we explore the issues surrounding the people dimension of corporate tax departments. Speakers at our 8th annual Symposium will include top tax executives from Enron, General Motors and UPS. Noted "people" experts Roger Herman, author of "Becoming the Employer of Choice"; David Morrison, corporate psychologist; and Julian Kaufmann, VP for Leadership and Organization Development, Time Warner, Inc. will also present.

For additional information or to request a 2001 Andersen Tax Transformation Symposium registration packet, please contact Jeanne Pfeiffer at our Center for Professional Education via phone, (630) 444-5321, or by e-mail at jeanne.a.pfeiffer@us.arthurandersen.com. If you are unable to attend the symposium but would like to participate in the survey and receive a complimentary copy of the final benchmarking report, please contact Jeanne at the e-mail address above.

Registration deadline is May 1. Vice Presidents of Tax and Tax Directors from Fortune 500 companies and members of their global tax teams are welcome to attend.

Upcoming FEI Conferences

• Benchmarking the Quality of Earnings, April 26, New York - We still have space available for this practical one-day conference. It underscores the importance of high-quality financial reporting to our capital markets and explores how regulators, auditors, academics and practitioners view the new standards and tougher requirements. Register today.
• Strategic Elements of Financial Management: Harvard Program for CFOs, April 30 - May 2, Boston - Vision. Strategy. Innovation. The ability to develop a corporate vision, anticipate and control change, safeguard shareholder value over the long term and meet investor demands for increased involvement will define the senior financial officer of the future. Learn more about the expanding role of the senior financial officer through case studies presented by Harvard professors. This program is for FEI members only. Not yet a member? If you're a qualified CFO, you can join FEI and attend this program at a special rate. Click here for more information on Joining FEI. Space is still available for the conference, but seating is limited. For more information and to register today, click here.
• Financial Executives Summit, May 6-9, Scottsdale, AZ - You still have time to register, but time is growing short! Member response has been excellent, and we've received over 500 registrations! We're offering an impressive roster of speakers plus five specialized simultaneous tracks. Visit our website to review the program agenda or register today.

Job Posting - CFO
(FEI Job #5229) - BREED Technologies, Inc. is on the leading edge of safety - designing, developing, and manufacturing best-in-class systems and components for automotive occupant restraint products. BREED Technologies is a global organization with $1.4 billion in sales, ideally located between the metropolitan cities of Orlando and Tampa, Florida. Reporting directly to the CEO/President, the CFO will be responsible for all of the company's financial functions and activities (accounting & finance, budgeting, treasury, taxation, information systems, acquisitions & divestitures, investor relations and risk management). The ideal candidate will possess a Master's degree in accounting, finance, or related area and a minimum of ten (10) years financial experience as the financial executive of a large, multi-national, multi-divisional organization. Experience in the automotive manufacturing industry is strongly preferred. Please forward resume and complete salary history to: Danita Collings, HR Generalist, BREED Technologies, 5300 Allen K Breed, Lakeland, FL, 33811.

New Member Welcome
Congratulations to J. Scott Di Valerio, Vice President, Walt Disney Corp., Los Angeles, and John Schauss, Treasurer, Media General, Inc., Richmond, VA.

That's all for now,