National Investor Relations Institute

8020 Towers Crescent Drive, Suite 250, Vienna, VA 22182(703) 506-3570 FAX (703) 506-3571Web site: www.niri.org

NEWS RELEASE

For Immediate Release:

March 30, 2005

Contact:

Louis M. Thompson (703) 506-3572Heather Sieber (703) 506-3574

NIRI ISSUES 2005 SURVEY RESULTS ON EARNINGS GUIDANCE PRACTICES

Number of Companies Providing Earnings Guidance Declining

Vienna, VA

– The National Investor Relations Institute today announced the results of asurvey on current earnings guidance practices among its corporate members. A similar surveywas last published in December 2003.According to this NIRI survey of 527 corporate members’ earnings guidance practices,there was a decline in the percentage of companies providing earnings guidance to 71% from77% in December 2003. Moreover, there was a significant increase in the percentage of companies providing annualized guidance to 61% from 38% in the previous survey, while 61%also provide quarterly guidance, down from 75%.“In spite of a decline in the number of companies providing earnings guidance, a strongmajority of companies still believe analysts and investors need some direction from the companyto avoid increased stock price volatility. These results also say that a majority also believeannualized guidance is increasingly important, whether or not they issue quarterly guidance.”said Louis M. Thompson, NIRI’s president and CEO.Also of significance is that 93% now update their earnings guidance if there is a materialchange, up from 80% in 2003. The means most used for publicly releasing updated guidance is anews release (83%), a fully accessible conference call (40%), and furnishing it in a Form 8-Kfiling (48%). Thompson said, “We are pleased to see such a strong percentage of companiesnow updating their guidance when needed rather than remaining silent when material changesoccur.”When asked if they were to no longer provide earnings guidance, would analysts be morelikely to take a longer-term view of their company’s prospects, 50% said they would not and44% thought they might.

- 2 - NIRI Earnings Guidance Survey

Earnings guidance, for purposes of this survey, is defined as a range of earnings per share(EPS) estimates which 80% provide; a point EPS estimate which only 5% use; or an earningsmodel that 10% provide. Sixty percent will also provide revenue estimates.NIRI is the professional association of corporate officers and investor relationsconsultants responsible for communications among corporate management, shareholders,security analysts and other financial publics. NIRI’s 4,300 members represent over 2,100publicly held companies in the United States.###The complete survey results are:SECTION 11.1

Does your company provide earnings guidance in the context of a range of EPS, an EPSpoint estimate, an earnings model or revenue guidance?71% Yes29% NoSECTION 2 (Responses of those that said they provide earnings guidance)2.1 Which of the following types of earnings guidance do you disclose? (Check all that apply)80% A range of earnings per share5% An EPS point estimate60% Revenue guidance10% An earnings model30% Other2.2 How often do you provide guidance?28% Quarterly only28% Annually only33% Both11% As needed2.3 How do you currently provide earnings guidance? (Check all that apply)88% Fully accessible conference call83% Quarterly conference call51% 8-K27% 10-Q or 10-K9% Quarterly fully accessible conference call but NOT in the earningsrelease8% Other

- 3 - NIRI Earnings Guidance Survey

2.4 Do you update earnings guidance during the quarter or year if there is a material change?(Check all that apply)83% Yes, in a news release48% Yes, in an 8-K filing40% Yes, in a fully accessible conference call7% No, we do not update guidance if there is a material change2.5 Do you believe most analysts want earnings guidance and, if so, how often?67% Yes, quarterly and annually16% Yes, annually15% Yes, quarterly2% No, they do not want earnings guidance2.6 What form of earnings guidance do you believe they prefer? (Check all that apply)60% A range of EPS44% Revenue estimates33% An earnings model14% A point EPS estimate18% Other2.7 If your company is currently providing quarterly guidance, are you considering moving toannualized guidance?44% No31% Not providing quarterly guidance10% Not sure8% Yes7% No response2.8 Is your company considering discontinuing earnings guidance?64% Not considering discontinuing earnings guidance36% Considering discontinuing earnings guidance2.9 If your company is considering discontinuing earnings guidance, who first raise the issue?53% Senior management20% Board of directors15% Investor relations officer11% Other1% Outside counsel