"Bumstead, You're Downsized!"

The nation's businesses are currently issuing their 1993 annual reports, with prose carefully crafted by some of America's top public-relations specialists. A reader's key:

COMPANY

SEARS

ANNUAL REPORT STATEMENT

"Our dramatic downsizing certainly attracted a lot of attention over the last 18 months."

TRANSLATION

50,000 layoffs

COMPANY

IBM

ANNUAL REPORT STATEMENT

"Shortly after I (CEO Louis Gerstner) joined the company, I set as my highest priority to right-size the company as quickly as we could."

TRANSLATION

35,000 layoffs

COMPANY

BOEING

ANNUAL REPORT STATEMENT

"Boeing continues to take the steps necessary to adjust to the market downturn."

TRANSLATION

28,000 layoffs

COMPANY

PHILIP MORRIS

ANNUAL REPORT STATEMENT

"In November we announced an aggressive restructuring program to streamline our worldwide operations."

TRANSLATION

14,000 layoffs

COMPANY

KODAK

ANNUAL REPORT STATEMENT

"The fundamentals show that we are making real progress in reducing our cost base."

TRANSLATION

12,000 layoffs

COMPANY

XEROX

ANNUAL REPORT STATEMENT

"Although 1993 was not without difficulty, we lowered our selling, general and administrative costs as a percent of revenue by more than a full percentage point, a solid step in the right direction."

TRANSLATION

10,000 layoffs

COMPANY

GENERAL ELECTRIC

ANNUAL REPORT SATATEMENT

"(Our) plan includes explicit programs that will result in the closing, downsizing and streamlining of certain production, service and administrative facilities worldwide."

TRANSLATION

10,000 layoffs