Those results, which included a deduction of 2 cents a share because of foreign currency adjustments, were in line with Wall Street's expectations.
The euro's adoption makes it impossible for member nations to use currency adjustments as a way to offset inflation.
They say that, if there is no currency adjustment, the Government will be forced to subsidized production.
In fact, the difference in performance declined when currency adjustments were added.
But I think once the first step is taken, it will be easier to make currency adjustments later on.
Excluding the currency adjustment, Xerox said its sales increased 11 percent in the period.
Unless currency adjustments are made subject to rules or agreements, there will be currency wars, as happened in the 1930's.
Campbell reported a $400,000 gain in currency adjustments compared with the loss of $9.9 million a year earlier.
European revenue of $7.4 billion represented an 18 percent increase in the quarter from 1999, once currency adjustments were taken into account.
The hard lesson to be learned from the dollar roller coaster is that trade flows take a long time to respond to currency adjustments.