Without the charge, profits would have improved by 16.3 percent for the quarter.

But he said profits would improve dramatically in a few quarters.

There was also a deal for modest bonuses, if profits improve.

The company was subject to a management buyout in 2004 and the company's profits improved substantially.

Some analysts also expect profits of the American detergent business to improve.

A further sign emerged that corporate profits might not improve any time soon.

Insurers' profits did improve after the changes, he said, "but we're still not where we ought to be."

In addition, he said profits overseas would further improve later this year.

Higher profits may improve business confidence and raise the expected future return on any project.

But he predicted that profits would improve in the second half of the year.