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From the earnings release:

For the fourth quarter, Carlisle reported sales of $413.3 million, an increase of 5% over fourth quarter 1999 sales of $394.6 million.

Earnings in the fourth quarter were $10.6 million, or diluted earnings per share of $0.35, compared to 1999 fourth quarter net earnings of $21.3 million, or $0.70 per share.

The disappointing fourth quarter, caused by

steep declines in demand,

diluted improvements made at many Carlisle companies throughout the year. What started as a very promising year, with demand in excess of capacity at some facilities, took a drastic turn in the fourth quarter.

A downturn in many original equipment markets occurred

without a corresponding increase in the aftermarket, events that normally do not coincide.

Market prices dropped as competitors fought to retain volume in declining markets. This coupled with upward pressure on costs, brought margins down.

Yet, with few exceptions, Carlisle's companies maintained competitively strong leadership positions in each of their major markets.
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