From a 10K I recently read...

Names have been changed to protect the guilty:

In calendar year 2003, Company A made two acquisitions in the industry that Company A operates in, Small Company 1 and Small Company 2. The Company has been rationalizing the operations of those two businesses as well as several of its other Subsidiary 1 businesses since May 2003. Integration of the new businesses combined with the reduced demand for the Company's products given the government budgetary situation adversely affected Company A's financial performance in the year ended 2004.

(emphasis mine)
It's gotta suck to be in those boardrooms and have to rationalize recent acquisitions.