[0] McKesson Reports Fiscal 2002 Third Quarter Results.Business Editors/Health & Medical Writers SAN FRANCISCO--(BW HealthWire)--Jan. 22, 2002 McKesson McKesson Corporation (NYSE: MCK) is a large United States-based corporation specializing in the distribution of health care systems, medical supplies and pharmaceutical products. Corporation (NYSE NYSE See: New York Stock Exchange :MCK MCK McKinsey & Company (consulting firm) MCK Mohawk Council of Kahnawake (Quebec) MCK Mon Colle Knights (children's TV show) MCK Mirror Classes Kit MCK Maintenance Check ) today reported that earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share before special items increased 58% in its third quarter ended December December: see month. 31, 2001, on a 20% increase in revenues, to $9.6 billion, excluding sales to customers' warehouses. McKesson had net income before special items of $111.7 million or 38 cents per diluted share in the quarter, compared to net income before special items and discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $69.3 million and 24 cents in the third quarter a year ago. As reported under U.S. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) for the three months ended December 31, 2001, McKesson had revenues of $13.2 billion, including warehouse sales, and net earnings of $108.8 million including the $2.9 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. impact of special items. Including special items and the results of discontinued operations, in the third quarter a year ago McKesson had revenues of $11.0 billion, including warehouse sales, and net earnings of $1.7 million. McKesson considers pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income and operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. , which excludes special items and discontinued operations, to be the most relevant benchmarks of the company's core operating performance. Unless otherwise noted, all subsequent financial results described in this release exclude special items. McKesson's earnings improvement was driven by continued strong revenue growth and operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: expansion in its Supply Solutions segment as well as a significant increase in the operating profit of its Information Solutions segment. Supply Solutions segment operating profit increased 32%, to $223.9 million from $169.7 million in the third quarter a year ago. The increase resulted from revenue growth of 21%, combined with operating margin expansion of 21 basis points, to 2.39% from 2.18% in the third quarter a year ago. Information Solutions segment operating profit increased to $15.1 million from $1.7 million in the third quarter a year ago, reflecting an increase in operating margin to 6.14% from 0.76%. Information Solutions segment revenues increased 10%, led by a 34% increase in software revenues. One-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. software bookings were up more than 100% from a year ago. "We continue to achieve operating margin improvement and strong revenue growth in our Supply Solutions segment," said John H. Hammergren, president and chief executive officer. "The Supply Solutions segment has had six consecutive quarters of year-over-year operating margin expansion. A series of initiatives to improve processes in our U.S. pharmaceutical business are continuing to drive increases in the operating margin. We also have been able to exceed our target of revenue growth in line with industry growth by attracting new business that had not previously been in the wholesale distribution channel." "Our Information Solutions segment had its fourth consecutive quarter of year-over-year revenue growth. Our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. is up significantly, driven by a large outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. contract with the National Health Service of England and Wales England and Wales are both constituent countries of the United Kingdom, that together share a single legal system: English law. Legislatively, England and Wales are treated as a single unit (see State (law)) for the conflict of laws. . The strong customer interest in our Horizon Clinicals offering following its introduction in July July: see month. is now materializing in new software agreements and a substantially larger pipeline of active sales opportunities compared to a year ago. This activity should drive future growth in Information Solutions." Highlights of the Third Quarter Supply Solutions -- Revenues were up 21%, to $9.4 billion, versus the third quarter a year ago. U.S. pharmaceutical distribution and service revenues were up 23% in the quarter to $7.9 billion, international revenues increased 10%, to $758 million, and medical-surgical revenues were up 6% to $756 million. The increase in U.S. pharmaceutical revenues resulted primarily from the impact of the implementation of several large distribution agreements which took effect in prior quarters, including revenues from new business that previously had not been part of the wholesale distribution channel. U.S. pharmaceutical revenues also included an extra selling day in the third quarter this year. -- Operating profit was up 32% and operating margin increased 21 basis points over the third quarter a year ago. Operating profit in McKesson's Supply Solutions segment was $223.9 million in the third quarter. The operating margin expanded to 2.39% from 2.18% in the third quarter a year ago. Continued operating efficiencies, improved product sourcing activities and discontinuance of goodwill amortization were the major factors producing the margin expansion. Information Solutions -- Revenues were up 10%, to $246.1 million, compared to the third quarter a year ago. Software revenues in the third quarter were $37.8 million, a 34% increase from the third quarter a year ago. One-time software bookings in the third quarter were $53 million, an increase of more than 100% from the third quarter last year. The increase in software bookings reflects greater demand for the company's clinical applications, with more than 60% of the bookings from the Horizon Clinicals offering. Third quarter sales activities included large agreements with Presbyterian Healthcare Services, Atlantic Health Systems, Catholic Healthcare Partners and Memorial Health University Medical Center. Services and outsourcing revenues in the third quarter were $185.2 million, a 6% increase compared to the same quarter last year. Hardware revenue was $23.1 million. requirements, higher benefit costs, and McKesson's share of losses of HealthNexis. Late in the quarter, HealthNexis merged with the Global Health Exchange, which reduced McKesson's percentage of ownership in the combined organization. -- Net income was reduced by $2.9 million, after tax, for special items. The special items were primarily associated with a litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement involving a 1996 acquisition of a pharmaceutical distributor. -- McKesson's cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the first nine months was $81 million. At December 31, 2001, McKesson's cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has totaled $290 million, total debt was $1.2 billion, stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $3.8 billion and the company's net debt-to-capital ratio was 19%. Return on average committed capital was 20.3% compared to 17.8% a year ago. McKesson's effective tax rate for the year was reduced to 36% as a result of tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. initiatives, and this resulted in a current-quarter tax rate of 35.1%. Earnings per diluted share were based on 299.2 million average diluted shares. The company had approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 287 million shares outstanding. During the third quarter, McKesson repurchased approximately 808,000 shares of common stock as part of the company's previously announced $250 million share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. A Webcast of the company's regular conference call to review financial results with the financial community is available through McKesson's Website, www.mckesson.com, live at Noon ET today. McKesson files its financial results prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. GAAP, with its quarterly report on Form 10-Q Form 10-Q See 10-Q. with the Securities and Exchange Commission. Shareholders are encouraged to review these filings and more information about McKesson, all of which are located on the company's Website. McKesson Corporation is the leading provider of supply, information and care management products and services designed to reduce costs and improve quality across healthcare. McKesson solutions empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems healthcare professionals with the tools they need to deliver care more effectively and efficiently. With revenues of $42 billion for the fiscal year ended March 31, 2001, McKesson ranks no. 35 in the 2001 Fortune 500. Except for the historical information contained herein, the matters discussed in this press release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those projected. These statements may be identified by their use of forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or such as "believes," "expects," "anticipates," "may," "will," "should," "seeks," "approximates," "intends," "plans," "estimates" or the negative of these words or other comparable terminology. The most significant of these risks and uncertainties are described in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , Form 10-Q and Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. reports filed with the Securities and Exchange Commission and include, but are not limited to: the resolution or outcome of pending litigation and government investigations relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's previously announced financial restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. ("Restatement"); the effect of the events relating to, or arising out of, the Restatement on the company's ability to attract and retain employees and management; the changing U.S. healthcare U.S. Healthcare is a now-defunct healthcare company. The logo had an apple. The merger with Aetna In 1996, the company merged with Aetna, calling it Aetna U.S. Healthcare. The U.S. Healthcare apple logo was next to the Aetna name, and U.S. Healthcare under it. U.S. environment, including potential changes in private and governmental reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. for healthcare products and services, the method by which such products and services are delivered, legislation or regulations governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. such products and services, or mandated benefits mandated benefit Managed care A benefit that a health plan is required by law to provide Examples In vitro fertilization, defined days of inpatient mental health or substance abuse treatment, special-condition treatments. See Benefit, ERISA. or changes in manufacturer's pricing or distribution policies; substantial defaults in payment or a material reduction in purchases by large customers; the ability of McKesson Information Solutions to retain existing customers and to attract new customers in light of rapid technological advances, challenges in integrating the company's software products, or the slowing or deferral deferral - Waiting for quiet on the Ethernet. of demand for such products resulting from the impact of current or pending government regulations; the timing and amounts of the ongoing customer settlement process; and the company's ability to successfully integrate and operate acquired businesses, and manage the risks associated with such businesses, including the acquisition of the business formerly known as HBO Hyperbaric oxygen therapy (HBO) A form of oxygen therapy in which the patient breathes oxygen in a pressurized chamber. Mentioned in: Ozone Therapy & Co. The company assumes no obligation to update information contained in this release.
Schedule I
McKESSON CORPORATION
PRO FORMA AND AS REPORTED INCOME INFORMATION
(unaudited)
(in millions except per share amounts)
Quarter Ended Nine Months Ended
December 31 December 31
FY02 (1) FY01 Chg. FY02 (1) FY01 Chg.
-------- -------- ---- -------- -------- ----
Revenues
Excluding
sales to
customers'
warehouses $9,629.0 $8,002.7 20% $27,094.2 $22,885.2 18%
Sales to
customers'
warehouses 3,567.7 3,015.1 18 9,915.7 7,715.7 29
-------- -------- -------- --------
Total 13,196.7 11,017.8 20 37,009.9 30,600.9 21
Costs and
expenses
excluding
special items 13,004.7 10,884.8 19 36,484.0 30,222.0 21
-------- -------- -------- --------
Pro forma
operating
income 192.0 133.0 44 525.9 378.9 39
Interest
expense (27.2) (28.3) (4) (81.2) (84.4) (4)
Other income
excluding
special items 9.5 11.4 (17) 26.8 31.6 (15)
-------- -------- -------- --------
Pro forma
income before
income taxes 174.3 116.1 50 471.5 326.1 45
Income taxes (61.1) (45.3) (169.6) (127.2)
Dividends on
preferred
securities of
subsidiary
trust (1.5) (1.5) (4.6) (4.6)
-------- -------- -------- --------
Pro forma
income before
special items
and discontinued
operations $111.7 $69.3 61 $297.3 $194.3 53
======== ======== ======== ========
Pro forma
before
special
items and
discontinued
operations $0.38 $0.24 58 $1.01 $0.68 49
Special items (0.01) (0.21) (0.01) (0.21)
Discontinued
operations -- (0.02) -- (0.02)
-------- -------- -------- --------
As reported
(U.S. GAAP) $0.37 $0.01 3,600 $1.00 $0.45 122
======== ======== ======== ========
Basic
Pro forma
before
special
items and
discontinued
operations $0.39 $0.24 63 $1.04 $0.69 51
Special items (0.01) (0.21) (0.01) (0.22)
Discontinued
operations -- (0.02) -- (0.02)
-------- -------- -------- --------
As reported
(U.S. GAAP) $0.38 $0.01 3,700 $1.03 $0.45 129
======== ======== ======== ========
Shares on which
earnings per
common share
were based
Diluted 299.2 295.1 1 299.0 292.3 2
Basic 285.6 283.4 1 284.9 283.0 1
(1) Excludes goodwill amortization in accordance with the Company's
adoption of Statement of Financial Accounting Standards No. 142,
"Goodwill and Other Intangible Assets". For the quarter ended
December 31, 2000, net income excluding special items and
discontinued operations, would have been $81.3 million and diluted
earnings per share would have been $0.28, excluding pre-tax
goodwill amortization of $12.8 million ($12.0 million after-tax).
For the nine months ended December 31, 2000, net income as
adjusted, would have been $228.3 million and diluted earnings per
share would have been $0.80, excluding pre-tax goodwill
amortization of $36.4 million ($34.0 million after-tax).
(2) See notes (2) and (3) on Schedule II.
Schedule II
McKESSON CORPORATION
PRO FORMA AND AS REPORTED RESULTS BY BUSINESS SEGMENT
(unaudited)
(in millions)
Quarter Ended December 31 Nine Months Ended December 31
------------------------- -----------------------------
FY02 FY01 Chg. FY02 FY01 Chg.
------ ------ ---- ------ ------ ----
REVENUES
Supply Solutions
Pharmaceutical
Distribution
& Services (1)
U.S. Health
Care $7,868.6 $6,375.8 23% $21,942.1 $18,101.9 21%
International 757.6 691.6 10 2,184.6 1,967.4 11
--------- --------- --------- ---------
Total
Pharmaceutical
Distribution
& Services 8,626.2 7,067.4 22 24,126.7 20,069.3 20
Medical-
Surgical
Distribution
& Services 756.1 710.6 6 2,240.5 2,144.6 4
--------- --------- --------- ---------
Total
Supply
Solutions 9,382.3 7,778.0 21 26,367.2 22,213.9 19
--------- --------- --------- ---------
Information
Solutions
Software 37.8 28.3 34 125.4 88.1 42
Services 185.2 174.5 6 543.8 525.1 4
Hardware 23.1 21.5 7 56.0 56.3 (1)
--------- --------- --------- ---------
Total
Information
Solutions 246.1 224.3 10 725.2 669.5 8
--------- --------- --------- ---------
Corporate 0.6 0.4 1.8 1.8
--------- --------- --------- ---------
Total $9,629.0 $8,002.7 20 $27,094.2 $22,885.2 18
========= ========= ========= =========
OPERATING PROFIT
Supply
Solutions $ 223.9 $ 169.7 32% $ 621.8 $ 474.3 31%
Information
Solutions 15.1 1.7 788 39.2 6.4 513
--------- --------- --------- ---------
Pro forma
operating
profit 239.0 171.4 39 661.0 480.7 38
Special
items (2) - (2.1) (45.7) 0.8
--------- --------- --------- ---------
Operating
profit
as reported
(U.S. GAAP) 239.0 169.3 41 615.3 481.5 28
--------- --------- --------- ---------
Interest expense (27.2) (28.3) (4) (81.2) (84.4) (4)
Corporate
excluding
special items (37.5) (27.0) (108.3) (70.2)
Special
items (3) (4.5) (99.6) (8.0) (100.3)
--------- --------- --------- ---------
Corporate as
reported
(U.S. GAAP) (42.0) (126.6) (116.3) (170.5)
--------- --------- --------- ---------
Income before
income taxes
excluding
special items 174.3 116.1 50 471.5 326.1 45
Special
items (2),(3) (4.5) (101.7) (53.7) (99.5)
--------- --------- --------- ---------
Income before
income taxes
as reported
(U.S. GAAP) 169.8 14.4 1,079 417.8 226.6 84
--------- --------- --------- ---------
Income taxes
excluding
special items (61.1) (45.3) 35 (169.6) (127.2) 33
Income tax
benefit on
special items 1.6 39.7 49.6 38.0
--------- --------- --------- ---------
Total
income
taxes (59.5) (5.6) (120.0) (89.2)
--------- --------- --------- ---------
Dividends on
preferred
securities of
subsidiary
trust (1.5) (1.5) (4.6) (4.6)
--------- --------- --------- ---------
Income after
taxes from
continuing
operations 108.8 7.3 1,390 293.2 132.8 121
Discontinued
operations (4) - (5.6) - (5.6)
--------- --------- --------- ---------
Net income as
reported
(U.S. GAAP) $ 108.8 $ 1.7 6,300 $ 293.2 $ 127.2 131
========= ========= ========= ========
STATISTICS
(excluding
special items)
Pro forma
operating profit
as a % of
revenues (1)
Supply
Solutions 2.39% 2.18% 21 bp 2.36% 2.14% 22 bp
Information
Solutions 6.14% 0.76% 538 bp 5.41% 0.96% 445 bp
Return on
committed
capital
- 5 quarter
average 20.3% 17.8%
Return on equity
- 5 quarter
average 10.5% 7.2%
(1) Excludes sales to customers' warehouses of $3,567.7 million and
$3,015.1 million for the quarters ended December 31, 2001 and
2000, and $9,915.7 million and $7,715.7 million for the nine
months ended December 31, 2001 and 2000.
(2) Special items for the nine months ended December 31, 2001
primarily consist of a $29.1 million charge for asset impairments,
severance and exit-related costs to consolidate facilities in the
medical-surgical distribution business, $18.4 million in losses
incurred on the sales of businesses and $3.2 million of asset
impairment charges. These charges were partially offset by $3.8
million of proceeds from the settlements of claims with third
parties and net reductions of $1.2 million in costs associated
with prior year restructuring plans.
For the quarter and nine months ended December 31, 2000, special
charges include $1.7 million and $4.5 million for asset
impairments, severance and exit related costs and a $0.4 million
equity investment impairment loss. For the nine months ended
December 30, 2000, special items also include a $7.8 million gain
on liquidation of an investment and a $2.1 million charge to write
off purchased in-process technology related to an acquisition.
(3) For the quarter and nine months ended December 31, 2001, Corporate
special items include $4.3 million and $5.8 million of legal
settlement and shareholder litigation costs and $0.2 million and
$5.9 million of losses on equity investments. Special charges for
the nine months ended December 31, 2001 also include a $2.8
million reversal of prior year severance reserves and $0.9 million
in settlement proceeds from an investment that was written off in
prior years.
The quarter and nine months ended December 31, 2000 primarily
include special charges of $98.5 million for equity investment
impairments. Special charges also include charges of $1.1 million
in the quarter and $1.8 million in the nine months for legal fees
incurred in connection with the pending shareholder litigation.
(4) The quarter and nine months ended December 31, 2000 include
charges primarily resulting from an adjustment to a previously
recorded gain on the sale of a business.
Schedule III
McKESSON CORPORATION
CONDENSED BALANCE SHEET INFORMATION
(unaudited)
(in millions)
December 31, March 31,
2001 2001
------------- -----------
ASSETS
Current Assets
Cash and equivalents $ 284.9 $ 433.7
Marketable securities
available for sale 5.3 11.9
Receivables 3,604.2 3,443.4
Inventories 6,259.3 5,116.4
Prepaid expenses and other 160.7 158.6
---------- ----------
Total 10,314.4 9,164.0
Property, Plant and Equipment, net 579.8 595.3
Capitalized Software 118.8 103.7
Notes Receivable 225.4 131.3
Goodwill and Other Intangibles 1,063.3 1,064.4
Other Assets 487.2 471.2
---------- ----------
Total Assets $ 12,788.9 $ 11,529.9
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Drafts and accounts payable $ 6,249.1 $ 5,361.9
Deferred revenue 427.6 378.5
Short-term borrowings 15.0 -
Current portion of long-term debt 318.4 194.1
Other liabilities 633.7 615.2
---------- ----------
Total 7,643.8 6,549.7
Postretirement Obligations and
Other Noncurrent Liabilities 272.5 255.8
Long-Term Debt 893.4 1,035.6
McKesson Corporation - Obligated
Mandatorily Redeemable Convertible
Preferred Securities of Subsidiary
Grantor Trust Whose Sole Assets Are
Junior Subordinated Debentures
of McKesson Corporation 196.1 195.9
Stockholders' Equity 3,783.1 3,492.9
---------- ----------
Total $ 12,788.9 $ 11,529.9
=========== ==========
Schedule IV
McKESSON CORPORATION
CONDENSED CASH FLOW INFORMATION
(unaudited)
(in millions)
Nine Months Ended
December 31
2001 2000
---------- ----------
OPERATING ACTIVITIES
Net Income From Continuing Operations $ 293.2 $ 132.8
Adjustments to Reconcile to Net
Cash Provided (Used) By
Operating Activities
Depreciation 87.4 85.4
Amortization 66.1 92.4
Provision for bad debts 40.0 37.3
Deferred taxes on income 9.5 40.7
Loss on sale of businesses 18.4 --
Other non-cash items 19.0 60.5
---------- ----------
Total 533.6 449.1
---------- ----------
Effects of Changes In
Receivables (323.1) (566.6)
Inventories (1,151.1) (780.9)
Accounts and drafts payable 891.8 1,136.4
Deferred revenue 52.9 36.4
Taxes 100.0 (213.9)
Other (22.7) (9.0)
---------- ----------
Total (452.2) (397.6)
---------- ----------
Net cash provided by
continuing operations 81.4 51.5
Discontinued Operations (0.2) (6.7)
---------- ----------
Net cash provided by
operating activities 81.2 44.8
---------- ----------
INVESTING ACTIVITIES
Property Acquisitions (74.8) (96.0)
Acquisition of Businesses, Less
Cash and Short-Term
Investments Acquired (10.7) (50.7)
Notes Receivable Issuances, Net (46.2) (26.2)
Other (76.9) (16.7)
---------- ----------
Net cash used by investing
activities (208.6) (189.6)
---------- ----------
FINANCING ACTIVITIES
Proceeds From the Issuance of Debt 18.9 5.6
Repayment of Debt (23.6) (38.8)
Dividends Paid on Preferred
Securities of Subsidiary Trust (7.5) (7.5)
Capital Stock Transactions
Issuances 71.9 34.2
Repurchases (44.2) (25.7)
ESOP notes and guarantees 14.5 10.9
Dividends paid (51.4) (51.3)
Other -- 1.7
---------- ----------
Net cash used by financing
activities (21.4) (70.9)
---------- ----------
Net Decrease in Cash and Equivalents (148.8) (215.7)
Cash and Equivalents at Beginning
of Period 433.7 548.9
---------- ----------
Cash and Equivalents at End of Period $ 284.9 $ 333.2
========== ==========
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