ADC Reports First Quarter 2002 Results In-Line With Current Wall Street Estimates; Pro Forma EPS Improves 38% and Free Cash Flow Increases 87% from 4Q01.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Feb. 19, 2002 Sales of $294 Million and 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 Loss Per Share of $0.05; Positive Free Cash Flow of $116 Million ADC (1) See A/D converter. (2) (Apple Display Connector) A peripheral connector from Apple that combines digital video display, USB and power in one cable. (Nasdaq:ADCT ADCT Adaptive Discrete Cosine Transform , www.adc.com), a leading global supplier of network equipment, fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber , software and systems integration services for broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). , multiservice networks, today announced first quarter sales of $294 million for the quarter ended January January: see month. 31, 2002 compared to pro forma sales of $689 million in the comparable quarter of 2001. The quarterly sequential One after the other in some consecutive order such as by name or number. decline in sales in the first quarter of 2002 slowed to 14% from pro forma sales of $341 million in the fourth quarter of 2001. In the quarter, Broadband Infrastructure and Access (BIA BIA abbr. Bureau of Indian Affairs ) sales were $197 million compared to a pro forma $558 million in the first quarter of 2001. Integrated Solutions (IS) sales were $97 million in the quarter compared to a pro forma $131 million in the comparable prior-year period. International sales were $81 million or 28% of total sales in this year's first quarter compared to 25% of total pro forma sales in the first quarter of 2001. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). remained ADC's largest sales regions in the quarter.
Pro forma operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. was $57 million in the first quarter of 2002 compared to pro forma operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $115 million in the prior-year first quarter, while pro forma net loss in this year's first quarter was $38 million ($0.05 loss 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) compared to pro forma net income of $73 million ($0.09 earnings per diluted share) in the first quarter of 2001. Sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , diluted pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share of a $0.05 loss in the first quarter of 2002 improved by 38% compared to a $0.08 loss in the fourth quarter of 2001. On a financial reporting basis, which includes all revenues and results from product lines divested/closed in 2001, as well as the impact of all expenses, charges and credits, sales were $294 million and net loss was $45 million ($0.06 loss per diluted share) in the first quarter of 2002 compared to sales of $811 million and net loss of $8 million ($0.01 loss per diluted share) in the first quarter of 2001. "We see encouraging signs that a bottom of the cycle may be near, leading to the sequential growth of quarterly sales and earnings again when telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. rebounds," said Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a R. Roscitt, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ADC. "Three recent events make us optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op . First, our pro forma diluted EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. in the quarter improved by 38% sequentially from the fourth quarter of 2001. Second, several of our businesses have shown what we believe are promising results. Our broadband connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. business appears to be near stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders and has gained market share with recent strategic wins, sales of our Cuda 12000 IP Access Switch to the cable operators continued strong and sales for our software solutions have continued to grow sequentially for two quarters in a row. Third, with our focused go-to-market strategy and cost-reduced operations, ADC is well positioned to benefit as our customers increase capital spending to build and upgrade telephone, cable and wireless networks for the delivery of broadband communications to consumers and businesses." "ADC remains in strong financial condition. In the first quarter of 2002, ADC continued to increase free cash flow (total cash from operating activities less capital expenditures) to a positive $116 million in the first quarter of 2002, a sequential increase of 87% compared to a positive $62 million in the fourth quarter of 2001 and up from a negative $190 million in the first quarter of 2001," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. E. Switz, Executive Vice President and CFO See Chief Financial Officer. of ADC. "Cash flow increased through the expense savings from our aggressive cost reduction actions, continued strong working capital management and $156 million in income tax refunds Tax refund Money back from the government when too much tax has been paid or withheld from a salary. obtained through net operating loss carrybacks Net operating loss carrybacks The application of losses to offset earnings in previous years. . Consequently, ADC ended the quarter with $530 million in 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 ." ADC's Broadband Connectivity Gains Market Share with Recent Strategic Wins During its fiscal first quarter and February February: see month. 2002, ADC announced the following strategic wins for its broadband connectivity business: -- Non-cash stock compensation expenses of $4 million ($4 million after tax or $0.01 per diluted share) resulting from previous acquisitions; and -- Non-recurring and restructuring charges of $5 million ($3 million after tax or $0.00 per diluted share) related to employee reductions, impairment charges and streamlining the business for profitable growth in the future. ADC Continues To Advance Next-Generation IP Cable Solutions ADC continues advance the worldwide deployment of next-generation IP cable services with its Cuda(TM) 12000 IP Access Switch. In the first quarter of 2002, Cuda sales grew 133% year-over-year. ADC has over 300 Cuda systems deployed with more than 20 customers worldwide. To capture new growth opportunities, ADC recently announced the following advanced solutions for cable operators: -- Non-cash stock compensation expenses of $4 million ($4 million after tax or $0.01 per diluted share) resulting from previous acquisitions; and -- Non-recurring and restructuring charges of $5 million ($3 million after tax or $0.00 per diluted share) related to employee reductions, impairment charges and streamlining the business for profitable growth in the future. OSS Oss (ôs), city (1994 pop. 62,141), North Brabant prov., S Netherlands; chartered 1399. It is a significant industrial center. Manufactures include meat products, chemicals, pharmaceuticals, electrical equipment, and metalware. Software Sales Continued Sequential Growth for Two Quarters in a Row ADC's operations support system (OSS) software sales continued its sequential growth from the third quarter of 2001. Recent wins for ADC's OSS software include the following customers: -- Non-cash stock compensation expenses of $4 million ($4 million after tax or $0.01 per diluted share) resulting from previous acquisitions; and -- Non-recurring and restructuring charges of $5 million ($3 million after tax or $0.00 per diluted share) related to employee reductions, impairment charges and streamlining the business for profitable growth in the future. Outlook As a result of the uncertain timing of the recovery from depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. economic and market conditions in the telecommunications industry, and as previously announced, ADC expects to achieve only modest sequential quarterly growth in fiscal year 2002. However, based on current visibility into the year 2002 and ADC's aggressive cost reduction actions, ADC does expect to achieve a profitable run rate as it enters fiscal year 2003. Depending on the evolving outlook for industry conditions, ADC may incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. additional restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. during fiscal year 2002 to lower expense levels further. Subject to the forecast variability related to the uncertain timing of a recovery in the telecommunications industry, ADC currently expects revenues in the second quarter of 2002 to be in the range of $295-$305 million. Sales by business segment as a percent of total ADC sales are expected to be in the ranges of 65%-70% for BIA and 30-35% for IS for the second quarter. Based on this sales outlook, ADC currently expects diluted pro forma earnings per share to be in the range of a $0.04-$0.05 loss in the second quarter of 2002. Pro forma results in this outlook exclude non-cash stock compensation expenses, non-recurring charges/credits, restructuring charges and goodwill amortization expenses. ADC will not provide further guidance for the remainder of fiscal year 2002 until it gets a fuller understanding of the telecommunications capital spending trends for the year and the overall rate of the economic recovery. "We are focused and ready to resume our growth with the following three competitive advantages when broadband capital spending increases again," said Roscitt. "First, we believe we have the right broadband products and services to supply the telephone, cable and wireless requirements of our customers. Second, we believe we have the right go-to-market strategy to offer our customers tailored broadband solutions for cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. deployments. Third, we believe we have the right financial structure that has been significantly cost reduced and is supported by a strong balance sheet." Review of Business Segments A review of ADC's performance by its two business segments - Broadband Infrastructure and Access, and Integrated Solutions - follows. Broadband Infrastructure and Access BIA sales of $197 million in the first quarter of 2002 compare to a pro forma $558 million in the same prior-year quarter and a pro forma $237 million in the fourth quarter of 2001. Sales of fiber-connectivity systems and optical components totaled $32 million in the quarter compared to $131 million in the first quarter of 2001 and $43 million in the fourth quarter of 2001. The decrease in the first quarter of 2002 on a year-over-year basis was primarily a result of lower sales for copper- and fiber-connectivity systems. Year-over-year sales of DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary systems declined by a smaller dollar amount and percentage. Sales of Cuda systems grew year-over-year at 133%. On a sequential basis, sales were lower for connectivity and DSL systems partially offset by higher sales of cable telephony See cable telephone. systems. Pro forma operating loss was $57 million in the first quarter of 2002 compared to pro forma operating income of $135 million in the same quarter of 2001 and a pro forma operating loss of $60 million in the fourth quarter of 2001. Integrated Solutions IS sales were $97 million in the quarter compared to a pro forma $131 million in the comparable 2001 quarter and a pro forma $105 million in the fourth quarter of 2001. The decrease from the prior-year first quarter was substantially a result of lower sales in systems integration services. On a sequential basis, sales were lower for systems integration services partially offset by higher sales of software systems. Pro forma operating loss was $6 million in the first quarter of 2002 compared to a pro forma operating loss of $27 million in the first quarter in 2001 and pro forma operating income of $4 million in the fourth quarter of 2001. Sales, Charges, Credits and Expenses Excluded from Pro Forma Results Pro forma results in both 2002 and 2001 exclude non-cash stock compensation expenses, non-recurring charges/credits, restructuring charges and goodwill amortization expenses. To provide a comparable basis for measuring the results of ADC in 2002, pro forma results in 2001 also exclude the financial results of product lines divested/closed in 2001 from all quarters. In deriving de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. pro forma results for the first quarter of 2002, ADC excluded charges of $9 million ($7 million after tax or $0.01 per diluted share) of which $6 million before tax were for non-cash items. These charges were comprised of: -- Non-cash stock compensation expenses of $4 million ($4 million after tax or $0.01 per diluted share) resulting from previous acquisitions; and -- Non-recurring and restructuring charges of $5 million ($3 million after tax or $0.00 per diluted share) related to employee reductions, impairment charges and streamlining the business for profitable growth in the future. In deriving pro forma results for the first quarter of 2001, ADC excluded sales of $122 million and net loss of $14 million ($0.02 loss per diluted share) related to all of the product lines that were divested/closed in fiscal year 2001 and also excluded charges of $107 million ($67 million after tax or $0.08 per diluted share) primarily for goodwill amortization expense, as well as non-cash stock compensation expenses resulting from acquisitions, non-recurring charges primarily related to reducing the number of employees and restructuring charges related to rationalizing a product line. Income statements of quarterly pro forma results for 2001 can be obtained at www.adc.com/investor by clicking on Presentations. Today's Earnings Conference Call And Webcast at 8:30 am Eastern ADC will discuss its first quarter 2002 results and current outlook on a conference call scheduled today, February 19th, at 8:30 a.m. Eastern time. The conference call can be accessed by domestic callers at (800) 399-7506 and by international callers at (706) 634-2489 or on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.adc.com/investor. Starting today at 11:30 a.m. Eastern, the replay of the call can be accessed until 11:30 a.m. Eastern on February 26th by domestic callers at (800) 642-1687 and by international callers at (706) 645-9291 (conference ID number is 2918715) or on the Internet at www.adc.com/investor. Today's Annual Meeting Webcast at 10 a.m. Eastern Time ADC will also webcast its annual meeting scheduled today, February 19th at 10 a.m. Eastern. The webcast will be listen only and will be accessible and archived for replay through February 26th at www.adc.com/investor. About ADC ADC is The Broadband Company(TM). ADC tailors high-quality, custom solutions of network equipment, fiber optics, software and systems integration services that enable communications service providers A Communications Service Provider or CSP is a company that transports information electronically. The term encompasses public and private companies in the wireline, wireless, Internet, cable, satellite, and managed services businesses. to deliver high-speed Internet See broadband. , data, video and voice services to consumers and businesses worldwide. ADC (Nasdaq:ADCT) has sales into nearly 100 countries and is included in the Standard & Poor's 500 Index and the Nasdaq 100 Index Nasdaq 100 Index A market-capitalization-weighted index of the largest and most active nonfinancial domestic and international issues listed on the Nasdaq Stock Market. . Learn more about ADC Telecommunications ADC Telecommunications (NASDAQ: ADCT) is a communications company located in Eden Prairie, Minnesota, a southwest suburb of Minneapolis. History In 1935, Ralph Allison founded ADC Telecommunications in the basement of his south Minneapolis home, inventing ADC's very , Inc. at www.adc.com. Cautionary Statement under 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 All forward looking statements contained herein, particularly those pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to ADC's expectations or future operating results, reflect management's current expectations or beliefs and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act of 1995. ADC Telecommunications cautions readers that future actual results could differ materially from those in 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. depending on the outcome of certain factors. All such forward-looking statements are subject to certain risks and uncertainties, including, but not limited to, overall demand for ADC's products or services; the demand for particular products or services within the overall mix of products sold, as our products and services have varying profit margins; the availability of materials to make products; changing market conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. either within ADC's industry or generally within the economy; volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the in the stock market, which may affect the value of ADC's stock or the stock ADC owns in other publicly held companies in the communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. ; new competition and technologies; increased costs associated with protecting intellectual property rights; the impact of customer financing activities; ADC's ability to successfully integrate the operations of acquired companies with ADC's historic operations; ADC's ability to complete our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). initiative and streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. our operations successfully; retention of key employees; fluctuations in ADC's operating results; pressures on the pricing of the products or services ADC offers; and other risks and uncertainties, including those identified in Exhibit 99-a to ADC's Report on 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. for the fiscal year ended October October: see month. 31, 2001. ADC disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
ADC TELECOMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In Millions, Except Per Share Amounts)
For the Three Months Ended
January 31,
2002 2001
-------- --------
NET SALES $ 293.5 $ 811.3
COST OF PRODUCT SOLD 198.7 500.5
-------- --------
GROSS PROFIT 94.8 310.8
EXPENSES:
Research and development 42.5 80.3
Selling and administration 109.1 180.1
Goodwill amortization -- 17.7
Impairment charges 1.9 7.5
Non-recurring charges 3.0 33.3
Non-cash stock compensation 3.7 4.9
-------- --------
Total expenses 160.2 323.8
-------- --------
OPERATING LOSS (65.4 ) (13.0 )
OTHER INCOME (EXPENSE), NET:
Interest 0.8 0.6
Other (5.3 ) 1.8
LOSS BEFORE INCOME TAXES (69.9 ) (10.6 )
INCOME TAX BENEFIT (25.1 ) (3.0 )
-------- --------
NET LOSS $ (44.8 ) (a) $ (7.6 ) (b)
======== ========
AVERAGE COMMON SHARES OUTSTANDING
(BASIC) 793.4 782.8
======== =======
LOSS PER SHARE (BASIC) $ (0.06 ) $ (0.01 )
======== =======
AVERAGE COMMON SHARES OUTSTANDING
(DILUTED) 793.4 782.8
======== =======
LOSS PER SHARE (DILUTED) $ (0.06 ) (a) $ (0.01 ) (b)
======== =======
(a) Excluding $3.6 million net-of-tax non-cash stock compensation
charges; $2.0 million net-of-tax restructuring charges and $1.2
million net-of-tax impairment charges, net loss would have been
$38.0 million. Diluted EPS would have been ($0.05).
(b) Excluding $5.3 million net-of-tax non-cash stock compensation
charges and non-recurring charges related to recent acquisitions;
$48.9 million net-of-tax restructuring charges; $5.0 million
net-of-tax impairment charges and $7.9 million net-of-tax goodwill
amortization charges, net income would have been $59.5 million.
Diluted EPS would have been $0.08.
SUPPLEMENTARY SCHEDULE
ADC TELECOMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(In millions, except per share amounts)
For the Three Months Ended
January 31, 2002
-----------------------------------
Restructuring
As and Other Pro forma
Reported Charges (a) Results (a)
-------- -------------- -----------
NET SALES $ 293.5 $ - $ 293.5
COST OF PRODUCT SOLD 198.7 198.7
-------- -------------- -----------
94.8 94.8
-------- -------------- -----------
EXPENSES:
Research and development 42.5 42.5
Selling and administration 109.1 109.1
Impairment charges 1.9 (1.9) -
Non-recurring charges 3.0 (3.0) -
Non-cash stock compensation 3.7 (3.7) -
-------- -------------- -----------
Total Expenses 160.2 (8.6) 151.6
-------- -------------- -----------
OPERATING INCOME (LOSS) (65.4) 8.6 (56.8)
OTHER INCOME (EXPENSE), NET:
Interest 0.8 0.8
Other (5.3) (5.3)
-------- -------------- -----------
INCOME (LOSS) BEFORE INCOME TAXES (69.9) 8.6 (61.3)
PROVISION (BENEFIT) FOR INCOME
TAXES (25.1) 1.8 (23.3)
-------- -------------- -----------
NET INCOME (LOSS) $(44.8) $ 6.8 $(38.0)
======== ============== ===========
AVERAGE COMMON SHARES OUTSTANDING
(BASIC) 793.4 793.4 793.4
======== ============== ===========
EARNINGS (LOSS) PER SHARE (BASIC) $(0.06) $ 0.01 $(0.05)
======== ============== ===========
AVERAGE COMMON SHARES OUTSTANDING
(DILUTED) 793.4 793.4 793.4
======== ============== ===========
EARNINGS (LOSS) PER SHARE
(DILUTED) $(0.06) $ 0.01 $(0.05)
======== ============== ===========
(a) Excluding $3.6 million net-of-tax non-cash stock compensation;
$2.0 million net-of-tax restructuring charges and $1.2 million
net-of-tax impairment charges, net loss would have been $38.0
million. Diluted EPS would have been $(0.05).
ADC TELECOMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In Millions)
ASSETS
January 31, October 31,
2002 2001
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 465.7 $ 348.6
Short-term investments 64.5 73.2
Accounts receivable 198.9 280.7
Inventories 233.8 253.6
Prepaid income taxes 80.2 208.4
Current deferred tax assets 106.5 107.0
Prepaid and other current assets 38.1 33.7
----------- -----------
Total current assets 1,187.7 1,305.2
PROPERTY AND EQUIPMENT, net 580.6 614.0
OTHER ASSETS:
Deferred tax assets 368.9 367.1
Other, principally goodwill 203.7 213.4
----------- -----------
$ 2,340.9 $ 2,499.7
=========== ===========
LIABILITIES AND SHAREOWNERS' INVESTMENT
CURRENT LIABILITIES:
Accounts payable $ 107.1 $ 162.0
Accrued compensation and benefits 88.5 109.1
Other accrued liabilities 189.2 205.8
Restructuring accrual 105.3 120.8
Note payable and current maturities
of long-term debt 1.7 1.7
----------- -----------
Total current liabilities 491.8 599.4
LONG-TERM DEBT, less current maturities 17.7 3.0
OTHER LONG-TERM LIABILITIES 3.7 3.9
----------- -----------
Total liabilities 513.2 606.3
SHAREOWNERS' INVESTMENT
(793.9 and 792.0 shares outstanding,
respectively) 1,827.7 1,893.4
----------- -----------
$ 2,340.9 $ 2,499.7
=========== ===========
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