ADC Reports First Quarter 2005 Results.MINNEAPOLIS Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. -- 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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADCT ADCT Adaptive Discrete Cosine Transform ): --Net Sales from Continuing Operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the Were $243 Million --Better Than Expected Sales Driven from KRONE Sales of $93 Million and Strong Sales in Fiber-to-the-X Solutions and Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. --International Sales Were 51% of Total Sales --Operating Expenses Were Reduced 11% From 4Q04 to $76 Million, Excluding 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). and Impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. Charges --$0.02 GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Earnings Per Share from Continuing Operations, Which Includes a Benefit From a $9 Million Nonoperating Gain On The Sale of a Note Receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. Partially Offset By $3 Million of 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. --Total Cash and Securities (Short- and Long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. ) Were $567 Million at Quarter End ADC (NASDAQ:ADCT) (www.adc.com) today announced results for its first fiscal quarter ended January January: see month. 28, 2005 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 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) as summarized below for ADC and its operating segments, 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). Infrastructure and Access, and Professional Services, on a continuing operations basis. "We are pleased with our sales growth and operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. reduction in the first quarter," 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, president 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. "Our better than expected first quarter sales of $243 million benefited from the addition of the KRONE acquisition, and strong contributions from our OmniReach(TM) Fiber-to-the-X solutions and professional services. Excluding KRONE's sales, ADC's first quarter sales grew 10% year-over-year. With future sales growth and continued progress in lowering our cost of operations, we expect profitable growth in fiscal 2005." GAAP Results (dollars in millions, except per share amounts), Continuing Operations
2005 2004 2004
First Fourth First
ADC Results Quarter Quarter Quarter
----------- ------- ------- -------
Net sales $ 243.4 266.3 136.7
Percent outside U.S. 51.1% 47.6% 29.3%
Gross margin 33.5% 37.5% 39.4%
Operating income (loss) $ 2.2 14.0 8.4
Income (loss) from continuing operations $ 13.6 14.9 16.3
Earnings (loss) per share from continuing
operations - basic and diluted $ 0.02 0.02 0.02
Segment Results
---------------
Net sales:
Broadband Infrastructure and Access $ 186.3 218.6 103.0
Professional Services $ 61.3 56.4 37.2
Eliminations and other $ (4.2) (8.7) (3.5)
Operating income (loss):
Broadband Infrastructure and Access $ 6.9 27.9 16.0
Professional Services $ (1.5) (0.7) (0.4)
Unallocated items $ (3.2) (13.2) (7.2)
ADC Reduces Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and Focuses on Improving Gross Margins "We executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. our plans in the first quarter to lower the cost of operations in 2005," said Gokul Coordinates:
Certain ADC balance sheet and cash flow information on a GAAP basis and related statistics are summarized below. Other GAAP Data & Related Statistics
Balance Sheet Data and Related Statistics
----------------------------------------- Jan. 28, Oct. 31, Jan. 31,
(dollars in millions) 2005 2004 2004
--------------------- ---- ---- ----
Cash and cash equivalents - unrestricted $ 88.4 67.0 72.5
Short-term available for sale securities $ 425.0 434.6 677.1
Long-term available for sale securities $ 29.1 26.8 17.1
Restricted cash $ 24.9 21.9 16.0
---- ---- ----
Total cash and securities $ 567.4 550.3 782.7
===== ===== =====
Current ratio 3.4 2.8 4.1
Long-term notes payable $ 400.0 400.0 400.0
ADC's total cash and securities (short- and long-term) were $567 million on January 28, 2005. The increase from the previous quarter was primarily a result of proceeds received from the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the Metrica software business partially offset by cash used by operating activities. The decrease from January 31, 2004 was primarily a result of the KRONE acquisition in May 2004 partially offset by proceeds received from the divestiture of the Singl.eView and Metrica software businesses. ADC believes that the resulting cash and securities balance is sufficient for organic growth plans for ADC's core business as $200 million of convertible notes do not mature until June June: see month. 15, 2008, and the other $200 million of convertible notes do not mature until June 15, 2013. All convertible notes have a conversion price of $4.013 per share. In addition, ADC's deferred tax assets, which are nearly fully reserved at this time, should reduce its income tax payable on taxable earnings in future years.
Quarter Quarter
Cash Flow Data and Related Statistics Ended Ended
------------------------------------- Jan. 28, Jan. 31,
(dollars in millions) 2005 2004
--------------------- ---- ----
Total cash provided by (used in) operating
activities from continuing operations $ (17.6) 19.0
Total cash provided by (used in) operating
activities from discontinued operations $ 1.5 (25.2)
2005 2004 2004
First Fourth First
Quarter Quarter Quarter
------- ------- -------
Days sales outstanding 53.7 53.4 53.6
Inventory turns - annualized 5.9 6.8 5.5
Depreciation and amortization $ 13.9 13.8 9.9
Property and equipment additions, net of
(disposals) $ 1.5 (0.5) (2.7)
In the quarter ended January 28, 2005, total cash used by operating activities from continuing operations was partially driven by inventory builds for future shipments of OmniReach Fiber-to-the-X (FTTX (Fiber To The X) Refers to all the "fiber-to-the-wherever" technologies. See FTTC and FTTP. See also FTX. ) and wireless products and the pay down of current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. . These uses were partially offset by positive cash earnings and receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed collections. In the quarter ended January 31, 2004, total cash provided by operating activities from continuing operations was primarily from positive cash earnings partially offset by an increase in working capital. Total employees were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 7,600 as of January 28, 2005 compared to approximately 7,500 as of October October: see month. 31, 2004 and approximately 5,800 as of January 31, 2004. The increase in employees from October 31, 2004 was primarily a result of increased manufacturing capacity for OmniReach FTTX products, partially offset by the divestiture of the Metrica software business as well as workforce reductions related to the integration of the KRONE acquisition. The year-over-year increase of employees in the quarter was primarily a result of the KRONE acquisition and increased FTTX manufacturing capacity partially offset by divestitures in 2004 and workforce reductions related to the integration of the KRONE acquisition. Review of Operating Segments Sales from ADC's operating segments from continuing operations are summarized above. Commentary on the changes in the sales results follows. Broadband Infrastructure and Access (BIA BIA abbr. Bureau of Indian Affairs ) On a quarterly sequential One after the other in some consecutive order such as by name or number. basis from the fourth quarter of 2004, BIA sales in the first quarter of 2005 were lower than expected due to a historical slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in activity among ADC's customers during this period as previously announced. Fiber-to-the-X sales in the first quarter of 2005 increased 57% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen after reducing sales in the fourth quarter of 2004 for the recognition of $5 million of deferred sales. This strength was offset by lower sales in other products, primarily in the wireline and wireless systems businesses. Comparing first quarters on a year-over-year basis, BIA sales were $83 million higher as a result of the $79 million addition of KRONE product sales in the first quarter of 2005 due to the acquisition being finalized See finalization. on May 18, 2004, as well as strong growth in ADC's fiber 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. sales offset by lower sales in other products, primarily in the wireline systems business. Professional Services On a quarterly sequential basis from the fourth quarter of 2004, Professional Services sales in the first quarter of 2005 increased 9% as a result of growth in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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). primarily from work
on wireless network deployments. Comparing first quarters on a
year-over-year basis, 2004 sales for Professional Services increased by
$24 million primarily as a result of the $14 million addition of KRONE
service sales as described in the BIA commentary, as well as growth in
the United States and Europe primarily from work on wireless network
deployments.
Restructuring Charges, Acquired Intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. Amortization and Certain Nonoperating Gains/Losses The table below shows the impact of restructuring charges, acquired intangibles amortization and certain non-operating gains/losses included in GAAP results. In addition, the table reconciles GAAP results to adjusted income (loss) from continuing operations and related earnings per share.
Reconciliation
--------------
(dollars in millions, except per share
-------------------------------------- Jan. 28, Oct. 31, Jan. 31,
amounts) 2005 2004 2004
-------- ---- ---- ----
GAAP income from continuing operations $ 13.6 14.9 16.3
Restructuring charges $ 3.2 (0.3) 1.8
Acquired intangibles amortization $ 2.6 2.8 -
Gain from note receivable sale $ (9.0) - -
Gain from sale of investments $ - - (4.4)
Gain from divested product lines $ - - (3.7)
---- ---- -----
Adjusted income from continuing operations $ 10.4 17.4 10.0
==== ==== ====
Adjusted earnings per share from $ 0.01 0.02 0.01
continuing operations - diluted ==== ==== ====
Average shares outstanding - diluted
(millions) 811.6 909.7 911.9
Outlook The following guidance is presented on a GAAP basis. When it reports results, ADC intends to show the impact of restructuring and impairment charges, acquired intangibles amortization and certain non-operating gains/losses included in its actual GAAP results. ADC currently estimates that GAAP sales in the second quarter of fiscal 2005 will be around $260-$270 million and GAAP earnings per share from continuing operations will be around $0.02, subject to any significant restructuring and impairment charges and certain non-operating gains/losses of which the amounts are uncertain at this time. Starting in the third quarter of 2002, the tax benefits of ADC's pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta losses have been added to deferred tax assets with an offsetting valuation reserve. As of January 28, 2005, ADC had a total of $1,059 million in deferred tax assets (primarily for U.S. income taxes) that have been offset by a nearly full valuation reserve and as a result have been shown on the balance sheet at an insignificant amount. Approximately $226 million of these deferred tax assets relate to capital loss carryovers that can be utilized only against realized capital gains through October 31, 2009. As it generates pre-tax income in future periods, ADC currently expects to record minimal income tax expense until either its deferred tax assets are fully utilized to reduce future income tax liabilities or the value of its deferred tax assets are restored on the balance sheet. Excluding the deferred tax assets related to capital loss carryovers, most of the remaining deferred tax assets are not expected to expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. until after 2021. Today's Earnings Conference Call And Webcast at 5:00 p.m. Eastern ADC will discuss its first quarter 2005 results and current outlook on a conference call scheduled today, February February: see month. 28, at 5:00 p.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, by clicking on News & Communications, then clicking on Webcasts. Starting today at 6:30 p.m. Eastern time, the replay of the call can be accessed until 11:59 p.m. Eastern time on March 7 by domestic callers at (800) 642-1687 and by international callers at (706) 645-9291 (conference ID number is 3652931) or on the Internet at www.adc.com/investor, by clicking on News & Communications, then clicking on Webcasts. About ADC ADC provides the connections for wireline, wireless, cable, broadcast, and enterprise networks around the world. ADC's innovative network infrastructure equipment and professional services enable high-speed Internet See broadband. , data, video, and voice services to residential, business and mobile subscribers. ADC (NASDAQ: ADCT) has sales into more than 150 countries. Learn more about ADC 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 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. 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 as of the date of such statements 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 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 cautions readers that future actual results could differ materially from those in forward-looking statements depending on the outcome of certain factors. All such forward-looking statements are subject to certain risks and uncertainties, including, but not limited to, significant difficulties in forecasting sales and market trends; uncertainties regarding the level of 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. by telecommunications service providers A Telecommunications Service Provider or TSP is a type of Communications Service Provider that has traditionally provided telephone and similar services. This category includes ILECs, CLECs, and mobile wireless companies. and enterprise customers; the 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; 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; the impact of actions we may take such as acquisitions and divestitures; ADC's ability to effectively integrate the KRONE acquisition or other acquisitions with ADC's historic operations; ADC's ability to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose excess assets on a timely and 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. basis; new competition and technologies; increased costs associated with protecting intellectual property rights; the retention of key employees; pressures on the pricing of the products or services ADC offers; performance of contract manufacturers used by ADC to make certain products; the availability and cost of raw components; changes in exchange rates as an increasing portion of our sales since the KRONE acquisition come from outside the United States; possible consolidation among our customers, competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. or vendors; and other risks and uncertainties, including those identified in the section captioned Risk Factors in Item 1 of ADC's Annual 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 31, 2004. 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 BALANCE SHEETS - UNAUDITED
(In millions)
ASSETS
January 28, October 31,
2005 2004
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $88.4 $67.0
Short-term marketable securities 425.0 434.6
Accounts receivable 145.2 158.0
Unbilled revenue 39.9 36.5
Inventories 109.2 97.8
Assets of discontinued operations - 16.6
Prepaid and other current assets 35.6 25.1
----------- -----------
Total current assets 843.3 835.6
PROPERTY AND EQUIPMENT, net 229.0 233.0
ASSETS HELD FOR SALE 4.2 6.6
RESTRICTED CASH 24.9 21.9
GOODWILL 180.1 180.1
INTANGIBLES 90.2 93.0
LONG-TERM MARKETABLE SECURITIES 29.1 26.8
OTHER ASSETS 32.1 31.1
----------- -----------
TOTAL ASSETS $1,432.9 $1,428.1
=========== ===========
LIABILITIES & SHAREOWNERS' INVESTMENT
CURRENT LIABILITIES:
Accounts payable $72.7 $72.8
Accrued compensation and benefits 46.9 65.9
Other accrued liabilities 72.9 81.4
Income taxes payable 24.9 27.6
Restructuring accrual 32.6 38.4
Liabilities of discontinued operations - 15.6
Notes payable 0.6 0.3
----------- -----------
Total current liabilities 250.6 302.0
PENSION OBLIGATIONS & OTHER LT OBLIGATIONS 69.4 66.8
LONG-TERM NOTES PAYABLE 400.0 400.0
----------- -----------
Total liabilities 720.0 768.8
SHAREOWNERS' INVESTMENT
(809.7 and 810.1 shares outstanding) 712.9 659.3
----------- -----------
TOTAL LIABILITIES AND SHAREOWNERS' INVESTMENT $1,432.9 $1,428.1
=========== ===========
ADC TELECOMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
GAAP BASIS
(In Millions, Except Per Share Amounts)
For the Three Months Ended
--------------------------
Jan. 28, Oct. 31, Jan. 31,
2005 2004 2004
-------- -------- --------
NET SALES $243.4 $266.3 $136.7
COST OF PRODUCT SOLD 161.8 166.5 82.8
-------- -------- --------
GROSS PROFIT 81.6 99.8 53.9
-------- -------- --------
GROSS MARGIN 33.5% 37.5% 39.4%
EXPENSES:
Research and development 15.2 15.9 12.4
Selling and administration 61.0 70.0 31.3
Impairment charges - 0.2 -
Restructuring charges 3.2 (0.3) 1.8
-------- -------- --------
Total Expenses 79.4 85.8 45.5
-------- -------- --------
As a Percentage of Net Sales 32.6% 32.2% 33.3%
OPERATING INCOME 2.2 14.0 8.4
OPERATING MARGIN 0.9% 5.3% 6.1%
OTHER INCOME (EXPENSE), NET:
Interest 0.9 0.8 0.8
Other 11.5 1.3 7.0
-------- -------- --------
INCOME BEFORE INCOME TAXES 14.6 16.1 16.2
PROVISION (BENEFIT) FOR INCOME TAXES 1.0 1.2 (0.1)
-------- -------- --------
INCOME FROM CONTINUING OPERATIONS 13.6 14.9 16.3
DISCONTINUED OPERATIONS, NET OF TAX:
Income (loss) from discontinued operations 2.7 (14.6) (15.1)
Gain (loss) on sale of subsidiary 36.2 59.4 (3.6)
-------- -------- --------
38.9 44.8 (18.7)
NET INCOME (LOSS) $52.5 $59.7 $(2.4)
======== ======== ========
NET MARGIN 21.6% 22.4% (1.7%)
AVERAGE COMMON SHARES OUTSTANDING - BASIC 809.4 809.3 806.8
======== ======== ========
AVERAGE COMMON SHARES OUTSTANDING - DILUTED 811.6 909.7 911.9
======== ======== ========
EARNINGS (LOSS) PER SHARE FROM CONTINUING
OPERATIONS - BASIC & DILUTED $0.02 $0.02 $0.02
======== ======== ========
EARNINGS (LOSS) PER SHARE FROM DISCONTINUING
OPERATIONS - BASIC & DILUTED $0.04 $0.05 $(0.02)
======== ======== ========
NET EARNINGS (LOSS) PER SHARE - BASIC &
DILUTED $0.06 $0.07 $(0.00)
======== ======== ========
ADC TELECOMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(in millions)
SUBJECT TO RECLASSIFICATION
Three Months Ended
Jan. 28, Jan. 31,
2005 2004
-------- --------
Cash Flows from Operating Activities:
Net Income From Continuing Operations $13.6 $16.3
Adjustments:
Depreciation and amortization 13.9 9.9
Change in bad debt reserves (0.4) (2.2)
Change in inventory reserves (0.4) (0.2)
Change in warranty reserves (1.2) -
Non-cash stock compensation 0.7 0.6
Change in deferred income taxes 0.6 -
Gain on sale of an investment - (4.4)
Loss on sale of business and product lines - 0.3
Gain on sale of fixed assets (0.6) (0.4)
Other (11.2) (0.7)
Changes in assets & liabilities, net of
acquisitions
Accounts receivable and unbilled revenues 15.5 11.7
Inventories (10.1) (4.7)
Prepaid and other assets (3.6) 6.3
Accounts payable (0.8) 0.5
Accrued liabilities (33.6) (14.0)
-------- --------
Total cash provided (used) by operating
activities from continuing operations (17.6) 19.0
Total cash provided (used) by operating
activities from discontinued operations 1.5 (25.2)
-------- --------
Total cash used by operating activities (16.1) (6.2)
Cash Flows from Investing Activities:
Divestitures, net of cash disposed 33.6 5.0
Property and equipment additions, net of disposals (4.6) (2.9)
Proceeds from disposal of property and equipment 3.1 5.6
Decrease in restricted cash (3.0) (0.2)
Short-term investments 9.6 (217.8)
Long term investments (2.3) -
-------- --------
Total cash provided by investing activities 36.4 (210.3)
Cash Flows from Financing Activities:
Increase (Decrease) in debt - (0.8)
Common stock issued 0.9 1.8
-------- --------
Total cash provided by financing activities 0.9 1.0
Effect of exchange rate on cash 0.2 (0.1)
-------- --------
Increase in cash and cash equivalents 21.4 (215.6)
Cash and cash equivalents, beginning of period 67.0 288.1
-------- --------
Cash and cash equivalents, end of period $88.4 $72.5
======== ========
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