ADD to BW1647, 2/16: Dun &Bradstreet Posts 1999 Diluted Earnings Per Share of $1.64, Excluding One-Time Items.Business Editors Note: ADD ... to BW1647, 2/16 (NJ-DUN-&BRADSTREET Brad·street , Anne Dudley 1612-1672. English-born colonial poet who wrote several collections of verse, including The Tenth Muse Lately Sprung Up in America (1650). ). The below release reflects additional financial tables omitted from the 2/16 transmission. MURRAY HILL Murray Hill may refer to one of the following places:
Fourth-Quarter 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. of $0.52, Excluding One-Time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. Items, Driven by Continued Strong Performance at Moody's Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service which performs financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. Board Pursues Separation of Moody's and D& Operating Company operating company A business that engages in transactions with outsiders. The Dun &Bradstreet Corporation (NYSE NYSE See: New York Stock Exchange :DNB DNB Dictionary of National Biography DNB Drum N Bass (music) DNB De Nederlandsche Bank DNB Dun & Bradstreet (stock symbol) DNB Den Norske Bank DNB David Nelson Band ) today announced full-year 1999 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $1.64, up 4 percent, compared with 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 diluted earnings per share of $1.57 a year ago, excluding one-time items in both years. Fourth-quarter 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. earnings of 52 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. were unchanged from a year ago, excluding one-time items in the fourth quarter of 1999. D& also announced today that its board of directors approved the proposal to separate Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and the D& operating company into two stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." , public companies. The company said it expects to complete the separation by the end of the third quarter of this year. The separation of the two companies would be accomplished through a tax-free tax-free adj. Not subject to taxation; tax-exempt. tax-free Adjective not needing to have tax paid on it: a tax-free lump sum Adj. 1. dividend of a new entity comprised of the D& operating company. The new entity would be known as The Dun &Bradstreet Corporation and the remaining entity would be known as Moody's Investors Service. The corporation intends to seek a ruling from the Internal Revenue Service with respect to the tax-free treatment of the proposed transaction. The transaction is subject to the Internal Revenue Service's ruling and to final approval by The Dun &Bradstreet Corporation's board of directors. &uot;Moody's and the D& operating company are outstanding global brands with unique market positions, strong cash flows and high margins,&uot; said Clifford Clif·ford , Clark McAdams 1906-1998. American lawyer and politician who, as chief counsel (1946-1950) to President Harry S. Truman, influenced U.S. foreign policy. During the Vietnam War he served as U.S. secretary of defense (1968-1969). L. Alexander, Jr., D&'s chairman and chief executive officer. &uot;We firmly believe the separation of these businesses will create two sharply focused companies that will be better positioned to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution their business plans. The separation should unlock significant value for our shareholders.&uot; Moody's Investors Service posted another outstanding performance in the fourth quarter, with revenue up 15 percent and 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. up 28 percent. &uot;Moody's continues to seize seize v. To exhibit symptoms of seizure activity, usually with convulsions. new opportunities in capital markets around the world,&uot; Alexander said. &uot;This marks Moody's fourth consecutive year of double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth in revenue and operating income and a continuation continuation - continuation passing style of its 17 percent compound annual rate of revenue growth since 1980.&uot; The D& operating company's performance did not meet expectations. &uot;We are taking decisive actions to reinvigorate re·in·vig·o·rate tr.v. re·in·vig·o·rat·ed, re·in·vig·o·rat·ing, re·in·vig·o·rates To give new life or energy to. re and reengineer the D& operating company,&uot; Alexander said. &uot;Clearly, 2000 will be a transition year as we implement our turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. plan. We have already made significant changes in senior management, initiated a search for a new 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. and substantially reduced our cost structure. To accelerate revenue growth, we are aggressively pursuing 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 and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. opportunities and expanding alliances with leading companies, such as SAP sap, fluid in plants consisting of water and dissolved substances. Cell sap refers to this fluid present in the large vacuole, or cell cavity, that occupies most of the central portion of mature plant cells. , SAS Institute SAS Institute Inc., headquartered in Cary, North Carolina, USA, has been a major producer of software since it was founded in 1976 by Anthony Barr, James Goodnight, John Sall and Jane Helwig. , Siebel Systems Siebel is a brand name of Oracle Corporation. Siebel Systems, Inc., founded by Thomas Siebel in 1993, was principally engaged in the design, development, marketing and support of CRM applications. , Oracle Corporation and Deloitte Consulting.&uot; Fourth-Quarter Results Fourth-quarter revenue for the corporation decreased by 2 percent to $509.9 million from $519.8 million a year ago. Excluding the impact of foreign currency translation, revenue for the quarter was off by 1 percent. Operating income for the corporation was $107.3 million, compared with $146.3 million in the prior-year quarter. Income 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 before provision for income taxes was $112.1 million, compared with $140.6 million in the prior period. Fourth-quarter 1999 results include a charge of $41.2 million ($0.17 per share) related to previously announced 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). actions to improve performance at the D& operating company, partially offset by a gain of $11.9 million ($0.04 per share) resulting from the settlement of a lawsuit lawsuit: see procedure; tort. . Excluding these one-time items, operating income increased by 2 percent in the quarter to $148.5 million. D& reported fourth-quarter 1999 net income of $63.1 million ($0.39 per share on a reported basis, or $0.52 per share before one-time items), compared with reported fourth-quarter 1998 net income of $86.6 million ($0.52 per share). The underlying tax rate in the fourth quarter was 40.3 percent, versus 38.4 percent in the fourth quarter of 1998. Segment Results Moody's fourth-quarter revenue increased by 15 percent to $140.4 million from $122.0 million a year ago, with operating income rising by 28 percent to $69.3 million from $54.1 million in the same period a year ago. Growth in the quarter was driven by European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and Asian corporate structured finance, U.S. asset-backed finance, and particular strength in bank loans and credit derivatives Credit Derivative Privately held negotiable bilateral contracts that allow users to manage their exposure to credit risk. Credit derivatives are financial assets like forward contracts, swaps, and options for which the price is driven by the credit risk of economic agents (private . The D& operating company posted fourth-quarter worldwide revenue of $369.5 million, down 7 percent from $396.8 million a year ago. Excluding the effect of foreign currency translation, revenue for the quarter was down 5 percent. Operating income in the quarter was $90.3 million, down 9 percent from $99.0 million in the fourth quarter of 1998. Excluding the effect of foreign currency translation, operating income was down 7 percent. Fourth-quarter revenue at D&-U.S. was $224.8 million, down 8 percent from $244.2 million a year ago. Operating income declined by 12 percent, to $73.9 million from $83.7 million a year ago. The declines reflect lower demand for D&'s traditional products and slower growth in its value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: products. At D& 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). , revenue decreased by 8 percent to $119.2 million
from $129.8 million a year ago, while operating income fell by 4 percent
to $16.0 million from $16.7 million in the prior-year period. Excluding
the effect of foreign currency translation, revenue at D& Europe was
down 1 percent and operating income was up 9 percent. D& Asia
Pacific/Canada/Latin America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. (APCLA) posted fourth-quarter revenue of
$25.5 million, up 12 percent from $22.8 million a year ago. Excluding
the effect of foreign currency translation, APCLA revenue was up 3
percent. APCLA posted a profit of $0.4 million in the quarter, compared
to a loss of $1.4 million in the fourth quarter of the prior year.
Full-Year Results D& reported 1999 revenue of $1,971.8 million, up 2 percent from $1,934.5 million in 1998. Excluding revenue from Moody's Financial Information Services See Information Systems. (FIS FIS n abbr (BRIT) (= Family Income Supplement) → ayuda estatal familiar ) unit, which was sold in the third quarter of 1998, and the effect of foreign currency translation, revenue was up 3 percent. Operating income increased by 4 percent to $438.9 million from $420.7 million a year ago, and income from continuing operations before taxes increased by 6 percent to $434.9 million from $409.1 million on a pro forma basis a year ago. Excluding one-time items in both years, operating income increased in 1999 by 7 percent to $480.1 million, compared with operating income of $448.7 million a year ago. On the same basis, income from continuing operations before provision for income taxes was $452.0 million, versus a pro forma $427.5 million in the prior year. In addition to the previously mentioned one-time items, 1999 results also benefited from a $12.2 million ($0.05 per share) adjustment to the $9.6 million ($0.03 per share) third-quarter 1998 gain on the sale of FIS. Reported results for 1998 include, in addition to the gain on the sale of FIS, results of R.H. Donnelley, which was separated from the company as of June June: see month. 30, 1998, and reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. costs of $28.0 million ($0.13 per share) associated with the separation. For the year, net income was $256.0 million ($1.56 per share), compared with pro forma income from continuing operations of $252.0 million ($1.47 per share) in 1998. Excluding one-time items in both years, earnings per share from continuing operations were $1.64 in 1999, compared with a pro forma $1.57 in 1998. As-Reported vs. Pro Forma Results The corporation noted that D&'s 1998 pro forma results are provided to approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. the performance of the company as if the separation of R.H. Donnelley occurred on January January: see month. 1, 1997. These pro forma results are consistent with the methodology used in the pro forma financial statements Pro forma financial statements A firm's financial statements as adjusted to reflect a projected or planned transaction. "What-if" analysis. included in the Form 10 and related Information Statement 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 the separation of R.H. Donnelley in June 1998. The attached Schedule 3 provides a reconciliation of As-Reported to Pro Forma results for the 12 months ended December December: see month. 31, 1998. The Dun &Bradstreet Corporation (NYSE: DNB) consists of the Dun &Bradstreet operating company (D&) and Moody's Investors Service. D& is the global leader in business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. credit, marketing and purchasing information, 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 management services. Moody's Investors Service is the leading global provider of credit ratings, research, and analysis of debt instruments for the capital markets. Additional information is available at www.dnbcorp.com. Certain statements in this press release are forward looking. These may be identified by the 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. words or phrases, such as &uot;believe,&uot; &uot;expect,&uot; &uot;anticipate,&uot; &uot;should,&uot; &uot;aims,&uot; &uot;intends,&uot; &uot;planned,&uot; &uot;estimated,&uot; &uot;potential,&uot; &uot;target,&uot; and &uot;goal,&uot; among others. All such 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. are based on the corporation's reasonable expectations at the time they are made. 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 provides a &uot;safe harbor&uot; for such forward-looking statements. In order to comply with the terms of 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. , the corporation notes that a variety of factors could cause the corporation's actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties that may affect the operations, performance, development and results of the corporation's businesses include (1) complexity and uncertainty regarding the development of new high technology products; (2) possible loss of market share through competition; (3) introduction of competing products or technologies by other companies; (4) pricing pressures from 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. and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. customers; (5) changes in the business information and risk management industries and markets; (6) the company's ability to protect proprietary information and technology or to obtain necessary licenses on commercially reasonable terms; (7) the corporation's ability to complete the implementation of its euro plans on a timely basis and the competitive implications that the conversion to the euro may have on the company's pricing and marketing strategies; (8) the possible loss of key employees to investment or commercial banks, or elsewhere; (9) fluctuations in foreign currency exchange rates; (10) changes in the interest-rate environment; (11) the outcome of the IRS's review of the company's utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of certain capital losses during 1989 and 1990 and the associated cash flow implications; (12) the ability to complete pending restructurings at the D& operating company in a timely fashion at forecasted costs without adverse effects on operations; and (13) the ability to implement the pending separation transaction on a timely basis without adverse impact on the conduct of the corporation's business. The corporation undertakes no obligation to publicly release any revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. to any forward looking statement to reflect any future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
The Dun &Bradstreet Corporation
Consolidated Statements of Operations (unaudited)
Quarter Ended Year-to-Date
December 31, December 31,
-----------------------------------------
1999 1998 1999 1998
Amounts in millions,
except per share data As As As As
Reported Reported Reported Reported
-----------------------------------------
Operating Revenues:
Dun &Bradstreet, U.S. $ 224.8 $ 244.2 $ 891.5 $ 902.5
Dun &Bradstreet, Europe 119.2 129.8 420.6 427.7
Dun &Bradstreet,
Asia Pacific/Canada/
Latin America 25.5 22.8 95.6 88.6
----------------------------------------------
Total Dun &Bradstreet
Operating Company 369.5 396.8 1,407.7 1,418.8
Moody's Investors
Service 140.4 122.0 564.1 495.5
All Other (1) -- 1.0 --
20.2
----------------------------------------------
Consolidated Operating
Revenues $ 509.9 $ 519.8 $ 1,971.8 $ 1,934.5
-------------------------------------------
Operating Income (Loss):
Dun &Bradstreet, U.S. $ 73.9 $ 83.7 $ 258.2 $ 269.9
Dun &Bradstreet, Europe 16.0 16.7 (8.9) (4.2)
Dun &Bradstreet, Asia
Pacific/Canada/Latin America .4 (1.4) (5.7) (9.1)
----------------------------------------
Total Dun &Bradstreet
Operating Company 90.3 99.0 243.6 256.6
Moody's Investors
Service 69.3 54.1 273.9 223.5
All Other (1) (52.3) (6.8) (78.6)
(59.4)
---------------------------------------
Consolidated
Operating Income 107.3 146.3 438.9 420.7
----------------------------------------
Interest Income 1.5 1.3 3.0 6.4
Interest Expense (1.6) (.3) (5.0) (12.1)
Minority Interest Expense (5.6) (5.6) (22.4) (22.5)
Other Income (Expense) - Net (2) 10.5 (1.1) 20.4
7.3
---------------------------------------
Non-Operating Income
(Expense) - Net 4.8 (5.7) (4.0) (20.9)
---------------------------------------
Income from Continuing
Operations before Provision
for Income Taxes 112.1 140.6 434.9 399.8
Provision for Income Taxes 49.0 54.0 178.9 153.4
-----------------------------------------
Income from Continuing
Operations 63.1 86.6 256.0 246.4
Income from Discontinued
Operations, Net of Income
Taxes of $22.5 for
year-to-date 1998 -- -- -- 33.7
-----------------------------------------
Net Income $ 63.1 $ 86.6 $ 256.0 $ 280.1
------------------------------------------
Basic Earnings Per Share
of Common Stock:
Continuing Operations $ .39 $ .52 $ 1.58 $ 1.45
Discontinued Operations -- -- -- .20
-----------------------------------------
Basic Earnings Per Share
of Common Stock $ .39 $ .52 $ 1.58 $ 1.65
-----------------------------------------
Diluted Earnings Per Share
of Common Stock:
Continuing Operations $ .39 $ .52 $ 1.56 $ 1.44
Discontinued Operations -- -- -- .19
-----------------------------------------
Diluted Earnings Per Share
of Common Stock $ .39 $ .52 $ 1.56 $ 1.63
------------------------------------------
Weighted Average Number of Shares Outstanding:
Basic 160.9 165.9 162.3 169.5
--------------------------------------------
Diluted 162.7 168.2 164.3 171.7
--------------------------------------------
The accompanying notes are an integral part of the consolidated
financial statements.
The Dun &Bradstreet Corporation
Consolidated Statements of Operations (unaudited)
Year-to-Date
December 31,
--------------
1999 1998
Amounts in millions,
except per share data As Reported Pro Forma (3)
---------------------------------------------------------
Operating Revenues:
Dun &Bradstreet, U.S. $ 891.5 $ 902.5
Dun &Bradstreet, Europe 420.6 427.7
Dun &Bradstreet, Asia
Pacific/Canada/Latin America 95.6 88.6
Total Dun &Bradstreet
Operating Company 1,407.7 1,418.8
Moody's Investors Service 564.1 495.5
All Other (1) -- 20.2
-----------------------------
Consolidated Operating Revenues $ 1,971.8 $ 1,934.5
-----------------------------
Operating Income (Loss):
Dun &Bradstreet, U.S. $ 258.2 $ 269.9
Dun &Bradstreet, Europe (8.9) (4.2)
Dun &Bradstreet, Asia
Pacific/Canada/Latin America (5.7) (9.1)
Total Dun &Bradstreet
Operating Company 243.6 256.6
Moody's Investors Service 273.9 223.5
All Other (1) (78.6) (59.4)
----------------------------
Consolidated Operating Income 438.9 420.7
----------------------------
Interest Income 3.0 6.4
Interest Expense (5.0) (2.8)
Minority Interest Expense (22.4) (22.5)
Other Income - Net (2) 20.4 7.3
----------------------------
Non-Operating Income (Expense) - Net (4.0) (11.6)
----------------------------
Income from Continuing Operations before Provision
for Income Taxes 434.9 409.1
Provision for Income Taxes 178.9 157.1
----------------------------
Income from Continuing Operations $ 256.0 $ 252.0
----------------------------
----------------------------
Earnings Per Share of Common Stock:
Basic $ 1.58 $ 1.48
----------------------------
Diluted $ 1.56 $ 1.47
----------------------------
----------------------------
Weighted Average Number of
Shares Outstanding:
Basic 162.3 169.5
----------------------------
Diluted 164.3 171.7
----------------------------
The accompanying notes are an integral part of the consolidated
financial statements.
The Dun &Bradstreet Corporation
Consolidated Statements of Operations (unaudited)
Year-to-Date
December 31,
---------------------------
1998 1998
Amounts in millions, except
per share data As Adjustments Pro
Reported (3) Forma (3)
----------------------------------
Operating Revenues:
Dun &Bradstreet, U.S. $ 902.5 $ -- $ 902.5
Dun &Bradstreet, Europe 427.7 427.7
Dun &Bradstreet, Asia
Pacific/Canada/Latin America 88.6 88.6
----------------------------
Total Dun &Bradstreet
Operating Company 1,418.8 -- 1,418.8
Moody's Investors Service 495.5 495.5
All Other (1) 20.2 20.2
----------------------------
Consolidated Operating Revenues $ 1,934.5 $ -- $ 1,934.5
----------------------------
Operating Income (Loss):
Dun &Bradstreet, U.S. $ 269.9 $ -- $ 269.9
Dun &Bradstreet, Europe (4.2) (4.2)
Dun &Bradstreet, Asia
Pacific/Canada/Latin America (9.1) (9.1)
----------------------------
Total Dun &Bradstreet
Operating Company 256.6 -- 256.6
Moody's Investors Service 223.5 223.5
All Other (1) (59.4) (59.4)
----------------------------
Consolidated Operating Income 420.7 -- 420.7
----------------------------
Interest Income 6.4 6.4
Interest Expense (12.1) 9.3 (2.8)
Minority Interest Expense (22.5) (22.5)
Other Income - Net (2) 7.3 7.3
----------------------------
Non-Operating Income (Expense) - Net (20.9) 9.3 (11.6)
----------------------------
Income from Continuing
Operations before Provision
for Income Taxes 399.8 9.3 409.1
Provision for Income Taxes 153.4 3.7 157.1
----------------------------
Income from Continuing Operations 246.4 5.6 252.0
Income from Discontinued Operations,
Net of Income
Taxes of $22.5 in 1998 33.7 (33.7) --
----------------------------
Net Income $ 280.1 $ (28.1) $ 252.0
----------------------------
Basic Earnings Per Share of Common Stock:
Continuing Operations $ 1.45 $ 1.48
Discontinued Operations .20 --
----------------------------
Basic Earnings Per Share
of Common Stock $ 1.65 $ 1.48
----------------------------
Diluted Earnings Per Share of Common Stock:
Continuing Operations $ 1.44 $ 1.47
Discontinued Operations .19 --
----------------------------
Diluted Earnings Per Share
of Common Stock $ 1.63 $ 1.47
----------------------------
----------------------------
Weighted Average Number of Shares Outstanding:
Basic 169.5 169.5
-----------------------------
Diluted 171.7 171.7
----------------------------
The accompanying notes are an integral part of the consolidated
financial statements.
The Dun &Bradstreet Corporation
Summary of One-Time Items
Quarter Ended December 31,
1999
----------------------
Consolidated
Operating Net Diluted
Amounts in millions, Income Income EPS
except per share data
----------------------------------------------------------------------
----------------------------------------------------------------------
Reported $ 107.3 $ 63.1 $ .39
Included in Consolidated Operating Income:
Restructuring Expense:
Severance costs 32.7 23.1 .13
Asset write-downs 3.9 2.4 .02
Lease termination obligations 4.6 2.4 .02
----------------------------------------------------------------------
Total Restructuring Expense 41.2 27.9 .17
Included in Other Income (Expense) - Net:
Gain on litigation settlement 6.6 .04
----------------------------------------------------------------------
Excluding One-Time Items $ 148.5 $ 84.4 $ .52
----------------------------------------------------------------------
Quarter Ended December 31,
1998
Consolidated
Operating Net Diluted
Amounts in millions, Income Income EPS
except per share data
----------------------------------------------------------------------
Reported $ 146.3 $ 86.6 $ .52
Included in Consolidated Operating Income:
Restructuring Expense:
Severance costs
Asset write-downs
Lease termination obligations
Total Restructuring Expense
Included in Other Income (Expense) - Net:
Gain on litigation settlement
----------------------------------------------------------------------
Excluding One-Time Items $ 146.3 $ 86.6 $ .52
----------------------------------------------------------------------
Year-to-Date December 31,
1999
--------------------
Consolidated
Operating Net Diluted
Income Income EPS
----------------------------------------------------------------------
---------------------------------------------------------------------
Reported $ 438.9 $ 256.0 $ 1.56
Adjusted to remove:
Results of R. H. Donnelly (Note 3)
(33.7)
(.19)
Pro Forma interest adjustment
5.6
.03
----------------------------------------------------------------------
Pro Forma 438.9 256.0 1.56
Included in Consolidated Operating Income:
Restructuring Expense
Severance costs 32.7 23.1 .13
Asset write-downs 3.9 2.4 .02
Lease termination obligations 4.6 2.4 .02
----------------------------------------------------------------------
Total Restructuring Expense 41.2 27.9 .17
Reorganization Costs
Included in Other Income (Expense) - Net:
Gain on litigation settlement 6.6 .04
Adjustment to the gain on sale of FIS 7.5 .05
Gain on sale of FIS
----------------------------------------------------------------------
Excluding
One-Time
Items $ 480.1 $ 269.8 $ 1.64
----------------------------------------------------------------------
Year-to-Date December 31,
1998
---------------------
Consolidated
Operating Net Diluted
Income Income EPS
----------------------------------------------------------------------
---------------------------------------------------------------------
Reported $ 420.7 $ 280.1 $ 1.63
Adjusted to remove:
Results of R. H. Donnelly (Note 3) (33.7) (.19)
(33.7) (.19)
Pro Forma interest adjustment 5.6 .03
5.6
.03
----------------------------------------------------------------------
Pro Forma 420.7 252.0 1.47
Included in Consolidated Operating Income:
Restructuring Expense:
Severance costs
Asset write-downs
Lease termination obligations
----------------------------------------------------------------------
Total Restructuring Expense
Reorganization Costs 28.0 23.2 .13
Included in Other Income (Expense) - Net:
Gain on litigation settlement
Adjustment to the gain on sale of FIS
Gain on sale of FIS 5.3 .03
----------------------------------------------------------------------
Excluding
One-Time
Items $ 448.7 $ 269.9 $ 1.57
----------------------------------------------------------------------
The Dun &Bradstreet Corporation
Notes to Schedules
Tabular amounts in millions
(1) The tables below itemize the &uot;All Other&uot; for Operating Revenues
and Operating Income (Loss):
1999 1998
--------------------------------------------
December 31, Quarter Year-to-Date Quarter Year-to-Date
----------------------------------------------------------------
Divested Operations -
Financial
Information
Services $ -- $ -- $ .3 $ 18.5
Other Revenues -- -- .7 1.7
-------------------------------------------
Total Operating
Revenues $ -- $ -- $ 1.0 $ 20.2
-------------------------------------------
1999 1998
----------------------------------------------
December 31, Quarter Year-to-Date Quarter Year-to-Date
-----------------------------------------------------------------
Divested Operations -
Financial
Information
Services $ -- $ -- $ -- $ 4.2
Corporate and Other (11.1) (37.4) (6.8) (35.6)
Restructuring Expense (41.2) (41.2) -- --
Reorganization Costs -- -- -- (28.0)
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Total Operating
Income (Expense) $ (52.3) $ (78.6) $ (6.8) $ (59.4)
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(2) Other Income (Expense) - Net for the quarter ending December 31, 1999 includes an $11.9 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain ($6.6 million after tax, $.04 per share basic and diluted) on the settlement of 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. . The year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period ending December 31, 1999 includes a pre-tax gain of $12.2 million ($7.5 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. , $.05 per share basic and diluted) related to an adjustment to the July July: see month. 1998 sale of Financial Information Services (&uot;FIS&uot;), the financial publishing unit of Moody's Investors Service and the settlement of litigation previously mentioned. The sale of FIS in July 1998 resulted in a $9.6 million pre-tax gain ($5.3 million after-tax, $.03 per share basic and diluted) for the year-to-date period ending December 31, 1998. (3) The pro forma methodology reduces actual interest expense on debt outstanding during the year, up to a maximum of $500 million, assuming the debt was repaid as of January 1, 1997 and adjusts taxes for the interest expense reduction at the statutory rate. Additional adjustments to Income from Continuing Operations are outlined as follows: - Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. adjustment eliminates the income from discontinued operations of R. H. Donnelley
The R. H. Donnelley Company was founded in 1886 by Reuben Hamilton Donnelley as The Chicago Directory Company. Corporation. The Financial Statements presented on Schedules 1 - 4 should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and related notes of The Dun &Bradstreet Corporation as filed with the Securities and Exchange Commission in its 1999 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. . |
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