AGL Resources Reports Third Quarter Earnings; Company Increases Full Year 2003 Earnings Guidance.Business Editors ATLANTA--(BUSINESS WIRE)--Oct. 30, 2003 AGL Resources AGL Resources, Inc. is a Fortune 1000, Forbes 2000 energy services holding company. Their principal business is distribution of natural gas in Florida, Georgia, Maryland, New Jersey, Tennessee and Virginia, providing gas for more than 2.2 million customers. Inc. (NYSE NYSE See: New York Stock Exchange :ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant ) today reported net income of $22.2 million, or $0.35 per basic share ($0.34 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), for the third quarter of 2003, compared with $9.4 million, or $0.17 per basic and diluted share, reported in the third quarter of last year. After deducting a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta $7.9 million, or $0.08 per basic share, net impact related to a gain on the sale of company property and charitable contribution charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. to a private foundation, earnings for the quarter were $0.27 per basic share. Weighted average basic shares outstanding were 64.0 million for the quarter ended September September: see month. 30, 2003, an increase of 7.8 million shares, or 13.9 percent, from the quarter ended September 30, 2002. "Our third quarter results illustrate the steady contribution and maturity of our businesses," said Paula PAULA Possession of Alcohol Under the Legal Age G. Rosput, chairman, president and chief executive officer of AGL Resources. "We're we're Contraction of we are. we're we are still a distance from the finish line, but we've we've Contraction of we have. we've have found our groove." FINANCIAL RESULTS CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Consolidated earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) for the quarter were $55.7 million, as compared with $36.0 million in 2002. The key drivers of the $19.7 million increase in EBIT as compared to last year were: -- $7.9 million of increased EBIT, net from the closing on the sale of the company's 34-acre Caroline Car·o·line adj. Relating to the life and times of Charles I or Charles II of England. [Medieval Latin Carol Street campus partly offset by a donation donation n. gift. If made to a qualified non-profit charitable, religious, educational or public service organization, it may be deductible as a contribution in calculating income tax. DONATION, contracts. to the AGL Resources Private Foundation, Inc. The company recorded a gain of $15.9 million on the sale of the Caroline Street campus of which $21.5 million of the gain was related to the distribution operations segment, and a $5.6 million loss was in the company's corporate segment. In connection with the closing, the company contributed $8.0 million to the AGL Resources Private Foundation, Inc., a non-profit foundation that makes charitable contributions to qualified tax-exempt tax-ex·empt adj. 1. Not subject to taxation, as the capital or income of a philanthropic organization. 2. Producing interest that is exempt from income tax: tax-exempt bonds. n. organizations within the communities of the company's customers and office locations. -- $7.2 million of increased EBIT from the energy investments segment, primarily from improved performance at SouthStar SouthStar (born ca. 1980 in Hawaii as Robert Campman) is an Asian American hip-hop artist who is best known for his music in the hip-hop duo Smilez and Southstar based in Orlando, Florida. Southstar is Chinese/Filipino-American. Energy Services and the increase in AGL (programming) AGL - (Atelier de Genie Logiciel) French for IPSE. Resources' ownership interest in the partnership from 50 percent in 2002 to 70 percent in 2003. -- $6.0 million increased EBIT at corporate, excluding the loss associated with the disposal of the Caroline Street assets, primarily due to a loss recognized in the third quarter of last year associated with the termination of an automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. meter reading contract. -- $1.0 million of decreased EBIT in the distribution operations segment, excluding the gain on the sale of the Caroline Street campus and the contribution to the private foundation, principally due to higher 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. related to increased corporate overhead costs overhead costs see fixed costs. partly offset by higher operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . -- $0.4 million lower EBIT in the wholesale services segment principally due to decreased operating margins partially offset by lower operating expenses. Net income for 2003 reflects lower corporate interest expense of $2.2 million for the quarter as a result of lower average debt balances attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the equity offering in February February: see month. 2003. The increase in EBIT and lower interest expense was partly offset by higher income taxes of $9.1 million resulting from the higher pre-tax earnings and a higher projected effective state tax rate in 2003. DISTRIBUTION OPERATIONS The distribution operations segment contributed $57.5 million of EBIT for the quarter, a $12.5 million increase as compared to the third quarter of 2002. The increase is primarily due to $13.5 million, net from the sale of the Caroline Street campus and the private foundation contribution. Excluding the impact of these two transactions, distribution operations continued to perform as expected with continued growth in operating margin. Operating margin was $1.9 million higher during the quarter as compared to 2002 primarily as a result of increases from higher average usage per connected customer and an overall increase in the average number of connected customers to 1.815 million during the third quarter of 2003 versus 1.799 million connected customers in 2002. This increase in operating margin was offset by an increase in total operating expenses of $3.0 million, to $88.3 million, for the quarter as compared with $85.3 million in the same period last year. The increase in operating expenses in the third quarter of 2003 was primarily due to increased corporate overhead costs, which included higher building lease costs and general business insurance costs, as well as an increase in benefit costs, primarily related to pension and postretirement benefit plans. WHOLESALE SERVICES The wholesale services segment, comprised primarily of Sequent (Sequent Computer Systems, Inc., Beaverton, OR, www.sequent.com) A computer company founded in 1983 by 17 ex-employees of Intel that specialized in multiprocessing systems for the client/server environment. Energy Management, contributed $0.9 million in EBIT for the quarter as compared to EBIT of $1.3 million last year, a $0.4 million decrease. This EBIT decrease is primarily due to a decline in operating margin of $1.1 million to $4.3 million for the quarter as compared to $5.4 million in the prior year. The lower operating margin was primarily the result of decreased volatility during the third quarter of 2003 due to mild weather. This compares to the third quarter of 2002 when warmer weather in the Northeast and two hurricanes in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east increased volatility in the gas markets and led to increased margins at Sequent. The third quarter 2003 decreases were offset by an approximately 4.0 percent increase in physical volumes sold during the quarter as compared to third quarter 2002 resulting from Sequent's continued efforts to increase the number of counterparties Counterparties The parties on either side of an interest rate swap or a currency, equity or commodity swap, or to an options or futures position. with whom it conducts transactions and to expand into the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians and the upper mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic natural gas markets. The decrease in operating margin was partially offset by a decrease in operating expenses of $1.0 million as compared to the prior year primarily due to a net decrease in employee related compensation costs. ENERGY INVESTMENTS The energy investments segment realized EBIT of $4.0 million for the current quarter as compared to an EBIT loss of $3.2 million in the same period last year, an increase of $7.2 million. Earnings from SouthStar were $7.5 million higher in 2003 than in 2002. Earnings were $5.9 million higher as a result of higher operating margins and reduced operating and bad debt expenses at SouthStar and $1.6 million higher from the increase in our ownership percentage in SouthStar in 2003. CORPORATE Corporate EBIT improved slightly year-over-year by $0.4 million from an EBIT loss of $7.1 million in the third quarter of 2002 to an EBIT loss of $6.7 million for the current quarter. The improvement was primarily due to recognition of a $6.4 million loss in the third quarter of last year associated with the termination of an automated meter reading contract offset by a loss during the current year quarter of $5.6 million associated with the disposal of the Caroline Street campus. Consolidated interest expense decreased by $2.2 million for the third quarter of 2003, principally due to lower average debt balances resulting from the repayment of debt from proceeds generated by the company's equity offering in February 2003. Consolidated income taxes increased $9.1 million as compared to the prior year. Of this increase, $7.8 million is the result of higher earnings, while $1.3 million is the result of an increase in the projected effective tax rate resulting from new state tax law in Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . YEAR-TO-DATE Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. RESULTS For the nine months ended September 30, 2003, net income was $92.9 million, or $1.48 per basic share ($1.47 per diluted share), compared to $71.8 million, or $1.28 per basic share ($1.27 per diluted share), for the same period in 2002. After deducting the pre-tax $7.9 million (pre tax) net impact related to the sale of the company's Caroline Street campus and contribution to the private foundation, net income for the nine months ended September 30, 2003 was $88.1 million or $1.41 per basic ($1.39 per diluted share). As reported in the first quarter of 2003, net income for the nine-month period ended September 30, 2003 includes a $7.8 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. charge resulting from the cumulative effect of a change in accounting principle resulting from the final provisions of Emerging Issues Task Force (EITF EITF Emerging Issues Task Force EITF Edinburgh International Television Festival EITF Europe International Taekwon-Do Federation ) 02-03, which rescinded EITF 98-10, "Accounting for Contracts Involved in Energy Trading and Risk Management Activities." Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. increased $79.3 million for the nine months ended September 30, 2003 from $626.1 million in the prior year to $705.4 million for 2003. This increase resulted primarily from increased distribution revenues of $52.1 million, mainly the result of weather-related volumes and revenues at Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). Natural Gas and from increased wholesale services and energy investment revenues of $23.2 million and $3.7 million, respectively. Consolidated EBIT for the nine months ended September 30, 2003 was $222.5 million, up $46.0 million from the $176.5 million reported in the previous year. This increase in EBIT reflects increased EBIT contributions from all segments of the business. For the nine months ended September 30, 2003, EBIT increased $18.4 million for distribution operations due to the gain on the sale of the Caroline Street campus net of the private foundation contribution, increased operating margins of $8.8 million, primarily resulting from the weather normalization In relational database management, a process that breaks down data into record groups for efficient processing. There are six stages. By the third stage (third normal form), data are identified only by the key field in their record. program and colder weather in 2003 at Virginia Natural Gas, offset by increased total operating expenses of $4.1 million. Additionally, for the nine months ended September 30, 2003, wholesale services' EBIT increased $17.1 million, of which $12.6 million relates to Sequent's first quarter 2003 sale of substantially all of its inventory balances that were impacted on January January: see month. 1, 2003 by the now rescinded EITF 98-10; energy investments' EBIT increased $8.5 million due primarily to increased earnings from SouthStar; and corporate EBIT increased $2.0 million. EARNINGS OUTLOOK In January 2003, AGL Resources provided earnings guidance for 2003 in the range of $1.85 to $1.90 per share. As a result of the improved performance year-to-date relative to 2002 results, the company is increasing its 2003 guidance to a range of $1.91 to $1.96 per share. "Our business units have performed well this quarter and throughout this year, and we expect to sustain that momentum in the fourth quarter," 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 T. O'Brien O'Bri·en , Edna Born 1932. Irish writer whose works, including The Lonely Girl (1962) and Johnny I Hardly Knew You (1977), explore the lives of women in modern-day Ireland. Noun 1. , executive vice president and chief financial officer of AGL Resources. "As a result, and given our current assumptions for the balance of 2003, we expect our results for the year to be better than when we issued guidance in January 2003." Earnings Conference Call Webcast: The AGL Resources third-quarter 2003 earnings conference call, scheduled for October October: see month. 30, 2003, at 9 a.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ), can be accessed via the AGL Resources website at www.aglresources.com. The call will address the Company's financial results for the quarter and nine months ended September 30, 2003, as well as other general corporate updates. The webcast replay of the call will be available on the website through the close of business on November November: see month. 6, 2003. AGL Resources Inc. (NYSE: ATG) is an Atlanta-based energy services holding company. Its utility subsidiaries - Atlanta Gas Light Atlanta Gas Light Company (AGLC), commonly known as Atlanta Gas Light, is the largest natural gas wholesaler in the Southeast U.S., and is the AGL in AGL Resources. It was founded in 1856 and is headquartered in Atlanta, as is AGL Resources. Company, Virginia Natural Gas and Chattanooga Chattanooga (chăt'ən  `gə), city (1990 pop. 152,466), seat of Hamilton co., E Tenn., on both sides of the Tennessee River near the Georgia line; inc. 1839. Gas Company - serve more than 1.8
million customers in three states. Houston-based subsidiary Sequent
Energy Management provides natural gas asset management services,
including wholesale trading, marketing, gathering and transportation. As
a member of the SouthStar partnership, AGL Resources markets natural gas
to consumers in Georgia under the Georgia Natural Gas brand. AGL
Networks, the company's telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. subsidiary, owns and
operates fiber optic optic /op·tic/ (op´tik) ocular (1). op·tic or op·ti·cal adj. 1. Of or relating to the eye or vision. 2. networks in Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. and Phoenix. For more information, visit www.aglresources.com. This press release contains 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. . Company management cautions readers that the assumptions, which form the basis for the forward-looking statements, include many factors that are beyond company management's ability to control or estimate precisely. Those factors include, but are not limited to, the following: changes in industrial, commercial, and residential growth in the company's service territories and those of the company's subsidiaries; changes in price and demand for natural gas and related products; impact of changes in state and federal legislation and regulation, including various orders of the state public service commissions and the Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. , on the gas and electric industries and on the company, including the impact of Atlanta Gas Light Company's performance based rate plan; effects and uncertainties of deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. and competition, particularly in markets where prices and providers historically have been regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , unknown risks related to nonregulated businesses, and unknown issues such as the stability of certificated marketers; impact of Georgia's Natural Gas Consumers' Relief Act of 2002; concentration of credit risk in certificated marketers and the company's wholesale services segment's counterparties; excess network capacity and demand/growth for dark fiber in metro network areas of AGL Networks' customers; AGL Networks' introduction and market acceptance of new technologies and products, as well as the adoption of new networking standards; ability of AGL Networks to produce sufficient capital to fund its business; ability to negotiate new contracts with telecommunications providers for the provision of AGL Networks' dark-fiber services; industry consolidation; performance of equity and bond markets and the impact on pension fund costs; impact of acquisitions and divestitures; changes in accounting policies and practices issued periodically by accounting standard-setting bodies; direct or indirect effects on the company's business, financial condition or liquidity resulting from a change in the company's credit ratings or the credit ratings of the company's competitors or counterparties; interest rate fluctuations, financial market conditions, and general economic conditions; uncertainties about environmental issues and the related impact of such issues; impact of changes in weather upon the temperature-sensitive temperature-sensitive living organisms that are sensitive to air temperatures outside of a narrow range, e.g. virus vaccine that does not replicate at deep body temperature, but does replicate in the respiratory tract. portions of the company's business; and other risks described in the company's documents on file with the Securities and Exchange Commission. Supplemental Information Company management evaluates the financial performance and operational effectiveness of its segments on an earnings before interest and taxes (EBIT) measure, which includes other income, but excludes financing costs, including interest and debt expense, income taxes and the cumulative effect of changes in accounting principles, each of which company management evaluates on a consolidated level. Company management believes EBIT is a useful measurement of the company's performance because it provides information that can be used to evaluate the effectiveness of the company's businesses from an operational perspective, exclusive of the costs to finance those activities and exclusive of income taxes, neither of which are directly relevant to the efficiency of those operations. However, EBIT should not be considered an alternative to, or a more meaningful indicator of the company's operating performance than 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. or net income as determined 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 accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . In addition, the company's EBIT may not be comparable to a similarly titled measure of another company.
AGL Resources Inc.
Condensed Statements of Consolidated Income
For the Three and Nine Months Ended
September 30, 2003 and 2002
(In millions, except per share amounts)
Three Months
--------------------------------------
---------- -------------- ------------
9/30/2003 9/30/2002 Fav/(Unfav)
---------- -------------- ------------
Operating Revenues $166.3 $193.0 $(26.7)
Cost of Sales 29.2 57.0 27.8
---------- -------------- ------------
Operating Margin 137.1 136.0 1.1
Total Operating Expenses 94.8 97.6 2.8
Gain on Sale of Caroline
Street Campus 15.9 - 15.9
---------- -------------- ------------
Operating Income 58.2 38.4 19.8
Contribution to AGL Resources
Private Foundation, Inc. (8.0) - (8.0)
Other (Loss) Income 5.5 (2.4) 7.9
---------- -------------- ------------
Earnings Before Interest &
Taxes 55.7 36.0 19.7
Interest Expense 19.2 21.4 2.2
---------- -------------- ------------
Earnings Before Income Taxes 36.5 14.6 21.9
Income Taxes 14.3 5.2 (9.1)
---------- -------------- ------------
Income Before Cumulative
Effect of Change in
Accounting Principle 22.2 9.4 12.8
Cumulative Effect of Change in
Accounting Principle - - -
---------- -------------- ------------
Net Income $22.2 $9.4 $12.8
========== ============== ============
EPS Before Cumulative Effect
of Change in Accounting
Principle
Basic $0.35 $0.17 $0.18
Diluted $0.34 $0.17 $0.17
EPS
Basic $0.35 $0.17 $0.18
Diluted $0.34 $0.17 $0.17
Shares Outstanding
Basic 64.0 56.2 7.8
Diluted 64.8 56.6 8.2
Nine Months
---------------------------------
---------- ---------- -----------
9/30/2003 9/30/2002 Fav/(Unfav)
---------- ---------- -----------
Operating Revenues $705.4 $626.1 $79.3
Cost of Sales 223.2 178.5 (44.7)
---------- ---------- -----------
Operating Margin 482.2 447.6 34.6
Total Operating Expenses 297.5 293.3 (4.2)
Gain on Sale of Caroline Street
Campus 15.9 - 15.9
---------- ---------- -----------
Operating Income 200.6 154.3 46.3
Contribution to AGL Resources
Private Foundation, Inc. (8.0) - (8.0)
Other (Loss) Income 29.9 22.2 7.7
---------- ---------- -----------
Earnings Before Interest & Taxes 222.5 176.5 46.0
Interest Expense 57.3 65.3 8.0
---------- ---------- -----------
Earnings Before Income Taxes 165.2 111.2 54.0
Income Taxes 64.5 39.4 (25.1)
---------- ---------- -----------
Income Before Cumulative
Effect of Change in
Accounting Principle 100.7 71.8 28.9
Cumulative Effect of Change in
Accounting Principle (7.8) - (7.8)
---------- ---------- -----------
Net Income $92.9 $71.8 $21.1
========== ========== ===========
EPS Before Cumulative Effect
of Change in Accounting
Principle
Basic $1.61 $1.28 $0.33
Diluted $1.59 $1.27 $0.32
EPS
Basic $1.48 $1.28 $0.20
Diluted $1.47 $1.27 $0.20
Shares Outstanding
Basic 62.6 56.0 6.6
Diluted 63.2 56.4 6.8
AGL Resources Inc.
EBIT Schedule
For the Three and Nine Months Ended
September 30, 2003 and 2002
(In millions, except per share amounts)
Three Months
---------------------------------
---------- ---------- -----------
9/30/2003 9/30/2002 Fav/(Unfav)
---------- ---------- -----------
Distribution Operations $57.5 $45.0 $12.5
Wholesale Services 0.9 1.3 (0.4)
Energy Investments 4.0 (3.2) 7.2
Corporate (6.7) (7.1) 0.4
---------- ---------- -----------
Consolidated EBIT 55.7 36.0 19.7
---------- ---------- -----------
Interest Expense 19.2 21.4 2.2
Income Taxes 14.3 5.2 (9.1)
---------- ---------- -----------
Income Before Cumulative Effect of
Change in Accounting Principle 22.2 9.4 12.8
Cumulative Effect of Change in
Accounting Principle - - -
---------- ---------- -----------
Net Income $22.2 $9.4 $12.8
---------- ---------- -----------
Earnings per Common Share Before
Cumulative Effect of Change
in Accounting Principle
Basic $0.35 $0.17 $0.18
========== ========== ===========
Diluted $0.34 $0.17 $0.17
========== ========== ===========
Earnings per Common Share
Basic $0.35 $0.17 $0.18
========== ========== ===========
Diluted $0.34 $0.17 $0.17
========== ========== ===========
Nine Months
---------------------------------
---------- ---------- -----------
9/30/2003 9/30/2002 Fav/(Unfav)
---------- ---------- -----------
Distribution Operations $182.4 $164.0 $18.4
Wholesale Services 21.9 4.8 17.1
Energy Investments 26.6 18.1 8.5
Corporate (8.4) (10.4) 2.0
---------- ---------- -----------
Consolidated EBIT 222.5 176.5 46.0
---------- ---------- -----------
Interest Expense 57.3 65.3 8.0
Income Taxes 64.5 39.4 (25.1)
---------- ---------- -----------
Income Before Cumulative Effect of
Change in Accounting Principle 100.7 71.8 28.9
Cumulative Effect of Change in
Accounting Principle (7.8) - (7.8)
---------- ---------- -----------
Net Income $92.9 $71.8 $21.1
---------- ---------- -----------
Earnings per Common Share Before
Cumulative Effect of Change
in Accounting Principle
Basic $1.61 $1.28 $0.33
========== ========== ===========
Diluted $1.59 $1.27 $0.32
========== ========== ===========
Earnings per Common Share
Basic $1.48 $1.28 $0.20
========== ========== ===========
Diluted $1.47 $1.27 $0.20
========== ========== ===========
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