Acterna Corporation Corrects and Replaces Previous Earnings Announcement, BW2592, MA-ACTERNA.Business Editors The following news release replaces and corrects the previous Acterna Corporation news release, which ran earlier Tuesday Tuesday: see week. on Business Wire, BW2592, (MA-ACTERNA). BURLINGTON Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , Mass.--(BUSINESS WIRE)--Oct. 30, 2001 Acterna Corporation Reports Second Quarter Results Acterna Corporation (Nasdaq: ACTR ACTR American Council of Teachers of Russian ACTR Actuator ACTR Association for Canadian Theatre Research ACTR A Christmas To Remember ACTR Assistant Contract Technical Representative (NMCI liaison) ), the world's largest provider of test and management solutions for optical transport, access and cable networks and the second largest communications test company overall, reported its results for the second quarter of fiscal 2002 ended September September: see month. 30, 2001. The company also announced that it has signed a definitive agreement to sell ICS (1) (Internet Connection Sharing) A Windows feature that enables two or more computers to share one Internet connection. First introduced in Windows 98 Second Edition, sharing is accomplished with network address translation (NAT), which is the common method. Advent and has elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to retain Itronix General Dynamics - Itronix is a rugged computer manufacturer based in Spokane, Washington. They market products for Telecommunications, Aerospace, Military, Field Service and other commercial industries. Formerly part of the Itron company, they split in the mid 90s. Corporation. As a result, the company is no longer treating these businesses as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and has included them in the company's results for the current quarter and has reclassified them in the previously reported periods. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second quarter of fiscal 2002 were $315 million, down 12 percent from pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net sales of $359 million for the same period last year. Excluding the results of the industrial computing computing - computer subsidiaries, pro forma net sales for the quarter were $267 million down 15 percent from $316 million a year ago. Pro forma sales of communications test products totaled $244 million, which compared to $287 million a year earlier. Gross margin for the second quarter was 54.7 percent. Excluding Itronix and ICS Advent, it was 59.3 percent, which compared to 62.8 percent a year ago and 61.8 percent in the first quarter on a comparable, pro forma basis. Acterna's pro forma profit from operations (earnings before interest, taxes, amortization and special charges) was $21 million for the second quarter, before a restructuring charge 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. of $8 million and integration expense of $7 million related to the implementation of an ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. system. Pro forma profit from operations was $47 million on a comparable basis a year ago. Excluding the results of the industrial computing subsidiaries, pro forma profit from operations for the quarter was $22 million versus $49 million on a comparable basis a year ago. Cash loss per share in the second quarter was $.12, which compared to a cash earnings per share of $.11 in the prior year on a comparable basis. For the first-half of fiscal 2002, net sales were $671 million, compared to pro forma net sales $702 million for the same period last year. First-half pro forma profit from operations was $62 million, before 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 other special charges of $13 million and integration expense of $10 million. Cash loss per share for the first six months of fiscal 2002 were $.04 per share, which compared to cash earnings of $.13 per share in the same period in the prior year. On an as-reported basis for the second quarter of fiscal 2002, the company reported a net loss of $148 million, or a loss of $.77 per share, which reflected total charges and other special items of $108 million. These charges and special items include a restructuring charge of $8 million related to severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and other costs, $11 million of cumulative losses for Itronix and ICS Advent for the last five quarters, an $18 million loss from the asset write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. principally of ICS Advent, and a $71 million reserve against the company's U.S. deferred tax assets. For the same quarter a year ago, the company reported a net loss of $50 million, or $.27 per share. The company's results for the current and prior periods referred to above reflect a reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. to include the results of the company's industrial computing subsidiaries, which were previously treated as discontinued operations. In addition, the company's pro forma results for the prior year referred to above have been restated to reflect all acquisitions and divestitures, including the acquisition of Wavetek Wandel Goltermann, Inc. in the first quarter ended June June: see month. 30, 2000, and the acquisition of Cheetah Technologies in the second quarter ended September 30, 2000. Orders of $202 million in the second quarter, which included orders of communications test products of $154 million, were down 49 percent from the prior year. Commenting on the quarter, Ned C. Lautenbach, chairman and chief executive officer, said, "Our order levels were adversely impacted by continued global economic 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. , 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. cutbacks in the communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. , and the impact of the events of September 11. In light of this environment and pressure on our gross margin, our focus is on right-sizing our business through cost reduction, maintaining or gaining market share through new product development, and managing cash flow and liquidity." The company announced an expanded cost reduction plan, which includes a reduction of 500 positions or 9 percent of its total workforce, excluding ICS Advent. The company will also consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. some of its development and marketing offices, institute a reduced workweek at selected manufacturing locations and reduce capital expenditures. These measures, which are in addition to the cost reductions announced in August 2000, are expected to yield annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. savings of $115 to $125 million, and to reduce the quarterly 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. runrate to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $130 million as the company exits its fiscal year. This will result in a restructuring charge of $15 to $17 million in the third quarter. "These cost cutting actions, though difficult, are expected to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. the size of our business to the current business environment," said John R. Peeler, president. "The goal of the company's actions is to achieve a cost structure in fiscal 2003 that would result in breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations EBITA EBITA Earnings Before Interest Taxes Amortization performance at approximately $225 to $235 million in quarterly sales." Peeler added, "However, we intend to implement these cuts in a way that does not compromise our market leading positions around the world. We have successfully launched a new generation of test and management products in our optical transport, access, and cable markets. Our customers continue to rely on our products to optimize optimize - optimisation their networks, improve service quality and reduce costs." As of September 30, 2001 the company had total debt of $1.1 billion, cash of $51 million, and approximately $65 million of unused capacity under its credit agreements, of which $40 million is due 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. on December December: see month. 31, 2001. The company is working with its financing sources to investigate ways for strengthening its financial position and maintaining its liquidity. "We believe the 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. fundamental drivers of our market remain intact," Lautenbach continued. "Our new product flow, as well as our leading position in the market and long-standing long-stand·ing adj. Of long duration or existence: a long-standing friendship. long-standing Adjective existing for a long time relationships with virtually every service provider worldwide and the leading equipment manufacturers, position us well to benefit as the market recovers. " In light of limited market and economic visibility, the company has elected not to provide guidance for the third quarter or for fiscal 2002 at this time. Acterna to Sell ICS Advent; Elects to Retain Itronix The company also announced today it entered into a definitive agreement to sell ICS Advent, one of two industrial computing businesses previously treated as discontinued operations, for approximately $23 million. The company elected to retain Itronix, its remaining industrial computing business. As a result, the company's financial statements for the current and previous periods include the full results of the industrial computing segment. Based in Spokane, Washington Spokane (pronounced [spoʊ̯ˈkæn]) is a city located in Eastern Washington. The seat of Spokane County, Spokane is the metropolitan center of the Inland Northwest, the second largest city in Washington state, and , Itronix is a leading supplier of rugged wireless computing devices for field service applications. "With its new GoBook rugged notebook See notebook computer. 1. (computer) notebook - laptop computer. 2. (tool) notebook - Labtech Notebook. PC, Itronix is positioned well, particularly in its international markets," said Lautenbach. About Acterna Corporation: Acterna is the world's largest provider of test and management solutions for optical transport, access and cable networks and the second largest communications test company overall. Focused entirely on providing equipment, software, systems and services, Acterna helps customers develop, install, manufacture and maintain their optical transport, access, cable, data/IP, and wireless networks. The company serves customers globally with a presence in more than 80 countries. In addition, the company supplies in-flight in-flight adj. 1. Occurring, carried out, or present while in flight: in-flight refueling. 2. Provided or offered during a flight: in-flight meals. passenger information systems and video color correction Altering the colors in an image in order to print or display it properly or for special effects. Depending on the application, color correction can be a significant problem if the resulting image must be approved or a purchase is made because of color choice. systems through its AIRSHOW For the navigational aid displayed to airline passengers, see . An airshow is an event at which aviators display their flying skills and the capabilities of their flying machines to the crowd. and da Vinci da Vinci Surgery A surgical robot for performing certain surgeries–eg, mitral valve repair and laparoscopic procedures–eg, cholecystectomy and gastric ulcer repair. See Laparoscopic surgery, Robotics, Surgical robot. Systems subsidiaries. Through its Itronix subsidiary, the company sells ruggedized computing devices for field service applications. Additional information about the company is available at www.acterna.com. This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current judgment on certain issues. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. Important factors that could cause actual results to differ materially are described in the Company's reports 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. and 10-Q on file with the Securities and Exchange Commission. Note to Investors and Media Acterna will be discussing its second quarter results on a conference call today, beginning at 5:00 p.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ). A webcast of the conference call will be available to all interested parties on the Acterna website at www.acterna.com under the "Investor Relations Investor relations The process by which the corporation communicates with its investors. " section.
Acterna Corporation
Pro forma Profit from Operations After Integration Expense(a)
(Unaudited)
Earnings Before Interest, Taxes and Amortization Excluding
Special Charges
Dollars in thousands
Three Months Ended Six Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2001 2000 2001 2000
Net sales $314,812 $358,626 $671,412 $701,556
Cost of sales (b) 142,660 146,685 296,564 293,378
Gross margin 172,152 211,941 374,848 408,178
Selling, general & admin.
expense (b) 105,992 120,047 224,190 234,594
Product development
expense (b) 41,446 43,230 83,750 87,348
Integration expense (c) 7,417 6,315 9,821 10,171
Other expense 3,447 1,252 5,278 5,008
Pro forma profit from
operation s $ 13,850 $ 41,097 $ 51,809 $ 71,057
Pro forma profit from
operations before
integration expense $ 21,267 $ 47,412 $ 61,630 $ 81,228
Special charges excluded
from profit from
operations:
Amortization of unearned
compensation $ 5,402 $ 6,296 $ 12,067 $ 8,564
Recapitalization and other
costs -- -- -- 9,194
Purchased incomplete
technology -- 6,000 -- 56,000
Amortization of inventory
step-up -- 26,438 -- 35,188
WWG Restructuring and other
charges 485 -- 485 1,603
Restructuring and other
special charges (d) 7,897 449 12,612 793
Impairment of assets held
for sale 17,918 -- 17,918 --
Total special charges: $ 31,702 $ 39,183 $ 43,082 $111,342
a) In May 2000, the company approved a plan to divest the industrial
computing segment, which consisted of ICS Advent and Itronix
Corporation subsidiaries. In October 2001, the company decided to
retain Itronix. As a result, the company's financial information
presented for the current and previous periods include the full
results of the industrial computing segment including losses
previously deferred. On October 17, 2001, the company signed a
definitive agreement to sell ICS. The sale is expected to be completed
on October 31, 2001.
b) Excludes amortization of unearned compensation expense and special
charges.
c) Integration expense in the first six months of fiscal 2002 relates
primarily to the implementation of an Enterprise Resource Planning
system. Integration expense in fiscal 2001 relates primarily to
rebranding, severance and additional consultants hired for the
integration of Wavetek Wandel Goltermann, Inc. (WWG).
d) During the second quarter of fiscal 2002 the Company recorded a
restructuring charge of $8 million related primarily to severance
costs resulting from cost reductions.
Note: The above pro forma financial information has been restated to
include the results of WWG, which was acquired on May 23, 2000;
Cheetah Technologies, which was acquired on August 23, 2000; and
certain other acquisitions as if these acquisitions had occurred at
the beginning of the respective fiscal periods. Similarly, the pro
forma information excludes the results of DataViews Corporation, which
was divested in June 2000, and certain other divestitures.
Acterna Corporation
Results of Itronix Corporation
(Unaudited)
Earnings Before Interest, Taxes and Amortization Excluding
Special Charges
Dollars in thousands
Three Months Ended Six Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2001 2000 2001 2000
Net sales $ 33,873 $ 20,919 $ 70,434 $ 46,909
Cost of sales 22,433 13,310 46,194 31,052
Gross margin 11,440 7,609 24,240 15,857
Selling, general & admin
expense 7,386 7,205 14,253 13,653
Product development expense 2,996 2,459 6,162 6,081
Other expense (income) 75 (129) 601 (129)
EBITA $ 983 $ (1,926) $ 3,224 $ (3,748)
Acterna Corporation
Results of ICS Advent
(Unaudited)
Earnings Before Interest, Taxes and Amortization Excluding
Special Charges
Dollars in thousands
Three Months Ended Six Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2001 2000 2001 2000
Net sales $ 13,923 $ 22,157 $ 31,712 $ 42,683
Cost of sales 11,660 15,995 26,284 30,483
Gross margin 2,263 6,162 5,428 12,200
Selling, general & admin
expense 3,134 4,403 7,534 8,916
Product development expense 1,196 1,433 2,623 3,137
Other expense 82 30 215 16
EBITA $ (2,149) $ 296 $ (4,944) $ 131
Acterna Corporation
Pro forma Cash Earnings Table(a)
(Unaudited)
Cash Earnings Before Special Charges
Dollars in thousands, except per share amounts
Three Months Ended Six Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2001 2000 2001 2000
Profit from operations (b) $ 13,850 $ 41,097 $ 51,809 $ 71,057
Net interest expense (23,805) (32,106) (49,596) (56,820)
Pretax cash earnings (9,955) 8,991 2,213 14,237
Provision (benefit) for
taxes (c) 13,264 (13,207) 9,471 (11,782)
Cash earnings (loss) $(23,219) $ 22,198 $ (7,258) $ 26,019
Cash earnings (loss) per
share $ (.12) $ .11 $ (.04) $ .13
Weighted average diluted
shares (d) 191,889 207,730 191,538 204,354
(a) In May 2000, the company approved a plan to divest the industrial
computing segment, which consisted of ICS Advent and Itronix
Corporation subsidiaries. In October 2001, the company decided to
retain Itronix. As a result, the company's financial information
presented for the current and previous periods include the full
results of the industrial computing segment. On October 17, 2001, the
company signed a definitive agreement to sell ICS. The sale is
expected to be completed on October 31, 2001.
(b) Defined as earnings before interest, taxes, amortization and
special charges. Profit from operations includes acquisition-related
integration expense. Profit from operations for the six months ended
September 30, 2000 is on a pro forma basis.
(c) Excludes a $71 million reserve taken in the second quarter of
fiscal 2002 against the company's net U.S. deferred tax assets.
(d) Weighted average diluted shares including common share equivalents
for the periods ended September 30, 2000.
Note: The above pro forma financial information has been restated to
include the results of WWG, which was acquired on May 23, 2000;
Cheetah Technologies, which was acquired on August 23, 2000; and
certain other acquisitions as if these acquisitions had occurred at
the beginning of the respective fiscal periods. Similarly, the pro
forma information excludes the results of DataViews Corporation, which
was divested in June 2000, and certain other divestitures.
The following consolidated statements of operations and balance sheets
are reported on an historical basis.
Acterna Corporation
Consolidated Statements of Operations(a)
(Unaudited)
Dollars in thousands, except per-share amounts
Three Months Ended Six Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2001 2000 2001 2000
Net sales $ 314,812 $ 348,287 $ 671,412 $ 602,973
Cost of sales 143,013 170,520 298,224 292,358
Gross margin 171,799 177,767 373,188 310,615
Selling, general &
admin expense 117,816 127,539 247,096 213,098
Product development
expense 42,574 42,564 86,271 74,101
Impairment of assets
held for sale 17,918 -- 17,918 --
Recapitalization and
other related costs -- -- -- 9,194
Restructuring 7,897 -- 7,897 --
Purchased incomplete
technology -- 6,000 -- 56,000
Amortization of
intangibles 10,367 33,290 22,151 49,309
Total operating
expense 196,572 209,393 381,333 401,702
Operating income
(loss) (24,773) (31,626) (8,145) (91,087)
Interest expense (24,698) (27,150) (50,976) (45,862)
Interest income 893 1,172 1,380 1,796
Other expense (3,447) (1,267) (5,279) (3,080)
Loss from continuing
operations before
income taxes and
extraordinary item (52,025) (58,871) (63,020) (138,233)
Provision (benefit)
for income taxes 84,406 (6,623) 80,612 (10,407)
Net loss from
continuing
operations before
extraordinary item (136,431) (52,248) (143,632) (127,826)
Income (loss) from
discontinued
operations(b) (11,090) 1,859 (10,039) 5,702
Net income (loss)
before
extraordinary item (147,521) (50,389) (153,671) (122,124)
Extraordinary item -- -- -- (10,659)
Net loss $(147,521) $ (50,389) $(153,671) $(132,783)
Acterna Corporation
Consolidated Statements of Operations(a)
(Unaudited)
Dollars in thousands, except per-share amounts
Three Months Ended Six Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2001 2000 2001 2000
Loss per common share
- basic
Continuing
operations $ (0.71) $ (0.28) $ (0.75) (0.72)
Discontinued
operations(b) (0.06) 0.01 (0.05) 0.03
Extraordinary loss -- -- -- (0.06)
Net loss per common
share - basic and
diluted $ (0.77) $ (0.27) $ (0.80) $ (0.75)
Weighted average
number of common
shares - Basic and
diluted 191,889 189,003 191,538 177,279
a) In May 2000, the company approved a plan to divest the industrial
computing segment, which consisted of ICS Advent and Itronix
Corporation subsidiaries. In October 2001, the company decided to
retain Itronix. As a result, the company's financial information
presented for the current and previous periods include the full
results of the industrial computing segment. On October 17, 2001, the
company signed a definitive agreement to sell ICS. The sale is
expected to be completed on October 31, 2001.
b) Reflects cumulative effect of the loss from discontinued operations
from the measurement date (May 2000) to the current period.
Acterna Corporation
Balance Sheets(a)
Unaudited
Dollars in thousands
September 30, March 31,
2001 2001
ASSETS
Cash and cash equivalents $ 51,448 $ 63,054
Accounts receivable, net 190,064 233,371
Inventories, net 164,389 157,481
Deferred income taxes 38,198 37,961
Other current assets 38,383 39,610
Net assets held for sale 19,052 37,908
Total current assets 501,534 569,385
Property, plant and equipment, net 128,310 124,566
Goodwill, net 435,853 435,478
Other intangible assets, net 172,901 195,093
Other assets 49,345 58,457
Total assets $1,287,943 $ 1,382,979
LIABILITIES & SHAREHOLDERS' DEFICIT
Notes payable $2,520 $ 10,919
Current portion of long-term debt 25,175 22,248
Accounts payable 93,437 112,155
Other current liabilities 204,409 201,498
Total current liabilities 325,541 346,820
Long-term debt 1,071,339 1,056,383
Deferred income taxes 52,630 2,915
Deferred compensation 61,648 57,838
Total shareholders' deficit (223,215) (80,977)
Total liabilities and
shareholders' deficit $1,287,943 $ 1,382,979
a) In May 2000, the company approved a plan to divest the industrial
computing segment, which consisted of ICS Advent and Itronix
Corporation subsidiaries. On October 17, 2001, the company signed a
definitive agreement to sell ICS Advent. The sale is expected to be
completed on October 31, 2001. In October 2001, the company decided to
retain Itronix. As a result, the company's financial information
presented for the current and previous periods reflect the assets and
liabilities of ICS Advent as held for sale.
Acterna Corporation
Pro Forma Sales for Continuing Operations by Product Area
(Unaudited)
Dollars in thousands
Three Months Ended Six Months Ended
Sept. 30, Sept. 30, %Chg Sept. 30, Sept. 30, %Chg
2001 2000 2001 2000
Optical
Transport $126,231 $ 98,636 28% $257,785 $186,044 39%
Cable Networks 19,785 45,159 -56% 44,708 84,884 -47%
Access Network 26,818 46,426 -42% 68,908 94,965 -27%
Data/IP,
Wireless and
Other 71,041 96,906 -27% 149,057 191,401 -22%
Communications
Test
Total
Communications
Test $243,875 $287,127 -15% $520,458 $557,294 -7%
Other Acterna
Corp 23,141 28,423 -19% 48,808 54,670 -11%
Industrial
computing:
Itronix 33,873 20,919 62% 70,434 46,909 50%
ICS Advent 13,923 22,157 -37% 31,712 42,683 -26%
Total $314,812 $358,626 -12% $671,412 $701,556 -4%
Acterna Corporation
Second Quarter Actual Results Compared to Company Guidance
($ in Millions)
Revenue Prior Guidance Actual Result
Test Communications, Airshow, $280 - $300 $267
DaVinci
Itronix, ICS (was reported as $48
discontinued operations)
Total N/A $315
Pro Forma Profit from
Operations Prior Guidance Actual Result
(Excluding restructuring
and before integration
expense)
Communications Test, Airshow, $35 - $43 $22
DaVinci
Itronix, ICS (was reported as ($1)
discontinued operations)
Total N/A $21
Cash Earnings (Loss)
Per Share Prior Guidance Actual Result
Communications Test, Airshow, $.05 - $.08 $(.12)(a)
DaVinci
(a)Impact of Itronix and ICS Advent less than $(.01) per share
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