Actuant Reports Record Third Quarter Sales and Earnings.Business Editors MILWAUKEE--(BUSINESS WIRE)--June 18, 2003 Actuant Corporation (NYSE NYSE See: New York Stock Exchange :ATU (ADSL Transceiver Unit) A device that provides ADSL modulation of the telephone line. The device at the telco side is the ATU-C (Central), which is a line card plugged into the DSLAM. ) today announced results for its third quarter ended May 31, 2003. Sales increased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 23% to $147.2 million compared to $120.0 million in the prior year. Current year results include those from Heinrich Heinrich is a male given name or surname of Germanic origin. Equivalents in other languages are Henry (English), Enrico (Italian), Henri (French), Enrique (Spanish), and Henrique (Portuguese). Kopp KOPP Keep Our Port Public (New Zealand) AG ("Kopp"), which was acquired on September September: see month. 3, 2002. Excluding Kopp and the impact of foreign currency exchange rate changes on translated results, third quarter sales decreased approximately 3%. Third quarter fiscal 2003 net earnings and 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 ("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. 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. ") were $10.0 million and $0.82 per diluted share, respectively. This compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to a net loss in the third quarter of the prior year of $11.0 million, or $0.95 per diluted share. The prior year loss included a $14.3 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge for early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt ($9.3 million or $0.80 per share, net of tax) and a net $10.0 million, or $0.86 per share, discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. charge. Excluding these two items, prior year net earnings were $8.3 million, or $0.68 per diluted share. Sales for the nine months ended May 31, 2003 were $437.1 million, approximately 28% higher than the $341.6 million in the comparable prior year period. Excluding Kopp and the impact of foreign currency rate changes on translated results, sales for the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period increased 1%. Net earnings for the nine months ended May 31, 2003 were $18.9 million, or $1.55 per diluted share, compared to a loss of $9.6 million, or $0.96 per diluted share, for the comparable prior year period. In fiscal 2003, the Company recorded net of tax special charges of $1.3 million, or $0.10 per diluted share, related to the early extinguishment of debt and $4.2 million, or $0.34 per diluted share, related to 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. matters associated with businesses divested prior to the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. in July July: see month. 2000. In fiscal 2002 the Company adopted Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ", which resulted in a net cumulative effect of accounting change charge of $7.2 million, or $0.72 per diluted share. Fiscal 2002 results also included the $14.3 million pre-tax early extinguishment of debt charge and the $10.0 million net discontinued operations charge discussed above. Excluding these special charges, net earnings and diluted earnings per share for the nine months ended May 31, 2003 were $24.4 million, or $2.00 per diluted share, compared to $16.9 million, or $1.69 per diluted share, respectively, in the prior year. Commenting on the results, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. C. Arzbaecher, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Actuant, stated, "We are pleased to report increased earnings for the third quarter. Business conditions were especially challenging as a result of the war in Iraq Iraq or Irak (both: ēräk`, ĭrăk`), officially Republic of Iraq, republic (2005 est. pop. 26,075,000), 167,924 sq mi (434,924 sq km), SW Asia. , lower recreational vehicle ("RV") production by OEM's in order to balance dealer inventory, and the overall weak economy. Despite these conditions, we were able to deliver satisfactory results by focusing on our customers and aggressively managing our costs. Actuant's year-to-date earnings per share excluding special items are 18% above last year. Excluding the special items, Actuant has increased its earnings per share in each of the last eight quarters." He continued, "We are also happy to report that during the third quarter we settled the litigation relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a previously divested business unit for less than the related charge we recorded in the first quarter's results. This resulted in a $0.8 million, or $0.04 per diluted share, non-operating gain during the third quarter. The settlement will be paid in the fourth quarter. Third quarter cash flow was strong as we reduced our total quarter-end borrowings to below $190 million for the first time, despite a $7 million semi-annual bond interest payment during the quarter. "Given the economic environment, we continued to focus on cost reductions during the quarter and commenced many of the actions we announced last quarter to remain competitive in the marketplace. Such initiatives resulted in pre-tax downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing expenses in our third quarter results of approximately $1.2 million ($0.06 per diluted share), and included personnel reductions in a number of businesses, as well as the consolidation of small production and distribution facilities. These previously announced actions will continue into the fourth quarter. Additionally, we completed the closure of one of Kopp's German manufacturing plants and continue to work on additional cost reductions to increase Kopp's profit margins." Fiscal 2003 third quarter sales in the Tools & Supplies segment were $91.4 million, or approximately 39% higher than last year's $65.7 million due primarily to the Kopp acquisition and foreign currency rate changes. Excluding Kopp and the impact of foreign currency rate changes, Tools & Supplies segment revenues were down 2% during the quarter versus the comparable prior year period primarily due to the weak U.S. economy. Current year third quarter sales in the Engineered Solutions segment increased approximately 3% to $55.8 million, compared to $54.3 million in the previous year. Excluding foreign currency rate changes, Engineered Solutions sales decreased 5%, reflecting the expected lower sales to RV OEM's. Actuant's third quarter operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (net earnings before interest, income taxes, depreciation, amortization and minority interest deduction Interest deduction An interest expense, such as interest on a margin account, that is allowed as a deduction for tax purposes. ) were $19.4 million and $24.3 million, compared to $19.7 million and $22.7 million, respectively, in the comparable prior year period. EBITDA is an important non-GAAP financial metric used by many investors to determine the Company's credit ratios and loan covenant A loan covenant is a condition in a commercial loan or bond issue that requires the borrower to fulfill certain conditions or forbids the borrower from undertaking certain actions, or possibly restricts certain activities to circumstances when other conditions are met. compliance. As previously noted, operating profit included approximately $1.2 million of downsizing related costs, as well as the results of recently acquired Kopp which currently generates a much lower profit margin than Actuant's other units. Net debt (total debt less cash) decreased approximately $7 million during the quarter to $184.8 million at May 31, 2003. The Company acquired a small hydraulics hydraulics, branch of engineering concerned mainly with moving liquids. The term is applied commonly to the study of the mechanical properties of water, other liquids, and even gases when the effects of compressibility are small. company in China during the quarter for approximately $1.7 million, including assumed liabilities. Its impact on third quarter operating results was nominal Trifling, token, or slight; not real or substantial; in name only. Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. . Availability under the Company's senior credit facility revolver revolver: see small arms. revolver Pistol with a revolving cylinder that provides multishot action. Some early versions, known as pepperboxes, had several barrels, but as early as the 17th century pistols were being made with a revolving chamber to was approximately $85 million at May 31, 2003. Commenting on the outlook for the final quarter of fiscal 2003, Arzbaecher said, "We expect fourth quarter results to be improved over prior year results, despite our view that short term economic conditions will remain weak and our expectation of incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. additional downsizing costs in the fourth quarter. Specifically, we are projecting fiscal fourth quarter sales in the $140-$145 million range and earnings per share in the $0.75-$0.80 range. This would equate e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to full year fiscal 2003 sales of $579-$584 million and diluted EPS of $2.75-$2.80, excluding special charges. Looking ahead to fiscal 2004, our initial guidance anticipates modest improvements in the economy, a continued low interest rate environment, and today's accounting rules and currency rates. We expect diluted earnings to be $3.10-$3.40 per share on sales of $610-$630 million. Provided we can achieve these targeted earnings, it would be our third consecutive year of double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" EPS growth, ignoring special charges and gains." Actuant, headquartered in Milwaukee, Wisconsin For other places with the same name, see Milwaukee (disambiguation). Milwaukee is the largest city within the state of Wisconsin and 25th largest (by population) in the United States. , is a diversified diversified (di·verˑ·s industrial company with operations in more than 20 countries. The Actuant businesses are leading companies in highly engineered position and motion control systems and branded tools. Products are offered under such established brand names as Enerpac, Gardner Bender Gardner Bender is a manufacturer of professional electrician's tools and supplies. External links
Carl August Nielsen, Carl Nielsen Sessions, Power-Packer, and Power Gear. 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. Statement Certain of the above comments represent 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. made pursuant to the provisions of 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. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Actuant's results are also subject to general economic conditions, variation in demand from customers, the impact on the economy of terrorist attacks and other geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. activity, the length of the current recession in the Company's markets, continued market acceptance of the Company's new product introductions, the successful integration of business unit acquisitions and related 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). , operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: risk due to competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, foreign currency fluctuations and interest rate risk. See the Company's registration statements filed with the Securities and Exchange Commission for further information regarding risk factors. For further information on Actuant and its business units, visit the company's website at www.actuant.com. (tables follow)
Actuant Corporation
Consolidated Balance Sheets
(Dollars in thousands)
May 31, August 31,
2003 2002
--------- ---------
ASSETS
Current assets
Cash and cash equivalents $4,502 $3,043
Accounts receivable, net 89,256 58,304
Inventories, net 70,119 54,898
Deferred income taxes 19,536 9,127
Other current assets 4,849 4,592
--------- ---------
Total Current Assets 188,262 129,964
Property, plant and equipment, net 64,197 36,828
Goodwill 101,670 101,361
Other intangible assets, net 19,673 18,466
Other long-term assets 8,724 7,992
--------- ---------
Total Assets $382,526 $294,611
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings $890 $2,993
Trade accounts payable 51,805 47,834
Accrued compensation and benefits 18,155 12,362
Income taxes payable 20,702 18,365
Current maturities of long-term debt 10,623 6,788
Other current liabilities 52,570 23,924
--------- ---------
Total Current Liabilities 154,745 112,266
Long-term debt, less current maturities 177,761 182,783
Deferred income taxes 7,294 4,409
Pension and postretirement benefit accruals 29,658 11,550
Other long-term liabilities 26,945 27,222
Minority interest in net equity of
consolidated affiliates 4,043 -
Shareholders' equity
Capital stock 2,344 2,319
Additional paid-in capital (521,519) (523,419)
Accumulated other comprehensive income (loss) (16,850) (21,675)
Stock held in trust (600) (511)
Deferred compensation liability 600 511
Retained earnings 518,105 499,156
--------- ---------
Total Shareholders' Deficit (17,920) (43,619)
--------- ---------
Total Liabilities and Shareholders' Equity $382,526 $294,611
========= =========
Actuant Corporation
Consolidated Statements of Earnings
(In thousands except per share amounts)
Three Months Ended Nine Months Ended
May 31, May 31,
------------------ ------------------
2003 2002 2003 2002
------------------ ------------------
Net Sales $147,189 $120,009 $437,146 $341,583
Cost of Products Sold 98,386 78,417 295,952 225,268
------------------ ------------------
Gross Profit 48,803 41,592 141,194 116,315
Selling, Administrative and
Engineering Expenses 28,880 21,308 85,834 62,294
Amortization of Intangible Assets 530 616 1,750 1,848
------------------ ------------------
Operating Profit 19,393 19,668 53,610 52,173
Net Financing Costs 5,177 6,914 16,282 26,611
Charge for Early Extinguishment
of Debt - 14,298 1,974 14,298
Litigation Charge (Benefit)
associated with Divested
Businesses (798) - 6,502 -
Other (Income) Expense, net (515) (57) (1,021) (798)
------------------ ------------------
Earnings (Loss) from Continuing
Operations Before Income
Taxes and Minority Interest 15,529 (1,487) 29,873 12,062
Income Tax Expense (Benefit) 5,482 (456) 10,574 4,494
Minority Interest, net of Income
Taxes 70 - 350 -
------------------ ------------------
Earnings (Loss) from Continuing
Operations 9,977 (1,031) 18,949 7,568
Discontinued Operations, net of
Income Taxes - (10,000) - (10,000)
Cumulative Effect of Change In
Accounting Principle, net of
Income Taxes - - - (7,200)
------------------ ------------------
Net Earnings (Loss) $9,977 $(11,031) $18,949 $(9,632)
================== ==================
Basic Earnings (Loss) per Share
Earnings (Loss) from
Continuing Operations $0.85 $(0.09) $1.63 $0.80
Discontinued Operations, net
of Income Taxes - (0.86) - (1.06)
Cumulative Effect of Change
in Accounting Principle,
net of Income Taxes - - - (0.76)
------------------ ------------------
Total $0.85 $(0.95) $1.63 $(1.02)
================== ==================
Diluted Earnings (Loss) per Share
Earnings (Loss) from
Continuing Operations $0.82 $(0.09) $1.55 $0.76
Discontinued Operations, net
of Income Taxes - (0.86) - (1.00)
Cumulative Effect of Change
in Accounting Principle,
net of Income Taxes - - - (0.72)
------------------ ------------------
Total $0.82 $(0.95) $1.55 $(0.96)
================== ==================
Weighted Average Common Shares
Outstanding (1)
Basic 11,690 11,587 11,645 9,454
Diluted 12,174 11,587 12,203 9,995
(1) The increase in weighted average number of shares outstanding for
the nine months ended May 31, 2003 as compared to the nine months
ended May 31, 2002, reflects the impact of the February 13, 2002
equity offering.
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
(US dollars, in thousands)
FISCAL 2002
---------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
---------------------------------------------
SALES
TOOLS & SUPPLIES
SEGMENT $64,067 $62,338 $65,746 $67,357 $259,508
ENGINEERED SOLUTIONS
SEGMENT 49,073 46,096 54,263 54,010 203,442
---------------------------------------------
TOTAL REPORTED SALES $113,140 $108,434 $120,009 $121,367 $462,950
=============================================
% SALES GROWTH
TOOLS & SUPPLIES
SEGMENT
ENGINEERED SOLUTIONS
SEGMENT
TOTAL REPORTED SALES
OPERATING PROFIT
TOOLS & SUPPLIES
SEGMENT $11,565 $11,030 $12,805 $11,997 $47,397
ENGINEERED SOLUTIONS
SEGMENT 7,036 4,984 8,317 8,436 28,773
CORPORATE / GENERAL (1,107) (1,003) (1,454) (1,474) (5,038)
---------------------------------------------
TOTAL REPORTED RESULTS $17,494 $15,011 $19,668 $18,959 $71,132
=============================================
OPERATING PROFIT %
TOOLS & SUPPLIES
SEGMENT 18.1% 17.7% 19.5% 17.8% 18.3%
ENGINEERED SOLUTIONS
SEGMENT 14.3% 10.8% 15.3% 15.6% 14.1%
TOTAL (INCL. CORPORATE) 15.5% 13.8% 16.4% 15.6% 15.4%
EBITDA (1)
TOOLS & SUPPLIES
SEGMENT $13,271 $13,213 $14,574 $13,862 $54,920
ENGINEERED SOLUTIONS
SEGMENT 8,014 6,776 8,997 8,900 32,687
CORPORATE / GENERAL (1,143) (798) (842) (471) (3,254)
---------------------------------------------
TOTAL RECURRING EBITDA 20,142 19,191 22,729 22,291 84,353
OTHER ITEMS (2) - - (14,298) (2,060) (16,358)
---------------------------------------------
TOTAL $20,142 $19,191 $8,431 $20,231 $67,995
=============================================
EBITDA %
TOOLS & SUPPLIES
SEGMENT 20.7% 21.2% 22.2% 20.6% 21.2%
ENGINEERED SOLUTIONS
SEGMENT 16.3% 14.7% 16.6% 16.5% 16.1%
TOTAL RECURRING
(INCL. CORPORATE) 17.8% 17.7% 18.9% 18.4% 18.2%
OTHER FINANCIAL DATA
DEPRECIATION & AMORTIZATION
TOOLS & SUPPLIES
SEGMENT $1,920 $1,978 $2,033 $2,051 $7,982
ENGINEERED SOLUTIONS
SEGMENT 979 990 849 1,080 3,898
CORPORATE / GENERAL 109 111 122 140 482
---------------------------------------------
TOTAL DEPRECIATION &
AMORTIZATION $3,008 $3,079 $3,004 $3,271 $12,362
=============================================
OTHER INCOME (EXPENSE)
TOOLS & SUPPLIES
SEGMENT $(214) $205 $(264) $(186) $(459)
ENGINEERED SOLUTIONS
SEGMENT (1) 802 (169) (616) 16
CORPORATE / GENERAL (145) 94 490 863 1,302
---------------------------------------------
TOTAL REPORTED RESULTS $(360) $1,101 $57 $61 $859
=============================================
LEVERAGE
NET DEBT (3) $306 $201 $212 $190
LEVERAGE RATIO (4) 3.5 2.3 2.5 2.3
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
(US dollars, in thousands)
(continued)
FISCAL 2003
---------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
---------------------------------------------
SALES
TOOLS & SUPPLIES
SEGMENT $92,014 $90,651 $91,386 $274,051
ENGINEERED SOLUTIONS
SEGMENT 55,844 51,448 55,803 163,095
---------------------------------------------
TOTAL REPORTED SALES $147,858 $142,099 $147,189 $ - $437,146
=============================================
% SALES GROWTH
TOOLS & SUPPLIES
SEGMENT 43.6% 45.4% 39.0% 42.6%
ENGINEERED SOLUTIONS
SEGMENT 13.8% 11.6% 2.8% 9.1%
TOTAL REPORTED SALES 30.7% 31.0% 22.6% 28.0%
OPERATING PROFIT
TOOLS & SUPPLIES
SEGMENT $12,818 $12,224 $13,702 $38,744
ENGINEERED SOLUTIONS
SEGMENT 6,616 5,760 7,648 20,024
CORPORATE / GENERAL (1,246) (1,955) (1,957) (5,158)
---------------------------------------------
TOTAL REPORTED
RESULTS $18,188 $16,029 $19,393 $ - $53,610
=============================================
OPERATING PROFIT %
TOOLS & SUPPLIES
SEGMENT 13.9% 13.5% 15.0% 14.1%
ENGINEERED SOLUTIONS
SEGMENT 11.8% 11.2% 13.7% 12.3%
TOTAL (INCL. CORPORATE) 12.3% 11.3% 13.2% 12.3%
EBITDA (1)
TOOLS & SUPPLIES
SEGMENT $15,126 $14,454 $16,829 $46,409
ENGINEERED SOLUTIONS
SEGMENT 7,666 7,501 8,739 23,906
CORPORATE / GENERAL (1,161) (1,354) (2,028) (4,543)
---------------------------------------------
TOTAL RECURRING EBITDA 21,631 20,601 23,540 - 65,772
OTHER ITEMS (2) (9,274) - 798 - (8,476)
---------------------------------------------
TOTAL $12,357 $20,601 $24,338 $ - $57,296
=============================================
EBITDA %
TOOLS & SUPPLIES
SEGMENT 16.4% 15.9% 18.4% 16.9%
ENGINEERED SOLUTIONS
SEGMENT 13.7% 14.6% 15.7% 14.7%
TOTAL RECURRING
(INCL. CORPORATE) 14.6% 14.5% 16.0% 15.0%
OTHER FINANCIAL DATA
DEPRECIATION & AMORTIZATION
TOOLS & SUPPLIES
SEGMENT $2,413 $2,433 $2,137 $6,983
ENGINEERED SOLUTIONS
SEGMENT 1,133 1,237 1,321 3,691
CORPORATE / GENERAL 143 150 174 467
---------------------------------------------
TOTAL DEPRECIATION &
AMORTIZATION $3,689 $3,820 $3,632 $ - $11,141
=============================================
OTHER INCOME (EXPENSE)
TOOLS & SUPPLIES
SEGMENT $(105) $(203) $990 $682
ENGINEERED SOLUTIONS
SEGMENT (83) 504 (230) 191
CORPORATE / GENERAL (58) 451 (245) 148
---------------------------------------------
TOTAL REPORTED RESULTS $(246) $752 $515 $ - $1,021
=============================================
LEVERAGE
NET DEBT (3) $204 $192 $185
LEVERAGE RATIO (4) 2.4 2.2 2.1
(1) EBITDA excludes discontinued operations and cumulative effect of
change in accounting principle. Segment EBITDA = segment operating
profit + segment depreciation & amortization + segment other
income - segment other expense
(2) Other items in the second and third quarters of 2002 include
charges associated with the early redemption of long-term debt.
First quarter 2003 other items include a $2.0 million charge
related to the early redemption of debt and a $7.3 million charge
related to litigation for business units divested prior to the
July 31, 2000 spin-off. Third quarter 2003 other items represents
an $0.8 million reversal of a portion of the $7.3 million first
quarter charge for the favorable settlement of such litigation.
(3) Net debt = long-term debt + current maturities of long-term debt +
short-term borrowings - cash and cash equivalents
(4) Leverage ratio = net debt / trailing four quarters total recurring
EBITDA
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