Advanced Medical Optics Reports Third Quarter Operating Results; AMO Reports 3Q 2002 Eps of $0.20, Exceeding Consensus in the First Full Quarter as an Independent Company.Business Editors & Health/Medical Writers SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE--Nov. 6, 2002--Advanced Medical Optics optics, scientific study of light. Physical optics is concerned with the genesis, nature, and properties of light; physiological optics with the part light plays in vision; and geometrical optics with the reflection and refraction of light as encountered in the study , Inc. (NYSE NYSE See: New York Stock Exchange :AVO a·vo n. pl. a·vos See Table at currency. [Portuguese, shortened from oitavo, eighth, from Latin oct ), a global leader in ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. surgical devices and contact lens contact lens, thin plastic lens worn between the eye and eyelid that may be used instead of eyeglasses. Actors, models, and others wear them for appearance, and athletes use them for safety and convenience. care products, today announced its financial results for the quarter ending September September: see month. 27, 2002. The Company reported 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 of $139.3 million, net income of $5.8 million and earnings per share of $0.20 for the third quarter. This 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. result exceeds consensus estimates of $0.19 and represents AMO's first quarterly financial reporting as a stand-alone company stand-alone company An independent operating firm. For example, a large diversified firm may consider spinning off a subsidiary because, as a stand-alone company, the subsidiary would command a higher price-earnings ratio than the parent. since the successful 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. from Allergan Allergan, Inc., is a global specialty pharmaceutical company. Their product ranges include ophthalmic pharmaceuticals, dermatology products, and neurological products. The company's most notable neurologic product is Botox, used around the world to treat a variety of debilitating on June June: see month. 29, 2002. In the third quarter of 2002, net sales were $139.3 million, an increase of 1.8 percent, compared to reported net sales of $136.8 million in the third quarter of 2001. Reported net income in the third quarter was $5.8 million versus reported net income of $18.0 million in the third quarter of 2001. The net sales increase was attributable to a strong performance by our surgical business somewhat offset by a decrease in our contact lens care business. Excluding the private label business, contact lens care sales improved in the quarter versus the third quarter of 2001. Currency had a positive impact of $4.8 million in the quarter compared to the same period last year. In an effort to more clearly present its financial performance, AMO AMO - America's Multimedia Online is providing its 2001 and 2002 year to date results in two formats. The first format presents reported, or GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , results for the third quarters and years to date for 2001 and 2002. The second format presents proforma Proforma A financial projection based on assumptions. , or comparable, results for the quarter ended September 2001 and years to date for 2001 and 2002. The proforma results reflect adjusted financial statements that include the costs associated with operating an independent company and exclude the non-recurring costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the spin-off transaction. The attached statements reflect these two formats and include footnotes that provide more detail of the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. adjustments. As such, for the third quarter of 2002, the Company reported earnings per share of $0.20 versus reported third quarter 2001 earnings per share of $0.62. On a proforma basis, the Company's earnings per share were $0.28 for the third quarter of 2001. For the first nine months of 2002, net sales were $391.0 million, a decrease of 1.5 percent, compared to net sales of $396.8 million in the first nine months of 2001. Reported net income for the first nine months was $17.1 million versus reported net income of $31.7 million for the first nine months of 2001. The net sales decrease was primarily attributable to lower private label sales in the contact lens care business which was partially offset by a strong performance in our surgical business. Currency had a negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . impact in the period compared to the same period last year. For the first nine months of 2002, the Company reported earnings per share of $0.59 versus the first nine months of 2001 reported earnings per share of $1.10. On a proforma basis, the Company's earnings per share were $0.28 for the first nine months of 2002 versus earnings per share of $0.11 for the first nine months of 2001. "We are very pleased with the financial performance in our first quarter as an independent company. Our positive performance supports our confidence in AMO's business model going forward. Our strong financial position allows us to continue to develop innovative technologies, pursue strategic alliances and reduce debt levels", said James V James V, king of Scotland James V, 1512–42, king of Scotland (1513–42), son and successor of James IV. His mother, Margaret Tudor, held the regency until her marriage in 1514 to Archibald Douglas, 6th earl of Angus, when she lost it to John . Mazzo, 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 Advanced Medical Optics Advanced Medical Optics, Inc., (NYSE: EYE) (known as AMO) is a global medical device leader focused on the discovery and delivery of innovative vision technologies that optimize the quality of life for people of all ages. . "Looking ahead, we remain confident in our ability to meet our stated business goals. As such, we would like to further clarify our 2002 financial targets. For the full year of 2002, we expect to generate revenue of $530-535 million, proforma earnings per share of $0.56-0.57 and proforma 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 of $69-72 million in 2002." The reported gross profit for the third quarter of 2002 was $87.9 million compared to $83.5 million in the same period of 2001. Reported gross margin was 63.1 percent of net sales in 2002 versus 61.0 percent in 2001, an improvement of 2.1 percentage points. On a proforma basis, gross profit for the third quarter of 2001 was $81.8 million, or 59.8 percent of net sales. The gross margin improvement is partially attributable to a product mix shift toward higher technology oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. products. However, in the future, we expect gross margin will be negatively impacted as product inventory purchased from Allergan under the Transitional Manufacturing Agreement is sold. SG&A expenses for the third quarter of 2002 were $61.3 million, or 44.0 percent of net sales, compared to $51.1 million, or 37.3 percent of net sales, in 2001. On a proforma basis, SG&A for the third quarter of 2001 was $56.6 million, or 41.4 percent of net sales. In the quarter, some of the SG&A expenses were associated with the spin-off transaction and are not expected to be recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. . Research and development expenses for the third quarter of 2002 were $6.6 million, or 4.7 percent of net sales, compared to $6.1 million, or 4.4 percent of net sales, in 2001. On a proforma basis, research and development for the third quarter of 2001 was $6.3 million, or 4.6 percent of net sales. For the first nine months, research and development expenses were $21.4 million, or 5.5 percent of net sales, versus $20.5 million, or 5.2 percent of net sales, in 2001. Non-Operating expenses in the quarter were $9.2 million compared to $1.7 million in 2001. Third quarter 2002 non-operating expenses included the effects of the interest associated with the Company's debt incurred at spin date as well as a reduction in the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of an asset received from Allergan. Tax expenses for the third quarter of 2002 were $5.0 million, which represents a 46 percent effective tax rate, compared to a reported $6.7 million in 2001. The effective tax rate for the first nine months of 2002 was 41 percent, which is in line with the expected full year effective tax rate. The higher tax rate in the quarter is a result of the lower tax accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. in the first half of the year and the strong performance of our international business. For the period ending September 27, 2002, the Company's cash balance was $62.3 million, and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. was $294.3 million, excluding the fair value adjustment for certain interest rate swaps Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. . EBITDA in the quarter was $23.9 million, and proforma EBITDA year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. was $45.4 million. The Company's cash balance increased by $29.8 million from the adjusted opening balance of $32.5 million after the spin-off dividend to Allergan. As a result, the Company paid down debt by $3 million. The following is a discussion of AMO's two lines of business: ophthalmic surgical and contact lens care. Ophthalmic Surgical For the third quarter of 2002, sales for the ophthalmic surgical business were $66.8 million compared to $60.2 million in the year-ago period, an increase of 11.0 percent. The increase is attributable to continued strength in our foldable intraocular lenses Intraocular lens Lens made of silicone or plastic placed within the eye; can be corrective. Mentioned in: Cataract Surgery and phacoemulsification phacoemulsification /phaco·emul·si·fi·ca·tion/ (-e-mul?si-fi-ka´shun) a method of cataract extraction in which the lens is fragmented by ultrasonic vibrations and simultaneously irrigated and aspirated. systems. Foreign currency changes in the third quarter of 2002, compared to the same period last year, increased surgical sales by 3.5 percent. For the first nine months of 2002, sales for the ophthalmic surgical business were $195.1 million compared to $182.4 million during the first nine months of 2001, an increase of 7.0 percent. The impact of foreign currency in the first nine months of 2002 was negligible. Foldable intraocular lenses and phacoemulsification systems continued to generate growth in the surgical business. In the quarter, IOL IOL Intraocular lens, see there sales were $44.2 million, an increase of 8.1 percent over the year ago period. Foldable IOL sales increased 10.1 percent in the quarter over the same period last year. The Sensar(R) OptiEdge(TM) acrylic acrylic, artificial fiber made from a special group of vinyl compounds, primarily acrylonitrile. Acrylic fibers are thermoplastic (i.e., soften when heated, reharden upon cooling), have low moisture regain, are low in density, and can be made into bulky fabrics. IOL had a very successful sales quarter and the Company is very pleased by the market acceptance of this product. The OptiEdge(TM) product has a novel edge design and has continued to gain acceptance by the ophthalmic community. In the quarter, phacoemulsification product line sales increased 13.4 percent over the third quarter of 2001. AMO's technologically advanced phacoemulsification system, the Sovereign(R) with Whitestar(TM), continued to be extremely well received globally. Contact Lens Care For the third quarter of 2002, sales for the contact lens care business were $72.5 million, compared to third quarter 2001 sales of $76.6 million, a decrease of 5.3 percent. The decline is primarily attributed to management's strategic decision to exit the private label business in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Excluding the results of the private label business, contact lens care sales increased 3.6 percent over the prior period. The impact of foreign currency changes in the third quarter of 2002, compared to the same period last year, increased contact lens care sales by 3.5 percent. For the first nine months of 2002, contact lens care sales were $195.9 million compared to sales of $214.4 million in 2001, a decrease of 8.6 percent. Excluding the results of the private label business, contact lens care sales decreased 1.7 percent over the same period last year. The impact of foreign currency in the first nine months of 2002 was negligible. AMO's Complete(R) branded product line continues to perform exceptionally well with quarterly sales of $29.5 million, an increase of 7.5 percent over the same period last year. These results exclude the private label business and support management's often-cited rationale rationale (rash´  nal´),n the fundamental reasons used as the basis for a decision or action. for reducing its exposure to the lower margin private label business in the United States and increasing focus on the Complete(R) branded product line. Additionally, the Company has expanded its efforts in the United States and has restructured its U.S. sales force to significantly enhance its ability to address the needs of our customers. AMO is enthusiastic about the practitioners' response to these new sales force initiatives. The Company is further encouraged by the positive demographic trends within the contact lens market. Most notably, new lens wearers are increasingly characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by their younger age. We believe these trends will have a positive effect on the contact lens care market. Live Webcast & Audio Replay James V. Mazzo, AMO's President and Chief Executive Officer, and Richard A. Meier, Corporate Vice President and Chief Financial Officer, will host a live webcast to discuss third quarter results and future expectations today at 10:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . To participate, please visit AMO's Investors/Media site at http://www.amo-inc.com. Audio replay will be available at approximately 12:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. and will continue through Wednesday, November 20th, at 12:00 a.m. EST, at 800-405-2236 (Passcode 504200#) or by visiting http://www.amo-inc.com. About Advanced Medical Optics Advanced Medical Optics, Inc. (AMO) is a global leader in the development, manufacturing and marketing of medical devices for the eye and contact lens care products. The Company focuses on developing a broad suite of innovative technologies and devices to address a wide range of eye disorders. Products in the ophthalmic surgical line include foldable intraocular lenses, phacoemulsification systems, viscoelastics and related products used in cataract surgery Cataract Surgery Definition Cataract surgery is a procedure performed to remove a cloudy lens from the eye; usually an intraocular lens is implanted at the same time. Purpose The purpose of cataract surgery is to restore clear vision. and microkeratomes used in LASIK LASIK laser-assisted in-situ keratomileusis. LA·SIK n. Eye surgery in which the surface of the cornea is reshaped using a laser, performed to correct certain refractive disorders such as myopia. procedures for refractive error refractive error Ametropia, myopic shift Ophthalmology The inability of images to focus properly on the retina, often corrected by glasses contact lenses, or refractive surgery. See Astigmatism, Farsightedness, Myopia, Presbyopia. correction. Among the well-known ophthalmic surgical product brands the company owns or has the rights to are Phacoflex(R), Clariflex(R), Array(R) and Sensar(R) foldable intraocular lenses, the Sovereign(R) phacoemulsification system and the Amadeus(TM) microkeratome microkeratome /mi·cro·ker·a·tome/ (-ker´ah-tom) an instrument for removing a thin slice, or creating a thin hinged flap, on the surface of the cornea. . Products in the contact lens care line include disinfecting solutions, daily cleaners, enzymatic enzymatic of, relating to, caused by, or of the nature of an enzyme. cleaners and lens rewetting drops. Among the well-known contact lens care product brands the company possesses are Complete(R), Complete(R) Blink-N-Clean(R), Consept(R)F, Consept(R) 1 Step, Oxysept(R) 1 Step, Ultracare(R), Ultrazyme(R) and Total Care(R). Amadeus is a licensed product of, and a trademark of, SIS, Ltd. OptiEdge is a trademark of Ocular ocular /oc·u·lar/ (ok´u-lar) 1. of, pertaining to, or affecting the eye. 2. eyepiece. oc·u·lar adj. 1. Of or relating to the eye or the sense of sight. Sciences, Inc. Advanced Medical Optics, Inc. is based in Orange County, California Orange County is a county in Southern California, United States. Its county seat is Santa Ana. According to the 2000 Census, its population was 2,846,289, making it the second most populous county in the state of California, and the fifth most populous in the United States. , and employs approximately 2,000 worldwide. The company has operations in about 20 countries and markets products in approximately 60 countries. For more information, visit the company's web site at www.amo-inc.com. 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. This press release contains forward-looking statements and forecasts about AMO and its businesses. Because forecasts are inherently estimates that cannot be made with precision, the Company's performance at times differs from its estimates and targets, and the Company often does not know what the actual results will be until after a quarter's end. Therefore, the Company will not report or comment on its progress during the quarter. Any statement made by others with respect to progress mid-quarter cannot be attributed to the Company. Mr. Mazzo's statements and any other statements in this press release that refer to AMO's estimated or anticipated future results are forward-looking statements. All forward-looking statements in this press release reflect AMO's current analysis of existing trends and information and represent AMO's judgment only as of the date of this press release. Actual results may differ from current expectations based on a number of factors affecting AMO's businesses, including but not limited to competitive, regulatory and market conditions; the performance acceptance of new products and the continuing acceptance of current products; the execution of strategic initiatives; AMO's ability to maintain a sufficient supply of products; and the uncertainties associated with intellectual property protection for these products. In addition, matters generally affecting the domestic and global economy, such as changes in interest and currency exchange rates, can affect AMO's results. Therefore, the reader is cautioned not to rely on these forward-looking statements. AMO disclaims any intent or obligation to update these forward-looking statements. Additional information concerning these and other risk factors can be found in press releases issued by AMO as well as AMO's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Risk Factors" in the Information Statement filed as an exhibit to the 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. Form 10 filed by AMO with the Securities and Exchange Commission on May 24, 2002. Copies of press releases and additional information about AMO are available on the World Wide Web at www.amo-inc.com, or you can contact the AMO Investor Relations Investor relations The process by which the corporation communicates with its investors. Department by calling 714-247-8348.
Advanced Medical Optics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, Three Months Ended Nine Months Ended
except per share September September September September
amounts) 27, 2002 28, 2001 27, 2002 28, 2001
Net sales:
Ophthalmic surgical $ 66,808 $ 60,195 $ 195,120 $ 182,413
Contact lens care 72,494 76,579 195,858 214,380
139,302 136,774 390,978 396,793
Cost of sales 51,398 53,315 149,094 157,598
Gross margin 87,904 83,459 241,884 239,195
Selling, general and
administrative 61,339 51,081 175,124 171,687
Research and development 6,571 6,080 21,439 20,517
Operating income 19,994 26,298 45,321 46,991
Non-operating expense (income):
Interest expense 5,649 838 7,815 2,516
Unrealized loss (gain) on
derivative instruments -- 749 1,931 (209)
Other, net 3,524 64 6,551 (2)
9,173 1,651 16,297 2,305
Earnings before income
taxes 10,821 24,647 29,024 44,686
Provision for income taxes 4,983 6,678 11,900 12,555
Earnings before cumulative
effect of change
in accounting principle 5,838 17,969 17,124 32,131
Cumulative effect of change
in accounting principle,
net of $160 of tax -- -- -- (391)
Net earnings $ 5,838 $ 17,969 $ 17,124 $ 31,740
Basic earnings per share:(a)
Before cumulative effect
of change in accounting
principle $ 0.20 $ 0.63 $ 0.60 $ 1.12
Cumulative effect of
accounting change, net -- -- -- (0.01)
Net basic earnings
per share $ 0.20 $ 0.63 $ 0.60 $ 1.11
Diluted earnings per share:(a)
Before cumulative effect
of change in accounting
principle $ 0.20 $ 0.62 $ 0.59 $ 1.11
Cumulative effect of
accounting change, net -- -- -- (0.01)
Net diluted earnings per
share $ 0.20 $ 0.62 $ 0.59 $ 1.10
(a) Basic earnings per share is computed based on the 28,723,512
shares outstanding on June 29, 2002, the date of the spin-off, as the
average number of shares for each period. Diluted earnings per share
for each period includes the dilutive effect of approximately 181,000
shares resulting from AMO stock options granted in July 2002 and stock
options converted from Allergan stock options as of June 29, 2002.
Advanced Medical Optics, Inc.
Proforma Condensed Consolidated Statements of Operations (a)
(Unaudited)
(in thousands, Three Months Ended Nine Months Ended
except per share September September September September
amounts) 27, 2002 28, 2001 27, 2002 28, 2001
Net sales:
Ophthalmic
surgical $ 66,808 $ 60,195 $ 195,120 $ 182,413
Contact lens care 72,494 76,579 195,858 214,380
139,302 136,774 390,978 396,793
Cost of sales (b) 51,398 55,015 149,935 162,698
Gross margin 87,904 81,759 241,043 234,095
Selling, general and
administrative (c) 61,339 56,642 184,902 188,271
Research and
development (c) 6,571 6,280 21,839 21,117
Operating income 19,994 18,837 34,302 24,707
Non-operating expense:(d)
Interest expense 5,649 6,509 16,692 19,529
Other, net 3,524 64 3,101 351
9,173 6,573 19,793 19,880
Earnings before
income taxes 10,821 12,264 14,509 4,827
Provision for income
taxes (e) 4,983 4,232 6,384 1,665
Net earnings (f) $ 5,838 $ 8,032 $ 8,125 $ 3,162
Basic earnings per
share $ 0.20 $ 0.28 $ 0.28 $ 0.11
Diluted earnings per
share $ 0.20 $ 0.28 $ 0.28 $ 0.11
(a) The Proforma Condensed Consolidated Statements of Operations
exclude certain non-recurring items and include proforma adjustments
to reflect the estimated incremental costs associated with being an
independent public company. See below for additional detail.
(b) The six-month period ended June 28, 2002, included in the
nine-month period ended September 27, 2002, excludes the write-off of
$2,558 of inventory deemed unusable due to the Company's spin-off from
Allergan and includes quarterly adjustments of $1,700 to reflect the
estimated incremental costs resulting from an agreed to mark-up on
costs for certain products to be manufactured and supplied by
Allergan. Similar estimated incremental costs have been included in
the three- and nine-month periods ended September 28, 2001.
(c) The six-month period ended June 28, 2002, included in the
nine-month period ended September 27, 2002, excludes duplicate
operating expenses of $8,282 associated with the Company's spin-off
from Allergan and includes an adjustment of $18,460 to reflect the
estimated incremental costs associated with being an independent
public company. Similar estimated incremental costs of $8,004 and
$23,930 have been included in the three- and nine-month periods ended
September 28, 2001, respectively. For comparability purposes, the
three- and nine-month periods ended September 28, 2001 exclude
goodwill amortization of $2,244 and $6,746, respectively. Amortization
of goodwill ceased effective January 1, 2002 upon the adoption of SFAS
No. 142.
(d) All periods presented exclude the unrealized non-cash
(gain)/loss on foreign currency derivative instruments. Additionally,
the six-month period ended June 28, 2002, included in the nine-month
period ended September 27, 2002, excludes early debt extinguishment
costs of $3,450 associated with the prepayment of debt in Japan with a
portion of the proceeds from the senior subordinated notes and senior
credit facility. The six-month period ended June 28, 2002, included in
the nine-month period ended September 27, 2002, and the three- and
nine-month periods ended September 28, 2001 include adjustments to
reflect the increase in estimated interest expense, including the
amortization of the original issue discount, and the amortization of
debt origination fees and expenses associated with the Company's
issuance of senior subordinated notes and the Company's credit
facility. Such adjustments were $8,877 in the six-month period ended
June 28, 2002 and $5,671 and $17,013 in the three- and nine-month
periods ended September 28, 2001, respectively.
The 2002 adjustment includes the benefit of interest rate swaps
entered into to hedge portions of the senior subordinated notes and
borrowing under the credit facility. The 2001 adjustments exclude any
benefit of the interest rate swaps as the Company was unable to
ascertain the rates that might have been attained if the interest rate
swaps had been in place during 2001.
(e) The three- and nine-month periods ended September 28, 2001 include
adjustments to reflect the estimated income tax rate applicable to the
Company on a stand-alone basis.
(f) The nine-month period ended September 28, 2001 excludes the
cumulative effect of the adoption of SFAS No. 133.
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