Arrow Electronics Posts Second Quarter Results Ahead of Wall Street Consensus --- Strong Cash Flow And Earnings ---.MELVILLE, N.Y. -- Arrow Electronics Arrow Electronics NYSE: ARW is a Fortune 500 company headquartered in Melville, New York. This company specializes in products and services of electronic components and computer products. , Inc. (NYSE NYSE See: New York Stock Exchange :ARW ARW Air Refueling Wing ARW Advanced Research Workshop ARW Associated Resume Writers ARW Army Ranger Wing (Irish Special Forces) ARW American Revolutionary War ARW Angle Random Walk ARW Aeroelastic Research Wing ) today reported second quarter 2005 net income of $58.4 million ($.50 and $.48 per share on a basic and 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. basis, respectively) on sales of $2.77 billion, compared with net income of $66.9 million ($.58 and $.55 per share on a basic and diluted basis, respectively) on sales of $2.68 billion in the second quarter of 2004. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses in the second quarter of 2005 was $63.1 million, compared to a use of cash of $37.5 million in the second quarter of 2004. The company's results for 2005 and 2004 include a number of items that impact their comparability. A description of these items is provided below together with a reconciliation under the heading "Certain Non-GAAP Financial Information". Excluding those items, net income for the quarter ended July July: see month. 1, 2005 would have been $65.4 million ($.56 and $.54 per share on a basic and diluted basis, respectively) and net income for the quarter ended June June: see month. 30, 2004 would have been $69.2 million ($.60 and $.57 per share on a basic and diluted basis, respectively). Wall Street consensus, as reported by First Call, was $.51 per share. 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: 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. of $123.6 million, excluding the items impacting comparability, was up 11% from $110.9 million in the first quarter. Operating income as a percentage of sales, excluding the previously mentioned items impacting comparability, increased by 40 basis points sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen and decreased 20 basis points year-on-year. "We again delivered strong results as we continue to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution on our strategies to drive sales growth and greater operating efficiencies," said William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack E. Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. , President and Chief Executive Officer of Arrow ARROW Australian Research Repositories Online to the World (Clayton, Vic, Australia) ARROW Active Resistance to the Roots of War ARROW Antiresonant Reflecting Optical Waveguide . "Our initiatives to streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. our organization, leverage our cost structure, and efficiently manage working capital continue to drive strong operating results and cash flow," added Mr. Mitchell. Worldwide components sales of $2.08 billion were essentially flat with the first quarter and up 2% from last year's second quarter. "The North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and Asia/Pacific components businesses posted solid sequential One after the other in some consecutive order such as by name or number. growth in sales and earnings", said Mr. Mitchell, "while in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). operating performance improved despite the
traditional seasonal decline in sales."Worldwide computer products sales of $691 million advanced 9% both sequentially and year-over-year. "Our North American Computer Products business again posted record sales, advancing 12% over both this year's first quarter and last year's second quarter," added Mr. Mitchell. "This marked our North American Computer Products business' 16th consecutive quarter of year-on-year growth in operating income." The company's results for the second quarter of 2005 and 2004 include a number of items outlined below that impact their comparability: --The company announced, during the first quarter of 2005, that it would be taking additional actions to better optimize optimize - optimisation the use of its mainframe mainframe Digital computer designed for high-speed data processing with heavy use of input/output units such as large-capacity disks and printers. They have been used for such applications as payroll computations, accounting, business transactions, information retrieval, , reduce real estate costs, be more efficient in its distribution centers, and to be more productive. These actions are expected to reduce costs by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $50 million per annum Per annum Yearly. with $40 million to be realized in 2005. Approximately $9 million of the expected 2005 cost reduction was achieved in the second quarter. The estimated net charges associated with these actions are expected to total approximately $7.5 million. In the second quarter of 2005, $4.8 million ($2.9 million net of related taxes or $.02 per share) of these charges were recorded. --During the second quarter of 2005, the company repurchased, through a series of transactions, $80.8 million accreted value accreted value The current value of an original-issue discount bond, taking into account imputed interest that has accumulated. of its zero coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. due in 2021, which could have been initially put to the company in February February: see month. 2006 ("convertible debentures"). The related loss on the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. , including the premium paid and the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of related deferred financing costs, aggregated $1.7 million ($1.0 million net of related taxes or $.01 per share). --At July 1, 2005, the company determined that an other-than-temporary decline in the fair value of an investment occurred, and, accordingly, the company recorded a loss on the 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. of an investment of $3.0 million ($.03 per share) 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 Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). Statement No. 115 and Emerging Issues Task Force Issue No. 03-1. --During the second quarter of 2004, the company recorded a 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). gain of $1.2 million ($1.9 million net of related taxes or $.02 and $.01 per share on a basic and diluted basis, respectively). --During the second quarter of 2004, the company repurchased, through a series of transactions, $141.7 million accreted value of its convertible debentures. The related loss on the repurchase, including the premium paid and the write-off of related deferred financing costs, aggregated $7.1 million ($4.2 million net of related taxes or $.04 and $.03 per share on a basic and diluted basis, respectively). "The components markets remain stable. Lead times are short, product is readily available, and customer ordering patterns have remained relatively consistent for several quarters", said Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. J. Reilly Reilly is a surname distinct from O'Reilly and Riley, and may refer to:
"We once again improved upon our industry leading levels of earnings, profitability and return on investment by our strategy of outperforming the market, operational excellence, continuous process improvement, and greater financial stability," said Mr. Mitchell, "and we remain committed to creating greater levels of value for our shareholders." SIX MONTH RESULTS Arrow's net income for the first six months of 2005 was $115.6 million ($.99 and $.96 per share on a basic and diluted basis, respectively) on sales of $5.5 billion, compared with net income of $96.4 million ($.87 and $.82 per share on a basic and diluted basis, respectively) on sales of $5.3 billion in the first six months of 2004. Net income for the first six months of 2005 includes the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. restructuring charges 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. , write-down of an investment, and charge associated with the loss on prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of debt. Additionally, during the first quarter of 2005, restructuring charges of $4.1 million ($2.6 million net of related taxes or $.02 per share) related to the aforementioned actions to be more efficient and productive, a loss on prepayment of debt of $.4 million ($.2 million net of related taxes) on the repurchase of $13.2 million accreted value of its convertible debentures, and an acquisition indemnification Indemnification Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from credit of $1.7 million ($1.3 million net of related taxes or $.01 per share on a basic basis) were recorded. Net income for the first six months of 2004 includes the aforementioned restructuring gain and charges associated with the loss on prepayment of debt. Additionally, during the first quarter of 2004, restructuring charges of $8.8 million ($6.5 million net of related taxes or $.06 and $.05 per share on a basic and diluted basis, respectively) were recorded. Also, the company repurchased, through a series of transactions, $250.0 million principal amount of its 8.7% senior notes due in October October: see month. 2005 and $91.9 million accreted value of its convertible debentures. As a result of these repurchases, a loss on prepayment of debt of $23.7 million ($14.2 million net of related taxes or $.13 and $.12 per share on a basic and diluted basis, respectively) was recorded in the first quarter of 2004. Excluding these items, net income would have been $124.1 million ($1.06 and $1.03 per share on a basic and diluted basis, respectively) and $119.4 million ($1.08 and $1.01 per share on a basic and diluted basis, respectively) for the first six months of 2005 and 2004,respectively. Arrow Electronics is a major global provider of products, services, and solutions to industrial and commercial users of electronics components and computer products. Headquartered in Melville, New York Melville is a hamlet and census-designated place in the town of Huntington in Suffolk County on Long Island, New York, in the United States. As of the 2000 census, 14,533 people resided there. , Arrow serves as a supply channel partner for nearly 600 suppliers and 150,000 original equipment manufacturers, contract manufacturers, and commercial customers through a global network of more than 200 locations in 53 countries and territories. Certain Non-GAAP Financial Information In addition to disclosing results that are determined in accordance with Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "), the company provides certain non-GAAP financial information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc operating income, net income and net income per basic and diluted share, each as adjusted for certain charges, credits and losses that the company believes impact the comparability of its results of operations. These charges, credits and losses arise out of the company's acquisitions of other companies, the company's efficiency enhancement initiatives, the prepayment of debt, and the write-down of an investment. Reconciliations of the company's non-GAAP financial information to GAAP are set forth in the table below. The company believes that such non-GAAP financial information is useful to investors to assist in assessing and understanding the company's operating performance and underlying trends in the company's business because management considers the charges, credits and losses referred to above to be outside the company's core operating results. This non-GAAP financial information is among the primary indicators management uses as a basis for evaluating the company's financial and operating performance. In addition, the company's Board of Directors may use this non-GAAP financial information in evaluating management performance and setting management compensation. The presentation of this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for, or alternative to, operating income, net income and net income per basic and diluted share determined in accordance with GAAP. Analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with, data presented in accordance with GAAP.
ARROW ELECTRONICS, INC.
EARNINGS RECONCILIATION
(In thousands except per share data)
Three Months Ended Six Months Ended
July 1, June 30, July 1, June 30,
2005 2004 2005 2004
------- -------- ------- ---------
Operating income, as reported $118,758 $127,933 $227,251 $225,696
Acquisition indemnification
credit - - (1,672) -
Restructuring charges (gain) 4,847 (1,241) 8,885 7,577
-------------------- --------- ---------
Operating income, as adjusted $123,605 $126,692 $234,464 $233,273
==================== ========= =========
Net income, as reported $ 58,449 $ 66,859 $115,640 $ 96,384
Acquisition indemnification
credit - - (1,267) -
Restructuring charges (gain) 2,925 (1,914) 5,458 4,581
Loss on prepayment of debt 1,035 4,216 1,247 18,407
Write-down of investment 3,019 - 3,019 -
-------------------- --------- ---------
Net income, as adjusted $ 65,428 $ 69,161 $124,097 $119,372
==================== ========= =========
Net income per basic share, as
reported $ .50 $ .58 $ .99 $ .87
Acquisition indemnification
credit - - (.01) -
Restructuring charges (gain) .02 (.02) .04 .04
Loss on prepayment of debt .01 .04 .01 .17
Write-down of investment .03 - .03 -
-------------------- --------- ---------
Net income per basic share, as
adjusted $ .56 $ .60 $ 1.06 $ 1.08
==================== ========= =========
Net income per diluted share,
as reported* $ .48 $ .55 $ .96 $ .82
Restructuring charges (gain) .02 (.01) .03 .04
Loss on prepayment of debt .01 .03 .01 .15
Write-down of investment .03 - .03 -
-------------------- --------- ---------
Net income per diluted share,
as adjusted $ .54 $ .57 $ 1.03 $ 1.01
==================== ========= =========
A[micro] * In computing net income per diluted share for the three and six
months ended July 1, 2005, net income was increased by $1,553 and
$3,226, respectively, for interest (net of taxes) related to the zero
coupon convertible debentures ("convertible debentures") which are
dilutive common stock equivalents. In addition, the diluted weighted
average number of shares outstanding for the three and six months
ended July 1, 2005 includes 5,883 shares and 6,195 shares,
respectively, related to the convertible debentures.
A[micro] In computing net income per diluted share for the three and six
months ended June 30, 2004, net income was increased by $2,536 and
$5,906, respectively, for interest (net of taxes) related to the
convertible debentures which are dilutive common stock equivalents. In
addition, the diluted weighted average number of shares outstanding
for the three and six months ended June 30, 2004 includes 9,892 shares
and 11,659 shares, respectively, related to the convertible
debentures.
A[micro] Safe Harbor
A[micro] The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements. This press release
contains forward-looking statements that are subject to certain risks
and uncertainties which could cause actual results or facts to differ
materially from such statements for a variety of reasons including,
but not limited to: industry conditions, changes in product supply,
pricing, and customer demand, competition, other vagaries in the
computer and electronic components markets, changes in relationships
with key suppliers, the effects of additional actions taken to lower
costs, the ability of the company to generate additional cash flow and
the other risks described from time to time in the company's reports
to the Securities and Exchange Commission (including the company's
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q).
Forward-looking statements are those statements, which are not
statements of historical fact. You can identify these forward-looking
statements by forward-looking words such as "expects," "anticipates,"
"intends," "plans," "may," "will," "believes," "seeks," "estimates,"
and similar expressions. Shareholders and other readers are cautioned
not to place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. The company
undertakes no obligation to update publicly or revise any
forward-looking statements.
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands except per share data)
Three Months Ended Six Months Ended
July 1, June 30, July 1, June 30,
2005 2004 2005 2004
---------- --------- ---------- ------------
Sales $2,767,547 $2,678,290 $5,494,418 $ 5,304,248
---------- ----------- ----------- ------------
Costs and expenses:
Cost of products sold 2,326,214 2,227,256 4,620,856 4,429,994
Selling, general and
administrative
expenses 304,235 310,379 613,078 611,892
Depreciation and
amortization 13,493 13,963 26,020 29,089
Acquisition
indemnification
credit - - (1,672) -
Restructuring charges
(gain) 4,847 (1,241) 8,885 7,577
----------- ---------- ----------- ------------
2,648,789 2,550,357 5,267,167 5,078,552
----------- ---------- ----------- ------------
Operating income 118,758 127,933 227,251 225,696
Equity in earnings of
affiliated companies 562 901 1,640 1,346
Loss on prepayment of
debt 1,731 7,051 2,086 30,781
Write-down of
investment 3,019 - 3,019 -
Interest expense, net 24,375 24,493 48,475 55,213
----------- ---------- ----------- ------------
Income before income
taxes and minority
interest 90,195 97,290 175,311 141,048
Provision for income
taxes 31,627 30,000 59,371 44,082
----------- ---------- ----------- ------------
Income before minority
interest 58,568 67,290 115,940 96,966
Minority interest 119 431 300 582
----------- ---------- ----------- ------------
Net income $ 58,449 $ 66,859 $ 115,640 $ 96,384
========== =========== =========== ============
Net income per share:
Basic $ .50 $ .58 $ .99 $ .87
========== =========== =========== ============
Diluted $ .48 $ .55 $ .96 $ .82
========== =========== =========== ============
Average number of
shares outstanding:
Basic 117,009 114,917 116,604 110,764
Diluted 124,241 126,698 124,136 124,198
This interim report is subject to independent audit at year-end.
ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
July 1, December 31,
2005 2004
------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 616,213 $ 305,294
Short-term investments - 158,600
----------- -----------
Total cash and short-term investments 616,213 463,894
Accounts receivable, net 2,118,510 1,984,122
Inventories 1,359,081 1,486,478
Prepaid expenses and other assets 100,060 93,039
----------- -----------
Total current assets 4,193,864 4,027,533
----------- -----------
Property, plant and equipment at cost:
Land 38,507 40,340
Buildings and improvements 170,147 184,344
Machinery and equipment 409,779 418,721
----------- -----------
618,433 643,405
Less: accumulated depreciation and
amortization (386,453) (380,422)
----------- -----------
Property, plant and equipment, net 231,980 262,983
----------- -----------
Investments in affiliated companies 34,353 34,302
Cost in excess of net assets of companies
acquired 921,770 974,285
Other assets 200,079 209,998
----------- -----------
Total assets $5,582,046 $5,509,101
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,451,602 $1,261,971
Accrued expenses 391,022 395,955
Short-term borrowings, including current
portion of long-term debt 229,658 8,462
----------- -----------
Total current liabilities 2,072,282 1,666,388
----------- -----------
Long-term debt 1,160,921 1,465,880
Other liabilities 177,369 182,647
Shareholders' equity:
Common stock, par value $1:
Authorized - 160,000 shares in 2005 and 2004
Issued - 118,272 shares in 2005 and 117,675
in 2004 118,272 117,675
Capital in excess of par value 809,241 797,828
Retained earnings 1,261,446 1,145,806
Foreign currency translation adjustment 7,904 190,595
----------- -----------
2,196,863 2,251,904
Less: Treasury stock (294 and 1,374 shares
in
2005 and 2004, respectively), at cost (7,861) (36,735)
Unamortized employee stock awards (2,626) (3,738)
Other (14,902) (17,245)
----------- -----------
Total shareholders' equity 2,171,474 2,194,186
----------- -----------
Total liabilities and shareholders'
equity $5,582,046 $5,509,101
=========== ===========
This interim report is subject to independent audit at year-end.
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Six Months Ended
---------------------
July 1, June 30,
2005 2004
---------- ---------
Cash flows from operating activities:
Net income $ 115,640 $ 96,384
---------- ----------
Adjustments to reconcile net income to net
cash provided by (used for) operations:
Minority interest 300 582
Depreciation and amortization 26,020 29,089
Accretion of discount on convertible
debentures 5,395 9,880
Amortization of deferred financing costs
and discount
on notes 1,885 2,807
Amortization of restricted stock and
performance awards 3,010 5,936
Equity in earnings of affiliated companies (1,640) (1,346)
Deferred income taxes 705 1,568
Acquisition indemnification credit, net of
taxes (1,267) -
Restructuring charges, net of taxes 5,458 4,581
Loss on prepayment of debt, net of taxes 1,247 18,407
Write-down of investment 3,019 -
Change in assets and liabilities, net of
effects of acquired businesses:
Accounts receivable (207,839) (234,862)
Inventories 79,457 (191,974)
Prepaid expenses and other assets (6,123) (3,940)
Accounts payable 221,484 96,452
Accrued expenses (30,513) (567)
Other (124) 7,176
---------- ----------
Net cash provided by (used for) operating
activities 216,114 (159,827)
---------- ----------
Cash flows from investing activities:
Acquisition of property, plant and equipment,
net (4,564) (3,055)
Cash consideration paid for acquired
businesses (2,461) (12,179)
Proceeds from note receivable - 8,333
Purchase of short-term investments (230,456) (178,836)
Proceeds from sale of short-term investments 389,056 178,836
Other 3,711 (286)
---------- ----------
Net cash provided by (used for) investing
activities 155,286 (7,187)
---------- ----------
Cash flows from financing activities:
Change in short-term borrowings 9,493 (1,213)
Change in long-term debt (1,936) (947)
Repurchase of senior notes - (268,399)
Repurchase of convertible debentures (94,501) (241,790)
Proceeds from common stock offering - 312,789
Proceeds from exercise of stock options 35,563 12,701
---------- ----------
Net cash used for financing activities (51,381) (186,859)
---------- ----------
Effect of exchange rate changes on cash (9,100) 3,416
---------- ----------
Net increase (decrease) in cash and cash
equivalents 310,919 (350,457)
Cash and cash equivalents at beginning of period 305,294 612,404
---------- ----------
Cash and cash equivalents at end of period $ 616,213 $ 261,947
========== ==========
This interim report is subject to independent audit at year-end.
ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
Three Months Ended Six Months Ended
July 1, June 30, July 1, June 30,
2005 2004 2005 2004
----------- ---------- ---------- -----------
Sales:
Components $2,076,935 $2,043,329 $4,171,678 $4,077,182
Computer Products 690,612 634,961 1,322,740 1,227,066
----------- ----------- ----------- -----------
Consolidated $2,767,547 $2,678,290 $5,494,418 $5,304,248
=========== =========== =========== ===========
Operating income:
Components $ 105,550 $ 119,882 $ 201,297 $ 230,322
Computer Products 40,673 31,694 76,357 52,312
Corporate (a) (27,465) (23,643) (50,403) (56,938)
----------- ----------- ----------- -----------
Consolidated $ 118,758 $ 127,933 $ 227,251 $ 225,696
=========== =========== =========== ===========
(a) Includes restructuring charges of $4.8 million for the three
months ended July 1, 2005, a restructuring gain of $1.2 million
for the three months ended June 30, 2004, an acquisition
indemnification credit of $1.7 million and restructuring charges
of $8.9 million for the six months ended July 1, 2005, and
restructuring charges of $7.6 million for the six months ended
June 30, 2004.
This interim report is subject to independent audit at year-end
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