Barnes & Noble Reports Third Quarter Earnings In-Line with Guidance; Affirms Full-Year Guidance; Completes Spin-Off of GameStop.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Barnes Barnes, former municipal borough, SE England. See Richmond upon Thames. & Noble, Inc. (NYSE NYSE See: New York Stock Exchange : BKS BKS Barracks BKS Best Kept Secret (gaming) BKS Bildung, Kultur Und Sport (German) BKS Brookside (city) BKS Bergen Kirurgiske Sykehus (Bergen, Norway) ), the world's largest bookseller, today reported sales and earnings for the third quarter ended October October: see month. 30, 2004. THIRD QUARTER RESULTS Barnes & Noble store sales were $894.9 million for the quarter, an increase of 4% over the prior year. Third quarter comparable store sales increased 0.9%. The company opened nine new Barnes & Noble stores and closed three locations ending the quarter with 663 stores. B. Dalton Dalton, city (1990 pop. 21,761), seat of Whitfield co., extreme NW Ga., in the Appalachian valley; inc. 1847. It is a highly industrialized city in a farm area. sales, which comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 3% of total bookstore sales, were $35.9 million for the quarter, a decrease of (19%) over the prior year, due primarily to store closings. The company closed seven stores ending the quarter with 176 stores. Third quarter comparable store sales decreased (3.3)%. Earnings for the bookstore business were $0.09 per share in the third quarter, versus guidance of $0.08 to $0.10 per share. Bookstore earnings were $0.10 per share in the year-ago period. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings per share for the bookstore business were $0.59 compared to $0.24 for the same period last year. "We are encouraged that we were able to achieve our sales goal for the third quarter in light of the challenging sales comparisons from last year," said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Riggio, chief executive officer of Barnes & Noble, Inc. "Sales of DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. , juvenile juvenile /ju·ve·nile/ (ju´vin-il) 1. pertaining to youth or childhood. 2. a youth or child; a young animal. 3. a cell or organism intermediate between immature and mature forms. and cafe products were especially encouraging while sales of bestsellers were soft owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de the difficult comparisons against last year's strong sales of bestselling bestselling adjective successful, top, hit (informal) smash (informal) flourishing, lucrative, smash-hit (informal) chart-topping (informal) moneymaking, number one, highly successful books." Barnes & Noble.com's third quarter sales on a pro-forma basis decreased 8% to $91.8 million, resulting in a net loss of ($6.4) million, or ($0.09) per share, versus guidance of ($0.08) to ($0.09) per share. In the year-ago period, net loss was ($0.11) per share on a pro-forma basis, as if Barnes & Noble.com was 100% owned in the prior year. Earlier today, GameStop GameStop Corporation (NYSE: GME), headquartered in Grapevine, Texas, a suburb of Dallas, is the world's largest video game and entertainment software retailer. The company operates over 4,900 retail stores throughout Japan, U.S. reported sales of $416.7 million for the quarter, an increase of 28% over the prior year period. Third quarter comparable store sales increased 11.8%. Barnes & Noble's portion of GameStop's third quarter earnings is based on a 59% ownership interest. Barnes & Noble's share of net earnings was $7.2 million, or $0.10 per share, for the quarter, versus guidance of $0.08 to $0.09 per share. Barnes & Noble's share of net earnings was $0.09 per share in the year-ago period. 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: net earnings for the third quarter were $7.6 million, or $0.10 per share, versus guidance of $0.07 to $0.11 per share. In the year-ago period, consolidated net earnings was $0.08 per share on a pro-forma basis, as if Barnes & Noble.com was 100% owned in the prior year. GUIDANCE The company reaffirms previously announced guidance for the fourth quarter and the full year. Consolidated earnings per share guidance is projected to be between $1.51 and $1.56 for the fourth quarter and $1.96 and $2.04 for the full year, excluding the second quarter debt redemption charge Redemption charge The commission a mutual fund charges an investor who is redeeming shares. For example, a 2% redemption charge (also called a back end load) on the sale of shares valued at $1000 will result in payment of $980 (or 98% of the value) to the investor. . Excluding GameStop, full-year earnings for the bookselling Book´sell`ing n. 1. The employment of selling books. segment is expected to grow approximately 30%, ranging from $1.78 to $1.84 per share, versus $1.41 per share on a pro-forma basis last year. GAMESTOP 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. The company also noted that Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , November November: see month. 12, 2004 was the distribution date for the spin-off of GameStop, the nation's largest video-game and entertainment software specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer. Today is the first day that Barnes & Noble and GameStop (NYSE: GME GME granulomatous meningoencephalitis. GME Graduate medical education, see there ) and (NYSE: GME.B) will trade only as separate public companies. A conference call with Barnes & Noble, Inc.'s senior management will be webcast beginning at 11:00 A.M. ET on Monday Monday: see week. , November 15, 2004, and is accessible at www.barnesandnobleinc.com/financials. The call will also be archived at www.fulldisclosure.com for one year. Barnes & Noble, Inc. will report holiday sales on January January: see month. 6, 2005. ABOUT BARNES & NOBLE, INC. Barnes & Noble, Inc. (NYSE: BKS), the world's largest bookseller and a Fortune 500 company, operates 839 bookstores in 50 states. For the third year in a row, the company is the nation's top retail brand for quality, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the EquiTrend(R) Brand Study by Harris Interactive Harris Interactive (NASDAQ: HPOL) is an American market research company that specializes in public opinion research using both telephone and surveys on online panels. The company is the product of a 1996 merger between the Gordon S. Black Company and Louis Harris & Associates. (R). Barnes & Noble conducts its online business through Barnes & Noble.com (www.bn.com), one of the Web's largest e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. sites and the number-one brand among e-commerce companies, according to the latest EquiTrend survey. In addition to its retail operations, Barnes & Noble is one of the largest book publishers in the world. Its subsidiary, Sterling Publishing, publishes over 1,300 new titles a year and has an active list of over 6,000 titles. General financial information on Barnes & Noble, Inc. can be obtained via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the by visiting the company's corporate Web site: http://www.barnesandnobleinc.com/financials. 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. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Barnes & Noble is including this statement for the express purpose of availing itself of the protections of the safe harbor provided by 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 with respect to all such forward-looking statements. These forward-looking statements are based on currently available information and represent the beliefs of the management of the company. These statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, general economic and market conditions, decreased consumer demand for the company's products, possible disruptions in the company's computer or telephone systems, possible work stoppages or increases in labor costs, possible increases in shipping rates or interruptions in shipping service, effects of competition, possible disruptions or delays in the opening of new stores or the inability to obtain suitable sites for new stores, higher than anticipated store closing or relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. costs, higher interest rates, the performance of the company's online and other initiatives, the successful integration of acquired businesses, unanticipated increases in merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain or occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal , unanticipated adverse 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. results or effects, product shortages, and other factors which may be outside of the company's control. Please refer to the company's annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially.
BARNES & NOBLE, INC. AND SUBSIDIARIES
Third Quarter Summary
($ in millions, except per share amounts)
13 weeks ended 39 weeks ended
----------------- -----------------
October November October November
30, 1, 30, 1,
2004 2003 2004 2003
--------- -------- ------- --------
Sales
Barnes & Noble Bookstores $950 926 2,933 2,768
Barnes & Noble.com (a) 92 18 268 18
--------- -------- ------- --------
Total Book operating segment 1,042 944 3,201 2,786
GameStop
Total Video Game operating
segment 417 326 1,134 953
--------- -------- ------- --------
Total sales 1,459 1,270 4,335 3,739
--------- -------- ------- --------
Operating profit (loss)
Barnes & Noble Bookstores 12 15 75 39
Barnes & Noble.com (a) (11) (2) (34) (2)
--------- -------- ------- --------
Total Book operating segment 1 13 41 37
GameStop
Total Video Game operating
segment 20 18 43 40
--------- -------- ------- --------
Total operating profit 21 31 84 77
--------- -------- ------- --------
Depreciation and amortization
Barnes & Noble Bookstores 32 32 93 97
Barnes & Noble.com (a) 6 1 19 1
--------- -------- ------- --------
Total Book operating segment 38 33 112 98
GameStop
Total Video Game operating
segment 9 8 26 21
--------- -------- ------- --------
Total depreciation and
amortization 47 41 138 119
--------- -------- ------- --------
EBITDA (Operating profit (loss) +
depreciation and amortization)
Barnes & Noble Bookstores 44 47 168 136
Barnes & Noble.com (a) (5) (1) (15) (1)
--------- -------- ------- --------
Total Book operating segment 39 46 153 135
GameStop
Total Video Game operating
segment (b) 18 16 43 38
--------- -------- ------- --------
Total EBITDA 57 62 196 173
--------- -------- ------- --------
EPS
Barnes & Noble Bookstores 0.09 0.10 0.59 0.24
Barnes & Noble.com (c) (0.09) (0.05) (0.31) (0.15)
--------- -------- ------- --------
Total Book operating segment - 0.05 0.28 0.09
GameStop
Total Video Game operating
segment (b) 0.10 0.09 0.22 0.22
--------- -------- ------- --------
Consolidated before debt
redemption charge 0.10 0.14 0.50 0.31
Debt redemption charge (d) - - (0.12) -
--------- -------- ------- --------
Consolidated GAAP EPS 0.10 0.14 0.38 0.31
--------- -------- ------- --------
Weighted average shares
outstanding 72,049 68,704 71,273 67,075
(a) Barnes & Noble.com has been consolidated since September 15,
2003.
(b) Based on Barnes & Noble, Inc.'s percentage ownership interest
in GameStop, approximately 63%.
(c) Results accounted for under the equity method through
September 15, 2003, and consolidated thereafter.
(d) One-time charge of $14.6 million associated with the
redemption of the convertible notes.
BARNES & NOBLE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(thousands of dollars, except per share data)
13 weeks ended 39 weeks ended
---------------------- -----------------------
October November October November
30, 1, 30, 1,
2004 2003 2004 2003
----------- ----------- ------------- -------------
Sales $1,459,014 1,270,072 4,334,889 3,738,920
Cost of sales
and occupancy 1,065,346 921,823 3,162,898 2,753,053
----------- ----------- ------------- -------------
Gross profit 393,668 348,249 1,171,991 985,867
----------- ----------- ------------- -------------
Selling and
administrative
expenses 323,608 273,063 942,610 782,920
Depreciation and
amortization 46,927 40,492 137,644 118,778
Pre-opening
expenses 2,384 3,186 7,637 7,146
----------- ----------- ------------- -------------
Operating
profit 20,749 31,508 84,100 77,023
Interest
expense, net (2,249) (5,430) (10,105) (14,783)
Debt redemption
charge - - (14,582) -
Equity in net
loss of Barnes
& Noble.com - (3,935) - (14,311)
----------- ----------- ------------- -------------
Income
before
taxes and
minority
interest 18,500 22,143 59,413 47,929
Income taxes 7,185 8,914 23,528 19,292
----------- ----------- ------------- -------------
Income
before
minority
interest 11,315 13,229 35,885 28,637
Minority
interest (3,673) (3,057) (7,892) (6,827)
----------- ----------- ------------- -------------
Net income 7,642 10,172 27,993 21,810
=========== =========== ============= =============
Income per
common share:
Basic $0.11 0.15 0.41 0.33
Diluted $0.10 0.14 0.38 0.31
Weighted average
common shares
outstanding
Basic 69,443,000 66,664,000 68,727,000 65,461,000
Diluted 72,049,000 68,704,000 71,273,000 67,075,000
Percentage of
sales:
Sales 100.0% 100.0% 100.0% 100.0%
Cost of sales
and occupancy 73.0% 72.6% 73.0% 73.6%
----------- ----------- ------------- -------------
Gross profit 27.0% 27.4% 27.0% 26.4%
----------- ----------- ------------- -------------
Selling and
administrative
expenses 22.2% 21.5% 21.7% 20.9%
Depreciation and
amortization 3.2% 3.2% 3.2% 3.2%
Pre-opening
expenses 0.2% 0.2% 0.2% 0.2%
----------- ----------- ------------- -------------
Operating
profit 1.4% 2.5% 1.9% 2.1%
Interest
expense, net -0.1% -0.4% -0.2% -0.4%
Debt redemption
charge 0.0% 0.0% -0.4% 0.0%
Equity in net
loss of Barnes
& Noble.com 0.0% -0.30% 0.0% -0.4%
----------- ----------- ------------- -------------
Income
before
taxes and
minority
interest 1.3% 1.7% 1.4% 1.3%
Income taxes 0.5% 0.7% 0.5% 0.5%
----------- ----------- ------------- -------------
Income
before
minority
interest 0.8% 1.0% 0.8% 0.8%
Minority
interest -0.3% -0.2% -0.2% -0.2%
----------- ----------- ------------- -------------
Net income 0.5% 0.8% 0.6% 0.6%
=========== =========== ============= =============
BARNES & NOBLE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(thousands of dollars, except per share data)
----------------------------------------------------------------------
October November January
30, 2004 1, 2003 31, 2004
---------------------------------
ASSETS
Current assets:
Cash and cash equivalents $185,871 136,671 487,200
Receivables, net 83,413 74,428 60,529
Merchandise inventories 1,810,561 1,920,266 1,526,156
Prepaid expenses and other current
assets 99,439 111,777 119,604
----------- ---------- ----------
Total current assets 2,179,284 2,243,142 2,193,489
----------- ---------- ----------
Property and equipment:
Land and land improvements 5,247 3,247 3,247
Buildings and leasehold
improvements 567,194 517,541 533,272
Fixtures and equipment 1,239,576 1,176,290 1,141,317
----------- ---------- ----------
1,812,017 1,697,078 1,677,836
Less accumulated depreciation and
amortization 1,104,069 1,034,071 991,187
----------- ---------- ----------
Net property and equipment 707,948 663,007 686,649
----------- ---------- ----------
Goodwill 600,632 572,206 509,244
Intangible assets, net 98,783 46,856 94,574
Other noncurrent assets 69,436 23,256 23,338
----------- ---------- ----------
Total assets $3,656,083 3,548,467 3,507,294
=========== ========== ==========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,075,802 1,162,014 858,068
Accrued liabilities 530,640 457,951 583,773
----------- ---------- ----------
Total current liabilities 1,606,442 1,619,965 1,441,841
----------- ---------- ----------
Long-term debt 245,000 311,600 300,000
Deferred income taxes 143,550 119,893 170,066
Other long-term liabilities 126,448 198,085 108,441
Minority interest 213,835 201,365 227,287
Shareholders' equity:
Common stock; $.001 par value;
300,000,000 shares authorized;
78,672,574, 76,100,493 and
76,854,856 shares issued,
respectively 79 76 77
Additional paid-in capital 969,976 884,645 914,319
Accumulated other comprehensive
loss (8,484) (10,961) (8,579)
Retained earnings 555,260 413,460 543,503
Treasury stock, at cost,
9,007,700, 8,807,700 and
8,807,700 shares, respectively (196,023) (189,661) (189,661)
----------- ---------- ----------
Total shareholders' equity 1,320,808 1,097,559 1,259,659
----------- ---------- ----------
Commitments and contingencies - - -
----------- ---------- ----------
Total liabilities and
shareholders' equity $3,656,083 3,548,467 3,507,294
=========== ========== ==========
BARNES & NOBLE, INC. AND SUBSIDIARIES
Third Quarter Summary
Pro Forma as if the Company Owned 100% of Barnes & Noble.com at the
Beginning of Fiscal 2003
($ in millions, except per share amounts)
13 weeks ended 39 weeks ended
----------------- -----------------
October November October November
30, 1, 30, 1,
2004 2003 2004 2003
--------- -------- ------- --------
Sales
Barnes & Noble Bookstores $950 926 2,933 2,768
Barnes & Noble.com (a) 92 99 268 275
-------- -------- ------- --------
Total Book operating segment 1,042 1,025 3,201 3,043
GameStop
Total Video Game operating
segment 417 326 1,134 953
-------- -------- ------- --------
Total sales 1,459 1,351 4,335 3,996
-------- -------- ------- --------
Operating profit (loss)
Barnes & Noble Bookstores 12 15 75 39
Barnes & Noble.com (a) (11) (12) (34) (41)
-------- -------- ------- --------
Total Book operating segment 1 3 41 (2)
GameStop
Total Video Game operating
segment 20 18 43 40
-------- -------- ------- --------
Total operating profit 21 21 84 38
-------- -------- ------- --------
Depreciation and amortization
Barnes & Noble Bookstores 32 32 93 97
Barnes & Noble.com (a) 6 6 19 20
-------- -------- ------- --------
Total Book operating segment 38 38 112 117
GameStop
Total Video Game operating
segment 9 8 26 21
-------- -------- ------- --------
Total depreciation and
amortization 47 46 138 138
-------- -------- ------- --------
EBITDA (Operating profit (loss) +
depreciation and amortization)
Barnes & Noble Bookstores 44 47 168 136
Barnes & Noble.com (a) (5) (6) (15) (21)
-------- -------- ------- --------
Total Book operating segment 39 41 153 115
GameStop
Total Video Game operating
segment (b) 18 16 43 38
-------- -------- ------- --------
Total EBITDA 57 57 196 153
-------- -------- ------- --------
EPS
Barnes & Noble Bookstores 0.09 0.10 0.59 0.24
Barnes & Noble.com (a) (0.09) (0.11) (0.31) (0.36)
-------- -------- ------- --------
Total Book operating segment - (0.01) 0.28 (0.12)
GameStop
Total Video Game operating
segment (b) 0.10 0.09 0.22 0.22
-------- -------- ------- --------
Consolidated before debt
redemption charge 0.10 0.08 0.50 0.10
Debt redemption charge (c) - - (0.12) -
-------- -------- ------- --------
Consolidated GAAP EPS 0.10 0.08 0.38 0.10
-------- -------- ------- --------
Weighted average shares
outstanding 72,049 68,704 71,273 67,075
(a) For pro forma purposes only, the company has included 100% of
the results of Barnes & Noble.com for all periods presented.
(b) Based on Barnes & Noble, Inc.'s percentage ownership
interest in GameStop, approximately 63%.
(c) One-time charge of $14.6 million associated with the
redemption of the convertible notes.
BARNES & NOBLE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
Pro Forma as if the Company Owned 100% of Barnes & Noble.com at the
Beginning of Fiscal 2003
(thousands of dollars, except per share data)
-------------------------------------------------------------------
13 weeks ended 39 weeks ended
---------------------- -----------------------
October November October November
30, 1, 30, 1,
2004 2003 2004 2003
----------- ----------- ------------- -------------
Sales $1,459,014 1,351,708 4,334,889 3,996,447
Cost of sales
and occupancy 1,065,346 984,916 3,162,898 2,954,459
------------- ----------- ------------ -------------
Gross profit 393,668 366,792 1,171,991 1,041,988
------------- ----------- ------------ -------------
Selling and
administrative
expenses 323,608 297,013 942,610 859,454
Depreciation
and
amortization 46,927 45,496 137,644 137,479
Pre-opening
expenses 2,384 3,186 7,637 7,146
------------- ----------- ------------ -------------
Operating
profit 20,749 21,097 84,100 37,909
Interest
expense, net (2,249) (5,416) (10,105) (14,683)
Debt redemption
charge - - (14,582) -
------------- ----------- ------------ -------------
Income
before
taxes and
minority
interest 18,500 15,681 59,413 23,226
Income taxes 7,185 6,072 23,528 8,965
------------- ----------- ------------ -------------
Income
before
minority
interest 11,315 9,609 35,885 14,261
Minority
interest (3,673) (3,057) (7,892) (6,827)
------------- ----------- ------------ -------------
Net income 7,642 6,552 27,993 7,434
============= =========== ============ =============
Income per
common share:
Basic $0.11 0.10 0.41 0.11
Diluted $0.10 0.08 0.38 0.10
Weighted
average common
shares
outstanding
Basic 69,443,000 66,664,000 68,727,000 65,461,000
Diluted 72,049,000 68,704,000 71,273,000 67,075,000
Percentage of
sales:
Sales 100.0% 100.0% 100.0% 100.0%
Cost of sales
and occupancy 73.0% 72.9% 73.0% 73.9%
------------- ----------- ------------ -------------
Gross profit 27.0% 27.1% 27.0% 26.1%
------------- ----------- ------------ -------------
Selling and
administrative
expenses 22.2% 22.0% 21.7% 21.5%
Depreciation
and
amortization 3.2% 3.4% 3.2% 3.4%
Pre-opening
expenses 0.2% 0.2% 0.2% 0.2%
------------- ----------- ------------ -------------
Operating
profit 1.4% 1.6% 1.9% 0.9%
Interest
expense, net -0.1% -0.4% -0.2% -0.3%
Debt redemption
charge 0.0% 0.0% -0.4% 0.0%
------------- ----------- ------------ -------------
Income
before
taxes and
minority
interest 1.3% 1.2% 1.3% 0.6%
Income taxes 0.5% 0.5% 0.5% 0.2%
------------- ----------- ------------ -------------
Income
before
minority
interest 0.8% 0.7% 0.8% 0.4%
Minority
interest -0.3% -0.2% -0.2% -0.2%
------------- ----------- ------------ -------------
Net income 0.5% 0.5% 0.6% 0.2%
============= =========== ============ =============
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