Brush Engineered Materials Inc. Reports Second Quarter Sales up 5% Compared to Prior Year; Second Quarter EPS $0.29.CLEVELAND Cleveland, former county, England Cleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and -- Brush Engineered Materials Brush Engineered Materials Inc. is a multinational company specializing in high performance engineered materials emphasizing the qualities of strength, reliability, miniaturization and weight savings, thermal dissipation, electrical conductivity and reflectivity. Inc. (NYSE NYSE See: New York Stock Exchange :BW) today reported second quarter sales were $134.7 million, up 5% compared to the second quarter of 2004. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one third of the sales increase for the quarter was due to higher metal prices. Second quarter 2005 was the tenth Tenth can mean: In mathematics:
The increase in sales for the second quarter of 2005 was primarily due to continued strength in the magnetic media and industrial components markets as well as sales of materials for the optical mirrors for NASA's James Webb Space Telescope This article or section documents a scheduled or expected spaceflight. Details may change as the launch date approaches or more information becomes available. and shipments of beryllium hydroxide Beryllium hydroxide is one of the few amphoteric metal hydroxides, capable of being an acid or a base under different conditions. For example, it dissolves in sodium hydroxide solution to give a colourless solution of sodium beryllate: 2NaOH(aq) + Be(OH)2 . Sales were negatively affected in the quarter by continued weakness in automotive electronics and in certain segments of the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and computer markets. Net income for the second quarter was $5.5 million or $0.29 per share 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. , down $1.1 million compared to $6.6 million or $0.38 per share diluted in the second quarter of 2004. The benefit of the higher sales was offset by an unfavorable product mix. In addition, higher copper prices, foreign currency exchange losses and a valuation adjustment of a financial derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. reduced earnings by approximately $1.6 million in the quarter. The unfavorable mix and higher copper prices were factors in the second quarter gross margins being 1.3 points below the second quarter of the prior year. For the first six months of the year sales were $265.0 million, up 4% compared to the same period of the prior year. The first half net income was $9.8 million or $0.51 per share diluted, down $0.5 million compared to net income of $10.3 million or $0.60 per share diluted for the first half of 2004. Product mix and higher copper prices have had a negative effect on first half net income. These factors offset the benefit of the higher sales volume. Business Segment Reporting Business segment reporting Reporting the results of the separate divisions or subsidiaries of a business. Metal Systems Group The Metal Systems Group consists of Alloy alloy (ăl`oi, əloi`) [O. Fr.,=combine], substance with metallic properties that consists of a metal fused with one or more metals or nonmetals. Products, Technical Materials, Inc. (TMI TMI Too Much Information TMI Three Mile Island TMI TRMM Microwave Imager TMI Transactions on Medical Imaging TMI Texas Military Institute TMI Teen Missions International TMI Tauber Manufacturing Institute ), Beryllium beryllium (bərĭl`ēəm) [from beryl ], metallic chemical element; symbol Be; at. no. 4; at. wt. 9.01218; m.p. about 1,278°C;; b.p. 2,970°C; (estimated); sp. gr. 1.85 at 20°C;; valence +2. Products and Brush brush a bushy tail in dogs. brush Cytology A disposible with synthetic 'whiskers', used to scrape cells from mucosal surfaces. See Endocervical brush. Resources Inc. The Metal Systems Group now includes Brush Resources Inc., our Utah mine and mill, which previously was classified in Other. This reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. better reflects how the operations are now managed. Brush Resources produces beryllium hydroxide, a raw material input for our beryllium businesses and for sale to external customers. Prior year results have been adjusted to reflect the change. The Metal Systems Group's second quarter sales were $78.5 million, 2% higher than second quarter 2004 sales of $77.1 million. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. sales of $158.0 million were 3% higher than sales of $153.1 million for the prior year. The Metal Systems Group had a second 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. of $3.5 million, up 24% from the second quarter of 2004. The operating profit for the first half of 2005 was $6.1 million versus $5.4 million for the first half of 2004. Operating profit for the second quarter and the first half was higher due to lower operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. which offset the negative effect of a weaker product mix. Alloy Products' 2005 second quarter sales of $51.1 million and first half sales of $103.7 million were down 7% and 3% respectively as compared to second quarter sales of $54.7 million and first half sales of $107.2 million for 2004. Alloy bulk sales were up 18% over the first half of 2004 driven by strength from the oil and gas, aerospace and heavy equipment markets. A significant portion of this growth is from new products. Strip products grew at a higher rate than the worldwide telecommunications and computer market growth in the first half of 2004, however, in the first half 2005 strip product sales were down 12% due principally to inventory levels being reduced at several customers which serve this market. In addition the automotive electronics market was weak during the first half of 2005, especially due to the U.S. "Big Three" automotive manufacturers being down significantly compared to the prior year. Although order entry has recently improved, sales to the automotive, telecommunications and computer markets will be affected by the normal third quarter domestic and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. seasonal factors. Therefore it is expected that Alloy Products' sales for the third quarter will be about flat with the second quarter 2005 sales but ahead of last year's third quarter. TMI's second quarter sales were $12.5 million, down 14% compared to the second quarter of 2004. Sales of $25.3 million for the first half of 2005 were down 11% compared to the first half of 2004. TMI sales have been negatively impacted throughout the first half of the year by weakness in the automotive electronics market. Sales related to the telecommunications and computer market, although weaker during the first half, are beginning to improve. In addition, TMI expects a positive impact from its new product initiatives. Beryllium Products' second quarter sales were $11.7 million and first half sales were $25.8 million, up 49% and 47% respectively compared to the same periods of last year. The majority of the strong sales growth during the first half was a result of sales of material for the optical mirrors for NASA's James Webb Space Telescope. It is anticipated that Beryllium Products' sales will be weaker in the second half due to a slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the defense segment and the expected lower second half sales of material for the Webb telescope telescope, traditionally, a system of lenses, mirrors, or both, used to gather light from a distant object and form an image of it. Traditional optical telescopes, which are the subject of this article, also are used to magnify objects on earth and in astronomy; . Brush Resources had external sales of beryllium hydroxide totaling $3.2 million in the first half of 2005, all of which occurred in the second quarter. There were no external sales of hydroxide hydroxide (hīdrŏk`sīd), chemical compound that contains the hydroxyl (−OH) radical. The term refers especially to inorganic compounds. in the first half of 2004. Product mix hurt margins in this segment's Alloy and TMI computer and telecommunications and automotive electronics businesses. Microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. Group The Microelectronics Group includes Williams Advanced Materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, Inc. (WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) and Electronic Products. The Microelectronics Group's sales for the second quarter of 2005 were $56.1 million, 9% above second quarter 2004 sales of $51.5 million. Sales for the first six months of 2005 were $107.0 million, 6% above 2004 first half sales of $101.4 million. Operating profit for the second quarter was $4.8 million, 1% below the second quarter of 2004. Operating profit year-to-date was $8.5 million, 17% below the first half 2004 operating profit of $10.3 million due to market shifts and related changes in mix which led to lower margins and differences in inventory valuations. WAM's 2005 second quarter sales were $49.8 million, 15% above second quarter 2004 sales of $43.5 million. WAM's sales for the first half were $94.0 million, 10% above the same period of last year. The sales growth in the second quarter and first half of 2005 is due to continued strong demand in magnetic media, performance film, semiconductor and the wireless photonic Dealing with light (photons). See photon and photonics. handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. markets. This strength is expected to continue throughout the remainder of the year. During the second quarter, WAM, through its subsidiary in the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. , purchased OMC OMC Organisation Mondiale du Commerce (French: WTO) OMC Organización Mundial del Comercio (Spanish: World Trade Organization) OMC Organização Mundial do Comércio Scientific Holdings Limited (OMCS OMCS Office of Motor Carrier Safety OMCS Office of the Minister for the Civil Service (United Kingdom) OMCS Senior Chief Opticalman (Naval Rating) ) of Limerick Limerick, city, Republic of Ireland Limerick, city (1991 pop. 56,083), seat of Co. Limerick, SW Republic of Ireland, at the head of the Shannon estuary. The city has a port with two docks. , Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. for approximately $4.0 million in cash. OMCS provides physical vapor deposition  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. material cleaning and reconditioning services to customers in the magnetic and optical data storage, semiconductor and other markets 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). .Electronic Products' second quarter sales were $6.3 million and first half sales were $13.0 million, down 21% and 18% respectively as compared to the second quarter and first half of 2004. Outlook As reported earlier, in the latter part of the first quarter the Company began to experience weakness in segments of its two largest markets, telecommunications and computer and automotive electronics. The market weakness continued through the second quarter and into the third quarter. In addition, while Asia remains strong, Europe has softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. , particularly in automotive electronics. The softness in these markets is, however, being offset in part by continued strength in the magnetic media, handset, semiconductor and industrial component markets. New product growth is also helping to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the weaker telecommunications
and computer and automotive electronics market conditions.New product opportunities remain encouraging. Although lead times are short and forecasting in this market environment continues to be difficult, we still expect the sales growth for the year to be in the 4% to 8% range. Second half 2005 sales are currently expected to be similar to the first half with an upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside or downside Downside The dollar amount by which the market or a stock has the potential to fall. Notes: You might hear someone say that the downside on stock XYZ is $10. What that means is that the stock could fall by this amount if things got bad. potential of 5%. Third quarter 2005 sales are currently expected to be in the range of 5% above or below the third quarter of the prior year and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: are expected to be similar. The third quarter of the prior year included a $1.0 million non-recurring gain related to the disposal of property. Chairman's Comments Commenting on the results, Gordon Gordon, river in W Tasmania, Australia, 125 mi (200 km) long. Flowing from mountains to the W coast, its main tributaries are the Franklin and Denison from the N, and Serpentine and Olga to the S. D. Harnett, Chairman 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. , stated, "I am pleased to report continued quarter-on-quarter sales growth for the tenth consecutive quarter. While I am disappointed in the weakness in several of our larger markets and the resulting impact on earnings, I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in pleased and encouraged by our efforts to broaden and diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our base, which when coupled with the introduction and continued development of new products, is leading to solid top line growth in those areas. We are committed in our efforts in these areas which are showing encouraging results and promising overall growth now and into 2006. We also are continuing to make good progress in our efforts to increase yield and productivity in our operations and reduce costs." 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. Portions of the content set forth in this document that are not statements of historical or current facts are forward-looking statements. The Company's actual future performance, including performance in the near term, may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors. These factors include, in addition to those mentioned elsewhere herein: --The global economy; --The condition of the markets the Company serves, whether defined geographically ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge or by segment, with the major market segments being telecommunications and computer, automotive electronic, magnetic and optical data storage, aerospace and defense, industrial components, and appliance A stand-alone hardware device or software environment dedicated to a specific task. See hardware appliance and software appliance. ; --The successful development and introduction of new products and applications; --Actual sales, operating rates Operating rate The percentage of total production capacity of a company, industry, or country that is being used. operating rate The portion of capacity at which a business operates. and margins in the third quarter 2005 and for the full year of 2005; --Changes in product mix and the financial condition of key customers; --The Company's success in implementing its strategic plans and the timely and successful completion of any capital projects; --Other financial factors, including cost and availability of materials, interest rates, exchange rates, tax rates, pension costs, energy costs, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. compliance cost and the cost and availability of insurance; --Changes in government regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. and the enactment of any new legislation that impacts the Company's obligations; --The uncertainties related to the impact of war and terrorist activities; and --The conclusion of pending 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 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 the Company's expectation that there will be no material adverse effects. Brush Engineered Materials Inc. is headquartered in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. . The Company, through its wholly-owned subsidiaries, supplies worldwide markets with beryllium products, alloy products, electronic products, precious metal products, and engineered material systems.
Brush Engineered Materials Inc.
Digest of Earnings
July 1, 2005
2005 2004
------------- -------------
Second Quarter
Net Sales $134,651,000 $128,639,000
Net Income $5,530,000 $6,571,000
Share Earnings - Basic $0.29 $0.39
Average Shares - Basic 19,224,298 16,704,568
Share Earnings - Diluted $0.29 $0.38
Average Shares - Diluted 19,351,865 17,127,698
Year-to-date
Net Sales $265,023,000 $254,501,000
Net Income $9,817,000 $10,324,000
Share Earnings - Basic $0.51 $0.62
Average Shares - Basic 19,210,887 16,661,099
Share Earnings - Diluted $0.51 $0.60
Average Shares - Diluted 19,374,139 17,107,295
Consolidated Balance Sheets
(Unaudited)
July 1, Dec. 31,
(Dollars in thousands) 2005 2004
----------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $11,206 $49,643
Accounts receivable 67,939 59,229
Inventories 101,664 95,271
Prepaid expenses 9,283 8,348
Deferred income taxes 531 275
--------- ---------
Total current assets 190,623 212,766
Other assets 8,785 14,876
Long-term deferred income taxes 658 928
Property, plant and equipment 547,828 540,937
Less allowances for depreciation,
depletion and impairment 374,483 363,318
--------- ---------
173,345 177,619
Goodwill 10,805 7,992
--------- ---------
$384,216 $414,181
========= =========
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt $10,973 $11,692
Current portion of long-term debt 636 19,209
Accounts payable 19,457 13,234
Other liabilities and accrued items 32,930 50,452
Unearned revenue - 7,789
Income taxes 1,008 1,591
--------- ---------
Total current liabilities 65,004 103,967
Other long-term liabilities 9,921 10,798
Retirement and post-employment benefits 56,044 49,729
Long-term debt 41,515 41,549
Shareholders' equity 211,732 208,138
--------- ---------
$384,216 $414,181
========= =========
See notes to consolidated financial statements.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands Second Quarter Ended First Half Ended
except share and per July 1, July 2, July 1, July 2,
share amounts) 2005 2004 2005 2004
---------------------------------------------- -----------------------
Net sales $134,651 $128,639 $265,023 $254,501
Cost of sales 105,545 99,198 207,340 195,483
----------- ----------- ----------- -----------
Gross margin 29,106 29,441 57,683 59,018
Selling, general and
administrative expense 18,933 19,161 37,634 38,208
Research and
development expense 1,295 1,098 2,536 2,366
Other-net 1,453 127 3,664 3,319
----------- ----------- ----------- -----------
Operating profit 7,425 9,055 13,849 15,125
Interest expense 1,646 2,389 3,268 4,607
----------- ----------- ----------- -----------
Income before income
taxes 5,779 6,666 10,581 10,518
Income taxes 249 95 764 194
----------- ----------- ----------- -----------
Net income $5,530 $6,571 $9,817 $10,324
=========== =========== =========== ===========
Per share of common
stock: basic $0.29 $0.39 $0.51 $0.62
Weighted average number
of common shares
outstanding 19,224,298 16,704,568 19,210,887 16,661,099
Per share of common
stock: diluted $0.29 $0.38 $0.51 $0.60
Weighted average number
of common shares
outstanding 19,351,865 17,127,698 19,374,139 17,107,295
See notes to consolidated financial statements.
Consolidated Statements of Cash Flows
(Unaudited)
First Half Ended
July 1, July 2,
(Dollars in thousands) 2005 2004
----------------------------------------------------------------------
Net income $9,817 $10,324
Adjustments to reconcile net income to net cash used
in operating activities:
Depreciation, depletion and amortization 10,680 12,025
Amortization of deferred financing costs in
interest expense 579 722
Derivative financial instrument ineffectiveness (94) (1)
Decrease (increase) in accounts receivable (8,785) (13,344)
Decrease (increase) in inventory (7,541) (12,923)
Decrease (increase) in prepaid and other current
assets 1,359 293
Increase (decrease) in accounts payable and accrued
expenses (7,894) 3,033
Increase (decrease) in unearned revenue (7,789) 1,254
Increase (decrease) in interest and taxes payable (1,969) (1,033)
Increase (decrease) in other long-term liabilities 1,348 (1,083)
Other - net 984 1,771
-------- --------
Net cash provided from (used in) operating
activities (9,305) 1,038
Cash flows from investing activities:
Payments for purchase of property, plant and
equipment (4,860) (2,959)
Payments for purchase of business less cash
received (3,982) -
Payments for mine development - (120)
Purchase of equipment previously held under
operating lease (448) -
Proceeds from sale of property, plant and equipment 45 15
Other investments - net (11) 14
-------- --------
Net cash used in investing activities (9,256) (3,050)
Cash flows from financing activities:
Proceeds from issuance/(repayment) of short-term
debt (673) 13,557
Proceeds from issuance of long-term debt - 24
Repayment of long-term debt (18,607) (8,629)
Issuance of common stock under stock option plans 364 2,381
-------- --------
Net cash provided from (used in) financing
activities (18,916) 7,333
Effects of exchange rate changes (960) (58)
-------- --------
Net change in cash and cash equivalents (38,437) 5,263
Cash and cash equivalents at beginning of period 49,643 5,062
-------- --------
Cash and cash equivalents at end of period $11,206 $10,325
======== ========
See notes to consolidated financial statements.
Notes to Consolidated Financial Statements
(Unaudited)
Note A - Accounting Policies
In management's opinion, the accompanying consolidated financial
statements contain all adjustments necessary to present fairly the
financial position as of July 1, 2005 and December 31, 2004 and the
results of operations for the second quarter and first half ended July
1, 2005 and July 2, 2004. All of the adjustments were of a normal and
recurring nature. Certain items in the prior year have been
reclassified to conform to the 2005 consolidated financial statement
presentation.
Note B - Inventories
July 1, Dec. 31,
(Dollars in thousands) 2005 2004
----------------------------------------------------------------------
Principally average cost:
Raw materials and supplies $24,521 $22,705
Work in process 79,976 77,438
Finished goods 29,981 27,538
--------- --------
Gross inventories 134,478 127,681
Excess of average cost over LIFO
Inventory value 32,814 32,410
--------- --------
Net inventories $101,664 $95,271
========= ========
Note C - Comprehensive Income (Loss)
The reconciliation between net income and comprehensive income (loss)
for the second quarter and first half ended July 1, 2005 and July 2,
2004 is as follows:
Second Quarter Ended First Half Ended
July 1, July 2, July 1, July 2,
(Dollars in thousands) 2005 2004 2005 2004
----------------------------------------------------------------------
Net income $5,530 $6,571 $9,817 $10,324
Cumulative translation adjustment (123) (356) (997) (131)
Change in the fair value of
derivative financial instruments 2,389 1,424 5,649 2,353
Minimum pension liability (11,138) - (11,138) -
---------- --------- -------- --------
Comprehensive income (loss) $(3,342) $7,639 $3,331 $12,546
========== ========= ======== ========
The $11.1 million charge to comprehensive loss in the second quarter
2005 for the minimum pension liability resulted from the remeasurement
of the domestic defined benefit pension plan.
Note D - Segment Reporting
Effective January 1, 2005, the operating results of Brush Resources
Inc. are included as part of the Metal Systems Group. Previously, the
operating results of Brush Resources were included as part of All
Other in the segment disclosures. Brush Resources sells beryllium
hydroxide, produced through its Utah operations, to outside customers
and to businesses within the Metal Systems Group. This change is more
reflective of how the Company's businesses are evaluated. The 2004
amounts presented below have been reclassified to reflect this change.
Metal Micro- Total All
(Dollars in thousands) Systems Electronics Segments Other Total
----------------------------------------------------------------------
Second Quarter 2005
-------------------
Revenues from external
customers $78,503 $56,148 $134,651 $- $134,651
Intersegment revenues 630 543 1,173 - 1,173
Operating profit (loss) 3,490 4,766 8,256 (831) 7,425
Second Quarter 2004
-------------------
Revenues from external
customers $77,129 $51,510 $128,639 $- $128,639
Intersegment revenues 856 391 1,247 - 1,247
Operating profit 2,809 4,804 7,613 1,442 9,055
First Half 2005
---------------
Revenues from external
customers $157,984 $107,039 $265,023 $- $265,023
Intersegment revenues 1,221 773 1,994 - 1,994
Operating profit (loss) 6,108 8,462 14,570 (721) 13,849
First Half 2004
---------------
Revenues from external
customers $153,087 $101,414 $254,501 $- $254,501
Intersegment revenues 2,070 687 2,757 - 2,757
Operating profit (loss) 5,407 10,293 15,700 (575) 15,125
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