Carlisle Companies Reports a 30% Increase in Second Quarter Income from Continuing Operations and Increases Full Year Guidance.CHARLOTTE, N.C. -- Carlisle Carlisle, city, England Carlisle, city (1991 pop. 72,006) and district, Cumbria, NW England, near the junction of the Caldew, Eden, and Petteril rivers. The city of Carlisle is an important rail center. Companies Incorporated (NYSE NYSE See: New York Stock Exchange :CSL (Computerese as a Second Language) Said of people who love to speak high-tech words even though they often use them erroneously. See TLA. 1. CSL - Computer Structure Language. A computer hardware description language, written in BCPL. ) reported income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $54.6 million, or $1.76 per 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. share, for the quarter ended June June: see month. 30, 2006, an increase of 30% above $42.1 million, or $1.34 per diluted share, for the second quarter of 2005. Earnings before interest and income taxes ("EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ") for the second quarter of 2006 was $84.2 million or 12.2% expressed as a percent of 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 . EBIT for the second quarter of 2005 was $66.0 million or 11.1% expressed as a percent of sales. Richmond Richmond, cities, United States Richmond. 1 City (1990 pop. 87,425), Contra Costa co., W Calif., on San Pablo Bay, an inlet of San Francisco Bay; inc. 1905. McKinnish, Carlisle 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. , commented, "The second quarter of 2006 met our expectations. We continue to see strength in many of our end markets; therefore, we are increasing our guidance for income from continuing operations for the full year 2006 to the range of $5.25 to $5.45 per diluted share from the previous range of $5.00 to $5.20 per diluted share." Net sales of $692.7 million in the second quarter of 2006 were $101.1 million, or an increase of 17%, as compared to net sales of $591.6 million in the second quarter of 2005. Organic sales growth accounted for $84.1 million, or 83%, of the improvement over the prior-year quarter, primarily as a result of strong organic growth in the Construction Materials segment and the Diversified diversified (di·verˑ·s Components segment. The organic sales growth rate was 14.2% for the second quarter of 2006 as compared to an organic growth rate of 9.6% for the second quarter 2005. Acquisitions in the Diversified Components segments accounted for $13.4 million, or 13%, of the growth over the second quarter of 2005, while changes in foreign currency exchange rates contributed $3.6 million, or 4%. Construction Materials: Net sales of $292.9 million in the second quarter of 2006 were 29% above $227.9 million of net sales in the second quarter of 2005 primarily related to higher volumes of TPO (Twisted Pair Only) Refers to the use of twisted pair wire when other options are available. For example, a TPO suffix at the end of 3com Ethernet adapter model numbers indicates the card has only an RJ45 connector. (thermoplastic A polymer material that turns to liquid when heated and becomes solid when cooled. There are more than 40 types of thermoplastics, including acrylic, polypropylene, polycarbonate and polyethylene. polyolefin polyolefin synthetic material used for surgical sutures, e.g. in polyethylene and polypropylene sutures. ) membrane membrane, structure composed mostly of lipid and protein that forms the external boundary of cells and of major structures within cells. Membrane organization is based on a sheet two molecules thick—a double layer of lipids aligned with their long hydrocarbon and insulation insulation (ĭn'səlā`shən, ĭn'sy  –), use of materials or devices to inhibit or prevent the conduction of heat or of electricity. reflecting
Carlisle's expanded geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. reach within the U.S. and focus on total system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. . Second quarter 2006 EBIT of $46.6 million was 20% above second quarter 2005 EBIT of $38.8 million. Prior year results included pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gains of $1.3 million on the sale of property and $1.3 million of insurance proceeds related to a fire at a small coatings and waterproofing plant that occurred in 2002. Segment EBIT for the second quarter of 2006 and 2005 included earnings related to the Company's equity share of income at its European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. roofing joint venture, Icopal, of $0.7 million and $0.6 million, respectively. Industrial Components: Net sales of $214.7 million for the three months ended June 30, 2006 represented a 3% increase over net sales of $209.2 million for the same period in 2005. The tire and wheel business increased revenues on higher commercial outdoor power equipment, ATV (1) (Advanced TV) An early name for the digital TV standard proposed by the Advisory Committee on Advanced Television Service (ACATS). See ACATS. See also ATV Forum. (2) (Analog TV) Refers to the NTSC, PAL and SECAM analog TV standads. (all-terrain vehicles all-ter·rain vehicle n. Abbr. ATV A small, open motor vehicle having one seat and three or more wheels fitted with large tires. It is designed chiefly for recreational use over roadless, rugged terrain. ) and high speed trailer In communications, a code or set of codes that make up the last part of a transmitted message. See trailer label. tire sales as well as increased sales to the replacement market. Improvement in the tire and wheel business was slightly offset by lower sales in the power transmission belt business driven by reduced volumes for the agricultural market. EBIT of $23.4 million in the second quarter of 2006 was 18% above EBIT of $19.8 million reported in the same quarter of 2005. Earnings in the current-year quarter included a $5.6 million gain resulting from the curtailment Curtailment The act of contracting or reducing operations of a company in the hope of bringing it financial or operational stability. This management technique is often used when a company has grown too fast and is unable to effectively manage its operations. of certain retiree medical benefits and $1.5 million of proceeds related to certain legal actions initiated by the Company. Negatively impacting results in the second quarter of 2006 were charges of $1.3 million related to a lease termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. and $1.2 million related to the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of certain assets at the closed Red Wing, MN facility. Earnings in the prior year included $3.6 million related to certain legal actions. Diversified Components: Net sales of $185.1 million in the second quarter of 2006 were 20% higher than net sales of $154.5 million for the same period of 2005 while EBIT in the second quarter of 2006 of $21.5 million was 41% higher than EBIT of $15.3 million in the second quarter of 2005. Results for the current-year quarter were negatively impacted by pre-tax charges of $2.5 million related to an arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the proceeding concerning the termination of a supply agreement in the Company's high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" wire and cable business. Strong demand in the 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. trailer business and the wire and cable business, as well as acquisitions in the two brake businesses accounted for a significant portion of the increase in net sales. The Company's refrigerated re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. truck body business also experienced favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. comparisons to the prior year, which was negatively impacted by a labor dispute in 2005. Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. In the fourth quarter of 2005, the Company announced it was exiting the businesses of Carlisle Systems & Equipment which include Carlisle Process Systems and the Walker Group. On April 10, 2006, Carlisle announced it had signed a definitive agreement to sell Carlisle Process Systems to Tetra Pak Tetra Pak is a multinational food processing and packaging company of Swedish origin. It was founded in 1951 in Lund, Sweden by Ruben Rausing and Erik Wallenberg. The company is part of the Tetra Laval group which also includes Sidel- who specialise in PET bottles- and DeLaval, a , a division of the Tetra Laval Tetra Laval is a private industrial group of Swedish origin headquartered in Switzerland. The Tetra Laval Group consists of the three independent industry groups: Tetra Pak, DeLaval & Sidel. Altogether, the Group employs close to 30,200 people. Group, a private industrial group headquartered in Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. . The sale of the Carlisle Process Systems businesses is subject to 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. approvals as well as other customary closing conditions. The Company is actively marketing the Walker Group businesses. The sale of Carlisle Process Systems and the Walker Group businesses are expected to be completed by December December: see month. 31, 2006. Income from discontinued operations, net of tax, in the second quarter of 2006 was $1.4 million as compared to losses from discontinued operations in the second quarter of 2005 of $7.4 million. Net Income Net income for the second quarter ended June 30, 2006 of $56.0 million, or $1.80 per diluted share, was 61% higher than net income in the second quarter ended June 30, 2005 of $34.7 million, or $1.11 per diluted share. The increase in net income for the second quarter 2006 was due primarily to the improved income from continuing operations as well as the second quarter 2005 including the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. losses from discontinued operations. Cash Flow Cash provided by continuing operations of $55.7 million for the six months ended June 30, 2006 was significantly stronger than $19.8 million provided in the first half of 2005 due primarily to increased 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. and a reduction in cash required to fund working capital levels. Cash used in investing activities was $46.9 million in 2006 compared to $46.1 million in 2005. Capital expenditures of $50.9 million in the first half of 2006 were comparable to capital expenditures of $50.7 million in the first six months of 2005 with the Construction Materials segment representing the majority of the expenditures for both periods. Cash used in financing activities of $15.1 million in the six months ended June 30, 2006 compared to cash provided by financing activities of $41.9 million in the first half of 2005. The year-over-year change in financing cash flow is due primarily to a reduction in short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings in 2006 on stronger cash flow from operating activities. Financing cash flows in 2005 included the use of $16.4 million to purchase 200,000 shares of common stock. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. Backlog from continuing operations at June 30, 2006 of $269.9 million was below the backlog of $295.4 million at March 31, 2006 and slightly higher than the backlog of $261.3 million at June 30, 2005. Increased backlog for the Construction Materials segment was more than offset by decreased backlog in the Industrial Components segment reflecting the seasonality of the lawn and garden market. Conference Call and Webcast The Company will discuss second quarter 2006 results on a conference call for investors on Tuesday Tuesday: see week. , July July: see month. 25, 2006 at 11:00 a.m. Eastern. The call may be accessed live at http://www.carlisle.com/investors/conference_call.html, or the taped call may be listened to shortly following the live call at the same website location until August 8, 2006. A PowerPoint A presentation graphics program from Microsoft for Macintosh and Windows. It was the first desktop presentation program for the Mac and provides the ability to create output for overheads, handouts, speaker notes and film recorders. presentation will also be available for viewing and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. printing at the same website location. 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 news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Actual results may differ materially from these expectations due to changes in global economic, business, competitive, market and regulatory factors. More detailed information about these factors is contained in the Company's filings with the Securities and Exchange Commission. The Company undertakes no duty to update forward-looking statements. Carlisle is a diversified global manufacturing company serving the construction materials, commercial roofing, specialty tire and wheel, power transmission, heavy-duty heav·y-dut·y adj. Made to withstand hard use or wear. heavy-duty Adjective made to withstand hard wear, bad weather, etc. Adj. 1. brake and friction, heavy-haul truck trailer, foodservice The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. , and data transmission industries.
CARLISLE COMPANIES INCORPORATED
Financial Results
For the periods ended June 30
(In millions, except per share data)
(Unaudited)
Second Quarter Six Months
------------------------- ---------------------------
2006 2005* % Change 2006 2005* % Change
------------------------- ---------------------------
Net sales $692.7 $591.6 17% $1,313.8 $1,129.3 16%
Income from continuing
operations, net
of tax $54.6 $42.1 30% $93.7 $70.8 32%
Income (loss)
from discontinued
operations,
net of tax 1.4 (7.4) NM 3.5 (7.9) NM
---------------- ------------------
Net income $56.0 $34.7 62% $97.2 $62.9 54%
================ ==================
Basic earnings per share
Continuing
operations $1.78 $1.36 31% $3.07 $2.29 34%
Discontinued
operations 0.05 (0.24) NM 0.11 (0.26) NM
---------------- ------------------
Net income $1.83 $1.12 63% $3.18 $2.03 57%
================ ==================
Diluted earnings per share
Continuing
operations $1.76 $1.34 31% $3.02 $2.26 34%
Discontinued
operations 0.04 (0.23) NM 0.12 (0.25) NM
---------------- ------------------
Net income $1.80 $1.11 62% $3.14 $2.01 56%
================ ==================
SEGMENT FINANCIAL DATA (Continuing Operations)
(In millions)
Second Quarter 2006 2005*
------------------------- ---------------------------
Sales EBIT % Sales Sales EBIT % Sales
------------------------- ---------------------------
Construction
Materials $292.9 $46.6 15.9% $227.9 $38.8 17.0%
Industrial
Components 214.7 23.4 10.9% 209.2 19.8 9.5%
Diversified
Components 185.1 21.5 11.6% 154.5 15.3 9.9%
---------------- ------------------
Subtotal 692.7 91.5 13.2% 591.6 73.9 12.5%
Corporate - (7.3) - (8.0)
---------------- ------------------
Total $692.7 $84.2 12.2% $591.6 $65.9 11.1%
================ ==================
Six Months 2006 2005*
------------------------- ---------------------------
Sales EBIT % Sales Sales EBIT % Sales
------------------------- ---------------------------
Construction
Materials $520.8 $78.9 15.1% $399.4 $53.4 13.4%
Industrial
Components 438.8 45.2 10.3% 431.3 44.6 10.3%
Diversified
Components 354.2 39.2 11.1% 298.6 29.3 9.8%
---------------- ------------------
Subtotal 1,313.8 163.3 12.4% 1,129.3 127.3 11.3%
Corporate - (16.5) - (15.1)
---------------- ------------------
Total $1,313.8 $146.8 11.2% $1,129.3 $112.2 9.9%
================ ==================
* 2005 figures have been revised to reflect discontinued operations
and conform with the 2006 segment presentation.
NM = Not Meaningful
CARLISLE COMPANIES INCORPORATED
Supplemental Financial Information
For the periods ended June 30
(Unaudited)
Income from continuing operations of $1.76 per diluted share for the
second quarter of 2006 and $1.34 for the second quarter of 2005
included the following items on a per diluted share basis:
Second Second
Quarter Quarter
2006 2005
-------- --------
Consolidated:
Tax benefit related to U.S. federal tax audit $0.04 $-
Construction Materials segment:
Gain on sale of property 0.03
Gain on insurance proceeds 0.03
Industrial Components:
Curtailment gain on retiree medical benefits 0.12
Award for arbitration proceedings concerning 0.03 0.08
termination of a supply agreement
Lease termination costs (0.03)
Asset impairment charges on closed facility (0.03)
Diversified Components:
Legal settlement on supply agreement (0.06)
-------- --------
$0.07 $0.14
======== ========
CARLISLE COMPANIES INCORPORATED
Consolidated Statement of Earnings
For the periods ended June 30
(In thousands except per share data)
(Unaudited)
Second Quarter
-------------------------------
2006 2005* % Change
--------- --------- ---------
Net sales $692,704 $591,596 17.1%
--------- --------- ---------
Cost and expenses:
Cost of goods sold 545,908 470,469 16.0%
Selling and administrative expenses 60,675 55,740 8.9%
Research and development expenses 3,701 3,812 -2.9%
Other (income) expense, net (1,781) (4,393) NM
--------- --------- ---------
Earnings before interest & income taxes 84,201 65,968 27.6%
Interest expense, net 5,363 4,133 29.8%
--------- --------- ---------
Earnings before income taxes 78,838 61,835 27.5%
Income taxes 24,190 19,753 22.5%
--------- --------- ---------
Income from continuing operations, net
of tax 54,648 42,082 29.9%
--------- --------- ---------
Percent of net sales 7.9% 7.1%
Income (loss) from discontinued
operations, net of tax 1,400 (7,406) NM
--------- --------- ---------
Net income $56,048 $34,676 61.6%
========= ========= =========
Basic earnings per share
------------------------
Continuing operations $1.78 $1.36 30.9%
Discontinued operations 0.05 (0.24) NM
--------- --------- ---------
Basic earnings per share $1.83 $1.12 63.4%
========= ========= =========
Diluted earnings per share
--------------------------
Continuing operations $1.76 $1.34 31.3%
Discontinued operations 0.04 (0.23) NM
--------- --------- ---------
Diluted earnings per share $1.80 $1.11 62.2%
========= ========= =========
Average shares outstanding (000's) -
basic 30,640 30,977
--------- ---------
Average shares outstanding (000's) -
diluted 31,059 31,335
--------- ---------
Dividends $7,704 $7,163
--------- --------- ---------
Dividends per share $0.250 $0.230 8.7%
--------- --------- ---------
* 2005 figures have been revised to reflect discontinued operations.
NM = Not Meaningful
Consolidated Statement of Earnings
For the periods ended June 30
(In thousands except per share data)
(Unaudited)
Six Months
----------------------------------
2006 2005* % Change
----------------------------------
Net sales $1,313,809 $1,129,334 16.3%
----------------------------------
Cost and expenses:
Cost of goods sold 1,039,633 898,040 15.8%
Selling and administrative expenses 122,034 110,755 10.2%
Research and development expenses 7,585 7,733 -1.9%
Other (income) expense, net (2,236) 654 NM
-------------------------------
Earnings before interest &
income taxes 146,793 112,152 30.9%
Interest expense, net 9,619 8,038 19.7%
-------------------------------
Earnings before income taxes 137,174 104,114 31.8%
Income taxes 43,442 33,277 30.5%
-------------------------------
Income from continuing operations,
net of tax 93,732 70,837 32.3%
-------------------------------
Percent of net sales 7.1% 6.3%
Income (loss) from discontinued
operations, net of tax 3,492 (7,908) NM
-------------------------------
Net income $97,224 $62,929 54.5%
===============================
Basic earnings per share
------------------------
Continuing operations $3.07 $2.29 34.1%
Discontinued operations 0.11 (0.26) NM
-------------------------------
Basic earnings per share $3.18 $2.03 56.7%
===============================
Diluted earnings per share
--------------------------
Continuing operations $3.02 $2.26 33.6%
Discontinued operations 0.12 (0.25) NM
-------------------------------
Diluted earnings per share $3.14 $2.01 56.2%
===============================
Average shares outstanding
(000's) - basic 30,543 30,960
-------------------
Average shares outstanding
(000's) - diluted 31,010 31,340
-------------------
Dividends $15,360 $14,304
----------------------------
Dividends per share $0.500 $0.460 8.7%
----------------------------
* 2005 figures have been revised to reflect discontinued operations.
NM = Not Meaningful
CARLISLE COMPANIES INCORPORATED
Comparative Condensed Consolidated Balance Sheet
(In thousands)
(Unaudited)
June 30, December 31,
2006 2005
----------- -----------
Assets
Current Assets
Cash and cash equivalents $30,273 $38,745
Receivables 265,067 163,277
Inventories 359,456 336,090
Prepaid expenses and other 54,607 57,272
Current assets held for sale 57,156 65,788
----------- -----------
Total current assets 766,559 661,172
----------- -----------
Property, plant and equipment, net 453,173 432,749
Other assets 437,727 426,381
Non-current assets held for sale 44,115 42,955
----------- -----------
$1,701,574 $1,563,257
=========== ===========
Liabilities and Shareholders' Equity
Current Liabilities
Short-term debt, including current maturities $42,468 $57,993
Accounts payable 160,793 127,698
Accrued expenses 143,331 145,375
Current liabilities associated with assets
held for sale 43,656 41,645
----------- -----------
Total current liabilities 390,248 372,711
----------- -----------
Long-term debt 282,004 282,426
Other liabilities 185,956 176,911
Non-current liabilities associated with assets
held for sale 161 970
Shareholders' equity 843,205 730,239
----------- -----------
$1,701,574 $1,563,257
=========== ===========
CARLISLE COMPANIES INCORPORATED
Comparative Condensed Consolidated Statement of Cash Flows
For the Six Months Ended June 30
(In thousands)
(Unaudited)
2006 2005*
-------- --------
Operating activities
Net income $97,224 $62,929
Reconciliation of net earnings to cash flows:
(Income) loss from discontinued
operations, net of tax (3,492) 7,908
Depreciation and amortization 28,351 26,848
Non-cash compensation 3,902 911
Loss on equity investments 2,269 3,141
Loss on writedown of assets 1,245 -
Foreign exchange loss 551 418
Deferred taxes 2,574 (1,540)
Loss (gain) on investments, property and
equipment, net 1,195 (1,860)
Receivables under securitization program (4,900) -
Working capital (71,948) (77,909)
Other (1,226) (1,015)
-------- --------
Net cash provided by operating activities 55,745 19,831
-------- --------
Investing activities
Capital expenditures (50,892) (50,704)
Proceeds from investments, property and
equipment 3,052 3,959
Other 922 608
-------- --------
Net cash used in investing activities (46,918) (46,137)
-------- --------
Financing activities
Net change in short-term debt and revolving
credit lines (15,062) 68,147
Reductions of long-term debt - (260)
Dividends (15,360) (14,304)
Purchase of common shares - (16,428)
Treasury shares and stock options, net 15,335 4,699
-------- --------
Net cash (used in) provided by financing
activities (15,087) 41,854
-------- --------
Net cash used in discontinued operations (1,304) (3,583)
-------- --------
Effect of exchange rate changes on cash (908) (86)
-------- --------
Change in cash and cash equivalents (8,472) 11,879
Cash and cash equivalents
Beginning of period 38,745 25,018
-------- --------
End of period $30,273 $36,897
-------- --------
* 2005 figures have been revised to reflect discontinued operations.
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