Clorox Reports $1.00 EPS in Fourth Quarter; Earns $6.11 EPS in Fiscal 2005; and Confirms Fiscal 2006 Outlook.OAKLAND Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. , Calif. -- The Clorox Clorox commercial name for a sodium hypochlorite preparation marketed as household bleach, but also used for disinfection. Company (NYSE NYSE See: New York Stock Exchange :CLX (library, graphics) CLX - The Common Lisp library providing a low-level interface to the X Window System, equivalent to Xlib. Graphics toolkits can be built on top of CLX, e.g. McCLIM, Garnet, CLUE and CLIO. ) (PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :CLX) today announced that increased sales, new products, cost savings and price increases contributed to solid results for the company's fiscal fourth quarter and year, which ended June June: see month. 30, 2005. "We're we're Contraction of we are. we're we are pleased with our fourth-quarter sales growth and our overall performance for the year," said 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. Jerry Jer·ry n. pl. Jer·ries Chiefly British Slang A German, especially a German soldier. [Alteration of German. Johnston Johnston, town (1990 pop. 26,542), Providence co., N central R.I., a suburb of Providence; inc. 1759. Among its manufactures are jewelry, textiles, and fabricated metals. Johnston is the home of several insurance companies. . "We continue to focus on achieving our full-year goals and, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite a very challenging commodities cost environment, everyone at Clorox is proud of the results we delivered in fiscal-year 2005." 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 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 in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), Clorox reported fourth-quarter net earnings of $156 million, or $1.00 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, based on weighted average shares outstanding of 155 million. This compares with net earnings in the year-ago period of $185 million, or 86 cents per diluted share, based on weighted average shares outstanding of 215 million, for an increase of 14 cents per diluted share, or 16 percent. Contributing to current quarter EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. growth were strong sales and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of the company's share exchange with Henkel Henkel KGaA (ISIN: DE0006048432, ISIN: DE0006048408) is an international household products company headquartered in Düsseldorf, Germany. The company has four business sectors operating in three strategic areas: Home Care KgaA. Current quarter net earnings also reflect the impact of a slightly favorable tax rate and a foreign-currency gain, described below in "Fourth-Quarter Highlights." For the fiscal year, on a GAAP basis, Clorox reported net earnings of $1.1 billion, or $6.11 per diluted share, based on weighted average shares outstanding of 179 million. This compares with year-ago net earnings of $549 million, or $2.56 per diluted share, based on weighted average shares outstanding of 214 million. Current year net earnings include $3.23 diluted EPS from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. related to the Henkel share exchange. The company reported $2.88 diluted EPS 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 for fiscal-year 2005, compared to $2.28 the previous year, an increase of 26 percent. "Fiscal 2005 was a year of meaningful changes for Clorox," Johnston said. "We successfully completed our share exchange with Henkel and re-capitalized the company. We continued with the implementation of our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategy. We delivered strong product innovation. We resolved several issues facing our business, including addressing certain tax matters through our previously announced IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. settlement, reaching the decision to repatriate repatriate To bring home assets that are currently held in a foreign country. Domestic corporations are frequently taxed on the profits that they repatriate, a factor inducing the firms to leave overseas the profits earned there. some foreign earnings and taking actions to help offset ongoing intense commodity pressures. I also feel very good about the continued focus on our consumer brand-building activity." Fourth-Quarter Highlights Fourth-quarter sales grew 6 percent to $1.25 billion, compared with $1.19 billion in the base period. Sales growth outpaced 4 percent volume growth primarily due to the benefit of price increases and some modestly favorable foreign exchange rates. Gross margin in the fourth quarter declined 160 basis points versus the year-ago period to 44.1 percent, primarily due to increased raw-material and manufacturing costs, partially offset by cost savings and price increases. Advertising expenditures and selling and administrative spending were both higher in the quarter, reflecting continuing investment in brand-building activities and higher administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . The fourth-quarter tax rate was slightly lower than that of the year-ago quarter due to a true-up between the prior year's final tax-return payments and the amounts accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. for those liabilities, as well as increased benefit from research and development credits. The company also recognized about $11 million in other income from a cumulative foreign-currency gain associated with a subsidiary borrowing transaction. Previously, the currency gain was deferred on the balance sheet. Clorox generated $302 million of cash provided by operations in the fourth quarter, compared with $368 million in the year-ago period. The year-over-year change was primarily due to the timing of tax payments, including the effects of the IRS settlement. During the quarter, Clorox used part of its cash flow to buy back 2.8 million shares of the company's common stock at a cost of about $160 million under its ongoing program to offset stock option dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. . Fourth-Quarter Results by Business Segment Following is a summary of key fourth-quarter results by business segment. All comparisons are with the fourth quarter of fiscal-year 2004. Household Group -- North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Compared with the year-ago period, the segment had 2 percent sales growth, 5 percent volume growth and 13 percent pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings decline. Sales growth was primarily driven by increased shipments of Clorox(R) disinfecting wipes, the new Clorox(R) BathWand(TM) disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. tub- and shower-cleaning system, Clorox(R) toilet-bowl cleaner, and bathroom cleaners behind the launch of Clorox(R) disinfecting bathroom cleaner. These positive results were partially offset by lower shipments of Brita(R) water-filtration products and auto-care products. Volume growth outpaced sales growth primarily due to higher trade-promotion spending to support new product launches and unfavorable product mix. The pretax earnings decline reflected the impact of higher advertising expenses, trade-promotion spending and unfavorable raw-materials costs, partially offset by the benefit of increased volume and cost savings. Specialty Group Compared with the year-ago period, the segment had 7 percent sales growth, flat volume and 13 percent pretax earnings growth. The strong sales results were primarily driven by higher shipments of Glad(R) products and price increases on Glad(R) trash bags and GladWare(R) containers. The company delivered its 12th consecutive quarter of year-over-year volume growth for Glad(R) trash bags behind the continued strength of Glad(R) ForceFlex(R) trash bags, as well as increased volume for the charcoal charcoal, substance obtained by partial burning or carbonization (destructive distillation) of organic material. It is largely pure carbon. The entry of air during the carbonization process is controlled so that the organic material does not turn to ash, as in a business. Overall flat volume for the segment resulted primarily from decreased shipments of food products due to category softness and cat litter Cat litter (often called kitty litter) is one of any of a number of materials used in litter boxes to absorb moisture from cat feces and urine, which reduces foul odors such as ammonia and renders them more tolerable within the home. due to competitive activity. Sales growth outpaced volume growth due to favorable product mix, the benefit of price increases and trade-promotion efficiencies. Pretax earnings reflected the benefit of price increases, cost savings and favorable product mix in the current quarter, and 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). and asset-impairment charge in the year-ago quarter related to optimizing the Glad(R) products supply chain, partially offset by increased raw-material costs in the current quarter. International Compared with the year-ago period, the segment had 21 percent sales growth, 14 percent volume growth and 27 percent pretax earnings growth. The strong sales growth was primarily driven by increased shipments of laundry Laundry can be:
Before industrialization and home-care products in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Sales growth outpaced volume growth due to the benefit of price increases in Latin America and favorable foreign exchange rates in Asia Pacific and Latin America. Pretax earnings reflected the benefit of higher volume and price increases. Fiscal 2005 Results Fiscal-year sales grew 5 percent to $4.4 billion. Volume growth of 5 percent was driven by new products and increased shipments of established products. During the year, the company introduced several new products including Glad(R) ForceFlex(R) trash bags, Clorox(R) BathWand(TM) cleaning system, Clorox(R) dual action toilet bowl cleaner and Clorox(R) disinfecting bathroom cleaner, as well as Glad(R) Press 'n Seal Freezer freezer the compartment in which meat and offal are stored at freezing temperatures of 10 to 16°F (-12 to -9°C) although there is a trend to lower temperatures of 0 to -22°F (-18 to -30°C). (TM) wrap and three new flavors New Flavors - An object-oriented Lisp from Symbolics, the successor to Flavors, it led to CLOS. ["Reference Guide to Symbolics-Lisp", Symbolics, March 1985]. of K C Masterpiece(R) food items. For the fiscal year, overall gross margin declined 80 basis points to 43.2 percent, primarily due to higher expenses for raw materials and other supply chain costs, partially offset by cost savings and price increases. The lower tax rate in fiscal-year 2005 compared to the prior year relates primarily to the release of tax-contingency accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. associated with the IRS settlement and tax benefits and effects arising from the Henkel share exchange. Clorox generated $765 million of cash provided by operations in fiscal-year 2005, compared to $899 million in fiscal-year 2004. The year-over-year change was primarily due to the timing of tax payments, including the IRS settlement. Fiscal 2006 Outlook For fiscal-year 2006, Clorox's outlook continues to be within its previously communicated long-term target of 3-5 percent sales growth and earnings per diluted share in the range of $3.00-$3.11. As previously communicated, these estimates include the impact of new equity-compensation accounting rules, which include expensing stock options beginning with the new fiscal year. The company now estimates the impact of equity-compensation accounting changes to be about 14-16 cents diluted EPS. In July, the company increased prices on selected items of Clorox(R) liquid bleach Noun 1. liquid bleach - a solution containing bleaching agents; used for laundry solution - a homogeneous mixture of two or more substances; frequently (but not necessarily) a liquid solution; "he used a solution of peroxide and water" by an average of 9 percent to help address commodity costs. At the same time, the company increased prices on Clorox 2(R) color-safe bleach bleach Solid or liquid chemical compound used to whiten or remove the natural colour of fibres, yarns, paper, and textile fabrics. Sunlight was the chief bleaching agent up to the discovery of chlorine in 1774 by Karl Wilhelm Scheele (b. 1742—d. and Clorox(R) Clean-Up(R) cleaner. In addition, the company expects to increase prices on Glad(R) food bags by 7 percent in August and cat litter by 4.5 percent in October. The combined effect of commodity cost pressure, price increases and cost savings is expected to result in lower gross margins in the first half of the year, but overall higher gross margins for the full year versus fiscal-year 2005. For the first quarter of fiscal-year 2006, Clorox continues to anticipate sales growth of 3-5 percent and diluted EPS in the range of 65-72 cents. During the quarter, the company paid approximately $150 million of additional taxes and interest remaining as part of the IRS settlement. For the second quarter, Clorox anticipates sales growth of 1-3 percent, compared with strong 9 percent sales growth in the year-ago quarter, and diluted EPS in the range of 50-57 cents. Second-quarter diluted EPS outlook reflects approximately $10-15 million in pretax costs associated with a significant charcoal product improvement planned for the back half of the fiscal year. The company also expects sales to be negatively impacted by reduced charcoal shipments in the quarter leading up to the rollout of the product improvement in January. This new charcoal product is expected to generate category growth and enhance margins in the third and fourth quarters. Diluted EPS in the year-ago quarter included 13 cents of earnings, royalties and gain from the company's former investment in the Henkel Iberica joint venture, which will not repeat in the second quarter of fiscal-year 2006. In fiscal-year 2006, Clorox will continue to provide financial outlooks for the next quarter and full year as part of its quarterly earnings announcements. The company will discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: its prior practice of regularly providing an update on each quarter's outlook during the final month of each quarter unless the company determines that 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 warrant an update. Note: Percentage and basis-point changes noted in this news release are calculated based on rounded numbers. For additional information about the company's results, including definitions of financial terms used in this earnings release and on today's conference call with the investment community (details below), visit the Financial Results area within the Investors section of the company's Web site at www.TheCloroxCompany.com. Today's Webcast Today at 10:30 a.m. Pacific time (1:30 p.m. Eastern time), Clorox will host a live audio webcast of a discussion with the investment community regarding the company's fourth-quarter results. The webcast can be accessed at www.TheCloroxCompany.com/investors/index.html. Following a live discussion, a replay of the webcast will be archived for one week on the company's Web site. The Clorox Company The Clorox Company is a leading manufacturer and marketer of consumer products with fiscal-year 2005 revenues of $4.4 billion. Clorox markets some of consumers' most trusted and recognized brand names, including its namesake name·sake n. One that is named after another. [From the phrase for the name's sake.] namesake Noun bleach and cleaning products, Armor All(R) and STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. (R) auto care products, Fresh Step(R) and Scoop Away(R) cat litters, Kingsford(R) charcoal briquets, Hidden Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R) water-filtration systems, and Glad(R) bags, wraps and containers. With 7,600 employees worldwide, the company manufactures products in 25 countries and markets them in more than 100 countries. Clorox is committed to making a positive difference in the communities where its employees work and live. Founded in 1980, The Clorox Company Foundation has awarded cash grants totaling more than $62.3 million to nonprofit organizations Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. , schools and colleges; and in fiscal-year 2005 alone made product donations valued at $4.9 million. For more information about Clorox, visit www.TheCloroxCompany.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Except for historical information, matters discussed above, including statements about future volume, sales and earnings growth, profitability, costs, cost savings or expectations, are forward-looking statements based on management's estimates, assumptions and projections. Important factors that could cause results to differ materially from management's expectations are described in "Forward-Looking Statements and Risk Factors" and "Management's Discussion & Analysis" in the company's SEC Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 2004, as updated from time to time in the company's SEC filings. Those factors include, but are not limited to, general economic and marketplace conditions and events; competitors' actions; the company's costs, including changes in exposure to commodity costs such as resin resin, any of a class of amorphous solids or semisolids. Resins are found in nature and are chiefly of vegetable origin. They are typically light yellow to dark brown in color; tasteless; odorless or faintly aromatic; translucent or transparent; brittle, fracturing ; the company's actual cost performance; price changes; risks inherent in 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. and international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; the ability to manage and realize the benefits of joint ventures and other cooperative relationships, including the company's joint venture with Procter & Gamble regarding the company's Glad(R) plastic bags, wraps and containers business; the success of new products; the integration of acquisitions and mergers; the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of non-strategic businesses; and environmental, regulatory and intellectual property matters. In addition, the company's future performance is subject to risks following the share exchange transaction with Henkel, including the sustainability of cash flows and the actual level of debt costs. Declines in cash flow, whether resulting from tax payments, debt payments, share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. or otherwise, or interest cost increases greater than management expects, could adversely affect the company's earnings. The company's forward-looking statements are and will be based on management's then current views and assumptions regarding future events and speak only as of their dates. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.
Condensed Consolidated Statements of Earnings (Unaudited)
In millions, except share and per-share amounts
Three Months Ended Twelve Months Ended
--------------------- ---------------------
6/30/2005 6/30/2004 6/30/2005 6/30/2004
---------- ---------- ---------- ----------
Net sales $1,254 $1,185 $4,388 $4,162
Cost of products sold 701 643 2,493 2,331
---------- ---------- ---------- ----------
Gross profit 553 542 1,895 1,831
Selling and administrative
expenses 148 135 551 543
Advertising costs 132 124 435 420
Research and development
costs 24 23 88 84
Restructuring and asset
impairment (1) 11 36 11
Interest expense 27 9 79 30
Other (income) expense:
Equity earnings and gain
on exchange of Henkel
Iberica, S.A. - (3) (25) (11)
Other, net (8) (1) 2 2
---------- ---------- ---------- ----------
Earnings from continuing
operations before income
taxes 231 244 729 752
Income taxes on continuing
operations 75 85 214 262
Reversal of deferred taxes
from equity investment in
Henkel Iberica, S.A. - - (2) -
---------- ---------- ---------- ----------
Earnings from continuing
operations 156 159 517 490
Discontinued operations:
Gain on exchange - - 550 -
Earnings from exchanged
businesses 1 29 37 87
Reversal of deferred
taxes from exchanged
business - - 6 -
Earnings (losses) from
Brazil operations - 2 - (4)
Income tax expense on
discontinued operations (1) (5) (14) (24)
---------- ---------- ---------- ----------
Earnings from discontinued
operations - 26 579 59
---------- ---------- ---------- ----------
Net earnings $156 $185 $1,096 $549
========== ========== ========== ==========
Earnings per common share:
Basic
Continuing operations $1.02 $0.75 $2.92 $2.31
Discontinued operations - 0.12 3.28 0.28
---------- ---------- ---------- ----------
Basic net earnings per
common share $1.02 $0.87 $6.20 $2.59
========== ========== ========== ==========
Diluted
Continuing operations $1.00 $0.74 $2.88 $2.28
Discontinued operations - 0.12 3.23 0.28
---------- ---------- ---------- ----------
Diluted net earnings
per common share $1.00 $0.86 $6.11 $2.56
========== ========== ========== ==========
Weighted average common
shares outstanding (in
thousands)
Basic 152,627 212,363 176,586 211,683
Diluted 155,059 214,770 179,176 214,371
Segment Information (Unaudited)
In millions
Fourth Quarter Earnings from Continuing
----------------- Operations Before Income
Net Sales Taxes.
Three Months Three Months
Ended Ended
--------------- -------------
6/30/ 6/30/ % 6/30/ 6/30/ %
2005 2004 Change (1) 2005 2004 Change (1)
------- ------- ----------- ------ ------ -----------
Household Group -
North America $537 $529 2% $148 $170 -13%
Specialty Group 569 534 7% 174 154 13%
International 148 122 21% 28 22 27%
Corporate - - - (119) (102) -17%
------- ------- ----------- ------ ------ -----------
Total Company $1,254 $1,185 6% $231 $244 -5%
======= ======= =========== ====== ====== ===========
Year To Date Earnings from Continuing
----------------- Operations Before Income
Net Sales Taxes.
Twelve Months Twelve Months
Ended Ended
--------------- --------------
6/30/ 6/30/ % 6/30/ 6/30/ %
2005 2004 Change (1) 2005 2004 Change (1)
------- ------- ----------- ------ ------ -----------
Household Group -
North America $2,038 $1,986 3% $633 $634 0%
Specialty Group 1,788 1,677 7% 435 417 4%
International 562 499 13% 119 115 3%
Corporate - - - (458) (414) -11%
------- ------- ----------- ------ ------ -----------
Total Company $4,388 $4,162 5% $729 $752 -3%
======= ======= =========== ====== ====== ===========
(1) Percentages based on rounded numbers.
Condensed Consolidated Balance Sheets (Unaudited)
In millions
6/30/2005 6/30/2004
---------- ----------
Assets
Current assets
Cash and cash equivalents $293 $232
Receivables, net 411 460
Inventories 323 301
Other current assets 63 50
---------- ----------
Total current assets 1,090 1,043
Property, plant and equipment, net 999 1,052
Goodwill, net 743 742
Trademarks and other intangible assets, net 599 633
Other assets, net 186 364
---------- ----------
Total assets $3,617 $3,834
========== ==========
Liabilities and Stockholders' (Deficit) Equity
Current liabilities
Notes and loans payable $359 $289
Current maturities of long-term debt 2 2
Accounts payable 347 310
Accrued liabilities 572 643
Income taxes payable 26 24
---------- ----------
Total current liabilities 1,306 1,268
Long-term debt 2,122 475
Other liabilities 618 377
Deferred income taxes 84 174
Stockholders' (deficit) equity
Common stock 250 250
Additional paid-in capital 328 301
Retained earnings 3,726 2,846
Treasury shares (4,463) (1,570)
Accumulated other comprehensive net losses (338) (274)
Unearned compensation (16) (13)
---------- ----------
Stockholders' (deficit) equity (513) 1,540
Total liabilities and stockholders' (deficit)
equity $3,617 $3,834
========== ==========
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