Comdisco Announces Third Quarter Financial Results; Company On-Track With Strategic Asset Divestitures and Reorganization Timeline.Business Editors ROSEMONT Rosemont can have many meanings, including: Places
Comdisco (Comdisco, Inc., Rosemont, IL, www.comdisco.com) A technology services company, originally founded as Computer Discount Company in 1969 by Ken Pontikes. By the mid-1990s, Comdisco had become one of the largest independent computer and electronics equipment leasing companies as well as a , Inc. (NYSE NYSE See: New York Stock Exchange :CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the ) today reported operating results for the third quarter ended June June: see month. 30, 2001. Operating Results: For the third quarter ended June, 30, 2001, Comdisco reported a loss 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 $168 million, or $1.10 per common share, compared with earnings from continuing operations of $50 million, or $.31 per common share, for the year earlier period. These results include charges for additional reserves for Comdisco's Ventures and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. portfolios of $161 million and exclude Availability Solutions, which has been recorded as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. because of the pending sale of the business to Hewlett-Packard See HP. Hewlett-Packard - (HP) Hewlett-Packard designs, manufactures and services electronic products and systems for measurement, computation and communications. The company's products and services are used in industry, business, engineering, science, medicine and Company for $610 million. The current period loss resulted primarily from these additional reserves, the lower contribution from the company's equipment remarketing efforts, and reduced equity-related gains in Comdisco's Ventures group. Overall, the company had a net loss of $164 million, or $1.08 per common share, compared with net earnings of $17 million, or $.10 per common share, for the prior year period. Total revenue for the quarter was $585 million, compared with $810 million for the prior year period. For the nine months ended June 30, 2001, Comdisco reported a loss from continuing operations of $94 million, or $.62 per common share, compared with earnings of $154 million, or $.95 per common share, for the year earlier period. Overall for the nine months, the company had a net loss of $130 million, or $.86 per common share, compared to net earnings of $101 million, or $.62 per common share, for the prior year period. Total revenue for the nine months was $2.2 billion, versus $2.5 billion for the year earlier period. Explanation of charges: Given the continuing decline in the economic environment for venture capital-backed companies, Comdisco determined that approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $137 million of additional reserves for its Ventures portfolio were required in the third quarter of fiscal 2001. In addition, due to the rapid, widespread decline in equipment values within the telecommunications market, Comdisco recorded an additional $24 million of reserves for its telecommunications portfolio. Comdisco's third quarter results were also adversely affected by 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 remarketing, higher borrowing costs, significantly lower contributions from the sale of warrants in its Ventures portfolio, and the costs associated with the company's comprehensive strategic business review initiated in the second quarter and chapter 11 filing on July July: see month. 16, 2001. Reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. : As announced on July 16, 2001, Comdisco has reached a definitive agreement to sell substantially all of its Availability Solutions business to Hewlett-Packard Company for $610 million. The proposed transaction is subject, among other things, to bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. approval and higher or otherwise better offers resulting from a bidding process approved by the bankruptcy court on August 9, 2001. Because of the impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. sale, financial results for the Availability Solutions business are recorded as discontinued operations in the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. financial statements. Competitive bids for the sale to Hewlett-Packard are due on September September: see month. 30, 2001 and the bankruptcy court has scheduled a hearing for approval of the sale on October October: see month. 23, 2001. The Hewlett-Packard transaction is currently scheduled to close on November November: see month. 16, 2001. Simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics with entering into the agreement with Hewlett-Packard on July 16, Comdisco and 50 domestic U.S. subsidiaries filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. . Comdisco's operations located outside of 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. were not included in the chapter 11 reorganization cases. The filing will allow the company to provide for an orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. sale of its services business, while resolving 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. liquidity issues and enabling the company to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. on a sound financial basis to support its ongoing businesses. Comdisco is continuing to pursue other strategic alternatives to create value for its stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. , including the potential reorganization or sale of its leasing businesses and the 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). of its Ventures group. Comdisco earlier announced plans to emerge from chapter 11 in the first quarter of 2002. The company's planned asset divestitures and strategic reorganization timetable “Schedule” redirects here. For other uses, see Schedule (disambiguation). A timetable or schedule is an organized list or schedule, usually set out in tabular form, providing information about a series of arranged events: in particular, the time at which are on track. Debtor-in-Possession (DIP) Financing: Comdisco has obtained $600 million of DIP financing, $100 million of which is reserved for support of the company's 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. , which were not included in the chapter 11 filing. The company obtained interim approval of the first $200 million of the DIP facility on July 16, 2001. None of the $200 million has been used by the company to date and all of it remains available. Final approval of the DIP financing is anticipated at a hearing scheduled for August 23, 2001. About Comdisco Comdisco (www.comdisco.com) provides technology services worldwide to help its customers maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. technology functionality, predictability and availability, while freeing them from the complexity of managing their technology. The Rosemont, (IL) company offers a complete suite of information technology services including business continuity, managed web hosting Making a Web site available on the Internet. Many ISPs host a few personal Web pages for an individual at no additional cost above the monthly service fee, but the address is subordinate to the ISP; for example, www.friendlyisp.com/pat_smith. , storage and IT Control and Predictability Solutions SM. Comdisco offers leasing to key vertical industries, including semiconductor manufacturing and electronic assembly, healthcare, telecommunications, pharmaceutical, biotechnology biotechnology, the use of biological processes, as through the exploitation and manipulation of living organisms or biological systems, in the development or manufacture of a product or in the technological solution to a problem. and manufacturing. Through its Ventures division, Comdisco provides equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
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. : The foregoing 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. regarding Comdisco. They reflect the company's current views with respect to current events and financial performance, are subject to many risks, uncertainties and factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's operations and business environment which may cause the actual results of the company to be materially different from any future results, express or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. The company intends that such forward-looking statements be subject to the Safe Harbor created by Section 27(a) of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The words and phrases Words and Phrases® A multivolume set of law books published by West Group containing thousands of judicial definitions of words and phrases, arranged alphabetically, from 1658 to the present. "expect," "estimate," and "anticipate" and similar expressions identify forward-looking statements. Certain factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of the DIP Facility; Court approval of the Company's first day papers and other motions prosecuted by it from time to time; the ability of the Company to develop, prosecute To follow through; to commence and continue an action or judicial proceeding to its ultimate conclusion. To proceed against a defendant by charging that person with a crime and bringing him or her to trial. , confirm and consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. one or more plans of reorganization with respect to the chapter 11 Cases; risks associated with third parties seeking and obtaining court approval to terminate Terminate (terminat.exe) was a shareware modem terminal and host program for MS-DOS and compatible operating systems developed from the early to the late 1990s by the Dane Bo Bendtsen. The last release (5. or shorten (audio, compression) Shorten - A form of lossless audio compression. the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a chapter 11 trustee A user or group of users that has been given access rights to files on a network server. See also TRUSTe. or to convert the Company's cases to chapter 7 cases; the ability of the Company to reduce its workforce and related expenses and to achieve anticipated cost savings; year end audit and other procedures which may affect the Company's 2001 financial results; the ability of the Company to obtain trade credit, and shipments and terms with vendors and service providers for current orders; potential adverse developments with respect to the Company's liquidity or results of operations; the ability to fund and execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution its business plan; the ability of the Company to attract, retain and compensate key executives and associates; the ability of the Company to attract and retain customers; potential adverse publicity; adjustments arising in the course of completing the analysis of information with respect to the review of the company's businesses and evaluation of 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. charges; continuing volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the in the equity markets, which can affect the availability of credit and other funding sources to the high technology sector companies in the Ventures portfolio, resulting in the inability of those companies to satisfy their obligations in a timely manner and an increase in bad debt experience beyond current reserves; continued consolidation in the telecommunications industry and 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 the growth plans of the remaining companies in that sector, which could result in fewer buyers and reduced prices for available Prism assets, and a further reduction in the proceeds actually received from the sale of those assets compared to prior estimates and an increase in the losses associated with the discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . Other risk factors are listed from time to time in the company's SEC reports, including, but not limited to, the report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2001. Comdisco disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Comdisco, Inc. and Subsidiaries
Revenue and Earnings (Losses) Breakdown
By Lines of Business (unaudited)
Below are the results by lines of business for the three and nine
months ended June 30, 2001 and 2000 (dollars in millions):
Three Months Ended Nine Months Ended
6/30/01 6/30/00 6/30/01 6/30/00
------- ------- ------- -------
Revenue
Leasing $ 449 $ 629 $ 1,450 $ 1,913
Services
(excluding
Availability
Solutions) 29 31 112 91
Ventures 107 150 635 451
------- ------- ------- -------
Total $ 585 $ 810 $ 2,197 $ 2,455
======= ======= ======= =======
Pretax Earnings (Loss) from continuing operations
Leasing $ (142) $ 24 $ (113) 59
Services
(excluding
Availability
Solutions) (1) - 6 3
Ventures (119) 54 (39) 178
------- ------- ------- -------
Total $ (262) $ 78 $ (146) $ 240
======= ======= ======= =======
Earnings (Loss) Per Share
Continuing
operations $ (1.10) $ 0.31 $ (0.62) $ 0.95
Discontinued
operations:
Prism - (0.25) (0.12) (0.52)
Services (Availability
Solutions) 0.02 0.06 0.08 0.23
Network Services - (0.02) (0.21) (0.04)
Cumulative effect of
change in accounting
principle - - 0.01 -
------- ------ ------ ------
Diluted Earnings
(Loss) Per Share $(1.08) $ 0.10 $ (0.86) $ 0.62
======= ====== ====== ======
Comdisco, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30, 2001 and 2000 and September 30, 2000
(unaudited)
(in millions)
June 30, Sept 30, June 30,
2000 2000 2001
------- ------- -------
ASSETS
Cash and cash equivalents $ 259 $ 316 $ 473
Cash - legally restricted 40 54 69
Receivables, net 1,073 1,181 702
Inventory of equipment, net 130 127 98
Leased assets 5,503 5,477 4,388
Property, plant and equipment, net 463 207 60
Equity securities 606 899 182
Assets of discontinued operations
held for sale - 80 559
Other assets 477 413 259
------- ------- ------
$ 8,551 $ 8,754 $ 6,790
======= ======= ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable $ 1,502 $ 1,314 $ 1,161
Term notes payable 641 695 495
Senior debt 3,384 3,452 2,760
Accounts payable 155 182 140
Income taxes 448 415 69
Other liabilities 651 688 541
Discounted lease rentals 526 794 1,050
------- ------ ------
7,307 7,540 6,216
------- ------ ------
Stockholders' equity:
Common stock 22 23 22
Additional paid-in capital 375 360 365
Accumulated other comprehensive
income (loss) 162 317 (108)
Retained earnings 1,223 1,051 914
------ ------ ------
1,782 1,751 1,193
Common stock held in treasury,
at cost (538) (537) (619)
------ ------ ------
Total stockholders' equity 1,244 1,214 574
------ ------ ------
$ 8,551 $ 8,754 $ 6,790
====== ====== ======
Comdisco, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended June 30, 2001 and 2000
(unaudited)
(in millions)
2001 2000
Increase (decrease) in cash and
cash equivalents: (Unaudited) (Unaudited)
----------- ----------
Cash flows from operating activities:
Leasing $ 1,608 $ 1,922
Services 30 (5)
Ventures 907 562
---------- ----------
Cash flows from continuing
operations 2,545 2,479
Prism (63) (100)
Services (including
availability solutions) 104 104
Network Services (15) (7)
---------- ----------
Net cash provided by
operating activities 2,571 2,476
---------- ----------
Cash flows from investing activities:
Leasing (913) (1,725)
Services 2 (29)
Ventures (466) (849)
---------- ----------
Cash flows from continuing operations (1,377) (2,603)
Prism 8 (221)
Services (including
availability solutions) (137) (166)
Network Services - (2)
---------- ----------
Net cash used in investing activities (1,506) (2,992)
---------- ----------
Net cash provided by (used in)
financing activities (908) 414
---------- ----------
Net increase (decrease) in cash
and cash equivalents 157 (102)
Cash and cash equivalents at beginning
of period 316 361
---------- ----------
Cash and cash equivalents at end of period $ 473 $ 259
========== ==========
Comdisco, Inc. and Subsidiaries
ADDITIONAL COMMENTARY ON JUNE 30, 2001 STATEMENT OF EARNINGS
(unaudited)
Other income can be broken
down as follows:
Three Months Nine Months
Ended June 30, Ended June 30,
2001 2000 2001 2000
---- ---- ---- ----
(in millions) (in millions)
Warrant income and
stock sales gains $ 17 $ 83 $ 353 $ 300
Interest income on
notes receivable 15 15 50 38
Miscellaneous 23 6 48 19
------- ------- ------- -------
$ 55 $ 104 $ 451 $ 357
======= ======= ======= =======
The increase in SG&A
can be explained as
follows:
Three Months Nine Months
Ended June 30, Ended June 30,
2001 2000 2001 2000
---- ---- ---- ----
(in millions) (in millions)
Ventures bad debt
expense $ 81 $ 11 $ 292 $ 58
Write-down of equity
securities 56 5 89 4
Commissions due on
Ventures earnings 1 16 25 52
Ventures additional SG&A 10 5 24 11
------- ------- ------- -------
Total Ventures SG&A 148 37 430 125
------- ------- ------- -------
Leasing bad debt expense 36 4 49 25
Write-down of equity
securities 12 - 12 -
Professional services 29 2 34 5
Leasing additional SG&A 86 73 209 220
------- ------- ------- -------
Leasing SG&A 163 79 304 250
------- ------- ------- -------
Total SG&A Statement
of Earnings $ 311 $ 116 $ 734 $ 375
======= ======= ======= =======
Comdisco, Inc. and Subsidiaries
Consolidated Statements of Earnings (Loss)
For the Three and Nine Months Ended June 30, 2001 and 2000
(unaudited)
(in millions except per share data)
Three Months Ended Nine Months Ended
June 30, % June 30, %
2001 2000 +/- 2001 2000 +/-
---- ---- --- ---- ---- ---
Revenue
Leasing
Operating $ 377 $ 414 -9% $ 1,158 $ 1,288 -10%
Direct financing 40 44 -9% 131 130 1%
Sales-type 18 75 -76% 104 281 -63%
---- ---- ---- ---- ---- ----
Total leasing 435 533 -18% 1,393 1,699 -18%
Equipment sales 66 142 -54% 241 308 -22%
Technology services 29 31 -6% 112 91 23%
Other 55 104 -47% 451 357 26%
---- ---- ---- ---- ---- ----
Total revenue 585 810 -28% 2,197 2,455 -11%
---- ---- ---- ---- ---- ----
Costs and expenses
Leasing
Operating 302 332 -9% 918 1,039 -12%
Sales-type 20 50 -60% 71 211 -66%
---- ---- ---- ---- ---- ----
Total leasing 322 382 -16% 989 1,250 -21%
Equipment sales 72 115 -37% 199 243 -18%
Technology services 30 31 -3% 106 88 20%
Selling, general and
administrative 311 116 168% 734 375 96%
Interest 112 88 27% 315 259 22%
---- ---- ---- ---- ---- ----
Total costs and
expenses 847 732 16% 2,343 2,215 6%
---- ---- ---- ---- ---- ----
Earnings (loss) from continuing
operations before income taxes
and cumulative effect of
change in accounting
principle (262) 78 -436% (146) 240 -161%
Income taxes (benefit) (94) 28 -436% (52) 86 -160%
---- ---- ---- ---- ---- ----
Earnings (loss) from continuing
operations before cumulative
effect of change in
accounting principle (168) 50 -436% (94) 154 -161%
Earnings (Loss) from
discontinued operations 4 (33) -112% (38) (53) -28%
---- ---- ---- ---- ---- ----
Earnings (loss) before
cumulative effect of change
in accounting principle (164) 17 -1065% (132) 101 -231%
Cumulative effect of change
in accounting principle - - N/A 2 - N/A
---- ---- ---- ---- ---- ----
Net earnings (loss)
to common stockholders $ (164) $ 17 -1065% $ (130) $ 101 -229%
==== ==== ==== ==== ==== ====
Retained earnings at
beginning of period $ 1,078 $ 1,210 $ 1,051 $ 1,134
Net earnings (loss) to
common stockholders (164) 17 (130) 101
Cash dividends paid
on common stock - (4) (7) (12)
---- ---- ---- ----
Retained earnings at end
of period $ 914 $ 1,223 $ 914 $ 1,223
==== ==== ==== ====
Basic earnings (loss) per common share:
Earnings (loss) from
continuing
operations $ (1.10) $ 0.33 -433% $(0.62) 1.01 -161%
==== ====
Earnings (loss) from
discontinued
operations 0.02 (0.22) (0.25) (0.35)
Cumulative effect of
change in accounting
principle - - 0.01 -
---- ---- ---- ----
Net earnings (loss) $(1.08) $ 0.11 $ (0.86) $ 0.66
==== ==== ==== ====
Diluted earnings (loss) per common share:
Earnings (loss) from
continuing
operations $ (1.10) $ 0.31 -455% $ (0.62) 0.95 -165%
==== ====
Earnings (loss) from
discontinued
operations 0.02 (0.21) (0.25) (0.33)
Cumulative effect of
change in accounting
principle - - 0.01 -
---- ---- ---- ----
Net earnings (loss) $ (1.08) $ 0.10 $ (0.86) $0.62
==== ==== ==== ====
Common shares outstanding:
Average common shares
outstanding--basic 152 151 152 152
Average common shares
outstanding--diluted 152 161 154 162
Comdisco Ventures
Statements of Earnings (Loss)
For the Three and Nine Months Ended June 30, 2001 and 2000
(unaudited)
(in thousands)
Three Months Ended Nine Months Ended
June 30, % June 30, %
2001 2000 +/- 2001 2000 +/-
---------- ---------- ----- ---------- ---------- -----
Revenue
Leasing
Operating $ 72,736 $ 50,687 44% $ 221,894 $ 133,524 66%
Direct
financing 52 123 -58% 219 355 -38%
Sales-type - - N/A 1,142 1,858 -39%
---------- ---------- ----- ---------- ---------- -----
Total
leasing 72,788 50,810 43% 223,255 135,737 64%
Equipment
sales 3,183 2,812 13% 7,454 7,676 -3%
Interest
income on
notes 14,968 14,745 2% 50,210 38,456 31%
Warrant income
and capital
gains 16,555 80,341 -79% 352,572 267,565 32%
Other - 923 -100% 1,773 1,820 -3%
---------- ---------- ----- ---------- ---------- -----
Total
revenue 107,494 149,631 -28% 635,264 451,254 41%
---------- ---------- ----- ---------- ---------- -----
Costs and expenses
Leasing
Operating 61,846 39,267 58% 181,762 101,641 79%
Sales-type - - N/A - 1,134 -100%
---------- ---------- ----- ---------- ---------- -----
Total
leasing 61,846 39,267 58% 181,762 102,775 77%
Equipment sales 238 1,613 -85% 2,442 4,385 -44%
Selling,
general and
administrative 9,612 4,979 93% 24,499 11,299 117%
Commission
expense 1,238 16,486 -92% 24,516 52,089 -53%
Interest 16,101 17,385 -7% 60,169 41,304 46%
Write-down of
equity
securities 55,760 5,005 1014% 89,293 5,005 1684%
Bad debt
expense 81,240 10,995 639% 291,393 56,796 413%
---------- ---------- ----- ---------- ---------- -----
Total
costs and
expenses 226,035 95,730 136% 674,074 273,653 146%
---------- ---------- ----- ---------- ---------- -----
Earnings (loss)
before income
taxes (118,541) 53,901 -320% (38,810) 177,601 -122%
Income taxes
(benefit) (47,268) 21,493 -320% (15,475) 70,818 -122%
---------- ---------- ----- ---------- ---------- -----
Net earnings
(loss) $ (71,273)$ 32,408 -320% $ (23,335)$ 106,783 -122%
========== ========== ===== ========== ========== =====
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