D&B Announces Strong Second Quarter Results and Raises 2004 Core Revenue Guidance.SHORT HILLS, N.J. -- D&B (NYSE NYSE See: New York Stock Exchange : DNB DNB Dictionary of National Biography DNB Drum N Bass (music) DNB De Nederlandsche Bank DNB Dun & Bradstreet (stock symbol) DNB Den Norske Bank DNB David Nelson Band ) --EPS up 22 Percent Before Non-Core Gains and Charges; Up 17 Percent on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Basis --Core Revenue up 10 Percent (7 Percent before Foreign Exchange); Total Revenue on a GAAP Basis up 5 percent (1 Percent before Foreign Exchange) --Announces Another Step of International Strategy with Iberian Iberian Any member of a prehistoric people of southern and eastern Spain. They were largely untouched by the migrations of Celtic peoples to northern and central Spain beginning in the 8th century BC. Culturally they were influenced by Greek and Phoenician trading colonies. Market --Raises 2004 Core Revenue Guidance; Confirms Previous 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. Guidance Before Non-Core Gains and Charges D&B (NYSE: DNB), the leading provider of global business information, tools, and insight today reported results for the second quarter ended June June: see month. 30, 2004. "Our results for the second quarter exceeded our expectations and we delivered our fourth consecutive quarter of organic revenue growth. Strong leadership from team members globally and revenue results from our 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. and International segments contributed to our second quarter performance," said Allan Allan can refer to:
p. p. 1. strong p. p. os> of Lose. Noun 1. Loren - Italian film actress (born in 1934) Sofia Scicolone, Sophia Loren D&B chairman and chief executive officer. "As a result of this strong organic revenue growth we have increased our 2004 core revenue guidance. This increased revenue enabled us to accelerate our international strategy and continue to invest for growth while maintaining our EPS guidance, before non-core gains and charges. I am proud of the leadership demonstrated by our team members and I remain confident that the team will continue to meet our shareholder commitments." Second Quarter 2004 Results The Company reported diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter, before non-core gains and charges, of $0.61 cents, up 22 percent from $0.50 cents in the prior year quarter. On a GAAP basis, diluted earnings per share were $0.54, up 17 percent from $0.46 cents in the prior year quarter. See attached Schedule 3 for a reconciliation of earnings per share before non-core gains and charges to earnings per share on a GAAP basis. Core revenue for the quarter was $339.2 million, a 10 percent increase compared with the prior year quarter. Core revenue was up 7 percent before the effect of foreign exchange with all of the increase due to organic growth. "We are very pleased with our results for the second quarter," said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Alesio, D&B president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Our portfolio approach to growing our top line through our four solution sets continues to serve us well. Our continued progress this quarter is due to the power of our DUNSRight(TM) quality process, which provides our customers with superior business insight." The core revenue results reflected the following by product line: --Risk Management Solutions revenue of $240.1 million, up 11 percent (up 7 percent before the effect of foreign exchange); --Sales & Marketing Solutions revenue of $78.9 million, up 6 percent (up 4 percent before the effect of foreign exchange); --Supply Management Solutions revenue of $8.2 million, down 2 percent (down 4 percent before the effect of foreign exchange); and --E-Business Solutions revenue of $12.0 million represented the results of Hoover's Hoover's, Inc. is a business research company that has provided information on U.S. and foreign companies and industries since 1990. Since 1993, the company has made its information available on its website www.hoovers.com. , Inc., which was up 49 percent, (including 25 points of growth before the effect of purchase accounting on 2003 results) Total revenue for the quarter, which included the results of divested businesses, was $349.9 million, a 5 percent increase over total revenue in the year ago quarter, up 1 percent before the effect of foreign exchange. See attached Schedule 2 for a reconciliation of core and total revenue. 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. for the second quarter was $72.6 million, up 10 percent from the year ago period, before non-core charges in both years. The increase was primarily due to higher operating income in North America and International segments as a result of increased revenue. This increase was partially offset by higher corporate expenses than last year, primarily due to investments in re-engineering re-engineering - The examination and modification of a system to reconstitute it in a new form and the subsequent implementation of the new form. http://erg.abdn.ac.uk/users/brant/sre. and to achieve compliance with Sarbanes Oxley Oxley refers to several things: People
On a GAAP basis, operating income was $64.6 million, up 6 percent compared with $61.1 million in the same period last year. GAAP results included $8.0 million of non-core charges in 2004 and $4.9 million of non-core charges in 2003 related to the Company's financial flexibility initiatives. Net income for the quarter was $45.0 million, up 16 percent from $38.7 million in the prior-year period, before non-core gains and charges in both years. On a GAAP basis, net income was $39.5 million, up 13 percent compared with $35.1 million in the second quarter of 2003. See attached Schedule 3 for a reconciliation of net income before non-core gains and charges to net income on a GAAP basis. Free cash flow for the first half of 2004 was $117.8 million, up 2 percent. Free-cash flow from the first half of 2003 included $14.0 million of one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. benefits, consisting of $7.0 million of insurance proceeds related to the World Trade Center tragedy and a $7.0 million tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. related to the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of RH Donnelly Donnelly is a surname, of Irish origins, and may refer to:
The Company ended the quarter with $217.2 million of cash and cash equivalents. See attached Schedule 4 for a reconciliation of free cash flow to net cash provided by operating activities. 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. during the quarter totaled $26 million, with $88 million repurchased year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. under its $200 million share repurchase program. As previously announced, the Company expects to complete this program by year end. Web revenue was 80% at the end of June, 2004. This was up from 77 percent at the end of March and 76 percent at the end of 2003. Second Quarter 2004 Segment Results North America Total and core revenue for the second quarter was $245.4 million, up 7 percent from $229.3 million in the prior year quarter. North America's revenue results included: --$162.6 million from Risk Management Solutions, up 6 percent; --$64.5 million from Sales & Marketing Solutions, up 5 percent; --$6.3 million from Supply Management Solutions, down 9 percent; and --$12.0 million from E-Business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. Solutions, which represented the results of Hoover's, Inc., up 49 percent, (including 25 points of growth before the effect of purchase accounting on 2003 results) North America's operating income for the quarter was $73.0 million, up 7 percent from $68.4 million in the prior year quarter. The increase was primarily due to higher revenue and included investments to drive growth. International Core revenue for the second quarter was $93.8 million, up 19 percent from $78.8 million in the prior year quarter and up 8 percent before the effect of foreign exchange. These International revenue results included: --$77.5 million from Risk Management Solutions, up 21 percent (up 10 percent before the effect of foreign exchange); --$14.4 million from Sales & Marketing Solutions, up 7 percent (down 4 percent before the effect of foreign exchange); and --$1.9 million from Supply Management Solutions, up 33 percent (up 21 percent before the effect of foreign exchange). Total revenue for the quarter was $104.5 million, a 1 percent decrease from total revenue in the year ago quarter (down 11 percent before the effect of foreign exchange). Total revenue included the effect of divested businesses. Operating income for the quarter was $20.2 million compared with operating income of $16.4 million in the prior year quarter. This improvement in profitability was primarily due to a lower expense base associated with the Company's Financial Flexibility program. Continues International Strategy The Company continues to make progress on its international strategy. On a market by market basis, this strategy results in either direct ownership of the business or the formation of strategic relationships, both of which are designed to improve the Company's competitive position and enhance overall financial performance. Earlier this year, the Company formed strategic relationships in the Nordic and Central European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. markets. In a continuation continuation - continuation passing style of this strategy, the Company announced today it has signed an agreement to sell its operations in the Iberian market for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $11 million to Informa S.A., a leading provider of business information in Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. . "By establishing partnerships with strong players in local markets, such as Informa S.A. we are able to provide our customers with access to expanded global data coverage. Additionally, we enhance the Company's DUNSRight(TM) quality process, while reinforcing re·in·force also re-en·force or re·en·force tr.v. re·in·forced, re·in·forc·ing, re·in·forc·es 1. To give more force or effectiveness to; strengthen: The news reinforced her hopes. the D&B brand," said Steve Alesio, D&B president and chief operating officer. In 2003, these Iberian businesses generated $24.0 million in revenues and were marginally mar·gin·al adj. 1. Of, relating to, located at, or constituting a margin, a border, or an edge: the marginal strip of beach; a marginal issue that had no bearing on the election results. 2. unprofitable. The operations have approximately 200 employees, most of whom will transfer to Informa S.A after the transaction is finalized See finalization. . The transaction 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 and customary closing conditions and is expected to close in the fourth quarter. The Company recorded a non-core pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta 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. charge of approximately $1.2 million in the second quarter in connection with this transaction. The proceeds expected from this transaction may change based on the value of the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of the businesses being sold on the date of closing and fluctuations from foreign exchange rates. Non-Core Gains and Charges During the quarter, the Company recorded net pre-tax, non-core charges of $3.6 million as compared to net pre-tax non-core charges of $4.9 million in the second quarter of 2003. The Company recognized a pre-tax, non-core charge of $8.0 million related to its financial flexibility initiatives in the second quarter of 2004 and was recorded within operating income as Corporate and other expense. During the second quarter of 2004 the Company recorded, within Non-Operating Income (Expense)-Net, a pre-tax, non-core gain of $5.6 million related to the previously announced sale of its operations in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , Austria Austria (ô`strēə), Ger. Österreich [eastern march], officially Republic of Austria, federal republic (2005 est. pop. 8,185,000), 32,374 sq mi (83,849 sq km), central Europe. , 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. , Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, , Hungary Hungary, Hung. Magyarország, officially Republic of Hungary, republic (2005 est. pop. 10,007,000), 35,919 sq mi (93,030 sq km), central Europe. and the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. . The Company also took a pre-tax, non-core impairment charge of approximately $1.2 million to write down the net assets of Spain and Portugal Portugal (pôr`chəgəl), officially Portuguese Republic, republic (2005 est. pop. 10,566,000), 35,553 sq mi (92,082 sq km), SW Europe, on the western side of the Iberian Peninsula and including the Madeira Islands and the Azores in the to their fair market value based on expected proceeds in connection with the anticipated sale of the Company's Iberian operations. Both the gain and the impairment charge noted above are related to the Company's international strategy. In 2003, the Company recorded a pre-tax, non-core charge of $4.9 million in the second quarter related to the fourth phase of its financial flexibility initiative. The charge was recorded within operating income as Corporate and other expense. D&B's restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. may be viewed as recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. as they are part of each phase of its financial flexibility initiatives. In addition to reporting GAAP results, the Company reports results before restructuring charges and other non-core gains and charges because they are not a component of its ongoing income or expense and may have a disproportional dis·pro·por·tion·al adj. Disproportionate. dis  pro·por positive or negative impact on the results of its
ongoing underlying business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . See "Use of Non-GAAP
Financial Measures" below.Update on Tax Matters The Company discussed three tax matters in its first quarter 2004 Form 10-Q Form 10-Q See 10-Q. under Item 3 Legal Proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. . The Company has reached a basis for settlement with the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. regarding two of the three pending Tax Matters under the headings "Utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of Capital Losses - 1989-1990" and "Royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. Expense Deductions - 1993-1997". These agreements are tentative tentative, adj not final or definite, such as an experimental or clinical finding that has not been validated. and will not bind either the IRS or the Company until final settlement agreements are executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. . As previously stated, the Company is appropriately reserved for these matters and accordingly expects no impact to earnings from these settlements. The Company expects to make total cash payments related to these settlements of $49.0- $51.0 million in the second half of the year, once the final settlement agreements are executed. Full Year 2004 Outlook The Company revised its previous full-year diluted earnings per share guidance on a GAAP basis to be between $2.77 and $2.87 per share as compared to its previous guidance range of $2.81-$2.92, primarily due to the impact of the Iberia Iberia (ībĭr`ēə), ancient country of Transcaucasia, roughly the eastern part of present-day Georgia. It was inhabited in earliest times by various tribes, collectively called Iberians by ancient historians, although Herodotus called transaction. This EPS guidance includes net non-core gains and charges of $0.12 to $0.17 per share including: --non-core charges of $0.27-$0.32 related to its previously announced Financial Flexibility initiatives and, --non-core gains of $0.15 per share related to the implementation of the Company's international strategy. There is no impact to EPS guidance from the potential tax settlements previously discussed in this release, as the Company is adequately reserved. Before non-core gains and charges, the Company confirms its previous expectation for 2004 diluted earnings per share of between $2.94 and $2.99, representing between 16 and 18 percent growth, compared to $2.54 before net non-core charges of 24 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in 2003. Given strong year-to-date revenue results coupled with expectations for the remainder of 2004, the Company increased its guidance for core revenue growth in 2004 to a range of 6 to 8 percent before the effect of foreign exchange. This compares with its previously announced range of 5 to 6 percent. Since D&B is unable to predict the future movements of foreign exchange rates, the Company is unable to provide an outlook for 2004 revenue on a GAAP basis. The Company has previously announced guidance for 2004 free cash flow of $230 to $245 million, before any potential payments in settlement of tax or legal matters as described in D&B's first quarter 2004 Form 10-Q. This guidance will be updated for any final settlement of the tax matters discussed on the preceding pages of this release. Use of Non-GAAP Financial Measures D&B reports non-GAAP financial measures in this press release and the schedules attached. D&B reports core revenue, revenue growth before the effects of foreign exchange, organic revenue growth and each of operating income, net income and diluted earnings per share before non-core gains and charges, and free cash flow. Please see the Company's Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. dated and filed today with the Securities and Exchange Commission for a discussion of how the Company defines these measures, why it uses them and why it believes they provide useful information to investors. Investor Meeting The Company will host an Investor Meeting to discuss the Company's progress on their "Blueprint blueprint, white-on-blue photographic print, commonly of a working drawing used during building or manufacturing. The plan is first drawn to scale on a special paper or tracing cloth through which light can penetrate. for Growth" strategy on Tuesday Tuesday: see week. , July July: see month. 20, 2004, beginning at 9:00am EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . The meeting can be accessed on D&B's Investor Relations Investor relations The process by which the corporation communicates with its investors. Web site at http://investor.dnb.com. A replay of the presentation, and other related information, will be available within 24 hours of the conclusion of the meeting at http://investor.dnb.com. About D&B D&B (NYSE: DNB), the leading provider of global business information, tools, and insight, has enabled customers to Decide with Confidence for over 160 years. D&B's proprietary DUNSRight (TM) quality process provides customers with quality information whenever and wherever they need it. This quality information is the foundation of D&B's solutions that customers rely on to make critical business decisions. Customers use D&B Risk Management Solutions to mitigate mit·i·gate v. To moderate in force or intensity. mit i·ga tion n. risk, increase cash flow and drive increased profitability,
D&B Sales & Marketing Solutions to increase revenue from new and
existing customers, and D&B Supply Management Solutions to identify
purchasing savings, manage risk and ensure compliance within the supply
base. D&B's E-Business Solutions help customers convert
prospects to clients faster. For more information, please visit
www.dnb.com.Forward-Looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and Cautionary Statements The section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Full Year Outlook" of this press release contains projections of future results and other 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. that involve a number of trends, risks and uncertainties and are made pursuant to the 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. provisions 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. The following important factors could cause actual results to differ materially from those projected in such forward-looking statements. Risks, uncertainties and assumptions concerning the strategic relationship in the Iberian market include the possibility that the closing conditions contained in the agreement will not be satisfied, or that the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). we will receive, in connection with this transaction, or the pre-tax gain we will recognize, will vary based upon the value of the net assets of the businesses in Spain and Portugal on the closing date. Demand for D&B's products is subject to intense competition, changes in customer preferences and, to a lesser extent, economic conditions which impact customer behavior. The Company's results are also dependent upon its continued ability to: --reallocate expenses to invest for growth through its financial flexibility program; --invest in its database and maintain its reputation for providing reliable data; --execute on its plan to improve the business model of its International segment and thereby improve its global data quality while realizing improved financial performance in that segment; --rely on its customers' belief in the value of the DUNSRight(TM) quality process as a key driver of revenue growth; --manage employee satisfaction and maintain its global expertise as it implements its financial flexibility program; --protect against damage or interruptions affecting its database or its data centers; --develop new products or enhance existing ones to meet customer needs. The Company is also subject to the effects of foreign economies, exchange rate fluctuations and U.S. and foreign legislative or 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. . Its results are also dependent upon the availability of data from its database and the ability of its strategic partners to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. their contractual obligations to satisfy the Company's customers and promote and protect the D&B brand. In addition, the Company's ability to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares is subject to market conditions, including trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. in the Company's stock. Developments in any of these areas could cause actual results to differ materially from those that have been or may be projected. The Company's projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. for free cash flow in 2004 is dependent upon the Company's ability to generate revenue, the Company's collection processes, customer payment patterns and the amount and timing of payments related to tax matters and legal proceedings involving the Company as more fully described in the Company's filings with the SEC as described above. For a more detailed discussion of the trends, risks and uncertainties that may affect D&B's operating and financial results and its ability to achieve the financial objectives discussed in this press release, readers should review the Company's Annual Report on 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 fiscal year ended December December: see month. 31, 2003, including the section entitled "Item 7. Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations ("MD&A")," and the subsection subsection Noun any of the smaller parts into which a section may be divided Noun 1. subsection - a section of a section; a part of a part; i.e. entitled "Trends, Risks and Uncertainties" in the MD&A. Copies of the Company's Annual Report on Form 10-K are available on its web site at www.dnb.com and on the SEC's web site at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . D&B cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements.
Schedule 1
The Dun & Bradstreet Corporation
Consolidated Statement of Operations (unaudited) - As Reported
Effects of
Quarter Ended AFX Foreign BFX
Amounts in millions, June 30, % Change Exchange % Change
except per share --------------- Fav/ Fav/ Fav/
data 2004 2003 (Unfav) (Unfav) (Unfav)
--------------------- ------- ------- ---------- ---------- ----------
Revenue:
North America $245.4 $229.3 7% 0% 7%
International 93.8 78.8 19% 11% 8%
--------------------- ------- -------
Core Revenue 339.2 308.1 10% 3% 7%
Divested
Businesses (1) 10.7 26.9 -60% 4% -64%
--------------------- ------- -------
Total Revenue $349.9 $335.0 5% 4% 1%
--------------------- ------- ------- ---------- ----------
Operating Income
(Loss):
North America $73.0 $68.4 7%
International 20.2 16.4 23%
------- -------
Total Divisions 93.2 84.8 10%
Corporate and
Other (2) (28.6) (23.7) -21%
--------------------- ------- -------
Operating Income 64.6 61.1 6%
--------------------- ------- -------
Interest Income 1.8 .8 N/M
Interest Expense (5.0) (4.7) -8%
Other Income
(Expense) -
Net (3) 4.6 (.7) N/M
--------------------- ------- -------
Non-Operating Income
(Expense) - Net 1.4 (4.6) N/M
--------------------- ------- -------
Income before
Provision for Income
Taxes 66.0 56.5 17%
Provision for Income
Taxes 26.5 21.4 -23%
Equity in Net Income
(Loss) of Affiliates - - -
--------------------- ------- -------
Net Income (4) $39.5 $35.1 13%
--------------------- ------- -------
Basic Earnings Per
Share of Common
Stock $.56 $.47 19%
--------------------- ------- -------
Diluted Earnings Per
Share of Common
Stock (5) $.54 $.46 17%
--------------------- ------- -------
--------------------- ------- -------
Weighted Average
Number of Shares
Outstanding:
Basic 70.8 74.4 5%
--------------------- ------- -------
Diluted 73.6 76.9 4%
--------------------- ------- ------- ----------
Effects of
Year-to-Date AFX Foreign BFX
Amounts in millions, June 30, % Change Exchange % Change
except per share --------------- Fav/ Fav/ Fav/
data 2004 2003 (Unfav) (Unfav) (Unfav)
--------------------- ------- ------- ---------- ---------- ----------
Revenue:
North America $495.9 $455.8 9% 0% 9%
International 172.7 142.9 21% 13% 8%
--------------------- ------- -------
Core Revenue 668.6 598.7 12% 4% 8%
Divested
Businesses (1) 24.7 51.0 -52% 5% -57%
--------------------- ------- -------
Total Revenue $693.3 $649.7 7% 4% 3%
--------------------- ------- ------- ---------- ----------
Operating Income
(Loss):
North America $160.5 $148.7 8%
International 27.3 17.7 54%
------- -------
Total Divisions 187.8 166.4 13%
Corporate and
Other (2) (57.7) (49.7) -16%
--------------------- ------- -------
Operating Income 130.1 116.7 12%
--------------------- ------- -------
Interest Income 3.9 1.6 N/M
Interest Expense (9.6) (9.2) -5%
Other Income
(Expense) -
Net (3) 17.1 6.1 N/M
--------------------- ------- -------
Non-Operating Income
(Expense) - Net 11.4 (1.5) N/M
--------------------- ------- -------
Income before
Provision for Income
Taxes 141.5 115.2 23%
Provision for Income
Taxes 52.2 43.0 -21%
Equity in Net Income
(Loss) of Affiliates - - -
--------------------- ------- -------
Net Income (4) $89.3 $72.2 24%
--------------------- ------- -------
Basic Earnings Per
Share of Common
Stock $1.25 $.97 29%
--------------------- ------- -------
Diluted Earnings Per
Share of Common
Stock (5) $1.20 $.94 28%
--------------------- ------- -------
--------------------- ------- -------
Weighted Average
Number of Shares
Outstanding:
Basic 71.3 74.4 4%
--------------------- ------- -------
Diluted 74.1 76.7 3%
--------------------- ------- ------- ----------
See Schedule 3 (Notes to Schedules), which is an integral part of the
consolidated statement of operations.
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
This financial information should be read in conjunction with the
consolidated financial statements and related notes of The Dun &
Bradstreet Corporation contained in filings with the Securities and
Exchange Commission.
Schedule 2
The Dun & Bradstreet Corporation
Consolidated Statement of Operations (unaudited) - Before Non-Core
Gains and Charges
Effects of
Quarter Ended AFX Foreign BFX
Amounts in millions, June 30, % Change Exchange % Change
except per share --------------- Fav/ Fav/ Fav/
data 2004 2003 (Unfav) (Unfav) (Unfav)
--------------------- ------- ------- ---------- ---------- ----------
Revenue:
North America $245.4 $229.3 7% 0% 7%
International 93.8 78.8 19% 11% 8%
--------------------- ------- -------
Core Revenue 339.2 308.1 10% 3% 7%
Divested
Businesses (1) 10.7 26.9 -60% 4% -64%
--------------------- ------- -------
Total Revenue $349.9 $335.0 5% 4% 1%
--------------------- ------- ------- ---------- ----------
Operating Income
(Loss):
North America $73.0 $68.4 7%
International 20.2 16.4 23%
------- -------
Total Divisions 93.2 84.8 10%
Corporate and
Other (2) (20.6) (18.8) -10%
--------------------- ------- -------
Operating Income 72.6 66.0 10%
--------------------- ------- -------
Interest Income 1.8 .8 N/M
Interest Expense (5.0) (4.7) -8%
Other Income
(Expense) -
Net (3) 0.2 (0.7) N/M
--------------------- ------- -------
Non-Operating Income
(Expense) - Net (3.0) (4.6) 34%
--------------------- ------- -------
Income before
Provision for Income
Taxes 69.6 61.4 13%
Provision for Income
Taxes 24.6 22.7 -8%
Equity in Net Income
(Loss) of Affiliates - - -
--------------------- ------- -------
Net Income (4) $45.0 $38.7 16%
--------------------- ------- -------
Basic Earnings Per
Share of Common
Stock $.64 $.52 23%
----------------------------- -------
Diluted Earnings Per
Share of Common
Stock (5) $.61 $.50 22%
----------------------------- -------
--------------------- ------- -------
Weighted Average
Number of Shares
Outstanding:
Basic 70.8 74.4 5%
--------------------- ------- -------
Diluted 73.6 76.9 4%
--------------------- ------- ------- ----------
Effects of
Year-to-Date AFX Foreign BFX
Amounts in millions, June 30, % Change Exchange % Change
except per share --------------- Fav/ Fav/ Fav/
data 2004 2003 (Unfav) (Unfav) (Unfav)
--------------------- ------- ------- ---------- ---------- ----------
Revenue:
North America $495.9 $455.8 9% 0% 9%
International 172.7 142.9 21% 13% 8%
--------------------- ------- -------
Core Revenue 668.6 598.7 12% 4% 8%
Divested
Businesses (1) 24.7 51.0 -52% 5% -57%
--------------------- ------- -------
Total Revenue $693.3 $649.7 7% 4% 3%
--------------------- ------- ------- ---------- ----------
Operating Income
(Loss):
North America $160.5 $148.7 8%
International 27.3 17.7 54%
------- -------
Total Divisions 187.8 166.4 13%
Corporate and
Other (2) (39.5) (33.9) -17%
--------------------- ------- -------
Operating Income 148.3 132.5 12%
--------------------- ------- -------
Interest Income 3.9 1.6 N/M
Interest Expense (9.6) (9.2) -5%
Other Income
(Expense) -
Net (3) 1.0 (0.9) N/M
--------------------- ------- -------
Non-Operating Income
(Expense) - Net (4.7) (8.5) 46%
--------------------- ------- -------
Income before
Provision for Income
Taxes 143.6 124.0 16%
Provision for Income
Taxes 53.5 45.9 -17%
Equity in Net Income
(Loss) of Affiliates - - -
--------------------- ------- -------
Net Income (4) $90.1 $78.1 15%
--------------------- ------- -------
Basic Earnings Per
Share of Common
Stock $1.26 $1.05 20%
--------------------- ------- -------
Diluted Earnings Per
Share of Common
Stock (5) $1.21 $1.02 19%
--------------------- ------- -------
--------------------- ------- -------
Weighted Average
Number of Shares
Outstanding:
Basic 71.3 74.4 4%
--------------------- ------- -------
Diluted 74.1 76.7 3%
--------------------- ------- ------- ----------
See Schedule 3 (Notes to Schedules), which is an integral part of the
consolidated statement of operations.
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
Non-Core Gains and Charges - For internal management purposes, we
treat certain pre-tax gains and charges which are included in
"Corporate and Other" and "Other Income (Expense) -- Net" as non-core
gains and charges. These non-core gains and charges are summarized in
Schedule 3. We exclude non-core gains and charges when evaluating our
financial performance because they are not a component of our ongoing
income or expense and may have a disproportional positive or negative
impact on the results of our ongoing underlying business operations.
This financial information should be read in conjunction with the
consolidated financial statements and related notes of The Dun &
Bradstreet Corporation contained in filings with the Securities and
Exchange Commission.
Schedule 3
The Dun & Bradstreet Corporation
Notes to Schedules 1 and 2 (unaudited)
(1) 2004 includes revenues from the Company's operations in Nordic
(Sweden, Denmark, Norway and Finland), Germany, Austria,
Switzerland, Poland, Hungary, the Czech Republic, India and
Distribution Channels in Pakistan and the Middle East and 2003
includes revenues from the Company's operations in Israel, Nordic,
Germany, Austria, Switzerland, Poland, Hungary, the Czech
Republic, India and Distribution Channels in Pakistan and the
Middle East.
(2) The following table reconciles Corporate and Other expenses
included in Schedule 1 and Schedule 2:
Quarter Ended Year-to-Date
June 30, June 30,
--------------- ---------------
% Change % Change
Amounts in Fav/ Fav/
millions 2004 2003 (Unfav) 2004 2003 (Unfav)
---------------------- ------- --------- ------- ------- ---------
Corporate and
Other - As
Reported
(Schedule 1) $(28.6) $(23.7) -21% $(57.7) $(49.7) -16%
Restructuring
Charge (8.0) (4.9) N/M (18.2) (15.8) N/M
------- ------- ------- -------
Corporate and
Other - Before
Non-Core Gains
and Charges
(Schedule 2) $(20.6) $(18.8) -10% $(39.5) $(33.9) -17%
------- ------- --------- ------- ------- ---------
(3) The following table reconciles Other Income (Expense)-Net included
in Schedule 1 and Schedule 2:
Quarter Ended Year-to-Date
June 30, June 30,
--------------- ---------------
% Change % Change
Amounts in Fav/ Fav/
millions 2004 2003 (Unfav) 2004 2003 (Unfav)
---------------------- ------- --------- ------- ------- ---------
Other Income
(Expense)-Net
- As Reported
(Schedule 1) $4.6 $(.7) N/M $17.1 $6.1 N/M
Gain on Sales
of
Operations
in Nordic
(Sweden,
Denmark,
Norway and
Finland) - - N/M 7.9 - N/M
Gain on Sales
of
Operations
in India and
Distribution
Channels in
Pakistan and
the Middle
East - - N/M 3.8 - N/M
Gain on Sales
of
Operations
in Germany,
Austria,
Switzerland,
Poland,
Hungary and
Czech
Republic 5.6 - N/M 5.6 - N/M
Impairment
Charge on
the write-
down of net
assets in
Spain and
Portugal to
their fair
market value (1.2) - N/M (1.2) - N/M
Insurance
Recovery
related to
World Trade
Center
Tragedy - - N/M - 7.0 N/M
------- ------- ------- -------
Other Income
(Expense)-Net
- Before Non-
Core Gains and
Charges
(Schedule 2) $.2 $(.7) N/M $1.0 $(.9) N/M
------- ------- --------- ------- ------- ---------
(4) The following table reconciles Net Income included in Schedule 1
and Schedule 2:
Quarter Ended Year-to-Date
June 30, June 30,
--------------- ---------------
% Change % Change
Amounts in Fav/ Fav/
millions 2004 2003 (Unfav) 2004 2003 (Unfav)
---------------------- ------- --------- ------- ------- ---------
Net Income - As
Reported
(Schedule 1) $39.5 $35.1 13% $89.3 $72.2 24%
Restructuring
Charge (5.2) (3.6) N/M (12.0) (10.2) N/M
Gain on Sales
of
Operations
in Nordic
(Sweden,
Denmark,
Norway and
Finland) - - N/M 9.6 - N/M
Gain on Sales
of
Operations
in India and
Distribution
Channels in
Pakistan and
the Middle
East - - N/M 1.9 - N/M
Gain on Sales
of
Operations
in Germany,
Austria,
Switzerland,
Poland,
Hungary and
Czech
Republic 2.9 - N/M 2.9 - N/M
Impairment
Charge on
the write-
down of net
assets in
Spain and
Portugal to
their fair
market value (3.2) - N/M (3.2) - N/M
Insurance
Recovery
related to
World Trade
Center
Tragedy - - N/M - 4.3 N/M
------- ------- ------- -------
Net Income -
Before Non-
Core Gains and
Charges
(Schedule 2) $45.0 $38.7 16% $90.1 $78.1 15%
------- ------- --------- ------- ------- ---------
(5) The following table reconciles Diluted Earnings Per Share included
in Schedule 1 and Schedule 2:
Quarter Ended Year-to-Date
June 30, June 30,
--------------- ---------------
% Change % Change
Fav/ Fav/
2004 2003 (Unfav) 2004 2003 (Unfav)
---------------------- ------- --------- ------- ------- ---------
Diluted EPS -
As Reported
(Schedule 1) $.54 $.46 17% $1.20 $.94 28%
Restructuring
Charge (.07) (.04) N/M (.16) (.14) N/M
Gain on Sales
of
Operations
in Nordic
(Sweden,
Denmark,
Norway and
Finland) - - N/M .13 - N/M
Gain on Sales
of
Operations
in India and
Distribution
Channels in
Pakistan and
the Middle
East - - N/M .02 - N/M
Gain on Sales
of
Operations
in Germany,
Austria,
Switzerland,
Poland,
Hungary and
Czech
Republic .04 - N/M .04 - N/M
Impairment
Charge on
the write-
down of net
assets in
Spain and
Portugal to
their fair
market value (.04) - N/M (.04) - N/M
Insurance
Recovery
related to
World Trade
Center
Tragedy - - N/M - .06 N/M
------- ------- ------- -------
Diluted EPS -
Before Non-
Core Gains and
Charges
(Schedule 2) $.61 $.50 22% $1.21 $1.02 19%
------- ------- --------- ------- ------- ---------
This financial information should be read in conjunction with the
consolidated financial statements and related notes of The Dun &
Bradstreet Corporation contained in filings with the Securities and
Exchange Commission.
Schedule 4
The Dun & Bradstreet Corporation
Supplemental Financial Data (unaudited)
Effects of
Quarter Ended AFX Foreign BFX
June 30, % Change Exchange % Change
--------------- Fav/ Fav/ Fav/
Amounts in millions 2004 2003 (Unfav) (Unfav) (Unfav)
--------------------- ------- ------- ---------- ---------- ----------
Geographic and
Product Line
Revenue:
North America:
Risk Management
Solutions $162.6 $153.0 6% 0% 6%
Sales & Marketing
Solutions 64.5 61.3 5% 0% 5%
Supply Management
Solutions 6.3 6.9 -9% 0% -9%
E-Business
Solutions 12.0 8.1 49% 0% 49%
------- -------
Core Revenue 245.4 229.3 7% 0% 7%
Divested
Businesses - - 0% 0% 0%
------- -------
Total North
America 245.4 229.3 7% 0% 7%
------- -------
International:
Risk Management
Solutions 77.5 64.0 21% 11% 10%
Sales & Marketing
Solutions 14.4 13.4 7% 11% -4%
Supply Management
Solutions 1.9 1.4 33% 12% 21%
------- -------
Core Revenue 93.8 78.8 19% 11% 8%
Divested
Businesses 10.7 26.9 -60% 4% -64%
------- -------
Total
International 104.5 105.7 -1% 10% -11%
------- -------
Total Corporation:
Risk Management
Solutions 240.1 217.0 11% 4% 7%
Sales & Marketing
Solutions 78.9 74.7 6% 2% 4%
Supply Management
Solutions 8.2 8.3 -2% 2% -4%
E-Business
Solutions 12.0 8.1 49% 0% 49%
------- -------
Core Revenue 339.2 308.1 10% 3% 7%
Divested
Businesses 10.7 26.9 -60% 4% -64%
------- -------
Total Revenue $349.9 $335.0 5% 4% 1%
------- ------- ---------- ----------
Operating Costs:
Operating
Expenses $105.3 $101.8 -4%
Selling and
Administrative
Expenses 160.8 151.5 -6%
Depreciation and
Amortization 11.2 15.7 29%
Restructuring
Expense 8.0 4.9 -64%
------- -------
Total Operating
Costs $285.3 $273.9 -4%
------- -------
Capital Expenditures $2.7 $2.2 -23%
------- -------
Additions to
Computer Software &
Other Intangibles $2.3 $7.2 68%
------- ------- ----------
Effects of
Year-to-Date AFX Foreign BFX
June 30, % Change Exchange % Change
--------------- Fav/ Fav/ Fav/
Amounts in millions 2004 2003 (Unfav) (Unfav) (Unfav)
--------------------- ------- ------- ---------- ---------- ----------
Geographic and
Product Line
Revenue:
North America:
Risk Management
Solutions $323.9 $304.7 6% 0% 6%
Sales & Marketing
Solutions 137.1 128.2 7% 0% 7%
Supply Management
Solutions 11.8 12.3 -5% 0% -5%
E-Business Solutions 23.1 10.6 N/M N/M N/M
------- -------
Core Revenue 495.9 455.8 9% 0% 9%
Divested Businesses - - 0% 0% 0%
------- -------
Total North
America 495.9 455.8 9% 0% 9%
------- -------
International:
Risk Management
Solutions 142.6 115.8 23% 13% 10%
Sales & Marketing
Solutions 27.2 24.3 12% 13% -1%
Supply Management
Solutions 2.9 2.8 3% 10% -7%
------- -------
Core Revenue 172.7 142.9 21% 13% 8%
Divested Businesses 24.7 51.0 -52% 5% -57%
------- -------
Total
International 197.4 193.9 2% 11% -9%
------- -------
Total Corporation:
Risk Management
Solutions 466.5 420.5 11% 4% 7%
Sales & Marketing
Solutions 164.3 152.5 8% 2% 6%
Supply Management
Solutions 14.7 15.1 -3% 2% -5%
E-Business Solutions 23.1 10.6 N/M N/M N/M
------- -------
Core Revenue 668.6 598.7 12% 4% 8%
Divested Businesses 24.7 51.0 -52% 5% -57%
------- -------
Total Revenue $693.3 $649.7 7% 4% 3%
------- ------- ---------- ----------
Operating Costs:
Operating Expenses $208.5 $207.9 0%
Selling and
Administrative
Expenses 313.3 277.4 -13%
Depreciation and
Amortization 23.2 31.9 27%
Restructuring
Expense 18.2 15.8 -15%
------- -------
Total Operating
Costs $563.2 $533.0 -6%
------- -------
Capital Expenditures $5.9 $5.9 0%
------- -------
Additions to Computer
Software & Other
Intangibles $4.0 $9.4 57%
------- ------- ----------
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2004 2004 2003 2003 2003 2003
-------- -------- -------- -------- -------- --------
Net Debt
Position:
Cash and Cash
Equivalents
(6) $217.2 $197.4 $239.0 $199.7 $127.4 $149.3
Notes Payable - - - - - (.1)
Long-Term Debt (299.9) (299.9) (299.9) (299.9) (299.8) (299.8)
-------- -------- -------- -------- -------- --------
Net Debt $(82.7) $(102.5) $(60.9) $(100.2) $(172.4) $(150.6)
-------- -------- -------- -------- -------- --------
(6) In addition
to Cash and
Cash Equiv.
we had the
following net
(investments)
redemptions
in Marketable
Securities $3.0 $(87.7) $.6 $32.0 $(20.9) $(7.4)
-------- -------- -------- -------- -------- --------
Year-To-Date
-----------------------------------
% Change
Jun 30, Jun 30, Fav/
2004 2003 (Unfav)
----------- ----------- -----------
Free Cash Flow:
Net Cash Provided By Operating
Activities (As Reported) $127.7 $130.7 -2%
Less:
Capital Expenditures (As
Reported) 5.9 5.9 0%
Additions to Computer
Software & Other Intangibles
(As Reported) 4.0 9.4 57%
----------- -----------
Free Cash Flow $117.8 $115.4 2%
----------- ----------- -----------
Quarter Ended
-----------------------------------
Jun 30, Mar 31, Dec 31,
2004 2004 2003
----------- ----------- -----------
Reconciliation of Organic Revenue
Growth:
Total Revenue AFX 5% 9% 14%
Less: Favorable Effects of
Foreign Exchange 4% 4% 5%
----------- ----------- -----------
Total Revenue BFX 1% 5% 9%
Add: Effect of Divested
Businesses BFX 6% 4% 2%
----------- ----------- -----------
Core Revenue BFX 7% 9% 11%
Less: Acquisition Revenue BFX 0% 3% 4%
----------- ----------- -----------
Organic Revenue BFX 7% 6% 7%
----------- ----------- -----------
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
This financial information should be read in conjunction with the
consolidated financial statements and related notes of The Dun &
Bradstreet Corporation contained in filings with the Securities and
Exchange Commission.
Schedule 5
The Dun & Bradstreet Corporation
Revenue Reconciliation and Detail (unaudited)
Quarter Ended June 30, 2004
Quarter Ended June 30, 2004 vs. 2003
-----------------------------------------------------
Traditional/VAPs as a %
of Total Product
Line/Core
-----------------------
AFX Effects BFX 2004 2003
% Change of % Change % Product % Product
Fav/ Foreign Fav/ Line/ Line/
Revenue (Unfav) Exchange (Unfav) Core Core
---------------- --------- --------- --------- ----------- -----------
North America:
Risk
Management
Solutions:
Traditional 6% 0% 6% 78% 51% 78% 52%
VAPs 7% 0% 7% 22% 15% 22% 15%
Total Risk
Management
Solutions 6% 0% 6% 66% 67%
Sales &
Marketing
Solutions:
Traditional -13% 0% -13% 47% 12% 57% 15%
VAPs 30% 0% 30% 53% 14% 43% 11%
Total Sales &
Marketing
Solutions 5% 0% 5% 26% 26%
Supply
Management
Solutions -9% 0% -9% 3% 3%
E-Business
Solutions 49% 0% 49% 5% 4%
Core
Revenue 7% 0% 7%
Divested
Businesses 0% 0% 0%
Total North
America 7% 0% 7%
International:
Risk
Management
Solutions:
Traditional 22% 12% 10% 93% 76% 93% 75%
VAPs 16% 8% 8% 7% 6% 7% 6%
Total Risk
Management
Solutions 21% 11% 10% 82% 81%
Sales &
Marketing
Solutions:
Traditional 31% 15% 16% 74% 12% 60% 10%
VAPs -29% 4% -33% 26% 4% 40% 7%
Total Sales &
Marketing
Solutions 7% 11% -4% 16% 17%
Supply
Management
Solutions 33% 12% 21% 2% 2%
Core
Revenue 19% 11% 8%
Divested
Businesses -60% 4% -64%
Total
International -1% 10% -11%
Total
Corporation:
Risk
Management
Solutions:
Traditional 11% 4% 7% 83% 59% 82% 58%
VAPs 8% 1% 7% 17% 12% 18% 12%
Total Risk
Management
Solutions 11% 4% 7% 71% 70%
Sales &
Marketing
Solutions:
Traditional -5% 2% -7% 52% 12% 58% 14%
VAPs 20% 1% 19% 48% 11% 42% 10%
Total Sales &
Marketing
Solutions 6% 2% 4% 23% 24%
Supply
Management
Solutions -2% 2% -4% 2% 3%
E-Business
Solutions 49% 0% 49% 4% 3%
Core
Revenue 10% 3% 7%
Divested
Businesses -60% 4% -64%
Total
Corporation 5% 4% 1%
--------- --------- --------- ----- ----- ----- -----
Year-To-Date Ended June 30, 2004 vs. 2003
-----------------------------------------------------
Traditional/VAPs as a %
of Total Product
Line/Core
-----------------------
AFX Effects BFX 2004 2003
% Change of % Change % Product % Product
Fav/ Foreign Fav/ Line/ Line/
Revenue (Unfav) Exchange (Unfav) Core Core
---------------- --------- --------- --------- ----------- -----------
North America:
Risk
Management
Solutions:
Traditional 7% 0% 7% 79% 51% 78% 52%
VAPs 4% 1% 3% 21% 14% 22% 15%
Total Risk
Management
Solutions 6% 0% 6% 65% 67%
Sales &
Marketing
Solutions:
Traditional -10% 1% -11% 46% 13% 54% 15%
VAPs 28% 0% 28% 54% 15% 46% 13%
Total Sales &
Marketing
Solutions 7% 0% 7% 28% 28%
Supply
Management
Solutions -5% 0% -5% 2% 3%
E-Business
Solutions N/M N/M N/M 5% 2%
Core
Revenue 9% 0% 9%
Divested
Businesses 0% 0% 0%
Total North
America 9% 0% 9%
International:
Risk
Management
Solutions:
Traditional 23% 14% 9% 93% 76% 93% 75%
VAPs 23% 10% 13% 7% 6% 7% 6%
Total Risk
Management
Solutions 23% 13% 10% 82% 81%
Sales &
Marketing
Solutions:
Traditional 20% 14% 6% 74% 12% 68% 12%
VAPs -6% 9% -15% 26% 4% 32% 5%
Total Sales &
Marketing
Solutions 12% 13% -1% 16% 17%
Supply
Management
Solutions 3% 10% -7% 2% 2%
Core
Revenue 21% 13% 8%
Divested
Businesses -52% 5% -57%
Total
International 2% 11% -9%
Total
Corporation:
Risk
Management
Solutions:
Traditional 12% 4% 8% 83% 58% 82% 58%
VAPs 6% 2% 4% 17% 12% 18% 12%
Total Risk
Management
Solutions 11% 4% 7% 70% 70%
Sales &
Marketing
Solutions:
Traditional -5% 2% -7% 50% 13% 57% 14%
VAPs 24% 2% 22% 50% 12% 43% 11%
Total Sales &
Marketing
Solutions 8% 2% 6% 25% 25%
Supply
Management
Solutions -3% 2% -5% 2% 3%
E-Business
Solutions N/M N/M N/M 3% 2%
Core
Revenue 12% 4% 8%
Divested
Businesses -52% 5% -57%
Total
Corporation 7% 4% 3%
--------- --------- --------- ----- ----- ----- -----
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
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