D&B Announces Strong Third Quarter Results and Confirms 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 20 Percent Before Non-Core Gains and Charges; Up 71 Percent on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Basis --Core Revenue up 9 Percent (up 8 Percent before Foreign Exchange), Reflecting All Organic Revenue Growth --Total Revenue on a GAAP Basis was Flat, Reflecting the Impact of Divested Businesses (down 2% Percent before Foreign Exchange) --Provides Update on Financial Flexibility Initiative - Enters into an Outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. Arrangement with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) D&B (NYSE: DNB), the leading provider of global business information, tools, and insight today reported results for the third quarter ended September September: see month. 30, 2004. "As we continue to transform D&B, this quarter's progress clearly demonstrates that our 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 is working," 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 , chairman and chief executive officer of D&B. "By focusing on improving our leadership, and in particular leading through change, we have been able to continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. meet our shareholder commitments. The progress we experienced this quarter was made possible by the dedication of our team members worldwide who are committed to creating value for customers and shareholders alike." Third 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 65 cents, up 20 percent from 54 cents in the prior year quarter. On a GAAP basis, diluted earnings per share were 65 cents, up 71 percent from 38 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 $333.2 million, a 9 percent increase compared with the prior year quarter. Core revenue was up 8 percent before the effect of foreign exchange with all of the increase due to organic growth. "Our DUNSRight(TM) quality process, which powers our portfolio of customer solution sets, provides our customers with unparalleled business insight, so they can make confident business decisions," said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Alesio, 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. . "The power of DUNSRight(TM) combined with our team members' leadership enabled us to deliver our fifth consecutive quarter of organic revenue growth." Core revenue results reflected the following by product line: --Risk Management Solutions revenue of $226.5 million, up 8 percent (up 6 percent before the effect of foreign exchange); --Sales & Marketing Solutions revenue of $84.9 million, up 9 percent (up 8 percent before the effect of foreign exchange); --Supply Management Solutions revenue of $8.9 million, up 2 percent (up 1 percent before the effect of foreign exchange); and --E-Business Solutions revenue of $12.9 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 54 percent, (including 35 points of growth, which was before the effect of purchase accounting on 2003 results). See attached Schedule 4 for further details on revenue by product line. Total revenue for the quarter, which included the results of divested businesses, was $333.2 million. This result was flat compared to total revenue in the year ago quarter and down 2 percent before the effect of foreign exchange, as 2003 revenue included $27.9 million of revenue from businesses that were divested over the past year. 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 third quarter was $75.6 million, up 9 percent from the year ago period, before non-core charges in both years. Both the 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 the growth in operating income. These increases were partially off-set by investments in both 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 Sarbanes-Oxley requirements. On a GAAP basis, operating income was $72.9 million, up 35 percent compared with $54.1 million in the same period last year. See attached Schedule 3 for a reconciliation of operating income before non-core gains and charges to operating income on a GAAP basis. Net income for the quarter was $47.1 million, up 14 percent from $41.3 million in the prior-year period, before non-core gains and charges in both years. On a GAAP basis, net income was $47.5 million, up 65 percent compared with $28.8 million in the third 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 nine months of 2004 was $154.7 million, up 13 percent from the first nine months of 2003. Net cash flow provided by operating activities was $174.3 million for the first nine months of 2004, up 12 percent. Free-cash flow for the first nine months of 2003 included $14 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 million of insurance proceeds related to the World Trade Center tragedy and a $7 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 $193.8 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. under the Company's $200 million share repurchase program totaled $53.2 million during the quarter. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , the Company has purchased $140.7 million and as previously announced, expects to complete this program by year end. Web revenue was 81 percent at the end of September 2004. This was up from 80 percent at the end of June June: see month. 2004 and 76 percent at the end of 2003. Third Quarter 2004 Segment Results North America Total and core revenue for the third quarter was $247.8 million, up 8 percent from $229.2 million in the prior year quarter. North America's revenue results included: --$155.8 million from Risk Management Solutions, up 4 percent; --$71.7 million from Sales & Marketing Solutions, up 12 percent; --$7.4 million from Supply Management Solutions, down 4 percent; and --$12.9 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 54 percent (including 35 points of growth, which was before the effect of purchase accounting on 2003 results). See attached Schedule 5 for details of revenue by product line. Operating income for the quarter was $82.4 million, up 9 percent from $75.3 million in the prior year quarter. The increase was primarily due to the increased revenue. International Core revenue for the third quarter was $85.4 million, up 14 percent from $75.2 million in the prior year quarter, and up 6 percent before the effect of foreign exchange. These International revenue results included: --$70.7 million from Risk Management Solutions, up 18 percent (up 10 percent before the effect of foreign exchange); --$13.2 million from Sales & Marketing Solutions, down 5 percent (down 13 percent before the effect of foreign exchange); and --$1.5 million from Supply Management Solutions, up 41 percent (up 33 percent before the effect of foreign exchange). See attached Schedule 5 for further details on revenue by product line. Total revenue for the quarter was $85.4 million, a 17 percent decrease from total revenue in the prior year quarter (down 23 percent before the effect of foreign exchange). Third quarter 2003 revenue included $27.9 million of revenue from businesses that were divested over the past year. Operating income for the quarter was $12.1 million, up 13 percent from $10.8 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. Financial Flexibility Initiatives The Company continues to leverage its financially flexible business model to fund investments for growth and to create shareholder value through its process of continuous reengineering Using information technology to improve performance and cut costs. Its main premise, as popularized by the book "Reengineering the Corporation" by Michael Hammer and James Champy, is to examine the goals of an organization and to redesign work and business processes from the ground up . In April of this year, the Company outlined its financial flexibility initiatives for 2004. At that time, the Company announced that on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, the financial flexibility initiatives for 2004 are expected to create approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $80 million of savings, of which approximately $50 million will be generated this year. To implement these initiatives, the Company expects to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. transition costs of approximately $22 million. In addition, the Company expects to incur non-core charges totaling approximately $30 to $35 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta , primarily for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. costs in 2004. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with these initiatives, the Company announced today plans to outsource outsource verb To assign specific work to a 3rd party for a specific length of time at an set price and service level Managed care To use outside labor to perform functions–billing and collections, accounting, janitorial services, ER certain portions of its data acquisition and delivery, customer service, and financial processes to International Business Machines Corporation (IBM). By establishing this relationship with IBM, the Company expects to: --Enhance its DUNSRight(TM) quality process, --Improve the level of service it provides to customers, and --Reduce the costs associated with these functions. As a result of this decision, the Company expects 750 positions globally to be eliminated, of which approximately 220 team members will transfer to IBM and will be placed there for at least one year, with the opportunity to pursue available positions within IBM. Team members not transferring to IBM will continue in their roles with D&B for a period of approximately three to six months. The Company will provide a severance and benefits package, and professional and personal support through on-site on-site adj. Done or located at the site, as of a particular activity: on-site monitoring of a production run; an on-site film shoot. outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. services as they transition out of the business, or work with them to explore other opportunities within D&B. "Continuous reengineering is an integral part of our financially flexible business model, which enables us to invest for growth and create shareholder value," said Loren. "While these initiatives will improve the performance of our business, we recognize this means change for our team members and we are committed to providing them with the help and support they need during the transition." For a more detailed discussion of this outsourcing plan, please see the Company's Form 8K, filed today with the Securities and Exchange Commission. Non-Core Gains and Charges During the quarter, the Company recorded net pre-tax, non-core charges of $1.9 million as compared to net pre-tax non-core charges of $15.4 million in the third quarter of 2003. The net, non-core charges in the third quarter of 2004 included a pre-tax, non-core charge of $2.7 million related to its financial flexibility initiatives in the third quarter of 2004, which was recorded within operating income as Corporate and other expense, and a pre-tax, non-core gain of $0.8 million, within Non-Operating Income (Expense)-Net, to reduce the second quarter of 2004 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, reflecting the fair market value of the Company's 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. operations at the end of the third quarter. In the third quarter of 2003, the Company recorded pre-tax, non-core charges of $1.6 million related to the fourth phase of its financial flexibility initiatives and a $13.8 million non-core charge related to the monetization Monetization The securitization of the gross revenues of a contract. of real estate. The charges were 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 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: "Use of Non-GAAP Financial Measures". Confirms Full Year 2004 Outlook The Company confirmed the following guidance: --Full year 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. 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. of $2.81 to $2.91 on a GAAP basis, up 22 percent-27 percent, --Full year diluted EPS of $2.94 to $2.99, up 16 percent -18 percent before non-core gains and charges of $0.08 to $0.13, --Core revenue growth of 6 percent-8 percent, before the effect of foreign exchange, --The Company does not provide revenue growth guidance on a GAAP basis because D&B is unable to predict the future movement of foreign exchange rates, --Free cash flow of $230 to $245 million, before any final settlement of tax matters discussed in the Company's second quarter Form 10Q. 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 and core 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. filed July July: see month. 19, 2004 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. Third Quarter Teleconference D&B will review its third quarter financial results and 2004 outlook in a conference call with the investment community on Thursday Thursday: see week. , October October: see month. 21, 2004, at 11:00 a.m. 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 live audio, as well as a replay of the conference call and other related information, 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 conference call will be available within 24 hours of the conclusion of the call 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 "Full Year 2004 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. 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; --accurately forecast cost increases associated with increasing revenue growth; --accurately forecast the cost of increasing 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. , such as Sarbanes-Oxley requirements; --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; and --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. 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 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. involving the Company as more fully described in the Company's filings with the SEC. 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
-------------
AFX Effects of
% Change Foreign BFX
Quarter Ended Fav/ Exchange % Change
September 30, (Unfav) Fav/(Unfav) Fav/(Unfav)
--------------- --------- ------------ -----------
2004 2003
-------- ------
Amounts in
millions, except
per share data
Revenue:
North America $247.8 $229.2 8% 0% 8%
International 85.4 75.2 14% 8% 6%
----------------- ------- -------
Core Revenue 333.2 304.4 9% 1% 8%
Divested
Businesses
(1) - 27.9 N/M N/M N/M
----------------- ------- -------
Total Revenue $333.2 $332.3 0% 2% -2%
----------------- ------- ------- -------- --------
Operating Income
(Loss):
North America $82.4 $75.3 9%
International 12.1 10.8 13%
------- -------
Total Divisions 94.5 86.1 10%
Corporate and
Other (2) (21.6) (32.0) 33%
----------------- ------- -------
Operating Income 72.9 54.1 35%
----------------- ------- -------
Interest Income 2.1 1.1 95%
Interest Expense (4.9) (4.8) -1%
Other Income
(Expense) -
Net (3) 2.3 (3.2) N/M
----------------- ------- -------
Non-Operating Income
(Expense) -
Net (0.5) (6.9) 93%
----------------- ------- -------
Income before
Provision for
Income Taxes 72.4 47.2 54%
Provision for
Income Taxes 25.2 18.3 -38%
Equity in Net
Income (Loss)
of Affiliates .3 (.1) N/M
----------------- ------- -------
Net Income (4) $47.5 $28.8 65%
----------------- ------- -------
Basic Earnings
Per Share of
Common Stock $.68 $.39 74%
----------------- ------- -------
Diluted Earnings
Per Share of
Common Stock (5) $.65 $.38 71%
----------------- ------- -------
Weighted Average
Number of Shares
Outstanding:
Basic 69.9 73.5 5%
----------------- ------- -------
Diluted 72.7 76.2 5%
----------------- ------- -------
AFX Effects of
% Change Foreign BFX
Year-to-Date Fav/ Exchange % Change
September 30, (Unfav) Fav/(Unfav) Fav/(Unfav)
--------------- --------- ------------ -----------
2004 2003
-------- ------
Amounts in
millions, except
per share data
Revenue:
North America $743.7 $685.0 9% 0% 9%
International 258.1 218.1 18% 11% 7%
-------------- --------- -------
Core Revenue 1,001.8 903.1 11% 3% 8%
Divested
Businesses
(1) 24.7 78.9 -69% 3% -72%
----------------- ------- -------
Total Revenue $1,026.5 $982.0 5% 4% 1%
----------------- ------- ------- -------- -------
Operating Income
(Loss):
North America $242.9 $224.0 9%
International 39.4 28.5 38%
--------- -------
Total
Divisions 282.3 252.5 12%
Corporate and
Other (2) (79.3) (81.7) 3%
----------------- ------- -------
Operating Income 203.0 170.8 19%
----------------- ------- -------
Interest Income 6.0 2.7 N/M
Interest Expense (14.5) (14.0) -4%
Other Income
(Expense) -
Net (3) 19.4 2.9 N/M
----------------- ------- -------
Non-Operating
Income
(Expense) -
Net 10.9 (8.4) N/M
----------------- ------- -------
Income before
Provision for
Income Taxes 213.9 162.4 32%
Provision for
Income Taxes 77.4 61.3 -26%
Equity in Net
Income (Loss)
of Affiliates .3 (.1) N/M
----------------- ------- -------
Net Income (4) $136.8 $101.0 35%
----------------- ------- -------
Basic Earnings Per
Share of Common
Stock $1.93 $1.36 42%
----------------- ------- -------
Diluted Earnings
Per Share of
Common Stock (5) $1.86 $1.32 41%
----------------- ------- -------
Weighted Average
Number of Shares
Outstanding:
Basic 70.9 74.1 4%
----------------- ------- -------
Diluted 73.6 76.4 4%
----------------- ------- ------- -------
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
------------------
AFX Effects of
% Change Foreign BFX
Quarter Ended Fav/ Exchange % Change
September 30, (Unfav) Fav/(Unfav) Fav/(Unfav)
--------------- --------- ------------ -----------
2004 2003
-------- ------
Amounts in
millions, except
per share data
Revenue:
North America $247.8 $229.2 8% 0% 8%
International 85.4 75.2 14% 8% 6%
----------------- ------- -------
Core Revenue 333.2 304.4 9% 1% 8%
Divested
Businesses (1) - 27.9 N/M N/M N/M
----------------- ------- -------
Total Revenue $333.2 $332.3 0% 2% -2%
-------------- ------- ------- ---------- ----------
Operating Income
(Loss):
North America $82.4 $75.3 9%
International 12.1 10.8 13%
------- -------
Total
Divisions 94.5 86.1 10%
Corporate and
Other (2) (18.9) (16.6) -13%
----------------- ------- -------
Operating Income 75.6 69.5 9%
----------------- ------- -------
Interest Income 2.1 1.1 95%
Interest Expense (4.9) (4.8) -1%
Other Income
(Expense) -
Net (3) 1.5 (3.2) N/M
----------------- ------- -------
Non-Operating
Income
(Expense) -
Net (1.3) (6.9) 81%
----------------- ------- -------
Income before
Provision for
Income Taxes 74.3 62.6 19%
Provision for
Income Taxes 27.5 21.2 -30%
Equity in Net
Income (Loss)
of Affiliates .3 (.1) N/M
----------------- ------- -------
Net Income (4) $47.1 $41.3 14%
----------------- ------- -------
Basic Earnings Per
Share of Common
Stock $.67 $.56 20%
----------------- ------- -------
Diluted Earnings
Per Share of
Common Stock (5) $.65 $.54 20%
----------------- ------- -------
Weighted Average
Number of Shares
Outstanding:
Basic 69.9 73.5 5%
----------------- ------- -------
Diluted 72.7 76.2 5%
----------------- ------- ------- ----
AFX Effects of
% Change Foreign BFX
Year-to-Date Fav/ Exchange % Change
September 30, (Unfav) Fav/(Unfav) Fav/(Unfav)
--------------- --------- ------------ -----------
2004 2003
-------- ------
Amounts in
millions, except
per share data
Revenue:
North America $743.7 $685.0 9% 0% 9%
International 258.1 218.1 18% 11% 7%
-------------- --------- -------
Core Revenue 1,001.8 903.1 11% 3% 8%
Divested
Businesses
(1) 24.7 78.9 -69% 3% -72%
-------------- --------- -------
Total Revenue $1,026.5 $982.0 5% 4% 1%
----------------- ------- ------- ---------- -------
Operating Income
(Loss):
North America $242.9 $224.0 9%
International 39.4 28.5 38%
--------- -------
Total
Divisions 282.3 252.5 12%
Corporate and
Other (2) (58.4) (50.5) -16%
----------------- ------- -------
Operating Income 223.9 202.0 11%
----------------- ------- -------
Interest Income 6.0 2.7 N/M
Interest Expense (14.5) (14.0) -4%
Other Income
(Expense) -
Net (3) 2.5 (4.1) N/M
----------------- ------- -------
Non-Operating Income
(Expense) -
Net (6.0) (15.4) 62%
----------------- ------- -------
Income before
Provision for
Income Taxes 217.9 186.6 17%
Provision for
Income Taxes 81.0 67.1 -21%
Equity in Net
Income (Loss)
of Affiliates .3 (0.1) N/M
----------------- ------- -------
Net Income (4) $137.2 $119.4 15%
----------------- ------- -------
Basic Earnings Per
Share of Common
Stock $1.94 $1.61 21%
----------------- ------- -------
Diluted Earnings
Per Share of
Common Stock (5) $1.86 $1.56 19%
----------------- ------- -------
Weighted Average
Number of Shares
Outstanding:
Basic 70.9 74.1 4%
----------------- ------- -------
Diluted 73.6 76.4 4%
----------------- ------- ------- -----
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
September 30, September 30,
-------------- ------------
% Change % Change
Amounts in Fav/ Fav/
millions 2004 2003 (Unfav) 2004 2003 (Unfav)
-------------- ---- ---- ------- ---- ---- --------
Corporate and
Other - As Reported
(Schedule 1) $(21.6) $(32.0) 33% $(79.3) $(81.7) 3%
Restructuring Charge (2.7) (1.6) N/M (20.9) (17.4) N/M
High Wycombe, England,
Building Sale - (13.8) N/M - (13.8) N/M
------- ------- ---- ------- ------- -----
Corporate and Other -
Before Non-Core
Gains and Charges
(Schedule 2) $(18.9) $(16.6) -13% $(58.4) $(50.5) -16%
------- ------- ---- ------- ------- ------
(3) The following table reconciles Other Income (Expense)-Net included
in Schedule 1 and Schedule 2:
Quarter Ended Year-to-Date
September 30, September 30,
-------------- ------------
% Change % Change
Amounts in Fav/ Fav/
millions 2004 2003 (Unfav) 2004 2003 (Unfav)
-------------- ---- ---- ------- ---- ---- ---------
Other Income (Expense)
- Net - As Reported
(Schedule 1) $2.3 $(3.2) N/M $19.4 $2.9 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 - - N/M 5.6 - N/M
Impairment Charge on
the write-down of net
assets in Spain and
Portugal to their
fair market value .8 - N/M (.4) - 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) $1.5 $(3.2) N/M $2.5 $(4.1) N/M
------- ------- ------ ------- ------- -----
(4) The following table reconciles Net Income included in Schedule 1
and Schedule 2:
Quarter Ended Year-to-Date
September 30, September 30,
-------------- ------------
% Change % Change
Amounts in Fav/ Fav/
millions 2004 2003 (Unfav) 2004 2003 (Unfav)
-------------- ---- ---- ------- ---- ---- ---------
Net Income - As
Reported (Schedule 1) $47.5 $28.8 65% $136.8 $101.0 35%
Restructuring Charge (1.7) (1.4) N/M (13.7) (11.6) 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 - - N/M 2.9 - N/M
Impairment Charge on
the write-down of net
assets in Spain and
Portugal to their
fair market value 2.1 - N/M (1.1) - N/M
High Wycombe, England,
Building Sale - (11.1) N/M (11.1) 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) $47.1 $41.3 14% $137.2 $119.4 15%
------- ------- ---- ------- ------- ------
(5) The following table reconciles Diluted Earnings Per Share included
in Schedule 1 and Schedule 2:
Quarter Ended Year-to-Date
September 30, September 30,
-------------- ------------
% Change % Change
Fav/ Fav/
2004 2003 (Unfav) 2004 2003 (Unfav)
---- ---- ------- ---- ---- ---------
Diluted EPS - As
Reported (Schedule 1) $.65 $.38 71% $1.86 $1.32 41%
Restructuring Charge (.02) (.02) N/M (.18) (.16) 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 - - N/M .04 - N/M
Impairment Charge on
the write-down of net
assets in Spain and
Portugal to their
fair market value .02 - N/M (.01) - N/M
High Wycombe, England,
Building Sale - (.14) N/M - (.14) 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) $.65 $.54 20% $1.86 $1.56 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)
AFX Effects of
% Change Foreign BFX
Quarter Ended Fav/ Exchange % Change
September 30, (Unfav) Fav/(Unfav) Fav/(Unfav)
--------------- --------- ------------ -----------
2004 2003
-------- ------
Amounts in
millions
Geographic and
Product Line
Revenue:
North America:
Risk Management
Solutions $155.8 $149.5 4% 0% 4%
Sales & Marketing
Solutions 71.7 63.7 12% 0% 12%
Supply Management
Solutions 7.4 7.7 -4% 0% -4%
E-Business
Solutions 12.9 8.3 54% 0% 54%
------- -------
Core Revenue 247.8 229.2 8% 0% 8%
Divested
Businesses - - 0% 0% 0%
------- -------
Total North
America 247.8 229.2 8% 0% 8%
------- -------
International:
Risk Management
Solutions 70.7 60.1 18% 8% 10%
Sales & Marketing
Solutions 13.2 14.0 -5% 8% -13%
Supply Management
Solutions 1.5 1.1 41% 8% 33%
------- -------
Core Revenue 85.4 75.2 14% 8% 6%
Divested
Businesses - 27.9 N/M N/M N/M
------- -------
Total
International 85.4 103.1 -17% 6% -23%
------- -------
Total Corporation:
Risk Management
Solutions 226.5 209.6 8% 2% 6%
Sales & Marketing
Solutions 84.9 77.7 9% 1% 8%
Supply Management
Solutions 8.9 8.8 2% 1% 1%
E-Business
Solutions 12.9 8.3 54% 0% 54%
------- -------
Core Revenue 333.2 304.4 9% 1% 8%
Divested
Businesses - 27.9 N/M N/M N/M
------- -------
Total Revenue $333.2 $332.3 0% 2% -2%
------- ------- ------- ----
Operating Costs:
Operating
Expenses $98.4 $117.8 17%
Selling and
Administrative
Expenses 148.1 144.2 -3%
Depreciation and
Amortization 11.1 14.6 24%
Restructuring
Expense 2.7 1.6 -74%
------- -------
Total Operating
Costs $260.3 $278.2 7%
------- -------
Capital
Expenditures $3.2 $1.1 -
------- -------
Additions to
Computer Software &
Other Intangibles $6.5 $3.4 -91%
------- ------- ----
AFX Effects of
% Change Foreign BFX
Year-to-Date Fav/ Exchange % Change
September 30, (Unfav) Fav/(Unfav) Fav/(Unfav)
--------------- --------- ------------ -----------
2004 2003
-------- ------
Amounts in
millions
Geographic and
Product Line
Revenue:
North America:
Risk Management
Solutions $479.7 $454.2 6% 0% 6%
Sales & Marketing
Solutions 208.8 191.9 9% 0% 9%
Supply
Management
Solutions 19.2 20.0 -4% 0% -4%
E-Business
Solutions 36.0 18.9 90% N/M 90%
-------- -------
Core Revenue 743.7 685.0 9% 0% 9%
Divested
Businesses - - 0% 0% 0%
-------- -------
Total North
America 743.7 685.0 9% 0% 9%
------ -------
International:
Risk Management
Solutions 213.3 175.9 21% 11% 10%
Sales &
Marketing
Solutions 40.4 38.3 5% 10% -5%
Supply
Management
Solutions 4.4 3.9 14% 10% 4%
------ -------
Core Revenue 258.1 218.1 18% 11% 7%
Divested
Businesses 24.7 78.9 -69% 3% -72%
------ -------
Total
International 282.8 297.0 -5% 9% -14%
------ -------
Total
Corporation:
Risk Management
Solutions 693.0 630.1 10% 3% 7%
Sales &
Marketing
Solutions 249.2 230.2 8% 2% 6%
Supply
Management
Solutions 23.6 23.9 -1% 2% -3%
E-Business
Solutions 36.0 18.9 90% 0% 90%
------ -------
Core Revenue 1,001.8 903.1 11% 3% 8%
Divested
Businesses 24.7 78.9 -69% 3% -72%
--------- -------
Total Revenue $1,026.5 $982.0 5% 4% 1%
--------- ------- ------- -----------
Operating Costs:
Operating
Expenses $306.9 $325.7 6%
Selling and
Administrative
Expenses 461.4 421.6 -9%
Depreciation and
Amortization 34.3 46.5 26%
Restructuring
Expense 20.9 17.4 -20%
------- -------
Total Operating
Costs $823.5 $811.2 -2%
-------- -------
Capital
Expenditures $9.1 $7.0 -30%
-------- -------
Additions to
Computer Software &
Other Intangibles $10.5 $12.8 18%
------- ------- ----
Sep 30, Jun 30, Mar 31, Dec 31,
2004 2004 2004 2003
------- ------- -------- --------
Net Debt Position:
Cash and Cash Equivalents (6) $193.8 $217.2 $197.4 $239.0
Notes Payable - - - -
Long-Term Debt (299.9) (299.9) (299.9) (299.9)
-------- ------- -------- -------
Net Debt $(106.1) $(82.7) $(102.5) $(60.9)
-------- ------- -------- -------
(6) In addition to Cash and Cash
Equiv. we had the following net
(investments) redemptions in
Marketable Securities $7.9 $3.0 $(87.7) $.6
-------- ------- -------- -------
Sep 30, Jun 30, Mar 31,
2003 2003 2003
------- -------- ---------
Net Debt Position:
Cash and Cash Equivalents (6) $199.7 $127.4 $149.3
Notes Payable - - (.1)
Long-Term Debt (299.9) (299.8) (299.8)
-------- -------- --------
Net Debt $(100.2) $(172.4) $(150.6)
-------- -------- --------
(6) In addition to Cash and Cash Equiv.
we had the following net (investments)
redemptions in Marketable Securities $32.0 $(20.9) $(7.4)
-------- -------- --------
Year-To-Date
---------------------------
Sep 30, Sep 30, % Change
2004 2003 Fav/(Unfav)
------- ------- -----------
Free Cash Flow:
Net Cash Provided By Operating
Activities (As Reported) $174.3 $156.3 12%
Less:
Capital Expenditures (As Reported) 9.1 7.0 -30%
Additions to Computer Software &
Other Intangibles (As Reported) 10.5 12.8 18%
------- -------
Free Cash Flow $154.7 $136.5 13%
------- ------- -----------
Quarter Ended
--------------------
Sep Jun Mar Dec
30, 30, 31, 31,
2004 2004 2004 2003
----- ---- ---- ----
Reconciliation of Organic Revenue Growth:
Total Revenue AFX 0% 5% 9% 14%
Less: Favorable Effects of Foreign Exchange 2% 4% 4% 5%
---- ---- ---- -----
Total Revenue BFX -2% 1% 5% 9%
Add: Effect of Divested Businesses BFX 10% 6% 4% 2%
---- ---- ---- -----
Core Revenue BFX 8% 7% 9% 11%
Less: Acquisition Revenue BFX 0% 0% 3% 4%
---- ---- ---- -----
Organic Revenue BFX 8% 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
Quarter Ended September 30, 2004
Quarter Ended September 30,
2004 vs. 2003
------------------------------
AFX % Effects
Change of BFX
Fav/ Foreign % Change
(Unfav) Exchange Fav/(Unfav)
Revenue
----------------- -------- --------- -----------
North America:
Risk Management Solutions:
Traditional 6% 1% 5%
VAPs -1% 0% -1%
Total Risk Management Solutions 4% 0% 4%
Sales & Marketing Solutions:
Traditional -6% 0% -6%
VAPs 37% 0% 37%
Total Sales & Marketing Solutions 12% 0% 12%
Supply Management Solutions -4% 0% -4%
E-Business Solutions 54% 0% 54%
Core Revenue 8% 0% 8%
Divested Businesses 0% 0% 0%
Total North America 8% 0% 8%
International:
Risk Management Solutions:
Traditional 18% 7% 11%
VAPs 17% 9% 8%
Total Risk Management Solutions 18% 8% 10%
Sales & Marketing Solutions:
Traditional -3% 7% -10%
VAPs -15% 8% -23%
Total Sales & Marketing Solutions -5% 8% -13%
Supply Management Solutions 41% 8% 33%
Core Revenue 14% 8% 6%
Divested Businesses N/M N/M N/M
Total International -17% 6% -23%
Total Corporation:
Risk Management Solutions:
Traditional 10% 3% 7%
VAPs 2% 2% 0%
Total Risk Management Solutions 8% 2% 6%
Sales & Marketing Solutions:
Traditional -5% 2% -7%
VAPs 32% 1% 31%
Total Sales & Marketing Solutions 9% 1% 8%
Supply Management Solutions 2% 1% 1%
E-Business Solutions 54% 0% 54%
Core Revenue 9% 1% 8%
Divested Businesses N/M N/M N/M
Total Corporation 0% 2% -2%
-------- ------ --------
Quarter Ended September 30,
2004 vs. 2003
----------------------------
Traditional/VAPs as a
% of Total Product
Line/Core
---------------------
2004 2003
Revenue % Product % Product
Line/Core Line/Core
----------------- ---------- ----------
North America:
Risk Management Solutions:
Traditional 80% 50% 79% 51%
VAPs 20% 13% 21% 14%
Total Risk Management Solutions 63% 65%
Sales & Marketing Solutions:
Traditional 48% 14% 58% 16%
VAPs 52% 15% 42% 12%
Total Sales & Marketing Solutions 29% 28%
Supply Management Solutions 3% 3%
E-Business Solutions 5% 4%
Core Revenue
Divested Businesses
Total North America
International:
Risk Management Solutions:
Traditional 91% 75% 91% 72%
VAPs 9% 8% 9% 8%
Total Risk Management Solutions 83% 80%
Sales & Marketing Solutions:
Traditional 80% 12% 78% 15%
VAPs 20% 3% 22% 4%
Total Sales & Marketing Solutions 15% 19%
Supply Management Solutions 2% 1%
Core Revenue
Divested Businesses
Total International
Total Corporation:
Risk Management Solutions:
Traditional 83% 57% 82% 57%
VAPs 17% 11% 18% 12%
Total Risk Management Solutions 68% 69%
Sales & Marketing Solutions:
Traditional 53% 13% 61% 15%
VAPs 47% 12% 39% 10%
Total Sales & Marketing Solutions 25% 25%
Supply Management Solutions 3% 3%
E-Business Solutions 4% 3%
Core Revenue
Divested Businesses
Total Corporation
---------- ----------
Year-To-Date Ended September 30,
2004 vs. 2003
--------------------------------
AFX % Effects
Change of BFX
Fav/ Foreign % Change
(Unfav) Exchange Fav/(Unfav)
Revenue
----------------- -------- --------- -----------
North America:
Risk Management Solutions:
Traditional 7% 1% 6%
VAPs 2% 0% 2%
Total Risk Management Solutions 6% 0% 6%
Sales & Marketing Solutions:
Traditional -9% 0% -9%
VAPs 31% 0% 31%
Total Sales & Marketing Solutions 9% 0% 9%
Supply Management Solutions -4% 0% -4%
E-Business Solutions 90% 0% 90%
Core Revenue 9% 0% 9%
Divested Businesses 0% 0% 0%
Total North America 9% 0% 9%
International:
Risk Management Solutions:
Traditional 21% 11% 10%
VAPs 20% 9% 11%
Total Risk Management Solutions 21% 11% 10%
Sales & Marketing Solutions:
Traditional 11% 11% 0%
VAPs -9% 8% -17%
Total Sales & Marketing Solutions 5% 10% -5%
Supply Management Solutions 14% 10% 4%
Core Revenue 18% 11% 7%
Divested Businesses -69% 3% -72%
Total International -5% 9% -14%
Total Corporation:
Risk Management Solutions:
Traditional 11% 4% 7%
VAPs 4% 1% 3%
Total Risk Management Solutions 10% 3% 7%
Sales & Marketing Solutions:
Traditional -5% 2% -7%
VAPs 26% 1% 25%
Total Sales & Marketing Solutions 8% 2% 6%
Supply Management Solutions -1% 2% -3%
E-Business Solutions 90% 0% 90%
Core Revenue 11% 3% 8%
Divested Businesses -69% 3% -72%
Total Corporation 5% 4% 1%
-------- ------- ----------
Year-To-Date Ended
September 30, 2004
vs. 2003
---------------------
Traditional/VAPs as a
% of Total Product
Line/Core
---------------------
2004 2003
% Product % Product
Revenue Line/Core Line/Core
----------------- ---------- ----------
North America:
Risk Management Solutions:
Traditional 79% 51% 79% 52%
VAPs 21% 13% 21% 14%
Total Risk Management Solutions 64% 66%
Sales & Marketing Solutions:
Traditional 47% 13% 56% 16%
VAPs 53% 15% 44% 12%
Total Sales & Marketing Solutions 28% 28%
Supply Management Solutions 3% 3%
E-Business Solutions 5% 3%
Core Revenue
Divested Businesses
Total North America
International:
Risk Management Solutions:
Traditional 92% 76% 92% 74%
VAPs 8% 6% 8% 6%
Total Risk Management Solutions 82% 80%
Sales & Marketing Solutions:
Traditional 76% 12% 72% 13%
VAPs 24% 4% 28% 5%
Total Sales & Marketing Solutions 16% 18%
Supply Management Solutions 2% 2%
Core Revenue
Divested Businesses
Total International
Total Corporation:
Risk Management Solutions:
Traditional 83% 58% 82% 58%
VAPs 17% 11% 18% 12%
Total Risk Management Solutions 69% 70%
Sales & Marketing Solutions:
Traditional 51% 13% 58% 15%
VAPs 49% 12% 42% 10%
Total Sales & Marketing Solutions 25% 25%
Supply Management Solutions 2% 3%
E-Business Solutions 4% 2%
Core Revenue
Divested Businesses
Total Corporation
---------- ----------
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
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