D&B Reports 20 Percent Growth in Full-Year 2000 Earnings From Continuing Operations to $1.50 per Share Before One-Time Items.Business Editors MURRAY HILL Murray Hill may refer to one of the following places:
Fourth-Quarter EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. from Continuing Operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the Up 16 Percent to 59 cents Before One-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. Items Dun & Bradstreet Brad·street , Anne Dudley 1612-1672. English-born colonial poet who wrote several collections of verse, including The Tenth Muse Lately Sprung Up in America (1650). (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 ) today reported earnings from continuing operations for the full year ending December December: see month. 31, 2000 of $1.50 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, up 20 percent from $1.25 a year ago, excluding one-time items in both years, which are further described below. As reported and after one-time items, full-year earnings from continuing operations of 90 cents per diluted share were down 9 percent from the prior year. D&B's revenue from continuing operations was $1.4 billion for the full year, up 4 percent before the effect of foreign exchange and up one percent on a reported basis. 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. from continuing operations for the year was $243.8 million, up 21 percent from a year ago, before one-time items. D&B's income from continuing operations for the full year was $123.3 million, up 20 percent from a year ago, also before one-time items. "Our financial results were in line with our guidance," 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, chief executive officer and president of The Dun & Bradstreet Corporation. "We are making good progress in implementing 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. As we forecasted, international profitability improved, with Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). approaching breakeven breakeven1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations and Asia Pacific/Latin America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. showing even greater than expected improvement. Additionally, we continue to migrate product delivery to the Web, achieving $239 million of Web-based revenue for the year, more than double 1999 levels and about 20 percent above our plan." Fourth-Quarter Results For the 2000 fourth quarter, earnings from continuing operations were 59 cents per diluted share, up 16 percent from 51 cents per diluted share in the year ago period, excluding one-time items in both years. Revenue for the quarter was $378.4 million, up 8 percent before the effect of foreign exchange and up 2 percent over the year ago period as reported. Operating income was $92.1 million, up 18 percent before one-time items. D&B's income from continuing operations for the fourth quarter was $49.3 million, up 18 percent from the 1999 fourth quarter, also excluding one-time items. Fourth-Quarter Segment Results North America's fourth-quarter revenue was up 9 percent to $253.0 million. Operating income rose 12 percent to $82.4 million. Europe had fourth-quarter revenue of $106.2 million, up 7 percent over the 1999 fourth quarter before the effect of foreign exchange and down 11 percent on a reported basis. Europe's fourth-quarter operating income improved to $18.4 million, a 15 percent increase from $16.0 million in the prior year period. Fourth-quarter revenue at Asia Pacific/Latin America (APLA APLA AIDS Project Los Angeles (California) APLA Asia Pacific and Latin America APLA Atlantic Provinces Library Association APLA Antiphospholipid Antibody (syndrome) ) was $19.2 million, a 13 percent increase over the prior year period before the effect of foreign exchange and an 8 percent increase on a reported basis. APLA reported operating income of $1.5 million for the period, an improvement over the $0.7 million loss in the prior year period. Full-Year Segment Results North America's revenue for the year was up 5 percent to $968.3 million. Operating income was up 13 percent to $287.6 million. Europe reported full-year revenue of $382.1 million, up 3 percent over the prior year before the effect of foreign exchange and down 9 percent on a reported basis. Consistent with prior guidance, Europe approached breakeven with an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $0.9 million as compared to an $8.9 million loss in 1999. Revenue for the full year at APLA was $67.2 million, up one percent before the effect of foreign exchange and essentially flat on a reported basis. Excluding revenue from D&B Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). , which was contributed to a joint venture in the 2000 third quarter, and before the effect of foreign exchange, APLA's revenue was up 3 percent from the prior year period. APLA reported an operating loss of $4.6 million for the year, a 38 percent improvement over the $7.3 million loss in 1999 and better than prior guidance. 2001 Outlook "We are continuing to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution our Blueprint for Growth strategy to become a growth company while delivering shareholder value during the transformation of our business," Loren said. "Our guidance for 2001 remains unchanged: 10 percent earnings per share growth, 10 percent operating income growth, and 3 percent revenue growth (before the effect of foreign exchange), on average, over time. As we indicated in December, we will announce another series of financial flexibility actions in June June: see month. . 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, these actions are expected to create approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $50 million in funds that we will reallocate Verb 1. reallocate - allocate, distribute, or apportion anew; "Congressional seats are reapportioned on the basis of census data" reapportion allocate, apportion - distribute according to a plan or set apart for a special purpose; "I am allocating a loaf of to growth areas of the business. A special charge will be taken, and more details will be provided in the second quarter." Further with respect to 2001: - Europe is expected to be profitable for the year, with operating margins in the low- to mid-single digits. - The Asia Pacific/Latin America business is expected to continue to show improvement compared with its $4.6 million loss for 2000, though it is still expected to show a small loss for the year. - The tax rate for the year is expected to be 39.5%. - Capital expenditures and capitalized software costs are expected to be between $80 million to $100 million. - Depreciation and amortization costs are expected to be between $100 million to $120 million. Reported Results Including Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and One-time Items On September September: see month. 30, 2000, Moody's Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service which performs financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. Corporation was separated from the Dun & Bradstreet business through a tax-free tax-free adj. Not subject to taxation; tax-exempt. tax-free Adjective not needing to have tax paid on it: a tax-free lump sum Adj. 1. distribution to shareholders. The results of The Dun & Bradstreet Corporation as reported in this news release include the results of Moody's Corporation through September 30, 2000 (classified as "discontinued operations") and the results of the Dun & Bradstreet business through December 31, 2000 (classified as "continuing operations"). The Dun & Bradstreet Corporation reported net income for the year 2000 of $206.6 million or $2.52 per diluted share. This included $133.0 million or $1.62 per diluted share for nine-months for Moody's ("discontinued operations") and $73.6 million or 90 cents per diluted share for twelve-months for Dun & Bradstreet ("continuing operations"). For the year 1999, The Dun & Bradstreet Corporation reported net income of $256.0 million or $3.12 per diluted share. This included $174.7 million or $2.13 per diluted share for the full year for Moody's ("discontinued operations") and $81.3 million or 99 cents per diluted share for the full year for Dun & Bradstreet ("continuing operations"). The Dun & Bradstreet Corporation reported net income for the fourth quarter 2000 of $18.4 million or 22 cents per diluted share compared to 1999 fourth quarter net income of $63.1 million or 78 cents per diluted share. All of the fourth quarter 2000 results are from Dun & Bradstreet ("continuing operations"). The fourth quarter 1999 results include $42.6 million or 53 cents per diluted share for Moody's ("discontinued operations") and $20.5 million or 25 cents per diluted share for Dun & Bradstreet ("continuing operations"). The reported results from "continuing operations" include certain one-time items in both years. The one-time items in 2000 include $29.5 million of costs associated with the separation of D&B and Moody's (31 cents per diluted share), a gain of $10.1 million (8 cents per diluted share) on the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. settlement of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , and a fourth-quarter restructuring charge 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. of $41.5 million (37 cents per diluted share) for previously-announced Blueprint for Growth initiatives to achieve $100 million of financial flexibility. This restructuring charge is lower than the company's previous estimate of $60 - $80 million, due to the management of open positions and turnover. The one-time items in 1999 include a restructuring charge of $41.2 million (34 cents per diluted share) and a gain of $11.9 million (8 cents per diluted share) on the favorable settlement of litigation. Dun & Bradstreet will review its fourth-quarter and full-year financial results in a conference call with the investment community on Thursday Thursday: see week. , February February: see month. 22, at 10 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 . Live audio of the conference call will be accessible on Dun & Bradstreet's Investor Relations Investor relations The process by which the corporation communicates with its investors. Web site at www.dnb.com. A replay of the conference call will be available on the Web site through February 27. Dun & Bradstreet (NYSE:DNB), the world's leading provider of business information, has been enabling business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. commerce for 160 years. D&B's information and technology solutions help businesses reduce credit risk, find profitable customers, manage vendors efficiently and collect cash and receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . Businesses also use D&B's information and technology to authenticate (1) To verify (guarantee) the identity of a person or company. To ensure that the individual or organization is really who it says it is. See authentication and digital certificate. (2) To verify (guarantee) that data has not been altered. and verify (1) To prove the correctness of data. (2) In data entry operations, to compare the keystrokes of a second operator with the data entered by the first operator to ensure that the data were typed in accurately. See validate. potential trading partners online, increasing their trust and confidence in e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. transactions. That's why so many companies -- including over 90 percent of the Business Week Global 1000 -- rely on D&B as the most trusted source for information they need to make their business a success. For more information, please visit www.dnb.com. Certain statements in this press release are 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. . These may be identified by the use of forward-looking words or phrases, such as "expect," "will," "can," "anticipate," and "plan," among others. All such 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. are based on D&B's reasonable expectations at the time they are made, but are not guarantees of future performance. 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 provides a "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. " for such forward-looking statements. In order to comply with the terms of the safe harbor, D&B notes that a variety of factors could cause its actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties that may affect the operations, performance, development and results of D&B's businesses include: (1) complexity and uncertainty regarding the development of new high-technology products, (2) possible loss of market share through competition, (3) pricing pressures from competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. customers, (4) changes in the business information and risk management industries and markets, including those driven by the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , (5) D&B's ability to protect proprietary information and technology or to obtain necessary licenses on commercially reasonable terms, (6) D&B's ability to complete the implementation of its euro plans on a timely basis and the competitive implications that the conversion to the euro may have on D&B's pricing and marketing strategies, (7) D&B's ability to attract and retain key employees, (8) risks associated with investments and operations in foreign countries, including 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. environment, exchange rate fluctuations and cultural factors, (9) the outcome of any reviews by applicable tax authorities of D&B's global tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. initiatives, (10) D&B's ability to successfully implement its Blueprint for Growth, including the ability to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. asset monetization Monetization The securitization of the gross revenues of a contract. transactions, changes in the international business model and financial flexibility initiatives on terms and conditions contemplated by D&B, (11) the loss of key customers due to consolidations and mergers, (12) the impact of product rationalization rationalization, in psychology: see defense mechanism. activities on revenues, (13) D&B's ability to expand its database on commercially reasonable terms and the possibility that data suppliers might withdraw data from D&B, (14) the possibility that economic conditions might lead to a reduction in the use of D&B products, and (15) the timing with which significant customer contracts 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. . The company undertakes no obligations to publicly release any revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. to any forward-looking statement to reflect any future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
The Dun & Bradstreet Corporation
Consolidated Statements of Operations (unaudited)
Quarter Ended
December 31,
---------------------------
Amounts in millions, except % Change
per share data 2000 1999 Fav/(Unfav)
Operating Revenues:
North America $ 253.0 $ 232.5 8.8%
Europe 106.2 119.2 -10.9%
Asia Pacific/Latin America 19.2 17.8 7.8%
------- -------
Consolidated Operating Revenues $ 378.4 $ 369.5 2.4%
------- -------
Operating Income (Loss):
North America $ 82.4 $ 73.6 12.2%
Europe 18.4 16.0 14.7%
Asia Pacific/Latin America 1.5 (.7) --
------- -------
Total Divisions 102.3 88.9 15.2%
All Other (1) (52.6) (52.2) -0.9%
------- -------
Consolidated Operating Income 49.7 36.7 35.5%
------- -------
Interest Income .9 1.5 -40.0%
Interest Expense (1.4) (1.7) 17.6%
Minority Interest Expense (5.6) (5.6) 0.0%
Other Income (Expense) - Net(2) (1.0) 10.9 --
------- -------
Non-Operating Income (Expense)
- Net (7.1) 5.1 --
------- -------
Income before Provision for
Income Taxes 42.6 41.8 1.9%
Provision for Income Taxes 24.2 21.3 -13.3%
------- -------
Income from Continuing Operations 18.4 20.5 -10.0%
Income from Discontinued Operations,
Net of Income taxes
of $86.2 in 2000 and $27.7 and
$114.8 in 1999
for the quarter and year-to-date
respectively -- 42.6 -100.0%
------- -------
Net Income $ 18.4 $ 63.1 -70.8%
------- -------
Basic Earnings Per Share
of Common Stock:
Continuing Operations $ .23 $ .25 -8.0%
Discontinued Operations -- .53 -100.0%
------- -------
Basic Earnings Per Share of Common
Stock $ .23 $ .78 -70.5%
------- -------
Diluted Earnings Per Share of
Common Stock:
Continuing Operations $ .22 $ .25 -12.0%
Discontinued Operations -- .53 -100.0%
------- -------
Diluted Earnings Per Share of
Common Stock $ .22 $ .78 -71.8%
------- -------
Weighted Average Number of
Shares Outstanding:
Basic 81.3 80.4 -1.1%
------- -------
Diluted 83.3 81.4 -2.4%
------- -------
Year-to-Date
December 31,
---------------------------
% Change
2000 1999 Fav/(Unfav)
Operating Revenues:
North America $ 968.3 $ 920.0 5.2%
Europe 382.1 420.6 -9.1%
Asia Pacific/Latin America 67.2 67.1 0.1%
--------- ---------
Consolidated Operating Revenues $ 1,417.6 $ 1,407.7 0.7%
--------- ---------
Operating Income (Loss):
North America $ 287.6 $ 255.4 12.6%
Europe (.9) (8.9) 90.1%
Asia Pacific/Latin America (4.6) (7.3) 37.7%
--------- ---------
Total Divisions 282.1 239.2 18.0%
All Other (1) (109.3) (78.3) -39.7%
--------- ---------
Consolidated Operating Income 172.8 160.9 7.4%
--------- ---------
Interest Income 3.9 2.9 34.5%
Interest Expense (8.6) (5.0) -72.0%
Minority Interest Expense (22.4) (22.4) 0.0%
Other Income (Expense) - Net(2) 6.0 9.0 -33.3%
--------- ---------
Non-Operating Income (Expense)
- Net (21.1) (15.5) -35.9%
--------- ---------
Income before Provision for
Income Taxes 151.7 145.4 4.3%
Provision for Income Taxes 78.1 64.1 -21.8%
--------- ---------
Income from Continuing Operations 73.6 81.3 -9.4%
Income from Discontinued Operations,
Net of Income taxes
of $86.2 in 2000 and $27.7 and
$114.8 in 1999
for the quarter and year-to-date
respectively 133.0 174.7 -23.9%
--------- ---------
Net Income $ 206.6 $ 256.0 -19.3%
--------- ---------
Basic Earnings Per Share
of Common Stock:
Continuing Operations $ .91 $ 1.00 -9.0%
Discontinued Operations 1.64 2.16 -24.1%
--------- ---------
Basic Earnings Per Share of Common
Stock $ 2.55 $ 3.16 -19.3%
--------- ---------
Diluted Earnings Per Share of
Common Stock:
Continuing Operations $ .90 $ .99 -9.1%
Discontinued Operations 1.62 2.13 -23.9%
--------- ---------
Diluted Earnings Per Share of
Common Stock $ 2.52 $ 3.12 -19.2%
--------- ---------
Weighted Average Number of
Shares Outstanding:
Basic 81.0 81.1 0.1%
--------- ---------
Diluted 82.0 82.1 0.1%
--------- ---------
The accompanying notes are an integral part of the consolidated
financial statements.
The Dun & Bradstreet Corporation
Consolidated Statements of Operations (unaudited) - Excluding One Time
Items
Quarter Ended
December 31,
---------------------------
% Change
Amounts in millions,
except per share data 2000 1999 Fav/(Unfav)
Operating Revenues:
North America $ 253.0 $ 232.5 8.8%
Europe 106.2 119.2 -10.9%
Asia Pacific/
Latin America 19.2 17.8 7.8%
--------- ---------
Consolidated Operating
Revenues $ 378.4 $ 369.5 2.4%
--------- ---------
Operating Income (Loss):
North America $ 82.4 $ 73.6 12.2%
Europe 18.4 16.0 14.7%
Asia Pacific/
Latin America 1.5 (0.7) -
--------- ---------
Total Divisions 102.3 88.9 15.2%
All Other (10.2) (11.0) 6.7%
--------- ---------
Consolidated Operating
Income 92.1 77.9 18.3%
--------- ---------
Interest Income 0.9 1.5 -40.0%
Interest Expense (1.4) (1.7) 17.6%
Minority Interest
Expense (5.6) (5.6) 0.0%
Other Income (Expense)
- Net (1.0) (1.0) 0.0%
---------- ----------
Non-Operating Income
(Expense)
- Net (7.1) (6.8) -3.8%
---------- ----------
Income before
Provision for
Income Taxes 85.0 71.1 19.7%
Provision for
Income Taxes 35.7 29.3 -22.0%
---------- ----------
Income from Continuing
Operations 49.3 41.8 18.1%
Income from Discontinued
Operations
Net of Income taxes
of $86.2 in 2000 and
$27.7 and $114.8 in 1999
for the quarter and
year-to-date respectively - 42.6 -100.0%
--------- ----------
Net Income $ 49.3 $ 84.4 -41.6%
--------- ----------
Basic Earnings Per
Share of
Common Stock:
Continuing
Operations $ .61 $ .52 17.3%
Discontinued
Operations - .53 -100.0%
--------- ----------
Basic Earnings Per
Share of
Common Stock $ .61 $ 1.05 -41.9%
--------- ----------
Diluted Earnings
Per Share
of Common Stock:
Continuing
Operations $ .59 $ .51 15.7%
Discontinued
Operations - .53 -100.0%
--------- ----------
Diluted Earnings
Per Share
of Common Stock $ .59 $ 1.04 -43.3%
---------- ----------
Weighted Average
Number of
Shares Outstanding:
Basic 81.3 80.4 -1.1%
----------- ----------
Diluted 83.3 81.4 -2.4%
------------ ----------
Year-to-Date
December 31,
---------------------------
% Change
Amounts in millions,
except per share data 2000 1999 Fav/(Unfav)
Operating Revenues:
North America $ 968.3 $ 920.0 5.2%
Europe 382.1 420.6 -9.1%
Asia Pacific/
Latin America 67.2 67.1 0.1%
---------- ----------
Consolidated Operating
Revenues $ 1,417.6 $ 1,407.7 0.7%
--------- ----------
Operating Income (Loss):
North America $ 287.6 $ 255.4 12.6%
Europe (0.9) (8.9) 90.1%
Asia Pacific/
Latin America (4.6) (7.3) 37.7%
---------- ----------
Total Divisions 282.1 239.2 18.0%
All Other (38.3) (37.1) -3.3%
---------- ----------
Consolidated Operating
Income 243.8 202.1 20.7%
---------- ---------
Interest Income 3.9 2.9 34.5%
Interest Expense (8.6) (5.0) -72.0%
Minority Interest
Expense (22.4) (22.4) 0.0%
Other Income (Expense)
- Net (4.1) (2.9) -41.4%
--------- ---------
Non-Operating Income
(Expense)
- Net (31.2) (27.4) -13.4%
--------- --------
Income before
Provision for
Income Taxes 212.6 174.7 21.8%
Provision for
Income Taxes 89.3 72.1 -24.1%
-------- --------
Income from Continuing
Operations 123.3 102.6 20.2%
Income from Discontinued
Operations
Net of Income taxes
of $86.2 in 2000 and
$27.7 and $114.8 in 1999
for the quarter and
year-to-date respectively 133.0 174.7 -23.9%
---------- -------
Net Income $ 256.3 $ 277.3 -7.6%
-------- --------
Basic Earnings Per
Share of
Common Stock:
Continuing
Operations $ 1.52 $ 1.26 20.6%
Discontinued
Operations 1.64 2.16 -24.1%
-------- ----------
Basic Earnings Per
Share of
Common Stock $ 3.16 $ 3.42 -7.6%
-------- ----------
Diluted Earnings
Per Share
of Common Stock:
Continuing
Operations $ 1.50 $ 1.25 20.0%
Discontinued
Operations 1.62 2.13 -23.9%
--------- ---------
Diluted Earnings
Per Share
of Common Stock $ 3.12 $ 3.38 -7.7%
--------- ---------
Weighted Average
Number of
Shares Outstanding:
Basic 81.0 81.1 0.1%
---------- ---------
Diluted 82.0 82.1 0.1%
---------- ---------
The accompanying notes are an integral part of the consolidated
financial statements.
The Dun & Bradstreet Corporation
Notes to Schedule
(1) The table below itemizes the "All Other" for Operating Income
(Loss):
Quarter Ended Year-to-Date
December 31, December 31,
-------------------------------------
Amounts in millions 2000 1999 2000 1999
----------------------------------------------------------------------
Corporate and Other $ (10.2)$ (11.0) $ (38.3) $ (37.1)
Restructuring Expense (41.5) (41.2) (41.5) (41.2)
Reorganization Costs (.9) - (29.5) -
Total Operating Income
(Expense) $ (52.6)$ (52.2) $ (109.3) $ (78.3)
--------- ------- ------- -------
(2) Other Income (Expense) - Net includes a $10.1 million pre-tax gain
($6.2 million after-tax, $.08 per share basic and diluted) on the
settlement of litigation incurred in the quarter ending September
30, 2000 and an $11.9 million pre-tax gain ($6.6 million
after-tax, $.08 per share basic and diluted) on the settlement of
litigation incurred in the quarter ending December 31, 1999.
This financial information should be read 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 the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and related notes of The Dun & Bradstreet Corporation contained in filings with the Securities and Exchange Commission and in the registration statement on Form 10 filed by The New D&B Corporation on September 20, 2000. Effective January January: see month. 1, 2000, responsibility for the management of the Canadian business Canadian Business is the longest-publishing business magazine in Canada. It was founded in 1928 as The Commerce of the Nation, the organ of the Canadian Chamber of Commerce. The magazine was renamed Canadian Business in 1933. was moved from D&B's Asia Pacific/Latin America segment to its U.S. segment (now called 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. ) to take advantage of marketing synergies between the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . As such, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 131 (Disclosures about Segments of a Business Enterprise), prior year's segment information has been restated to reflect this change. Certain other prior-year amounts have been reclassified to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the 2000 presentation. Pursuant to Accounting Principles Board The Accounting Principles Board (APB) is the former authoritative body of the American Institute of Certified Public Accountants (AICPA). It was created by the American Institute of Certified Public Accountants in 1959 and issued pronouncements on accounting principles until 1973, Opinion No. 30 (Reporting the Results of Operations-Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently in·fre·quent adj. 1. Not occurring regularly; occasional or rare: an infrequent guest. 2. Occurring Events and Transactions), the consolidated financial statements of the Company have been reclassified to reflect the Moodys segment as discontinued operations.
The Dun & Bradstreet Corporation
Supplemental Financial Data for Continuing Operations
Quarter Ended
December 31,
---------------------------
Amounts in millions 2000 1999
-----------------------------------------------------------
Product Line Revenues:
North America:
Credit Information Solutions $ 132.3 $ 131.3
Marketing Information Solutions 85.5 69.4
Purchasing Information Solutions 9.6 10.2
Receivable Management Services 25.6 21.6
------ ------
Total North America 253.0 232.5
------ ------
Europe:
Credit Information Solutions 71.3 81.5
Marketing Information Solutions 22.4 23.0
Purchasing Information Solutions .7 .5
Receivable Management Services 11.8 14.2
------ ------
Total Europe 106.2 119.2
------ ------
APLA:
Credit Information Solutions 10.8 11.5
Marketing Information Solutions 4.6 2.8
Purchasing Information Solutions -- --
Receivable Management Services 3.8 3.5
------ ------
Total APLA 19.2 17.8
------ ------
Total Divisions:
Credit Information Solutions 214.4 224.3
Marketing Information Solutions 112.5 95.2
Purchasing Information Solutions 10.3 10.7
Receivable Management Services 41.2 39.3
------ ------
Total Divisions $ 378.4 $ 369.5
------ ------
Geographic Revenues:
United States $ 245.4 $ 224.8
International 133.0 144.7
------ ------
Total $ 378.4 $ 369.5
------ ------
Operating Costs:
Operating Expenses $ 126.0 $ 134.0
Selling and Administrative
Expenses 134.2 125.2
Depreciation and Amortization 26.1 32.4
Restructuring Expense 41.5 41.2
Reorganization Costs .9 --
------ ------
Total $ 328.7 $ 332.8
------ ------
Capital Expenditures $ 4.3 $ 10.8
------ ------
Additions to Computer Software
and Other Intangibles $ 9.6 $ 15.8
------ ------
Year-to-Date
December 31,
--------------------------
Amounts in millions 2000 1999
Product Line Revenues:
North America:
Credit Information Solutions $ 580.1 $ 581.0
Marketing Information Solutions 259.8 230.1
Purchasing Information Solutions 28.5 27.1
Receivable Management Services 99.9 81.8
-------- --------
Total North America 968.3 920.0
-------- --------
Europe:
Credit Information Solutions 266.4 297.4
Marketing Information Solutions 67.6 72.2
Purchasing Information Solutions 2.1 1.4
Receivable Management Services 46.0 49.6
-------- --------
Total Europe 382.1 420.6
-------- --------
APLA:
Credit Information Solutions 39.9 43.6
Marketing Information Solutions 12.0 9.9
Purchasing Information Solutions -- --
Receivable Management Services 15.3 13.6
-------- --------
Total APLA 67.2 67.1
-------- --------
Total Divisions:
Credit Information Solutions 886.4 922.0
Marketing Information Solutions 339.4 312.2
Purchasing Information Solutions 30.6 28.5
Receivable Management Services 161.2 145.0
-------- --------
Total Divisions $ 1,417.6 $ 1,407.7
-------- --------
Geographic Revenues:
United States $ 938.7 $ 891.5
International 478.9 516.2
-------- --------
Total $ 1,417.6 $ 1,407.7
-------- --------
Operating Costs:
Operating Expenses $ 515.9 $ 538.3
Selling and Administrative
Expenses 546.7 539.4
Depreciation and Amortization 111.2 127.9
Restructuring Expense 41.5 41.2
Reorganization Costs 29.5 --
-------- --------
Total $ 1,244.8 $ 1,246.8
-------- --------
Capital Expenditures $ 24.1 $ 34.3
-------- --------
Additions to Computer Software
and Other Intangibles $ 43.0 $ 75.3
-------- --------
Dec 31, 2000 Sep 30, 2000 Jun 30, 2000
----------------------------------------
Cash and Debt Position:
Cash and Cash Equivalents $ 70.1 $ 39.4 $ 54.8
Notes Payable 49.6 24.1 291.9
Minority Interest Financing 300.0 300.0 300.0
------ ------ ------
Net Debt $ 279.5 $ 284.7 $ 537.1
------ ------ ------
Mar 31, 2000 Dec 31, 1999
-------------------------------
Cash and Debt Position:
Cash and Cash Equivalents $ 57.1 $ 109.4
Notes Payable 38.0 126.2
Minority Interest Financing 300.0 300.0
------ ------
Net Debt $ 280.9 $ 316.8
------ ------
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