Eaton Reports Third Quarter Net Income Per Share up 19 Percent to $1.30.CLEVELAND Cleveland, former county, England Cleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and -- Diversified diversified (di·verˑ·s industrial manufacturer Eaton Corporation This article is about an industrial manufacturer. For other meanings see Eaton. Eaton Corporation (NYSE: ETN) is a diversified industrial manufacturer with 2006 sales of $12.4 billion, putting it at 198 on the Fortune 500 for 2007. (NYSE NYSE See: New York Stock Exchange :ETN ETN Eaton Corporation (stock symbol) ETN Exchange Traded Note (investing) ETN European Travel Network ETN Electronic Tandem Network ETN Educational Telephone Network ) today announced net income per share of $1.30 for the third quarter of 2005, an increase of 19 percent over net income per share of $1.09 in the third quarter of 2004. Sales in the quarter were $2.79 billion, 10 percent above the same period in 2004. Net income was $199 million compared to $170 million in 2004, an increase of 17 percent. Net income in both periods included charges for restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). activities related to the integration of acquisitions. Before these 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. , operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before per share in the third quarter of 2005 were $1.33 versus $1.13 per share in 2004, an increase of 18 percent, and operating earnings for the third quarter of 2005 were $203 million compared to $177 million in 2004, an increase of 15 percent. Alexander M. Cutler, Eaton Eaton may refer to: Buildings
"We expect our end markets to grow about 4 percent in the fourth quarter," said Cutler. "The electrical markets are improving and the truck markets remain very strong, while some segments of the mobile hydraulics hydraulics, branch of engineering concerned mainly with moving liquids. The term is applied commonly to the study of the mechanical properties of water, other liquids, and even gases when the effects of compressibility are small. and automotive markets are weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. .
"We are pleased with our third quarter segment operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , which increased about 1 percentage point over the margin in the third quarter of 2004," said Cutler. "We closed two acquisitions during the quarter - Tractech Holdings and the filtration filtration: see sewerage; water supply. Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids business of Hayward Hayward, city (1990 pop. 111,498), Alameda co., W Calif.; settled 1851, inc. 1876. It is an important commercial and distribution center for farm products. Manufactures include wire, plastics, metal and paper products, textiles, machinery, and motor vehicles. Industries - and announced two new acquisitions in our aerospace business," said Cutler. "The 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. sales of all acquisitions closed and announced so far during 2005 total approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $580 million. "We anticipate that net income per share for 2005 will be between $5.10 and $5.20, and accordingly we anticipate that net income per share for the fourth quarter of 2005 will be between $1.25 and $1.35. Operating earnings per share, which exclude restructuring charges to integrate our recent acquisitions, are anticipated for 2005 to be between $5.25 and $5.35, with operating earnings per share for the fourth quarter of between $1.30 and $1.40." Business Segment Results Third quarter sales for the Electrical segment were $978 million, up 13 percent over 2004 and a quarterly record. Operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the third quarter were $111 million. Operating profits before restructuring charges were $115 million, up 47 percent from results in 2004. "End markets for our electrical business grew about 7 percent during the third quarter," said Cutler. "We expect end market growth over the balance of the year to continue at these levels. "We are particularly pleased with the margins posted by our Electrical business in the third quarter," said Cutler. "Our operating margin before restructuring expanded by 2.8 percentage points over the third quarter of 2004, and is a record quarterly operating margin for the Electrical segment." In the Fluid Power segment, third quarter sales were $774 million, 2 percent above the third quarter of 2004. Fluid Power markets grew 4 percent compared to the same period in 2004, with global hydraulics shipments up an estimated 4 percent, commercial aerospace markets up 18 percent, defense aerospace markets down 1 percent, and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. automotive production down 3 percent. Operating profits in the third quarter were $73 million, down 10 percent compared to a year earlier. "Growth in the mobile and industrial hydraulics markets has slowed from the pace in the first half," said Cutler. "In particular, agricultural equipment sales have been sluggish due to a combination of drought conditions "Drought Conditions" is episode 126 of The West Wing. Plot Senator Rafferty, a new presidential candidate garnered much media attention with a ground-breaking speech about health care. and reductions in farm income in several markets around the world. We anticipate that the growth in mobile and industrial hydraulics is likely to remain modest for the balance of 2005. The commercial aerospace market showed the strongest quarterly growth in the last four years, driven by higher new plane deliveries and strong growth in passenger air miles Air Miles Noun, pl Brit points awarded on buying flight tickets and certain other products which can be used to pay for other flights flown. We now anticipate stronger commercial aerospace growth in 2005 than we had foreseen fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. earlier this year. "In addition, we announced within the last month two significant aerospace acquisitions - the aerospace fluid and air division of Cobham plc Cobham plc (LSE: COB) is a British manufacturing company based in Wimborne Minster, Dorset, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Cobham was founded as Flight Refuelling Ltd. and the aerospace division of PerkinElmer PerkinElmer, Inc. (NYSE: PKI) is an American multinational technology corporation, focused in the business areas of: Life and Analytical Sciences, Optoelectronics, and Fluid Sciences. ," said Cutler. "These acquisitions expand our aerospace product range and, in combination with our existing aerospace business, will build our total aerospace sales to approximately $1.2 billion per year. "We also closed the acquisition of the filtration business of Hayward Industries in September September: see month. ," said Cutler. "Hayward represents our first move into industrial filtration, which is a natural extension of our fluid power business." The Truck segment posted sales of $601 million in the third quarter, up 24 percent compared to 2004, and recorded operating profits of $119 million. Operating profits before restructuring charges were $120 million, up 29 percent from results in 2004. NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's heavy-duty heav·y-dut·y adj. Made to withstand hard use or wear. heavy-duty Adjective made to withstand hard wear, bad weather, etc. Adj. 1. production was up 14 percent compared to 2004, NAFTA medium-duty production was down 11 percent, European truck production was up 4 percent, and Brazilian vehicle production was up 6 percent. "Third quarter production of NAFTA heavy-duty trucks totaled 86,000 units, about the same as in the second quarter," said Cutler. "We expect that for the full-year NAFTA heavy-duty production is likely to be about 325,000 units. "We were notified during the quarter that Eaton has been selected by the National Highway Transportation Safety Administration to be part of a group of companies to evaluate crash-avoidance technologies for both cars and commercial vehicles. The government has budgeted $31 million for this four-year study." The Automotive segment posted third quarter sales of $436 million, 1 percent above the comparable quarter of 2004. Automotive production in NAFTA was up by 3 percent while European production was down 3 percent over the third quarter of 2004. Operating profits were $50 million. Operating profits before restructuring charges were $51 million, up 2 percent. "Our Automotive business recorded solid margins despite sluggish automotive markets," said Cutler. "We are expecting that the markets in NAFTA and 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). will be down slightly over the
balance of the year.
"We announced during the quarter we had started production on a new combination supercharger supercharger Air compressor or blower used in piston-type internal-combustion engines to increase the amount of air drawn into the cylinders by the movement of the pistons during each intake stroke. and turbocharger tur·bo·charg·er n. See turbosupercharger. tur bo·charged adj. system for
Volkswagen “VW” redirects here. For the airline using IATA designator VW, see Aeromar.Volkswagen AG (ISIN: DE0007664005), or VW, is an automobile manufacturer based in Wolfsburg, Germany. ," said Cutler. "The combination allows an automaker the option to provide a smaller displacement displacement, in psychology: see defense mechanism. Same as offset. See base/displacement. gasoline engine gasoline engine: see internal-combustion engine. gasoline engine Most widely used form of internal-combustion engine, found in most automobiles and many other vehicles. in place of a turbo TURBO A clinical trial–The Ultrasound Removal of Blood Clots in Vein Grafts diesel while improving performance, and reducing fuel consumption and emissions emissions npl → émissions fpl emissions npl → Emissionen pl . "During the quarter, we also closed the acquisition of specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. differential manufacturer Tractech Holdings," said Cutler. "This acquisition allows Eaton to expand our traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. modifier (programming) modifier - An operation that alters the state of an object. Modifiers often have names that begin with "set" and corresponding selector functions whose names begin with "get". business to off highway vehicles, a diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. beyond our traditional light truck market." Eaton Corporation is a diversified industrial manufacturer with 2004 sales of $9.8 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine Automotive engine The component of the motor vehicle that converts the chemical energy in fuel into mechanical energy for power. The automotive engine also drives the generator and various accessories, such as the air-conditioning compressor and power-steering air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 57,000 employees and sells products to customers in more than 125 countries. For more information, visit www.eaton.com. Notice of Conference Call: Eaton's Eaton's was once Canada's largest department store retailer. Founded in 1869 in Toronto by Timothy Eaton, an Irish immigrant, Eaton's first advertisement read "We propose to sell our goods for CASH ONLY – In selling goods, to have only one price. conference call to discuss its third quarter results is available to all interested parties via live audio webcast today 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 through the Investor Relations Investor relations The process by which the corporation communicates with its investors. tab on Eaton's home page. This news release can be accessed under the Corporate News heading on the Eaton home page by clicking on the news release. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. concerning the fourth quarter 2005 and full year 2005 net income per share and operating earnings per share, the performance of our worldwide markets, volumes from new business awards, and revenues from acquisitions. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company's control. The following factors could cause actual results to differ materially from those in the forward-looking statements: unanticipated changes in the markets for the company's business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, 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. or dispute resolutions; the impact of acquisitions, divestitures, and joint ventures; new laws New Laws: see Las Casas, Bartolomé de. and governmental regulations; interest rate changes; stock market fluctuations; and unanticipated deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of economic and financial conditions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and around the world. We do not assume any obligation to update these forward-looking statements. Financial Results The company's comparative financial results for the three months and nine months ended September 30, 2005 and 2004 are available on the company's Web site, www.eaton.com.
Eaton Corporation
Comparative Financial Summary
Three months ended Nine months ended
September 30 September 30
(Millions except for per ------------------ -----------------
share data) 2005 2004 2005 2004
---- ---- ---- ----
Net sales $2,789 $2,543 $8,277 $7,184
Income before income taxes 249 211 752 587
Net income 199 170 595 465
Net income per Common Share
assuming dilution $ 1.30 $ 1.09 $ 3.85 $ 2.97
Average number of Common Shares
outstanding assuming dilution 152.4 156.9 154.4 156.8
Net income per Common Share
basic $ 1.33 $ 1.12 $ 3.95 $ 3.05
Average number of Common
Shares outstanding basic 149.1 152.8 150.7 152.8
Cash dividends paid per Common
Share $ .31 $ .27 $ .93 $ .81
Reconciliation of net income
to operating earnings
----------------------------
Net income $ 199 $ 170 $ 595 $ 465
Excluding restructuring
charges (after-tax) 4 7 15 16
------ ------ ------ ------
Operating earnings $ 203 $ 177 $ 610 $ 481
====== ====== ====== ======
Net income per Common Share
assuming dilution $ 1.30 $ 1.09 $ 3.85 $ 2.97
Per share impact of
restructuring charges (after-
tax) .03 .04 .10 .10
------ ------ ------ ------
Operating earnings per Common
Share $ 1.33 $ 1.13 $ 3.95 $ 3.07
====== ====== ====== ======
See accompanying notes.
Eaton Corporation
Statements of Consolidated Income
Three months ended Nine months ended
September 30 September 30
(Millions except for per ------------------ -----------------
share data) 2005 2004 2005 2004
---- ---- ---- ----
Net sales $2,789 $2,543 $8,277 $7,184
Cost of products sold 2,001 1,836 5,953 5,183
Selling & administrative
expense 439 406 1,304 1,156
Research & development expense 75 72 213 196
Interest expense-net 24 20 68 58
Other (income) expense-net 1 (2) (13) 4
------ ------ ------ ------
Income before income taxes 249 211 752 587
Income taxes 50 41 157 122
------ ------ ------ ------
Net income $ 199 $ 170 $ 595 $ 465
====== ====== ====== ======
Net income per Common Share
assuming dilution $ 1.30 $ 1.09 $ 3.85 $ 2.97
Average number of Common Shares
outstanding assuming dilution 152.4 156.9 154.4 156.8
Net income per Common Share
basic $ 1.33 $ 1.12 $ 3.95 $ 3.05
Average number of Common
Shares outstanding basic 149.1 152.8 150.7 152.8
Cash dividends paid per Common
Share $ .31 $ .27 $ .93 $ .81
See accompanying notes.
Eaton Corporation
Business Segment Information
Three months ended Nine months ended
September 30 September 30
------------------ -----------------
(Millions) 2005 2004 2005 2004
---- ---- ---- ----
Net sales
---------
Electrical $ 978 $ 869 $2,750 $2,177
Fluid Power 774 759 2,401 2,319
Truck 601 485 1,739 1,302
Automotive 436 430 1,387 1,386
------ ------ ------ ------
$2,789 $2,543 $8,277 $7,184
====== ====== ====== ======
Operating profit
----------------
Electrical $ 111 $ 70 $ 269 $ 172
Fluid Power 73 81 243 253
Truck 119 93 348 232
Automotive 50 50 186 184
------ ------ ------ ------
353 294 1,046 841
Corporate
---------
Amortization of intangible
assets (7) (7) (21) (18)
Interest expense-net (24) (20) (68) (58)
Minority interest (2) (2) (4) (6)
Pension & other postretirement
benefit expense (29) (19) (89) (59)
Other corporate expense-net (42) (35) (112) (113)
------ ------ ------ ------
Income before income taxes 249 211 752 587
Income taxes 50 41 157 122
------ ------ ------ ------
Net income $ 199 $ 170 $ 595 $ 465
====== ====== ====== ======
See accompanying notes.
Eaton Corporation
Condensed Consolidated Balance Sheets
September 30, December 31,
(Millions) 2005 2004
---- ----
Assets
Current assets
--------------
Cash $ 92 $ 85
Short-term investments 247 211
Accounts receivable 1,861 1,612
Inventories 1,065 966
Deferred income taxes & other current
assets 361 308
------ ------
3,626 3,182
Property, plant & equipment-net 2,100 2,147
Goodwill 2,722 2,433
Other intangible assets 636 644
Deferred income taxes & other assets 665 669
------ ------
$9,749 $9,075
====== ======
Liabilities & Shareholders' Equity
Current liabilities
-------------------
Short-term debt, primarily commercial
paper $ 161 $ 13
Current portion of long-term debt 256 26
Accounts payable 799 776
Accrued compensation 258 270
Accrued income & other taxes 357 283
Other current liabilities 992 894
------ ------
2,823 2,262
Long-term debt 1,725 1,734
Postretirement benefits other than
pensions 601 617
Pensions & other liabilities 905 856
Shareholders' equity 3,695 3,606
------ ------
$9,749 $9,075
====== ======
See accompanying notes.
Eaton Corporation
Notes to Third Quarter 2005 Earnings Release
--------------------------------------------
Dollars in millions, except for per share data (per share data assume
dilution)
Acquisitions of Businesses
--------------------------
In 2005 and 2004, Eaton acquired various businesses in separate
transactions. The Statements of Consolidated Income include the
results of these businesses from the effective dates of acquisition.
On September 2, 2005, the industrial filtration business of Hayward
Industries, Inc. was acquired, which produces filtration systems for
industrial and commercial customers worldwide. This business had sales
of $100 over the last 12 months and is included in the Fluid Power
segment.
On August 17, 2005, Tractech Holdings, Inc., a global manufacturer of
specialized differentials for the commercial and specialty vehicle
markets, was acquired. This business had 2004 sales of $43 and is
included in the Automotive segment.
On June 30, 2005, Morestana S.A. de C.V., a Mexican producer of
hydraulic lifters for automotive engine manufacturers and the
automotive aftermarket, was acquired. This business had 2004 sales of
$13 and is included in the Automotive segment.
On March 31, 2005, Eaton acquired the businesses of Winner Group
Holdings Ltd. (Winner), the largest producer of hydraulic hose
fittings and adapters for the Chinese market. This business had 2004
sales of $26 and is included in the Fluid Power segment.
On March 1, 2005, Pigozzi S.A. Engrenagens e Transmissoes (Pigozzi),
an agricultural transmission business located in Brazil, was acquired.
This business had 2004 sales of $42 and is included in the Truck
segment.
On September 1, 2004, Walterscheid Rohrverbindungstechnik GmbH
(Walterscheid), a manufacturer of hydraulic tube connectors and
fittings primarily for the European market, was acquired. This
business had 2003 sales of $52 and is included in the Fluid Power
segment.
On June 9, 2004, the Company acquired Powerware Corporation, the power
systems business of Invensys plc. Powerware had sales of $775 for the
year ended March 31, 2004. This business is included in the Electrical
segment.
Announced Acquisitions of Businesses
------------------------------------
On October 6, 2005, Eaton announced it had reached an agreement with
PerkinElmer, Inc. to purchase its aerospace division, which is a
leading provider of sealing and pneumatic systems for large commercial
aircraft and regional jets, for $333. This business had sales of $150
for the 12 months ended June 30, 2005. On September 13, 2005, Eaton
announced that it had reached an agreement with Cobham plc to purchase
its aerospace fluid and air division for $270. This business had 2004
sales of $210. These acquisitions are expected to close in fourth
quarter 2005 and will be included in the Fluid Power segment.
Restructuring Charges
---------------------
In 2005 and 2004, Eaton incurred restructuring charges related
primarily to the integration of: Powerware, the electrical power
systems business acquired in June 2004; the electrical division of
Delta plc acquired in January 2003; and fluid power acquisitions,
including Winner, Walterscheid, and Boston Weatherhead (acquired in
November 2002). In third quarter 2005, the Company also incurred
restructuring charges related to the integration of the Pigozzi
agricultural transmission business and the Morestana automotive lifter
business. A summary of these charges follows:
Operating profit
Operating before
Restructuring profit as restructuring
charges reported charges
------------- --------- ---------------
Three months ended September 30
--------------------------------------------------
2005 2004 2005 2004 2005 2004
---- ---- ---- ---- ---- ----
Electrical $ 4 $ 8 $ 111 $ 70 $ 115 $ 78
Fluid Power - 3 73 81 73 84
Truck 1 - 119 93 120 93
Automotive 1 - 50 50 51 50
---- ---- ----- ----- ----- ------
Pretax charges $ 6 $ 11 $ 353 $ 294 $ 359 $ 305
==== ==== ===== ===== ===== ======
After-tax charges $ 4 $ 7
Per Common Share $.03 $.04
Operating margin 12.7% 11.6% 12.9% 12.0%
Nine months ended September 30
-------------------------------------------------
2005 2004 2005 2004 2005 2004
---- ---- ---- ---- ---- ----
Electrical $ 16 $ 20 $ 269 $ 172 $ 285 $ 192
Fluid Power 5 5 243 253 248 258
Truck 1 - 348 232 349 232
Automotive 1 - 186 184 187 184
----- ----- ------ ------ ------ -------
Pretax charges $ 23 $ 25 $1,046 $ 841 $1,069 $ 866
===== ===== ====== ====== ====== =======
After-tax charges $ 15 $ 16
Per Common Share $ .10 $ .10
Operating margin 12.6% 11.7% 12.9% 12.1%
The restructuring charges were included in the Statements of
Consolidated Income in Cost of products sold or Selling &
administrative expense, as appropriate. In Business Segment
Information, the restructuring charges reduced Operating profit of the
related business segment.
Retirement Benefit Plans
------------------------
Pretax income for third quarter 2005 was reduced by $13 ($8 after-tax,
or $.06 per Common Share) compared to third quarter 2004 due to
increased pension expense in 2005. This resulted from the declines
during 2000 through 2002 in the market value of equity investments
held by Eaton's pension plans, coupled with the effect of the lowering
of discount rates associated with pension liabilities at year-end
2004. Pretax income for first nine months 2005 was similarly reduced
by $39 ($25 after-tax, or $.17 per Common Share) compared to first
nine months 2004.
Income Taxes
------------
The effective income tax rates for third quarter and first nine months
2005 were 20.3% and 20.9%, respectively, compared to 19.6% and 20.8%
for the same periods in 2004.
Repurchase of Common Shares
---------------------------
On April 18, 2005, Eaton's Board of Directors authorized the Company
to repurchase up to 10 million of its Common Shares. In the second
quarter, 3.38 million shares were repurchased at a total cost of $200.
No shares were repurchased in third quarter 2005. The remainder of the
shares are expected to be repurchased over time, depending on market
conditions, share price, capital levels and other considerations.
During first quarter 2005, Eaton repurchased 3.63 million Common
Shares at a total cost of $250. This completed the plan announced on
January 24, 2005 to repurchase $250 of shares to help offset dilution
from shares issued during 2004 from the exercise of stock options.
Reconciliation of Financial Measures
------------------------------------
This earnings release discloses operating earnings, operating earnings
per Common Share and operating profit before restructuring charges for
each business segment, each of which excludes amounts that differ
from the most directly comparable measure calculated in accordance
with generally accepted accounting principles (GAAP). A reconciliation
of each of these financial measures to the most directly comparable
GAAP measure is included in this earnings release in the Comparative
Financial Summary or in the notes to the earnings release. Management
believes that these financial measures are useful to investors because
they exclude transactions of an unusual nature, allowing investors to
more easily compare the Company's financial performance period to
period. Management uses this information in monitoring and evaluating
the on-going performance of the Company and each business segment.
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