General Cable Reports Second Quarter Revenue and Earnings; EPS of $0.80.HIGHLAND HEIGHTS Highland Heights is the name of several places in the United States of America:
See: New York Stock Exchange :BGC BGC General Cable Corporation (stock symbol) BGC Billy Graham Center BGC Baptist General Conference (formerly Swedish Baptist Denomination) BGC Boys & Girls Club BGC Bubblegum Crisis ) reported today revenues and earnings for the second quarter. Revenues of $987.1 million were up 19% on a metal-adjusted basis. Net income for the second quarter of 2006 was $41.5 million compared to adjusted net income of $13.9 million in the second quarter of 2005. Included in the second quarter 2005 results were pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charges of $3.5 million associated with the closure of certain of the Company's manufacturing facilities. These costs reduced reported earnings per share by $0.04 in that period. Earnings per share on a 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. per share basis for the second quarter ended June June: see month. 30, 2006 was $0.80 compared to adjusted earnings per share of $0.27 in the second quarter of 2005, an increase of 196%. Second Quarter Highlights --Achieved 13th consecutive quarter of positive year-over-year metal-adjusted revenue growth. --Increased year-over-year second quarter operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: by approximately 330 basis points, on a metal-adjusted basis. --Continued the turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. industrial and networking businesses on the strength of market demand, operating execution and improved pricing. --Results were achieved despite a 50% sequential increase in copper Comex prices. Second Quarter Results Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were up in all reported business segments in the second quarter of 2006 compared to metal-adjusted net sales in the second quarter of 2005. Net sales for the second quarter of 2006 were $987.1 million, and represent an increase in metal pounds sold of 22% versus the second quarter of 2005. Acquired businesses added $112.7 million of sales and accounted for 12.7 points of the volume growth in metal pounds sold in the second quarter of 2006. The average price per pound of copper and aluminum increased $1.84 (120%) and $0.39 (45%), respectively, to $3.37 and $1.26 from the second quarter of 2005 to the second quarter of 2006, and were up $1.12 (50%) and $0.11 (10%) from the first quarter of 2006, respectively. Second quarter 2006 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. was $70.4 million compared to second quarter 2005 adjusted operating income of $31.5 million, an increase of $38.9 million or 123%. 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 as a percent of metal-adjusted net revenues were 7.1% in the second quarter of 2006 compared to an adjusted operating earnings percentage of 3.8% in the second quarter of 2005, an increase of approximately 330 basis points. The improvement in operating earnings was driven by increased factory utilization, and a significantly improved pricing environment across most of the Company's product lines and geographies, including a reduction in the time to recover raw material inflation. Also, strong productivity gains in several of the Company's North American manufacturing facilities, as well as factory improvements in 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). and Asia Pacific from the application of LEAN manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. techniques, have led to improved earnings. In addition, during the
second quarter, as a result of certain customer shipments being delayed
into the third quarter, the Company benefited from copper hedge
positions that were closed in June prior to the recognition of the
hedged sale transactions. The Company also benefited from the forward
purchase of a small portion of its copper requirements due to concerns
over supply tightness. Combined, the Company estimated the incremental Additional or increased growth, bulk, quantity, number, or value; enlarged.Incremental cost is additional or increased cost of an item or service apart from its actual cost. operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. realized in the second quarter from these items was about $8.5 million, or $0.10 per share. "For the first time in several years, all of our product lines are in the black, including the North American industrial and local area networking businesses, which have been dilutive to earnings for the last few years," said Gregory B. Kenny Ken·ny , Elizabeth 1880?-1952. Australian nurse who developed a simple treatment for the paralysis brought on by poliomyelitis. , President and Chief Executive Officer of General Cable. "The early recognition of the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. need for fresh investment in energy exploration, production, transmission and distribution infrastructure around the world and our related decision to acquire BICC BICC Bearer Independent Call Control BICC Business Intelligence Competency Center (SAS Consulting) BICC Beijing International Convention Center BICC Biomedical Information Communication Center in 1999 and Silec last year are starting to pay real dividends for our shareholders. We continue to look globally for additional investment opportunities in this sector which now represents approximately 45% to 50% of our annual revenues." "Asia Pacific's financial performance is benefiting from strong demand in Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. and the Pacific Islands. We are also seeing positive demand and stronger pricing trends in Portugal Portugal (pôr`chəgəl), officially Portuguese Republic, republic (2005 est. pop. 10,566,000), 35,553 sq mi (92,082 sq km), SW Europe, on the western side of the Iberian Peninsula and including the Madeira Islands and the Azores in the , Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , Angola, and Canada. The French market is also improving, particularly for power and industrial cables. At the same time we are seeing improved project pricing and demand in the global high-voltage market for underground cables, connectors, and systems engineering. As a result, our Silec acquisition is on track to be marginally accretive this year with significant opportunity for improvement in 2007," Kenny continued. "I am especially proud of our efforts to manage our working capital and liquidity during the quarter which helped offset the traditionally higher working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. during the peak building season and the continuing funding of higher copper costs in our 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 . As a result, our strong earnings based cash flows resulted in a reduction in net debt of $23 million during the second quarter," Kenny concluded. Segment Results The Energy segment metal-adjusted revenues were up 32%, or 12% before the impact of acquisitions. This increase was led by North American aluminum overhead transmission cable growth of 37%, measured by metal pounds sold, as interconnection in·ter·con·nect v. in·ter·con·nect·ed, in·ter·con·nect·ing, in·ter·con·nects v.intr. To be connected with each other: The two buildings interconnect. v.tr. project activity increased. Industry lead times for new projects have increased to several months. Operating income in the Energy segment was up $9.8 million to $25.2 million, and operating margin improved approximately 130 basis points from the second quarter of 2005, primarily as a result of the additional leverage of fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). on incremental volume, recovery of raw material price inflation, and increased market pricing. This result includes $55 million in Silec revenues at low operating margins which the Company expects to improve over time through accelerating marketing and manufacturing synergies, improved pricing, and the implementation of LEAN initiatives. Industrial & Specialty cables metal-adjusted revenue was up 20% in the second quarter of 2006 compared to the second quarter of 2005. Before the impact of acquisitions, metal pounds sold increased 12.3% due to strong demand in 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. for marine, mining, oil and gas exploration and production products as well as strong European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. end markets. Favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. manufacturing volume productivity, particularly for marine and mining products, continues to drive incremental operating profits. In addition, the pricing environment for industrial cables in Europe and North America has improved compared to the second quarter of 2005. Operating earnings for the second quarter were $30.8 million, up $20.6 million or three times greater than the second quarter of 2005 and resulted in an improvement in operating margins of 420 basis points to 7.0%. This result includes $51.3 million in acquired revenues with minimal operating contribution. "Utilization levels across all energy and industrial businesses are quite high and industry-wide lead times have lengthened length·en tr. & intr.v. length·ened, length·en·ing, length·ens To make or become longer. length  en·er n. in Europe and North America. Demand for medium and high voltage The term high voltage characterizes electrical circuits, in which the voltage used is the cause of particular safety concerns and insulation requirements. High voltage is used in electrical power distribution, in cathode ray tubes, to generate X-rays and particle beams, to power
cables is particularly strong, driven by the interconnection of
generating plants, alternative energy, and grid reinforcement reinforcement /re·in·force·ment/ (-in-fors´ment) in behavioral science, the presentation of a stimulus following a response that increases the frequency of subsequent responses, whether positive to desirable events, or in
populous pop·u·lous adj. Containing many people or inhabitants; having a large population. [Middle English, from Latin popul metropolitan areas," Kenny said. Communication cables segment revenues declined about 3% on a metal-adjusted basis without the impact of acquisitions. Networking sales globally were up approximately 30%. The increase in networking sales is a result of strong demand for higher performance cables and warranted systems as well as accelerating pricing in the market. The Company's products supporting the General Cable-Panduit alliance have gained wide acceptance in the marketplace, particularly by the Fortune 1000 in North America. This quarter represents the fourth consecutive quarter of year over year metal-adjusted revenue growth for networking cable in excess of 20%. Our specialty military and private network fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber business is also contributing to profit growth, partially due to the consolidation of the manufacturing facility into the Helix/Hitemp platform acquired last year from Draka. Partially offsetting these increases was continued lower unit demand for outside plant telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. cables. With manufacturing capacity for telecommunications cables coming out of the market faster than declines in demand, capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. has been increasing which has helped drive spot and contractual pricing higher. At the same time, the lag between recognition of raw material increases and price increases for the Company's products in the market was significantly shortened short·en v. short·ened, short·en·ing, short·ens v.tr. 1. To make short or shorter. 2. . In addition, the Company continues to benefit from cost savings from its 2005 plant rationalization rationalization, in psychology: see defense mechanism. , and improved factory floor productivity with respect to labor, scrap and throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. . In all, segment operating earnings were up $8.5 million to $14.4 million, an increase of 144%. Selling, general and administrative expenses in the second quarter of 2006 were $59.1 million compared to $43.3 million in the second quarter of 2005. The increase in expenses is due principally to the addition of Silec and Beru, acquired in late 2005, higher commissions and other selling costs resulting from increased sales, as well as an increase in performance based incentive compensation. Selling, general and administrative expenses were 6.0% and 5.2% of metal-adjusted net sales in the second quarter of 2006 and 2005, respectively. The Company's effective tax rate for the second quarter of 2006 was 29.7%; lower than the statutory rate due to a reduction in deferred state tax valuation allowances of approximately $3.7 million and a reduction in the expected full-year effective rate to 36.5%. The combined items increased reported earnings per share for the second quarter by $0.09. Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. Dividend 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 the terms of the Company's 5.75% Series A Convertible Redeemable Redeemable Eligible for redemption under the terms of an indenture. Preferred Stock, the Board of Directors has declared a regular quarterly preferred stock dividend of approximately $0.72 per share. The dividend is payable on August 24, 2006 to preferred stockholders of record as of the close of business on July 31, 2006. The Company expects the quarterly dividend payment to approximate $0.1 million. Third Quarter 2006 Outlook Commenting on the outlook for the third quarter of 2006, Kenny said "Our 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. revenues in the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community are approaching $1.3 billion or almost 40% of total Company revenue. With our business more leveraged to Europe than in the past, we expect the seasonal slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the third quarter will be slightly more pronounced this year due to the traditional August holiday period in Europe. Overall, for the third quarter we expect revenues between $950 and $975 million and earnings per share of between $0.50 and $0.55, an increase of 92% to 115% from the adjusted earnings per share of $0.26 in the third quarter of 2005," Kenny concluded. General Cable will discuss second quarter results on a conference call and webcast at 8:30 a.m. ET tomorrow, July 26. For more information please see our website at www.generalcable.com. With $3.5 billion of annualized revenues and 7,500 employees, General Cable (NYSE:BGC) is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial, specialty and communications markets. Visit our website at www.generalcable.com. Certain statements in this press release, including without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures and the Company's or management's beliefs, expectations or opinions, are 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. . Actual results may differ materially from those statements as a result of factors, risks and uncertainties over which the Company has no control. Such factors include the economic strength and competitive nature of the geographic markets that the Company serves; economic, political and other risks of maintaining facilities and selling products in foreign countries; changes in industry standards and 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. ; advancing technologies, such as fiber optic and wireless technologies; volatility in the price of copper and other raw materials, as well as fuel and energy and the Company's ability to reflect such volatility in its selling prices; interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. of supplies from the Company's key suppliers; the failure to negotiate extensions of the Company's labor agreements on acceptable terms; the Company's ability to increase manufacturing capacity and achieve productivity improvements; the Company's dependence upon distributors and retailers for non-exclusive sales of certain of the Company's products; pricing pressures in the Company's end markets; the Company's ability to maintain the uncommitted accounts payable or accounts receivable financing Accounts Receivable Financing A type of asset-financing arrangement in which a company uses its receivables - which is money owed by customers - as collateral in a financing agreement. The company receives an amount that is equal to a reduced value of the receivables pledged. arrangements in its European operations; the impact of any additional charges in connection with plant closures and the Company's inventory accounting practices; the impact of certain asbestos asbestos, mineral asbestos, common name for any of a variety of silicate minerals within the amphibole and serpentine groups that are fibrous in structure and more or less resistant to acid and fire. 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. , unexpected judgments or settlements and environmental liabilities; the ability to successfully identify, finance and integrate acquisitions; the impact of terrorist attacks or acts of war Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. which may affect the markets in which the Company operates; the Company's ability to retain key employees; the Company's ability to service debt requirements and maintain adequate domestic and international credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and credit lines; the impact on the Company's operating results of its pension accounting practices; the Company's ability to avoid limitations on utilization of net losses for income tax purposes; volatility in the market price of the Company's common stock all of which are more fully discussed in the Company's 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. filed with the Securities and Exchange Commission on March 15, 2006, as well as periodic reports filed with the Commission.
TABLES TO FOLLOW
General Cable Corporation and Subsidiaries
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
-------------------- -------------------
Three Fiscal Six Fiscal
Months Ended Months Ended
-------------------- -------------------
June 30, July 1, June 30, July 1,
2006 2005 2006 2005
---------- --------- --------- ---------
Net sales $987.1 $608.6 $1,791.4 $1,162.8
Cost of sales 857.6 537.3 1,564.3 1,024.1
---------- --------- --------- ---------
Gross profit 129.5 71.3 227.1 138.7
Selling, general and
administrative expenses 59.1 43.3 114.5 86.5
---------- --------- --------- ---------
Operating income 70.4 28.0 112.6 52.2
Other income (expense) 0.2 - 1.0 (0.1)
Interest income (expense):
Interest expense (12.3) (10.6) (22.4) (20.9)
Interest income 0.7 1.5 1.2 1.9
---------- --------- --------- ---------
(11.6) (9.1) (21.2) (19.0)
---------- --------- --------- ---------
Income before income taxes 59.0 18.9 92.4 33.1
Income tax provision (17.5) (7.1) (29.5) (12.3)
---------- --------- --------- ---------
Net income 41.5 11.8 62.9 20.8
Less: preferred stock
dividends (0.1) (1.5) (0.2) (3.0)
---------- --------- --------- ---------
Net income applicable to
common shareholders $41.4 $10.3 $62.7 $17.8
========== ========= ========= =========
Earnings per share
------------------------------
Earnings per common share $0.81 $0.26 $1.24 $0.45
========== ========= ========= =========
Weighted average common shares 50.8 39.4 50.4 39.3
========== ========= ========= =========
Earnings per common share-
assuming dilution $0.80 $0.23 $1.21 $0.41
========== ========= ========= =========
Weighted average common shares-
assuming dilution 52.2 50.9 51.8 50.8
========== ========= ========= =========
General Cable Corporation and Subsidiaries
Consolidated Statements of Operations
Segment Information
(in millions)
(unaudited)
------------------- -------------------
Three Fiscal Six Fiscal
Months Ended Months Ended
------------------- -------------------
June 30, July 1, June 30, July 1,
2006 2005 2006 2005
--------- --------- --------- ---------
Revenues (as reported)
------------------------------
Energy Segment $359.5 $212.4 $659.6 $408.9
Industrial & Specialty
Segment 443.1 252.1 797.3 493.3
Communications Segment 184.5 144.1 334.5 260.6
--------- --------- --------- ---------
Total $987.1 $608.6 $1,791.4 $1,162.8
========= ========= ========= =========
Revenues (metal adjusted)
------------------------------
Energy Segment $359.5 $272.2 $659.6 $495.5
Industrial & Specialty
Segment 443.1 370.6 797.3 659.2
Communications Segment 184.5 183.8 334.5 323.6
--------- --------- --------- ---------
Total $987.1 $826.6 $1,791.4 $1,478.3
========= ========= ========= =========
Metal Pounds Sold
------------------------------
Energy Segment 99.2 75.2 188.7 145.8
Industrial & Specialty
Segment 79.3 64.0 159.6 124.4
Communications Segment 34.0 34.7 65.8 64.2
--------- --------- --------- ---------
Total 212.5 173.9 414.1 334.4
========= ========= ========= =========
Operating Profit (Loss)
------------------------------
Energy Segment $25.2 $15.4 $43.7 $27.7
Industrial & Specialty
Segment 30.8 10.2 50.7 19.4
Communications Segment 14.4 5.9 18.2 8.6
--------- --------- --------- ---------
Subtotal 70.4 31.5 112.6 55.7
Corporate - (3.5) - (3.5)
--------- --------- --------- ---------
Total $70.4 $28.0 $112.6 $52.2
========= ========= ========= =========
Return on Metal Adjusted Sales
------------------------------
Energy Segment 7.0% 5.7% 6.6% 5.6%
Industrial & Specialty
Segment 7.0% 2.8% 6.4% 2.9%
Communications Segment 7.8% 3.2% 5.4% 2.7%
--------- --------- --------- ---------
Total Company 7.1% 3.4% 6.3% 3.5%
========= ========= ========= =========
Capital Expenditures
------------------------------
Energy Segment $6.6 $3.7 $10.0 $6.9
Industrial & Specialty
Segment 6.1 3.5 9.5 6.3
Communications Segment 1.9 1.3 3.1 2.5
--------- --------- --------- ---------
Total $14.6 $8.5 $22.6 $15.7
========= ========= ========= =========
Depreciation & Amortization
------------------------------
Energy Segment $4.7 $2.7 $9.4 $4.6
Industrial & Specialty
Segment 4.6 3.4 9.1 6.4
Communications Segment 3.7 4.2 7.0 8.3
--------- --------- --------- ---------
Subtotal 13.0 10.3 25.5 19.3
Corporate - 2.9 - 2.9
--------- --------- --------- ---------
Total $13.0 $13.2 $25.5 $22.2
========= ========= ========= =========
GENERAL CABLE CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in millions, except share data)
ASSETS 30-Jun-06 31-Dec-05
------ ----------- -----------
Current Assets: (unaudited)
Cash $59.0 $72.2
Receivables, net of allowances of
$10.3 million at June 30, 2006 and
$8.6 million at December 31, 2005 791.7 542.9
Inventories 399.2 363.9
Deferred income taxes 47.6 41.9
Prepaid expenses and other 70.1 48.6
----------- -----------
Total current assets 1,367.6 1,069.5
Property, plant and equipment, net 368.7 366.4
Deferred income taxes 53.9 52.5
Other non-current assets 33.3 34.8
----------- -----------
Total assets $1,823.5 $1,523.2
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Accounts payable $647.8 $472.3
Accrued liabilities 209.6 212.2
Current portion of long-term debt 20.0 6.4
----------- -----------
Total current liabilities 877.4 690.9
Long-term debt 425.3 445.2
Deferred income taxes 13.1 13.4
Other liabilities 106.4 80.4
----------- -----------
Total liabilities 1,422.2 1,229.9
----------- -----------
Shareholders' Equity:
Redeemable convertible preferred stock,
June 30, 2006 - 101,949 outstanding shares
December 31, 2005 - 129,916 outstanding
shares (liquidation preference of $50.00
per share) 5.1 6.5
Common stock, $0.01 par value,
issued and outstanding shares:
June 30, 2006 - 51,078,781 (net of 4,998,730
treasury shares)
December 31, 2005 - 49,520,209 (net of
4,968,755 treasury shares) 0.6 0.5
Additional paid-in capital 269.4 246.3
Treasury stock (53.0) (52.2)
Retained earnings 166.5 103.8
Accumulated other comprehensive income
(loss) 12.7 (6.8)
Other shareholders' equity - (4.8)
----------- -----------
Total shareholders' equity 401.3 293.3
----------- -----------
Total liabilities and shareholders' equity $1,823.5 $1,523.2
=========== ===========
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