Ingersoll-Rand Reports Record First Quarter Earnings Per Share; Diluted EPS from Continuing Operations up 23%.Business Editors WOODCLIFF LAKE Woodcliff Lake may refer to:
Ingersoll-Rand Company (NYSE NYSE See: New York Stock Exchange :IR), a leading diversified diversified (di·verˑ·s industrial firm, today reported record earnings and earnings per share for the first quarter of 2000. For the quarter, net earnings 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 were $139.6 million, 22% above last year's earnings of $114.0 million. For continuing operations, first-quarter diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of 85 cents increased by 23%, compared to diluted earnings per share of 69 cents in the 1999 first quarter. First-quarter 2000 revenues from continuing operations were $1,976.7 million, a 5% increase, compared to $1,891.1 million in last year's first quarter. The 2000 first-quarter revenues included an unfavorable currency translation of more than 1%. 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 was $269.3 million, an increase of 13% over $238.6 million for the first quarter of 1999. First-quarter 2000 total diluted earnings per share (continuing and discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. ) of 83 cents increased by 14%, compared to diluted earnings per share of 73 cents in the 1999 first quarter. "Our strong first-quarter performance provides a firm foundation for our seventh consecutive year of record earnings," said Herbert L. Henkel Henkel KGaA (ISIN: DE0006048432, ISIN: DE0006048408) is an international household products company headquartered in Düsseldorf, Germany. The company has four business sectors operating in three strategic areas: Home Care , president and chief executive officer. "We continue to demonstrate progress in several important financial areas. Of note, our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: from continuing operations improved to 13.6%, a full percentage point better than the first quarter of 1999. "We are pleased to report that we initiated several actions in the first quarter that position IR for continued success. These actions included a number of acquisitions and alliances that solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our competitive stance in our global growth markets, and divestitures that helped sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp the focus of our businesses. In addition, we formed a new e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. sector to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. opportunities for integrating electronic commerce initiatives throughout our global growth markets." First-quarter Business Review During the first quarter IR realigned its businesses to reflect its change to a market-focused organization. The Climate Control Sector includes Thermo King(R) transport temperature control equipment. The sector's first quarter revenues totaled $320.4 million, an increase of 10% compared to last year, reflecting improved results for the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. trailer In communications, a code or set of codes that make up the last part of a transmitted message. See trailer label. and the worldwide container businesses. 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 increased by 2% to $38.7 million. Operating margins declined primarily because of unfavorable currency comparisons. Without the impact of currency operating earnings would have increased 20%. The Industrial Productivity Sector is composed of a diverse group of businesses focused on providing solutions for customers to enhance industrial efficiency. First-quarter revenues on a comparable basis increased approximately 1%. Reported revenues of $741.4 million declined slightly, compared to last year, as a result of the sale of the Automation Division in the fourth quarter of 1999. Operating earnings increased by 22% to $88.6 million. All businesses in the sector reported improved operating margins. The Industrial Productivity Sector consists of three segments: Air Solutions, which provides equipment and services for compressed air compressed air, air whose volume has been decreased by the application of pressure. Air is compressed by various devices, including the simple hand pump and the reciprocating, rotary, centrifugal, and axial-flow compressors. systems, had revenues in the first quarter of $188.9 million, an improvement of 9% compared to 1999. Earnings improved by 18% to $19.8 million, reflecting ongoing cost reduction and efficiency programs. Bearings and Components provides motion control technologies to the automotive and industrial markets. Revenues for the quarter declined by 7% to $304.8 million, as lower revenues for industrial bearings and automotive components, related to the loss of the camshaft business in 1999, more than offset gains made in automotive bearings. Earnings and margins improved because of better product mix and ongoing cost and expense reduction activities. Industrial Products includes Club Car(R) golf cars and utility vehicles; tools; and related industrial production equipment. First-quarter revenues on a comparable basis increased by 7%. Reported revenues of $247.7 million in the first quarter declined by 5%, compared to the first quarter of 1999, reflecting the absence of revenues related to the sale of the Automation Division, which had been part of the Industrial Products businesses. Club Car revenues improved by more than 10% and tool revenues improved slightly. Operating earnings of $36.2 million increased by 33% because of improved volume for continuing businesses, cost reduction activities, and the absence of the Automation Division. The Infrastructure Development Sector includes Bobcat bobcat: see lynx. bobcat Bobtailed, long-legged North American cat (Lynx rufus) found in forests and deserts from southern Canada to southern Mexico. It is a close relative of the lynx and caracal. (R) compact equipment; road pavers and compactors; portable power products; and drilling equipment. This sector's revenues totaled $581.4 million, an increase of 6% over last year's first-quarter. Operating earnings of $96.9 million increased by 9% and the operating margin was 16.7% of sales. Revenues of Bobcat and U.S. paving equipment increased by approximately 10%, while portable power and drill revenues increased modestly. Operating earnings increased in all the businesses because of higher revenues and ongoing productivity actions. The Security and Safety Sector includes architectural hardware products and electronic access-control technologies. For this sector, revenues increased by 15% to $333.5 million, compared to the prior year. Operating earnings increased by 17% to $62.9 million. Revenues and earnings were strong in both residential and commercial markets during the quarter. Comparison of Other Quarterly Income Statement Items Other income/(expense) totaled $2.9 million of income for the first quarter of 2000, an improvement of $6.0 million, compared to last year's first quarter. This change is primarily attributable to the gain on the sale of NASTECH, the company's steering-column assembly joint ventures with NSK NSK Not Specified By Kind NSK North Side Kings (band) NSK Noril'sk (Russia) NSK Neue Slovenische Kunst (German: New Slovenian Art; art collective) . Interest expense for the quarter of $48.2 million was $4.3 million below last year's first quarter because of lower average debt balances. Minority interest charges of $7.5 million increased slightly, compared to last year, and primarily represent payments on the company's equity-linked securities. The company's effective tax rate was 35.5% in the first quarters of 2000 and 1999. Discontinued Operations On October October: see month. 4, 1999, Dresser Industries Dresser Industries was a multinational corporation headquartered in Dallas, Texas, which provided a wide range of technology, products, and services used for developing energy and natural resources. , a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Halliburton For other uses, see Haliburton. Halliburton Energy Services (NYSE: HAL) is an United States based multinational corporation with operations in over 120 countries. It has been at the forefront of several media and political controversies in relation to its work for the U. Company, elected to sell its share of two joint ventures to IR. The ventures are Dresser-Rand Company, a producer of reciprocating compressors A reciprocating compressor is a compressor that uses pistons driven by a crankshaft to deliver gases at high pressure.[1] [2] The intake gas enters the suction manifold, then flows into the compression cylinder where it gets compressed by a piston and turbo TURBO A clinical trial–The Ultrasound Removal of Blood Clots in Vein Grafts machinery products, and Ingersoll-Dresser Pumps (IDP), maker of pumps used in industrial, commercial and municipal applications. IR acquired the portion of IDP held by Dresser on December December: see month. 30, 1999, for a net purchase price of $377 million and acquired Dresser's 51% ownership of Dresser-Rand for a net purchase price of approximately $536 million on February February: see month. 2, 2000. IR has classified these businesses as discontinued operations because the company expects to sell them in the near future. The company recorded a loss of two cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in the first quarter from these discontinued operations, compared to earnings of four cents per share for the first quarter of 1999. On February 9, 2000, IR agreed to sell IDP to Flowserve The Flowserve Corporation (NYSE: FLS) is a global supplier of pumps, valves, seals, automation, and services to the power, oil, gas, chemical and other industries. The Flowserve brand named originated in 1997 with a merger of BW/IP and Durco International. Corporation for $775 million. On April 14, 2000, IR received a request for additional information from the Department of Justice (DOJ (Department Of Justice) The legal arm of the U.S. government that represents the public interest of the United States. It is headed by the Attorney General. ) under the Hart-Scott-Rodino Act Hart-Scott-Rodino Act Often used in risk arbitrage. Antitrust act administered by U.S. Department of Justice and the FTC that requires an investor to file a form with the government before he acquires an economic interest in the lesser amount of $15 million or 15% of the concerning the sale of IDP to Flowserve. The information request relates only to limited product lines 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. , which represent well below 10% of the combined worldwide revenue of IDP and Flowserve. The companies intend to respond promptly to the information request and remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that they will answer all of DOJ's questions. IR and Flowserve believe that the transaction will be completed in the second quarter. The company continues the process to sell Dresser-Rand, with an expected completion in the third quarter of 2000. The company expects to record an accounting gain on the sale of IDP and Dresser-Rand of $300 million to $400 million and to realize net after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. cash proceeds of $500 million to $600 million. "As we said previously, these operations are attractive world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. businesses led by experienced, capable management teams; however, they no longer fit Ingersoll-Rand's desired strategic profile," Henkel said. "In keeping with our growth strategy, we will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the sale of these units to acquire businesses in less cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. global growth markets and to accelerate productivity initiatives in our core businesses." Additional Actions In the first quarter the company implemented actions to support its 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. strategy and expects to expand the scope of these actions in the future. "During the quarter we formed an electronic commerce business unit to capitalize on the opportunities for integrating e-business initiatives throughout our four global growth sectors," Henkel said. "We are already involved in several programs to increase our e-business presence in our four market sectors. The new unit will accelerate our involvement and allow us to identify additional growth opportunities for launching new e-business initiatives throughout IR. "Also during the first quarter, we made three bolt-on acquisitions. These acquisitions improved our product line and geographic coverage. Two of the acquisitions are in the Infrastructure Development Sector. "The first, Sambron, of Pontchateau, France, manufactures and distributes telescopic tel·e·scop·ic adj. 1. Of or relating to a telescope. 2. Seen or obtained by means of a telescope: telescopic data. 3. material handlers handlers persons involved in the handling of, for example, circus animals. Includes grooms, milkers, herdsmen, strappers. Used mostly in referring to persons handling animals for show or auction. . Sambron's products complement and extend our Bobcat and Ingersoll-Rand compact equipment lines and reinforce our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. capabilities in this growing market segment. "We also purchased Neal Manufacturing, which makes a line of compact road paving equipment. This gives our Road Development business a full line of asphalt asphalt (ăs`fôlt, –fălt), brownish-black substance used commonly in road making, roofing, and waterproofing. Chemically, it is a natural mixture of hydrocarbons. paving equipment to sell to contractors. "Our third acquisition, Zexel, fits into our Climate Control Sector. Zexel, based in Tokyo, Japan, manufactures bus air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. equipment and refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. units for small trucks. This acquisition solidifies our position in the Japanese market and, with our existing production facility in China, strengthens our ability to serve the growing Asian markets. "Even though these businesses are modest in size we expect them to contribute approximately three cents to earnings in 2000. "We also entered two new supply agreements in the first quarter. We signed a five-year global supply agreement with Aggreko plc to supply all of their future oil-free air equipment requirements. Aggreko, based in Glasgow, Scotland, is a leading supplier of temporary power and oil-free compressed air services through an international network of 108 locations in 24 countries. With this agreement we will increase our participation in the growing worldwide market for oil-free compressed air services. "The second agreement is with SDMO SDMO Specifications and Data Management Office/Officer of Brest, France
Brest is a city in Brittany, or the Bretagne région, north-west France, sous-préfecture of the Finistère département. , under which IR will be the exclusive global representative of SDMO's line of generators for the construction and rental markets. This agreement combines SDMO's world class generator generator, in electricity, machine used to change mechanical energy into electrical energy. It operates on the principle of electromagnetic induction, discovered (1831) by Michael Faraday. product line with IR's strong marketing, sales and distributor organization. "During the first quarter, we divested several smaller businesses, including Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. Clipper clipper, type of sailing ship, designed for speed. Long and narrow, the clipper had the greatest beam aft of the center; the bow cleaved the waves; and the ship carried, besides topgallant and royal sails, skysails and moonrakers—a veritable cloud of sails. , which had come to us as part of the acquisition of Harrow Harrow, borough, Greater London, England Harrow, outer borough (1991 pop. 194,300) of Greater London, SE England. For centuries Harrow grew foodstuffs for London. It is mainly residential and contains parts of the Green Belt, areas set aside as parkland. Industries, and NASTECH, which comprised three joint-venture companies with NSK that made full automotive steering-column assemblies." Outlook "The outlook for 2000 continues to be favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. , and we expect our ongoing focus on manufacturing excellence, working capital management and aggressive corporate development activities to drive our earnings and cash flow growth," Henkel said. "We are in a good position to achieve diluted earnings per share of around $4.00 in 2000. Our operating earnings strength and excellent working capital management have put us on course to generate more than $500 million in free cash flow, after capital expenditures and dividends, for 2000. In addition, we expect to invest $150 million to $200 million of the gain from the sale of IDP to accelerate productivity initiatives throughout the company. This will include plant rationalizations, organizational realignments consistent with our new market-based structure and consolidation of our "back office" business processes. The savings from these programs should add 8 to 12 cents of earnings per share to year 2000 results." IR is a major diversified industrial company. Its product lines serve a wide range of industrial and commercial markets worldwide. Further information on IR can be found on the company's World Wide Web site at http://www.ingersoll-rand.com. This earnings release includes "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " that involve risks and uncertainties. Political, economic, climatic, currency, tax, regulatory, technological, competitive and other factors could cause actual results to differ materially from those anticipated in the forward-looking statements. Additional information regarding these risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999.
INGERSOLLrAND COMPANY
Business Review
1999 by Quarters
(In millions except percentages)
UNAUDITED
Three months ended,
------------------------------------- Full
Mar 31 Jun 30 Sep 30 Dec 31 Year
--------- -------- -------- --------- --------
Climate Control
Revenues $ 290.8 $ 313.3 $ 297.5 $ 306.5 $1,208.1
Operating income 37.9 47.9 41.8 38.9 166.5
and as a % of revenues 13.0% 15.3% 14.1% 12.7% 13.8%
Industrial Productivity
Air Solutions
Revenues 173.7 185.7 180.1 195.4 734.9
Operating income 16.8 20.3 23.2 29.0 89.3
and as a % of revenues 9.7% 10.9% 12.9% 14.8% 12.2%
Bearings & Components
Revenues 327.4 318.0 282.5 305.0 1,232.9
Operating income 28.9 37.1 29.9 49.8 145.7
and as a % of revenues 8.8% 11.7% 10.6% 16.3% 11.8%
Industrial Products
Revenues 260.6 266.3 219.6 223.2 969.7
Operating income 27.2 36.7 24.7 24.9 113.5
and as a % of revenues 10.4% 13.8% 11.2% 11.2% 11.7%
Industrial Productivity
Revenues 761.7 770.0 682.2 723.6 2,937.5
Operating income 72.9 94.1 77.8 103.7 348.5
and as a % of revenues 9.6% 12.2% 11.4% 14.3% 11.9%
Infrastructure
Development
Revenues 548.2 636.9 531.2 528.6 2,244.9
Operating income 88.9 120.5 93.8 89.9 393.1
and as a % of revenues 16.2% 18.9% 17.7% 17.0% 17.5%
Security & Safety
Revenues 290.4 321.8 335.2 328.8 1,276.2
Operating income 53.9 56.4 71.4 66.7 248.4
and as a % of revenues 18.6% 17.5% 21.3% 20.3% 19.5%
Total
Revenues $1,891.1 $2,042.0 $1,846.1 $1,887.5 $7,666.7
Operating income 253.6 318.9 284.8 299.2 1,156.5
and as a % of revenues 13.4% 15.6% 15.4% 15.9% 15.1%
Unallocated corporate
expense (15.0) (14.1) (11.9) (16.2) (57.2)
--------- -------- -------- --------- ---------
Consolidated operating
income $ 238.6 $ 304.8 $ 272.9 $ 283.0 $1,099.3
========= ======== ======== ========= ========
and as a % of revenues 12.6% 14.9% 14.8% 15.0% 14.3%
INGERSOLLrAND COMPANY
Business Review
1998 by Quarters
(In millions except percentages)
UNAUDITED
Three months ended,
Full
Mar 31 Jun 30 Sep 30 Dec 31 Year
---------------------------------------------
Climate Control
Revenues $ 289.0 $ 317.4 $ 291.6 $ 305.3 $1,203.3
Operating income 39.3 43.9 36.3 39.8 159.3
and as a % of revenues 13.6% 13.8% 12.4% 13.0% 13.2%
Industrial Productivity
Air Solutions
Revenues 169.8 187.1 186.0 206.5 749.4
Operating income 10.9 19.6 12.7 28.9 72.1
and as a % of revenues 6.4% 10.5% 6.8% 14.0% 9.6%
Bearings & Components
Revenues 320.2 323.0 278.1 322.8 1,244.1
Operating income 28.8 33.2 25.6 49.6 137.2
and as a % of revenues 9.0% 10.3% 9.2% 15.4% 11.0%
Industrial Products
Revenues 244.6 263.2 206.6 235.8 950.2
Operating income 26.2 30.1 19.5 30.5 106.3
and as a % of revenues 10.7% 11.4% 9.4% 12.9% 11.2%
Industrial Productivity
Revenues 734.6 773.3 670.7 765.1 2,943.7
Operating income 65.9 82.9 57.9 108.9 315.6
and as a % of revenues 9.0% 10.7% 8.6% 14.2% 10.7%
Infrastructure Development
Revenues 526.5 591.1 541.8 473.4 2,132.8
Operating income 68.6 99.7 90.9 67.6 326.8
and as a % of revenues 13.0% 16.9% 16.8% 14.3% 15.3%
Security & Safety
Revenues 262.6 272.6 298.2 271.5 1,104.9
Operating Income 46.0 53.7 62.9 56.7 219.3
and as a % of revenues 17.5% 19.7% 21.1% 20.9% 19.8%
Total
Revenues 1,812.7 $1,954.4 $1,802.3 $1,815.3 $7,384.7
Operating income 219.8 280.2 248.0 273.0 1,021.0
and as a % of revenues 12.1% 14.3% 13.8% 15.0% 13.8%
Unallocated
corporate expense (13.2) (13.4) (10.9) (14.4) (51.9)
---------- -------- -------- -------- -------
Consolidated
operating income
and as a % of revenues $ 206.6 $ 266.8 $ 237.1 $ 258.6 $ 969.1
========== ======== ========= ======== =======
11.4% 13.7% 13.2% 14.2% 13.1%
INGERSOLLrAND COMPANY
Business Review
First Quarter
(In millions except percentages)
UNAUDITED
Three months
ended March 31,
----------------------------
2000 1999
-------------- ------------
Climate Control
Revenues $ 320.4 $ 290.8
Operating income 38.7 37.9
and as a % of revenues 12.1% 13.0%
Industrial Productivity
Air Solutions
Revenues 188.9 173.7
Operating income 19.8 16.8
and as a % of revenues 10.5% 9.7%
Bearings & Components
Revenues 304.8 327.4
Operating income 32.6 28.9
and as a % of revenues 10.7% 8.8%
Industrial Products
Revenues 247.7 260.6
Operating income 36.2 27.2
and as a % of revenues 14.6% 10.4%
Industrial Productivity
Revenues 741.4 761.7
Operating income 88.6 72.9
and as a % of revenues 12.0% 9.6%
Infrastructure Development
Revenues 581.4 548.2
Operating income 96.9 88.9
and as a % of revenues 16.7% 16.2%
Security & Safety
Revenues 333.5 290.4
Operating income 62.9 53.9
and as a % of revenues 18.9% 18.6%
Total
Revenues $ 1,976.7 $ 1,891.1
Operating income 287.1 253.6
and as a % of revenues 14.5% 13.4%
Unallocated corporate expense (17.8) (15.0)
------------ ------------
Consolidated operating income
and as a % of revenues $ 269.3 $ 238.6
============ ============
13.6% 12.6%
Consolidated Income Statement
First Quarter
(In millions except per share figures)
UNAUDITED
---------
Three months
ended March 31,
-------------------------
2000 1999
------- --------
Revenues $1,976.7 $1,891.1
Cost of goods sold 1,437.9 1,390.2
Administrative selling &
service engineering expenses 269.5 262.3
--------- ---------
Operating income 269.3 238.6
Interest expense (48.2) (52.5)
Other income/(expense) 2.9 (3.1)
Minority interests (7.5) (6.3)
---------- ---------
Earnings before taxes 216.5 176.7
Provision for taxes 76.9 62.7
---------- ---------
Net earnings from continuing operations 139.6 114.0
Discontinued operations (net of taxes) (3.6) 7.1
---------- ---------
Net earnings $ 136.0 $ 121.1
========== =========
Basic earnings per share
------------------------
-Continuing operations $ 0.86 $ 0.70
-Discontinued operations $ (0.02) $ 0.04
---------- ---------
$ 0.84 $ 0.74
========== =========
Diluted earnings per share
--------------------------
-Continuing operations $ 0.85 $ 0.69
-Discontinued operations $ (0.02) $ 0.04
----------- ---------
$ 0.83 $ 0.73
=========== =========
Average number of common
shares outstanding:
Basic 162.0 163.6
Diluted 163.3 165.4
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