National Fuel Reports Second Quarter Earnings.WILLIAMSVILLE Williamsville is the name of some places:
See: New York Stock Exchange :NFG NFG No Freaking Good (polite form) NFG Nefteyugansk (Russia) NFG New Found Glory (band from Coral Springs, Florida) NFG Neighborhood Funders Group ) today announced results for the quarter and six months ended March 31, 2007. HIGHLIGHTS 1 Reported GAAP earnings per share for the quarter of $0.92 increased $0.01 per share from the prior year's second quarter. Earnings were higher in the Utility segment, the Energy Marketing segment and the Timber segment. Lower earnings in the Exploration and Production segment and the Pipeline and Storage segment offset those increases. 2 Quarterly operating results before items impacting comparability were $0.89 per share, an increase of $0.04 from the prior year's second quarter. 3 The Company is increasing and narrowing its GAAP guidance range for fiscal 2007 earnings. The revised earnings guidance range is now $2.25 to $2.40 per share.* It had previously been $2.15 to $2.35 per share.* 4 A conference call is scheduled for Tuesday, May 8, 2007, at 11:00 am Eastern Time. MANAGEMENT COMMENTS Philip C. Ackerman, Chairman and Chief Executive Officer of National Fuel Gas Company stated: "We have just had another very solid quarter. In particular, extremes of weather with weekly temperatures ranging from 46% warmer than normal to 30% colder than normal emphasized the importance of storage capacity and the talents of our employees in meeting customer needs. An increase in gas production and an increase in realized oil prices were offset by a higher effective tax rate, but our Exploration and Production segment continues to make progress with increasing emphasis on Appalachia, the hiring of a new exploration and production manager and the possible sale of our Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. operations." SUMMARY OF RESULTS National Fuel had consolidated earnings for the quarter ended March 31, 2007, of $78.4 million, a decrease of $0.2 million from the prior year's second quarter of $78.6 million. Consolidated earnings per share of $0.92 increased $0.01 due to a lower number of weighted average shares outstanding compared to the prior year. The decrease in weighted average shares outstanding is a result of the Company's share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program (note: all references to earnings per share are to 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 and all amounts are stated in U.S. dollars). Consolidated earnings for the six months ended March 31, 2007, of $133.0 million or $1.57 per share decreased $3.0 million or $0.01 per share from the prior year's earnings. The Company's consolidated earnings per share would have been $0.02 per share lower if not for the fact that the weighted average shares outstanding have decreased compared to the prior year, mostly due to the share repurchase program. [TABLE OMITTED] 1 See discussion of these items below. As outlined in the table above, certain items included in GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings impacted the comparability of the Company's operating results when comparing the second quarter and six months ended March 31, 2007, to the comparable periods in fiscal 2006. Excluding these items, operating results for the current second quarter of $76.1 million or $0.89 per share increased $2.6 million or $0.04 per share. Excluding these items, operating results for the six months ended March 31, 2007, of $128.7 million or $1.52 per share increased $0.4 million or $0.03 per share. Items impacting comparability will be discussed in more detail within the discussion of segment earnings below. DISCUSSION OF RESULTS BY SEGMENT (The following discussion of the earnings of each segment is summarized in a tabular form Same as table view with respect to printed output. in this report. It may be helpful to refer to those tables while reviewing this discussion.) Utility Segment The Utility segment operations are carried out by National Fuel Gas Distribution Corporation ("Distribution"), which sells or transports natural gas to customers located in western New York
Western New York refers to the westernmost region of New York State. and northwestern Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York . The Utility segment's earnings of approximately $33.4 million or $0.39 per share, for the quarter ended March 31, 2007, increased $4.8 million or $0.06 per share compared to the prior year's second quarter. In the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of division, earnings decreased $1.3 million mainly due to higher operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . In the Pennsylvania division, operating results increased $6.1 million due to the impact of weather that was 16.5 percent colder than the prior year and the increase in base rates taking effect early in this quarter. On January 1, 2007, Distribution implemented the Settlement Agreement approved by the Pennsylvania Public Utility Commission, which among other things provided for a $14.3 million (before tax) annual base rate increase. A lower effective tax rate also contributed to the increase in this segment's quarterly earnings. The Utility segment's earnings of $50.6 million or $0.60 per share for the six months ended March 31, 2007, increased $0.2 million compared to the six months ended March 31, 2006. Earnings in Distribution's New York Division for the six months ended March 31, 2007, of $35.1 million decreased $5.6 million compared to the prior year. The comparability of the six month results is impacted by a $2.6 million positive out-of-period adjustment recorded in the first quarter of fiscal 2006 to correct Distribution's calculation of the symmetrical symmetrical equally on both sides. symmetrical multifocal encephalopathy inherited disease in two forms: Limousin form appears at about a month old with blindness, forelimb hypermetria, hyperesthesia, nystagmus, aggression, weight sharing component of New York's gas adjustment rate. Excluding this item, operating results decreased $3.1 million or $0.04 per share. This decrease is mainly due to higher bad debt and other operating expenses and higher property taxes. For the six months ended March 31, 2007, earnings in Distribution's Pennsylvania Division of $15.5 million or $0.18 per share, increased $5.8 million, or $0.07 per share, compared to the prior year. Earnings increased primarily due to the impact of weather that was 5.8 percent colder than the prior year, the annual $14.3 million (before taxes) increase in base rates taking effect on January 1, 2007, and a lower effective tax rate. Partially offsetting the increase was higher intercompany interest expense. Pipeline and Storage Segment The Pipeline and Storage segment operations are carried out by National Fuel Gas Supply Corporation ("Supply Corporation") and Empire State Pipeline ("Empire"). These companies provide natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and western Pennsylvania Western Pennsylvania consists of the western third of the state of Pennsylvania in the United States. Pittsburgh is the largest city in the region, with a metropolitan area of about 2.4 million people, and is the cultural center for Western Pennsylvania. . The Pipeline and Storage segment's earnings of $13.9 million, or $0.16 per share, for the quarter ended March 31, 2007, decreased $3.0 million, or $0.04 per share, when compared with the same period in the prior fiscal year. The decrease is primarily due to lower efficiency gas revenue resulting from lower retained volumes and lower natural gas prices compared to the prior year's quarter. The lower volumes of efficiency gas are part of a FERC FERC Federal Energy Regulatory Commission FERC FEMA Emergency Response Capability approved settlement of a complaint filed by various parties against Supply Corporation under Sections 5(a) and 13 of the Natural Gas Act (the FERC settlement) effective December 1, 2006. The FERC settlement also lowered Supply Corporation's depreciation rates, which resulted in lower depreciation expense for the quarter. While the settlement increased Supply Corporation's expense for postretirement benefits, this increase was substantially offset by decreases in the depreciation expense and other operating expenses. Earnings of $27.6 million, or $0.33 per share, for the six months ended March 31, 2007, decreased $5.1 million, or $0.05 per share, when compared with the six months ended March 31, 2006. The comparability of the results for the six months ended March 31, 2007, is impacted by a $1.9 million gain associated with the prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. in the first quarter of 2007 of the project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. debt for the Empire State Pipeline. Upon the payment of that debt, the corresponding interest rate collar no longer qualified for hedge accounting Why is hedge accounting necessary? Many financial institutions and corporate businesses (entities) use derivative financial instruments to hedge their exposure to different risks (eg interest rate risk, foreign exchange risk, commodity risk, etc). , and gains and losses could no longer be deferred. Excluding that gain, operating results decreased $7.0 million for the six months ended March 31, 2007, mainly due to lower efficiency gas revenue resulting from both lower natural gas prices and lower retained volumes due to the FERC settlement discussed above. Higher 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. realized in the first quarter of the prior year caused by the hurricanes in the fall of 2005 did not recur this year. An increase in postretirement benefits expense, also due to the FERC settlement, and higher intercompany interest expense contributed to the decline in earnings. The decrease was partially offset by lower depreciation expense, resulting from the FERC settlement, and lower other operating expenses. Exploration and Production Segment The Exploration and Production segment operations are carried out by Seneca Resources Corporation ("Seneca"). Seneca explores for, develops and purchases natural gas and oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , in the Appalachian region, in the Gulf Coast region of Texas, Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and Alabama Alabama, indigenous people of North AmericaAlabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , and in the western provinces of Canada. The Exploration and Production segment's earnings in the second quarter of fiscal 2007 decreased $6.0 million or $0.07 per share to $19.8 million or $0.23 per share, when compared with the same period in the prior fiscal year. The comparability of the quarterly results is impacted by a positive tax adjustment of $5.1 million recorded in the second quarter of fiscal 2006. This benefit to earnings resulted from an adjustment to a deferred income tax balance. Under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , a company may recognize the benefit of certain expected future income tax deductions Tax deduction An expense that a taxpayer is allowed to deduct from taxable income. tax deduction See deduction. as a deferred tax asset only if it anticipates sufficient future taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. to utilize those deductions. As a result of changing 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 , Seneca increased its forecast of future taxable income in the Canadian division and, consequently, recorded a deferred tax asset for certain costs related to capital expenditures that it now expects to deduct de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. on future income tax returns. Excluding this item, operating results in the Exploration and Production segment decreased $1.0 million or $0.01 per share. The decrease was mainly due to a higher effective tax rate as a result of higher state income taxes. Partially offsetting this decrease was a 19.3 percent increase in oil prices realized after hedging that more than offset a drop in gas prices realized after hedging of 7.0 percent. For the quarter ended March 31, 2007, the weighted average oil price received by Seneca (after hedging) was $48.09/barrel ("Bbl"), an increase of $7.79/Bbl from the prior year's quarter. This increase in the weighted average oil price was mainly due to the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of older hedges. The weighted average natural gas price received by Seneca (after hedging) for the quarter ended March 31, 2007, was $6.87/thousand cubic feet ("Mcf"), a decrease of $0.52/Mcf from the prior year's quarter. Overall production for the quarter was 12.2 Bcfe, an increase of 0.1 Bcfe over the prior year's quarter. An increase in natural gas production more than offset a drop in crude oil production. The Exploration and Production segment's earnings of $40.5 million, or $0.48 per share, for the six months ended March 31, 2007, decreased $2.8 million, or $0.02 per share, when compared with the six months ended March 31, 2006. The comparability of the six month results is impacted by a positive tax adjustment recorded in the second quarter of fiscal 2006 as described above. Excluding this item, operating results for the six months ended March 31, 2007, in the Exploration and Production segment increased $2.3 million, or $0.04 per share, from the prior year. This increase is mainly due to a nearly 1.0 Bcfe increase in production. A minor drop in oil production was more than offset by an increase in gas production while the drop in gas prices realized after hedging was more than offset by the increase in oil prices realized after hedging. For the six months ended March 31, 2007, the weighted average oil price received by Seneca (after hedging) was $45.90/Bbl, an increase of $9.20/Bbl from the prior year. This increase in the weighted average oil price was mainly due to the expiration of older hedges. The weighted average natural gas price received by Seneca (after hedging) was $6.90/Mcf, a decrease of $0.98/Mcf from the prior year. In addition a higher effective tax rate contributed to this decline. Energy Marketing National Fuel Resources, Inc. ("NFR (Near Field Recording) See near field optics and Terastor. ") comprises the Company's Energy Marketing segment. NFR markets natural gas to industrial, commercial, public authority and residential customers in western and central New York Central New York is a term used to broadly describe the central region of New York State, roughly including the following counties and cities: Cayuga County – Auburn Cortland County – Cortland Madison County – Oneida and northwestern Pennsylvania, offering competitively priced energy and energy management services to its customers. The Energy Marketing segment's earnings for the quarter ended March 31, 2007, of $6.7 million or $0.08 per share increased $2.8 million or $0.04 per share compared to the second quarter of last year. The comparability of the quarterly results is impacted by a $2.3 million reversal of an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for purchased gas expense for which a contingency contingency n. an event that might not occur. was resolved during the quarter. Excluding this item earnings for the quarter increased $0.5 million primarily due to a 15 percent increase in sales throughput during the quarter. Earnings for the six months ended March 31, 2007, in the Energy Marketing segment of $7.2 million, or $0.08 per share, increased $2.3 million, or $0.02 per share. The comparability of the quarterly results is impacted by a $2.3 million reversal of an accrual for purchased gas expense noted above. Excluding this item earnings for the six months ended March 31, 2007, were flat compared to the prior year. Timber Segment The Timber segment operations are carried out by Highland Forest Resources, Inc. ("Highland") and Seneca's Northeast Division. This segment markets high quality hardwoods from its New York and Pennsylvania land holdings and owns two sawmill/dry kiln operations in northwestern Pennsylvania. The Timber segment's earnings for the quarter ended March 31, 2007, of $3.2 million or $0.04 per share increased $1.0 million or $0.01 per share from the prior year's second quarter. Favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. weather conditions facilitated the harvesting of both veneer veneer (vənēr`), thin leaf of wood applied with glue to a panel or frame of solid wood. The art of veneer developed with early civilization. and saw logs during the quarter. Although the overall volume of log and lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to sales was down, most of the current quarter's harvest was from low or no basis Company-owned property thus resulting in an increase in gross margins from the prior year's quarter. Earnings for the six months ended March 31, 2007, of $3.4 million decreased $0.3 million from the prior year's earnings. The decrease is due to unfavorable weather conditions in the first quarter that hindered the harvesting of both veneer and saw logs. This resulted in lower sales of both logs and lumber for the six months ended March 31, 2007. Harvesting from Company-owned property resulted in improved margins in the second quarter and offset some of the decline in earnings experienced in the first quarter. Corporate and All Other Other direct, wholly-owned subsidiaries of the Company include Horizon Energy Development, Inc., a corporation formerly engaged in the development of international power projects, Horizon LFG LFG Landfill Gas LFG Lincoln Financial Group (insurance & financial planning company) LFG Looking For Group (Everquest) LFG Lexical-Functional Grammar (computational linguistics) , Inc., a corporation engaged, through subsidiaries, in the purchase, processing, transportation and sale of landfill gas, and Horizon Power, Inc., a corporation that develops and owns independent electric generation facilities that are fueled by natural gas or landfill gas. Earnings in the Corporate and All Other category for the quarter ended March 31, 2007, were $1.4 million, an increase of $0.3 million when compared to the prior year's second quarter earnings of $1.1 million. The increase is due to higher earnings in Horizon LFG, Inc. and higher intercompany interest income partially offset by higher operating costs operating costs npl → gastos mpl operacionales and higher interest expense. Earnings in the Corporate and All Other category for the six months ended March 31, 2007, were $3.6 million, an increase of $2.6 million when compared to the prior year's earnings. The increase is mainly due to higher earnings in Horizon LFG, Inc. and higher intercompany interest income partially offset by higher operating costs and higher interest expense. EARNINGS GUIDANCE The Company is increasing, and narrowing, its guidance range for fiscal 2007 earnings. The revised earnings guidance range is now $2.25 to $2.40 per share.* It had previously been $2.15 to $2.35 per share.* The narrowing of the range is possible because the most sensitivity to earnings variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality in the Utility segment typically occurs during the first two fiscal quarters, which are now completed. The increase in the upper end of the guidance range is made possible primarily due to the certainty of pricing on planned gas sales in the Pipeline and Storage segment, which are now hedged. This guidance is still based on the September 21, 2006, commodity pricing incorporated in the Company's original guidance. To the extent that actual pricing during the remainder of the fiscal year varies from those September 21, 2006, prices, the fiscal year earnings will be affected as detailed in the earnings sensitivity table on page 24 of this release.* EARNINGS TELECONFERENCE The Company will host a conference call on Tuesday, May 8, 2007, at 11 a.m. (Eastern Standard Time) to discuss this announcement. There are two ways to access this call. For those with Internet access See how to access the Internet. , visit National Fuel's Web site at nationalfuelgas.com and click on the "For Investors" link at the top of the homepage. For those without Internet access, access is also provided by dialing (toll-free) 1-800-798-2796, and using the passcode "74463473." For those unable to listen to the live conference call, a replay will be available approximately one hour after the conclusion of the call at the same Web site link and by phone at (toll free) 888-286-8010 using passcode "99121557." Both the webcast and telephonic replay will be available until the close of business on Tuesday, May 15, 2007. National Fuel is an integrated energy company with $4.0 billion in assets comprised of the following five operating segments: Utility, Pipeline and Storage, Exploration and Production, Energy Marketing, and Timber. Additional information about National Fuel is available on its 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 Web site: nationalfuelgas.com or through its investor information service at 1-800-334-2188. * - Certain statements contained herein, including those which are designated with an asterisk (1) See Asterisk PBX. (2) In programming, the asterisk or "star" symbol (*) means multiplication. For example, 10 * 7 means 10 multiplied by 7. The * is also a key on computer keypads for entering expressions using multiplication. ("*") and those which use words such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," and similar expressions, 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. " as defined by 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. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company's expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws and regulations to which the Company is subject, including changes in tax, environmental, safety and employment laws and regulations; changes in economic conditions, including economic disruptions caused by terrorist activities, 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. or major accidents; changes in demographic patterns and weather conditions, including the occurrence of severe weather, such as hurricanes; changes in the availability and/or price of natural gas or oil and the effect of such changes on the accounting treatment or valuation of derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. financial instruments or the Company's natural gas and oil reserves; impairments under the Securities and Exchange Commission's full cost ceiling test for natural gas and oil reserves; changes in the availability and/or price of derivative financial instruments; changes in the price differentials between various types of oil; inability to obtain new customers or retain existing ones; significant changes in competitive factors affecting the Company; governmental/regulatory actions, initiatives and proceedings, including those involving acquisitions, financings, rate cases (which address, among other things, allowed rates of return, rate design and retained gas), affiliate relationships, industry structure, franchise renewal, and environmental/safety requirements; unanticipated impacts of 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). initiatives in the natural gas and electric industries; significant changes from expectations in actual capital expenditures and operating expenses and unanticipated project delays or changes in project costs or plans, including changes in the plans of the sponsors of the proposed Millennium Pipeline with respect to that project, and the ability to obtain necessary environmental permits; the nature and projected profitability of pending and potential projects and other investments; occurrences affecting the Company's ability to obtain funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. or from issuances of debt or equity securities to finance needed capital expenditures and other investments, including any downgrades in the Company's credit ratings; uncertainty of oil and gas reserve estimates; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; ability to successfully identify, drill for and produce economically viable natural gas and oil reserves; significant changes from expectations in the Company's actual production levels for natural gas or oil; regarding foreign operations, changes in trade and monetary policies, inflation and exchange rates, taxes, operating conditions, laws and regulations related to foreign operations, and political and governmental changes; significant changes in tax rates or policies or in rates of inflation or interest; significant changes in the Company's relationship with its employees or contractors and the potential adverse effects if labor disputes, grievances or shortages were to occur; changes in accounting principles or the application of such principles to the Company; the cost and effects of legal and administrative claims against the Company; changes in actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin assumptions and the return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). with respect to the Company's retirement plan and post retirement benefit plans; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide post retirement benefits; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events. 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