Teledyne Technologies Reports First Quarter Results.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- Teledyne Teledyne Technologies Inc. NYSE: TDY is an industrial conglomerate primarily based in the United States but with global operations. It was founded in 1960 by Henry Singleton and George Kozmetsky. Technologies Incorporated (NYSE NYSE See: New York Stock Exchange :TDY TDY abbr. temporary duty ): --Revenues of $330.2 million increased 11.0% compared to last year --Earnings per share of $0.51 increased 10.9% compared to last year --Completed acquisition of Benthos benthos: see marine biology. , Inc. --Raising 2006 earnings per share outlook Teledyne Technologies today reported first quarter 2006 sales of $330.2 million, compared with sales of $297.5 million for the same period of 2005. Net income for the first quarter of 2006 was $17.9 million ($0.51 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share), compared with net income of $15.8 million ($0.46 per diluted share) in the first quarter of 2005. "Teledyne began 2006 with a great quarter. Both revenue and earnings per share were at record levels," said Robert Mehrabian Robert Mehrabian (born July 31, 1941, in Tehran, Iran) is an American materials scientist and the Chair, President, and Chief Executive Officer of Teledyne Technologies Incorporated. , chairman, president and chief executive officer. "Furthermore, margin improvement offset new expense resulting from the adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 123(R). First quarter 2006 earnings per share increased 10.9% despite $1.4 million ($0.03 per share) of stock option compensation expense. Due to strong execution, as well as focused acquisitions, we continue to believe that Teledyne is well positioned in a number of attractive markets, including defense electronics, commercial aviation and environmental and marine instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. ." Review of Operations Electronics and Communications The Electronics and Communications segment's first quarter 2006 sales were $202.0 million, compared with first quarter 2005 sales of $173.5 million, an increase of 16.4%. First quarter 2006 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. was $23.2 million, compared with operating profit of $20.1 million in the first quarter of 2005, an increase of 15.4%. The first quarter 2006 sales improvement resulted primarily from revenue growth in defense electronics and electronic instruments. The revenue growth in defense electronics was driven by increased sales of traveling wave tubes A traveling wave tube (TWT) is an electronic device used to produce high-power radio frequency signals. The TWT was invented by Rudolf Kompfner in a British radar lab during World War II, and refined by Kompfner and John Pierce at Bell Labs. , printed circuit card assemblies, connectors and the acquisitions of Cougar cougar: see puma. cougar or puma or mountain lion or panther Species (Puma concolor) of large, graceful cat that lives in a wide variety of habitats in the Americas, from southern Alaska to Patagonia. Components in June June: see month. 2005 and the assets of the microwave microwave, electromagnetic wave having a frequency range from 1,000 megahertz (MHz) to 300,000 MHz, corresponding to a wavelength range from 300 mm (about 12 in.) to 1 mm (about 0.04 in.). Like light waves, microwaves travel essentially in straight lines. technical solutions business of Avnet Avnet, Inc. (NYSE: AVT) is a technology B2B distributor headquartered in Phoenix, Arizona. The company states on their website that:
n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. sensors
adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by revenue from acquisitions, as well as organic sales growth. Segment operating profit was negatively impacted by $0.6 million of stock option compensation expense in the first quarter of 2006 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 requirements of Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). ("FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ") Statement of Financial Accounting Standard ("SFAS") No. 123(R), "Share Based Payment" ("SFAS No. 123(R)"). The company adopted the expense provisions of SFAS No. 123(R) in the first quarter of 2006. No stock option compensation expense was recorded in the first quarter of 2005. The company also recorded $0.7 million in charges in its commercial electronics business for warranty An assurance, promise, or guaranty by one party that a particular statement of fact is true and may be relied upon by the other party. Warranties are used in a variety of commercial situations. In many instances a business may voluntarily make a warranty. reserves and inventory obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. related to the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of a product line. Pension expense, in accordance with the pension accounting requirements of SFAS No. 87, was $1.2 million in the first quarter of 2006, compared with $1.1 million in the first quarter of 2005. Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards ("CAS") was $0.3 million in the first quarter of 2006, compared with $0.4 million in the first quarter of 2005. Systems Engineering Solutions The Systems Engineering Solutions segment's first quarter 2006 sales were $68.9 million, compared with first quarter 2005 sales of $70.5 million, a decrease of 2.3%. First quarter 2006 operating profit was $5.9 million, compared with operating profit of $7.5 million for the first quarter of 2005, a decrease of 21.3%. First quarter 2006 sales, compared with the same period of 2005, reflected lower revenue in core defense programs, partially offset by revenue growth in aerospace programs. Operating profit in the first quarter of 2006, compared with the same period of 2005, reflected lower segment revenue and lower margins in aerospace programs due to higher sales on certain contracts which carry lower profit margins. Segment operating profit was impacted by $0.2 million of stock option compensation expense in the first quarter of 2006 compared with no stock option compensation expense in the first quarter of 2005. Segment operating profit also included pension expense under SFAS No. 87 of $2.4 million in the first quarter of 2006, compared with $1.7 million of pension expense in the first quarter of 2005. Pension expense allocated to contracts pursuant to CAS was $2.1 million in the first quarter of 2006 compared with $1.9 million in the first quarter of 2005. Aerospace Engines and Components The Aerospace Engines and Components segment's first quarter 2006 sales were $53.1 million, compared with first quarter 2005 sales of $46.4 million, an increase of 14.4%. The first quarter 2006 operating profit was $6.3 million, compared with operating profit of $3.3 million in the first quarter of 2005, an increase of 90.9%. The higher first quarter 2006 sales, compared with the same period of 2005, primarily resulted from higher OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and piston engine and spare part sales. Segment operating profit for the first quarter of 2006, compared to the first quarter of 2005, reflected the impact of higher sales, improved operating performance and lower warranty costs. Segment operating profit for both the first quarter of 2006 and the first quarter of 2005, included the receipt of $2.5 million pursuant to an agreement with Honda honda a quick release metal eyelet for the end of a lariat. When the restrained animal is no longer required it is not necessary to slacken off the loop and pull it over the head—a very great advantage when working with wild cattle or unbroken horses. Motor Co., Ltd. related to the piston engine business. The $2.5 million receipt in the first quarter of 2006 was the final payment under the agreement. Segment operating profit was impacted by $0.1 million of stock option compensation expense in the first quarter of 2006 compared with no stock option compensation expense in the first quarter of 2005. Segment operating profit also included pension expense, under SFAS No. 87 of $0.3 million in the first quarter of 2006, compared with $0.2 million for the first quarter of 2005. Energy Systems The Energy Systems segment's first quarter 2006 sales were $6.2 million, compared with first quarter 2005 sales of $7.1 million, a decrease of 12.7%. Operating profit was break even for the first quarter of 2006, compared with operating profit of $0.5 million in the first quarter of 2005. The decrease in first quarter 2006 sales, compared with the first quarter of 2005, primarily resulted from reduced work on certain government contracts. Segment operating profit was impacted by the lower government sales and differences in contract fees. Segment operating profit also included pension expense, under SFAS No. 87 of $0.1 million for both the first quarter of 2006 and the first quarter of 2005. No pension expense was allocated to contracts pursuant to CAS for the first quarter of 2006, compared with $0.1 million for the first quarter of 2005. Additional Financial Information Cash Flow Cash provided by operating activities was $8.0 million for the first quarter 2006, compared with $2.0 million for the first quarter of 2005. The higher cash provided by operating activities in 2006, compared with 2005, was primarily due to operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. from acquisitions made since the first quarter of 2005 and higher net income, partially offset by higher pension contributions. In addition, the first quarter of 2005 cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses included $1.7 million in excess tax benefits related to stock-based compensation. In accordance with SFAS No. 123(R), excess tax benefits of $3.9 million, in the first quarter of 2006, for stock-based compensation have been classified as a financing cash flow instead of an operating cash flow. Free cash flow (cash from operating activities less capital expenditures) was $3.6 million for the first quarter of 2006, compared with negative free cash flow of $1.3 million for the same period of 2005. In January 2006, Teledyne acquired Benthos, Inc. for $17.50 per share in cash. The aggregate consideration for the outstanding Benthos shares was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $40.6 million (including payments for the settlement of outstanding stock options) or $32.2 million taking into consideration $8.4 million in cash acquired. The acquisition was funded primarily from borrowings under the $280.0 million credit facility. At April 2, 2006, total debt was $66.8 million, which includes $63.0 million drawn on available credit lines, as well as other debt and capital lease obligations. Cash and cash equivalents were $9.2 million at April 2, 2006. The company also received $5.0 million from the exercise of employee stock options in the first quarter of 2006, compared with $4.3 million for the first quarter of 2005. Capital expenditures for the first quarter of 2006 were $4.4 million, compared with $3.3 million for the first quarter of 2005. Depreciation and amortization expense for the first quarter of 2006 was $6.6 million, compared with $6.1 million for the first quarter of 2005.
Free Cash Flow(a) First First
Quarter Quarter
(in millions, brackets indicate use of funds) 2006 2005
=================================================== ======== ========
Cash provided by operating activities $ 8.0 $ 2.0
Capital expenditures for property, plant and
equipment (4.4 ) (3.3 )
-------- --------
Free cash flow $ 3.6 $ (1.3 )
=================================================== ======== ========
(a) The company defines free cash flow as cash provided by operating
activities (a measure prescribed by generally accepted accounting
principles) less capital expenditures for property, plant and
equipment. Free cash flow provides supplemental information to assist
management and the investment community in analyzing the company's
ability to generate cash flow.
Pension Pension expense for the first quarter of 2006 was $4.1 million, compared with pension expense of $3.2 million for the same period of 2005, in accordance with the pension accounting requirements of SFAS No. 87. Pension expense allocated to contracts pursuant to CAS was $2.4 million for both the first quarter of 2006 and the first quarter of 2005. Pension expense determined under CAS can generally be recovered through the pricing of products and services sold to the U.S. Government. Income Taxes The effective tax rate for the first quarter of 2006 and first quarter of 2005 was 37.5%. Stock Option Compensation Expense In the first quarter of 2006, the company adopted the provisions of SFAS No. 123(R) using the modified mod·i·fy v. mod·i·fied, mod·i·fy·ing, mod·i·fies v.tr. 1. To change in form or character; alter. 2. prospective method and began recording stock option compensation expense. Stock option compensation expense is recorded on a straight line basis over the appropriate vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: period, generally three years. For the first quarter of 2006, the company recorded a total of $1.4 million ($0.03 per share) in stock option expense related to stock options granted after the adoption of SFAS No. 123(R) and for stock options which were not vested vested adj. referring to having an absolute right or title, when previously the holder of the right or title only had an expectation. Examples: after 20 years of employment Larry Loyal's pension rights are now vested. (See: vest, vested remainder) by the date of adoption of SFAS No. 123(R). Of the amount, $0.5 million was recorded as corporate expense and $0.9 million was recorded in the operating segment results. No compensation expense related to stock options was recorded in 2005 or in prior years. Other Interest expense, net of interest income, was $1.1 million for the first quarter of 2006, compared with $0.8 million for the first quarter of 2005, and primarily reflected higher average interest rates in the first quarter of 2006, compared with the first quarter of 2005. Other income in the first quarter of 2006 included $0.8 million related to insurance proceeds. Outlook Based on its current outlook, the company's management believes that second quarter 2006 earnings per share will be in the range of approximately $0.44 to $0.46. The full year 2006 earnings per share outlook is expected to be in the range of approximately $1.90 to $1.95, an increase from prior guidance of $1.85 to $1.90. The company's estimated effective income tax rate for 2006 is 37.5%. The company's 2006 outlook reflects anticipated sales growth in its defense electronics and instrumentation businesses, due primarily to the contribution of the company's acquisitions completed in 2005 and the Benthos acquisition in the first quarter of 2006. The full year 2006 earnings outlook includes approximately $16.4 million ($0.28 per share) in pension expense under SFAS No. 87, or $6.6 million ($0.11 per share) in net pension expense after recovery of allowable pension costs from our CAS covered government contracts. Full year 2005 earnings included $12.7 million ($0.23 per share) in pension expense under SFAS No. 87, or $3.4 million ($0.06 per share) in net pension expense after recovery of allowable pension costs from our CAS covered government contracts. The increase in full year 2006 pension expense reflects, in part, the reduction of the discount rate assumption for the company's defined benefit plan Defined benefit plan A pension plan obliging the sponsor to make specified dollar payments to qualifying employees at retirement. The pension obligations are effectively the debt obligation of the plan sponsor. Related: Defined contribution plan from 6.25% in 2005 to 6.00% in 2006. The company's 2006 earnings outlook also reflects $5.8 million ($0.10 per share) in stock option compensation expense based on the fair value of stock options granted after the adoption of SFAS No. 123(R) and stock options which were not vested by the date of adoption of SFAS No. 123(R), as well as, current assumptions regarding the estimated fair value of expected stock option grants during the remainder of the year.
EARNINGS PER SHARE SUMMARY (a)
(Diluted earnings per common share from continuing operations)
2006 Full Year
Outlook 2005 2004
---------------- ------ -------
Low High Actual Actual
===================================== ======= ======= ======= =======
Earnings per share (excluding net
pension expense and stock option
expense) $ 2.11 $ 2.16 $ 1.91 $ 1.39
Pension expense - SFAS No. 87 (0.28 ) (0.28 ) (0.23 ) (0.16 )
Pension expense - CAS (b) 0.17 0.17 0.17 0.01
------- ------- ------- -------
Earnings per share (excluding stock
option expense) 2.00 2.05 1.85 1.24
Stock option expense (c) (0.10 ) (0.10 ) -- --
------- ------- ------- -------
Earnings per share - GAAP $ 1.90 $ 1.95 $ 1.85 $ 1.24
===================================== ======= ======= ======= =======
(a) The company believes that this supplemental non-GAAP information
is useful to assist management and the investment community in
analyzing the financial results and trends of ongoing operations. The
table facilitates comparisons with prior periods and reflects a
measurement management uses to analyze financial performance.
(b) Under one of its spin-off agreements, after November 29, 2004,
the company is able to charge pension costs to the U.S. Government
under certain government contracts. Pension expense determined under
CAS can generally be recovered through the pricing of products and
services sold to the U.S. Government.
(c) In the first quarter of 2006, the company adopted the provisions
of SFAS No. 123(R) and began recording stock option compensation
expense. No compensation expense related to stock options was recorded
in 2005 or in prior years.
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. Cautionary Notice This press release contains forward-looking statements, as defined in 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, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc earnings, growth opportunities, pension matters and strategic plans. All statements made in this press release that are not historical in nature should be considered forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. . Actual results could differ materially from these forward-looking statements. Many factors, including changes in demand for products sold to the semiconductor, communications, commercial aviation and energy exploration markets, funding, continuation continuation - continuation passing style and award of government programs, changes in insurance expense, continued liquidity of our customers (including commercial airline customers) and economic and political conditions, could change the anticipated results. In addition, financial market fluctuations affect the value of the company's pension assets. Global responses to terrorism Responses to terrorism are broad in scope. They can include re-alignments of the political spectrum and reassessments of fundamental values. The term counter-terrorism has a narrower connotation, implying that it is directed at terrorist actors. and other perceived per·ceive tr.v. per·ceived, per·ceiv·ing, per·ceives 1. To become aware of directly through any of the senses, especially sight or hearing. 2. To achieve understanding of; apprehend. threats increase uncertainties associated with forward-looking statements about our businesses. Various responses to terrorism and perceived threats could realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. government programs, and affect the composition, funding or timing of our programs. Flight restrictions would negatively impact the market for general aviation aircraft piston engines and components. The company continues to take action to assure compliance with the internal controls, disclosure controls and other requirements of the Sarbanes-Oxley Act See SOX. of 2002. While the company believes its control systems are effective, there are inherent limitations in all control systems, and misstatements due to error or fraud may occur and not be detected. While Teledyne Technologies' growth strategy includes possible acquisitions, the company cannot provide any assurance as to when, if or on what terms any acquisitions will be made. Acquisitions involve various inherent risks, such as, among others, our ability to integrate acquired businesses and to achieve identified financial and operating synergies. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Teledyne Technologies' periodic filings with the Securities and Exchange Commission, including its 2005 Annual 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. . The company assumes no duty to update forward-looking statements. A live webcast of Teledyne Technologies' first quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Wednesday Wednesday: see week. , April 26, 2006. To access the call, go to www.companyboardroom.com or www.teledyne.com approximately ten minutes before the scheduled start time. A replay will also be available for one month at these same sites starting at 12:00 p.m. (Eastern) on Wednesday, April 26, 2006.
TELEDYNE TECHNOLOGIES INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED APRIL 2, 2006 AND APRIL 3, 2005
(Unaudited - In millions, except per share amounts)
First First
Quarter Quarter
2006(a) 2005
================================================= ========= =========
Net sales $ 330.2 $ 297.5
Costs and expenses:
Costs of sales 236.8 214.5
Selling, general and administrative expenses 67.1 59.4
--------- ---------
Total costs and expenses 303.9 273.9
--------- ---------
Income before other income and taxes 26.3 23.6
Other income, net (b) 3.5 2.5
Interest expense, net (1.1 ) (0.8 )
--------- ---------
Income before income taxes 28.7 25.3
Provision for income taxes 10.8 9.5
--------- ---------
Net income $ 17.9 $ 15.8
========= =========
Diluted earnings per common share $ 0.51 $ 0.46
========= =========
Weighted average diluted common shares
outstanding 35.1 34.4
================================================= ========= =========
(a) In the first quarter of 2006, the company adopted the provisions
of SFAS No. 123(R) and began recording stock option compensation
expense and recorded $1.4 million of compensation expense. No
compensation expense related to stock options was recorded in 2005 or
in prior years.
(b) Both the first quarter of 2006 and 2005, includes the receipt of
$2.5 million, pursuant to an agreement with Honda Motor Co., Ltd.
related to the piston engine business.
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT
FOR THE THREE MONTHS ENDED APRIL 2, 2006 AND APRIL 3, 2005
(Unaudited - In millions)
First First
Quarter Quarter
2006(a) 2005 % Change
================================================= ======== =========
Net sales:
Electronics and Communications $ 202.0 $ 173.5 16.4 %
Systems Engineering Solutions 68.9 70.5 (2.3 )%
Aerospace Engines and Components 53.1 46.4 14.4 %
Energy Systems 6.2 7.1 (12.7 )%
-------- --------
Total net sales $ 330.2 $ 297.5 11.0 %
======== ========
Operating profit and other segment
income:
Electronics and Communications $ 23.2 $ 20.1 15.4 %
Systems Engineering Solutions 5.9 7.5 (21.3 )%
Aerospace Engines and Components (b) 6.3 3.3 90.9 %
Energy Systems -- 0.5 (NM)
-------- --------
Segment operating profit and other
segment income $ 35.4 $ 31.4 12.7 %
Corporate expense (6.6 ) (5.3 ) 24.5 %
Other income, net 1.0 -- (NM)
Interest expense, net (1.1 ) (0.8 ) 37.5 %
-------- --------
Income before income taxes 28.7 25.3 13.4 %
Provision for income taxes 10.8 9.5 13.7 %
-------- --------
Net income $ 17.9 $ 15.8 13.3 %
================================================= ========
(a) In the first quarter of 2006, the company adopted the provisions
of SFAS No. 123(R) and began recording stock option compensation
expense and recorded $1.4 million of compensation expense. Of this
amount, $0.5 million was recorded as corporate expense and $0.9
million was recorded in the operating segment results. No compensation
expense related to stock options was recorded in 2005.
(b) Both the first quarter of 2006 and 2005, includes the receipt of
$2.5 million, pursuant to an agreement with Honda Motor Co., Ltd.
related to the piston engine business.
(NM) not meaningful
TELEDYNE TECHNOLOGIES INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS AS OF
APRIL 2, 2006 AND JANUARY 1, 2006
(Current period unaudited - In millions)
April 2, January 1,
2006 2006
================================================ ========= ===========
ASSETS
Cash and cash equivalents $ 9.2 $ 9.3
Accounts receivable, net 183.3 167.6
Inventories, net 137.7 117.3
Deferred income taxes, net 27.3 25.4
Prepaid expenses and other assets 14.2 11.9
--------- -----------
Total current assets 371.7 331.5
Property, plant and equipment, net 99.7 96.7
Deferred income taxes, net 43.1 42.9
Goodwill and acquired intangible assets, net 254.5 230.6
Other assets, net 26.3 26.5
--------- -----------
Total assets $ 795.3 $ 728.2
========= ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 82.4 $ 76.2
Accrued liabilities 109.0 101.1
Current portion of long-term debt and capital
lease 0.2 0.2
--------- -----------
Total current liabilities 191.6 177.5
Long-term debt and capital lease obligation 66.6 47.0
Other long-term liabilities 180.7 177.7
--------- -----------
Total liabilities 438.9 402.2
Total stockholders' equity 356.4 326.0
--------- -----------
Total liabilities and stockholders' equity $ 795.3 $ 728.2
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