Teledyne Technologies Reports Third 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 $295.3 million increased 9.4% compared to last year --Earnings per share of $0.45 increased 21.6% compared to last year --Acquired RD Instruments, Inc. --Raising 2005 earnings per share outlook Teledyne Technologies today reported third quarter 2005 sales of $295.3 million, compared with sales of $270.0 million for the same period of 2004. Net income for the third quarter of 2005 was $15.7 million ($0.45 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 $12.5 million ($0.37 per diluted share) in the third quarter of 2004. "We achieved another strong quarter by building upon our balanced growth strategy," 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. "Through a combination of organic growth, focused acquisitions and overall margin improvement, earnings per share increased substantially compared to last year. Our acquisition strategy continues to focus on pursuing businesses within or adjacent to our core markets. During the third quarter, we acquired RD Instruments, Inc., a manufacturer of acoustic acoustic /acous·tic/ (ah-kldbomacs´tik) relating to sound or hearing. a·cous·tic or a·cous·ti·cal adj. Of or relating to sound, the sense of hearing, or the perception of sound. instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. for analyzing the flow of water and the movement of objects in water. RD Instruments adds unique capabilities to both our environmental instrumentation and aerospace and defense electronics businesses." Review of Operations Electronics and Communications The Electronics and Communications segment's third quarter 2005 sales were $178.9 million, compared with third quarter 2004 sales of $155.1 million. Third quarter 2005 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 $20.8 million, compared with operating profit of $15.5 million in the third quarter of 2004. Third quarter 2005 sales, compared with the same period of 2004, reflected revenue growth in defense electronic products, electronic manufacturing services, relay relay, electromechanical switch operated by a flow of electricity in one circuit and controlling the flow of electricity in another circuit. A relay consists basically of an electromagnet with a soft iron bar, called an armature, held close to it. products, electronic instruments and telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. subsystems. The revenue growth in defense electronic products was driven by 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. , the acquisition 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 acquisition of the defense electronics business of Celeritek, Inc. in October October: see month. 2004. Electronic manufacturing services had increases in government, commercial and medical sales while revenue growth in relay products was driven by increased sales to the aviation and test and measurement equipment markets. The revenue growth in electronic instruments reflected the impact of the acquisition of RD Instruments Inc. in August 2005. Revenue in the third quarter of 2005 from businesses acquired since the third quarter of 2004 was $14.3 million. Segment operating profit was favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by acquisitions, organic sales growth and by lower pension expense. Pension expense, 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 pension accounting requirements 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. 87, was $1.1 million in the third quarter of 2005, compared with $1.7 million in the third quarter of 2004. Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards (CAS) was $0.1 million in the third quarter of 2005, compared with no allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as in the third quarter of 2004. Systems Engineering Solutions The Systems Engineering Solutions segment's third quarter 2005 sales were $64.3 million, compared with third quarter 2004 sales of $65.2 million. Third quarter 2005 operating profit was $6.8 million, compared with operating profit of $7.7 million in the third quarter of 2004. Third quarter 2005 sales, compared with the same period of 2004, reflected lower revenue in environmental programs, partially offset by revenue growth in core defense and aerospace programs. The lower operating profit in the third quarter of 2005, compared with the same period of 2004, was primarily the result of lower revenue and increased subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts work in our systems engineering and technical assistance (SETA) contracts which carry lower profit margins. Segment operating profit included pension expense under SFAS No. 87 of $1.7 million in the third quarter of 2005, compared with no pension expense in the third quarter of 2004. Pension expense allocated to contracts pursuant to CAS was $2.2 million in the third quarter of 2005, compared with no allocation in the second quarter of 2004. Aerospace Engines and Components The Aerospace Engines and Components segment's third quarter 2005 sales were $45.7 million, compared with third quarter 2004 sales of $44.3 million. The third quarter 2005 operating profit was $3.1 million, compared with operating profit of $2.9 million in the third quarter of 2004. Third quarter 2005 sales, compared with the same period of 2004, reflected revenue growth in 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 engines, partially offset by lower piston engine aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. and turbine turbine, rotary engine that uses a continuous stream of fluid (gas or liquid) to turn a shaft that can drive machinery. A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. engine sales. Sales from turbine engines were lower due to decreased sales of Harpoon harpoon (härp  n`), weapon used for spearing whales and large fish. The early type was a flat triangular piece of metal with barbed edges and a socket for attaching a wooden handle, to the missile missileRocket-propelled weapon designed to deliver an explosive warhead with great accuracy at high speed. Missiles vary from small tactical weapons effective out to only a few hundred feet to much larger strategic weapons with ranges of several thousand miles. engines, partially offset by higher sales of engines for the Joint Air-to-Surface air-to-sur·face adj. Operating from or designed to be fired from aircraft at targets on the ground: air-to-surface missiles. Adj. 1. Standoff stand·off n. 1. A tie or draw, as in a contest. 2. A situation in which one force neutralizes or counterbalances the other. 3. A standoff insulator. adj. Standoffish. Missile (JASSM JASSM Joint Air-to-Surface Standoff Missile ) program. Segment operating profit for the third quarter of 2005 and third quarter of 2004 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. Segment operating profit was favorably impacted by higher sales and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. operating performance, partially offset by increased product liability expenses. Segment operating profit also included pension expense, under SFAS No. 87 of $0.2 million in the third quarter of 2005, compared with $0.4 million for the third quarter of 2004. Energy Systems The Energy Systems segment's third quarter 2005 sales were $6.4 million, compared with third quarter 2004 sales of $5.4 million. Operating profit was $0.4 million, for both the third quarter of 2005 and the third quarter of 2004. The increase in third quarter 2005 sales primarily resulted from an increase in commercial hydrogen hydrogen (hī`drəjən) [Gr.,=water forming], gaseous chemical element; symbol H; at. no. 1; at. wt. 1.00794; m.p. −259.14°C;; b.p. −252.87°C;; density 0.08988 grams per liter at STP; valence usually +1. 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. sales. Segment operating profit was favorably impacted by higher sales, offset by employee termination costs in the third quarter of 2005. Segment operating profit also included pension expense, under SFAS No. 87 of $0.1 million for both the third quarter of 2005 and third quarter of 2004. No pension expense was allocated to contracts pursuant to CAS in the third quarter of 2005 or 2004. Additional Financial Information Cash Flow Cash provided by operating activities was $28.4 million for the third quarter 2005, compared with $30.3 million for the third quarter of 2004. The lower cash provided by operating activities in 2005, compared with 2004, was primarily due to $4.1 million in higher pension contributions and higher aircraft product liability payments, partially offset by higher net income. Free cash flow (cash from operating activities less capital expenditures) was $23.5 million for the third quarter of 2005, compared with free cash flow of $26.4 million for the same period of 2004. On August 26, 2005, Teledyne Technologies completed the acquisition of RD Instruments, Inc. for $36.0 million. Initial cash paid for the acquisition was $32.4 million. Teledyne Technologies also assumed debt obligations of $2.0 million and acquired cash of $0.4 million related to the acquisition. The acquisition was funded with cash on hand and borrowings under various lines of credit including the company's $280 million credit facility. At October 2, 2005, total debt was $74.4 million, which includes $70.0 million drawn on available credit lines, as well as other debt and capital lease obligations. Cash and cash equivalents were $12.8 million at October 2, 2005. Capital expenditures for the third quarter of 2005 were $4.9 million, compared with $3.9 million for the third quarter of 2004. Depreciation and amortization expense was $6.3 million for the third quarter of 2005 and $7.0 million for the third quarter of 2004.
Free Cash Flow (a) Third Third
Quarter Quarter
(in millions, brackets indicate use of funds) 2005 2004
=================================================== ======== ========
Cash provided by operating activities $ 28.4 $ 30.3
Capital expenditures (4.9) (3.9)
-------- --------
Free cash flow $ 23.5 $ 26.4
=================================================== ======== ========
(a) The company defines free cash flow as cash provided by operating activities (a measure prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by 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 ) less capital expenditures. 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 third quarter of 2005 was $3.2 million, compared with pension expense of $2.2 million for the same period of 2004, in accordance with the pension accounting requirements of SFAS No. 87. Pension expense allocated to contracts pursuant to CAS was $2.3 million in the third quarter of 2005, compared with no allocation in the third quarter of 2004. Under one of its spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. agreements, after November November: see month. 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. Income Taxes The effective tax rate for the third quarter of 2005 was 37.6% compared with an effective tax rate of 39.6% for the third quarter of 2004. Other Corporate expense for the third quarter of 2005 was lower compared with the third quarter of 2004 and reflected lower professional fee expenses partially offset by higher compensation costs. Interest expense, net of interest income, was $0.9 million in the third quarter of 2005, compared with $0.6 million for the third quarter of 2004 and reflected slightly higher average outstanding debt levels. Other income for both the third quarter of 2005 and 2004 included the receipt of $2.5 million pursuant to the agreement with Honda Motor Co., Ltd. and is included as part of the Aerospace Engines and Components segment operating profit and other segment income for segment reporting segment reporting A type of financial reporting in which the firm discloses information by identifiable industry segments. For example, Union Pacific Corporation reports revenues, income, assets, depreciation, and capital expenditures for each of four purposes. Outlook Based on its current outlook, the company's management believes that fourth quarter 2005 earnings per share will be in the range of approximately $0.39 to $0.41. The full year 2005 earnings per share outlook is expected to be in the range of approximately $1.77 to $1.79, an increase from prior guidance of $1.67 to $1.71. The company's estimated effective income tax rate for 2005 is 37.6%. The fourth quarter 2005 earnings per share outlook reflects a reduction in other income, relative to the third quarter of 2005. In the third quarter of 2005 the company received a $2.5 million payment pursuant to the agreement with Honda Motor Co., Ltd. No payment is expected in the fourth quarter of 2005, with the final payment of $2.5 million expected in the first quarter of 2006. The full year 2005 earnings outlook includes approximately $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. Full year 2004 earnings included $8.7 million ($0.16 per share) in pension expense under SFAS No. 87, or $8.2 million ($0.15 per share) in net pension expense after recovery of allowable pension costs from our CAS covered government contracts. The decrease in full year pension expense reflects, in part, the ability to recover pension costs from the government in 2005, partially offset by increased pension liability due to a reduction in 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 . The company's assumed discount rate is 6.25% in 2005, compared with 6.5% in 2004. In December December: see month. 2004, the 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). ") issued Statement of Financial Accounting Standard ("SFAS") No. 123R, "Share Based Payment" ("SFAS No. 123R") that will require compensation costs related to share-based payment transactions to be recognized in the financial statements. The company plans to adopt SFAS No. 123R in the first quarter of 2006.
EARNINGS PER SHARE SUMMARY (a)
(Diluted earnings per common share from continuing operations)
2005 Full Year
Outlook 2004 2003
------------------- --------- ---------
Low High Actual Actual
============================= ========= ========= ========= =========
Earnings per share (excluding
net pension expense and
income tax benefit) $ 1.83 $ 1.85 $ 1.39 $ 0.97
Pension expense - SFAS No.
87 (0.23) (0.23) (0.16) (0.13)
Pension expense - CAS 0.17 0.17 0.01 --
-------- -------- -------- --------
Earnings per share (excluding
income tax benefit) 1.77 1.79 1.24 0.84
Income tax benefit -- -- -- 0.07
-------- -------- -------- --------
Earnings per share - GAAP $ 1.77 $ 1.79 $ 1.24 $ 0.91
============================= ======== ======== ======== ========
(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 an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. financial performance. 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 and award of government programs, changes in insurance expense, customers' acceptance of piston engine price increases, 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 2004 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. and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. . The company assumes no duty to update forward-looking statements. A live webcast of Teledyne Technologies' third quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Thursday Thursday: see week. , October 27, 2005. 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 Thursday, October 27, 2005.
TELEDYNE TECHNOLOGIES INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED OCTOBER 2, 2005 AND SEPTEMBER 26,
2004
(Unaudited - In millions, except per share amounts)
Third Third Nine Nine
Quarter Quarter Months Months
2005 2004 2005 2004
============================= ========= ========= ========= =========
Net sales $ 295.3 $ 270.0 $ 896.1 $ 728.5
Costs and expenses:
Costs of sales 212.5 194.6 647.0 541.2
Selling, general and
administrative
expenses 59.4 56.9 175.4 142.5
-------- -------- -------- --------
Total costs and
expenses 271.9 251.5 822.4 683.7
-------- -------- -------- --------
Income before other income
and (expense) and
taxes 23.4 18.5 73.7 44.8
Other income (expense),
net(a) 2.7 2.7 5.2 3.0
Interest expense, net (0.9) (0.6) (2.6) (1.0)
-------- -------- -------- --------
Income before income taxes 25.2 20.6 76.3 46.8
Provision for income
taxes 9.5 8.1 28.7 18.5
-------- -------- -------- --------
Net income $ 15.7 $ 12.5 $ 47.6 $ 28.3
======== ======== ======== ========
Diluted earnings per
common share $ 0.45 $ 0.37 $ 1.38 $ 0.85
======== ======== ======== ========
Weighted average diluted
common shares
outstanding 34.8 33.6 34.6 33.4
============================= ======== ======== ======== ========
(a) The third quarter of 2005 and 2004 includes the receipt of
$2.5 million pursuant to an agreement with Honda Motor Co., Ltd.
related to the piston engine business. For the first nine months
of 2005 and 2004, total receipts pursuant to the agreement were
$5.0 million and $2.5 million, respectively.
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT
FOR THE THREE AND NINE MONTHS ENDED OCTOBER 2, 2005 AND SEPTEMBER 26,
2004
(Unaudited - In millions)
Third Third Nine Nine
Quarter Quarter Months Months
2005 2004 2005 2004
============================= ========= ========= ========= =========
Net sales:
Electronics and
Communications $ 178.9 $ 155.1 $ 528.9 $ 406.1
Systems Engineering
Solutions 64.3 65.2 201.0 177.4
Aerospace Engines and
Components 45.7 44.3 145.1 128.5
Energy Systems 6.4 5.4 21.1 16.5
-------- -------- -------- --------
Total net sales $ 295.3 $ 270.0 $ 896.1 $ 728.5
======== ======== ======== ========
Operating profit (loss) and
other segment
income:
Electronics and
Communications $ 20.8 $ 15.5 $ 61.7 $ 37.7
Systems Engineering
Solutions 6.8 7.7 21.3 20.9
Aerospace Engines and
Components(a) 3.1 2.9 9.8 1.3
Energy Systems 0.4 0.4 1.4 0.9
-------- -------- -------- --------
Segment operating profit
and other
segment income $ 31.1 $ 26.5 $ 94.2 $ 60.8
Corporate expense (5.2) (5.5) (15.5) (13.5)
Other income (expense),
net(a) 0.2 0.2 0.2 0.5
Interest expense, net (0.9) (0.6) (2.6) (1.0)
-------- -------- -------- --------
Income before income taxes 25.2 20.6 76.3 46.8
Provision for income
taxes 9.5 8.1 28.7 18.5
-------- -------- -------- --------
Net income $ 15.7 $ 12.5 $ 47.6 $ 28.3
============================= ======== ======== ======== ========
(a) The third quarter of 2005 and 2004 includes the receipt of
$2.5 million pursuant to an agreement with Honda Motor Co., Ltd
related to the piston engine business. For the first nine months
of 2005 and 2004, total receipts pursuant the agreement were $5.0
million and $2.5 million, respectively. These amounts are included
as part of other income on the income statement table above.
TELEDYNE TECHNOLOGIES INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS AS OF
OCTOBER 2, 2005 AND JANUARY 2, 2005
(Current period unaudited - In millions)
October January
2, 2,
2005 2005(a)
================================================= ========= =========
ASSETS
Cash and cash equivalents $ 12.8 $ 11.4
Accounts receivable, net 173.3 141.7
Inventories, net 114.9 97.7
Deferred income taxes, net 30.4 26.8
Prepaid expenses and other assets 10.2 9.3
-------- --------
Total current assets 341.6 286.9
Property, plant and equipment, net 94.6 93.3
Deferred income taxes, net 32.0 28.3
Goodwill and acquired intangible assets, net 232.0 190.6
Other assets, net 27.2 25.7
-------- --------
Total assets $ 727.4 $ 624.8
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 69.5 $ 62.3
Accrued liabilities 108.4 97.0
Current portion of long-term debt and capital
lease 0.5 3.2
-------- --------
Total current liabilities 178.4 162.5
Long-term debt and capital lease obligation 73.9 74.4
Other long-term liabilities 151.8 125.8
-------- --------
Total liabilities 404.1 362.7
Total stockholders' equity 323.3 262.1
-------- --------
Total liabilities and stockholders' equity $ 727.4 $ 624.8
================================================= ======== ========
(a) Certain amounts for the prior year-end have been changed to
conform to the 2005 presentation.
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