Tesoro Petroleum Corporation Reports Fourth Quarter and Full Year Results.Business Editors and Energy Writers SAN ANTONIO--(BUSINESS WIRE)--Jan. 29, 2003 Tesoro Tesoro Corporation NYSE: TSO is a FORTUNE 500 company headquartered in San Antonio, Texas, with 2004 annual revenues of $12.2 billion, assets of $4 billion, and more than 4,000 employees. Petroleum Corporation (NYSE NYSE See: New York Stock Exchange :TSO (Time Sharing Option) Software that provides interactive communications for IBM's MVS operating system. It allows a user or programmer to launch an application from a terminal and interactively work with it. The TSO counterpart in VM is called CMS. ) today reported a net loss of $27.7 million or $0.43 per share for the fourth quarter of 2002 compared to net earnings of $4.0 million or $0.10 per share for the fourth quarter of 2001. The fourth quarter of 2002 includes 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. charges totaling $12.2 million, or $0.18 per share, due mainly to losses on retail asset sales and an adjustment to the estimated tax Federal and state tax laws require a quarterly payment of estimated taxes due from corporations, trusts, estates, non-wage employees, and wage employees with income not subject to withholding. benefit for the year. The Company reported a net loss of $117.0 million or $1.93 per share for the full year ended December December: see month. 31, 2002, compared to net earnings of $88 million or $2.10 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 for the year 2001. "Industry crack spreads Crack Spread The spread created when purchasing oil futures and offsetting the position by selling gasoline and heating oil futures. Notes: As the two futures contracts within the spread are relatively similar, risk is hedged against. in our West Coast core market were weak during the fourth quarter when compared to the remainder of the country. Industry spreads on the West Coast remained flat compared to third quarter levels while those on the Gulf and East Coasts realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. of over 30%," said Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. A. Smith, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Tesoro. "The failure of West Coast margins to track improvements seen in other areas of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. explains our weak earnings relative to our peers this quarter. Despite this weakness, our refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar segment posted operating results that were improved from the results we had during the third quarter." "Since the acquisition of Golden Eagle in May of 2002, we have reduced term debt by over $140 million despite facing some of the lowest industry crack spreads of the last five years. In June June: see month. , I announced a debt reduction program that included the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of assets, reductions in our capital expenditures program and working capital needs, operating cost reductions and synergies. I am proud of the results we have achieved with this program. In the face of this adverse margin environment, we successfully sold over $200 million in assets, cut capital expenditures by over $70 million from our original plan, reduced expenses by $10 million and achieved $14 million in operating synergies," stated Smith. "Debt reduction is our top priority and I am committed to achieving the targeted $500 million debt reduction goal I set last June. This means that we are going to continue to lower our cost structure and improve the efficiency of our organization -- both operationally and administratively," added Smith. Public Invited to Listen to Analyst Conference Call via 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 At 2 p.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. today, Tesoro will broadcast, live, its conference call with analysts regarding fourth quarter and full year 2002 results. Interested parties may listen to the live conference call over the Internet by logging on to Tesoro's Internet site at http://www.tesoropetroleum.com and clicking on the "What's New" section. Tesoro Petroleum Corporation, a Fortune 500 Company, is an independent refiner re·fine v. re·fined, re·fin·ing, re·fines v.tr. 1. To reduce to a pure state; purify. 2. To remove by purifying. 3. and marketer of petroleum products and provider of marine logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. services. Tesoro operates six refineries in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century with a combined capacity of nearly 560,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. . Tesoro's retail-marketing system includes approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 600 branded retail stations, of which over 200 are company operated under the Tesoro(R) and Mirastar(R) brands. This news release contains certain statements that are "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. " statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These 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. contain expectations with respect to the company's debt reduction initiatives. Factors which may cause actual results to differ from those forward-looking statements include: changes in general economic conditions, the timing and extent of changes in demand for refined products, availability and cost of crude oil, other feedstocks, or of refined products, the price differentials between light and heavy crude oils Heavy crude oil or Extra Heavy oil is any type of crude oil which does not flow easily. It is a relative term, compared to light crude oil, but relates to specific technical issues of its own on production, transportation, and refining. and light and heavy refined products, 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. and yield levels, disruptions due to equipment interruptions or failure at Company or third-party facilities, and other factors beyond the Company's control. For more information concerning factors that could cause such a difference, see the company's 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. filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly release the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any such forward-looking statements that may be made to reflect events or 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 that occur, or which the Company becomes aware of, 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" .
TESORO PETROLEUM CORPORATION
STATEMENT OF CONSOLIDATED OPERATIONS
(Unaudited)
(In millions except per share amounts)
Three Months Ended Years Ended
December 31, December 31,
---------------------- ----------------------
2002 2001 2002 2001
---------- ---------- ---------- ----------
Revenues $ 2,001.4 $ 1,264.6 $ 7,119.3 $ 5,181.7
Costs and Expenses
Costs of sales and
operating expenses 1,910.9 1,177.0 6,865.7 4,797.1
Selling, general and
administrative
expenses 29.4 30.9 133.2 104.2
Depreciation and
amortization 37.8 28.2 130.7 79.9
Loss on asset sales 7.9 0.8 8.4 1.8
---------- ---------- ---------- ----------
Operating Income (Loss) 15.4 27.7 (18.7) 198.7
Interest and Financing
Costs, Net of
Capitalized Interest (50.6) (21.4) (166.1) (52.8)
Interest Income 0.3 0.4 3.5 1.0
---------- ---------- ---------- ----------
Earnings (Loss) Before
Income Taxes (34.9) 6.7 (181.3) 146.9
Income Tax Provision
(Benefit) (7.2) 2.7 (64.3) 58.9
---------- ---------- ---------- ----------
Net Earnings (Loss) (27.7) 4.0 (117.0) 88.0
Preferred Dividends -- -- -- 6.0
---------- ---------- ---------- ----------
Net Earnings (Loss)
Applicable to Common
Stock $ (27.7) $ 4.0 $ (117.0) $ 82.0
========== ========== ========== ==========
Net Earnings (Loss) Per Share
Basic $ (0.43) $ 0.10 $ (1.93) $ 2.26
========== ========== ========== ==========
Diluted $ (0.43) $ 0.10 $ (1.93) $ 2.10
========== ========== ========== ==========
Weighted Average Common Shares
Basic 64.6 41.4 60.5 36.2
========== ========== ========== ==========
Diluted 64.6 41.9 60.5 41.9
========== ========== ========== ==========
------------------------
Notes: Results include amounts from acquired operations since
their dates of acquisition. The Company acquired the Mid-Continent
operations in September 2001 and the California refinery and related
assets in mid-May 2002.
Certain reclassifications have been made to prior period amounts
to conform to the current period presentation, principally to
reclassify amortization of major maintenance turnaround costs from
operating expenses to depreciation and amortization and to net
purchases and sales considered to be energy trading contracts.
TESORO PETROLEUM CORPORATION
SELECTED OPERATING SEGMENT DATA
(Unaudited)
(In millions)
Three Months Ended Years Ended
December 31, December 31,
---------------------- ----------------------
2002 2001 2002 2001
---------- ---------- ---------- ----------
Operating Income
Refining $ 38.4 $ 35.1 $ 72.9 $ 225.8
Retail 1.2 10.7 (12.3) 25.0
Other 1.1 0.8 2.3 10.3
---------- ---------- ---------- ----------
Total Segment Operating
Income 40.7 46.6 62.9 261.1
Corporate and
Unallocated Costs (17.4) (18.1) (73.2) (60.6)
Loss on asset sales (7.9) (0.8) (8.4) (1.8)
---------- ---------- ---------- ----------
Operating Income
(Loss) 15.4 27.7 (18.7) 198.7
Interest and Financing
Costs, Net of
Capitalized Interest (50.6) (21.4) (166.1) (52.8)
Interest Income 0.3 0.4 3.5 1.0
---------- ---------- ---------- ----------
Earnings (Loss) Before
Income Taxes $ (34.9) $ 6.7 $ (181.3) $ 146.9
========== ========== ========== ==========
Depreciation and Amortization(a)
Refining $ 29.9 $ 22.4 $ 104.2 $ 63.1
Retail 5.1 4.2 16.9 11.1
Other 0.8 0.8 3.1 2.9
Corporate 2.0 0.8 6.5 2.8
---------- ---------- ---------- ----------
Depreciation and
Amortization $ 37.8 $ 28.2 $ 130.7 $ 79.9
========== ========== ========== ==========
Capital Expenditures(b)
Refining $ 45.3 $ 32.6 $ 150.9 $ 140.0
Retail 5.1 20.2 40.6 43.2
Other 0.3 0.8 2.5 3.1
Corporate 2.4 4.2 9.5 23.2
---------- ---------- ---------- ----------
Capital Expenditures $ 53.1 $ 57.8 $ 203.5 $ 209.5
========== ========== ========== ==========
------------------------
(a) Includes amortization of major maintenance costs which totaled
$7.8 million and $6.4 million for the three months ended December
31, 2002 and 2001, respectively, and $27.2 million and $22.5
million for the years ended December 31, 2002 and 2001,
respectively.
(b) Capital expenditures exclude amounts for the acquisitions during
the third quarter of 2001 and second quarter of 2002 and amounts
for maintenance turnaround spending.
BALANCE SHEET DATA
(Unaudited)
(Dollars in millions)
December 31,
----------------------
2002(c)(d) 2001
---------- ----------
Total Assets $ 3,758.8 $ 2,662.3
Total Debt $ 1,976.7 $ 1,146.9
Total Stockholders'
Equity $ 887.6 $ 757.0
Total Debt to
Capitalization Ratio 69% 60%
------------------------
(c) The allocation of the purchase price of the Golden Eagle refinery
in California (acquired in May 2002) is preliminary and subject to
change.
(d) Asset sales proceeds of approximately $16 million were included in
cash at December 31, 2002 and were used to pay down term debt
subsequent to year-end.
TESORO PETROLEUM CORPORATION
OPERATING DATA
(Unaudited)
Three Months Ended Years Ended
December 31, December 31,
---------------------- ----------------------
2002 2001 2002 2001
---------- ---------- ---------- ----------
REFINING SEGMENT
Total Refining Segment
Throughput (Mbpd)
Heavy crude 262.1 142.7 212.2 130.9
Light crude 187.2 206.3 205.0 151.0
Other feedstocks 24.1 7.8 17.8 8.2
---------- ---------- ---------- ----------
Total Throughput 473.4 356.8 435.0 290.1
========== ========== ========== ==========
Yield (Mbpd)
Gasoline and gasoline
blendstocks 231.8 150.3 203.7 110.5
Jet fuel 57.5 62.5 63.7 59.4
Diesel fuel 106.0 73.0 86.9 52.9
Heavy oils, residual
products and other 97.1 82.5 95.4 75.5
---------- ---------- ---------- ----------
Total Yield 492.4 368.3 449.7 298.3
========== ========== ========== ==========
Refining Margin ($/throughput bbl)(e)
Gross $ 5.20 $ 5.31 $ 4.38 $ 5.87
Manufacturing cost
before depreciation
and amortization(f)$ 2.79 $ 1.88 $ 2.43 $ 1.72
Segment Operating Income ($ millions)(e)
Gross refining margins
(after inventory
changes)(g) $ 226.2 $ 157.4 $ 699.2 $ 597.6
Expenses(f) 157.9 99.9 522.1 308.7
Depreciation and
amortization(h) 29.9 22.4 104.2 63.1
---------- ---------- ---------- ----------
Segment Operating
Income $ 38.4 $ 35.1 $ 72.9 $ 225.8
========== ========== ========== ==========
Product Sales (Mbpd)
Gasoline and gasoline
blendstocks 283.4 205.8 264.1 161.3
Jet fuel 89.4 84.4 94.5 80.7
Diesel fuel 135.3 95.7 115.1 73.5
Heavy oils, residual
products and other 66.7 63.7 71.6 60.8
---------- ---------- ---------- ----------
Total Product Sales 574.8 449.6 545.3 376.3
========== ========== ========== ==========
------------------------
(e) Certain reclassifications have been made to prior period amounts
to conform to the current period presentation. The value of
internally-produced fuel has been reclassified from Manufacturing
Costs and is shown as a reduction to Gross Refining Margin.
Reclassifications for the value of internally-produced fuel
amounted to $1.30 per barrel and $1.11 per barrel for the three
months ended December 31, 2002 and 2001, respectively, and $1.09
per barrel and $1.18 per barrel for the years ended December 31,
2002 and 2001, respectively. In addition, non-cash amortization of
major maintenance costs were reclassified from Manufacturing Costs
to Depreciation and Amortization.
(f) Manufacturing costs are primarily operating cash costs directly
associated with the manufacturing process, and as decribed in (e)
above, exclude non-cash amortization of maintenance turnaround
costs and value of internally produced fuel.
(g) Approximates total Refining segment throughput times gross
refining margin, adjusted for changes in refined product inventory
due to selling a volume and mix of product that is different than
actual volumes manufactured. Also includes the effect of
intersegment sales to the Retail segment at prices which
approximate market. In addition, during the 2002 third quarter,
certain inventory quantities were reduced resulting in the
liquidation of applicable LIFO inventory quantities carried at
lower costs. This reduction in LIFO inventory is part of the
Company's working capital management program and resulted in a
decrease in cost of sales of approximately $5 million and a
decrease in net loss of $3 million for the year ended December 31,
2002.
(h) Includes manufacturing depreciation per throughput barrel of
approximately $0.43 and $0.36 for the three months ended December
31, 2002 and 2001, respectively, and $0.40 and $0.28 for the years
ended December 31, 2002 and 2001, respectively. Also includes
amortization of major maintenance costs of $0.17 per barrel and
$0.18 per barrel for the three months ended December 31, 2002 and
2001, respectively, and $0.16 per barrel and $0.20 per barrel for
the years ended December 31, 2002 and 2001, respectively.
TESORO PETROLEUM CORPORATION
OPERATING DATA
(Unaudited)
Three Months Ended Years Ended
December 31, December 31,
---------------------- ----------------------
2002 2001 2002 2001
---------- ---------- ---------- ----------
Refining By Region
Pacific Northwest (Alaska & Washington)
Throughput (Mbpd)
Heavy crude 73.9 85.9 73.6 77.9
Light crude 57.6 74.7 75.1 83.6
Other feedstocks 13.6 6.6 8.3 7.9
---------- ---------- ---------- ----------
Total Throughput 145.1 167.2 157.0 169.4
========== ========== ========== ==========
Yield (Mbpd)
Gasoline and gasoline
blendstocks 64.8 73.8 67.3 73.1
Jet fuel 25.8 27.0 28.4 28.4
Diesel fuel 22.6 29.5 23.9 29.5
Heavy oils, residual
products and other 37.9 43.6 42.3 44.3
---------- ---------- ---------- ----------
Total Yield 151.1 173.9 161.9 175.3
========== ========== ========== ==========
Refining Margin ($/throughput bbl)(e)
Gross $ 4.46 $ 4.57 $ 4.09 $ 6.07
Manufacturing cost
before depreciation
and amortization(f)$ 2.13 $ 2.02 $ 2.05 $ 1.89
Mid-Pacific (Hawaii)
Throughput (Mbpd)
Heavy crude 37.0 56.8 49.4 53.0
Light crude 37.0 28.0 32.5 34.1
---------- ---------- ---------- ----------
Total Throughput 74.0 84.8 81.9 87.1
========== ========== ========== ==========
Yield (Mbpd)
Gasoline and gasoline
blendstocks 18.6 22.0 20.0 19.8
Jet fuel 21.4 24.2 25.6 27.5
Diesel fuel 13.0 14.7 12.5 14.0
Heavy oils, residual
products and other 21.8 24.8 24.8 26.8
---------- ---------- ---------- ----------
Total Yield 74.8 85.7 82.9 88.1
========== ========== ========== ==========
Refining Margin ($/throughput bbl)(e)
Gross $ 4.81 $ 6.02 $ 2.85 $ 4.96
Manufacturing cost
before depreciation
and amortization(f)$ 1.51 $ 1.32 $ 1.39 $ 1.27
Mid-Continent (North Dakota & Utah)(i)
Throughput (Mbpd)
Light crude 92.6 103.6 97.4 33.3
Other feedstocks 3.5 1.2 4.1 0.3
---------- ---------- ---------- ----------
Total Throughput 96.1 104.8 101.5 33.6
========== ========== ========== ==========
Yield (Mbpd)
Gasoline and gasoline
blendstocks 48.9 54.5 54.1 17.6
Jet fuel 10.3 11.3 9.7 3.5
Diesel fuel 29.1 28.8 28.8 9.4
Heavy oils, residual
products and other 10.9 14.1 11.9 4.4
---------- ---------- ---------- ----------
Total Yield 99.2 108.7 104.5 34.9
========== ========== ========== ==========
Refining Margin ($/throughput bbl)(e)
Gross $ 5.38 $ 5.95 $ 4.17 $ 7.25
Manufacturing cost
before depreciation
and amortization(f)$ 2.38 $ 2.12 $ 2.22 $ 2.07
------------------------
(i) Volumes for 2001 include amounts for the Mid-Continent operations
since their acquisition on September 6, 2001 averaged over the
periods presented. Throughput and yield averaged over the 117 days
of operation were 105,000 bpd and 108,700 bpd, respectively.
TESORO PETROLEUM CORPORATION
OPERATING DATA
(Unaudited)
Three Months
Ended Years Ended
December 31, December 31,
------------ -------------
2002 2001 2002 2001
------ ----- ------ ------
California (j)
Throughput (Mbpd)
Heavy crude 151.2 -- 89.2 --
Other feedstocks 7.0 -- 5.4 --
------ ----- ------ ------
Total Throughput 158.2 -- 94.6 --
====== ===== ====== ======
Yield (Mbpd)
Gasoline and gasoline blendstocks 99.5 -- 62.3 --
Diesel fuel 41.3 -- 21.7 --
Heavy oils, residual products and other 26.5 -- 16.4 --
------ ----- ------ ------
Total Yield 167.3 -- 100.4 --
====== ===== ====== ======
Refining Margin ($/throughput bbl)(e)
Gross $ 5.94 $ -- $ 6.41 $ --
Manufacturing cost before depreciation
and amortization(f) $ 4.25 $ -- $ 4.17 $ --
-------------------------------------------
(j) Volumes for the year ended December 31, 2002 include amounts for
the California operations since their acquisition on May 17, 2002,
averaged over the full year. Throughput and yield averaged over
the 229 days of operation were 150,800 bpd and 160,000 bpd,
respectively. The California refinery's throughput and yield level
were reduced during a scheduled turnaround in the 2002 second
quarter.
TESORO PETROLEUM CORPORATION
OPERATING DATA
(Unaudited)
Three Months Ended Years Ended
December 31, December 31,
------------------ -------------------
2002 2001 2002 2001
-------- -------- ------- -------
RETAIL SEGMENT(k)
Number of Stations (end of
period)
Company-operated 234 213 234 213
Branded jobber/dealer 359 464 359 464
-------- -------- ------- -------
Total Stations 593 677 593 677
======== ======== ======= =======
Average Stations (during
period)
Company-operated 286 196 260 132
Branded jobber/dealer 355 475 419 274
-------- -------- ------- -------
Total Average
Retail Stations 641 671 679 406
======== ======== ======= =======
Fuel Sales (millions of
gallons)
Company-operated 109.9 72.6 418.2 209.7
Branded jobber/dealer 83.6 81.5 372.3 186.1
-------- -------- ------- -------
Total Fuel Sales 193.5 154.1 790.5 395.8
======== ======== ======= =======
Fuel Margin ($/gallon) $ 0.15 $ 0.22 $ 0.12 $ 0.22
Merchandise Sales
($ millions) $ 33.7 $ 21.0 $ 126.7 $ 68.3
Merchandise Margin
($ millions) $ 9.5 $ 5.4 $ 34.8 $ 20.2
Merchandise Margin % 28% 26% 27% 30%
Segment Operating Income
(Loss) ($ millions)
Gross Margins
Fuel(l) $ 28.2 $ 34.5 $ 94.9 $ 86.7
Merchandise and other non-
fuel margin 10.9 6.1 40.2 22.6
-------- -------- ------- -------
Total gross margins 39.1 40.6 135.1 109.3
Expenses 32.8 25.7 130.5 73.2
Depreciation and amortization 5.1 4.2 16.9 11.1
-------- -------- ------- -------
Segment Operating Income
(Loss) $ 1.2 $ 10.7 $ (12.3) $ 25.0
======== ======== ======= =======
------------------------
(k) In December 2002, the Company sold 70 Company-operated stations
acquired with the Golden Eagle refinery assets in May 2002.
(l) Includes the effect of intersegment purchases from the Refining
segment at prices which approximate market.
TESORO PETROLEUM CORPORATION
SIGNIFICANT ITEMS
(Unaudited)
(In millions except per share amounts)
Three Months Ended Years Ended
December 31, December 31,
------------------ ------------------
2002 2001 2002 2001
-------- -------- -------- --------
Net Earnings (Loss) As
Reported (U.S. GAAP) $ (27.7) $ 4.0 $ (117.0) $ 88.0
======== ======== ======== ========
Significant Items, Aftertax:
Loss on asset sales $ (4.8) $ (0.5) $ (5.1) $ (1.1)
Interest, financing and
integration costs (1.2) (1.6) (12.2) (7.0)
LIFO liquidation -- -- 3.0 --
Severance and other costs (0.2) -- (1.2) --
Income tax rate changes (6.0) -- (6.0) --
-------- -------- -------- --------
Significant Items,
Aftertax $ (12.2) $ (2.1) $ (21.5) $ (8.1)
======== ======== ======== ========
Net Earnings (Loss) Per
Share -- Diluted As
Reported (U.S. GAAP) $ (0.43) $ 0.10 $ (1.93) $ 2.10
======== ======== ======== ========
Significant Items Per
Diluted Share, Aftertax:
Loss on asset sales $ (0.07) $ (0.01) $ (0.08) $ (0.03)
Interest, financing and
integration costs (0.02) (0.04) (0.20) (0.17)
LIFO liquidation -- -- 0.05 --
Severance and other costs -- -- (0.02) --
Income tax rate changes (0.09) -- (0.10) --
-------- -------- -------- --------
Significant Items,
Aftertax $ (0.18) $ (0.05) $ (0.35) $ (0.20)
======== ======== ======== ========
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