Willis Group Reports Fourth Quarter and Full Year 2005 Results; Increases Quarterly Cash Dividend 9 Percent to $0.94 Annually.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 -- Willis Wil·lis , Thomas 1621-1675. English anatomist and physician known for his studies of the nervous system and the brain. He discovered the circle of Willis at the base of the brain. Group Holdings Limited (NYSE NYSE See: New York Stock Exchange : WSH See Windows Script Host. ), the global insurance broker, today reported results for the quarter and year ended December December: see month. 31, 2005. Separately, the Board of Directors today approved a 9 percent increase in the regular quarterly cash dividend on the Company's common stock to $0.235 per share, an annual rate of $0.94 per share. The dividend is payable on April 14, 2006 to shareholders of record on March 31, 2006. Commenting on today's results, Joe Plumeri, Chairman and Chief Executive Officer said, "Our results in the fourth quarter and throughout 2005 were the direct result of hard work in a year filled with challenges and opportunities. Our 8 percent organic growth in commissions and fees reflects the strength of our sales culture. Our essential investments during the year helped us attract and retain the industry's best talent and enhance our value proposition for our clients." Fourth Quarter 2005 Financial Results Total reported revenues for the quarter ended December 31, 2005 decreased 4 percent to $562 million, from $588 million for the same period last year. The effect of foreign currency translation decreased reported revenues 3 percent and net disposal of operations reduced reported revenues by 3 percent. Organic growth in commissions and fees excluding volume and profit-based contingent commissions Contingent commissions is a term used in the American insurance industry for any kind of broker's commission which is contingent upon some event occurring (instead of a commission paid on the sale itself). In the UK this form of payment is known as Overriders. and other market remuneration REMUNERATION. Reward; recompense; salary. Dig. 17, 1, 7. was 8 percent in the fourth quarter, comprised of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 9 percent in net new business and a negative 1 percent impact from declining insurance premium rates and other market factors. Net income for the quarter ended December 31, 2005 was $60 million, or $0.38 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 $108 million, or $0.65 per diluted share, a year ago. Reported (and adjusted) operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was 19.0 percent for the quarter ended December 31, 2005, compared with a 28.9 percent reported and 27.9 percent adjusted operating margin for the same period last year. Approximately 5 percent of the decline in adjusted operating margin was due to the elimination of contingent commissions and the decline in other market remuneration. The remainder of the decline was due to higher compensation costs, the effect of foreign currency translation and Stewart Smith Stewart Smith may be the name of:
2005 Financial Results Total reported revenues for the year ended December 31, 2005 were $2,267 million, compared to $2,275 million for the corresponding period in 2004. Foreign currency translation had no net impact on reported revenues and acquisitions net of disposal of operations added 1 percent. Organic growth in commissions and fees excluding volume and profit-based contingent commissions and other market remuneration was 5 percent for the twelve months, comprised of approximately 6 percent in net new business and a negative 1 percent impact from declining insurance premium rates and other market factors. Reported net income for the year ended December 31, 2005 after net gain on disposal of operations and first quarter charges for regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. settlements and related expenses, severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs and other provisions was $300 million, or $1.83 per diluted share, compared to $427 million, or $2.54 per diluted share, a year ago. Adjusted operating margin, excluding regulatory settlements and related expenses, severance costs and other provisions and net gain on disposal of operations, was 22.5 percent for the year ended December 31, 2005 compared with 28.8 percent for the same period last year. Approximately 4 percent of the decline in adjusted operating margin was due to the elimination of contingent commissions and the decline in other market remuneration. The remainder of the decline was due to higher compensation costs, the effect of foreign currency translation and Stewart Smith, which was sold in April 2005. Outlook The Company anticipates growth in organic commissions and fees to continue in 2006. Salaries and benefits expense as a percentage of total revenues is expected to remain at about 2005 levels. For the full year 2005, salaries and benefits expense (excluding the first quarter 2005 severance charge) was 58.6 percent of total revenues. The outlook assumes that recruiting opportunities in 2006 will be similar to those in 2005 and that the competition for talent will not abate abate v. to do away with a problem, such as a public or private nuisance or some structure built contrary to public policy. This can include dikes which illegally direct water onto a neighbors property, high volume noise from a rock band or a factory, an improvement . For the full year 2006 the Company expects to generate modest operating margin expansion compared to the 22.5 percent adjusted operating margin reported for 2005. In conclusion Mr. Plumeri added, "Looking ahead, our goal is to achieve sustainable long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth for Willis. We welcome 2006 as a year for us to move forward. We are making the right investments in our Company, enhancing our client advocacy The act of Pleading or arguing a case or a position; forceful persuasion. program and increasing productivity and efficiency. We will continue to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution on our plan and remain focused on being a leader in the insurance brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. industry." Other At December 31, 2005, total long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. was $600 million and total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was approximately $1.3 billion. The capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. ratio (total long-term debt to total long-term debt and stockholders' equity) was 31 percent at December 31, 2005. During the fourth quarter, the Company repurchased 1.5 million shares of common stock for $54 million. Through the twelve months of 2005, the Company repurchased 10.3 million shares for $360 million under the existing $500 million buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may authorization The right or permission to use a system resource; the process of granting access. See access control. . During the year ended December 31, 2005 the Company completed 8 acquisitions with annual revenues of approximately $21 million. Cash and cash equivalents totaled $193 million, including approximately $94 million of immediately available cash at December 31, 2005. Excluding the effects on taxation of amortization of intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , disposals of operations and performance-based stock options, the underlying tax rate in 2005 was 31.5 percent compared to the underlying tax rate of 33 percent in 2004. Conference Call and Web Cast A conference call to discuss fourth quarter 2005 results will be held February February: see month. 9, 2006 at 8:00 a.m. Eastern Standard Time. To participate in the live teleconference, please dial (888) 829-8668 (U.S.) or (210) 234-0001 (International) with a pass code of "Willis." The live audio web cast (which will be listen-only) may be accessed at www.willis.com. This call will be available by replay starting at approximately 10:00 a.m., Eastern Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time, and ending February 23, 2006. To access the audio replay, please dial (888) 568-0121 (US), or (203) 369-3458 (International), or by accessing the web site. Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , risk management, financial and human resource consulting Services Provided Human Resource Consulting firms provides advice to their clients regarding the financial and retirement security, health, productivity, and employment relationships of their global workforce. and actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin services to corporations, public entities and institutions around the world. With over 300 offices in some 80 countries, its global team of approximately 15,800 associates serves clients in some 180 countries. Additional information on Willis may be found on its web site www.willis.com. This press release may contain certain statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future results, which 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 that term is 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. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors such as general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, changes in premium rates, the competitive environment and the actual cost of resolution of contingent liabilities Contingent Liability 1. The possibility of an obligation to pay certain sums dependent on future events. 2. Defined obligations by a company that must be met, but the probability of payment is minimal. Notes: 1. . Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results are contained in the Company's filings with the Securities and Exchange Commission. This press release includes supplemental financial information which may contain references to non-GAAP financial measures as defined in Regulation G of SEC rules. Consistent with Regulation G, a reconciliation of this supplemental financial information to our 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 (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) information follows. We present such non-GAAP supplemental financial information as we believe such information is of interest to the investment community because it provides additional meaningful methods of evaluating certain aspects of the Company's operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis. This supplemental financial information should be viewed in addition to, not in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. , the Company's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of operations for the quarter and year ended December 31, 2005.
WILLIS GROUP HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three months ended Year ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
-------- -------- -------- --------
Revenues:
Commissions and fees $ 544 $ 569 $ 2,194 $ 2,205
Interest income 18 19 73 70
-------- -------- -------- --------
Total Revenues 562 588 2,267 2,275
-------- -------- -------- --------
Expenses:
Salaries and benefits
(after charging non-cash
compensation $nil, $1, $nil
and $11) 348 311 1,356 1,182
Other operating expenses 93 101 405 391
Regulatory settlements - - 51 -
Depreciation expense and
amortization of intangible
assets 14 12 54 47
Net gain on disposal of
operations - (6) (78) (11)
-------- -------- -------- --------
Total Expenses 455 418 1,788 1,609
-------- -------- -------- --------
Operating Income 107 170 479 666
Interest expense, net 9 7 30 22
Premium on redemption of
subordinated debt - - - 17
-------- -------- -------- --------
Income before Income Taxes,
Equity in Net (Loss) Income
of Associates and Minority
Interest 98 163 449 627
Income taxes 31 53 152 208
-------- -------- -------- --------
Income before Equity in Net
(Loss) Income of Associates
and Minority Interest 67 110 297 419
Equity in net (loss) income of
associates, net of tax (3) - 14 15
Minority interest, net of tax (4) (2) (11) (7)
-------- -------- -------- --------
Net Income $ 60 $ 108 $ 300 $ 427
======== ======== ======== ========
Net Income per Share
- Basic $ 0.38 $ 0.69 $ 1.86 $ 2.72
- Diluted $ 0.38 $ 0.65 $ 1.83 $ 2.54
======== ======== ======== ========
Average Number of Shares
Outstanding
- Basic 157 157 161 157
- Diluted 160 166 164 168
======== ======== ======== ========
WILLIS GROUP HOLDINGS LIMITED
SUPPLEMENTAL FINANCIAL INFORMATION
(in millions) (unaudited)
1. Definitions of Non-GAAP Financial Measures
We believe that investors' understanding of the Company's
performance is enhanced by our disclosure of the following
non-GAAP financial measures. Our method of calculating these
measures may differ from those used by other companies and
therefore comparability may be limited.
Organic revenue growth
Organic revenue growth excludes the impact of foreign currency
translation and acquisitions and disposals from reported
revenues. We use organic revenue growth as a measure of
business growth generated by operations that were part of the
Group at the end of the period.
Adjusted operating income and adjusted net income
Our results for the year ended December 31, 2005 were significantly
impacted by net gains on disposal of operations, and charges for
regulatory settlements and related expenses, our first quarter
headcount reduction program, other provisions and a non-recurring
premium on redemption of subordinated debt in 2004. We believe
that excluding these items from operating income and net income as
applicable, along with the GAAP measures, provides a more complete
and consistent comparative analysis of our results of operations.
These items did not have a material effect on the results for the
three months ended December 31, 2005.
WILLIS GROUP HOLDINGS LIMITED
SUPPLEMENTAL FINANCIAL INFORMATION
(in millions) (unaudited)
2. Revenue analysis
Organic revenue growth
Organic revenue growth is defined as revenue growth excluding the
impact of foreign currency translation and acquisitions and
disposals. The percentage change in reported revenues is the most
directly comparable GAAP measure, and the following tables
reconcile this change to organic revenue growth by business unit
for the three months ended December 31, 2005:
Three months ended
December 31, Change attributable to
---------------------- ---------------------------------
Foreign Acquisitions Organic
% currency and revenue
2005 2004 Change translation disposals growth
----- ----- -------- ----------- ------------ --------
Global $ 226 $ 265 (15)% (3)% (6)% (6)%
North America 198 184 8% 0% 1% 7%
International 120 120 0% (7)% 1% 6%
----- ----- -------- ----------- ------------ --------
Commissions
and fees
(see below) $ 544 $ 569 (4)% (3)% (2)% 1%
Interest
Income 18 19 (5)% (9)% (3)% 7%
----- ----- -------- ----------- ------------ --------
Total
revenues $ 562 $ 588 (4)% (3)% (3)% 2%
===== ===== ======== =========== ============ ========
Commissions and fees
Organic growth in commissions and fees for the three months ended
December 31, 2005 was attributable to:
Three months ended December 31,
------------------------------------------------------
Volume and Commissions
profit-based Other market and fees
Commissions contingent remuneration organic
and fees commissions (a) growth
----------- -------------- -------------- ------------
Global 9% (9)% (6)% (6)%
North America 6% 0% 1% 7%
International 9% (3)% 0% 6%
----------- -------------- -------------- ------------
Total Group 8% (5)% (2)% 1%
=========== ============== ============== ============
a) Other market remuneration includes fees received for product and
market research we carry out on behalf of insurers and income
related to administration and other services we provide to the
market.
WILLIS GROUP HOLDINGS LIMITED
SUPPLEMENTAL FINANCIAL INFORMATION
(in millions) (unaudited)
2. Revenue analysis (continued)
Organic revenue growth
The following table reconciles the change to organic revenue growth
by business unit for the year ended December 31, 2005:
Year ended December 31,
--------------------------
%
2005 2004 Change
------- ------- --------
Global $ 1,070 $ 1,116 (4)%
North America 677 660 3%
International 447 429 4%
------- ------- --------
Commissions and fees (see below) $ 2,194 $ 2,205 0%
Interest Income 73 70 4%
------- ------- --------
Total revenues $ 2,267 $ 2,275 0%
======= ======= ========
Change attributable to
---------------------------------
Foreign Acquisitions Organic
currency and revenue
translation disposals growth
----------- ------------ --------
Global 0% 0% (4)%
North America 0% 2% 1%
International (1)% 1% 4%
----------- ------------ --------
Commissions and fees (see below) 0% 1% (1)%
Interest Income (1)% 0% 5%
----------- ------------ --------
Total revenues 0% 1% (1)%
=========== ============ ========
Commissions and fees
Organic growth in commissions and fees for the year ended December
31, 2005 was attributable to:
Year ended December 31,
--------------------------------------------------
Volume and
profit- Commissions
based Other market and fees
Commissions contingent remuneration organic
and fees commissions (a) growth
----------- ------------ ------------- -----------
Global 5% (3)% (6)% (4)%
North America 5% (4)% 0% 1%
International 5% (1)% 0% 4%
----------- ------------ ------------- -----------
Total Group 5% (3)% (3)% (1)%
=========== ============ ============= ===========
a) Other market remuneration includes fees received for product and
market research we carry out on behalf of insurers and income
related to administration and other services we provide to the
market.
WILLIS GROUP HOLDINGS LIMITED
SUPPLEMENTAL FINANCIAL INFORMATION
(in millions, except per share data)
(unaudited)
2. Revenue analysis (continued)
Market remuneration
Volume and profit-based contingent commissions and other market
remuneration by quarter are set out in the following table:
Volume and profit-
based contingent Other market
commissions remuneration
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
First quarter $3 $21 $3 $22
Second quarter 8 15 5 20
Third quarter 1 10 3 19
Fourth quarter 1 25 5 16
----------- ----------- ----------- -----------
$13 $71 $16 $77
=========== =========== =========== ===========
3. General and administrative expenses
An analysis of general and administrative expenses between
salaries and benefits and other operating expenses by quarter is
set out in the following table:
General and
Salaries and Other operating administrative
benefits (a) expenses expenses
--------------- --------------- ---------------
2005 2004 2005 2004 2005 2004
------- ------- ------- ------- ------- -------
First quarter $386 $320 $125 $99 $511 $419
Second quarter 309 275 98 98 407 373
Third quarter 313 276 89 93 402 369
Fourth quarter 348 311 93 101 441 412
------- ------- ------- ------- ------- -------
$1,356 $1,182 $405 $391 $1,761 $1,573
======= ======= ======= ======= ======= =======
a) Salaries and benefits include salaries, incentive payments,
pensions, non-cash compensation, severance and other employee
benefits.
4. Sale of Stewart Smith
The Company completed the sale of Stewart Smith, its wholesale
division, on April 14, 2005. The following table sets out the
impact of Stewart Smith on results in the five quarters prior to
sale:
2004 2005
---------------------------------- -----
Q1 Q2 Q3 Q4 FY Q1
Revenues $15 $19 $18 $25 $77 $10
General and administrative
expenses (10) (10) (11) (13) (44) (11)
---------------------------------- -----
Operating income (loss) 5 9 7 12 33 (1)
Income taxes (2) (4) (2) (5) (13) -
---------------------------------- -----
Net income (loss) $3 $5 $5 $7 $20 $(1)
================================== =====
Contribution to net income
per diluted share $0.02 $0.03 $0.03 $0.04 $0.12 $-
====== ====== ====== ====== ====== =====
WILLIS GROUP HOLDINGS LIMITED
SUPPLEMENTAL FINANCIAL INFORMATION
(in millions) (unaudited)
5. Adjusted operating income
Adjusted operating income is defined as operating income excluding
net gain on disposal of operations and charges for regulatory
settlements and related expenses, severance costs relating to our
first quarter 2005 headcount reduction program and other
provisions. Operating income is the most directly comparable GAAP
measure, and the following tables reconcile adjusted operating
income to operating income for the three months and year ended
December 31, 2005 and 2004:
Three months ended December 31,
-------------------------------
2005 2004 (a) % Change
---------- ---------- ---------
Operating income, GAAP basis $107 $170 (37)%
Excluding:
Net gain on disposal of operations - (6)
---------- ----------
Adjusted operating income $107 $164 (35)%
========== ==========
Operating margin, GAAP basis, or
Operating income as a percentage of
Total Revenues 19.0% 28.9%
========== ==========
Adjusted operating margin, or Adjusted
operating income as a percentage of
total revenues 19.0% 27.9%
========== ==========
Year ended December 31,
-------------------------------
2005 2004 (a) % Change
---------- ---------- ---------
Operating income, GAAP basis $479 $666 (28)%
Excluding:
Regulatory settlements (b) 51 -
Costs related to regulatory
settlements (b) 9 -
Severance costs (c) 28 -
Other provision (d) 20 -
Net gain on disposal of operations (78) (11)
---------- ----------
Adjusted operating income $509 $655 (22)%
========== ==========
Operating margin, GAAP basis, or
Operating income as a percentage of
total revenues 21.1% 29.3%
========== ==========
Adjusted operating margin, or Adjusted
operating income as a percentage of
total revenues 22.5% 28.8%
========== ==========
a) In 2004, adjusted operating income was reported after excluding
charges for non-cash compensation. With effect from 2005, these
charges are no longer excluded from adjusted operating income and
2004 comparatives have been restated accordingly.
b) Comprises $51 million to establish the reimbursement funds agreed
with the New York and Minnesota Attorneys General and New York
Department of Insurance in April 2005 and $9 million of related
legal and administrative expenses.
c) Severance costs relate to the headcount reduction program announced
in first quarter 2005 which eliminated approximately 500 positions
at a cost of $28 million. Severance costs also arise in the normal
course of business and these charges amounted to $2 million in the
year ended December 31, 2005 ($10 million - 2004).
d) Based on the quarterly review of legal proceedings at March 31,
2005, the Company increased its provision for claims by an
additional $20 million.
WILLIS GROUP HOLDINGS LIMITED
SUPPLEMENTAL FINANCIAL INFORMATION
(in millions, except per share data)
(unaudited)
6. Adjusted net income
Adjusted net income is defined as net income excluding net gain on
disposal of operations and charges for regulatory settlements and
related expenses, severance costs relating to our first quarter
2005 headcount reduction program, other provisions and a
non-recurring premium on redemption of subordinated debt in 2004.
Net income is the most directly comparable GAAP measure, and the
following tables reconcile adjusted net income to net income for
the three months and year ended December 31, 2005 and 2004:
Per diluted share
Three months ended Three months ended
December 31, December 31,
------------------------- -------------------------
% %
2005 2004 (a) Change 2005 2004 (a) Change
----- -------- -------- ----- -------- --------
Net income, GAAP
basis $ 60 $ 108 (44)% $0.38 $ 0.65 (42)%
Excluding:
Net gain on
disposal of
operations, net
of tax ($nil,
$(1)) - (5) - (0.03)
Adjusted net ----- -------- ----- --------
income $ 60 $ 103 (42)% $0.38 $ 0.62 (39)%
===== ======== ===== ========
Diluted shares
outstanding, GAAP
basis 160 166
===== ========
Per diluted share
Year ended Year ended
December 31, December 31,
------------------------- --------------------------
% %
2005 2004 (a) Change 2005 2004 (a) Change
----- -------- -------- ------ -------- --------
Net income, GAAP
basis $ 300 $ 427 (30)% $ 1.83 $ 2.54 (28)%
Excluding:
Regulatory
settlements,
net of tax
($20) 31 - 0.19 -
Costs related to
regulatory
settlements,
net of tax ($4) 5 - 0.03 -
Severance costs,
net of tax ($9) 19 - 0.12 -
Other provision,
net of tax ($6) 14 - 0.08 -
Net gain on
disposal of
operations, net
of tax ($(37),
$(3)) (41) (8) (0.25) (0.05)
Non-recurring
premium on
redemption of
subordinated
debt, net of
tax ($7) - 10 - 0.06
Adjusted net ----- -------- ------ --------
income $ 328 $ 429 (24)% $ 2.00 $ 2.55 (22)%
===== ======== ====== ========
Diluted shares
outstanding,
GAAP basis 164 168
===== ========
a) In 2004, adjusted net income was reported after excluding charges
for non-cash compensation. With effect from 2005, these charges
are no longer excluded from adjusted net income and 2004
comparatives have been restated accordingly.
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