ARAMARK Newsroom - Press Releases
ARAMARK REPORTS STRONG GROWTH IN SALES AND IMPROVED EARNINGS
FOR THIRD QUARTER FISCAL 2004
PHILADELPHIA, PA – August 11, 2004 – ARAMARK Corporation (NYSE:RMK),
a world leader in managed services, today reported sales of $2.6 billion for its
third quarter ended July 2, 2004, an 11 percent increase compared with the third
quarter of 2003. Organic sales growth (as defined and adjusted as set forth below)
was 8 percent. Income from continuing operations for the quarter was $64.5 million
as compared to $63.9 million in the prior year quarter. For comparison purposes,
after adjusting for two non-operating items that occurred in the third quarter
of 2003, as described below, income from continuing operations increased 7 percent.
Diluted earnings per share from continuing operations were $0.33 versus $0.33
in the year ago quarter or $0.31, after adjusting for the two items noted below.
Year-to-Date Results
For the first nine months of fiscal 2004, sales increased 10 percent to $7.6
billion. Organic sales growth was 6 percent. Organic growth excludes the impact
of acquisitions, divestitures and foreign currency fluctuations. For the third
fiscal quarter and first nine months of fiscal 2004, organic growth is also
adjusted to reflect the impact of a calendar shift that caused ARAMARK's
domestic education sector to have one less service week in both the third quarter
and the first nine months of fiscal 2004 compared to the corresponding periods
in fiscal 2003. Income from continuing operations for the first nine months
was $178.5 million as compared to $160.1 million in the prior year period and
diluted earnings per share were $0.92 as compared to $0.81 in the prior year
period. Excluding two non-operating items for the third quarter of last year
– a $4.7 million debt extinguishment charge, net of tax, and the settlement
of certain open tax years that reduced the company's provision for income
taxes by approximately $8.4 million – year-to-date income from continuing
operations rose 14 percent and diluted earnings per share increased 16 percent.
Chief Executive Officer's
Comments
“Our performance for the third quarter, as well as for the first nine
months of fiscal 2004, clearly demonstrates that we continue to execute well
on our Mission One growth strategy,” said William Leonard, President and
Chief Executive Officer of ARAMARK. “While we are very pleased with our
strong organic growth across-the-board in both economically sensitive and non-sensitive
businesses, we continue to feel the effects of start up costs and other cost
pressures for some healthcare contracts and increasing labor-related expenses
in all of our lines of business.”
Food and Support Services
In ARAMARK's Food and Support Services – U.S. segment,
third quarter sales of $1.8 billion were 8 percent higher than the same quarter
a year ago, representing organic sales growth of 9 percent. For the U.S. Food
and Support Services segment, organic growth is adjusted to reflect the impact
of the calendar shift described above on ARAMARK's domestic education
sector. Segment operating income increased 4 percent to $89.5 million. The impact
of the aforementioned calendar shift reduced the operating income growth rate
by about 3 percentage points.
Sales for the Food
and Support Services – International segment rose 31 percent
to $475 million compared with the same period last year. The impact of changes
in currency translation rates increased reported sales by about 9 percentage
points. Organic sales growth for the segment was 5 percent, with Canada, Belgium
and Spain delivering particularly strong performances. Operating income in this
segment rose to $19.0 million, a 17 percent increase compared with the prior
year, with currency translation contributing about 8 percentage points.
Uniform and Career Apparel
In ARAMARK's Uniform Career Apparel – Rental
segment, sales of $262 million for the third quarter were up 3 percent compared
with the same period in 2003. Organic sales growth was 3 percent. Operating
income of $29.1 million represented a 1 percent increase over the prior year
quarter. Productivity improvements were more than offset by higher vehicle fuel
costs, sales force ramp up and labor-related expenses.
In ARAMARK's Direct
Marketing segment, third quarter sales increased 4 percent to $105
million. Organic growth was also 4 percent. Operating income declined to $2.5
million due to product mix and increased marketing and administrative expenses.
Financial Guidance for
Fourth Quarter and Fiscal Year 2004
In its fourth quarter of fiscal 2003, ARAMARK reported diluted earnings per
share of $0.54. These results included insurance proceeds related to ARAMARK's
operations at the World Trade Center as well as a loss associated with the disposal
of a residual interest in the Company's Magazine and Book operations.
Adjusted for these items, earnings per share in the fiscal fourth quarter of
2003 were $0.47. In addition, 2003 was a 53-week year and the financial impact
of that extra week was entirely in last year's fiscal fourth quarter.
The extra week is estimated to have increased fourth quarter 2003 diluted earnings
per share by roughly 7 to 8 percent.
ARAMARK expects its fourth
quarter 2004 earnings will be affected by several factors including contract
start-up costs and other cost pressures in its healthcare business. The Company
also reduced its expectations for the parks business as a result of the negative
publicity surrounding the drought in its western parks. In addition, the recent
Federal government investigation concerning export sales at Galls and the resulting
uncertainty's effect on Galls' business has begun to have an adverse
impact on the Uniform – Direct Marketing segment.
ARAMARK expects to report
sales of $2.5 to $2.6 billion for the 2004 fourth quarter and diluted earnings
per share of $0.46 to $0.48. This fourth quarter estimate implies full year
sales of $10.1 to $10.2 billion and diluted earnings per share of $1.38 to $1.40,
which is consistent with the original estimate for fiscal year 2004 of $1.38
to $1.44 per share and implies a 52-week EPS growth in the low to mid-teens
range, in line with the longer term earnings per share targets.
Conference Call and
Related Financial Information
In conjunction with its third quarter earnings release, ARAMARK will discuss
its results in a conference call broadcast live over the Internet on August
11, 2004 at 10:00 a.m. EST. Interested parties are invited to log on to www.aramark.com
to listen to this webcast. A recording of the conference call will be available
on that website.
The balance sheet, income
statement and other financial information related to the third fiscal quarter
of 2004 are attached to this press release and can also be found on the Investor
Relations section of ARAMARK's website at www.aramark.com.
Certain previously undisclosed
financial information relating to a completed fiscal period, as well as reconciliations
of non-GAAP financial measures that are disclosed in the conference call will
also be available on the Investor Relations section of ARAMARK's website.
About ARAMARK
ARAMARK Corporation is a
world leader in providing award-winning food and facilities management services
to health care institutions, universities and school districts, stadiums and
arenas, international and domestic corporations, as well as providing uniform
and career apparel. ARAMARK was ranked number one in its industry in the 2004
FORTUNE 500 survey and was also named one of "America's Most Admired
Companies" by FORTUNE magazine in 2004, consistently ranking since 1998
as one of the top three most admired companies in its industry as evaluated
by peers. Headquartered in Philadelphia, ARAMARK has approximately 200,000 employees
serving clients in 18 countries.
Forward-Looking Statements
This press release includes
“forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that reflect our current views as to future events and financial
performance with respect to our operations. These statements can be identified
by the fact that they do not relate strictly to historical or current facts.
They use words such as "aim," "anticipate," "estimate," "expect," "will be,"
"will continue," "will likely result," "project," "intend," "plan," "believe"
and other words and terms of similar meaning in conjunction with a discussion
of future operating or financial performance.
These statements are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in the forward-looking
statements.
Factors that might cause such a difference include: unfavorable economic conditions,
ramifications of any future terrorist attacks or increased security alert levels;
increased operating costs including labor-related and energy costs; shortages
of qualified personnel or increases in labor costs; currency risks and other
risks associated with international markets; risks associated with acquisitions,
including acquisition integration costs; our ability to integrate and derive
the expected benefits from recent acquisitions; competition; decline in attendance
at client facilities; unpredictability of sales and expenses due to contract
terms and terminations; the contract intensive nature of our business, which
may lead to client disputes; high leverage; claims relating to the provision
of food services; costs of compliance with governmental regulations; liability
associated with non-compliance with governmental regulations, including regulations
pertaining to food service , the environment and Federal and state employment
laws and wage and hour laws; inability to retain current clients and renew existing
client contracts; determination by customers to reduce outsourcing and use of
preferred vendors; seasonality and other risks that are set forth in the “Risk
Factors” sections of ARAMARK's SEC filings.
For further information regarding risks and uncertainties associated with ARAMARK's
business, please refer to the "Management's Discussion and Analysis of Results
of Operations and Financial Condition" and "Risk Factors” and other sections
of ARAMARK's SEC filings, including, but not limited to, our annual report on
Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained
by contacting ARAMARK's investor relations department via its web site www.aramark.com.
Forward-looking statements speak only as of the date made. We undertake no obligation
to update any forward-looking statements to reflect the events or circumstances
arising after the date as of which they are made. As a result of these risks
and uncertainties, readers are cautioned not to place undue reliance on the
forward-looking statements included herein or that may be made elsewhere from
time to time by, or on behalf of, us.
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands, Except Per Share Amounts)
| |
Three
Months Ended
|
| |
July
2, 2004 |
June
27, 2003 |
| Sales |
$2,594,924 |
$2,340,554 |
| Costs
and Expenses: |
|
|
| Cost
of services provided |
2,356,471 |
2,118,788 |
| Depreciation
and amortization |
74,781 |
66,163 |
| Selling
and general corporate expenses |
31,722 |
27,150 |
| |
2,462,974 |
2,212,101 |
| Operating
income |
131,950 |
128,453 |
| Interest
and other financing costs, net (2) |
30,873 |
40,776 |
| Income
from continuing operations before income taxes |
101,077 |
87,677 |
| Provision
for income taxes (2) |
36,617 |
23,826 |
| Income
from continuing operations |
64,460 |
63,851 |
| Income
from discontinued operations, net (1) |
- |
25,453 |
| Net
income |
$64,460 |
$89,304
|
| Earnings
Per Share - Basic: |
|
|
| Income
from continuing operations |
$0.34 |
$0.33 |
| Net
income |
$0.34 |
$0.47 |
| |
|
|
| Earnings
Per Share - Diluted: |
|
|
| Income
from continuing operations |
$0.33 |
$0.33 |
| Net
income |
$0.33 |
$0.45 |
| |
|
|
| Weighted
Average Shares Outstanding: |
|
|
| Basic |
189,446 |
190,727 |
| Diluted |
193,777 |
196,375 |
(1) - The fiscal 2003 condensed consolidated statement of income has been presented
to reflect ARAMARK Educational Resources as a discontinued operation.
(2) - In the third quarter of fiscal 2003, ARAMARK completed a tender offer
to purchase approximately $94.3 million of its 6.75% Guaranteed Notes due August
1, 2004, for approximately $101.9 million, including accrued interest, and retired
a $45 million term loan due March 2005. These two transactions resulted in an
extinguishment charge of $7.7 million ($4.7 million net of tax) which is included
in "Interest and other financing costs, net" in the accompanying financial
schedule. Additionally, in the third quarter of fiscal 2003, ARAMARK reduced
the provision for income taxes, based upon the settlement of open tax years,
by approximately $8.4 million. Income from continuing operations and diluted
earnings per share from continuing operations, excluding the impact of these
items, were $60.1 million and $0.31, respectively for the three months ended
June 27, 2003.
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands, Except Per Share Amounts)
| |
Nine
Months Ended
|
| |
July
2, 2004 |
June
27, 2003 |
| Sales |
$7,571,310 |
$6,859,800 |
| Costs
and Expenses: |
|
|
| Cost
of services provided |
6,881,367 |
6,228,382 |
| Depreciation
and amortization |
218,106 |
192,599 |
| Selling
and general corporate expenses |
95,217 |
86,519 |
| |
7,194,690 |
6,507,500 |
| Operating
income |
376,620 |
352,300 |
| Interest
and other financing costs, net (2) |
92,443 |
110,996 |
| Income
from continuing operations before income taxes |
284,177 |
241,304 |
| Provision
for income taxes (2) |
105,711 |
81,227 |
| Income
from continuing operations |
178,466 |
160,077 |
| Income
from discontinued operations, net (1) |
- |
35,724 |
| Net
income |
$178,466 |
$195,801
|
| Earnings
Per Share - Basic: |
|
|
| Income
from continuing operations |
$0.94 |
$0.84 |
| Net
income |
$0.94 |
$1.02 |
| |
|
|
| Earnings
Per Share - Diluted: |
|
|
| Income
from continuing operations |
$0.92 |
$0.81 |
| Net
income |
$0.92 |
$0.99 |
| |
|
|
| Weighted
Average Shares Outstanding: |
|
|
| Basic |
189,131 |
191,383 |
| Diluted |
194,162 |
198,494 |
(1) - The fiscal 2003 condensed consolidated statement of income has been presented
to reflect ARAMARK Educational Resources as a discontinued operation.
(2) - In the third quarter of fiscal 2003, ARAMARK completed a tender offer
to purchase approximately $94.3 million of its 6.75% Guaranteed Notes due August
1, 2004, for approximately $101.9 million, including accrued interest, and retired
a $45 million term loan due March 2005. These two transactions resulted in an
extinguishment charge of $7.7 million ($4.7 million net of tax) which is included
in "Interest and other financing costs, net" in the accompanying financial
schedule. Additionally, in the third quarter of fiscal 2003, ARAMARK reduced
the provision for income taxes, based upon the settlement of open tax years,
by approximately $8.4 million. Income from continuing operations and diluted
earnings per share from continuing operations, excluding the impact of these
items, were $156.3 million and $0.79, respectively for the nine months ended
June 27, 2003.
ARAMARK CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED BALANCE SHEET DATA
(Unaudited)
(In Thousands)
| |
July
2, 2004 |
October
3, 2003 |
| Assets |
|
|
| Current
Assets |
$1,272,419 |
$1,226,592 |
| Property
and Equipment, net |
1,199,312 |
1,184,320 |
| Goodwill |
1,563,941 |
1,422,639 |
| Other
Assets |
654,380 |
634,026 |
| |
$4,690,052 |
$4,467,577 |
| Liabilities
and Shareholders' Equity |
|
|
| Current
Liabilities (1) |
$1,288,275 |
$1,415,789 |
| Long-Term
Borrowings |
1,917,072 |
1,711,705 |
| Other
Liabilities |
330,651 |
301,111 |
| Total
Shareholders' Equity |
1,154,054 |
1,038,972 |
| |
$4,690,052 |
$4,467,577 |
(1) - Includes $27.2 million and $18.2 million of current maturities of long-term
borrowings as of July 2, 2004 and October 3, 2003, respectively.
ARAMARK CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED CASH FLOW DATA
(Unaudited)
(In Thousands)
| |
Nine
Months Ended
|
| |
July
2, 2004 |
June
27, 2003 |
| Cash
flows from operating activities from continuing operations: |
|
|
| Income
from continuing operations |
$178,466 |
$160,077 |
Adjustments
to reconcile income from continuing operations
to net cash provided by operating activities: |
|
|
| Depreciation
and amortization |
218,106 |
192,599 |
| Income
taxes deferred |
21,539 |
19,082 |
| Changes
in noncash working capital |
(138,381) |
(131,084) |
| Other
operating activities |
(39,618) |
(16,590) |
| Net cash
provided by operating activities from continuing operations |
240,112 |
224,084
|
| Cash
flows from investing activities from continuing operations: |
|
|
| Net
purchases of property and equipment and client contract investments |
(200,002) |
(173,900) |
| Proceeds
from sale of investment |
8,500 |
- |
| Divestiture
of certain businesses |
- |
248,077 |
| Acquisitions
and other investing activities |
(136,568) |
(201,678) |
| Net cash
used in investing activities from continuing operations |
(328,070) |
(127,501)
|
| Cash
flows from financing activities from continuing operations: |
|
|
| Net
proceeds from long-term borrowings |
185,593 |
42,537 |
| Dividend
payments |
(27,946) |
- |
| Proceeds
from issuance of common stock |
37,578 |
20,601 |
| Repurchase
of stock and other financing activities |
(106,979) |
(166,241) |
| Net cash
provided by financing activities from continuing operations |
88,246 |
103,103
|
| Net cash
provided by discontinued operations (1) |
- |
14,722
|
| Increase
in cash and cash equivalents |
$288 |
$8,202
|
(1) - The fiscal 2003 statement of cash flows has been presented to reflect
ARAMARK Educational Resources as a discontinued operation.
ARAMARK CORPORATION AND SUBSIDIARIES
SALES AND OPERATING INCOME BY SEGMENT
SUPPLEMENTAL DATA
(Unaudited)
(In Thousands)
| |
Three
Months Ended |
| |
July 2, 2004 |
June 27, 2003 |
| Sales |
|
|
| Food and Support Services
- United States |
$1,753,072 |
$1,623,463 |
| Food and Support Services
- International |
474,696 |
362,701 |
| Uniform and Career
Apparel - Rental |
262,312 |
253,517 |
| Uniform and Career
Apparel - Direct Marketing |
104,844 |
100,873 |
| |
$2,594,924 |
$2,340,554
|
| Operating
Income |
|
|
| Food and Support Services
- United States |
$89,523 |
$85,897 |
| Food and Support Services
- International |
19,010 |
16,181 |
| Uniform and Career
Apparel - Rental |
29,095 |
28,869 |
| Uniform and Career
Apparel - Direct Marketing |
2,457 |
4,201 |
| Corporate
and Other |
(8,135) |
(6,695)
|
| |
$131,950 |
$128,453
|
ARAMARK CORPORATION AND SUBSIDIARIES
SALES AND OPERATING INCOME BY SEGMENT
SUPPLEMENTAL DATA
(Unaudited)
(In Thousands)
| |
Six
Months Ended |
| |
July 2, 2004 |
June 27, 2003 |
| Sales |
|
|
| Food and Support Services
- United States |
$5,088,326 |
$4,712,854 |
| Food and Support Services
- International |
1,364,112 |
1,052,255 |
| Uniform and Career
Apparel - Rental |
778,480 |
759,281 |
| Uniform and Career
Apparel - Direct Marketing |
340,392 |
335,410 |
| |
$7,571,310 |
$6,859,800
|
| Operating
Income |
|
|
| Food and Support Services
- United States |
$240,323 |
$227,206 |
| Food and Support Services
- International |
58,306 |
47,252 |
| Uniform and Career
Apparel - Rental |
84,686 |
80,868 |
| Uniform and Career
Apparel - Direct Marketing |
18,807 |
18,832 |
| Corporate
and Other |
(25,502) |
(21,858)
|
| |
$376,620 |
$352,300
|
ARAMARK CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
ORGANIC GROWTH
(Unaudited)
(In thousands)
Management believes that presentation of organic sales growth in the fiscal
2004 and 2003 third quarter and nine-month periods, as adjusted to eliminate
the effects of acquisitions, divestitures, the forward shift in our fiscal
calendar (fiscal 2003 was a 53 week year) and the impact of currency translation,
provides useful information to investors because it enhances comparability
between the current year and prior year reporting periods. Elimination of
the currency translation effect provides constant currency comparisons without
the distortion of currency rate fluctuations. The fiscal calendar shift adjustment
is made since fiscal 2003 was a 53 week year, resulting in fiscal 2004 starting
one week later than normal. This results in a lack of service day comparability
in the Education sector when comparing operating results between fiscal periods.
Adjusting sales and estimated operating income for this difference in the
fiscal calendar enhances comparability between the quarterly and year-to-date
periods.
|
|
Three
Months Ended |
%
Change |
Nine
Months Ended |
%
Change |
|
|
July
2, 2004 |
June
27, 2003 |
July
2, 2004 |
June
27, 2003 |
|
|
| ARAMARK Corporation
Consolidated Sales (as reported) |
$2,594,924 |
$2,340,554 |
11% |
$7,571,310 |
$6,859,800 |
10% |
| Effect
of Calendar Shift |
24,425 |
-
|
|
30,964 |
-
|
|
| Effect
of Currency Translation |
- |
25,195 |
|
- |
123,490 |
|
| Effect
of Acquisitions and Divestitures |
(81,578) |
(9,053) |
|
(225,515) |
(21,169) |
|
| ARAMARK Corporation
Consolidated Sales (as adjusted) |
$2,537,771 |
$2,356,696 |
8% |
$7,376,759 |
$6,962,121 |
6% |
|
|
| Food and Support
Services - United States - Sales (as reported) |
$1,753,072 |
$1,623,463 |
8% |
|
|
|
| Effect
of Calendar Shift |
24,425 |
- |
|
|
|
|
| Effect
of Acquisitions and Divestitures |
(9,617) |
(7,913) |
|
|
|
|
| Food and Support
Services - United States - Sales (as adjusted) |
$1,767,880 |
$1,615,550 |
9% |
|
|
|
|
|
| Food and Support
Services - International - Sales (as reported) |
$474,696 |
$362,701 |
31% |
|
|
|
| Effect
of Currency Translation |
-
|
25,195 |
|
|
|
|
| Food and Support
Services - International - Sales, Excluding Translation |
474,696 |
387,896 |
22% |
|
|
|
| |
| Effect
of Acquisitions |
(68,988) |
- |
|
|
|
|
| Food and Support
Services - International - Sales (as adjusted) |
$405,708 |
$387,896 |
5% |
|
|
|
|
|
| Food and Support
Services - International - Operating Income (as reported) |
$19,010 |
$16,181 |
17% |
|
|
|
| Effect
of Currency Translation |
-
|
1,283 |
|
|
|
|
| Food and Support
Services - International - Operating Income, Excluding Translation |
$19,010 |
$17,464 |
9% |
|
|
|
ARAMARK CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
OPERATING RESULTS EXCLUDING UNUSUAL ITEMS
(In thousands, except per share amounts)
In the third quarter of
fiscal 2003, ARAMARK completed a tender offer to purchase approximately $94.3
million of its 6.75% Guaranteed Notes due August 1, 2004, and retired a $45
million term loan due March 2005. These two transactions resulted in an extinguishment
charge of $7.7 million ($4.7 million net of tax). Additionally, in the third
quarter of fiscal 2003, ARAMARK reduced the provision for income taxes, based
on the settlement of certain open tax years, by approximately $8.4 million.
These items have been excluded from the comparisons of income from continuing
operations and earnings per share to enhance comparability due to the size
and unusual nature of these items.
|
|
Three
Months Ended |
%
Change |
Nine
Months Ended |
%
Change |
|
|
July
2, 2004 |
June
27, 2003 |
July
2, 2004 |
June
27 , 2003 |
|
|
| Income
from continuing operations (as reported) |
$64,460 |
$63,851 |
|
$178,466 |
$160,077 |
|
| Add:
Debt extinguishment charges |
- |
4,687
|
|
- |
4,687 |
|
| Less:
Tax provision adjustment |
- |
(8,439) |
|
- |
(8,439) |
|
| Income
from continuing operations (as adjusted) |
$64,460 |
$60,099 |
7% |
$178,466 |
$156,325 |
14% |
|
|
| Earnings
Per Share - Diluted |
|
|
|
|
|
|
|
Income from continuing operations (as reported) |
$0.33 |
$0.33 |
|
$0.92 |
$0.81 |
|
|
Add: Debt extinguishment charges |
- |
0.02 |
|
- |
0.02 |
|
|
Less: Tax provision adjustment |
- |
(0.04) |
|
- |
(0.04) |
|
| Income
from continuing operations (as adjusted) |
$0.33 |
$0.31 |
|
$0.92 |
$0.79 |
16% |
ARAMARK CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
FISCAL 2003 FOURTH QUARTER OPERATING RESULTS EXCLUDING OTHER INCOME
/ UNUSUAL ITEMS
(Unaudited)
The fiscal 2003 fourth quarter included
approximately $32 million ($19.7 million net of tax) of business interruption
proceeds from the final settlement of the Company's September 11, 2001
claim. During the fourth quarter of fiscal 2003, ARAMARK reached agreement
for the sale of its 15% interest in a periodicals distribution business to
the majority shareholder, and wrote down this investment to the expected recoverable
amount. The resulting pre-tax charge of $10.7 million ($6.6 million net of
tax) was included in “Other (income) expense.” These items have
been excluded from the comparisons of earning per share to enhance comparability
due to the size and unusual nature of these items.
| |
Three
Months Ended |
| |
October
3, 2003 |
| |
|
| Diluted
EPS - Income from continuing operations - As reported |
$0.54 |
| Add:
Other expense |
0.03 |
| Less:
Insurance proceeds |
(0.10) |
| Diluted
EPS - Income from continuing operations - As adjusted |
$0.47 |
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