1315 Pages Complete
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
--------------------------------------------------------------------
X Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the period ended June 30, 19941995
or
Transition Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the transition period from
_______________------------ to ______________------------------
-----------------------------------
Commission file number 1-5684
I.R.S. Employer Identification Number 36-1150280
W.W. Grainger, Inc.
(an Illinois Corporation)
5500 W. Howard St.
Skokie, IL. 60077-2699
Telephone: (708) 982-9000
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
--- ---
Indicate the number of shares outstanding of each of the issuers classes
of common stock, as of the latest practicable date: 50,744,00150,831,162 shares of
the Company's Common Stock were outstanding as of July 29, 1994.
131, 1995.
(1)
Part I - FINANCIAL INFORMATION
W.W. Grainger, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
In(In thousands of dollars except for per share amounts)
(Unaudited)
Three Months Ended 6/June 30, Six Months Ended 6/June 30,
1995 1994 19931995 1994 1993
---------- ---------- ---------- ----------
Net sales $ 768,554 $ 660,407$813,518 $768,554 $1,620,345 $1,474,923 $1,266,590
Cost of merchandise
sold 527,097 499,762 418,7351,042,219 950,505
796,546
---------- ---------- ------------------ -------- --------- ----------
Gross profit 286,421 268,792 241,672578,126 524,418 470,044
Warehousing, marketing,
and administrative
expenses 219,091 197,260 432,621 382,356
Restructuring charges - 330 - 667
------- ------- ------- -------
Total operating
expenses 219,091 197,590 182,341432,621 383,023
354,713
---------- ---------- ---------- ----------------- ------- ------- -------
Operating earnings 67,330 71,202 59,331145,505 141,395 115,331
Other income or
(deductions)
Interest income 2 792 157 14 478
Interest expense (1,080) (671) (348)(1,163) (1,010)
(694)
Unclassified-net (226) 361 (378)(96) 73
167
---------- ---------- ---------- ------------------ ------- ------ -------
(1,304) (308) (647)(1,102) (923)
(49)
---------- ---------- ---------- ------------------ ------ ------ -------
Earnings before income
taxes 66,026 70,894 58,684144,403 140,472 115,282
Income taxes 26,542 28,570 23,23958,050 56,610
45,652
---------- ---------- ---------- ------------------ ------ ------- -------
Net earnings before
cumulative effect of
accounting changes 42,324 35,445 83,862 69,630
Cumulative effect of accounting
changes - - - (820)
---------- ---------- ---------- ----------
Net earnings $ 42,324 $ 35,445 $ 83,862 $ 68,810
========== ========== ========== ==========$39,484 $42,324 $86,353 $83,862
======= ======= ======= =======
Net earnings per common
and common equivalent
share before
accounting changes $ 0.83 $ 0.68 $ 1.64 $ 1.33
Cumulative effect of accounting
changes - - - (0.02)
---------- ---------- ---------- ----------
Net earnings per common and
common equivalent share $ 0.83 $ 0.68 $ 1.64 $ 1.31
========== ========== ========== ==========$0.77 $0.83 $1.69 $1.64
===== ===== ===== =====
Average number of common
and common equivalent
shares outstanding 51,219,169 51,260,049 52,241,82051,217,933 51,245,390 52,503,496
========== ========== ========== ==========
Cash dividends paid
per share $ 0.20 $ 0.18 $ 0.38 $ 0.345
========== ========== ========== ==========$0.23 $0.20 $0.43 $0.38
===== ===== ===== =====
The accompanying notes are an integral part of these financial statements.
2(2)
W.W. Grainger, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
(Unaudited)
ASSETS 06/30/94 12/31/93
--------- --------June 30, 1995 Dec. 31, 1994
CURRENT ASSETS
Cash and cash equivalents $ 12,45716,239 $ 2,57215,292
Accounts receivable, less allowance for doubtful
accounts of $15,120$17,015 in 1995 and $15,333 in 1994 and $13,573 in 1993 372,772 299,856388,211 345,793
Inventories 498,088 466,214607,491 519,966
Prepaid expenses 9,653 10,83213,880 14,233
Deferred income tax benefits 45,229 44,408
---------- ----------67,773 68,362
--------- ---------
Total current assets 938,199 823,8821,093,594 963,646
PROPERTY, BUILDINGS, AND EQUIPMENT 757,536 716,755859,396 810,217
Less accumulated depreciation and amortization 330,914 307,372
---------- ----------367,802 341,075
--------- ---------
Property, buildings, and equipment-net 426,622 409,383491,594 469,142
OTHER ASSETS 134,481 143,399
---------- ----------95,373 101,963
--------- ---------
TOTAL ASSETS $1,499,302 $1,376,664$1,680,561 $1,534,751
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term debt $ 69,687125,350 $ 34,29811,134
Current maturities of long-term debt 21,574 21,66226,287 26,449
Trade accounts payable 217,473 178,114249,157 226,459
Accrued liabilities 119,235 128,510133,115 172,359
Income taxes 12,155 18,773
---------- ----------6,688 22,650
--------- ---------
Total current liabilities 440,124 381,357540,597 459,051
LONG-TERM DEBT (less current maturities) 5,987 6,214955 1,023
DEFERRED INCOME TAXES 19,107 23,01711,656 15,177
ACCRUED EMPLOYMENT RELATED BENEFITS COSTS 26,621 24,17128,870 26,695
SHAREHOLDERS' EQUITY
Cumulative Preferred Stock - $5.00
par value - authorized 6,000,000 shares,
issued and outstanding, none - -
Common Stock - $0.50 par value - authorized
150,000,000 shares, issued and outstanding,
50,741,79050,824,991 shares in 1995 and 50,749,681 shares
in 1994 and 50,684,983 shares
in 1993 25,371 25,34225,412 25,375
Additional contributed capital 80,222 79,36482,899 81,796
Unearned restricted stock compensation (111) (192)(38) (61)
Retained earnings 901,981 837,391
---------- ----------990,210 925,695
--------- ---------
Total shareholders' equity 1,007,463 941,905
---------- ----------1,098,483 1,032,805
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,499,302 $1,376,664$1,680,561 $1,534,751
========== ==========
The accompanying notes are an integral part of these financial statements.
3(3)
W.W. Grainger, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(Unaudited)
Six Months Ended June 30,
1995 1994 1993
Cash flows from operations:
--------- ---------
Net earnings $ 83,862 $ 68,810$86,353 $83,862
Provision for losses on accounts receivable 5,826 5,530 4,428
Depreciation and amortization:
Property, buildings, and equipment 29,885 26,103 20,695
Intangibles and goodwill 7,988 8,906
10,080Restructuring charges - non cash _ 847
Change in operating assets and liabilities:liabilities
net of effect of restructuring charges:
(Increase) in accounts receivable (48,244) (78,446) (48,946)
(Increase) in inventories (31,874) (980)(87,525) (32,721)
Decrease in prepaid expenses 353 1,179 4,053
Increase in trade accounts payable 22,698 39,359 35,607
(Decrease) in other current liabilities (39,244) (9,275) (23,224)
(Decrease) in current income taxes payable (15,962) (6,618) (6,307)
Increase in accrued employment related
benefits costs 2,175 2,450 7,074
(Decrease) in deferred income taxes (2,932) (4,731)
(9,404)
Other-net 223 8
457
--------------- --------
Net cash (used in) provided by operating
activities (38,406) 36,453
62,343
-------- --------------- ---------
Cash flows from investing activities:
Additions to property, buildings, and
equipment - net-net of dispositions (52,647) (42,980) (38,654)
Other - net (1,288) (277)
408
-------- --------------- -------
Net cash (used in) investing activities (53,935) (43,257)
(38,246)
-------- --------------- -------
Cash flows from financing activities:
Net proceeds from short-term debt 114,216 35,389 17,793
Proceeds from long-term debt - 700
Long-term debt payments (230) (315) (1,382)
Stock incentive plan 1,140 887 1,106
Purchase of Company Common stock - (66,513)
Cash dividends paid (21,838) (19,272)
(17,949)
-------- --------------- -------
Net cash provided by (used in) financing activities 93,288 16,689
(66,245)
-------- --------------- -------
Net increase (decrease) in cash and cash equivalents 947 9,885 (42,148)
Cash and cash equivalents at beginning of year 15,292 2,572 44,809
-------- --------
Cash and cash equivalents at end of period $ 12,45716,239 $ 2,66112,457
======== ========
The accompanying notes are an integral part of these financial statements.
4(4)
W.W. Grainger, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF STATEMENT PRESENTATION
The financial statements and the related notes are condensed and should
be read in conjunction with the consolidated financial statements and
related notes for the year ended December 31, 1993,1994, included in the
Company's annual report on Form 10-K filed with the Securities and
Exchange Commission.
The consolidated financial statements include the accounts of the
Company and its subsidiaries. All significant intercompany
transactions are eliminated from the consolidated financial statements.
Inventories are valued at the lower of cost or market. Cost is
determined by the last-in, first-out (LIFO) method.
The unaudited financial information reflects all adjustments which are,
in the opinion of management, necessary for a fair presentation of the
statements contained herein.
Checks outstanding of $23,404,000$45,515,000 and $16,521,000$37,088,000 were included in
trade accounts payable at June 30, 19941995 and December 31, 1993,1994,
respectively.
2. DIVIDEND
On August 3, 1994,2, 1995, the Board of Directors declared a quarterly
dividend of 2023 cents per share, payable September 1, 19941995 to
shareholders of record on August 15, 1994.
514, 1995.
(5)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND THE RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 19941995 COMPARED WITH THE THREE MONTHS ENDED
JUNE 30,1993:30, 1994:
Net Sales
---------
Net sales of $768,554,000$813,518,000 in the 19941995 second quarter increased 16.4%5.9% from
net sales of $660,407,000 in$768,554,000 for the same 1993comparable 1994 period. There were 64
sales days in both the 19941995 and 19931994 second quarter. The year 19941995 will
have one moreless sales day than did the year 1993 (2551994 (254 versus 254)255).
The sales increase of 16.4% for the 19941995 second quarter compared with the 19931994
second quarter was allprincipally volume related;related. The rate of sales increase
for the Company actually
experienced selling price deflationsecond quarter of about 0.6%.1995 was significantly less than the rate of
increase for the first quarter of 1995. Contributing to this decline were
two factors:
1. A slowing in the growth of the general economy.
2. The sales of seasonal products having a larger negative effect in
the second quarter versus the first quarter.
The volume increase primarily represented the continuing effects of Companythe
Company's market initiatives, the
accelerated growth in the national economy, and strong sales of seasonal
products. The Company's marketinitiatives. These initiatives included new product
additions, pricing actions (see Net Earnings discussion), the continuing
effectexpansion of expanding branch andfacilities, adding Zone Distribution
facilities,Centers (ZDCs), and
the continuing growth of the National Accounts program.
The increase in
seasonal sales was related to hotter weather experienced by many regions
of the country during the 1994 quarter versus the 1993 quarter. Daily sales to Grainger Division National AccountsAccount customers within the Company's core
branch-based business increased 26%about 19%, on a comparable basis, over the
19931994 second quarter. 6Partially offsetting the sales increase was a
decline in the sales of seasonal products by the core business. The core
business experienced selling price increases of about 1.4% when comparing
the second quarters of 1995 and 1994.
(6)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND THE RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Net Earnings
------------
Net earnings of $42,324,000 increased 19.4%$39,484,000, in the 1995 second quarter, decreased 8.2%,
when compared to $35,445,000,with 1994 second quarter net earnings of $43,033,000, which
excludes the effect of after tax restructuring charges of $709,000. When
considering the effect of the restructuring charges, net earnings for the
19931995 second quarter decreased 6.7%. The net earnings decrease versus the
sales increase was due primarily to operating expenses increasing at a
faster rate than net sales, partially offset by slightly higher gross
profit margins.
The Company's gross profit margin increased by 0.24 percentage point for
the second quarter of 1995 as compared with the same 1994 period.
Contributing to the improvement were:
1. A favorable product mix primarily resulting from a decline in sales
of seasonal products. The earningssales of seasonal products have
historically had lower than average gross profit margins.
2. Cost of goods sold for the 1994 second quarter included $847,000 of
restructuring charges attributable to business unit integration.
Offsetting the above positive items was a negative effect from a change in
selling price category mix. This change primarily resulted from the
growth in sales to National Accounts.
Warehousing, marketing, and administrative (operating) expenses
increased 10.9% for the 1995 second quarter compared with the 1994
second quarter. This increase was greater than the sales increase
primarily due to the Company's continuing investment in the business
infrastructure to support its market initiatives and to the rapid decline
in the rate of sales growth experienced throughout the quarter. Of note
were the following factors relating to infrastructure investments:
1. Increased data processing expenses related to the ongoing
significant upgrade and replacement of the branch order entry, order
processing, and inventory management system. This initiative will
continue throughout 1995.
2. Increased systems development expenses designed to support Grainger
Integrated Supply Operations' role in managing transactions for the
Company and its best-in-class distribution partners.
3. Increased expenses related to the continuing enhancement and
reconfiguration of the Company's logistics network. The quarter
included expenses related to the ramp-up of three additional ZDCs.
Also included were expenses associated with converting the Niles,
Illinois Regional Distribution Center to a National Distribution
Center.
(7)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND THE RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Net Earnings (continued)
------------
Also contributing to operating expenses increasing at a slower rate than sales,
partially offset by lower gross profit margins and a higher effective
income tax rate.
The Company gross profit margin decreased primarily due to a change in
selling price category mix and the level of cost increases exceeding the
level of selling price increases. Seasonal sales, which historically have
a lower than average gross profit margin, had a minor impact. The change
in the selling price category mix resulted from a shift in the mix of
sales toward lower gross profit margin categories. This change resulted
from a strategic repricing applicable to the contractor customer segment,
as well as from the growth in sales to Grainger Division National
Accounts. The level of cost increases, exceeding the level of selling
price increases was related to: strategic restructuring of pricing within
certain product lines including portable heating and air conditioning,
controls, air treatment, other HVAC products, and lighting; and holding
certain pricing firm in other categories. These actions were based on
market research focused at increasing market share in selected areas. In
addition, the Company incurred about $850,000 in non-recurring inventory
costs in connection with integrating its sanitary supply businesses during
the second quarter of 1994.
The increase in operating expenses was lessfaster than the sales
increase. This
pattern occurred across most expense categories primarily due to the
strong sales growth experienced in the quarter. Of note are the following
factors: the continued leveraging of payrollincrease were:
1. Payroll and related benefits costs which increased at a slowerincreasing somewhat faster than
the rate than sales;of sales. The Company was unable to balance its workforce
due to the sharp decline in the rate of sales growth, particularly
in the month of June.
2. Increased freight-out expenses resulting from several factors
including:
a. Proportionally more shipments qualifying for prepaid freight.
b. Proportionally more orders being transferred within the
ZDC/branch network. This resulted in orders being shipped
longer distances. These incremental expenses, by policy, were
not billed to customers.
Partially offsetting these unfavorable comparisons was lower amortization
of goodwill and other acquisition related costs associated with acquired
and start-up businesses and lower advertising expenses. Non-recurringbusinesses.
Operating expenses for the 1994 second quarter included $330,000 of
about $300,000 have been incurredrestructuring charges in connection with the continuingCompany's previously
announced integration of the Company's sanitary supply businesses. As of June 30,
1994, the Company has not incurred any significant expenses associated
with the integration of either Allied Safety or Bossert Industrial Supply
into the core business. Future expenses relating to these three
integrations, including any reevaluation of goodwill, will be charged to
operations as they become determinable.its business units and its administrative support
functions.
The Company's effective income tax rate for the second quarter of 19941995 was
40.3%40.2% versus 39.6%40.3% in the comparable 19931994 period.
This increase was
primarily related to the effect of the Omnibus Budget Reconciliation Act
of 1993 which was enacted during the third quarter of 1993. The Company's
effective income tax rate for the 1993 year was 40.3%.
7(8)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND THE RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 19941995 COMPARED WITH THE SIX MONTHS ENDED
JUNE 30, 1993:1994:
Net Sales
---------
Net sales of $1,474,923,000$1,620,345,000 in the first six months of 19941995 increased 16.4%9.9%
from net sales of $1,266,590,000$1,474,923,000 in the same 19931994 period. There were 128
sales days in the firstboth six months of 1994 compared with 127 days
in the comparable 1993 period.month periods. The year 19941995 will have one moreless
sales day than did the year 1993 (2551994 (254 versus 254)255).
The sales increase for the first six months of 19941995 when compared with the
same 19931994 period was completelyprincipally volume related;related. The volume increase can
be explained primarily by the Company actuallysame factors discussed for the second
quarter (see Second Quarter Net Sales discussion). Daily sales to
National Account customers within the Company's core branch-based business
increased about 22%, on a comparable basis, over the same 1994 period.
The core business experienced selling price deflationincreases of about 0.5%. The volume increase
primarily represented1.0% when
comparing the effects of Company market initiatives, the
accelerated growth in the national economy, and strong sales of seasonal
products. The Company's market initiatives included new product
additions, pricing actions (see Net Earnings discussion), the continuing
effect of expanding branch and adding Zone Distribution facilities, and
the continuing growth of the National Accounts program.
8first six month period for each year.
(9)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND THE RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Net Earnings
------------
Net earnings beforefor the cumulative1995 first half increased 1.9% to $86,353,000
compared with 1994 net earnings of $84,774,000, which excludes the effect
of accounting changesafter tax restructuring charges of $83,862,000 increased 20.4% when compared to $69,630,000$912,000. When considering the
effect of the restructuring charges, net earnings for the 1993
period.1995 first half
increased 3.0%. The earnings increase was greaterless than the sales increase
due primarily to operating expenses increasing at a slowerfaster rate than net
sales, partially offset by lowerslightly higher gross profit margins, and a higher effective
income tax rate.margins.
The CompanyCompany's gross profit margin decreasewas virtually the same when comparing
the first six months of 1995 and 1994 (0.12 percentage point improvement).
This change in gross profit margin was primarily the result of the factors
discussed for the second quarter (see second
quarterSecond Quarter Net Earnings
discussion).
TheWarehousing, marketing, and administrative (operating) expenses
increased 12.9% for the first six months of 1995 as compared with
the same 1994 period. This increase was greater than the increase in operating expenses was
less thannet
sales due primarily to the sales increase and was the result of the same factors discussed for the second quarter (see
second quarterSecond Quarter Net Earnings discussion). Effective January 1, 1993,Operating expenses for the Company adopted three Statementsfirst
six months of Financial Accounting Standards resulting1994 included $667,000 of restructuring charges in
a charge to 1993 first quarter
net earningsconnection with the Company's previously announced integration of $820,000.its
business units and its administrative support functions.
The Company's effective income tax rate for the first six months of 19941995 was
40.3%40.2% versus 39.6%40.3% in the comparable 19931994 period. This increase was primarily related to the effect of the Omnibus
Budget Reconciliation Act of 1993 which was enacted during the third
quarter of 1993. The Company's effective
income tax rate for the 1993full year was 40.3%.
91994 would have been 40.4% without the
effects of the restructuring charges recorded during 1994.
(10)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND THE RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
For the six months ended June 30, 1994,1995, working capital increased
$55,550,000.$48,402,000. The ratio of current assets to current liabilities was 2.12.0
at June 30, 19941995 and 2.22.1 at December 31, 1993.1994. The Consolidated
Statements of Cash Flows, included in this report, detail the sources and
uses of cash and cash equivalents.
The Company continues to maintain a low debt ratio and a strong liquidity
position, which provide flexibility in funding working capital needs,
capital expenditures, and business acquisitions. Total debt as a percent
of shareholders' equity was 9.7%13.9% at June 30, 19941995 and 6.6%3.7% at December
31, 1993.1994. For the first six months of 1994, $37,520,0001995, $16,894,000 was expended for
land, buildings, and facilities improvements, and $7,420,000$35,593,000 for data
processing, office, and other equipment; a total of $44,940,000.
10$52,487,000.
(11)
W.W. Grainger, Inc. and Subsidiaries
PART II - OTHER INFORMATION
Items 1, 2, 3, 4, and 5 not applicable
EXHIBIT INDEX
-------------
Item 6 Exhibits and Reports on Form 8-K (numbered in
accordance with Item 601 of regulation S-K).
(a) Exhibits
(11) Computation of Earnings per Common and
Common Equivalent Share. 13Share 14
(27) Financial Data Schedule 15
(b) Reports on Form 8-K - None
11None.
(12)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
W.W. Grainger, Inc.
------------------------------------------------------------------------
(Registrant)
Date: August 12, 199410, 1995 By: /s/ J. D. Fluno
--------------------- ------------------------------------------------------------------------
J. D. Fluno, Vice Chairman
Date: August 12, 199410, 1995 By: /s/ P. J. Wallace
--------------------- -------------------------------------O. Loux
-----------------------------------
P. J. Wallace,O. Loux, Vice President, Finance
Date: August 10, 1995 By: /s/ R. D. Pappano
-----------------------------------
R. D. Pappano, Vice President,
Financial Reporting and Controller
(Principal Accounting Officer)
12
EXHIBIT 11
W.W. Grainger, Inc. and Subsidiaries
COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
1994 1993
---------- ----------
Six Months ended June 30:
Average number of shares outstanding
during the period 50,719,059 51,957,162
Common equivalent shares:
Shares issuable under outstanding
options which are dilutive 1,440,889 1,380,549
Shares which could have been purchased
based upon the average market value for
the period 924,140 845,450
---------- ----------
516,749 525,099
Dilutive effect of exercised options
prior to being exercised 9,582 11,236
---------- ----------
526,331 546,335
---------- ----------
Weighted average number of common
and common equivalent shares outstanding 51,245,390 52,503,496
========== ==========
Net earnings before cumulative effect of
accounting changes $83,862,000 $69,630,000
Cumulative effect of accounting changes - (820,000)
----------- -----------
Net earnings $83,862,000 $68,810,000
=========== ===========
Net earnings per common and common equivalent
share before accounting changes $1.64 $1.33
Cumulative effect of accounting changes per
common and common equivalent share - (0.02)
----------- -----------
Net earnings per common and common equivalent
share $1.64 $1.31
=========== ===========
Three months ended June 30:
Six months ended June 30, from above $1.64 $1.31
Three months ended March 31, as previously
reported 0.81 0.63
----------- -----------
Net earnings per common and common equivalent
share for the three months ended June 30 $0.83 $0.68
=========== ===========
NOTE: The effect under a fully diluted computation is immaterial for both
periods.
13
Investor Relations
(13)