Exhibit 99.1
UNOVA, INC.
(Unaudited, amounts in thousands, except per share amounts)
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| Three Months Ended |
| Twelve Months Ended |
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| December 31, |
| December 31, |
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| 2004 |
| 2003 |
| 2004 |
| 2003 |
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CONSOLIDATED STATEMENTS OF OPERATIONS (Preliminary) | |||||||||||||
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Sales and Service Revenues |
| $ | 236,919 |
| $ | 185,940 |
| $ | 811,317 |
| $ | 706,583 |
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Costs and Expenses |
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Cost of sales and service |
| 138,257 |
| 112,606 |
| 465,430 |
| 416,623 |
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Selling, general and administrative |
| 77,324 |
| 64,880 |
| 279,868 |
| 245,633 |
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Special charges |
| 191 |
| 849 |
| 1,306 |
| 1,662 |
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Total Costs and Expenses |
| 215,772 |
| 178,335 |
| 746,604 |
| 663,918 |
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Operating Profit From Continuing Operations |
| 21,147 |
| 7,605 |
| 64,713 |
| 42,665 |
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Other Income (Expense) |
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Interest, net |
| (2,918 | ) | (2,913 | ) | (12,361 | ) | (13,085 | ) | ||||
Foreign currency exchange, net |
| (763 | ) | 3,024 |
| (1,675 | ) | 1,242 |
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Total Other Income (Expense) |
| (3,681 | ) | 111 |
| (14,036 | ) | (11,843 | ) | ||||
Earnings from Continuing Operations before Income Taxes |
| 17,466 |
| 7,716 |
| 50,677 |
| 30,822 |
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Provision (Benefit) for income taxes |
| (8,980 | ) | (3,069 | ) | (1,504 | ) | 15,650 |
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Earnings from Continuing Operations |
| 26,446 |
| 10,785 |
| 52,181 |
| 15,172 |
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Loss from discontinued operations, net of tax |
| (97,663 | ) | (13,034 | ) | (101,310 | ) | (34,439 | ) | ||||
Net Loss |
| $ | (71,217 | ) | $ | (2,249 | ) | $ | (49,129 | ) | $ | (19,267 | ) |
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Basic Earnings (Loss) per Share |
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Continuing operations |
| $ | 0.44 |
| $ | 0.18 |
| $ | 0.86 |
| $ | 0.26 |
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Discontinued operations |
| (1.61 | ) | (0.22 | ) | (1.67 | ) |
| (0.59 | ) | |||
Net loss per share |
| $ | (1.17 | ) | $ | (0.04 | ) | $ | (0.81 | ) | $ | (0.33 | ) |
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Diluted Earnings (Loss) per Share |
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Continuing operations |
| $ | 0.42 |
| $ | 0.18 |
| $ | 0.84 |
| $ | 0.25 |
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Discontinued operations |
| (1.56 | ) | (0.22 | ) | (1.63 | ) | (0.57 | ) | ||||
Net loss per share |
| $ | (1.14 | ) | $ | (0.04 | ) | $ | (0.79 | ) | $ | (0.32 | ) |
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Shares Used in Computing Earnings (Loss) per Share |
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Basic |
| 60,780 |
| 59,454 |
| 60,502 |
| 58,828 |
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Diluted |
| 62,374 |
| 61,428 |
| 62,154 |
| 60,234 |
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SELECTED SEGMENT INFORMATION (Preliminary) | |||||||||||||
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Revenues from Continuing Operations |
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Product Related Revenues |
| $ | 199,129 |
| $ | 152,873 |
| $ | 654,867 |
| $ | 561,362 |
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Service and Service Related Revenues |
| 37,790 |
| 33,067 |
| 136,800 |
| 126,553 |
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Intellectual Property Settlements |
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| 19,650 |
| 18,668 |
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Total Revenues |
| $ | 236,919 |
| $ | 185,940 |
| $ | 811,317 |
| $ | 706,583 |
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Operating Profit (Loss) From Continuing Operations |
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Automated Data System Operating Profit |
| $ | 29,011 |
| $ | 13,107 |
| $ | 89,740 |
| $ | 65,781 |
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Corporate and Other |
| (7,673 | ) | (4,653 | ) | (23,721 | ) | (21,454 | ) | ||||
Special Charges |
| (191 | ) | (849 | ) | (1,306 | ) | (1,662 | ) | ||||
Operating Profit From Continuing Operations |
| $ | 21,147 |
| $ | 7,605 |
| $ | 64,713 |
| $ | 42,665 |
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UNOVA, INC.
CONSOLIDATED BALANCE SHEETS (Preliminary)
(Unaudited, amounts in thousands)
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| December 31, |
| December 31, |
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Assets |
| 2004 |
| 2003 |
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Current Assets |
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Cash and cash equivalents |
| $ | 217,899 |
| $ | 238,447 |
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Restricted cash |
| 50,000 |
| — |
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Accounts receivable, net |
| 157,833 |
| 137,732 |
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Inventories |
| 80,854 |
| 73,171 |
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Net deferred tax assets |
| 81,769 |
| 71,229 |
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Assets held for sale |
| 19,748 |
| 23,840 |
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Assets of discontinued operations |
| 211,116 |
| 196,860 |
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Other current assets |
| 8,831 |
| 19,668 |
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Total Current Assets |
| 828,050 |
| 760,947 |
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Property, Plant and Equipment, Net |
| 30,375 |
| 30,231 |
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Other Intangibles, Net |
| 4,072 |
| 4,336 |
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Net Deferred Tax Assets |
| 134,978 |
| 111,820 |
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Long Term Assets of Discontinued Operations |
| 21,238 |
| 119,224 |
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Other Assets |
| 53,964 |
| 64,259 |
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Total Assets |
| $ | 1,072,677 |
| $ | 1,090,817 |
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Liabilities and Shareholders' Investment |
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Current Liabilities |
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Accounts payable and accrued expenses |
| $ | 160,001 |
| $ | 152,542 |
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Payroll and related expenses |
| 30,077 |
| 33,271 |
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Current portion of long-term obligations |
| 108,500 |
| — |
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Current liabilities of discontinued operations |
| 130,257 |
| 134,706 |
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Total Current Liabilities |
| 428,835 |
| 320,519 |
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Long-term Obligations |
| 100,000 |
| 208,500 |
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Other Long-term Liabilities |
| 86,220 |
| 78,862 |
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Long Term Liabilities of Discontinued Operations |
| 46,388 |
| 52,108 |
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Shareholders' Investment |
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Common stock |
| 611 |
| 605 |
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Additional paid-in capital |
| 703,416 |
| 690,745 |
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Accumulated deficit |
| (306,695 | ) | (257,566 | ) | ||
Accumulated other comprehensive income (loss) |
| 13,902 |
| (2,956 | ) | ||
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Total Shareholders' Investment |
| 411,234 |
| 430,828 |
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Total Liabilities and Shareholders' Investment |
| $ | 1,072,677 |
| $ | 1,090,817 |
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UNOVA, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS (Preliminary)
(Unaudited, amounts in thousands)
Year Ended December 31, 2004
Cash and Cash Equivalents at Beginning of Period |
| $ | 238,447 |
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Cash Flows from Operating Activities: |
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Net earnings from continuing operations |
| 52,181 |
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Adjustments to reconcile net earnings to net cash provided in operating activities: |
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Depreciation and amortization |
| 10,847 |
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Changes in working capital and other operating activities |
| (18,272 | ) | |
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Net Cash Provided by Operating Activities of Continuing Operations |
| 44,756 |
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Cash Flows from Investing Activities: |
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Capital expenditures |
| (10,284 | ) | |
Other investing activities |
| 3,801 |
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Net Cash Used in Investing Activities of Continuing Operations |
| (6,483 | ) | |
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Cash Flows from Financing Activities: |
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Cash restricted for repayment of debt |
| (50,000 | ) | |
Stock options exercised |
| 5,683 |
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Other financing activities |
| 211 |
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Net Cash Used in Financing Activities of Continuing Operations |
| (44,106 | ) | |
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Net Cash Used in Continuing Operations |
| (5,833 | ) | |
Net Cash Used in Operating Activities of Discontinued Operations |
| (13,274 | ) | |
Net Cash Provided by Investing Activities of Discontinued Operations |
| (1,441 | ) | |
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Resulting Decrease in Cash and Cash Equivalents |
| (20,548 | ) | |
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Cash and Cash Equivalents at End of Period |
| $ | 217,899 |
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