INGERSOLL-RAND COMPANY LIMITED | |||||||||
Consolidated Income Statement | |||||||||
Second Quarter and Six Months | |||||||||
(In millions except per share amounts) | |||||||||
UNAUDITED | |||||||||
Three Months | Six Months | ||||||||
Ended June 30, | Ended June 30, | ||||||||
2002 | 2001 | 2002 | 2001 | ||||||
Revenues | $ 2,587.4 | $ 2,459.3 | $ 4,893.3 | $ 4,750.6 | |||||
Cost of goods sold | 1,994.9 | 1,933.3 | 3,769.2 | 3,720.6 | |||||
Selling & administrative expenses | 378.8 | 355.4 | 727.0 | 697.5 | |||||
Restructuring charges | 7.3 | 8.3 | 19.1 | 31.6 | |||||
Operating income | 206.4 | 162.3 | 378.0 | 300.9 | |||||
Interest expense | (59.5) | (61.1) | (119.0) | (125.6) | |||||
Other income/(expense) | (15.1) | (7.7) | (28.7) | (8.7) | |||||
Earnings before taxes | 131.8 | 93.5 | 230.3 | 166.6 | |||||
Provision for taxes | 24.4 | 30.6 | 42.0 | 54.4 | |||||
Net earnings before cumulative effect | |||||||||
of change in accounting principle | 107.4 | 62.9 | 188.3 | 112.2 | |||||
Cumulative effect of change in | |||||||||
accounting principle, net of tax | - | - | (634.5) | - | |||||
Net earnings/(loss) | $ 107.4 | $ 62.9 | $ (446.2) | $ 112.2 | |||||
Basic earnings per share | |||||||||
Net earnings before cumulative effect | |||||||||
of change in accounting principle | $ 0.64 | $ 0.38 | $ 1.12 | $ 0.69 | |||||
Cumulative effect of change in | |||||||||
accounting principle, net of tax | - | - | (3.76) | - | |||||
$ 0.64 | $ 0.38 | $ (2.64) | $ 0.69 | ||||||
Diluted earnings per share | |||||||||
Net earnings before cumulative effect | |||||||||
of change in accounting principle | $ 0.63 | $ 0.38 | $ 1.10 | $ 0.68 | |||||
Cumulative effect of change in | |||||||||
accounting principle, net of tax | - | - | (3.72) | - | |||||
$ 0.63 | $ 0.38 | $ (2.62) | $ 0.68 | ||||||
Average number of common | |||||||||
shares outstanding: | |||||||||
Basic | 169.0 | 164.1 | 168.7 | 162.5 | |||||
Diluted | 171.2 | 165.6 | 170.5 | 163.8 | |||||
INGERSOLL-RAND COMPANY LIMITED | ||||||||||
Business Review | ||||||||||
Second Quarter and Six Months | ||||||||||
(In millions except percentages) | ||||||||||
UNAUDITED | ||||||||||
Three Months | Six Months | |||||||||
Ended June 30, | Ended June 30, | |||||||||
2002 | 2001 | 2002 | 2001 | |||||||
Climate Control | ||||||||||
Revenues | $ 615.2 | $ 607.3 | $ 1,129.7 | $ 1,118.8 | ||||||
Operating income | 37.3 | 11.5 | 60.5 | 1.1 | ||||||
and as a % of revenues | 6.1% | 1.9% | 5.4% | 0.1% | ||||||
Industrial Solutions | ||||||||||
Air & Productivity Solutions | ||||||||||
Revenues | 323.1 | 335.1 | 633.2 | 665.2 | ||||||
Operating income | 13.9 | 14.7 | 39.5 | 49.5 | ||||||
and as a % of revenues | 4.3% | 4.4% | 6.2% | 7.4% | ||||||
Dresser Rand | ||||||||||
Revenues | 234.7 | 181.7 | 446.5 | 362.8 | ||||||
Operating income/(loss) | 0.2 | (5.5) | (0.2) | (12.9) | ||||||
and as a % of revenues | 0.1% | -3.0% | 0.0% | -3.6% | ||||||
Engineered Solutions | ||||||||||
Revenues | 321.1 | 270.0 | 610.0 | 542.3 | ||||||
Operating income | 20.9 | 20.4 | 37.0 | 35.7 | ||||||
and as a % of revenues | 6.5% | 7.6% | 6.1% | 6.6% | ||||||
Industrial Solutions | ||||||||||
Revenues | 878.9 | 786.8 | 1,689.7 | 1,570.3 | ||||||
Operating income | 35.0 | 29.6 | 76.3 | 72.3 | ||||||
and as a % of revenues | 4.0% | 3.8% | 4.5% | 4.6% | ||||||
Infrastructure | ||||||||||
Revenues | 729.3 | 719.8 | 1,364.4 | 1,381.1 | ||||||
Operating income | 89.7 | 84.9 | 152.4 | 155.8 | ||||||
and as a % of revenues | 12.3% | 11.8% | 11.2% | 11.3% | ||||||
Security & Safety | ||||||||||
Revenues | 364.0 | 345.4 | 709.5 | 680.4 | ||||||
Operating income | 64.3 | 56.3 | 130.4 | 110.6 | ||||||
and as a % of revenues | 17.7% | 16.3% | 18.4% | 16.3% | ||||||
Total | ||||||||||
Revenues | $ 2,587.4 | $ 2,459.3 | $ 4,893.3 | $ 4,750.6 | ||||||
Operating income | 226.3 | 182.3 | 419.6 | 339.8 | ||||||
and as a % of revenues | 8.7% | 7.4% | 8.6% | 7.2% | ||||||
Unallocated corporate expense | (19.9) | (20.0) | (41.6) | (38.9) | ||||||
Consolidated operating income | $ 206.4 | $ 162.3 | $ 378.0 | $ 300.9 | ||||||
and as a % of revenues | 8.0% | 6.6% | 7.7% | 6.3% | ||||||
INGERSOLL-RAND COMPANY LIMITED | |||||||||||
Consolidated Income Reconciliation | |||||||||||
Second Quarter | |||||||||||
(In millions except per share amounts) | |||||||||||
UNAUDITED | |||||||||||
2002 | 2001 | ||||||||||
Restructure | Restructure | ||||||||||
Reported | and Other | Adjusted | Reported | and Other | Adjusted | ||||||
Results | Charges | Results | Results | Charges | Results | ||||||
Revenues | $ 2,587.4 | $ - | $ 2,587.4 | $ 2,459.3 | $ - | $ 2,459.3 | |||||
Cost of goods sold | 1,994.9 | 12.5 | 1,982.4 | 1,933.3 | 27.3 | 1,906.0 | |||||
Selling & administrative expenses | 378.8 | 2.1 | 376.7 | 355.4 | 6.4 | 349.0 | |||||
Restructuring charges | 7.3 | 7.3 | - | 8.3 | 8.3 | - | |||||
Operating income | 206.4 | (21.9) | 228.3 | 162.3 | (42.0) | 204.3 | |||||
Interest expense | (59.5) | - | (59.5) | (61.1) | - | (61.1) | |||||
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Other income/(expense) | (15.1) | - | (15.1) | (7.7) | - | (7.7) | |||||
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Earnings before taxes | 131.8 | (21.9) | 153.7 | 93.5 | (42.0) | 135.5 | |||||
Provision for taxes | 24.4 | (6.3) | 30.7 | 30.6 | (13.9) | 44.5 | |||||
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Net earnings | $ 107.4 | $ (15.6) | $ 123.0 | $ 62.9 | $ (28.1) | $ 91.0 | |||||
Earnings per share: | |||||||||||
- Basic | $ 0.64 | $ 0.73 | $ 0.38 | $ 0.55 | |||||||
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- Diluted | $ 0.63 | $ 0.72 | $ 0.38 | $ 0.55 | |||||||
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Average number of common | |||||||||||
shares outstanding: | |||||||||||
Basic | 169.0 | 169.0 | 164.1 | 164.1 | |||||||
Diluted | 171.2 | 171.2 | 165.6 | 165.6 | |||||||
INGERSOLL-RAND COMPANY LIMITED | |||||||||||
Business Review Reconciliation | |||||||||||
Second Quarter | |||||||||||
(In millions except percentages) | |||||||||||
UNAUDITED | |||||||||||
2002 | 2001 | ||||||||||
Restructure | Restructure | Excluding | |||||||||
Reported | & Other | Adjusted | Reported | & Other | Adjusted | Goodwill | |||||
Results | Charges | Results | Results | Charges | Results | Amortization * | |||||
Climate Control | |||||||||||
Revenues | $ 615.2 | $ - | $ 615.2 | $ 607.3 | $ - | $ 607.3 | $ 607.3 | ||||
Operating income | 37.3 | (4.7) | 42.0 | 11.5 | (11.6) | 23.1 | 44.1 | ||||
and as a % of revenues | 6.1% | 6.8% | 1.9% | 3.8% | 7.3% | ||||||
Industrial Solutions | |||||||||||
Air & Productivity Solutions | |||||||||||
Revenues | 323.1 | - | 323.1 | 335.1 | - | 335.1 | 335.1 | ||||
Operating income | 13.9 | (3.1) | 17.0 | 14.7 | (8.2) | 22.9 | 23.2 | ||||
and as a % of revenues | 4.3% | 5.3% | 4.4% | 6.8% | 6.9% | ||||||
Dresser Rand | |||||||||||
Revenues | 234.7 | - | 234.7 | 181.7 | - | 181.7 | 181.7 | ||||
Operating income/(loss) | 0.2 | (0.7) | 0.9 | (5.5) | (2.3) | (3.2) | (1.1) | ||||
and as a % of revenues | 0.1% | 0.4% | -3.0% | -1.8% | -0.6% | ||||||
Engineered Solutions | |||||||||||
Revenues | 321.1 | - | 321.1 | 270.0 | - | 270.0 | 270.0 | ||||
Operating income | 20.9 | (6.0) | 26.9 | 20.4 | (6.9) | 27.3 | 27.3 | ||||
and as a % of revenues | 6.5% | 8.4% | 7.6% | 10.1% | 10.1% | ||||||
Industrial Solutions | |||||||||||
Revenues | 878.9 | - | 878.9 | 786.8 | - | 786.8 | 786.8 | ||||
Operating income | 35.0 | (9.8) | 44.8 | 29.6 | (17.4) | 47.0 | 49.4 | ||||
and as a % of revenues | 4.0% | 5.1% | 3.8% | 6.0% | 6.3% | ||||||
Infrastructure | |||||||||||
Revenues | 729.3 | - | 729.3 | 719.8 | - | 719.8 | 719.8 | ||||
Operating income | 89.7 | (1.9) | 91.6 | 84.9 | (4.0) | 88.9 | 95.4 | ||||
and as a % of revenues | 12.3% | 12.6% | 11.8% | 12.4% | 13.3% | ||||||
Security & Safety | |||||||||||
Revenues | 364.0 | - | 364.0 | 345.4 | - | 345.4 | 345.4 | ||||
Operating income | 64.3 | (2.4) | 66.7 | 56.3 | (6.0) | 62.3 | 65.9 | ||||
and as a % of revenues | 17.7% | 18.3% | 16.3% | 18.0% | 19.1% | ||||||
Total | |||||||||||
Revenues | $ 2,587.4 | $ - | $ 2,587.4 | $ 2,459.3 | $ - | $ 2,459.3 | $ 2,459.3 | ||||
Operating income | 226.3 | (18.8) | 245.1 | 182.3 | (39.0) | 221.3 | 254.8 | ||||
and as a % of revenues | 8.7% | 9.5% | 7.4% | 9.0% | 10.4% | ||||||
Unallocated corporate expense | (19.9) | (3.1) | (16.8) | (20.0) | (3.0) | (17.0) | (17.0) | ||||
Consolidated operating income | $ 206.4 | $ (21.9) | $ 228.3 | $ 162.3 | $ (42.0) | $ 204.3 | $ 237.8 | ||||
and as a % of revenues | 8.0% | 8.8% | 6.6% | 8.3% | 9.7% | ||||||
* Presented for comparable purposes stating 2001 results excluding goodwill amortization, as if FAS 142 had been adopted in 2001. |
INGERSOLL-RAND COMPANY LIMITED | |||||||
Consolidated Income Reconciliation | |||||||
Six Months Ended June 30, | |||||||
(In millions except per share amounts) | |||||||
UNAUDITED | |||||||
2002 | 2001 | ||||||
Restructure | Restructure | ||||||
Reported | and Other | Adjusted | Reported | and Other | Adjusted | ||
Results | Charges | Results | Results | Charges | Results | ||
Revenues | $ 4,893.3 | $ - | $ 4,893.3 | $ 4,750.6 | $ - | $ 4,750.6 | |
Cost of goods sold | 3,769.2 | 22.3 | 3,746.9 | 3,720.6 | 41.4 | 3,679.2 | |
Selling & administrative expenses | 727.0 | 4.4 | 722.6 | 697.5 | 17.9 | 679.6 | |
Restructuring charges | 19.1 | 19.1 | - | 31.6 | 31.6 | - | |
Operating income | 378.0 | (45.8) | 423.8 | 300.9 | (90.9) | 391.8 | |
Interest expense | (119.0) | - | (119.0) | (125.6) | - | (125.6) | |
Other income/(expense) | (28.7) | - | (28.7) | (8.7) | - | (8.7) | |
Earnings before taxes | 230.3 | (45.8) | 276.1 | 166.6 | (90.9) | 257.5 | |
Provision for taxes | 42.0 | (13.2) | 55.2 | 54.4 | (30.2) | 84.6 | |
Net earnings before cumulative effect | |||||||
of change in accounting principle | $ 188.3 | $ (32.6) | $ 220.9 | $ 112.2 | $ (60.7) | $ 172.9 | |
Earnings per share: | |||||||
- Basic | $ 1.12 | $ 1.31 | $ 0.69 | $ 1.06 | |||
- Diluted | $ 1.10 | $ 1.30 | $ 0.68 | $ 1.06 | |||
Average number of common | |||||||
shares outstanding: | |||||||
Basic | 168.7 | 168.7 | 162.5 | 162.5 | |||
Diluted | 170.5 | 170.5 | 163.8 | 163.8 | |||
INGERSOLL-RAND COMPANY LIMITED | |||||||||||||
Business Review Reconciliation | |||||||||||||
Six Months Ended June 30, | |||||||||||||
(In millions except percentages) | |||||||||||||
UNAUDITED | |||||||||||||
2002 | 2001 | ||||||||||||
Restructure | Restructure | Excluding | |||||||||||
Reported | & Other | Adjusted | Reported | & Other | Adjusted | Goodwill | |||||||
Results | Charges | Results | Results | Charges | Results | Amortization * | |||||||
Climate Control | |||||||||||||
Revenues | $ 1,129.7 | $ - | $ 1,129.7 | $ 1,118.8 | $ - | $ 1,118.8 | $ 1,118.8 | ||||||
Operating income | 60.5 | (10.0) | 70.5 | 1.1 | (27.0) | 28.1 | 70.6 | ||||||
and as a % of revenues | 5.4% | 6.2% | 0.1% | 2.5% | 6.3% | ||||||||
Industrial Solutions | |||||||||||||
Air & Productivity Solutions | |||||||||||||
Revenues | 633.2 | - | 633.2 | 665.2 | - | 665.2 | 665.2 | ||||||
Operating income | 39.5 | (1.8) | 41.3 | 49.5 | (11.0) | 60.5 | 61.8 | ||||||
and as a % of revenues | 6.2% | 6.5% | 7.4% | 9.1% | 9.3% | ||||||||
Dresser Rand | |||||||||||||
Revenues | 446.5 | - | 446.5 | 362.8 | - | 362.8 | 362.8 | ||||||
Operating income/(loss) | (0.2) | (1.5) | 1.3 | (12.9) | (7.4) | (5.5) | (1.2) | ||||||
and as a % of revenues | 0.0% | 0.3% | -3.6% | -1.5% | -0.3% | ||||||||
Engineered Solutions | |||||||||||||
Revenues | 610.0 | - | 610.0 | 542.3 | - | 542.3 | 542.3 | ||||||
Operating income | 37.0 | (10.1) | 47.1 | 35.7 | (15.7) | 51.4 | 51.4 | ||||||
and as a % of revenues | 6.1% | 7.7% | 6.6% | 9.5% | 9.5% | ||||||||
Industrial Solutions | |||||||||||||
Revenues | 1,689.7 | - | 1,689.7 | 1,570.3 | - | 1,570.3 | 1,570.3 | ||||||
Operating income | 76.3 | (13.4) | 89.7 | 72.3 | (34.1) | 106.4 | 112.0 | ||||||
and as a % of revenues | 4.5% | 5.3% | 4.6% | 6.8% | 7.1% | ||||||||
Infrastructure | |||||||||||||
Revenues | 1,364.4 | - | 1,364.4 | 1,381.1 | - | 1,381.1 | 1,381.1 | ||||||
Operating income | 152.4 | (9.8) | 162.2 | 155.8 | (11.0) | 166.8 | 179.9 | ||||||
and as a % of revenues | 11.2% | 11.9% | 11.3% | 12.1% | 13.0% | ||||||||
Security & Safety | |||||||||||||
Revenues | 709.5 | - | 709.5 | 680.4 | - | 680.4 | 680.4 | ||||||
Operating income | 130.4 | (4.5) | 134.9 | 110.6 | (13.2) | 123.8 | 131.0 | ||||||
and as a % of revenues | 18.4% | 19.0% | 16.3% | 18.2% | 19.3% | ||||||||
Total | |||||||||||||
Revenues | $ 4,893.3 | $ - | $ 4,893.3 | $ 4,750.6 | $ - | $ 4,750.6 | $ 4,750.6 | ||||||
Operating income | 419.6 | (37.7) | 457.3 | 339.8 | (85.3) | 425.1 | 493.5 | ||||||
and as a % of revenues | 8.6% | 9.3% | 7.2% | 8.9% | 10.4% | ||||||||
Unallocated corporate expense | (41.6) | (8.1) | (33.5) | (38.9) | (5.6) | (33.3) | (33.3) | ||||||
Consolidated operating income | $ 378.0 | $ (45.8) | $ 423.8 | $ 300.9 | $ (90.9) | $ 391.8 | $ 460.2 | ||||||
and as a % of revenues | 7.7% | 8.7% | 6.3% | 8.2% | 9.7% | ||||||||
* Presented for comparable purposes stating 2001 results excluding goodwill amortization, as if FAS 142 had been adopted in 2001. | |||||||||||||
INGERSOLL-RAND COMPANY LIMITED | |||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||
(In millions) | |||||||||||||
UNAUDITED | |||||||||||||
June | December | ||||||||||||
30, 2002 | 31, 2001 | ||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash, cash equivalents and marketable securities | $ 132.7 | $ 121.4 | |||||||||||
Accounts and notes receivable, net | 1,561.2 | 1,482.9 | |||||||||||
Inventories | 1,386.8 | 1,295.3 | |||||||||||
Prepaid expenses and deferred income taxes | 329.9 | 288.2 | |||||||||||
Total current assets | 3,410.6 | 3,187.8 | |||||||||||
Property, plant and equipment, net | 1,632.0 | 1,633.0 | |||||||||||
Goodwill, net | 3,972.5 | 4,811.7 | |||||||||||
Intangible assets, net | 890.9 | 849.1 | |||||||||||
Other assets and noncurrent deferred tax | 865.5 | 582.1 | |||||||||||
Total assets | $ 10,771.5 | $ 11,063.7 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ 734.1 | $ 761.0 | |||||||||||
Accrued expenses and other current liabilities | 1,493.5 | 1,526.3 | |||||||||||
Loans payable | 1,436.6 | 563.7 | |||||||||||
Total current liabilities | 3,664.2 | 2,851.0 | |||||||||||
Long-term debt | 2,167.3 | 2,900.7 | |||||||||||
Other noncurrent liabilities | 1,409.2 | 1,395.4 | |||||||||||
7,240.7 | 7,147.1 | ||||||||||||
Shareholders' equity: | |||||||||||||
Common stock | 169.2 | 168.0 | |||||||||||
Other shareholders' equity | 3,605.2 | 4,070.0 | |||||||||||
Accumulated other comprehensive income | (243.6) | (321.4) | |||||||||||
Total shareholders' equity | 3,530.8 | 3,916.6 | |||||||||||
Total liabilities and equity | $ 10,771.5 | $ 11,063.7 | |||||||||||