Exhibit 99.1 | |||||||||
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, | ||||||||
2003 | 2002 | 2003 | 2002 | ||||||
Revenues | $ 2,525.1 | $ 2,266.4 | $ 4,723.8 | $ 4,283.4 | |||||
Cost of goods sold | 1,907.6 | 1,730.0 | 3,597.1 | 3,260.0 | |||||
Selling & administrative expenses | 398.0 | 353.9 | 741.8 | 679.8 | |||||
Restructuring charges | - | 7.0 | - | 17.2 | |||||
Operating income | 219.5 | 175.5 | 384.9 | 326.4 | |||||
Interest expense | (44.0) | (59.1) | (94.1) | (118.3) | |||||
Other income/(expense) | 2.6 | (10.9) | (4.0) | (20.8) | |||||
Earnings before taxes | 178.1 | 105.5 | 286.8 | 187.3 | |||||
Provision for taxes | 25.0 | 14.4 | 40.2 | 25.7 | |||||
Earnings from continuing operations | 153.1 | 91.1 | 246.6 | 161.6 | |||||
Discontinued operations, net of tax | (13.8) | 16.3 | 45.9 | 26.7 | |||||
Earnings before cumulative effect | |||||||||
of change in accounting principle | 139.3 | 107.4 | 292.5 | 188.3 | |||||
Cumulative effect of change in | |||||||||
accounting principle, net of tax | - | - | - | (634.5) | |||||
Net earnings/(loss) | $ 139.3 | $ 107.4 | $ 292.5 | $ (446.2) | |||||
Basic earnings per share | |||||||||
- Continuing operations | $ 0.90 | $ 0.54 | $ 1.46 | $ 0.96 | |||||
- Discontinued operations | (0.08) | 0.10 | 0.27 | 0.16 | |||||
- Change in accounting principle | - | - | - | (3.76) | |||||
$ 0.82 | $ 0.64 | $ 1.73 | $ (2.64) | ||||||
Diluted earnings per share | |||||||||
- Continuing operations | $ 0.89 | $ 0.53 | $ 1.45 | $ 0.95 | |||||
- Discontinued operations | (0.08) | 0.10 | 0.27 | 0.15 | |||||
- Change in accounting principle | - | - | - | (3.72) | |||||
$ 0.81 | $ 0.63 | $ 1.72 | $ (2.62) | ||||||
Average number of common | |||||||||
shares outstanding: | |||||||||
Basic | 169.5 | 169.0 | 169.4 | 168.7 | |||||
SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION | |||||||||
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Filed: 17 Jul 03, 12:00am