24 ____________________ Note: Dollars in thousands, except per share amounts. Non-GAAP Reconciliation June 27, June 29, June 27, June 29, 2008 2007 2008 2007 Three Months Ended Six Months Ended Adjusted Net Income and Adjusted Earnings per Share Net (loss) income (31,399) $ 4,841 $ (24,601) $ 10,879 $ Initial public offering related costs 57,017 - 57,017 - Legacy legal adjustment 4,131 - 4,131 - Asbestos liability and defense (income) costs (715) 558 (437) (1,747) Asbestos coverage litigation expense 3,970 3,678 7,109 5,931 Interest adjustment to effect IPO at beginning of period 725 1,636 2,302 3,250 Tax adjustment to 34% effective rate (19,836) (1,630) (21,484) (1,607) Adjusted net income 13,893 $ 9,083 $ 24,037 $ 16,706 $ Adjusted net income margin 8.6% 7.4% 8.2% 7.0% Shares outstanding at closing of IPO 44,006,026 44,006,026 44,006,026 44,006,026 Adjusted net income per share - basic 0.32 $ 0.21 $ 0.55 $ 0.38 $ Net (loss) income per share-basic and diluted in accordance with GAAP (1.01) $ 0.22 $ (0.99) $ 0.50 $ Adjusted Operating Income Operating (loss) income (40,842) $ 12,348 $ (25,969) $ 27,094 $ Initial public offering related costs 57,017 - 57,017 - Legacy legal adjustment 4,131 - 4,131 - Asbestos liability and defense (income) costs (715) 558 (437) (1,747) Asbestos coverage litigation expense 3,970 3,678 7,109 5,931 Adjusted operating income 23,561 $ 16,584 $ 41,851 $ 31,278 $ Adjusted operating income margin 14.6% 13.5% 14.3% 13.2% |