1
EXHIBIT 99.2
- --------------------------------------------------------------------------------
Primark Corporation (Excluding the Operations of TASC)
Condensed Consolidated Statements of Income (Unaudited)
- --------------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31 December 31
1997 1996 1997 1996
--------- --------- --------- ---------
(Thousands Except Per Share Amounts)
Operating revenues $ 103,149 $ 84,262 $ 397,875 $ 277,063
Cost of services 40,544 39,309 157,327 104,479
Selling, general and administrative 35,352 28,702 151,559 111,463
Restructuring charge - - 6,800 -
--------- --------- --------- ---------
EBITDA (*) 27,253 16,251 82,189 61,121
Depreciation and amortization 13,087 10,318 50,205 33,282
--------- --------- --------- ---------
OPERATING INCOME 14,166 5,933 31,984 27,839
Investment income 215 479 1,085 2,675
Interest expense (4,181) (3,637) (15,986) (12,468)
Foreign currency gain (loss) (494) 350 1,831 1,836
Other income (deductions) - net (622) 38 1,039 66
Income tax (expense)/benefit (3,908) 185 (12,963) (7,432)
--------- --------- --------- ---------
INCOME FROM CONTINUING OPERATIONS $ 5,176 $ 3,348 $ 6,990 $ 12,516
========= ========= ========= =========
EARNINGS PER COMMON SHARE (**)
Income from continuing operations $ 0.20 $ 0.13 $ 0.26 $ 0.49
Weighted average common shares outstanding 26,151 26,517 26,348 24,813
EARNINGS PER COMMON SHARE - ASSUMING DILUTION (**)
Income from continuing operations $ 0.19 $ 0.12 $ 0.25 $ 0.46
Common shares outstanding - assuming dilution 27,939 28,064 27,944 26,571
(*) EBITDA represents earnings before interest, taxes, depreciation and
amortization.
(**) Earnings per common share for the year ended December 31, 1996 include
$359,000 of preferred stock dividends.
- --------------------------------------------------------------------------------
Page 1