.
.
.
EXHIBIT 99.2
CHOICEPOINT INC.
OPERATING RESULTS BY QUARTER
PROFORMA OPERATING INCOME WITHOUT GOODWILL AMORTIZATION (A)
Total Total
2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 2001
--------- --------- --------- --------- --------- ---------
Insurance Services Revenue $ 189,822 $ 54,263 $ 57,283 $ 58,734 $ 57,447 $ 227,727
Business Services Revenue 206,359 54,162 55,747 58,799 57,407 226,115
Government Services Revenue 26,911 7,759 9,128 11,809 12,598 41,294
Marketing Services Revenue 63,549 16,586 16,150 22,054 21,671 76,461
Royalty Revenue 6,364 1,657 1,807 1,630 1,714 6,808
--------- --------- --------- --------- --------- ---------
Core Revenue (c) $ 493,005 $ 134,427 $ 140,115 $ 153,026 $ 150,837 $ 578,405
========= ========= ========= ========= ========= =========
Revenue from Divested & Discontinued Lines (b) 54,613 8,902 9,272 5,877 192 24,243
--------- --------- --------- --------- --------- ---------
Revenue from products and services (d) $ 547,618 $ 143,329 $ 149,387 $ 158,903 $ 151,029 $ 602,648
Reimbursable Expenses per EITF 01-14 (d) 37,392 8,950 8,139 10,816 10,123 38,028
--------- --------- --------- --------- --------- ---------
Total Revenue $ 585,010 $ 152,279 $ 157,526 $ 169,719 $ 161,152 $ 640,676
========= ========= ========= ========= ========= =========
Insurance Services Operating Income (a) $ 95,549 $ 27,257 $ 30,410 $ 31,945 $ 30,895 $ 120,507
Business Services Operating Income (a) 31,885 11,345 11,097 10,589 12,531 45,562
Government Services Operating Income (a) 6,862 1,978 2,233 3,044 3,386 10,641
Marketing Services Operating Income (a) 23,460 5,390 6,772 7,077 7,152 26,391
Royalty Operating Income 3,804 1,051 1,191 1,011 1,147 4,400
Income from Reimbursable Expenses -- -- -- -- -- --
Divested & Discontinued Operating Income (a) (b) 9,250 (279) 67 (464) (292) (968)
Corporate (43,503) (10,843) (13,929) (12,525) (11,981) (49,278)
--------- --------- --------- --------- --------- ---------
Operating Income before other operating charges $ 127,307 $ 35,899 $ 37,841 $ 40,677 $ 42,838 $ 157,255
========= ========= ========= ========= ========= =========
Other operating charges (e) (28,419) (17,865) -- (10,853) -- (28,718)
--------- --------- --------- --------- --------- ---------
OPERATING INCOME $ 98,888 $ 18,034 $ 37,841 $ 29,824 $ 42,838 $ 128,537
========= ========= ========= ========= ========= =========
CORE REVENUE GROWTH RATE 23.8% 14.7% 13.6% 20.9% 19.7% 17.3%
--------- --------- --------- --------- --------- ---------
OPERATING MARGINS
Insurance Services 50.3% 50.2% 53.1% 54.4% 53.8% 52.9%
Business Services 15.5% 20.9% 19.9% 18.0% 21.8% 20.1%
Government Services 25.5% 25.5% 24.5% 25.8% 26.9% 25.8%
Marketing Services 36.9% 32.5% 41.9% 32.1% 33.0% 34.5%
Divested & Discontinued Lines (b) 16.9% -3.1% 0.7% -7.9% -152.1% -4.0%
ChoicePoint excluding other operating charges, as a 23.2% 25.0% 25.3% 25.6% 28.4% 26.1%
percentage of revenue from products and services (d) (e)
OPERATING INCOME AS A PERCENTAGE OF REVENUE 18.1% 12.6% 25.3% 18.8% 28.4% 21.3%
FROM PRODUCTS AND SERVICES (d)
Total
Q1 2002 Q2 2002 Q3 2002 Q4 2002 2002
--------- --------- --------- --------- ---------
Insurance Services Revenue $ 64,140 $ 67,031 $ 70,495 $ 68,616 $ 270,282
Business Services Revenue 57,080 62,656 60,625 59,002 239,363
Government Services Revenue 12,036 13,057 18,682 25,623 69,398
Marketing Services Revenue 23,717 27,950 27,467 26,699 105,833
Royalty Revenue 1,597 1,542 1,563 1,153 5,855
--------- --------- --------- --------- ---------
Core Revenue (c) $ 158,570 $ 172,236 $ 178,832 $ 181,093 $ 690,731
========= ========= ========= ========= =========
Revenue from Divested & Discontinued Lines (b) 72 -- -- -- 72
--------- --------- --------- --------- ---------
Revenue from products and services (d) $ 158,642 $ 172,236 $ 178,832 $ 181,093 $ 690,803
Reimbursable Expenses per EITF 01-14 (d) 10,019 9,923 10,098 8,480 38,520
--------- --------- --------- --------- ---------
Total Revenue $ 168,661 $ 182,159 $ 188,930 $ 189,573 $ 729,323
========= ========= ========= ========= =========
Insurance Services Operating Income (a) $ 35,024 $ 35,502 $ 37,163 $ 36,950 $ 144,639
Business Services Operating Income (a) 10,038 14,530 14,493 11,501 50,562
Government Services Operating Income (a) 2,482 2,763 5,056 8,561 18,862
Marketing Services Operating Income (a) 7,405 9,232 8,509 7,720 32,866
Royalty Operating Income 997 933 932 464 3,326
Income from Reimbursable Expenses -- -- -- -- --
Divested & Discontinued Operating Income (a) (b) (206) -- -- -- (206)
Corporate (11,518) (16,885) (16,163) (15,619) (60,185)
--------- --------- --------- --------- ---------
Operating Income before other operating charges $ 44,222 $ 46,075 $ 49,990 $ 49,577 $ 189,864
========= ========= ========= ========= =========
Other operating charges (e) -- (7,342) -- -- (7,342)
--------- --------- --------- --------- ---------
OPERATING INCOME $ 44,222 $ 38,733 $ 49,990 $ 49,577 $ 182,522
========= ========= ========= ========= =========
CORE REVENUE GROWTH RATE 18.0% 22.9% 16.9% 20.1% 19.4%
OPERATING MARGINS
Insurance Services 54.6% 53.0% 52.7% 53.9% 53.5%
Business Services 17.6% 23.2% 23.9% 19.5% 21.1%
Government Services 20.6% 21.2% 27.1% 33.4% 27.2%
Marketing Services 31.2% 33.0% 31.0% 28.9% 31.1%
Divested & Discontinued Lines (b) -286.1% n/a n/a n/a -286.1%
ChoicePoint excluding other operating charges, as a 27.9% 26.8% 28.0% 27.4% 27.5%
percentage of revenue from products and services (d) (e)
OPERATING INCOME AS A PERCENTAGE OF REVENUE 27.9% 22.5% 28.0% 27.4% 26.4%
FROM PRODUCTS AND SERVICES (d)
Total
Q1 2003 Q2 2003 Q3 2003 Q4 2003 2003 Q1 2004
--------- --------- --------- --------- --------- ---------
Insurance Services Revenue $ 76,134 $ 77,922 $ 78,100 $ 76,968 $ 309,124 $ 86,727
Business Services Revenue 63,859 69,014 72,069 71,206 276,148 75,941
Government Services Revenue 17,136 14,778 15,011 16,410 63,335 17,741
Marketing Services Revenue 25,573 25,676 22,631 22,762 96,642 22,811
Royalty Revenue 1,303 1,389 1,305 1,105 5,102 1,165
--------- --------- --------- --------- --------- ---------
Core Revenue (c) $ 184,005 $ 188,779 $ 189,116 $ 188,451 $ 750,351 $ 204,385
========= ========= ========= ========= ========= =========
Revenue from Divested & Discontinued Lines (b) -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Revenue from products and services (d) $ 184,005 $ 188,779 $ 189,116 $ 188,451 $ 750,351 $ 204,385
Reimbursable Expenses per EITF 01-14 (d) 10,944 10,470 12,402 11,579 45,395 12,860
--------- --------- --------- --------- --------- ---------
Total Revenue $ 194,949 $ 199,249 $ 201,518 $ 200,030 $ 795,746 $ 217,245
========= ========= ========= ========= ========= =========
Insurance Services Operating Income (a) $ 42,436 $ 44,364 $ 43,998 $ 41,720 $ 172,518 $ 47,260
Business Services Operating Income (a) 11,172 15,321 15,694 14,353 56,540 14,357
Government Services Operating Income (a) 4,399 3,264 2,958 3,919 14,540 4,114
Marketing Services Operating Income (a) 6,908 7,374 3,580 3,987 21,849 4,287
Royalty Operating Income 646 626 416 380 2,068 204
Income from Reimbursable Expenses -- -- -- -- -- --
Divested & Discontinued Operating Income (a) (b) -- -- -- -- -- --
Corporate (13,758) (16,469) (14,850) (12,936) (58,013) (15,951)
--------- --------- --------- --------- --------- ---------
Operating Income before other operating charges $ 51,803 $ 54,480 $ 51,796 $ 51,423 $ 209,502 $ 54,271
========= ========= ========= ========= ========= =========
Other operating charges (e) -- (19,817) (4,022) (7,103) (30,942) --
--------- --------- --------- --------- --------- ---------
OPERATING INCOME $ 51,803 $ 34,663 $ 47,774 $ 44,320 $ 178,560 $ 54,271
========= ========= ========= ========= ========= =========
CORE REVENUE GROWTH RATE 16.0% 9.6% 5.8% 4.1% 8.6% 11.1%
OPERATING MARGINS
Insurance Services 55.7% 56.9% 56.3% 54.2% 55.8% 54.5%
Business Services 17.5% 22.2% 21.8% 20.2% 20.5% 18.9%
Government Services 25.7% 22.1% 19.7% 23.9% 23.0% 23.2%
Marketing Services 27.0% 28.7% 15.8% 17.5% 22.6% 18.8%
Divested & Discontinued Lines (b) n/a n/a n/a n/a n/a n/a
ChoicePoint excluding other operating charges, as a 28.2% 28.9% 27.4% 27.3% 27.9% 26.6%
percentage of revenue from products and services (d) (e)
OPERATING INCOME AS A PERCENTAGE OF REVENUE 28.2% 18.4% 25.3% 23.5% 23.8% 26.6%
FROM PRODUCTS AND SERVICES (d)
(a) FASB Statement No. 142 discontinued the amortization of goodwill as of
January 1, 2002. For comparison purposes, the above data excludes
goodwill amortization in 2000-2001 as if FASB No. 142 was effective
January 1, 2000.
(b) Divested & Discontinued Lines represents products and lines of
businesses that were discontinued or divested, but which do not qualify
for discontinued operations accounting.
(c) Core revenue represents revenue from continuing business lines and is
used by management to assess and manage its on-going businesses and to
determine operational incentive awards
(d) Reimbursable expenses represent certain reimbursed out-of-pocket
expenses that are presented on a gross basis in accordance with EITF
01-14. As these expenses are fully reimbursed, without mark-up, by our
clients and in a majority of cases prepaid by the customers, there is
no impact on operating income, net income, earnings per share, cash
flows or the balance sheet; therefore, we have excluded the impact of
these expenses in the calculation of operating margins, core revenue
and internal growth
(e) Other operating charges include merger-related costs, unusual items,
realignment charges and gain (loss) on sale of business that management
excludes in its assessments of operating results and in determining
operational incentive awards
CHOICEPOINT INC.
OPERATING RESULTS BY QUARTER
Total Total
2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 2001
--------- --------- --------- --------- --------- ---------
Insurance Services Revenue $ 189,822 $ 54,263 $ 57,283 $ 58,734 $ 57,447 $ 227,727
Business Services Revenue 206,359 54,162 55,747 58,799 57,407 226,115
Government Services Revenue 26,911 7,759 9,128 11,809 12,598 41,294
Marketing Services Revenue 63,549 16,586 16,150 22,054 21,671 76,461
Royalty Revenue 6,364 1,657 1,807 1,630 1,714 6,808
--------- --------- --------- --------- --------- ---------
Core Revenue (b) $ 493,005 $ 134,427 $ 140,115 $ 153,026 $ 150,837 $ 578,405
========= ========= ========= ========= ========= =========
Revenue from Divested & Discontinued Lines (a) 54,613 8,902 9,272 5,877 192 24,243
--------- --------- --------- --------- --------- ---------
Revenue from products and services (c) $ 547,618 $ 143,329 $ 149,387 $ 158,903 $ 151,029 $ 602,648
Reimbursable Expenses per EITF 01-14 (c) 37,392 8,950 8,139 10,816 10,123 38,028
--------- --------- --------- --------- --------- ---------
Total Revenue $ 585,010 $ 152,279 $ 157,526 $ 169,719 $ 161,152 $ 640,676
========= ========= ========= ========= ========= =========
Insurance Services Operating Income $ 94,892 $ 27,004 $ 30,125 $ 31,663 $ 30,615 $ 119,407
Business Services Operating Income 22,515 8,795 8,264 7,725 9,664 34,448
Government Services Operating Income 6,862 1,978 2,233 3,044 3,386 10,641
Marketing Services Operating Income 19,285 4,338 5,721 6,025 6,101 22,185
Royalty Operating Income 3,804 1,051 1,191 1,011 1,147 4,400
Income from Reimbursable Expenses -- -- -- -- -- --
Divested & Discontinued Operating Income (a) 8,045 (580) (234) (665) (292) (1,771)
Corporate (43,503) (10,843) (13,929) (12,525) (11,981) (49,278)
--------- --------- --------- --------- --------- ---------
Operating Income before other operating charges $ 111,900 $ 31,743 $ 33,371 $ 36,278 $ 38,640 $ 140,032
========= ========= ========= ========= ========= =========
Other operating charges (d) (28,419) (17,865) -- (10,853) -- (28,718)
--------- --------- --------- --------- --------- ---------
OPERATING INCOME $ 83,481 $ 13,878 $ 33,371 $ 25,425 $ 38,640 $ 111,314
========= ========= ========= ========= ========= =========
OPERATING MARGINS
Insurance Services 50.0% 49.8% 52.6% 53.9% 53.3% 52.4%
Business Services 10.9% 16.2% 14.8% 13.1% 16.8% 15.2%
Government Services 25.5% 25.5% 24.5% 25.8% 26.9% 25.8%
Marketing Services 30.3% 26.2% 35.4% 27.3% 28.2% 29.0%
Divested & Discontinued Lines (a) 14.7% -6.5% -2.5% -11.3% -152.1% -7.3%
ChoicePoint excluding other operating charges, as a
percentage of revenue from products and services (c)(d) 20.4% 22.1% 22.3% 22.8% 25.6% 23.2%
OPERATING INCOME AS A PERCENTAGE OF REVENUE 15.2% 9.7% 22.3% 16.0% 25.6% 18.5%
FROM PRODUCTS AND SERVICES (C)
OPERATING INCOME AS A PERCENTAGE OF TOTAL REVENUE 14.3% 9.1% 21.2% 15.0% 24.0% 17.4%
INTERNAL GROWTH RATES (e)
Insurance Services 18.0% 14.9% 15.8% 16.0% 18.5% 16.3%
Business Services (f) 5.7% -0.6% -8.8% -9.3% -3.5%
Government Services (f) 32.1% 16.8% 36.3% 20.0% 25.9%
Marketing Services 17.0% 9.6% 2.1% 2.3% -4.0% 2.3%
Total ChoicePoint 15.8% 11.2% 7.1% 4.6% 4.0% 6.6%
Total
Q1 2002 Q2 2002 Q3 2002 Q4 2002 2002
--------- --------- --------- --------- ---------
Insurance Services Revenue $ 64,140 $ 67,031 $ 70,495 $ 68,616 $ 270,282
Business Services Revenue 57,080 62,656 60,625 59,002 239,363
Government Services Revenue 12,036 13,057 18,682 25,623 69,398
Marketing Services Revenue 23,717 27,950 27,467 26,699 105,833
Royalty Revenue 1,597 1,542 1,563 1,153 5,855
--------- --------- --------- --------- ---------
Core Revenue (b) $ 158,570 $ 172,236 $ 178,832 $ 181,093 $ 690,731
========= ========= ========= ========= =========
Revenue from Divested & Discontinued Lines (a) 72 -- -- -- 72
--------- --------- --------- --------- ---------
Revenue from products and services (c) $ 158,642 $ 172,236 $ 178,832 $ 181,093 $ 690,803
Reimbursable Expenses per EITF 01-14 (c) 10,019 9,923 10,098 8,480 38,520
--------- --------- --------- --------- ---------
Total Revenue $ 168,661 $ 182,159 $ 188,930 $ 189,573 $ 729,323
========= ========= ========= ========= =========
Insurance Services Operating Income $ 35,024 $ 35,502 $ 37,163 $ 36,950 $ 144,639
Business Services Operating Income 10,038 14,530 14,493 11,501 50,562
Government Services Operating Income 2,482 2,763 5,056 8,561 18,862
Marketing Services Operating Income 7,405 9,232 8,509 7,720 32,866
Royalty Operating Income 997 933 932 464 3,326
Income from Reimbursable Expenses -- -- -- -- --
Divested & Discontinued Operating Income (a) (206) -- -- -- (206)
Corporate (11,518) (16,885) (16,163) (15,619) (60,185)
--------- --------- --------- --------- ---------
Operating Income before other operating charges $ 44,222 $ 46,075 $ 49,990 $ 49,577 $ 189,864
========= ========= ========= ========= =========
Other operating charges (d) -- (7,342) -- -- (7,342)
--------- --------- --------- --------- ---------
OPERATING INCOME $ 44,222 $ 38,733 $ 49,990 $ 49,577 $ 182,522
========= ========= ========= ========= =========
OPERATING MARGINS
Insurance Services 54.6% 53.0% 52.7% 53.9% 53.5%
Business Services 17.6% 23.2% 23.9% 19.5% 21.1%
Government Services 20.6% 21.2% 27.1% 33.4% 27.2%
Marketing Services 31.2% 33.0% 31.0% 28.9% 31.1%
Divested & Discontinued Lines (a) -286.1% n/a n/a n/a -286.1%
ChoicePoint excluding other operating charges, as a
percentage of revenue from products and services (c)(d) 27.9% 26.8% 28.0% 27.4% 27.5%
OPERATING INCOME AS A PERCENTAGE OF REVENUE
FROM PRODUCTS AND SERVICES (C) 27.9% 22.5% 28.0% 27.4% 26.4%
OPERATING INCOME AS A PERCENTAGE OF TOTAL REVENUE 26.2% 21.3% 26.5% 26.2% 25.0%
INTERNAL GROWTH RATES (E)
Insurance Services 17.5% 17.0% 18.5% 18.0% 17.8%
Business Services -7.3% 1.2% 3.1% -1.2% -0.9%
Government Services 20.9% 32.4% 58.2% 103.4% 59.3%
Marketing Services 3.4% 5.4% 4.9% 6.7% 5.2%
Total ChoicePoint 5.7% 10.0% 13.4% 15.6% 11.4%
Total
Q1 2003 Q2 2003 Q3 2003 Q4 2003 2003 Q1 2004
--------- --------- --------- --------- --------- ---------
Insurance Services Revenue $ 76,134 $ 77,922 $ 78,100 $ 76,968 $ 309,124 $ 86,727
Business Services Revenue 63,859 69,014 72,069 71,206 276,148 75,941
Government Services Revenue 17,136 14,778 15,011 16,410 63,335 17,741
Marketing Services Revenue 25,573 25,676 22,631 22,762 96,642 22,811
Royalty Revenue 1,303 1,389 1,305 1,105 5,102 1,165
--------- --------- --------- --------- --------- ---------
Core Revenue (b) $ 184,005 $ 188,779 $ 189,116 $ 188,451 $ 750,351 $ 204,385
========= ========= ========= ========= ========= =========
Revenue from Divested & Discontinued Lines (a) -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Revenue from products and services (c) $ 184,005 $ 188,779 $ 189,116 $ 188,451 $ 750,351 $ 204,385
Reimbursable Expenses per EITF 01-14 (c) 10,944 10,470 12,402 11,579 45,395 12,860
--------- --------- --------- --------- --------- ---------
Total Revenue $ 194,949 $ 199,249 $ 201,518 $ 200,030 $ 795,746 $ 217,245
========= ========= ========= ========= ========= =========
Insurance Services Operating Income $ 42,436 $ 44,364 $ 43,998 $ 41,720 $ 172,518 $ 47,260
Business Services Operating Income 11,172 15,321 15,694 14,353 56,540 14,357
Government Services Operating Income 4,399 3,264 2,958 3,919 14,540 4,114
Marketing Services Operating Income 6,908 7,374 3,580 3,987 21,849 4,287
Royalty Operating Income 646 626 416 380 2,068 204
Income from Reimbursable Expenses -- -- -- -- -- --
Divested & Discontinued Operating Income (a) -- -- -- --
Corporate (13,758) (16,469) (14,850) (12,936) (58,013) (15,951)
--------- --------- --------- --------- --------- ---------
Operating Income before other operating charges $ 51,803 $ 54,480 $ 51,796 $ 51,423 $ 209,502 $ 54,271
========= ========= ========= ========= ========= =========
Other operating charges (d) -- (19,817) (4,022) (7,103) (30,942) --
--------- --------- --------- --------- --------- ---------
OPERATING INCOME $ 51,803 $ 34,663 $ 47,774 $ 44,320 $ 178,560 $ 54,271
========= ========= ========= ========= ========= =========
OPERATING MARGINS
Insurance Services 55.7% 56.9% 56.3% 54.2% 55.8% 54.5%
Business Services 17.5% 22.2% 21.8% 20.2% 20.5% 18.9%
Government Services 25.7% 22.1% 19.7% 23.9% 23.0% 23.2%
Marketing Services 27.0% 28.7% 15.8% 17.5% 22.6% 18.8%
Divested & Discontinued Lines (a) n/a n/a n/a n/a n/a n/a
ChoicePoint excluding other operating charges, as a 28.2% 28.9% 27.4% 27.3% 27.9% 26.6%
percentage of revenue from products and services (c) (d)
OPERATING INCOME AS A PERCENTAGE OF REVENUE 28.2% 18.4% 25.3% 23.5% 23.8% 26.6%
FROM PRODUCTS AND SERVICES (C)
OPERATING INCOME AS A PERCENTAGE OF TOTAL REVENUE 26.6% 17.4% 23.7% 22.2% 22.4% 25.0%
INTERNAL GROWTH RATES (e)
Insurance Services 17.2% 15.0% 10.1% 9.5% 12.8% 12.2%
Business Services -4.2% -5.8% 0.9% 5.0% -1.1% 13.3%
Government Services 42.4% 13.2% -19.6% -36.0% -8.7% -12.8%
Marketing Services -2.4% -13.6% -21.7% -18.7% -14.5% -10.8%
Total ChoicePoint 8.1% 2.4% -1.2% -2.6% 1.5% 6.9%
(a) Divested & Discontinued Lines represents products and lines of
businesses that were discontinued or divested, but which do not qualify
for discontinued operations accounting.
(b) Core revenue represents revenue from continuing business lines and is
used by management to assess and manage its on-going businesses and to
determine operational incentive awards
(c) Reimbursable expenses represent certain reimbursed out-of-pocket
expenses that are presented on a gross basis in accordance with EITF
01-14. As these expenses are fully reimbursed, without mark-up, by our
clients and in a majority of cases prepaid by the customers, there is
no impact on operating income, net income, earnings per share, cash
flows or the balance sheet; therefore, we have excluded the impact of
these expenses in the calculation of operating margins, core revenue
and internal growth
(d) Other operating charges include merger-related costs, unusual items,
realignment charges and gain (loss) on sale of business that management
excludes in its assessments of operating results and in determining
operational incentive awards
(e) Internal revenue growth is the revenue growth from comparable business
units for the same period in the prior year and excludes revenue from
reimbursable expenses, acquisitions, divested and discontinued product
lines and discontinued operations. This measure is used by management
to analyze the performance of the business segments and as a criteria
component for incentive compensation awards.
(f) 1999 revenue data not available in this detail due to the merger with
DBT Technologies, Inc. as of 5/16/2000 that was accounted for as a
pooling-of-interests transaction
CHOICEPOINT INC.
OPERATING RESULTS BY QUARTER
Total Total Total Total
1998 1999 2000 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002
-------- -------- -------- ------- -------- -------- ------- -------
NET INCOME $ 42,315 $ 42,197 $ 43,822 $50,334 $ 2,998 $ 24,113 $31,262 $31,454
EPS $ 0.52 $ 0.52 $ 0.52 $ 0.58 $ 0.03 $ 0.27 $ 0.35 $ 0.35
Less:
Cumulative change in accounting principle, net -- -- -- -- (24,416) -- -- --
Income from discontinued operations, net of tax 4,037 3,997 3,656 4,632 1,575 1,707 1,704 1,585
Gain on sale of discontinued operations, net -- -- -- -- -- -- -- --
-------- -------- -------- ------- -------- -------- ------- -------
Net income from continuing operations $ 38,278 $ 38,200 $ 40,166 $45,702 $ 25,839 $ 22,406 $29,558 $29,869
EPS from continuing operations $ 0.47 $ 0.47 $ 0.48 $ 0.52 $ 0.29 $ 0.25 $ 0.33 $ 0.34
Add back: goodwill amortization net of taxes (a) 5,401 9,397 12,885 12,638 -- -- -- --
Pro forma Net income from continuing operations (a) $ 43,679 $ 47,597 $ 53,051 $58,340 $ 25,839 $ 22,406 $29,558 $29,869
======== ======== ======== ======= ======== ======== ======= =======
Pro forma EPS from continuing operations (a) $ 0.54 $ 0.58 $ 0.63 $ 0.67 $ 0.29 $ 0.25 $ 0.33 $ 0.34
Add back:
Other operating charges (b) (5,049) (513) 28,419 28,718 -- 7,342 -- --
Tax provision (benefit) related to other
operating charges 2,114 (78) (8,604) 3,879 -- (2,818) -- --
-------- -------- -------- ------- -------- -------- ------- -------
PRO FORMA INCOME FROM CONTINUING OPERATIONS
EXCLUDING OTHER OPERATING CHARGES (a)(b) $ 40,744 $ 47,006 $ 72,866 $90,937 $ 25,839 $ 26,930 $29,558 $29,869
======== ======== ======== ======= ======== ======== ======= =======
PRO FORMA EPS FROM CONTINUING OPERATIONS
EXCLUDING OTHER OPERATING CHARGES (a)(b) $ 0.51 $ 0.58 $ 0.87 $ 1.04 $ 0.29 $ 0.30 $ 0.33 $ 0.34
Wtd Avg Shares 80,616 81,591 84,139 87,151 88,969 89,692 89,612 89,064
Total Total
2002 Q1 2003 Q2 2003 Q3 2003 Q4 2003 2003 Q1 2004
--------- ------- -------- -------- -------- --------- -------
NET INCOME $ 89,827 $65,175 $ 20,853 $ 29,055 $ 26,909 $ 141,992 $33,262
EPS $ 1.01 $ 0.73 $ 0.23 $ 0.32 $ 0.30 $ 1.58 $ 0.37
Less:
Cumulative change in accounting principle, net (24,416) -- -- -- -- -- --
Income from discontinued operations, net of tax 6,571 991 -- -- -- 991 --
Gain on sale of discontinued operations, net -- 32,893 -- -- -- 32,893 --
--------- ------- -------- -------- -------- --------- -------
Net income from continuing operations $ 107,672 $31,291 $ 20,853 $ 29,055 $ 26,909 $ 108,108 $33,262
EPS from continuing operations $ 1.21 $ 0.35 $ 0.23 $ 0.32 $ 0.30 $ 1.21 $ 0.37
Add back: goodwill amortization net of taxes (a) -- -- -- -- -- --
Pro forma Net income from continuing operations (a) $ 107,672 $31,291 $ 20,853 $ 29,055 $ 26,909 $ 108,108 $33,262
========= ======= ======== ======== ======== ========= =======
Pro forma EPS from continuing operations (a) $ 1.21 $ 0.35 $ 0.23 $ 0.32 $ 0.30 $ 1.21 $ 0.37
Add back:
Other operating charges (b) 7,342 -- 19,817 4,022 7,103 30,942 --
Tax provision (benefit) related to other
operating charges (2,818) -- (7,609) (1,545) (2,728) (11,882) --
--------- ------- -------- -------- -------- --------- -------
PRO FORMA INCOME FROM CONTINUING OPERATIONS
EXCLUDING OTHER OPERATING CHARGES (a)(b) $ 112,196 $31,291 $ 33,061 $ 31,532 $ 31,284 $ 127,168 $33,262
========= ======= ======== ======== ======== ========= =======
PRO FORMA EPS FROM CONTINUING OPERATIONS
EXCLUDING OTHER OPERATING CHARGES (a)(b) $ 1.26 $ 0.35 $ 0.37 $ 0.35 $ 0.35 $ 1.42 $ 0.37
Wtd Avg Shares 89,194 89,374 89,354 89,866 89,923 89,686 90,368
(a) FASB Statement No. 142 discontinued the amortization of goodwill as of
January 1, 2002. For comparison purposes, the above data excludes
goodwill amortization in 1998-2001 as if FASB No. 142 was effective
January 1, 1998.
(b) Other operating charges include merger-related costs, unusual items,
realignment charges and gain (loss) on sale of business that
management excludes in its assessments of operating results and in
determining operational incentive awards and include the following
components which are more fully described in our Annual Report on Form
10-K for the applicable years:
Total Total Total Total
1998 1999 2000 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002
-------- -------- -------- ------- -------- -------- ------- -------
Merger transaction costs -- -- 11,579 -- -- -- -- --
Merger personnel related costs 838 -- 3,780 1,832 -- -- -- --
Other merger integration costs -- -- 3,629 2,433 -- -- -- --
Write down of minority investments -- 817 -- -- -- 2,370 -- --
Asset impairments 2,920 732 6,954 12,693 -- 2,985 -- --
Nonmerger severance -- 451 1,885 838 -- 567 -- --
Other one-time charges -- -- 592 69 -- 1,420 -- --
(Gain) loss on sale of business (8,807) (2,513) -- 10,853 -- -- -- --
------- -------- -------- ------- ------- -------- ------- -------
Total other operating charges (5,049) (513) 28,419 28,718 -- 7,342 -- --
======= ======== ======== ======= ======= ======== ======= =======
Total Total
2002 Q1 2003 Q2 2003 Q3 2003 Q4 2003 2003 Q1 2004
--------- ------- -------- -------- -------- --------- -------
Merger transaction costs -- -- -- -- -- -- --
Merger personnel related costs -- -- -- -- -- -- --
Other merger integration costs -- -- -- -- -- -- --
Write down of minority investments 2,370 -- -- -- -- -- --
Asset impairments 2,985 -- 12,490 3,015 5,845 21,350 --
Nonmerger severance 567 -- 2,848 882 624 4,354 --
Other one-time charges 1,420 -- 4,479 125 634 5,238 --
(Gain) loss on sale of business -- -- -- -- -- -- --
------- ------ ------- ------- ------- -------- ------
Total other operating charges 7,342 -- 19,817 4,022 7,103 30,942 --
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