.
.
.
EXHIBIT 99.2
CHOICEPOINT INC.
OPERATING RESULTS BY QUARTER
ADJUSTED OPERATING INCOME WITHOUT GOODWILL AMORTIZATION (A)
Total Total Total
2000 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 2002 Q1 2003
-------- -------- -------- -------- -------- -------- -------- --------
Insurance Services Revenue $189,822 $227,727 $ 64,140 $ 67,031 $ 70,495 $ 68,616 $270,282 $ 76,134
Business Services Revenue 206,359 226,115 57,080 62,656 60,625 59,002 239,363 63,859
Government Services Revenue 26,911 41,294 12,036 13,057 18,682 25,623 69,398 17,136
Marketing Services Revenue 63,549 76,461 23,717 27,950 27,467 26,699 105,833 25,573
Royalty Revenue 6,364 6,808 1,597 1,542 1,563 1,153 5,855 1,303
-------- -------- -------- -------- -------- -------- -------- --------
Core Revenue (c) $493,005 $578,405 $158,570 $172,236 $178,832 $181,093 $690,731 $184,005
======== ======== ======== ======== ======== ======== ======== ========
Revenue from Divested & Discontinued
Lines (b) 54,613 24,243 72 -- -- -- 72 --
-------- -------- -------- -------- -------- -------- -------- --------
Service Revenue (d) $547,618 $602,648 $158,642 $172,236 $178,832 $181,093 $690,803 $184,005
Reimbursable Expenses per EITF
01-14 (d) 37,392 38,028 10,019 9,923 10,098 8,480 38,520 10,944
-------- -------- -------- -------- -------- -------- -------- --------
Total Revenue $585,010 $640,676 $168,661 $182,159 $188,930 $189,573 $729,323 $194,949
======== ======== ======== ======== ======== ======== ======== ========
Insurance Services Operating Income (a) $ 95,549 $120,507 $ 35,024 $ 35,502 $ 37,163 $ 36,950 $144,639 $ 42,436
Business Services Operating Income (a) 31,885 45,562 10,038 14,530 14,493 11,501 50,562 11,172
Government Services Operating Income (a) 6,862 10,641 2,482 2,763 5,056 8,561 18,862 4,399
Marketing Services Operating Income (a) 23,460 26,391 7,405 9,232 8,509 7,720 32,866 6,908
Royalty Operating Income 3,804 4,400 997 933 932 464 3,326 646
Income from Reimbursable Expenses -- -- -- -- -- -- -- --
Divested & Discontinued Operating Income
(a) (b) 9,250 (968) (206) -- -- -- (206) --
Corporate (43,503) (49,278) (11,518) (16,885) (16,163) (15,619) (60,185) (13,758)
-------- -------- -------- -------- -------- -------- -------- --------
Operating Income before other
operating charges $127,307 $157,255 $ 44,222 $ 46,075 $ 49,990 $ 49,577 $189,864 $ 51,803
======== ======== ======== ======== ======== ======== ======== ========
Other operating charges (e) (28,419) (28,718) -- (7,342) -- -- (7,342) --
-------- -------- -------- -------- -------- -------- -------- --------
OPERATING INCOME $ 98,888 $128,537 $ 44,222 $ 38,733 $ 49,990 $ 49,577 $182,522 $ 51,803
======== ======== ======== ======== ======== ======== ======== ========
CORE REVENUE GROWTH RATE 23.8% 17.3% 18.0% 22.9% 16.9% 20.1% 19.4% 16.0%
OPERATING MARGINS
Insurance Services 50.3% 52.9% 54.6% 53.0% 52.7% 53.9% 53.5% 55.7%
Business Services 15.5% 20.1% 17.6% 23.2% 23.9% 19.5% 21.1% 17.5%
Government Services 25.5% 25.8% 20.6% 21.2% 27.1% 33.4% 27.2% 25.7%
Marketing Services 36.9% 34.5% 31.2% 33.0% 31.0% 28.9% 31.1% 27.0%
Divested & Discontinued
Lines (b) 16.9% -4.0% -286.1% n/a n/a n/a -286.1% n/a
ChoicePoint excluding other operating
charges, as a percentage of service
revenue (d) (e) 23.2% 26.1% 27.9% 26.8% 28.0% 27.4% 27.5% 28.2%
OPERATING INCOME AS A PERCENTAGE OF
SERVICE REVENUE (D) 18.1% 21.3% 27.9% 22.5% 28.0% 27.4% 26.4% 28.2%
Total Total
Q2 2003 Q3 2003 Q4 2003 2003 Q1 2004 Q2 2004 Q3 2004 Q4 2004 2004
-------- -------- -------- -------- -------- -------- -------- -------- --------
Insurance Services Revenue $ 77,922 $ 78,100 $ 76,968 $309,124 $ 86,727 $ 88,129 $ 90,880 $ 86,989 $352,725
Business Services Revenue 69,014 72,069 71,206 276,148 75,941 87,547 94,041 92,352 349,881
Government Services Revenue 14,778 15,011 16,410 63,335 17,741 23,530 21,590 21,073 83,934
Marketing Services Revenue 25,676 22,631 22,762 96,642 22,811 23,224 23,585 23,769 93,389
Royalty Revenue 1,389 1,305 1,105 5,102 1,165 1,270 1,370 699 4,504
-------- -------- -------- -------- -------- -------- -------- -------- --------
Core Revenue (c) $188,779 $189,116 $188,451 $750,351 $204,385 $223,700 $231,466 $224,882 $884,433
======== ======== ======== ======== ======== ======== ======== ======== ========
Revenue from Divested & Discontinued
Lines (b) -- -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- -------- --------
Service Revenue (d) $188,779 $189,116 $188,451 $750,351 $204,385 $223,700 $231,466 $224,882 $884,433
Reimbursable Expenses per EITF
01-14 (d) 10,470 12,402 11,579 45,395 12,860 7,691 6,149 7,580 34,280
-------- -------- -------- -------- -------- -------- -------- -------- --------
Total Revenue $199,249 $201,518 $200,030 $795,746 $217,245 $231,391 $237,615 $232,462 $918,713
======== ======== ======== ======== ======== ======== ======== ======== ========
Insurance Services Operating Income (a) $ 44,364 $ 43,998 $ 41,720 $172,518 $ 47,260 $ 48,401 $ 50,714 $ 49,340 $195,715
Business Services Operating Income (a) 15,321 15,694 14,353 56,540 14,357 17,052 21,084 20,945 73,438
Government Services Operating Income (a) 3,264 2,958 3,919 14,540 4,114 7,275 4,726 5,349 21,464
Marketing Services Operating Income (a) 7,374 3,580 3,987 21,849 4,287 4,408 4,583 5,373 18,651
Royalty Operating Income 626 416 380 2,068 204 661 798 399 2,062
Income from Reimbursable Expenses -- -- -- -- -- -- -- --
Divested & Discontinued Operating Income
(a) (b) -- -- -- -- -- -- -- --
Corporate (16,469) (14,850) (12,936) (58,013) (15,951) (18,306) (17,869) (17,426) (69,552)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Operating Income before other
operating charges $ 54,480 $ 51,796 $ 51,423 $209,502 $ 54,271 $ 59,491 $ 64,036 $ 63,980 $241,778
======== ======== ======== ======== ======== ======== ======== ======== ========
Other operating charges (e) (19,817) (4,022) (7,103) (30,942) -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- -------- --------
OPERATING INCOME $ 34,663 $ 47,774 $ 44,320 $178,560 $ 54,271 $ 59,491 $ 64,036 $ 63,980 $241,778
======== ======== ======== ======== ======== ======== ======== ======== ========
CORE REVENUE GROWTH RATE 9.6% 5.8% 4.1% 8.6% 11.1% 18.5% 22.4% 19.3% 17.9%
OPERATING MARGINS
Insurance Services 56.9% 56.3% 54.2% 55.8% 54.5% 54.9% 55.8% 56.7% 55.5%
Business Services 22.2% 21.8% 20.2% 20.5% 18.9% 19.5% 22.4% 22.7% 21.0%
Government Services 22.1% 19.7% 23.9% 23.0% 23.2% 30.9% 21.9% 25.4% 25.6%
Marketing Services 28.7% 15.8% 17.5% 22.6% 18.8% 19.0% 19.4% 22.6% 20.0%
Divested & Discontinued
Lines (b) n/a n/a n/a n/a n/a n/a n/a n/a n/a
ChoicePoint excluding other operating
charges, as a percentage of service
revenue (d) (e) 28.9% 27.4% 27.3% 27.9% 26.6% 26.6% 27.7% 28.5% 27.3%
OPERATING INCOME AS A PERCENTAGE OF
SERVICE REVENUE (D) 18.4% 25.3% 23.5% 23.8% 26.6% 26.6% 27.7% 28.5% 27.3%
(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 reimbused, 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 Total
2000 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 2002 Q1 2003
--------- --------- --------- --------- --------- --------- --------- ---------
Insurance Services Revenue $ 189,822 $ 227,727 $ 64,140 $ 67,031 $ 70,495 $ 68,616 $ 270,282 $ 76,134
Business Services Revenue 206,359 226,115 57,080 62,656 60,625 59,002 239,363 63,859
Government Services Revenue 26,911 41,294 12,036 13,057 18,682 25,623 69,398 17,136
Marketing Services Revenue 63,549 76,461 23,717 27,950 27,467 26,699 105,833 25,573
Royalty Revenue 6,364 6,808 1,597 1,542 1,563 1,153 5,855 1,303
--------- --------- --------- --------- --------- --------- --------- ---------
Core Revenue (b) $ 493,005 $ 578,405 $ 158,570 $ 172,236 $ 178,832 $ 181,093 $ 690,731 $ 184,005
========= ========= ========= ========= ========= ========= ========= =========
Revenue from Divested &
Discontinued Lines (a) 54,613 24,243 72 -- -- -- 72 --
--------- --------- --------- --------- --------- --------- --------- ---------
Service revenue (c) $ 547,618 $ 602,648 $ 158,642 $ 172,236 $ 178,832 $ 181,093 $ 690,803 $ 184,005
Reimbursable Expenses per
EITF 01-14 (c) 37,392 38,028 10,019 9,923 10,098 8,480 38,520 10,944
--------- --------- --------- --------- --------- --------- --------- ---------
Total Revenue $ 585,010 $ 640,676 $ 168,661 $ 182,159 $ 188,930 $ 189,573 $ 729,323 $ 194,949
========= ========= ========= ========= ========= ========= ========= =========
Insurance Services Operating
Income $ 94,892 $ 119,407 $ 35,024 $ 35,502 $ 37,163 $ 36,950 $ 144,639 $ 42,436
Business Services Operating
Income 22,515 34,692 10,038 14,530 14,493 11,501 50,562 11,172
Government Services Operating
Income 6,862 10,397 2,482 2,763 5,056 8,561 18,862 4,399
Marketing Services Operating
Income 19,285 22,185 7,405 9,232 8,509 7,720 32,866 6,908
Royalty Operating Income 3,804 4,400 997 933 932 464 3,326 646
Income from Reimbursable
Expenses -- -- -- -- -- -- -- --
Divested & Discontinued Operating
Income (a) 8,045 (1,771) (206) -- -- -- (206) --
Corporate (43,503) (49,278) (11,518) (16,885) (16,163) (15,619) (60,185) (13,758)
--------- --------- --------- --------- --------- --------- --------- ---------
Operating Income before other
operating charges $ 111,900 $ 140,032 $ 44,222 $ 46,075 $ 49,990 $ 49,577 $ 189,864 $ 51,803
========= ========= ========= ========= ========= ========= ========= =========
Other operating charges (d) (28,419) (28,718) -- (7,342) -- -- (7,342) --
--------- --------- --------- --------- --------- --------- --------- ---------
OPERATING INCOME $ 83,481 $ 111,314 $ 44,222 $ 38,733 $ 49,990 $ 49,577 $ 182,522 $ 51,803
========= ========= ========= ========= ========= ========= ========= =========
OPERATING MARGINS
Insurance Services 50.0% 52.4% 54.6% 53.0% 52.7% 53.9% 53.5% 55.7%
Business Services 10.9% 15.3% 17.6% 23.2% 23.9% 19.5% 21.1% 17.5%
Government Services 25.5% 25.2% 20.6% 21.2% 27.1% 33.4% 27.2% 25.7%
Marketing Services 30.3% 29.0% 31.2% 33.0% 31.0% 28.9% 31.1% 27.0%
Divested & Discontinued
Lines (a) 14.7% -7.3% -286.1% n/a n/a n/a -286.1% n/a
ChoicePoint excluding other
operating charges, as a
percentage of service revenue
(c) (d) 20.4% 23.2% 27.9% 26.8% 28.0% 27.4% 27.5% 28.2%
OPERATING INCOME AS A PERCENTAGE
OF SERVICE REVENUE (C) 15.2% 18.5% 27.9% 22.5% 28.0% 27.4% 26.4% 28.2%
OPERATING INCOME AS A PERCENTAGE
OF TOTAL REVENUE 14.3% 17.4% 26.2% 21.3% 26.5% 26.2% 25.0% 26.6%
INTERNAL GROWTH RATES (E)
Insurance Services 18.0% 16.3% 17.5% 17.0% 18.5% 18.0% 17.8% 17.2%
Business Services (f) -3.5% -7.3% 1.2% 3.1% -1.2% -0.9% -4.2%
Government Services (f) 25.9% 20.9% 32.4% 58.2% 103.4% 59.3% 42.4%
Marketing Services 17.0% 2.3% 3.4% 5.4% 4.9% 6.7% 5.2% -2.4%
Total ChoicePoint 15.8% 6.6% 5.7% 10.0% 13.4% 15.6% 11.4% 8.1%
Total Total
Q2 2003 Q3 2003 Q4 2003 2003 Q1 2004 Q2 2004 Q3 2004 Q4 2004 2004
-------- -------- -------- -------- -------- -------- -------- -------- --------
Insurance Services Revenue $ 77,922 $ 78,100 $ 76,968 $309,124 $ 86,727 $ 88,129 $ 90,880 $ 86,989 $352,725
Business Services Revenue 69,014 72,069 71,206 276,148 75,941 87,547 94,041 92,352 349,881
Government Services Revenue 14,778 15,011 16,410 63,335 17,741 23,530 21,590 21,073 83,934
Marketing Services Revenue 25,676 22,631 22,762 96,642 22,811 23,224 23,585 23,769 93,389
Royalty Revenue 1,389 1,305 1,105 5,102 1,165 1,270 1,370 699 4,504
-------- -------- -------- -------- -------- -------- -------- -------- --------
Core Revenue (b) $188,779 $189,116 $188,451 $750,351 $204,385 $223,700 $231,466 $224,882 $884,433
======== ======== ======== ======== ======== ======== ======== ======== ========
Revenue from Divested &
Discontinued Lines (a) -- -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- -------- --------
Service revenue (c) $188,779 $189,116 $188,451 $750,351 $204,385 $223,700 $231,466 $224,882 $884,433
Reimbursable Expenses per
EITF 01-14 (c) 10,470 12,402 11,579 45,395 12,860 7,691 6,149 7,580 34,280
-------- -------- -------- -------- -------- -------- -------- -------- --------
Total Revenue $199,249 $201,518 $200,030 $795,746 $217,245 $231,391 $237,615 $232,462 $918,713
======== ======== ======== ======== ======== ======== ======== ======== ========
Insurance Services Operating
Income $ 44,364 $ 43,998 $ 41,720 $172,518 $ 47,260 $ 48,401 $ 50,714 $ 49,340 $195,715
Business Services Operating
Income 15,321 15,694 14,353 56,540 14,357 17,052 21,084 20,945 73,438
Government Services Operating
Income 3,264 2,958 3,919 14,540 4,114 7,275 4,726 5,349 21,464
Marketing Services Operating
Income 7,374 3,580 3,987 21,849 4,287 4,408 4,583 5,373 18,651
Royalty Operating Income 626 416 380 2,068 204 661 798 399 2,062
Income from Reimbursable
Expenses -- -- -- -- -- -- -- --
Divested & Discontinued Operating
Income (a) -- -- -- -- -- --
Corporate (16,469) (14,850) (12,936) (58,013) (15,951) (18,306) (17,869) (17,426) (69,552)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Operating Income before other
operating charges $ 54,480 $ 51,796 $ 51,423 $209,502 $ 54,271 $ 59,491 $ 64,036 $ 63,980 $241,778
======== ======== ======== ======== ======== ======== ======== ======== ========
Other operating charges (d) (19,817) (4,022) (7,103) (30,942) -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- -------- --------
OPERATING INCOME $ 34,663 $ 47,774 $ 44,320 $178,560 $ 54,271 $ 59,491 $ 64,036 $ 63,980 $241,778
======== ======== ======== ======== ======== ======== ======== ======== ========
OPERATING MARGINS
Insurance Services 56.9% 56.3% 54.2% 55.8% 54.5% 54.9% 55.8% 56.7% 55.5%
Business Services 22.2% 21.8% 20.2% 20.5% 18.9% 19.5% 22.4% 22.7% 21.0%
Government Services 22.1% 19.7% 23.9% 23.0% 23.2% 30.9% 21.9% 25.4% 25.6%
Marketing Services 28.7% 15.8% 17.5% 22.6% 18.8% 19.0% 19.4% 22.6% 20.0%
Divested & Discontinued
Lines (a) n/a n/a n/a n/a n/a n/a n/a n/a n/a
ChoicePoint excluding other
operating charges, as a
percentage of service revenue
(c) (d) 28.9% 27.4% 27.3% 27.9% 26.6% 26.6% 27.7% 28.5% 27.3%
OPERATING INCOME AS A PERCENTAGE
OF SERVICE REVENUE (C) 18.4% 25.3% 23.5% 23.8% 26.6% 26.6% 27.7% 28.5% 27.3%
OPERATING INCOME AS A PERCENTAGE
OF TOTAL REVENUE 17.4% 23.7% 22.2% 22.4% 25.0% 25.7% 26.9% 27.5% 26.3%
INTERNAL GROWTH RATES (E)
Insurance Services 15.0% 10.1% 9.5% 12.8% 12.2% 11.4% 14.8% 10.3% 12.2%
Business Services -5.8% 0.9% 5.0% -1.1% 13.3% 9.2% 8.1% 11.0% 10.3%
Government Services 13.2% -19.6% -36.0% -8.7% -12.8% 6.3% -0.8% -5.9% -3.7%
Marketing Services -13.6% -21.7% -18.7% -14.5% -10.8% -9.5% 4.2% 4.4% -3.4%
Total ChoicePoint 2.4% -1.2% -2.6% 1.5% 6.9% 7.2% 9.7% 8.2% 8.0%
(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 reimbused, 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 Total
1998 1999 2000 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 2002
------- ------- ------- ------- --------- ------- ------- ------- --------
NET INCOME $42,315 $42,197 $43,822 $50,334 $ 2,998 $24,113 $31,262 $31,454 $ 89,827
EPS $ 0.52 $ 0.52 $ 0.52 $ 0.58 $ 0.03 $ 0.27 $ 0.35 $ 0.35 $ 1.01
Less:
Cumulative change in accounting
principle, net -- -- -- -- (24,416) -- -- -- (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 6,571
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 $107,672
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 -- -- -- --
Net income from continuing operations
excluding goodwill amortization (a) $43,679 $47,597 $53,051 $58,340 $ 25,839 $22,406 $29,558 $29,869 $107,672
======= ======= ======= ======= ========= ======= ======= ======= ========
EPS from continuing operations
excluding goodwill amortization (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 -- -- 7,342
Tax provision (benefit) related to
other operating charges 2,114 (78) (8,604) 3,879 -- (2,818) -- -- (2,818)
------- ------- ------- ------- --------- ------- ------- ------- --------
INCOME FROM CONTINUING OPERATIONS
EXCLUDING OTHER OPERATING CHARGES
& GOODWILL AMORTIZATION (A)(B) $40,744 $47,006 $72,866 $90,937 $ 25,839 $26,930 $29,558 $29,869 $112,196
======= ======= ======= ======= ========= ======= ======= ======= ========
EPS from continuing operations
excluding other operating charges
& goodwill amortization (a)(b) $ 0.51 $ 0.58 $ 0.87 $ 1.04 $ 0.29 $ 0.30 $ 0.33 $ 0.34 $ 1.26
Wtd Avg Shares 80,616 81,591 84,139 87,151 88,969 89,692 89,612 89,064 89,194
Total Total
Q1 2003 Q2 2003 Q3 2003 Q4 2003 2003 Q1 2004 Q2 2004 Q3 2004 Q4 2004 2004
------- ------- ------- ------- -------- ------- ------- ------- ------- --------
NET INCOME $65,175 $20,853 $29,055 $26,909 $141,992 $33,262 $36,323 $39,153 $39,217 $147,955
EPS $ 0.73 $ 0.23 $ 0.32 $ 0.30 $ 1.58 $ 0.37 $ 0.40 $ 0.43 $ 0.43 $ 1.62
Less:
Cumulative change in accounting
principle, net -- -- -- -- -- -- -- --
Income from discontinued operations,
net of tax 991 -- -- -- 991 -- -- --
Gain on sale of discontinued
operations, net 32,893 -- -- -- 32,893 -- -- -- -- --
------- ------- ------- ------- -------- ------- ------- ------- ------- --------
Net income from continuing operations $31,291 $20,853 $29,055 $26,909 $108,108 $33,262 $36,323 $39,153 $39,217 $147,955
EPS from continuing operations $ 1.21 $ 0.35 $ 0.23 $ 0.32 $ 0.30 $ 1.21 $ 0.37 $ 0.40 $ 0.43 $ 1.62
Add back: goodwill amortization net
of taxes (a) -- -- -- -- -- -- -- -- -- --
Net income from continuing operations
excluding goodwill amortization (a) $31,291 $20,853 $29,055 $26,909 $108,108 $33,262 $36,323 $39,153 $33,217 $147,955
======= ======= ======= ======= ======== ======= ======= ======= ======= ========
EPS from continuing operations
excluding goodwill amortization (a) $ 1.21 $ 0.35 $ 0.23 $ 0.32 $ 0.30 $ 1.21 $ 0.37 $ 0.40 $ 0.43 $ 1.62
Add back:
Other operating charges (b) -- 19,817 4,022 7,103 30,942 -- -- -- -- --
Tax provision (benefit) related to
other operating charges -- (7,609) (1,545) (2,728) (11,882) -- -- -- -- --
------- ------- ------- ------- -------- ------- ------- ------- ------- --------
INCOME FROM CONTINUING OPERATIONS
EXCLUDING OTHER OPERATING CHARGES
& GOODWILL AMORTIZATION (A)(B) $31,291 $33,061 $31,532 $31,284 $127,168 $33,262 $36,323 $39,153 $39,217 $147,955
======= ======= ======= ======= ======== ======= ======= ======= ======= ========
EPS from continuing operations
excluding other operating charges
& goodwill amortization (a)(b) $ 0.35 $ 0.37 $ 0.35 $ 0.35 $ 1.42 $ 0.37 $ 0.40 $ 0.43 $ 0.43 $ 1.62
Wtd Avg Shares 89,374 89,354 89,866 89,923 89,686 90,368 91,282 91,542 91,830 91,305
(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 Total
1998 1999 2000 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 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 -- -- 2,370
Asset impairments 2,920 732 6,954 12,693 -- 2,985 -- -- 2,985
Nonmerger severance -- 451 1,885 838 -- 567 -- -- 567
Other one-time charges -- -- 592 69 -- 1,420 -- -- 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 -- -- 7,342
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Total Total
Q1 2003 Q2 2003 Q3 2003 Q4 2003 2003 Q1 2004 Q2 2004 Q3 2004 Q4 2004 2004
------- ------- ------- ------- ------ ------- ------- ------- ------- -----
Merger transaction costs -- -- -- -- -- -- -- -- -- --
Merger personnel related costs -- -- -- -- -- -- -- -- -- --
Other merger integration costs -- -- -- -- -- -- -- -- -- --
Write down of minority investments -- -- -- -- -- -- -- -- -- --
Asset impairments -- 12,490 3,015 5,845 21,350 -- -- -- -- --
Nonmerger severance -- 2,848 882 624 4,354 -- -- -- -- --
Other one-time charges -- 4,479 125 634 5,238 -- -- -- -- --
(Gain) loss on sale of business -- -- -- -- -- -- -- -- -- --
---- ------ ------ ------ ------ ---- ---- ---- ---- ----
Total other operating charges -- 19,817 4,022 7,103 30,942 -- -- -- -- --
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