FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of January, 2004
Commission File Number 1-7616
PIONEER CORPORATION
(Translation of registrant's name into English)
4-1, MEGURO 1-CHOME, MEGURO-KU, TOKYO 153-8654, JAPAN
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F:
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): __________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): __________
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PIONEER CORPORATION
(Registrant)
Date: January 30, 2004
By /s/ Kaneo Ito
---------------------------------
Kaneo Ito
President and Representative Director
This report on Form 6-K contains the following:
1. The announcement released by the Company to the press in Japan dated
January 30, 2004, concerning its consolidated third-quarter and nine-month
business results, for the period ended December 31, 2003.
FOR IMMEDIATE RELEASE
JANUARY 30, 2004
PIONEER ANNOUNCES THIRD-QUARTER AND NINE-MONTH RESULTS FOR FISCAL 2004
TOKYO -- Pioneer Corporation today announced its consolidated third-quarter and
nine-month business results, for the period ended December 31, 2003.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(In millions of yen except per share information)
Third quarter ended Nine months ended
December 31 December 31
------------------------------- -------------------------------
% to % to
prior prior
2003 2002 year 2003 2002 year
-------- -------- ------ -------- -------- ------
Operating revenue.................................. 198,865 184,867 107.6 519,955 504,378 103.1
Operating income................................... 16,784 11,883 141.2 34,375 25,058 137.2
Income from continuing operations
before income taxes.............................. 15,951 12,298 129.7 32,543 23,853 136.4
Income from continuing operations.................. 9,140 7,668 119.2 16,975 13,972 121.5
Net income......................................... 9,140 7,962 114.8 21,615 13,626 158.6
Basic earnings per share (in yen):
Income from continuing
operations..................................... 52.10 43.15 96.76 78.06
Income (loss) from discontinued
operations, net of taxes....................... -- 1.66 26.45 (1.94)
Net income....................................... 52.10 44.81 123.21 76.12
Diluted earnings per share (in yen):
Income from continuing
operations..................................... 52.08 43.15 96.74 78.05
Income (loss) from discontinued
operations, net of taxes....................... -- 1.66 26.44 (1.93)
Net income....................................... 52.08 44.81 123.18 76.12
Notes:
1. Effective from the fiscal 2003 year-end presentation, the Company
classified gains and losses on sale and disposal of fixed assets, which
were previously included in "Others, net" in "Other income (expenses),"
into "Selling, general and administrative expenses." Previously reported
amounts have been reclassified accordingly.
2. As a result of the sale of subsidiaries in audio/video software business
in the second quarter of the fiscal 2004, the gain on such sale, as well
as the business results of discontinued operations, are presented as a
separate line item in the consolidated statements of income in
accordance with Statement of Financial Accounting Standards No. 144,
"Accounting for the Impairment or Disposal of Long-Lived Assets."
Previously reported amounts have been reclassified accordingly.
- 1 -
CONSOLIDATED BUSINESS RESULTS
The third quarter of fiscal 2004, ended December 31, 2003, saw operating revenue
at 198,865 million yen (US$1,858.6 million), up 7.6% from the corresponding
period in the previous year. Operating income was 16,784 million yen (US$156.9
million), a 41.2% increase, and net income was 9,140 million yen (US$85.4
million), a 14.8% increase. The average value of the yen was up 12.5% against
the U.S. dollar and down 5.3% against the euro from the corresponding period in
the previous year.
HOME ELECTRONICS sales decreased 6.4% to 71,824 million yen (US$671.3 million)
from the corresponding period last year. In Japan, sales rose 2.0% to 24,916
million yen (US$232.9 million), due mainly to an increase in sales of DVD
recorders, despite the decrease in sales of DVD players and home-use plasma
displays. Overseas, sales decreased 10.3% to 46,908 million yen (US$438.4
million), mainly due to a decrease in sales of DVD players worldwide; digital
cable-TV set-top boxes and audio products in North America; and digital
broadcast set-top boxes in Europe, despite the increase in sales worldwide of
plasma displays for home use, as well as the increase in North America and
Europe of DVD recorder sales.
CAR ELECTRONICS sales increased 15.7% to 75,172 million yen (US$702.5 million)
from the corresponding period last year. In Japan, sales rose 28.6% to 34,514
million yen (US$322.6 million) due to an increase in sales of car navigation
systems both to automobile manufacturers and consumer markets. Overseas, sales
increased 6.6% to 40,658 million yen (US$380.0 million) primarily due to an
increase in sales of car audio products in regions including Central America,
South America and Oceania, as well as car audio/video products to consumer
markets in North America, despite the decrease in sales of car audio products in
Europe.
Royalty revenue from PATENT LICENSING decreased 56.3% to 1,759 million yen
(US$16.4 million) from the corresponding period last year, due to the expiration
of the Company's optical disc-related patents in certain regions.
OTHERS sales increased by 28.1% to 50,110 million yen (US$468.3 million) from
the corresponding period last year. In Japan, sales remained almost the same at
20,886 million yen (US$195.2 million) as in the corresponding period last year.
This resulted from increased sales of cellular phone-related devices such as
organic electroluminescent (OEL) display panels, despite decreased sales of
commercial karaoke products, as a result of the sale of the Company's karaoke
business subsidiaries. Overseas sales increased 60.2% to 29,224 million yen
(US$273.1 million), due to an increase in sales worldwide of recordable DVD
drives for personal computer use, as well as increased sales of optical
disc-manufacturing systems in Asia.
Operating income increased 41.2% from the corresponding period of the previous
year to 16,784 million yen (US$156.9 million), mainly reflecting increased sales
and improved gross profit margin, despite a decrease in royalty revenue. Foreign
exchange fluctuation, mainly the yen's depreciation against the euro, as well as
cost reductions, are attributable to the improvement of gross profit margin. Net
income also increased 14.8% to 9,140 million yen
- 2 -
(US$85.4 million) from the corresponding period in the previous year, reflecting
an increase in operating income.
Basic net income per share of common stock was 52.10 yen (US$0.49),
compared with 44.81 yen for the corresponding period in the previous year.
Diluted net income per share of common stock was 52.08 yen (US$0.49), compared
with 44.81 yen for the corresponding period in the previous year.
Nine-month results - Operating revenue for the nine-month period ended December
31, 2003, was 519,955 million yen (US$4,859.4 million), a 3.1% increase, and
net income for the period was 21,615 million yen (US$202.0 million), a 58.6%
increase, each compared with the corresponding period in the previous year.
Basic net income per share of common stock was 123.21 yen (US$1.15),
compared with 76.12 yen for the corresponding period in the previous year.
Diluted net income per share of common stock was 123.18 yen (US$1.15), compared
with 76.12 yen for the corresponding period in the previous year.
CASH FLOWS
Net cash provided by operating activities was 9,299 million yen (US$86.9
million), a decrease of 3,221 million yen compared with the corresponding period
in the previous year. This decrease is mainly caused by an increase in operating
capital requirements, which resulted from an increase in inventories and
accounts receivable. Net cash used in investing activities was 14,867 million
yen (US$138.9 million), an increase of 6,479 million yen compared with the
corresponding period in the previous year, mainly due to an increase in capital
expenditures.
BUSINESS FORECASTS FOR FISCAL 2004
Our consolidated business forecasts for fiscal 2004, ending March 31, 2004, are
unchanged from those announced on October 30, 2003, which are shown below.
Projections for fiscal 2004
announced on
October 30, 2003
-----------------------------------
Operating revenue............................ 730,000 million yen
Operating income............................. 44,000 million yen
Income before income taxes................... 41,000 million yen
Net income................................... 25,000 million yen
===================================
CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS
Statements made in this release with respect to our current plans, estimates,
strategies and beliefs, and other statements that are not historical facts are
forward-looking statements about our future performance. These statements are
based on management's assumptions and beliefs in light of the information
currently available to it. We caution that a number of important risks and
uncertainties could cause actual results to differ materially from those
discussed in the forward-looking statements, and therefore you should not place
undue reliance on them. You also should not believe that it is our obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. We disclaim any such obligation. Risks
and uncertainties that might affect us include, but are not limited to,
- 3 -
(i) general economic conditions in our markets, particularly levels of consumer
spending; (ii) exchange rates, particularly between the yen and the U.S. dollar,
euro, and other currencies in which we make significant sales or in which our
assets and liabilities are denominated; (iii) our ability to continue to design
and develop and win acceptance of our products and services, which are offered
in highly competitive markets characterized by continual new product
introductions, rapid developments in technology and subjective and changing
consumer preferences; (iv) our ability to successfully implement our business
strategies; (v) our ability to compete and develop and implement successful
sales and distribution strategies in light of technological developments in and
affecting our businesses; (vi) our continued ability to devote sufficient
resources to research and development, and capital expenditure; (vii) our
ability to continuously enhance our brand image; (viii) the success of our joint
ventures and alliances; and (ix) the outcome of contingencies.
Pioneer Corporation is one of the leading manufacturers of consumer- and
business-use electronics products such as audio, video and car electronics on a
global scale. Its shares are traded on the New York Stock Exchange (ticker
symbol PIO), Euronext Amsterdam, Tokyo Stock Exchange, and Osaka Securities
Exchange.
# # # # # #
The U.S. dollar amounts in this release represent translation of Japanese yen,
for convenience only, at the rate of 107 yen=US$1.00, the approximate rate
prevailing on December 31, 2003.
Attached are consolidated financial statements for the third quarter and the
nine months ended December 31, 2003.
For further information, please contact:
Investor Relations Department, Corporate Communications Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-6774 / Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
Website: http://www.pioneer.co.jp/corp/ir/index-e.html
- 4 -
Pioneer Corporation and Subsidiaries
CONSOLIDATED FINANCIAL STATEMENTS OF PIONEER CORPORATION
FOR THE THIRD QUARTER AND THE NINE MONTHS ENDED DECEMBER 31, 2003
(1) OPERATING REVENUE BY SEGMENT
(In millions of yen)
Third quarter ended December 31
------------------------------------------------------------------------------
2003 2002 % to
-------------------------------- --------------------------------
% to % to prior
Amount Total Amount Total year
-------------- ---------------- ---------------- -------------- ----------
Domestic.......................... 24,916 12.5 24,419 13.2 102.0
Overseas.......................... 46,908 23.6 52,313 28.3 89.7
-------------- ---------------- ---------------- -------------- ----------
Home Electronics..................... 71,824 36.1 76,732 41.5 93.6
-------------- ---------------- ---------------- -------------- ----------
Domestic.......................... 34,514 17.4 26,839 14.5 128.6
Overseas.......................... 40,658 20.4 38,158 20.7 106.6
-------------- ---------------- ---------------- -------------- ----------
Car Electronics...................... 75,172 37.8 64,997 35.2 115.7
-------------- ---------------- ---------------- -------------- ----------
Domestic.......................... - - - - -
Overseas.......................... 1,759 0.9 4,029 2.2 43.7
-------------- ---------------- ---------------- -------------- ----------
Patent Licensing..................... 1,759 0.9 4,029 2.2 43.7
-------------- ---------------- ---------------- -------------- ----------
Domestic.......................... 20,886 10.5 20,868 11.3 100.1
Overseas.......................... 29,224 14.7 18,241 9.8 160.2
-------------- ---------------- ---------------- -------------- ----------
Others............................... 50,110 25.2 39,109 21.1 128.1
-------------- ---------------- ---------------- -------------- ----------
Domestic.......................... 80,316 40.4 72,126 39.0 111.4
Overseas.......................... 118,549 59.6 112,741 61.0 105.2
-------------- ---------------- ---------------- -------------- ----------
Total................................ 198,865 100.0 184,867 100.0 107.6
============== ================ ================ ============== ==========
(In millions of yen)
Nine months ended December 31
------------------------------------------------------------------------------
2003 2002 % to
-------------------------------- --------------------------------
% to % to prior
Amount Total Amount Total year
-------------- ---------------- ---------------- -------------- ----------
Domestic.......................... 51,941 10.0 53,891 10.7 96.4
Overseas.......................... 100,032 19.2 119,616 23.7 83.6
-------------- ---------------- ---------------- -------------- ----------
Home Electronics..................... 151,973 29.2 173,507 34.4 87.6
-------------- ---------------- ---------------- -------------- ----------
Domestic.......................... 91,624 17.6 79,624 15.8 115.1
Overseas.......................... 125,388 24.1 130,135 25.8 96.4
-------------- ---------------- ---------------- -------------- ----------
Car Electronics...................... 217,012 41.7 209,759 41.6 103.5
-------------- ---------------- ---------------- -------------- ----------
Domestic.......................... - - - - -
Overseas.......................... 10,163 2.0 10,073 2.0 100.9
-------------- ---------------- ---------------- -------------- ----------
Patent Licensing..................... 10,163 2.0 10,073 2.0 100.9
-------------- ---------------- ---------------- -------------- ----------
Domestic.......................... 55,149 10.6 56,653 11.2 97.3
Overseas.......................... 85,658 16.5 54,386 10.8 157.5
-------------- ---------------- ---------------- -------------- ----------
Others............................... 140,807 27.1 111,039 22.0 126.8
-------------- ---------------- ---------------- -------------- ----------
Domestic.......................... 198,714 38.2 190,168 37.7 104.5
Overseas.......................... 321,241 61.8 314,210 62.3 102.2
-------------- ---------------- ---------------- -------------- ----------
Total................................ 519,955 100.0 504,378 100.0 103.1
============== ================ ================ ============== ==========
Pioneer Corporation and Subsidiaries
(2) CONSOLIDATED STATEMENTS OF INCOME
(In millions of yen)
Third quarter ended Nine months ended
December 31 December 31
------------------------------- -----------------------------
2003 2002 2003 2002
-------------- -------------- ------------- ------------
Operating revenue:
Net sales.............................................. 197,106 180,838 509,792 494,305
Royalty revenue........................................ 1,759 4,029 10,163 10,073
-------------- -------------- ------------- ------------
198,865 184,867 519,955 504,378
-------------- -------------- ------------- ------------
Operating costs and expenses:
Cost of sales.......................................... 135,054 126,827 355,106 348,855
Selling, general and administrative.................... 47,027 46,157 130,474 130,465
-------------- -------------- ------------- ------------
182,081 172,984 485,580 479,320
-------------- -------------- ------------- ------------
Operating income.......................................... 16,784 11,883 34,375 25,058
Other income (expenses):
Interest income........................................ 377 674 1,107 1,660
Foreign exchange gain (loss)........................... (867) (250) (1,872) (1,709)
Interest expense....................................... (503) (836) (1,689) (2,174)
Others, net............................................ 160 827 622 1,018
-------------- -------------- ------------- ------------
(833) 415 (1,832) (1,205)
-------------- -------------- ------------- ------------
Income from continuing operations
before income taxes..................................... 15,951 12,298 32,543 23,853
Income taxes.............................................. 6,197 4,317 13,025 7,677
Minority interest in income of subsidiaries............... (382) (159) (550) 708
Equity in losses of affiliated companies.................. (232) (154) (1,993) (2,912)
-------------- -------------- ------------- ------------
Income from continuing operations......................... 9,140 7,668 16,975 13,972
Income (loss) from discontinued
operations, net of taxes................................ - 294 4,640 (346)
-------------- -------------- ------------- ------------
Net income................................................ 9,140 7,962 21,615 13,626
============== ============== ============= ============
Pioneer Corporation and Subsidiaries
(3) CONSOLIDATED BALANCE SHEETS
(In millions of yen)
December 31 March 31
-----------------------------
ASSETS 2003 2002 2003
------------- -------------- --------------
Current assets:
Cash and cash equivalents........................................... 132,740 134,688 142,480
Trade receivables, less allowance................................... 125,664 122,451 113,868
Inventories......................................................... 116,217 108,323 93,620
Others.............................................................. 63,565 61,133 66,014
------------- -------------- --------------
Total current assets........................................ 438,186 426,595 415,982
Investments and long-term receivables..................................... 29,639 27,647 25,871
Property, plant and equipment, less depreciation.......................... 155,174 147,676 145,699
Intangible assets......................................................... 18,065 14,155 15,619
Other assets.............................................................. 39,919 32,582 43,858
------------- -------------- --------------
680,983 648,655 647,029
============= ============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion
of long-term debt................................................ 41,424 44,194 30,867
Trade payables...................................................... 88,329 79,763 67,173
Others.............................................................. 109,157 93,961 108,490
------------- -------------- --------------
Total current liabilities................................... 238,910 217,918 206,530
Long-term debt............................................................ 28,500 33,065 32,196
Other long-term liabilities............................................... 72,071 47,441 71,631
Minority interests........................................................ 17,728 17,945 18,279
Shareholders' equity:
Common stock......................................................... 49,049 49,049 49,049
Capital surplus...................................................... 82,379 82,110 82,159
Retained earnings.................................................... 272,688 252,980 253,266
Accumulated other comprehensive income (loss)........................ (69,882) (43,900) (55,629)
Treasury stock....................................................... (10,460) (7,953) (10,452)
------------- -------------- --------------
Total shareholders' equity..................................... 323,774 332,286 318,393
============= ============== ==============
680,983 648,655 647,029
============= ============== ==============
Breakdown of accumulated other comprehensive income (loss)
Minimum pension liability adjustments................................ (31,032) (19,779) (32,675)
Net unrealized holding gain on securities............................ 6,613 3,118 3,348
Cumulative foreign currency translation adjustments.................. (45,463) (27,239) (26,302)
------------- -------------- --------------
Total accumulated other comprehensive income (loss).................. (69,882) (43,900) (55,629)
============= ============== ==============
Pioneer Corporation and Subsidiaries
(4) CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of yen)
Third quarter ended Nine months ended
December 31 December 31
---------------------------- ----------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
I. Operating activities:
Net income.............................................. 9,140 7,962 21,615 13,626
(Income) loss from discontinued
operations, net of taxes.............................. - (294) (4,640) 346
Depreciation and amortization........................... 9,799 9,255 28,690 26,036
Increase in trade receivables........................... (22,905) (16,279) (21,883) (1,386)
Increase in inventories................................. (6,740) (1,732) (27,753) (14,206)
Increase in trade payables.............................. 12,324 9,028 27,533 23,480
Increase in other accrued liabilities................... 1,944 736 6,576 4,359
Other................................................... 5,737 3,844 2,382 2,400
------------ ------------ ------------ ------------
Net cash provided by operating activities............. 9,299 12,520 32,520 54,655
------------ ------------ ------------ ------------
II. Investing activities:
Payment for purchase of fixed assets.................... (14,891) (8,774) (43,130) (29,149)
Other................................................... 24 386 3,655 5,334
------------ ------------ ------------ ------------
Net cash used in investing activities................. (14,867) (8,388) (39,475) (23,815)
------------ ------------ ------------ ------------
III. Financing activities:
Increase (decrease) in short-term borrowings
and long-term debt.................................... 5,342 (3,139) 9,952 (6,344)
Dividends paid.......................................... (2,193) (1,338) (3,947) (2,688)
Purchase and sale of treasury stock, net................ (3) (4,434) (8) (7,941)
Other................................................... (99) 413 (285) 242
------------ ------------ ------------ ------------
Net cash provided by (used in) financing activities... 3,047 (8,498) 5,712 (16,731)
------------ ------------ ------------ ------------
Effect of exchange rate changes on cash
and cash equivalents........................................ (2,675) (1,358) (8,497) (6,534)
------------ ------------ ------------ ------------
Net increase (decrease) in cash and cash equivalents.......... (5,196) (5,724) (9,740) 7,575
Cash and cash equivalents at beginning of period.............. 137,936 140,412 142,480 127,113
------------ ------------ ------------ ------------
Cash and cash equivalents at end of period.................... 132,740 134,688 132,740 134,688
============ ============ ============ ============
------------ ------------ ------------ ------------
I + II Free cash flow......................................... (5,568) 4,132 (6,955) 30,840
------------ ------------ ------------ ------------
Pioneer Corporation and Subsidiaries
(5) SEGMENT INFORMATION
The following segment information is prepared pursuant to the regulations under
the Securities and Exchange Law of Japan.
Business Segments
(In millions of yen)
Third quarter ended December 31
------------------------------------------------------------------------------------------
2003 2002 % to prior year
----------------------------- ----------------------------- -----------------------------
Operating Operating Operating Operating Operating Operating
Revenue Income Revenue Income Revenue Income
-------------- -------------- -------------- -------------- -------------- --------------
Home Electronics.............. 72,151 4,822 76,965 3,460 93.7 139.4
Car Electronics............... 76,426 7,671 65,476 4,540 116.7 169.0
Patent Licensing.............. 2,348 1,681 4,552 3,823 51.6 44.0
Others........................ 60,831 4,332 49,185 1,059 123.7 409.1
-------------- -------------- -------------- -------------- -------------- --------------
Total..................... 211,756 18,506 196,178 12,882 107.9 143.7
Corporate and elimination..... (12,891) (1,722) (11,311) (999) - -
-------------- -------------- -------------- -------------- -------------- --------------
Consolidated total............ 198,865 16,784 184,867 11,883 107.6 141.2
============== ============== ============== ============== ============== ==============
(In millions of yen)
Nine months ended December 31
------------------------------------------------------------------------------------------
2003 2002 % to prior year
----------------------------- ----------------------------- -----------------------------
Operating Operating Operating Operating Operating Operating
Revenue Income Revenue Income Revenue Income
-------------- -------------- -------------- -------------- -------------- --------------
Home Electronics............... 152,902 (5,314) 174,247 92 87.8 -
Car Electronics................ 218,917 21,786 210,904 21,162 103.8 102.9
Patent Licensing............... 11,721 9,900 11,583 9,241 101.2 107.1
Others......................... 169,254 11,061 140,778 (355) 120.2 -
-------------- -------------- -------------- -------------- -------------- --------------
Total...................... 552,794 37,433 537,512 30,140 102.8 124.2
Corporate and elimination...... (32,839) (3,058) (33,134) (5,082) - -
-------------- -------------- -------------- -------------- -------------- --------------
Consolidated total............. 519,955 34,375 504,378 25,058 103.1 137.2
============== ============== ============== ============== ============== ==============
Notes:
1. The Company's consolidated financial statements have been prepared in
conformity with accounting principles generally accepted in the United
States of America.
2. The consolidated financial statements include the accounts of the parent
company and 132 subsidiaries and the investments in 5 affiliated
companies accounted for on an equity basis.
3. Effective from the fiscal 2003 year-end presentation, the Company
classified gains and losses on sale and disposal of fixed assets, which
were previously included in "Others, net" in "Other income (expenses),"
into "Selling, general and administrative expenses." Previously reported
amounts have been reclassified accordingly.
4. Effective from the fiscal 2003 year-end presentation, profit and loss on
intercompany lease, which was previously included in "Others" segment,
is included in the segment which each user of leased assets belongs to.
Previously reported amounts have been reclassified accordingly.
5. As a result of the sale of subsidiaries in audio/video software business
in the second quarter of the fiscal 2004, the gain on such sale, as well
as the business results of discontinued operations, are presented as a
separate line item in consolidated statements of income in accordance
with Statement of Financial Accounting Standards No. 144, "Accounting
for the Impairment or Disposal of Long-Lived Assets." Reclassifications
have been made to previously reported consolidated statements of income,
consolidated statements of cash flows and segment information to conform
to this presentation.