EX-99 2 exhibit99_052306.htm PRESS RELEASE /CSC, Exhibit 99

EXHIBIT 99

 

 

 

Contact:

Bill Lackey

FOR IMMEDIATE RELEASE

 

Director, Investor Relations

Moved On PR Newswire

 

Corporate

Date:  May 23, 2006

 

310.615.1700

 

 

blackey3@csc.com

 

 

 

 

 

Mike Dickerson

 

 

Director, Media Relations

 

 

Corporate

 

 

310.615.1647

 

 

mdickers@csc.com

 

 

 

 

CSC REPORTS FOURTH QUARTER RESULTS

 

Earnings Per Share From Continuing Operations Up 26% (Up 21% Excluding

Special Items); Cash and Marketable Securities Increase by $517.5 Million

in the Quarter to $1.29 Billion

 

 

          EL SEGUNDO, Calif., May 23 -- Computer Sciences Corporation (NYSE: CSC) today reported results for its fiscal 2006 fourth quarter, ended March 31, 2006. Net earnings of $199.4 million, or $1.05 per share (diluted), included a special charge related to the Nortel Networks contract of $15.2 million, or 8 cents per share, and a charge resulting from the cumulative effect of adoption of FIN 47, dealing with asset retirement obligations of $4.3 million, or 2 cents per share. Diluted earnings per share from continuing operations, including the 8 cent Nortel Networks special charge, were $1.08, up 26% compared with last year's fourth quarter diluted earnings per share from continuing operations of 86 cents, which included a debt redemption special item charge of 10 cents. Excluding special items and the FIN 47 charge mentioned above, earnings per share from continuing operations were $1.16, up 21% from last year's 96 cents. (See attached tables -- pages 11 and 12.)

 

 

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Computer Sciences Corporation - Page 2

May 23, 2006

 

 

          For the year ended March 31, 2006, net earnings of $634.0 million, or $3.38 per share (diluted), included an after-tax gain of $61.3 million, or 33 cents per share, on sale of discontinued operations; an after-tax special charge of $48.3 million, or 26 cents per share (diluted) related to the Nortel Networks contract; and the $4.3 million charge, or 2 cents per share resulting from the adoption of FIN 47.

 

          Revenue was $3.88 billion, up slightly (approximately 3% in constant currency) over last year's fourth quarter. Strong double-digit revenue growth from CSC's U.S. federal government activities as well as the company's Australia and Asia operations were offset by declines in both U.S. commercial and European revenue. Revenue for fiscal 2006 was $14.6 billion, up 4% (approximately 5% in constant currency) over last year's comparable 12-month period.

 

          For the fourth quarter, CSC's U.S. federal government revenue increased 13.3% to $1.37 billion from $1.21 billion for the fourth quarter of fiscal 2005. Revenue derived from CSC's DoD-related business was $919.5 million, up 21.7% from last year's $755.3 million. This growth was the result of incremental revenue from a combination of existing engagements and recent new business awards, including Rapid Response, C-21 and AUTEC, among others. CSC's civil agencies activities generated revenue of $417.9 million, up 1.6%, compared to $411.4 million last year. Various NASA projects contributed positively to the quarter's activity while being partially offset by reductions in scope for other civil agency engagements. Other federal segment revenue, comprised of state, local and foreign government as well as commercial contracts performed by the U.S. federal segment, was $28.9 million, down from last year's $39.1 million.

 

          Fourth quarter global commercial revenue was $2.52 billion, compared to $2.67 billion in the year-ago quarter, a decline of 5.8% (down approximately 2% in constant currency). U.S. commercial revenue was $1.01 billion, down 5.8 %, compared with $1.08 billion last year. European revenue was $1.13 billion, a decline of 11.4% (down approximately 4% in constant currency) from $1.28 billion for the fourth quarter last year. CSC's non-European international revenue was $369.0 million, up 16.7% (approximately 18% in constant currency), compared with last year's $316.1 million.

 

 

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Computer Sciences Corporation - Page 3

May 23, 2006

 

 

          North American consulting and systems integration activities were stable with a slight decline in utilization compared to the prior-year period, which was partially offset by an increase in average billable headcount and a small increase in the average hourly rate. The quarter's utilization decline was principally caused by the completion of work related to certain federal engagements and the delay in start date of certain other activities. The European market for similar shorter-term activities continues to be impacted negatively by soft demand in certain country-specific markets.

 

          The company's cash and marketable securities at March 31, 2006, were $1.29 billion, an increase of $517.5 million in the fourth quarter, resulting primarily from strong cash flow from operations.

 

          "Our fourth quarter results continued our solid operational progress for fiscal 2006," said CSC Chairman and Chief Executive Officer Van B. Honeycutt. "We are pleased with the year's performance and look forward to another solid year for fiscal 2007. Our U.S. federal government activities for the quarter accelerated nicely and continue to illustrate CSC's leading position in the federal information technology services market. We also are encouraged by the strong revenue growth reported by our operations in Australia and Asia. We anticipate the quality and quantity of our federal and commercial pipelines will provide us with engagements enhancing our operational progress going forward."

 

          Major business announcements for the fourth quarter were $2.8 billion, bringing the full-year total to approximately $12.1 billion, the third-highest announced annual award total in the company's history. The $12.1 billion total is comprised of 59% federal and 41% commercial awards.

 

           "The market for U.S. federal government information technology services continues to demonstrate solid demand," said Honeycutt. "Our strong competitive position and historical win rate have enabled us to continue to be a leader in providing IT services to this large and growing market."

 

 

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Computer Sciences Corporation - Page 4

May 23, 2006

 

 

          The company's U.S. federal pipeline of opportunities over the next 22 months is approximately $37 billion, comprised of nearly 500 programs across a broad spectrum of government agencies and departments. Of the total pipeline, approximately $22 billion is scheduled for award in the current fiscal year, which is nearly 38% higher than a year ago.

 

          As announced last month, a restructuring program involving workforce reductions is being implemented, with the majority of these reductions occurring in Europe. The restructuring program is designed to streamline the company's worldwide operations, further leverage the increased use of lower-cost resources and significantly improve future cash flow and earnings.

 

          "For fiscal 2007, ending March 30, 2007, we anticipate revenue to be up approximately 2% to 3% and earnings per share to be in the $3.79 to $3.89 range, excluding the special charge for restructuring and the impact of expensing stock options," Honeycutt added. "This estimate is comparable to the fiscal 2006 $3.33 per share, which was ahead of our previous guidance of $3.27 to $3.31. Our current estimate of the incremental impact of stock options expense is approximately 18 cents for fiscal 2007, bringing our fiscal 2007 earnings per share estimate, including options expense, to approximately $3.61 to $3.71. For the first quarter, ending June 30, we anticipate revenue to be in the range of $3.4 billion to $3.5 billion and earnings per share to be in the mid-60 cent range, excluding options expense. The options expense for the first quarter is anticipated to be approximately 4 cents. Our first quarter and fiscal year 2007 assumptions exclude the expense impacts of the previously announced restructuring charges."

 

           As announced in the company's press release dated April 11, 2006, a teleconference will be held today at 5:00 p.m. EDT to discuss the fourth quarter results. This teleconference can be accessed from the CSC Web site at www.csc.com/investorrelations, in a listen-only mode.

 

 

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Computer Sciences Corporation - Page 5

May 23, 2006

 

 

           Founded in 1959, Computer Sciences Corporation is a leading global IT services company. CSC's mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.

 

           With approximately 79,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC's own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $14.6 billion for the 12 months ended March 31, 2006. For more information, visit the company's Web site at www.csc.com.

 

 

All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent the Company's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, many of which are outside the Company's control. These factors could cause actual results to differ materially from such forward-looking statements. For a written description of these factors, see the section titled "Management's Discussion and Analysis of Financial Conditions and Results of Operations" in CSC's Form 10-Q for the quarter ended December 30, 2005. The Company disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent events or otherwise except as required by law.

 

 

Note to Analysts and Editors: Please see attached tables.

 

 

 

 

Computer Sciences Corporation - Page 6

May 23, 2006

 

 

Revenues by Segment

(unaudited)

 

 

                                Fourth Quarter Ended                                

 

March 31,

 

April 1,

 

              % of Total              

(In millions)

      2006      

 

      2005      

 

Fiscal 2006

 

Fiscal 2005

 

 

 

 

 

 

 

 

   U.S. Commercial

$1,013.2   

 

$1,075.8   

 

26%     

 

28%     

   Europe

1,135.0   

 

1,280.8   

 

29        

 

33        

   Other International

        369.0   

 

        316.1   

 

        10        

 

          8        

Global Commercial segment

     2,517.2   

 

     2,672.7   

 

        65        

 

        69        

 

 

 

 

 

 

 

 

   Department of Defense

919.5   

 

755.3   

 

23        

 

19        

   Civil agencies

417.9   

 

411.4   

 

11        

 

11        

   Other (1)

          28.9   

 

          39.1   

 

          1        

 

          1        

U.S. Federal segment

     1,366.3   

 

     1,205.8   

 

        35        

 

        31        

 

 

 

 

 

 

 

 

 

$3,883.5   
=========

 

$3,878.5   
=========

 

100%     
=========

 

100%     
=========

 

 

 

                                Twelve Months Ended                                

 

March 31,

 

April 1,

 

              % of Total              

(In millions)

      2006      

 

      2005      

 

Fiscal 2006

 

Fiscal 2005

 

 

 

 

 

 

 

 

   U.S. Commercial

$  4,024.3   

 

$  3,829.7   

 

28%     

 

27%     

   Europe

4,176.8   

 

4,325.7   

 

28        

 

31        

   Other International

     1,360.5   

 

     1,227.3   

 

          9        

 

          9        

Global Commercial segment

     9,561.6   

 

     9,382.7   

 

        65        

 

        67        

 

 

 

 

 

 

 

 

   Department of Defense

3,368.9   

 

2,909.8   

 

23        

 

21        

   Civil agencies

1,544.3   

 

1,612.9   

 

11        

 

11        

   Other (1)

        140.8   

 

        153.2   

 

          1        

 

          1        

U.S. Federal segment

     5,054.0   

 

     4,675.9   

 

        35        

 

        33        

 

 

 

 

 

 

 

 

 

$14,615.6   
=========

 

$14,058.6   
=========

 

100%     
=========

 

100%     
=========

 

 

 

(1)

Other revenues consist of state, local and foreign government as well as commercial contracts performed by the U.S. Federal reporting segment.

 

 

Computer Sciences Corporation - Page 7

May 23, 2006

 

 

Consolidated Statements of Income

(unaudited)

(In millions except per-share amounts)

  Fourth Quarter Ended  

 

  Twelve Months Ended  

 

March 31,

 

April 1,

 

March 31,

 

April 1,

 

     2006     

 

     2005     

 

     2006     

 

     2005     

 

 

 

 

 

 

 

 

Revenues

  $3,883.5   

 

  $3,878.5   

 

 $14,615.6  

 

 $14,058.6  

 

 

 

 

 

 

 

 

Costs of services

3,066.4   

 

3,094.8   

 

11,719.8  

 

11,315.1  

Selling, general and administrative

221.6   

 

209.8   

 

842.2  

 

807.8  

Depreciation and amortization

279.5   

 

271.9   

 

1,091.8  

 

1,051.0  

Interest expense

29.6   

 

37.2   

 

104.2  

 

156.8  

Interest income

(12.7)  

 

(7.8)  

 

(40.8) 

 

(16.1) 

Special items

         25.3   

 

         28.6   

 

          77.3  

 

          28.6  

 

 

 

 

 

 

 

 

Total costs and expenses

    3,609.7   

 

    3,634.5   

 

   13,794.5  

 

   13,343.2  

 

 

 

 

 

 

 

 

Income before taxes

273.8   

 

244.0   

 

821.1  

 

715.4  

Taxes on income

         70.1   

 

         77.4   

 

        244.1  

 

        219.0  

 

 

 

 

 

 

 

 

Income from continuing operations

203.7   

 

166.6   

 

577.0  

 

496.4  

Discontinued operations, net of taxes

                   

 

       245.2   

 

          61.3  

 

        313.8  

 

 

 

 

 

 

 

 

Cumulative effect of

 

 

 

 

 

 

 

  accounting change

         (4.3)  

 

                   

 

         (4.3)  

 

                   

Net income

$    199.4   
========

 

$    411.8   
========

 

$     634.0  
========

 

$     810.2  
========

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

   Continuing operations

$      1.09   

 

$      0.87   

 

$       3.11  

 

$       2.62  

   Discontinued operations

 

 

1.28   

 

0.33  

 

1.66  

   Cumulative effect of

 

 

 

 

 

 

 

     accounting change

       (0.02)  

 

                   

 

        (0.02) 

 

                   

   Basic*

$      1.07   
========

 

$      2.15   
========

 

$       3.41  
========

 

$       4.27  
========

 

 

 

 

 

 

 

 

   Continuing operations

$      1.08   

 

$      0.86   

 

$       3.07  

 

$       2.59  

   Discontinued operations

 

 

1.27   

 

          0.33  

 

          1.64  

   Cumulative effect of

 

 

 

 

 

 

 

     accounting change

       (0.02)  

 

                   

 

        (0.02) 

 

                   

   Diluted*

$      1.05   
========

 

$      2.13   
========

 

$       3.38  
========

 

$       4.22  
========

 

 

 

 

 

 

 

Average common shares outstanding for:

 

 

 

 

 

 

    Basic EPS

186.711   

 

191.143   

 

185.693  

 

189.575  

    Diluted EPS

189.238   

 

193.342   

 

187.695  

 

191.799  

 

 

 

 

 

 

 

*Amounts may not add due to rounding

 

 

 

 

 

 

 

 

 

Computer Sciences Corporation - Page 8

May 23, 2006

 

 

Selected Balance Sheet Data

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

April 1,

(In millions)

       2006       

 

       2005       

Assets

 

 

 

   Cash and cash equivalents

$  1,290.7    

 

$  1,010.3    

   Receivables, net of allowance for doubtful accounts

3,746.3    

 

3,537.7    

   Assets of operations held for sale

 

 

83.8    

 

 

 

 

   Property and equipment, net

2,320.1    

 

2,365.4    

   Outsourcing contract costs, net

1,175.3    

 

1,279.6    

   Software, net

453.3    

 

461.3    

   Goodwill, net

2,306.3    

 

2,343.4    

 

 

 

 

Liabilities

 

 

 

   Short-term debt and current maturities of long-term debt

$       85.3    

 

$       85.7    

   Accounts payable and other accrued expenses

2,771.3    

 

2,816.8    

   Deferred revenue

629.1    

 

562.7    

   Liabilities of operations held for sale

 

 

16.9    

 

 

 

 

   Long-term debt, net

1,376.8    

 

1,303.0    

 

 

 

 

   Stockholders' equity

       6,771.9    

 

       6,494.7    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computer Sciences Corporation - Page 9

May 23, 2006

 

 

Consolidated Statements of Cash Flows

 

(unaudited)

 

 

 

 

      Twelve Months Ended      

(In millions)

March 31,

 

April 1,

 

       2006       

 

       2005       

Cash flows from operating activities:

 

 

 

   Net income

$   634.0    

 

$   810.2    

   Adjustments to reconcile net income to net

 

 

 

   cash provided by operating activities:

 

 

 

      Depreciation and amortization and other non-cash charges

1,236.9    

 

1,147.8    

      Changes in assets and liabilities, net of effects of acquisitions:

 

 

 

         Increase in assets

(433.9)   

 

(695.9)   

         Increase in liabilities

          114.3    

 

          679.4    

 

 

 

 

Net cash provided by operating activities

       1,551.3    

 

       1,941.5    

 

 

 

 

Investing activities:

 

 

 

   Purchases of property and equipment

(826.9)   

 

(855.2)   

   Acquisitions, net of cash acquired

(44.1)   

 

(20.5)   

   Dispositions

.5    

 

819.1    

   Outsourcing contracts

(242.5)   

 

(416.5)   

   Software

(151.1)   

 

(205.1)   

   Other investing cash flows

          140.1    

 

            82.8    

 

 

 

 

Net cash used in investing activities

     (1,124.0)   

 

        (595.4)   

 

 

 

 

Financing activities:

 

 

 

   Borrowings under lines of credit, net

(22.4)   

 

22.1    

   Principal payments on long-term debt

(8.5)   

 

(1,032.6)   

   Proceeds from stock option and other common stock transactions

101.1    

 

107.8    

   Acquisition of treasury stock

(227.7)   

 

 

   Other financing cash flows

              6.8    

 

              2.1    

 

 

 

 

Net cash used in financing activities

        (150.7)   

 

        (900.6)   

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

              3.8    

 

              2.0    

 

 

 

 

Net decrease in cash and cash equivalents

280.4    

 

447.5    

Cash and cash equivalents at beginning of year

       1,010.3    

 

          562.8    

 

 

 

 

Cash and cash equivalents at end of period

$1,290.7    
==========

 

$1,010.3    
==========

 

 

Computer Sciences Corporation - Page 10

May 23, 2006

 

 

The following tables reconcile Earnings Before Interest, Taxes, and Depreciation and Amortization (EBITDA); Earnings Before Interest and Taxes (EBIT); and Free Cash Flow to the most directly comparable financial measure calculated and presented in accordance with accounting principles generally accepted in the United States (GAAP). CSC management believes that these three non-GAAP financial measures provide useful information to investors regarding the Company's financial condition and results of operations as they provide another measure of the Company's profitability and ability to service its debt, and are considered important measures by financial analysts covering CSC and its peers.

 

GAAP Reconciliations

 

 

 

 

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA / EBIT (unaudited)

Fourth Quarter Ended

 

 Twelve Months Ended 

 

March 31,

 

April 1,

 

March 31,

 

April 1,

 

     2006     

 

     2005     

 

     2006     

 

     2005     

EBITDA and special items

$   595.5   

 

$   573.9   

 

$2,053.6   

 

$1,935.7   

   Special items

        25.3   

 

        28.6   

 

        77.3   

 

        28.6   

EBITDA

570.2   

 

545.3   

 

1,976.3   

 

1,907.1   

   Depreciation and amortization

      279.5   

 

      271.9   

 

   1,091.8   

 

   1,051.0   

EBIT

290.7   

 

273.4   

 

884.5   

 

856.1   

   Interest, net

        16.9   

 

        29.4   

 

        63.4   

 

      140.7   

Income before taxes

273.8   

 

244.0   

 

821.1   

 

715.4   

   Taxes on income

        70.1   

 

        77.4   

 

      244.1   

 

      219.0   

Income from continuing operations

203.7   

 

166.6   

 

577.0   

 

496.4   

Discontinued operations, net of taxes

 

 

245.2   

 

61.3   

 

313.8   

Cumulative effect of accounting change

        (4.3)  

 

                  

 

        (4.3)  

 

                  

Net Income

$   199.4   
========

 

$   411.8   
========

 

$   634.0   
========

 

$   810.2   
========

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free Cash Flow (unaudited)

 Twelve Months Ended 

 

 

 

 

 

March 31,

 

April 1,

 

 

 

 

 

     2006     

 

     2005     

 

 

 

 

Free cash flow

$   462.9   

 

$   493.9   

 

 

 

 

Net cash used in investing activities

1,124.0   

 

595.4   

 

 

 

 

Acquisitions, net of cash acquired

(44.1)  

 

(20.5)  

 

 

 

 

Business dispositions

.5   

 

819.1   

 

 

 

 

Capital lease payments

8.0   

 

6.7   

 

 

 

 

Available-for-sale securities

                  

 

        46.9   

 

 

 

 

Net cash provided by operating activities

$1,551.3   
========

 

$1,941.5   
========

 

 

 

 

Note:

Capital lease payments and proceeds from the sale of property and equipment (included in investing activities) are included in the calculation of free cash flow. Prior periods have been adjusted to conform with this presentation.

 

 

 

Computer Sciences Corporation - Page 11

May 23, 2006

 

 

Earnings per Share Reconciliation (unaudited)

 

The following table is presented to illustrate the impact of the Nortel Networks (2006) and debt redemption (2005) special charges on earnings per share. It also provides a reconciliation of the earnings per share amount relating to this item to earnings per share for continuing operations. The earnings per share amounts presented below include non-GAAP measures. This table should be read in conjunction with the Consolidated Statements of Income within this release on which the GAAP earnings per share measures are presented. Earnings per share before special items provides a basis for comparing current operating performance to past and future operating performance.

 

 

Fourth Quarter Ended

 

Fourth Quarter Ended

 

      March 31, 2006      

 

         April 1, 2005         

 

 

 

EPS

 

 

 

EPS

 

 Amount 

 

 (diluted) 

 

 Amount 

 

 (diluted) 

Net income and EPS (diluted), as reported

$ 199.4   

 

$   1.05   

 

$ 411.8   

 

$   2.13   

Less: Discontinued operations

                 

 

                 

 

(245.2)  

 

(1.27)  

Add: Cumulative change in accounting principle

         4.3   

 

       0.02   

 

                 

 

                 

Income from continuing operations, as reported

203.7   

 

1.08   

 

166.6   

 

0.86   

Add back: Special items

       15.2   

 

       0.08   

 

       18.4   

 

       0.10   

Income from continuing operations before

 

 

 

 

 

 

 

  special items

$ 218.9   
=======

 

$   1.16   
=======

 

$ 185.0   
=======

 

$   0.96   
=======

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

Twelve Months Ended

 

      March 31, 2006      

 

         April 1, 2005         

 

 

 

EPS

 

 

 

EPS

 

 Amount 

 

 (diluted) 

 

 Amount 

 

 (diluted) 

Net income and EPS (diluted), as reported

$ 634.0   

 

$   3.38   

 

$ 810.2   

 

$   4.22   

Less: Discontinued operations

(61.3)  

 

(0.33)  

 

(313.8)  

 

(1.64)  

Add: Cumulative change in accounting principle

         4.3   

 

       0.02   

 

                 

 

                 

Income from continuing operations, as reported

577.0   

 

3.07   

 

496.4   

 

2.59   

Add back: Special items

       48.3   

 

       0.26   

 

       18.4   

 

       0.10   

Income from continuing operations before

 

 

 

 

 

 

 

  special items

$ 625.3   
=======

 

$   3.33   
=======

 

$ 514.9   
=======

 

$   2.68   
=======

 

 

 

 

 

 

 

 

 

Notes:

All figures are net of taxes.

 

Figures are in millions except per-share amounts.

 

Amounts may not add due to rounding.

 

 

 

Computer Sciences Corporation - Page 12

May 23, 2006

 

 

Earnings per Share (unaudited)*

 

The following table is presented to reconcile earnings per share amounts to earnings per share for continuing operations and total earnings per share. The earnings per share amounts presented below include non-GAAP measures. This table should be read in conjunction with the Consolidated Statements of Income within this release on which the GAAP earnings per share measures are presented. Earnings per share before special items provides a basis for comparing current operating performance to past and future operating performance.

 

 

                                      Fiscal 2006                                      

 

First

 

Second

 

Third

 

Fourth

 

Total

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

   Year   

Continuing operations,

 

 

 

 

 

 

 

 

 

   before special items

$  0.58  

 

$  0.71  

 

$  0.88  

 

$  1.16  

 

$  3.33  

 

 

 

 

 

 

 

 

 

 

Special items

              

 

  (0.18) 

 

              

 

  (0.08) 

 

  (0.26) 

 

 

 

 

 

 

 

 

 

 

EPS continuing operations, as reported

0.58  

 

0.53  

 

0.88  

 

1.08  

 

3.07  

 

 

 

 

 

 

 

 

 

 

Discontinued operations

0.12  

 

 

 

0.20  

 

 

 

0.33  

 

 

 

 

 

 

 

 

 

 

Cumulative effect of accounting change

              

 

              

 

              

 

  (0.02) 

 

  (0.02) 

 

 

 

 

 

 

 

 

 

 

EPS as reported

$  0.70  
======

 

$  0.53  
======

 

$  1.08  
======

 

$  1.05  
======

 

$  3.38  
======

 

 

 

 

 

 

 

 

 

 

 

                                      Fiscal 2005                                      

 

First

 

Second

 

Third

 

Fourth

 

Total

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

   Year   

Continuing operations,

 

 

 

 

 

 

 

 

 

   before special items

$  0.49  

 

$  0.56  

 

$  0.67  

 

$  0.96  

 

$  2.68  

 

 

 

 

 

 

 

 

 

 

Special items

              

 

              

 

              

 

  (0.10) 

 

  (0.10) 

 

 

 

 

 

 

 

 

 

 

EPS continuing operations, as reported

0.49  

 

0.56  

 

0.67  

 

0.86  

 

2.59  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

     0.09  

 

     0.12  

 

     0.15  

 

     1.27  

 

     1.64  

 

 

 

 

 

 

 

 

 

 

EPS as reported

$  0.58  
======

 

$  0.68  
======

 

$  0.82  
======

 

$  2.13  
======

 

$  4.22  
======

 

 

 

 

 

 

 

 

 

 

*Note:

Amounts may not add due to rounding