-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FCG8G86ZjD5dqTyjqPCQMWCXkaO+pdgfBCfbNf76CKfqK12ewr6XqN0yFewCqCoK EzFJv9r8TmHNWmjv8ZPOEg== 0000950123-08-013140.txt : 20081022 0000950123-08-013140.hdr.sgml : 20081022 20081022061951 ACCESSION NUMBER: 0000950123-08-013140 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20081022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081022 DATE AS OF CHANGE: 20081022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DOVER CORP CENTRAL INDEX KEY: 0000029905 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION, MINING & MATERIALS HANDLING MACHINERY & EQUIP [3530] IRS NUMBER: 530257888 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04018 FILM NUMBER: 081134396 BUSINESS ADDRESS: STREET 1: 280 PARK AVE STREET 2: 38-W CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129221640 8-K 1 y71995e8vk.htm FORM 8-K FORM 8-K
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 22, 2008
 
DOVER CORPORATION
(Exact Name of Registrant as Specified in Charter)
 
         
Delaware   1-4018   53-0257888
(State or other Jurisdiction
of Incorporation)
  (Commission File Number)   (I.R.S. Employer
Identification No.)
280 Park Avenue
New York, NY 10017
(Address of Principal Executive Offices)
(212) 922-1640
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 2.02 Results of Operations and Financial Condition.
On October 22, 2008, Dover Corporation (i) issued the press release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter ended September 30, 2008; and (ii) posted on its website at http://www.dovercorporation.com the investor supplement attached hereto as Exhibit 99.2 for the quarter ended September 30, 2008.
The information in this Current Report on Form 8-K, including Exhibits, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits.
(a)   Financial statements of businesses acquired.
 
    Not applicable.
 
(b)   Pro forma financial information.
 
    Not applicable.
 
(c)   Shell company transactions.
 
    Not applicable.
 
(d)   Exhibits.
 
    The following exhibits are furnished as part of this report:
  99.1   Press Release of Dover Corporation, dated October 22, 2008.
 
  99.2   Investor Supplement Posted on Dover Corporation’s Website at http://dovercorporation.com.

 


 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
         
Date: October 22, 2008   DOVER CORPORATION
(Registrant)
 
 
  By:   /s/ Joseph W. Schmidt    
    Joseph W. Schmidt   
    Vice President, General Counsel & Secretary   

 


 

         
EXHIBIT INDEX
     
Number   Exhibit
 
   
99.1
  Press Release of Dover Corporation, dated October 22, 2008
 
   
99.2
  Investor Supplement Posted on Dover Corporation’s Website at http://dovercorporation.com

 

EX-99.1 2 y71995exv99w1.htm EX-99.1: PRESS RELEASE EX-99.1
Exhibit 99.1
(DOVER CORPORATION  LOGO)
     
CONTACT:   READ IT ON THE WEB
Paul Goldberg   www.dovercorporation.com
Treasurer & Director of Investor Relations    
(212) 922-1640    
    October 22, 2008
DOVER CORPORATION REPORTS RECORD THIRD QUARTER 2008 RESULTS
New York, New York, October 22, 2008 — Dover Corporation (NYSE: DOV) announced today that for the third quarter ended September 30, 2008, it had earnings from continuing operations of $190.3 million or $1.01 diluted earnings per share (“EPS”), compared to $182.1 million or $0.90 EPS from continuing operations in the prior-year period, representing increases of 5% and 13%, respectively. Revenue for the third quarter of 2008 was $2.0 billion, an increase of 5.4% over the prior-year period, and was driven by organic growth of 2.8%, the impact of foreign currency of 1.8% with the remainder due to net acquisition growth.
Earnings from continuing operations for the nine months ended September 30, 2008 were $525.2 million or $2.76 EPS, compared to $494.6 million or $2.41 EPS in the prior-year period, representing increases of 6% and 14%, respectively. Revenue for the nine month period ended September 30, 2008 was $5.8 billion, up 8% over the prior year period.
Commenting on the third quarter results, Dover’s Chief Executive Officer, Ronald L. Hoffman, said, “We are pleased to report another solid quarter. Our EPS of $1.01 represents a continuation of our strong 2008 performance and is the first time in Dover’s history that quarterly EPS has exceeded $1.00. In addition to our revenue growth, we exhibited operating margin improvement of 30 basis points over last year to 15.9%. We also delivered free cash flow of $306 million in the quarter representing 15.6% of revenue, while our year-to-date free cash flow was $607 million, or 10.4% of revenue.
“We remain committed to our strategy of internal improvement and disciplined capital allocation. Our process improvement programs, with particular focus on global procurement and business integration, helped drive gains in both working capital and inventory turns. We expect these activities to help mitigate the effects of volatile macro market conditions, and to drive even greater results in the future. As for capital allocation, we completed our share repurchase program during the quarter and raised our dividend 25%. We continue to be committed to our conservative financial policy that has allowed us uninterrupted access to the commercial paper market and offers us competitive advantage as we look to grow our business through internal initiatives and acquisitions.
“While we are happy with our third quarter performance, we are also cognizant of the unsettled global economic climate. A number of end-markets served by our Industrial Products and Engineered Systems segments experienced diminished demand as the quarter wore on, and we think these trends will likely continue. However, our management teams have taken appropriate corrective actions, and are prepared to further their efforts to deliver strong results. Overall, our global business mix has held up well and a number of our end-markets remain strong. The relative health of our businesses, coupled with our focused management team, gives us confidence that we will be able to deliver 12% EPS growth for the full year.”

 


 

2

Net earnings for the third quarter of 2008 were $187.7 million or $1.00 EPS, including a net loss from discontinued operations of $2.7 million or $0.01 EPS, compared to net earnings of $174.6 million or $0.86 EPS for the same period of 2007, which included a net loss from discontinued operations of $7.5 million or $0.04 EPS. The net earnings for the nine months ended September 30, 2008 were $470.1 million or $2.47 EPS, including a net loss from discontinued operations of $55.1 million or $0.29 EPS, compared to net earnings of $475.7 million or $2.32 EPS for the same period of 2007, which included a net loss from discontinued operations of $18.9 million or $0.09 EPS.
Dover will host a webcast of its third quarter 2008 conference call at 8:00 A.M. Eastern Time on Wednesday, October 22, 2008. The webcast can be accessed at the Dover Corporation website at www.dovercorporation.com. The conference call will also be made available for replay on the website and additional information on Dover’s third quarter 2008 results and its operating companies can also be found on the Company website.
Dover Corporation, with over $7.5 billion in annual revenues, is a global portfolio of manufacturing companies providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit www.dovercorporation.com.
Dover Corporation makes information available to the public, orally and in writing, which may use words like “anticipates,” “expects,” “believes,” “indicates,” “suggests,” “will,” “plans” and “should,” which are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements concerning future events and the performance of Dover Corporation that involve inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, failure to achieve expected synergies, the impact of continued events in the Middle East on the worldwide economy, economic conditions, including the sub-prime lending and credit issues, increases in the cost of raw materials, changes in customer demand, increased competition in the markets served by Dover Corporation’s operating companies, the impact of natural disasters, such as hurricanes, and their effect on global energy markets and other risks. Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover Corporation undertakes no obligation to update any forward-looking statement.

 

EX-99.2 3 y71995exv99w2.htm EX-99.2: INVESTOR SUPPLEMENT EX-99.2
EXHIBIT 99.2
(DOVER CORPORATION LOGO)
INVESTOR SUPPLEMENT —THIRD QUARTER 2008
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) (dollars in thousands, except per share data)
                                 
    Three Months Ended September 30     Nine Months Ended September 30  
    2008     2007     2008     2007  
Revenue
  $ 1,965,776     $ 1,865,106     $ 5,842,240     $ 5,433,682  
Cost of goods and services
    1,261,433       1,196,748       3,718,732       3,490,274  
 
                       
Gross profit
    704,343       668,358       2,123,508       1,943,408  
Selling and administrative expenses
    434,992       395,651       1,325,299       1,194,392  
 
                       
Operating earnings
    269,351       272,707       798,209       749,016  
Interest expense, net
    25,924       22,468       76,743       67,053  
Other expense (income), net
    (12,644 )     2,174       (8,926 )     1,752  
 
                       
Total interest/other expense, net
    13,280       24,642       67,817       68,805  
 
                       
Earnings before provision for income taxes and discontinued operations
    256,071       248,065       730,392       680,211  
Provision for income taxes
    65,736       65,938       205,216       185,593  
 
                       
Earnings from continuing operations
    190,335       182,127       525,176       494,618  
 
                               
Loss from discontinued operations, net of tax
    (2,685 )     (7,537 )     (55,072 )     (18,902 )
 
                       
Net earnings
  $ 187,650     $ 174,590     $ 470,104     $ 475,716  
 
                       
 
                               
Basic earnings (loss) per common share:
                               
Earnings from continuing operations
  $ 1.02     $ 0.91     $ 2.77     $ 2.43  
Loss from discontinued operations
    (0.01 )     (0.04 )     (0.29 )     (0.09 )
Net earnings
    1.01       0.87       2.48       2.34  
 
                               
Weighted average shares outstanding
    186,488       200,850       189,326       203,235  
 
                       
 
                               
Diluted earnings (loss) per common share:
                               
Earnings from continuing operations
  $ 1.01     $ 0.90     $ 2.76     $ 2.41  
Loss from discontinued operations
    (0.01 )     (0.04 )     (0.29 )     (0.09 )
Net earnings
    1.00       0.86       2.47       2.32  
 
                               
Weighted average shares outstanding
    187,706       202,469       190,531       204,915  
 
                       
 
                               
Dividends paid per common share
  $ 0.25     $ 0.20     $ 0.65     $ 0.57  
 
                       
The following table is a reconciliation of the share amounts used in computing earnings per share:
                                 
    Three Months Ended September 30   Nine Months Ended September 30
    2008   2007   2008   2007
Weighted average shares outstanding — Basic
    186,488       200,850       189,326       203,235  
Dilutive effect of assumed exercise of employee stock options
    1,218       1,619       1,205       1,680  
 
                               
 
                               
Weighted average shares outstanding — Diluted
    187,706       202,469       190,531       204,915  
 
                               
 
                               
Anti-dilutive shares excluded from diluted EPS computation
    3,735       1,699       3,735       3,358  

1


 

DOVER CORPORATION — INVESTOR SUPPLEMENT
THIRD QUARTER 2008
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION

(unaudited) (dollars in thousands)
                                                                                 
    2007   2008
                                                                            Q3
    Q1   Q2   Q3   Q3 YTD   Q4   FY 2007   Q1   Q2   Q3   YTD
         
REVENUE
                                                                               
Industrial Products
                                                                               
Material Handling
  $ 293,466     $ 299,588     $ 276,236     $ 869,290     $ 275,963     $ 1,145,253     $ 287,208     $ 306,988     $ 286,568     $ 880,764  
Mobile Equipment
    307,758       315,394       315,920       939,072       323,912       1,262,984       329,723       342,228       343,261       1,015,212  
Eliminations
    (219 )     (220 )     (203 )     (642 )     (335 )     (977 )     (157 )     (210 )     (218 )     (585 )
     
 
    601,005       614,762       591,953       1,807,720       599,540       2,407,260       616,774       649,006       629,611       1,895,391  
     
 
                                                                               
Engineered Systems
                                                                               
Product Identification
    206,625       224,353       227,617       658,595       253,985       912,580       231,526       249,250       234,868       715,644  
Engineered Products
    260,002       284,457       311,337       855,796       283,682       1,139,478       267,696       289,479       289,778       846,953  
     
 
    466,627       508,810       538,954       1,514,391       537,667       2,052,058       499,222       538,729       524,646       1,562,597  
     
 
                                                                               
Fluid Management
                                                                               
Energy
    189,367       188,690       197,759       575,816       199,208       775,024       213,003       236,461       249,656       699,120  
Fluid Solutions
    169,669       174,579       176,756       521,004       186,109       707,113       188,328       210,207       202,054       600,589  
Eliminations
    (40 )     (24 )     (12 )     (76 )     (53 )     (129 )     (32 )     (38 )     (28 )     (98 )
         
 
    358,996       363,245       374,503       1,096,744       385,264       1,482,008       401,299       446,630       451,682       1,299,611  
         
 
                                                                               
Electronic Technologies
    321,173       340,717       363,002       1,024,892       365,211       1,390,103       351,757       379,958       362,446       1,094,161  
         
 
                                                                               
Intra-segment eliminations
    (3,368 )     (3,391 )     (3,306 )     (10,065 )     (4,094 )     (14,159 )     (3,566 )     (3,345 )     (2,609 )     (9,520 )
         
 
                                                                               
Total consolidated revenue
  $ 1,744,433     $ 1,824,143     $ 1,865,106     $ 5,433,682     $ 1,883,588     $ 7,317,270     $ 1,865,486     $ 2,010,978     $ 1,965,776     $ 5,842,240  
         
NET EARNINGS
                                                                               
Segment Earnings:
                                                                               
Industrial Products
  $ 74,521     $ 88,796     $ 77,418     $ 240,735     $ 71,751     $ 312,486     $ 78,838     $ 87,925     $ 74,690     $ 241,453  
Engineered Systems
    51,657       77,828       84,223       213,708       78,019       291,727       62,996       80,045       82,032       225,073  
Fluid Management
    73,842       73,283       79,184       226,309       78,267       304,576       85,139       97,878       102,232       285,249  
Electronic Technologies
    36,949       45,354       50,801       133,104       47,233       180,337       36,234       51,029       53,826       141,089  
         
Total Segments
    236,969       285,261       291,626       813,856       275,270       1,089,126       263,207       316,877       312,780       892,864  
Corporate expense / other
    (22,392 )     (23,107 )     (21,093 )     (66,592 )     (20,578 )     (87,170 )     (29,969 )     (24,975 )     (30,785 )     (85,729 )
Net interest expense
    (21,901 )     (22,684 )     (22,468 )     (67,053 )     (22,536 )     (89,589 )     (23,431 )     (27,388 )     (25,924 )     (76,743 )
         
Earnings from continuing operations before provision for income taxes
    192,676       239,470       248,065       680,211       232,156       912,367       209,807       264,514       256,071       730,392  
Provision for income taxes
    54,856       64,799       65,938       185,593       57,024       242,617       61,876       77,604       65,736       205,216  
         
Earnings from continuing operations
    137,820       174,671       182,127       494,618       175,132       669,750       147,931       186,910       190,335       525,176  
Earnings (loss) from discontinued operations, net
    (8,889 )     (2,476 )     (7,537 )     (18,902 )     10,232       (8,670 )     (753 )     (51,634 )     (2,685 )     (55,072 )
         
Net earnings
  $ 128,931     $ 172,195     $ 174,590     $ 475,716     $ 185,364     $ 661,080     $ 147,178     $ 135,276     $ 187,650     $ 470,104  
         
 
                                                                               
SEGMENT OPERATING MARGIN
                                                                               
Industrial Products
    12.4 %     14.4 %     13.1 %     13.3 %     12.0 %     13.0 %     12.8 %     13.5 %     11.9 %     12.7 %
Engineered Systems
    11.1 %     15.3 %     15.6 %     14.1 %     14.5 %     14.2 %     12.6 %     14.9 %     15.6 %     14.4 %
Fluid Management
    20.6 %     20.2 %     21.1 %     20.6 %     20.3 %     20.6 %     21.2 %     21.9 %     22.6 %     21.9 %
Electronic Technologies
    11.5 %     13.3 %     14.0 %     13.0 %     12.9 %     13.0 %     10.3 %     13.4 %     14.9 %     12.9 %
 
Total Segment
    13.6 %     15.6 %     15.6 %     15.0 %     14.6 %     14.9 %     14.1 %     15.8 %     15.9 %     15.3 %

2


 

DOVER CORPORATION — INVESTOR SUPPLEMENT
THIRD QUARTER 2008
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION (continued)

(unaudited) (dollars in thousands)
                                                                                 
    2007   2008
                            Q3                                           Q3
    Q1   Q2   Q3   YTD   Q4   FY 2007   Q1   Q2   Q3   YTD
         
BOOKINGS
                                                                               
Industrial Products
                                                                               
Material Handling
  $ 304,050     $ 286,875     $ 272,405     $ 863,330     $ 278,625     $ 1,141,955     $ 296,278     $ 313,199     $ 292,436     $ 901,913  
Mobile Equipment
    374,845       353,122       298,016       1,025,983       338,357       1,364,340       360,324       318,059       295,240       973,623  
Eliminations
    (438 )     (445 )     (324 )     (1,207 )     (349 )     (1,556 )     (296 )     (385 )     (193 )     (874 )
         
 
    678,457       639,552       570,097       1,888,106       616,633       2,504,739       656,306       630,873       587,483       1,874,662  
         
Engineered Systems
                                                                               
Product Identification
    215,596       219,111       231,166       665,873       253,343       919,216       239,547       250,538       233,196       723,281  
Engineered Products
    299,270       317,006       272,229       888,505       228,133       1,116,638       284,257       279,673       260,227       824,157  
         
 
    514,866       536,117       503,395       1,554,378       481,476       2,035,854       523,804       530,211       493,423       1,547,438  
         
Fluid Management
                                                                               
Energy
    200,010       187,502       194,733       582,245       202,820       785,065       233,662       252,535       268,390       754,587  
Fluid Solutions
    171,944       180,964       177,021       529,929       186,715       716,644       197,289       217,466       195,253       610,008  
Eliminations
    (15 )     (16 )     (12 )     (43 )     (67 )     (110 )     (24 )     (32 )     (31 )     (87 )
         
 
    371,939       368,450       371,742       1,112,131       389,468       1,501,599       430,927       469,969       463,612       1,364,508  
         
 
                                                                               
Electronic Technologies
    311,840       354,858       381,804       1,048,502       330,049       1,378,551       360,337       384,790       363,535       1,108,662  
         
 
                                                                               
Intra-segment eliminations
    (3,019 )     (4,330 )     (4,453 )     (11,802 )     (2,837 )     (14,639 )     (2,992 )     (3,490 )     (1,755 )     (8,237 )
         
 
                                                                               
Total consolidated bookings
  $ 1,874,083     $ 1,894,647     $ 1,822,585     $ 5,591,315     $ 1,814,789     $ 7,406,104     $ 1,968,382     $ 2,012,353     $ 1,906,298     $ 5,887,033  
         
 
                                                                               
BACKLOG
                                                                               
Industrial Products
                                                                               
Material Handling
  $ 252,474     $ 240,977     $ 237,468             $ 213,653             $ 228,082     $ 235,284     $ 240,009          
Mobile Equipment
    501,591       541,683       529,423               543,776               575,070       549,430       498,908          
Eliminations
    (207 )     (236 )     (275 )             (195 )             (171 )     (186 )     (161 )        
                                         
 
    753,858       782,424       766,616               757,234               802,981       784,528       738,756          
                                         
Engineered Systems
                                                                               
Product Identification
    66,875       62,216       68,682               68,938               79,956       82,196       76,247          
Engineered Products
    281,120       321,530       282,728               227,523               244,981       235,513       205,127          
                                         
 
    347,995       383,746       351,410               296,461               324,937       317,709       281,374          
                                         
Fluid Management
                                                                               
Energy
    88,392       89,044       87,105               88,245               106,540       119,033       133,713          
Fluid Solutions
    65,683       72,028       73,007               73,713               85,130       91,870       82,998          
Eliminations
    (8 )                         (14 )             (6 )           (3 )        
                                         
 
    154,067       161,072       160,112               161,944               191,664       210,903       216,708          
                                         
 
                                                                               
Electronic Technologies
    229,010       243,996       266,474               232,704               246,711       251,403       248,725          
                                         
 
                                                                               
Intra-segment eliminations
    (1,193 )     (2,110 )     (3,224 )             (1,913 )             (2,038 )     (1,424 )     (540 )        
                                         
 
                                                                               
Total consolidated backlog
  $ 1,483,737     $ 1,569,128     $ 1,541,388             $ 1,446,430             $ 1,564,255     $ 1,563,119     $ 1,485,023          
                                         
 
                                                                               
ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *                                
 
Industrial Products
  $ 6,741     $ 6,697     $ 7,213     $ 20,651     $ 7,179     $ 27,830     $ 9,215     $ 8,070     $ 7,805     $ 25,090  
Engineered Systems
    11,607       5,459       5,755       22,821       6,441       29,262       6,109       6,116       6,103       18,328  
Fluid Management
    3,800       3,812       3,796       11,408       4,161       15,569       3,914       5,607       5,422       14,943  
Electronic Technologies
    8,756       10,319       9,957       29,032       9,264       38,296       8,902       9,416       9,304       27,622  
         
 
  $ 30,904     $ 26,287     $ 26,721     $ 83,912     $ 27,045     $ 110,957     $ 28,140     $ 29,209     $ 28,634     $ 85,983  
         
 
*   Represents the pre-tax impact on earnings from the depreciation and amortization of acquisition accounting write-ups to reflect the fair value of inventory, property, plant and equipment and intangible assets.

3


 

DOVER CORPORATION — INVESTOR SUPPLEMENT
THIRD QUARTER 2008
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE

(unaudited)
                                                                                 
    2007   2008
                            Q3                                           Q3
    Q1   Q2   Q3   YTD   Q4   FY 2007   Q1   Q2   Q3   YTD
         
Basic earnings (loss) per common share:                                                        
Continuing operations
  $ 0.67     $ 0.85     $ 0.91     $ 2.43     $ 0.89     $ 3.33     $ 0.77     $ 0.99     $ 1.02     $ 2.77  
Discontinued operations
    (0.04 )     (0.01 )     (0.04 )     (0.09 )     0.05       (0.04 )     (0.00 )     (0.27 )     (0.01 )     (0.29 )
Net earnings
    0.63       0.84       0.87       2.34       0.95       3.28       0.76       0.72       1.01       2.48  
 
                                                                               
Diluted earnings (loss) per common share:                                                        
Continuing operations
  $ 0.67     $ 0.85     $ 0.90     $ 2.41     $ 0.89     $ 3.30     $ 0.77     $ 0.98     $ 1.01     $ 2.76  
Discontinued operations
    (0.04 )     (0.01 )     (0.04 )     (0.09 )     0.05       (0.04 )     (0.00 )     (0.27 )     (0.01 )     (0.29 )
Net earnings
    0.63       0.84       0.86       2.32       0.94       3.26       0.76       0.71       1.00       2.47  

4

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