-----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, QrI100kPvTqwp7Brr29KEO0nft0kYj9hum2upG3tLoTa5YBNazT0yN1XDbmCbX8k raF6nX8zwpYizmwt0M9ETw== 0000050485-00-000002.txt : 20000508 0000050485-00-000002.hdr.sgml : 20000508 ACCESSION NUMBER: 0000050485-00-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INGERSOLL RAND CO CENTRAL INDEX KEY: 0000050485 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560] IRS NUMBER: 135156640 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-00985 FILM NUMBER: 620963 BUSINESS ADDRESS: STREET 1: 200 CHESTNUT RIDGE RD STREET 2: PO BOX 8738 CITY: WOODCLIFF LAKE STATE: NJ ZIP: 07675 BUSINESS PHONE: 2015730123 MAIL ADDRESS: STREET 1: 200 CHESTNUT RIDGE ROAD CITY: WOODCLIFF LAKE STATE: NJ ZIP: 07675 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 or X TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-985 INGERSOLL-RAND COMPANY (Exact name of registrant as specified in its charter) New Jersey 13-5156640 (State of incorporation) (I.R.S. Employer Identification No.) Woodcliff Lake, New Jersey 07675 (Address of principal executive offices) (Zip Code) (201) 573-0123 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes . X . No . . . The number of shares of common stock outstanding as of April 30, 2000 was 161,856,233. INGERSOLL-RAND COMPANY FORM 10-Q INDEX PART I. FINANCIAL INFORMATION Condensed Consolidated Balance Sheet at March 31, 2000 and December 31, 1999 Condensed Consolidated Income Statement for the three months ended March 31, 2000 and 1999 Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2000 and 1999 Notes to Condensed Consolidated Financial Statements Management's Discussion and Analysis of Financial Condition and Results of Operations Part II. OTHER INFORMATION Item 6 - Exhibits and Reports on Form 8-K SIGNATURES INGERSOLL-RAND COMPANY CONDENSED CONSOLIDATED BALANCE SHEET (in millions) ASSETS March 31, December 31, 2000 1999 Current assets: Cash and cash equivalents $ 86.0 $ 222.9 Accounts and notes receivable, net of allowance for doubtful accounts 1,179.3 988.5 Inventories 835.0 742.1 Prepaid expenses and deferred income taxes 134.1 115.1 Assets held for sale 1,281.1 799.7 Total current assets 3,515.5 2,868.3 Investments in and advances with Partially owned equity affiliates 160.7 198.2 Property, plant and equipment, at cost 2,100.1 2,084.9 Less - accumulated depreciation 865.2 844.7 Net property, plant and equipment 1,234.9 1,240.2 Intangible assets, net 3,714.6 3,726.3 Deferred income taxes 151.3 158.0 Other assets 236.6 209.2 Total assets $9,013.6 $8,400.2 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accruals $1,334.1 $1,224.4 Loans payable 910.7 495.5 Income taxes 63.1 19.0 Total current liabilities 2,307.9 1,738.9 Long-term debt 2,113.3 2,113.3 Postemployment liabilities 804.6 805.0 Minority interests 95.8 95.7 Other liabilities 161.0 161.8 5,482.6 4,914.7 Company obligated mandatorily redeemable preferred securities of subsidiary trust holding solely debentures of the Company 402.5 402.5 Shareholders' equity: Common stock 342.5 342.3 Other shareholders' equity 2,980.8 2,917.7 Accumulated other comprehensive income (194.8) (177.0) Total shareholders' equity 3,128.5 3,083.0 Total liabilities and equity $9,013.6 $8,400.2 See accompanying notes to condensed consolidated financial statements. INGERSOLL-RAND COMPANY CONDENSED CONSOLIDATED INCOME STATEMENT (in millions except per share figures) Three Months Ended March 31, 2000 1999 Net sales $1,976.7 $1,891.1 Cost of goods sold 1,437.9 1,390.2 Administrative, selling and service engineering expenses 269.5 262.3 Operating income 269.3 238.6 Interest expense (48.2) (52.5) Other income (expense), net 2.9 (3.1) Minority interests (7.5) (6.3) Earnings before income taxes 216.5 176.7 Provision for income taxes 76.9 62.7 Earnings from continuing operations 139.6 114.0 Discontinued operations (net of tax) (3.6) 7.1 Net earnings $ 136.0 $ 121.1 Basic earnings per share: Continuing operations $ 0.86 $ 0.70 Discontinued operations (0.02) 0.04 $ 0.84 $ 0.74 Diluted earnings per share: Continuing operations $ 0.85 $ 0.69 Discontinued operations (0.02) (0.04) $ 0.83 $ 0.73 Dividends per share $ 0.17 $ 0.15 See accompanying notes to condensed consolidated financial statements. INGERSOLL-RAND COMPANY CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (in millions) Three Months Ended March 31, 2000 1999 Cash flows from operating activities: Income from continuing operations $ 139.6 $ 114.0 Adjustments to arrive at net cash provided by operating activities: Depreciation and amortization 69.0 73.1 Changes in other assets and liabilities, net (175.6) (122.2) Other, net 8.1 14.2 Net cash provided by operating activities 41.1 79.1 Cash flows from investing activities: Capital expenditures (45.8) (43.0) Acquisitions, net of cash (576.3) (159.7) Proceeds from business dispositions 79.7 - Other, net 20.0 5.9 Net cash used in investing activities (522.4) (196.8) Cash flows from financing activities: Net change in debt 414.5 140.1 Purchase of treasury stock (62.3) (20.1) Dividends paid (27.7) (24.7) Proceeds from exercise of stock options 2.0 22.0 Net cash provided by financing activities 326.5 117.3 Net cash provided by (used in) discontinued operations 20.4 (1.6) Effect of exchange rate changes on cash and and cash equivalents (2.5) 3.9 Net (decrease)/increase in cash and cash equivalents (136.9) 1.9 Cash and cash equivalents - beginning of period 222.9 43.5 Cash and cash equivalents - end of period $ 86.0 $ 45.4 See accompanying notes to condensed consolidated financial statements. INGERSOLL-RAND COMPANY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1 - In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (including normal recurring accruals) necessary to present fairly the consolidated unaudited financial position and results of operations for the three months ended March 31, 2000, and 1999. Note 2 - On February 2, 2000, the company completed the purchase of Dresser-Rand Company (D-R) by acquiring the joint venture partner's 51% share for a net purchase price of approximately $536 million in cash. As previously announced, the company intends to divest of D-R as soon as possible. On February 7, 2000, the company acquired for approximately $19 million in cash the stock of Sambron S.A. (Sambron). Sambron, based in France, manufactures and distributes a range of telescopic material handlers. On February 28, 2000, the company acquired for approximately $20 million in cash a 70% interest in Zexel Cold Systems (Zexel). Zexel, based in Japan, manufactures bus air-conditioning equipment and refrigeration units for small trucks. Note 3 - On February 4, 2000, the company sold Corona Clipper for approximately $43 million. Corona Clipper manufactures hand tools for pruning and harvesting. Corona Clipper was acquired March 1999 with the Harrow Industries Inc. acquisition. No gain on this transaction was recorded as proceeds in excess of the net assets sold reduced goodwill. On February 9, 2000, the company agreed to sell Ingersoll-Dresser Pump Company (IDP) to Flowserve Corporation for $775 million in cash. The transaction is subject to regulatory approval and is expected to close during the second quarter of 2000. On February 25, 2000, the company sold its interests in three joint ventures related to the manufacture of full steering-column assemblies to its partner, NSK Limited and affiliates, for approximately $37 million in cash. Note 4 - Net assets of IDP and D-R are shown as "Assets held for sale" on the consolidated balance sheet and their results have been included as "Discontinued operations (net of tax)" on the consolidated income statement. The 1999 first quarter has been restated. Note 5 - Inventories of domestic manufactured standard products are valued on the last-in, first-out (LIFO) method and all other inventories are valued using the first-in, first-out (FIFO) method. The composition of inventories for the balance sheets presented were as follows (in millions): March 31, December 31, 2000 1999 Raw materials and supplies $ 170.8 $ 161.7 Work-in-process 213.0 191.7 Finished goods 596.6 532.9 980.4 886.3 Less - LIFO reserve 145.4 144.2 Total $ 835.0 $ 742.1 Note 6 -Basic earnings per share is based on the weighted average number of common shares outstanding of 162.0 million and 163.6 million for the first three months of 2000 and 1999, respectively. Diluted earnings per share is based on the weighted average number of common shares outstanding, as well as potentially dilutive common shares, which in the company's case comprise shares issuable under stock benefit plans (1.3 million and 1.8 million for the first three months of 2000 and 1999, respectively). Note 7 -The components of comprehensive income are as follows (in millions): For the three months ended March 31, 2000 1999 Net earnings $ 136.0 $ 121.1 Other comprehensive income - foreign currency equity adjustment (17.8) (31.2) Comprehensive income $ 118.2 $ 89.9 Note 8 -During the first quarter of 2000, the company realigned its business to reflect its change to a market-focused organization. A summary of operations by reportable segment is as follows: For the three months ended March 31, 2000 1999 Sales Climate Control $ 320.4 $ 290.8 Industrial Productivity 741.4 761.7 Infrastructure Development 581.4 548.2 Security and Safety 333.5 290.4 Total $1,976.7 $1,891.1 Operating Income Climate Control $ 38.7 $ 37.9 Industrial Productivity 88.6 72.9 Infrastructure Development 96.9 88.9 Security and Safety 62.9 53.9 Unallocated corporate expense (17.8) (15.0) Total $ 269.3 $ 238.6 No significant changes in assets by geographic area have occurred since December 31, 1999. INGERSOLL-RAND COMPANY MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The company's results for the first quarter of the year established a new record. Sales approximated $2.0 billion, operating income was $269.3 million and earnings from continuing operations reached $139.6 million ($0.85 diluted earnings per share). For the first quarter of 1999, the company reported sales of $1.9 billion, operating income of $238.6 million and earnings from continuing operations of $114.0 million ($0.69 diluted earnings per share). A comparison of key income statement amounts between the quarters, is as follows: o Net sales for the first three months of 2000 approximated $2.0 billion, an increase of 4.5% over last year's first quarter. o The ratio of cost of goods sold to sales for the first quarter of 2000 improved to 72.7% compared to the 1999 first quarter ratio of 73.5%. The improvement is attributable to the benefits of cost reduction, efficiency and strategic sourcing programs. o The ratio of administrative, selling and service engineering expenses to sales was 13.6% for the first three months of 2000, as compared to 13.9% for the first quarter of 1999. The quarterly improvement is attributed to continued success of the cost-containment programs. o Operating income for the first quarter of 2000 totalled $269.3 million, an increase of $30.7 million (or 12.9%) over the $238.6 million reported for last year's first quarter. The ratio of operating income to sales in 2000 was 13.6%, as compared to 12.6% for the first three months of the prior year. o Other income (expense), net, aggregated $2.9 million of income for the three months ended March 31, 2000, as compared to $3.1 million of expense in the first quarter of 1999. This favorable change is attributed to the gain on the sale of three joint ventures and higher earnings from partially-owned affiliates in the first quarter of 2000. o Minority interest increased from the first quarter of 1999 as a result of higher earnings from consolidated jointly-owned entities in which the company has a majority ownership. Charges associated with the company's equity-linked securities were comparable. o Interest expense for the first quarter of 2000 was $48.2 million, which was $4.3 million below last year's first quarter due to lower average debt balances compared to 1999. Additional interest expense from the debt required to purchase IDP and D-R was classified as a component of discontinued operations and was not included in interest expense. o The company's effective tax rate for the first quarter of both years was 35.5%. o Discontinued operations (net of tax) for 2000 resulted in a loss of $3.6 million compared with income of $7.1 million in 1999. Included in the 2000 results were all of IDP results and 100% of D-R since February 2, 2000 and interest expense from the debt required to purchase IDP and D-R. The first quarter of 1999 includes 51% of IDP's earnings and 49% of D-R. The consolidated results for the first quarter of the year benefited from the combination of business improvements in a number of the company's domestic and foreign markets and a continued emphasis on the company's productivity-improvement programs. Incoming orders for the first quarter of the year totalled $2.1 billion, which is higher than last year's first quarter total of $2.0 billion. The company's backlog of orders at March 31, 2000, believed by it to be firm, was $1.1 billion, which was approximately 15% higher than the backlog at December 31, 1999. The company estimates that approximately 90% of the backlog will be shipped during the next twelve months. Liquidity and Capital Resources The company's working capital increased by $78.2 million to $1,207.6 million at March 31, 2000, from the December 31, 1999 balance of $1,129.4 million. The current ratio was 1.5 and 1.6 at the end of the first quarter and at the end of 1999, respectively. The company's debt-to-total capital ratio at March 31, 2000 was 45%, compared with 42% reported at December 31, 1999. This increase is attributable to the February 2, 2000 purchase of the remaining 51% of D-R. The company's cash and cash equivalents totalled $86.0 million at March 31, 2000 down significantly from the $222.9 million at December 31, 1999, primarily due to the D-R transaction. Cash flows from operating activities provided $41.1 million, investing activities used $522.4 million and financing activities provided $326.5 million. Receivables totalled $1.2 billion at March 31, 2000, which represents a $190.8 million increase over the amount reported at December 31, 1999. The increase was attributed to the timing of strong first quarter sales and acquisition activity. Inventories totalled $835.0 million at March 31, 2000, which represents an increase of $92.9 million from the year-end balance of $742.1 million. This change represents the building of inventory to fulfill orders in the second and third quarters, and acquisition activity. Assets held for sale were $1,281.1 million at March 31, 2000, an increase of $481.4 million. This account increased by approximately $536 million due to the February 2, 2000 purchase of the remainder of D-R, and decreased due to the sale of Corona Clipper. Intangible assets decreased by approximately $11.7 million during the first three months of 2000. Amortization expense for the quarter was $27.9 million. The remaining change was attributable to acquisitions and foreign currency translation. Loans payable were $910.7 million in the first quarter of 2000 compared to $495.5 million in 1999. The increased borrowing was attributed mainly to the funding of the acquisition of the remaining ownership of D-R on February 2, 2000. During the first three months of 2000, foreign currency translation adjustments resulted in a net decrease of $17.8 million in shareowners' equity, caused by the strengthening of the U.S. dollar against European currencies. Environmental Matters The company is a party to environmental lawsuits and claims, and has received notices of potential violations of environmental laws and regulations from the Environmental Protection Agency and similar state authorities. It is identified as a potentially responsible party (PRP) for cleanup costs associated with off- site waste disposal at approximately 30 federal Superfund and state remediation sites, excluding sites as to which the company's records disclose no involvement or as to which the company's liability has been fully determined. For all sites, there are other PRPs and in most instances, the company's site involvement is minimal. In estimating its liability, the company has not assumed that it will bear the entire cost of remediation of any site to the exclusion of other PRPs who may be jointly and severally liable. The ability of other PRPs to participate has been taken into account, based generally on the parties' financial condition and probable contributions on a per site basis. Additional lawsuits and claims involving environmental matters are likely to arise from time to time in the future. Although uncertainties regarding environmental technology, state and federal laws and regulations and individual site information make estimating the liability difficult, management believes that the total liability for the cost of remediation and environmental lawsuits and claims will not have a material effect on the financial condition, results of operations, liquidity or cash flows of the company for any year. It should be noted that when the company estimates its liability for environmental matters, such estimates are based on current technologies, and the company does not discount its liability or assume any insurance recoveries. Acquisitions On February 7, 2000, the company acquired for approximately $19 million in cash the stock of Sambron S.A. (Sambron). Sambron, based in France, manufactures and distributes a range of telescopic material handlers that extend the Bobcatr and Ingersoll-Randr compact equipment lines in Europe. Sambron's results have been reported as part of the Infrastructure Development Sector since acquisition. On February 28, 2000 the company acquired for approximately $20 million in cash a 70% interest in Zexel Cold Systems, (Zexel). Zexel, based in Japan, manufactures bus air-conditioning equipment and refrigeration units for small trucks. Zexel's results have been reported as part of the Climate Control Sector since acquisition. Dispositions In December 1999, the company sold substantially all of net assets of the Automation Division. On February 4, 2000 the company sold Corona Clipper for approximately $43 million. Corona Clipper is a manufacturer of hand tools for pruning and harvesting. Corona Clipper was acquired March 1999 with the Harrow Industries, Inc. acquisition. On February 25, 2000 the company sold its interest in three joint ventures related to the manufacture of full steering-column assemblies to its partner, NSK Limited and affiliates, for approximately $37 million in cash and recorded the gain in "other income (expense), net". The transaction involved the sale of the company's 50% interest in NASTECH, based in Bennington, Vermont; the company's 50% interest in NASTECH Europe Ltd., based in Coventry, England; and its 25% interest in Siam NASTECH Company Ltd., based in Bangkok, Thailand. Discontinued Operations On August 12, 1999, the company announced its intention to dispose of its interest in D-R, a joint venture involved in the reciprocating compressor and turbo machinery business, and IDP, a joint venture involved in the engineered pump business. On October 5, 1999, the joint venture partner, as permitted under the joint venture agreements, elected to sell its share of the joint ventures to the company. Effective December 31, 1999, the company completed the purchase of IDP by acquiring the joint venture partner's 49% share for a net purchase price of $377.0 million. A note for the full purchase price was issued to the joint venture partner and was redeemed on January 14, 2000. The company subsequently financed this obligation using cash and cash equivalents, and short-term debt. On February 2, 2000, the company completed the purchase of D-R by acquiring the joint venture partner's 51% share for a net purchase price of approximately $536 million in cash. On February 9, 2000, the company agreed to sell its IDP unit to Flowserve Corporation for $775 million in cash. This transaction is subject to regulatory approval and is expected to close during the second quarter of 2000. The sale of D-R is anticipated to occur in the third quarter of 2000. The net assets of IDP and D-R have been reported as assets held for sale in the accompanying financial statements, and prior periods have been restated to reflect these businesses as discontinued operations. Historically, IDP had been reported as part of the former Engineered Products Segment, while D-R had been reported in other income (expense), net. New Accounting Standard In June 1998, the Financial Accounting Standards Board issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." This Statement will become effective beginning January 1, 2001. SFAS No. 133 requires all derivatives to be recognized as assets or liabilities on the balance sheet and measured at fair value. Changes in the fair value of derivatives will be recognized in earnings or other comprehensive income, depending on the designated purpose of the derivative. The company is currently evaluating the impact of adopting the standard and will comply as required. First-quarter Business Segment Review During the first quarter, the company realigned its businesses to reflect its change to a market-focused organization. The Climate Control Sector includes Thermo King transport temperature control equipment. The sector's first quarter revenues totaled $320.4 million, an increase of 10% compared to last year, reflecting improved results for the North American trailer and the worldwide container businesses. Operating earnings increased by 2% to $38.7 million. Operating margins declined primarily because of unfavorable currency movements. The Industrial Productivity Sector is composed of a group of businesses focused on providing solutions for customers to enhance industrial efficiency. First-quarter revenues on a comparable basis increased approximately 1%. Revenues of $741.4 million declined slightly, compared to last year's revenues of $761.7 million. Operating earnings increased by 22% to $88.6 million. All businesses in the sector reported improved operating margins. The Industrial Productivity Sector consists of three segments: O Air Solutions, which provides equipment and services for compressed air systems, had revenues in the first quarter of $188.9 million, an improvement of 9% compared to 1999. Earnings improved by 18% to $19.8 million, reflecting ongoing cost-reduction and efficiency programs. O Bearings and Components provides motion control technologies to the automotive and industrial markets. Revenues for the quarter declined by 7% to $304.8 million, as lower revenues for industrial bearings and automotive components, related to the loss of the camshaft business in 1999, more than offset gains made in automotive bearings. Earnings and margins improved because of better product mix and ongoing cost and expense reduction activities. O Industrial Products includes Club Car golf cars and utility vehicles; tools; and related industrial production equipment. Reported revenues of $247.7 million in the first quarter declined by 5%, compared to the first quarter of 1999, reflecting the absence of revenues related to the sale of the Automation Division, which had been part of the Industrial Products businesses. First-quarter revenues on a comparable basis increased by 7%. Club Car revenues improved by more than 10% and tool revenues improved slightly. Operating earnings of $36.2 million increased by 33% because of improved volume for continuing businesses, cost reduction activities, and the absence of the Automation Division. The Infrastructure Development Sector includes Bobcat compact equipment; road pavers and compactors; portable power products; and drilling equipment. This sector's revenues totaled $581.4 million, an increase of 6% over last year's first-quarter. Operating earnings of $96.9 million increased by 9% and the operating margin was 16.7% of sales. Revenues of Bobcat and U.S. paving equipment increased by approximately 10%, while portable power and drill revenues increased modestly. Operating earnings increased in all the businesses because of higher revenues and ongoing productivity actions. The Security and Safety Sector includes architectural hardware products and electronic access-control technologies. For this sector, revenues increased by 15% to $333.5 million, compared to the prior year. The first quarter of 2000 benefited from the results of Harrow Industries, Inc., acquired on March 31, 1999. Operating earnings increased by 17% to $62.9 million. Revenues and earnings were strong in both residential and commercial markets during the quarter. Safe Harbor Statement Information provided by the company in reports such as this report on Form 10-Q, in press releases and in statements made by employees in oral discussions, to the extent the information is not historical fact, constitutes "forward looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward looking statements by their nature involve risk and uncertainty. The company cautions that a variety of factors, including but not limited to the following, could cause business conditions and results to differ from those expected by the company: changes in the rate of economic growth in the United States and in other major international economies; significant changes in trade, monetary and fiscal policies worldwide; currency fluctuations among the U.S. dollar and other currencies; demand for company products; distributor inventory levels; failure to achieve the company's productivity targets; and competitor actions including unanticipated pricing actions or new product introductions. INGERSOLL-RAND COMPANY PART II - OTHER INFORMATION Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits Exhibit No. Description 27 Financial Data Schedule (b) Reports on Form 8-K No reports on Form 8-K were filed by the registrant during the period covered by this report. INGERSOLL-RAND COMPANY 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. INGERSOLL-RAND COMPANY (Registrant) Date May 5, 2000 /S/ D. W. Devonshire D. W. Devonshire, Executive Vice President & Chief Financial Officer Principal Financial Officer Date May 5, 2000 /S/ S. R. Shawley S. R. Shawley, Vice President and Controller Principal Accounting Officer EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MARCH 31, 2000 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000,000 3-MOS DEC-31-2000 MAR-31-2000 86 0 1,218 39 835 3,516 2,100 865 9,014 2,308 2,113 403 0 343 2,786 9,014 1,977 1,977 1,438 1,438 0 0 48 217 77 140 (4) 0 0 136 0.84 0.83
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