-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, HrQt9jzrURUeEcXOOqq/r9Mvns4FDJ6p9LODELdjRrV8OShtUkKR9Xz9fiASAvrj nqoTSCZU67x0xCxXckvdhw== 0000051396-94-000031.txt : 19941116 0000051396-94-000031.hdr.sgml : 19941116 ACCESSION NUMBER: 0000051396-94-000031 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19941114 SROS: MSE SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MALLINCKRODT GROUP INC CENTRAL INDEX KEY: 0000051396 STANDARD INDUSTRIAL CLASSIFICATION: 2834 IRS NUMBER: 361263901 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-00483 FILM NUMBER: 94558928 BUSINESS ADDRESS: STREET 1: 7733 FORSYTH BOULEVARD CITY: ST LOUIS STATE: MO ZIP: 63105 BUSINESS PHONE: 314-854-5299 MAIL ADDRESS: STREET 1: 7733 FORSYTH BLVD CITY: ST. LOUIS STATE: MO ZIP: 63105-1820 FORMER COMPANY: FORMER CONFORMED NAME: IMCERA GROUP INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL MINERALS & CHEMICAL CORP DATE OF NAME CHANGE: 19900614 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF ----- THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1994 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF ----- THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-483 MALLINCKRODT GROUP INC. (Exact name of Registrant as specified in its charter) New York 36-1263901 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 7733 Forsyth Boulevard St. Louis, Missouri 63105-1820 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 314-854-5200 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 . Applicable Only to Registrants Involved in Bankruptcy Proceedings During the Preceding Five Years: Indicate by check mark whether the Registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes . No . Applicable Only to Corporate Registrants: Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date. 76,660,774 shares excluding 10,455,515 treasury shares as of October 31, 1994. PART I. FINANCIAL INFORMATION - ------------------------------- ITEM 1. FINANCIAL STATEMENTS (UNAUDITED). The accompanying interim condensed consolidated financial statements of Mallinckrodt Group Inc. (the Company or Mallinckrodt) do not include all disclosures normally provided in annual financial statements. These financial statements, which should be read in conjunction with the consolidated financial statements contained in Mallinckrodt's 1994 Annual Report to Shareholders, are unaudited but include all adjustments which Mallinckrodt's management considers necessary for a fair presentation. These adjustments consist of normal recurring accruals except as discussed in Note 1 of the Notes to Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of the results for the fiscal year. All references to years are to fiscal years ended June 30 unless otherwise stated. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In millions except per share amounts)
Three months ended September 30, 1994 1993 - ----------------------------------------------------------------- Net sales $487.7 $444.9 Operating costs and expenses: Cost of goods sold 274.7 242.5 Selling, administrative, and general expenses 129.8 121.6 Research and development expenses 23.2 21.1 Other operating income, net (2.2) (1.2) ------- ------- Total operating costs and expenses 425.5 384.0 ------- ------- Operating earnings 62.2 60.9 Equity in pre-tax earnings of joint venture 6.1 3.8 Interest and other nonoperating expense, net (.4) (.6) Interest expense (11.9) (8.6) ------- ------- Earnings from continuing operations before income taxes 56.0 55.5 Income tax provision 21.3 20.2 ------ ------ Earnings from continuing operations 34.7 35.3 Loss from discontinued operations (.8) (.8) ------- ------- Net earnings 33.9 34.5 Preferred stock dividends (.1) (.1) ------- ------- Available for common shareholders $ 33.8 $ 34.4 ======= ======= Earnings per common share Continuing operations $ .45 $ .45 Discontinued operations (.01) (.01) ------- ------- Net earnings $ .44 $ .44 ======= ======= (See Notes to Condensed Consolidated Financial Statements on page 5.)
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions except share and per share amount) September 30, June 30, 1994 1994 - ----------------------------------------------------------------- ASSETS Current assets: Cash and cash equivalents $ 75.7 $ 87.9 Trade receivables, less allowances of $11.6 at September 30 and $11.1 at June 30 352.4 343.6 Inventories 384.4 376.9 Deferred income taxes 76.1 77.6 Other current assets 48.9 46.0 -------- -------- Total current assets 937.5 932.0 Investments and long-term receivables, less allowances of $13.0 at September 30 and $13.1 at June 30 150.3 147.0 Property, plant and equipment 1,444.8 1,396.0 Accumulated depreciation (560.8) (532.8) --------- --------- Net property, plant and equipment 884.0 863.2 Intangible assets 498.4 489.3 Deferred income taxes 2.8 2.0 --------- --------- Total assets $2,473.0 $2,433.5 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term debt $ 164.6 $ 147.8 Accounts payable 142.8 139.4 Accrued liabilities 338.1 356.0 Income taxes payable 35.0 25.4 Deferred income taxes 2.1 2.1 --------- --------- Total current liabilities 682.6 670.7 Long-term debt, less current maturities 513.1 522.0 Deferred income taxes 34.2 36.6 Accrued postretirement benefits 127.5 124.7 Other noncurrent liabilities and deferred credits 63.4 63.6 --------- --------- Total liabilities 1,420.8 1,417.6 Shareholders' equity 4 Percent cumulative preferred stock 11.0 11.0 Common stock, par value $1, authorized 300,000,000 shares; issued 87,116,289 shares as of September 30 and June 30 87.1 87.1 Capital in excess of par value 268.5 268.2 Reinvested earnings 870.6 846.4 Marketable securities valuation allowance (1.2) (1.4) Foreign currency translation (17.7) (32.8) Treasury stock (166.1) (162.6) --------- --------- Total shareholders' equity 1,052.2 1,015.9 --------- --------- Total liabilities and shareholders' equity $2,473.0 $2,433.5 ========= ========= (See Notes to Condensed Consolidated Financial Statements on page 5.)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions) Three months ended September 30, 1994 1993 - ----------------------------------------------------------------- CASH FLOWS - OPERATING ACTIVITIES Net earnings $ 33.9 $ 34.5 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 35.5 23.2 Deferred income taxes (.3) 5.2 Gains on disposals of assets (1.1) Other, net (12.0) (3.6) ------- ------- 56.0 59.3 Changes in noncash operating working capital: Accounts receivable (3.8) 6.9 Inventories (1.5) (2.4) Accounts payable, accrued liabilities and income taxes, net (13.8) (36.7) Other, net (2.9) (2.6) ------- ------- Net cash provided by operating activities 34.0 24.5 CASH FLOWS - INVESTING ACTIVITIES Capital expenditures (48.2) (37.2) Acquisition spending (3.4) (30.5) IFL dividend receivable 51.9 Equity in pre-tax earnings of joint venture, net 4.4 2.6 Proceeds from asset disposals 5.6 1.5 Short-term investments (4.9) Other, net (.3) (1.9) ------- ------- Net cash used by investing activities (41.9) (18.5) CASH FLOWS - FINANCING ACTIVITIES Increase (decrease) in short-term debt 4.5 (3.1) Issuance of Mallinckrodt common stock .9 1.7 Dividends paid (9.7) (8.6) ------- ------- Net cash used by financing activities (4.3) (10.0) ------- ------- Decrease in cash and cash equivalents (12.2) (4.0) Cash and cash equivalents at beginning of period 87.9 51.3 ------- ------- Cash and cash equivalents at end of period $ 75.7 $ 47.3 ======= ======= (See Notes to Condensed Consolidated Financial Statements on page 5.)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (In millions except per share amounts)
1994 1993 - ----------------------------------------------------------------- 4 Percent cumulative preferred stock Balance at June 30 and September 30 $ 11.0 $ 11.0 Common stock Balance at June 30 and September 30 87.1 87.1 Capital in excess of par value Balance at June 30 268.2 262.4 Stock options exercised .3 .3 Restricted stock awards 1.8 ---------- ---------- Balance at September 30 268.5 264.5 Reinvested earnings Balance at June 30 846.4 780.3 Net earnings 33.9 34.5 Dividends 4 Percent cumulative preferred stock ($1.00 per share) (.1) (.1) Common stock ($.125 per share in 1994 and $.11 per share in 1993) (9.6) (8.5) ---------- ---------- Balance at September 30 870.6 806.2 Marketable securities valuation allowance Balance at June 30 (1.4) (2.2) Valuation adjustment .2 .8 ---------- ---------- Balance at September 30 (1.2) (1.4) Foreign currency translation Balance at June 30 (32.8) (56.4) Translation adjustment 15.1 8.3 ---------- ---------- Balance at September 30 (17.7) (48.1) Treasury stock Balance at June 30 (162.6) (171.7) Stock options exercised .6 1.4 Restricted stock awards ( 4.1) 2.1 ---------- ---------- Balance at September 30 (166.1) (168.2) ---------- ---------- Total shareholders' equity $ 1,052.2 $ 951.1 ========== ========== (See Notes to Condensed Consolidated Financial Statements on page 5.)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Provisions for income taxes were based on estimated annual effective tax rates for each fiscal year. The income tax provision for the first quarter of 1994 includes a favorable adjustment of $1.4 million, or $.02 a share resulting from tax law changes. The Company's effective tax rate for the first quarter was 38.0 percent, compared to last year's 39.0 percent excluding the favorable adjustment discussed above. This decrease reflects an earnings mix toward certain foreign countries with lower statutory tax rates and the utilization of certain tax losses. 2. Earnings per common share were based on the weighted average number of common and common equivalent shares outstanding (77,556,978 and 77,367,637 for the three months ended September 30, 1994 and 1993, respectively). 3. The components of inventory include the following:
As of (In millions) September 30, 1994: - ----------------------------------------------------------------- Raw materials and supplies $ 100.9 Work in process 88.2 Finished goods 195.3 ------- $ 384.4 =======
4. As of September 30, 1994, the Company has authorized and issued 100,000 shares, par value $100, 4 Percent cumulative preferred stock of which 98,330 shares are outstanding. Mallinckrodt also has authorized 1,400,000 shares, par value $1, of Series preferred stock, none of which is outstanding. Shares included in treasury stock were:
September 30, June 30, 1994 1994 - ----------------------------------------------------------------- Common stock 10,197,047 10,110,056 4 Percent cumulative preferred stock 1,670 1,670
5. At September 30, 1994 common shares reserved were: Exercise of common stock purchase rights 88,211,094 Exercise of stock options and granting of stock awards 11,291,852 ---------- Total 99,502,946 ========== 6. Supplemental cash flow information for the three months ended September 30, included:
(In millions) 1994 1993 - ----------------------------------------------------------------- Interest paid $11.5 $11.5 Income taxes paid $11.4 $ 3.5 Noncash investing and financial activities: Assumption of liabilities related to acquisitions $12.6 Issuance of common stock for restricted stock awards $ 3.9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. RESULTS OF OPERATIONS General - ------- Earnings from continuing operations for the quarter ended September 30, 1994 were $35 million, or 45 cents per share. Excluding a two-cent per share tax benefit in the first quarter of 1994, this is a 5 percent increase over the comparable 43 cents per share for the prior year. Net sales for the first quarter were up 10 percent to $488 million, compared to $445 million last year. Net earnings for the quarter were $34 million, or 44 cents per share, compared with $35 million, or 44 cents per share, last year. A comparison of sales and operating earnings follows:
Three months ended September 30, (In millions) 1994 1993 - ----------------------------------------------------------------- Sales - ----- Mallinckrodt Chemical $ 111 $ 103 Mallinckrodt Medical 230 201 Mallinckrodt Veterinary 147 142 Intersegment sales (1) ------ ------ $ 488 $ 445 ====== ====== Operating earnings - ------------------ Mallinckrodt Chemical $ 6 $ 8 Mallinckrodt Medical 51 47 Mallinckrodt Veterinary 11 14 Corporate (6) (8) ------ ------ $ 62 $ 61 ====== ======
Registered trademarks are indicated by asterisk.
Mallinckrodt Chemical Three months ended (In millions) September 30, 1994 1993 - ----------------------------------------------------------------- Net Sales: Pharmaceutical Specialties $ 56 $ 58 Catalyst, Performance & Lab Chemicals 55 45 ------ ------ $ 111 $ 103 ====== ======
Mallinckrodt Chemical, including its $6.1 million equity- investment share of earnings from the flavors joint venture, Tastemaker, achieved earnings of $12.7 million for the first quarter, up 8 percent over last year's $11.8 million. Net sales also increased 8 percent to $111 million. Significantly improved operating performance from Tastemaker accounted for the earnings increase. Pharmaceutical specialties sales decreased 3 percent primarily from lower sales volumes for medicinal narcotics and planned maintenance production shutdowns. Catalysts, performance and lab chemicals sales increased 22 percent primarily from the 1994 acquisition of Catalyst Resources, Inc. In October 1994, Chemical's facility in Dieburg, Germany was sold along with the related photochemical business.
Mallinckrodt Medical Three months ended (In millions) September 30, 1994 1993 - ----------------------------------------------------------------- Net Sales: Imaging $ 114 $ 96 Anesthesiology & Critical Care 70 62 Nuclear Medicine 46 43 ------ ------ $ 230 $ 201 ====== ======
Mallinckrodt Medical's operating earnings for the quarter increased 9 percent to $50.9 million principally as a result of improved performance in the imaging businesses. Net sales improved 14 percent to $230 million, led by an 18 percent increase in sales of imaging products. Higher worldwide sales volume of the x-ray contrast medium Optiray* more than offset the effects of price competition. The company received FDA approval of Albunex*, its ultrasound contrast agent in August 1994. Product launch for Albunex* began in October 1994. Anesthesiology and critical care sales increased 12 percent boosted by the 1994 acquisition of DAR S.p.A. and improved sales volume for tracheostomy tubes and hemoglobin and glucose testing products. Nuclear medicine sales were up 9 percent primarily from higher U.S. sales due to the introduction of OctreoScan* and increased sales volume for thallium and TechneScan MAG3*.
Mallinckrodt Veterinary Three months ended (In millions) September 30, 1994 1993 - ----------------------------------------------------------------- Net Sales: Pharmaceuticals $ 64 $ 62 Biologicals 21 21 Feed Ingredients 39 39 Veterinary Specialties & Other 23 20 ------ ------ $ 147 $ 142 ====== ======
Mallinckrodt Veterinary's first quarter operating earnings were $10.9 million, down 20 percent from last year. Factors affecting the first quarter results were weak food animal markets, higher manufacturing costs and lower pricing for feed ingredients, revised buying patterns by certain North American customers and higher manufacturing start-up costs. Net sales for the quarter improved 4 percent over the prior year to $147 million. Pharmaceuticals sales were up 4 percent from favorable currency translation and higher parasiticide and antimicrobial sales, partially offset by lower animal productivity sales. Biologicals sales decreased 3 percent primarily from lower foot and mouth disease vaccine sales in Latin America. Feed ingredients sales were slightly higher than last year as a result of increased export sales volume. Veterinary specialties sales improved 16 percent from expanded distribution rights in Brazil and higher sales volume in Argentina. Corporate Matters - ----------------- Mallinckrodt corporate expense decreased $1.4 million primarily from the benefits of reorganization implemented in late fiscal 1994 and higher prior year costs for the Company's captive insurance subsidiary. The Company's effective tax rate was 38.0 percent, compared to last year's 39.0 percent excluding the favorable adjustment previously discussed. This decrease reflects an earnings mix toward certain foreign countries with lower statutory tax rates and the utilization of certain tax losses. Financial Condition - ------------------- The Company's financial resources are expected to continue to be adequate to support existing businesses and fund new opportunities. Since June 30, 1994, cash and cash equivalents decreased $12.2 million. Operations provided $34.0 million of cash, while acquisition and capital spending totalled $51.6 million. The Company's current ratio at September 30,1994 was 1.4. Debt as a percentage of invested capital was 39.2 percent. In August 1987 and October 1988, the Company's Board of Directors authorized repurchase of a total of 42.0 million shares of its common stock. Since then, 28.9 million shares have been purchased under this authorization; none during the first quarter of 1995. The Company has a $350 million private-placement commercial paper program. This program is backed by $450 million of U.S. lines of credit, of which $350 million is available until August 1996 and $100 million is available until August 1995. At September 30, 1994, commercial paper borrowings amounted to $204.7 million. There were no outstanding borrowings under the U.S. lines of credit at September 30, 1994. At September 1994, non-U.S. lines of credit totaling $244.6 million were also available and borrowings under these lines amounted to $32.5 million. The non- U.S. lines are cancelable at any time. Capital spending for the year ending June 30, 1995, is estimated at approximately $250 million. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS In the previously reported claim by the United States Environmental Protection Agency ("EPA") against the Company and others concerning the alleged pollution of a stream near Ashtabula, Ohio, designated as "Fields Brook," the arbitrator has rendered a nonbinding decision concerning the allocation of payment for a Remedial Design/Remedial Action study ordered by EPA. Pursuant to agreement among the parties, the arbitrator's decision may not be disclosed; however, it was consistent with the expectations of the Company. Although the Company's allocable share of cleanup costs cannot be determined at this time, the Company continues to believe this proceeding will not have a material adverse effect on its financial position or results of operations. Except as discussed in the preceding paragraph, there have been no material developments in the legal proceedings previously reported in the Company's Annual Report on Form 10-K for the year ended June 30, 1994. ITEM 2. CHANGES IN SECURITIES. Not applicable. ITEM 3. DEFAULTS UPON SENIOR SECURITIES. Not applicable. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. (a) The Annual Meeting of Shareholders was held October 19, 1994 in Mundelein, Illinois. (b) The following directors were elected at the Annual Meeting of Shareholders: Term expiring in 1997 . . . . . . . C. Ray Holman Term expiring in 1997 . . . . . . . Claudine B. Malone Term expiring in 1997 . . . . . . . Morton Moskin Term expiring in 1995 . . . . . . . Brian M. Rushton The following directors continue in office: Raymond F. Bentele Dr. Ronald G. Evens Alec Flamm Roberta S. Karmel Herve M. Pinet Daniel R. Toll (c) Other matters voted upon at the Annual Meeting of Shareholders were: 1. Approval of Appointment of Independent Auditors. The appointment of Ernst & Young LLP, as independent auditors of the Registrant for the fiscal year ending June 30, 1995, was ratified by the affirmative vote of an aggregate of 66,235,050 shares of common and 4 percent cumulative preferred stock. A total of 100,067 shares of common and 4 percent cumulative preferred stock was voted against the appointment. Holders of 246,689 shares of common and 4 percent cumulative preferred stock abstained from voting. 2. Approval of Long-Term Incentive Compensation Plan and the Material Terms of the Performance Goals for such Plan. A long-term incentive compensation plan and the material terms of the performance goals for the plan were approved by a total of 48,892,477 shares of common and 4 percent cumulative preferred stock. A total of 17,175,517 shares of common and 4 percent cumulative preferred stock was voted against the plan. Holders of 513,812 shares of common and 4 percent cumulative preferred stock abstained from voting. 3. Approval of Deferred Election Plan for Non-Employee Directors. A deferred election plan for non-employee directors was approved by a total of 64,561,302 shares of common and 4 percent cumulative preferred stock. A total of 1,451,499 shares of common and 4 percent cumulative preferred stock voted against the plan. Holders of 569,005 shares of common and 4 percent cumulative preferred stock abstained from voting. Item 5. Other Information. Not applicable. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits 11.1 Primary earnings per share computation for the three months ended September 30, 1994 and 1993. 11.2 Fully diluted earnings per share computation for the three months ended September 30, 1994 and 1993. 27 Financial Data Schedule (b) Reports on Form 8-K. During the quarter and through the date of this report, the following reports on Form 8-K were filed: - Report dated August 11, 1994, under Item 5 regarding the resignation of the President of Mallinckrodt Veterinary, Inc. - Report dated September 13, 1994, under Item 5 regarding the Company's plan to repurchase common stock. - Report dated September 20, 1994, under Item 5 regarding plans to relocate a manufacturing operation. - Report dated October 19, 1994, under Item 5 regarding the election of the President of Mallinckrodt Veterinary, Inc. - Report dated October 28, 1994, under Item 5 regarding the first quarter fiscal 1995 forecasted earnings. - Report dated November 3, 1994, under Item 5 regarding the election of the Chairman of the Board of Directors. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. Mallinckrodt Group Inc. - -------------------------------- Registrant By: MICHAEL A. ROCCA By: WILLIAM B. STONE -------------------------- ---------------------------- Michael A. Rocca William B. Stone Senior Vice President and Vice President and Controller Chief Financial Officer Date: November 10, 1994 EX-11.1 2 Exhibit 11.1 EARNINGS PER SHARE PRIMARY COMPUTATION (In millions except share and per share amounts)
Three months ended September 30, 1994 1993 ---------------------------------------------------------------- Basis for computation of earnings per common and common equivalent shares: Earnings from continuing operations $ 34.7 $ 35.3 Deduct dividends on 4% preferred stock (.1) (.1) ------- ------- Earnings from continuing operations available to common shareholders 34.6 35.2 Loss from discontinued operations (.8) (.8) ------- ------- Available for common shareholders $ 33.8 $ 34.4 ======= ======= Number of shares: Weighted average shares outstanding 76,898,893 76,617,398 Shares issuable upon exercise of stock options, net of shares assumed to be repurchased 658,085 750,239 ---------- ---------- 77,556,978 77,367,637 ========== ========== Earnings per common share: Continuing operations $ .45 $ .45 Discontinued operations (.01) (.01) ------- ------- Net earnings $ .44 $ .44 ======= =======
EX-11.2 3 Exhibit 11.2 EARNINGS PER SHARE FULLY DILUTED COMPUTATION (In millions except share and per share amounts)
Three months ended September 30, 1994 1993 - --------------------------------------------------------------------- Basis for computation of earnings per common and common equivalent shares: Earnings from continuing operations $ 34.7 $ 35.3 Deduct dividends on 4% preferred stock (.1) (.1) ------- ------- Earnings from continuing operations available to common shareholders 34.6 35.2 Loss from discontinued operations (.8) (.8) ------- ------- Available for common shareholders $ 33.8 $ 34.4 ======= ======= Number of shares: Weighted average shares outstanding 76,898,893 76,617,398 Shares issuable upon exercise of stock options, net of shares assumed to be repurchased 720,674 882,582 77,619,567 77,499,980 =========== ========== Earnings per common share: Continuing operations $ .45 $ .45 Discontinued operations (.01) (.01) ------- ------- Net earnings $ .44 $ .44 ======= ========
EX-27 4
5 This schedule contains summary financial information extracted from the first quarter 10-Q and is qualified in its entirety by reference to such 10-Q. 1,000,000 QTR-1 JUN-30-1994 JUL-01-1994 SEP-30-1994 76 0 364 12 384 938 1445 561 2,473 683 513 87 0 11 954 2,473 488 488 275 426 0 0 12 56 21 35 (1) 0 0 34 .44 .44
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