EX-99.2 3 l19938aexv99w2.htm EX-99.2 CONSOLIDATED STATEMENTS OF INCOME FOR THE QUARTERS EX-99.2
 

Exhibit 99.2
Pro Forma Statements of Income (Unaudited)
Quarterly Summary for the Year Ended December 31, 2005
                                         
                                    Year to Date  
(In Millions of Dollars Except Per Share Data)   March 31     June 30     September 30     December 31     2005  
 
Net sales
  $ 847.9     $ 941.7     $ 898.9     $ 930.3     $ 3,618.8  
Royalties and other revenues
    0.9       0.6       0.6       1.3       3.4  
 
                             
 
Total revenues
    848.8       942.3       899.5       931.6       3,622.2  
 
                                       
Cost of sales
    618.2       694.9       669.2       714.3       2,696.6  
Selling and administrative expenses
    85.6       86.5       87.6       88.7       348.4  
Research, testing and development expenses
    48.5       49.2       48.1       53.2       199.0  
Amortization of intangible assets
    5.9       5.9       5.8       5.9       23.5  
Restructuring and impairment charges
    6.1       5.4       1.0       3.3       15.8  
 
                             
Total costs and expenses
    764.3       841.9       811.7       865.4       3,283.3  
 
                                       
Other (expense) income – net
    0.6       0.6       0.5       (0.1 )     1.6  
Interest income
    1.8       1.9       2.3       2.1       8.1  
Interest expense
    (26.3 )     (26.8 )     (27.4 )     (24.6 )     (105.1 )
 
                             
Income from continuing operations before income taxes
    60.6       76.1       63.2       43.6       243.5  
Provision for income taxes
    20.5       25.9       20.5       15.1       82.0  
 
                             
 
                                       
Income from continuing operations
  $ 40.1     $ 50.2     $ 42.7     $ 28.5     $ 161.5  
 
                             
 
                                       
Basic earnings from continuing operations per share
  $ 0.59     $ 0.74     $ 0.63     $ 0.42     $ 2.38  
 
                             
 
                                       
Diluted earnings from continuing operations per share
  $ 0.59     $ 0.73     $ 0.62     $ 0.41     $ 2.35  
 
                             

 


 

Pro Forma Statement of Income (Unaudited)
Quarter Ended March 31, 2005
                         
                    Pro Forma  
(In Millions of Dollars Except Per Share Data)   As Reported     Dispositions     Results of Operations  
 
Net sales
  $ 956.0     $ (108.1 )   $ 847.9  
Royalties and other revenues
    0.8       0.1       0.9  
 
                 
 
Total revenues
    956.8       (108.0 )     848.8  
 
                       
Cost of sales
    707.6       (89.4 )     618.2  
Selling and administrative expenses
    90.6       (5.0 )     85.6  
Research, testing and development expenses
    49.9       (1.4 )     48.5  
Amortization of intangible assets
    6.6       (0.7 )     5.9  
Restructuring and impairment charges
    6.1             6.1  
 
                 
 
Total costs and expenses
    860.8       (96.5 )     764.3  
 
Other (expense) income – net
    0.6             0.6  
Interest income
    1.8             1.8  
Interest expense
    (26.3 )           (26.3 )
 
                 
Income from continuing operations before income taxes
    72.1       (11.5 )     60.6  
Provision for income taxes
    24.9       (4.4 )     20.5  
 
                 
 
                       
Income from continuing operations
  $ 47.2     $ (7.1 )   $ 40.1  
 
                 
 
                       
Basic earnings from continuing operations per share
  $ 0.70     $ (0.11 )   $ 0.59  
 
                 
 
                       
Diluted earnings from continuing operations per share
  $ 0.69     $ (0.10 )   $ 0.59  
 
                 

 


 

Pro Forma Statement of Income (Unaudited)
Quarter Ended June 30, 2005
                         
                    Pro Forma  
(In Millions of Dollars Except Per Share Data)   As Reported     Dispositions     Results of Operations  
 
Net sales
  $ 1,047.9     $ (106.2 )   $ 941.7  
Royalties and other revenues
    0.6             0.6  
 
                 
 
Total revenues
    1,048.5       (106.2 )     942.3  
 
                       
Cost of sales
    782.8       (87.9 )     694.9  
Selling and administrative expenses
    92.1       (5.6 )     86.5  
Research, testing and development expenses
    50.3       (1.1 )     49.2  
Amortization of intangible assets
    6.0       (0.1 )     5.9  
Restructuring and impairment charges
    5.4             5.4  
 
                 
Total costs and expenses
    936.6       (94.7 )     841.9  
 
                       
Other (expense) income – net
    0.8       (0.2 )     0.6  
Interest income
    1.9             1.9  
Interest expense
    (26.8 )           (26.8 )
 
                 
Income from continuing operations before income taxes
    87.8       (11.7 )     76.1  
Provision for income taxes
    29.7       (3.8 )     25.9  
 
                 
 
                       
Income from continuing operations
  $ 58.1     $ (7.9 )   $ 50.2  
 
                 
 
                       
Basic earnings from continuing operations per share
  $ 0.85     $ (0.11 )   $ 0.74  
 
                 
 
                       
Diluted earnings from continuing operations per share
  $ 0.84     $ (0.11 )   $ 0.73  
 
                 

 


 

Pro Forma Statement of Income (Unaudited)
Quarter Ended September 30, 2005
                         
                    Pro Forma  
(In Millions of Dollars Except Per Share Data)   As Reported     Dispositions     Results of Operations  
 
Net sales
  $ 1,003.8     $ (104.9 )   $ 898.9  
Royalties and other revenues
    0.7       (0.1 )     0.6  
 
                 
 
Total revenues
    1,004.5       (105.0 )     899.5  
 
                       
Cost of sales
    759.2       (90.0 )     669.2  
Selling and administrative expenses
    91.8       (4.2 )     87.6  
Research, testing and development expenses
    49.6       (1.5 )     48.1  
Amortization of intangible assets
    6.3       (0.5 )     5.8  
Restructuring and impairment charges
    7.4       (6.4 )     1.0  
 
                 
Total costs and expenses
    914.3       (102.6 )     811.7  
 
                       
Other (expense) income – net
    (1.1 )     1.6       0.5  
Interest income
    2.3             2.3  
Interest expense
    (27.4 )           (27.4 )
 
                 
Income from continuing operations before income taxes
    64.0       (0.8 )     63.2  
Provision for income taxes
    20.6       (0.1 )     20.5  
 
                 
 
                       
Income from continuing operations
  $ 43.4     $ (0.7 )   $ 42.7  
 
                 
 
                       
Basic earnings per share from continuing operations
  $ 0.63     $     $ 0.63  
 
                 
 
                       
Diluted earnings per share from continuing operations
  $ 0.63     $ (0.01 )   $ 0.62  
 
                 

 


 

Pro Forma Statement of Income (Unaudited)
Quarter Ended December 31, 2005
                         
                    Pro Forma  
(In Millions of Dollars Except Per Share Data)   As Reported     Dispositions     Results of Operations  
 
Net sales
  $ 1,031.6     $ (101.3 )   $ 930.3  
Royalties and other revenues
    1.3             1.3  
 
                 
 
Total revenues
    1,032.9       (101.3 )     931.6  
 
                       
Cost of sales
    799.4       (85.1 )     714.3  
Selling and administrative expenses
    93.2       (4.5 )     88.7  
Research, testing and development expenses
    54.9       (1.7 )     53.2  
Amortization of intangible assets
    6.3       (0.4 )     5.9  
Restructuring and impairment charges
    3.3             3.3  
 
                 
 
Total costs and expenses
    957.1       (91.7 )     865.4  
 
                       
Other (expense) income – net
    (2.3 )     2.2       (0.1 )
Interest income
    2.1             2.1  
Interest expense
    (24.6 )           (24.6 )
 
                 
Income from continuing operations before income taxes
    51.0       (7.4 )     43.6  
Provision for income taxes
    18.4       (3.3 )     15.1  
 
                 
 
                       
Income from continuing operations
  $ 32.6     $ (4.1 )   $ 28.5  
 
                 
 
                       
Basic earnings from continuing operations per share
  $ 0.48     $ (0.06 )   $ 0.42  
 
                 
 
                       
Diluted earnings from continuing operations per share
  $ 0.47     $ (0.06 )   $ 0.41