-----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, MpUFN72kwNnR8RFZtrH4RHd6s4ZcQpHsbptCj9zTBK2yerLA6CYP5PkK2HKaTUdq 4ITArumROv6ZwVXjA0b+0w== 0000912057-00-015841.txt : 20000404 0000912057-00-015841.hdr.sgml : 20000404 ACCESSION NUMBER: 0000912057-00-015841 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000309 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000403 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OGDEN CORP CENTRAL INDEX KEY: 0000073902 STANDARD INDUSTRIAL CLASSIFICATION: AIRPORTS, FLYING FIELDS & AIRPORT TERMINAL SERVICES [4581] IRS NUMBER: 135549268 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-03122 FILM NUMBER: 592298 BUSINESS ADDRESS: STREET 1: TWO PENNSYLVANIA PLZ - 25TH FLR CITY: NEW YORK STATE: NY ZIP: 10121 BUSINESS PHONE: 2128686100 MAIL ADDRESS: STREET 1: TWO PENNSYLVANIA PLZ - 25TH FLR CITY: NEW YORK STATE: NY ZIP: 10121 8-K 1 8-K 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): MARCH 9, 2000 OGDEN CORPORATION (EACH NAME OF REGISTRANT AS SPECIFIED IN THE CHARTER) DELAWARE 1-3122 13-5549268 - ------------------------------- ------------------------ ------------------- (STATE OR OTHER JURISDICTION OF (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER INCORPORATION) IDENTIFICATION NO.) TWO PENNSYLVANIA PLAZA NEW YORK, NEW YORK 10121 - ---------------------- ------------------ ------------------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) ZIP CODE REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212)868-6000 NONE (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT) Item 5. OTHER EVENTS On March 9, 2000 Ogden Corporation issued a press release, a copy of which is attached hereto as Exhibit A, and on March 30, 2000 Ogden Corporation issued two press releases, copies of which are attached hereto as Exhibits B and C. Item 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial Statements of business acquired: Not Applicable (b) Pro forma financial information: Not Applicable (c) Exhibits: A) Press Release of Ogden Corporation reporting that it had signed a definitive agreement to sell its theme and water parks - related division, dated March 9, 2000, attached as Exhibit A. B) Press Release of Ogden Corporation reporting that it had signed a definitive agreement to sell its Food and Beverage Concessions and Venue Management businesses, dated March 30, 2000, attached as Exhibit B. C) Press Release of Ogden Corporation reporting results for the full year and fourth quarter ended December 31, 1999, dated March 30, 2000, attached as Exhibit C. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized. OGDEN CORPORATION Dated: April 3, 2000 By: /s/ J. L. EFFINGER ------------------------- J. L. Effinger Assistant Secretary EX-99.(A) 2 EXHIBIT 99(A) EXHIBIT A CONTACT: Eric Berman Adam Wiener David Lilly at Kekst and Company 212-521-4800 or: Raymond E. Dombrowski Ogden Corporation 212-868-6000 OGDEN CORPORATION ANNOUNCES AGREEMENT TO SELL WATER AND THEME PARKS ASSETS -- SALE IS PART OF STRATEGY TO CREATE PLATFORM FOR ENERGY BUSINESS AND DELIVER VALUE TO SHAREHOLDERS -- NEW YORK, MARCH 9, 2000 - Ogden Corporation (NYSE: OG) today announced that it has signed a definitive agreement with Alfa Alfa Holdings, SA, of Greece, to sell its theme and water parks-related division for approximately $148 million, consisting of cash and the assumption of approximately $80 million of associated debt. The sale is part of Ogden's strategy to sell its Entertainment and Aviation businesses in order to create a solid operating platform for its Energy business and serve the long-term interest of the Company's shareholders. "We are very pleased to reach this agreement with Alfa Alfa, which is a prominent diversified company in Greece," said Scott G. Mackin, Chief Executive Officer and President of Ogden Corporation. "This is the first concrete step in the disposition of our non-core assets, which is a central component of our strategy to deliver value to Ogden's shareholders. We are fully engaged in the process of selling the other assets of Entertainment and Aviation, and we will make further announcements as definitive agreements are reached. Sales will require approval of our various lenders, and as we've stated in the past, the Company is continuing discussions with its banks and believes it will be successful in obtaining necessary waivers from applicable covenants to assist us through this restructuring process." Commenting on the transaction, Mr. Apostolos Allamanis, President of Alfa Alfa, said, "This acquisition will mark Alfa Alfa's strategic entry into the expanding U.S. theme and water parks industry." The transaction is expected to close within 45 days, and is subject to certain consents, customary regulatory approval and bank consents on the sales and related issues. Under the terms of the agreement, Alfa Alfa's acquisition of Jazzland, a theme park currently under construction in New Orleans, Louisiana, will close separately, upon that park's completion by Ogden. Jazzland is expected to open for commercial operation in late May 2000. Goldman Sachs acted as financial adviser for Ogden in this transaction. Ogden Corporation currently has three business areas - Energy, Aviation and Entertainment. The Energy group develops, owns and operates independent power facilities and provides related infrastructure services. The Aviation group provides ground and cargo handling; passenger services; fueling; airport infrastructure development and management; fixed base operations (FBO's); aircraft sales and management; and charter services. The Entertainment group has interests in themed and location-based attractions; food and beverage concessions; venue management; large format films and theatres; concert promotions, artist management and recordings. On September 17, 1999, Ogden announced its intent to sell its Entertainment and Aviation businesses to focus exclusively on its role as a leading energy company. ADDITIONAL INFORMATION ABOUT THE COMPANY CAN BE OBTAINED VIA THE INTERNET, AT WWW.OGDENCORP.COM, OR THROUGH OUR AUTOMATED INFORMATION SYSTEM AT (888) 643-3612. Alfa Alfa Holdings is a diversified company with operations in civil construction, packaging, family recreation, and privatized operation of public utilities in Greece. Any statements in this communication, which may be considered to be "forward looking statements", as that term is defined in the Private Securities Litigation Reform Act of 1995, are subject to certain risk and uncertainties. The factors that could cause actual results to differ materially from those suggested by any such statements include, but are not limited to, those discussed or identified from time to time in the Company's public filings with the Securities and Exchange Commission and more generally, general economic conditions, including changes in interest rates and the performance of the financial markets; changes in domestic and foreign laws, regulations, and taxes; changes in competition and pricing environments; and regional or general changes in asset valuations. # # # EX-99.(B) 3 EXHIBIT 99(B) EXHIBIT B CONTACT: Eric Berman Adam Weiner David Lilly at Kekst and Company 212-521-4800 or: Raymond E. Dombrowski Ogden Corporation 212-868-6000 OGDEN CORPORATION ANNOUNCES AGREEMENT TO SELL FOOD AND BEVERAGE CONCESSIONS AND VENUE MANAGEMENT BUSINESSES -- SALE IS PART OF STRATEGY TO CREATE PLATFORM FOR ENERGY BUSINESS AND DELIVER VALUE TO SHAREHOLDERS -- NEW YORK, MARCH 30, 2000 - Ogden Corporation (NYSE: OG) today announced that it has signed a definitive agreement with ARAMARK, a leading provider of managed services, to sell its food and beverage concessions and venue management businesses for $236 million, consisting of cash and the assumption of approximately $11 million debt. This is the second sale of entertainment assets announced this month by Ogden, following the announcement of the sale of the Company's theme and water parks-related division to Alfa Alfa Holdings, SA. The sales reflect Ogden's strategy to sell its non-core Entertainment and Aviation businesses in order to create a solid operating platform for its Energy business and serve the long-term interest of the Company's shareholders. "We are very pleased to have reached this agreement with ARAMARK as it represents a large step forward for Ogden and its shareholders," said Scott G. Mackin, Chief Executive Officer and President of Ogden Corporation. "This will be one of our largest asset sales, and today's announcement demonstrates both our commitment to and the momentum of the sales process. This process is a central component of our strategy to deliver value to Ogden's shareholders, and we continue to be on track for the disposition of the remaining assets of Entertainment and Aviation. We will make further announcements regarding the Company's major asset sales as definitive agreements are reached. The sale of our food and beverage concessions and venue management businesses will require the approvals of our various lenders and, as we've stated in the past, the Company is continuing discussions with its banks and believes it will be successful in obtaining necessary waivers from applicable covenants to assist us through this restructuring process." Mackin continued, "ARAMARK is a world leader in providing managed services and a solid match for our food and beverage concessions and venue management businesses. We are confident that our customers will benefit from their partnership with ARAMARK." "The addition of these Ogden businesses and the outstanding quality of their customer base provide us with an opportunity to share our expertise and combine resources with these customers so that we can build a broader portfolio of unlimited partnerships," said Joseph Neubauer, Chairman and CEO of ARAMARK. "We look forward to having Ogden's strong management team and dedicated employees as part of ARAMARK." The transaction is expected to close during the second calendar quarter of this year and is subject to certain consents, customary regulatory approval and bank consents on the sales and related issues. The transaction will not include Ogden's venue management contracts at Arrowhead Pond in Anaheim, CA and the Corel Centre in Ottawa, Canada or Ogden's joint venture interest in Metropolitan Entertainment. Goldman Sachs acted as financial adviser for Ogden in this transaction. * * * Ogden Corporation currently has three business areas - Energy, Aviation and Entertainment. On September 17, 1999, Ogden announced its intent to sell its Entertainment and Aviation businesses to focus exclusively on its role as a leading energy company. Ogden Energy Group is a global developer/owner and operator of independent power projects including large-scale waste-to-energy facilities, and provides related infrastructure services. ADDITIONAL INFORMATION ABOUT THE COMPANY CAN BE OBTAINED VIA THE INTERNET, AT WWW.OGDENCORP.COM, OR THROUGH OUR AUTOMATED INFORMATION SYSTEM AT (888) 643-3612. ARAMARK is a $7 billion world leader in providing managed services - food and support services, uniform and career apparel, and childcare and early education programs. Headquartered in Philadelphia, ARAMARK has over 150,000 employees serving 15 million people at 500,000 locations in 15 countries every day. Any statements in this communication, which may be considered to be "forward looking statements", as that term is defined in the Private Securities Litigation Reform Act of 1995, are subject to certain risk and uncertainties. The factors that could cause actual results to differ materially from those suggested by any such statements include, but are not limited to, those discussed or identified from time to time in the Company's public filings with the Securities and Exchange Commission and more generally, general economic conditions, including changes in interest rates and the performance of the financial markets; changes in domestic and foreign laws, regulations, and taxes; changes in competition and pricing environments; and regional or general changes in asset valuations. # # # EX-99.(C) 4 EXHIBIT 99(C) EXHIBIT C CONTACT: Eric Berman Adam Weiner David Lilly at Kekst and Company 212-521-4800 or: Raymond E. Dombrowski Ogden Corporation 212-868-6000 OGDEN CORPORATION REPORTS RESULTS FOR 1999 -- NET LOSS IN QUARTER AND YEAR REFLECTS ONE-TIME CHARGES RESULTING FROM PREVIOUSLY ANNOUNCED RESTRUCTURING PROCESS -- -- COMPANY ALSO REPORTS $80.3 MILLION IN RECURRING BASE EBIT FROM ITS CONTINUING ENERGY OPERATIONS FOR FULL YEAR 1999 -- NEW YORK, MARCH 30, 2000 - Ogden Corporation (NYSE: OG) today reported results for the full year and fourth quarter ended December 31, 1999. Including one-time charges largely associated with the previously announced restructuring process and losses from discontinued operations, for the full year 1999, the Company had a net loss of $82.0 million, or $1.67 per diluted share. Excluding those charges and losses, the Company had net income for the full year 1999 of $25.0 million, or $0.50 per diluted share. Consolidated revenues from continuing operations for the twelve months ended December 31, 1999, were $1.0 billion. For the fourth quarter 1999, including one-time charges largely associated with the restructuring process and losses from discontinued operations, the Company had a net loss of $105.9 million, or $2.14 per diluted share. Excluding the charges and losses referred to above, the Company had net income for the fourth quarter 1999 of $0.6 million, or $0.01 per diluted share. Consolidated revenues from continuing operations were $257.8 million in the quarter. As previously announced, Ogden is pursuing the disposition of its non-core Aviation and Entertainment assets, as well as certain other non-core businesses, to ensure a solid financial platform for its Energy business. The Aviation and Entertainment business segments are being reported as discontinued operations. Scott Mackin, Ogden's President and Chief Executive Officer, said: "We are making progress in our efforts to become a pure play energy company as rapidly as possible, including significant progress in our restructuring efforts and in our non-core asset dispositions. The underlying performance of the Company's continuing business segments remains strong. For the full year, recurring base earnings from our Energy business were in line with the projections we made during the fourth quarter." FULL YEAR RESULTS FOR ENERGY For the full year 1999, Ogden reported Earnings Before Interest and Taxes (EBIT) from its Energy business of $61.4 million on revenues of $922.1 million, compared to EBIT of $115.7 million on revenues of $804.0 million in 1998. The Energy business includes the operations of Ogden Environmental and Energy Services (OEES). The Company is currently exploring sales possibilities for OEES' consulting operations and the wind-down of OEES' construction operations. OEES had operating losses in 1999 of $15.5 million before a $28.4 million write-down of its assets to their estimated net realizable value in anticipation of its sale. The 1999 results also include $25.0 million in one-time gains primarily associated with the restructuring of contracts at two facilities and the sale of a joint venture project, partially offset by charges related to the Clean Air Act. The 1998 results included losses of $6.3 million from OEES and $34.4 million of net gains principally related to the restructuring of power purchase agreements and other contracts at four separate facilities. Adjusting for these items, the recurring base EBIT from the Energy business for 1999 was $80.3 million. The recurring base EBIT for the Energy business for the year 1999 was $7.3 million lower compared to the same period for 1998, primarily due to the following: (1) in the first half of 1998, Energy restructured a significant above-market power purchase agreement at one facility, and sold out another power purchase agreement; as a consequence of these two transactions, for which the Company received payments of approximately $200 million, the 1999 results were reduced by $6.0 million; (2) Energy increased its development activities in 1999 consistent with its long term strategy of becoming a pure energy company, resulting in additional development expenses of approximately $6.0 million over 1998; (3) increased spending of approximately $4.0 million year-over-year, primarily as a result of upgrades to information systems related to Y2K precautions and the implementation of Clean Air Act retrofits; and (4) these reductions to 1999 EBIT were partially offset by increased operating results, primarily as a result of more facilities in operation, increased Water and Waste to Energy construction income and improved performance at existing facilities. FOURTH QUARTER RESULTS FOR ENERGY Ogden reported a loss before interest and taxes from its Energy business for the 1999 fourth quarter of $10.6 million, on revenues of $236.7 million, compared to EBIT for the comparable period in the prior year of $38.1 million on revenues of $218.8 million. The 1999 fourth quarter EBIT included $7.5 million in losses at its OEES subsidiary and $28.4 million in write downs also associated with OEES, as well as various one-time charges totaling $5.8 million and $9.7 million in one-time gains, principally associated with an insurance settlement. The comparable 1998 period for Energy included $3.7 million in losses at OEES and one-time gains totaling $14.1 million, primarily due to restructurings of two projects. Adjusting for these items, the recurring base Energy EBIT for the 1999 fourth quarter was $21.4 million, compared to $27.7 million for the comparable period of 1998. The decrease in recurring base EBIT for the year-over-year period is due to: a $1.5 million increase in SG&A reflecting international office expansion and incremental Y2K expenses; a decrease in Water and Waste to Energy construction income of $0.8 million; a write-off of development costs of $2.8 million; and $1.2 million in professional service fees and other miscellaneous items. DESCRIPTION OF OTHER FOURTH QUARTER ONE-TIME CHARGES In addition to the one-time charges related to the Energy business, Ogden in the fourth quarter incurred a $17.5 million provision for settlement of litigation with the Company's former Chairman and CEO and a $17.3 million provision for corporate staff severance. In addition, in its discontinued Entertainment unit, the Company recorded a $13.3 million severance charge related to the Company's restructuring, a $5.1 million write-off of development costs related to a bid for a casino project, and a one-time charge of $3.4 million in liquidated damages for the Company's inability to obtain permits to construct a new facility. In its discontinued Aviation unit, the Company recorded an $11.8 million severance charge primarily related to the Company's restructuring efforts. The Company also recorded a $7.8 million write down to estimated net realizable value of its Applied Data Technology Inc. unit, and a $15.2 million reserve related to receivables, inventory and other assets of Datacom (previously known as ADC) principally due to uncertainty concerning the financial condition of Datacom's primary customer. OUTLOOK Mr. Mackin said, "We remain excited about the prospects for the Energy business as we continue to add new projects to our independent power portfolio. Continued success in the IPP field depends on substantial project development. Our first IPP project in India, a 105 MW project in which we will hold 60% equity and a long-term contract to operate the facility, is under construction. That project, which is expected to go into commercial operation by early 2001, has a 15-year take-or-pay power purchase agreement with the local state electricity board. We also expect to close on the acquisition of two additional projects in Thailand in April, one of which is a 122 MW project that is already in operation and the other is a 795 MW facility which is in development. We have a list of other potential target projects in key regions around the globe, although we will not make substantial investments in new projects, other than the two projects in Thailand, until such time as the non-core asset sales process is substantially completed. For the full year 2000, we expect recurring EBIT from the Energy business to be approximately $95.0 million versus the $80.3 million in recurring EBIT for the full year 1999." NON-CORE ASSET SALES Mr. Mackin continued, "We are fully engaged in the process of disposing of our non-core assets. On March 9, we announced the sale of our Entertainment business' water and theme parks-related division for $148 million, consisting of cash and the assumption of approximately $80 million of associated debt. Earlier today, we announced the sale of our Food and Beverage Concessions and Venue Management division for $236 million, consisting of cash and the assumption of approximately $11 million in associated debt. In addition, we have closed on the sale of Fairmount Race Track for a net consideration of approximately $16 million; and sold, or have under contract to sell, various other assets for approximately $11.5 million. With regard to airport privatization projects, we're exploring transfers of our interests with members of our various consortia. We expect to make additional announcements regarding the disposition of our major non-core Aviation assets when we have reached definitive agreements." * * * On September 17, 1999, Ogden announced its intent to sell its Entertainment and Aviation businesses to focus exclusively on its role as a leading energy company. Ogden Energy group is a global developer/owner and operator of independent power projects and provides related infrastructure services. Additional information about Ogden can be obtained via the Internet at www.ogdencorp.com, or through our automated information system at (888) 643-3612. Any statements in this communication which may be considered to be "forward looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, are subject to certain risk and uncertainties. The factors that could cause actual results to differ materially from those suggested by any such statements include, but are not limited to, those discussed or identified from time to time in the Company's public filings with the Securities and Exchange Commission and more generally, general economic conditions, including changes in interest rates and the performance of the financial markets; changes in domestic and foreign laws, regulations, and taxes; changes in competition and pricing environments; and regional or general changes in asset valuations. -- Tables Follow -- OGDEN CORPORATION EARNINGS (000's Omitted)
Years ended December 31, -------------------------- 1999 1998 --------- --------- ENERGY SEGMENT: REVENUE Energy Operations $ 777,056 $ 688,424 OEES 145,043 115,619 --------- --------- TOTAL ENERGY REVENUE 922,099 804,043 --------- --------- DIRECT COSTS Energy Operations 629,400 539,190 OEES 173,437 105,896 --------- --------- TOTAL ENERGY DIRECT COSTS 802,837 645,086 --------- --------- GROSS MARGIN Energy Operations 147,656 149,234 OEES (28,394) 9,723 --------- --------- TOTAL ENERGY GROSS MARGIN 119,262 158,957 % of Revenue 12.93% 19.77% S.G.& A Energy Operations 48,700 42,534 OEES 15,960 15,910 --------- --------- TOTAL ENERGY S.G.& A 64,660 58,444 --------- --------- ENERGY OPERATING INCOME 54,602 100,513 % of Revenue 5.92% 12.50% ENERGY EQUITY INCOME 13,005 19,251 Minority interests (6,176) (4,053) --------- --------- ENERGY EBIT 61,431 115,711 OTHER SEGMENT: Revenue 78,251 92,453 Operating income (loss) (22,731) (4,982) Equity income -- 89 Unallocated corporate overhead (51,210) (32,201) Interest-Net (30,697) (19,812) --------- --------- Pre-tax income (loss) (43,207) 58,805 Income taxes 6,917 (21,557) --------- --------- INCOME (LOSS) FROM CONTINUING OPERATIONS (36,290) 37,248 --------- --------- OGDEN CORPORATION EARNINGS (000's Omitted) Years ended December 31, -------------------------- 1999 1998 --------- --------- DISCONTINUED OPERATIONS EBIT-Aviation 11,506 62,155 EBIT-Entertainment (48,681) 23,942 Interest-Net (4,670) 3,865 Income taxes (6) (40,240) --------- --------- INCOME (LOSS) FROM DISCONTINUED OPERATIONS (41,851) 49,722 Cumulative effect of change in accounting principle (3,820) -- --------- --------- COMPANY NET INCOME (LOSS) $ (81,961) $ 86,970 ========= ========= EPS-Continuing operations Basic $ (0.74) $ 0.74 Fully Diluted $ (0.74) $ 0.73 EPS-Discontinued operations Basic $ (0.85) $ 1.00 Fully Diluted $ (0.85) $ 0.98 EPS-Cumulative effect of change in accounting principle Basic $ (0.08) -- Fully Diluted $ (0.08) --
OGDEN CORPORATION EARNINGS (000's Omitted)
Quarters ended December 31, ---------------------------- 1999 1998 --------- --------- ENERGY SEGMENT: REVENUE Energy Operations $ 202,746 $ 182,895 OEES 33,946 35,920 --------- --------- TOTAL ENERGY REVENUE 236,692 218,815 --------- --------- DIRECT COSTS Energy Operations 163,950 136,989 OEES 66,325 35,381 --------- --------- TOTAL ENERGY DIRECT COSTS 230,275 172,370 --------- --------- GROSS MARGIN Energy Operations 38,796 45,906 OEES (32,379) 539 --------- --------- TOTAL ENERGY GROSS MARGIN 6,417 46,445 % of Revenue 2.71% 21.23% S.G.& A. Energy Operations 13,691 11,091 OEES 3,985 4,164 --------- --------- TOTAL ENERGY S.G.& A. 17,676 15,255 ENERGY OPERATING INCOME (11,259) 31,190 % of Revenue -4.76% 14.25% ENERGY EQUITY INCOME 3,633 8,773 Minority interests (2,998) (1,888) --------- --------- ENERGY EBIT (10,624) 38,075 OTHER SEGMENT: Revenue 21,141 19,240 Operating income (loss) (20,591) (3,152) Equity income 89 Unallocated corporate overhead (43,339) (5,398) Interest-Net (8,891) (4,404) --------- --------- Pre-tax income (loss) (83,445) 25,210 Income taxes 18,475 (10,777) --------- --------- INCOME (LOSS) FROM CONTINUING OPERATIONS (64,970) 14,433 --------- --------- Quarters ended December 31, ---------------------------- 1999 1998 --------- --------- DISCONTINUED OPERATIONS EBIT-Aviation (14,553) 16,308 EBIT-Entertainment (39,668) (3,313) Interest-Net (1,764) 1,159 Income taxes 15,017 (8,532) --------- --------- INCOME (LOSS) FROM DISCONTINUED OPERATIONS (40,968) 5,622 Cumulative effect of change in accounting principle -- -- --------- --------- COMPANY NET INCOME (LOSS) $(105,938) $ 20,055 ========= ========= EPS-Continuing operations Basic $ (1.31) $ 0.29 Fully Diluted $ (1.31) $ 0.29 EPS-Discontinued operations Basic $ (0.83) $ 0.12 Fully Diluted $ (0.83) $ 0.11
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