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): January 20, 2009

PARKER-HANNIFIN CORPORATION

(Exact Name of Registrant as Specified in Charter)

Ohio	1-4982	34-0451060
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6035 Parkland Blvd. Cleveland, Ohio	44124-4141
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (216) 896-3000

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:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

¨ 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

Item 7.01 Regulation FD Disclosure

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure”

On January 20, 2009, Parker-Hannifin Corporation issued a press release and presented a Webcast announcing earnings for the quarter ended December 31, 2008. The press release contains references to sales growth excluding the effects of acquisitions and foreign currency exchange rates. The effects of acquisitions and foreign currency exchange rates are removed to allow investors and the company to meaningfully evaluate changes in sales on a comparable basis from period to period. A copy of the press release is filed as Exhibit 99.1 to this report. A copy of the Webcast presentation is filed as Exhibit 99.2 to this report.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits:

99.1	Press release issued by Parker-Hannifin Corporation, dated January 20, 2009.
99.2	Webcast presentation by Parker-Hannifin Corporation, dated January 20, 2009.

SIGNATURE

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, hereunto duly authorized.

PARKER-HANNIFIN CORPORATION
By:	/s/ Timothy K. Pistell
	Timothy K. Pistell
	Executive Vice President - Finance and Administration and Chief Financial Officer

Date: January 20, 2009

EX-99.1

Exhibit 99.1

For Release:	Immediately
Contact:	Media –
	Christopher M. Farage - Vice President, Corp. Communications	216/896-2750
	cfarage@parker.com
	Financial Analysts –
	Pamela Huggins, Vice President - Treasurer	216/896-2240
	phuggins@parker.com
Stock Symbol: PH – NYSE

Parker Reports Second Quarter Sales, Net Income and Earnings per Share

• Company revises guidance for fiscal 2009

CLEVELAND, January 20, 2009 — Parker Hannifin Corporation (NYSE: PH), the world leader in motion and control technologies, today reported results for its fiscal 2009 second quarter ending December 31, 2008. Fiscal 2009 second quarter sales were $2.7 billion, a decline of 5.0 percent from $2.8 billion in the same quarter a year ago. Net income declined 26.7 percent to $155.4 million from $211.9 million in the second quarter of fiscal 2008. Earnings per diluted share declined 22.0 percent to 96 cents compared with $1.23 in last year’s second quarter. Cash flow from operations for the first six months of fiscal 2009 was $444.5 million, or 7.7 percent of sales.

“Current quarter results reflect the fact that the global recession has deepened and widened in recent months and creates some uncertainty for the remainder of our fiscal year and throughout calendar 2009,” said Chairman, CEO and President Don Washkewicz. “Although we are positioned to fare much better in this recession than in the past, current market conditions are unprecedented and have required us to lower our expectations for the year and reduce costs across our operations. As a direct result of the actions we have taken under the Win Strategy during the past seven years, including our ability to adjust and manage inventory on a real-time basis, Parker is better prepared to adapt to changing market circumstances and weather the challenges ahead.”

1

Segment Results

In the Industrial North America segment, second-quarter sales increased slightly to $993.0 million, and operating income declined 24.0 percent to $107.6 million, compared with the same period a year ago.

In the Industrial International segment, second-quarter sales declined 11.5 percent to $1.0 billion, and operating income declined 34.3 percent to $115.1 million, compared with the same period a year ago.

In the Aerospace segment, second-quarter sales increased 10.0 percent to $473.7 million, and operating income increased 34.2 percent to $69.7 million, compared with the same period a year ago.

In the Climate & Industrial Controls segment, second-quarter sales declined 21.8 percent to $179.2 million, and the segment recorded an operating loss of $12.8 million, compared with an operating profit of $5.4 million in the same period a year ago.

Orders

In addition to financial results, Parker also reported a decline of 20 percent in total orders for the quarter ending December 31, 2008, compared with the same quarter a year ago. Parker reported the following orders by operating segment:

• Orders declined 18 percent in the Industrial North America segment, compared with the same quarter a year ago.

• Orders declined 28 percent in the Industrial International segment, compared with the same quarter a year ago.

• Orders increased 2 percent in the Aerospace segment on a rolling 12 month average basis.

• Orders declined 28 percent in the Climate and Industrial Controls segment, compared with the same quarter a year ago.

2

Outlook

For fiscal 2009, the company revised guidance for earnings from continuing operations to the range of $3.85 to $4.25 per diluted share. Previous guidance for earnings from continuing operations was $5.35 to $5.75 per diluted share.

“While the outlook holds many challenges, Parker has a seasoned management team that has experience managing through a downturn,” added Washkewicz. “Workforce and expense reductions have been implemented throughout the company and contingency plans are in place should further actions become necessary. In short, we are prepared to adjust our costs appropriately to reflect changing demand levels. At the same time, we will stay vigilantly focused on long-term growth and are confident that we will emerge in an even stronger position as demand in our end markets improves.”

NOTICE OF CONFERENCE CALL: Parker Hannifin’s conference call and slide presentation to discuss its fiscal second-quarter results are available to all interested parties via live webcast today at 10:00 a.m. ET, on the company’s investor information web site, http://www.phstock.com. To access the call, click on the “Live Webcast” link. From this link, users also may complete a pre-call system test and register for e-mail notification of future events and information available from Parker.

With annual sales exceeding $12 billion, Parker Hannifin is the world’s leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 62,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 52 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company’s web site at http://www.parker.com, or its investor information site at http://www.phstock.com.

Notes on Orders

Orders provide near-term perspective on the company’s outlook, particularly when viewed in the context of prior and future quarterly order rates. However, orders are not in themselves an indication of future performance. All comparisons are at constant currency exchange rates, with the prior year restated to the current-year rates. All exclude acquisitions until they can be reflected in both the numerator and denominator. Aerospace comparisons are rolling 12-month average computations. The Total Parker orders number is derived from a weighted average of the year-over-year quarterly percent change in orders for the Industrial North America, Industrial International, and Climate and Industrial Controls segments, and the year-over-year 12-month rolling average of orders in the Aerospace segment.

3

Forward-Looking Statements

Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. All statements regarding future performance, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company and individual segments may differ materially from current expectations, depending on economic conditions within its mobile, industrial and aerospace markets, and the company’s ability to maintain and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current recession, and growth, innovation and global diversification initiatives. A change in economic conditions in individual markets may have a particularly volatile effect on segment results. Among the other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers or suppliers, including delays or cancellations in shipments or significant changes in financial condition; uncertainties surrounding timing, successful completion or integration of acquisitions; threats associated with and efforts to combat terrorism; uncertainties surrounding the ultimate resolution of outstanding legal proceedings; competitive market conditions and resulting effects on sales and pricing; increases in raw material costs that cannot be recovered in product pricing; the company’s ability to manage costs related to employee retirement and health care benefits and insurance; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them.

###

4

PARKER HANNIFIN CORPORATION - DECEMBER 31, 2008

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

	Three Months Ended December 31,						Six Months Ended December 31,
(Dollars in thousands except per share amounts)	2008			2007			2008		2007
Net sales	$	2,688,656		$	2,829,060		$	5,753,344	$	5,616,316
Cost of sales		2,121,450			2,194,137			4,458,672		4,316,434
Gross profit		567,206			634,923			1,294,672		1,299,882
Selling, general and administrative expenses		337,183			318,961			669,866		643,922
Interest expense		30,307			26,016			58,403		48,437
Other expense (income), net		1,843			(6,224	)		11,801		(6,389	)
Income before income taxes		197,873			296,170			554,602		613,912
Income taxes		42,472			84,307			149,025		172,452
Net income	$	155,401		$	211,863		$	405,577	$	441,460
Earnings per share:
Basic earnings per share	$	.97		$	1.26		$	2.49	$	2.61
Diluted earnings per share	$	.96		$	1.23		$	2.47	$	2.56
Average shares outstanding during period - Basic		160,839,120			168,063,375			162,627,269		168,923,092
Average shares outstanding during period - Diluted		161,755,586			171,993,863			164,272,066		172,456,317
Cash dividends per common share	$	.25		$	.21		$	.50	$	.42
BUSINESS SEGMENT INFORMATION BY INDUSTRY (Unaudited)
	Three Months Ended December 31,						Six Months Ended December 31,
(Dollars in thousands)	2008			2007			2008		2007
Net sales
Industrial:
North America	$	993,040		$	991,419		$	2,100,117	$	1,997,247
International		1,042,741			1,177,749			2,265,933		2,278,637
Aerospace		473,667			430,698			952,140		857,988
Climate & Industrial Controls		179,208			229,194			435,154		482,444
Total	$	2,688,656		$	2,829,060		$	5,753,344	$	5,616,316
Segment operating income
Industrial:
North America	$	107,615		$	141,680		$	268,101	$	296,862
International		115,122			175,227			318,074		358,660
Aerospace		69,658			51,917			137,806		109,353
Climate & Industrial Controls		(12,814	)		5,421			2,685		20,927
Total segment operating income	$	279,581		$	374,245		$	726,666	$	785,802
Corporate general and administrative expenses		42,372			40,039			82,746		85,348
Income from operations before interest expense and other		237,209			334,206			643,920		700,454
Interest expense		30,307			26,016			58,403		48,437
Other expense		9,029			12,020			30,915		38,105
Income before income taxes	$	197,873		$	296,170		$	554,602	$	613,912

PARKER HANNIFIN CORPORATION - DECEMBER 31, 2008

CONSOLIDATED BALANCE SHEET

(Unaudited)

(Dollars in thousands)	December 31,	2008			2007
Assets
Current assets:
Cash and cash equivalents		$	261,990		$	197,650
Accounts receivable, net			1,682,338			1,745,683
Inventories			1,519,651			1,477,267
Prepaid expenses			69,498			63,774
Deferred income taxes			145,131			137,206
Total current assets			3,678,608			3,621,580
Plant and equipment, net			1,888,023			1,804,979
Goodwill			2,884,187			2,669,678
Intangible assets, net			1,236,724			627,702
Other assets			427,649			493,567
Total assets		$	10,115,191		$	9,217,506
Liabilities and shareholders’ equity
Current liabilities:
Notes payable		$	1,022,112		$	865,058
Accounts payable			751,942			756,495
Accrued liabilities			777,462			770,016
Accrued domestic and foreign taxes			116,183			104,919
Total current liabilities			2,667,699			2,496,488
Long-term debt			1,882,693			1,151,469
Pensions and other postretirement benefits			480,561			361,605
Deferred income taxes			216,131			118,203
Other liabilities			286,426			312,505
Shareholders’ equity			4,581,681			4,777,236
Total liabilities and shareholders’ equity		$	10,115,191		$	9,217,506
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
		Six Months Ended December 31,
(Dollars in thousands)		2008			2007
Cash flows from operating activities:
Net income		$	405,577		$	441,460
Depreciation and amortization			175,885			155,146
Stock-based compensation			28,451			30,086
Net change in receivables, inventories, and trade payables			72,151			(90,157	)
Net change in other assets and liabilities			(247,558	)		(42,674	)
Other, net			10,009			(20,260	)
Net cash provided by operating activities			444,515			473,601
Cash flows from investing activities:
Acquisitions (net of cash of $24,191 in 2008 and $11,396 in 2007)			(705,128	)		(463,051	)
Capital expenditures			(174,391	)		(118,742	)
Proceeds from sale of plant and equipment			10,550			13,571
Other, net			(2,973	)		(2,701	)
Net cash (used in) investing activities			(871,942	)		(570,923	)
Cash flows from financing activities:
Net (payments for) common share activity			(430,080	)		(475,943	)
Net proceeds from debt			911,428			670,344
Dividends			(81,331	)		(71,867	)
Net cash provided by financing activities			400,017			122,534
Effect of exchange rate changes on cash			(36,648	)		(268	)
Net (decrease) increase in cash and cash equivalents			(64,058	)		24,944
Cash and cash equivalents at beginning of period			326,048			172,706
Cash and cash equivalents at end of period		$	261,990		$	197,650

EX-99.2

Parker Hannifin Corporation

Quarterly Earnings Release

2nd Quarter FY 2009

January 20, 2009

Exhibit 99.2

Slide 2

Forward-Looking Statements

Forward-Looking Statements:

Forward-looking statements contained in this and other written and oral reports are made based

on

known

events

and

circumstances

at

the

time

of

release,

and

as

such,

are

subject

in

the

future to unforeseen uncertainties and risks. All statements regarding future performance,

earnings projections, events or developments are forward-looking statements. It is possible that

the future performance and earnings projections of the company and individual segments may

differ materially from current expectations, depending on economic conditions within its mobile,

industrial and aerospace markets, and the company's ability to maintain and achieve

anticipated benefits associated with announced realignment activities, strategic initiatives to

improve

operating

margins,

actions

taken

to

combat

the

effects

of

the

current

recession,

and

growth, innovation and global diversification initiatives. A change in economic conditions in

individual markets may have a particularly volatile effect on segment results. Among the other

factors which may affect future performance are: changes in business relationships with and

purchases by or from major customers or suppliers, including delays or cancellations in

shipments or significant changes in financial condition; uncertainties surrounding timing,

successful completion or integration of acquisitions; threats associated with and efforts to

combat terrorism; uncertainties surrounding the ultimate resolution of outstanding legal

proceedings;

competitive

market

conditions

and

resulting

effects

on

sales

and

pricing;

increases in raw material costs that cannot be recovered in product pricing; the company’s

ability to manage costs related to employee retirement and health care benefits and insurance;

and global economic factors, including manufacturing activity, air travel trends, currency

exchange rates, difficulties entering new markets and general economic conditions such as

inflation, deflation, interest

rates

and credit availability. The company makes these statements

as of the date of this disclosure, and undertakes no obligation to update them.

Slide 3

Non-GAAP Financial Measure

This presentation reconciles sales amounts reported in accordance

with U.S. GAAP to sales amounts adjusted to remove the effects of

acquisitions made within the prior four quarters as well as the effects

of

currency

exchange

rates

on

sales.

The

effects

of

acquisitions

and

currency exchange rates are removed to allow investors and the

company to meaningfully evaluate changes in sales on a comparable

basis from period to period.

Slide 4

Discussion Agenda

CEO 2   Quarter Highlights

Key Performance Measures & Outlook

Questions & Answers

CEO Closing Comments

nd

Slide 5

Second Quarter & YTD Highlights

Q2 FY09:

Double digit Industrial margins

Aerospace sales growth and margins of 10% and

14.7%, respectively

Decrementals, without Acquisitions, of 29%

YTD FY09:

Cash flow year to date of $445M

Share repurchases totaling $434 million

Nine acquisitions -

$532 million revenues

Slide 6

Financial Highlights

Diluted Earnings per Share

2   Quarter

nd

$2.56

$2.47

$.96

$1.23

$.00

$.50

$1.00

$1.50

$2.00

$2.50

$3.00

Q2 FY09

Q2 FY08

FY09 YTD

FY08 YTD

Slide 7

Influences on 2

nd

Quarter Earnings

Diluted Earnings per Share decreased as a

result of:

Unanticipated & extended shutdowns by major

OEM customers

Decreased Sales of 5%; organic growth (5%)

Offset by:

Lower tax expense due to decreased income and

a lower effective tax rate

Fewer shares outstanding

Slide 8

Financial Highlights

Sales –

2  

Quarter and 1   Half

Dollars in millions

FY2009

%

Change

FY2008

FY2009

%

Change

FY2008

Sales

As reported

2,689

$

(5.0)%

2,829

$  

5,753

$  

2.4 %

5,616

$  

Acquisitions

179

6.3 %

304

5.4 %

Currency

(170)

(6.0)%

(119)

(2.1)%

Adjusted Sales

2,680

$

(5.3)%

5,568

$  

(0.9)%

2nd Quarter

Year To Date

nd

st

Slide 9

Influences on Sales

Positives:

Aerospace strength

Acquisitions

Negatives:

Global recession

Currency

Slide 10

Segment Reporting

Industrial North America

Dollars in millions

FY2009

%

Change

FY2008

FY2009

%

Change

FY2008

Sales

As reported

993

$   

0.2 %

991

$     

2,100

$  

5.2 %

1,997

$  

Acquisitions

86

8.7 %

162

8.1 %

Currency

(19)

(1.9)%

(19)

(0.9)%

Adjusted Sales

926

$   

(6.6)%

1,957

$  

(2.0)%

Operating Margin

As reported

108

$   

142

$     

268

$      

297

$      

  % of Sales

10.8 %

14.3 %

12.8 %

14.9 %

Year To Date

2nd Quarter

Slide 11

Segment Reporting

Industrial International

Dollars in millions

FY2009

%

Change

FY2008

FY2009

%

Change

FY2008

Sales

As reported

1,043

$

(11.5)%

1,178

$ 

2,266

$ 

(0.6)%

2,279

$ 

Acquisitions

87

7.4 %

123

5.4 %

Currency

(133)

(11.4)%

(86)

(3.8)%

Adjusted Sales

1,089

$

(7.5)%

2,229

$ 

(2.2)%

Operating Margin

As reported

115

$  

175

$    

318

$     

359

$     

% of Sales

11.0 %

14.9 %

14.0 %

15.7 %

2nd Quarter

Year To Date

Slide 12

Segment Reporting

Aerospace

Dollars in millions

FY2009

%

Change

FY2008

FY2009

%

Change

FY2008

Sales

As reported

474

$  

10.0 %

431

$    

952

$     

11.0 %

858

$     

Acquisitions

5

1.2 %

18

2.1 %

Currency

(5)

(1.2)%

(4)

(0.5)%

Adjusted Sales

474

$  

10.0 %

938

$     

9.4 %

Operating Margin

As reported

70

$     

52

$       

138

$     

109

$     

% of Sales

14.7 %

12.1 %

14.5 %

12.7 %

2nd Quarter

Year To Date

Slide 13

Segment Reporting

Climate & Industrial Controls

Dollars in millions

FY2009

%

Change

FY2008

FY2009

%

Change

FY2008

Sales

As reported

179

$  

(21.8)%

229

$    

435

$     

(9.8)%

482

$     

Acquisitions

-

-

Currency

(12)

(5.1)%

(10)

(2.1)%

Adjusted Sales

191

$  

(16.7)%

445

$     

(7.7)%

Operating Margin

As reported

(13)

$   

5

$         

3

$         

21

$       

% of Sales

(7.2)%

2.4 %

0.6 %

4.3 %

2nd Quarter

Year To Date

Slide 14

Parker Order Rates

Excludes Acquisitions & Currency

3-month year-over-year comparisons of total dollars, except Aerospace

Aerospace is calculated using a 12-month moving average

FY09

FY08

DEC

SEPT

DEC

SEPT

Total Parker

20 %

-

1 %

+  

10 %

+ 

7 %

+   

Industrial North America

18 %

-

2 %

+  

4 %

+   

0%

Industrial International

28 %

-

4 %

-

16 %

+ 

19 %

+ 

Aerospace

2 %

+  

9 %

+  

19 %

+ 

12 %

+ 

Climate & Industrial Controls

28 %

-

5 %

+  

6 %

-

13 %

-

Three Month Rolling at Period End

Slide 15

Balance Sheet Summary

Cash

Working capital

-

Inventory

-

Accounts receivable

-

Accounts payable

Slide 16

Strong Cash Flow

Cash from Operating Activities

2

Quarter

$474

$445

$0

$60

$120

$180

$240

$300

$360

$420

$480

$540

$600

FY09

FY08

nd

Slide17

Financial Leverage

Debt to Debt Equity

38.8%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

42.0%

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09 YTD

38.8% 

Debt to Debt Equity

(36.6% net Debt)

Slide 18

FY 2009  Earnings Outlook Assumptions

Segment Sales & Operating Income

FY 2009 Sales change versus FY 2008

Industrial North America

(8.8)%

--

(8.4)%

Industrial International

(17.3)%

--

(16.9)%

Aerospace

3.2 %

--

3.6 %

Climate & Industrial Controls

(17.3)%

--

(16.9)%

FY 2009 Operating margin percentages

Industrial North America

11.5 %

--

12.3 %

Industrial International

12.2 %

--

13.0 %

Aerospace

13.3 %

--

13.9 %

Climate & Industrial Controls

.8 %

--

1.4 %

Slide 19

FY 2009 Earnings Outlook Assumptions

below Operating Margin

Corporate Admin

(6%) to  (10%)  vs. FY 2008

Interest Expense

+ 3% to +  10%   vs. FY 2008

Other Expense (Inc.) 

(30%)  to  (40%) vs. FY 2008

Tax Rate

27 %

Slide 20

Earnings Outlook –

FY09

Low

High

Diluted earnings per share

3.85

$ 

4.25

$  

Slide 21

Questions & Answers...

*

*

*

Slide 22

Appendix

Income Statements

2   Quarter FY2009

1   Half FY2009

*

*

*

nd

st

Slide 23

Income Statement –

2   Quarter

nd

Dollars in millions

% of Sales

% of Sales

Net Sales

2,688.7

$ 

100.0 %

2,829.1

$ 

100.0 %

Cost of sales

2,121.5

78.9 %

2,194.1

77.6 %

Gross profit

567.2

21.1 %

635.0

22.4 %

S, G & A

337.2

12.5 %

319.0

11.3 %

Interest expense

30.3

1.1 %

26.0

.9 %

Other expense (income), net

1.8

.1 %

(6.2)

(.3)%

Income before taxes

197.9

7.4 %

296.2

10.5 %

Income taxes

42.5

1.6 %

84.3

3.0 %

Net income

155.4

$     

5.8 %

211.9

$    

7.5 %

FY 2009

FY 2008

Slide 24

Income Statement –

1   Half

ST

Dollars in millions

% of Sales

% of Sales

Net Sales

5,753.3

$ 

100.0 %

5,616.3

$ 

100.0 %

Cost of sales

4,458.6

77.5 %

4,316.4

76.9 %

Gross profit

1,294.7

22.5 %

1,299.9

23.1 %

S, G & A

669.9

11.6 %

643.9

11.5 %

Interest expense

58.4

1.0 %

48.4

.8 %

Other expense (income), net

11.8

.3 %

(6.4)

(.2)%

Income before taxes

554.6

9.6 %

614.0

11.0 %

Income taxes

149.0

2.6 %

172.5

3.1 %

Net income

405.6

$     

7.0 %

441.5

$    

7.9 %

FY 2009

FY 2008