-----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, SHh1XYYr81uXq09uvgYxmoTqoGUH1qGP0UssKri2buTZMImK+JTPoCouTCROYFrP NW+W+WwV41JF7h1h9HwEQQ== 0000895813-03-000094.txt : 20030429 0000895813-03-000094.hdr.sgml : 20030429 20030429093415 ACCESSION NUMBER: 0000895813-03-000094 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030429 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEWELL RUBBERMAID INC CENTRAL INDEX KEY: 0000814453 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 363514169 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09608 FILM NUMBER: 03667927 BUSINESS ADDRESS: STREET 1: 29 E STEPHENSON ST STREET 2: NEWELL CTR CITY: FREEPORT STATE: IL ZIP: 61032 BUSINESS PHONE: 8152354171 MAIL ADDRESS: STREET 1: 29 E STEPHENSON ST STREET 2: NEWELL CTR CITY: FREEPORT STATE: IL ZIP: 61032 FORMER COMPANY: FORMER CONFORMED NAME: NEW NEWELL CO DATE OF NAME CHANGE: 19870713 FORMER COMPANY: FORMER CONFORMED NAME: NEWELL CO DATE OF NAME CHANGE: 19920703 8-K 1 x0429-8k.txt 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): April 29, 2003 NEWELL RUBBERMAID INC. (Exact Name of Registrant as Specified in its Charter) DELAWARE 1-9608 36-3514169 -------- ------ ---------- (State or Other (Commission (IRS Employer Jurisdiction File Number) Identification No.) of Incorporation) Deerfield Corporate Centre One 13010 Morris Road, Suite 100 Alpharetta, Georgia 30004 ------------------------------- --------- (Address of Principal Executive (Zip Code) Offices) Registrant's telephone number, including area code: (770) 670-2232 29 East Stephenson Street, Freeport, Illinois 61032-0943 (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits. Exhibit Number Description ------- ----------- 99.1 Press Release, dated April 29, 2003, issued by Newell Rubbermaid Inc. ITEM 9. REGULATION FD DISCLOSURE (ALSO BEING PROVIDED UNDER NEW ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION). The information in this Report, including the Exhibit attached hereto, is furnished pursuant to Item 9 and Item 12 of this Form 8-K. Consequently, it is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K. On April 29, 2003, Newell Rubbermaid Inc. (the "Company") reported its results for the first fiscal quarter ended March 31, 2003. The Company's press release, dated April 29, 2003, is attached as Exhibit 99.1. The press release contains non-GAAP financial measures. For purposes of SEC Regulation G, a "non-GAAP financial measure" is a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Operating and statistical measures and certain ratios and other statistical measures are not non-GAAP financial measures. For purposes of the definition, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided, as a part of the press release, a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure. (For certain other statistical measures that are not non-GAAP financial measures, the Company has provided other supplemental information, also as part of the press release.) The Company has used the financial measures that are included in the press release for several years, both in presenting its results to 2 stockholders and the investment community and in its internal evaluation and management of its businesses. The Company's management believes that these measures -- including those that are "non-GAAP financial measures" -- and the information they provide are useful to investors because they permit investors to view the Company's performance using the same tools that Company management uses and to gauge the Company's progress in achieving its stated goals. The Company's management believes that the individual measures are also useful to investors for more specific reasons: Operating income, excluding restructuring and other charges, as a percentage of sales. This measure is also useful to investors because it provides information with respect to operating income related to continuing operations after the restructuring plan is completed. Free cash flow: Cash flow provided by operations, net of dividends and capital expenditures. This measure is also useful to investors because it is an indication of amounts of cash flow that may be available for further investment in future growth initiatives. Diluted earnings per share, excluding restructuring and other charges. This measure is also useful to investors because it provides information with respect to earnings per share related to continuing operations after the restructuring plan is completed. The other purpose for which the Company uses free cash flow and earnings per share, excluding restructuring and other charges, is as two of the performance goals that help determine the amount, if any, of cash bonuses for corporate management employees under the Company's management cash bonus plan. 3 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 hereunto duly authorized. NEWELL RUBBERMAID INC. Date: April 29, 2003 By: /s/ Andrea L. Horne ------------------------------- Andrea L. Horne Vice President - Corporate Development and Corporate Secretary 4 EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1 Press Release, dated April 29, 2003, issued by Newell Rubbermaid Inc. 5 EX-99 3 xex99.txt EXHIBIT 99.1 ------------ PRESS RELEASE ------------- NEWELL RUBBERMAID REPORTS RECORD REVENUES OF $1.7 BILLION, UP 9% FROM 2002 EARNINGS IN LINE WITH CONSENSUS ATLANTA, April 29 (PRNewswire) -- Newell Rubbermaid Inc. (NYSE: NWL) today announced its first quarter 2003 results, reporting record net sales of $1,736.4 million, an increase of 8.7% compared to the first quarter 2002. FIRST QUARTER RESULTS Net income in the quarter was $16.0 million, or $0.06 per share in 2003, compared to a net loss of $464.0 million, or $1.73 loss per share in 2002. Excluding restructuring, acquisition and divestiture related charges and the impact of the company's adoption of SFAS No. 142 in the first quarter of 2002, net income increased 15% to $73.5 million in 2003, versus $63.9 million in 2002. Diluted earnings per share, calculated on the same basis, increased 12% to $0.27 in 2003, versus $0.24 in 2002. A reconciliation of the results "as reported" to results "excluding charges" is attached to this press release. "We are encouraged by the overall progress made through our transformational strategies. We continue to build momentum in new product development and marketing initiatives, and acquisition integration is ahead of plan for our Lenox and Irwin hand tools and power tool accessories businesses. We remain committed to strategic investment in our company to achieve our long term financial goals," said Joseph Galli, Newell Rubbermaid's chief executive officer. Galli added: "Additionally, we continue to drive productivity gains across our businesses. These cost savings enable us to invest in our product categories and brands that have the most attractive growth prospects. During the quarter, we delivered $24 million of productivity improvements, despite some raw material price increases, and continued on our path of pruning non-strategic businesses by divesting the Cosmolab cosmetics business. I am confident we remain on-track in reaching our current year earnings estimate and our long- term financial goals to maximize value for our shareholders." Internal sales, which exclude the impact of material acquisitions and divestitures made in the past year, declined 0.8%. The planned exit from high-risk customers reduced internal sales by 2.7% in the quarter, and foreign currency translation favorably impacted sales by 2.8%. Strong power brand sales were reported in the quarter from the Calphalon{R} brand (up 27%), the Sharpie{R} brand (up 18%) and the Rubbermaid{R} brand (up 8%) principally from additional retail shelf space as a result of new product introductions and account review wins over the past year. The Levolor window furnishings and Burnes picture frame businesses reported double-digit sales declines due to planned exits from low margin product lines. Additionally, Burnes sales were particularly impacted by the exit from high-risk customers. The company added that its continued focus on productivity measures and the 2003 acquisition of American Saw contributed to the expansion of gross margins by 44 basis points to 26.7% in 2003 versus 26.2% in 2002. Excluding charges, gross margins improved 26 basis points to 26.9% in 2003 versus 26.7% in 2002. Operating income decreased to $81.1, or 4.7% of sales, in 2003 versus $110.2 million, or 6.9% of sales, in 2002 due primarily to increased restructuring charges. Excluding charges, operating income increased 12% to $145.2 million, or 8.4% of sales, versus $129.9 million, or 8.1% of sales, in 2002. As part of its previously announced restructuring plan, the company recorded first quarter pre-tax restructuring charges of $59.7 million and other restructuring and related charges of $4.4 million. During the quarter the company exited 5 facilities in connection with the movement of production to lower cost facilities and countries, and to date 62 facilities have been or are in process of being exited under the plan. The company also recorded a one-time non-cash loss of $21.2 million, pre-tax, in 2003 as a result of its divestiture of its Cosmolab business. The company consumed free cash flow of $110 million versus generating $31 million in the first quarter 2002. The company defines free cash flow as cash generated from operations, net of capital expenditures and dividends. The company pointed to increased strategic investments in capital for new product development and productivity initiatives, increased cash restructuring charges and increased inventory levels as the primary factors for the decrease in free cash flow. The increased inventory levels were the result of increased safety stock levels related to restructuring programs and new product launches, and softness in sales at our Burnes picture frame division. A reconciliation of free cash flow to cash flow provided by operating activities is attached to this press release. OTHER ITEMS OF NOTE IN THE QUARTER * The company acquired American Saw & Mfg. Company, a leading manufacturer of linear edge power tool accessories, hand tools and band saw blades marketed under the Lenox{R} brand. The combination of American Saw with the company's American Tool business strengthens and enhances the company's product lines and customer base in the estimated $12 billion global power tool accessories and hand tools market. The acquisition integration continues on schedule as evidenced by strong sales performances from both businesses. 2 * In January 2003, the company appointed Dr. Thomas E. Clarke, president new business ventures for Nike Inc., to its board of directors. * The company announced it selected Atlanta, Georgia as the location for its new corporate headquarters and training center. The new headquarters will be centrally located to several of the company's strategic customers, and the training center will be an important element of the company's vision to promote a collaborative culture and its commitment to excellence in training and leadership development. 2003 OUTLOOK The company reiterated that it expects full year 2003 internal sales growth of 2% - 4% and diluted earnings per share of $1.77 - $1.87, excluding restructuring charges of $125 - $150 million and other non- recurring charges related to product line exit costs, acquisition and divestiture related charges of $40 - $50 million. For the second quarter 2003, the company expects diluted earnings per share of $0.40 - $0.44, excluding restructuring charges of $40 - $60 million, and other non-recurring charges related to product line exit costs and acquisition related charges of $4 - $6 million. A reconciliation of the 2003 earnings outlook is as follows:
2ND Quarter Full Year ----------- --------- Diluted earnings per share $0.23 - $0.33 $1.30 - $1.49 Excluding: Restructuring charges $0.10 - $0.15 $0.29 - $0.35 Product line exits, acquisition, divestiture charges $0.01 - $0.02 $0.09 - $0.12 ------------- ------------- Diluted earnings per share, excluding charges $0.40 - $0.44 $1.77 - $1.87 ============= =============
CONFERENCE CALL The company's first quarter earnings conference call is scheduled for today, April 29 at 10:00 a.m. EDT. To participate on the call, please RSVP domestically at (800) 240-1339 or internationally at (706) 645- 6914 to obtain the dial-in number for the call. The company's call will also be web cast. To access the web cast, use the link provided under the Investor Relations section on the company's home page at www.newellrubbermaid.com. 3 A replay will be available approximately two hours after the call concludes through May 27, 2003 and may be accessed domestically at (800) 820-1773 or internationally at (706) 679-0128. The conference call identification number is 9343098. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS The statements contained in this press release that are not historical in nature are forward-looking statements. Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements. For a list of major factors that could cause actual results to differ materially from those projected, refer to Newell Rubbermaid's 2002 Form 10-K, Exhibit 99.1, filed with the Securities and Exchange Commission. ABOUT NEWELL RUBBERMAID Newell Rubbermaid Inc. is a global marketer of consumer products with 2002 sales of over $7 billion and a powerful brand family including Sharpie{R}, Paper Mate{R}, Parker{R}, Waterman{R}, Colorific{R}, Rubbermaid{R}, Stain Shield{TM}, Blue Ice{R}, TakeAlongs{R}, Roughneck{R}, Brute{R}, Calphalon{R}, Little Tikes{R}, Graco{R}, Levolor{R}, Kirsch{R}, Shur-Line{R}, BernzOmatic{R}, Goody{R}, Vise- Grip{R}, Quick-Grip{R}, Irwin{R}, Lenox{R}, and Marathon{R}. The company is headquartered in Atlanta, Georgia and employs approximately 47,000 people worldwide. This press release and additional financial information about the company's 2003 first quarter results are available under the Investor Relations section of the company's website at www.newellrubbermaid.com. 4
Newell Rubbermaid Inc. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in millions, except per share data) AS REPORTED Three Months Ended March 31, ------------------------------------------------------- 2003 2002 % Change ---- ---- -------- Net sales $1,736.4 $1,597.0 8.7% Cost of products sold 1,273.0 1,177.9 -------- -------- GROSS MARGIN 463.4 419.1 10.6% % of sales 26.7% 26.2% Selling, general & administrative expense 322.6 299.2 7.8% % of sales 18.6% 18.7% Restructuring costs 59.7 9.7 515.5% -------- -------- OPERATING INCOME 81.1 110.2 (26.4)% % of sales 4.7% 6.9% Nonoperating expenses: Interest expense 32.0 25.1 Interest income (1.6) (0.7) Other 26.9 8.6 ------- ------- 57.3 33.0 73.6% ------- ------- INCOME BEFORE TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE 23.8 77.2 (69.2)% % of sales 1.4% 4.8% Income taxes 7.8 26.3 (70.3)% Effective rate 32.5% 34.1% ------- ------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 16.0 50.9 (68.6)% % of sales 0.9% 3.2% Cumulative effect of accounting change - (514.9) ------- ------- NET INCOME / (LOSS) $16.0 ($464.0) NA % of sales 0.9% -29.1% ======= ======= EARNINGS PER SHARE BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE: Basic $ 0.06 $ 0.19 (68.4)% Diluted $ 0.06 $ 0.19 (68.4)% EARNINGS (LOSS) PER SHARE CUMULATIVE EFFECT OF ACCOUNTING CHANGE: Basic $ - $ (1.93) NA Diluted $ - $ (1.92) NA EARNINGS (LOSS) PER SHARE: Basic $ 0.06 $ (1.74) NA Diluted $ 0.06 $ (1.73) NA Average shares outstanding: Basic 273.6 266.8 2.5% Diluted 274.0 267.5 2.4% 5 Newell Rubbermaid Inc. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in millions, except per share data) EXCLUDING CHARGES RECONCILIATION Three Months Ended March 31, ------------------------------------------------------------------------------ 2003 2002 ------------------------------ ------------------------------ As Charges Excl. As Charges Excl. % Reported (1) Charges Reported (2) Charges Change -------- ------- ------- -------- ------- ------- ------ Net sales $1,736.4 $ - $1,736.4 $1,597.0 $ - $1,597.0 8.7% Cost of products sold 1,273.0 (4.1) 1,268.9 1,177.9 (6.7) 1,171.2 -------- ------ -------- -------- ------ -------- GROSS MARGIN 463.4 4.1 467.5 419.1 6.7 425.8 9.8% % of sales 26.7% 26.9% 26.2% 26.7% Selling, general & administrative expense 322.6 (0.3) 322.3 299.2 (3.3) 295.9 8.9% % of sales 18.6% 18.6% 18.7% 18.5% Reconstructuring costs 59.7 (59.7) - 9.7 (9.7) - ------- ------ -------- -------- ------ -------- OPERATING INCOME 81.1 64.1 145.2 110.2 19.7 129.9 11.8% % of sales 4.7% 8.4% 6.9% 8.1% Nonoperating expenses: Interest expense 32.0 - 32.0 25.1 - 25.1 Interest income (1.6) - (1.6) (0.7) - (0.7) Other 26.9 (21.1) 5.8 8.6 - 8.6 ------- ------ -------- -------- ------ -------- 57.3 (21.1) 36.2 33.0 - 33.0 9.7% ------- ------ -------- -------- ------ -------- INCOME BEFORE TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE 23.8 85.2 109.0 77.2 19.7 96.9 12.5% % of sales 1.4% 6.3% 4.8% 6.1% Income taxes 7.8 27.7 35.5 26.3 6.7 33.0 7.6% Effective rate 32.5% 32.5% 34.0% 34.0% ------- ------ -------- -------- ------ -------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 16.0 57.5 73.5 50.9 13.0 63.9 15.0% % of sales 0.9% 4.2% 3.2% 4.0% Cumulative effect of accounting change - - - (514.9) 514.9 - ------- ------ -------- ------- ------ -------- NET INCOME $ 16.0 $ 57.5 $ 73.5 $(464.0) $527.9 $ 63.9 15.0% % of sales 0.9% 4.2% -29.1% 4.0% ======= ====== ======== ======= ====== ======== EARNINGS PER SHARE BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE: Basic $ 0.06 $ 0.21 $ 0.27 $ 0.19 $ 0.05 $ 0.24 12.5% Diluted $ 0.06 $ 0.21 $ 0.27 $ 0.19 $ 0.05 $ 0.24 12.5% 6 EARNINGS (LOSS) PER SHARE CUMULATIVE EFFECT OF ACCOUNTING CHANGE: Basic $ - $ - $ - $(1.93) $ 1.93 $ - NA Diluted $ - $ - $ - $(1.92) $ 1.92 $ - NA EARNINGS (LOSS) PER SHARE: Basic $ 0.06 $ 0.21 $ 0.27 $(1.74) $ 1.98 $ 0.24 12.5% Diluted $ 0.06 $ 0.21 $ 0.27 $(1.73) $ 1.97 $ 0.24 12.5% Average shares outstanding: Basic 273.6 273.6 266.8 266.8 2.5% Diluted 274.0 274.0 267.5 267.5 2.4% (1) Charges excluded from "as reported" results for 2003 are restructuring, acquisition or divestiture related charges. These charges consist of $4.1 million in restructuring costs related to product line exits (shown in costs of products sold), $0.3 million of restructuring costs related to relocation of property and equipment (shown in selling, general and administrative expenses), $59.7 million of restructuring costs related to exiting certain facilities (shown in restructuring costs) and $21.1 million loss primarily on the sale of the Cosmolab division (shown in other nonoperating expense). (2) Charges excluded from "as reported" results for 2002 are restructuring or acquisition related charges and the cumulative effect of an accounting change related to the adoption of SFAS No. 142. These charges consist of $6.7 million in restructuring and acquisition related costs for product line exits (shown in costs of products sold), $3.3 million of acquisition related charges (shown in selling, general and administrative expenses), $9.7 million of restructuring charges related to existing certain facilities (shown in restructuring costs), and $514.9 million of charges related to the writedown of impaired goodwill in connection with the adoption of SFAS No. 142. 7 Newell Rubbermaid Inc. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in millions) March 31, March 31, Assets: 2003 2002 -------------------- -------------------- Cash and cash equivalents $ 10.2 $ 10.2 Accounts receivable, net 1,276.4 1,191.3 Inventories, net 1,285.4 1,147.4 Other current assets 437.1 428.0 -------- ------- Total Current Assets 3,009.1 2,776.9 Other Long-Term Investments -- 80.1 Other Assets 302.8 312.1 Property, Plant and Equipment 1,853.2 1,645.4 Deferred Income Taxes 9.8 -- Goodwill, net 2,217.7 1,498.4 Other Intangible Assets, net 366.1 297.4 -------- -------- Total Assets $7,758.7 $6,610.3 ======== ======== Liabilities and Stockholders' Equity: Notes payable $ 24.5 $ 29.7 Accounts payable 736.5 525.8 Accrued liabilities and other 1,289.1 1,102.1 Current portion of long-term debt 227.9 553.0 -------- -------- Total Current Liabilities 2,278.0 2,210.6 ======== ======== Long-Term Debt 2,377.6 1,565.2 Other Long-Term Liabilities 381.3 449.1 Company-Obligated Mandatorily Redeemable Convertible Securities of a Subsidiary Trust 500.0 500.0 Stockholders' Equity 2,221.8 1,885.4 -------- -------- Total Liabilities and Stockholders' Equity $7,758.7 $6,610.3 ======== ======== 8 Newell Rubbermaid Inc. CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (in millions) For The Three Months Ended March 31, 2003 2002 -------------------- -------------------- Operating Activities: Net income (loss) $ 16.0 $ (464.0) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 65.1 68.0 Noncash restructuring charges 44.6 3.8 Deferred income taxes (10.6) 35.6 Cumulative effect of change in accounting - 514.9 Other 38.2 5.8 Changes in current accounts, excluding the effects of acquisitions: Accounts receivable 128.6 95.7 Inventories (88.1) (50.0) Other current assets 9.4 (12.6) Accounts payable 48.0 28.7 Accrued liabilities and other (210.7) (103.4) ------- ------ Net cash provided by operating activities 40.5 122.5 Investing activities: Acquisitions, net (452.3) 11.3 Expenditures for property, plant and equipment (93.2) (36.0) Disposals of non-current assets and other 7.5 3.4 ------ ------ Net cash used in investing activities (538.0) (21.3) Financing Activities: Proceeds from issuance of debt 619.3 515.1 Proceeds from issuance of stock 200.1 - Payments on notes payable and long-term debt (312.0) (561.1) Cash dividends (57.7) (56.0) Proceeds from exercised stock options and other 2.0 3.8 ------ ------ Net cash provided by (used in) financing activities 451.7 (98.2) Exchange rate effect on cash 0.9 0.4 Increase (decrease) in cash and cash equivalents (44.9) 3.4 Cash and cash equivalents at beginning of year 55.1 6.8 ----- ----- Cash and cash equivalents at end of period $10.2 $10.2 ===== ===== 9 RECONCILIATION OF FREE CASH FLOW TO NET CASH PROVIDED BY OPERATIONS: FREE CASH FLOW ($MILLIONS): (1) Q1 2003 Q2 2002 ------- ------- Net cash provided by Operating Activities $ 40.5 $122.5 Expenditures for Property, Plant & Equipment (93.2) (36.0) Cash Dividends (57.7) (56.0) ------- ------ Free Cash Flow $(110.4) $ 30.5 ======= ====== (1) Free cash flow is defined as cash flows provided by operating activities less cash expenditures for property, plant and equipment and cash dividends.
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