EX-99.3 4 dex993.htm EARNINGS, AS ADJUSTED Earnings, As Adjusted
Earnings, As Adjusted    Exhibit 99.3

 

     Three Months Ended September 30    Nine Months Ended September 30
     Earnings
As Reported
    Impairment
Charge
    Earnings
As Adjusted
   Earnings
As Reported
   Impairment
Charge
    Earnings
As Adjusted

Gross profit

   $ 1,027.6     $ —       $ 1,027.6    $ 3,148.9    $ —       $ 3,148.9

Selling and administrative expenses

     1,006.6       (163.1 )     843.5      2,788.6      (163.1 )     2,625.5
                                            

Operating profit

     21.0       163.1       184.1      360.3      163.1       523.4

Interest and other expenses

     13.4       —         13.4      38.6      —         38.6
                                            

Earnings before income taxes

     7.6       163.1       170.7      321.7      163.1       484.8

Provision for income taxes

     50.8       8.5       59.3      182.0      8.5       190.5
                                            

Net (loss) earnings

   $ (43.2 )   $ 154.6     $ 111.4    $ 139.7    $ 154.6     $ 294.3
                                            

Net (loss) earnings per share - diluted

   $ (0.55 )   $ 1.97     $ 1.42    $ 1.75    $ 1.93     $ 3.68
                                            

The Earnings, As Adjusted, amounts exclude the impact of the goodwill and intangible asset impairment charge that we recorded in the third quarter of 2008 related to our investment in Right Management. We believe that these adjusted earnings amounts provide useful information to investors because they better reflect the operating performance of the company. Management also uses these adjusted results when analyzing our performance against that of our competitors, and we believe that many of our shareholders and other interested parties will exclude this charge as they analyze our operating results.