EX-99.1 3 l02373aexv99w1.htm EXHIBIT 99.1 Exhibit 99.1 Statement of Consolidated Income
 

Exhibit 99.1

Statements of Consolidated Operations
Reclassified for Discontinued Operations — Precious Metals Group
Year ended December 31, 2002 and Six months ended June 30, 2003

                                                                     
        2002   2003
       
 
        1Q   2Q   3Q   4Q*   Full Year*   1Q**   2Q   YTD**
       
 
 
 
 
 
 
 
Net sales
  $ 166,554     $ 182,487     $ 180,649     $ 187,610     $ 717,300     $ 209,340     $ 196,719     $ 406,059  
Cost of products sold
    119,314       130,836       127,955       220,472       598,577       173,860       161,775       335,635  
Cost of products sold — write-down of inventories
                    108,222               108,222                          
 
   
     
     
     
     
     
     
     
 
Gross profit
    47,240       51,651       (55,528 )     (32,862 )     10,501       35,480       34,944       70,424  
Selling, general and administrative expenses
    19,795       18,288       26,942       15,181       80,206       19,741       20,597       40,338  
Restructuring and other unusual charges
                            145,575       145,575       3,799               3,799  
 
   
     
     
     
     
     
     
     
 
Income (loss) from operations
    27,445       33,363       (82,470 )     (193,618 )     (215,280 )     11,940       14,347       26,287  
Other income (expense)
                                                               
Interest expense
    (6,687 )     (5,800 )     (6,304 )     (7,580 )     (26,371 )     (10,211 )     (10,679 )     (20,890 )
Foreign exchange (loss) gain
    (299 )     6,894       (1,171 )     (3,498 )     1,926       (2,462 )     3,196       734  
Investment and other income, net
    29       2,783       (546 )     (2,800 )     (534 )     471       492       963  
 
   
     
     
     
     
     
     
     
 
 
    (6,957 )     3,877       (8,021 )     (13,878 )     (24,979 )     (12,202 )     (6,991 )     (19,193 )
Income (loss) from continuing operations before income taxes and minority interests
    20,488       37,240       (90,491 )     (207,496 )     (240,259 )     (262 )     7,356       7,094  
Income taxes
    8,506       8,328       (15,425 )     (30,116 )     (28,707 )           1,542       1,542  
Minority interests
    (46 )     25       (24 )     (171 )     (216 )     62       (1,429 )     (1,367 )
 
   
     
     
     
     
     
     
     
 
Income (loss) from continuing operations
    12,028       28,887       (75,042 )     (177,209 )     (211,336 )     (324 )     7,243       6,919  
Income (loss) from discontinued operations
    11,340       (3,386 )     3,876       (128,404 )     (116,574 )     (7,440 )     (2,868 )     (10,308 )
 
   
     
     
     
     
     
     
     
 
Net income (loss)
 
  $ 23,368     $ 25,501     $ (71,166 )   $ (305,613 )   $ (327,910 )   $ (7,764 )   $ 4,375     $ (3,389 )
 
   
     
     
     
     
     
     
     
 
Income (loss) per common share — basic:
                                                               
 
Continuing operations
  $ 0.44     $ 1.02     $ (2.65 )   $ (6.25 )   $ (7.54 )   $ (0.01 )   $ 0.26     $ 0.24  
 
Discontinued operations
    0.42       (0.12 )     0.13       (4.53 )     (4.16 )     (0.26 )     (0.11 )     (0.36 )
 
   
     
     
     
     
     
     
     
 
 
Net income (loss)
 
  $ 0.86     $ 0.90     $ (2.52 )   $ (10.78 )   $ (11.70 )   $ (0.27 )   $ 0.15     $ (0.12 )
Income (loss) per common share — assuming dilution:
                                                               
 
Continuing operations
  $ 0.44     $ 1.01     $ (2.65 )   $ (6.25 )   $ (7.54 )   $ (0.01 )   $ 0.26     $ 0.24  
 
Discontinued operations
    0.41       (0.12 )     0.13       (4.53 )     (4.16 )     (0.26 )     (0.11 )     (0.36 )
 
   
     
     
     
     
     
     
     
 
 
Net income (loss)
 
  $ 0.85     $ 0.89     $ (2.52 )   $ (10.78 )   $ (11.70 )   $ (0.27 )   $ 0.15     $ (0.12 )
Weighted average shares outstanding (000)
                                                               
   
Basic
    27,109       28,253       28,285       28,339       28,037       28,303       28,306       28,304  
   
Assuming dilution
    27,567       28,706       28,285       28,339       28,037       28,303       28,308       28,305  
         
*   -   Fourth quarter 2002 includes restructuring and other unusual charges related to continuing operations of $192 million, of which $46.4 million is included in cost of sales. In addition, loss from discontinued operations includes charges of $137.7 million.
**   -   First quarter 2003 includes restructuring charges related to continuing operations of $3.8 million. In addition, loss from discontinued operations includes charges of $6.3 million.