EX-99 10 exhibit99.txt FIVE YEAR SUMMARY Exhibit 99
FIVE-YEAR SUMMARY ------------------------------------------------------------------------------------------------------------------------------- (In Thousands Except Per-Share Amounts) ------------------------------------------------------------------------------------------------------------------------------- Years Ended December 31 2001 2000 1999 1998 1997 ------------------------------------------------------------------------------------------------------------------------------- Results of Operations Net sales $ 916,899 $ 917,549 $ 845,925 $ 820,862 $ 829,850 Costs and expenses(a) 818,449 767,387 731,799 695,147 709,143 ------------------------------------------------------------------------------------------------------------------------------- Operating profit 98,450 150,162 114,126 125,715 120,707 Interest and financing expenses 5,536 5,998 8,379 4,487 719 Gain on sale of investment(b) -- -- (22,054) -- -- Other income, net (4,282) (3,337) (937) (1,570) (917) ------------------------------------------------------------------------------------------------------------------------------- Income before income taxes 97,196 147,501 128,738 122,798 120,905 Income taxes 29,029 45,725 39,909 38,066 40,923 ------------------------------------------------------------------------------------------------------------------------------- Net income $ 68,167 $ 101,776 $ 88,829 $ 84,732 $ 79,982 =============================================================================================================================== Financial Position and Other Data Total assets $ 1,129,475 $ 981,803 $ 954,094 $ 937,797 $ 888,181 Operations: Working capital(c) $ 79,824 $ 173,038 $ 201,246 $ 203,594 $ 184,176 Current ratio(c) 1.26 to 1 2.22 to 1 2.53 to 1 2.89 to 1 2.64 to 1 Depreciation and amortization $ 77,610 $ 73,750 $ 75,750 $ 75,012 $ 69,044 Capital expenditures $ 49,903 $ 52,248 $ 77,569 $ 76,747 $ 85,284 Acquisitions of businesses $ 113,245 $ 35,006 -- $ 15,229 -- Research and development expenses $ 21,919 $ 26,201 $ 34,288 $ 29,655 $ 31,446 Gross margin as a % of net sales 24.1 29.6 30.4 30.9 31.5 Total long-term debt $ 170,215 $ 97,980 $ 159,760 $ 192,938 $ 91,793 Equity(d) $ 593,302 $ 558,907 $ 490,564 $ 451,667 $ 517,336 Total long-term debt as a % of total capitalization 22.3 14.9 24.6 29.9 15.1 Common Stock Basic earnings per share $ 1.49 $ 2.22 $ 1.89 $ 1.64 $ 1.45 Shares used to compute basic earnings per share(d) 45,766 45,882 46,889 51,558 55,164 Diluted earnings per share $ 1.47 $ 2.18 $ 1.87 $ 1.63 $ 1.44 Shares used to compute diluted earnings per share(d) 46,524 46,606 47,513 52,136 55,668 Cash dividends declared per share $ .52 $ .46 $ .40 $ .37 $ .32 Shareholders' equity per share(d) $ 13.04 $ 12.20 $ 10.62 $ 9.61 $ 9.60 Return on average shareholders' equity 11.8% 19.4% 18.9% 17.5% 15.6% =============================================================================================================================== (a)2001 includes a special charge of $2,051($1,306 after income taxes) for workforce reductions; 2000 includes a special charge of $6,856 ($4,367 after income taxes) for workforce reductions and a one-time noncash pension settlement gain of $14,990 ($9,549 after income taxes) resulting from a change in election made in certain pension annuity contracts; 1999 includes a special charge of $10,692 ($6,717 after income taxes) for workforce reductions at certain of the Company's facilities. (b)1999 gain on the sale of investment in Albright & Wilson stock ($14,381 after income taxes). (c)The Company's working capital at December 31, 2001, includes $157,571 of debt related to the Company's Revolving Credit (c)Agreement which matures September 29, 2002. The Company is currently renegotiating a new debt agreement. (d)Shareholders' equity includes the purchase of common shares amounting to: 2001--417,505; 2000--574,091; 1999--857,400; 1998--6,912,741; 1997--1,560,300.