IHS Inc. Reports Third Quarter 2007 Results |
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EPS of $0.35 and Adjusted EPS of $0.43; Up 25 Percent and 34 Percent, Respectively
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Sept. 20, 2007--IHS Inc. (NYSE:IHS), one of the leading global providers of critical technicalinformation, decision-support tools and related services, todayreported results for the third quarter ended August 31, 2007. Revenuefor the third quarter of 2007 totaled $183.4 million, representing a31 percent increase over third quarter 2006 revenue of $139.9 million.Net income for the third quarter of 2007 increased $5.7 million to$21.7 million, or $0.35 per diluted share, compared to third quarter2006 net income of $16.1 million, or $0.28 per diluted share.
Adjusted EBITDA totaled $44.7 million for the third quarter of2007, up 53 percent from $29.1 million in the third quarter of 2006.Adjusted earnings per diluted share were $0.43 for the third quarterof 2007, an increase of 34 percent over the prior-year period.Adjusted EBITDA and adjusted earnings per share are non-GAAP(generally accepted accounting principles) financial measures used bymanagement to measure operating performance. See the end of thisrelease for more information about this non-GAAP measure.
"The third quarter was a milestone quarter for IHS as we announcedand closed multiple acquisitions, including the Jane's acquisition,while delivering strong operational and financial results," said JerreStead, Chairman and CEO, IHS. "Additionally, we continued to makeprogress on initiatives that will drive strong profitable growth whileimproving our operational performance."
Third Quarter 2007 Details
Organic revenue growth in the third quarter of 2007 was a15-percent increase over the prior year; acquisitions contributed 14percent and foreign exchange accounted for the remainder of therevenue increase. IHS continued to grow its business in both operatingsegments, domestically and internationally, and across its threeproduct categories--critical information, decision-support tools, andinsight. The Energy segment grew its revenue for the third quarter by23 percent, to $93.5 million, compared to $75.8 million in the thirdquarter of 2006. The Engineering segment grew its third quarterrevenue by 40 percent, to $89.9 million, versus $64.1 million in theprior-year period.
Adjusted EBITDA for the third quarter of 2007 grew 53 percent overthe third quarter of last year and was driven primarily by top-linegrowth, margin expansion, and contributions from our recentacquisitions. Third quarter 2007 results include a $2.8 millionforeign-exchange gain. Operating income increased $7.7 millionyear-over-year to $29.5 million, up from $21.8 million for the thirdquarter of 2006. Energy operating income was $30.9 million, anincrease of 48 percent over the prior-year quarter, and Engineeringoperating income was $15.5 million, up 29 percent over last year.
Year-to-Date 2007
Revenue for the nine months of 2007 totaled $490.9 million,representing a 22 percent increase over the prior-period revenue of$402.6 million. Organic growth contributed 13 percent of the increase.Acquisitions added seven percent and foreign exchange movementsaccounted for the remainder. The Energy segment grew its revenueduring the first nine months of fiscal year 2007 by 25 percent, to$269.1 million, compared to $214.5 million in the prior-year period.The Engineering segment grew its year-to-date 2007 revenue by 18percent, to $221.8 million, compared to $188.2 million in 2006.
Adjusted EBITDA for the first nine months of 2007 totaled $116.6million, up 43 percent from $81.8 million in the first nine months of2006. Operating income increased 32 percent year-over-year to $81.2million, up from $61.8 million for the nine months ended August 31,2006. Energy operating income was $86.8 million, up 45 percent overthe prior-year period, and Engineering operating income was $40.3million, up 26 percent over last year.
Net income for the first nine months of 2007 increased 38 percentto $58.7 million, or $0.98 per diluted share, compared to net incomeof $42.5 million, or $0.75 per diluted share, for the prior-yearperiod.
Cash Flows
IHS generated approximately $88.8 million of cash flow fromoperations during the nine months ended August 31, 2007, as comparedto last year's $94.2 million.
Balance Sheet
IHS ended the third quarter of 2007 with $132.4 million of cashand $16.9 million of short-term investments, and virtually no debt.
Expanded and Extended Credit Facility
IHS entered into an amended and restated credit agreement onSeptember 7, 2007, increasing the size of the unsecured, revolvingfacility from $125 million to $385 million and extending the term tofive years.
"We are very pleased to have expanded and extended our creditfacility at favorable terms despite a difficult credit market," statedMichael J. Sullivan, IHS Executive Vice President and CFO. "Theamended facility provides us with even more flexibility and capacityas we continue to pursue profitable growth opportunities."
Share Repurchase Program
During the third quarter of 2007, IHS repurchased 180,862 sharesof its common stock for approximately $8.0 million, or $44.23 pershare. During the first nine months of 2007, IHS repurchased 580,862shares of its common stock for approximately $23.4 million, or $40.30per share.
Outlook (forward-looking statement)
Based upon year-to-date performance, IHS is revising its annualguidance upward, and currently anticipates all-in revenue growth inthe range of 22 to 24 percent for the full year ending November 30,2007. The company further expects adjusted EBITDA on an all-in basisto grow 35 to 37 percent for fiscal 2007. See discussion of adjustedEBITDA and non-GAAP financial measures at the end of this release.
"I am very proud of the results coming from the great work of allof our colleagues. We are focused on finishing the year strongly,"said Mr. Stead. "We are pleased with the opportunities in 2008 andbeyond."
As previously announced, IHS will hold a conference call todiscuss third quarter results on September 20, 2007, at 3:00 p.m. MST(5:00 p.m. EST). The conference call will be simultaneously webcast onthe company's website: www.ihs.com.
Annual Investor Day
On Thursday, October 11, 2007, IHS will be hosting its secondannual Investor Day in New York City. In addition, the conference willbe webcast live, beginning at 7:30 a.m. EST. To listen to the meetingand view the slide presentations, please log on to http://www.ihs.comand click on the webcast link under the Investor Relations section ofthe website. To attend in person, please send an email toAndy.Schulz@ihs.com with your name and contact information.
USE OF NON-GAAP FINANCIAL MEASURES
Non-GAAP results are presented only as a supplement to thefinancial statements based on U.S. generally accepted accountingprinciples (GAAP). The non-GAAP financial information is provided toenhance the reader's understanding of our financial performance, butno non-GAAP measure should be considered in isolation or as asubstitute for financial measures calculated in accordance with GAAP.Reconciliations of the most directly comparable GAAP measures tonon-GAAP measures, such as adjusted EBITDA and adjusted earnings perdiluted share, are provided within the schedules attached to thisrelease.
EBITDA is defined as net income plus or minus net interest plustaxes, depreciation and amortization. Adjusted EBITDA excludesnon-cash items, gains and losses on sales of assets and investmentsand other items that management does not utilize in assessing ouroperating performance (as further described in the attached financialschedules). Adjusted earnings per diluted share exclude similarnon-cash items as adjusted EBITDA. None of these non-GAAP financialmeasures are recognized terms under GAAP and do not purport to be analternative to net income as an indicator of operating performance orany other GAAP measure.
Management uses these non-GAAP measures in its operational andfinancial decision-making, believing that it is useful to eliminatecertain items in order to focus on what it deems to be a more reliableindicator of ongoing operating performance and our ability to generatecash flow from operations. As a result, internal management reportsused during monthly operating reviews feature the adjusted EBITDA andadjusted earnings per diluted share metrics. Management also believesthat investors may find non-GAAP financial measures useful for thesame reasons, although investors are cautioned that non-GAAP financialmeasures are not a substitute for GAAP disclosures. EBITDA, adjustedEBITDA, and adjusted earnings per diluted share are also used byresearch analysts, investment bankers, and lenders to assess ouroperating performance. For example, a measure similar to EBITDA isrequired by the lenders under our credit facility.
Because not all companies use identical calculations, ourpresentation of non-GAAP financial measures may not be comparable toother similarly-titled measures of other companies. However, thesemeasures can still be useful in evaluating our performance against ourpeer companies because management believes the measures provide userswith valuable insight into key components of GAAP financialdisclosures. For example, a company with greater GAAP net income maynot be as appealing to investors if its net income is more heavilycomprised of gains on asset sales. Likewise, eliminating the effectsof interest income and expense moderates the impact of a company'scapital structure on its performance.
All of the items included in the reconciliation from net income toadjusted EBITDA are either (i) non-cash items (e.g., depreciation,amortization and impairment of investment in affiliate) or (ii) itemsthat management does not consider to be useful in assessing ouroperating performance (e.g., income taxes and gain on sale of assets).In the case of the non-cash items, management believes that investorscan better assess our operating performance if the measures arepresented without such items because, unlike cash expenses, theseadjustments do not affect our ability to generate free cash flow orinvest in our business. For example, by eliminating depreciation andamortization from EBITDA, users can compare operating performancewithout regard to different accounting determinations such as usefullife. In the case of the other items, management believes thatinvestors can better assess operating performance if the measures arepresented without these items because their financial impact does notreflect ongoing operating performance.
IHS FORWARD-LOOKING STATEMENTS
This release may contain forward-looking statements as defined inthe Private Securities Litigation Reform Act of 1995. Forward-lookingstatements are statements that are not historical facts. Suchstatements may include financial projections and estimates and theirunderlying assumptions, statements regarding plans, objectives andexpectations with respect to future operations, products, andservices, and statements regarding future performance. Forward-lookingstatements are generally identified by the words "expect,""anticipate," "believe," "intend," "estimate," "plan" and similarexpressions. Although IHS and its management believe that theexpectations reflected in such forward-looking statements arereasonable, investors are cautioned that forward-looking informationand statements are subject to various risks and uncertainties--many ofwhich are difficult to predict and generally beyond the control ofIHS--that could cause actual results and developments to differmaterially from those expressed in, or implied or projected by, theforward-looking information and statements. These risks anduncertainties include those discussed or identified by IHS from timeto time in its public filings. Other than as required by applicablelaw, IHS does not undertake any obligation to update or revise anyforward-looking information or statements. Please consult our publicfilings at www.sec.gov or www.ihs.com.
About IHS Inc. (www.ihs.com)
IHS (NYSE: IHS) is a leading provider of critical technicalinformation, decision-support tools and related services to customersaround the world. Our data and services are used in a broad number ofindustries, including energy, defense, aerospace, construction,electronics, and automotive. IHS translates the value of our globalinformation, expertise and knowledge to enable customer success andcreate customer delight on a daily basis. Ranging from governments andlarge multinational corporations to smaller companies and technicalprofessionals in more than 180 countries, customers rely on ourofferings to facilitate decision making, support key processes andimprove productivity. IHS has been in business for nearly 50 years andemploys more than 3,000 people in 35 locations around the world.
IHS is a registered trademark of IHS Inc. All other company andproduct names may be trademarks of their respective owners. Copyright(C) 2007 IHS Inc. All rights reserved.
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IHS is a registered trademark of IHS Inc. All other company and product names may be trademarks of their respective owners. Copyright © 2007 IHS Inc. All rights reserved.
Investor Relations Contact:
Jane Okun
IHS Inc.
+1 303 397 2747
jane.okun@ihs.com
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IHS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per-share amounts)
August 31, November 30,
2007 2006
------------ ------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $132,366 $180,034
Short-term investments 16,870 2,076
Accounts receivable, net 142,009 151,300
Deferred subscription costs 32,240 33,293
Deferred income taxes 15,242 7,758
Other 14,296 6,461
------------ ------------
Total current assets 353,023 380,922
Non-current assets:
Property and equipment, net 58,614 53,096
Intangible assets, net 196,381 65,962
Goodwill, net 534,257 350,896
Prepaid pension asset 94,510 92,488
Other 1,251 937
------------ ------------
Total non-current assets 885,013 563,379
------------ ------------
Total assets $1,238,036 $944,301
============ ============
Liabilities and stockholders' equity
Current liabilities:
Short-term debt $3,062 $500
Accounts payable 20,652 45,622
Accrued compensation 25,290 30,788
Accrued royalties 13,184 22,801
Other accrued expenses 42,282 36,047
Income tax payable 15,650 11,484
Deferred subscription revenue 230,736 191,229
------------ ------------
Total current liabilities 350,856 338,471
Long-term debt - 74
Accrued pension liability 13,774 12,309
Accrued post-retirement benefits 16,020 18,200
Deferred income taxes 48,326 2,788
Other liabilities 7,887 6,891
Minority interests 172 377
Commitments and contingencies
Stockholders' equity:
Class A common stock, $0.01 par value per
share, 80,000,000 shares authorized,
49,750,527 and 45,265,794 shares issued
and 48,904,247 and 45,042,232 shares
outstanding at August 31, 2007 and
November 30, 2006, respectively 498 453
Class B common stock, $0.01 par value per
share, 13,750,000 shares authorized,
issued and outstanding at August 31, 2007
and November 30, 2006 138 138
Additional paid-in capital 369,572 175,027
Treasury stock, at cost; 846,280 and
223,562 shares at August 31, 2007 and
November 30, 2006, respectively (32,960) (7,551)
Retained earnings 458,719 400,029
Accumulated other comprehensive income
(loss) 5,034 (2,905)
------------ ------------
Total stockholders' equity 801,001 565,191
------------ ------------
Total liabilities and stockholders' equity $1,238,036 $944,301
============ ============
IHS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per-share amounts)
Three Months Ended Nine Months Ended
August 31, August 31,
------------------- -------------------
2007 2006 2007 2006
--------- --------- --------- ---------
(Unaudited)
Revenue:
Products $154,959 $117,200 $407,074 $334,265
Services 28,397 22,723 83,803 68,379
--------- --------- --------- ---------
Total revenue 183,356 139,923 490,877 402,644
Operating expenses:
Cost of revenue:
Products 64,259 47,871 163,266 141,395
Services 18,790 16,435 53,274 46,956
--------- --------- --------- ---------
Total cost of revenue
(includes stock-based
compensation expense of
$383, $392, $839 and
$2,558 for the three and
nine months ended August
31, 2007 and 2006,
respectively) 83,049 64,306 216,540 188,351
Selling, general and
administrative (includes
stock-based compensation
expense of $8,759; $4,048;
$21,684 and $9,907 for the
three and nine months ended
August 31, 2007 and 2006,
respectively) 66,479 50,494 180,977 143,338
Depreciation and
amortization 7,118 4,218 16,619 10,930
Restructuring and other
charges -- -- -- 2
(Gain) loss on sales of
assets, net -- 53 (756) 53
Net periodic pension and
post-retirement benefits 257 (1,081) (365) (2,626)
Earnings in unconsolidated
subsidiaries (44) (50) (208) (180)
Other expense (income), net (2,975) 204 (3,171) 1,024
--------- --------- --------- ---------
Total operating expenses 153,884 118,144 409,636 340,892
--------- --------- --------- ---------
Operating income 29,472 21,779 81,241 61,752
Interest income 1,970 1,789 5,318 4,161
Interest expense (99) (120) (308) (272)
--------- --------- --------- ---------
Non-operating income, net 1,871 1,669 5,010 3,889
--------- --------- --------- ---------
Income from continuing
operations before income
taxes and minority interests 31,343 23,448 86,251 65,641
Provision for income taxes (9,580) (6,987) (27,532) (21,079)
--------- --------- --------- ---------
Income from continuing
operations before minority
interests 21,763 16,461 58,719 44,562
Minority interests (32) (89) (29) (170)
--------- --------- --------- ---------
Income from continuing
operations 21,731 16,372 58,690 44,392
Discontinued operations:
Loss from discontinued
operations, net -- (298) -- (1,920)
--------- --------- --------- ---------
Net income $21,731 $16,074 $58,690 $42,472
========= ========= ========= =========
Income from continuing
operations per share:
Basic (Class A and Class B
common stock) $0.36 $0.29 $1.00 $0.79
========= ========= ========= =========
Diluted (Class A and Class B
common stock) $0.35 $0.29 $0.98 $0.79
========= ========= ========= =========
Loss from discontinued
operations per share:
Basic (Class A and Class B
common stock) $-- $(0.01) $-- $(0.04)
========= ========= ========= =========
Diluted (Class A and Class B
common stock) $-- $(0.01) $-- $(0.04)
========= ========= ========= =========
Net income per share:
Basic (Class A and Class B
common stock) $0.36 $0.28 $1.00 $0.75
========= ========= ========= =========
Diluted (Class A and Class B
common stock) $0.35 $0.28 $0.98 $0.75
========= ========= ========= =========
Weighted average shares:
Basic (Class A common stock) 47,367 43,299 44,954 42,568
========= ========= ========= =========
Basic (Class B common stock) 13,750 13,750 13,750 13,750
========= ========= ========= =========
Diluted (Class A common
stock) 62,197 57,090 59,616 56,433
========= ========= ========= =========
Diluted (Class B common
stock) 13,750 13,750 13,750 13,750
========= ========= ========= =========
IHS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Nine Months Ended August 31,
----------------------------
2007 2006
-------------- -------------
(Unaudited)
Operating activities
Net income $58,690 $42,472
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization 16,619 10,930
Stock-based compensation expense 22,523 12,720
(Gain) loss on sales of assets, net (756) 53
Impairment of assets of discontinued
operations -- 1,012
Non-cash net periodic pension and post-
retirement benefits (2,988) (3,212)
Undistributed earnings of unconsolidated
subsidiaries, net 96 --
Minority interests (203) 49
Deferred income taxes 7,715 569
Change in assets and liabilities:
Accounts receivable, net 25,312 51,148
Other current assets 1,384 3,273
Accounts payable (28,477) (26,679)
Accrued expenses (18,828) (10,772)
Income taxes 841 (971)
Deferred subscription revenue 6,832 13,560
-------------- -------------
Net cash provided by operating activities 88,760 94,152
Investing activities
Capital expenditures on property and
equipment (7,173) (8,047)
Intangible assets acquired -- (3,300)
Change in other assets (3,409) 289
Purchase of investments (83,675) (5,353)
Sales and maturities of investments 68,833 26,671
Acquisitions of businesses, net of cash
acquired (87,343) (84,454)
Proceeds from sales of assets 2,461 400
-------------- -------------
Net cash used in investing activities (110,306) (73,794)
Financing activities
Net payments on debt (500) (210)
Tax benefit from equity compensation
plans 715 7,383
Repurchases of common stock (25,409) --
-------------- -------------
Net cash provided by (used in) financing
activities (25,194) 7,173
-------------- -------------
Foreign exchange impact on cash balance (928) 1,735
-------------- -------------
Net increase (decrease) in cash and cash
equivalents (47,668) 29,266
Cash and cash equivalents at the
beginning of the period 180,034 132,365
-------------- -------------
Cash and cash equivalents at the end of
the period $132,366 $161,631
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IHS INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST DIRECTLY
COMPARABLE GAAP FINANCIAL MEASUREMENTS
(In thousands)
Three Months Ended
August 31,
-------------------
2007 2006
--------- ---------
(Unaudited)
Energy $93,484 $75,848
Engineering 89,872 64,075
Shared Services -- --
--------- ---------
Revenue $183,356 $139,923
========= =========
Energy $30,859 $20,815
Engineering 15,482 11,986
Shared Services (16,869) (11,022)
--------- ---------
Operating income $29,472 $21,779
========= =========
Three Months Ended August 31, 2007
------------------------------------------
Shared
Energy Engineering Services Consolidated
------- ----------- --------- ------------
(Unaudited)
Operating income $30,859 $15,482 $(16,869) $29,472
Adjustments:
Stock-based compensation
expense -- -- 9,142 9,142
Depreciation and
amortization 3,116 3,403 599 7,118
Non-cash net periodic
pension and post-
retirement benefits -- -- (991) (991)
Minority interest -- (32) -- (32)
------- ----------- --------- ------------
Adjusted EBITDA $33,975 $18,853 $(8,119) $44,709
======= =========== ========= ============
Three Months Ended August 31, 2006
------------------------------------------
Shared
Energy Engineering Services Consolidated
------- ----------- --------- ------------
(Unaudited)
Operating income $20,815 $11,986 $(11,022) $21,779
Adjustments:
Stock-based compensation
expense -- -- 4,440 4,440
Depreciation and
amortization 2,583 1,301 334 4,218
(Gain) loss on sales of
assets, net -- 53 -- 53
Non-cash net periodic
pension and post-
retirement benefits -- -- (1,268) (1,268)
Minority interest -- (89) -- (89)
------- ----------- --------- ------------
Adjusted EBITDA $23,398 $13,251 $(7,516) $29,133
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IHS INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENT TO MOST DIRECTLY
COMPARABLE GAAP FINANCIAL MEASUREMENT
(In thousands)
Nine Months Ended
August 31,
-------------------
2007 2006
--------- ---------
(Unaudited)
Energy $269,058 $214,461
Engineering 221,819 188,183
Shared Services -- --
--------- ---------
Revenue $490,877 $402,644
========= =========
Energy $86,777 $59,943
Engineering 40,292 32,070
Shared Services (45,828) (30,261)
--------- ---------
Operating income $81,241 $61,752
========= =========
Nine Months Ended August 31, 2007
------------------------------------------
Shared
Energy Engineering Services Consolidated
------- ----------- --------- ------------
(Unaudited)
Operating income $86,777 $40,292 $(45,828) $81,241
Adjustments:
Stock-based compensation
expense -- -- 22,523 22,523
Depreciation and
amortization 8,711 6,215 1,693 16,619
(Gain) loss on sales of
assets, net -- -- (756) (756)
Non-cash net periodic
pension and post-
retirement benefits -- -- (2,988) (2,988)
Minority interest -- (29) -- (29)
------- ----------- --------- ------------
Adjusted EBITDA $95,488 $46,478 $(25,356) $116,610
======= =========== ========= ============
Nine Months Ended August 31, 2006
------------------------------------------
Shared
Energy Engineering Services Consolidated
------- ----------- --------- ------------
(Unaudited)
Operating income $59,943 $32,070 $(30,261) $61,752
Adjustments:
Stock-based compensation
expense -- -- 12,465 12,465
Depreciation and
amortization 6,090 4,027 813 10,930
Restructuring and offering
charges -- (18) 20 2
(Gain) loss on sale of
assets, net -- 53 -- 53
Non-cash net periodic
pension and post-
retirement benefits -- -- (3,212) (3,212)
Minority interest -- (170) -- (170)
------- ----------- --------- ------------
Adjusted EBITDA $66,033 $35,962 $(20,175) $81,820
======= =========== ========= ============
IHS INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENT TO MOST DIRECTLY
COMPARABLE GAAP FINANCIAL MEASUREMENT
(In thousands)
Three Months Ended Nine Months Ended
August 31, August 31,
------------------ ------------------
2007 2006 2007 2006
--------- -------- --------- --------
(Unaudited)
Net income $21,731 $16,074 $58,690 $42,472
Interest income (1,970) (1,789) (5,318) (4,161)
Interest expense 99 120 308 272
Provision for income taxes 9,580 6,987 27,532 21,079
Depreciation and amortization 7,118 4,218 16,619 10,930
--------- -------- --------- --------
EBITDA 36,558 25,610 97,831 70,592
Stock-based compensation
expense 9,142 4,440 22,523 12,465
Restructuring and offering
charges -- -- -- 2
(Gain) loss on sales of assets,
net -- 53 (756) 53
Non-cash net periodic pension
and post-retirement benefits (991) (1,268) (2,988) (3,212)
Loss from discontinued
operations, net -- 298 -- 1,920
--------- -------- --------- --------
Adjusted EBITDA $44,709 $29,133 $116,610 $81,820
========= ======== ========= ========
Three Months Ended Nine Months Ended
August 31, August 31,
------------------ ------------------
2007 2006 2007 2006
--------- -------- --------- --------
(Unaudited)
Net cash provided by operating
activities $22,998 $28,990 $88,760 $94,152
Capital expenditures on
property and equipment (3,528) (2,284) (7,173) (8,047)
--------- -------- --------- --------
Free cash flow $19,470 $26,706 $81,587 $86,105
========= ======== ========= ========
IHS INC.
SUPPLEMENTAL INFORMATION
(In thousands, except per-share amounts)
Three Months Ended Nine Months Ended
August 31, August 31,
------------------- -----------------
2007 2006 2007 2006
--------- --------- -------- --------
(Unaudited)
Earnings per diluted share $0.35 $0.28 $0.98 $0.75
Stock-based compensation
expense 0.09 0.04 0.24 0.13
Gain on sales of assets, net -- -- (0.01) --
Non-cash net periodic pension
and post-retirement benefits (0.01) (0.01) (0.03) (0.03)
Loss from discontinued
operations, net -- 0.01 -- 0.04
--------- --------- -------- --------
Adjusted earnings per diluted
share $0.43 $0.32 $1.18 $0.89
========= ========= ======== ========
Note: amounts may not sum due to rounding.