-----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, Jy1WemvxXZmIlq97a1bMKl51UW2yAJmZ/nKYw/DknIdID2C0syFUUiJX61qu3ovh TRl/uqnwOOPNgQI8FTACvw== 0000012355-02-000011.txt : 20020415 0000012355-02-000011.hdr.sgml : 20020415 ACCESSION NUMBER: 0000012355-02-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020402 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020402 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACK & DECKER CORP CENTRAL INDEX KEY: 0000012355 STANDARD INDUSTRIAL CLASSIFICATION: METALWORKING MACHINERY & EQUIPMENT [3540] IRS NUMBER: 520248090 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-03593 FILM NUMBER: 02600271 BUSINESS ADDRESS: STREET 1: 701 E JOPPA RD CITY: TOWSON STATE: MD ZIP: 21286 BUSINESS PHONE: 4107163900 MAIL ADDRESS: STREET 1: 701 EAST JOPPA ROAD STREET 2: MAIL STOP TW 290 CITY: TOWSON STATE: MD ZIP: 21286 FORMER COMPANY: FORMER CONFORMED NAME: BLACK & DECKER MANUFACTURING CO DATE OF NAME CHANGE: 19850206 8-K 1 form8k04022002a.txt FORM 8-K DATED APRIL 02, 2002 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 02, 2002 ------------------------------- THE BLACK & DECKER CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Maryland 1-1553 52-0248090 - ------------------------ -------------------------- ----------------------- (State of Incorporation) (Commission File Number) (I.R.S. Employer Identification Number) 701 East Joppa Road, Towson, Maryland 21286 - ------------------------------------- --------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 410-716-3900 ---------------------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS As more fully described in Note 16 of Notes to Consolidated Financial Statements included in Item 8 of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2001 ("Note 16"), the Corporation assesses the performance of its reportable business segments based upon a number of factors, including segment profit. For segment reporting purposes, segment assets and elements of segment profit are translated using budgeted rates of exchange. Budgeted rates of exchange are established annually and, once established, all prior period segment data is updated to reflect the translation of segment assets and elements of segment profit at the current year's budgeted rates of exchange. Amounts included in the first table of Note 16 under the captions "Reportable Business Segments" and "Corporate, Adjustments, & Eliminations" are reflected at the Corporation's budgeted rates of exchange for 2001. The amounts included in that table under the caption "Currency Translation Adjustments" represent the difference between consolidated amounts determined using the budgeted rates of exchange for 2001 and those determined based upon the rates of exchange applicable under accounting principles generally accepted in the United States. The Corporation has established budgeted rates of exchange for 2002 and, accordingly, segment data for prior periods has been updated to reflect the translation of segment assets and elements of segment profit at the budgeted rates of exchange for 2002. As more fully described in Note 1 of Notes to Consolidated Financial Statements included in Item 8 of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2001, on January 1, 2002, the Corporation was required to adopt Emerging Issues Task Force Issue No. 01-9, Accounting for Consideration Given by a Vendor to a Customer or a Reseller of the Vendor's Products (EITF 01-9). Upon adoption of EITF 01-9, the Corporation was required to classify certain payments to its customers as a reduction of sales. The Corporation previously classified certain of these payments as selling expenses in its Consolidated Statement of Earnings. Upon the adoption of EITF 01-9, prior period amounts were restated and resulted in a reduction of sales (and an offsetting reduction of selling expenses) of $87.5 million, $85.9 million, and $71.7 million for the years ended December 31, 2001, 2000, and 1999, respectively. For informational purposes, the Corporation has included as Exhibit 99.0 to this Current Report on Form 8-K selected unaudited supplemental information about its business segments for 2001, 2000 and 1999 updated to reflect the translation of elements of segment profit and certain other segment data at the budgeted rates of exchange for 2002 and to reflect the reclassification of prior period amounts in accordance with EITF 01-9. As more fully described in Note 1 of Notes to Consolidated Financial Statements included in Item 8 of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2001, the Corporation was required to adopt Statement of Financial Accounting Standards (SFAS) No. 142, Goodwill and Other Intangible Assets, effective January 1, 2002. SFAS No. 142 requires that intangible assets with indefinite lives, including goodwill, not be amortized. SFAS No. 142 also requires disclosure of certain information in the initial period of application and in all periods thereafter until goodwill has been accounted for in accordance with SFAS No. 142 in all periods presented. For informational purposes, the Corporation has included as Exhibit 99.1 to this Current Report on Form 8-K selected unaudited supplemental information about its net earnings and its basic and diluted earnings per share for each of the three years in the period ended December 31, 2001, and for each of the quarters in the year ended December 31, 2001, to reflect the effect of excluding goodwill amortization recorded in those periods. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS Exhibit 99.0 Selected unaudited supplemental information about the Corporation's business segments for each of the three years in the period ended December 31, 2001, and for each of the quarters in the years ended December 31, 2001 and 2000. Exhibit 99.1 Selected unaudited supplemental information about the Corporation's net earnings and its basic and diluted earnings per share for each of the three years in the period ended December 31, 2001, and for each of the quarters in the year ended December 31, 2001, to reflect the effect of excluding goodwill amortization. THE BLACK & DECKER CORPORATION S I G N A T U R E S 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. THE BLACK & DECKER CORPORATION By /s/ CHRISTINA M. MCMULLEN -------------------------------- Christina M. McMullen Vice President and Controller EX-99 3 form8k04022002b.txt EX-99.0, EXHIBIT 99.0 EXHIBIT 99.0 THE BLACK & DECKER CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ABOUT BUSINESS SEGMENTS (Unaudited) (Millions of Dollars)
Reportable Business Segments ------------------------------------------------- Power Hardware Fastening Currency Corporate, Tools & & Home & Assembly Translation Adjustments, Year Ended December 31, 2001 Accessories Improvement Systems Total Adjustments & Eliminations Consolidated - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $3,008.9 $766.2 $478.4 $4,253.5 $ (7.9) $ - $4,245.6 Segment profit (loss) (for Consolidated, operating income before restructuring and exit costs) 250.0 59.1 68.4 377.5 .4 (30.3) 347.6 Depreciation and amortization 85.2 33.7 14.3 133.2 .4 25.8 159.4 Capital expenditures 85.1 33.1 15.4 133.6 .4 .8 134.8 Year Ended December 31, 2000 - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $3,072.4 $831.5 $489.3 $4,393.2 $ 81.7 $ - $4,474.9 Segment profit (loss) (for Consolidated, operating income before restructuring and exit costs and gain on sale of business) 349.4 113.5 80.4 543.3 8.4 (29.4) 522.3 Depreciation and amortization 83.4 34.3 15.9 133.6 3.4 26.4 163.4 Capital expenditures 138.6 30.8 25.6 195.0 4.4 .8 200.2 Year Ended December 31, 1999 - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $2,937.3 $824.8 $470.2 $4,232.3 $216.5 $ - $4,448.8 Segment profit (loss) (for Consolidated, operating income) 355.9 118.8 77.8 552.5 20.2 (36.4) 536.3 Depreciation and amortization 80.8 29.9 14.7 125.4 6.9 27.7 160.0 Capital expenditures 100.2 36.3 25.0 161.5 9.3 .3 171.1
The reconciliation of segment profit to the Corporation's earnings before income taxes for each of the three years in the period ended December 31, 2001, in millions of dollars, is as follows:
Year Ended December 31, - ---------------------------------------------------------------------------------------------------------------------- 2001 2000 1999 - ---------------------------------------------------------------------------------------------------------------------- Segment profit for total reportable business segments $377.5 $543.3 $552.5 Items excluded from segment profit: Adjustment of budgeted foreign exchange rates to actual rates .4 8.4 20.2 Depreciation of Corporate property and amortization of certain goodwill (25.8) (26.4) (27.7) Adjustment to businesses' postretirement benefit expenses booked in consolidation 41.3 36.4 24.8 Adjustment to eliminate net interest and non-operating expenses from results of certain operations in Brazil, Venezuela, and Turkey .4 .3 1.0 Other adjustments booked in consolidation directly related to reportable business segments (1.0) (14.4) (12.4) Amounts allocated to businesses in arriving at segment profit in excess of (less than) Corporate center operating expenses, eliminations, and other amounts identified above (45.2) (25.3) (22.1) - ---------------------------------------------------------------------------------------------------------------------- Operating income before restructuring and exit costs and gain on sale of business 347.6 522.3 536.3 Restructuring and exit costs 99.8 39.1 - Gain on sale of business - 20.1 - - ---------------------------------------------------------------------------------------------------------------------- Operating income 247.8 503.3 536.3 Interest expense, net of interest income 84.3 104.2 95.8 Other expense (income) 8.2 (5.5) (.8) - ---------------------------------------------------------------------------------------------------------------------- Earnings before income taxes $155.3 $404.6 $441.3 ======================================================================================================================
Reportable Business Segments ------------------------------------------------- Power Hardware Fastening Currency Corporate, Tools & & Home & Assembly Translation Adjustments, Quarter Ended April 1, 2001 Accessories Improvement Systems Total Adjustments & Eliminations Consolidated - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $634.5 $197.1 $120.0 $ 951.6 $10.4 $ - $ 962.0 Segment profit (loss) (for Consolidated, operating income) 35.1 17.5 19.0 71.6 .7 .1 72.4 Depreciation and amortization 22.6 10.0 3.6 36.2 .6 6.5 43.3 Capital expenditures 25.3 9.4 3.0 37.7 .6 .5 38.8 Quarter Ended July 1, 2001 - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $745.8 $187.6 $124.0 $1,057.4 $(7.7) $ - $1,049.7 Segment profit (loss) (for Consolidated, operating income) 54.5 8.4 20.3 83.2 (.1) 1.1 84.2 Depreciation and amortization 22.0 8.8 3.8 34.6 (.1) 6.6 41.1 Capital expenditures 19.2 8.2 3.1 30.5 (.1) .2 30.6 Quarter Ended September 30, 2001 - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $741.2 $185.2 $118.1 $1,044.5 $(5.3) $ - $1,039.2 Segment profit (loss) (for Consolidated, operating income) 77.9 16.1 14.5 108.5 .1 (19.6) 89.0 Depreciation and amortization 20.2 8.0 4.0 32.2 (.1) 6.3 38.4 Capital expenditures 20.1 7.3 3.6 31.0 - - 31.0 Quarter Ended December 31, 2001 - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $887.4 $196.3 $116.3 $1,200.0 $(5.3) $ - $1,194.7 Segment profit (loss) (for Consolidated, operating income before restructuring and exit costs) 82.5 17.1 14.6 114.2 (.3) (11.9) 102.0 Depreciation and amortization 20.4 6.9 2.9 30.2 - 6.4 36.6 Capital expenditures 20.5 8.2 5.7 34.4 (.1) .1 34.4 Quarter Ended April 2, 2000 - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $660.8 $196.6 $129.1 $ 986.5 $36.7 $ - $1,023.2 Segment profit (loss) (for Consolidated, operating income before gain on sale of business) 53.2 19.1 21.9 94.2 3.4 (6.1) 91.5 Depreciation and amortization 20.5 9.8 3.8 34.1 1.5 6.7 42.3 Capital expenditures 50.2 7.1 6.7 64.0 2.4 .2 66.6 Quarter Ended July 2, 2000 - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $749.0 $207.7 $124.3 $1,081.0 $25.2 $ - $1,106.2 Segment profit (loss) (for Consolidated, operating income) 100.0 27.1 21.8 148.9 2.7 (9.0) 142.6 Depreciation and amortization 20.6 9.0 4.1 33.7 .8 6.6 41.1 Capital expenditures 23.7 7.7 5.9 37.3 .8 .3 38.4 Quarter Ended October 1, 2000 - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $763.9 $209.7 $119.8 $1,093.4 $17.7 $ - $1,111.1 Segment profit (loss) (for Consolidated, operating income) 100.7 30.8 19.2 150.7 1.5 (4.0) 148.2 Depreciation and amortization 21.2 7.5 4.0 32.7 .7 6.5 39.9 Capital expenditures 30.8 7.6 5.3 43.7 .9 .1 44.7 Quarter Ended December 31, 2000 - ----------------------------------------------------------------------------------------------------------------------------------- Sales to unaffiliated customers $898.7 $217.5 $116.1 $1,232.3 $ 2.1 $ - $1,234.4 Segment profit (loss) (for Consolidated, operating income before restructuring and exit costs) 95.5 36.5 17.5 149.5 .8 (10.3) 140.0 Depreciation and amortization 21.1 8.0 4.0 33.1 .4 6.6 40.1 Capital expenditures 33.9 8.4 7.7 50.0 .3 .2 50.5
The reconciliation of segment profit to the Corporation's earnings (loss) before income taxes for each of the quarters in the years ended December 31, 2001 and 2000, in millions of dollars, is as follows:
Quarter Ended - ----------------------------------------------------------------------------------------------------------------------------------- April 1, July 1, September 30, December 31, 2001 2001 2001 2001 - ------------------------------------------------------------------------------------------------------------------------------------ Segment profit for total reportable business segments $71.6 $83.2 $108.5 $114.2 Items excluded from segment profit: Adjustment of budgeted foreign exchange rates to actual rates .7 (.1) .1 (.3) Depreciation of Corporate property and amortization of certain goodwill (6.5) (6.6) (6.3) (6.4) Adjustment to businesses' postretirement benefit expenses booked in consolidation 11.0 9.9 9.4 11.0 Adjustment to eliminate net interest and non-operating expenses from results of certain operations in Brazil, Venezuela, and Turkey .2 .1 .1 - Other adjustments booked in consolidation directly related to reportable business segments 4.4 .6 (8.3) 2.3 Amounts allocated to businesses in arriving at segment profit in excess of (less than) Corporate center operating expenses, eliminations, and other amounts identified above (9.0) (2.9) (14.5) (18.8) - ------------------------------------------------------------------------------------------------------------------------------------ Operating income before restructuring and exit costs 72.4 84.2 89.0 102.0 Restructuring and exit costs - - - 99.8 - ------------------------------------------------------------------------------------------------------------------------------------ Operating income 72.4 84.2 89.0 2.2 Interest expense, net of interest income 22.4 22.7 20.4 18.8 Other expense 2.7 1.9 2.7 .9 - ------------------------------------------------------------------------------------------------------------------------------------ Earnings (loss) before income taxes $47.3 $59.6 $ 65.9 $(17.5) ==================================================================================================================================== Quarter Ended - ------------------------------------------------------------------------------------------------------------------------------------ April 2, July 2, October 1, December 31, 2000 2000 2000 2000 - ------------------------------------------------------------------------------------------------------------------------------------ Segment profit for total reportable business segments $ 94.2 $148.9 $150.7 $149.5 Items excluded from segment profit: Adjustment of budgeted foreign exchange rates to actual rates 3.4 2.7 1.5 .8 Depreciation of Corporate property and amortization of certain goodwill (6.7) (6.6) (6.5) (6.6) Adjustment to businesses' postretirement benefit expenses booked in consolidation 9.5 8.7 9.0 9.2 Adjustment to eliminate net interest and non-operating expenses from results of certain operations in Brazil, Venezuela, and Turkey .1 - .1 .1 Other adjustments booked in consolidation directly related to reportable business segments (7.0) (5.7) (2.0) .3 Amounts allocated to businesses in arriving at segment profit in excess of (less than) Corporate center operating expenses, eliminations, and other amounts identified above (2.0) (5.4) (4.6) (13.3) - ------------------------------------------------------------------------------------------------------------------------------------ Operating income before restructuring and exit costs and gain on sale of business 91.5 142.6 148.2 140.0 Restructuring and exit costs - - - 39.1 Gain on sale of business 20.1 - - - - ------------------------------------------------------------------------------------------------------------------------------------ Operating income 111.6 142.6 148.2 100.9 Interest expense, net of interest income 23.8 25.4 26.5 28.5 Other expense (income) .4 (1.4) (1.6) (2.9) - ------------------------------------------------------------------------------------------------------------------------------------ Earnings before income taxes $ 87.4 $118.6 $123.3 $ 75.3 ====================================================================================================================================
Basis of Presentation: The Corporation operates in three reportable business segments: Power Tools and Accessories, Hardware and Home Improvement, and Fastening and Assembly Systems. The Power Tools and Accessories segment has worldwide responsibility for the manufacture and sale of consumer and professional power tools and accessories, electric cleaning and lighting products, and electric lawn and garden tools, as well as for product service. In addition, the Power Tools and Accessories segment has responsibility for the sale of security hardware to customers in Mexico, Central America, the Caribbean, and South America; for the sale of plumbing products to customers outside the United States and Canada; and for sales of household products. The Hardware and Home Improvement segment has worldwide responsibility for the manufacture and sale of security hardware (except for the sale of security hardware in Mexico, Central America, the Caribbean, and South America). It also has responsibility for the manufacture of plumbing products and for the sale of plumbing products to customers in the United States and Canada. The Fastening and Assembly Systems segment has worldwide responsibility for the manufacture and sale of fastening and assembly systems. The Corporation assesses the performance of its reportable business segments based upon a number of factors, including segment profit. In general, segments follow the same accounting policies as those described in Note 1 of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2001, except with respect to foreign currency translation and except as further indicated below. The financial statements of a segment's operating units located outside of the United States, except those units operating in highly inflationary economies, are generally measured using the local currency as the functional currency. For these units located outside of the United States, segment assets and elements of segment profit are translated using budgeted rates of exchange. Budgeted rates of exchange are established annually and, once established, all prior period segment data is restated to reflect the current year's budgeted rates of exchange. The amounts included in the preceding segment tables under the captions "Reportable Business Segments" and "Corporate, Adjustments, & Eliminations" are reflected at the Corporation's budgeted exchange rates for 2002. The amounts included in the preceding segment tables under the caption "Currency Translation Adjustments" represent the difference between consolidated amounts determined using those budgeted rates of exchange and those determined based upon the rates of exchange applicable under accounting principles generally accepted in the United States. Segment profit excludes interest income and expense, non-operating income and expense, goodwill amortization (except for the amortization of goodwill associated with certain acquisitions made by the Power Tools and Accessories and Fastening and Assembly Systems segments), adjustments to eliminate intercompany profit in inventory, and income tax expense. In addition, segment profit excludes restructuring and exit costs and the gain on sale of business. For certain operations located in Brazil, Venezuela, and Turkey, segment profit is reduced by net interest expense and non-operating expenses. In determining segment profit, expenses relating to pension and other postretirement benefits are based solely upon estimated service costs. Corporate expenses, as well as certain centrally managed expenses, are allocated to each reportable segment based upon budgeted amounts. While sales and transfers between segments are accounted for at cost plus a reasonable profit, the effects of intersegment sales are excluded from the computation of segment profit. Intercompany profit in inventory is excluded from segment assets and is recognized as a reduction of cost of sales by the selling segment when the related inventory is sold to an unaffiliated customer. Because the Corporation compensates the management of its various businesses on, among other factors, segment profit, the Corporation may elect to record certain segment-related expense items of an unusual or non-recurring nature in consolidation rather than reflect such items in segment profit. In addition, certain segment-related items of income or expense may be recorded in consolidation in one period and transferred to the various segments in a later period. EX-99 4 form8k04022002c.txt EX-99.1, EXHIBIT 99.1 EXHIBIT 99.1 THE BLACK & DECKER CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ABOUT NET EARNINGS AND EARNINGS PER SHARE (Unaudited) (Amounts in Millions Except Per Share Data) Effective January 1, 2002, the Corporation adopted Statement of Financial Accounting Standards (SFAS) No. 142, Goodwill and Other Intangible Assets. Under SFAS No. 142, goodwill and intangible assets deemed to have indefinite lives are no longer amortized, but are subject to an annual impairment test. Other intangible assets continue to be amortized over their useful lives. SFAS No. 142 requires that its provisions be applied on a prospective basis. Accordingly, the Corporation's goodwill will not be amortized after January 1, 2002. As disclosed in Note 4 of Notes to Consolidated Financial Statements included in Item 8 of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2001, the Corporation recognized goodwill amortization of $26.4 million in 2001, $25.4 million in 2000, and $25.7 million in 1999. The reconciliation of net earnings to net earnings excluding goodwill amortization for each year, in millions of dollars, and basic and diluted earnings per share, excluding goodwill amortization, is as follows: Year Ended December 31, - -------------------------------------------------------------------------------- 2001 2000 1999 - -------------------------------------------------------------------------------- Net earnings, as reported $108.0 $282.0 $300.3 Goodwill amortization 26.4 25.4 25.7 - -------------------------------------------------------------------------------- Net earnings, as adjusted to exclude goodwill amortization $134.4 $307.4 $326.0 ================================================================================ Net earnings per common share - basic, as adjusted to exclude goodwill amortization $ 1.67 $ 3.67 $ 3.74 ================================================================================ Net earnings per common share - assuming dilution, as adjusted to exclude goodwill amortization $ 1.66 $ 3.64 $ 3.69 ================================================================================ The reconciliation of net earnings to net earnings excluding goodwill amortization for each of the quarters in the year ended December 31, 2001, in millions of dollars, and basic and diluted earnings per share, excluding goodwill amortization, is as follows: Quarter Ended - -------------------------------------------------------------------------------- April 1, July 1, September 30, December 31, 2001 2001 2001 2001 - -------------------------------------------------------------------------------- Net earnings (loss), as reported $33.1 $41.7 $46.2 $(13.0) Goodwill amortization 6.6 6.6 6.6 6.6 - -------------------------------------------------------------------------------- Net earnings (loss), as adjusted to exclude goodwill amortization $39.7 $48.3 $52.8 $ (6.4) ================================================================================ Net earnings (loss) per common share - basic, as adjusted to exclude goodwill amortization $0.49 $0.60 $0.65 $(0.08) ================================================================================ Net earnings (loss) per common share - assuming dilution, as adjusted to exclude goodwill amortization $0.48 $0.59 $0.65 $(0.08) ================================================================================ Earnings per common share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not be equal to the full year earnings per share amounts. -----END PRIVACY-ENHANCED MESSAGE-----