B/E Aerospace, Inc. (Nasdaq:BEAV), the world's leading manufacturer
of aircraft cabin interior products and a leading aftermarket
distributor of aerospace fasteners, today announced fourth quarter
and full year financial results for 2005. -0- *T HIGHLIGHTS
---------- *T -- Record fourth quarter revenues of $223 million
were up 18% organically. -- Fourth quarter operating earnings of
$24.2 million were 48 percent higher than the same period in the
prior year. Fourth quarter operating margin of 10.9 percent
expanded by 230 basis points versus the same period in the prior
year. Excluding charges related to the accelerated vesting of
employee stock options and hurricane-related costs, operating
earnings were $26.6 million or 11.9 percent of sales. -- Net
earnings for the quarter were $62.1 million or $0.96 per diluted
share and include a one-time tax benefit of approximately $52
million associated with the recognition of the company's domestic
deferred tax asset. Excluding the tax benefit, net earnings and
earnings per diluted share were $10.2 million and $0.16,
respectively. Excluding the tax benefit and one time items, net
earnings and earnings per diluted share were $11.9 million and
$0.18, respectively. -- Record backlog at December 31, 2005 stood
at $1.1 billion, an increase of approximately 57 percent from
backlog at December 31, 2004. Bookings for the quarter and year
ended December 31, 2005 were in excess of $300 million and $1.2
billion, respectively. -- Record full year 2005 revenues and
diluted earnings per share were $844 million and $1.39,
respectively, and exclusive of the tax benefit, net earnings and
earnings per diluted share were $32.7 million and $0.54, and
exclusive of the tax benefit and one time items were $34.4 million
and $0.57, respectively. -0- *T FOURTH QUARTER PERFORMANCE
-------------------------- *T For the fourth quarter, consolidated
sales were $222.9 million, a $33 million or 17.6 percent increase
over the fourth quarter of 2004. Operating earnings for the fourth
quarter of 2005 of $24.2 million increased by 48 percent as
compared to the same period last year and include the $1.2 million
impact of the accelerated vesting of employee stock options, and
hurricane-related costs and expenses of approximately $1.2 million.
Excluding these one time items, operating earnings and the
operating margin for the quarter would have been $26.6 million and
11.9 percent, respectively. The operating margin of 10.9 percent in
the fourth quarter of 2005 was 230 basis points greater than the
operating margin realized in the fourth quarter of 2004. The
substantial increase in operating earnings was driven by continued
revenue and earnings growth at each of B/E's commercial aircraft,
distribution and business jet segments. Interest expense for the
fourth quarter of 2005 of $14.4 million was $2.3 million lower than
interest expense recorded in the same period in the prior year.
Interest expense decreased in the fourth quarter of 2005 as a
result of the early retirement of $200 million of senior
subordinated notes during the fourth quarter of 2004. The company
accelerated the recognition of its domestic deferred tax asset
during the fourth quarter of 2005, resulting in a tax benefit of
approximately $51.9 million. The deferred tax asset was recorded as
a result of the company's improving financial performance and
outlook, as well as the expected $20 million reduction in interest
expense arising from the redemption of $250 million of the
company's 8% senior subordinated notes, which occurred in January
2006. Net earnings for the fourth quarter were $62.1 million or
$0.96 per diluted share, increases of $71.4 million and $1.13 per
diluted share as compared to 2004. This release contains certain
non-GAAP financial measures. For an explanation of these financial
measures and a reconciliation of these financial measures to the
most comparable GAAP financial measure see RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES below. -0- *T FOURTH QUARTER SEGMENT
DISCUSSION --------------------------------- *T Net sales by
segment were as follows: -0- *T NET SALES
----------------------------------------------- Three Months Ended
December 31 ($ in millions)
----------------------------------------------- Percent 2005 2004
Change Change -----------------------------------------------
Commercial aircraft $145.4 $133.5 $11.9 8.9% Distribution 42.9 36.7
6.2 16.9% Business jet 34.6 19.4 15.2 78.4%
----------------------------------------------- Total $222.9 $189.6
$33.3 17.6% *T The Commercial Aircraft Segment ("CAS") generated
revenues of $145.4 million in the fourth quarter of 2005, up 8.9
percent versus the same period in the prior year, primarily due to
a higher sales volume of commercial aircraft passenger cabin
equipment, as well as engineering, integration and certification
services. The distribution segment delivered strong revenue growth
of 16.9 percent in the fourth quarter of 2005, driven by a
broad-based increase in aftermarket demand for aerospace fasteners
and continued market share gains. In the business jet segment,
revenues increased by 78.4 percent in the fourth quarter of 2005,
reflecting a substantial increase in shipments of super first class
products and the ongoing recovery of the business jet industry. The
following is a summary of the change in operating earnings by
segment: -0- *T OPERATING EARNINGS
----------------------------------------------- Three Months Ended
December 31 ($ in millions)
----------------------------------------------- Percent 2005 2004
Change Change -----------------------------------------------
Commercial aircraft $13.7 $9.6 $4.1 42.7% Distribution 8.4 6.4 2.0
31.3% Business jet 2.1 0.3 1.8 600.0%
----------------------------------------------- Total $24.2 $16.3
$7.9 48.5% *T CAS operating earnings of $13.7 million increased by
42.7 percent versus the same period in the prior year, reflecting a
34.5 percent incremental operating margin on an 8.9 percent
increase in sales. CAS operating margin for the quarter expanded to
9.4 percent, a 220 basis point improvement over the same period in
the prior year. The CAS margin expansion was primarily the result
of an improved mix of products sold, ongoing manufacturing
efficiencies and operating leverage at the higher level of sales,
offset somewhat by the accelerated vesting of stock options. CAS
backlog at year-end 2005 reached another record level. The
distribution segment generated revenues of $42.9 million in the
fourth quarter of 2005, up 16.9 percent versus the same period in
the prior year, notwithstanding downtime due to fourth quarter
hurricane activity. Operating earnings at the distribution segment
in the fourth quarter of 2005 were $8.4 million, 31.3 percent
higher than the same period last year and represented a 19.6
percent operating margin. The distribution segment's strong
operating performance was in spite of lost sales and overtime,
weekend and expedite costs due to hurricane activity in the fourth
quarter. The business jet segment generated fourth quarter revenues
of $34.6 million, up 78.4 percent as compared to the fourth quarter
of 2004. Operating earnings at the business jet segment during the
quarter of $2.1 were $1.8 million higher than operating earnings in
the same period last year. The substantial increase in operating
earnings reflects the higher level of revenues associated with
increased production volumes in the new super first class product
line and an improving business jet industry. The business jet
segment's strong operating performance was in spite of five lost
days of operations and significant overtime and expedite costs due
to hurricane activity in the fourth quarter of 2005. -0- *T FULL
YEAR 2005 RESULTS ---------------------- *T B/E reported
consolidated revenues of $844.1 million representing 15.1 percent
organic growth over the prior year. Gross profit for 2005 was
$295.6 million, an increase of $56.9 million or 23.8 percent versus
2004, as gross margin expanded by 250 basis points to 35.0 percent.
Operating earnings of $93.6 million for 2005 were up 45.3 percent
versus the prior year primarily due to the 15.1 percent increase in
revenues and a 230 basis point expansion in operating margin to
11.1 percent of sales. The 45 percent increase in operating
earnings was achieved in spite of substantially higher product
development and marketing expenditures to support the record level
of orders and backlog. Interest expense of $59.3 million in 2005
decreased by $16.8 million as compared to 2004. Earnings before
taxes were $34.3 million, a $54.8 million improvement versus the
prior year. In December 2005, the company recognized its domestic
deferred tax asset which resulted in a tax benefit of $51.9 million
in 2005 versus $1.5 million of tax expense in the prior year. Net
earnings in 2005 were $84.6 million or $1.39 per diluted share,
increases of $106.6 million and $1.92 per diluted share versus
2004. Net earnings per diluted share exclusive of the tax benefit
were $0.54, (and exclusive of the tax benefit and one time items
net earnings per diluted share were $0.57 for the full year). Net
sales by segment were as follows: -0- *T NET SALES
----------------------------------------------- Year Ended December
31, ($ in millions) -----------------------------------------------
Percent 2005 2004 Change Change
----------------------------------------------- Commercial aircraft
$550.0 $514.1 $35.9 7.0% Distribution 173.9 144.2 29.7 20.6%
Business jet 120.2 75.2 45.0 59.8%
----------------------------------------------- Total $844.1 $733.5
$110.6 15.1% *T CAS generated revenues of $550.0 million in 2005,
up $35.9 million or 7.0 percent versus 2004, driven by a higher
sales volume of commercial aircraft cabin interior equipment sales,
as well as engineering, integration and certification services. The
distribution segment generated revenues of $173.9 million during
2005, up $29.7 million or 20.6 percent versus 2004, driven by a
broad-based increase in aftermarket demand for aerospace fasteners
and continued market share gains. The business jet segment
generated revenues during 2005 of $120.2 million, up $45.0 million
or 59.8 percent, reflecting the increased shipments of super first
class products and the ongoing recovery of the business jet
industry. The following is a comparison of operating earnings by
segment: -0- *T OPERATING EARNINGS
----------------------------------------------- Year Ended December
31, ($ in millions) -----------------------------------------------
Percent 2005 2004 Change Change
----------------------------------------------- Commercial aircraft
$50.9 $39.8 $11.1 27.9% Distribution 34.9 25.9 9.0 34.7% Business
jet 7.8 (1.3) 9.1 NM
----------------------------------------------- Total $93.6 $64.4
$29.2 45.3% *T CAS generated operating earnings of $50.9 million
during 2005, up $11.1 million or 27.9 percent versus 2004, which
represented a 30.9 percent incremental operating margin. CAS
operating margin for 2005 was 9.3 percent, up 160 basis points
versus the prior year, reflecting the improved product mix and
ongoing manufacturing efficiencies. The distribution segment
generated operating earnings of $34.9 million during 2005, up $9.0
million or 34.7 percent which represented a 30.3 percent
incremental operating margin, as operational productivity increased
10 percent versus the prior year. The business jet segment
generated operating earnings of $7.8 million during 2005, up $9.1
million versus the prior year. The business jet segment's 2005
incremental operating margin of 20.2 percent reflects the initial
shipments of super first class products along with the incremental
operating costs associated with hurricane activity during the
fourth quarter of 2005. -0- *T RECENT EQUITY OFFERING, DEBT
PREPAYMENT, LIQUIDITY AND CASH FLOW
----------------------------------------------------------------
MEASURES -------- *T In December 2005, the company successfully
raised approximately $265 million in cash from the sale of 14.9
million shares of common stock. The company used the proceeds in
January 2006 to redeem all of its $250 million of senior
subordinated notes due 2008. At December 31, 2005, the company's
net debt-to-net capital ratio was 36.2 percent. Net debt at
December 31, 2005 stood at $322.9 million, which represents total
debt of approximately $678.9 million, less cash and cash
equivalents, reflecting the proceeds from the December 2005 common
stock offering, of approximately $356.0 million. After giving
effect to the January 2006 redemption of $250 million of senior
subordinated notes, at December 31, 2005, total debt was
approximately $429 million, with cash and cash equivalents of
approximately $99 million. At December 31, 2005, there were no bank
borrowings outstanding and no principal payments are due on the
company's long-term debt until 2010. Depreciation and amortization
for the three months ended December 31, 2005 and 2004 were $6.9
million and $7.4 million, respectively; such amounts for the years
ended December 31, 2005 and 2004 were $28.6 million and $28.4
million, respectively. Capital expenditures for the years ended
December 31, 2005 and 2004 were $16.9 million and $14.5 million,
respectively. -0- *T RECENT PROGRAM WINS AND RECORD BACKLOG BOLSTER
OUTLOOK ------------------------------------------------------ *T
The company generated record bookings and backlog during 2005
driven primarily by aftermarket orders from international carriers
for premium class retrofits of their long-haul wide-body aircraft.
Bookings for the year of approximately $1.2 billion were up over
$300 million or 33% versus the prior year and drove the company's
backlog to a record $1.1 billion, representing a 57% increase over
the 2004 backlog of $700 million. "The company's record bookings
and backlog performance during 2005 was due to the strength of the
international premium class retrofit market, market share gains
made possible by our ongoing investments in new product development
and through the coordinated execution of our account management and
business unit management teams. We successfully introduced our
super first class product offerings during 2005. Our product
innovation capabilities and solid execution were instrumental as we
established ourselves as the industry leader in this rapidly
growing new market. Importantly, many of the major program awards
during 2005 also represent significant market share gains with some
of the world's largest airlines, all of which have large fleets of
twin-aisle international aircraft. We expect these program awards
to expand our market shares, as these programs begin to deliver in
2006 and beyond, as our customers begin to take delivery of larger
numbers of new aircraft, and as they expand their existing retrofit
programs to address their coach class cabins," commented Amin J.
Khoury, Chairman and Chief Executive Officer of B/E Aerospace.
Significant program wins for 2005 included: -- A British Airways
$150 million+ fleet-wide business class retrofit program covering
all long-haul aircraft -- A $155 million retrofit program for a
major international airline covering both wide-body premium and
premium coach cabins, and program integration services -- A $100
million super first class program for Emirates Airlines for their
A380 and B777 aircraft -- A Qantas Airways $90 million retrofit
covering B747 business class plus first class and business class on
A380 aircraft -- There were also a number of additional significant
programs for Air France, Lufthansa, Japan Airlines, and Korean
Airlines, all among the largest airlines in the world. "We are
particularly encouraged by the continued strong RFQ activity and
ongoing discussions with our customers. Virtually every major
international airline is either in the process of upgrading the
premium class compartments of their international fleets of
twin-aisle aircraft or are in discussions to do so. The upgrade
discussions include reconfiguration and integration engineering
programs, premium class seating, food and beverage preparation and
storage equipment and mood lighting products. Additionally, the
international airlines are now beginning to address not only their
coach compartment retrofit needs but also their premium class and
coach class requirements for their new buy wide-body aircraft.
Cabin interiors for wide-body aircraft require five to eight times
the dollar value of the cabin interior equipment used to outfit
narrow-body aircraft. Industry experts anticipate that Boeing and
Airbus will ship approximately 950 wide-body and super wide-body
aircraft over the four year period from 2007 through 2010. The
scheduled deliveries of these wide-body aircraft coupled with the
strong demand for aftermarket retrofit programs and the continued
recovery in the business jet sector bode well for continued strong
revenue growth for at least the next three years," concluded Mr.
Khoury. -0- *T FINANCIAL GUIDANCE ------------------ *T Financial
guidance is now as follows: -- For 2006, management expects organic
revenue growth of approximately 20% to about $1 billion, operating
earnings growth of approximately 40% driven by the higher level of
sales and an approximate 200 basis point expansion in operating
margin, and EPS of approximately $1.12 per diluted share, with
first quarter EPS of approximately $0.15 (including debt
extinguishment costs of $1.8 million). -- For 2007, revenues are
expected to grow at a double digit rate, and operating earnings are
expected to grow by approximately 35 percent driven by strong
revenue growth and a further significant expansion in operating
margin. This news release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements involve risks and uncertainties. B/E's
actual experience may differ materially from that anticipated in
such statements. Factors that might cause such a difference include
those discussed in B/E's filings with the Securities and Exchange
Commission, including but not limited to its most recent proxy
statement, Form 10-K and Form 10-Q. For more information, see the
section entitled "Forward-Looking Statements" contained in B/E's
Form 10-K and in other filings. The forward-looking statements
included in this news release are made only as of the date of this
news release and, except as required by federal securities laws, we
do not have any obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or
circumstances. About B/E Aerospace, Inc. B/E Aerospace, Inc. is the
world's leading manufacturer of aircraft cabin interior products,
and a leading aftermarket distributor of aerospace fasteners. B/E
designs, develops and manufactures a broad range of products for
both commercial aircraft and business jets. B/E manufactured
products include aircraft cabin seating, lighting, oxygen, and food
and beverage preparation and storage equipment. The company also
provides cabin interior design, reconfiguration and
passenger-to-freighter conversion services. Products for the
existing aircraft fleet - the aftermarket - generate about 60
percent of sales. B/E sells and supports its products through its
own global direct sales and product support organization. For more
information, visit B/E's website at www.beaerospace.com. -0- *T B/E
Aerospace, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited) THREE MONTHS ENDED --------------------------- December
31, December 31, (In millions, except per share data) 2005 2004
----------------------------------------------------------------------
Net sales $222.9 $189.6 Cost of sales 144.7 126.4 -------------
------------- Gross profit 78.2 63.2 Gross margin 35.1% 33.3%
Operating expenses: Selling, general and administrative 38.6 30.8
Research, development and engineering 15.4 16.1 -------------
------------- Total operating expenses 54.0 46.9 -------------
------------- Operating earnings 24.2 16.3 Operating margin 10.9%
8.6% Interest expense, net 14.4 16.7 Loss on debt extinguishment --
8.8 ------------- ------------- Earnings (loss) before income taxes
9.8 (9.2) Income tax (benefit) provision (52.3) 0.1 -------------
------------- NET EARNINGS (LOSS) $62.1 $(9.3) =============
============= NET EARNINGS (LOSS) PER COMMON SHARE Basic $0.99
$(0.17) ============= ============= Diluted $0.96 $(0.17)
============= ============= Common shares: Basic Weighted average
63.0 55.2 End of period 74.3 56.6 Diluted Weighted average 64.9
55.2 End of period 76.2 56.6 *T -0- *T B/E Aerospace, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) YEAR
ENDED --------------------------- December 31, December 31, (In
millions, except per share data) 2005 2004
----------------------------------------------------------------------
Net sales $844.1 $733.5 Cost of sales 548.5 494.8 -------------
------------- Gross profit 295.6 238.7 Gross margin 35.0% 32.5%
Operating expenses: Selling, general and administrative 136.4 119.2
Research, development and engineering 65.6 55.1 -------------
------------- Total operating expenses 202.0 174.3 -------------
------------- Operating earnings 93.6 64.4 Operating margin 11.1%
8.8% Interest expense, net 59.3 76.1 Loss on debt extinguishment --
8.8 ------------- ------------- Earnings (loss) before income taxes
34.3 (20.5) Income tax (benefit) provision (50.3) 1.5 -------------
------------- NET EARNINGS (LOSS) $84.6 $(22.0) =============
============= NET EARNINGS (LOSS) PER COMMON SHARE Basic $1.44
$(0.53) ============= ============= Diluted $1.39 $(0.53)
============= ============= Common shares: Basic Weighted average
58.8 41.7 End of period 74.3 56.6 Diluted Weighted average 60.8
41.7 End of period 76.2 56.6 *T -0- *T B/E Aerospace, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited; in millions)
December 31, December 31, 2005 2004 ------------- -------------
ASSETS Current assets: Cash and cash equivalents $356.0 $76.3
Accounts receivable, net 131.9 91.6 Inventories, net 223.7 197.8
Other current assets 15.1 13.4 ------------- ------------- Total
current assets 726.7 379.1 Long-term assets 699.8 645.7
------------- ------------- $1,426.5 $1,024.8 =============
============= LIABILITIES AND STOCKHOLDERS' EQUITY Total current
liabilities $170.8 $154.1 Long-term liabilities 686.1 687.9
------------- ------------- 856.9 842.0 Total stockholders' equity
569.6 182.8 ------------- ------------- $1,426.5 $1,024.8
============= ============= *T -0- *T B/E Aerospace, Inc. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited; in millions) YEAR
ENDED --------------------------- December 31, December 31, 2005
2004 --------------------------- CASH FLOWS FROM OPERATING
ACTIVITIES: Net earnings (loss) $84.6 $(22.0) Adjustments to
reconcile net earnings (loss) to net cash flows provided by
operating activities: Depreciation and amortization 28.6 28.4
Provision for doubtful accounts 0.5 1.0 Non-cash employee benefit
plan contributions 2.9 2.3 Loss on disposal of property and
equipment 1.0 -- Loss on debt extinguishment -- 8.8 Share-based
compensation expense 1.2 -- Deferred income taxes (51.9) -- Excess
tax benefits from share-based payments 28.0 -- Changes in operating
assets and liabilities, net of acquisitions (82.3) (18.2)
------------- ------------- Net cash flows provided by operating
activities 12.6 0.3 ------------- ------------- CASH FLOWS FROM
INVESTING ACTIVITIES: Capital expenditures (16.9) (14.5) Proceeds
from sale of property and equipment -- 0.5 Acquisitions, net of
cash acquired -- (12.5) Other, net 1.6 (0.3) -------------
------------- Net cash flows used in investing activities (15.3)
(26.8) ------------- ------------- CASH FLOWS FROM FINANCING
ACTIVITIES: Proceeds from issuance of stock, net of expenses 285.1
162.3 Payment of debt origination costs and repayment costs --
(6.3) Principal payments on long-term debt (0.9) (202.0)
------------- ------------- Net cash flows provided by (used in)
financing activities 284.2 (46.0) ------------- -------------
Effect of exchange rate changes on cash flows (1.8) 1.2
------------- ------------- Net increase (decrease) in cash and
cash equivalents 279.7 (71.3) Cash and cash equivalents at
beginning of year 76.3 147.6 ------------- ------------- Cash and
cash equivalents at end of year $356.0 $76.3 =============
============= *T -0- *T B/E Aerospace, Inc. RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES *T In the fourth quarter of 2005, the
company incurred a one time charge of $1.2 million related to the
accelerated vesting of employee stock options and $1.2 million of
costs related to lost sales, overtime, weekend costs and expedite
costs due to hurricane activity during the fourth quarter of 2005
(together, the "one time items"). In addition, in the fourth
quarter of 2005, the company accelerated the recognition of its
domestic deferred tax asset, resulting in a tax benefit of
approximately $51.9 million (the "tax benefit"). The deferred tax
asset was recorded as a result of the company's improving financial
performance and outlook as well as the expected $20 million
reduction in interest expense arising from the January 2006
redemption of $250 million of the company's 8% senior subordinated
notes. This release includes (i) operating earnings and operating
margin adjusted to exclude the one time items, (ii) net earnings
and net earnings per diluted share adjusted to exclude the tax
benefit, and (iii) net earnings and net earnings per diluted share
adjusted to exclude the tax benefit and the one time items. These
financial measures are all non-GAAP financial measures as defined
by the Securities and Exchange Commission in Regulation G. We use
each of the aforementioned financial measures to evaluate our
operating earnings, operating margin, net earnings, and net
earnings per diluted share as compared to prior periods and to
assess trends in the operational strength and performance of our
business. We believe these financial measures are relevant and
useful for investors because they allow investors to have a better
understanding of our operating performance and makes it easier to
compare our operating performance to our operating performance in
prior periods that were not affected by the one time items and the
tax benefit. These financial measures should not be viewed as a
substitute for or superior to operating earnings, operating margin,
net earnings or net earnings per diluted share or other data
prepared in accordance with GAAP as a measure of our operating
performance. The financial measures are not prepared using GAAP.
Pursuant to the requirements of Regulation G, we provide the
following table which reconciles adjusted operating earnings,
operating margin, net earnings, and net earnings per diluted share
to the most directly comparable GAAP measure. -0- *T Quarter Year
(In millions, except per share data) ended ended
--------------------------- December 31, 2005
--------------------------- Operating earnings as reported $24.2
$93.6 Operating margin as reported (1) 10.9% 11.1% Costs associated
with accelerated vesting of employee stock options 1.2 1.2
Hurricane-related costs 1.2 1.2 ------------- -------------
Operating earnings as adjusted $26.6 $96.0 =============
============= Operating margin as adjusted 11.9% 11.4% Net earnings
as reported $62.1 $84.6 Less tax benefit associated with
recognition of domestic deferred tax asset (51.9) (51.9)
------------- ------------- Net earnings as adjusted for tax
benefit $10.2 $32.7 ============= ============= Net earnings per
diluted share as adjusted for tax benefit $0.16 $0.54 =============
============= Net earnings as reported $62.1 $84.6 Less tax benefit
associated with recognition of domestic deferred tax asset (51.9)
(51.9) Costs associated with accelerated vesting of employee stock
options 1.2 1.2 Hurricane-related costs 1.2 1.2 Income tax expense
related to one time items (0.7) (0.7) ------------- -------------
Net earnings adjusted for tax benefit and one time items $11.9
$34.4 ============= ============= Net earnings per diluted share
adjusted for tax benefit and one time items $0.18 $0.57
============= ============= (1) Operating margin is operating
earnings as a percentage of net sales *T
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