B/E Aerospace, Inc. (Nasdaq:BEAV), the world’s leading
manufacturer of aircraft cabin interior products and the world’s
leading distributor of aerospace fasteners and consumables, today
announced second quarter 2009 financial results.
SECOND QUARTER
HIGHLIGHTS
- 2009 second quarter revenues of
$474.8 million declined 30.1 percent as compared with second
quarter 2008 proforma revenues. Proforma second quarter 2008
results include the results of the acquired Honeywell Consumables
Solutions distribution business (HCS), as if the acquisition had
occurred on January 1, 2008.
- 2009 second quarter adjusted
operating earnings were $79.9 million. Adjusted operating earnings
exclude $6.0 million of acquisition, integration and transition
(AIT) costs related to the HCS acquisition. Adjusted operating
earnings declined by 25.2 percent as compared with second quarter
2008 proforma operating earnings of $106.8 million. Second quarter
2009 adjusted operating margin of 16.8 percent expanded 110 basis
points as compared with proforma operating margin in the prior year
period.
- 2009 second quarter net earnings
were $34.7 million or $0.35 per diluted share. Adjusted net
earnings, which exclude AIT costs, were $38.7 million or $0.39 per
diluted share.
- 2009 second quarter free cash
flow of $28.5 million represented a free cash flow conversion rate
of 82.1 percent of net earnings.
SECOND QUARTER CONSOLIDATED
RESULTS
Revenues for the second quarter of $474.8 million declined by
$204.8 million, or 30.1 percent, as compared with proforma revenues
of $679.6 million in the second quarter of the prior year. The
$204.8 million decrease in consolidated revenues was the result of
an $84.4 million, or 30.0 percent, decrease in revenues at the
consumables management segment, a $102.3 million, or 31.4 percent,
decrease in revenues at the commercial aircraft segment, and an
$18.1 million, or 25.0 percent, decrease in revenues at the
business jet segment.
2009 second quarter adjusted operating earnings and adjusted
operating margin, which exclude $6.0 million of AIT costs, were
$79.9 million and 16.8 percent, respectively, as compared with
second quarter 2008 proforma operating earnings and proforma
operating margin of $106.8 million and 15.7 percent, respectively.
Second quarter 2009 adjusted operating margin expanded 110 basis
points as compared with proforma operating margin in the prior year
period.
2009 second quarter net earnings were $34.7 million or $0.35 per
diluted share. Adjusted net earnings, which exclude AIT costs, were
$38.7 million or $0.39 per diluted share.
Commenting on the company’s recent performance, Amin J. Khoury,
Chairman and Chief Executive Officer of B/E Aerospace, Inc. said,
“As reported earlier, airlines, MRO’s and aerospace manufacturers
have implemented stringent cash conservation measures, including
retrofit program pushouts, aircraft refurbishment deferrals and
inventory destocking, all of which caused the 30 percent decline in
B/E Aerospace revenues during the quarter. Despite the difficult
operating conditions, we generated quarterly earnings of $0.35 per
share, were able to maintain healthy operating margins, and
generated free cash flow of $28.5 million during the quarter
resulting in a free cash flow conversion rate of approximately 82
percent.”
Amounts presented in this earnings release on a proforma basis
have been calculated as if the HCS acquisition had occurred on
January 1, 2008. See the table in “Second Quarter Segment Results”
and “Six-Month Segment Results” for a presentation of the actual
and proforma amounts for the second quarter of 2008 and for the
first six months of 2008. Additionally, adjusted operating
earnings, adjusted operating margin, adjusted net earnings,
adjusted net earnings per diluted share, free cash flow and free
cash flow conversion rate are non-GAAP financial measures. For more
information see "Reconciliation of Non-GAAP Financial
Measures."
References to “AIT costs” in this news release refer to the
acquisition, integration and transition expenses related to the
integration of the HCS business with the company’s consumables
management segment.
SECOND QUARTER SEGMENT
RESULTS
The following is a tabular summary and commentary of net sales
and operating earnings by segment on an as reported and proforma
basis:
NET SALES Three Months Ended June 30, ($ in
millions) 2009 2008 2008
% Change As Reported Proforma
Proforma Consumables Management $ 196.6 $ 123.6 $ 281.0
-30.0 % Commercial Aircraft 223.9 326.2 326.2 -31.4 % Business Jet
54.3 72.4 72.4 -25.0 % Total $ 474.8 $ 522.2 $
679.6 -30.1 %
OPERATING EARNINGS Three Months
Ended June 30, ($ in millions) 2009 2008
2008 % Change As Reported
Proforma Proforma Consumables Management $ 35.8 $
31.6 $ 54.1 -33.8 % Commercial Aircraft 31.6 43.6 43.6 -27.5 %
Business Jet 6.5 9.1 9.1 -28.6 % Total $ 73.9
$ 84.3 $ 106.8 -30.8 %
Consumables management segment revenues were $196.6 million or
30.0 percent lower than second quarter 2008 proforma revenues of
$281.0 million. The significant decline in consumables management
segment revenues in the current period was due to a global
destocking of consumables by airlines, MROs, and aerospace
manufacturers. Consumables management segment operating earnings,
which include $6.0 million of AIT costs, were $35.8 million. Second
quarter 2009 adjusted operating earnings, which exclude AIT costs,
were $41.8 million or 21.3 percent of sales as compared with second
quarter 2008 proforma operating earnings of $54.1 million or 19.3
percent of sales. Second quarter 2009 adjusted operating margin
expanded 200 basis points as compared with proforma operating
margin in the prior year period, primarily due to lower margins in
the HCS business in the prior year period, more efficient
purchasing in the current period and initial synergies arising from
the HCS acquisition.
Commercial aircraft segment revenues of $223.9 million decreased
31.4 percent reflecting retrofit program push outs, refurbishment
deferrals and lower spares revenues. Second quarter 2009 operating
earnings were $31.6 million or 14.1 percent of sales, as compared
with second quarter 2008 operating earnings of $43.6 million or
13.4 percent of sales. Second quarter operating margin increased by
70 basis points as compared with the same period in the prior year,
reflecting successful cost reduction activities and improved
manufacturing efficiencies.
Business jet segment second quarter revenues of $54.3 million
decreased by $18.1 million, or 25.0 percent, and operating earnings
decreased by $2.6 million, or 28.6 percent, reflecting the slow
down in both business jet deliveries and Super First Class products
demand.
SIX-MONTH CONSOLIDATED
RESULTS
For the six months ended June 30, 2009, revenues of $998.5
million declined $301.7 million, or 23.2 percent, as compared with
proforma revenues in the same period in the prior year.
Adjusted operating earnings, which exclude $9.7 million of AIT
costs, were $164.3 million or 16.5 percent of sales, and declined
by $35.5 million, or 17.8 percent, as compared with proforma
operating earnings in the same period in the prior year. First half
2009 adjusted operating margin expanded 110 basis points as
compared with proforma operating margin in the prior year
period.
For the six months ended June 30, 2009, net earnings were $72.6
million or $0.73 per diluted share.
SIX-MONTH SEGMENT
RESULTS
The following is a tabular summary and commentary of net sales
and operating earnings by segment on an as reported and proforma
basis:
NET SALES Six Months Ended June 30, ($ in
millions) 2009 2008 2008
% Change As Reported Proforma
Proforma Consumables Management $ 436.0 $ 245.6 $ 550.4
-20.8 % Commercial Aircraft 449.8 604.7 604.7 -25.6 % Business Jet
112.7 145.1 145.1 -22.3 % Total $ 998.5 $
995.4 $ 1,300.2 -23.2 %
OPERATING EARNINGS Six
Months Ended June 30, ($ in millions) 2009
2008 2008 % Change As Reported
Proforma Proforma Consumables Management $ 83.2 $
66.9 $ 105.0 -20.8 % Commercial Aircraft 60.1 75.1 75.1 -20.0 %
Business Jet 11.3 19.7 19.7 -42.6 % Total $
154.6 $ 161.7 $ 199.8 -22.6 %
For the six months ended June 30, 2009, consumables management
segment revenues of $436.0 million were 20.8 percent lower than
first half 2008 proforma revenues of $550.4 million. The
significant decline in consumables management segment revenues in
the current period was due to a global destocking of consumables by
airlines, MROs and aerospace manufacturers. Consumables management
segment operating earnings were $83.2 million. First half 2009
adjusted operating earnings, which exclude $9.7 million of AIT
costs, were $92.9 million or 21.3 percent of sales as compared with
first half 2008 proforma operating earnings of $105.0 million or
19.1 percent of sales. First half 2009 adjusted operating margin
expanded 220 basis points as compared with proforma operating
margin in the prior year period primarily due to lower margins in
the HCS business in the prior year period, more efficient
purchasing in the current period and initial synergies arising from
the HCS acquisition.
For the six months ended June 30, 2009, commercial aircraft
segment revenues of $449.8 million decreased 25.6 percent
reflecting retrofit program push outs, refurbishment deferrals and
lower spares revenues. First half 2009 operating earnings were
$60.1 million or 13.4 percent of sales. Operating margin increased
by 100 basis points as compared with the same period in the prior
year, reflecting successful cost reduction activities and improved
manufacturing efficiencies.
For the six months ended June 30, 2009, business jet segment
revenues of $112.7 million decreased by $32.4 million, or 22.3
percent, and operating earnings decreased by $8.4 million, or 42.6
percent, reflecting the negative effect of reduced operating
leverage and a lower level of business jet product revenues as
compared with the prior year period.
LIQUIDITY AND BALANCE SHEET
METRICS
For the second quarter the company generated free cash flow of
$28.5 million as a result of cash flow provided by operating
activities of $34.0 million less capital expenditures of $5.5
million. The free cash flow conversion rate was 82.1 percent.
As of June 30, 2009, cash and cash equivalents were $146.4
million, an increase of $31.1 million as compared with the end of
the first quarter of 2009. Net debt was $973.6 million, which
represents total debt of $1,120.0 million less cash and cash
equivalents of $146.4 million. The company’s net
debt-to-net-capital ratio was 41.6 percent. Working capital as of
June 30, 2009 was $1,253.7 million, an increase of $80.0 million as
compared with working capital as of December 31, 2008. There were
no borrowings outstanding on the company’s $350 million revolving
credit facility and the company has no debt maturities until
2014.
BOOKINGS AND
ORDERS
Bookings during the second quarter of 2009 were approximately
$400 million, a book-to-bill ratio of approximately 0.85 to 1.
Backlog at the end of the quarter was approximately $2.75 billion,
an increase of approximately 15 percent as compared with the
company’s June 30, 2008 backlog.
Mr. Khoury commented, “The recession continues to discourage
high-yield business traffic, forcing carriers to discount heavily
to fill planes with leisure travelers. June passenger revenue was
down 26 percent on 7 percent fewer passengers paying nearly 21
percent less per ticket than a year earlier, according to the Air
Transport Association trade group. In addition to lower demand for
air travel, oil prices have remained volatile and have increased
significantly during the second quarter. Lower demand for air
travel, a disproportionate reduction in premium travel, and rising
oil prices have negatively impacted our global airline customers’
yields. These conditions will likely continue to impede bookings
activity during 2009.”
Mr. Khoury continued, “While the near-term prospects for major
new-buy or retrofit programs appears to be at trough levels, we are
pleased with the success of our strategic “OEM direct”, or supplier
furnished equipment (SFE) focus. During the second quarter, we
announced that Boeing selected the B/E Aerospace digital
light-emitting-diode (LED) lighting system for the new Boeing "Sky
Interior" for the B737. This B/E Aerospace SFE system will become
standard equipment on all B737 aircraft beginning in the second
half of 2010. In addition, our technologically advanced vacuum
waste systems have been selected by a number of major business jet
manufacturers for four next generation aircraft platforms. These
successes as well as awards for our next generation galley systems
for the A350 XWB, our patented passenger oxygen system for the A350
XWB, and our oxygen/PSU award for the B787 substantially increase
our revenue content per aircraft on these important new aircraft
types. The value of the long-term unbooked SFE program awards,
which we have won, totals over $2.3 billion. Our backlog of $2.75
billion along with unbooked SFE awards is in excess of $5 billion.
As we deliver products from our $5 billion plus backlog (booked and
unbooked), we expect to substantially add to our current $7.3
billion installed base, which in turn should facilitate growth in
our spares business over time.”
OUTLOOK
Commenting on the company’s outlook, Mr. Khoury stated, “Current
global economic conditions have depressed global air travel and
resulted in lower yields for the airline industry; however, we are
beginning to see some signs of stabilization in our markets, albeit
at a much lower level. While it appears that inventory destocking
has run its course in North America, this is not the case in
Europe, Asia and the Middle East which we believe still have
approximately one quarter to go before their excess stocks will
have been depleted. Overall demand for spares and consumables is
expected to improve during 2010.”
“Despite the current environment we believe that we have
positioned the company well for the downturn. We have responded
quickly and decisively to reduce our cost structure and we continue
to expect to be able to maintain operating margins, driven by the
consumables management and commercial aircraft segments. Our
balance sheet is healthy and we have no debt maturities until
2014.”
“We believe that our strategic business decision to alter our
business mix so that more than half of our business is related to
consumables and spares demand, along with our strategic focus on
SFE programs will have a profound impact on our business in the
future. We continue to believe that 2009 will be the trough year
for B/E Aerospace bookings, backlog and earnings. We further expect
order rates for consumables and commercial aircraft spares to
improve during 2010. Between now and the end of 2010, we expect a
strengthening in orders and an expansion of our backlog due to the
conversion of SFE program awards, which we have already won, to
purchase orders. In addition, a number of airlines are in the
process of final selections for their cabin interiors for their
new-buy aircraft, including B787, B777 and A330. These orders,
along with an expected improvement in retrofit awards consistent
with the pickup in retrofit request for proposal activity, are
expected to drive revenue growth in 2011 and beyond,” concluded Mr.
Khoury.
The company’s financial guidance is as follows:
- 2009 revenues are expected to be
approximately $1.9 billion.
- 2009 net earnings per diluted
share are expected to be approximately $1.40 per diluted
share.
- The company expects a
book-to-bill ratio below one and a decrease in backlog during 2009,
but expects an expansion in orders and backlog beginning in 2010
due to an expected improvement in demand for consumables and
spares, the conversion of unbooked SFE awards to bookings and
expected new retrofit orders.
- The company expects quarterly
revenues and earnings to remain approximately flat for the balance
of 2009.
- The company expects to continue
to generate positive free cash flow for the balance of the year,
and to end the year with approximately $200 million of cash. The
company plans to use approximately $100 million of this amount for
debt reduction.
- Revenues are expected to be
approximately 5 percent lower in 2010 than in 2009, primarily due
to the lower level of bookings in 2009, a further significant
deterioration in the business jet segment in 2010 and a lower level
of new commercial aircraft deliveries in 2010. The company,
nevertheless, currently expects approximately flat 2010 earnings
per diluted share on the lower sales due to improved margins.
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 include, but are not limited to, B/E Aerospace’s
financial guidance and industry expectations for the next several
years and the expected benefits from the HCS acquisition. Such
forward-looking statements involve risks and uncertainties. B/E
Aerospace’s actual experience and results may differ materially
from the experience and results anticipated in such statements.
Factors that might cause such a difference include changes in
market and industry conditions and those discussed in B/E
Aerospace’s filings with the Securities and Exchange Commission,
which include its Proxy Statement, Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. For
more information, see the section entitled “Forward-Looking
Statements” contained in B/E Aerospace’s Annual Report on 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
intend 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 the world’s leading
distributor of aerospace fasteners and consumables. B/E Aerospace
designs, develops and manufactures a broad range of products for
both commercial aircraft and business jets. B/E Aerospace
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 approximately
50 percent of sales. B/E Aerospace sells and supports its products
through its own global direct sales and product support
organization. For more information, visit the B/E Aerospace, Inc.
website at www.beaerospace.com.
BE AEROSPACE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS (UNAUDITED)
(In Millions, Except Per Share
Data)
THREE MONTHS ENDED June 30, June 30,
2009 2008 Net sales $
474.8 $ 522.2 Cost of sales 309.5 342.4 Selling, general and
administrative 68.1 61.7 Research, development and engineering
23.3 33.8 Operating earnings 73.9 84.3
Operating margin 15.6 % 16.1 % Interest expense, net 22.5
2.3 Earnings before income taxes 51.4 82.0
Income tax expense 16.7 28.1
Net
Earnings $ 34.7 $ 53.9
Net Earnings per
Common Share Basic $ 0.35 $ 0.59 Diluted $ 0.35
$ 0.59 Common shares: Basic weighted average 98.3
91.6 Diluted weighted average 99.1 92.1
BE AEROSPACE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS (UNAUDITED)
(In Millions, Except Per Share
Data)
SIX MONTHS ENDED June 30, June
30, 2009 2008 Net
sales $ 998.5 $ 995.4 Cost of sales 656.5 646.5 Selling, general
and administrative 140.1 118.0 Research, development and
engineering 47.3 69.2 Operating
earnings 154.6 161.7 Operating margin 15.5 % 16.2 % Interest
expense, net 45.0 5.1 Earnings before
income taxes 109.6 156.6 Income tax expense 37.0
54.2
Net Earnings $ 72.6 $ 102.4
Net Earnings per Common Share Basic $ 0.74 $
1.12 Diluted $ 0.73 $ 1.11 Common shares:
Basic weighted average 98.3 91.6 Diluted weighted average 98.9 92.0
BE AEROSPACE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(In Millions)
June 30, December 31, 2009
2008 ASSETS Current assets: Cash
and cash equivalents $ 146.4 $ 168.1 Accounts receivable, net 251.3
271.4 Inventories, net 1,305.4 1,197.0 Deferred income taxes 3.7
22.1 Other current assets 14.7 24.8 Total current
assets 1,721.5 1,683.4 Long-term assets 1,260.7
1,246.7 $ 2,982.2 $ 2,930.1
LIABILITIES AND STOCKHOLDERS’
EQUITY Total current liabilities $ 467.8 $ 509.7
Long-term liabilities 1,149.0 1,153.9 Total stockholders' equity
1,365.4 1,266.5 $ 2,982.2 $ 2,930.1
BE AEROSPACE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Millions)
SIX MONTHS ENDED June 30, June
30, 2009 2008 CASH
FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 72.6 $ 102.4
Adjustments to reconcile net earnings to net cash flows (used in)
provided by operating activities: Depreciation and
amortization 24.1 18.0 Provision for doubtful accounts 0.6 0.8
Non-cash compensation 11.5 7.2 Loss on disposal of property and
equipment 1.8 -- Deferred income taxes 26.4 49.4 Changes in
operating assets and liabilities: Accounts receivable 24.3 (78.1 )
Inventories (130.6 ) (94.6 ) Other current assets and other assets
20.9 (7.5 ) Payables, accruals and other liabilities (57.1 )
13.6 Net cash flows (used in) provided by operating
activities (5.5 ) 11.2
CASH FLOWS
FROM INVESTING ACTIVITIES: Capital expenditures
(15.5 ) (13.3 )
Other, net
(0.4 )
(0.1 ) Net cash flows used in investing
activities (15.9 ) (13.4 )
CASH FLOWS FROM
FINANCING ACTIVITIES: Proceeds from common stock issued 1.6 1.4
Principal payments on long-term debt (3.2 ) (0.3 ) Debt orgination
and prepayment costs -- (7.8 ) Borrowings on line of credit -- 40.0
Repayments on line of credit -- (40.0 ) Net
cash flows used in financing activities (1.6 ) (6.7 )
Effect of foreign exchange rate changes on cash and cash
equivalents 1.3 2.3
Net
decrease in cash and cash equivalents (21.7 ) 6.6
Cash and cash equivalents, beginning of period 168.1
81.6
Cash and cash equivalents, end
of period $ 146.4 $ 75.0
B/E Aerospace, Inc.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
This release includes the financial measures “adjusted operating
earnings” and “adjusted operating margin” on a consolidated basis
and for the consumables management segment, “adjusted net earnings”
and “adjusted net earnings per diluted share,” which are “non-GAAP
financial measures” as defined in Regulation G of the Securities
and Exchange Act of 1934. We define “adjusted operating earnings”
as operating earnings reported under GAAP less acquisition,
integration and transition (AIT) costs related to our acquisition
of Honeywell’s Consumables Solutions distribution business (HCS).
We define “adjusted operating earnings,” “adjusted net earnings”
and “adjusted net earnings per diluted share” as operating
earnings, net earnings and net earnings per diluted share,
respectively, reported under GAAP less AIT costs. We define
“adjusted operating margin” as the ratio of adjusted operating
earnings to net sales, expressed as a percentage. The company
incurred $6.0 million and $9.7 million of AIT costs relating to the
HCS acquisition in the second quarter of 2009 and for the first six
months of 2009, respectfully.
We use adjusted net earnings, adjusted net earnings per diluted
share and adjusted operating earnings to evaluate and assess the
operational strength and performance of our business. We believe
these financial measures are relevant and useful for investors
because it allows investors to have a better understanding of the
company’s operating performance that were not affected by the
acquisition, integration and transition costs associated with the
HCS acquisition. These financial measures should not be viewed as a
substitute for, or superior to, net earnings per diluted share or
operating earnings, both on a consolidated and on a segment basis,
the most comparable GAAP measures, as a measure of the company’s
operating performance.
In addition, this release includes the financial measure "free
cash flow," which is also a non-GAAP financial measure. We define
"free cash flow" as net cash flows provided by operating activities
less capital expenditures. We use free cash flow to provide
investors with an additional perspective on the company's cash
flows provided by operating activities after taking into account
reinvestments. Free cash flow does not take into account debt
service requirements and therefore does not reflect an amount
available for discretionary purposes. This release also includes
the financial measure “free cash flow conversion rate”, which we
define as our free cash flow expressed as a percentage of net
earnings. We use free cash flow conversion rate to provide
investors with a measurement of our ability to convert our earnings
into free cash flow.
Pursuant to the requirements of Regulation G, the company is
providing the following tables which reconcile (i) net earnings and
net earnings per diluted share, the most directly comparable GAAP
measures, to adjusted net earnings and adjusted net earnings per
fully diluted share, respectively, (ii) consolidated and
consumables management segment operating earnings, the most
directly comparable GAAP measure, to adjusted operating earnings on
consolidated basis and on a consumables management segment basis
and (iii) net cash flow provided by operating activities, the most
directly comparable GAAP measure, to free cash flow.
RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS
(In Millions, Except Per Share Data) Three Months
Ended Six Months Ended June 30, June
30, 2009 2009 Net
earnings, as reported $ 34.7 $ 72.6 Acquisition, integration and
transition costs 6.0 9.7 Income taxes on acquisition, integration
and transition costs (2.0 ) (3.3 ) (32.5% & 33.8% effective tax
rate for three & six months, respectfully)
Adjusted net earnings $ 38.7 $ 79.0 Adjusted
net earnings per diluted share $ 0.39 $ 0.80
Net earnings per diluted share, as reported $ 0.35 $ 0.73
RECONCILIATION OF OPERATING EARNINGS TO ADJUSTED
OPERATING EARNINGS (In Millions) Three Months
Ended Six Months Ended June 30, June
30, 2009 2009 Operating
earnings, as reported $ 73.9 $ 154.6 Acquisition, integration and
transition costs 6.0 9.7 Adjusted operating
earnings $ 79.9 $ 164.3
RECONCILIATION OF
CONSUMABLES MANAGEMENT SEGMENT OPERATING EARNINGS TO
ADJUSTED OPERATING EARNINGS (In Millions) Three
Months Ended Six Months Ended June 30, June
30, 2009 2009 Operating
earnings, as reported $ 35.8 $ 83.2 Acquisition, integration and
transition costs 6.0 9.7 Adjusted operating
earnings $ 41.8 $ 92.9
RECONCILIATION OF
NET CASH FLOW FROM OPERATIONS TO FREE CASH FLOW (In
Millions) Three Months Ended June 30,
2009 Net cash flow provided by operating actives $
34.0 Less: capital expenditures (5.5 ) Free cash flow $ 28.5
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