Access the earnings teleconference today at 10:00 a.m. EDT by
calling (719) 325-4783 and entering passcode 1115514, or listen on
the Web at:
www.airproducts.com/Invest/financialnews/Earnings_Releases/Teleconference.htm.
LEHIGH VALLEY, Pa., July 23 /PRNewswire-FirstCall/ -- Air Products
(NYSE:APD) today reported net income of $70 million, or diluted
earnings per share (EPS) of $0.32, for its fiscal third quarter
ended June 30, 2008. These results include an impairment charge for
its U.S. Healthcare business of $237 million after-tax, or $1.09
per share, and income from discontinued operations of $19 million
after-tax, or $0.09 per share, principally from the company's sale
of its remaining polymer emulsions assets. Excluding these items,
income from continuing operations of $288 million increased 16
percent and diluted EPS of $1.32 increased 18 percent over the
prior year. Third quarter revenues of $2,808 million were up 16
percent from the prior year on higher volumes in the Merchant Gases
and Electronics and Performance Materials segments, higher pricing
in Merchant Gases, favorable currency, and higher natural gas cost
pass through. Excluding the U.S. Healthcare impairment charge,
operating income of $382 million increased nine percent versus the
prior year. In addition, higher equity affiliate income contributed
to the quarter's results, with continued growth and operating
performance in a number of countries. John McGlade, chairman,
president and chief executive officer, said, "Our businesses again
delivered strong growth in a challenging economic environment. Our
consistent operating performance reflects the actions we have taken
to transform Air Products into a higher growth and less cyclical
company under any economic scenario. We also announced two major
orders in Tonnage Gases, completed the sale of our remaining
polymer emulsions assets and, as we announced yesterday, are moving
forward with the decision to sell our U.S. Healthcare business."
Third Quarter Segment Performance -- Merchant Gases sales of $973
million were up 19 percent. Operating income of $177 million
increased 20 percent over the prior year on improved volumes across
all regions, continued strong pricing in North America, and
favorable currency impacts. -- Tonnage Gases sales of $976 million
were up 26 percent on higher natural gas price pass through.
Operating income of $126 million increased four percent over the
prior year due to improved plant efficiencies. -- Electronics and
Performance Materials sales of $580 million were up nine percent,
and operating income of $70 million increased 13 percent over the
prior year on higher volumes. Electronics sales were driven by
higher specialty materials and tonnage volumes, while Performance
Materials volume gains were driven by growth in Asia and higher
prices. -- Equipment and Energy sales of $107 million declined 20
percent, and operating income of $4 million decreased significantly
from the prior year, reflecting the expected lower liquefied
natural gas heat exchanger activity. -- Healthcare sales of $172
million were up nine percent, and excluding the impairment charge,
operating income of $13 million increased over the prior year,
driven by favorable currency and continued volume growth and good
cost performance in Europe. Outlook McGlade said, "We expect to
continue to benefit from our very strong new business signings and
the geographic diversity of our markets and portfolio of
businesses. We are not, however, relying on growth and pricing
alone. We will continue to focus relentlessly on driving
productivity and reducing costs." The company currently anticipates
fiscal fourth quarter EPS from continuing operations in the range
of $1.37 to $1.42 per share, or 19 to 23 percent year-on-year
earnings growth. Air Products (NYSE:APD) serves customers in
industrial, energy, technology and healthcare markets worldwide
with a unique portfolio of atmospheric gases, process and specialty
gases, performance materials, and equipment and services. Founded
in 1940, Air Products has built leading positions in key growth
markets such as semiconductor materials, refinery hydrogen, home
healthcare services, natural gas liquefaction, and advanced
coatings and adhesives. The company is recognized for its
innovative culture, operational excellence and commitment to safety
and the environment. Air Products has annual revenues of $10
billion, operations in over 40 countries, and 22,000 employees
around the globe. For more information, visit
http://www.airproducts.com/. NOTE: This document contains
"forward-looking statements" within the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management's reasonable
expectations and assumptions as of the date of this document
regarding important risk factors. Actual performance and financial
results may differ materially from projections and estimates
expressed in the forward-looking statements because of many
factors, including, without limitation, overall economic and
business conditions different than those currently anticipated;
future financial and operating performance of major customers and
industries served by the Company; the impact of competitive
products and pricing; interruption in ordinary sources of supply of
raw materials; the ability to recover unanticipated increased
energy and raw material costs from customers; costs and outcomes of
litigation or regulatory activities; consequences of acts of war or
terrorism impacting the United States' and other markets; the
effects of a pandemic or a natural disaster; the ability to
attract, hire and retain qualified personnel in all regions of the
world where the company operates; charges related to portfolio
management, goodwill recoverability, business restructuring and
cost reduction actions; the success of implementing cost reduction
programs; the timing, impact, and other uncertainties of future
acquisitions or divestitures; unanticipated contract terminations
or customer cancellation or postponement of projects or sales;
significant fluctuations in interest rates and foreign currencies
from that currently anticipated; the continued availability of
capital funding sources in all of the company's foreign operations;
the impact of new or changed environmental, healthcare, tax or
other legislation and regulations in jurisdictions in which the
Company and its affiliates operate; the impact of new or changed
financial accounting standards; and the timing and rate at which
tax credits can be utilized. The Company disclaims any obligation
or undertaking to disseminate any updates or revisions to any
forward-looking statements contained in this document to reflect
any change in the Company's assumptions, beliefs or expectations or
any change in events, conditions or circumstances upon which any
such forward-looking statements are based. *The presentation of
non-GAAP measures is intended to enhance the usefulness of
financial information by providing measures which the Company's
management uses internally to evaluate the Company's baseline
performance. Presented below is a reconciliation of reported GAAP
results to non-GAAP measures. Continuing Operations Q3 Q3 Q3 Q4
Operating Income Diluted Diluted Income EPS EPS 2008 GAAP $67.6
$50.8 $.23 2007 GAAP 352.4 275.5 1.24 % Change GAAP (81%) (82%)
(81%) 2008 GAAP $67.6 $50.8 $.23 U.S. Healthcare impairment 314.8
237.0 1.09 2008 Non-GAAP Measure $382.4 $287.8 $1.32 2007 GAAP
$352.4 $275.5 $1.24 $1.30 Gain on contract settlement -- -- --
(.11) Global cost reduction plan -- -- -- .04 Pension settlement --
-- -- .03 Donation/sale of cost investment -- -- -- (.09) Tax audit
settlements/adjustments -- (27.5) (.12) (.05) U.S. Healthcare
results (a) -- -- -- .03 2007 Non-GAAP Measure $352.4 $248.0 $1.12
$1.15 % Change Non-GAAP Measure 9% 16% 18% 2008 Forecast
$1.37-$1.42 2007 GAAP $1.30 % Change GAAP 5%-9% 2008 Forecast
$1.37-$1.42 2007 Non-GAAP $1.15 % Change Non-GAAP 19%-23%
HEALTHCARE 2008 GAAP $(301.7) U.S. Healthcare impairment 314.8 2008
Non-GAAP Measure $13.1 (a) The U.S. Healthcare business will be
reported as a discontinued operation beginning in the fourth
quarter of 2008. AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED INCOME STATEMENTS (Unaudited) (Millions of dollars,
except for share data) Three Months Ended Nine Months Ended 30 June
30 June 2008 2007 2008 2007 SALES $2,808.0 $2,416.2 $7,886.9
$6,982.0 COSTS AND EXPENSES Cost of sales 2,073.0 1,749.5 5,765.3
5,075.1 Selling and administrative 320.7 295.0 929.3 854.0 Research
and development 33.1 33.0 97.7 97.4 U.S. Healthcare impairment
314.8 -- 314.8 -- Pension settlement 1.0 -- 28.7 -- Other (income)
expense, net (2.2) (13.7) (26.7) (22.9) OPERATING INCOME 67.6 352.4
777.8 978.4 Equity affiliates' income 46.5 29.5 114.2 84.3 Interest
expense 39.6 44.2 119.7 120.6 INCOME FROM CONTINUING OPERATIONS
BEFORE TAXES AND MINORITY INTEREST 74.5 337.7 772.3 942.1 Income
tax provision 16.1 57.1 193.2 214.2 Minority interest in earnings
of subsidiary companies 7.6 5.1 18.2 14.6 INCOME FROM CONTINUING
OPERATIONS 50.8 275.5 560.9 713.3 INCOME FROM DISCONTINUED
OPERATIONS, net of tax 19.3 9.4 87.2 29.5 NET INCOME $70.1 $284.9
$648.1 $742.8 BASIC EARNINGS PER COMMON SHARE Income from
continuing operations $.24 $1.28 $2.64 $3.29 Income from
discontinued operations .09 .04 .41 .14 Net Income $.33 $1.32 $3.05
$3.43 DILUTED EARNINGS PER COMMON SHARE Income from continuing
operations $.23 $1.24 $2.55 $3.20 Income from discontinued
operations .09 .04 .40 .13 Net Income $0.32 $1.28 $2.95 $3.33
WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING (in millions) 211.2
216.1 212.8 216.4 WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING
ASSUMING DILUTION (in millions) 218.2 223.1 219.9 223.3 DIVIDENDS
DECLARED PER COMMON SHARE - Cash $.44 $.38 $1.26 $1.10 Other Data
from Continuing Operations: Capital Expenditures $276.3 $748.3
$808.2 $1,259.3 Depreciation and Amortization 226.6 195.2 668.7
582.1 AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (Millions of dollars) 30
June 30 September 2008 2007 ASSETS CURRENT ASSETS Cash and cash
items $126.2 $40.5 Trade receivables, less allowances for doubtful
accounts 1,826.7 1,578.5 Inventories and contracts in progress
715.3 746.2 Prepaid expenses 117.0 108.2 Other receivables and
current assets 333.4 240.1 Current assets of discontinued
operations 3.0 144.9 TOTAL CURRENT ASSETS 3,121.6 2,858.4
INVESTMENT IN NET ASSETS OF AND ADVANCES TO EQUITY AFFILIATES 865.0
778.1 PLANT AND EQUIPMENT, at cost 15,515.5 14,600.3 Less
accumulated depreciation 8,656.2 7,996.6 PLANT AND EQUIPMENT, net
6,859.3 6,603.7 GOODWILL 994.7 1,199.9 INTANGIBLE ASSETS, net 300.2
276.2 OTHER NONCURRENT ASSETS 935.1 638.6 NONCURRENT ASSETS OF
DISCONTINUED OPERATIONS -- 304.6 TOTAL ASSETS $13,075.9 $12,659.5
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Payables
and accrued liabilities $1,633.1 $1,550.9 Accrued income taxes
112.3 108.6 Short-term borrowings and current portion of long-term
debt 382.8 694.4 Current liabilities of discontinued operations .3
68.8 TOTAL CURRENT LIABILITIES 2,128.5 2,422.7 LONG-TERM DEBT
3,647.2 2,976.5 DEFERRED INCOME & OTHER NONCURRENT LIABILITIES
993.0 872.0 DEFERRED INCOME TAXES 623.0 705.6 NONCURRENT
LIABILITIES OF DISCONTINUED OPERATIONS -- 9.8 TOTAL LIABILITIES
7,391.7 6,986.6 Minority interest in subsidiary companies 115.5
92.9 Minority interest of discontinued operations -- 84.4 TOTAL
MINORITY INTEREST 115.5 177.3 TOTAL SHAREHOLDERS' EQUITY 5,568.7
5,495.6 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $13,075.9
$12,659.5 AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of
dollars) Nine Months Ended 30 June 2008 2007 OPERATING ACTIVITIES
FROM CONTINUING OPERATIONS Net income $648.1 $742.8 Income from
discontinued operations, net of tax (87.2) (29.5) Income from
continuing operations 560.9 713.3 Adjustments to reconcile income
to cash provided by operating activities: U.S. Healthcare
impairment 314.8 -- Depreciation and amortization 668.7 582.1
Deferred income taxes (69.6) (6.5) Undistributed earnings of
unconsolidated affiliates (59.6) (48.1) Gain on sale of assets and
investments (.2) (5.6) Share-based compensation 47.1 49.2
Noncurrent capital lease receivables (160.5) (46.4) Pension and
other postretirement costs 110.8 103.2 Other 29.8 (5.1) Working
capital changes that provided (used) cash, excluding effects of
acquisitions and divestitures: Trade receivables (200.6) (102.5)
Inventories (39.4) (16.2) Contracts in progress 84.8 (29.3) Prepaid
expenses (7.8) (83.2) Payables and accrued liabilities (74.5)
(264.5) Other (98.0) (30.5) CASH PROVIDED BY OPERATING ACTIVITIES
(a) 1,106.7 809.9 INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
Additions to plant and equipment (b) (802.5) (730.5) Acquisitions,
less cash acquired (3.1) (527.1) Investment in and advances to
unconsolidated affiliates (1.8) (.4) Proceeds from sale of assets
and investments 18.8 45.2 Proceeds from insurance settlements --
14.9 Change in restricted cash (135.6) -- Other -- (4.7) CASH USED
FOR INVESTING ACTIVITIES (924.2) (1,202.6) FINANCING ACTIVITIES
FROM CONTINUING OPERATIONS Long-term debt proceeds 480.7 503.3
Payments on long-term debt (97.8) (67.0) Net (decrease) increase in
commercial paper and short-term borrowings (236.0) 389.4 Dividends
paid to shareholders (256.1) (229.9) Purchase of Treasury Stock
(560.2) (380.9) Proceeds from stock option exercises 80.9 145.4
Excess tax benefit from share-based compensation/other 50.3 34.7
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (538.2) 395.0
DISCONTINUED OPERATIONS Cash provided by (used for) operating
activities 22.8 (1.1) Cash provided by (used for) investing
activities 413.5 (13.0) Cash provided by financing activities --
8.4 CASH PROVIDED BY (USED FOR) DISCONTINUED OPERATIONS 436.3 (5.7)
Effect of Exchange Rate Changes on Cash 5.1 2.3 Increase (decrease)
in Cash and Cash Items 85.7 (1.1) Cash and Cash Items - Beginning
of Year 40.5 31.0 Cash and Cash Items - End of Period $126.2 $29.9
(a) Pension plan contributions were $123.0 $273.3 (b) Excludes
capital lease additions of .8 1.3 AIR PRODUCTS AND CHEMICALS, INC.
and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited) (Millions of dollars) 1. U.S. HEALTHCARE IMPAIRMENT For
the third quarter 2008, the Company performed an impairment
analysis and recorded a charge of $314.8 ($237.0 after-tax, or
$1.09 per share) related to its U.S. Healthcare business. The
charge relates to the impairment of goodwill for $294.3, intangible
assets for $11.7, plant and equipment for $7.8, and other assets
for $1.0. The impairment reduces the carrying amount of the U.S.
Healthcare reporting unit goodwill and intangible assets to zero.
The impairment charge will not result in cash disbursement. In
2007, the Company implemented several changes to improve
performance, including management changes, product and service
offering simplification, and other measures. However, market and
competitive conditions have been more challenging than anticipated
and financial results have not met expectations. In response to the
disappointing financial results, during the third quarter
management conducted an evaluation of the strategic alternatives
for the business. In accordance with FASB Statement No. 142,
"Goodwill and Other Intangible Assets" (SFAS No. 142), and FASB
Statement No. 144, "Accounting for the Impairment or Disposal of
Long-Lived Assets" (SFAS No. 144), the Company determined an
interim test for impairment was required for its U.S. Healthcare
reporting unit during the third quarter of 2008, based on the
combination of events described above. The Company reforecast its
cashflows and utilized the expected present value of the future
cash flows to calculate fair value of the U.S. Healthcare reporting
unit in completing its SFAS No. 142 and 144 impairment tests. In
July 2008, the Board of Directors authorized management to pursue
the sale of the U.S. Healthcare business, which will be reported as
a discontinued operation beginning in the fourth quarter of 2008.
Additional charges may be recorded in future periods dependent upon
the timing and method of ultimate disposition. Below are the
consolidated results of the Company as if the U.S. Healthcare
business was reported as a discontinued operation in the third
quarter of 2008. Three Months Ended Nine Months Ended 30 June 30
June 2008 2007 2008 2007 Sales As Reported $2,808.0 $2,416.2
$7,886.9 $6,982.0 U.S. Healthcare 58.3 67.3 187.1 205.1 Pro Forma
$2,749.7 $2,348.9 $7,699.8 $6,776.9 Three Months Ended Nine Months
Ended 30 June 30 June 2008 2007 2008 2007 Income from continuing
operations As Reported $50.8 $275.5 $560.9 $713.3 U.S. Healthcare
(244.2) (4.9) (256.2) (10.7) Pro Forma $295.0 $280.4 $817.1 $724.0
Basic EPS Income from continuing operations As Reported $.24 $1.28
$2.64 $3.29 U.S. Healthcare (1.16) (.02) (1.20) (.05) Pro Forma
$1.40 $1.30 $3.84 $3.34 Diluted EPS Income from continuing
operations As Reported $.23 $1.24 $2.55 $3.20 U.S. Healthcare
(1.12) (.02) (1.16) (.05) Pro Forma $1.35 $1.26 $3.71 $3.25 2.
DISCONTINUED OPERATIONS The Polymer Emulsions business and the High
Purity Process Chemicals (HPPC) business have been accounted for as
discontinued operations. The results of operations and cash flows
of these businesses have been removed from the results of
continuing operations for all periods presented. The balance sheet
items of discontinued operations have been reclassified and are
segregated in the consolidated balance sheets. Polymer Emulsions
Business On 30 June 2008, the Company sold its Elkton, Md., and
Piedmont, S.C. production facilities and the related North American
atmospheric emulsions and global pressure sensitive adhesives
businesses to Ashland Inc. for $92.0. The Company recorded a gain
of $30.5 ($18.5 after-tax) in connection with the sale, which
included the recording of a retained environmental obligation
associated with the Piedmont site. The expense to record the
environmental obligation was $24.0 ($14.5 after-tax). The Piedmont
site is under active remediation for contamination caused by an
insolvent prior owner. Before the sale, which triggered expense
recognition, remediation costs had been capitalized since they
improved the property as compared to its condition when originally
acquired. The sale of the Elkton and Piedmont facilities completed
the disposal of the Company's Polymer Emulsions business. On 31
January 2008, the Company closed on the sale of its interest in its
vinyl acetate ethylene (VAE) polymers joint ventures to Wacker
Chemie AG, its long-time joint venture partner. As part of that
agreement, the Company received Wacker Chemie AG's interest in the
Elkton, Md., and Piedmont, S.C., production facilities and their
related businesses plus cash proceeds of $258.2. The Company
recognized a gain of $89.5 ($57.7 after-tax) in the second quarter
of 2008 for this sale which consisted of the global VAE polymers
operations including production facilities located in Calvert City,
Ky.; South Brunswick, N.J.; Cologne, Germany; and Ulsan, Korea; and
commercial and research capabilities in Allentown, Pa., and
Burghausen, Germany. The business produces VAE for use in
adhesives, paints and coatings, paper, and carpet applications. The
operating results of the Polymer Emulsions business have been
classified as discontinued operations and are summarized below:
Three Months Ended Nine Months Ended 30 June 30 June 2008 2007 2008
2007 Sales $31.4 $157.6 $261.4 $452.6 Income before taxes $1.9
$14.4 $17.5 $44.4 Income tax provision .8 5.4 6.3 16.7 Income from
operations of $1.1 $9.0 $11.2 $27.7 discontinued operations Gain on
sale of business, net of tax 18.5 -- 76.2 -- Income from
discontinued operations, net of tax $19.6 $9.0 $87.4 $27.7 HPPC
Business In September 2007, the Company's Board of Directors
approved the sale of its HPPC business, which had previously been
reported as part of the Electronics and Performance Materials
operating segment. The Company's HPPC business consisted of the
development, manufacture, and supply of high-purity process
chemicals used in the fabrication of integrated circuits in the
United States and Europe. The Company wrote down the assets of the
HPPC business to net realizable value as of 30 September 2007,
resulting in a loss of $15.3 ($9.3 after-tax) in the fourth quarter
of 2007. In October 2007, the Company executed an agreement of sale
with KMG Chemicals, Inc. The sale closed on 31 December 2007 for
cash proceeds of $69.3 and included manufacturing facilities in the
United States and Europe. Subsequent to the sale, certain
receivables and inventories are being sold to KMG Chemicals, Inc.
In the first quarter of 2008, this business generated sales of
$22.9 and income, net of tax, of $.2. Also, the Company recorded an
additional loss of $.5 ($.3 after-tax) on the sale of the business.
In 2007, the HPPC business generated sales of $21.2 and $66.2 and
income, net of tax, of $.4 and $1.8 in the three and nine months
ended 30 June 2007, respectively. 3. NEW ACCOUNTING STANDARD The
Company adopted FASB Interpretation No. 48, "Accounting for
Uncertainty in Income Taxes-an interpretation of FASB Statement No.
109," (FIN No. 48) on 1 October 2007. Upon adoption, the Company
recognized a $25.1 increase to its liability for uncertain tax
positions. This increase was recorded as an adjustment to beginning
retained earnings for $13.3 and goodwill for $11.8. 4. PENSION
SETTLEMENT A number of corporate officers and others who were
eligible for supplemental pension plan benefits retired in fiscal
year 2007. The Company's supplemental pension plan provides for a
lump sum benefit payment option at the time of retirement, or for
corporate officers six months after the participant's retirement
date. The Company recognizes pension settlements when payments
exceed the sum of service and interest cost components of net
periodic pension cost of the plan for the fiscal year. However, a
settlement loss may not be recognized until the time the pension
obligation is settled. Based on cash payments made, the Company
recognized $10.3 for settlement losses in the fourth quarter of
2007 and an additional $1.0 and $28.7 in the three and nine months
ended 30 June 2008, respectively. The Company expects to recognize
an additional $1 for settlement losses in the fourth quarter of
2008. 5. INCOME TAXES In June 2007, the Company settled tax audits
through fiscal year 2004 with the Internal Revenue Service. The
audit settlement resulted in a tax benefit of $27.5 ($.12 per
share). 6. BOC GAZY ACQUISITION On 30 April 2007, the Company
acquired 98.1% of the Polish industrial gas business of BOC Gazy Sp
z.o.o. (BOC Gazy) from The Linde Group for 370 million Euros or
$506.8. The results of operations for BOC Gazy were included in the
Company's consolidated income statement after the acquisition date.
During the fourth quarter of 2007, the Company increased its
ownership percentage to 99.9%. The total acquisition cost, less
cash acquired, was 380 million Euros or $518.4. 7. SHARE REPURCHASE
PROGRAM On 20 September 2007, the Board of Directors authorized the
repurchase of up to $1,000 of the Company's outstanding common
stock. This action was in addition to an existing $1,500 share
repurchase authorization which was announced in March 2006. As of
30 September 2007, the Company had purchased 15.0 million of its
outstanding shares at a cost of $1,063.4. During the first nine
months of fiscal year 2008, the Company purchased 6.0 million of
its outstanding shares at a cost of $554.3. The Company has
completed the 2006 authorization and will continue to purchase
shares under the 2007 authorization at its discretion while
maintaining sufficient funds for investing in its businesses and
growth opportunities. 8. BUSINESS SEGMENTS Previously, the Company
reported results for the Chemicals segment, which consisted of the
Polymer Emulsions business and the Polyurethane Intermediates (PUI)
business. Beginning with the first quarter of 2008, the Polymer
Emulsions business has been accounted for as discontinued
operations as discussed in Note 2. Also beginning with the first
quarter of 2008, the PUI business is reported as part of the
Tonnage Gases segment and prior period information has been
restated to reflect this business reorganization. AIR PRODUCTS AND
CHEMICALS, INC. and Subsidiaries SUMMARY BY BUSINESS SEGMENTS
(Unaudited) (Millions of dollars) Three Months Ended Nine Months
Ended 30 June 30 June 2008 2007 2008 2007 Revenues from external
customers Merchant Gases $973.4 $817.1 $2,772.0 $2,341.6 Tonnage
Gases 975.8 775.7 2,634.1 2,161.0 Electronics and Performance
Materials 579.7 530.5 1,656.1 1,546.2 Equipment and Energy 106.9
134.3 311.9 461.7 Healthcare 172.2 158.6 512.8 471.5 Segment and
Consolidated Totals $2,808.0 $2,416.2 $7,886.9 $6,982.0 Operating
income Merchant Gases $177.2 $147.4 $519.5 $427.8 Tonnage Gases
125.5 120.6 347.7 308.2 Electronics and Performance Materials 70.4
62.1 204.0 168.4 Equipment and Energy 4.0 15.8 23.3 59.0 Healthcare
(a) (301.7) 8.5 (278.7) 24.9 Segment Totals 75.4 354.4 815.8 988.3
Other (b) (7.8) (2.0) (38.0) (9.9) Consolidated Totals $67.6 $352.4
$777.8 $978.4 (Millions of dollars) 30 June 30 September 2008 2007
Identifiable assets (c) Merchant Gases $4,555.1 $3,984.4 Tonnage
Gases 3,494.6 3,328.4 Electronics and Performance Materials 2,466.1
2,435.3 Equipment and Energy 344.8 362.6 Healthcare 642.9 918.9
Segment Totals 11,503.5 11,029.6 Other 704.4 402.3 Discontinued
operations 3.0 381.6 Consolidated Totals $12,210.9 $11,813.5 (a)
Healthcare includes an impairment charge of $314.8 for the three
and nine months ended 30 June 2008. See Note 1 to the consolidated
financial statements. (b) Other includes pension settlement charges
of $1.0 and $28.7 for the three and nine months ended 30 June 2008,
respectively. (c) Identifiable assets are equal to total assets
less investments in and advances to equity affiliates. DATASOURCE:
Air Products CONTACT: Katie McDonald of Air Products,
+1-610-481-3673, Web site: http://www.airproducts.com/
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