IHS Inc. (NYSE: IHS), a leading global source of critical
information and insight, today reported strong results for the
fourth quarter and full year ended November 30, 2009. Revenue for
the fourth quarter of 2009 totaled $257 million, an 11 percent
increase over fourth quarter 2008 revenue of $231 million. Net
income for the fourth quarter of 2009 was $41.2 million, or $0.64
per diluted share, compared to fourth quarter 2008 net income of
$33.3 million, or $0.53 per diluted share. Revenue for fiscal year
2009 totaled $967 million, up 15 percent over the prior year total
of $844 million. Net income for the full year 2009 was $135
million, or $2.11 per diluted share, compared to full year 2008 net
income of $99.0 million, or $1.57 per diluted share.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation
and Amortization) totaled $78.1 million for the fourth quarter of
2009, up 22 percent from $64.0 million in the fourth quarter of
2008. Adjusted earnings per diluted share were $0.75 for the fourth
quarter of 2009, an increase of 29 percent over the prior-year
period. Adjusted EBITDA for fiscal year 2009 totaled $279 million,
up 24 percent from $225 million in 2008. Adjusted earnings per
diluted share were $2.62 for fiscal 2009, an increase of 28 percent
over the prior-year period. Adjusted EBITDA and adjusted earnings
per share are non-GAAP (Generally Accepted Accounting Principles)
financial measures used by management to measure operating
performance. Please see the end of this release for more
information about these non-GAAP measures.
“A strong fourth quarter put an exclamation point on a
remarkable 2009 for IHS,” said Jerre Stead, IHS chairman and chief
executive officer. “Despite the challenging economy, we stay
focused on providing our customers with the critical information
and insight they need and were able to drive profitable growth as a
result.”
Fourth Quarter 2009 Details
Revenue for the fourth quarter of 2009 totaled $257 million, an
11 percent increase over fourth-quarter 2009 revenue of $231
million. Organic revenue growth in the fourth quarter of 2009 was
two percent overall and five percent for the subscription-based
portion of the business, which represented 76 percent of total
revenue. Acquisitions contributed nine percent of the increase,
while foreign currency movements had a negligible impact on revenue
during the fourth quarter of 2009. The company continued to grow
its business overall in all three regions. The Americas (North and
South America) segment increased its revenue during the fourth
quarter by $13.4 million, or nine percent, to $158 million. The
EMEA (Europe, Middle East and Africa) segment grew its fourth
quarter revenue by $10.4 million, or 15 percent, to $78.8 million.
The APAC (Asia Pacific) segment’s revenue was up $2.8 million, or
16 percent, to $20.4 million.
Adjusted EBITDA for the fourth quarter of 2009 was $78.1
million, up $14.0 million, or 22 percent, over the prior-year
period. Operating income increased $8.1 million, or 18 percent, to
$53.8 million. Americas’ operating income increased $5.9 million,
or 13 percent, to $51.5 million. EMEA’s operating income was up
$4.0 million, or 26 percent, to $19.6 million. APAC’s operating
income grew $0.7 million, or 11 percent, to $6.9 million.
Full Year 2009
Revenue for fiscal year 2009 increased $123 million, or 15
percent, to $967 million. Organic revenue growth was three percent
overall and nine percent for the subscription-based portion of the
business. Acquisitions added 16 percent and foreign exchange
movements reduced revenue by four percent during 2009. The Americas
segment grew its revenue during fiscal 2009 by $81.7 million, or 16
percent, to $603 million. The EMEA segment increased its 2009
revenue by $24.4 million, or nine percent, to $288 million. The
APAC segment increased its revenue by $17.2 million, or 29 percent,
to $77 million, during 2009.
Adjusted EBITDA for fiscal 2009 increased $54 million, or 24
percent, to $279 million. Operating income increased $46.3 million,
or 35 percent, year-over-year to $180 million. This increase was
due in part to the inclusion of a $12.1 million restructuring
charge in the prior year. Americas’ operating income was $192
million, up $31.0 million, or 19 percent, over the prior-year
period (up 15 percent before the restructuring charge). EMEA grew
its 2009 operating income to $60.5 million, up $16.2 million, or 37
percent, over 2008 (up 21 percent before the restructuring charge).
APAC’s operating income was $24.7 million, an increase of $6.6
million, or 36 percent, over last year.
Net income for fiscal year 2009 increased $36.0 million, or 36
percent, to $135 million, or $2.11 per diluted share.
Cash Flows
IHS generated $235 million of cash flow from operations during
the year ended November 30, 2009, as compared to last year’s $189
million.
Balance Sheet
IHS ended fiscal year 2009 with $124 million of cash and cash
equivalents, and $93 million of debt.
“It was good to see our overall organic growth rate stabilize
while our profit growth and cash flow generation remained strong,”
stated Michael J. Sullivan, IHS executive vice president and chief
financial officer.
Share Repurchase Program
During the fourth quarter of 2009, IHS withheld 18,810 shares
valued at approximately $1 million to fund employee statutory
withholding tax requirements stemming from employee equity awards.
As shares vest and tax withholdings come due, IHS withholds enough
shares in treasury to cover the tax liability and make a payment to
the tax authority out of corporate cash. Full year 2009 funding was
$10.5 million on 229,060 shares.
Outlook (forward-looking statement)
For the year ending November 30, 2010, we expect:
- All-in revenue in a range of
$1.04 billion to $1.08 billion (8% - 12% all-in growth from 2009
revenue of $967 million); and
- All-in adjusted EBITDA in a
range of $312 million to $324 million (12% - 16% all-in growth from
2009 adjusted EBITDA of $279 million).
At the midpoint of our adjusted EBITDA guidance, we estimate
$2.87 of adjusted earnings per share, based on a weighted average
diluted share count of approximately 65 million.
For the year ending November 30, 2010, we also expect:
- Stock-based compensation expense
to be approximately $65 million; and
- Net pension expense to be in the
range of $3-5 million.
This above outlook includes assumes constant currencies and no
further acquisitions, restructurings or unanticipated events. See
discussion of adjusted EBITDA and non-GAAP financial measures at
the end of this release.
As previously announced, IHS will hold a conference call to
discuss fourth quarter and full year 2009 results on January 7,
2010, at 3:00 p.m. MDT (5:00 p.m. EDT). The conference call will be
simultaneously webcast on the company’s website: www.ihs.com.
Use of Non-GAAP Financial Measures
Non-GAAP results are presented only as a supplement to the
financial statements based on U.S. generally accepted accounting
principles (GAAP). The non-GAAP financial information is provided
to enhance the reader’s understanding of our financial performance,
but no non-GAAP measure should be considered in isolation or as a
substitute for financial measures calculated in accordance with
GAAP. Reconciliations of the most directly comparable GAAP measures
to non-GAAP measures, such as adjusted EBITDA and adjusted earnings
per diluted share, are provided within the schedules attached to
this release.
EBITDA is defined as net income plus or minus net interest plus
income taxes, depreciation and amortization. Adjusted EBITDA
includes our share of adjusted EBITDA from an unconsolidated joint
venture in 2008 and excludes non-cash items, gains and losses on
sales of assets and investments and other items that management
does not utilize in assessing our operating performance (as further
described in the attached financial schedules). Adjusted earnings
per diluted share exclude similar non-cash items as adjusted
EBITDA. None of these non-GAAP financial measures are recognized
terms under GAAP and do not purport to be an alternative to net
income as an indicator of operating performance or any other GAAP
measure.
Management uses these non-GAAP measures in its operational and
financial decision-making, believing that it is useful to eliminate
certain items in order to focus on what it deems to be a more
reliable indicator of ongoing operating performance and our ability
to generate cash flow from operations. As a result, internal
management reports used during monthly operating reviews feature
the adjusted EBITDA and adjusted earnings per diluted share
metrics. Management also believes that investors may find non-GAAP
financial measures useful for the same reasons, although investors
are cautioned that non-GAAP financial measures are not a substitute
for GAAP disclosures. EBITDA, adjusted EBITDA, and adjusted
earnings per diluted share are also used by research analysts,
investment bankers and lenders to assess our operating performance.
For example, a measure similar to EBITDA is required by the lenders
under our credit facility.
Because not all companies use identical calculations, our
presentation of non-GAAP financial measures may not be comparable
to other similarly-titled measures of other companies. However,
these measures can still be useful in evaluating our performance
against our peer companies because management believes the measures
provide users with valuable insight into key components of GAAP
financial disclosures. For example, a company with greater GAAP net
income may not be as appealing to investors if its net income is
more heavily comprised of gains on asset sales. Likewise,
eliminating the effects of interest income and expense moderates
the impact of a company's capital structure on its performance.
All of the items included in the reconciliation from net income
to adjusted EBITDA are either (i) non-cash items (e.g.,
depreciation and amortization) or (ii) items that management does
not consider to be useful in assessing our operating performance
(e.g., income taxes and gain on sale of assets). In the case of the
non-cash items, management believes that investors can better
assess our operating performance if the measures are presented
without such items because, unlike cash expenses, these adjustments
do not affect our ability to generate free cash flow or invest in
our business. For example, by eliminating depreciation and
amortization from EBITDA, users can compare operating performance
without regard to different accounting determinations such as
useful life. In the case of the other items, management believes
that investors can better assess operating performance if the
measures are presented without these items because their financial
impact does not reflect ongoing operating performance.
IHS Forward-Looking Statements:
This release may contain forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical
facts. Such statements may include financial projections and
estimates and their underlying assumptions, statements regarding
plans, objectives and expectations with respect to future
operations, products and services, and statements regarding future
performance. Forward-looking statements are generally identified by
the words "expect," "anticipate," "believe," "intend," "estimate,"
"plan" and similar expressions. Although IHS and its management
believe that the expectations reflected in such forward-looking
statements are reasonable, investors are cautioned that
forward-looking information and statements are subject to various
risks and uncertainties—many of which are difficult to predict and
generally beyond the control of IHS—that could cause actual results
and developments to differ materially from those expressed in, or
implied or projected by, the forward-looking information and
statements. These risks and uncertainties include those discussed
or identified by IHS from time to time in its public filings. Other
than as required by applicable law, IHS does not undertake any
obligation to update or revise any forward-looking information or
statements. Please consult our public filings at www.sec.gov or
www.ihs.com.
About IHS Inc. (www.ihs.com)
IHS (NYSE: IHS) is a leading global source of critical
information and insight, dedicated to providing the most complete
and trusted information and expertise. IHS product and service
solutions span four areas of information that encompass the most
important concerns facing global business today: Energy, Product
Lifecycle, Security and Environment, all supported by
Macroeconomics. By focusing on customers first, IHS enables
innovative and successful decision-making for customers ranging
from governments and multinational companies to smaller companies
and technical professionals in more than 180 countries. IHS has
been in business since 1959 and employs about 4,100 people in 28
countries.
IHS is a registered trademark of IHS Inc. All other company and
product names may be trademarks of their respective owners.
Copyright © 2010 IHS Inc. All rights reserved.
IHS INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except share and
per-share amounts)
November 30, 2009 2008
(Unaudited) Assets Current assets: Cash and cash
equivalents $ 124,201 $ 31,040 Accounts receivable, net 203,500
207,815 Deferred subscription costs 40,279 35,948 Deferred income
taxes 30,970 28,801 Other 14,284 14,213 Total current
assets 413,234 317,817 Non-current assets: Property and equipment,
net 74,798 59,578 Equity investments in joint venture — 56,139
Intangible assets, net 309,795 285,902 Goodwill, net 875,742
705,077 Prepaid pension asset — 8,768 Other 2,019 2,899
Total non-current assets 1,262,354 1,118,363
Total assets $ 1,675,588 $ 1,436,180
Liabilities
and stockholders’ equity Current liabilities: Short-term debt $
92,577 $ 96,020 Accounts payable 26,470 35,084 Accrued compensation
44,196 39,083 Accrued royalties 25,666 24,769 Other accrued
expenses 39,385 58,831 Income tax payable 1,720 3,994 Deferred
subscription revenue 319,163 288,145 Total current
liabilities 549,177 545,926 Long-term debt 141 — Accrued pension
liability 19,194 6,778 Accrued post-retirement benefits 9,914 8,852
Deferred income taxes 68,334 65,749 Other liabilities 15,150 7,820
Commitments and contingencies Stockholders’ equity:
Class A common stock, $0.01 par
value per share, 80,000,000 shares authorized, 64,801,035 and
64,090,207 shares issued and 63,283,947 and 62,802,179
shares outstanding at November 30, 2009 and 2008,
respectively
648 641 Additional paid-in capital 472,791 408,007
Treasury stock, at cost; 1,517,088
and 1,288,028 shares at November 30, 2009 and
2008, respectively
(75,112 ) (64,632 ) Retained earnings 719,182 584,219 Accumulated
other comprehensive loss (103,831 ) (127,180 ) Total stockholders’
equity 1,013,678 801,055 Total liabilities and
stockholders’ equity $ 1,675,588 $ 1,436,180
IHS INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per-share
amounts)
Three Months Ended November
30,
Year Ended November 30,
2009 2008 2009 2008
(Unaudited) (Unaudited) Revenue: Products $
221,596 $ 197,994 $ 840,129 $ 722,311 Services 35,532 32,632
127,171 121,719 Total revenue 257,128 230,626
967,300 844,030
Operating expenses: Cost of revenue:
Products 88,249 78,427 340,020 294,929 Services 19,188
20,623 69,996 77,802
Total cost of revenue (includes
stock-based compensation expense of $654 ; $283; $2,564 and
$1,361 for the three months and years ended November 30, 2009
and 2008, respectively)
107,437 99,050 410,016 372,731
Selling, general and
administrative (includes stock-based compensation expense of
$12,196; $6,259; $54,548 and $38,611 for the three months and
years ended November 30, 2009 and 2008, respectively)
84,095 77,678 332,518 295,523 Depreciation and amortization 13,115
11,229 49,146 39,410 Restructuring charge (credit) (319 ) (390 )
(735 ) 12,089 Gain on sales of assets, net (365 ) (209 ) (365 )
(328 ) Net periodic pension and post-retirement benefits (627 )
(443 ) (2,684 ) (3,704 ) Other income, net (3 ) (1,960 ) (412 )
(5,202 ) Total operating expenses 203,333 184,955
787,484 710,519
Operating income 53,795 45,671
179,816 133,511 Interest income 306 494 1,088 3,162 Interest
expense (540 ) (1,140 ) (2,217 ) (2,482 ) Non-operating (loss)
income, net (234 ) (646 ) (1,129 ) 680
Income from continuing operations
before income taxes, income from equity investments and
minority interests minoriuty
53,561 45,025 178,687 134,191 Provision for income taxes (12,362 )
(12,903 ) (41,580 ) (38,512 )
Income from continuing operations
before income from equity investments and minority
interests
41,199 32,122 137,107 95,679 Income from equity investments — 1,114
— 3,327 Minority interests — 44 (2,144 ) (13 )
Net
income $ 41,199 $ 33,280 $ 134,963 $
98,993 Net income per share:
Basic (Class A common stock for
2009; Class A and Class B common stock for 2008*)
$ 0.65 $ 0.54 $ 2.14 $ 1.60
Diluted (Class A common stock for
2009; Class A and Class B common stock for 2008*)
$ 0.64 $ 0.53 $ 2.11 $ 1.57 Weighted
average shares:
Basic (Class A common stock for
2009; Class A and Class B common stock for 2008*)
63,227 62,168 63,055 62,063
Diluted (Class A common stock for
2009; Class A and Class B common stock for 2008*)
64,252 62,998 63,940 62,957
*Note that in September 2008, the holder
of the Class B common stock elected to convert these
sharesone-for-one to Class A common stock, after which no shares of
Class B common stock were outstanding.
IHS INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
Year Ended November 30, 2009
2008 (Unaudited) Operating activities Net
income $ 134,963 $ 98,993 Reconciliation of net income to net cash
provided by operating activities: Depreciation and amortization
49,146 39,410 Stock-based compensation expense 57,112 39,972 Gain
on sales of assets, net (365 ) (328 ) Impairment of assets — 323
Excess tax benefit from stock-based compensation (13,072 ) (3,952 )
Distributions from equity-method investment — 3,924 Non-cash net
periodic pension and post-retirement benefits (4,006 ) (5,551 )
Undistributed earnings of equity-method investments, net — (3,327 )
Minority interests 497 (202 ) Deferred income taxes 18,272 4,833
Change in assets and liabilities: Accounts receivable, net 19,476
(23,944 ) Other current assets 205 (1,314 ) Accounts payable
(13,280 ) (4,789 ) Accrued expenses (13,334 ) 8,398 Income taxes
(2,606 ) 325 Deferred subscription revenue 712 36,580 Other
liabilities 974 (102 )
Net cash provided by operating
activities 234,694 189,249
Investing activities Capital
expenditures on property and equipment (27,739 ) (13,885 )
Acquisitions of businesses, net of cash acquired (125,379 )
(272,844 ) Intangible assets acquired (5,300 ) (4,000 ) Change in
other assets 1,501 (3,979 ) Settlements of forward contracts 830
(881 ) Sales and maturities of investments — 10,500 Proceeds from
sales of assets and investment in affiliate 2,049 140
Net cash used in investing activities (154,038 ) (284,949 )
Financing activities Proceeds from borrowings 179,000
160,000 Repayment of borrowings (183,297 ) (83,099 ) Excess tax
benefit from stock-based compensation 13,072 3,952 Proceeds from
the exercise of employee stock options 2,112 — Repurchases of
common stock (10,480 ) (84,362 )
Net cash provided by (used in)
financing activities 407 (3,509 ) Foreign exchange
impact on cash balance 12,098 (18,235 ) Net increase
(decrease) in cash and cash equivalents 93,161 (117,444 ) Cash and
cash equivalents at the beginning of the period 31,040
148,484 Cash and cash equivalents at the end of the period $
124,201 $ 31,040
IHS INC.
RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TOMOST DIRECTLY COMPARABLE GAAP
FINANCIAL MEASUREMENTS
(In thousands)
Three Months Ended November 30, Year Ended
November 30, 2009 2008 2009
2008 (Unaudited) Net income $ 41,199 $
33,280 $ 134,963 $ 98,993 Interest income (306 ) (494 ) (1,088 )
(3,162 ) Interest expense 540 1,140 2,217 2,482 Provision for
income taxes 12,362 12,903 41,580 38,512 Depreciation and
amortization 13,115 11,229 49,146 39,410
EBITDA 66,910 58,058 226,818 176,235 Stock-based
compensation expense 12,850 6,542 57,112 39,972 Restructuring
charge (credit) (319 ) (390 ) (735 ) 12,089 Gain on sales of
assets, net (365 ) (209 ) (365 ) (328 ) Non-cash net periodic
pension and post-retirement benefits (1,002 ) (866 ) (4,006 )
(5,551 ) Income from equity investment (a) — (1,114 ) — (3,327 )
50% of Lloyd’s Register-Fairplay’s adjusted EBITDA (a) —
2,012 — 6,201
Adjusted EBITDA $
78,074 $ 64,033 $ 278,824 $ 225,291
(a) Note: We acquired a 50% interest in Lloyd’s
Register-Fairplay on March 3, 2008. From that point on for the
remainder of 2008, Lloyd’s Register-Fairplay was accounted for
using the equity method of accounting. We acquired a controlling
interest in Lloyd’s Register-Fairplay during the first quarter of
2009. Consequently, beginning in the first quarter of 2009, we
consolidated Lloyd’s Register-Fairplay; therefore, adjustments are
not needed in 2009 because Lloyd’s Register-Fairplay’s results are
already included in the consolidated 2009 results. We acquired the
remaining interest of Lloyd’s Register-Fairplay that we did not
previously own in the third quarter of 2009.
IHS INC.
RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL
MEASUREMENTS
(In thousands)
Three Months Ended
November 30,
2009 2008 (Unaudited) Americas $
157,973 $ 144,597 EMEA 78,799 68,435 APAC 20,356 17,594 Shared
Services — —
Revenue $ 257,128 $
230,626 Americas $ 51,531 $ 45,593 EMEA 19,597 15,553
APAC 6,879 6,171 Shared Services (24,212 ) (21,646 )
Operating income $ 53,795 $ 45,671
Three Months Ended November 30, 2009
Americas
EMEA
APAC Shared Services
Total (Unaudited) Operating
income $ 51,531 $ 19,597 $ 6,879 $ (24,212 ) $ 53,795
Adjustments: Stock-based compensation expense — — — 12,850 12,850
Depreciation and amortization 8,589 3,971 37 518 13,115
Restructuring charge (credit) (70 ) (25 ) — (224 ) (319 ) Gain on
sales of assets, net (147 ) (218 ) — — (365 ) Non-cash net periodic
pension and post-retirement benefits — — — (1,002 )
(1,002 )
Adjusted EBITDA $ 59,903 $ 23,325
$ 6,916 $ (12,070 ) $ 78,074
Three
Months Ended November 30, 2008 Americas EMEA
APAC Corporate Total (Unaudited)
Operating income $ 45,593 $ 15,553 $ 6,171 $ (21,646
) $ 45,671 Adjustments: Stock-based compensation expense — — —
6,542 6,542 Depreciation and amortization 7,407 2,989 31 802 11,229
Restructuring charge (credit) (15 ) (378 ) — 3 (390 ) Gain on sales
of assets, net — (209 ) — — (209 ) Non-cash net periodic pension
and post-retirement benefits — — — (866 ) (866 ) Minority interest
— 44 — — 44 50% of Lloyd’s-Register Fairplay’s adjusted EBITDA —
2,012 — — 2,012
Adjusted
EBITDA $ 52,985 $ 20,011 $ 6,202 $ (15,165 ) $
64,033
IHS INC.
RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL
MEASUREMENTS
(In thousands)
Year Ended November 30, 2009
2008 (Unaudited) Americas $ 602,641 $ 520,925
EMEA 287,855 263,457 APAC 76,804 59,648 Shared Services — —
Revenue $ 967,300 $ 844,030
Americas $ 191,754 $ 160,757 EMEA 60,506 44,258 APAC 24,650 18,098
Shared Services (97,094 ) (89,602 )
Operating income
$ 179,816 $ 133,511
Year Ended November 30,
2009
Americas
EMEA
APAC Shared Services
Total (Unaudited) Operating
income $ 191,754 $ 60,506 $ 24,650 $ (97,094 ) $ 179,816
Adjustments: Stock-based compensation expense — — — 57,112 57,112
Depreciation and amortization 31,750 14,927 115 2,354 49,146
Restructuring credit (127 ) (136 ) — (472 ) (735 ) Gain on sales of
assets, net (147 ) (218 ) — — (365 ) Non-cash net periodic pension
and post-retirement benefits — — — (4,006 ) (4,006 ) Minority
interest — (2,144 ) — — (2,144 )
Adjusted
EBITDA $ 223,230 $ 72,935 $ 24,765 $ (42,106 )
$ 278,824
Year Ended November 30, 2008
Americas EMEA APAC Corporate
Total (Unaudited) Operating
income $ 160,757 $ 44,258 $ 18,098 $ (89,602 ) $ 133,511
Adjustments: Stock-based compensation expense — — — 39,972 39,972
Depreciation and amortization 23,187 12,997 132 3,094 39,410
Restructuring charge 5,732 5,945 24 388 12,089 Gain on sales of
assets, net — (328 ) — — (328 ) Non-cash net periodic pension and
post-retirement benefits — — — (5,551 ) (5,551 ) Minority interest
— (13 ) — — (13 ) 50% of Lloyd’s-Register Fairplay’s adjusted
EBITDA — 6,201 — — 6,201
Adjusted EBITDA $ 189,676 $ 69,060 $
18,254 $ (51,699 ) $ 225,291
IHS INC.
SUPPLEMENTAL
INFORMATION
(In thousands, except per-share
amounts)
Three Months Ended November 30, Year Ended
November 30, 2009 2008 2009
2008 (Unaudited) Net cash provided by
operating activities $ 61,995 $ 51,149 $ 234,694 $ 189,249
Capital expenditures on property and equipment (9,867 ) (5,730 )
(27,739 ) (13,885 )
Free cash flow $ 52,128 $ 45,419
$ 206,955 $ 175,364
Three
Months Ended November 30, 2009 2008
Pre-tax After tax Pre-tax After tax
(Unaudited) Stock-based compensation expense $ 12,850
$ 8,094 $ 6,542 $ 4,121 Restructuring credit $ (319 ) $ (202 ) $
(390 ) $ (413 ) Gain on sale of assets, net $ (365 ) $ (309 ) $
(209 ) $ (164 ) Non-cash net periodic pension and post-retirement
benefits $ (1,002 ) $ (622 ) $ (866 ) $ (536 )
Year Ended November 30, 2009 2008
Pre-tax After tax Pre-tax After tax
(Unaudited) Stock-based compensation expense $ 57,112
$ 35,981 $ 39,972 $ 25,182 Restructuring charge / (credit) $ (735 )
$ (478 ) $ 12,089 $ 8,285 Gain on sale of assets, net $ (365 ) $
(309 ) $ (328 ) $ (238 ) Non-cash net periodic pension and
post-retirement benefits $ (4,006 ) $ (2,483 ) $ (5,551 ) $ (3,441
)
Three Months Ended November 30, Year
Ended November 30, 2009 2008 2009
2008 (Unaudited) Earnings per diluted
share $ 0.64 $ 0.53 $ 2.11 $ 1.57 Stock-based compensation
expense 0.13 0.07 0.56 0.40 Restructuring charge/(credit) — (0.01 )
(0.01 ) 0.13 Gain on sale of assets, net — — — — Non-cash net
periodic pension and post-retirement benefits (0.01 ) (0.01 ) (0.04
) (0.05 )
Adjusted earnings per diluted share $ 0.75
$ 0.58 $ 2.62 $ 2.05 Note: amounts may not sum
due to rounding.
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