IHS Inc. (NYSE: IHS), a leading global source of critical
information and insight, today reported results for the second
quarter ended May 31, 2010. Revenue for the second quarter of 2010
totaled $266 million, a 13 percent increase over second quarter
2009 revenue of $235 million. The increase was driven primarily by
higher organic growth rates and the inclusion of the CERAWeek
executive conference. Net income attributable to IHS for the second
quarter of 2010 was $38.5 million, or $0.60 per diluted share,
compared to second quarter 2009 net income of $32.0 million, or
$0.50 per diluted share.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation
and Amortization) totaled $82.0 million for the second quarter of
2010, up 23 percent from $66.8 million in the second quarter of
2009. Adjusted earnings per diluted share were $0.78 for the second
quarter of 2010, an increase of 22 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.
“As expected, we drove higher revenue growth rates during the
second quarter,” said Jerre Stead, IHS chairman and chief executive
officer. “Our company continues on an upward trajectory. We remain
focused on executing our strategy and business plan to deliver an
even better second half of 2010.”
Second Quarter 2010 Details
Revenue for the second quarter of 2010 totaled $266 million, a
13 percent increase over second-quarter 2009 revenue of $235
million. Revenue growth was comprised of four percent organic, four
percent acquisitive, two percent from foreign currency movements,
and three percent from the inclusion of CERAWeek. The
subscription-based portion of the business, which represented 77
percent of total revenue, grew 5.5 percent organically. The company
continued to grow its business overall in all three regions. The
Americas (North and South America) segment increased its revenue
during the second quarter by $19.4 million, or 13 percent, to $168
million. The EMEA (Europe, Middle East and Africa) segment grew its
second quarter revenue by $8.8 million, or 13 percent, to $76.4
million. The APAC (Asia Pacific) segment’s revenue was up $3.0
million, or 16 percent, to $22.0 million.
Adjusted EBITDA for the second quarter of 2010 was $82.0
million, up $15.2 million, or 23 percent, over the prior-year
period. Operating income increased $7.0 million, or 17 percent, to
$49.3 million. Americas’ operating income increased $6.4 million,
or 13 percent, to $54.4 million. EMEA’s operating income was up
$5.2 million, or 41 percent, to $18.0 million. APAC’s operating
income grew $0.6 million, or 10 percent, to $7.1 million.
Year-to-Date 2010
Revenue for the six months ended May 31, 2010, increased $36.5
million, or eight percent, to $507 million. Organic revenue growth
was two percent overall and five percent for the subscription-based
portion of the business. Acquisitions added three percent, and
foreign currency movements increased revenue by two percent during
the first half of 2010. The Americas segment grew its revenue
during the six months ended May 31, 2010, by $23.0 million, or
eight percent, to $320 million. The EMEA segment increased its
year-to-date 2010 revenue by $9.3 million, or seven percent, to
$146 million. The APAC segment increased its revenue by $4.1
million, or 11 percent, to $41.4 million, during the first half of
2010.
Adjusted EBITDA for year-to-date 2010 increased $22.5 million,
or 17 percent, to $153 million. Operating income increased $6.0
million, or eight percent, year-over-year to $86.1 million.
Americas’ operating income was $101 million, up $9.4 million, or 10
percent, over the prior-year period. EMEA grew its year-to-date
2010 operating income to $31.4 million, up $4.6 million, or 17
percent, over same period in 2009. APAC’s operating income was
$12.8 million, an increase of $1.3 million, or 11 percent, over
last year.
Net income attributable to IHS for the six months ended May 31,
2010 increased $6.2 million, or 11 percent, to $65.3 million, or
$1.01 per diluted share.
Cash Flows
IHS generated $179 million of cash flow from operations during
the six months ended May 31, 2010, representing a 54% increase over
last year’s $116 million.
Balance Sheet
IHS ended second quarter 2010 with $203 million of cash and cash
equivalents, and $124 million of debt.
“It was encouraging to see higher revenue growth rates in the
quarter,” stated Michael J. Sullivan, IHS executive vice president
and chief financial officer. “Margin expansion continues, and the
fact we generated over $100 million of free cash flow in the
quarter speaks to the cash generative nature of the business
model.”
Share Repurchase Program
During the second quarter of 2010, IHS withheld 83,635 shares
valued at approximately $4.3 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. Year-to-date 2010 funding
was $22.5 million on 421,021 shares.
Third Quarter 2010 Restructuring
A companywide review identified opportunities to operate more
efficiently by streamlining operations and merging functions. This
led to the elimination of approximately three percent of the
company’s worldwide workforce subsequent to the end of the second
quarter. As a result, IHS expects to record an $8-10 million
restructuring charge in the third quarter of 2010. IHS expects to
realize an $8-10 million improvement annually to pre-tax income and
adjusted EBITDA beginning in its fourth fiscal quarter of 2010 as
well as additional investments in profitable growth
opportunities.
Outlook (forward-looking statement)
The following outlook incorporates the savings related to the
restructuring and assumes constant currencies and no further
acquisitions or unanticipated events.
For the year ending November 30, 2010, IHS is tightening its
revenue guidance reflecting foreign currency movements, increasing
its adjusted EBITDA guidance and expects:
- All-in revenue in a range of
$1.045 billion to $1.06 billion (includes 5-6 percent organic
growth and 3-4 percent growth from acquisitions); and
- All-in adjusted EBITDA in a
range of $316 million to $324 million.
For the year ending November 30, 2010, IHS also expects:
- Depreciation and amortization
expense to be in the range of $58-59 million;
- Net interest expense to be
approximately $1.5 million;
- Stock-based compensation expense
to be in the range of $66-67 million; and
- Net pension expense to be in the
range of $3-4 million.
At the midpoint of its adjusted EBITDA guidance for 2010, IHS
estimates $2.90 of adjusted earnings per share, based on a weighted
average diluted share count of approximately 65 million. The
aforementioned adjusted earnings per share figure assumes a tax
rate of 28-29 percent. The company’s GAAP tax rate is expected to
be 24-25 percent.
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 second quarter and year-to-date 2010 results on June 16,
2010, at 2:30 p.m. MDT (4:30 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 source of information and insight
in pivotal areas that shape today’s business landscape: energy,
economics, geopolitical risk, sustainability and supply chain
management. Businesses and governments around the globe rely on the
comprehensive content, expert independent analysis and flexible
delivery methods of IHS to make high-impact decisions and develop
strategies with speed and confidence. IHS has been in business
since 1959 and became a publicly traded company on the New York
Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA,
IHS employs more than 4,500 people in more than 30 countries around
the world.
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)
May 31, November 30, 2010
2009 (Unaudited) Assets Current assets: Cash
and cash equivalents $ 202,822 $ 124,201 Accounts receivable, net
178,390 203,500 Income tax receivable 4,359 — Deferred subscription
costs 43,971 40,279 Deferred income taxes 23,956 30,970 Other
19,775 14,284 Total current assets
473,273 413,234 Non-current assets: Property and equipment, net
81,737 74,798 Intangible assets, net 302,978 309,795 Goodwill, net
914,777 875,742 Other 3,900 2,019 Total
non-current assets 1,303,392 1,262,354
Total assets $ 1,776,665 $ 1,675,588
Liabilities
and stockholders’ equity Current liabilities: Short-term debt $
123,804 $ 92,577 Accounts payable 26,061 26,470 Accrued
compensation 26,031 44,196 Accrued royalties 20,184 25,666 Other
accrued expenses 39,750 39,385 Income tax payable — 1,720 Deferred
subscription revenue 371,688 319,163
Total current liabilities 607,518 549,177 Long-term debt 153 141
Accrued pension liability 20,957 19,194 Accrued post-retirement
benefits 8,533 9,914 Deferred income taxes 71,809 68,334 Other
liabilities 16,811 15,150 Commitments and contingencies
Stockholders’ equity: Class A common stock, $0.01 par value per
share, 160,000,000 shares authorized, 66,016,704 and 64,801,035
shares issued and 64,078,595 and 63,283,947 shares outstanding at
May 31, 2010 and November 30, 2009, respectively 661 648 Additional
paid-in capital 510,392 472,791 Treasury stock, at cost; 1,938,109
and 1,517,088 shares at May 31, 2010 and November 30, 2009,
respectively (97,573 ) (75,112 ) Retained earnings 784,483 719,182
Accumulated other comprehensive loss (147,079 )
(103,831 ) Total stockholders’ equity 1,050,884
1,013,678 Total liabilities and stockholders’ equity
$ 1,776,665 $ 1,675,588
IHS INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per-share
amounts)
Three Months Ended May
31,
Six Months Ended May
31,
2010 2009 2010
2009 (Unaudited) (Unaudited) Revenue:
Products $ 225,440 $ 205,170 $ 438,122 $ 405,028 Services
41,040 30,106 69,093
65,659 Total revenue 266,480 235,276 507,215 470,687
Operating expenses: Cost of revenue: Products 91,530 81,553
180,653 164,439 Services 21,408 16,307
37,491 36,138 Total cost of revenue
(includes stock-based compensation expense of $1,325; $781; $2,757
and $1,460 for the three and six months ended May 31, 2010 and
2009, respectively) 112,938 97,860 218,144 200,577 Selling, general
and administrative (includes stock-based compensation expense of
$16,315; $14,190; $34,185 and $29,981 for the three and six months
ended May 31, 2010 and 2009, respectively) 89,059 82,598 173,711
169,054 Depreciation and amortization 14,269 11,636 28,099 23,260
Restructuring credits (82 ) (61 ) (82 ) (416 ) Net periodic pension
and post-retirement expense (benefit) 1,194 (689 ) 2,388 (1,378 )
Other expense (income), net (229 ) 1,605
(1,114 ) (469 ) Total operating expenses
217,149 192,949 421,146
390,628
Operating income 49,331 42,327 86,069 80,059
Interest income 94 209 198 563 Interest expense (295 )
(512 ) (660 ) (1,261 ) Non-operating loss, net
(201 ) (303 ) (462 ) (698 )
Income from continuing operations
before income taxes
49,130 42,024 85,607 79,361 Provision for income taxes
(10,652 ) (8,893 ) (20,180 ) (17,928 ) Net
income from continuing operations 38,478 33,131 65,427 61,433 Loss
from discontinued operations, net — (73 )
(126 ) (231 ) Net income 38,478 33,058 65,301 61,202
Less: net income attributable to noncontrolling interests —
(1,104 ) — (2,144 )
Net
income attributable to IHS Inc. $ 38,478 $ 31,954
$ 65,301 $ 59,058 Income from continuing operations
attributable to IHS Inc. per share: Basic $ 0.60 $ 0.51
$ 1.03 $ 0.94 Diluted $ 0.60 $ 0.50
$ 1.01 $ 0.93 Loss from discontinued
operations: Basic $ — $ — $ — $ —
Diluted $ — $ — $ — $ — Net income
attributable to IHS Inc. per share: Basic $ 0.60 $ 0.51
$ 1.02 $ 0.94 Diluted $ 0.60 $ 0.50
$ 1.01 $ 0.93 Weighted average shares: Basic
63,981 63,014 63,759
62,916 Diluted 64,569 63,829
64,498 63,748
IHS INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
Six Months Ended May 31, 2010
2009 (Unaudited) Operating activities Net
income. $ 65,301 $ 61,202 Reconciliation of net income to net cash
provided by operating activities: Depreciation and amortization
28,099 23,260 Stock-based compensation expense 36,942 31,441 Excess
tax benefit from stock-based compensation (4,674 ) (6,231 )
Non-cash net periodic pension and post-retirement benefits (income)
expense 1,704 (2,002 ) Undistributed earnings of unconsolidated
affiliates, net — (324 ) Deferred income taxes 8,893 5,849 Change
in assets and liabilities: Accounts receivable, net 21,161 29,841
Other current assets (8,812 ) (6,327 ) Accounts payable 1,992
(14,883 ) Accrued expenses (20,260 ) (31,093 ) Income tax payable
(6,394 ) (2,500 ) Deferred subscription revenue 55,951 27,758 Other
liabilities (747 ) 288
Net cash provided by
operating activities 179,156 116,279
Investing
activities Capital expenditures on property and equipment
(16,339 ) (9,128 ) Acquisitions of businesses, net of cash acquired
(83,567 ) — Change in other assets (943 ) 506 Settlements of
forward contracts (1,310 ) 933 Cash resulting from consolidation of
Fairplay — 3,466
Net cash used in
investing activities (102,159 ) (4,223 )
Financing
activities Proceeds from borrowings 75,000 82,000 Repayment of
borrowings (43,278 ) (63,266 ) Excess tax benefit from stock-based
compensation 4,674 6,231 Proceeds from the exercise of employee
stock options 223 2,019 Repurchases of common stock (22,461
) (7,494 )
Net cash provided by financing activities
14,158 19,490 Foreign exchange impact
on cash balance (12,534 ) 9,763 Net increase
in cash and cash equivalents 78,621 141,309 Cash and cash
equivalents at the beginning of the period 124,201
31,040 Cash and cash equivalents at the end of the
period $ 202,822 $ 172,349
IHS INC.
SUPPLEMENTAL REVENUE
DISCLOSURE
(In thousands)
Three Months Ended May
31,
Six Months Ended May
31,
2010 2009 2010
2009 (Unaudited) (Unaudited) Revenue by
transaction type: Subscription $ 205,722 $ 184,168 $ 401,208 $
362,772 Consulting 15,085 15,150 26,970 28,611 Transaction 12,235
14,739 23,625 28,709 Other 33,438 21,219
55,412 50,595
Total revenue $ 266,480 $ 235,276 $
507,215 $ 470,687
Three Months Ended May
31,
Six Months Ended May
31,
2010 2009 2010 2009 (Unaudited)
(Unaudited) Revenue by information domain: Energy $
123,114 $ 110,310 $ 233,049 $ 226,410 Product Lifecycle 83,175
73,291 157,909 143,606 Security 26,953 24,831 52,352 48,155
Environment 13,391 7,353 24,598 14,449 Macroeconomic Forecasting
and Intersection 19,847 19,491 39,307
38,067
Total revenue $ 266,480 $ 235,276 $ 507,215 $ 470,687
IHS INC.
RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL
MEASUREMENTS
(In thousands)
Three Months Ended May 31,
Six Months Ended May 31, 2010 2009 2010
2009 (Unaudited) Net income attributable to
IHS Inc. $ 38,478 $ 31,954 $ 65,301 $ 59,058 Interest income
(94 ) (209 ) (198 ) (563 ) Interest expense 295 512 660 1,261
Provision for income taxes 10,652 8,893 20,180 17,928 Depreciation
and amortization 14,269 11,636
28,099 23,260
EBITDA 63,600 52,786
114,042 100,944 Stock-based compensation expense 17,640 14,971
36,942 31,441 Restructuring credits (82 ) (61 ) (82 ) (416 )
Non-cash net periodic pension and post-retirement expense (benefit)
853 (1,001 ) 1,704 (2,002 ) Loss from discontinued operations, net
— 73 126 231
Adjusted EBITDA $ 82,011 $ 66,768
$ 152,732 $ 130,198
IHS INC.
RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL
MEASUREMENTS
(In thousands)
Three Months EndedMay
31,
2010 2009 (Unaudited) Americas $
168,054 $ 148,631 EMEA 76,433 67,660 APAC 21,993 18,985 Shared
Services — —
Revenue $ 266,480
$ 235,276 Americas $ 54,430 $ 48,047 EMEA
18,044 12,814 APAC 7,143 6,518 Shared Services (30,286 )
(25,052 )
Operating income $ 49,331 $
42,327
Three Months Ended May 31, 2010
Americas
EMEA
APAC
SharedServices
Total (Unaudited) Operating
income $ 54,430 $ 18,044 $ 7,143 $ (30,286 ) $ 49,331
Adjustments: Stock-based compensation expense — — — 17,640 17,640
Depreciation and amortization 9,955 3,758 25 531 14,269
Restructuring credit (82 ) — — — (82 ) Non-cash net periodic
pension and post-retirement expense — —
— 853 853
Adjusted
EBITDA $ 64,303 $ 21,802 $ 7,168 $ (11,262 ) $
82,011
Three Months Ended May 31, 2009
Americas EMEA APAC Corporate
Total (Unaudited) Operating
income $ 48,047 $ 12,814 $ 6,518 $ (25,052 ) $ 42,327
Adjustments: Stock-based compensation expense — — — 14,971 14,971
Depreciation and amortization 7,727 3,346 25 538 11,636
Restructuring credit (57 ) (4 ) — — (61 ) Non-cash net periodic
pension and post-retirement benefit — — — (1,001 ) (1,001 ) Net
income attributable to noncontrolling interest —
(1,104 ) — — (1,104 )
Adjusted EBITDA $ 55,717 $ 15,052 $
6,543 $ (10,544 ) $ 66,768
IHS INC.
RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL
MEASUREMENTS
(In thousands)
Six Months EndedMay
31,
2010 2009 (Unaudited) Americas $
320,022 $ 296,986 EMEA 145,798 136,450 APAC 41,395 37,251 Shared
Services — —
Revenue $ 507,215
$ 470,687 Americas $ 101,098 $ 91,684 EMEA
31,394 26,811 APAC 12,775 11,510 Shared Services (59,198 )
(49,946 )
Operating income $ 86,069 $
80,059
Six Months Ended May 31, 2010
Americas
EMEA
APAC
SharedServices
Total (Unaudited) Operating
income $ 101,098 $ 31,394 $ 12,775 $ (59,198) $ 86,069
Adjustments: Stock-based compensation expense — — — 36,942 36,942
Depreciation and amortization 19,171 7,818 50 1,060 28,099
Restructuring credit (82) — — — (82) Non-cash net periodic pension
and post-retirement expense — — — 1,704 1,704
Adjusted
EBITDA $ 120,187 $ 39,212 $ 12,825 $ (19,492) $ 152,732
Six Months Ended May 31, 2009 Americas
EMEA APAC Corporate
Total (Unaudited) Operating
income $ 91,684 $ 26,811 $ 11,510 $ (49,946 ) $ 80,059
Adjustments: Stock-based compensation expense — — — 31,441 31,441
Depreciation and amortization 15,406 6,495 51 1,308 23,260
Restructuring credit (57 ) (111 ) — (248 ) (416 ) Non-cash net
periodic pension and post-retirement benefits — — — (2,002 ) (2,002
) Net income attributable to noncontrolling interest —
(2,144 ) — — (2,144 )
Adjusted EBITDA $ 107,033 $ 31,051 $
11,561 $ (19,447 ) $ 130,198
IHS INC.
SUPPLEMENTAL
INFORMATION
(In thousands, except per-share
amounts)
Three Months Ended May 31,
Six Months Ended May 31, 2010 2009 2010
2009 (Unaudited) Net cash provided by
operating activities $ 123,744 $ 77,664 $ 179,156 $ 116,279
Capital expenditures on property and equipment (9,167 )
(3,607 ) (16,339 ) (9,128 )
Free cash
flow $ 114,577 $ 74,057 $ 162,817 $
107,151
Three Months Ended May 31, 2010
2009 Pre-tax After tax Pre-tax After
tax (Unaudited) Stock-based compensation expense
$ 17,640 $ 11,113 $ 14,971 $ 9,432 Restructuring credit $ (82 ) $
(51 ) $ (61 ) $ (36 ) Non-cash net periodic pension and
post-retirement expense (benefit) $ 853 $ 529 $ (1,001 ) $ (621 )
Loss from discontinued operations, net $ — $ — $ 68 $ 73
Six Months Ended May 31, 2010 2009
Pre-tax After tax Pre-tax After tax
(Unaudited) Stock-based compensation expense $ 36,942
$ 23,273 $ 31,441 $ 19,808 Restructuring credits $ (82 ) $ (51 ) $
(416 ) $ (272 ) Non-cash net periodic pension and post-retirement
expense (benefit) $ 1,704 $ 1,056 $ (2,002 ) $ (1,241 ) Loss from
discontinued operations, net $ 159 $ 126 $ 254 $ 231
Three Months Ended May 31, Six Months Ended May
31, 2010 2009 2010
2009 (Unaudited) Earnings per diluted
share $ 0.60 $ 0.50 $ 1.01 $ 0.93 Stock-based compensation
expense 0.17 0.15 0.36 0.31 Restructuring credits (0.00 ) (0.00 )
(0.00 ) (0.00 ) Non-cash net periodic pension and post-retirement
expense (benefit) 0.01 (0.01 ) 0.02 (0.02 ) Loss from discontinued
operations, net — (0.00 ) (0.00 )
(0.00 )
Adjusted earnings per diluted share $ 0.78
$ 0.64 $ 1.39 $ 1.22 Note: amounts may
not sum due to rounding.
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