netrashetty
Netra Shetty
ACCO Brands Corporation (NYSE: ABD) is an umbrella company, created by the merger of ACCO World from Fortune Brands with General Binding Corporation (GBC).
ACCO Brands Corporation designs, develops, manufactures, and markets traditional and computer-related office products and supplies principally in North America, Europe, and Australia. The company’s office products and supplies include staplers, staples, punches, ring binders, trimmers, sheet protectors, hanging file folders, clips and fasteners, data binders, dry-erase boards, dry-erase markers, easels, bulletin boards, overhead projectors, transparencies, and laser pointers and screens under Quartet, Rexel, Swingline, Wilson Jones, Marbig, NOBO, ACCO, Derwent, and Eastligh brand names. It also offers document finishing solutions, such as binding, lamination and punching equipment, binding and lamination supplies, report covers, archival report covers, and shredder, as well as machine maintenance and repair services under the GBC brand name. In addition, the company provides personal organization tools, including time management products primarily under the Day-Timer brand name. ACCO Brands Corporation sells its office products and supplies, and document finishing solutions to commercial contract stationers, office products superstores, wholesalers, distributors, mail order and Internet catalogs, mass merchandisers, club stores, and independent dealers, as well as end-users and commercial reprographic centers. Further, it offers computer accessories, such as security locks; power adapters; input devices, including mice and keyboards; laptop computer carrying cases; hubs and docking stations; ergonomic devices; and technology accessories for laptop and desktop computers, iPods, and iPhones under the Kensington and Kensington Microsaver brand names. The company sells these products to electronic retailers, information technology value-added resellers, original equipment manufacturers, and office products retailers. ACCO Brands Corporation is headquartered in Lincolnshire, Illinois
Valuation Measures
Market Cap (intraday)5: 467.20M
Enterprise Value (Feb 8, 2011)3: 1.18B
Trailing P/E (ttm, intraday): 72.74
Forward P/E (fye Dec 31, 2011)1: 11.50
PEG Ratio (5 yr expected)1: 1.68
Price/Sales (ttm): 0.36
Price/Book (mrq): N/A
Enterprise Value/Revenue (ttm)3: 0.90
Enterprise Value/EBITDA (ttm)3: 8.43
Financial Highlights
Fiscal Year
Fiscal Year Ends: Dec 31
Most Recent Quarter (mrq): Sep 30, 2010
Profitability
Profit Margin (ttm): 0.50%
Operating Margin (ttm): 8.53%
Management Effectiveness
Return on Assets (ttm): 6.42%
Return on Equity (ttm): N/A
Income Statement
Revenue (ttm): 1.31B
Revenue Per Share (ttm): 23.95
Qtrly Revenue Growth (yoy): 2.50%
Gross Profit (ttm): 379.30M
EBITDA (ttm): 139.80M
Net Income Avl to Common (ttm): 9.00M
Diluted EPS (ttm): 0.12
Qtrly Earnings Growth (yoy): 315.40%
Balance Sheet
Total Cash (mrq): 14.30M
Total Cash Per Share (mrq): 0.26
Total Debt (mrq): 726.10M
Total Debt/Equity (mrq): N/A
Current Ratio (mrq): 1.92
Book Value Per Share (mrq): -1.77
Cash Flow Statement
Operating Cash Flow (ttm): 25.80M
Levered Free Cash Flow (ttm): 14.80M
Purpose
The purpose of the Audit Committee is to assist the Board of Directors ("Board") in overseeing (1) the integrity of the financial statements and the financial reporting process of the Company, (2) compliance by the Company with legal and regulatory requirements, (3) independence and qualifications of the Company's external auditors, and (4) performance of the Company's external and internal auditors.
Membership
The Committee shall be composed of not less than three directors, each of whom meets the independence and experience requirements of the New York Stock Exchange listing rules and the independence standard set forth in Rule 10A-3 under the Securities Exchange Act of 1934. The members shall be appointed by the Board on the recommendation of the Corporate Governance and Nominating Committee.
Authority and Responsibilities
The Audit Committee shall:
Independent Auditors
Retain (subject to shareholder ratification) a firm of independent certified public accountants to serve as the Company's principal independent auditors. The independent auditors are accountable to the Audit Committee which has the ultimate authority and responsibility to appoint and retain (subject to shareholder approval), evaluate and terminate the auditors.
Approve the scope of audit work and review the reports and recommendations of the Company's principal independent auditors, as well as their performance of requested services.
Discuss with the independent auditors the matters required to be discussed by Statement on Auditing Standards number 61 including: the auditors' responsibilities, difficulties and problems encountered in performing the audit, including any restrictions on the scope of the independent auditors' activities or on access to requested information and management's response.
Discuss with the independent auditors the annual audited financial statements and quarterly financial statements, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations."
Discuss with the auditors the auditors' independence and obtain the letter required by the Independence Standards Board Standard No. 1 confirming the auditors' independence.
Review annually a written report prepared by the independent auditors describing:
1. the firm's internal quality-control procedures;
2. any material issues raised by the most recent internal quality-control review, or peer review, of the independent auditors, or by a governmental or professional authority investigation or inquiry within the past five years with respect to independent audits carried out by the auditors, along with any steps taken to deal with such issues; and
3. all relationships between the independent auditors and the Company and how those relationships affect the auditors' independence.
Approve all non-audit services performed by the independent auditors.
Meet separately with independent auditors (without the presence of management) on a quarterly basis.
Management
Discuss the following with management:
1. the annual audited financial statements and quarterly financial statements, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations";
2. major issues regarding accounting and auditing principles and practices, including all critical accounting policies;
3. the adequacy of internal controls and procedures that are used to ensure the accuracy and completeness of the Company's financial statements;
4. the quarterly certifications by the Chief Executive Officer and Chief Financial Officer regarding the accuracy and completeness of the Company's financial statements and Securities and Exchange Commission ("SEC") reports and the adequacy of internal controls and procedures; and
5. the Company's press releases and conference call scripts with respect to earnings announcements, as well as financial information and earnings guidance provided to analysts and rating agencies.
Review the Company's policies with respect to risk assessment and risk management. Discuss the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures.
Meet separately with management on a quarterly basis.
Internal Auditors
Review the annual internal audit plan and receive quarterly updates on the results of internal audit work.
Review internal audit staffing levels and qualifications, annual expense budgets, and any changes in the duties of the chief Internal Auditor.
Meet separately with the Chief Internal Auditor on a quarterly basis.
Other Responsibilities
Review the findings resulting from any examinations of the Company's financial statements by federal regulatory agencies, including the SEC and the Internal Revenue Service.
Review the activities of the Corporate Compliance Committee and its annual report regarding Company-wide compliance programs.
Establish procedures for the receipt, retention and treatment of complaints regarding accounting, internal accounting controls, or auditing matters, including creation of mechanisms for the confidential, anonymous submission of complaints.
Establish hiring policies for employees or former employees of the independent auditor.
Retain outside legal, accounting, or other advisors as deemed appropriate by a majority of the members of the Audit Committee or the Chairman of the Audit Committee..
Prepare a report to be included in the Company's annual proxy statement disclosing whether the Audit Committee has recommended to the Board that the audited financial statements be included in the Company's form 10-K, as required by the rules of the SEC.
Report Committee findings to the Board on a regular basis and make such recommendations to the Board as deemed appropriate.
Perform such other duties in connection with the Company's financial reporting, audit procedures and system of internal control as are requested from time to time by the Board.
Review and reassess the adequacy of this Charter annually, submit it to the Board for approval, and disclose in the Company's annual proxy statement that the Committee has a written charter.
Annually evaluate the performance of the Audit Committee and report the results of this evaluation to the Board.
While the Audit Committee has the responsibilities and powers set forth in this Charter, management has the responsibility for the Company's system of internal control and the financial reporting process. The independent auditors have the responsibility to conduct an independent audit in accordance with generally accepted auditing standards and to issue an opinion thereon. The Audit Committee's responsibility is to monitor and oversee these processes.
Period Ending Sep 30, 2010 Jun 30, 2010 Mar 31, 2010 Dec 31, 2009
Net Income 5,400 4,900 (4,700) 1,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation 10,800 10,600 11,100 11,500
Adjustments To Net Income (100) 1,900 500 113,700
Changes In Accounts Receivables (9,600) (6,900) 17,300 (4,600)
Changes In Liabilities (13,000) 38,800 (46,600) (101,300)
Changes In Inventories (12,300) (19,400) 3,300 12,400
Changes In Other Operating Activities 200 500 (8,100) 6,100
Total Cash Flow From Operating Activities (18,600) 30,700 (27,000) 40,700
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures (3,800) (2,600) (2,300) (2,600)
Investments - - - -
Other Cash flows from Investing Activities - (3,900) (300) (800)
Total Cash Flows From Investing Activities (3,800) (6,500) (2,600) (3,400)
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid - - - -
Sale Purchase of Stock - - - -
Net Borrowings (200) (15,600) 15,400 (16,300)
Other Cash Flows from Financing Activities - - (100) -
Total Cash Flows From Financing Activities (300) (15,800) 14,800 (17,800)
Effect Of Exchange Rate Changes 2,500 (1,600) (1,100) 200
Change In Cash and Cash Equivalents (20,200) 6,800 (15,900) 19,700
Currency in USD.
Period Ending Sep 30, 2010 Jun 30, 2010 Mar 31, 2010 Dec 31, 2009
Assets
Current Assets
Cash And Cash Equivalents 14,300 34,500 27,700 43,600
Short Term Investments - - - -
Net Receivables 270,400 247,700 250,500 269,700
Inventory 233,300 213,400 198,900 202,400
Other Current Assets 27,400 28,200 30,600 21,400
Total Current Assets 545,400 523,800 507,700 537,100
Long Term Investments - - - -
Property Plant and Equipment 167,400 164,900 173,200 181,100
Goodwill 144,000 140,100 143,000 143,400
Intangible Assets 140,300 140,100 143,000 145,800
Accumulated Amortization - - - -
Other Assets 69,300 64,100 65,800 67,900
Deferred Long Term Asset Charges 30,900 31,000 30,000 31,500
Total Assets 1,097,300 1,064,000 1,062,700 1,106,800
Liabilities
Current Liabilities
Accounts Payable 202,300 210,100 179,100 214,500
Short/Current Long Term Debt 300 600 16,200 700
Other Current Liabilities 80,900 70,600 72,300 83,700
Total Current Liabilities 283,500 281,300 267,600 298,900
Long Term Debt 725,800 725,500 725,300 725,100
Other Liabilities 98,200 97,500 100,500 113,400
Deferred Long Term Liability Charges 87,100 85,300 87,300 86,600
Minority Interest - - - -
Negative Goodwill - - - -
Total Liabilities 1,194,600 1,189,600 1,180,700 1,224,000
Stockholders' Equity
Misc Stocks Options Warrants - - - -
Redeemable Preferred Stock - - - -
Preferred Stock - - - -
Common Stock 600 600 500 500
Retained Earnings (1,400,700) (1,406,100) (1,411,000) (1,406,300)
Treasury Stock (1,500) (1,500) (1,500) (1,400)
Capital Surplus 1,399,500 1,399,400 1,397,800 1,397,000
Other Stockholder Equity (95,200) (118,000) (103,800) (107,000)
Total Stockholder Equity (97,300) (125,600) (118,000) (117,200)
Net Tangible Assets (381,600) (405,800) (404,000) (406,400)
Period Ending Sep 30, 2010 Jun 30, 2010 Mar 31, 2010 Dec 31, 2009
Total Revenue 330,700 316,500 310,800 352,800
Cost of Revenue 228,500 217,500 215,600 244,300
Gross Profit 102,200 99,000 95,200 108,500
Operating Expenses
Research Development - - - -
Selling General and Administrative 69,300 71,700 71,900 75,200
Non Recurring - (700) (100) 3,600
Others 1,700 1,700 1,800 1,800
Total Operating Expenses - - - -
Operating Income or Loss 31,200 26,300 21,600 27,900
Income from Continuing Operations
Total Other Income/Expenses Net (100) (300) (1,000) 700
Earnings Before Interest And Taxes 13,800 7,400 2,300 11,600
Interest Expense - - - -
Income Before Tax 13,800 7,400 2,300 11,600
Income Tax Expense 8,400 2,200 6,800 8,700
Minority Interest - - - -
Net Income From Continuing Ops 5,400 5,200 (4,500) 2,900
Non-recurring Events
Discontinued Operations - (300) (200) (1,900)
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income 5,400 4,900 (4,700) 1,000
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares
ACCO Brands Corporation designs, develops, manufactures, and markets traditional and computer-related office products and supplies principally in North America, Europe, and Australia. The company’s office products and supplies include staplers, staples, punches, ring binders, trimmers, sheet protectors, hanging file folders, clips and fasteners, data binders, dry-erase boards, dry-erase markers, easels, bulletin boards, overhead projectors, transparencies, and laser pointers and screens under Quartet, Rexel, Swingline, Wilson Jones, Marbig, NOBO, ACCO, Derwent, and Eastligh brand names. It also offers document finishing solutions, such as binding, lamination and punching equipment, binding and lamination supplies, report covers, archival report covers, and shredder, as well as machine maintenance and repair services under the GBC brand name. In addition, the company provides personal organization tools, including time management products primarily under the Day-Timer brand name. ACCO Brands Corporation sells its office products and supplies, and document finishing solutions to commercial contract stationers, office products superstores, wholesalers, distributors, mail order and Internet catalogs, mass merchandisers, club stores, and independent dealers, as well as end-users and commercial reprographic centers. Further, it offers computer accessories, such as security locks; power adapters; input devices, including mice and keyboards; laptop computer carrying cases; hubs and docking stations; ergonomic devices; and technology accessories for laptop and desktop computers, iPods, and iPhones under the Kensington and Kensington Microsaver brand names. The company sells these products to electronic retailers, information technology value-added resellers, original equipment manufacturers, and office products retailers. ACCO Brands Corporation is headquartered in Lincolnshire, Illinois
Valuation Measures
Market Cap (intraday)5: 467.20M
Enterprise Value (Feb 8, 2011)3: 1.18B
Trailing P/E (ttm, intraday): 72.74
Forward P/E (fye Dec 31, 2011)1: 11.50
PEG Ratio (5 yr expected)1: 1.68
Price/Sales (ttm): 0.36
Price/Book (mrq): N/A
Enterprise Value/Revenue (ttm)3: 0.90
Enterprise Value/EBITDA (ttm)3: 8.43
Financial Highlights
Fiscal Year
Fiscal Year Ends: Dec 31
Most Recent Quarter (mrq): Sep 30, 2010
Profitability
Profit Margin (ttm): 0.50%
Operating Margin (ttm): 8.53%
Management Effectiveness
Return on Assets (ttm): 6.42%
Return on Equity (ttm): N/A
Income Statement
Revenue (ttm): 1.31B
Revenue Per Share (ttm): 23.95
Qtrly Revenue Growth (yoy): 2.50%
Gross Profit (ttm): 379.30M
EBITDA (ttm): 139.80M
Net Income Avl to Common (ttm): 9.00M
Diluted EPS (ttm): 0.12
Qtrly Earnings Growth (yoy): 315.40%
Balance Sheet
Total Cash (mrq): 14.30M
Total Cash Per Share (mrq): 0.26
Total Debt (mrq): 726.10M
Total Debt/Equity (mrq): N/A
Current Ratio (mrq): 1.92
Book Value Per Share (mrq): -1.77
Cash Flow Statement
Operating Cash Flow (ttm): 25.80M
Levered Free Cash Flow (ttm): 14.80M
Purpose
The purpose of the Audit Committee is to assist the Board of Directors ("Board") in overseeing (1) the integrity of the financial statements and the financial reporting process of the Company, (2) compliance by the Company with legal and regulatory requirements, (3) independence and qualifications of the Company's external auditors, and (4) performance of the Company's external and internal auditors.
Membership
The Committee shall be composed of not less than three directors, each of whom meets the independence and experience requirements of the New York Stock Exchange listing rules and the independence standard set forth in Rule 10A-3 under the Securities Exchange Act of 1934. The members shall be appointed by the Board on the recommendation of the Corporate Governance and Nominating Committee.
Authority and Responsibilities
The Audit Committee shall:
Independent Auditors
Retain (subject to shareholder ratification) a firm of independent certified public accountants to serve as the Company's principal independent auditors. The independent auditors are accountable to the Audit Committee which has the ultimate authority and responsibility to appoint and retain (subject to shareholder approval), evaluate and terminate the auditors.
Approve the scope of audit work and review the reports and recommendations of the Company's principal independent auditors, as well as their performance of requested services.
Discuss with the independent auditors the matters required to be discussed by Statement on Auditing Standards number 61 including: the auditors' responsibilities, difficulties and problems encountered in performing the audit, including any restrictions on the scope of the independent auditors' activities or on access to requested information and management's response.
Discuss with the independent auditors the annual audited financial statements and quarterly financial statements, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations."
Discuss with the auditors the auditors' independence and obtain the letter required by the Independence Standards Board Standard No. 1 confirming the auditors' independence.
Review annually a written report prepared by the independent auditors describing:
1. the firm's internal quality-control procedures;
2. any material issues raised by the most recent internal quality-control review, or peer review, of the independent auditors, or by a governmental or professional authority investigation or inquiry within the past five years with respect to independent audits carried out by the auditors, along with any steps taken to deal with such issues; and
3. all relationships between the independent auditors and the Company and how those relationships affect the auditors' independence.
Approve all non-audit services performed by the independent auditors.
Meet separately with independent auditors (without the presence of management) on a quarterly basis.
Management
Discuss the following with management:
1. the annual audited financial statements and quarterly financial statements, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations";
2. major issues regarding accounting and auditing principles and practices, including all critical accounting policies;
3. the adequacy of internal controls and procedures that are used to ensure the accuracy and completeness of the Company's financial statements;
4. the quarterly certifications by the Chief Executive Officer and Chief Financial Officer regarding the accuracy and completeness of the Company's financial statements and Securities and Exchange Commission ("SEC") reports and the adequacy of internal controls and procedures; and
5. the Company's press releases and conference call scripts with respect to earnings announcements, as well as financial information and earnings guidance provided to analysts and rating agencies.
Review the Company's policies with respect to risk assessment and risk management. Discuss the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures.
Meet separately with management on a quarterly basis.
Internal Auditors
Review the annual internal audit plan and receive quarterly updates on the results of internal audit work.
Review internal audit staffing levels and qualifications, annual expense budgets, and any changes in the duties of the chief Internal Auditor.
Meet separately with the Chief Internal Auditor on a quarterly basis.
Other Responsibilities
Review the findings resulting from any examinations of the Company's financial statements by federal regulatory agencies, including the SEC and the Internal Revenue Service.
Review the activities of the Corporate Compliance Committee and its annual report regarding Company-wide compliance programs.
Establish procedures for the receipt, retention and treatment of complaints regarding accounting, internal accounting controls, or auditing matters, including creation of mechanisms for the confidential, anonymous submission of complaints.
Establish hiring policies for employees or former employees of the independent auditor.
Retain outside legal, accounting, or other advisors as deemed appropriate by a majority of the members of the Audit Committee or the Chairman of the Audit Committee..
Prepare a report to be included in the Company's annual proxy statement disclosing whether the Audit Committee has recommended to the Board that the audited financial statements be included in the Company's form 10-K, as required by the rules of the SEC.
Report Committee findings to the Board on a regular basis and make such recommendations to the Board as deemed appropriate.
Perform such other duties in connection with the Company's financial reporting, audit procedures and system of internal control as are requested from time to time by the Board.
Review and reassess the adequacy of this Charter annually, submit it to the Board for approval, and disclose in the Company's annual proxy statement that the Committee has a written charter.
Annually evaluate the performance of the Audit Committee and report the results of this evaluation to the Board.
While the Audit Committee has the responsibilities and powers set forth in this Charter, management has the responsibility for the Company's system of internal control and the financial reporting process. The independent auditors have the responsibility to conduct an independent audit in accordance with generally accepted auditing standards and to issue an opinion thereon. The Audit Committee's responsibility is to monitor and oversee these processes.
Period Ending Sep 30, 2010 Jun 30, 2010 Mar 31, 2010 Dec 31, 2009
Net Income 5,400 4,900 (4,700) 1,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation 10,800 10,600 11,100 11,500
Adjustments To Net Income (100) 1,900 500 113,700
Changes In Accounts Receivables (9,600) (6,900) 17,300 (4,600)
Changes In Liabilities (13,000) 38,800 (46,600) (101,300)
Changes In Inventories (12,300) (19,400) 3,300 12,400
Changes In Other Operating Activities 200 500 (8,100) 6,100
Total Cash Flow From Operating Activities (18,600) 30,700 (27,000) 40,700
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures (3,800) (2,600) (2,300) (2,600)
Investments - - - -
Other Cash flows from Investing Activities - (3,900) (300) (800)
Total Cash Flows From Investing Activities (3,800) (6,500) (2,600) (3,400)
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid - - - -
Sale Purchase of Stock - - - -
Net Borrowings (200) (15,600) 15,400 (16,300)
Other Cash Flows from Financing Activities - - (100) -
Total Cash Flows From Financing Activities (300) (15,800) 14,800 (17,800)
Effect Of Exchange Rate Changes 2,500 (1,600) (1,100) 200
Change In Cash and Cash Equivalents (20,200) 6,800 (15,900) 19,700
Currency in USD.
Period Ending Sep 30, 2010 Jun 30, 2010 Mar 31, 2010 Dec 31, 2009
Assets
Current Assets
Cash And Cash Equivalents 14,300 34,500 27,700 43,600
Short Term Investments - - - -
Net Receivables 270,400 247,700 250,500 269,700
Inventory 233,300 213,400 198,900 202,400
Other Current Assets 27,400 28,200 30,600 21,400
Total Current Assets 545,400 523,800 507,700 537,100
Long Term Investments - - - -
Property Plant and Equipment 167,400 164,900 173,200 181,100
Goodwill 144,000 140,100 143,000 143,400
Intangible Assets 140,300 140,100 143,000 145,800
Accumulated Amortization - - - -
Other Assets 69,300 64,100 65,800 67,900
Deferred Long Term Asset Charges 30,900 31,000 30,000 31,500
Total Assets 1,097,300 1,064,000 1,062,700 1,106,800
Liabilities
Current Liabilities
Accounts Payable 202,300 210,100 179,100 214,500
Short/Current Long Term Debt 300 600 16,200 700
Other Current Liabilities 80,900 70,600 72,300 83,700
Total Current Liabilities 283,500 281,300 267,600 298,900
Long Term Debt 725,800 725,500 725,300 725,100
Other Liabilities 98,200 97,500 100,500 113,400
Deferred Long Term Liability Charges 87,100 85,300 87,300 86,600
Minority Interest - - - -
Negative Goodwill - - - -
Total Liabilities 1,194,600 1,189,600 1,180,700 1,224,000
Stockholders' Equity
Misc Stocks Options Warrants - - - -
Redeemable Preferred Stock - - - -
Preferred Stock - - - -
Common Stock 600 600 500 500
Retained Earnings (1,400,700) (1,406,100) (1,411,000) (1,406,300)
Treasury Stock (1,500) (1,500) (1,500) (1,400)
Capital Surplus 1,399,500 1,399,400 1,397,800 1,397,000
Other Stockholder Equity (95,200) (118,000) (103,800) (107,000)
Total Stockholder Equity (97,300) (125,600) (118,000) (117,200)
Net Tangible Assets (381,600) (405,800) (404,000) (406,400)
Period Ending Sep 30, 2010 Jun 30, 2010 Mar 31, 2010 Dec 31, 2009
Total Revenue 330,700 316,500 310,800 352,800
Cost of Revenue 228,500 217,500 215,600 244,300
Gross Profit 102,200 99,000 95,200 108,500
Operating Expenses
Research Development - - - -
Selling General and Administrative 69,300 71,700 71,900 75,200
Non Recurring - (700) (100) 3,600
Others 1,700 1,700 1,800 1,800
Total Operating Expenses - - - -
Operating Income or Loss 31,200 26,300 21,600 27,900
Income from Continuing Operations
Total Other Income/Expenses Net (100) (300) (1,000) 700
Earnings Before Interest And Taxes 13,800 7,400 2,300 11,600
Interest Expense - - - -
Income Before Tax 13,800 7,400 2,300 11,600
Income Tax Expense 8,400 2,200 6,800 8,700
Minority Interest - - - -
Net Income From Continuing Ops 5,400 5,200 (4,500) 2,900
Non-recurring Events
Discontinued Operations - (300) (200) (1,900)
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income 5,400 4,900 (4,700) 1,000
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares