Allied Signal Financial Table
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AlliedSignal Inc.
Consolidated Statement of Income (Unaudited)
(In millions except per share amounts)
THREE MONTHS
ENDED JUNE 30
-------------------------------
1999
-------------------
Reported Adjusted(C) 1998
Net sales $3,818 $3,818 $3,869
-------- -------- -------
Cost of goods sold 3,045(A) 2,823 2,949
Selling, general and
administrative expenses 418 418 406
-------- -------- -------
Total costs and expenses 3,463 3,241 3,355
-------- -------- -------
Income from operations 355 577 514
Equity in income of affiliated companies (16)(A) 20 29
Other income (expense) 277 (B) 9 --
Interest and other financial charges (30) (30) (32)
-------- -------- -------
Income before taxes on income 586 576 511
Taxes on income 186 181 161
-------- -------- -------
Net income $ 400 $ 395 $ 350
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Earnings per share of common
stock-basic $ 0.72 $ 0.71 $ 0.62
======== ======== =======
Earnings per share of common stock -
assuming dilution $ 0.71 $ 0.70 $ 0.61
======== ======== =======
Weighted average number of shares
outstanding-basic 552 552 563
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Weighted average number of shares
outstanding -
assuming dilution 565 565 577
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(A) Cost of goods sold includes a provision of $222 million for
repositioning and other charges. A charge of $36 million relating to
the writedown of an equity investment is included in equity in income
of affiliated companies. Total pretax repositioning and other charges
were $258 million (after-tax $156 million, or $0.28 per share).
(B) Includes the pretax gain of $268 million (after-tax $161
million, or $0.29 per share) on the sale of our investment in AMP
common stock.
(C) Excludes the one-time impact from the sale of the AMP
investment and the repositioning and other charges.
AlliedSignal Inc.
Consolidated Statement of Income (Unaudited)
(In millions except per share amounts)
SIX MONTHS
ENDED JUNE 30
------------------------------
1999
--------------------
Reported Adjusted(C) 1998
--------- --------- -------
Net sales $ 7,414 $7,414 $7,515
--------- --------- -------
Cost of goods sold 5,754(A) 5,532 5,758
Selling, general and
administrative expenses 799 799 804
--------- --------- -------
Total costs and expenses 6,553 6,331 6,562
--------- --------- -------
Income from operations 861 1,083 953
Equity in income of affiliated companies (4)(A) 32 63
Other income (expense) 292 (B) 24 (1)
Interest and other financial charges (74) (74) (66)
--------- --------- -------
Income before taxes on income 1,075 1,065 949
Taxes on income 340 335 299
--------- --------- -------
Net income $ 735 $ 730 $ 650
========= ========= =======
Earnings per share of common
stock-basic $ 1.33 $ 1.32 $ 1.15
========= ========= =======
Earnings per share of common stock -
assuming dilution $ 1.30 $ 1.29 $ 1.13
========= ========= =======
Weighted average number of shares
outstanding-basic 554 554 564
========= ========= =======
Weighted average number of shares
outstanding -
assuming dilution 567 567 578
========= ========= =======
(A) Cost of goods sold includes a provision of $222 million for
repositioning and other charges. A charge of $36 million relating to
the writedown of an equity investment is included in equity in income
of affiliated companies. Total pretax repositioning and other charges
were $258 million (after-tax $156 million, or $0.28 per share).
(B) Includes the pretax gain of $268 million (after-tax $161
million, or $0.29 per share) on the sale of our investment in AMP
common stock.
(C) Excludes the one-time impact from the sale of the AMP
investment and the repositioning and other charges.
AlliedSignal Inc.
Segment Data
(Dollars in Millions)
THREE MONTHS ENDED JUNE 30
Income From
Net Sales Operations
----------------- -----------------
1999 1998 1999 1998
-------- ------- -------- -------
Aerospace Systems $ 1,202 $ 1,204 $ 245 $ 201
Specialty Chemicals &
Electronic Solutions 517 589 75 112
Turbine Technologies 1,002 921 177 103
Performance Polymers 469 531 70 92
Transportation Products 615 609 47 35
-------- ------- -------- -------
Total Businesses 3,805 3,854 614 543
Corporate & Unallocated 13 15 (37) (29)
Other (A) -- -- (222) --
-------- ------- -------- -------
Total $ 3,818 $ 3,869 $ 355 $ 514
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SIX MONTHS ENDED JUNE 30
Income From
Net Sales Operations
----------------- -----------------
1999 1998 1999 1998
------- ------- ------- ------
Aerospace Systems $ 2,352 $ 2,334 $ 450 $ 396
Specialty Chemicals &
Electronic Solutions 1,045 1,187 160 211
Turbine Technologies 1,865 1,741 311 191
Performance Polymers 924 1,058 134 165
Transportation Products 1,208 1,155 90 51
------- ------- ------ ------
Total Businesses 7,394 7,475 1,145 1,014
Corporate & Unallocated 20 40 (62) (61)
Other (A) -- -- (222) --
------- ------- ------ ------
Total $ 7,414 $ 7,515 $ 861 $ 953
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(A) Other represents the provision for repositioning and other
charges.
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