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Автор: BFG
Дата: 18.04.00, @10:10

  Financial Results. Sales in Fiscal 1999 were $1.5 billion, a decline of 1% from Fiscal 1998. The
decline was driven primarily by our determination to reduce worldwide inventories of consumer
products at our distributors and dealers. As a result, sales of consumer products were down
nearly $95 million this year. The sale in Fiscal 1998 of several of our wholly owned international
distributing companies contributed another $23 million to the decline. These reductions were
virtually offset by solid growth in sales to OEM customers, especially in Europe.
Earnings were $14.4 million before taxes, equal to $0.65 a share compared with pretax earnings
of $75.7 million or $2.86 a share in the prior year. These results were net of a restructuring charge
of $66.4 million equal to $2.54 a share. If the restructuring charge were set aside, pretax earnings
would have totaled $80.9 million equal to $3.19 a share. Through overhead reductions, the
disposal of impaired assets, the closure of the El Paso factory and the consolidation of
manufacturing operations in Northridge, California, our restructuring has energized the
Consumer Group, and we expect it to perform effectively, going forward.
The Company's debt to capital ratio was, of course, negatively affected by the restructuring charge
in December 1998. Since then, however, we have improved our balance sheet materially, with
positive cash flow in the third and fourth fiscal quarters. As a result, at year end, our debt to
capital ratio of 40% met our target.

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