 |
|
|
(Dollars in thousands, except per share amounts) |
|
2001 |
|
|
|
2000 |
|
1999 |
|
1998 |
|
1997 |
|
1996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SUMMARY OF OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Revenue |
|
$1,196,435 |
|
|
$1,353,759 |
|
$1,393,986 |
|
$1,369,918 |
|
$910,825 |
|
$877,832 |
|
| |
Cost of sales |
|
781,339 |
|
|
872,603 |
|
888,356 |
|
875,526 |
|
551,407 |
|
540,522 |
|
|
|
|
| |
Gross margin |
|
415,096 |
|
|
|
481,156 |
|
505,630 |
|
494,392 |
|
359,418 |
|
337,310 |
|
| |
Engineering and research |
|
14,385 |
|
|
10,289 |
|
8,875 |
|
9,012 |
|
8,626 |
|
7,292 |
|
| |
Selling and administrative |
|
304,499 |
|
|
354,542 |
|
344,388 |
|
332,252 |
|
220,265 |
|
205,010 |
|
| |
Depreciation and amortization |
|
45,419 |
|
|
54,694 |
|
50,858 |
|
45,027 |
|
27,446 |
|
25,814 |
|
| |
Asset impairments |
|
41,512 |
|
|
73,746 |
|
— |
|
— |
|
— |
|
— |
|
| |
Restructuring charges |
|
84,014 |
|
|
24,633 |
|
— |
|
— |
|
— |
|
|
|
| |
Interest expense |
|
12,755 |
|
|
12,691 |
|
13,850 |
|
14,044 |
|
288 |
|
532 |
|
| |
Investment income and other |
|
(3,171) |
|
|
(2,750) |
|
(1,878) |
|
(1,635) |
|
(2,879) |
|
(2,050) |
|
| |
Income taxes (benefit) |
|
(34,984) |
|
|
(17,514) |
|
33,797 |
|
38,679 |
|
41,949 |
|
41,710 |
|
|
|
|
| |
Income (loss) from continuing
operations |
|
(49,333) |
|
|
|
(29,175) |
|
55,740 |
|
57,013 |
|
63,723 |
|
59,002 |
|
| |
Income (loss) from discontinued operations |
|
— |
|
|
— |
|
(509) |
|
2,570 |
|
3,171 |
|
4,155 |
|
| |
Gain on sale of discontinued operations |
|
— |
|
|
— |
|
15,670 |
|
— |
|
— |
|
— |
|
|
|
|
| |
Net income (loss) |
|
$ (49,333) |
|
|
|
$ (29,175) |
|
$ 70,901 |
|
$ 59,583 |
|
$ 66,894 |
|
$ 63,157 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
DILUTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from continuing operations |
|
$ (1.79) |
|
|
$ (1.06) |
|
$ 1.98 |
|
$ 1.99 |
|
$ 2.22 |
|
$ 2.05 |
|
| |
Income (loss) from discontinued operations |
|
— |
|
|
— |
|
(0.02) |
|
0.09 |
|
0.11 |
|
0.14 |
|
| |
Gain on sale of discontinued operations |
|
— |
|
|
— |
|
0.56 |
|
— |
|
— |
|
— |
|
|
|
|
| |
Net income (loss) |
|
$ (1.79) |
|
|
|
$ (1.06) |
|
$ 2.52 |
|
$ 2.08 |
|
$ 2.33 |
|
$ 2.19 |
|
|
|
|
| |
Dividends paid |
|
$ 0.92 |
|
|
|
$ 0.92 |
|
$ 0.88 |
|
$ 0.84 |
|
$ 0.80 |
|
$ 0.76 |
|
| |
Shareholders' equity |
|
$ 15.03 |
|
|
$ 17.92 |
|
$ 19.82 |
|
$ 18.35 |
|
$ 17.17 |
|
$ 15.80 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
YEAR-END FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Current ratio |
|
3.9 |
|
|
4.3 |
|
4.2 |
|
3.6 |
|
3.5 |
|
4.0 |
|
| |
Working capital |
|
$ 362,917 |
|
|
$ 370,671 |
|
$ 363,643 |
|
$ 343,439 |
|
$271,799 |
|
$259,148 |
|
| |
Plant and equipment |
|
$ 225,216 |
|
|
$ 310,218 |
|
$ 328,143 |
|
$ 368,161 |
|
$ 260,035 |
|
$235,958 |
|
| |
Total assets |
|
$ 837,783 |
|
|
$ 902,606 |
|
$ 961,639 |
|
$ 985,077 |
|
$ 647,018 |
|
$588,113 |
|
| |
Long-term debt |
|
$ 202,300 |
|
|
$ 202,930 |
|
$ 203,520 |
|
$ 234,075 |
|
$ 4,600 |
|
$ 4,600 |
|
| |
Shareholders' equity |
|
$ 415,290 |
|
|
$ 494,154 |
|
$ 541,731 |
|
$ 520,965 |
|
$ 487,935 |
|
$453,246 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
OTHER DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Number of shares outstanding at year-end |
|
27,634,864 |
|
|
27,575,804 |
|
27,339,452 |
|
28,388,636 |
|
28,418,364 |
|
28,689,906 |
|
| |
Number of employees |
|
5,692 |
|
|
8,022 |
|
8,208 |
|
8,682 |
|
6,440 |
|
6,445 |
|
| |
Capital expenditures |
|
$ 25,647 |
|
|
$ 65,792 |
|
$ 67,567 |
|
$ 65,733 |
|
$ 61,287 |
|
$ 57,783 |
|
|
