<PAGE>
NEWS [THOMAS & BETTS LETTERHEAD]
FOR IMMEDIATE RELEASE CONTACT: Tricia Bergeron
(901) 252-8266
[email protected]
THOMAS & BETTS RELEASES SECOND QUARTER 2000 RESULTS
RESULTS INCLUDE PRE-TAX SPECIAL CHARGES OF $223.9 MILLION TO CONTINUING
OPERATIONS AND A $134.1 MILLION AFTER-TAX GAIN ON THE SALE OF THE
COMPANY'S ELECTRONIC OEM BUSINESS
ELECTRONIC OEM SEGMENT RESULTS REPORTED AS DISCONTINUED OPERATIONS
------------------------
MEMPHIS, TENN. (AUGUST 21, 2000) -- Thomas & Betts Corporation (NYSE:TNB) today
announced results for the second quarter 2000. The company reported a net loss
of $(32.6) million or $(0.56) per share on a fully diluted basis. Net earnings
during the quarter were reduced $148.4 million after tax, or $2.56 per share, by
special charges totaling $223.9 million relating to accounts receivable,
inventory, revenue recognition and other items. The company also recognized a
pre-tax gain of $231.1 million ($134.1 million after-tax or $2.31 per share)
from the sale of the company's Electronic OEM business. The special charges are
reflected in operating income and results for the Electronic OEM segment have
been reported separately as discontinued operations. Without the special charges
and gain, net earnings would have been a loss of $(18.3) million or $(0.32) per
share during the second quarter of 2000. In the prior year period, net earnings,
including the results of the Electronic OEM business, were $43.7 million and
diluted earnings per share were $0.75.
As reported, sales in the second quarter 2000 were $291.4 million including
the negative impact of $141.9 million in special charges. Excluding these
charges, sales would have been $433.3 million, a 10.3 percent decrease from
$483.1 million in the same period last year. In comparing 2000 and 1999, the
company noted that underlying operating results for the quarter were adversely
affected by several key factors. These factors included: additional credits
issued as the corporation began to resolve the backlog of outstanding customer
invoice disputes; sales related to product lines divested in 1999 and 2000
(Broadband, Photon and Telzon); and, to a lesser extent, excessive inventory in
the electrical distribution channel as a result of prior promotional programs.
The consolidated gross profit was $(113.3) million for the second quarter
2000. Excluding special charges, the second quarter gross profit would have been
$108.4 million or 25.0 percent of sales. In the second quarter 1999, the gross
profit was $150.2 million or 31.1 percent of sales. The company attributes the
deterioration in the underlying gross profit largely to lower sales volume,
lower pricing, product returns, weaker manufacturing performance, and various
accounts receivable issues.
MANAGEMENT COMMENT
"Our performance in the quarter and our need to take special charges in many
different areas is clearly disappointing," said T. Kevin Dunnigan, Thomas &
Betts' newly appointed chairman and chief executive officer. "Our focus now is
to address the company's problems quickly and decisively and return Thomas &
Betts to a position of financial leadership in the electrical industry. We can
best achieve this goal by returning to the basics and emphasizing sound business
practices throughout our operations."
Dunnigan continued, "Thomas & Betts has been a great supplier and a great
competitor for over 100 years and continues to enjoy a high degree of end-user
customer loyalty and market leadership positions for its products. We recognize
that the full value of the company will be realized only when we achieve a
measure of consistent earnings growth driven by organic top-line growth."
<PAGE>
Thomas & Betts Second Quarter 2000 Results
Page 2
Dunnigan also said that the company is redirecting its business-to-business
(B2B) e-commerce strategy and will focus its efforts on developing technology
solutions that directly support the e-commerce efforts of its distributor and
end-user customers. While Thomas & Betts intends to remain the electrical
industry's leader in the use of technology to reduce the overall cost of the
supply chain, the company has redirected the resources previously targeted at
B2B back into the core businesses.
Dunnigan cautioned that the next several quarters would be a transitional
period as the company reviews its strategies, refines its business practices,
and establishes greater discipline and tighter controls.
"We are committed to implementing a focused, efficient and realistic
business strategy and will keep our shareholders, employees, customers and
suppliers informed of our progress," concluded Dunnigan.
SPECIAL CHARGES -- CONTINUING OPERATIONS
The $223.9 million in charges recorded in continuing operations include
adjustments that fall into the following accounting categories:
- ACCOUNTS RECEIVABLE: Second quarter 2000 financial statements reflect
adjustments of approximately $102.5 million to provide additional reserves
for accounts receivable. Approximately $69.5 million of this charge is for
customer disputes related to pricing and shipment accuracy, product
returns and other reasons. Given the nature, number and aging of these
unresolved disputes, management believes that these accounts will be
largely uncollectable.
- The balance of this charge relates primarily to an increase in the
reserves for unpaid invoices. These reserves are being increased because
of the aging of many invoices and the confusion in billings and collection
caused by the implementation of financial, pricing and order processing
systems. The charge has been recorded as a direct reduction to accounts
receivable and net sales based on the belief that the aging increase is
primarily due to disputed billings.
The company is currently implementing a new strategy to address the
collections backlog and a significant number of internal processes are
being changed to substantially reduce the volume of billing disputes.
- EXCESSIVE AND OBSOLETE INVENTORY: In an effort to better match production
with sales requirements, the company has adopted a new strategy to reduce
levels of slow-moving inventory. This new strategy involves examining
inventory aging and usage in greater detail. As a result, an approximately
$19.4 million charge was recorded to increase reserves for excess and
obsolete inventory.
In addition, the company recorded adjustments of approximately
$21.7 million to reduce inventory and increase cost of sales related
primarily to recording write downs for excess and obsolete inventory
connected with the company's premise wire, trap and filter and Broadband
product lines.
- BOOK TO PERPETUAL INVENTORY DIFFERENCE: The company recorded a
$19.5 million charge to reduce the carrying value of inventory in order to
match to the company's perpetual records and physical counts.
The company has formed a team comprised of internal staff and outside
experts to examine and enhance the policies and procedures related to
inventory management and solid progress is being made.
- REVENUE RECOGNITION: The company reversed $31.7 million of net sales and
$14.4 million of cost of sales for sales related to special promotional
programs targeted at a select group of large
<PAGE>
Thomas & Betts Second Quarter 2000 Results
Page 3
volume accounts. This resulted in a net pre-tax charge of $17.3 million.
Based on a review of the terms and conditions of these promotions,
management believes that these transactions are more appropriately
characterized as consignment sales.
The company is currently undertaking a review of promotional programs in
its commercial and industrial businesses in order to reduce the number and
extent of discounting programs and establish effective product promotional
programs focused on improving profitability.
- PROPERTY, PLANT AND EQUIPMENT: During the second quarter 2000, the company
recorded a charge of $19.6 million to reflect the write off of, or
increased depreciation on assets previously classified as construction in
progress. The company also wrote off $4.3 million of assets associated
with the company's premise wire and trap and filter product lines and
other miscellaneous plant assets.
- OTHER ADJUSTMENTS: Thomas & Betts also recorded other charges totaling
approximately $19.6 million of which the main components are:
- INTERCOMPANY DIFFERENCES: The financial statements reflect a charge of
approximately $7.1 million to reconcile intercompany differences and
other miscellaneous accounts which arose, in part, because of problems
associated with the implementation of new financial and order entry
systems and the transfer of assets between plants.
- PRODUCT LINE DISCONTINUANCES: Part of the company's strategy is to
discontinue or dispose of product lines that do not add value to the
respective businesses. Accordingly, the second quarter financial
statements reflect charges of $4.0 million related to impairment in
goodwill and other intangible assets associated with the company
exiting certain product lines, including premise wire, trap and filter
and Patriot Products lines.
- FREIGHT ACCRUALS: The company also booked a $7.1 million charge related
to freight costs, which included an under estimation of the cost of
freight during the period when the company transitioned to a new global
order processing system.
RESTATEMENT OF FINANCIAL STATEMENTS
Thomas & Betts said that it intends to restate its financial statements for
fiscal year 1999. Since a portion of the special charges currently recorded in
the quarter ended July 2, 2000 will be attributable to fiscal 1999, such
adjustments will be made in fiscal 1999 and eliminated in the current quarter.
Accordingly, Thomas & Betts second quarter 2000 financial statement will also be
restated. Until such time as the company issues such restated financial
statements, Thomas & Betts said its previously issued 1999 financial statements
should not be relied upon.
The company is now reviewing the amounts and attributions of the special
charges to prior periods with its independent auditors. Following the completion
of this review, and after consultation with the audit committee of the company's
board of directors, restated financial statements will be issued as appropriate.
If a portion of the special charges currently recorded in the quarter ended
July 2, 2000 is determined to be attributable to the first quarter 2000 and
fiscal periods prior to 1999, adjustments will be made in the relevant prior
period and eliminated in the current quarter.
Management also referred investors to the company's Second Quarter 2000 Form
10-Q filed today with the Securities and Exchange Commission.
SIX MONTHS RESULTS
For the six months ended July 2, 2000, net sales were $754.3 million as
reported. Excluding special charges, sales would have been $896.2 million
compared to $935.9 million for the same period last year.
<PAGE>
Thomas & Betts Second Quarter 2000 Results
Page 4
The gross profit was $30.9 million for the first six months of 2000. Backing out
the special charges, the gross profit would have been $252.6 million or
28.2 percent of sales compared with $291.4 million for the first two quarters in
1999.
Net earnings for the six months of 2000 were $3.3 million. Without the
special charges, net earnings would have been $151.7 million, versus
$78.2 million reported in the first six months of 1999. Earnings per diluted
share for the period from January 3 to July 2, 2000 were $0.06 versus $1.35 for
the comparative period in 1999.
SEGMENT RESULTS
Sales in the Electrical segment were $196.4 million for the second quarter
compared with $364.6 million in the same period last year. Through six months,
sales in this segment were down 20.5 percent to $554.5 million. Special charges
recorded in the second quarter 2000 reduced sales by $130.2 million in both
periods. The remaining deterioration is due to several factors including a
higher level of returns and allowances, higher freight expense, additional
credits issued, and excessive inventory in the electrical distribution channel
due to prior promotional programs.
The Electrical segment reported a loss of $(192.8) million for the quarter
and $(154.6) million for the six months ended July 2, 2000. The special charges
taken in the second quarter negatively impacted earnings in both periods by
$179.7 million. The additional deterioration in earnings is due to factors noted
above in the discussion of the segment's sales, as well as higher marketing,
general and administrative expenses.
The Communications segment reported sales of $39.3 million and a loss of
$(41.3) million in the three-month period ending July 2, 2000. This compares
with $67.2 million in sales and a loss of $(0.5) million in the second quarter
of 1999. For the first and second quarters combined, the Communications segment
recorded sales of $87.1 million and an earnings loss of $(37.3) million, versus
$128.1 million and $(3.1) million in sales and earnings respectively in the 1999
comparative period. Sales for both the quarter and six months were negatively
affected by the special charges recorded in the second quarter as well as the
divestiture of certain amplifier product lines in 1999. Communications segment
earnings in both periods were negatively impacted by $39.3 million of special
charges.
In the Other category, second quarter sales were $55.8 million, an increase
of nine percent from the same period last year. Earnings related to Other
businesses were $3.1 million, down from the $5.4 million of earnings recorded in
the second quarter of 1999. For the first half of 2000, Other sales totaled
$112.7 million, compared with $110.6 million from last year, while earnings were
$10.2 million, down from the $11.0 million reported in the first half of 1999.
The 2000 results include the impact of $4.9 million of special charges.
DISCONTINUED OPERATIONS
On July 2, 2000, Thomas & Betts completed the sale of its Electronics OEM
business to Tyco International for $750 million in cash. The cash purchase price
was reduced by approximately $13.9 million for debt assumed by Tyco. The results
of this segment have been reported separately as discontinued operations and do
not reflect any allocated corporate overhead expenses for centralized
administration, finance and information technology departments.
The sale resulted in a pre-tax gain of $231.1 million. Net of taxes, the
gain was $134.1 million. For the period from April 3, 2000 to the closing date
of sale, the Electronic OEM business reported $(14.7) million of losses --
results negatively affected by $31.3 million of pre-tax special charges. The
nature of these charges is similar to the special charges recorded in continuing
operations during the second fiscal quarter. Excluding these losses, the pre-tax
gain on the sale would have been $249.1 million.
<PAGE>
Thomas & Betts Second Quarter 2000 Results
Page 5
Thomas & Betts Corporation is one of the world's leading designers and
manufacturers of electrical connectors and components. Headquartered in Memphis,
Tenn., the company has manufacturing, distribution, and office facilities
worldwide.
Note to Editors: See Financial Tables Attached
--------------------------------------------------------------------------------
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT
TO MANY UNCERTAINTIES IN THE COMPANY'S OPERATIONS AND BUSINESS
ENVIRONMENT. SUCH UNCERTAINTIES, WHICH ARE DISCUSSED FURTHER IN THE
COMPANY'S QUARTERLY FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION,
MAY CAUSE THE ACTUAL RESULTS OF THE COMPANY TO BE MATERIALLY DIFFERENT
FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS.
--------------------------------------------------------------------------------
###
<PAGE>
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
QUARTER ENDED SIX MONTHS ENDED
------------------- -------------------
JULY 2, JULY 4, JULY 2, JULY 4,
2000 1999 2000 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net Sales........................................... $291,429 $483,093 $754,301 $935,863
Costs and Expenses:
Cost of sales..................................... 404,692 332,881 723,358 644,432
Marketing, general and administrative............. 112,631 86,705 201,945 177,252
Research and development.......................... 6,337 7,126 12,520 14,272
Amortization of intangibles....................... 4,442 4,395 8,895 8,649
Provision (recovery) -- restructured operations... -- 10 (449) (391)
-------- -------- -------- --------
528,102 431,117 946,269 844,214
-------- -------- -------- --------
Earnings (loss) from operations..................... (236,673) 51,976 (191,968) 91,649
Income from unconsolidated companies................ 2,384 4,406 7,805 10,021
Interest expense -- net............................. 15,641 11,786 28,336 20,640
Other expense -- net................................ 1,586 1,380 5,458 3,308
-------- -------- -------- --------
Earnings (loss) from continuing operations before
income taxes...................................... (251,516) 43,216 (217,957) 77,722
Income tax (benefit) provision...................... (84,818) 8,340 (77,546) 16,324
-------- -------- -------- --------
Earnings (loss) from continuing operations.......... (166,698) 34,876 (140,411) 61,398
Earnings from discontinued operations, net.......... -- 8,830 9,577 16,801
Gain on sale of discontinued operations, net........ 134,089 -- 134,089 --
-------- -------- -------- --------
Net earnings (loss)................................. $(32,609) $ 43,706 $ 3,255 $ 78,199
======== ======== ======== ========
Basic earnings per share:
Earnings (loss) from continuing operations........ $ (2.87) $ 0.61 $ (2.42) $ 1.07
Earnings from discontinued operations............. -- 0.15 0.17 0.29
Gain on sale of discontinued operations........... 2.31 -- 2.31 --
-------- -------- -------- --------
Net earnings (loss)............................... $ (0.56) $ 0.76 $ 0.06 $ 1.36
======== ======== ======== ========
Diluted earnings per share:
Earnings (loss) from continuing operations........ $ (2.87) $ 0.60 $ (2.42) $ 1.06
Earnings from discontinued operations............. -- 0.15 0.17 0.29
Gain on sale of discontinued operations........... 2.31 -- 2.31 --
-------- -------- -------- --------
Net earnings (loss)............................... $ (0.56) $ 0.75 $ 0.06 $ 1.35
======== ======== ======== ========
Average shares outstanding:
Basic............................................. 57,962 57,657 57,917 57,617
======== ======== ======== ========
Diluted........................................... 57,962 57,893 57,917 57,830
======== ======== ======== ========
Cash dividends declared per share................... $ 0.28 $ 0.28 $ 0.56 $ 0.56
======== ======== ======== ========
</TABLE>
Note: Certain prior-year amounts have been reclassified to conform to the
current-year presentation.
<PAGE>
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
JULY 2, JANUARY 2,
2000 2000
---------- -----------
<S> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents................................. $ 32,027 $ 70,354
Marketable securities..................................... 12,637 14,217
Receivables, net.......................................... 402,900 289,092
Receivable -- OEM sale.................................... 736,113 --
Inventories, net:
Finished goods.......................................... 206,056 210,200
Work-in-process......................................... 58,717 62,816
Raw materials........................................... 92,292 102,706
---------- ----------
357,065 375,722
Deferred income taxes..................................... 107,995 44,410
Prepaid expenses.......................................... 17,578 14,802
Net assets of discontinued operations..................... -- 494,406
---------- ----------
Total Current Assets........................................ 1,666,315 1,303,003
Property, plant and equipment............................... 896,335 881,477
Less accumulated depreciation............................. 413,746 382,436
---------- ----------
Property, plant and equipment, net...................... 482,589 499,041
Intangible assets, net...................................... 560,957 577,301
Investments in unconsolidated companies..................... 117,665 113,302
Other assets................................................ 40,965 38,061
---------- ----------
TOTAL ASSETS................................................ $2,868,491 $2,530,708
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Notes payable............................................. $ 54,188 $ 31,921
Current maturities of long-term debt...................... 1,890 2,515
Accounts payable.......................................... 211,837 209,983
Accrued liabilities....................................... 198,314 143,123
Income taxes.............................................. 65,301 1,917
Dividends payable......................................... 16,225 16,190
---------- ----------
Total Current Liabilities................................... 547,755 405,649
Long-term debt.............................................. 1,144,620 921,592
Other long-term liabilities................................. 90,858 88,785
Deferred income taxes....................................... 27,533 20,550
Shareholders' Equity:
Common stock.............................................. 5,797 5,782
Additional paid-in capital................................ 336,636 332,480
Retained earnings......................................... 766,047 795,208
Unearned compensation -- restricted stock................. (4,574) (3,439)
Accumulated other comprehensive income.................... (46,181) (35,899)
---------- ----------
Total Shareholders' Equity.................................. 1,057,725 1,094,132
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY.................. $2,868,491 $2,530,708
========== ==========
</TABLE>
Note: Certain prior-year amounts have been reclassified to conform to the
current-year presentation.
<PAGE>
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
SUMMARY OF SPECIAL CHARGES
SECOND QUARTER 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SPECIAL
ELECTRICAL COMMUNICATIONS CHARGES
SEGMENT SEGMENT OTHER CONTINUING OPS
(IN MILLIONS) ---------- -------------- -------- --------------
<S> <C> <C> <C> <C>
Accounts Receivable............................. $ 91.4 $11.1 -- $102.5
Inventory
E&O........................................... 23.5 16.0 1.6 41.1
Book to Perpetual............................. 15.9 2.7 0.9 19.5
Revenue Recognition............................. 17.3 -- -- 17.3
Property, Plant and Equipment................... 16.4 5.7 1.8 23.9
Other Adjustments
Freight....................................... 6.4 0.3 0.4 7.1
Goodwill...................................... 1.2 2.6 0.2 4.0
Intercompany/Misc............................. 7.6 .9 -- 8.5
------ ----- ---- ------
Total........................................... $179.7 $39.3 $4.9 $223.9
====== ===== ==== ======
</TABLE>
<PAGE>
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
SUMMARY OF RESULTS WITH SPECIAL CHARGES
SECOND QUARTER 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SPECIAL
AS REPORTED CHARGES ADJUSTED VS
10-Q CONTINUING OPS ADJUSTED 1999 1999
(IN MILLIONS) ----------- -------------- -------- --------- -----------
<S> <C> <C> <C> <C> <C>
Net Sales............................ $ 291.4 $(141.9) $433.3 $483.1 $(49.8)
------- ------- ------ ------ ------
Gross Profit......................... (113.3) (221.7) 108.4 150.2 (41.8)
Operating Expenses................... 123.4 0.8 122.6 98.2 24.3
------- ------- ------ ------ ------
Earnings before interest and taxes... (236.7) (222.5) (14.2) 51.9 (66.1)
Other Expenses/(Income).............. 14.8 1.4 13.4 8.7 4.7
Earnings Pre-tax..................... (251.5) (223.9) (27.6) 43.2 (70.8)
Tax.................................. 84.8 75.5 9.3 8.3 17.6
------- ------- ------ ------ ------
Net earnings from continuing
operations......................... $(166.7) $(148.4) $(18.3) $ 34.9 $(53.2)
======= ======= ====== ====== ======
</TABLE>
<PAGE>
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
SECOND QUARTER 2000
BUSINESS SEGMENT PERFORMANCE
(UNAUDITED)
<TABLE>
<CAPTION>
QUARTER ENDED REPORTED ADJUSTED
--------------------------------- -------------------------------- SPECIAL ------------------------------
JULY 2, JULY 4, CHARGES JULY 2, JULY 4,
2000 1999 CHANGE CONTINUING OPS 2000 1999 CHANGE
--------- -------- --------- -------------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
(IN THOUSANDS)
Net Sales:
Electrical..................... $ 196,354 $364,599 $(168,245) $130,218 $326,572 $364,599 $(38,027)
Communications................. 39,304 67,234 (27,930) 11,235 50,539 67,234 (16,695)
Other.......................... 55,771 51,260 4,511 425 56,196 51,260 4,936
--------- -------- --------- -------- -------- -------- --------
Total........................ $ 291,429 $483,093 $(191,664) $141,878 $433,307 $483,093 $(49,786)
========= ======== ========= ======== ======== ======== ========
Segment Earnings (Loss):
Electrical..................... $(192,766) $ 51,385 $(244,151) $179,639 $(13,127) $ 51,385 $(64,512)
Communications................. (41,301) (484) (40,817) 39,289 (2,012) (484) (1,528)
Other.......................... 3,062 5,369 (2,307) 4,976 8,038 5,369 2,669
--------- -------- --------- -------- -------- -------- --------
Total........................ $(231,005) $ 56,270 $(287,275) $223,904 $ (7,101) $ 56,270 $(63,371)
========= ======== ========= ======== ======== ======== ========
<CAPTION>
YEAR-TO-DATE REPORTED ADJUSTED
--------------------------------- -------------------------------- SPECIAL ------------------------------
JULY 2, JULY 4, CHARGES JULY 2, JULY 4,
2000 1999 CHANGE CONTINUING OPS 2000 1999 CHANGE
--------- -------- --------- -------------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
(IN THOUSANDS)
Net Sales:
Electrical..................... $ 554,530 $697,165 $(142,635) $130,218 $684,748 $697,165 $(12,417)
Communications................. 87,101 128,117 (41,016) 11,235 98,336 128,117 (29,781)
Other.......................... 112,670 110,581 2,089 425 113,095 110,581 2,514
--------- -------- --------- -------- -------- -------- --------
Total........................ $ 754,301 $935,863 $(181,562) $141,878 $896,179 $935,863 $(39,684)
========= ======== ========= ======== ======== ======== ========
Segment Earnings (Loss):
Electrical..................... $(154,637) $ 92,141 $(246,778) $179,639 $ 25,002 $ 92,141 $(67,139)
Communications................. (37,266) (3,138) (34,128) 39,289 2,023 (3,138) 5,161
Other.......................... 10,242 11,009 (767) 4,976 15,218 11,009 4,209
--------- -------- --------- -------- -------- -------- --------
Total........................ $(181,661) $100,012 $(281,673) $223,904 $ 42,243 $100,012 $(57,769)
========= ======== ========= ======== ======== ======== ========
</TABLE>
