Press Release: Best Buy's Second-Quarter Net Earnings Rise 47% to $188 Million, or $0.37 per Diluted Share; Gross profit rate improvement funds added investments in customer centricity, new storesSecond-Quarter Performance
Summary
---------------------------------------------------------------------- (U.S. dollars in millions, except per share amounts) ---------------------------------------------------------------------- Three
Months
Ended ---------------------------------------------------------------------- Aug. 28, 2004 Aug. 27, Aug. 28, 2004 (As 2005 (As Reported)(1) Adjusted)(2) ---------------------------------------------------------------------- Revenue $6,702 $6,080 $6,080 ---------------------------------------------------------------------- Comparable store sales % gain(3) 3.5% 4.3% 4.3% ---------------------------------------------------------------------- Gross profit as % of revenue 25.5% 24.2% 24.2% ---------------------------------------------------------------------- SG&A as % of revenue 21.6% 20.2% 20.8% ---------------------------------------------------------------------- Operating income as % of revenue 3.9% 4.0% 3.4% ---------------------------------------------------------------------- Diluted EPS $0.37 $0.30 $0.26 ---------------------------------------------------------------------- (1) Certain amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on operating income or net earnings. (2) As adjusted results reflect the impact of expensing stock-based compensation, as if the company had applied Statement of Financial Accounting Standards (SFAS) No. 123, Accounting for Stock-Based Compensation, in fiscal 2005. The as adjusted financial data is considered a non-GAAP financial measure and is not preferable to GAAP financial data. However, the company believes this information provides comparability of its fiscal 2006 financial results (which include stock-based compensation expense) with the results for the prior year. (3) Comprised of revenue at stores and Web sites operating for at least 14 full months, as well as remodeled and expanded locations. Relocated stores are excluded from the comparable store sales calculation until at least 14 full months after reopening. The calculation of the comparable store sales gain excludes the effect of fluctuations in foreign currency exchange rates. NOTE: The company completed a three-for-two stock split effected in the form of a 50% stock dividend distributed on Aug. 3, 2005. All share and per share information reflects this split. Best Buy Co., Inc. (NYSE:BBY) today reported
net earnings of $188 million, or $0.37 per diluted share, for the fiscal second
quarter, which ended on Aug. 27, 2005. Net earnings increased 47 percent as
compared with $127 million, or $0.26 per diluted share, for the second quarter
of the prior year had Best Buy expensed stock-based compensation as it does in
the current fiscal year.
"Second-quarter earnings were at the top end
of the range of our guidance. Consumers continued to prefer the shopping
experience offered by our stores and online sites," said Brad Anderson, vice
chairman and CEO of Best Buy. "Our employees continued to execute well for
customers, despite the significant amount of activity in the quarter aimed at
driving changes to our business model."
"We can satisfy customers only if we satisfy
our employees as well, and I'm pleased with our progress with changing our store
culture and management style," Anderson added. "Every day more employees are
empowered to find new ways to create a differentiated, end-to-end shopping
experience for customers."
Comparable Store Sales % Gain - By Segment ---------------------------------------------------------------------- Three Months Ended Six Months Ended ---------------------------------------------------------------------- Aug. 27, Aug. 28, Aug. 27, Aug. 28, Segment 2005 2004 2005 2004 ---------------------------------------------------------------------- U.S. Best Buy 3.8% 4.4% 4.2% 6.3% ---------------------------------------------------------------------- Magnolia Audio Video 3.5% 6.8% 2.5% 5.0% ---------------------------------------------------------------------- Domestic Segment 3.8% 4.4% 4.1% 6.3% ---------------------------------------------------------------------- International Segment 0.9% 3.0% 1.9% 5.0% ---------------------------------------------------------------------- Total 3.5% 4.3% 3.9% 6.2% ---------------------------------------------------------------------- North America's leading consumer electronics
retailer reported that revenue increased 10 percent to $6.7 billion, driven by
the opening of new stores and a comparable store sales gain of 3.5 percent. U.S.
Best Buy stores reported revenue of $6.0 billion and a second-quarter comparable
store sales gain of 3.8 percent, reflecting a higher average transaction than in
the prior year's second quarter. The rise in the average transaction reflected
continued customer interest in larger-ticket items such as MP3 players, notebook
computers and flat-panel TVs. In addition, consumers purchased fewer CDs and
DVDs, which are lower priced. Magnolia Audio Video, a retailer of high-end
consumer electronics, had revenue of $33 million, similar to its revenue for the
prior year's quarter. Magnolia Audio Video reported a comparable store sales
gain of 3.5 percent, which was offset by the closure of two stores in the past
year. The company's international stores, comprised of Future Shop and Best Buy
stores in Canada, generated revenue of $705 million, including the opening of
new stores and a comparable store sales gain of 0.9 percent for the quarter,
which was driven by a modest increase in the average
transaction.
Comparable Store Sales by Revenue Mix Summary Product Group ---------------------------------------------------------------------- Three Months Ended Three Months Ended ---------------------------------------------------------------------- Aug. 27, Aug. 28, Aug. 27, Aug. 28, Product Group 2005 2004 2005 2004 ---------------------------------------------------------------------- Consumer Electronics 41% 38% 11.4% 9.0% ---------------------------------------------------------------------- Home Office 36% 37% (0.7%) 2.7% ---------------------------------------------------------------------- Entertainment Software 16% 18% (7.2%) 2.0% ---------------------------------------------------------------------- Appliances 7% 7% 10.9% (1.6%) ---------------------------------------------------------------------- Total 100% 100% 3.5% 4.3% ---------------------------------------------------------------------- Note: All periods presented reflect the reclassification of MP3 players into the consumer electronics product group from the home office product group. The company saw the largest comparable store
sales gain in MP3 players, flat-panel TVs, notebook computers and digital
cameras. Declines in the average selling prices of these products have continued
to drive strong unit volume growth. These strong-selling products more than
offset the declines of product categories such as analog televisions, desktop
computers, DVDs, CDs and telephones. "To date, the increasing affordability of
our key product categories and the strength of our retail team have enabled us
to grow our business despite macro-economic factors such as rising gas prices,"
Anderson said.
As shown above, Best Buy's revenue mix for
the second quarter of fiscal 2006 reflected an increase for the consumer
electronics product group. The consumer electronics product group, which
represented 41 percent of revenue for the quarter, posted an 11.4 percent
comparable store sales gain for the quarter and led the company's results again.
Within this group, flat-panel televisions enjoyed triple-digit comparable store
sales growth as customers continued to experience the benefits of this platform,
resulting in unit increases that more than offset lower average selling prices.
Total television comparable store sales grew by mid-single-digits as digital
television gains more than offset declines from analog TVs. The consumer
electronics product group continued to be supported by triple-digit gains in
comparable store sales from MP3 players, which benefited from increased
assortment and availability, and low-double-digit growth in digital imaging,
reflecting expanded assortments as well as new displays installed last fall. The
results from these strong growth areas were partially offset by declines in
comparable store sales for satellite TV systems and certain home audio
products.
Home office products, representing 36 percent
of the quarter's revenue, reported a comparable store sales decline of 0.7
percent for the second quarter. Low-double-digit comparable store sales
increases for notebook computers reflected expanded assortments and further
customer interest in the benefits of portable technology. These results were
offset by comparable store sales declines in monitors and desktop computers as
well as telephones. During the quarter, U.S. Best Buy store locations
collectively added nearly 1,000 Geek Squad agents as more consumers look for
computer support. At the end of the quarter, the Geek Squad was represented by a
total of more than 9,400 total agents providing in-home, in-store and
over-the-phone computer support.
The entertainment software product group,
which comprised 16 percent of revenue for the second quarter, declined 7.2
percent on a comparable store sales basis. Continued softness in the performance
of new releases in music and movies drove the decline in this product group.
Mid-single-digit growth in comparable store sales of video gaming products
offset some of the decline.
Appliances represented 7 percent of revenue
and reported a comparable store sales gain of 10.9 percent. The growth from the
appliances product group was led by high-single-digit comparable store sales
growth in major appliances, reflecting an expansion of the company's improved
appliance assortments and labor model to more stores. In addition, a hot summer
drove a strong double-digit comparable store sales gain in air-conditioning
products.
During the second quarter of fiscal 2006, the
company opened 15 U.S. Best Buy stores, including one 45,000-square-foot store,
twelve 30,000-square-foot stores and two 20,000-square-foot stores. It also
opened four stand-alone Geek Squad stores in the quarter. In addition, the
company opened two Canadian Best Buy stores and one Future Shop store in its
international segment. At the end of the second quarter, the company operated
694 Best Buy stores, 20 Magnolia Audio Video stores and 10 stand-alone Geek
Squad stores in the United States; it also operated 34 Best Buy stores and 116
Future Shop stores in Canada. For the trailing 12 months, the company opened 96
new stores and closed three stores.
Expansion in Operating Profit Fueled by
Continued Gross Profit Rate Gains
The gross profit rate for the second quarter
was 25.5 percent of revenue, up from a gross profit rate of 24.2 percent of
revenue for the second quarter of the prior year. The gross profit rate
improvement for the quarter was driven by the continued expansion of computer
services and benefits from pricing and sourcing activities.
The company's selling, general and
administrative expense rate was 21.6 percent of revenue for the second quarter,
compared with 20.8 percent for the prior year's second quarter, including
stock-based compensation expense. The increase in the SG&A rate was driven
by the operational costs associated with expanding the services business across
the chain and using the customer-centric operating model at more stores (which
the company refers to as segmented stores, since they are designed to appeal to
specific customer segments). Transformation costs -- including preparations for
launching additional segmented stores and the reorganization of field leadership
in the quarter to support the changes -- also added to the SG&A expense
rate. In addition, infrastructure costs related to the development of new
systems to support store operations and supply chain initiatives contributed to
the increase. For comparison purposes, the company noted that the second quarter
of fiscal 2005 included $39 million of pretax charges associated with asset
impairments, legal settlements and the outsourcing of IT services.
The company reported net interest income of
$18 million for the second quarter of fiscal 2006, an increase of $17 million
compared with the same period last year. The gain was primarily driven by higher
interest rates and increased short-term investments.
The company's effective income tax rate
declined to 32.7 percent for the second quarter of fiscal 2006, compared with
38.1 percent for the same period one year ago. The decline was due primarily to
higher levels of tax-exempt interest, increased income-tax benefits associated
with foreign operations, and the resolution of certain state income tax
matters.
Segmented Stores' Results Spawn Decision to
Convert Additional Stores in FY06
The company today reported the collective
results of U.S. Best Buy stores converted to its customer-centric operating
model, which the company refers to as segmented stores. Segmented stores
operating during the quarter reported a second-quarter comparable store sales
gain more than double the chain. In addition, the segmented stores also
delivered a higher operating income rate and operating income dollars versus
last year. Based on the success of these segmented stores, the company today
announced that it now anticipates converting a fourth wave of approximately 50
segmented stores as early as February 2006. The company currently operates 187
stores under the customer-centricity operating model, and a wave with 58
segmented stores is expected to be completed by the end of October. As a result
of the additional store conversions and the opening of new stores as segmented
stores, the company now expects to begin the next fiscal year with at least 350
segmented stores. (For more information on segmented store counts, please refer
to the company's Web site.)
"We believe that this new approach, which
helps us engage with our customers differently, is essential to Best Buy's
success," Anderson said. "In the coming years, more products will become digital
and more homes will become networked. The increased complexity in the business
will require more complex labor in our stores and additional services
capabilities, which we are now building. Yet the transformation is not easy, and
I'd like to thank employees for delivering solid earnings growth despite the
high level of store conversion activity in the quarter."
Company Increases Expectations for FY06 New
Store Openings
"In order to press our competitive advantage,
we now plan to open approximately 72 new U.S. Best Buy stores during the fiscal
year," Anderson said. Previously, the company reported plans to open 60 U.S.
Best Buy stores, which had been its rhythm for the past few years. The company
said that these new store openings are in addition to 14 new Best Buy Canada and
six new Future Shop store openings scheduled for fiscal 2006.
Company Reiterates Guidance for Annual
Earnings Growth of Approximately 26%
The company reported that it continues to
expect earnings from continuing operations for the fiscal year ending Feb. 25,
2006, to be in the range of $2.07 to $2.17 per diluted share, an increase of
approximately 26 percent, reflecting stock-based compensation on a comparable
basis. The company also continues to expect revenue for fiscal 2006 of
approximately $30 billion. That figure includes a comparable store sales gain of
3 to 5 percent for the second half of the fiscal year, resulting in a comparable
store sales gain of approximately 4 percent for the fiscal year. These
expectations exclude the potential direct impact from Hurricane Katrina, which
affected 15 Best Buy stores and more than 1,000 employees in the Gulf Coast.
Nine of the stores re-opened quickly, and four are expected to re-open by the
end of September. The re-opening dates for two stores remain
undetermined.
The company also provided its initial
earnings guidance for the third quarter of fiscal 2006. The company said it
expects earnings per diluted share of 28 to 32 cents for the fiscal third
quarter, compared with earnings per diluted share of 25 cents in the prior
year's period if Best Buy had expensed stock-based compensation. The company
stated that its earnings guidance for the quarter assumed a comparable store
sales gain of 3 to 5 percent. It also anticipates a modest improvement in the
operating income rate, compared with last year's period, including a gross
profit rate improvement more modest than in the first half of the fiscal
year.
Darren Jackson, executive vice president --
finance and CFO, said, "We are encouraged by our performance for the first half
of the year. Our activities to improve gross profit allowed us to invest in
substantive longer-term changes to our operating model, while increasing
year-over-year earnings by 63 percent. In the second half of the year, we expect
to differentiate ourselves from the competition by increasing our investment in
converting stores to our customer-centric operating model, opening new stores
and continuing to build our services business."
"We are very encouraged by the traction we
are gaining on our transformation efforts, and are energized as we accelerate
this work," Jackson said. "We believe that the improvements in our business
model will enable us to continue delivering significant earnings growth for the
year, despite the additional investments we're making in customer centricity and
new store openings. Our wider range for comparable store sales reflects our
current view of the macro economy for the second half. We continue to remain
confident in the potential of our business model changes."
Best Buy Repurchases $54 Million in Common
Stock
During the second quarter, Best Buy
repurchased 1.1 million shares of its common stock at an average price of $49.56
per share for a total of approximately $54 million. At the end of the second
quarter of fiscal 2006, the company had $1.3 billion remaining under the $1.5
billion authorization for share repurchases created in April. Fiscal
year-to-date, the company has repurchased approximately $261 million in common
stock, up from $150 million for the same period last year.
The company on July 26, 2005, paid a dividend
of 11 cents per share (on a pre-split basis), or $36 million in the aggregate,
which was a 10-percent increase compared with the dividend paid in the prior
year's second quarter.
Best Buy is scheduled to conduct an earnings
conference call at 10 a.m. Eastern Daylight Time on Sept. 13, 2005. The call is
expected to be available on its Web site both live and after the call, at www.BestBuy.com. The public may
access the call by clicking on "For Our Investors."
Forward-Looking and Cautionary
Statements:
This news release contains forward-looking
statements that reflect management's current views and estimates regarding
future market conditions, company performance and financial results, business
prospects, new strategies, the competitive environment and other events. You can
identify these statements by the fact that they use words such as "anticipate,"
"estimate," "expect," "project," "intend," "plan," "believe," and other words
and terms of similar meaning. These statements involve a number of risks and
uncertainties and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Among the factors that could cause
actual results and outcomes to differ materially from those contained in such
forward-looking statements are the following: general economic conditions,
acquisitions and development of new businesses, product availability, sales
volumes, profit margins, weather, foreign currency fluctuation, availability of
suitable real estate locations, our ability to react to a disaster recovery
situation, and the impact of labor markets and new product introductions on our
overall profitability. A further list and description of these risks,
uncertainties and other matters can be found in the company's Current Report on
Form 8-K filed with the Securities and Exchange Commission on March 18, 2004,
and in our other periodic reports filed from time to time with the SEC. Best Buy
cautions that the foregoing list of important factors is not complete and
assumes no obligation to update any forward-looking statements that it may
make.
About Best Buy Co., Inc.
Best Buy Co., Inc. (NYSE:BBY) is an
innovative Fortune 100 growth company that continually strives to create
superior customer experiences. Through more than 870 retail stores across the
United States and in Canada, our employees connect customers with technology and
entertainment products and services that make life easier and more fun. We sell
consumer electronics, home-office products, entertainment software, appliances
and related services. A Minneapolis-based company, our operations include: Best
Buy (BestBuy.com and BestBuyCanada.ca), Future Shop (FutureShop.ca), Geek Squad
(GeekSquad.com) and Magnolia Audio Video (Magnoliaav.com). We support our
communities through employee volunteerism and grants from The Best Buy
Children's Foundation.
Domestic Second-Quarter Performance Summary(1) ---------------------------------------------------------------------- (U.S. dollars in millions) ---------------------------------------------------------------------- Quarter Ended ---------------------------------------------------------------------- Aug. 27, Aug. 28, 2004 Aug. 28, 2004 2005 (As Reported)(2) (As Adjusted)(3) ---------------------------------------------------------------------- Revenue $5,997 $5,506 $5,506 ---------------------------------------------------------------------- Comparable store sales % gain(4) 3.8% 4.4% 4.4% ---------------------------------------------------------------------- Gross profit as % of revenue 25.7% 24.3% 24.3% ---------------------------------------------------------------------- SG&A as % of revenue 21.5% 19.9% 20.6% ---------------------------------------------------------------------- Operating income 255 $239 $202 ---------------------------------------------------------------------- Operating income as % of revenue 4.3% 4.3% 3.7% ---------------------------------------------------------------------- (1) The domestic segment is comprised of U.S. Best Buy and Magnolia Audio Video operations. (2) Certain amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on operating income, net earnings, financial position or cash flows. (3) As adjusted results reflect the impact of expensing stock-based compensation, as if the company had applied SFAS No. 123 in fiscal 2005. (4) Comprised of revenue at stores and Web sites operating for at least 14 full months, as well as remodeled and expanded locations. Relocated stores are excluded from the comparable store sales calculation until at least 14 full months after reopening. International Second-Quarter Performance Summary(1) ---------------------------------------------------------------------- (U.S. dollars in millions) ---------------------------------------------------------------------- Quarter Ended ---------------------------------------------------------------------- Aug. 27, Aug. 28, 2004 Aug. 28, 2004 2005 (As (As Reported)(2) Adjusted)(3) ---------------------------------------------------------------------- Revenue $705 $574 $574 ---------------------------------------------------------------------- Comparable store sales % gain(4) 0.9% 3.0% 3.0% ---------------------------------------------------------------------- Gross profit as % of revenue 23.9% 23.3% 23.3% ---------------------------------------------------------------------- SG&A as % of revenue 23.1% 22.8% 22.9% ---------------------------------------------------------------------- Operating income $6 $3 $2 ---------------------------------------------------------------------- Operating income as % of revenue 0.8% 0.5% 0.4% ---------------------------------------------------------------------- (1) The international segment is comprised of Future Shop and Best Buy operations in Canada. (2) Certain amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on operating income, net earnings, financial position or cash flows. (3) As adjusted results reflect the impact of expensing stock-based compensation, as if the company had applied SFAS No. 123 in fiscal 2005. (4) Comprised of revenue at stores and Web sites operating for at least 14 full months, as well as remodeled and expanded locations. Relocated stores are excluded from the comparable store sales calculation until at least 14 full months after reopening. The calculation of the comparable store sales percentage gain excludes the effect of fluctuations in foreign currency exchange rates. BEST BUY CO., INC. CONSOLIDATED STATEMENTS OF EARNINGS ($ in millions, except per share amounts) (Unaudited) Three Months Ended --------------------------------- Aug. 28, Aug. 28, 2004 Aug. 27, 2004 (As (As 2005 Reported) Adjusted)(1) ------- ---------- ------------- Revenue $6,702 $6,080 $6,080 Cost of goods sold 4,991 4,610 4,610 ------- ---------- ------------- Gross profit 1,711 1,470 1,470 Gross profit % 25.5% 24.2% 24.2% Selling, general and administrative expenses 1,450 1,228 1,266 SG&A % 21.6% 20.2% 20.8% ------- ---------- ------------- Operating income 261 242 204 Net interest income 18 1 1 ------- ---------- ------------- Earnings from continuing operations before income tax expense 279 243 205 Income tax expense 91 93 78 Effective tax rate 32.7% 38.1% 38.1% ------- ---------- ------------- Net earnings $ 188 $ 150 $ 127 ======= ========== ============= Basic earnings per share (2) $ 0.38 $ 0.31 $ 0.26 ======= ========== ============= Diluted earnings per share (2) $ 0.37 $ 0.30 $ 0.26 ======= ========== ============= Dividends declared per common share (2) $0.07 $ 0.07 $ 0.07 Basic weighted average common shares outstanding (in millions) (2) 491.2 487.1 487.1 Diluted weighted average common shares outstanding (in millions) (2) 509.1 502.7 498.8 (1) As adjusted results reflect the impact of expensing stock-based compensation, as if the company had applied Statement of Financial Accounting Standards (SFAS) No. 123, Accounting for Stock-Based Compensation, in fiscal 2005. The as adjusted financial data is considered a non-GAAP financial measure and is not preferable to GAAP financial data. However, the company believes this information provides comparability of its fiscal 2006 financial results (which include stock-based compensation expense) with the results for the prior year. (2) Reflects the three-for-two stock split effected Aug. 3, 2005. All share and per share information reflects this split. Note: Certain amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on operating income or net earnings. BEST BUY CO., INC. CONSOLIDATED STATEMENTS OF EARNINGS ($ in millions, except per share amounts) (Unaudited) Six Months Ended ---------------------------------- Aug. 28, Aug. 28, 2004 Aug. 27, 2004 (As (As 2005 Reported) Adjusted)(1) -------- ---------- ------------- Revenue $12,820 $11,559 $11,559 Cost of goods sold 9,551 8,778 8,778 -------- ---------- ------------- Gross profit 3,269 2,781 2,781 Gross profit % 25.5% 24.1% 24.1% Selling, general and administrative expenses 2,769 2,355 2,428 SG&A % 21.6% 20.4% 21.0% -------- ---------- ------------- Operating income 500 426 353 Net interest income 31 1 1 -------- ---------- ------------- Earnings from continuing operations before income tax expense 531 427 354 Income tax expense 173 163 135 Effective tax rate 32.6% 38.1% 38.1% -------- ---------- ------------- Net earnings $ 358 $ 264 $ 219 ======== ========== ============= Basic earnings per share (2) $ 0.73 $ 0.54 $ 0.45 ======== ========== ============= Diluted earnings per share (2) $ 0.71 $ 0.53 $ 0.45 ======== ========== ============= Dividends declared per common share (2) $0.15 $ 0.13 $ 0.13 Basic weighted average common shares outstanding (in millions)(2) 491.2 487.1 487.1 Diluted weighted average common shares outstanding (in millions)(2) 507.5 503.4 496.4 (1) As adjusted results reflect the impact of expensing stock-based compensation, as if the company had applied Statement of Financial Accounting Standards (SFAS) No. 123, Accounting for Stock-Based Compensation, in fiscal 2005. The as adjusted financial data is considered a non-GAAP financial measure and is not preferable to GAAP financial data. However, the company believes this information provides comparability of its fiscal 2006 financial results (which include stock-based compensation expense) with the results for the prior year. (2) Reflects the three-for-two stock split effected Aug. 3, 2005. All share and per share information reflects this split. Note: Certain amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on operating income or net earnings. - Balance Sheets Follow - BEST BUY CO., INC. CONSOLIDATED CONDENSED BALANCE SHEETS ($ in millions) (Unaudited) Subject to Reclassification Aug. 27, Aug. 28, 2005 2004 ----------- ---------- ASSETS Current assets Cash & cash equivalents $ 798 $ 656 Short-term investments 2,027 1,313 Receivables 389 328 Merchandise inventories 3,250 2,987 Other current assets 378 312 ----------- ---------- Total current assets 6,842 5,596 Net property & equipment 2,523 2,251 Goodwill 529 485 Tradename 42 38 Long-term investments 122 41 Other assets 201 233 ----------- ---------- TOTAL ASSETS $ 10,259 $ 8,644 =========== ========== LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 2,760 $ 2,698 Accrued liabilities 1,744 1,599 Current portion of long-term debt 12 11 ----------- ---------- Total current liabilities 4,516 4,308 Long-term liabilities 380 257 Long-term debt 540 478 Shareholders' equity 4,823 3,601 ----------- ---------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 10,259 $ 8,644 =========== ========== Note: Certain amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on operating income or net earnings. Posted: Tue - September 13, 2005 at 09:07 AM |
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