SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) :
August 15, 2002
The Estee Lauder Companies Inc.
(Exact name of registrant as specified in its charter)
Delaware 11-2408943
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
767 Fifth Avenue, New York, New York 10153
(Address of principal executive offices) (Zip Code)
Commission File Number: 1-14064
212-572-4200
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On August 15, 2002, The Estee Lauder Companies Inc. issued a press release
announcing its fiscal 2002 full year and fourth quarter results and its
estimated fiscal 2003 full year and first quarter results. A copy of the press
release is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
THE ESTEE LAUDER COMPANIES INC.
Date: August 15, 2002 By: /s/Richard W. Kunes
Richard W. Kunes
Senior Vice President
and Chief Financial Officer
(Principal Financial and
Accounting Officer)
THE ESTEE LAUDER COMPANIES INC.
EXHIBIT INDEX
Exhibit No. Description
99.1 Press release dated August 15, 2002 of the Estee Lauder Companies Inc.
Exhibit 99.1
The News
Estee Contact:
Lauder Investor Relations:
Companies Inc. Dennis D'Andrea
(212) 572-4384
767 Fifth Avenue Media Relations:
New York, NY 10153 Sally Susman
(212) 572-4430
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE:
ESTEE LAUDER COMPANIES REPORTS FOURTH QUARTER AND FULL YEAR RESULTS;
CONSTANT CURRENCY NET SALES FOR QUARTER UP 7%, FULL YEAR RISES 3%
New York, NY, August 15, 2002 - The Estee Lauder Companies Inc. (NYSE: EL) today
announced net sales for the fiscal year ended June 30, 2002 of $4.74 billion, a
2% increase from $4.67 billion in the prior year. Excluding the negative impact
of foreign currency translation, net sales increased 3%, in line with the
Company's expectations. The Company achieved net earnings of $289.4 million
before the cumulative effect of a change in accounting principle and before
restructuring charges for the 2002 fiscal year compared with $347.7 million in
the same period last year. Diluted earnings per common share before the
cumulative effect of a change in accounting principle and before restructuring
charges for fiscal 2002 were $1.10 compared with $1.34 in the prior year. For
the fourth quarter ended June 30, 2002, the Company's net sales increased 8% to
$1.13 billion, compared with $1.05 billion in the fourth quarter of fiscal 2001.
Excluding the positive impact of foreign currency translation, net sales
increased 7% in the quarter. Net sales in the quarter increased on a constant
currency basis in all major product categories, with double-digit gains in
makeup and hair care and low single-digit gains in skin care and fragrance. Net
sales increased in each geographic region in constant currency, with high
single-digit growth in the Americas and mid-single-digit growth in Europe, the
Middle East & Africa and Asia/Pacific. The Company's net earnings before
restructuring charges were $51.5 million, or $.19 per diluted common share, for
the fourth quarter. In the same period last year, the Company reported net
earnings before restructuring charges of $60.7 million, or $.23 per diluted
share. Including the one-time items, the Company reported a net loss of $25.4
million, equal to a loss of $.13 per diluted share for the fiscal fourth
quarter. For the twelve months ended June 30,2002, including the one-time items
net earnings and diluted earnings per share were $191.9 million and $.70,
respectively.
Fred H. Langhammer, President and Chief Executive Officer, said, "Sustaining
sales growth for the fiscal year just ended was quite an accomplishment given
the difficult retail environment that challenged our businesses and led to lower
overall results. I am pleased at how our Company responded to those challenges
with determination, focusing on our core strengths and strategies. We continued
to be leaders in product innovation and have steadfastly invested in our brands
to build momentum at retail, producing a positive response from the market. "In
this new fiscal year we will continue to drive our businesses operationally and
financially, drawing from the breadth of our leading brands and the strength of
our assets and our employees. We are expecting to benefit from a slow
revitalization in global economies, particularly the U.S. We are committed to
building on our existing strengths to enhance sales while being disciplined in
reducing non-business-building costs."
Change in Accounting Principle and Restructuring Charges
--------------------------------------------------------
In fiscal 2002, the Company adopted Statement of Financial Accounting Standards
No. 142, "Goodwill and Other Intangible Assets." In compliance with the new
rule, the Company recorded a one-time charge of $20.6 million, or $.08 per
diluted share, to reflect the cumulative effect of the change in accounting
principle. The accounting change that gave rise to the cumulative effect
adjustment in fiscal 2002 also resulted in the exclusion of goodwill
amortization in the current-year periods. See the attached table and related
footnotes for additional detail. In connection with the Company's previously
announced restructuring, in the fiscal 2002 fourth quarter, the Company recorded
a special charge for restructuring and repositioning certain businesses. The
pre-tax charge totaled $117.4 million, or $76.9 million after-tax, equal to $.32
per diluted share.
Results by Product Category
---------------------------
Net sales of skin care products for the year rose 4% before foreign currency
translation and reported sales increased 3% to $1.70 billion. The higher sales
reflect the launches of Total Turnaround Visible Skin Renewer, Moisture Surge
Extra and Moisture Surge Eye Gel from Clinique, as well as Advanced Night Repair
Eye Recovery Complex and LightSource Transforming Moisture Cream and Lotion by
Estee Lauder and A Perfect World White Tea Skin Guardian by Origins. These
increases were partially offset by lower sales of certain existing products.
Makeup sales for the year rose 5% before the impact of foreign currency
translation. Reported sales increased 4% to $1.79 billion, fueled by
double-digit growth from the Company's makeup artist brands, M.A.C, Bobbi Brown
and Stila. The launch of Gentle Light Makeup and Powder from Clinique and
Illusionist Maximum Curling Mascara by Estee Lauder, as well as the successful
domestic rollout of the Pure Color Lips and Nails line and the global launch of
Pure Color Eyeshadow by Esee Lauder also contributed positively to makeup sales
growth. Lower sales of certain existing products partially offset these positive
results. Fragrance sales decreased 6% compared to the prior year excluding the
impact of foreign currency translation. On a reported basis, fragrance sales
also declined 6% to $1.02 billion. The decrease
reflects the overall softness of the fragrance business and weakness in the
Company's travel retail business, which depends substantially on fragrance
products. These negative factors are reflected in lower sales of DKNY for Women,
Estee Lauder pleasures and Beautiful as well as certain Tommy Hilfiger
fragrances. The current year benefited from the launch of T by Tommy Hilfiger,
Lauder Intuition for Men and Kate Spade Beauty, and strong sales of Donna Karan
Cashmere Mist. Sales of hair care products for the year rose 19% over the prior
year to $215.8 million. The increase is primarily attributable to double-digit
growth at Aveda and Bumble and bumble due to new products, increased salon
shipments and additional retail store and salon distribution. For the full year,
operating income declined in skin care and makeup reflecting continued
advertising and promotional spending to promote new and recently launched
products. Fragrance operating income decreased primarily due to lower sales,
particularly high-margin travel retail sales. Hair care operating income
increased slightly reflecting higher sales offset by increased costs associated
with increased distribution.
Results by Geographic Region
----------------------------
In the Americas region, net sales for the year increased 1% to $2.88 billion,
coming off 6% growth last year. The increase is primarily due to new and certain
existing products and growth from most newer brands, offset by the continued
soft retail environment in the U.S. Operating income in the region was lower
reflecting soft sales and increased investment in advertising, promotion and
newer distribution channels. In Europe, the Middle East & Africa, net sales
increased 3% in local currency compared with last fiscal year when the region
grew 17%. However, excluding the impact of the shortfall in the Company's travel
retail business reported in this region, net sales in local currency increased
9%. Most markets experienced sales growth, led by strong results in the United
Kingdom, Spain, South Africa, and the Company's joint venture in Greece, which
replaced the prior distributor there. The region posted a 3% increase in
reported net sales from the prior year to $1.26 billion. Operating profitability
decreased due in part to lower results in the travel retail business. On a local
currency basis, Asia/Pacific net sales increased 9% versus the prior year led by
strong double-digit sales increases in Korea and Thailand, as well as in
Australia, which benefited from a change in retailer arrangements. These
positive results were partially offset by lower sales in Japan and Singapore.
Net sales in the region on a reported basis increased 2% to $610.6 million,
primarily reflecting the weakness of the Japanese yen during the year. Operating
profit in the region declined slightly reflecting lower results in China, Hong
Kong and Singapore. Operating income increased in Australia, Korea and Taiwan,
while in Japan, lower operating expenses as a percent of sales generated higher
results.
Chief Executive Officer and Chief Financial Officer Certifications
------------------------------------------------------------------
The Company would like to remind investors that its most recent fiscal year
ended on June 30, 2002. Accordingly, the Company's next periodic report will be
its annual report on Form 10-K. The Company expects to file that report before
the filing deadline of September 30, 2002 at which time the Chief Executive
Officer and Chief Financial Officer will make their required
certifications. As required by the SEC, this timing is later than that required
of calendar-year companies, which must file certifications on or before August
14, 2002.
Estimate of Fiscal 2003 First-Quarter and Full-Year Results
-----------------------------------------------------------
Based on current economic assumptions, the calendarization of our programs, and
business building activities, the Company believes it will achieve sales growth
in every fiscal quarter and earnings growth in its second through fourth
quarters. The Company believes the economic trends in the first quarter of
fiscal 2003 will reflect soft but improving conditions. Net sales for the first
fiscal quarter are expected to grow between 2% and 3% on a constant currency
basis versus last fiscal years first quarter. Geographic region net sales growth
in constant currency is expected to be led by Europe, the Middle East & Africa
and the Americas, while Asia/Pacific is expected to decline slightly, coming off
of a strong double-digit increase in last year's first quarter. On a product
category basis, in constant currency, makeup and skin care are expected to be
the leading growth categories, while fragrance and hair care sales are expected
to decline versus the prior-year. The positive effect of exchange rates in
Europe and Asia could increase reported sales growth for the fiscal first
quarter by approximately 1 to 2 percentage points. To further build sales
momentum, the Company expects a higher level of advertising and promotional
expenses in the first quarter compared to the prior-year quarter. Additionally,
the Company expects a portion of Christmas orders to be shipped early in the
fiscal second quarter rather than the first quarter. As a result, the Company
expects to achieve diluted earnings per share of between $.25 and $.28 for the
first quarter. Looking towards the Company's fiscal 2003 full-year results,
based on its strategies in place, current business plans, current information
about its business prospects and forecasted economic conditions, net sales are
expected to grow between 5% and 6% on a constant currency basis versus the prior
fiscal year. Despite expectations of a difficult retail environment, the Company
expects to drive growth through product innovation, distribution enhancements
and focused program execution. The Company anticipates that its business
performance will accelerate during the fiscal year. Geographic region net sales
growth in constant currency is anticipated to be led by Europe, the Middle East
& Africa and the Americas, followed by Asia/Pacific. On a product category
basis, in constant currency, hair care sales, with a smaller base, are expected
to be the leading growth category, followed by makeup, skin care and fragrance.
The positive effect of exchange rates in Europe and Asia could increase reported
sales growth for the full fiscal year by approximately 1 to 2 percentage points.
The Company expects to achieve diluted earnings per share of between $1.28 and
$1.33 for the fiscal 2003 full year.
Forward-looking Statements
--------------------------
The forward-looking statements in this press release, including those containing
words like "will," "believes," "expect," "anticipate," "could," "plan," and
"estimate," those in Mr. Langhammer's remarks and those in the "Estimate of
Fiscal 2003 First-Quarter and Full-Year Results" section involve risks and
uncertainties. Factors that could cause actual results to differ materially from
those forward-looking statements include the following: (i) increased
competitive activity from companies in the skin care, makeup, fragrance and hair
care businesses, some of which have greater resources than the Company does;
(ii) the Company's ability to develop, produce and market new products on
which future operating results may depend;
(iii) consolidations, restructurings, bankruptcies and reorganizations in
the retail industry causing a decrease in the number of stores that
sell the Company's products, an increase in the ownership
concentration within the retail industry, ownership of retailers by
the Company's competitors and ownership of competitors by the
Company's customers that are retailers;
(iv) shifts in the preferences of consumers as to where and how they shop
for the types of products and services the Company sells;
(v) social, political and economic risks to the Company's foreign or
domestic manufacturing, distribution and retail operations,including
changes in foreign investment and trade policies and regulations of
the host countries and of the United States;
(vi) changes in the laws, regulations and policies, including changes in
accounting standards and trade rules, and legal or regulatory
proceedings, that affect, or will affect, the Company's business;
(vii) foreign currency fluctuations affecting the Company's results of
operations and the value of its foreign assets, the relative prices
at which the Company and its foreign competitors sell products in the
same markets and the Company's operating and manufacturing costs
outside of the United States;
(viii)changes in global or local economic conditions that could affect
consumer purchasing, the financial strength of our customers and the
cost and availability of capital which the Company may need for new
equipment, facilities or acquisitions;
(ix) shipment delays, depletion of inventory and increased production
costs resulting from disruptions of operations at any of the
facilities which, due to consolidations in the Company's
manufacturing operations, now manufacture nearly all of the Company's
supply of a particular type of product (i.e., focus factories);
(x) real estate rates and availability, which may affect the Company's
ability to increase the number of retail locations at which the
Company's products are sold;
(xi) changes in product mix to products which are less profitable;
(xii) the Company's ability to acquire or develop e-commerce capabilities,
and other new information and distribution technologies, on a timely
basis and within the Company's cost estimates;
(xiii)the Company's ability to capitalize on opportunities for improved
efficiency, such as globalization, and to integrate acquired
businesses and realize value therefrom; and
(xiv) consequences attributable to the events that took place in New York
City and Washington, D.C. on September 11, 2001, including further
attacks, retaliation and the threat of further attacks or
retaliation.
The Estee Lauder Companies Inc. is one of the world's leading manufacturers
and marketers of quality skin care, makeup, fragrance and hair care products.
The Company's products are sold in over 120 countries and territories under
well-recognized brand names, including Estee Lauder, Clinique, Aramis,
Prescriptives, Origins, M.A.C, Bobbi Brown, Tommy Hilfiger, La Mer, jane,
Donna Karan, Aveda, Stila, Jo Malone, Bumble and bumble and Kate Spade.
An electronic version of this release can be found at the Company's Website,
www.elcompanies.com.
--------------------
Tables Follow
THE ESTEE LAUDER COMPANIES INC.
SUMMARY OF CONSOLIDATED RESULTS
(In millions, except per share data)
Three Months Ended Twelve Months Ended
June 30 Percent June 30 Percent
------------------ ------------------
2002 2001 Change 2002 2001 Change
---- ---- ------ ---- ---- ------
Net Sales (A)(B).......................................... $1,129.0 $1,047.2 7.8% $4,743.7 $4,667.7 1.6%
Cost of sales (A)(B)...................................... 266.5 240.1 1,273.4 1,226.4
-------- -------- -------- --------
Gross Profit.............................................. 862.5 807.1 6.9% 3,470.3 3,441.3 0.8%
-------- -------- -------- --------
Gross Margin....................................... 76.4% 77.1% 73.2% 73.7%
Operating expenses:
Selling, general and administrative.................... 783.5 716.0 3,002.0 2,869.2
Restructuring (A)(B)................................... 110.4 37.6 110.4 37.6
Other non-recurring expenses (B)....................... - 16.3 - 16.3
Related party royalties................................ 4.7 3.7 16.5 22.6
-------- -------- -------- --------
898.6 773.6 (16.2)% 3,128.9 2,945.7 (6.2)%
-------- -------- -------- --------
Operating Expense Margin........................... 79.6% 73.9% 66.0% 63.1%
Operating Income (Loss)................................... (36.1) 33.5 341.4 495.6 (31.1)%
Operating Income (Loss) Margin..................... (3.2)% 3.2% 7.2% 10.6%
Interest expense, net..................................... 1.5 0.9 9.8 12.3
-------- -------- -------- --------
Earnings (Loss) before Income Taxes and Minority Interest. (37.6) 32.6 331.6 483.3 (31.4)%
Provision for income taxes................................ (13.0) 11.7 114.4 174.0
Minority interest, net of tax............................. (0.8) (0.5) (4.7) (1.9)
-------- -------- -------- --------
Net Earnings (Loss) before Accounting Change (D).......... (25.4) 20.4 212.5 307.4 (30.9)%
Cumulative effect of a change in accounting
principle, net of tax (C).............................. - - (20.6) (2.2)
-------- -------- -------- --------
Net Earnings (Loss) (A)(B)(C)............................. (25.4) 20.4 191.9 305.2
Preferred stock dividends................................. 5.8 5.8 23.4 23.4
-------- -------- -------- --------
Net Earnings (Loss) Attributable to Common Stock.......... $ (31.2) $ 14.6 $ 168.5 $ 281.8
========= ========= ======== ========
Basic net earnings (loss) per common share:
Net earnings (loss) attributable to common stock before
accounting change.................................... $ (.13) $ .06 $ 0.79 $ 1.19 (33.4)%
Cumulative effect of a change in accounting principle,
net of tax............................................. - - (.08) (.01)
-------- -------- -------- --------
Net earnings (loss) attributable to common stock....... $ (.13) $ .06 $ 0.71 $ 1.18 (40.2)%
======== ======== ======== ========
Diluted net earnings (loss) per common share:
Net earnings (loss) attributable to common stock before
accounting change (D)................................ $ (.13) $ .06 $ 0.78 $ 1.17 (33.1)%
Cumulative effect of a change in accounting principle,
net of tax............................................. - - (.08) (.01)
-------- -------- -------- --------
Net earnings (loss) attributable to common stock....... $ (.13) $ .06 $ 0.70 $ 1.16 (39.1)%
======== ======== ======== ========
Weighted average common shares outstanding:
Basic.................................................. 237.8 238.4 238.2 238.4
Diluted................................................ 237.8 242.0 241.1 242.2
The Summary of Consolidated Results has been reported to retroactively include
reclassifications for all periods presented, pursuant to the adoption of EITF
No. 01-9, "Accounting for Consideration Given by a Vendor to a Customer," which
was adopted effective January 1, 2002. For more information, see the Company's
press release dated April 16, 2002 filed that day as an exhibit to the Company's
Form 8-K.
THE ESTEE LAUDER COMPANIES INC.
SUMMARY OF CONSOLIDATED RESULTS
(In millions, except per share data)
(A) The current fiscal year periods include pre-tax restructuring charges of
$117.4 million, or $76.9 million after-tax, equal to $.32 per diluted share, in
connection with cost reduction opportunities related to the Internet, supply
chain, globalization of the organization and distribution channel refinements.
The following sets forth a reconciliation of certain statement of earnings
accounts before and after one-time items:
Three Months Ended June 30, 2002
--------------------------------
% Change
Before Charges
One-Time Before One- versus
As Reported Charges Time Charges Prior Year
----------- ------- ------------ ----------
Net Sales................................................. $1,129.0 $6.2 $1,135.2 7.6%
Cost of sales............................................. 266.5 0.8 265.7
-------- ----- --------
Gross Profit.............................................. 862.5 7.0 869.5 6.5%
-------- ----- --------
Gross Margin....................................... 76.4% 76.6%
Operating Expenses........................................ 898.6 110.4 788.2 9.5%
-------- ----- --------
Operating Expense Margin........................... 79.6% 69.4%
Operating Income (Loss)................................... (36.1) 117.4 81.3 (15.8)%
Operating Income (Loss) Margin..................... (3.2)% 7.2%
Provision (benefit) for income taxes...................... (13.0) (40.5) 27.5
Net Earnings (Loss)....................................... $ (25.4) $ 76.9 $ 51.5 (15.2)%
Diluted net earnings (loss) per share..................... $ (.13) $ .32 $ .19 (17.4)%
Year Ended June 30, 2002
------------------------
% Change
Before Charges
One-Time Before One- versus
As Reported Charges Time Charges Prior Year
----------- ------- ------------ ----------
Net Sales................................................. $4,743.7 $6.2 $4,749.9 1.6%
Cost of sales............................................. 1,273.4 0.8 1,272.6
-------- ----- --------
Gross Profit.............................................. 3,470.3 7.0 3,477.3 0.8%
-------- ----- --------
Gross Margin....................................... 73.2% 73.2%
Operating Expenses........................................ 3,128.9 110.4 3,018.5 4.4%
-------- ----- --------
Operating Expense Margin........................... 66.0% 63.5%
Operating Income.......................................... 341.4 117.4 458.8 (17.9)%
Operating Income Margin............................ 7.2% 9.7%
Provision (benefit) for income taxes...................... 114.4 (40.5) 154.9
Net Earnings before Accounting Change..................... $ 212.5 $ 76.9 $ 289.4 (16.8)%
Diluted net earnings per share before accounting change... $ .78 $ .32 $ 1.10 (17.9)%
THE ESTEE LAUDER COMPANIES INC.
SUMMARY OF CONSOLIDATED RESULTS
(In millions, except per share data)
(B) The 2001 fiscal year periods include pre-tax restructuring and other
one-time charges of $63.0 million, or $40.3 million after-tax, equal to $.17 per
diluted share, in connection with the modification of fixtures for the jane
brand, the closure of unprofitable tommy's shops, the elimination of impaired
systems and other assets, and the reorganization of the Company's global brand
structure. The following sets forth a reconciliation of certain statement of
earnings accounts before and after one-time items:
Three Months Ended June 30, 2001
--------------------------------
% Change
Before Charges
One-Time Before One- versus
As Reported Charges Time Charges Prior Year
----------- ------- ------------ ----------
Net Sales................................................. $1,047.2 $8.0 $1,055.2 4.7%
Cost of sales............................................. 240.1 1.1 239.0
-------- ---- --------
Gross Profit.............................................. 807.1 9.1 816.2 6.0%
-------- ---- --------
Gross Margin....................................... 77.1% 77.4%
Operating Expenses........................................ 773.6 53.9 719.7 6.4%
-------- ---- --------
Operating Expense Margin........................... 73.9% 68.2%
Operating Income.......................................... 33.5 63.0 96.5 2.9%
Operating Income Margin............................ 3.2% 9.1%
Provision (benefit) for income taxes...................... 11.7 (22.7) 34.4
Net Earnings ............................................. $ 20.4 $ 40.3 $ 60.7 6.1%
Diluted net earnings per share............................ $ .06 $ .17 $ .23 6.9%
Year Ended June 30, 2001
------------------------
% Change
Before Charges
One-Time Before One- versus
As Reported Charges Time Charges Prior Year
----------- ------- ------------ ----------
Net Sales................................................. $4,667.7 $8.0 $4,675.7 5.3%
Cost of sales............................................. 1,226.4 1.1 1,225.3
-------- ---- --------
Gross Profit.............................................. 3,441.3 9.1 3,450.4 7.7%
-------- ---- --------
Gross Margin....................................... 73.7% 73.8%
Operating Expenses........................................ 2,945.7 53.9 2,891.8 7.6%
-------- ---- --------
Operating Expense Margin........................... 63.1% 61.8%
Operating Income.......................................... 495.6 63.0 558.6 8.3%
Operating Income Margin............................ 10.6% 11.9%
Provision (benefit) for income taxes...................... 174.0 (22.7) 196.7
Net Earnings before Accounting Change..................... $ 307.4 $ 40.3 $ 347.7 10.7%
Diluted net earnings per share before accounting change... $ 1.17 $ .17 $ 1.34 11.7%
(C) The year ended June 30, 2002 included a one-time charge of $20.6 million, or
$.08 per common share, attributable to the cumulative effect of adopting
Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and
Other Intangible Assets." The year ended June 30, 2001 included a one-time
charge of $2.2 million, after tax, or $.01 per common share, attributable to the
cumulative effect of adopting SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities." (D) The adoption of SFAS No. 142 also
resulted in the exclusion of goodwill amortization in the current-year periods.
If the provisions of this rule were applied retroactively, net earnings and
diluted earnings per share attributable to common stock before the accounting
change for the three and twelve months ended June 30, 2001 would have been $18.1
million, $297.4 million, $.07 and $1.23, respectively. Additionally, net
earnings and diluted earnings per share attributable to common stock before the
accounting change and before the one-time charges for the three and twelve
months ended June 30, 2001 would have been $58.4 million, $337.7 million, $.24
and $1.39, respectively
# # #