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"During the first quarter, we saw revenues improve sequentially as the quarter progressed, with core growth turning positive in March," CEO Kirk S. Hachigian said.
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In conjunction with the announcement of a joint venture of the Tools business and change in the organization structure, commencing in 2010, Cooper will modify disclosures related to segment activities. The Electrical Products segment has been divided into two segments reflecting the current management structure of the organization. Energy & Safety Solutions includes business unit results from the Cooper Crouse-Hinds, Cooper Power Systems, and Cooper Safety Divisions. Electrical Products Group includes business unit results for the Cooper B-Line, Cooper Bussmann, Cooper Lighting, and Cooper Wiring Devices Divisions.
The Tools segment will continue as a segment until the anticipated joint venture is completed, which is expected in the second quarter. At that time the results of the Tools segment will be reported as equity income.
Energy & Safety Solutions segment sales for the first quarter decreased 6.0 percent to $569.9 million, compared with $606.6 million in the first quarter 2009. Cores revenues were 8.8 percent. Segment operating earnings, excluding the impact of restructuring charges, were $96.1 million, an increase of 7 percent from the prior year's first quarter.
Electrical Products Group segment first-quarter revenues decreased 2.2 percent to $512.2 million. Core revenues were 3.5 percent lower. Segment operating earnings, excluding the impact of restructuring charges, were $73.5 million, an increase of 48 percent.
Tools segment revenues were $146.5 million, an increase of 16 percent. Excluding the effects of currency translation, core revenues for the quarter were 9.3 percent higher than 2009 first quarter. Segment operating earnings, excluding restructuring charges, were $12.0 million, compared to the first quarter 2009 loss of $3.9 million.
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