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Phone (303) 443-5060
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For the six month period ended June 27, 2003, net earnings were $228.3 million, up 22% from the $186.4 million reported in 2002 before the effect of a change in accounting related to goodwill. Diluted earnings per share for the 2003 six month period of $1.44 increased 19% from the $1.21 in 2002 before the effect of the accounting change. Net earnings for the 2002 six month period, after the effect of a first quarter $173.8 million one-time non-cash charge for impairment of goodwill, were $12.7 million, or $0.11 per diluted share. Sales of $2,495.6 million for the 2003 six month period were 16% higher than the $2,150.5 million reported in 2002.
H. Lawrence Culp, Jr., president and CEO, stated, "We are again pleased to report record second quarter results. Despite the continued sluggish economic environment, we were able to achieve a 20% increase in earnings per share for the quarter. Sales for the quarter grew 13% compared to last year's second quarter, driven primarily by revenues from recently completed acquisitions. Operating cash flow was a record $449.2 million for the six month period and 14% higher than in 2002. We are optimistic that our targeted growth opportunities, coupled with a continued drive on cost reduction and acquisition integration, will provide positive results for the balance of the year and position us well for the eventual industrial economic upturn."