Earnings and Financial Tables

Accenture Reports Fourth-Quarter and Full-Year Fiscal 2009 Results

noreply@blogger.com (Alcazar) — Tue, 06 Oct 2009 18:50:00 +0000

Accenture Reports Fourth-Quarter and Full-Year Fiscal 2009 Results

-- Revenues are $5.15 billion for fourth quarter and $21.58 billion for full year --
-- Company delivers record annual free cash flow of $2.92 billion --
-- Annual new bookings are $23.90 billion --
-- Company increases annual cash dividend by 50%, to $0.75 per share --

NEW YORK; Oct. 1, 2009 — Accenture (NYSE: ACN) reported financial results for the fourth quarter and full 2009 fiscal year, ended Aug. 31, including fourth-quarter net revenues in line with the company’s previously guided range. As previously announced on Aug. 20, the company recorded a restructuring charge in the fourth quarter, of $253 million, which reduced earnings per share, operating income and operating margin for both the quarter and full year. The restructuring charge was related to the realignment of the company’s workforce, primarily at the senior-executive level, and to global real-estate consolidation.

For the fourth quarter, revenues before reimbursements (“net revenues”) were $5.15 billion, a decrease of 14 percent in U.S. dollars and 7 percent in local currency. Diluted earnings per share for the quarter were $0.39, compared with $0.67 in the same period last year, and reflect a negative $0.24 impact from the restructuring charge. New bookings for the quarter were $5.54 billion. Operating income for the quarter was $420 million, and operating margin was 8.2 percent. Absent the restructuring charge, operating income for the quarter was $672 million and operating margin was 13.1 percent.

For the full fiscal year, net revenues were $21.58 billion, a decrease of 8 percent in U.S. dollars and flat in local currency, in line with the company’s previously guided range. Diluted earnings per share for the full year were $2.44, compared with $2.65 in fiscal 2008, and reflect a negative $0.24 impact from the restructuring charge. New bookings for the full year were $23.90 billion. Operating income for the full year was $2.64 billion, and operating margin was 12.3 percent. Absent the restructuring charge, annual operating income was $2.90 billion and annual operating margin was 13.4 percent.

Accenture also announced several actions as part of its long-term commitment to return cash to shareholders. Its Board of Directors has declared an annual cash dividend of $0.75 per share, an increase of $0.25 per share, or 50 percent, over its previous annual dividend, and has approved moving from an annual to a semi-annual schedule for the payment of dividends starting in the third quarter of fiscal 2010. The Board has also approved $4.0 billion in additional share repurchase authority.

William D. Green, Accenture’s chairman & CEO, said, “Our fourth-quarter and full-year results clearly show that we continued managing our business well in challenging economic conditions. We delivered on revenue, we generated exceptional cash flow, we are pleased with our operating-margin expansion for the year, and our balance sheet remains rock-solid. We continue to return cash to shareholders through a 50 percent increase in our annual cash dividend, declared today, and through the repurchase of $1.9 billion of our shares during the year.

“We remain focused on operational discipline and superior execution to ensure that we continue to deliver value to our clients and shareholders. Importantly, this has allowed us to take proactive steps — including refreshing our core business and investing in new high-growth areas — that have positioned us very well for the upturn.”

Financial Review — Fourth Quarter Fiscal 2009
Net revenues for the fourth quarter of fiscal 2009 were $5.15 billion, compared with $6.00 billion for the fourth quarter of fiscal 2008, a decrease of 14 percent in U.S. dollars and 7 percent in local currency. Net revenues for the fourth quarter of fiscal 2009 reflect a foreign-exchange impact of negative 7 percent compared with the fourth quarter of fiscal 2008.

􀂃 Consulting net revenues were $2.91 billion, a decrease of 19 percent in U.S. dollars and 12 percent in local currency from the fourth quarter of fiscal 2008.
􀂃 Outsourcing net revenues were $2.23 billion, a decrease of 7 percent in U.S. dollars and an increase of 1 percent in local currency compared with the fourth quarter of fiscal 2008.

Diluted EPS for the fourth quarter were $0.39, compared with $0.67 in the fourth quarter of fiscal 2008, a decrease of $0.28. The restructuring charge had a negative $0.24 impact on EPS for the fourth quarter of fiscal 2009. Absent the restructuring charge, EPS for the fourth quarter of fiscal 2009 were $0.63, a decrease of $0.04 from the fourth quarter of fiscal 2008, broken down as:

􀂃 a $0.02 increase from a lower share count; and

􀂃 a $0.02 increase from a lower effective income tax rate compared with the rate in the fourth quarter of fiscal 2008;
offset by:

􀂃 a $0.01 decrease from lower revenue and operating income in local currency;

􀂃 a $0.02 decrease from lower interest income; and

􀂃 a $0.05 decrease from unfavorable foreign-exchange rates compared with the fourth quarter of fiscal 2008.

Operating income for the fourth quarter was $420 million, or 8.2 percent of net revenues, compared with $785 million, or 13.1 percent of net revenues, for the fourth quarter of fiscal 2008. Excluding the restructuring charge, operating income for the fourth quarter of fiscal 2009 was $672 million, or 13.1 percent of net revenues.

Gross margin (gross profit as a percentage of net revenues) was 32.3 percent, compared with 31.7 percent for the fourth quarter of fiscal 2008, an expansion of 60 basis points. The increase was driven primarily by improved outsourcing contract margins.
Selling, general and administrative (SG&A) expenses for the fourth quarter were $985 million, or 19.1 percent of net revenues, compared with $1.12 billion, or 18.6 percent of net revenues, for the fourth quarter of fiscal 2008. The increase in SG&A as a percentage of net revenues was primarily due to higher selling costs as a percentage of net revenues.

The company’s effective tax rate for the fourth quarter was 27.6 percent, compared with 31.8 percent for the fourth quarter of fiscal 2008. The lower rate compared with the fourth quarter of fiscal 2008 was primarily a result of final determinations of prior-year tax liabilities recorded in the fourth quarter of fiscal 2009.

Income before minority interest for the fourth quarter was $306 million, compared with $550 million for the same period of fiscal 2008, and reflects the $253 million impact of the restructuring charge.

Operating cash flow for the fourth quarter was $1.05 billion, and property and equipment additions were $75 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $971 million, an increase of $27 million over the fourth quarter of fiscal 2008. For the same period of fiscal 2008, operating cash flow was $1.03 billion, property and equipment additions were $87 million, and free cash flow was $944 million.

Days services outstanding, or DSOs, were 28 at Aug. 31, 2009, compared with 37 at Aug. 31, 2008.
Accenture’s total cash balance at Aug. 31, 2009 was $4.54 billion, compared with $3.60 billion at Aug. 31, 2008 and $4.00 billion at May 31, 2009.

Utilization for the fourth quarter of fiscal 2009 was 86 percent, compared with 84 percent in the fourth quarter the prior year. Attrition was 10 percent, compared with 15 percent in the same period of fiscal 2008.

New Bookings
New bookings for the fourth quarter were $5.54 billion. This reflects a negative 6 percent foreign-currency impact compared with the fourth quarter of fiscal 2008.

􀂃 Consulting new bookings were $2.87 billion, or 52 percent of fourth-quarter bookings.

􀂃 Outsourcing new bookings were $2.68 billion, or 48 percent of fourth-quarter bookings.

Net Revenues by Operating Group

Accenture’s business continues to be affected by global economic conditions. All of the company’s operating groups with the exception of Public Service experienced a decline in consulting revenues in local currency compared with the fourth quarter last year. The company’s Products, Public Service and Resources operating groups grew outsourcing revenues in local currency compared with the fourth quarter last year.

Net revenues by operating group for the fourth quarter were as follows:

􀂃 Communications & High Tech: $1,118 million, compared with $1,411 million for the fourth quarter of fiscal 2008, a decrease of 21 percent in U.S. dollars and 15 percent in local currency. Consulting revenues declined 26 percent in local currency and outsourcing revenues declined 2 percent in local currency.

􀂃 Financial Services: $1,017 million, compared with $1,249 million for the fourth quarter of fiscal 2008, a decrease of 19 percent in U.S. dollars and 10 percent in local currency. Consulting revenues declined 12 percent in local currency and outsourcing revenues declined 8 percent in local currency.

􀂃 Products: $1,286 million, compared with $1,546 million for the year-ago period, a decrease of 17 percent in U.S. dollars and 10 percent in local currency. Consulting revenues declined 22 percent in local currency and outsourcing revenues increased 9 percent in local currency.

􀂃 Public Service: $776 million, compared with $731 million for the year-ago period, an increase of 6 percent in U.S. dollars and 12 percent in local currency. Consulting revenues increased 19 percent in local currency and outsourcing revenues increased 2 percent in local currency.

􀂃 Resources: $943 million, compared with $1,051 million for the same period of fiscal 2008, a decrease of 10 percent in U.S. dollars and 2 percent in local currency. Consulting revenues declined 5 percent in local currency and outsourcing revenues increased 5 percent in local currency.

Net Revenues by Geographic Region
Net revenues by geographic region in the fourth quarter of fiscal 2009 were as follows:

􀂃 Americas: $2,264 million, compared with $2,556 million for the fourth quarter of fiscal 2008, a decrease of 11 percent in U.S. dollars and 9 percent in local currency.

􀂃 Europe, Middle East and Africa (EMEA): $2,274 million, compared with $2,840 million for the fourth quarter of fiscal 2008, a decrease of 20 percent in U.S. dollars and 8 percent in local currency.

􀂃 Asia Pacific: $608 million, compared with $603 million for the year-ago period, an increase of 1 percent in U.S. dollars and 4 percent in local currency.

Financial Review — Full Year Fiscal 2009

Net revenues for fiscal 2009 were $21.58 billion, compared with $23.39 billion for fiscal 2008, a decrease of 8 percent in U.S. dollars and flat in local currency. Net revenues for fiscal 2009 reflect a foreign-exchange impact of negative 8 percent compared with fiscal 2008.

􀂃 Consulting net revenues were $12.56 billion, a decrease of 11 percent in U.S. dollars and 4 percent in local currency from fiscal 2008.

􀂃 Outsourcing net revenues were $9.02 billion, a decrease of 3 percent in U.S. dollars and an increase of 6 percent in local currency compared with fiscal 2008.

Diluted EPS for the full fiscal year were $2.44, compared with $2.65 for fiscal 2008, a decrease of $0.21. The restructuring charge in the fourth quarter had a negative $0.24 impact on EPS for fiscal 2009. Absent the restructuring charge, EPS for fiscal 2009 were $2.68, an increase of $0.03 over fiscal 2008, broken down as:

􀂃 an $0.11 increase from higher operating income in local currency;

􀂃 an $0.11 increase from a lower share count; and

􀂃 a $0.06 increase from a lower effective income tax rate compared with the rate in fiscal 2008;
offset by:

􀂃 a $0.05 decrease from lower interest income; and

􀂃 a $0.20 decrease from unfavorable foreign-exchange rates compared with fiscal 2008.

Operating income for the full fiscal year was $2.64 billion, or 12.3 percent of net revenues, compared with $3.01 billion, or 12.9 percent of net revenues, for fiscal 2008. Excluding the restructuring charge, operating income for fiscal 2009 was $2.90 billion, or 13.4 percent of net revenues, representing operating-margin expansion of 50 basis points over fiscal 2008.

Gross margin (gross profit as a percentage of net revenues) for the full fiscal year was 31.7 percent, compared with 30.7 percent for fiscal 2008, an expansion of 100 basis points, due primarily to improved outsourcing contract margins.

Selling, general and administrative (SG&A) expenses for the full fiscal year were $3.95 billion, or 18.3 percent of net revenues, compared with $4.15 billion, or 17.7 percent of net revenues, for fiscal 2008. The increase in SG&A as a percentage of net revenues was due to the provision for bad debt in the first quarter of fiscal 2009 as a reserve for collection risks and to higher selling costs as a percentage of net revenues.
Accenture’s annual effective tax rate for the full fiscal year was 27.6 percent, compared with 29.3 percent for fiscal 2008, and in line with the company’s previously guided range of 27 percent to 29 percent.

Income before minority interest for the full fiscal year was $1.94 billion, compared with $2.20 billion for fiscal 2008, and reflects the $253 million impact of the restructuring charge.

For the year ended Aug. 31, 2009, operating cash flow was $3.16 billion and property and equipment additions were $243 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $2.92 billion, exceeding the company’s previously guided range of $2.4 billion to $2.6 billion. For the prior fiscal year, ended Aug. 31, 2008, operating cash flow was $2.80 billion, property and equipment additions were $320 million, and free cash flow was $2.48 billion.

Utilization for the full fiscal year 2009 was 84 percent, consistent with fiscal 2008. Attrition for the full year was 10 percent, compared with 16 percent for fiscal 2008.

New Bookings
New bookings for the full fiscal year were $23.90 billion, a decrease of 11 percent in U.S. dollars and 3 percent in local currency from fiscal 2008. New bookings for fiscal 2009 reflect a negative 8 percent foreign-currency impact compared with fiscal 2008.

􀂃 Consulting new bookings were $12.78 billion, a decrease of 14 percent in U.S. dollars and 6 percent in local currency from fiscal 2008. Consulting represented 53 percent of new bookings in fiscal 2009.

􀂃 Outsourcing new bookings were $11.12 billion, a decrease of 7 percent in U.S. dollars and an increase of 1 percent in local currency compared with fiscal 2008. Outsourcing represented 47 percent of new bookings in fiscal 2009.

Net Revenues by Operating Group
Accenture’s business continues to be affected by global economic conditions. The company’s Public Service and Resources operating groups grew consulting revenues in local currency in fiscal 2009 compared with fiscal 2008, while the other three operating groups experienced a decline in consulting revenues. All of the company’s operating groups grew outsourcing revenues in local currency in fiscal 2009 compared with fiscal 2008.

Net revenues by operating group for the full fiscal year were as follows:

􀂃 Communications & High Tech: $4,831 million, compared with $5,450 million for fiscal 2008, a decrease of 11 percent in U.S. dollars and 4 percent in local currency. Consulting revenues declined 11 percent in local currency and outsourcing revenues increased 4 percent in local currency.

􀂃 Financial Services: $4,323 million, compared with $5,005 million for fiscal 2008, a decrease of 14 percent in U.S. dollars and 6 percent in local currency. Consulting revenues declined 11 percent in local currency and outsourcing revenues increased 2 percent in local currency.

􀂃 Products: $5,530 million, compared with $6,069 million for fiscal 2008, a decrease of 9 percent in U.S. dollars and 1 percent in local currency. Consulting revenues declined 8 percent in local currency and outsourcing revenues increased 10 percent in local currency.

􀂃 Public Service: $2,984 million, compared with $2,871 million for fiscal 2008, an increase of 4 percent in U.S. dollars and 11 percent in local currency. Consulting revenues increased 16 percent in local currency and outsourcing revenues increased 3 percent in local currency.

􀂃 Resources: $3,880 million, compared with $3,963 million for fiscal 2008, a decrease of 2 percent in U.S. dollars and an increase of 8 percent in local currency. Consulting revenues increased 7 percent in local currency and outsourcing revenues increased 8 percent in local currency.

Net Revenues by Geographic Region
Net revenues by geographic region for the full fiscal year were as follows:

􀂃 Americas: $9,403 million, compared with $9,726 million for fiscal 2008, a decrease of 3 percent in U.S. dollars and flat in local currency.

􀂃 Europe, Middle East and Africa (EMEA): $9,904 million, compared with $11,546 million for fiscal 2008, a decrease of 14 percent in U.S. dollars and 2 percent in local currency.

􀂃 Asia Pacific: $2,270 million, compared with $2,115 million for fiscal 2008, an increase of 7 percent in U.S. dollars and 12 percent in local currency.

Dividend

Accenture plc* has declared a cash dividend of $0.75 per share on Accenture plc Class A ordinary shares for shareholders of record at the close of business on Oct. 16, 2009, and Accenture SCA will declare a cash dividend of $0.75 per share on Accenture SCA Class I common shares for shareholders of record at the close of business on Oct. 13, 2009. These dividends, both payable on Nov. 16, 2009, represent an increase of $0.25, or 50 percent, over the $0.50 per share dividend the company paid on both classes of shares last year.

Additionally, while the company has historically declared and paid dividends on an annual basis, the Board of Directors has approved a move to declare and pay cash dividends on a semi-annual basis beginning in the third quarter of fiscal 2010.

* On Sept. 1, 2009, Accenture plc replaced Accenture Ltd as Accenture’s parent company.

Share Repurchase Activity

During the fourth quarter of fiscal 2009, Accenture repurchased or redeemed 15.3 million shares for a total of $525 million, including $27 million for 0.8 million shares repurchased on the open market. During the full fiscal year 2009, Accenture repurchased or redeemed 58.0 million shares for a total of $1.9 billion, including $571 million for 18.9 million shares repurchased in the open market.

The company’s Board of Directors has approved $4.0 billion in additional share repurchase authority, bringing Accenture’s total outstanding authority to approximately $4.9 billion.

At Aug. 31, 2009, Accenture had approximately 731 million total shares outstanding, including 623 million Accenture Ltd Class A common shares and minority holdings of 108 million shares (Accenture SCA Class I common shares and Accenture Canada Holding, Inc. exchangeable shares).

Business Outlook

First Quarter Fiscal 2010

Accenture expects net revenues for the first quarter of fiscal 2010 to be in the range of $5.3 billion to $5.5 billion, which assumes a foreign-exchange impact of 0 percent compared with the first quarter of fiscal 2009.
Fiscal Year 2010

For the full fiscal year 2010, Accenture expects net revenue growth to be in the range of negative 3 percent to positive 1 percent in local currency. The company expects diluted EPS for the full fiscal year to be in the range of $2.64 to $2.72. Accenture expects operating margin for the full fiscal year to be 13.4 percent.

The company expects operating cash flow to be $2.39 billion to $2.59 billion; property and equipment additions to be $290 million; and free cash flow to be in the range of $2.1 billion to $2.3 billion. The annual effective tax rate is expected to be in the range of 30 percent to 32 percent.
Accenture is targeting new bookings for fiscal 2010 in the range of $23 billion to $26 billion.

Conference Call and Webcast Details

Accenture will host a conference call at 4:30 p.m. EDT today to discuss its fourth-quarter and full-year 2009 financial results. To participate, please dial +1 (800) 230-1092 [+1 (612) 234-9959 outside the United States, Puerto Rico and Canada] approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations section of the Accenture Web site at www.accenture.com.
A replay of the conference call will be available online at www.accenture.com beginning at 7:00 p.m. EDT today, Thursday, Oct. 1, and continuing until Thursday, Dec. 17. A podcast of the conference call will be available online at www.accenture.com beginning approximately 24 hours after the call. The replay will also be available via telephone by dialing +1 (800) 475-6701 [+1 (320) 365-3844 outside the United States, Puerto Rico and Canada] and entering access code 115041 from 7:00 p.m. EDT Thursday, Oct. 1 through 11:59 p.m. EDT Thursday, Dec. 17.

Accenture Provides 2010 outlook/guidance

noreply@blogger.com (Alcazar) — Tue, 06 Oct 2009 18:41:00 +0000

Accenture Provides 2010 outlook/guidance

For the full fiscal year 2010, Accenture expects net revenue growth to be in the range of negative 3 percent to positive 1 percent in local currency.

The company expects diluted EPS for the full fiscal year to be in the range of $2.64 to $2.72. Accenture expects operating margin for the full fiscal year to be 13.4 percent.

The company expects operating cash flow to be $2.39 billion to $2.59 billion; property and equipment additions to be $290 million; and free cash flow to be in the range of $2.1 billion to $2.3 billion. The annual effective tax rate is expected to be in the range of 30 percent to 32 percent.

Accenture is targeting new bookings for fiscal 2010 in the range of $23 billion to $26 billion.

View Full Release

Darden Restaurants Reports Fourth Quarter and Annual Diluted Net Earnings Per Share; Increases Quarterly Dividend by 25 Percent

noreply@blogger.com (Alcazar) — Tue, 29 Sep 2009 23:29:00 +0000

Darden Restaurants Reports Fourth Quarter and Annual Diluted Net Earnings Per Share; Increases Quarterly Dividend by 25 Percent

FINANCIAL DATA

Fiscal March, April and May 2009 U.S. Same-Restaurant Sales Results
Darden reported that U.S. same-restaurant sales for the fiscal months of March, April and May were as follows:

Olive Garden                    March           April             May *
                                    -----           -----             -----
    Same-Restaurant Sales          1% to 2%             1%              -5%
    Same-Restaurant Traffic      -2% to -3%            -3%              -8%
    Pricing                              4%       4% to 5%               3%
    Menu-mix                           Flat       0% to -1%            Flat

    Red Lobster                     March           April             May *
                                    -----           -----             -----
    Same-Restaurant Sales          0% to 1%             2%              -5%
    Same-Restaurant Traffic      -2% to -3%            -3%      -9% to -10%
    Pricing                        2% to 3%       2% to 3%         2% to 3%
    Menu-mix                       0% to 1%       2% to 3%               2%

    LongHorn Steakhouse             March           April             May *
                                    -----           -----             -----
    Same-Restaurant Sales        -6% to -7%             -7%             -6%
    Same-Restaurant Traffic             -8%      -8% to -9%             -9%
    Pricing                              3%              3%              3%
    Menu-mix                     -1% to -2%      -1% to -2%            Flat

    * May results reflect a four-week fiscal month as part of a traditional 13-week fiscal quarter.

Fiscal 2010 Financial Plans
"We certainly hope to see an improvement in macroeconomic conditions and full-service restaurant industry sales trends in our new fiscal year," said Clarence Otis, the Company's Chairman and CEO. "And there are reasons to believe there might be some favorable changes. However, given the current level of uncertainty, we think it's prudent to be cautious in developing our plans for the year. As a result, we're assuming that the economic and industry weakness we've experienced over the past six months will continue through all of our fiscal 2010."
"We are assuming that blended same-restaurant sales for our three large casual dining brands, Olive Garden, Red Lobster and LongHorn Steakhouse, will be between -2% and flat in fiscal year 2010," said Brad Richmond, Darden's Chief Financial Officer. "Based on these same-restaurant results and approximately 50 to 55 net new restaurant openings, total sales change is expected to be between -1% and +1% and diluted net earnings per share are expected to range from -2% to +8%. Please note that our fiscal 2009 included a 53rd week of operations. Excluding that extra week, our fiscal 2010 same-restaurant sales assumptions and plans for net new restaurant openings are expected to drive total sales growth of +1% to +3% and diluted net earnings per share growth that ranges from flat to +10%. It is also important to note that going forward, we will no longer report results and prior period comparisons that exclude integration costs and purchase accounting adjustments."
Fiscal 2009 and Fiscal 2010 Estimated Diluted Net Earnings Per Share From Continuing Operations

Diluted Net Earnings Per Share    Fiscal 2009       Fiscal 2010 Estimated
    ------------------------------    -----------       ---------------------
    52-Week Basis                           $2.59              $2.59 to $2.85
    Impact of 53(rd) Week                   $0.06                        N.A.
    53-Week Basis (GAAP)                    $2.65                        N.A.
    Estimated Integration Costs And
      Purchase Accounting Adjustments       $0.10                        N.A.
    53-Week Non-GAAP                        $2.75                        N.A.

Darden Restaurants, Inc., (NYSE: DRI) headquartered in Orlando, Fla., is the world's largest company-owned and operated full-service restaurant company with over $7.2 billion in annual sales and approximately 180,000 employees. Darden is recognized for a culture that rewards caring for and responding to people. Our restaurant brands -- Red Lobster, Olive Garden, LongHorn Steakhouse, The Capital Grille, Bahama Breeze and Seasons 52 -- reflect the rich diversity of those who dine with us. Our brands are built on deep insights into what our guests want. For more information, please visit www.darden.com.
Forward-looking statements in this news release are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements could address future economic performance, restaurant openings, various financial parameters, or similar matters. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to materially differ from those anticipated in the statements. We wish to caution investors not to place undue reliance on any such forward-looking statements. Any forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update such statements to reflect events or circumstances arising after such date. The most significant of these uncertainties are described in Darden's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). These risks and uncertainties include the impact of intense competition, changing economic or business conditions, the price and availability of food, ingredients and utilities, supply interruptions, labor and insurance costs, the loss of or difficulties in recruiting key personnel, information technology failures, increased advertising and marketing costs, higher-than-anticipated costs to open or close restaurants, litigation, unfavorable publicity, a lack of suitable locations, government regulations, a failure to achieve growth objectives through the opening of new restaurants or the development or acquisition of new dining concepts, weather conditions, risks associated with Darden's plans to expand Darden's newer concepts Bahama Breeze and Seasons 52, our ability to combine and integrate the business of RARE Hospitality International, Inc., achieve synergies and develop new LongHorn Steakhouse and The Capital Grille restaurants, risks associated with incurring substantial additional debt, a failure of our internal controls over financial reporting, disruptions in the financial markets, possible impairment of goodwill or other assets, volatility in the market value of our derivatives and other factors and uncertainties discussed from time to time in reports filed by Darden with the Securities and Exchange Commission.
In addition to U.S. generally accepted accounting principles (GAAP) reporting, as previously disclosed herein, Darden has presented its adjusted fourth quarter diluted net earnings per share results from continuing operations and consolidated results from operations for fiscal 2009, which exclude the impact of integration costs and purchase accounting adjustments and an additional 53rd week of operations. Darden believes this adjusted information is useful for comparison to our consolidated results from continuing operations for the fourth quarter of fiscal 2008 and fiscal year ended May 25, 2008, and has therefore chosen to provide this information to investors. This non-GAAP earnings information should be viewed in addition to, and not in lieu of, our diluted net earnings per share results as calculated in accordance with GAAP.

DARDEN RESTAURANTS, INC.
                       NUMBER OF RESTAURANTS

             5/31/09                                      5/25/08
             -------                                      -------
                661     Red Lobster USA                      651
                 29     Red Lobster Canada                    29
                ---     ------------------                   ---
                690     Total Red Lobster                    680

                685     Olive Garden USA                     647
                  6     Olive Garden Canada                    6
                ---     -------------------                  ---
                691     Total Olive Garden                   653

                321     LongHorn Steakhouse                  305

                 37     The Capital Grille                    32

                 24     Bahama Breeze                         23

                  8     Seasons 52                             7

                  2     Other                                  2
                  -                                            -

              1,773     Total Restaurants                  1,702

DARDEN RESTAURANTS, INC.
                    FOURTH QUARTER FY 2009 FINANCIAL HIGHLIGHTS
                       (In millions, except per share data)
                                  (Unaudited)


                  14 Weeks      13 Weeks      53 Weeks        52 Weeks
                   Ended         Ended         Ended           Ended

                 5/31/2009      5/25/2008     5/31/2009       5/25/2008
                 ---------      ---------     ---------       ---------

    Sales         $1,975.5       $1,825.5       $7,217.5       $6,626.5

    Earnings from
     continuing
     operations     $122.8         $103.3         $371.8         $369.5
    Earnings
     (losses)
     from
     discontinued
     operations       $0.2          ($1.5)          $0.4           $7.7
    Net earnings    $123.0         $101.8         $372.2         $377.2


    Basic net
     earnings per
     share:
      Earnings from
       continuing
       operations    $0.89          $0.74          $2.71          $2.63
      Earnings
       (losses)
       from
       discontinued
       operations       --         ($0.01)            --          $0.06
      Net earnings   $0.89          $0.73          $2.71          $2.69

    Diluted net
     earnings per
     share:
      Earnings from
       continuing
       operations    $0.87          $0.72          $2.65          $2.55
      Earnings
       (losses)
       from
       discontinued
       operations       --         ($0.01)            --          $0.05
      Net earnings   $0.87          $0.71          $2.65          $2.60


    Average number
     of common
     shares
     outstanding:
      Basic          137.7          139.1          137.4          140.4
      Diluted        140.8          143.2          140.4          145.1

DARDEN RESTAURANTS, INC.
                          CONSOLIDATED STATEMENTS OF EARNINGS
                         (In millions, except per share data)
                                      (Unaudited)

                            14 Weeks      13 Weeks      53 Weeks    52 Weeks
                             Ended         Ended         Ended       Ended

                             5/31/09       5/25/08       5/31/09    5/25/08
                             -------       -------       -------    -------
    Sales                   $1,975.5      $1,825.5      $7,217.5   $6,626.5
    Costs and expenses:
     Cost of sales:
      Food and beverage        588.7         559.7       2,200.3    1,996.2
      Restaurant labor         632.9         583.2       2,308.2    2,124.7
      Restaurant expenses      286.9         275.8       1,128.4    1,017.8
                             -------       -------       -------    -------
       Total cost of
        sales (1)           $1,508.5      $1,418.7      $5,636.9   $5,138.7
     Selling, general and
      administrative           193.3         165.5         665.6      641.7
     Depreciation and
      amortization              72.6          68.1         283.1      245.7
     Interest, net              26.7          26.6         107.4       85.7
     Asset impairment, net       7.3             -          12.0          -
                             -------       -------       -------    -------
       Total costs and
        expenses            $1,808.4      $1,678.9      $6,705.0   $6,111.8
    Earnings before
     income taxes              167.1         146.6         512.5      514.7
    Income taxes               (44.3)        (43.3)       (140.7)    (145.2)
                             -------       -------       -------    -------
    Earnings from
     continuing
     operations               $122.8        $103.3        $371.8     $369.5
    Earnings (losses)
     from discontinued
     operations, net of
     tax expense (benefit)
     of $0.1, ($1.8), $0.2,
     and $3.0, Respectively      0.2          (1.5)          0.4        7.7
                              ------        ------        ------     ------
    Net earnings              $123.0        $101.8        $372.2     $377.2
                              ======        ======        ======     ======


    Basic net earnings per
     share:
     Earnings from
      continuing
      operations               $0.89         $0.74         $2.71      $2.63
     Earnings (losses)
      from discontinued
      operations                  --        ($0.01)           --      $0.06
     Net earnings              $0.89         $0.73         $2.71      $2.69

    Diluted net earnings per
     share:
     Earnings from continuing
      operations               $0.87         $0.72         $2.65      $2.55
     Earnings (losses) from
      discontinued operations     --        ($0.01)           --      $0.05
     Net earnings              $0.87         $0.71         $2.65      $2.60

    Average number of common
     shares outstanding:
     Basic                    137.7         139.1         137.4      140.4
     Diluted                  140.8         143.2         140.4      145.1

    (1) Excludes restaurant
     depreciation and
     amortization as follows:  68.6          63.8         267.1      230.0

DARDEN RESTAURANTS, INC.
                            CONSOLIDATED BALANCE SHEETS
                                 (In millions)


                                                      5/31/09    5/25/08
                                                      -------    -------
    ASSETS                                          (Unaudited)
    Current assets:
     Cash and cash equivalents                          $62.9      $43.2
     Receivables, net                                    37.1       69.5
     Inventories                                        247.0      216.7
     Prepaid income taxes                                53.2        4.9
     Prepaid expenses and other current assets           44.2       41.8
     Deferred income taxes                              110.4       91.8
                                                     --------   --------
      Total current assets                             $554.8     $467.9
    Land, buildings and equipment, net                3,306.7    3,066.0
    Goodwill                                            518.7      519.9
    Trademarks                                          454.4      455.0
    Other assets                                        190.6      221.8
                                                     --------   --------
      Total assets                                   $5,025.2   $4,730.6
                                                     ========   ========

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
     Accounts payable                                  $237.0     $245.1
     Short-term debt                                    150.0      178.4
     Accrued payroll                                    138.3      129.3
     Accrued income taxes                                  --        2.4
     Other accrued taxes                                 60.2       55.4
     Unearned revenues                                  138.3      160.5
     Other current liabilities                          372.3      365.1
                                                     --------   --------
      Total current liabilities                      $1,096.1   $1,136.2
    Long-term debt, less current portion              1,632.3    1,634.3
    Deferred income taxes                               297.0      197.6
    Deferred rent                                       154.6      139.0
    Obligations under capital leases, net
     of current installments                             58.9       59.9
    Other liabilities                                   180.3      154.5
                                                     --------   --------
      Total liabilities                              $3,419.2   $3,321.5
                                                     ========   ========

    Stockholders' equity:
     Common stock and surplus                        $2,183.1   $2,074.9
     Retained earnings                                2,357.4    2,096.0
     Treasury stock                                  (2,864.2)  (2,724.0)
     Accumulated other comprehensive income (loss)      (57.2)     (20.7)
     Unearned compensation                              (13.0)     (17.0)
     Officer notes receivable                            (0.1)      (0.1)
                                                     --------   --------
      Total stockholders' equity                     $1,606.0   $1,409.1
                                                     --------   --------
      Total liabilities and stockholders' equity     $5,025.2   $4,730.6
                                                     ========   ========

SOURCE Darden Restaurants Inc.: Financial

Devon Energy Reports Second-Quarter 2009 Results

noreply@blogger.com (Alcazar) — Sun, 27 Sep 2009 17:37:00 +0000

Devon Energy Reports Second-Quarter 2009 Results

FINANCIAL TABLES

PRODUCTION (net of
      royalties)                   Quarter Ended         Six Months Ended
     Excludes discontinued            June 30,              June 30,
      operations                    ------------          ------------
                                   2009      2008        2009      2008
                                   ----      ----        ----      ----
     Total Period Production
     -----------------------
     Natural Gas (Bcf)
        U.S. Onshore              183.2     162.3       364.2     314.8
        U.S. Offshore              10.5      14.2        21.3      32.5
                                   ----      ----        ----      ----
        Total U.S.                193.7     176.5       385.5     347.3
        Canada                     60.1      53.0       112.8     104.7
        International               0.3       0.4         0.6       1.0
        -------------               ---       ---         ---       ---
        Total Natural Gas         254.1     229.9       498.9     453.0
        -----------------         -----     -----       -----     -----
     Oil (MMBbls)
        U.S. Onshore                2.9       2.8         5.9       5.7
        U.S. Offshore               1.2       1.8         2.3       3.6
                                    ---       ---         ---       ---
        Total U.S.                  4.1       4.6         8.2       9.3
        Canada                      6.6       5.3        12.9       9.9
        International               4.7       3.3         7.9       8.1
        -------------               ---       ---         ---       ---
        Total Oil                  15.4      13.2        29.0      27.3
        -------------              ----      ----        ----      ----
     Natural Gas Liquids (MMBbls)
        U.S. Onshore                6.4       5.8        12.6      11.6
        U.S. Offshore               0.2       0.2         0.4       0.4
                                    ---       ---         ---       ---
        Total U.S.                  6.6       6.0        13.0      12.0
        Canada                      1.0       1.0         2.0       1.9
        International                 -         -           -         -
        -------------               ---       ---         ---       ---
        Total Natural Gas
         Liquids                    7.6       7.0        15.0      13.9
        -----------------           ---       ---        ----      ----
     Oil Equivalent (MMBoe)
        U.S. Onshore               39.9      35.7        79.2      69.7
        U.S. Offshore               3.1       4.4         6.2       9.4
                                    ---       ---         ---       ---
        Total U.S.                 43.0      40.1        85.4      79.1
        Canada                     17.6      15.1        33.7      29.4
        International               4.8       3.3         8.0       8.3
        -------------               ---       ---         ---       ---
        Total Oil
         Equivalent                65.4      58.5       127.1     116.8
         -------------             ----      ----       -----     -----
     Average Daily Production
     ------------------------
     Natural Gas (MMcf)
        U.S. Onshore            2,013.1   1,783.0     2,012.4   1,729.7
        U.S. Offshore             115.5     156.1       117.4     178.7
                                  -----     -----       -----     -----
        Total U.S.              2,128.6   1,939.1     2,129.8   1,908.4
        Canada                    660.2     582.6       623.0     575.0
        International               3.2       4.8         3.3       5.4
        -------------               ---       ---         ---       ---
        Total Natural Gas       2,792.0   2,526.5     2,756.1   2,488.8
        -----------------       -------   -------     -------   -------
     Oil (MBbls)
        U.S. Onshore               32.0      30.9        32.5      31.0
        U.S. Offshore              13.0      19.9        12.5      19.9
                                   ----      ----        ----      ----
        Total U.S.                 45.0      50.8        45.0      50.9
        Canada                     72.1      58.0        71.3      54.7
        International              52.3      35.8        43.4      44.6
        -------------              ----      ----        ----      ----
        Total Oil                 169.4     144.6       159.7     150.2
        ---------                 -----     -----       -----     -----
     Natural Gas Liquids
      (MBbls)
        U.S. Onshore               70.8      64.1        69.7      63.7
        U.S. Offshore               2.0       2.1         2.2       2.0
                                    ---       ---         ---       ---
        Total U.S.                 72.8      66.2        71.9      65.7
        Canada                     11.1      10.7        10.8      10.8
        International                 -         -           -         -
        -------------               ---       ---         ---       ---
        Total Natural Gas
         Liquids                   83.9      76.9        82.7      76.5
        -----------------          ----      ----        ----      ----
     Oil Equivalent (MBoe)
        U.S. Onshore              438.2     392.2       437.6     382.9
        U.S. Offshore              34.2      48.0        34.3      51.7
                                   ----      ----        ----      ----
        Total U.S.                472.4     440.2       471.9     434.6
        Canada                    193.3     165.8       185.9     161.3
        International              52.8      36.6        43.9      45.6
        -------------              ----      ----        ----      ----
        Total Oil Equivalent      718.5     642.6       701.7     641.5
        -----------------         -----     -----       -----     -----




     BENCHMARK PRICES                 Quarter Ended   Six Months Ended
      (average prices)                   June 30,          June 30,
                                      -------------     -------------
                                      2009     2008     2009     2008
                                      ----     ----     ----     ----
     Natural Gas ($/Mcf) -
      Henry Hub                       $3.51   $10.94    $4.21    $9.49
     Oil ($/Bbl) - West Texas
      Intermediate
      (Cushing)                      $59.83  $124.28   $51.51  $110.98
     -------------------------------- -----  -------   ------  -------

     REALIZED PRICES
     (excludes the effects of
      unrealized gains and
      losses from hedging)

     Quarter Ended June 30, 2009      Oil      Gas     NGLs     Total
                                     (Per     (Per     (Per     (Per
                                      Bbl)     Mcf)     Bbl)     Boe)
                                     ------   ------   ------   ------
     U.S. Onshore                    $54.66    $2.75   $20.81   $19.98
     U.S. Offshore                   $56.44    $3.76   $23.69   $35.49
     Total U.S.                      $55.18    $2.81   $20.89   $21.10
     Canada                          $48.14    $3.25   $30.99   $30.85
     International                   $56.03    $4.24       $-   $55.71
     -------------                   ------    -----      ---   ------
     Realized price without hedges   $52.44    $2.91   $22.24   $26.27
     Cash settlements                    $-    $0.45       $-    $1.75
     ----------------                   ---    -----      ---    -----
     Realized price, including cash
      settlements                    $52.44    $3.36   $22.24   $28.02
     ------------------------------  ------    -----   ------   ------


     Quarter Ended June 30, 2008      Oil      Gas     NGLs     Total
                                     (Per     (Per     (Per     (Per
                                      Bbl)     Mcf)     Bbl)     Boe)
                                    -------  -------  -------  -------
     U.S. Onshore                   $120.69    $9.40   $50.56   $60.51
     U.S. Offshore                  $125.24   $11.43   $53.63   $91.38
     Total U.S.                     $122.47    $9.56   $50.66   $63.88
     Canada                          $94.35    $9.76   $75.10   $72.14
     International                  $119.87   $11.00       $-  $118.70
     ------------------             -------   ------      ---  -------
     Realized price without hedges  $110.56    $9.61   $54.08   $69.14
     Cash settlements                $(0.01)  $(1.32)      $-   $(5.18)
     ----------------               -------  -------      ---  -------
     Realized price, including cash
      settlements                   $110.55    $8.29   $54.08   $63.96
     ------------------------------ -------    -----   ------   ------

     Six Months Ended June 30, 2009   Oil      Gas       NGLs    Total
                                     (Per     (Per      (Per    (Per
                                      Bbl)     Mcf)      Bbl)    Boe)
                                     ------   ------    ------  ------
     U.S. Onshore                    $44.67    $3.09    $19.16  $20.57
     U.S. Offshore                   $49.69    $4.46    $21.96  $34.85
     Total U.S.                      $46.07    $3.16    $19.24  $21.61
     Canada                          $38.19    $3.82    $28.52  $29.11
     International                   $50.10    $3.85        $-  $49.76
     ------------------------------- ------    -----        --  ------
     Realized price without hedges   $43.65    $3.31    $20.45  $25.36
     Cash settlements                    $-    $0.47        $-   $1.83
     ----------------                   ---    -----       ---   -----
     Realized price, including cash
      settlements                    $43.65    $3.78    $20.45  $27.19
     ------------------------------  ------    -----    ------  ------

     Six Months Ended June 30, 2008   Oil      Gas      NGLs     Total
                                     (Per     (Per     (Per     (Per
                                      Bbl)     Mcf)     Bbl)     Boe)
                                     -----     -----   ------   ------
     U.S. Onshore                   $107.15    $8.26   $47.65   $53.91
     U.S. Offshore                  $112.07    $9.94   $51.77   $79.52
     Total U.S.                     $109.08    $8.42   $47.78   $56.95
     Canada                          $84.16    $8.66   $68.86   $64.01
     International                  $105.63    $9.56       $-  $104.68
     ---------------                -------    -----      ---  -------
     Realized price without hedges   $98.98    $8.48   $50.76   $62.12
     Cash settlements                    $-   $(0.69)      $-   $(2.67)
     ----------------                   ---   ------      ---   ------
     Realized price, including cash
      settlements                    $98.98    $7.79   $50.76   $59.45
     ------------------------------  ------    -----   ------   ------


     CONSOLIDATED STATEMENTS OF
      OPERATIONS
      (in millions, except per          Quarter Ended  Six Months Ended
       share amounts)                      June 30,        June 30,
                                         -----------     ------------
                                         2009   2008     2009    2008
                                         ----   ----     ----    ----
     Revenues
     --------
       Oil sales                         $808  $1,455   $1,262  $2,705
       Gas sales                          740   2,210    1,653   3,840
       NGL sales                          170     379      306     707
       Net gain (loss) on oil and gas
        derivative financial
        instruments                        13  (1,215)     167  (2,003)
       Marketing and midstream
        revenues                          359     719      730   1,274
       -----------------------            ---     ---      ---   -----
            Total revenues              2,090   3,548    4,118   6,523
       -----------------------          -----   -----    -----   -----
     Expenses and other income, net
     ------------------------------
       Lease operating expenses           510     537    1,034   1,043
       Production taxes                    47     176       89     310
       Marketing and midstream
        operating costs and expenses      234     515      463     897
       Depreciation, depletion and
        amortization of oil and gas
        properties                        494     762    1,093   1,499
       Depreciation and amortization
        of non-oil and gas properties      74      62      144     119
       Accretion of asset retirement
        obligation                         24      22       48      44
       General and administrative
        expenses                          182     180      348     328
       Interest expense                    90      90      173     192
       Change in fair value of other
        financial instruments             (10)    (40)     (15)    (24)
       Reduction of carrying value of
        oil and gas properties              -       -    6,516       -
       Other expense (income), net         20     (17)      27     (38)
       ---------------------------        ---     ---      ---     ---
            Total expenses and other
             income, net                1,665   2,287    9,920   4,370
       -----------------------------    -----   -----    -----   -----
     Earnings (loss) from continuing
      operations before income taxes      425   1,261   (5,802)  2,153
     -------------------------------      ---   -----  -------   -----
     Income tax expense (benefit)
     ---------------------------
       Current                             51     414       53     517
       Deferred                            77     253   (2,194)    391
       --------                            --     ---  -------     ---
            Total income tax expense
             (benefit)                    128     667   (2,141)    908
       -----------------------------      ---     ---  -------     ---
     Earnings (loss) from continuing
      operations                          297     594   (3,661)  1,245
     -------------------------------      ---     ---  -------   -----
     Discontinued operations
     -----------------------
       Earnings from discontinued
        operations before income taxes     17     851       16   1,040
       Income tax expense                   -     144        -     235
       ------------------                 ---     ---      ---     ---
            Earnings from discontinuing
             operations                    17     707       16     805
       --------------------------------   ---     ---      ---     ---
     Net earnings (loss)                  314   1,301   (3,645)  2,050
     Preferred stock dividends              -       3        -       5
     -------------------------            ---     ---      ---     ---
     Net earnings (loss) applicable
      to common stockholders             $314  $1,298  $(3,645) $2,045
     ------------------------------      ----  ------  -------  ------

     Basic net earnings (loss) per
      share
       Earnings (loss) from continuing
        operations                      $0.67   $1.33   $(8.25)  $2.80
       Earnings from discontinued
        operations                      $0.04   $1.58    $0.04   $1.80
       --------------------------       -----   -----    -----   -----
       Net earnings (loss)              $0.71   $2.91   $(8.21)  $4.60
       ------------------               -----   -----  -------   -----

     Diluted net earnings (loss) per
      share
       Earnings (loss) from continuing
        operations                      $0.66   $1.31   $(8.25)  $2.76
       Earnings from discontinued
        operations                      $0.04   $1.57    $0.04   $1.79
       --------------------------       -----   -----    -----   -----
       Net earnings (loss)              $0.70   $2.88   $(8.21)  $4.55
       ------------------               -----   -----  -------   -----

     CONSOLIDATED BALANCE SHEETS
      (in millions)                                 June 30,  December 31,
                                                       2009       2008
                                                       ----       ----
     Assets                                                     (Audited)
     ------                                                     ---------
     Current assets
     --------------
       Cash and cash equivalents                        $648        $379
       Accounts receivable                             1,318       1,412
       Income taxes receivable                            27         334
       Derivative financial instruments, at fair
        value                                            226         282
       Other current assets                              358         277
       -----------------------                           ---         ---
          Total current assets                         2,577       2,684
       -----------------------                         -----       -----
     Property and equipment, at cost, based on
      the full cost method of accounting for oil
      and gas properties ($4,298 and $4,551
      excluded from amortization in 2009 and 2008,
      respectively)                                   59,086      55,664
       Less accumulated depreciation, depletion
        and amortization                              40,999      32,683
       ----------------------------------------       ------      ------
       Property and equipment, net                    18,087      22,981
       ---------------------------                    ------      ------
     Goodwill                                          5,710       5,579
     Other long-term assets, including $180
      million and $199 million at fair value
      in 2009 and 2008, respectively                     683         664
      ------------------------------                     ---         ---
     Total Assets                                    $27,057     $31,908
     ------------                                    -------     -------
     Liabilities and Stockholders' Equity
     ------------------------------------
     Current liabilities
     -------------------
       Accounts payable - trade                       $1,074      $1,825
       Revenues and royalties due to others              377         496
       Short-term debt                                 1,508         180
       Current portion of asset retirement
        obligation, at fair value                        175         138
       Accrued expenses and other current
        liabilities                                      358         496
       ----------------------------------                ---         ---
          Total current liabilities                    3,492       3,135
       ----------------------------------              -----       -----
     Long-term debt                                    5,849       5,661
     Asset retirement obligation, at fair value        1,411       1,347
     Other long-term liabilities                       1,036       1,026
     Deferred income taxes                             1,587       3,679
     ---------------------                             -----       -----
     Stockholders' equity
     --------------------
       Common stock                                       44          44
       Additional paid-in capital                      6,363       6,257
       Retained earnings                               6,589      10,376
       Accumulated other comprehensive income            686         383
       --------------------------------------            ---         ---
     Total Stockholders' Equity                       13,682      17,060
     --------------------------                       ------      ------
     Total Liabilities and Stockholders' Equity      $27,057     $31,908
     ------------------------------------------      -------     -------
     Common Shares Outstanding                           444         444
     -------------------------                           ---         ---

     CONSOLIDATED STATEMENTS OF CASH FLOWS
      (in millions)                                  Six Months Ended June 30,
                                                     -------------------------
                                                          2009      2008
     Cash Flows From Operating Activities                 ----      ----
     ------------------------------------
       Net (loss) earnings                              $(3,645)   $2,050
       Earnings from discontinued
        operations, net of tax                              (16)     (805)
       Adjustments to reconcile (loss)
        earnings from continuing
        operations to net cash provided by
        operating activities:
            Depreciation, depletion and
             amortization                                 1,237     1,618
            Deferred income tax (benefit)
             expense                                     (2,194)      391
            Reduction of carrying value of oil
             and gas properties                           6,516         -
            Net unrealized loss on oil and gas
             derivative financial instruments                65     1,692
            Other noncash charges                           134       122
            Net increase in working capital                 (89)     (132)
            Decrease (increase) in long-term
             other assets                                    43       (37)
            Increase in long-term other
             liabilities                                     19       181
       --------------------------------                     ---       ---
       Cash provided by operating
        activities - continuing operations                2,070     5,080
       Cash provided by operating
        activities - discontinued
        operations                                            7       106
       --------------------------                           ---       ---
     Net cash provided by operating
      activities                                         $2,077    $5,186
     ------------------------------                      ------    ------

     Cash Flows From Investing Activities
     ------------------------------------
       Proceeds from sales of property and
        equipment                                             2       108
       Capital expenditures                              (3,201)   (3,870)
       Purchases of short-term investments                    -       (50)
       Sales of long-term and short-term
        investments                                           4       295
       -----------------------------------                  ---       ---
       Cash used in investing activities -
        continuing operations                            (3,195)   (3,517)
       Cash provided by investing
        activities - discontinued
        operations                                            2     1,712
       --------------------------                           ---     -----
     Net cash used in investing activities              $(3,193)  $(1,805)
     -------------------------------------              -------   -------

     Cash Flows From Financing Activities
     ------------------------------------
       Proceeds from borrowing of
        long-term debt, net of issuance
        costs                                             1,187         -
       Credit facility repayments                             -    (3,070)
       Credit facility borrowings                             -     1,620
       Net commercial paper borrowings
        (repayments)                                        325    (1,004)
       Debt repayments                                       (1)      (47)
       Redemption of preferred stock                          -      (150)
       Proceeds from stock option
        exercises                                             9       104
       Repurchases of common stock                            -      (252)
       Dividends paid on common and
        preferred stock                                    (142)     (146)
       Excess tax benefits related to
        share-based compensation                              5        55
     ------------------------------                         ---       ---
     Net cash provided by (used in)
      financing activities                               $1,383   $(2,890)
     -------------------------------                     ------   -------

     Effect of exchange rate changes on cash                  5       (19)
     -------------------------------                        ---       ---
     Net increase in cash and cash
      equivalents                                           272       472
     Cash and cash equivalents at beginning
      of period (including assets held for sale)            384     1,373
     -------------------------------                        ---     -----
     Cash and cash equivalents at end of
      period (including assets held for
      sale)                                                $656    $1,845
     ===================================                   ====    ======


     DRILLING ACTIVITY                    Quarter Ended     Six Months Ended
                                             June 30,            June 30,
                                             --------            --------
                                          2009       2008     2009     2008
                                          ----       ----     ----     ----
     Exploration Wells Drilled
     -------------------------
         U.S.                                2          8        9       17
         Canada                              7          7       29       58
         International                       -          1        1        7
         -------------                     ---        ---      ---      ---
         Total                               9         16       39       82
         -----                             ---        ---      ---      ---
     Exploration Wells Success Rate
     ------------------------------
         U.S.                               50%        88%      78%      71%
         Canada                            100%        86%     100%      95%
         International                       -          0%       0%       0%
         -------------                     ---        ---      ---      ---
         Total                              89%        81%      92%      82%
         -----                             ---        ---      ---      ---
     Development Wells Drilled
     -------------------------
         U.S.                              160        405      454      777
         Canada                             22         61      143      259
         International                       7         12       13       22
         -------------                     ---        ---      ---      ---
         Total                             189        478      610    1,058
         -----                             ---        ---      ---    -----
     Development Wells Success Rate
     ------------------------------
         U.S.                              100%        98%      99%      98%
         Canada                            100%       100%      99%     100%
         International                     100%        92%     100%      91%
         -------------                     ---        ---      ---      ---
         Total                             100%        98%      99%      98%
         -----                             ---        ---      ---      ---
     Total Wells Drilled
     -------------------
         U.S.                              162        413      463      794
         Canada                             29         68      172      317
         International                       7         13       14       29
         -------------                     ---        ---      ---      ---
         Total                             198        494      649    1,140
         -----                             ---        ---      ---    -----
     Total Wells Success Rate
     ------------------------
         U.S.                               99%        98%      99%      98%
         Canada                            100%        99%      99%      99%
         International                     100%        85%      93%      69%
         -------------                     ---        ---      ---      ---
         Total                              99%        98%      99%      97%
         -----                             ---        ---      ---      ---

                                                                  June 30,
                                                               -------------
                                                               2009     2008
                                                               ----     ----
     Number of Company Operated Rigs Running
     ---------------------------------------
       U.S.                                                      23       79
       Canada                                                     1       12
       International                                              -        1
       -------------                                            ---      ---
       Total                                                     24       92
       -----                                                    ---      ---

     CAPITAL EXPENDITURES (in millions)
     Quarter Ended June 30,
      2009
                               U.S.     U.S.
                             Onshore  Offshore  Canada International   Total
                            --------- --------- ------ -------------   -----
     Capital Expenditures
     --------------------
       Exploration                $25     31        19       53         $128
       Development                409    119       149       43          720
       -----------                ---    ---       ---       --          ---
       Exploration and
        development capital      $434    150       168       96         $848
       Capitalized G&A                                                   104
       Capitalized interest                                               21
       Discontinued
        operations                                                         -
       Midstream capital                                                  62
       Other capital                                                      24
       -------------                                                      --
     Total Capital
      Expenditures                                                    $1,059
     -------------                                                    ------



     CAPITAL EXPENDITURES (in millions)
      Six Months Ended June 30,
       2009
                               U.S.     U.S.
                             Onshore  Offshore  Canada International   Total
                            --------- --------- ------ -------------   -----
     Capital Expenditures
     --------------------
       Exploration                $50    114        69      109         $342
       Development              1,130    238       379       60        1,807
       -----------              -----    ---       ---       --        -----
       Exploration and
        development capital    $1,180    352       448      169       $2,149
       Capitalized G&A                                                   208
       Capitalized interest                                               46
       Discontinued
        operations                                                         4
       Midstream capital                                                 150
       Other capital                                                      44
       -------------                                                      --
     Total Capital
      Expenditures                                                    $2,601
     -------------                                                    ------



    NON-GAAP FINANCIAL MEASURES

    The United States Securities and Exchange Commission has adopted
    disclosure requirements for public companies such as Devon concerning Non-
    GAAP financial measures. (GAAP refers to generally accepted accounting
    principles.) The company must reconcile the Non-GAAP financial measure to
    related GAAP information. Cash flow before balance sheet changes is a Non-
    GAAP financial measure. Devon believes cash flow before balance sheet
    changes is relevant because it is a measure of cash available to fund the
    company's capital expenditures, dividends and to service its debt. Cash
    flow before balance sheet changes is also used by certain securities
    analysts as a measure of Devon's financial results.


     RECONCILIATION TO GAAP INFORMATION
      (in millions)                          Quarter Ended   Six Months Ended
                                                June 30,          June 30,
                                            ----------------    ------------
                                            2009        2008    2009    2008
                                            ----        ----    ----    ----
     Net Cash Provided By Operating
      Activities (GAAP)                     $1,030     $2,931  $2,077  $5,186
     ------------------------------         ------     ------  ------  ------
       Changes in assets and liabilities -
        continuing operations                   81       (365)     27       2
       Changes in assets and liabilities -
        discontinued operations                 (2)       124      (7)     61
       -----------------------------------     ---        ---     ---     ---
     Cash flow before balance sheet changes
      (Non-GAAP)                            $1,109     $2,690  $2,097  $5,249
     -------------------------------------- ------     ------  ------  ------


    Devon believes that using net debt for the calculation of "net debt to
    adjusted capitalization" provides a better measure than using debt. Devon
    defines net debt as debt less cash and cash equivalents. Devon believes
    that because cash can be used to repay indebtedness, netting cash and cash
    equivalents against debt provides a clearer picture of the future demands
    on cash to repay debt.



     RECONCILIATION TO GAAP INFORMATION
      (in millions)                                           June 30,
                                                         ------------------
                                                         2009          2008
                                                         ----          ----
     Total debt (GAAP)                                  $7,357        $5,450
     Adjustments:
       Cash and cash equivalents                           648         1,838
       --------------------------                          ---         -----
       Net Debt (Non-GAAP)                              $6,709        $3,612
       --------------------------                       ------        ------

     Total debt                                         $7,357        $5,450
     Stockholders' equity                               13,682        23,433
       --------------------------                       ------        ------
       Total Capitalization (GAAP)                     $21,039       $28,883
       --------------------------                      -------       -------

     Net debt                                           $6,709        $3,612
     Stockholders' equity                               13,682        23,433
       --------------------------                       ------        ------
       Adjusted Capitalization (Non-GAAP)              $20,391       $27,045
       --------------------------                      -------       -------

SOURCE  Devon Energy Corporation

KB Home Reports Third Quarter 2009 Financial Results

noreply@blogger.com (Alcazar) — Sat, 26 Sep 2009 21:46:00 +0000

KB Home Reports Third Quarter 2009 Financial Results

FINANCIAL TABLES

KB HOME
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Nine Months and Three Months Ended August 31, 2009 and 2008
(In Thousands, Except Per Share Amounts - Unaudited)


	Nine Months						Three Months
		2009			2008			2009			2008

Total revenues	$	1,150,282		$	2,114,899		$	458,451		$	681,610

Homebuilding:
Revenues	$	1,145,014		$	2,107,517		$	456,348		$	679,115
Costs and expenses		(1,299,990	)		(2,726,697	)		(498,453	)		(786,943	)

Operating loss		(154,976	)		(619,180	)		(42,105	)		(107,828	)

Interest income		6,410			29,240			1,131			6,686
Loss on early redemption/interest expense, net of amounts capitalized		(35,502	)		(10,388	)		(15,379	)		(10,388	)
Equity in loss of unconsolidated joint ventures		(47,811	)		(91,564	)		(26,315	)		(46,203	)

Homebuilding pretax loss		(231,879	)		(691,892	)		(82,668	)		(157,733	)

Financial services:
Revenues		5,268			7,382			2,103			2,495
Expenses		(2,569	)		(3,317	)		(915	)		(1,085	)
Equity in income of unconsolidated joint venture		8,977			12,880			4,432			4,578

Financial services pretax income		11,676			16,945			5,620			5,988

Total pretax loss		(220,203	)		(674,947	)		(77,048	)		(151,745	)
Income tax benefit		17,700			6,100			11,000			7,000

Net loss	$	(202,503	)	$	(668,847	)	$	(66,048	)	$	(144,745	)

Basic and diluted loss per share	$	(2.64	)	$	(8.63	)	$	(.87	)	$	(1.87	)

Basic and diluted average shares outstanding		76,656			77,464			76,329			77,565


KB HOME
CONSOLIDATED BALANCE SHEETS
(In Thousands - Unaudited)

	August 31,		November 30,
	2009		2008

Assets

Homebuilding:
Cash and cash equivalents	$	953,510	$	1,135,399
Restricted cash		104,180		115,404
Receivables		137,836		357,719
Inventories		1,911,317		2,106,716
Investments in unconsolidated joint ventures		172,147		177,649
Other assets		87,814		99,261
		3,366,804		3,992,148

Financial services		26,480		52,152

Total assets	$	3,393,284	$	4,044,300


Liabilities and stockholders' equity

Homebuilding:
Accounts payable	$	427,463	$	541,294
Accrued expenses and other liabilities		528,683		721,397
Mortgages and notes payable		1,812,839		1,941,537
		2,768,985		3,204,228

Financial services		10,787		9,467

Stockholders' equity		613,512		830,605

Total liabilities and stockholders' equity	$	3,393,284	$	4,044,300


KB HOME
SUPPLEMENTAL INFORMATION
For the Nine Months and Three Months Ended August 31, 2009 and 2008
(In Thousands - Unaudited)

	Nine Months						Three Months
Homebuilding revenues:	2009			2008			2009			2008

Housing	$	1,139,472		$	2,031,725		$	454,212		$	668,292
Land		5,542			75,792			2,136			10,823

Total	$	1,145,014		$	2,107,517		$	456,348		$	679,115


	Nine Months						Three Months
Costs and expenses:	2009			2008			2009			2008

Construction and land costs
Housing	$	1,066,882		$	2,162,558		$	404,006		$	642,467
Land		15,461			159,655			10,569			11,265
Subtotal		1,082,343			2,322,213			414,575			653,732
Selling, general and administrative expenses		217,647			379,914			83,878			133,211
Goodwill impairment		-			24,570			-			-

Total	$	1,299,990		$	2,726,697		$	498,453		$	786,943


	Nine Months						Three Months
Loss on early redemption/interest expense:	2009			2008			2009			2008

Interest incurred	$	87,192		$	112,641		$	29,915		$	35,736
Loss on early redemption of debt		976			10,388			976			10,388
Interest capitalized		(52,666	)		(112,641	)		(15,512	)		(35,736	)

Total	$	35,502		$	10,388		$	15,379		$	10,388


	Nine Months						Three Months
Other information:	2009			2008			2009			2008

Depreciation and amortization	$	5,354		$	10,484		$	1,752		$	4,143
Amortization of previously capitalized interest		78,832			86,258			35,460			31,360


KB HOME
SUPPLEMENTAL INFORMATION
For the Nine Months and Three Months Ended August 31, 2009 and 2008
(Unaudited)

	Nine Months				Three Months
Average sales price:	2009		2008		2009		2008

West Coast	$	311,700	$	359,100	$	306,500	$	353,800
Southwest		177,000		233,700		161,800		224,600
Central		157,700		173,300		148,900		180,900
Southeast		173,400		211,100		172,600		202,300

Total	$	209,200	$	238,300	$	202,800	$	239,700


	Nine Months				Three Months
Homes delivered:	2009		2008		2009		2008

West Coast		1,589		1,948		669		731
Southwest		822		1,699		314		425
Central		1,755		2,507		783		745
Southeast		1,280		2,372		474		887

Total		5,446		8,526		2,240		2,788


Unconsolidated joint ventures		115		194		37		45


	Nine Months				Three Months
Net orders:	2009		2008		2009		2008

West Coast		1,978		1,877		591		361
Southwest		936		1,228		355		282
Central		2,478		1,701		808		506
Southeast		1,503		2,172		404		180

Total		6,895		6,978		2,158		1,329


Unconsolidated joint ventures		90		218		17		39


	August 31, 2009				August 31, 2008
Backlog data:	Backlog Homes		Backlog Value		Backlog Homes		Backlog Value
(Dollars in thousands)
West Coast		970	$	293,329		1,119	$	391,525
Southwest		462		75,439		835		190,279
Central		1,444		218,430		1,205		230,154
Southeast		846		146,896		1,615		321,321

Total		3,722	$	734,094		4,774	$	1,133,279


Unconsolidated joint ventures		42	$	15,456		233	$	136,918

JDSU Announces Internet Availability Of Proxy Materials For 2009 Annual Meeting

noreply@blogger.com (Alcazar) — Sat, 26 Sep 2009 18:16:00 +0000

JDSU Announces Internet Availability Of Proxy Materials For 2009 Annual Meeting

MILPITAS, Calif., September 25, 2009 -- JDSU (NASDAQ: JDSU) (TSX: JDU) today announced that the proxy materials for its 2009 Annual Meeting of Stockholders have been filed with the U.S. Securities Exchange Commission (SEC) and are now available online at www.jdsu.com/investors pursuant to the SEC Notice and Access rule.
JDSU stockholders may obtain printed materials free of charge by following the instructions provided on the Company's investor relations website or in the "Notice of Internet Availability of Proxy Materials" that was mailed to stockholders of record as of September 14, 2009. Holders of exchangeable shares of JDS Uniphase Canada Ltd. will automatically receive printed materials in the mail.
By making information available primarily on the Internet, JDSU is able to lower the costs of printing and postage associated with delivering proxy materials while also reducing the environmental impact.
JDSU's Annual Stockholders' Meeting will be held on November 11, 2009 at 9:00 a.m. Pacific Time at 690 North McCarthy Boulevard, Milpitas, California.

McCormick Announces Strong Third Quarter Financial Results

noreply@blogger.com (Alcazar) — Sat, 26 Sep 2009 07:05:00 +0000

McCormick Announces Strong Third Quarter Financial Results

FINANCIAL TABLES:

(in millions except per share data)

Three Months Ended

Nine Months Ended

8/31/09

8/31/08

8/31/09

8/31/08

Operating income

$

116.6

$
92.9

$

289.0

$
250.8

Impact of restructuring charges

.9

3.5

8.2

4.2

Adjusted operating income

$

117.5

$
96.4

$

297.2

$
255.0

% increase versus prior period

21.9

%

16.5

%

Net income

$

75.1

$
68.6

$

183.5

$
173.4

Impact of restructuring charges

.7

*

2.4

*

5.7

*

2.9

*

Net gain related to Lawry’s acquisition
($7.9 pre-tax)

–

(5.5
)

–

(5.5

)

Adjusted net income

$

75.8

$
65.5

$

189.2

$
170.8

Earnings per share - diluted

$

.57

$
.52

$

1.39

$
1.32

Impact of restructuring charges

–

.02

.04

.02

Net gain related to Lawry’s acquisition

–

(.04
)

–

(.04
)

Adjusted earnings per share – diluted

$

.57

$
.50

$

1.43

$
1.30

% increase versus prior period

14.0

%

10.0

%

* The impact of restructuring activity on net income includes:

Restructuring charges included in cost of good sold

$

–

$
(.9
)

$

–

$
(2.5
)

Restructuring charges

(.9

)

(2.6
)

(8.2

)

(1.7
)

Tax impact included in income taxes

.2

1.1

2.5

1.3

$

(.7

)

$
(2.4
)

$

(5.7

)

$
(2.9
)

Twelve Months Ended

11/30/08

Earnings per share – diluted

$
1.94

Impact of restructuring charges

.09

Impact of impairment charge

.15

Net gain related to Lawry’s acquisition

(.04
)

Adjusted earnings per share – diluted

$
2.14

Live Webcast
As previously announced, McCormick will hold a conference call with analysts today at 8:00 a.m. ET. The conference call will be webcast live via the McCormick web site. Go to ir.mccormick.com and follow directions to listen to the call and access the accompanying presentation materials. At this same location, a replay of the call will be available following the live call. Past press releases and additional information can be found at this address.
Forward-looking Information
Certain information contained in this release, including expected trends in net sales and earnings performance, are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by external factors such as damage to our reputation or brand name, business interruptions due to natural disasters or similar unexpected events, actions of competitors, customer relationships and financial condition, the ability to achieve expected cost savings and margin improvements, the successful acquisition and integration of new businesses, fluctuations in the cost and availability of raw and packaging materials, and global economic conditions generally which would include the availability of financing, interest and inflation rates as well as foreign currency fluctuations and other risks described in the Company’s filings with the Securities and Exchange Commission. Actual results could differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise.
About McCormick
McCormick & Company, Incorporated is a global leader in the manufacture, marketing and distribution of spices, seasonings, specialty foods and flavors to the entire food industry – retail outlets, food manufacturers and food service businesses.

Third Quarter Report

McCormick & Company, Incorporated

Consolidated Income Statement (Unaudited)

(In millions except per-share data)

Three Months Ended

Nine Months Ended

August 31, 2009

August 31, 2008

August 31, 2009

August 31, 2008

Net sales

$
791.7

$
781.6

$
2,267.5

$
2,269.7

Cost of goods sold

472.7

473.2

1,362.0

1,377.6

Gross profit

319.0

308.4

905.5

892.1

Gross profit margin

40.3
%

39.5
%

39.9
%

39.3
%

Selling, general and administrative expense

201.5

212.9

608.3

639.6

Restructuring charges

0.9

2.6

8.2

1.7

Operating income

116.6

92.9

289.0

250.8

Interest expense

12.8

12.8

40.2

40.3

Other income, net

(0.3
)

(10.0
)

(1.8
)

(16.4
)

Income from consolidated operations before income taxes

104.1

90.1

250.6

226.9

Income taxes

32.1

26.8

77.2

68.5

Net income from consolidated operations

72.0

63.3

173.4

158.4

Income from unconsolidated operations

3.1

5.3

10.1

15.0

Net income

$
75.1

$
68.6

$
183.5

$
173.4

Earnings per common share - basic

$
0.57

$
0.53

$
1.40

$
1.35

Earnings per common share - diluted

$
0.57

$
0.52

$
1.39

$
1.32

Average shares outstanding - basic

130.9

129.3

130.6

128.7

Average shares outstanding - diluted

132.4

132.3

132.1

131.6

Third Quarter Report

McCormick & Company, Incorporated

Consolidated Balance Sheet (Unaudited)

(In millions)

August 31, 2009

August 31, 2008

Assets

Current assets

Cash and cash equivalents

$
27.9

$
30.3

Trade accounts receivables, net

328.6

388.3

Inventories

447.4

462.3

Prepaid expenses and other current assets

116.5

99.1

Total current assets

920.4

980.0

Property, plant and equipment, net

472.7

476.6

Goodwill, net

1,450.2

1,328.3

Intangible assets, net

235.7

419.7

Prepaid allowances

36.5

42.0

Investments and other assets

190.9

183.7

Total assets

$
3,306.4

$
3,430.3

Liabilities and shareholders' equity

Current liabilities

Short-term borrowings and current portion of long-term debt

$
288.6

$
473.5

Trade accounts payable

238.5

249.2

Other accrued liabilities

327.2

334.4

Total current liabilities

854.3

1,057.1

Long-term debt

870.9

878.2

Other long-term liabilities

249.5

279.8

Total liabilities

1,974.7

2,215.1

Shareholders' equity

Common stock

608.2

578.1

Retained earnings

542.3

403.3

Accumulated other comprehensive income

181.2

233.8

Total shareholders' equity

1,331.7

1,215.2

Total liabilities and shareholders' equity

$
3,306.4

$
3,430.3

Third Quarter Report

McCormick & Company, Incorporated

Consolidated Statement of Cash Flows (Unaudited)

(In millions)

Nine Months Ended

August 31, 2009

August 31, 2008

Cash flows from operating activities

Net income

$
183.5

$
173.4

Adjustments to reconcile net income to net cash flow from operating activities:

Depreciation and amortization

69.6

64.6

Losses/(Gains) on asset sales

0.2

(21.3
)

Stock based compensation

10.5

15.0

Income from unconsolidated operations

(10.1
)

(15.0
)

Changes in operating assets and liabilities

(68.3
)

(112.8
)

Dividends from unconsolidated affiliates

9.7

11.4

Net cash flow from operating activities

195.1

115.3

Cash flows from investing activities

Capital expenditures

(53.8
)

(56.7
)

Acquisitions of businesses

-

(696.8
)

Net proceeds from sale of Season-All

-

14.0

Proceeds from sale of property, plant and equipment

0.5

14.8

Net cash flow used in investing activities

(53.3
)

(724.7
)

Cash flows from financing activities

Short-term borrowings, net

(29.2
)

524.4

Long-term debt borrowings

-

255.0

Long-term debt repayments

(50.2
)

(150.3
)

Proceeds from exercised stock options

13.7

47.6

Common stock acquired by purchase

-

(9.3
)

Dividends paid

(94.0
)

(85.5
)

Net cash flow (used)/provided by financing activities

(159.7
)

581.9

Effect of exchange rate changes on cash and cash equivalents

6.9

11.9

Decrease in cash and cash equivalents

(11.0
)

(15.6
)

Cash and cash equivalents at beginning of period

38.9

45.9

Cash and cash equivalents at end of period

$
27.9

$
30.3

Source: McCormick & Company, Incorporated
McCormick & Company, Inc.
Corporate Communications:
John McCormick, 410-771-7110
john_mccormick@mccormick.com
or
Investor Relations:
Joyce Brooks, 410-771-7244
joyce_brooks@mccormick.com

(in millions except per share data)	Three Months Ended						Nine Months Ended
	8/31/09			8/31/08			8/31/09			8/31/08
Operating income	$	116.6		$	92.9		$	289.0		$	250.8
Impact of restructuring charges		.9			3.5			8.2			4.2
Adjusted operating income	$	117.5		$	96.4		$	297.2		$	255.0
% increase versus prior period		21.9	%					16.5	%

Net income	$	75.1		$	68.6		$	183.5		$	173.4
Impact of restructuring charges	.7		*	2.4		*	5.7		*	2.9		*
Net gain related to Lawry’s acquisition ($7.9 pre-tax)		–			(5.5	)		–			(5.5	)
Adjusted net income	$	75.8		$	65.5		$	189.2		$	170.8

Earnings per share - diluted	$	.57		$	.52		$	1.39		$	1.32
Impact of restructuring charges		–			.02			.04			.02
Net gain related to Lawry’s acquisition		–			(.04	)		–			(.04	)
Adjusted earnings per share – diluted	$	.57		$	.50		$	1.43		$	1.30
% increase versus prior period		14.0	%					10.0	%

* The impact of restructuring activity on net income includes:
Restructuring charges included in cost of good sold	$	–		$	(.9	)	$	–		$	(2.5	)
Restructuring charges		(.9	)		(2.6	)		(8.2	)		(1.7	)
Tax impact included in income taxes		.2			1.1			2.5			1.3
	$	(.7	)	$	(2.4	)	$	(5.7	)	$	(2.9	)

							Twelve Months Ended
										11/30/08
Earnings per share – diluted										$	1.94
Impact of restructuring charges											.09
Impact of impairment charge											.15
Net gain related to Lawry’s acquisition											(.04	)
Adjusted earnings per share – diluted										$	2.14



Third Quarter Report	McCormick & Company, Incorporated
Consolidated Income Statement (Unaudited)
(In millions except per-share data)
	Three Months Ended						Nine Months Ended

	August 31, 2009			August 31, 2008			August 31, 2009			August 31, 2008
Net sales	$	791.7		$	781.6		$	2,267.5		$	2,269.7
Cost of goods sold		472.7			473.2			1,362.0			1,377.6
Gross profit		319.0			308.4			905.5			892.1
Gross profit margin		40.3	%		39.5	%		39.9	%		39.3	%
Selling, general and administrative expense		201.5			212.9			608.3			639.6
Restructuring charges		0.9			2.6			8.2			1.7
Operating income		116.6			92.9			289.0			250.8
Interest expense		12.8			12.8			40.2			40.3
Other income, net		(0.3	)		(10.0	)		(1.8	)		(16.4	)
Income from consolidated operations before income taxes		104.1			90.1			250.6			226.9
Income taxes		32.1			26.8			77.2			68.5
Net income from consolidated operations		72.0			63.3			173.4			158.4
Income from unconsolidated operations		3.1			5.3			10.1			15.0
Net income	$	75.1		$	68.6		$	183.5		$	173.4

Earnings per common share - basic	$	0.57		$	0.53		$	1.40		$	1.35
Earnings per common share - diluted	$	0.57		$	0.52		$	1.39		$	1.32

Average shares outstanding - basic		130.9			129.3			130.6			128.7
Average shares outstanding - diluted		132.4			132.3			132.1			131.6


Third Quarter Report	McCormick & Company, Incorporated
Consolidated Balance Sheet (Unaudited)
(In millions)
		August 31, 2009		August 31, 2008
Assets
Current assets
Cash and cash equivalents		$	27.9	$	30.3
Trade accounts receivables, net			328.6		388.3
Inventories			447.4		462.3
Prepaid expenses and other current assets			116.5		99.1
Total current assets			920.4		980.0
Property, plant and equipment, net			472.7		476.6
Goodwill, net			1,450.2		1,328.3
Intangible assets, net			235.7		419.7
Prepaid allowances			36.5		42.0
Investments and other assets			190.9		183.7
Total assets		$	3,306.4	$	3,430.3


Liabilities and shareholders' equity
Current liabilities
Short-term borrowings and current portion of long-term debt		$	288.6	$	473.5
Trade accounts payable			238.5		249.2
Other accrued liabilities			327.2		334.4
Total current liabilities			854.3		1,057.1
Long-term debt			870.9		878.2
Other long-term liabilities			249.5		279.8
Total liabilities			1,974.7		2,215.1
Shareholders' equity
Common stock			608.2		578.1
Retained earnings			542.3		403.3
Accumulated other comprehensive income			181.2		233.8
Total shareholders' equity			1,331.7		1,215.2
Total liabilities and shareholders' equity		$	3,306.4	$	3,430.3


Third Quarter Report	McCormick & Company, Incorporated
Consolidated Statement of Cash Flows (Unaudited)
(In millions)
		Nine Months Ended

		August 31, 2009			August 31, 2008
Cash flows from operating activities
Net income		$	183.5		$	173.4
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization			69.6			64.6
Losses/(Gains) on asset sales			0.2			(21.3	)
Stock based compensation			10.5			15.0
Income from unconsolidated operations			(10.1	)		(15.0	)
Changes in operating assets and liabilities			(68.3	)		(112.8	)
Dividends from unconsolidated affiliates			9.7			11.4
Net cash flow from operating activities			195.1			115.3

Cash flows from investing activities
Capital expenditures			(53.8	)		(56.7	)
Acquisitions of businesses			-			(696.8	)
Net proceeds from sale of Season-All			-			14.0
Proceeds from sale of property, plant and equipment			0.5			14.8
Net cash flow used in investing activities			(53.3	)		(724.7	)

Cash flows from financing activities
Short-term borrowings, net			(29.2	)		524.4
Long-term debt borrowings			-			255.0
Long-term debt repayments			(50.2	)		(150.3	)
Proceeds from exercised stock options			13.7			47.6
Common stock acquired by purchase			-			(9.3	)
Dividends paid			(94.0	)		(85.5	)
Net cash flow (used)/provided by financing activities			(159.7	)		581.9

Effect of exchange rate changes on cash and cash equivalents			6.9			11.9
Decrease in cash and cash equivalents			(11.0	)		(15.6	)
Cash and cash equivalents at beginning of period			38.9			45.9

Cash and cash equivalents at end of period		$	27.9		$	30.3