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![]() From the Wires
Transocean Ltd. Reports Third Quarter 2012 Results
By: Marketwired .
Nov. 4, 2012 11:00 PM
ZUG, SWITZERLAND -- (Marketwire) -- 11/04/12 -- Transocean Ltd. (NYSE: RIG) (SIX: RIGN)
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today reported a net loss attributable to controlling interest of $381 million, or $1.06 per diluted share, for the three months ended September 30, 2012. Third quarter 2012 results included net unfavorable items of $880 million, or $2.43 per diluted share. The results compare with a net loss attributable to controlling interest of $32 million, or $0.10 per diluted share, for the three months ended September 30, 2011. Third quarter 2011 results included net unfavorable items of $68 million, or $0.21 per diluted share, primarily associated with the company's acquisition of Aker Drilling. Net unfavorable items, after tax, impacting the third quarter of 2012 included the following:
After adjusting for these net unfavorable items, adjusted earnings from continuing operations were $499 million, or $1.37 per diluted share. A reconciliation of the non-GAAP adjusted net income and diluted earnings per share is attached. Operations Quarterly Review Revenues from continuing operations for the three months ended September 30, 2012 were $2.440 billion, compared with revenues of $2.352 billion during the three months ended June 30, 2012. Contract drilling revenues increased $136 million mainly due to higher revenue efficiency(1) primarily on Ultra-Deepwater floaters, and lower out of service time. Revenue efficiency(1) from continuing operations was 94.3 percent for the third quarter, compared with 92.1 percent in the second quarter 2012. Other revenues decreased $48 million to $130 million for the third quarter 2012, compared with $178 million in the prior quarter, primarily due to decreased levels of low-margin drilling management services activity. Operating and maintenance expenses from continuing operations decreased $43 million to $1.338 billion for the third quarter of 2012. This compares with $1.381 billion for the second quarter of 2012, excluding $750 million for estimated loss contingencies associated with the Macondo well incident. Contract drilling expenses increased by $17 million due to annual pay raises, activity increases, professional fees, and various other items, partly offset by lower costs in the third quarter associated with rigs undergoing surveys, contract preparation or other shipyard projects. The delayed commencement of shipyard projects favorably impacted contract drilling expenses in the third quarter. Costs associated with the company's drilling management services reporting unit decreased $60 million mostly due to reduced activity. General and administrative expenses were $69 million for the third quarter 2012, compared with $79 million in the previous quarter. The decrease was primarily due to transaction costs in the second quarter associated with the Quantum exchange of its 50 percent interest in Transocean Pacific Drilling Inc. for Transocean Ltd.'s shares. Income Taxes Transocean's third quarter Effective Tax Rate(4) from continuing operations was 16.5 percent, compared with 5.0 percent in the second quarter 2012. The increase in the Effective Tax Rate(4) was due to changes in estimates primarily for settlements of prior years' tax liabilities. Transocean's Annual Effective Tax Rate(3) from continuing operations for the third quarter 2012 was 15.2 percent. This compares with 28.2 percent for the prior quarter. The decrease was primarily due to changes in the blend of income that is taxed based on gross revenues versus pre-tax income and rig movements between taxing jurisdictions, among other things. Third quarter 2012 income tax expense included a favorable adjustment of $31 million, or $0.09 per diluted share, required to reflect a decrease in the Annual Effective Tax Rate(3) to 20.5 percent for the nine months ended September 30, 2012, from 24.6 percent for the first half of 2012. Other Items For the third quarter, interest expense, net of amounts capitalized, was $180 million, compared with $183 million in the second quarter 2012. Capitalized interest for the third quarter 2012 was $12 million, unchanged from the prior quarter. Interest income increased to $15 million in the third quarter, compared with $13 million in the second quarter 2012. Cash flows from operating activities were $786 million for the third quarter, compared with $459 million for the second quarter 2012. Capital expenditures from total operations were $225 million for the third quarter, compared with $236 million in the second quarter of 2012. Forward-Looking Statements Statements included in this news release, including those regarding estimates of Transocean's goodwill or long-lived asset impairments and the estimated loss contingencies associated with the Macondo well incident, are forward-looking statements that involve certain assumptions. These statements are based on currently available competitive, financial, and economic data along with our current operating plans and involve risks and uncertainties including, but not limited to, market conditions, Transocean's results of operations, the effect and results of litigation, assessments and contingencies, and other factors detailed in "Risk Factors" and elsewhere in Transocean's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Transocean disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise. Conference Call Information Transocean will conduct a teleconference call at 10:00 a.m. EST, 4:00 p.m. CET, on Monday, November 5, 2012. To participate, dial +1 719-325-4828 and refer to confirmation code 2448847 approximately five to 10 minutes prior to the scheduled start time of the call. In addition, the conference call will be simultaneously broadcast over the Internet in a listen-only mode and can be accessed by logging onto Transocean's website at www.deepwater.com and selecting "Investor Relations." A file containing four charts that may be discussed during the conference call, titled "3Q12 Charts," has been posted to Transocean's website and can also be found by selecting "Investor Relations/Quarterly Toolkit." The conference call may also be accessed via the Internet at www.CompanyBoardroom.com by typing in Transocean's New York Stock Exchange trading symbol, "RIG." A telephonic replay of the conference call should be available after 1:00 p.m. EST, 7:00 p.m. CET, on November 5, 2012, and can be accessed by dialing +1 719-457-0820 or +1 888-203-1112 and referring to the confirmation code 2448847. Also, a replay will be available through the Internet and can be accessed by visiting either of the above-referenced internet addresses. Both replay options will be available for approximately 30 days. About Transocean Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world. Transocean owns or has partial ownership interests in, and operates a fleet of 115 mobile offshore drilling units consisting of 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 25 Midwater Floaters, nine High-Specification Jackups, 32 Standard Jackups and one swamp barge. Included in the 115 drilling units, the company has 32 Standard Jackups and one swamp barge classified as discontinued operations. In addition, we have six Ultra-Deepwater Drillships and three High-Specification Jackups under construction. For more information about Transocean, please visit the website at www.deepwater.com. Notes (1) Revenue efficiency is defined as actual revenue divided by the highest amount of total revenue which could have been earned during the relevant period(s). See the accompanying schedule entitled "Revenue Efficiency." (2) Utilization is defined as the total actual number of revenue earning days in the period as a percentage of the total number of calendar days in the period for all drilling rigs in the company's fleet. See the accompanying schedule entitled "Utilization." (3) Annual Effective Tax Rate is defined as income tax expense from continuing operations excluding various discrete items (such as changes in estimates and tax on items excluded from income before income tax expense) divided by income from continuing operations before income tax expense excluding gains on sales and similar items pursuant to the accounting standards for income taxes. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis." (4) Effective Tax Rate is defined as income tax expense from continuing operations divided by income from continuing operations before income taxes. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis."
TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) Three months ended Nine months ended September 30, September 30, -------------------- -------------------- 2012 2011 2012 2011 --------- --------- --------- --------- Operating revenues Contract drilling revenues $ 2,310 $ 1,827 $ 6,498 $ 5,396 Other revenues 130 164 420 576 --------- --------- --------- --------- 2,440 1,991 6,918 5,972 --------- --------- --------- --------- Costs and expenses Operating and maintenance 1,338 1,344 4,731 3,915 Depreciation and amortization 280 281 846 821 General and administrative 69 67 217 200 --------- --------- --------- --------- 1,687 1,692 5,794 4,936 --------- --------- --------- --------- Loss on impairment - - (210) - Gain (loss) on disposal of assets, net 50 (1) 40 (1) --------- --------- --------- --------- Operating income 803 298 954 1,035 --------- --------- --------- --------- Other income (expense), net Interest income 15 7 43 27 Interest expense, net of amounts capitalized (180) (151) (543) (443) Other, net (8) (77) (32) (79) --------- --------- --------- --------- (173) (221) (532) (495) --------- --------- --------- --------- Income from continuing operations before income tax expense 630 77 422 540 Income tax expense 104 93 96 211 --------- --------- --------- --------- Income (loss) from continuing operations 526 (16) 326 329 Income (loss) from discontinued operations, net of tax (909) (5) (994) 116 --------- --------- --------- --------- Net income (loss) (383) (21) (668) 445 Net income (loss) attributable to noncontrolling interest (2) 11 7 34 --------- --------- --------- --------- Net income (loss) attributable to controlling interest $ (381) $ (32) $ (675) $ 411 ========= ========= ========= ========= Earnings (loss) per share-basic Earnings (loss) from continuing operations $ 1.47 $ (0.08) $ 0.90 $ 0.92 Earnings (loss) from discontinued operations (2.53) (0.02) (2.80) 0.36 --------- --------- --------- --------- Earnings (loss) per share $ (1.06) $ (0.10) $ (1.90) $ 1.28 ========= ========= ========= ========= Earnings (loss) per share- diluted Earnings (loss) from continuing operations $ 1.47 $ (0.08) $ 0.90 $ 0.92 Earnings (loss) from discontinued operations (2.53) (0.02) (2.80) 0.36 --------- --------- --------- --------- Earnings (loss) per share $ (1.06) $ (0.10) $ (1.90) $ 1.28 ========= ========= ========= ========= Weighted-average shares outstanding Basic 359 320 354 320 Diluted 359 320 354 320 TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) September 30, December 31, 2012 2011 ------------- ------------- Assets Cash and cash equivalents $ 6,001 $ 4,017 Accounts receivable, net of allowance for doubtful accounts of $28 at September 30, 2012 and December 31, 2011 2,163 2,176 Materials and supplies, net of allowance for obsolescence of $71 and $59 at September 30, 2012 and December 31, 2011, respectively 597 529 Deferred income taxes, net 169 142 Assets held for sale 930 26 Other current assets 444 646 ------------- ------------- Total current assets 10,304 7,536 ------------- ------------- Property and equipment 26,567 24,833 Property and equipment of consolidated variable interest entities 817 2,252 Less accumulated depreciation 6,925 6,297 ------------- ------------- Property and equipment, net 20,459 20,788 ------------- ------------- Goodwill 2,987 3,217 Other assets 1,562 3,491 ------------- ------------- Total assets $ 35,312 $ 35,032 ============= ============= Liabilities and equity Accounts payable $ 876 $ 880 Accrued income taxes 257 86 Debt due within one year 2,701 1,942 Debt of consolidated variable interest entities due within one year 28 245 Other current liabilities 2,839 2,375 ------------- ------------- Total current liabilities 6,701 5,528 ------------- ------------- Long-term debt 11,211 10,756 Long-term debt of consolidated variable interest entities 177 593 Deferred income taxes, net 450 514 Other long-term liabilities 1,517 1,898 ------------- ------------- Total long-term liabilities 13,355 13,761 ------------- ------------- Commitments and contingencies Redeemable noncontrolling interest - 116 Shares, CHF 15.00 par value, 402,282,355 authorized, 167,617,649 conditionally authorized, and 373,830,649 and 365,135,298 issued at September 30, 2012 and December 31, 2011, respectively; 359,418,883 and 349,805,793 outstanding at September 30, 2012 and December 31, 2011, respectively 5,129 4,982 Additional paid-in capital 7,496 7,211 Treasury shares, at cost, 2,863,267 held at September 30, 2012 and December 31, 2011 (240) (240) Retained earnings 3,399 4,180 Accumulated other comprehensive loss (512) (496) ------------- ------------- Total controlling interest shareholders' equity 15,272 15,637 ------------- ------------- Noncontrolling interest (16) (10) ------------- ------------- Total equity 15,256 15,627 ------------- ------------- Total liabilities and equity $ 35,312 $ 35,032 ============= ============= TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three months ended Nine months ended September 30, September 30, -------------------- -------------------- 2012 2011 2012 2011 --------- --------- --------- --------- Cash flows from operating activities Net income (loss) $ (383) $ (21) $ (668) $ 445 Adjustments to reconcile to net cash provided by operating activities Amortization of drilling contract intangibles (9) (12) (32) (32) Depreciation and amortization 280 281 846 821 Depreciation and amortization of assets in discontinued operations 48 80 182 258 Share-based compensation expense 24 20 72 74 Loss on impairment - - 210 - Loss on impairment of assets in discontinued operations 878 7 913 32 (Gain) loss on disposal of assets, net (50) 1 (40) 1 (Gain) loss on disposal of assets in discontinued operations, net 1 1 (70) (175) Amortization of debt issue costs, discounts and premiums, net 17 33 52 95 Deferred income taxes (61) (6) (104) 30 Other, net 12 79 47 85 Changes in deferred revenue, net (64) (36) (69) 7 Changes in deferred expenses, net 51 18 30 (66) Changes in operating assets and liabilities 42 47 416 (353) --------- --------- --------- --------- Net cash provided by operating activities 786 492 1,785 1,222 --------- --------- --------- --------- Cash flows from investing activities Capital expenditures (201) (124) (646) (633) Capital expenditures for discontinued operations (24) (13) (75) (37) Investment in marketable security - (199) - (199) Proceeds from disposal of assets, net 178 4 189 12 Proceeds from disposal of assets in discontinued operations, net 5 84 196 353 Payment for settlement of forward exchange contract - (78) - (78) Other, net 7 6 32 (27) --------- --------- --------- --------- Net cash used in investing activities (35) (320) (304) (609) --------- --------- --------- --------- Cash flows from financing activities Changes in short-term borrowings, net - 2 (260) 58 Proceeds from debt 1,493 - 1,493 5 Repayments of debt (264) (23) (584) (272) Proceeds from restricted cash investments 106 - 298 - Deposits to restricted cash investments (42) - (158) - Distribution of qualifying additional paid-in capital - (254) (278) (508) Other, net (7) - (8) (4) --------- --------- --------- --------- Net cash provided by (used in) financing activities 1,286 (275) 503 (721) --------- --------- --------- --------- Net increase (decrease) in cash and cash equivalents 2,037 (103) 1,984 (108) Cash and cash equivalents at beginning of period 3,964 3,349 4,017 3,354 --------- --------- --------- --------- Cash and cash equivalents at end of period $ 6,001 $ 3,246 $ 6,001 $ 3,246 ========= ========= ========= ========= TRANSOCEAN LTD. AND SUBSIDIARIES FLEET OPERATING STATISTICS Operating Revenues (in millions) (1) ------------------------------------------------------ Nine months ended Three months ended September 30, ------------------------------------ ----------------- September 30, June 30, September 30, 2012 2012 2011 2012 2011 ------------- -------- ------------- -------- -------- Contract Drilling Revenues High-Specification Floaters: Ultra Deepwater Floaters $ 1,213 $ 1,141 $ 1,030 $ 3,446 $ 2,878 Deepwater Floaters 306 327 185 876 716 Harsh Environment Floaters 247 264 190 766 522 ------------- -------- ------------- -------- -------- Total High- Specification Floaters 1,766 1,732 1,405 5,088 4,116 Midwater Floaters 424 338 352 1,108 1,129 High-Specification Jackups 110 93 58 270 119 ------------- -------- ------------- -------- -------- Total Contract Drilling Revenues - continuing operations 2,300 2,163 1,815 6,466 5,364 ------------- -------- ------------- -------- -------- Contract Intangible Revenue 10 11 12 32 32 Other Revenues Client Reimbursable Revenues 46 34 39 123 107 Integrated Services and Other - 6 13 6 42 Drilling Management Services 84 138 112 291 427 ------------- -------- ------------- -------- -------- Total Other Revenues 130 178 164 420 576 ------------- -------- ------------- -------- -------- Total Revenue from continuing operations 2,440 2,352 1,991 6,918 5,972 ------------- -------- ------------- -------- -------- Discontinued operations: Standard Jackups 245 209 237 654 710 Other Rigs 7 7 6 21 20 Client Reimbursable Revenues 6 7 5 18 15 ------------- -------- ------------- -------- -------- Total discontinued operations 258 223 248 693 745 ------------- -------- ------------- -------- -------- ------------- -------- ------------- -------- -------- Total Company $ 2,698 $ 2,575 $ 2,239 $ 7,611 $ 6,717 ============= ======== ============= ======== ======== Average Daily Revenue (1) ------------------------------------------------------ Nine months ended Three months ended September 30, ------------------------------------ ----------------- September 30, June 30, September 30, 2012 2012 2011 2012 2011 ------------- -------- ------------- -------- -------- Continuing operations: High-Specification Floaters: Ultra Deepwater Floaters $ 539,300 $537,000 $ 524,800 $537,100 $504,000 Deepwater Floaters 372,600 379,200 343,500 370,800 382,400 Harsh Environment Floaters 439,600 433,200 433,800 449,500 423,100 ------------- -------- ------------- -------- -------- Total High- Specification Floaters 486,200 481,600 478,000 485,400 466,800 Midwater Floaters 284,800 295,800 287,400 285,100 310,600 High-Specification Jackups 156,700 141,500 115,000 139,900 112,500 ------------- -------- ------------- -------- -------- Total continuing operations: 395,100 401,000 388,800 396,700 397,200 ------------- -------- ------------- -------- -------- Discontinued operations Standard Jackups 92,800 90,800 101,100 91,900 107,000 Other Rigs 75,000 77,800 73,800 75,400 74,500 ------------- -------- ------------- -------- -------- Total discontinued operations 92,200 90,300 100,100 91,300 105,700 ------------- -------- ------------- -------- -------- ------------- -------- ------------- -------- -------- Total Drilling Fleet $ 298,300 $305,400 $ 289,800 $301,500 $298,100 ============= ======== ============= ======== ======== (1) Average daily revenue is defined as contract drilling revenue earned per revenue earning day in the period. A revenue earning day is defined as a day for which a rig earns dayrate after commencement of operations. TRANSOCEAN LTD. AND SUBSIDIARIES FLEET OPERATING STATISTICS (continued) Utilization (2) ------------------------------------------------------ Nine months ended Three months ended September 30, ------------------------------------ ----------------- September 30, June 30, September 30, 2012 2012 2011 2012 2011 ------------- -------- ------------- -------- -------- Continuing operations: High-Specification Floaters: Ultra Deepwater Floaters 91% 87% 79% 87% 79% Deepwater Floaters 61% 59% 37% 55% 43% Harsh Environment Floaters 87% 96% 95% 89% 90% ------------- -------- ------------- -------- -------- Total High- Specification Floaters 81% 79% 67% 77% 68% Midwater Floaters 65% 52% 55% 58% 56% High-Specification Jackups 84% 83% 66% 82% 50% ------------- -------- ------------- -------- -------- Total continuing operations 77% 72% 63% 72% 63% ------------- -------- ------------- -------- -------- Discontinued Operations: Standard Jackups 66% 56% 49% 57% 46% Other Rigs 100% 100% 100% 99% 60% ------------- -------- ------------- -------- -------- Total discontinued operations 67% 57% 50% 58% 46% ------------- -------- ------------- -------- -------- ------------- -------- ------------- -------- -------- Total Drilling Fleet 73% 66% 58% 67% 56% ============= ======== ============= ======== ======== (2) Utilization is defined as the total actual number of revenue earning days in the period as a percentage of the total number of calendar days in the period for all drilling rigs in our fleet. Revenue Efficiency(3) Trailing Five Quarters and Historical Data ------------------------------------------------------- 3Q 2012 2Q 2012 1Q 2012 4Q 2011 3Q 2011 FY 2011 FY 2010 ------- ------- ------- ------- ------- ------- ------- Ultra Deepwater 95.8% 92.2% 89.4% 89.5% 86.4% 87.7% 88.6% Deepwater 93.5% 92.1% 83.2% 88.1% 87.7% 89.4% 90.3% Harsh Environment Floaters 95.5% 98.1% 97.8% 98.0% 94.4% 97.4% 96.0% Midwater Floaters 89.7% 87.4% 90.8% 94.2% 90.8% 92.6% 92.5% High Specification Jackups 97.3% 94.5% 92.5% 93.4% 96.8% 94.8% 94.6% ------- ------- ------- ------- ------- ------- ------- Total continuing operations 94.3% 92.1% 89.9% 91.3% 88.5% 90.1% 90.8% ------- ------- ------- ------- ------- ------- ------- Standard Jackups 95.4% 97.4% 97.9% 96.6% 98.3% 97.8% 97.4% Others 99.1% 99.4% 97.3% 98.6% 99.5% 98.7% 98.4% ------- ------- ------- ------- ------- ------- ------- Total discontinued operations 95.5% 97.5% 97.9% 96.6% 98.3% 97.8% 97.4% ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Total Fleet 94.5% 92.5% 90.6% 91.9% 89.5% 90.9% 91.7% ======= ======= ======= ======= ======= ======= ======= (3) Revenue efficiency is defined as actual revenue divided by the highest amount of total revenue which could have been earned during the relevant period(s). TRANSOCEAN LTD. AND SUBSIDIARIES SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS (In US$ millions, except percentages) Three months ended Nine months ended ------------------------------ ---------------------- September June September September September 30, 30, 30, 30, 30, 2012 2012 2011 2012 2011 ---------- ------ ---------- ---------- ---------- Income (loss) from continuing operations before income taxes $ 630 $ (321) $ 77 $ 422 $ 540 Add back (subtract): Litigation matters 8 750 - 758 - Acquisition costs - - 5 1 5 Gain on disposal of other assets, net (51) - - (51) - Loss on impairment of goodwill and other assets - - - 210 - Loss on redeemed noncontrolling interest - 14 - 25 - Loss on forward exchange contract - - 78 - 78 Gain on sale of equity method investment - - (13) - (13) Other, net (1) - - (2) 6 ---------- ------ ---------- ---------- ---------- Adjusted income from continuing operations before income taxes 586 443 147 1,363 616 Income tax (benefit) expense from continuing operations 104 (16) 93 96 211 Add back (subtract): Litigation matters 2 - - 2 - Gain on disposal of other assets (3) - - (3) - Loss on impairment - - - 30 - Changes in estimates (1) (14) 141 7 154 (23) Other, net - - - - 2 ---------- ------ ---------- ---------- ---------- Adjusted income tax expense from continuing operations (2) $ 89 $ 125 $ 100 $ 279 $ 190 ========== ====== ========== ========== ========== Effective Tax Rate (3) 16.5% 5.0% 120.8% 22.7% 39.1% Annual Effective Tax Rate (4) 15.2% 28.2% 68.0% 20.5% 30.8% (1) Our estimates change as we file tax returns, settle disputes with tax authorities or become aware of other events and include changes in (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities. (2) The three and nine months ended September 30, 2012 includes $(31) million of additional tax expense (benefit) reflecting the catch-up effect of an increase (decrease) in the annual effective tax rate from the previous quarter estimate. (3) Effective Tax Rate is income tax expense divided by income before income taxes. (4) Annual Effective Tax Rate is income tax expense excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes) divided by income before income taxes excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes and estimating the annual effective tax rate. TRANSOCEAN LTD. AND SUBSIDIARIES Non-GAAP Financial Measures and Reconciliations Adjusted Net Income and Diluted Earnings Per Share (in US$ millions, except per share data) YTD QTR YTD QTR QTR Adjusted Net Income 09/30/12 09/30/12 06/30/12 06/30/12 03/31/12 -------- -------- -------- -------- -------- Net income (loss) attributable to controlling interest, as reported $ (675) $ (381) $ (294) $ (304) $ 10 Add back (subtract): Litigation matters 756 6 750 750 - Loss on impairment of goodwill and other assets 180 - 180 - 180 Gain on disposal of assets, net (48) (48) - - - Loss on redeemed noncontrolling interest 25 - 25 14 11 Loss on impairment of discontinued operations 911 878 33 12 21 (Gain) loss on sale of discontinued operations (70) - (70) (72) 2 Loss from discontinued operations 152 30 122 58 64 Discrete tax items and other, net (154) 14 (168) (141) (27) -------- -------- -------- -------- -------- Net income, as adjusted $ 1,077 $ 499 $ 578 $ 317 $ 261 ======== ======== ======== ======== ======== Diluted Earnings Per Share Diluted earnings (loss) per share, as reported $ (1.90) $ (1.06) $ (0.83) $ (0.85) $ 0.03 Add back (subtract): Litigation matters 2.12 0.02 2.12 2.09 - Loss on impairment of goodwill and other assets 0.50 - 0.51 - 0.51 Gain on disposal of assets, net (0.13) (0.13) - - - Loss on redeemed noncontrolling interest 0.07 - 0.07 0.04 0.03 Loss on impairment of discontinued operations 2.56 2.43 0.09 0.03 0.06 (Gain) loss on sale of discontinued operations (0.19) - (0.20) (0.20) 0.01 Loss from discontinued operations 0.42 0.08 0.34 0.16 0.18 Discrete tax items and other, net (0.44) 0.03 (0.47) (0.39) (0.08) -------- -------- -------- -------- -------- Diluted earnings per share, as adjusted $ 3.01 $ 1.37 $ 1.63 $ 0.88 $ 0.74 ======== ======== ======== ======== ======== Adjusted Net YTD QTR YTD QTR YTD QTR QTR Income 12/31/11 12/31/11 09/30/11 09/30/11 06/30/11 06/30/11 03/31/11 -------- -------- -------- -------- -------- -------- -------- Net income (loss) attributable to controlling interest, as reported $(5,754) $(6,165) $ 411 $ (32) $ 443 $ 124 $ 319 Add back (subtract): Litigation matters 1,000 1,000 - - - - - Acquisition costs 22 17 5 5 - - - Loss on impairment of goodwill and other assets 5,201 5,201 - - - - - Gain on disposal of assets, net (13) - (13) (13) - - - Loss on marketable security 13 13 - - - - - Loss on forward exchange contract 78 - 78 78 - - - Loss on impairment of discontinued operations 34 4 30 5 25 25 - (Gain) loss on sale of discontinued operations (201) (24) (177) - (177) 1 (178) Loss from discontinued operations 86 55 31 - 31 11 20 Discrete tax items and other, net 16 (10) 26 (7) 33 14 19 ------- ------- ------- ------- ------- -------- ------- Net income, as adjusted $ 482 $ 91 $ 391 $ 36 $ 355 $ 175 $ 180 ======= ======= ======= ======= ======= ======== ======= Diluted Earnings Per Share Diluted earnings (loss) per share, as reported $(17.88) $(18.76) $ 1.28 $ (0.10) $ 1.38 $ 0.38 $ 0.99 Add back (subtract): Litigation matters 3.11 3.04 - - - - - Acquisition costs 0.07 0.05 0.02 0.02 - - - Loss on impairment of goodwill and other assets 16.15 15.83 - - - - - Gain on disposal of assets, net (0.04) - (0.04) (0.04) - - - Loss on marketable security 0.04 0.04 - - - - - Loss on forward exchange contract 0.24 - 0.24 0.24 - - - Loss on impairment of discontinued operations 0.11 0.01 0.09 0.02 0.08 0.08 - (Gain) loss on sale of discontinued operations (0.62) (0.07) (0.53) - (0.54) - (0.55) Loss from discontinued operations 0.27 0.17 0.09 - 0.10 0.04 0.06 Discrete tax items and other, net 0.04 (0.03) 0.07 (0.03) 0.09 0.05 0.06 ------- ------- ------- ------- ------- -------- ------- Diluted earnings per share, as adjusted $ 1.49 $ 0.28 $ 1.22 $ 0.11 $ 1.11 $ 0.55 $ 0.56 ======= ======= ======= ======= ======= ======== ======= Note: 2010 has been removed pending restatement for discontinued operations.
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