SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 12, 2003
The Interpublic Group of Companies, Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 1-6686 | 13-1024020 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 1271 Avenue of the Americas, New York, New York | 10020 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: 212-399-8000
(Former Name or Former Address, if Changed Since Last Report)
Item 12. Results of Operations and Financial Condition.
On August 12, 2003, the Company posted a slide show on its website in connection with its quarterly earnings conference call. A copy of the slide show is attached hereto as Exhibit 99.1.
Exhibit 99.1: Investor Presentation of the Company, dated August 12, 2003.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE INTERPUBLIC GROUP OF | ||||||||
| Date: August 13, 2003 | By: | /s/ NICHOLAS J. CAMERA | ||||||
| Nicholas J. Camera Senior Vice President, General Counsel and Secretary | ||||||||
3
The Interpublic Group
[LOGO]
2nd Quarter
Conference Call Notes
August 2003
|
|
Conference Call Agenda
| I. | Second Quarter Highlights |
| II. | Operating Performance |
| III. | Balance Sheet Management |
| IV. | Outlook |
| V. | Questions and Answers |
Second Quarter Highlights
Balance Sheet Management
| • | Zero-Coupon Notes Redeemed |
| • | Bank Facility Renewed |
| • | Sale of NFO WorldGroup Completed July 10 |
Operating Performance
| • | Organic Revenue Increases in the U.S. |
| • | Revenue Challenge Continues |
| • | Cost Reduction Initiatives Underway |
[LOGO]
Operating Performance
The Interpublic Group of Companies
Second Quarter 2003
| • | Reported Revenue Up 0.6% |
| – | Constant Currency Revenue Down 3.6% |
| – | Organic Revenue Down 3.0% |
| • | Total Operating Expenses Up 13.3% |
| – | Salary and Related Up 4.7 %; on a constant currency basis up 0.8% |
| – | Office and General Up 5.4 %, including higher professional fees and financing costs; on a constant currency basis up 0.6% |
| • | Restructuring and Impairment of $105.4MM Incurred |
| – | Restructuring activities total $94.4MM ($61.6MM after tax) |
| – | Long-Lived Asset Impairment Expense: $11.0MM |
| • | Net Loss Per Share: $(.04) |
| – | EPS from Continuing Operations $(.06) |
| – | EPS from Discontinued Operations $.02 |
Summary
Second Quarter 2003
($ Millions, except per share data)
| Q2 ‘03 |
Q2 ‘02 |
% Change |
|||||||||
| Revenue |
$ | 1,499.4 | $ | 1,490.4 | 0.6 | % | |||||
| Operating Costs* |
1,342.1 | 1,277.7 | 5.0 | % | |||||||
| Restructuring Charges |
94.4 | — | N/A | ||||||||
| Long-Lived Asset Impairment |
11.0 | — | N/A | ||||||||
| Operating Income |
51.9 | 212.7 | (75.6 | )% | |||||||
| Margin % |
3.5 | % | 14.3 | % | |||||||
| Other Income/(Expense) |
(45.4 | ) | (38.4 | ) | 18.2 | % | |||||
| Taxes |
22.4 | 67.3 | (66.7 | )% | |||||||
| Net Equity Interests |
(7.1 | ) | (8.4 | ) | (15.5 | )% | |||||
| Income (Loss) from Continuing Operations |
(23.0 | ) | 98.6 | (123.3 | )% | ||||||
| Income from Discontinued Operations |
9.5 | 10.4 | (8.7 | )% | |||||||
| Net Income (Loss) |
$ | (13.5 | ) | $ | 109.0 | (112.4 | )% | ||||
| Diluted EPS |
|||||||||||
| Continuing Operations |
$ | (0.06 | ) | $ | 0.26 | (123.1 | )% | ||||
| Discontinued Operations |
$ | 0.02 | $ | 0.03 | (33.3 | )% | |||||
| Total Diluted EPS |
$ | (0.04 | ) | $ | 0.29 | (113.8 | )% | ||||
| * Includes Depreciation and Amortization: |
$ | 69.0 | $ | 70.2 | |||||||
Summary
YTD 2003
($ Millions, except per share data)
| YTD ‘03 |
YTD ‘02 |
% Change |
|||||||||
| Revenue |
$ | 2,815.1 | $ | 2,809.4 | 0.2 | % | |||||
| Operating Costs* |
2,625.9 | 2,474.7 | 6.1 | % | |||||||
| Restructuring Charges |
94.4 | — | N/A | ||||||||
| Long-Lived Asset Impairment |
22.1 | — | N/A | ||||||||
| Operating Income |
72.7 | 334.7 | (78.3 | )% | |||||||
| Margin % |
2.6 | % | 11.9 | % | |||||||
| Other Income/(Expense) |
(79.2 | ) | (66.5 | ) | 19.1 | % | |||||
| Taxes |
16.8 | 102.6 | (83.6 | )% | |||||||
| Net Equity Interests |
(10.9 | ) | (10.9 | ) | 0.0 | % | |||||
| Income (Loss) from Continuing Operations |
(34.2 | ) | 154.7 | (122.1 | )% | ||||||
| Income from Discontinued Operations |
12.1 | 14.1 | (14.2 | )% | |||||||
| Net Income (Loss) |
$ | (22.1 | ) | $ | 168.8 | (113.1 | )% | ||||
| Diluted EPS |
|||||||||||
| Continuing Operations |
$ | (0.09 | ) | $ | 0.41 | (122.0 | )% | ||||
| Discontinued Operations |
$ | 0.03 | $ | 0.04 | (25.0 | )% | |||||
| Total Diluted EPS |
$ | (0.06 | ) | $ | 0.44 | ** | (113.6 | )% | |||
| * Includes Depreciation and Amortization: |
$ | 134.1 | $ | 135.9 | |||||||
| ** Does not foot due to rounding |
|||||||||||
Components of Revenue Change
Second Quarter 2003
| Variance % |
|||
| Effects of: |
|||
| Organic |
(3.0% | ) | |
| Currency Translation |
4.2% | ||
| Acquisitions/Dispositions |
(0.6% | ) | |
| 2003 Reported Revenue Change |
0.6% | ||
Components of Net Income Change
Second Quarter 2003
($ Millions)
| 2Q 2002 Income from Continuing Operations |
$ | 98.6 | ||
| Increase in Revenue (includes currency translation effect of $ 65.7) |
9.0 | |||
| Increase in Operating Costs (includes currency translation effect of $ 56.7) |
(64.4 | ) | ||
| Increase in Long-Lived Asset Impairment |
(11.0 | ) | ||
| Increase in Restructuring Charges |
(94.4 | ) | ||
| Decrease in Non-Operating Items (primarily taxes) |
37.9 | |||
| Increase in Equity Earnings and Minority Interests |
1.3 | |||
| 2Q 2003 Loss from Continuing Operations |
$ | (23.0 | ) | |
Analysis of Change
Second Quarter 2003
($ Millions)
| 2002 Results |
Currency |
Acquisitions / Dispositions |
LT Asset Impairment |
Restructuring Charges |
Organic |
2003 Results |
||||||||||||||||||||||
| Revenue |
$ | 1,490.4 | $ | 65.7 | $ | (10.5 | ) | $ | — | $ | — | $ | (46.2 | ) | $ | 1,499.4 | ||||||||||||
| Operating Expenses |
1,277.7 | 56.7 | (8.3 | ) | 11.0 | 94.4 | 16.0 | 1,447.5 | ||||||||||||||||||||
| Operating Income |
212.7 | 9.0 | (2.2 | ) | (11.0 | ) | (94.4 | ) | (62.2 | ) | 51.9 | |||||||||||||||||
| Operating Margin Change |
(0.1 | %) | 0.0 | % | (0.7 | %) | (6.1 | %) | (3.9 | %) | ||||||||||||||||||
| Operating Margin |
14.3 | % | 14.2 | % | 14.2 | % | 13.5 | % | 7.4 | % | 3.5 | % | 3.5 | % | ||||||||||||||
Organic Performance Analysis
Second Quarter 2003
($ Millions)
| Q2 2003 |
||||
| Revenue |
$ | (46.2 | ) | |
| Severance |
(9.6 | ) | ||
| Financing Costs |
(7.4 | ) | ||
| Professional Fees |
(13.3 | ) | ||
| Other Operating Expenses |
14.3 | |||
| Operating Income |
$ | (62.2 | ) | |
Components of Revenue Change
YTD 2003
| Variance % |
|||
| Effects of: |
|||
| Organic |
(3.8 | )% | |
| Currency Translation |
4.2 | % | |
| Acquisitions/Dispositions |
(0.2 | %) | |
| 2003 Reported Revenue Change |
0.2 | % | |
Components of Net Income Change
YTD 2003
($ Millions)
| YTD 2002 Income from Continuing Operations |
$ | 154.7 | ||
| Increase in Revenue (includes currency translation effect of $ 122.2) |
5.7 | |||
| Increase in Operating Costs (includes currency translation effect of $ 116.3) |
(151.2 | ) | ||
| Increase in Long-Lived Asset Impairment |
(22.1 | ) | ||
| Increase in Restructuring Charges |
(94.4 | ) | ||
| Decrease in Non-Operating Items (primarily taxes) |
73.1 | |||
| Increase in Equity Earnings and Minority Interests |
— | |||
| YTD 2003 Loss from Continuing Operations |
$ | (34.2 | ) | |
Analysis of Change
YTD 2003
($ Millions)
| 2002 Results |
Currency |
Acquisitions/ Dispositions |
LT Asset Impairment |
Restructuring Charges |
Organic |
2003 Results |
||||||||||||||||||||||
| Revenue |
$ | 2,809.4 | $ | 122.2 | $ | (6.0 | ) | $ | — | $ | — | $ | (110.5 | ) | $ | 2,815.1 | ||||||||||||
| Operating Expenses |
2,474.7 | 116.3 | (8.5 | ) | 22.1 | 94.4 | 43.4 | 2,742.4 | ||||||||||||||||||||
| Operating Income |
334.7 | 5.9 | 2.5 | (22.1 | ) | (94.4 | ) | (153.9 | ) | 72.7 | ||||||||||||||||||
| Operating Margin Change |
(0.3 | %) | 0.1 | % | (0.7 | %) | (3.3 | %) | (5.1 | %) | ||||||||||||||||||
| Operating Margin |
11.9 | % | 11.6 | % | 11.7 | % | 11.0 | % | 7.7 | % | 2.6 | % | 2.6 | % | ||||||||||||||
Organic Performance Analysis
YTD 2003
($ Millions)
| YTD 2003 |
||||
| Revenue |
$ | (110.5 | ) | |
| Severance |
(23.1 | ) | ||
| Financing Costs |
(15.4 | ) | ||
| Professional Fees |
(19.4 | ) | ||
| Other Operating Expenses |
14.5 | |||
| Operating Income |
$ | (153.9 | ) | |
Motorsports
($ Millions)
| Q2 ‘03 |
Q2 ‘02 |
YTD ‘03 |
YTD ‘02 |
|||||||||||||
| Revenue |
$ | 17.5 | $ | 31.3 | $ | 27.4 | $ | 47.2 | ||||||||
| Operating Costs |
27.5 | 45.7 | 47.8 | 61.0 | ||||||||||||
| Operating Loss before Impairment |
(10.0 | ) | (14.4 | ) | (20.4 | ) | (13.8 | ) | ||||||||
| Long-Lived Asset Impairment |
(11.0 | ) | — | (22.1 | ) | — | ||||||||||
| Operating Loss |
$ | (21.0 | ) | $ | (14.4 | ) | $ | (42.5 | ) | $ | (13.8 | ) | ||||
Restructuring Charges
Second Quarter 2003
($ Millions)
| Total |
Cash Through June 30, 2003 |
Future Cash |
Non-Cash | |||||||||
| Severance |
$ | 66.0 | $ | 12.2 | $ | 52.8 | $ | 1.0 | ||||
| Facilities Costs |
28.4 | 0.3 | 23.3 | 4.8 | ||||||||
| Total Restructuring Charges |
$ | 94.4 | $ | 12.5 | $ | 76.1 | $ | 5.8 | ||||
Selected Balance Sheet Items
($ Millions)
| June 30, 2003 |
December 31, 2002 |
June 30, 2002 |
||||||||||
| Cash & Cash Equivalents |
$ | 700.1 | $ | 933.0 | $ | 537.3 | ||||||
| Total Debt |
2,716.6 | 2,638.0 | 2,950.2 | |||||||||
| Net Debt |
$ | 2,016.5 | $ | 1,705.0 | $ | 2,412.9 | ||||||
| Debt as a % of Capital |
55.0 | % | 55.7 | % | 57.6 | % | ||||||
| Stockholders’ Equity |
$ | 2,225.5 | $ | 2,100.0 | $ | 2,169.5 | ||||||
Debt as % of Capitalization: Adjusted (1) (2)
[CHART]
| Sep-01 | Dec-01 | Mar-02 | Jun-02 | Sep-02 | Dec-02 | Mar-03 | Jun-03 | |||||||||||||||||||||||||
| Total Debt |
$ | 3,098 | $ | 2,909 | $ | 2,867 | $ | 2,950 | $ | 2,876 | $ | 2,638 | $ | 2,698 | (1) | $ | 2,574 | (2) | ||||||||||||||
| Cash |
685 | 935 | 575 | 537 | 615 | 933 | 606 | (1) | 529 | (2) | ||||||||||||||||||||||
| Debt as % of Capital |
64.1 | % | 61.3 | % | 60.2 | % | 57.6 | % | 58.4 | % | 55.7 | % | 55.6 | % | 53.6 | % |
*NOTE:
| (1) | Actual reported March 31, 2003 includes proceeds of $778.0 from the sale of the 4.5% Notes, as well as $582.5 of Zero-Coupon Notes, which were tendered by April 4th. Adjusted March 31, 2003 excludes the $582.5 of Zero-Coupon Notes which were settled in April. Management believes that showing the adjusted Debt and Debt as a % of Capital excluding these notes is relevant when comparing the periods. |
| (2) | Adjusted June 30, 2003 includes the $142.5 redemption of term loans on August 8, 2003. In addition to the principal amount paid, the Company paid a prepayment penalty of $24.5. Management believes that showing the adjusted Debt and Debt as a % of Capital including the redemption of the term loans is relevant when comparing the periods. |
Improved Debt Maturity Schedule
Total Debt = $2.7Bn
| 2003 |
2004 | 2005 | 2006 | 2007+ | ||||||||
| $101.6 |
$ | 271.3 | $ | 584.1 | $ | 363.0 | $ | 1,396.5 |
| 1.87% Convertible |
1.80% Convertible | |
| 4.50% Convertible |
7.88% Senior Notes | |
| 7.25% Senior Notes |
5-Year Revolving Facility | |
| Term Loans |
Other |
Improved Debt Maturity Schedule: Adjusted(1)
Total Debt = $2.6Bn(1)
| 2003 |
2004 |
2005 |
2006 |
2007+ | ||||
| $101.6 |
$240.0 | $577.9 | $333 | $1,321.5 |
| 1.87% Convertible |
1.80% Convertible | |
| 4.50% Convertible |
7.88% Senior Notes | |
| 7.25% Senior Notes |
5-year Revolving Facility | |
| Term Loans |
Other |
| (1) | Adjusted for the redemption of $142.5 term loans on August 8, 2003 |
Strong Liquidity Position
($ Millions)
| As of June 30, 2003 |
|||||||||||
| Total of Facility |
Outstanding |
Available |
|||||||||
| Committed Facilities: |
|||||||||||
| 364 Day Revolving Credit Facility |
$ | 500.0 | $ | 166.4 | (1) | $ | 333.6 | ||||
| 5 Year Revolving Credit Facility |
$ | 375.0 | $ | 57.6 | $ | 317.4 | |||||
| Other Committed Credit Facilities |
$ | 50.8 | $ | 0.0 | $ | 50.8 | |||||
| Total Committed Facilities |
$ | 925.8 | $ | 224.0 | $ | 701.8 | |||||
| Uncommitted Facilities (2) |
$ | 795.4 | $ | 81.5 | $ | — | (2) | ||||
| Total Credit Facilities |
$ | 1,721.2 | $ | 305.5 | $ | 701.8 | |||||
| Cash and Cash Equivalents |
$ | 700.1 | |||||||||
| Total Liquidity Available |
$ | 1,401.9 | |||||||||
*NOTE:
| (1) | Comprised on Letters of Credit issued under the facility’s Letter of Credit sub-facility. Not considered debt for GAAP reporting. |
| (2) | Domestic and international uncommitted facilities. These amounts are excluded for the purposes of analysis. |
Declining Acquisition Activity Has Reduced
Deferred Payment Obligations
| 2000 |
2001 | 2002 | 2003 | 2004 | ||||||
| Cash |
158.1 |
227.1 | 240.0 | 162.7 | 83.9 | |||||
| Stock |
63.2 |
46.0 | 83.2 | 47.2 | 13.7 |
Cautionary Statement
This document contains forward-looking statements. Interpublic’s representatives may also make forward-looking statements orally from time to time. Statements in this document that are not historical facts, including statements about Interpublic’s beliefs and expectations, particularly regarding recent business and economic trends, and gains expected from the NFO transaction, constitute forward-looking statements. These statements are based on current plans, estimates and projections, and therefore undue reliance should not be placed on them. Forward-looking statements speak only as of the date they are made, and Interpublic undertakes no obligation to update publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, those associated with the effects of global, national and regional economic and political conditions, Interpublic’s ability to attract new clients and retain existing clients, the financial success of Interpublic’s clients, developments from changes in the regulatory and legal environment for advertising and marketing and communications services companies around the world and the successful completion and integration of acquisitions which complement and expand Interpublic’s business capabilities. Interpublic’s liquidity could be adversely affected if Interpublic is unable to access capital or to raise proceeds from asset sales. In addition, Interpublic could be adversely affected by developments in connection with the purported class actions and derivative suits that it is defending or the SEC investigation relating to the restatement of its financial statements. Its financial condition and future results of operations could also be adversely affected if Interpublic recognizes additional impairment charges due to future events or in the event of other adverse accounting-related developments.
In addition, Interpublic’s representatives may from time to time refer to “pro forma” financial information, including information before taking into account specified items. Because “pro forma” financial information by its very nature departs from traditional accounting conventions, this information should not be viewed as a substitute for the information prepared by Interpublic in accordance with GAAP, including the balance sheets and statements of income and cash flow contained in Interpublic’s quarterly and annual reports filed with the SEC on Forms 10-Q and 10-K. Investors should evaluate any statements made by Interpublic in light of these important factors.
Appendices
The Interpublic Group of Companies
Revenue by Discipline
Second Quarter 2003
($ Millions)
| QUARTER-TO-DATE |
|||||||||||||||
| REVENUE | |||||||||||||||
| % of | % of | % | |||||||||||||
| 2003 | Rev | 2002 | Rev | Growth | |||||||||||
| MARKETING COMMUNICATIONS |
$ | 421.2 | 28.1 | % | $ | 421.4 | 28.3 | % | — | ||||||
| MARKETING SERVICES |
108.1 | 7.2 | % | 112.2 | 7.5 | % | (3.6 | %) | |||||||
| TOTAL MARKETING AND COMMUNICATION SERVICES |
529.3 | 35.3 | % | 533.6 | 35.8 | % | (0.8 | %) | |||||||
| ADVERTISING & MEDIA |
970.1 | 64.7 | % | 956.8 | 64.2 | % | 1.4 | % | |||||||
| TOTAL REVENUE |
$ | 1,499.4 | 100.0 | % | $ | 1,490.4 | 100.0 | % | 0.6 | % | |||||
Revenue by Discipline
YTD 2003
($ Millions)
| YEAR-TO-DATE |
|||||||||||||||
| REVENUE | |||||||||||||||
| 2003 | % of Rev |
2002 | % of Rev |
% Growth |
|||||||||||
| MARKETING COMMUNICATIONS |
$ | 811.1 | 28.8 | % | $ | 806.6 | 28.7 | % | 0.6 | % | |||||
| MARKETING SERVICES |
199.4 | 7.1 | % | 202.8 | 7.2 | % | (1.7 | %) | |||||||
| TOTAL MARKETING AND COMMUNICATION SERVICES |
1,010.5 | 35.9 | % | 1,009.4 | 35.9 | % | 0.1 | % | |||||||
| ADVERTISING & MEDIA |
1,804.6 | 64.1 | % | 1,800.0 | 64.1 | % | 0.3 | % | |||||||
| TOTAL REVENUE |
$ | 2,815.1 | 100.0 | % | $ | 2,809.4 | 100.0 | % | 0.2 | % | |||||
Net New Business
Second Quarter 2003
($ Millions)
| Significant Wins |
||
| A.G. Edwards |
L’Oreal Plenitude | |
| Symbicort |
Coffee Growers of Colombia | |
| Rainbow Satellite |
Lotrel | |
| Capital One |
Sony Play Station | |
| Dell Computer |
Carrier Corporation | |
| Macy’s |
| 2Q’03 |
YTD’03 | |||||
| Total Wins |
$ | 1,097 | $ | 2,430 | ||
| Losses |
– 778 | –1,223 | ||||
| Net New Business |
$ | 319 | $ | 1,207 | ||
Revenue by Geography
Second Quarter 2003
($ Millions)
| Revenue |
% Total |
% Change |
% Change Constant $ |
% Change Organic |
|||||||||||
| Europe |
$ | 442.5 | 29.5 | % | 1.1 | % | (10.0 | )% | (8.3 | )% | |||||
| Asia/Other |
120.9 | 8.1 | % | (7.0 | %) | (11.9 | )% | (11.8 | )% | ||||||
| Latin America |
61.4 | 4.1 | % | (8.7 | %) | (8.6 | )% | (7.5 | )% | ||||||
| Canada |
39.2 | 2.6 | % | 15.1 | % | 2.4 | % | 6.8 | % | ||||||
| Total International |
664.0 | 44.3 | % | (0.7 | %) | (9.6 | )% | (8.1 | )% | ||||||
| Total Domestic |
835.4 | 55.7 | % | 1.7 | % | 1.7 | % | 1.4 | % | ||||||
| Total Revenue |
$ | 1,499.4 | 100.0 | % | 0.6 | % | (3.6 | )% | (3.0 | )% | |||||
Revenue by Geography
YTD 2003
($ Millions)
| Revenue |
% Total |
% Change |
% Change Constant $ |
% Change Organic |
|||||||||||
| Europe |
$ | 796.3 | 28.3 | % | 4.0 | % | (9.6 | %) | (8.8 | )% | |||||
| Asia/Other |
223.4 | 7.9 | % | (3.9 | %) | (10.1 | %) | (9.7 | )% | ||||||
| Latin America |
106.5 | 3.8 | % | (21.4 | %) | (11.6 | %) | (10.9 | )% | ||||||
| Canada |
68.4 | 2.4 | % | 7.4 | % | (2.6 | %) | 2.3 | % | ||||||
| Total International |
1,194.6 | 42.4 | % | (0.2 | %) | (9.5 | %) | (8.6 | )% | ||||||
| Total Domestic |
1,620.5 | 57.6 | % | 0.5 | % | 0.5 | % | 0.0 | % | ||||||
| Total Revenue |
$ | 2,815.1 | 100.0 | % | 0.2 | % | (4.0 | %) | (3.8 | )% | |||||
Points of Margin Pressure
($ Millions)
| Q2 2003 |
Q2 2002 |
YTD 2003 |
YTD 2002 | |||||||||
| Professional Fees |
$ | 37.6 | $ | 22.9 | $ | 63.7 | $ | 42.2 | ||||
| Financing Costs |
12.0 | 4.6 | 24.7 | 9.4 | ||||||||
| Long-Lived Asset Impairment |
11.0 | — | 22.1 | — | ||||||||
| $ | 60.6 | $ | 27.5 | $ | 110.5 | $ | 51.6 | |||||
Diluted EPS Calculation
($ Millions)
| 1Q |
2Q |
YTD |
||||||||||
| Loss from Continuing Operations |
$ | (11.2 | ) | $ | (23.0 | ) | $ | (34.2 | ) | |||
| Income from Discontinued Operations |
2.6 | 9.5 | 12.1 | |||||||||
| Total Net Loss |
$ | (8.6 | ) | $ | (13.5 | ) | $ | (22.1 | ) | |||
| Total Shares (MM) |
381.8 | 384.3 | 383.1 | |||||||||
| Diluted EPS from Continuing Operations |
$ | (0.03 | ) | $ | (0.06 | ) | $ | (0.09 | ) | |||
| Diluted EPS from Discontinued Operations |
0.01 | 0.02 | 0.03 | |||||||||
| Total Diluted EPS |
$ | (0.02 | ) | $ | (0.04 | ) | $ | (0.06 | ) | |||