2000 Quarters

1999 Quarters

(dollars in millions)

First

Second

 Third

Fourth

First

Second

Third

Fourth

Business Segment Sales:

Aerospace

$

893.0

$

900.2

$

926.0

$

954.4

$

926.2

$

965.9

$

855.2

$

870.1

Engineered Industrial Products

177.6

182.2

167.4

163.0

185.6

186.5

170.6

159.7

Total Sales

$

1,070.6

$

1,082.4

$

1,093.4

$

1,117.4

$

1,111.8

$

1,152.4

$

1,025.8

$

1,029.8

Gross Profit

$

304.5

$

310.3

$

312.8

$

317.7

$

308.3

$

317.7

$

292.9

$

303.7

Business Segment Operating Income:

Aerospace

$

138.7

$

141.9

$

154.1

$

157.1

$

142.5

$

144.9

$

130.9

$

140.4

Engineered Industrial Products

33.6

32.6

29.0

26.9

34.2

37.0

28.1

18.9

Corporate

(18.7)

(17.6)

(18.1)

(22.1)

(19.5)

(18.8)

(17.4)

(18.6)

Merger-related and consolidation costs

(5.4)

(15.4)

(8.3)

(16.5)

—

(10.1)

(195.0)

(27.0)

Total Operating Income

$

148.2

$

141.5

$

156.7

$

145.4

$

157.2

$

153.0

$

(53.4)

$

113.7

Income (Loss) From:

Continuing operations

$

73.0

$

69.1

$

72.9

$

71.3

$

80.9

$

81.3

$

(79.6)

$

56.2

Discontinued operations

13.1

12.6

7.0

6.9

(4.6)

16.6

8.7

10.1

Net Income

$

86.1

$

81.7

$

79.9

$

78.2

$

76.3

$

97.9

$

(70.9)

$

66.3

Basic earnings (loss) per share:
Continuing operations

$

0.67

$

0.65

$

0.72

$

0.70

$

0.74

$

0.74

$

(0.72)

$

0.51

Discontinued operations

$

0.12

$

0.12

$

0.07

$

0.07

$

(0.04)

$

0.15

$

0.08

$

0.09

Net income

$

0.79

$

0.77

$

0.79

$

0.77

$

0.70

$

0.89

$

(0.64)

$

0.60

Diluted earnings (loss) per share:
Continuing operations

$

0.66

$

0.64

$

0.70

$

0.68

$

0.73

$

0.73

$

(0.72)

$

0.51

Discontinued operations

$

0.12

$

0.11

$

0.07

$

0.07

$

(0.04)

$

0.14

$

0.08

$

0.09

Net income

$

0.78

$

0.75

$

0.77

$

0.75

$

0.69

$

0.87

$

(0.64)

$

0.60


(1) The historical amounts presented above have been restated to present the Company’s Performance Materials business as a discontinued operation.
The first quarter of 2000 includes a $5.4 million pre-tax charge, of which $1.5 million represented non-cash charges for asset impairment. The charge related to personnel related costs and consolidation costs in connection with the Coltec merger and restructuring activities at the Company’s Aerospace Segment.

The second quarter of 2000 includes a $15.4 million pre-tax charge, of which $3.4 million represented non-cash charges for accelerated depreciation and asset impairment. The charge related to personnel-related costs and consolidation costs in connection with the Coltec merger and restructuring activities at the Company’s Aerospace Segment.

The third quarter of 2000 includes a $8.3 million pre-tax charge, of which $6.4 million represented non-cash charges for accelerated depreciation. The charge related to personnel-related costs and consolidation costs in connection with the Coltec merger and restructuring activities at the Company’s Aerospace Segment.

The fourth quarter of 2000 includes a $16.5 million pre-tax charge, of which $3.0 million represented non-cash charges for accelerated depreciation and asset impairment. The charge related to personnel-related costs and consolidation costs in connection with the Coltec merger and restructuring activities at the Company’s Aerospace and Engineered Industrial Products Segments. The fourth quarter also includes a $2.5 million pre-tax charge in other income (expense) related to a write-down of a business held for sale to its net realizable value.

The second quarter of 1999 includes a $10.1 million pre-tax charge related to certain executive severance payments and employee relocation costs related to the Coltec Merger. The second quarter of 1999 also includes a $6.1 million pre-tax gain in other income (expense) from the sale of businesses.

The third quarter of 1999 includes a $195.0 million pre-tax charge, of which $6.6 million represented non-cash asset impairment charges. The charge related to personnel-related costs, transaction costs and consolidation costs in connection with the Coltec merger and restructuring activities at the Company’s Aerospace and Engineered Industrial Products Segments. The third quarter of 1999 also includes a $2.4 million pre-tax gain in other income (expense) from the sale of a portion of the Company’s interest in a business.

The fourth quarter of 1999 includes a $27.0 million pre-tax charge, of which $2.8 million represented non-cash asset impairment charges. The charge related to personnel-related costs, transaction costs and consolidation costs in connection with the Coltec merger and restructuring activities at Aerospace.