Jabil Results Exceed Guidance

Jabil Results Exceed Guidance

Expects Continuing Improvement

St. Petersburg, FL - September 29, 2009...Jabil Circuit, Inc. (NYSE: JBL), reported its preliminary, unaudited financial results for the fourth quarter and fiscal year 2009, ended August 31, 2009. "Marked improvement in our sequential performance was aided by cost cutting, increased productivity, market share gains and a more benign end-market environment. Income gains were matched with cash flow generation and balance sheet improvements during the quarter," said President and CEO Timothy L. Main.


Fourth Quarter 2009
Net revenue for the fourth fiscal quarter of fiscal 2009 was $2.8 billion compared to $3.3 billion for the same period of fiscal 2008. GAAP operating income for the fourth quarter of fiscal 2009 was $43.1 million compared to income of $87.8 million for the same period of fiscal 2008. GAAP net income for the fourth quarter of fiscal 2009 was $5.5 million compared to net income of $57.5 million for the same period of fiscal 2008. GAAP diluted earnings per share for the fourth quarter of fiscal 2009 were $0.03 compared to $0.28 for the same period of fiscal 2008.

Core operating income for the fourth quarter of fiscal 2009 was $65.4 million or 2.3 percent of net revenue compared to $104.7 million or 3.2 percent of net revenue for the fourth quarter of fiscal 2008. Core earnings for the fourth quarter of fiscal 2009 were $33.4 million compared to $61.7 million for the same period of fiscal 2008. Core earnings per diluted share for the fourth quarter of fiscal 2009 were $0.16 compared to $0.30 for the same period of fiscal 2008.


Fiscal Year 2009
Net revenue for the fiscal year was $11.7 billion compared to $12.8 billion for fiscal 2008.
GAAP operating income for fiscal 2009 was a loss of $910.2 million compared to income of $251.4 million for fiscal 2008. GAAP net loss for fiscal 2009 was $1.2 billion compared to net income of $133.9 million for fiscal 2008. GAAP diluted loss per share for fiscal 2009 was $5.63 compared to earnings per share of $0.65 for fiscal 2008.

Jabil's fiscal 2009 core operating income was $246.8 million or 2.1 percent of net revenue compared to $379.9 million or 3.0 percent of net revenue for fiscal 2008. Core earnings for fiscal 2009 were $132.0 million compared to $231.0 million for fiscal 2008. Core earnings per diluted share for fiscal 2009 were $0.63 compared to $1.12 for fiscal 2008.


Fourth Quarter 2009
Operational and Balance Sheet Highlights

• Cash flow from operations for the quarter was approximately $169 million.
   
• Sales cycle was 16 days for the fourth quarter of fiscal 2009.
   
• Annualized inventory turns increased to nine turns for the quarter.
   
• Capital expenditures for the quarter were approximately $57 million.
   
• Depreciation for the quarter was approximately $66 million.
   
• Cash and cash equivalent balances were approximately $876 million at the end of the quarter.
   
• Core Return on Invested Capital was 11.5 percent for the quarter.
   
• Jabil paid a $0.07 dividend on September 1, 2009.

Business Update


"Based upon our current expectations, it appears as though the worst of the recession is behind us. However, we remain vigilant and will continue to focus on productivity, quality and balance sheet health even as revenues begin to recover. We are grateful for the dedicated efforts of our global workforce and look forward to a more robust fiscal 2010," said President and CEO Timothy L. Main. Through the twelve months ended August 31, 2009, the company produced cash flow from operations of $556 million and currently has more than $800 million in cash. During the quarter the company repurchased $295 million of its 5.875% senior notes that were due in 2010 (98% of the total outstanding) and closed on its $312 million offering of 7.75% senior notes due 2016. The company also has an $800 million revolving credit facility. "In short, we are ready to take advantage of opportunities for growth in our fiscal 2010," said Main.

Jabil management said it expects to divest of its automotive electronics manufacturing entity located in Western Europe during its first fiscal quarter of fiscal 2010. The company indicated it expects a loss of $20 to $25 million on the sale of the entity, of which $4 million is expected to be cash. Subject to country-specific regulatory approvals and other closing conditions, the transaction is anticipated to close during the company's first fiscal quarter.


Fiscal First Quarter 2010 Guidance


Jabil management indicated that it expects its net revenue for its first fiscal quarter of 2010 to be in a range from $3.0 billion to $3.2 billion. The company estimated that its core operating income would be in a range from $85 million to $105 million, driven by the continued demand from its customers, further manufacturing efficiencies and the benefit of cost reductions. Jabil indicated that it expects its core earnings per share for its first quarter of fiscal 2010 to range from $0.24 to $0.32 per diluted share. GAAP earnings per share are expected to be in a range from $0.02 to earnings of $0.12 per diluted share. (GAAP earnings or loss per share for the first quarter of fiscal 2010 is currently estimated to include $0.10 to $0.12 per share loss on the aforementioned automotive divestiture; $0.03 per share for amortization of intangibles; $0.05 per share for stock-based compensation and related charges; and $0.02 per share for restructuring.)

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

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

ORLANDO, Fla., June 23, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Darden Restaurants, Inc. (NYSE: DRI) today reported sales and diluted net earnings per share for the fourth quarter and fiscal year ended May 31, 2009, which included an additional operating week compared to last year. In the fourth quarter, diluted net earnings per share from continuing operations increased 21% to 87 cents, versus 72 cents in the prior year. The Company estimates that integration costs and purchase accounting adjustments related to the October 2007 acquisition of RARE Hospitality International, Inc. (RARE) reduced diluted net earnings per share by approximately three cents in the fourth quarter. Excluding the estimated integration costs and purchase accounting adjustments of approximately three cents, diluted net earnings per share from continuing operations were 90 cents. In the fourth quarter of fiscal 2008, excluding the estimated integration costs and purchase accounting adjustments of approximately six cents, diluted net earnings per share from continuing operations were 78 cents.

For the fiscal year, diluted net earnings per share from continuing operations increased 4% to $2.65 from $2.55 in the prior year. The Company estimates that integration costs and purchase accounting adjustments related to the acquisition of RARE reduced diluted net earnings per share by approximately 10 cents in fiscal 2009 and 19 cents in fiscal 2008. Excluding these costs and adjustments, diluted net earnings per share from continuing operations for fiscal 2009 and 2008 were $2.75 and $2.74, respectively. The additional operating week contributed approximately six cents of diluted net earnings per share in fiscal 2009.

Fourth quarter sales from continuing operations were $1.98 billion, compared to $1.83 billion in the prior year, an 8% increase (14 weeks vs. 13 weeks). Combined same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse were down 1.4% this quarter (13 weeks vs. 13 weeks). For the full year, fiscal 2009 sales from continuing operations were $7.22 billion, a 9% increase (53 weeks vs. 52 weeks) from the prior year's $6.63 billion. Combined same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse were down 1.4% in fiscal 2009 (52 weeks vs. 52 weeks), which compares to an estimated decline of 5.6% for the Knapp-Track(TM) benchmark of U.S. same-restaurant sales for casual dining chains, excluding Darden. Darden's total sales increase reflects meaningful new unit growth at Olive Garden, LongHorn Steakhouse and Red Lobster as well as the benefit of an additional operating week in fiscal 2009. The additional operating week contributed approximately two percentage points of sales increase in fiscal 2009.

Darden reported fourth quarter diluted net earnings per share including discontinued operations of 87 cents, compared to diluted net earnings per share of 71 cents for the same period last year. Fiscal 2009 diluted net earnings per share including discontinued operations were $2.65, compared to $2.60 in the prior year.
"In a challenging economic environment where consumers have reduced their dining out frequency and there was a significant amount of competitive discounting, our brands performed much better than the industry," said Clarence Otis, Chairman and Chief Executive Officer of Darden. "This is most evident in our blended same-restaurant sales results, which continued to outpace the industry as measured by the Knapp-Track(TM) benchmark. Our organization is able to respond to consumers' needs in both up and down markets because we have talented and dedicated teams in our restaurants and restaurant support center and they are passionate about providing guests with outstanding experiences that include excellent value and high levels of service. We're building on these great strengths by taking steps to further elevate our restaurant operating, brand management and support capabilities. As a result, we're confident we'll emerge from today's challenging environment an even stronger company."
Highlights for the quarter and year ended May 31, 2009 include the following:

--  Net earnings from continuing operations for the fourth quarter were
        $122.8 million, or 87 cents per diluted share on sales of $1.98 billion.
        Excluding estimated integration costs and purchase accounting
        adjustments of approximately three cents, net earnings from continuing
        operations were 90 cents per diluted share for the fourth quarter.  Last
        year, net earnings from continuing operations were $103.3 million, or 72
        cents per diluted share, on sales of $1.83 billion.  Excluding estimated
        integration costs and purchase accounting adjustments of approximately
        six cents, net earnings from continuing operations were 78 cents per
        diluted share for the fourth quarter of fiscal 2008.
   

--  Net earnings from continuing operations for the fiscal year were $371.8
        million, or $2.65 per diluted share, on sales of $7.22 billion.
        Excluding estimated integration costs and purchase accounting
        adjustments of approximately 10 cents, net earnings from continuing
        operations were $2.75 per diluted share for the fiscal year.  Last year,
        net earnings from continuing operations were $369.5 million, or $2.55
        per diluted share, for the fiscal year on sales of $6.63 billion.
        Excluding estimated integration costs and purchase accounting
        adjustments of approximately 19 cents, last year's net earnings
        from continuing operations were $2.74 per diluted share.

--  Total fourth quarter sales from continuing operations of $1.98 billion
        represent an 8.2% increase over the prior year (14 weeks vs. 13 weeks).
        For the 2009 fiscal year, total sales from continuing operations were
        $7.22 billion, an 8.9% increase over the prior year (53 weeks vs. 52
        weeks).

--  In the fourth quarter, U.S. same-restaurant sales decreased 0.6% at both
        Olive Garden and Red Lobster while LongHorn Steakhouse's U.S.
        same-restaurant sales decreased 6.5% (13 weeks vs. 13 weeks).  These
        results compare to an estimated decrease of 6.7% for our fiscal fourth
        quarter in The Knapp-Track(TM) benchmark of U.S. same-restaurant sales
        for casual dining chains, excluding Darden (13 weeks vs. 13 weeks).

--  The Company purchased over 424,000 shares of its common stock during the
        fourth quarter, bringing the total number of shares it repurchased
        during the year to over 5 million.

    --  The Company's Board of Directors declared a quarterly dividend of
        25 cents per share, a 25% increase from the Company's previous
        quarterly dividend.

Operating Highlights

OLIVE GARDEN'S fourth quarter sales of $890 million were 11.5% above prior year (14 weeks vs. 13 weeks), driven by revenue from 38 net new restaurants, partially offset by a U.S. same-restaurant sales decline of 0.6% (13 weeks vs. 13 weeks). For the quarter, on a percentage of sales basis, the company's decreased food and beverage expenses, restaurant labor expenses and restaurant expenses more than offset the company's increased selling, general and administrative expenses, resulting in an operating profit increase for the quarter. Olive Garden had record total sales and operating profit for the fiscal year. Total sales were $3.29 billion, a 7.2% increase from last year (53 weeks vs. 52 weeks). Average annual sales per restaurant were $4.8 million and U.S. same-restaurant sales increased 0.3% for the fiscal year (52 weeks vs. 52 
weeks).

RED LOBSTER'S fourth quarter sales of $734 million were 6.8% above prior year (14 weeks vs. 13 weeks), driven by revenue from 10 net new restaurants, partially offset by a U.S. same-restaurant sales decrease of 0.6% (13 weeks vs. 13 weeks). For the quarter, on a percentage of sales basis, lower food and beverage expenses, restaurant labor expenses and restaurant expenses more than offset the company's increased selling, general, and administrative expenses, resulting in an increase in operating profit. Total sales were $2.62 billion, a 0.2% decrease compared to last year (53 weeks vs. 52 weeks). Average annual sales per restaurant were $3.8 million and U.S. same-restaurant sales decreased 2.2% for the fiscal year (52 weeks vs. 52 weeks).

LONGHORN STEAKHOUSE'S fourth quarter sales of $239 million were 6.5% above the prior year (14 weeks vs. 13 weeks), driven by revenue from 16 net new restaurants, partially offset by a same-restaurant sales decrease of 6.5% (13 weeks vs. 13 weeks). For the quarter, on a percentage of sales basis, the company's increased restaurant labor expenses and restaurant expenses were almost completely offset by lower food and beverage expenses. LongHorn Steakhouse had record total sales for the fiscal year. Total sales of $888 million increased 3.6% from the comparable prior year period (53 weeks vs. 52 weeks). Average annual sales per restaurant were $2.8 million and U.S. same-restaurant sales decreased 5.6% for the fiscal year (52 weeks vs. 52 weeks).

THE CAPITAL GRILLE'S fourth quarter sales of $58 million were 9.9% below the prior year results (14 weeks vs. 13 weeks), driven by a same-restaurant sales decrease of 22.1% (13 weeks vs. 13 weeks) and partially offset by the addition of five net new restaurants. Total sales for the fiscal year were $234 million. Average annual sales per restaurant were $6.8 million and same-restaurant sales decreased 15.5% for the fiscal year (52 weeks vs. 52 weeks).

BAHAMA BREEZE'S fourth quarter sales of $39 million were 7.6% above prior year (14 weeks vs. 13 weeks), driven by the addition of one net new restaurant and partially offset by a same-restaurant sales decrease of 4.3% (13 weeks vs. 13 weeks). Total sales for the fiscal year were $131 million. Average annual sales per restaurant were $5.5 million and same-restaurant sales decreased 6.0% for the fiscal year (52 weeks vs. 52 weeks).

Other Actions
Darden's Board of Directors declared a quarterly cash dividend of 25 cents per share on the Company's outstanding common stock. The dividend is payable on August 3, 2009 to shareholders of record at the close of business on July 10, 2009. Previously, the Company paid a quarterly dividend of 20 cents per share. Based on the 25 cent quarterly dividend declaration, the Company's indicated annual dividend is $1.00 per share, an increase of 25%.

Darden continued the buyback of its common stock, purchasing 0.4 million shares in the fourth quarter. In fiscal 2009, the Company spent $145 million purchasing 5.1 million shares. Since commencing its repurchase program in December 1995, the Company has purchased over 152 million shares for $2.92 billion under authorizations totaling 162.4 million shares.

Darden's Annual Meeting of Shareholders will be held on September 25, 2009 at the Hyatt Regency Orlando International Airport in Orlando, FL. The record date for shareholders entitled to vote at the Annual Meeting is July 24, 2009.


VIEW ALL FINANCIAL TABLES

MICRON TECHNOLOGY, INC., REPORTS RESULTS FOR THE THIRD QUARTER OF FISCAL 2009

MICRON TECHNOLOGY, INC., REPORTS RESULTS FOR THE
THIRD QUARTER OF FISCAL 2009

BOISE, Idaho, June 25, 2009 – Micron Technology, Inc., (NYSE: MU) today announced results of operations
for the company’s third quarter of fiscal 2009, which ended June 4, 2009. For the third quarter of fiscal 2009,
the company posted a net loss of $290 million, or $0.36 per diluted share, on net sales of $1.1 billion. The
company ended the quarter with cash and investments of $1.3 billion.

Revenue from sales of DRAM products increased 14 percent in the third quarter compared to the second
quarter principally due to an increase in sales volumes for DRAM products. Revenue from sales of NAND
Flash products was flat in the third quarter compared to the second quarter. Significant cost reductions in
NAND Flash production contributed to comparably lower average selling prices to Intel Corporation, the
company’s IM Flash joint venture partner. However, the effects of these lower average selling prices to Intel
were offset by an overall 20 percent increase in NAND Flash sales volume and a significant increase in average
selling prices to all other trade customers.

Memory production in the third quarter was significantly higher compared to the preceding quarter.
Increases in bit production resulted from the company’s continued transition to higher density 34 nanometer
(nm) NAND Flash products and 50nm DRAM products.

The company’s gross margin on sales of memory products improved from negative 30 percent in the
second quarter of fiscal 2009 to positive 11 percent in the third quarter, resulting from significant decreases in
per gigabit manufacturing costs and the benefit in the third quarter from sales of products previously written
down. As a result of these decreases in per gigabit manufacturing costs and increases in average selling prices,
there was no lower of cost or market write-down of memory inventories during the third quarter. Cost of goods
sold in the third quarter includes approximately $30 million of charges for unused production capacity at the
company’s Inotera and IM Flash joint ventures and an estimated benefit of $242 million from sales in the third
quarter of products written down in previous periods.

Sales of CMOS image sensors in the third quarter increased 53 percent compared to the preceding quarter
as a result of a significant increase in unit sales. The company’s gross margin on sales of CMOS image sensors
was two percent in the third quarter and continues to be negatively impacted by underutilization of dedicated
200mm manufacturing capacity. In the third quarter, the company announced the signing of an agreement to
sell a majority interest in its Aptina imaging solutions business, which is expected to be completed in the fourth
quarter. In connection with the sale, the company recorded a $53 million charge, the estimated loss on the
transaction, to write down the value of Aptina assets now classified as held for sale.

The company will host a conference call today at 2:30 p.m. MDT to discuss its financial results. The call,
audio and slides will be available online at www.micron.com. A webcast replay will be available on the
company’s web site until June 25, 2010. A taped audio replay of the conference call will also be available at (706)
645-9291(conference number: 14636400) beginning at 5:30 p.m. MDT today and continuing until 5:30 p.m.
MDT on July 2, 2009.

Devon Energy Reports Second-Quarter 2009 Results; $314 Million Net Earnings Driven by Record Production

Devon Energy Reports Second-Quarter 2009 Results; $314 Million Net Earnings Driven by Record Production

OKLAHOMA CITY, Aug. 5 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) today reported net earnings of $314 million for the quarter ended June 30, 2009, or 71 cents per common share (70 cents per diluted common share). For the quarter ended June 30, 2008, Devon reported net earnings of $1.3 billion, or $2.91 per common share ($2.88 per diluted common share). Production of oil, natural gas and natural gas liquids increased 12 percent to a record 65.4 million oil-equivalent barrels (Boe) in the second quarter of 2009. Lower realized prices for all three products led to the decrease in quarterly net earnings.
For the six months ended June 30, 2009, Devon reported a net loss of $3.6 billion, or $8.21 per common share ($8.21 per diluted common share). A $4.2 billion non-cash, after-tax reduction in the carrying value of oil and gas properties in the first quarter of 2009 drove the first-half loss. For the six months ended June 30, 2008, the company reported net earnings of $2.1 billion, or $4.60 per common share ($4.55 per diluted common share).

Earnings 85 Cents per Share Excluding Items Not Estimated by Analysts

Devon's second-quarter 2009 financial results were impacted by certain items securities analysts typically exclude from their published estimates. Excluding the adjusting items, Devon earned $379 million or 85 cents per diluted common share in the second quarter of 2009. The adjusting items are discussed in more detail later in this news release.

Production Growth in All Geographic Areas
Combined oil, gas and natural gas liquids production averaged 719 thousand Boe per day in the second quarter of 2009. This is the highest average daily production of any quarter in Devon's history and compares with 643 thousand Boe per day in the second quarter of 2008. Average daily production in the second quarter increased five percent sequentially, compared with 685 thousand Boe per day produced in the first quarter of 2009.

The 12 percent increase in year-over-year second-quarter production was driven by growth in all major operating segments. U.S. onshore natural gas production led by the Barnett Shale field in Texas demonstrated significant growth. Continuing ramp up of daily volumes from the Jackfish oil sands project led oil production growth in Canada. Canadian natural gas production increased principally due to lower government royalties. Canadian royalties are calculated on a sliding scale. At lower product prices, Devon's share of Canadian gas production increases.

Despite the strong production growth, revenues from oil, gas and natural gas liquids sales decreased 58 percent to $1.7 billion in the second quarter of 2009. Dramatically lower prices for all three products more than offset the increases in production.

Devon's average realized price for natural gas decreased 70 percent in the second quarter of 2009 compared to the second quarter of 2008, to $2.91 per thousand cubic feet. The company's average realized oil price decreased 53 percent to $52.44 per barrel in the second quarter of 2009. Devon's average second-quarter realized natural gas liquids price decreased 59 percent to $22.24 per barrel in 2009.
Climbing Jackfish Production Leads Operations Highlights

Devon drilled 198 wells (197 successful) in the second quarter of 2009 compared to 494 wells (483 successful) drilled in the second quarter of 2008. The company has reduced drilling activity and related capital expenditures in response to declines in natural gas and oil prices. In spite of the lower activity levels, Devon achieved several notable operational accomplishments in the second quarter:

--  Devon continued to ramp up production from its 100 percent-owned
        Jackfish oil sands project in Alberta in the second quarter of 2009.
        Oil production at Jackfish averaged 28,000 barrels per day in June.
        Production hit a peak rate of 33,000 barrels per day during June,
        nearing its design capacity of 35,000 barrels per day.
    

--  Construction of Jackfish 2, a nearly identical second phase of the
        project, is now about 40 percent complete. Devon commenced drilling
        the first producing wells for Jackfish 2 in July 2009.
    

--  Devon maintained a four-rig drilling program in the Cana-Woodford
        Shale play in western Oklahoma in the second quarter of 2009 and added
        13 new wells to production. The company increased its average net
        production from the Cana-Woodford to 34 million cubic feet of gas
        equivalent per day in the second quarter. This is a 10-fold increase
        compared with the second quarter of 2008. Devon is adding two
        additional drilling rigs in the third quarter.
   

--  At Groesbeck in east Texas, Devon drilled another high-volume well in
        the Nan-Su-Gail field in the second quarter. The Hill-Crenshaw 3H (100
        percent working interest) had a 24-hour initial production test of 18
        million cubic feet of gas per day.

   

--  Also in east Texas, Devon continued evaluating its Haynesville Shale
        acreage in the greater Carthage area. The company has substantially
        de-risked 74,000 of its 110,000 net acres within the Carthage area and
        has identified roughly 800 Haynesville drilling locations on this
        acreage. The company believes this 74,000 net acres has resource
        potential of more than three trillion cubic feet of natural gas
        equivalent. Devon is now drilling a well in San Augustine County as
        the company also evaluates its acreage in the southern region of the
        Haynesville Shale.


   

Marketing and Midstream Profit Reflects Lower Prices

Marketing and midstream operating profit was $125 million in the second quarter of 2009. This was a 39 percent decrease compared with the second quarter of 2008. The decrease was largely attributable to lower natural gas and natural gas liquids prices.

Positive Cost Comparisons Continue
Continuing a trend evidenced in the first quarter of 2009, expenses in several important categories decreased in the second quarter. Compared with the second quarter of 2008, quarterly unit lease operating expenses (LOE) decreased by 15 percent to $7.80 per Boe in 2009. The decrease in unit LOE reflects declines in oil field service, supply, power and fuel costs and lower Canadian exchange rates.

Depreciation, depletion and amortization (DD&A) of oil and gas properties decreased 35 percent to $494 million in the second quarter of 2009. Unit DD&A decreased 42 percent to $7.56 per Boe compared with the second quarter of 2008.

General and administrative expenses (G&A) increased two percent to $182 million compared with the second quarter of 2008. The increase resulted from employee severance costs following the consolidation of Devon's Gulf and International operations. The consolidation is expected to achieve operating efficiencies and reduce G&A costs in future periods.

Retaining Liquidity and Financial Strength
Second-quarter 2009 cash flow before balance sheet changes totaled $1.1 billion, fully funding capital expenditures and dividend payments for the quarter. The company ended the quarter with cash on hand and unused credit facilities of $2.6 billion and a net debt to adjusted capitalization ratio of 33 percent. Reconciliations of cash flow before balance sheet changes, net debt and adjusted capitalization, which are

non-GAAP measures, are provided in this release.
Items Excluded from Published Earnings Estimates
Devon's reported net earnings include items of income and expense that are typically excluded by securities analysts in their published estimates of the company's financial results. These items and their effects upon reported earnings for the second quarter of 2009 were as follows:

Items affecting continuing operations-

    --  A change in the fair value of oil and natural gas derivative
        instruments decreased second-quarter earnings by $101 million pre-tax
        ($65 million after tax).
    --  A change in the fair value of other financial instruments increased
        second-quarter earnings by $5 million pre-tax ($4 million after tax).

    --  Employee severance costs associated with consolidation of the Gulf and
        International operations decreased second-quarter net earnings by $33
        million pre-tax ($21 million after tax).


    Items affecting discontinued operations-

    --  A post-closing adjustment from the divestiture of West African assets
        in 2008 resulted in a second-quarter gain of $17 million pre-tax ($17
        million after tax).

The following tables summarize the effects of these items on second-quarter earnings and income taxes.

Summary of Items Typically Excluded by Securities Analysts (in millions)
    Quarter Ended June 30, 2009

    Continuing Operations
                                                                    Cash Flow
                                                                     Before
                                                                     Balance
                        Pre-tax    Income Tax Effect     After tax   Sheet
                       Earnings    -----------------      Earnings   Changes
                        Effect  Current  Deferred  Total   Effect    Effect
                        ------  -------  --------  -----   ------    ------
    Change in
     fair value of
     oil and gas
     derivative
     instruments        $(101)      -       (36)    (36)     (65)        -
    Change in
     fair value
     of other
     financial
     instruments            5       -         1       1        4         -
    Employee
     severance
     costs from
     consolidation
     of operations        (33)    (12)        -     (12)     (21)      (11)
                         ----    ----      ----    ----      ---       ---
          Totals        $(129)    (12)      (35)    (47)     (82)      (11)
          ------        -----    ----      ----    ----     ----      ----


    Discontinued Operations

                                                                    Cash Flow
                                                                     Before
                                                                     Balance
                        Pre-tax    Income Tax Effect     After tax   Sheet
                       Earnings    -----------------      Earnings   Changes
                        Effect  Current  Deferred  Total   Effect    Effect
                        ------  -------  --------  -----   ------    ------
    Post-closing
     adjustment on
     sale of
     West African
     assets               $17       -         -       -       17         -
                         ----    ----      ----    ----     ----      ----

In aggregate, these items decreased second-quarter 2009 net earnings by $65 million, or 14 cents per common share (15 cents per diluted share). These items and their associated tax effects decreased second-quarter 2009 cash flow before balance sheet changes by $11 million.

VIEW ALL FINANCIAL TABLES

KB Home Reports Third Quarter 2009 Financial Results

Net Orders Up 62%; Net Loss Reduced 54%
 

LOS ANGELES, Sep 25, 2009 (BUSINESS WIRE) -- KB Home (NYSE:KBH), one of America's premier homebuilders, today reported financial results for its third quarter ended August 31, 2009. Results for the quarter include:

• Revenues totaled $458.5 million, down 33% from $681.6 million in the third quarter of 2008, due to lower housing revenues. Third quarter housing revenues were $454.2 million, down 32% from $668.3 million in the year-earlier quarter, the result of a 20% year-over-year decrease in homes delivered to 2,240 and a 15% decline in the average selling price over the same period to $202,800.
• The Company generated a net loss of $66.0 million, or $.87 per diluted share, in the third quarter of 2009. These results included pretax, noncash charges of $47.7 million for inventory and joint venture impairments and the abandonment of land option contracts. In the 2008 third quarter, the Company reported a net loss of $144.7 million, or $1.87 per diluted share, which included pretax, noncash charges of $82.2 million for inventory and joint venture impairments.
• Company-wide net orders increased 62% in the third quarter to 2,158, up from 1,329 in the third quarter of 2008 with each of the Company's geographic regions experiencing year-over-year net order growth. The Company's backlog at August 31, 2009 totaled 3,722 homes, representing potential future housing revenues of approximately $734.1 million. A year earlier, the Company's backlog totaled 4,774 homes, representing potential future housing revenues of approximately $1.13 billion.
• On July 30, 2009, the Company issued $265.0 million in aggregate principal amount of 9.1% senior notes due 2017, using the net proceeds to purchase, pursuant to a simultaneous tender offer, $250.0 million in aggregate principal amount of its $350.0 million 6 3/8% senior notes due 2011. The two transactions effectively extended the maturity of $250.0 million of senior debt by six years, enhancing the maturity schedule of the Company's outstanding public debt. Other than the maturity of the remaining $100.0 million of 6 3/8% senior notes in 2011, the Company's next public debt maturity is in 2014 when $250.0 million of 5 3/4% senior notes become due. The Company had no borrowings outstanding under its revolving credit facility as of August 31, 2009.

• The Company recently announced it has resumed homebuilding operations in the Washington, D.C. metro market, bolstering its presence in the southeastern United States and complementing its existing operations across Florida and the Carolinas. The Company believes its value-engineered product line, The Open Series^TM, combined with its consumer-focused Built-to-Order^TM operating model will compete well in meeting the region's growing demand for affordable, high-quality new homes.

"The housing market overall remains in a transition where it will likely be some time before we see meaningful improvement in the economic conditions that are essential to our industry's future growth," said Jeff Mezger, president and chief executive officer. "While tentative indications are that some negative economic trends are slowing or leveling out to varying degrees in certain markets, the ongoing impact of and the potential for increased foreclosures and mortgage delinquencies, higher unemployment, tighter credit standards, and relatively weak consumer confidence make the timing and extent of a sustained rebound still uncertain."

"In this challenging environment, we significantly narrowed our third quarter net loss from a year ago through the disciplined execution of our strategic initiatives," said Mezger. "Restoring the profitability of our homebuilding business remains our highest priority, and we continue to take actions to achieve this objective. These include our ongoing implementation of initiatives to generate cost reductions and operating efficiencies, carefully managing our inventory and developing innovative new products. Our new product line, The Open Series, embodies many of these strategies and was a primary contributor to the year-over-year increase in net orders we achieved in the third quarter. This product meets the preferences and needs of our core customer--the first-time homebuyer--in a cost-effective manner."

"We are encouraged by the positive net order results we achieved in the quarter but remain cautious given the current economic climate," continued Mezger. "While we have more work to do to return to profitability, we believe we are making progress on many fronts toward this goal."
Total revenues were $458.5 million in the quarter ended August 31, 2009, decreasing 33% from $681.6 million in the third quarter of 2008. Third quarter housing revenues totaled $454.2 million, down 32% from $668.3 million in the year-earlier period, a result of decreases in both the number of homes delivered and the average selling price. The Company delivered 2,240 homes in the current quarter, a 20% decline from the 2,788 homes delivered in the year-earlier quarter, while the average selling price fell 15% over the same period to $202,800 from $239,700. Each of the Company's geographic regions experienced year-over-year declines in average selling prices in the third quarter of 2009.

In the third quarter of 2009, the Company reduced its homebuilding operating loss by $65.7 million from the year-earlier quarter. The Company's homebuilding business posted an operating loss of $42.1 million in the third quarter of 2009, including pretax, noncash charges of $24.5 million for inventory impairments and the abandonment of land option contracts that the Company no longer plans to pursue. In the prior year's third quarter, the homebuilding operations recorded an operating loss of $107.8 million, which included similar pretax, noncash charges of $39.1 million. The Company's housing gross margin improved by 7.2 percentage points to 11.1% in the third quarter of 2009 from 3.9% in the third quarter of 2008. Excluding inventory impairment and abandonment charges of $16.0 million in the third quarter of 2009 and $38.5 million in the third quarter of 2008, the housing gross margin in the respective periods would have been 14.6% and 9.6%. Land sales in the current quarter generated a loss of $8.4 million, including $8.5 million of impairment charges related to planned future land sales. This compares to a loss of $.4 million in the third quarter of 2008, which included impairment charges of $.6 million. Selling, general and administrative expenses totaled $83.9 million in the third quarter of 2009, a 37% decrease from $133.2 million in the year-earlier period. As a percentage of housing revenues, selling, general and administrative expenses were 18.5% in the third quarter of 2009, compared to 19.9% in the third quarter of 2008.

The Company's equity in loss of unconsolidated joint ventures was $26.3 million in the third quarter of 2009, including $23.2 million of impairment charges, compared to a loss of $46.2 million in the third quarter of 2008, which included $43.1 million of impairment charges.

Financial services operations, which include the Company's equity interest in an unconsolidated mortgage banking joint venture, reported pretax income of $5.6 million in the current quarter, compared to $6.0 million in the year-earlier quarter. This 6% decrease primarily reflected a decline in the number of loans originated by the joint venture, a result of the reduced number of homes delivered by the Company.

The Company generated a pretax loss of $77.0 million in the third quarter of 2009, reducing its $151.7 million pretax loss for the year-earlier quarter by nearly half. The Company posted a net loss of $66.0 million, or $.87 per diluted share, for the 2009 third quarter, including a $35.5 million charge to record an after-tax valuation allowance against the net deferred tax assets generated during the period. In the third quarter of 2008, the Company reported a net loss of $144.7 million, or $1.87 per diluted share, including an after-tax valuation allowance charge of $58.1 million.

Net orders increased to 2,158 in the third quarter of 2009, up 62% from 1,329 in the year-earlier period, primarily reflecting the Company's well-received new product line, The Open Series, and a lower cancellation rate. The Company's cancellation rate as a percentage of gross orders improved to 27% in the third quarter of 2009, compared to 51% in the third quarter of 2008. As a percentage of beginning backlog, the cancellation rate was 20% in the current quarter, compared to 22% in the year-earlier quarter. The Company's backlog at the end of the 2009 third quarter decreased 22% to 3,722 homes from 4,774 homes at the end of the third quarter of 2008. At August 31, 2009, potential future housing revenues in backlog totaled $734.1 million, a 35% decrease from potential future housing revenues of $1.13 billion at August 31, 2008.

In the nine-month period ended August 31, 2009, Company-wide revenues totaled $1.15 billion, down 46% from $2.11 billion in the year-earlier period. Homes delivered in the first nine months of fiscal 2009 decreased 36% year-over-year to 5,446, and the average selling price decreased 12% year-over-year to $209,200. The Company posted a net loss of $202.5 million, or $2.64 per diluted share, in the first nine months of fiscal 2009, including pretax, noncash charges of $129.5 million for inventory and joint venture impairments and land option contract abandonments. The net loss also reflected an after-tax charge of $89.9 million to record a valuation allowance against the net deferred tax assets generated during the current period. In the nine months ended August 31, 2008, the Company generated a net loss of $668.8 million, or $8.63 per diluted share, including pretax, noncash charges of $482.7 million for inventory and joint venture impairments and land option contract abandonments, and $24.6 million for goodwill impairment. The net loss for the first nine months of fiscal 2008 also included a $257.0 million after-tax valuation charge against the net deferred tax assets generated during the period.


The Conference Call on the Third Quarter 2009 earnings will be broadcast live TODAY at 8:30 a.m. Pacific Daylight Time, 11:30 a.m. Eastern Daylight Time. To listen, please go to the Investor Relations section of the Company's website at kbhome.com.


VIEW FINANCIAL TABLES

McCormick Announces Strong Third Quarter Financial Results

McCormick Announces Strong Third Quarter Financial Results

McCormick Announces Strong Third Quarter Financial Results

SPARKS, Md.--(BUSINESS WIRE)--Sep. 24, 2009-- McCormick & Company, Incorporated (NYSE:MKC):

• Sales rose 6% in local currency. Unfavorable foreign currency exchange rates reduced sales 5%.
• Earnings per share of $0.57 were reported. On a comparable basis, excluding restructuring charges and unusual items, earnings per share rose 14%.
• The Company narrowed its projected 2009 earnings per share to the high end of its former target range.

McCormick & Company, Inc. today reported strong sales and profit growth for the third quarter of its 2009 fiscal year. The Company narrowed its earnings per share guidance for 2009 to a range of $2.26 to $2.28, which includes $0.05 of restructuring charges. When compared to fiscal year 2008 earnings per share, this is an increase of 8 to 9%, excluding restructuring charges as well as unusual items.

In the third quarter of 2009, sales increased 1% and in local currency rose 6% with increases in both the consumer and industrial businesses. Sales growth for the consumer business was led by the Lawry’s acquisition, pricing actions taken early in 2009 to offset higher costs, and a relaunch of dry seasoning mixes in the U.S. In local currency, industrial sales growth was achieved in each geographic region.

The successful acquisition of strong brands has led to higher profits at McCormick. The Company is also improving profitability with savings from its on-going Comprehensive Continuous Improvement (CCI) program, along with other areas of cost reduction in 2009. As a result, gross profit margin of 40.3% was achieved in the third quarter of 2009 compared to 39.5% in the third quarter of 2008. Operating income on a comparable basis, excluding restructuring charges, reached $117.5 million, which was an increase of 22% from the third quarter of 2008.

Earnings per share rose to $0.57 compared to $0.52 in prior year. In the third quarter of 2008, the net effect of restructuring charges and unusual items related to the Lawry’s acquisition, including the gain on the sale of Season-All, increased earnings per share $0.02. Excluding these items, earnings per share in the third quarter of 2009 increased $0.07 from the comparable period of 2008. Higher operating income added $0.11 per share, offset in part by a $0.02 reduction in income from unconsolidated operations, $0.01 from an increased tax rate and a $0.01 reduction in interest income.

Through the first three quarters of 2009, higher net income and progress with working capital management has led to $195 million in cash flow from operations compared to $115 million for the same period in 2008. During 2009 the Company is using cash to reduce debt associated with the acquisition of Lawry’s and to fund dividends.

Alan D. Wilson, Chairman, President and CEO, stated, “McCormick achieved strong profit growth in the third quarter. We grew sales for both our consumer and industrial businesses with the addition of Lawry’s, great product innovation, and pricing actions taken earlier in 2009 to offset higher costs. These increased sales, together with CCI, our restructuring program and other cost reductions, led to a profit increase that was ahead of our expectations for the quarter. With more consumers preparing meals at home, we are seeing a strong return on our marketing dollars and have plans for further increases to drive sales of our leading brands.

“It has now been one year since we completed the largest acquisition in our history. The Lawry’s business has proven to be an excellent addition to our portfolio, and I am pleased to report that we have reignited sales growth with new products and advertising.

“As we head into the holiday season, we believe McCormick is positioned for further increases in sales and profits. Our employees are focused on driving sales and managing costs, and we are confident that 2009 will be another year of record financial results.”

Based on strong year-to-date profit performance and a positive outlook for the upcoming holiday season, the Company narrowed its 2009 earnings per share projection to $2.26 to $2.28 from $2.24 to $2.28. This revised range is an increase of 8 to 9% versus 2008 on a comparable basis when the impact of restructuring charges and unusual items are excluded. The Company reaffirmed its expectation to grow sales 2 to 3% and continues to project a gross profit margin increase of at least 0.5 percentage points for the fiscal year. Cost savings from CCI and other initiatives to reduce costs are now expected to reach $35 million and are providing the fuel for at least $20 million of additional marketing support, including an incremental portion related to Lawry’s.

Business Segment Results
Consumer Business
(in millions)		Three Months Ended							Nine Months Ended
			8/31/09			8/31/08				8/31/09			8/31/08
Net sales		$450.5			$443.0				$1,306.2			$1,270.9
Operating income			88.3			72.7				227.4			197.6
Operating income, excluding restructuring charges			89.0			75.1				234.9			197.8

For the third quarter, consumer business sales rose 2% when compared to 2008, and in local currency grew 6%. The Company increased volume and mix 3%, due in large part to sales in the Americas, including the impact of Lawry’s, which was acquired in late July 2008. Pricing actions taken to offset higher costs added 3% to sales.

• Consumer sales in the Americas rose 8% and in local currency grew 9%. Volume and product mix added 6%, including an increase of 8% from Lawry’s, with the remainder of the increase due to pricing actions. Higher sales of branded dry seasoning mixes and grilling products were offset by lower sales of gourmet and specialty food items.
• Consumer sales in EMEA declined 13% and 3% in local currency. The difficult economy led to a reduction of 4% in volume and product mix this quarter with particular weakness in the U.K. This was offset in part by pricing actions taken late in 2008.
• Third quarter consumer sales in the Asia/Pacific region declined 4%, but rose 5% in local currency driven by increases in both primary markets, China and Australia.

For the third quarter, operating income, excluding restructuring charges, rose 19% from the comparable period of 2008. This increase was driven by higher sales and cost reductions as well as a favorable business mix. A portion of the favorable business mix is due to the integration of the Lawry’s acquisition with few incremental costs.

Industrial Business
(in millions)			Three Months Ended						Nine Months Ended
			8/31/09			8/31/08			8/31/09			8/31/08
Net sales			$341.2			$338.6			$961.3			$998.8
Operating income			28.3			20.2			61.6			53.2
Operating income, excluding restructuring charges			28.5			21.3			62.3			57.2

Industrial business sales rose 1% in the third quarter when compared to 2008, and in local currency grew 7%. Pricing actions which offset increased costs of certain commodities added 4% to sales. Volume and product mix increased sales 3%, including a benefit from the Lawry’s acquisition.

• Industrial sales in the Americas rose 4% and in local currency grew 7%. Higher volume and product mix increased sales 4% with 1% of the increase due to the Lawry’s acquisition. In addition, the Company has grown sales to quick service restaurants with several new seasoning products. Pricing actions also added to sales this quarter.
• In EMEA, industrial sales declined 10% but increased 8% in local currency. Pricing actions added 11% to sales while lower volume and product mix reduced sales by 3%. While sales volume to quick service restaurants rose this quarter, the Company had lower sales of branded products to food service operators due to the difficult economy.
• Industrial sales increased 1% in the Asia/Pacific region and in local currency grew 6%. The increase was largely due to greater demand from quick service restaurants in this region.

Operating income for the industrial business, excluding restructuring charges, rose 34% in the third quarter of 2009 as compared to the same period of 2008. This increase was the result of cost reductions as well as a favorable mix of business which included the effect of the Lawry’s acquisition and recent product introductions.

View All Financial Tables

The Pepsi Bottling Group Declares Quarterly Dividend

SOMERS, N.Y.--(BUSINESS WIRE)--Jul. 22, 2009-- The Board of Directors
of The Pepsi Bottling Group, Inc.
(NYSE: PBG) has declared a quarterly dividend of $0.18 per share
on PBG's common stock. The dividend is payable September 30, 2009
to PBG shareholders of record on September 4, 2009.

Time Warner Cable Inc. to Report Third-Quarter 2009 Results

NEW YORK, Sep 22, 2009 (BUSINESS WIRE) -- Time Warner Cable Inc. (NYSE: TWC)
will report its third-quarter 2009 results on Thursday, November 5, 2009, before
the market opens. Senior management will host a conference call beginning at
8:30 am ET to discuss the results.
The earnings press release will be sent out and available on our Web site
prior to the market opening.
You are invited to listen to the call live on our Web site at

www.timewarnercable.com/investors.There will be a replay available
on our website beginning approximately two hours after the call has ended.
If you wish to dial in, instructions for the call are:

In the United States:			888-677-9025
Outside the U.S.:			210-835-9584
Passcode:			TWC3Q09

Please dial in at least ten minutes before the call's scheduled start to
ensure you are connected in time for the beginning of the call.
A replay will also be available starting approximately two hours after the
call has ended and will run through midnight ET November 9, 2009, at the
following numbers:

Inside the United States:		866-470-8797
Outside the U.S.:		203-369-1497

No passcode is required for either of the replay numbers.
Please contact Time Warner Cable Investor Relations via email at
ir@twcable.com if you have any questions.


SOURCE: Time Warner Cable Inc.