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Solution Name: {{SolutionName}}As previously announced, Kennametal Inc. adopted SFAS No. 142 "Goodwill and Other Intangible Assets" effective July 1, 2001, and accordingly will no longer amortize goodwill to earnings.
To facilitate comparisons, the following charts restate selected fiscal 2001 financial results to exclude goodwill amortization (in thousands, except per share amounts).
Selected Pro Forma Fiscal Year 2001 Restatement Excluding Special Charges 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 2001 ________ ________ ________ ________ ________ Amortization of intangibles $923 $770 $703 $716 $3,112 Provision for income taxes 9,366 9,751 14,760 12,501 46,378 Minority interest 1,111 967 800 862 3,740 Net income $15,907 $19,290 $27,980 $23,514 $86,691 ======= ======= ======= ======= ======= Pro forma Diluted EPS $0.52 $0.63 $0.91 $0.76 $2.82 ======= ======= ======= ======= ======= Fiscal Year 2001 Goodwill Expense Summary - By Segment 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 2001 ________ ________ ________ ________ ________ MSSG $2,350 $2,339 $2,349 $2,344 $9,382 AMSG 2,232 2,229 2,230 1,897 8,588 J&L 687 717 766 629 2,799 FSS 15 15 15 15 60 Corporate 116 77 - - 193 ________ ________ ________ ________ ________ Total $5,400 $5,377 $5,360 $4,885 $21,022 ======= ======= ======= ======= =======
Kennametal Inc. aspires to be the premier tooling solutions supplier in the world with operational excellence throughout the value chain and best-in-class manufacturing and technology. Kennametal strives to deliver superior shareowner value through top-tier financial performance. The company provides customers a broad range of technologically advanced tools, tooling systems and engineering services aimed at improving customers' manufacturing competitiveness. With 13,000 employees worldwide, the company's annual sales are approximately $1.8 billion, with a third coming from sales outside the United States. Kennametal is a five-time winner of the GM "Supplier of the Year" award and is represented in more than 60 countries. Kennametal operations in Europe are headquartered in Furth, Germany. Kennametal Asia Pacific operations are headquartered in Singapore.
SOURCE: Kennametal Inc.
Contact: Investor Relations, Beth A. Riley of Kennametal,
+1-724-539-3470
Website: http://www.kennametal.com/