8-K 1 s80221.txt FORM 8-K 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): November 21, 2002 SYNCOR INTERNATIONAL CORPORATION --------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware 0-8640 85-0229124 ------------------------------------------------------------------------------- (State or Other Jurisdiction of (Commission File Number) (IRS Employer Incorporation) Identification No.) 6464 Canoga Avenue, Woodland Hills, California 91367 ------------------------------------------------------------------------------ (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, including area code: (818)737-4000 N/A ------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 5. OTHER EVENTS The text of a press release dated November 21, 2002, issued by Syncor International Corporation and Cardinal Health, Inc. (the "Companies"), is attached as Exhibit 99.1 hereto and is incorporated by reference herein. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits. 99.1 Press Release issued by the Companies, dated November 21, 2002. 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. SYNCOR INTERNATIONAL CORPORATION By: /s/ William P. Forster --------------------------- Name: William P. Forster Title: Senior Vice President and Chief Financial Officer Dated: November 21, 2002 Exhibit 99.1 [Graphic Omitted] [Graphic Omitted] NASDAQ: SCOR NYSE: CAH FOR IMMEDIATE RELEASE Contact: Allan Mayer Sitrick And Company (310) 788-2850 William Powell Syncor International Corp. (818) 737-4702 David Verbraska Cardinal Health 614-757-3690 CARDINAL HEALTH initiates DISCUSSIONS WITH SYNCOR TO POSSIBLY MODIFY MERGER AGREEMENT WOODLAND HILLS, CALIFORNIA and DUBLIN, OHIO - November 21, 2002 - Syncor International Corporation (Nasdaq: SCOR) and Cardinal Health, Inc. (NYSE: CAH) today announced that Cardinal Health has initiated discussions with Syncor regarding the possible modification of the terms of their previously announced merger agreement under which Cardinal Health would acquire Syncor. While the parties intend to continue these discussions, there can be no assurance that such discussions will result in the parties agreeing to any revised terms. On November 6, 2002, Syncor announced that a newly established special committee of three outside directors, together with outside counsel, had been investigating the propriety of certain payments made by certain of Syncor's international subsidiaries to customers in several foreign countries. Syncor also announced that the special committee would investigate Syncor's other foreign operations. Earlier this week, Syncor announced, among other things, the special committee's findings based on the information it had gathered to date. Based on the information Syncor has reviewed as of the date hereof with respect to the matters currently under investigation by the special committee, and subject to the terms of any resolution of these matters with the Securities and Exchange Commission (SEC) and the United States Department of Justice (DOJ), Syncor believes that the information it has learned in the investigation would not result in Syncor's failure to satisfy the conditions to the existing merger agreement. However, Syncor cannot make a definitive determination as to the impact on the acquisition pending completion of the investigation and resolution of Syncor's discussions with the SEC and DOJ. Cardinal Health has not yet concluded whether the conditions to the transaction will be satisfied and believes that there can be no assurance that the transaction involving the acquisition of Syncor by Cardinal Health will be completed. In light of the foregoing, both companies believe that engaging in discussions regarding a possible modification of certain of the terms of the existing merger agreement is the best course of action at this time. The existing merger agreement provides for the acquisition of Syncor by Cardinal Health in a stock-for-stock transaction in which Syncor would become a wholly owned subsidiary of Cardinal Health. Terms of the existing merger agreement call for Syncor stockholders to receive .52 Cardinal Health common shares for each outstanding share of Syncor common stock. About Syncor Syncor International Corporation is a leading provider of high technology health care services concentrating on nuclear pharmacy services, medical imaging, niche manufacturing and radiotherapy. In the nuclear pharmacy services business, Syncor compounds and dispenses radiopharmaceuticals for diagnostic and therapeutic use by nuclear medicine departments in hospitals and outpatient clinics. Syncor distributes these time-critical pharmaceuticals to more than 7,000 U.S.-based customers through an integrated network of 130 domestic and 19 international nuclear pharmacies. Medical imaging services are provided through an integrated network of 73 domestic and 19 internationally owned or operated facilities. Syncor announced on June 14, 2002 that it intends to exit the U.S. medical imaging business. Syncor also owns or operates ten domestic and two international production facilities for positron emission tomography (PET) radiopharmaceuticals, and is a party to a series of agreements to make PET technology more accessible to healthcare providers and patients nationwide. For more information visit www.syncor.com. About Cardinal Health Cardinal Health, Inc. is the leading provider of products and services supporting the health care industry. Cardinal Health companies develop, manufacture, package and market products for patient care; develop drug-delivery technologies; distribute pharmaceuticals, medical- surgical and laboratory supplies; and offer; consulting and other services that improve quality and efficiency in health care. Headquartered in Dublin, Ohio, Cardinal Health employs more than 49,000 people on five continents and produces annual revenues of more than $44 billion. -------------------------- Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Syncor's and Cardinal Health's Form 10-K, Form 8-K and Form 10-Q reports (including all amendments to those reports) and exhibits to those reports, and include (but are not limited to) the costs, difficulties, and uncertainties related to the integration of acquired businesses, the loss of one or more key customer or supplier relationships, changes in the distribution patterns or reimbursement rates for health-care products and/or services, the costs and other effects of governmental regulation and legal and administrative proceedings, and general economic and market conditions. Syncor and Cardinal Health undertake no obligation to update or revise any forward-looking statements. Information regarding the identity of the persons who may, under SEC rules, be deemed to be participants in the solicitation of stockholders of Syncor International Corporation ("Syncor") in connection with the proposed merger, and their interests in the solicitation, is set forth in the definitive proxy statement/prospectus dated October 16, 2002 mailed to Syncor shareholders on October 17, 2002 and filed with the SEC. Cardinal Health, Inc. ("Cardinal Health") has filed a registration statement on Form S-4 in connection with the transaction. Investors and security holders of Syncor are urged to read the definitive proxy statement/prospectus because it contains important information about Cardinal Health, Syncor and the transaction. Investors and security holders may obtain a free copy of the proxy statement/prospectus at the SEC's website at www.sec.gov. A free copy of the proxy statement/prospectus may also be obtained from Cardinal Health or Syncor. Cardinal Health and Syncor and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the stockholders of Syncor in favor of the transaction. In addition to the registration statement on Form S-4 filed by Cardinal Health in connection with the transaction, and the proxy statement/prospectus mailed to the stockholders of Syncor in connection with the transaction, each of Cardinal Health and Syncor file annual, quarterly and special reports, proxy and information statements, and other information with the SEC. Investors may read and copy any of these reports, statements and other information at the SEC's public reference room located at 450 5th Street, N.W., Washington, D.C., 20549. Investors should call the SEC at 1-800-SEC-0330 for further information. The reports, statements and other information filed by Cardinal Health and Syncor with the SEC are also available for free at the SEC's web site at www.sec.gov. A free copy of these reports, statements and other information may also be obtained from Cardinal Health or Syncor. Investors should read the proxy statement/prospectus carefully before making any voting or investment decision.

SYNCOR INTERNATIONAL CORPORATION Goodwill Impact ($ in 000's) Nine Months Ended Three Months Ended September 30, 2001 September 30, 2001 First Quarter, 2001 $1,530 $0 Second Quarter, 2001 $1,548 $0 Third Quarter, 2001 $1,372 $1,372 -------------- ------------- Total Goodwill Expense $4,450 $1,372 Tax Effect 0.60 0.60 -------------- ------------- Net Income Effect $2,670 $823 ============== ============= Estimated Impact on EPS Without Goodwill Amortization: Basic Shares Outstanding $0.11 $0.03 Diluted Shares Outstanding $0.10 $0.03 Weighted Average Number of Common Shares Outstanding: Basic 24,494 24,603 Diluted 27,047 27,024

Sept 30, 2002 June 30, 2002 Dec. 31, 2001 ------------- ------------- ------------- Continuing Operations: Cash, Cash Equiv. and Marketable Securities $38,662 $17,262 $28,855 Accounts Receivables, net $106,715 $113,057 $97,003 Inventory $28,875 $28,224 $28,879 Total Current Assets $197,566 $180,141 $172,946 Total Assets $346,093 $327,640 $304,687 Accounts Payable $65,204 $67,549 $62,021 Other Current Liabilities (includes short-term debt) $50,611 $69,769 $38,006 -------------- ---------------- --------------- Total Current Liabilities $115,815 $137,318 $100,027 Debt (short term and long term): Credit Line $9,625 $7,520 $26,122 Other Debt (includes short-term debt) $11,238 $25,870 $15,341 -------------- ---------------- --------------- Total Outstanding Debt $20,863 $33,390 $41,463 Total Stockholders' Equity $223,361 $230,336 $234,828 Current Ratio 1.71 1.31 1.73 DSO 50.52 54.34 53.87 Discontinued Operations: Accounts Receivables, net $45,247 $50,016 $58,700 Inventory $1,315 $1,431 $1,751 Total Current Assets $71,054 $68,673 $74,450 Total Assets $235,794 $283,541 $283,154 Accounts Payable $2,519 $3,352 $3,832 Other Current Liabilities (includes short-term debt) $52,045 $30,762 $26,256 -------------- ---------------- --------------- Total Current Liabilities $54,564 $34,114 $30,088 Debt (short term and long term): Credit Line $130,638 $141,080 $143,328 Other Debt (includes short-term debt) $46,167 $33,020 $41,906 -------------- ---------------- --------------- Total Outstanding Debt $176,805 $174,100 $185,234 Total Stockholders' (Deficit) Equity ($52,621) $(20,278) $(862) Current Ratio 1.30 2.01 2.47 DSO 99.29 116.81 111.36

Nine Months Ended, Sept 30, 2002 Sept 30, 2001 -------------------------------------------- Net Cash Provided By (Used In) Operations $54,260 $42,613 Less:Capital Additions $20,741 $32,226 ------------------ ------------------ Free Cash Flow $33,519 $10,387 ================== ================== Acquisition of Businesses, Net of Cash Acquired $6,446 $25,415 ------------------ ------------------ Total $27,073 ($15,028) ================== ==================

---------------------------------------- ----------------------------------------- SPS Overseas ---------------------------------------- ----------------------------------------- Q3 2002 Q3 2001 % Change Q3 2002 Q3 2001 % Change Net Sales $181,877 $142,101 28.0% $10,335 $7,717 33.9% Cost of Sales 126,582 100,710 25.7% 6,876 4,299 59.9% --------------------------- --------------------------- Gross Profit 55,295 41,391 33.6% 3,459 3,418 1.2% % of Net Sales 30.4% 29.1% 33.5% 44.3% Operating, Selling and Administrative Expenses 28,863 23,834 21.1% 3,889 2,513 54.8% Depreciation & Amortization 2,538 1,970 28.8% 882 1,096 -19.5% --------------------------- --------------------------- Total Expenses 31,401 25,804 21.7% 4,771 3,609 32.2% --------------------------- --------------------------- % of Net Sales 17.3% 18.2% 46.2% 46.8% Operating Income (Loss) $23,894 $15,587 53.3% ($1,312) ($191) 100% =========================== =========================== % of Net Sales 13.1% 11.0% -12.7% -2.5% Note -- the totals from this schedule will not agree to Syncor's Consolidated Statements of Income due to Unallocated Corporate expenses Reclassifications - certain items have been reclassified in Q3 2001 business unit results to conform to the current year's presentation; there is not an impact on overall consolidated operating results.

-------------------------------------- -------------------------------------- SPS Overseas -------------------------------------- -------------------------------------- YTD Q3 2002 YTD Q3 2001 % Change YTD Q3 2002 YTD Q3 2001 % Change Net Sales $524,004 $412,941 26.9% $31,108 $21,347 45.7% Cost of Sales 360,918 290,804 24.1% 19,842 12,399 60.0% --------------------------- -------------------------- Gross Profit 163,086 122,137 33.5% 11,266 8,948 25.9% % of Net Sales 31.1% 29.6% 36.2% 41.9% Operating, Selling and Administrative Expenses 83,016 60,470 37.3% 9,718 6,627 46.6% Depreciation & Amortization 7,227 5,160 40.1% 2,442 2,574 -5.1% --------------------------- -------------------------- Total Expenses 90,243 65,630 37.5% 12,160 9,201 32.2% --------------------------- -------------------------- % of Net Sales 17.2% 15.9% 39.1% 43.1% Operating Income (Loss) $72,843 $56,507 28.9% ($894) ($253) 100% =========================== ========================== % of Net Sales 13.9% 13.7% -2.9% -1.2% Note -- the totals from this schedule will not agree to Syncor's Consolidated Statements of Income due to Unallocated Corporate expenses Reclassifications - certain items have been reclassified in Q3 2001 business unit results to conform to the current year's presentation; there is not an impact on overall consolidated operating results.

Q3 2002 Q3 2001 Actual Actual % Change -------------------- -------------------- -------------- Net Sales $192,212 $149,818 28.3% -------------------- -------------------- Less: Cost of Goods Sold 133,458 105,009 27.1% -------------------- -------------------- Gross Profit 58,754 44,809 31.1% -------------------- -------------------- % of Sales 30.6% 29.9% Operating, Selling and Admin. Expenses 39,834 29,506 35.0% Depreciation Expense 5,007 4,391 14.0% Special Charges: Transaction Costs 2,270 - - -------------------- -------------------- Total Operating Expenses 47,111 33,897 39.0% % of Sales 24.5% 22.6% Operating Income 11,643 10,912 6.7% % of Sales 6.1% 7.3% Other Income (Expense), net (2,114) 595 - -------------------- -------------------- Income From Continuing Operations 9,529 11,507 -17.2% Income Taxes 5,870 4,432 32.4% -------------------- -------------------- Income From Continuing Operations After Tax 3,659 7,075 -48.3% Discontinued Operations, net of taxes (32,150) 759 - -------------------- -------------------- Net Income (Loss), net of taxes ($28,491) $7,834 - ==================== ==================== % of Sales -14.8% 5.2% Basic Earnings (Loss) per Common Share: Continuing Operations $0.14 $0.29 Discontinued Operations ($1.25) $0.03 -------------------- -------------------- Net Basic Earnings (Loss) per Common Share ($1.11) $0.32 ==================== ==================== Diluted Earnings (Loss) per Common Share: Continuing Operations $0.13 $0.26 Discontinued Operations ($1.17) $0.03 -------------------- -------------------- Net Diluted Earnings (Loss) per Common Share ($1.04) $0.29 ==================== ==================== Weighted Average Number of Common Shares Outstanding: Basic 25,695 24,603 Diluted 27,405 27,024

YTD Q3 2002 YTD Q3 2001 Actual Actual % Change -------------------- ------------------- -------------- Net Sales $555,112 $434,288 27.8% -------------------- ------------------- Less: Cost of Goods Sold 380,760 303,203 25.6% -------------------- ------------------- Gross Profit 174,352 131,085 33.0% -------------------- ------------------- % of Sales 31.4% 30.2% Operating, Selling and Admin. Expenses 109,202 74,859 45.9% Depreciation Expense 14,609 11,713 24.7% Special Charges: Severance Expense 4,125 - - Transaction Costs 3,136 - - -------------------- ------------------- Total Operating Expenses 131,072 86,572 51.4% % of Sales 23.6% 19.9% Operating Income 43,280 44,513 -2.8% % of Sales 7.8% 10.2% Other Income (Expense), net (3,029) (912) - -------------------- ------------------- Income From Continuing Operations 40,251 43,601 -7.7% Income Taxes 17,697 16,858 5.0% -------------------- ------------------- Income From Continuing Operations After Tax 22,554 26,743 -15.7% Discontinued Operations, net of taxes (55,131) 2,280 - -------------------- ------------------- Net Income (Loss), net of taxes ($32,577) $29,023 - ==================== =================== % of Sales -5.9% 6.7% Basic Earnings (Loss) per Common Share: Continuing Operations $0.90 $1.09 Discontinued Operations ($2.20) $0.09 -------------------- ------------------- Net Basic Earnings (Loss) per Common Share ($1.30) $1.18 ==================== =================== Diluted Earnings (Loss) per Common Share: Continuing Operations $0.83 $0.99 Discontinued Operations ($2.04) $0.08 -------------------- ------------------- Net Diluted Earnings (Loss) per Common Share ($1.21) $1.07 ==================== =================== Weighted Average Number of Common Shares Outstanding: Basic 25,081 24,494 Diluted 26,993 27,047

------------------------------------------ As Reported ------------------------------------------ Before Corporate Corporate Charges Total Charges Net Sales $192,212 $0 $192,212 ------------ ----------- ---------- Cost of Sales 133,458 - 133,458 ------------ ----------- ---------- Gross Profit 58,754 - 58,754 Operating, Selling and Admin. 39,834 - 39,834 Depreciation Expense 5,007 - 5,007 Transaction Costs - 2,270 2,270 ------------ ----------- ---------- Total Operating Expenses 44,841 2,270 47,111 ------------ ----------- ---------- ------------ ----------- ---------- Operating Income (Loss) 13,913 (2,270) 11,643 ------------ ----------- ---------- Other Income (Expense), Net 386 (2,500) (2,114) ------------ ----------- ---------- Operating Income (Loss) 14,299 (4,770) 9,529 Income Taxes (Benefit) 5,597 273 5,870 ------------ ----------- ---------- Income (Loss) After Tax $8,702 ($5,043) $3,659 ============ =========== ========== Fully Diluted Outstanding Shares 27,405 27,405 27,405 Diluted Earnings (Loss) ------------------------------------------ Per Common Share $0.31 ($0.18) $0.13 ------------------------------------------ [TABLE CONTINUED] --------------------------------------------------------------------------------------------------- Discontinued Operations --------------------------------------------------------------------------------------------------- Restructuring and Other Charges Results For Three Months Ended September 30, 2002 Combined Seeds Overseas Imaging Total Seeds Overseas Imaging Total Net Sales $0 $0 $0 $0 $0 $1,574 $39,894 $41,468 $41,468 ------------------------------------- ------------------------------------------- ---------- Cost of Sales - - - - - 977 13,705 14,682 14,682 ------------------------------------- ------------------------------------------- ---------- Gross Profit - - - - - 597 26,189 26,786 26,786 Operating, Selling and Admin. - - - - - 579 18,045 18,624 18,624 Depreciation Expense - - - - - 107 5,598 5,705 5,705 Transaction Costs - - - - - - - - - ------------------------------------- ------------------------------------------- ---------- Total Operating Expenses - - - - - 686 23,643 24,329 24,329 ------------------------------------- ------------------------------------------- ---------- ------------------------------------- ------------------------------------------- ---------- Operating Income (Loss) - - - - - (89) 2,546 2,457 2,457 ------------------------------------- ------------------------------------------- ---------- Other Income (Expense), Net - - (47,519) (47,519) - (175) (3,027) (3,202) (50,721) ------------------------------------- ------------------------------------------- ---------- Operating Income (Loss) - - (47,519) (47,519) - (264) (481) (745) (48,264) Income Taxes (Benefit) - - (16,204) (16,204) - 17 73 90 (16,114) ------------------------------------- ------------------------------------------- ---------- Income (Loss) After Tax $0 $0 ($31,315)($31,315) $0 ($281) ($554) ($835) ($32,150) ===================================== =========================================== ========== Fully Diluted Outstanding Shares 27,405 27,405 27,405 27,405 - 27,405 27,405 27,405 27,405 Diluted Earnings (Loss) ------------------------------------- ------------------------------------------- ---------- Per Common Share $0.00 $0.00 ($1.14) ($1.14) $0.00 ($0.01) ($0.02) ($0.03) ($1.17) ------------------------------------- ------------------------------------------- ---------- Note: We have included this schedule to provide more detail of the non-recurring expenses for the period presented and to provide the detail of the restructuring charges and discontinued operations. Included in the As Reported columns is a reconciliation of the reported results of operations and the non-recurring charges for the period. For the discontinued operations we have shown a reconciliation of the components of the discontinued operations breaking out the non-recurring charges from the discontinued operations results for the period.

----------------------------------------------- As Reported ----------------------------------------------- Before Corporate Corporate Total Charges Charges Net Sales $555,112 $0 $555,112 ------------ ----------- ---------- Cost of Sales 380,760 - 380,760 ------------ ----------- ---------- Gross Profit 174,352 - 174,352 Operating, Selling and Admin. 109,202 - 109,202 Depreciation Expense 14,609 - 14,609 Severance Costs 3,604 3,604 Transaction Costs 3,136 3,136 Asset Impairment or write downs - 521 521 ------------ ----------- ---------- Total Operating Expenses 123,811 7,261 131,072 ------------ ----------- ---------- ------------ ----------- ---------- Operating Income (Loss) 50,541 (7,261) 43,280 ------------ ----------- ---------- Other Income (Expense), Net (529) (2,500) (3,029) ------------ ----------- ---------- Operating Income (Loss) 50,012 (9,761) 40,251 Income Taxes (Benefit) 19,346 (1,649) 17,697 ------------ ----------- ---------- Income (Loss) After Tax $30,666 ($8,112) $22,554 ============ =========== ========== Fully Diluted Outstanding Shares 26,993 26,993 26,993 Diluted Earnings (Loss) ---------------------------------------------- Per Common Share $1.13 ($0.30) $0.83 ---------------------------------------------- [TABLE CONTINUED] --------------------------------------------------------------------------------------------- Discontinued Operations --------------------------------------------------------------------------------------------- Restructuring and Other Charges Results For Nine Months Ended Sept. 30, 2002 Combined Seeds Overseas Imaging Total Seeds Overseas Imaging Total Net Sales $0 $0 ($2,376) ($2,376) $120 $4,817 $120,970 $125,907 $123,531 ------------------------------------- ---------------------------------------- --------- Cost of Sales - - - - 180 3,053 40,339 43,572 43,572 ------------------------------------- ---------------------------------------- --------- Gross Profit - - (2,376) (2,376) (60) 1,764 80,631 82,335 79,959 Operating, Selling and Admin. - - 987 987 95 1,946 53,083 55,124 56,111 Depreciation Expense - - - - 21 546 16,005 16,572 16,572 Severance Costs 125 1,685 6,002 7,812 7,812 Transaction Costs - - - Asset Impairment or write downs 702 13,484 8,784 22,970 - - - - 22,970 ------------------------------------- ---------------------------------------- --------- Total Operating Expenses 827 15,169 15,773 31,769 116 2,492 69,088 71,696 103,465 ------------------------------------- ---------------------------------------- --------- ------------------------------------- ---------------------------------------- --------- Operating Income (Loss) (827) (15,169) (18,149) (34,145) (176) (728) 11,543 10,639 (23,506) ------------------------------------- ---------------------------------------- --------- Other Income (Expense), Net - - (47,519) (47,519) - 83 (8,448) (8,365) (55,884) ------------------------------------- ---------------------------------------- --------- Operating Income (Loss) (827) (15,169) (65,668) (81,664) (176) (645) 3,095 2,274 (79,390) Income Taxes (Benefit) (318) (2,003) (23,191) (25,512) (68) (130) 1,451 1,253 (24,259) ------------------------------------- ---------------------------------------- --------- Income (Loss) After Tax ($509)($13,166)($42,477) ($56,152) ($108) ($515) $1,644 $1,021 ($55,131) ===================================== ======================================== ========= Fully Diluted Outstanding Shares 26,993 26,993 26,993 26,993 26,993 26,993 26,993 26,993 26,993 Diluted Earnings (Loss) ------------------------------------- ---------------------------------------- --------- Per Common Share ($0.02) ($0.49) ($1.57) ($2.08) ($0.00) ($0.02) $0.06 $0.04 ($2.04) ------------------------------------- ---------------------------------------- --------- Note: We have included this schedule to provide more detail of the non-recurring expenses for the period presented and to provide the detail of the restructuring charges and discontinued operations. Included in the As Reported columns is a reconciliation of the reported results of operations and the non-recurring charges for the period. For the discontinued operations we have shown a reconciliation of the components of the discontinued operations breaking out the non-recurring charges from the discontinued operations results for the period.

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