TOWSON, Md., Jan. 28 /PRNewswire-FirstCall/ -- The Black & Decker
Corporation (NYSE: BDK) today announced that net earnings for the fourth
quarter of 2007 were $187.4 million or $2.94 per diluted share, versus
$95.7 million or $1.38 per diluted share for the fourth quarter of 2006.
Net earnings for the fourth quarter of 2007 include the favorable $153.4
million effect of a previously announced tax settlement, a $31.7 million
pre-tax charge for an environmental remediation matter, and a $19.0 million
pre-tax restructuring charge. Excluding these three items, net earnings for
the fourth quarter of 2007 were $67.4 million or $1.06 per diluted share.
For the full year 2007, net earnings were $518.1 million or $7.85 per
diluted share, versus $486.1 million or $6.55 per diluted share for 2006.
Excluding the three items identified in the previous paragraph, net
earnings for the full year 2007 were $398.1 million or $6.03 per diluted
share.
Sales increased 3% during the quarter to $1.7 billion, including a
positive 4% impact from foreign currency translation. For the full year,
sales increased 2% to $6.6 billion, including a positive 3% impact from
foreign currency translation. Free cash flow was a record $623 million for
the year, up from $533 million in 2006. The Corporation repurchased 5.4
million shares of its stock in 2007 as well as an additional 2.0 million
shares in early 2008.
Nolan D. Archibald, Chairman and Chief Executive Officer, commented,
"Business conditions continued to deteriorate during the fourth quarter of
2007. For the year, U.S. housing starts were down approximately 25% and we
encountered severe commodity cost pressure, both significantly worse than
we expected early in 2007. Despite these challenges, Black & Decker's
adjusted earnings per share of $6.03 were only 4% below the range we
projected last January. In addition, results were consistent with the
updated guidance we provided in December. While demand in our U.S. markets
has been weak, we are pleased with the outstanding results in our
international businesses and our sixth straight record year of free cash
flow.
"Sales in the Power Tools and Accessories segment decreased 2% for the
quarter. In the U.S. Industrial Products Group, sales decreased at a low
single-digit rate, reflecting weak market conditions and returns of
recalled product. In the U.S. Consumer Products Group, sales decreased at a
double- digit rate, with declines in most key product lines. Throughout the
North American business, our customers continued to manage inventory levels
cautiously. In Europe, sales increased at a low single-digit rate, driven
by sales of consumer products. Sales in the rest of the world increased at
a double-digit rate, led by excellent performance in Latin America.
Operating margin for the segment decreased to 4.9% due to commodity
inflation, costs of a product recall and weakness in the U.S. consumer
business.
"For the full year, sales in the Power Tools and Accessories segment
decreased 1%. In the U.S., the Industrial and Consumer Products Groups
posted rates of sales decline in the mid single-digits and high
single-digits, respectively. The challenges in North America were partially
offset by strong results overseas. The European business increased sales at
a mid single-digit rate, marking a fourth straight year of organic growth.
Latin America and the Asia/Pacific region contributed meaningfully, with a
combined sales growth rate in the high teens. Operating margin for the year
decreased to 10.0%, primarily due to commodity inflation and higher
selling, general and administrative expenses as a percentage of sales.
"Sales in the Hardware and Home Improvement segment decreased 4% for
the quarter. The lockset business, which posted a sales increase in the
third quarter, passed the anniversary of its 2006 price increases and could
not overcome the effects of lower U.S. housing construction. The Price
Pfister faucet business grew sales modestly, achieving its fifth straight
quarterly increase in a difficult environment.
"For the full year, sales in the Hardware and Home Improvement segment
decreased 1%. The U.S. lockset business, which is particularly strong in
the residential construction market, reported a high single-digit rate of
sales decline. Price Pfister grew sales at a high single-digit rate,
reflecting listing gains and a remodeling market that was more stable than
new construction. Price increases and international sales increases also
helped mitigate the effect of the housing decline during the year.
"For the fourth quarter and full year, operating margin in the Hardware
and Home Improvement segment decreased to 9.6% and 11.3%, respectively. The
business was able to offset commodity inflation with price increases and
productivity. However, the lockset business felt the impact of lower sales
and production volumes, as well as unfavorable mix, resulting in lower
margins for the segment.
"Sales in the Fastening and Assembly Systems segment increased 6% for
the quarter and 4% for the full year. This business accelerated in the
second half of the year, led by strong performance in Asia and Europe.
Operating margin in this segment increased to 14.6% for the quarter and
15.4% for the full year, primarily due to volume leverage.
"As noted above, three other items had an impact on earnings in the
fourth quarter. First, a tax settlement, which we announced in December,
resulted in a $153.4 million increase in net earnings. Second, we now
expect to incur higher environmental remediation costs at the site of a
former Emhart operation, requiring $31.7 million of incremental reserves.
Third, we recorded a $19.0 million restructuring charge, related to cost
reduction actions in our Power Tools and Accessories and Hardware and Home
Improvement segments.
"Black & Decker extended its outstanding track record of free cash flow
generation in 2007. Our new record of $623 million is well above the prior-
year level, even after adjusting for an income tax payment in 2006 related
to the repatriation of foreign earnings. Free cash flow has exceeded net
earnings six of the past seven years, with an average conversion rate above
120% during that time period. We continue to exercise discipline in capital
spending and manage working capital effectively. In addition, we believe
our stewardship of capital has been very effective. Since 2001, we have
repurchased approximately one-third of our outstanding shares, invested
over $1 billion in acquisitions, and more than tripled our dividend.
"Looking ahead, we recognize that the U.S. economy is slowing, and we
do not expect a housing recovery in 2008. While our international momentum
and new product pipeline remain strong, we are forecasting that organic
sales will decline at a low single-digit rate in 2008. Higher battery
prices and the impact of China's currency and VAT policy will put pressure
on our margins, primarily in the first half of the year. These factors will
be partly offset by productivity, lower pension expense, the effect of the
weak dollar and a lower share count. We expect diluted EPS in the range of
$1.10-to-$1.20 for the first quarter and $5.40-to-$5.90 for the full year.
We also expect to convert approximately 100% of full-year net earnings to
free cash flow.
"Black & Decker has been taking steps over the last six years to
effectively withstand weaker economic conditions. Our company has
significantly lower fixed costs and better balanced profitability than
during the 2001 downturn. We are confident that our powerful brands and
industry- leading innovation will sustain us through this cycle and drive
growth when our markets improve. Combined with our strong cash generation
and disciplined stewardship of capital, we believe these strengths will
enable us to deliver outstanding returns to our shareholders."
The Corporation will hold a conference call today at 9:00 a.m., E.T.,
to discuss fourth-quarter and full-year results and the outlook for 2008.
Investors can listen to the conference call by visiting http://www.bdk.com
and clicking on the icon labeled "Live Webcast." Listeners should log-in at
least ten minutes prior to the beginning of the event to ensure timely
access. A replay of the call will be available at http://www.bdk.com.
This release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. By their nature, all forward-looking statements
involve risks and uncertainties. For a more detailed discussion of the
risks and uncertainties that may affect Black & Decker's operating and
financial results and its ability to achieve the financial objectives
discussed in this press release, interested parties should review the "Risk
Factors" sections in Black & Decker's reports filed with the Securities and
Exchange Commission, including the Annual Report on Form 10-K for the
fiscal year ended December 31, 2006.
This release contains non-GAAP financial measures within the meaning of
Regulation G promulgated by the Securities and Exchange Commission.
Included with this release is a reconciliation of the differences between
these non- GAAP financial measures with the most directly comparable
financial measures calculated in accordance with GAAP.
Black & Decker is a leading global manufacturer and marketer of power
tools and accessories, hardware and home improvement products, and
technology- based fastening systems.
THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
-----------------------------------------------
CONSOLIDATED STATEMENT OF EARNINGS
----------------------------------
(Dollars in Millions Except Per Share Amounts)
Three Months Ended
-------------------------------------
December 31, 2007 December 31, 2006
----------------- -----------------
SALES $ 1,652.5 $ 1,611.3
Cost of goods sold 1,129.9 1,074.6
Selling, general, and
administrative expenses 442.1 383.3
Restructuring and exit costs 19.0 -
----------------- -----------------
OPERATING INCOME 61.5 153.4
Interest expense (net of
interest income) 20.9 21.9
Other expense .1 .4
----------------- -----------------
EARNINGS BEFORE INCOME TAXES 40.5 131.1
Income taxes (benefit) (146.9) 35.4
----------------- -----------------
NET EARNINGS $ 187.4 $ 95.7
================= =================
NET EARNINGS PER COMMON
SHARE - BASIC $ 3.02 $ 1.42
================= =================
Shares Used in Computing Basic
Earnings Per Share (in Millions) 62.1 67.4
================= =================
NET EARNINGS PER COMMON
SHARE - ASSUMING DILUTION $ 2.94 $ 1.38
================= =================
Shares Used in Computing Diluted
Earnings Per Share (in Millions) 63.6 69.5
================= =================
THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
-----------------------------------------------
CONSOLIDATED STATEMENT OF EARNINGS
----------------------------------
(Dollars in Millions Except Per Share Amounts)
Year Ended
-------------------------------------
December 31, 2007 December 31, 2006
----------------- -----------------
SALES $ 6,563.2 $ 6,447.3
Cost of goods sold 4,336.2 4,205.8
Selling, general, and
administrative expenses 1,625.8 1,501.1
Restructuring and exit costs 19.0 -
----------------- -----------------
OPERATING INCOME 582.2 740.4
Interest expense (net of
interest income) 82.3 73.8
Other expense 2.3 2.2
----------------- -----------------
EARNINGS BEFORE INCOME TAXES 497.6 664.4
Income taxes (benefit) (20.5) 178.3
----------------- -----------------
NET EARNINGS $ 518.1 $ 486.1
================= =================
NET EARNINGS PER COMMON
SHARE - BASIC $ 8.06 $ 6.74
================= =================
Shares Used in Computing Basic
Earnings Per Share (in Millions) 64.3 72.1
================= =================
NET EARNINGS PER COMMON
SHARE - ASSUMING DILUTION $ 7.85 $ 6.55
================= =================
Shares Used in Computing Diluted
Earnings Per Share (in Millions) 66.0 74.2
================= =================
THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
-----------------------------------------------
CONSOLIDATED BALANCE SHEET
--------------------------
(Millions of Dollars)
December 31, 2007 December 31, 2006
----------------- -----------------
ASSETS
Cash and cash equivalents $ 254.7 $ 233.3
Trade receivables 1,109.4 1,149.6
Inventories 1,145.8 1,063.5
Other current assets 329.6 257.0
----------------- -----------------
TOTAL CURRENT ASSETS 2,839.5 2,703.4
----------------- -----------------
PROPERTY, PLANT, AND EQUIPMENT 596.2 622.2
GOODWILL 1,212.9 1,195.6
OTHER ASSETS 762.3 726.5
----------------- -----------------
$ 5,410.9 $ 5,247.7
================= =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term borrowings $ 329.7 $ 258.9
Current maturities of long-term debt .2 150.2
Trade accounts payable 504.6 458.5
Other current liabilities 1,046.3 912.0
----------------- -----------------
TOTAL CURRENT LIABILITIES 1,880.8 1,779.6
----------------- -----------------
LONG-TERM DEBT 1,179.1 1,170.3
POSTRETIREMENT BENEFITS 311.3 482.4
OTHER LONG-TERM LIABILITIES 581.0 651.8
STOCKHOLDERS' EQUITY 1,458.7 1,163.6
----------------- -----------------
$ 5,410.9 $ 5,247.7
================= =================
THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
-----------------------------------------------
SUPPLEMENTAL INFORMATION ABOUT BUSINESS SEGMENTS
------------------------------------------------
(Millions of Dollars)
Reportable Business Segments
----------------------------------------------
Power Hardware Fastening
Three Months Ended Tools & & Home & Assembly
December 31, 2007 Accessories Improvement Systems Total
--------------------------------------------------------------------------
Sales to unaffiliated
customers $ 1,170.0 $ 234.1 $ 174.1 $ 1,578.2
Segment profit (loss) (for
Consolidated, operating
income before restructuring
and exit costs) 56.8 22.5 25.4 104.7
Depreciation and amortization 22.2 5.0 4.6 31.8
Capital expenditures 17.3 5.7 9.2 32.2
Three Months Ended
December 31, 2006
--------------------------------------------------------------------------
Sales to unaffiliated
customers $ 1,199.6 $ 243.0 $ 164.4 $ 1,607.0
Segment profit (loss) (for
Consolidated, operating
income) 114.6 26.3 23.1 164.0
Depreciation and amortization 28.3 4.6 4.6 37.5
Capital expenditures 14.9 4.5 7.7 27.1
Year Ended
December 31, 2007
--------------------------------------------------------------------------
Sales to unaffiliated
customers $ 4,720.4 $ 1,000.8 $ 693.3 $ 6,414.5
Segment profit (loss) (for
Consolidated, operating
income before restructuring
and exit costs) 471.4 113.3 106.6 691.3
Depreciation and amortization 95.1 22.8 19.9 137.8
Capital expenditures 64.1 20.8 21.0 105.9
Year Ended
December 31, 2006
--------------------------------------------------------------------------
Sales to unaffiliated
customers $ 4,789.9 $ 1,009.2 $ 669.3 $ 6,468.4
Segment profit (loss) (for
Consolidated, operating
income) 576.1 136.9 96.1 809.1
Depreciation and amortization 111.4 22.9 18.9 153.2
Capital expenditures 72.8 14.0 16.7 103.5
Currency Corporate,
Three Months Ended Translation Adjustments,
December 31, 2007 Adjustments & Eliminations Consolidated
--------------------------------------------------------------------------
Sales to unaffiliated
customers $ 74.3 $ - $ 1,652.5
Segment profit (loss) (for
Consolidated, operating
income before restructuring
and exit costs) 6.8 (31.0) 80.5
Depreciation and amortization 1.2 1.1 34.1
Capital expenditures 1.6 7.2 41.0
Three Months Ended
December 31, 2006
--------------------------------------------------------------------------
Sales to unaffiliated
customers $ 4.3 $ - $ 1,611.3
Segment profit (loss) (for
Consolidated, operating
income) .5 (11.1) 153.4
Depreciation and amortization .2 .5 38.2
Capital expenditures .1 1.2 28.4
Year Ended
December 31, 2007
--------------------------------------------------------------------------
Sales to unaffiliated
customers $ 148.7 $ - $ 6,563.2
Segment profit (loss) (for
Consolidated, operating
income before restructuring
and exit costs) 17.6 (107.7) 601.2
Depreciation and amortization 2.7 2.9 143.4
Capital expenditures 2.6 7.9 116.4
Year Ended
December 31, 2006
--------------------------------------------------------------------------
Sales to unaffiliated
customers $ (21.1) $ - $ 6,447.3
Segment profit (loss) (for
Consolidated, operating
income) (1.9) (66.8) 740.4
Depreciation and amortization (.5) 2.2 154.9
Capital expenditures (.3) 1.4 104.6
The reconciliation of segment profit to the Corporation's earnings
before income taxes for each period, in millions of dollars, is as follows:
Three Months Ended Year Ended
--------------------------------------------------------------------------
December 31, December 31, December 31, December 31,
2007 2006 2007 2006
--------------------------------------------------------------------------
Segment profit for total
reportable business
segments $ 104.7 $ 164.0 $ 691.3 $ 809.1
Items excluded from
segment profit:
Adjustment of budgeted
foreign exchange rates
to actual rates 6.8 .5 17.6 (1.9)
Depreciation of Corporate
property (.7) (.2) (1.4) (.9)
Adjustment to businesses'
postretirement benefit
expenses booked in
consolidation (5.1) (6.3) (19.9) (25.2)
Other adjustments booked in
consolidation directly
related to reportable
business segments 7.3 (1.5) 8.3 (.2)
Amounts allocated to
businesses in arriving at
segment profit in excess of
(less than) Corporate center
operating expenses,
eliminations, and other
amounts identified above (32.5) (3.1) (94.7) (40.5)
--------------------------------------------------------------------------
Operating income before
restructuring and exit
costs 80.5 153.4 601.2 740.4
Restructuring and exit
costs 19.0 - 19.0 -
--------------------------------------------------------------------------
Operating income 61.5 153.4 582.2 740.4
Interest expense, net of
interest income 20.9 21.9 82.3 73.8
Other expense .1 .4 2.3 2.2
--------------------------------------------------------------------------
Earnings before income
taxes $ 40.5 $ 131.1 $ 497.6 $ 664.4
==========================================================================
BASIS OF PRESENTATION
Adoption of New Accounting Standard Relating to Income Taxes:
-------------------------------------------------------------
As more fully described in Note 1 of Notes to Consolidated Financial
Statements included in Item 8 of the Corporation's Annual Report on Form
10-K for the year ended December 31, 2006 (the 2006 Form 10-K), the
Corporation was required to adopt FASB Interpretation No. 48 (FIN 48),
Accounting for Uncertainty in Income Taxes-an interpretation of FASB
Statement No. 109, as of January 1, 2007, with any cumulative effect of the
change in accounting principles recognized as an adjustment to opening
retained earnings.
FIN 48 provides guidance for the recognition, derecognition and
measurement in financial statements of tax positions taken in previously
filed tax returns or tax positions expected to be taken in tax returns. FIN
48 requires an entity to recognize the financial statement impact of a tax
position when it is more likely than not that the position will be
sustained upon examination. If the tax position meets the
more-likely-than-not recognition threshold, the tax effect is recognized at
the largest amount of the benefit that is greater than fifty percent likely
of being realized upon ultimate settlement.
FIN 48 permits an entity to recognize interest related to tax
uncertainties as either income taxes or interest expense. FIN 48 also
permits an entity to recognize penalties related to tax uncertainties as
either income tax expense or within other expense classifications. As
anticipated and consistent with its past practice, the Corporation
recognized interest and penalties, if any, related to tax uncertainties as
income tax expense upon adoption of FIN 48. The Corporation recognized the
cumulative effect of the change in accounting principles required to adopt
FIN 48 effective as of January 1, 2007, as a reduction of opening retained
earnings in the amount of $7.3 million.
Business Segments:
------------------
The Corporation operates in three reportable business segments: Power
Tools and Accessories, Hardware and Home Improvement, and Fastening and
Assembly Systems. The Power Tools and Accessories segment has worldwide
responsibility for the manufacture and sale of consumer and industrial
power tools and accessories, lawn and garden tools, and electric cleaning,
automotive, and lighting products, as well as for product service. In
addition, the Power Tools and Accessories segment has responsibility for
the sale of security hardware to customers in Mexico, Central America, the
Caribbean, and South America; for the sale of plumbing products to
customers outside the United States and Canada; and for sales of household
products. On March 1, 2006, the Corporation acquired Vector Products, Inc.
This acquired business is included in the Power Tools and Accessories
segment. The Hardware and Home Improvement segment has worldwide
responsibility for the manufacture and sale of security hardware (except
for the sale of security hardware in Mexico, Central America, the
Caribbean, and South America). The Hardware and Home Improvement segment
also has responsibility for the manufacture of plumbing products and for
the sale of plumbing products to customers in the United States and Canada.
The Fastening and Assembly Systems segment has worldwide responsibility for
the manufacture and sale of fastening and assembly systems.
The profitability measure employed by the Corporation and its chief
operating decision maker for making decisions about allocating resources to
segments and assessing segment performance is segment profit (for the
Corporation on a consolidated basis, operating income before restructuring
and exit costs). In general, segments follow the same accounting policies
as those described in Note 1 of Notes to Consolidated Financial Statements
included in Item 8 of the 2006 Form 10-K, except with respect to foreign
currency translation and except as further indicated below. The financial
statements of a segment's operating units located outside of the United
States, except those units operating in highly inflationary economies, are
generally measured using the local currency as the functional currency. For
these units located outside of the United States, segment assets and
elements of segment profit are translated using budgeted rates of exchange.
Budgeted rates of exchange are established annually and, once established,
all prior period segment data is restated to reflect the current year's
budgeted rates of exchange. The amounts included in the preceding table
under the captions "Reportable Business Segments" and "Corporate,
Adjustments, & Eliminations" are reflected at the Corporation's budgeted
rates of exchange for 2007. The amounts included in the preceding table
under the caption "Currency Translation Adjustments" represent the
difference between consolidated amounts determined using those budgeted
rates of exchange and those determined based upon the rates of exchange
applicable under accounting principles generally accepted in the United
States.
Segment profit excludes interest income and expense, non-operating
income and expense, adjustments to eliminate intercompany profit in
inventory, and income tax expense. In addition, segment profit excludes
restructuring and exit costs. In determining segment profit, expenses
relating to pension and other postretirement benefits are based solely upon
estimated service costs. Corporate expenses, as well as certain centrally
managed expenses, including expenses related to share-based compensation,
are allocated to each reportable segment based upon budgeted amounts. While
sales and transfers between segments are accounted for at cost plus a
reasonable profit, the effects of intersegment sales are excluded from the
computation of segment profit. Intercompany profit in inventory is excluded
from segment assets and is recognized as a reduction of cost of goods sold
by the selling segment when the related inventory is sold to an
unaffiliated customer. Because the Corporation compensates the management
of its various businesses on, among other factors, segment profit, the
Corporation may elect to record certain segment-related expense items of an
unusual or non-recurring nature in consolidation rather than reflect such
items in segment profit. In addition, certain segment-related items of
income or expense may be recorded in consolidation in one period and
transferred to the various segments in a later period.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G
DISCLOSURE:
To supplement its consolidated financial statements presented in
accordance with accounting principles generally accepted in the United
States (GAAP), the Corporation provides additional measures of operating
results, net earnings, and earnings per share adjusted to exclude certain
costs, expenses, and gains and losses. Also, in addition to measuring its
cash flow generation and usage based upon operating, investing and
financial activities classifications established under GAAP, the
Corporation also measures its free cash flow. The Corporation believes that
these non-GAAP financial measures are appropriate to enhance understanding
of its past performance as well as prospects for its future performance.
This press release contains non-GAAP financial measures within the
meaning of Regulation G promulgated by the Securities and Exchange
Commission. A reconciliation of the differences between these non-GAAP
financial measures with the most directly comparable financial measures
calculated in accordance with GAAP follows.
Net earnings and diluted earnings per share, excluding the tax settlement,
--------------------------------------------------------------------------
environmental remediation matter, and restructuring charge:
-----------------------------------------------------------
The calculation of net earnings and diluted earnings per share for the
three months and year ended December 31, 2007, excluding the favorable $153.4
million effect of a previously announced tax settlement, a $31.7 million pre-
tax charge for an environmental remediation matter, and a $19.0 million pre-
tax restructuring charge, follows (dollars in millions except per share
amounts):
Three Months Year
Ended Ended
December 31, December 31,
2007 2007
---------- ----------
Net earnings $ 187.4 $ 518.1
Excluding:
Tax settlement (153.4) (153.4)
Environmental remediation matter,
net of tax 20.6 20.6
Restructuring charge, net of tax 12.8 12.8
---------- ----------
Net earnings, excluding the tax
settlement, environmental
remediation matter, and
restructuring charge $ 67.4 $ 398.1
========== ==========
Diluted earnings per common share $ 2.94 $ 7.85
Excluding:
Tax settlement per common share -
assuming dilution (2.41) (2.32)
Environmental remediation matter,
net of tax, per common share -
assuming dilution .33 .31
Restructuring charge, net of tax,
per common share - assuming
dilution .20 .19
---------- ----------
Net earnings, excluding the tax
settlement, environmental
remediation matter, and
restructuring charge per common
share - assuming dilution $ 1.06 $ 6.03
========== ==========
Shares used in computing diluted
earnings per share (in millions) 63.6 66.0
========== ==========
As previously announced, the Corporation and the United States
government have reached a settlement agreement on outstanding income tax
litigation. That tax settlement increased net earnings for the three months
and year ended December 31, 2007, by $153.4 million.
Free cash flow:
---------------
The calculation of free cash flow, which is defined by the Corporation
as cash flow from operating activities, less capital expenditures, plus
proceeds from the disposal of assets, for the years ended December 31, 2007
and 2006, follows (dollars in millions):
Year Ended
December 31, December 31,
2007 2006
--------- ---------
Cash flow from operating activities $ 725.9 $ 622.7
Capital expenditures (116.4) (104.6)
Proceeds from disposals of assets 13.0 14.7
--------- ---------
Free cash flow $ 622.5 $ 532.8
========= =========
SOURCE The Black & Decker Corporation
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CONTACT:
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Relations and Treasurer, or Roger A. Young, Vice President,
Investor and Media Relations, both of The Black & Decker
Corporation, +1-410-716-3979
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