TOWSON, Md., Oct. 22 /PRNewswire-FirstCall/ -- The Black & Decker
Corporation (NYSE: BDK) today announced that net earnings for the third
quarter of 2003 were $74.4 million or $0.95 per diluted share, versus net
earnings of $54.9 million, or $0.68 per diluted share in the third quarter of
2002. Excluding restructuring charges in both years, recurring diluted
earnings per share were a record $1.15 for the quarter, an increase of 21%
over $0.95 in the third quarter of 2002. Restructuring charges, for the final
phase of the program announced in early 2002, were $21.0 million before taxes,
$15.3 million after taxes, or $0.20 per diluted share in the third quarter of
2003. In the third quarter of 2002, restructuring charges were $38.4 million
before taxes, $22.3 million after taxes, or $0.27 per diluted share.
Sales for the third quarter of 2003 were $1.14 billion, a 5% increase over
$1.09 billion for the same period last year. Sales increased 2% excluding the
effects of foreign currency translation.
Commenting on the results, Nolan D. Archibald, Chairman and Chief
Executive Officer, said, "For the sixth straight quarter, our earnings per
share grew by more than 19%. Our performance this quarter reflected both
sales growth and operating margin improvement. As economic conditions
improved, sales exceeded our expectations, particularly in our North American
power tools and accessories business. Our Hardware and Home Improvement
segment continued its recovery, posting a double-digit sales increase and
excellent operating margin.
"Free cash flow was $136 million for the quarter, reflecting strong
earnings and our continued focus on inventory management. Inventory was $765
million at the end of the quarter, $22 million lower than the third quarter of
2002 and $3 million lower than the second quarter of 2003. This sequential
decrease is a noteworthy accomplishment, since we generally increase inventory
in the third quarter to prepare for the holiday season. We are pleased that
we could deliver excellent earnings despite significantly decreasing
production levels to reduce inventory.
"The restructuring program that we announced in early 2002 is in its final
phase and continues to generate significant cost savings. The restructuring
charge recorded in this quarter represents the final charge under the program.
Actions covered by this charge include the previously announced closure of a
compressor plant in Pennsylvania and headcount reductions in our power tools
operations in the United States and Europe. Because of the outstanding
execution of this program, we now expect incremental savings of $40 million in
2003, $45 million in 2004 and $10 million in 2005. Combined with $25 million
realized in 2002, this totals $120 million of annualized savings, a 20%
increase from our original target of $100 million.
"Sales in the Power Tools and Accessories segment increased 1% for the
quarter, due largely to growth in the U.S. and Asia. In the U.S., sales of
consumer products increased at a mid-single-digit rate, with strong sales of
power tools and lawn and garden products. Sales of professional products
increased at a low single-digit rate, led by the industrial construction
independent channel.
"Sales in Europe decreased at a low single-digit rate, with a decline in
sales of consumer tools partly offset by growth in professional tool sales.
The weak economic environment, particularly in Germany and France, continued
to challenge our consumer division. As a result of cost reduction efforts and
favorable currency, however, our European operating profit increased
significantly despite the sales decline.
"Operating profit for the segment decreased 10% compared to a very strong
third quarter last year, with declines in the Americas partly offset by gains
in Europe and other regions. While our restructuring and Six Sigma programs
continued to generate savings, we significantly reduced production levels,
which in turn reduced gross margins.
"Sales in the Hardware and Home Improvement segment increased 11% for the
quarter. Because of a significant increase in product listings at Lowe's,
sales of Price Pfister(R) plumbing products increased at a double-digit rate.
Sales in the Kwikset(R) security hardware business increased at a high single-
digit rate, reflecting successful combination kit promotions. Operating
margins improved for both Kwikset and Price Pfister, driven by productivity
and restructuring savings. As a result, operating profit more than doubled
for the segment again this quarter.
"Sales in the Fastening and Assembly Systems segment were down 3% for the
quarter, due largely to weakness in the North American industrial and
automotive markets. Strong sales in Europe and Asia helped to mitigate the
North American decline. Operating profit in this segment decreased 16% from
the third quarter last year, primarily because of lower sales and production
volumes.
"As announced on October 1, we completed the acquisition of the Baldwin
Hardware Corporation and Weiser Lock Corporation from Masco Corporation early
in our fourth quarter. We are excited about the opportunity to combine these
operations with our Kwikset business, and expect that the acquisition will be
modestly accretive in 2004. We will provide details on our plan to eliminate
excess costs and capacity from the combined business and any associated
restructuring charges when we announce our full-year results in January.
"Looking forward, we are optimistic that, with the help of a recovering
U.S. economy, we can deliver sales growth in the fourth quarter. We are
forecasting low single-digit sales growth excluding currency translation and
revenues of the acquired businesses, or mid-to-high-single-digit growth
including those factors. Combined with modestly higher operating margin,
lower interest expense and a lower share count, we expect diluted earnings per
share in the $1.20-to-$1.30 range for the fourth quarter. This range excludes
any restructuring charges associated with the integration of our security
hardware businesses. This guidance represents an increase from our previous
forecast and an improvement of 14% to 24% from recurring diluted earnings of
$1.05 per share in 2002.
"For the full year, we anticipate diluted earnings per share in the $3.87-
to-$3.97 range, excluding restructuring charges. Due to our success in
reducing inventory and keeping capital expenditures below depreciation so far
this year, we now anticipate converting approximately 90% of full-year net
earnings to free cash flow, including restructuring spending. Last week we
announced a 75% increase in our quarterly dividend, which demonstrates our
confidence in the Corporation's ability to generate earnings and cash, and our
commitment to returning cash to shareholders.
"Black & Decker's outstanding financial performance this quarter combined
solid sales growth, excellent operational execution and great cash flow. As
our track record demonstrates, our strengths in brand management, product
development and understanding end-users enable us to beat the competition and
generate strong financial returns. By combining market leadership with
operating excellence, Black & Decker is benefiting from the improving economy
and should continue delivering outstanding value to shareholders."
The Corporation will hold a conference call today at 10:00 a.m., E.T., to
discuss third-quarter results and the outlook for the remainder of 2003.
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 assure 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 "Forward-Looking Statements"
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, 2002.
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
------------------------------------------
September 28, 2003 September 29, 2002
-------------------- --------------------
SALES $ 1,143.8 $ 1,085.2
Cost of goods sold 739.3 704.5
Selling, general, and
administrative expenses 273.6 259.0
Restructuring and exit costs 21.0 38.4
-------------------- --------------------
OPERATING INCOME 109.9 83.3
Interest expense (net of
interest income) 7.6 14.2
Other expense .4 1.7
-------------------- --------------------
EARNINGS BEFORE INCOME TAXES 101.9 67.4
Income taxes 27.5 12.5
-------------------- --------------------
NET EARNINGS $ 74.4 $ 54.9
==================== ====================
NET EARNINGS PER COMMON SHARE
- BASIC $ .96 $ .68
==================== ====================
Shares Used in Computing Basic
Earnings Per Share (in Millions) 77.7 80.5
==================== ====================
NET EARNINGS PER COMMON SHARE -
ASSUMING DILUTION $ .95 $ .68
==================== ====================
Shares Used in Computing Diluted
Earnings Per Share (in Millions) 78.0 80.9
==================== ====================
THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(Dollars in Millions Except Per Share Amounts)
Nine Months Ended
------------------------------------------
September 28, 2003 September 29, 2002
-------------------- --------------------
SALES $ 3,231.7 $ 3,162.2
Cost of goods sold 2,084.0 2,096.1
Selling, general, and
administrative expenses 831.6 774.7
Restructuring and exit costs 21.0 38.4
-------------------- --------------------
OPERATING INCOME 295.1 253.0
Interest expense (net of
interest income) 27.4 44.8
Other expense 2.7 5.1
-------------------- --------------------
EARNINGS BEFORE INCOME TAXES 265.0 203.1
Income taxes 71.5 49.1
-------------------- --------------------
NET EARNINGS $ 193.5 $ 154.0
==================== ====================
NET EARNINGS PER COMMON SHARE
- BASIC $ 2.48 $ 1.92
==================== ====================
Shares Used in Computing Basic
Earnings Per Share (in Millions) 77.9 80.4
==================== ====================
NET EARNINGS PER COMMON SHARE -
ASSUMING DILUTION $ 2.48 $ 1.90
==================== ====================
Shares Used in Computing Diluted
Earnings Per Share (in Millions) 78.1 80.9
==================== ====================
THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Millions of Dollars)
September 28, 2003 December 31, 2002
-------------------- -------------------
ASSETS
Cash and cash equivalents $ 201.9 $ 517.1
Trade receivables 856.0 729.0
Inventories 764.9 748.9
Other current assets 220.0 198.9
-------------------- -------------------
TOTAL CURRENT ASSETS 2,042.8 2,193.9
-------------------- -------------------
PROPERTY, PLANT, AND EQUIPMENT 620.1 655.9
GOODWILL 736.8 729.1
OTHER ASSETS 550.0 551.6
-------------------- -------------------
$ 3,949.7 $ 4,130.5
==================== ===================
LIABILITIES AND STOCKHOLDERS'
EQUITY
Short-term borrowings $ 10.1 $ 4.6
Current maturities of long-term
debt .4 312.0
Trade accounts payable 417.8 343.2
Other accrued liabilities 762.3 793.6
-------------------- -------------------
TOTAL CURRENT LIABILITIES 1,190.6 1,453.4
-------------------- -------------------
LONG-TERM DEBT 922.4 927.6
DEFERRED INCOME TAXES 212.3 211.3
POSTRETIREMENT BENEFITS 417.2 409.0
OTHER LONG-TERM LIABILITIES 519.9 529.6
STOCKHOLDERS' EQUITY 687.3 599.6
-------------------- -------------------
$ 3,949.7 $ 4,130.5
==================== ===================
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
September 28, 2003 Accessories Improvement Systems Total
-------------------------------------------------------------------------
Sales to unaffiliated
customers $788.2 $198.8 $122.4 $1,109.4
Segment profit (loss)
(for Consolidated, operating
income before restructuring
and exit costs) 95.3 26.7 16.2 138.2
Depreciation and amortization 20.8 6.1 3.8 30.7
Capital expenditures 22.4 1.3 3.0 26.7
Three Months Ended
September 29, 2002
-------------------------------------------------------------------------
Sales to unaffiliated
customers $778.0 $179.7 $125.9 $1,083.6
Segment profit (loss)
(for Consolidated, operating
income before restructuring
and exit costs) 106.2 10.5 19.2 135.9
Depreciation and amortization 19.9 7.4 3.6 30.9
Capital expenditures 16.8 2.4 1.6 20.8
Nine Months Ended
September 28, 2003
-------------------------------------------------------------------------
Sales to unaffiliated
customers $2,200.9 $563.5 $379.6 $3,144.0
Segment profit (loss)
(for Consolidated, operating
income before restructuring
and exit costs) 238.1 59.8 53.0 350.9
Depreciation and amortization 60.4 22.1 11.4 93.9
Capital expenditures 52.7 14.8 9.4 76.9
Nine Months Ended
September 29, 2002
-------------------------------------------------------------------------
Sales to unaffiliated
customers $2,245.0 $577.3 $384.5 $3,206.8
Segment profit (loss)
(for Consolidated, operating
income before restructuring
and exit costs) 240.5 32.9 54.8 328.2
Depreciation and amortization 60.1 25.0 10.8 95.9
Capital expenditures 52.3 8.6 9.0 69.9
Currency Corporate,
Three Months Ended Translation Adjustments,
September 28, 2003 Adjustments & Eliminations Consolidated
-------------------------------------------------------------------------
Sales to unaffiliated customers $34.4 $ - $1,143.8
Segment profit (loss) (for
Consolidated, operating income
before restructuring and exit costs) 2.4 (9.7) 130.9
Depreciation and amortization .8 .8 32.3
Capital expenditures 1.0 .2 27.9
Three Months Ended
September 29, 2002
-------------------------------------------------------------------------
Sales to unaffiliated customers $1.6 $ - $1,085.2
Segment profit (loss) (for
Consolidated, operating income
before restructuring and exit costs) .1 (14.3) 121.7
Depreciation and amortization .1 .1 31.1
Capital expenditures .1 .4 21.3
Nine Months Ended
September 28, 2003
-------------------------------------------------------------------------
Sales to unaffiliated customers $87.7 $ - $3,231.7
Segment profit (loss) (for
Consolidated, operating income
before restructuring and exit costs) 8.9 (43.7) 316.1
Depreciation and amortization 2.1 9.0 105.0
Capital expenditures 1.9 .7 79.5
Nine Months Ended
September 29, 2002
-------------------------------------------------------------------------
Sales to unaffiliated customers $(44.6) $ - $3,162.2
Segment profit (loss) (for
Consolidated, operating income
before restructuring and exit costs) (3.5) (33.3) 291.4
Depreciation and amortization (1.1) 1.1 95.9
Capital expenditures (.4) .7 70.2
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 Nine Months Ended
-------------------------------------------------------------------------
September 28, September 29, September 28, September 29,
2003 2002 2003 2002
-------------------------------------------------------------------------
Segment profit for
total reportable
business segments $138.2 $135.9 $350.9 $328.2
Items excluded from
segment profit:
Adjustment of budgeted
foreign exchange
rates to actual
rates 2.4 .1 8.9 (3.5)
Depreciation of
Corporate property (.3) (.1) (.8) (1.1)
Adjustment to businesses'
postretirement benefit
expenses booked in
consolidation 3.6 9.3 10.9 28.3
Other adjustments booked
in consolidation
directly related to
reportable business
segments 1.0 (2.1) (10.2) (3.6)
Amounts allocated to
businesses in arriving
at segment profit in
excess of (less than)
Corporate center
operating expenses,
eliminations, and
other amounts
identified above (14.0) (21.4) (43.6) (56.9)
-------------------------------------------------------------------------
Operating income
before restructuring
and exit costs 130.9 121.7 316.1 291.4
Restructuring and
exit costs 21.0 38.4 21.0 38.4
-------------------------------------------------------------------------
Operating income 109.9 83.3 295.1 253.0
Interest expense,
net of interest
income 7.6 14.2 27.4 44.8
Other expense .4 1.7 2.7 5.1
-------------------------------------------------------------------------
Earnings before
income taxes $101.9 $67.4 $265.0 $203.1
=========================================================================
BASIS OF PRESENTATION:
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 professional power
tools and accessories, electric cleaning and lighting products, and electric
lawn and garden tools, 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. 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). It 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 Corporation assesses the performance of its reportable business
segments based upon a number of factors, including segment profit. 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
Corporation's Annual Report on Form 10-K for the year ended December 31, 2002,
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 tables under the captions "Reportable Business Segments" and
"Corporate, Adjustments, & Eliminations" are reflected at the Corporation's
budgeted rates of exchange for 2003. The amounts included in the preceding
tables 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, 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, as well as to exclude effects of changes in foreign
currency exchange rates on sales. 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 effects of
restructuring charges:
---------------------------------------------------------------------
The calculation of net earnings, excluding restructuring and exit costs,
net of tax, and diluted earnings per share, excluding restructuring and exit
costs, net of tax, for the quarter ended September 28, 2003, and September 29,
2002, follows (dollars in millions except per share amounts):
Three Months Ended
September 28, September 29,
2003 2002
--------- ---------
Net earnings $ 74.4 $ 54.9
Excluding:
Restructuring and exit costs,
net of tax 15.3 22.3
------- -------
Net earnings, excluding restructuring
and exit costs $ 89.7 $ 77.2
======= =======
Net earnings per common share -
assuming dilution $ .95 $ .68
Excluding:
Restructuring and exit costs, net
of tax, per common share -
assuming dilution .20 .27
------- -------
Net earnings, excluding
restructuring and exit costs, per
common share - assuming dilution $ 1.15 $ .95
======= =======
Shares used in computing diluted
earnings per share (in millions) 78.0 80.9
======= =======
Sales, excluding the effects of foreign currency translation:
-------------------------------------------------------------
As more fully described in this press release under the caption
"Supplemental Information About Business Segments-Basis of Presentation,"
elements of segment profit, including sales, for units located outside of the
United States are generally measured using the local currency as the
functional currency. For these units, sales 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. Amounts included on the line
entitled "Sales to unaffiliated customers" under the heading "Reportable
Business Segments" in the first table under the caption "Supplemental
Information About Business Segments" are reflected at the Corporation's
budgeted rates of exchange for 2003. The reference in this press release to a
2% increase in sales, excluding the effects of foreign currency translation,
for the third quarter of 2003, compared to the corresponding period in 2002,
represents the increase in sales to unaffiliated customers of total reportable
business segments of $1,109.4 million during the third quarter of 2003 as
compared to $1,083.6 million during the third quarter of 2002, both at the
Corporation's budgeted rates of exchange for 2003.
Free cash flow for the quarter ended September 28, 2003:
--------------------------------------------------------
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 (excluding proceeds from business sales), for the
quarter ended September 28, 2003, follows (dollars in millions):
Cash flow from operating activities $159.5
Capital expenditures (27.9)
Proceeds from disposals of assets 4.8
-------
Free cash flow $136.4
=======
Diluted earnings per share for the fourth quarter 2003 and 2002 and full
year 2003:
------------------------------------------------------------------------
This press release includes forward-looking statements with respect to
management's expectation that the Corporation's diluted earnings per share
would range from $1.20 to $1.30 for the fourth quarter of 2003 and from $3.87
to $3.97 for the full year. The press release also includes a forward-looking
statement that the diluted earnings per share guidance for the fourth quarter
of 2003 would represent an increase of fourteen to twenty-four percent versus
2002's recurring diluted earnings per share of $1.05. The aforementioned
range for the fourth quarter of 2003 excludes the after-tax effects of
restructuring and exit costs that may be recognized in 2003 associated with
the Corporation's integration of its security hardware businesses and, for the
related percentage increases, the after-tax effects of the $9.4 million (net
of tax of $2.9 million) restructuring and exit costs that were recognized in
2002. The aforementioned range for the full year 2003 excludes the after-tax
effects of restructuring and exit costs of $15.3 million (net of tax of $5.7
million) that have been recognized by the Corporation through September 28,
2003, under the Corporation's previously announced restructuring program, and
that may be recognized in the fourth quarter of 2003 associated with the
Corporation's integration of its security hardware businesses.
The calculation of net earnings, excluding restructuring and exit costs,
net of tax, and diluted earnings per share, excluding restructuring and exit
costs, net of tax, for the quarter ended December 31, 2002, follows (dollars
in millions except per share amounts):
Net earnings $ 75.7
Excluding:
Restructuring and exit
costs, net of tax 9.4
-------
Net earnings, excluding
restructuring and exit costs $ 85.1
=======
Net earnings per
common share - assuming dilution $ .94
Excluding:
Restructuring and exit costs,
net of tax, per common
share - assuming dilution .11
-------
Net earnings, excluding
restructuring and exit costs, per
common share - assuming dilution $ 1.05
=======
Shares used in computing diluted
earnings per share (in millions) 80.7
=======
Recurring operating margins:
----------------------------
This press release includes forward-looking statements with respect to
management's expectation that operating margins would be modestly higher for
the fourth quarter of 2003 as compared to the fourth quarter of 2002. The
aforementioned operating margin improvement excludes the pre-tax effects of
restructuring and exit costs that may be recognized in 2003 associated with
the Corporation's integration of its security hardware businesses and
restructuring and exit costs that were recognized by the Corporation during
2002, as previously discussed.
SOURCE The Black & Decker Corporation
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CONTACT:
Barbara B. Lucas, Senior Vice President,
Public Affairs, +1-410-716-2980, or Mark M. Rothleitner, Vice
President, Investor Relations and Treasurer, +1-410-716-3979,
both of Black & Decker
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