Net interest expense in the second quarter of 2005 was $8 million compared to $7 million in the second quarter of 2004.
Net Income
Net income was $54 million (or 4.9 percent of net sales) in the second quarter of 2005, compared to $51 million (or 4.9 percent of net sales) in the second quarter of 2004. Diluted earnings per common share increased to $0.50 in the second quarter of 2005, from $0.46 in the second quarter of 2004, an 8.7 percent increase.
Average diluted shares outstanding decreased by 1.8 million shares to 108.4 million in the second quarter of 2005 compared to 2004 as a result of the impact of shares repurchased during the second quarter of 2005, partially offset by the exercise of stock options and the effect of dilutive securities.
SIX MONTHS RESULTS
Net Sales
Net sales for the six months of 2005 were a record $2.312 billion, an increase of $183 million, or 8.6 percent compared to the six months of 2004. Approximately $30 million of the year-over-year increase was due to the impact of foreign currency exchange rates, primarily as a result of the strengthening of the euro, in our international businesses.
Gross Profit
Gross profit increased $97 million, or 9.8 percent, to $1.088 billion in the six months of 2005 over 2004. Gross profit as a percent of net sales increased to 47.1 percent in the six months of 2005 from 46.5 percent in 2004. Approximately $17 million of the increase was due to the impact of foreign currency exchange rates, primarily as a result of the strengthening of the euro, in our international businesses.
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
